# EDGAR Filing Document

**Accession Number:** 0001320615
**File Stem:** 0000930413-25-002235
**Filing Date:** 2025-7
**Character Count:** 4181545
**Document Hash:** 72a8a7a2b0668000a5dec2635ec33b23
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000930413-25-002235.hdr.sgml**: 20250725

**ACCESSION NUMBER**: 0000930413-25-002235

**CONFORMED SUBMISSION TYPE**: 485BPOS

**PUBLIC DOCUMENT COUNT**: 175

**FILED AS OF DATE**: 20250725

**DATE AS OF CHANGE**: 20250725

**EFFECTIVENESS DATE**: 20250731

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Mercer Funds
- **CENTRAL INDEX KEY:** 0001320615

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21732
- **FILM NUMBER:** 251151195

**BUSINESS ADDRESS:**
- **STREET 1:** 99 HIGH STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02110
- **BUSINESS PHONE:** 617-747-9525

**MAIL ADDRESS:**
- **STREET 1:** 99 HIGH STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02110

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MGI Funds
- **DATE OF NAME CHANGE:** 20050314
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Mercer Funds
- **CENTRAL INDEX KEY:** 0001320615

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-123467
- **FILM NUMBER:** 251151194

**BUSINESS ADDRESS:**
- **STREET 1:** 99 HIGH STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02110
- **BUSINESS PHONE:** 617-747-9525

**MAIL ADDRESS:**
- **STREET 1:** 99 HIGH STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02110

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MGI Funds
- **DATE OF NAME CHANGE:** 20050314

## Series and Classes Contracts Data

### Mercer US Small/Mid Cap Equity Fund (Series ID: S000010038)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000027777 | Adviser Class | MSCJX           |
| C000027778 | Class I       | MSCQX           |
| C000027779 | Class Y-2     | MSCWX           |
| C000027780 | Class Y-3     | MSCGX           |

### Mercer Non-US Core Equity Fund (Series ID: S000010040)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000027785 | Adviser Class | MNCDX           |
| C000027786 | Class I       | MNCSX           |
| C000027787 | Class Y-2     | MNCYX           |
| C000027788 | Class Y-3     | MNCEX           |

### Mercer Core Fixed Income Fund (Series ID: S000010041)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000027789 | Adviser Class | MCFVX           |
| C000027790 | Class I       | MCFQX           |
| C000027791 | Class Y-2     | MCFWX           |
| C000027792 | Class Y-3     | MCFIX           |

### Mercer Emerging Markets Equity Fund (Series ID: S000034610)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000106515 | Adviser Class | MEMVX           |
| C000106516 | Class I       | MEMSX           |
| C000106517 | Class Y-2     | MEMWX           |
| C000106518 | Class Y-3     | MEMQX           |

### Mercer Opportunistic Fixed Income Fund (Series ID: S000041478)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000128965 | Adviser Class | MOFAX           |
| C000128966 | Class I       | MOFTX           |
| C000128967 | Class Y-2     | MOFYX           |
| C000128968 | Class Y-3     | MOFIX           |

### Mercer Short Duration Fixed Income Fund (Series ID: S000082908)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000246249 | Class Y-3     | MSDYX           |
| C000246250 | Adviser Class | MSDZX           |
| C000246251 | Class I       | MSDBX           |
| C000246252 | Class Y-2     | MSDWX           |

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

**As filed with the U.S. Securities and Exchange Commission on July 25, 2025**

**File No. 333-123467**

**File No. 811-21732**

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM N-1A** 

**REGISTRATION STATEMENT**

***UNDER***

---

| | |
|:---|:---|
| ***THE SECURITIES ACT OF 1933*** | ☑ |
| **Pre-Effective Amendment No. __** | ☐ |
| **Post-Effective Amendment No. 55** | ☑ |

---

**and/or** 

**REGISTRATION STATEMENT**

***UNDER***

---

| | |
|:---|:---|
| ***THE INVESTMENT COMPANY ACT OF 1940*** | ☑ |
| **Amendment No. 57** | ☑ |

---

**(Check appropriate box or boxes.)** 

**MERCER FUNDS**

**(Exact Name of Registrant as Specified in Charter)** 

**99 High Street Boston, Massachusetts 02110**

**(Address of Principal Executive Offices)**

**Registrant's Telephone Number: (617) 747-9500**

**Caroline Hulme, Esq.**

**Mercer Investments LLC**

**99 High Street** 

**Boston, Massachusetts 02110** 

**(Name and Address of Agent for Service)** 

***Please send copies of all communications to:***

**Patrick W. D. Turley, Esq.**

**Dechert LLP** 

**1900 K Street, N.W.** 

**Washington, D.C. 20006** 

**(202) 261-3300** 

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

---

| | |
|:---|:---|
| ☐ | immediately upon filing pursuant to paragraph (b) |
| ☑ | on July 31, 2025 pursuant to paragraph (b) |
| ☐ | 60 days after filing pursuant to paragraph (a)(1) |
| ☐ | on (date) pursuant to paragraph (a)(1) |
| ☐ | 75 days after filing pursuant to paragraph (a)(2) |
| ☐ | on (date) pursuant to paragraph (a)(2) of Rule 485 |

---

If appropriate, check the following box:

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

MERCER FUNDS<sup>™</sup>

---

| |
|:---|
| Mercer US Small/Mid Cap Equity Fund <br> (Adviser Class: MSCJX) (Class I: MSCQX) (Class Y-2: MSCWX) (Class Y-3: MSCGX) |
| Mercer Non-US Core Equity Fund <br> (Adviser Class: MNCDX) (Class I: MNCSX) (Class Y-2: MNCYX) (Class Y-3: MNCEX) |
| Mercer Emerging Markets Equity Fund <br> (Adviser Class: MEMVX) (Class I: MEMSX) (Class Y-2: MEMWX) (Class Y-3: MEMQX) |
| Mercer Core Fixed Income Fund<br> (Adviser Class: MCFVX) (Class I: MCFQX) (Class Y-2: MCFWX) (Class Y-3: MCFIX) |
| Mercer Opportunistic Fixed Income Fund <br> (Adviser Class: MOFAX) (Class I: MOFTX) (Class Y-2: MOFYX) (Class Y-3: MOFIX) |
| Mercer Short Duration Fixed Income Fund <br> (Adviser Class: MSDZX) (Class I: MSDBX) (Class Y-2: MSDWX) (Class Y-3: MSDYX) |

---

Prospectus

July 31, 2025

This prospectus offers Adviser Class, Class I, Class Y-2 and Class Y-3 shares in the seven series (each a "Fund," and together, the "Funds") of the Mercer Funds (the "Trust"). This prospectus contains information about the Adviser Class, Class I, Class Y-2 and Class Y-3 shares of the Funds that you should read carefully before you invest.

Neither the Securities and Exchange Commission (the "SEC") nor any state securities commission has approved or disapproved these securities or passed upon the adequacy or accuracy of this prospectus. Any representation to the contrary is a criminal offense.

**Table of Contents** 

---

| | |
|:---|:---|
|  | **Page** |
| [Summary of the Funds](#x1_c113438a001) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Mercer US Small/Mid Cap Equity Fund](#x1_c113438a002) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Mercer Non-US Core Equity Fund](#x1_c113438a003) | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Mercer Emerging Markets Equity Fund](#x1_c113438a004) | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Mercer Core Fixed Income Fund](#x1_c113438a005) | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Mercer Opportunistic Fixed Income Fund](#x1_c113438a006) | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Mercer Short Duration Fixed Income Fund](#x1_c113438a007) | 40 |
| [Important Additional Information](#x1_c113438a008) | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Purchase and Sale of Fund Shares](#x1_c113438a009) | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Payments to Broker/Dealers and Other Financial Intermediaries](#x1_c113438a010) | 48 |
| [Details about the Funds](#x1_c113438a011) | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[The Manager of Managers Structure](#x1_c113438a012) | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Investment Objectives and Principal Investment Strategies](#x1_c113438a013) | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Domestic Equity Funds:](#x1_c113438a014) | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Mercer US Small/Mid Cap Equity Fund](#x1_c113438a015) | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Foreign Equity Funds:](#x1_c113438a016) | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Mercer Non-US Core Equity Fund](#x1_c113438a017) | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Mercer Emerging Markets Equity Fund](#x1_c113438a018) | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Fixed Income Funds:](#x1_c113438a019) | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Mercer Core Fixed Income Fund](#x1_c113438a020) | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Mercer Opportunistic Fixed Income Fund](#x1_c113438a021) | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Mercer Short Duration Fixed Income Fund](#x1_c113438a022) | 67 |
| [Risks of the Funds](#x1_c113438a023) | 70 |
| [Cash and Short-Term Investments](#x1_c113438a024) | 84 |
| [Temporary Defensive Positions](#x1_c113438a025) | 84 |
| [Cyber Security Risk](#x1_c113438a026) | 84 |
| [Disclosure of Portfolio Holdings](#x1_c113438a027) | 85 |
| [Additional Information](#x1_c113438a028) | 85 |
| [Who Manages the Funds](#x1_c113438a029) | 85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Investment Adviser and the Subadvisers](#x1_c113438a030) | 85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Administrative Services](#x1_c113438a031) | 87 |

---

-i-

---

| | |
|:---|:---|
| [Pricing of Fund Shares](#x1_c113438a032) | 87 |
| [Purchasing and Selling Fund Shares](#x1_c113438a033) | 88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Selecting an Appropriate Share Class](#x1_c113438a034) | 88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Distribution and Shareholder Services (12b-1) Plan](#x1_c113438a035) | 89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Shareholder Administrative Services Plan and Shareholder Administrative Services Agreement](#x1_c113438a036) | 89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Additional Payments to Intermediaries](#x1_c113438a037) | 89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Purchasing Shares](#x1_c113438a038) | 90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Purchasing Adviser Class and Class I Shares](#x1_c113438a039) | 90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Purchasing Class Y-2 Shares](#x1_c113438a040) | 90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Purchasing Class Y-3 Shares](#x1_c113438a041) | 90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Customer Identification](#x1_c113438a042) | 90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Selling Shares](#x1_c113438a043) | 90 |
| [Payments by the Funds](#x1_c113438a044) | 91 |
| [Redemptions by the Funds](#x1_c113438a045) | 91 |
| [Exchanging Shares](#x1_c113438a046) | 91 |
| [Frequent Trading of Fund Shares](#x1_c113438a047) | 91 |
| [Fund Distributions and Taxes](#x1_c113438a048) | 93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Dividends and Distributions](#x1_c113438a049) | 93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Taxes](#x1_c113438a050) | 93 |
| [Financial Highlights](#x1_c113438a051) | 95 |
| [Mercer US Small/Mid Cap Equity Fund](#x1_c113438a052) | 96 |
| [Mercer Non-US Core Equity Fund](#x1_c113438a053) | 98 |
| [Mercer Non-US Core Equity Fund](#x1_c113438a054) | 99 |
| [Mercer Emerging Markets Equity Fund](#x1_c113438a055) | 100 |
| [Mercer Core Fixed Income Fund](#x1_c113438a056) | 102 |
| [Mercer Core Fixed Income Fund](#x1_c113438a057) | 103 |
| [Mercer Opportunistic Fixed Income Fund](#x1_c113438a058) | 104 |
| [Mercer Short duration Fixed Income Fund](#x1_c113438a059) | 106 |

---

ii

**<u>Summary of the Funds</u>**

**Mercer US Small/Mid Cap Equity Fund**

**Investment Objective**

The investment objective of the Fund is to provide long-term total return, comprised primarily of capital appreciation.

**Fees and Expenses**

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Adviser<br> Class** | **Class I** | **Class Y-2** | **Class Y-3** |
| Redemption Fee on shares owned less than 30 days <br> (as a % of total redemption proceeds) | 2.00% | 2.00% | 2.00% | 2.00% |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Adviser<br> Class** | **Class I** | **Class Y-2** | **Class Y-3** |
| Management Fees<sup>(1)</sup> | 0.87% | 0.87% | 0.87% | 0.87% |
| Distribution (12b-1) Fees | 0.25% |  |  |  |
| Non-Distribution Shareholder Administrative Services Fees | 0.25% | 0.25% | 0.15% |  |
| Other Expenses<sup>(2)</sup> | 0.05% | 0.05% | 0.05% | 0.05% |
| Acquired Fund Fees and Expenses | 0.07% | 0.07% | 0.07% | 0.07% |
| Total Annual Fund Operating Expenses<sup>(3)</sup> | 1.49% | 1.24% | 1.14% | 0.99% |
| Less Fee Waivers<sup>(1)</sup> | (0.49%) | (0.49%) | (0.49%) | (0.49%) |
| Net Annual Fund Operating Expenses<sup>(3)</sup> | 1.00% | 0.75% | 0.65% | 0.50% |

---

(1) Mercer Investments LLC (the "Adviser") has contractually agreed, until at least July
31, 2026, to waive any portion of its management fee that exceeds the aggregate amount of the subadvisory fees that the Adviser
is required to pay to the Fund's subadvisers. This contractual fee waiver agreement may only be changed or eliminated with
the approval of the Fund's Board of Trustees. The fees waived by the Adviser pursuant to this agreement are not subject to
reimbursement by the Fund to the Adviser. The amount of the fee waiver has been estimated to reflect the subadvisory fees in effect
as of the date of this prospectus.

(2) "Other Expenses" include administrative, custodial, legal, audit, transfer agent and
Trustees' fees and expenses. The "Other Expenses" shown for Adviser Class and Class Y-2 are based on estimated
amounts for the Fund's current fiscal year, as the Adviser Class and Class Y-2 shares of the Fund had not commenced operations
prior to the most recent fiscal year end.

(3) Total Annual Fund Operating Expenses and Net Annual Fund Operating Expenses do not correlate to
the "total expenses (before reductions and reimbursements/waivers) to average daily net assets" and "net expenses
to average daily net assets", respectively, provided in the Financial Highlights. The information in the Financial Highlights
does not include Acquired Fund Fees and Expenses, which are included above.

***Example***

The example below is intended to help you compare the costs 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 shown, that your investment has a 5% return each year, and that the Fund's operating expenses remain the same as shown above (taking into account the contractual expense limitation being in effect for the one-year period ending July 31, 2026).

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** |
| Adviser Class | $102 | $423 | $767 | $1738 |
| Class I | $77 | $345 | $634 | $1457 |
| Class Y-2 | $66 | $314 | $580 | $1342 |
| Class Y-3 | $51 | $266 | $499 | $1168 |

---

***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 increase 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 46% of the average value of its portfolio.

**Principal Investment Strategies**

The Fund invests principally in equity securities (such as common stock) issued by small-to-medium capitalization U.S. companies. The Fund employs a "core equity" investment strategy that seeks to meet the Fund's investment objective by investing in both growth- and value-oriented equity securities. Under normal circumstances, the Fund will invest at least 80% of its net assets (plus borrowings for investment purposes, if any) in the equity securities of small-to-medium capitalization U.S. companies. (If the Fund changes this investment policy, the Fund will notify shareholders at least 60 days in advance of the change.) For purposes of the 80% test, equity securities include securities such as common stock, preferred stock, and other securities that are not debt securities, cash or cash equivalents. For purposes of this investment policy, the Fund considers "small to medium capitalization U.S. companies" to be U.S. companies with market capitalizations between $25 million and the largest company included in the Russell 2500<sup>®</sup> Index (as of June 30, 2025, $23.9 billion). The Fund may invest in derivative instruments, such as exchange-listed equity futures contracts, to gain market exposure on cash balances or to reduce market exposure in anticipation of liquidity needs. Investments in derivatives may be applied toward meeting a requirement to invest in a particular kind of investment if the derivatives have economic characteristics similar to that investment.

In addition, certain subadvisers may employ a quantitative investment process in seeking to achieve the Fund's investment objective.

**Principal Risk Factors**

The principal risks that could adversely affect the value of the Fund's shares and the total return on your investment include the following, which appear in the order of magnitude. An investment in the Fund is not a bank deposit and is not guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency. **Loss of money is a risk of investing in the Fund.**

***Equity Securities Risk***. The value of a company's equity securities is subject to changes in the company's financial condition, and overall market and economic conditions. U.S. and global stock markets have experienced periods of substantial price volatility in the past and may do so in the future.

***Market Risk***. The value of the securities in which the Fund invests may be adversely affected by fluctuations in the financial markets, regardless of how well the companies in which the Fund invests perform. The market as a whole may not favor the types of investments the Fund makes. Also, there is the risk that the price(s) of one or more of the securities or other instruments in the Fund's portfolio will fall, or will fail to rise. Many factors can adversely affect a security's performance, including both general financial market conditions and factors related to a specific company, government, industry, country, or geographic region. Extraordinary events, including extreme economic or political conditions or policies, rapid technological developments or widespread adoption of emerging technologies (such as artificial intelligence), natural disasters, extreme weather, epidemics and pandemics, tariffs, sanctions, war, military conflict and other factors can lead to volatility in local, regional, or global markets, which can result in market losses that may be substantial. The impact of one of these types of events may be more pronounced in certain regions, sectors, industries, or asset classes in which the Fund invests, or it may be pervasive across the global financial markets. The timing and occurrence of future market disruptions cannot be predicted, nor

can the impact that government interventions, if any, adopted in response to such disruptions may have on the investment strategies of the Fund or the markets in which the Fund invests.

***Issuer Risk***. The issuer of a security may perform poorly and the value of its stocks or bonds may decline as a result. An issuer of securities held by the Fund could become bankrupt or could default on its issued debt or have its credit rating downgraded.

***Small and Medium Capitalization Stock Risk***. The securities of companies with small and medium capitalizations may involve greater investment risks than securities of companies with large capitalizations. Small and medium capitalization companies may have an unproven or narrow technological base and limited product lines, distribution channels, and market and financial resources, and the small and medium capitalization companies also may be dependent on entrepreneurial management, making the companies more susceptible to certain setbacks and reversals. As a result, the prices of securities of small and medium capitalization companies may be subject to more abrupt or erratic movements than securities of larger companies, may have limited marketability, and may be less liquid than securities of companies with larger capitalizations. Securities of small and medium capitalization companies also may pay no, or only small, dividends.

***Real Estate Investment Trusts ("REITs") Risk.*** REITs may be affected by changes in the value of the underlying properties owned by the trusts and by the quality of any credit extended. Further, REITs are dependent upon specialized management skills and cash flows, and may have their investments in relatively few properties, or in a small geographic area or a single property type. Failure of a company to qualify as a REIT under federal tax law may have adverse consequences to the Fund. In addition, to the extent that the Fund invests in REITs, the Fund must bear the REIT's expenses in addition to the expenses of its own operation and is subject to risks associated with extended vacancies of properties or defaults by borrowers or tenants, particularly during periods of disruptions to business operations or an economic downturn.

***Custody Risk***. There are risks involved in dealing with the custodians or brokers who settle Fund trades. Securities and other assets deposited with custodians or brokers may not be clearly or constantly identified as being assets of the Fund, and hence the Fund may be exposed to credit risk with regard to such parties. The Fund may be an unsecured creditor of its broker in the event of bankruptcy or administration of such broker. Further, there may be practical or time problems associated with enforcing the Fund's rights to its assets in the case of an insolvency of any such party.

***Growth Stock Risk***. The value of a company's equity securities is subject to changes in the company's financial condition, and overall market and economic conditions. Companies with strong growth potential (both domestic and foreign) tend to have higher than average price-to-earnings ratios, meaning that these stocks are more expensive than average relative to the companies' earnings. The market prices of equity securities of growth companies are often quite volatile, since the prices may be particularly sensitive to economic, market, or company developments and may present a greater degree of risk of loss.

***Value Stock Risk***. The value of a company's equity securities is subject to changes in the company's financial condition, and overall market and economic conditions. Value stocks represent companies that tend to have lower than average price to book value ratios, price to earnings ratios, or other financial ratios. These companies may have relatively weak balance sheets and, during economic downturns, these companies may have insufficient cash flow to pay their debt obligations and difficulty finding additional financing needed for their operations. A particular value stock may not increase in price, as anticipated by a subadviser, if other investors fail to recognize the stock's value or the catalyst that the subadviser believes will increase the price of the stock does not affect the price of the stock in the manner or to the degree that the subadviser anticipates. Also, cyclical stocks tend to increase in value more quickly during economic upturns than non-cyclical stocks, but also tend to lose value more quickly in economic downturns. The stocks of companies that a subadviser believes are undervalued compared to their intrinsic value can continue to be undervalued for long periods of time, may not realize their expected value, and can be volatile.

***Derivatives Risk***. The Fund may engage in a variety of transactions involving derivatives, such as options, futures, forwards and swap agreements. Derivatives are financial instruments, the values of which depend upon, or are derived from, the value of something else, such as one or more underlying investments, pools of investments, indices, or currencies. A subadviser may use derivatives both for hedging and non-hedging purposes, although it is anticipated that the use of derivatives by the Fund will generally be limited to maintaining exposure to certain market segments or asset classes, increasing or decreasing currency exposure, or facilitating certain portfolio transactions. A subadviser may also use derivatives such as exchange-listed equity futures contracts, swaps and currency forwards to equitize cash held in the portfolio. Investments in derivatives may be applied toward meeting a requirement to invest in a particular kind of investment if the derivatives have economic characteristics similar to that investment.

Derivatives involve special risks and may result in losses. The successful use of derivatives depends on the ability of a subadviser to manage these sophisticated instruments. The prices of derivatives may move in unexpected ways due to the use of leverage or other factors, especially in unusual market conditions, and may result in increased volatility of the Fund's share price. Certain derivatives are subject to counterparty risk, which is the risk that the other party to the transaction will not fulfill its contractual obligations, and risks

arising from margin requirements, which include the risk that the Fund will be required to pay additional margin or set aside additional collateral to maintain open derivative positions. Certain derivatives are subject to mandatory central clearing and exchange-trading. Central clearing is intended to reduce counterparty credit risk, but central clearing does not make derivatives transactions risk-free Exchange-trading is intended to increase liquidity, but there is no guarantee the Fund could consider exchange-traded derivatives to be liquid. Some derivatives are more sensitive to interest rate changes and market movements than other instruments. The possible lack of a liquid secondary market for derivatives and the resulting inability of the Fund to sell or otherwise close a derivatives position could expose the Fund to losses and could make derivatives more difficult for the Fund to value accurately.

Certain derivative instruments provide the economic effect of financial leverage by creating additional investment exposure, as well as the potential for greater loss. If a subadviser uses leverage through purchasing derivative instruments, the Fund has the risk of capital losses that exceed the net assets of the allocable portion of the Fund managed by that subadviser. The net asset value of the Fund employing leverage will be more volatile and sensitive to market movements. Leverage may involve the creation of a liability that requires the Fund to pay interest.

Derivatives instruments may also be susceptible to operational risks. Failures in the documentation and shortcomings in the settlement process could result in the failure to complete a transaction. There are also legal risks associated with derivatives, particularly if contracts are not legally enforceable or if a counterparty does not have sufficient capacity to perform on a contract.

***Management Techniques Risk***. The investment strategies, techniques, and risk analyses employed by the subadvisers, while designed to enhance potential returns, may not produce the desired results or expected returns, which may cause the Fund to not meet its investment objective, or underperform its benchmark index or funds with similar investment objectives and strategies. The subadvisers may be incorrect in their assessments of the values of securities or their assessments of market trends, which can result in losses to the Fund.

***Quantitative Model Risk.*** One or more subadvisers to the Fund follows a quantitative model strategy to manage its allocated portion of the Fund. Quantitative models (both proprietary models developed by a quantitative-focused subadviser, and those supplied by third parties) and information and data supplied by third parties can be incorrect, misleading or incomplete, and any decisions made in reliance thereon can expose the Fund to potential risks of loss. In addition, the use of predictive models can also expose the Fund to potential risks of loss. For example, such models may incorrectly forecast future behavior, leading to potential losses on a cash flow and/or a mark-to-market basis. In addition, in unforeseen or certain low-probability scenarios (often involving a market disruption of some kind), such models may produce unexpected results, which can result in losses for the Fund.

If the assumptions made by quantitative-focused subadvisers in their underlying models are unrealistic, inaccurate or become unrealistic or inaccurate and are not promptly adjusted to account for changes in the overall market environment, it is likely that profitable trading signals will not be generated. If and to the extent that the models do not reflect certain factors, and a quantitative-focused subadviser does not successfully address such omission through its testing and evaluation, and modify the models accordingly, the Fund may experience losses. In addition, because of the complexity of quantitative-focused investment strategy programming and modeling, there is a risk that the finished model may contain an error; one or more of such errors could adversely affect the Fund's performance.

To the extent that a quantitative-focused subadviser is not able to develop sufficiently differentiated models, the Fund's investment objective may not be met, irrespective of whether the models are profitable in an absolute sense, as a result of "crowding" or "convergence" of the model's output with actions taken by other market participants. In addition, to the extent a quantitative subadviser's model focuses on identifying a certain type of stock (e.g., high relative profitability stocks), those stocks may perform differently from the market as a whole, which could cause the Fund to underperform.

The models and proprietary research of a quantitative subadviser are largely protected by the subadviser through the use of policies, procedures, agreements, and similar measures designed to create and enforce robust confidentiality, non-disclosure, and similar safeguards. However, aggressive position-level public disclosure obligations (or disclosure obligations to exchanges or regulators with insufficient privacy safeguards) could lead to opportunities for competitors to reverse-engineer a subadviser's models and data, and thereby impair the relative or absolute performance of the Fund.

***Leverage Risk.*** If the Fund makes investments in options, futures, forwards, swap agreements and other derivative instruments, these derivative instruments provide the economic effect of financial leverage by creating additional investment exposure, as well as the potential for greater loss. If a subadviser uses leverage through purchasing derivative instruments, the Fund has the risk of capital losses that exceed the net assets of the allocable portion of the Fund managed by that subadviser. The net asset value of a Fund employing leverage will be more volatile and sensitive to market movements. Leverage may involve the creation of a liability that requires the Fund to pay interest.

***Sector Risk.*** While the Fund does not have a principal investment strategy to focus its investments in any particular sector, the Fund from time to time may have significant exposure to one or more sectors, such as consumer (non-cyclical and cyclical), financials and industrials. The Fund may have little or no exposure to certain other sectors. There are risks associated with having significantly overweight or underweight allocations to certain sectors, such as that an individual sector may be more volatile than the broader market, or could perform differently, and that the stocks of multiple companies within a sector could simultaneously rise or decline in price because of, for example, investor perceptions, an event that affects the entire sector or other factors.

The Fund is not intended to serve as a complete investment program.

**Performance of the Fund**

The following bar chart and table give some indication of the risks of investing in the Fund by showing changes in the performance of the Fund's Class Y-3 shares from year to year and comparing the Fund's average annual returns over time with a broad-based securities market index, the Russell 2500<sup>®</sup> Index.

The Fund offers four different classes of shares in this prospectus: Adviser Class shares, Class I shares, Class Y-2 shares and Class Y-3 shares. No information is shown for Adviser Class or Class Y-2 shares because there were no shares outstanding for these classes as of the last calendar year end. Performance information for these share classes will appear in a future version of the prospectus once there is a full calendar year of performance information to report. The returns of these share classes would have been substantially similar to the returns of Class Y-3 shares; however, because the Adviser Class, Class I and Class Y-2 shares are subject to a 12b-1 fee and/or a non-distribution shareholder administrative services fee, the returns of these share classes would have been lower than those shown for Class Y-3 shares.

The Fund's past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. This may be particularly true given that other subadvisers were responsible for managing portions of the Fund's portfolio during previous periods. Westfield Capital Management Company, L.P. assumed responsibility for managing a portion of the Fund's portfolio on August 15, 2005. Parametric Portfolio Associates LLC assumed responsibility for managing a portion of the Fund's portfolio on February 25, 2015. Effective June 27, 2016, the Fund changed certain of its subadvisers and revised its principal investment strategies. For periods prior to June 27, 2016, the Fund's past performance in the bar chart and table reflects the Fund's prior subadviser lineup and principal investment strategies. GW&K Investment Management, LLC, Loomis, Sayles & Company, L.P. and LSV Asset Management each assumed responsibility for managing a portion of the Fund's portfolio on July 1, 2016. River Road Asset Management, LLC assumed responsibility for managing a portion of the Fund's portfolio on April 30, 2019.

![](x1_c113438x9x1.jpg)

The Fund's calendar year-to-date return as of June 30, 2025 was -0.71%.

The Fund's highest return for a quarter during the periods shown above was 26.07%, for the quarter ended June 30, 2020.

The Fund's lowest return for a quarter during the periods shown above was -30.23%, for the quarter ended March 31, 2020.

**Average Annual Total Returns**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** |
| **Mercer US Small/Mid Cap Equity Fund – Class Y-3 Shares** |  |  |  |
| Return Before Taxes | 13.47% | 9.39% | 8.56% |
| Return After Taxes on Distributions | 10.82% | 7.05% | 6.25% |
| Return After Taxes on Distributions and Sale of Fund Shares | 9.78% | 7.04% | 6.27% |

---

For the Periods Ended December 31, 2024

**Mercer US Small/Mid Cap Equity Fund – Class I Shares**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **Life of Class<br> (Inception <br> June 27, 2023)** |  |
| Return Before Taxes | 13.16% | 15.17% |  |
|  | **1 Year** | **5 Years** | **10 Years** |
| **Russell 2500<sup>®</sup> Index<sup>(1)</sup>** (reflects no deduction for fees, expenses, or taxes) | 12.00% | 8.77% | 8.85% |

---

(1) The Russell 2500<sup>®</sup> Index measures the performance of the small-to mid-cap segment
of the U.S. equity universe. The Russell 2500<sup>®</sup> Index is a subset of the Russell 3000<sup>®</sup> Index. It includes
approximately 2,500 of the smallest securities based on a combination of their market cap and current index membership. The index
is unmanaged and cannot be invested in directly.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates in effect and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's situation and may differ from those shown. In addition, the after-tax returns shown are not relevant to investors who hold Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. In some cases, the after-tax returns may exceed the return before taxes due to an assumed benefit from any losses on a sale of shares at the end of the measurement period. After-tax returns are shown for Class Y-3 shares. After-tax returns for Class I shares may vary.

**Fund Management**

***Investment Adviser:***

Mercer Investments LLC

***Subadvisers and Portfolio Managers:***

The individuals listed below are jointly and primarily responsible for the day-to-day management of their allocated portions of the Fund's portfolio.

<u>GW&K Investment Management, LLC ("GW&K")</u>

● Daniel L. Miller, CFA, Partner, Director of Equities, joined GW&K in 2008. Mr. Miller began managing GW&K's allocated portion of the Fund's portfolio in June 2016.

● Jeffrey W. Thibault, CFA, Partner, Portfolio Manager, joined GW&K in 2004. Mr. Thibault began managing GW&K's allocated portion of the Fund's portfolio in June 2016.

<u>Loomis, Sayles & Company, L.P. ("Loomis Sayles")</u>

● Mark F. Burns, CFA, began managing Loomis Sayles' allocated portion of the Fund's portfolio in June 2016. Prior to that Mr. Burns managed Loomis Sayles' allocated portion of the Mercer US Small/Mid Cap Growth Equity Fund since April 2016.

● John J. Slavik, CFA, began managing Loomis Sayles' allocated portion of the Fund's portfolio in June 2016. Prior to that Mr. Slavik managed Loomis Sayles' allocated portion of the Mercer US Small/Mid Cap Growth Equity Fund since April 2016.

<u>LSV Asset Management ("LSV")</u>

● Josef Lakonishok, Ph.D., CEO, CIO, Partner and portfolio manager of LSV since its founding in 1994, began managing LSV's allocated portion of the Fund's portfolio in June 2016.

● Menno Vermeulen, CFA, has served as a portfolio manager for LSV since 1995 and a Partner since 1998 and began managing LSV's allocated portion of the Fund's portfolio in June 2016.

● Puneet Mansharamani, CFA, has served as a Partner and portfolio manager for LSV since 2006 and began managing LSV's allocated portion of the Fund's portfolio in June 2016.

● Greg Sleight, has served as a Quantitative Analyst of LSV since 2006, a Partner since 2012 and portfolio manager since 2014 and began managing LSV's allocated portion of the Fund's portfolio in June 2016.

● Guy Lakonishok, CFA, has served as a Quantitative Analyst of LSV since 2009, a Partner since 2013 and portfolio manager since 2014 and began managing LSV's allocated portion of the Fund's portfolio in June 2016.

● Gal Skarishevsky has served as a Quantitative Analyst of LSV since 2017, a Partner since 2022 and portfolio manager since 2025 and began managing LSV's allocated portion of the Fund's portfolio in March 2025.

<u>Parametric Portfolio Associates LLC ("Parametric")</u>

● Zach Olsen, CFA, Portfolio Manager, joined Parametric in 2017. Mr. Olsen began managing Parametric's allocated portion of the Fund's portfolio in May 2022.

● Ricky Fong, CFA, Executive Director, Investment Strategy, joined The Clifton Group in 2010, which was acquired by Parametric in 2012. Mr. Fong began managing Parametric's allocated portion of the Fund's portfolio in February 2015.

<u>River Road Asset Management, LLC ("River Road")</u>

● J. Justin Akin, Senior Portfolio Manager, joined River Road in 2005 and began managing River Road's allocated portion of the Fund's portfolio in April 2019.

● R. Andrew Beck, Chief Executive Officer & Senior Portfolio Manager, joined River Road in 2005 and began managing River Road's allocated portion of the Fund's portfolio in April 2019.

<u>Westfield Capital Management Company, L.P. ("Westfield")</u>

● William A. Muggia, Chief Executive Officer, Chief Investment Officer, President, and Managing Partner, joined Westfield in 1994, and has been managing Westfield's allocated portion of the Fund's portfolio since inception in 2005.

● Richard D. Lee, CFA, Managing Partner, and Chief Investment Officer, joined Westfield in 2004 and has been managing Westfield's allocated portion of the Fund's portfolio since inception in 2005.

● Matthew R. Renna, Managing Partner, joined Westfield in 2013, and has been managing Westfield's allocated portion of the Fund's portfolio since 2025.

● Edward D. Richardson, Partner, joined Westfield in 2014, and has been managing Westfield's allocated portion of the Fund's portfolio since 2025.

**Purchase and Sale of Fund Shares**

For important information about the purchase and sale of Fund shares, please turn to the "Important Additional Information" section on page 48 of this prospectus.

**Tax Information**

The Fund's distributions generally are taxable as ordinary income, capital gains, or some combination of both, unless you are investing through a tax-deferred arrangement, such as a 401(k) plan or an Individual Retirement Account, in which case you may be subject to federal income tax upon withdrawal from the tax-deferred account.

**Financial Intermediary Compensation**

For important information about financial intermediary compensation, please turn to the "Important Additional Information" section on page 48 of this prospectus.

**Mercer Non-US Core Equity Fund**

**Investment Objective**

The investment objective of the Fund is to provide long-term total return, which includes capital appreciation and income.

**Fees and Expenses**

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Adviser<br> Class** | **Class I** | **Class Y-2** | **Class Y-3** |
| Redemption Fee on shares owned less than 30 days <br> (as a % of total redemption proceeds) | 2.00% | 2.00% | 2.00% | 2.00% |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Adviser<br> Class** | **Class I** | **Class Y-2** | **Class Y-3** |
| Management Fees<sup>(1)</sup> | 0.70% | 0.70% | 0.70% | 0.70% |
| Distribution (12b-1) Fees | 0.25% |  |  |  |
| Non-Distribution Shareholder Administrative Services Fees | 0.25% | 0.25% | 0.15% |  |
| Other Expenses<sup>(2)</sup> | 0.05% | 0.05% | 0.05% | 0.05% |
| Total Annual Fund Operating Expenses | 1.25% | 1.00% | 0.90% | 0.75% |
| Less Fee Waivers<sup>(1)</sup> | (0.38%) | (0.38%) | (0.38%) | (0.38%) |
| Net Annual Fund Operating Expenses | 0.87% | 0.62% | 0.52% | 0.37% |

---

(1) Mercer Investments LLC (the "Adviser") has contractually agreed, until at least July
31, 2026, to waive any portion of its management fee that exceeds the aggregate amount of the subadvisory fees that the Adviser
is required to pay to the Fund's subadvisers. This contractual fee waiver agreement may only be changed or eliminated with
the approval of the Fund's Board of Trustees. The fees waived by the Adviser pursuant to this agreement are not subject to
reimbursement by the Fund to the Adviser. The amount of the fee waiver has been estimated to reflect the subadvisory fees in effect
as of the date of this prospectus.

(2) "Other Expenses" include administrative, custodial, legal, audit, transfer agent and
Trustees' fees and expenses. The "Other Expenses" shown for Adviser Class and Class Y-2 are based on estimated
amounts for the Fund's current fiscal year, as the Adviser Class and Class Y-2 shares of the Fund had not commenced operations
prior to the most recent fiscal year end. The "Other Expenses" shown for Class I are also based on estimated amounts
for the Fund's current fiscal year.

***Example***

The example below is intended to help you compare the costs 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 shown, that your investment has a 5% return each year, and that the Fund's operating expenses remain the same as shown above (taking into account the contractual expense limitation being in effect for the one-year period ending July 31, 2026).

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** |
| Adviser Class | $89 | $359 | $650 | $1478 |
| Class I | $63 | $281 | $515 | $1190 |
| Class Y-2 | $53 | $249 | $461 | $1073 |
| Class Y-3 | $38 | $202 | $379 | $895 |

---

***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 increase 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 57% of the average value of its portfolio.

**Principal Investment Strategies**

The Fund invests principally in equity securities (such as common stock) issued by non-U.S. companies of any capitalization, located in the world's developed and emerging capital markets. The Fund employs a "core equity" investment strategy that seeks to meet the Fund's investment objective by investing in both growth- and value-oriented equity securities. Under normal circumstances, the Fund will invest at least 80% of its net assets (plus borrowings for investment purposes, if any) in the equity securities of non-U.S. companies. (If the Fund changes this investment policy, the Fund will notify shareholders at least 60 days in advance of the change.) For purposes of the 80% test, equity securities include securities such as common stock, preferred stock, and other securities that are not debt securities, cash or cash equivalents.

Certain subadvisers may employ a quantitative investment process in seeking to achieve the Fund's investment objective, which may lead to higher than expected portfolio turnover for the Fund.

Securities of non-U.S. companies generally include all securities included in the Fund's benchmark index. In addition, securities of non-U.S. companies may include: (a) securities of companies that are organized under the laws of, or maintain their principal places of business in, countries other than the United States; (b) securities for which the principal trading market is in a country other than the United States; (c) securities issued or guaranteed by the government of a country other than the United States, such government's agencies or instrumentalities, or the central bank of such country; (d) securities denominated in the currency issued by a country other than the United States; (e) securities of companies that derive at least 50% of their revenues or profits from goods produced or sold, investments made, or services performed in countries other than the United States or have at least 50% of their assets in countries other than the United States; (f) equity securities of companies in countries other than the United States, in the form of depositary receipts; or (g) securities issued by pooled investment vehicles that invest primarily in securities or derivative instruments that derive their value from securities of non-U.S. companies. The Fund may invest in derivative instruments, such as forward contracts and exchange-listed equity futures contracts, to gain market exposure on cash balances or to reduce market exposure in anticipation of liquidity needs or to increase or decrease currency exposure. Investments in derivatives may be applied toward meeting a requirement to invest in a particular kind of investment if the derivatives have economic characteristics similar to that investment.

**Principal Risk Factors**

The principal risks that could adversely affect the value of the Fund's shares and the total return on your investment include the following, which appear in the order of magnitude. An investment in the Fund is not a bank deposit and is not guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency. **Loss of money is a risk of investing in the Fund.**

***Equity Securities Risk***. The value of a company's equity securities is subject to changes in the company's financial condition, and overall market and economic conditions. U.S. and global stock markets have experienced periods of substantial price volatility in the past and may do so in the future.

***Market Risk***. The value of the securities in which the Fund invests may be adversely affected by fluctuations in the financial markets, regardless of how well the companies in which the Fund invests perform. The market as a whole may not favor the types of investments the Fund makes. Also, there is the risk that the price(s) of one or more of the securities or other instruments in the Fund's portfolio will fall, or will fail to rise. Many factors can adversely affect a security's performance, including both general financial market conditions and factors related to a specific company, government, industry, country, or geographic region. Extraordinary events, including extreme economic or political conditions or policies, rapid technological developments or widespread adoption of emerging technologies (such as artificial intelligence), natural disasters, extreme weather, epidemics and pandemics, tariffs, sanctions, war, military conflict and other factors can lead to volatility in local, regional, or global markets, which can result in market losses that may be substantial. The impact of one of these types of events may be more pronounced in certain regions, sectors, industries, or asset classes in which the Fund invests, or it may be pervasive across the global financial markets. The timing and occurrence of future market disruptions cannot be predicted, nor can the impact that government interventions, if any, adopted in response to such disruptions may have on the investment strategies of the Fund or the markets in which the Fund invests.

***Foreign Investments Risk***. Investing in foreign securities typically involves more risks than investing in U.S. securities. These risks can increase the potential for losses in the Fund and affect its share price. Generally, securities of many foreign issuers may be less liquid,

and their prices may be more volatile, than the securities of comparable U.S. issuers. Transaction costs for foreign securities generally are higher than for comparable securities issued in the United States. Foreign securities may be subject to foreign taxes. Many foreign governments may supervise and regulate their financial markets less stringently than the U.S. government does. In addition, foreign issuers generally are not subject to the same types of accounting, auditing, or financial reporting standards as those that are applicable to U.S. issuers. As a result, with respect to foreign issuers, there may be less publicly available information regarding their operations and financial conditions, and the information that is available may be less reliable. To the extent that the Fund's investments in a single country or a limited number of countries represent a large percentage of the Fund's assets, the Fund may be adversely affected by the economic, political, geopolitical and social conditions in those countries.

***Geographic Focus Risk.*** To the extent that the Fund focuses its investments in a particular geographic region or country, the Fund may be subject to increased currency, political, regulatory and other risks relating to such region or country. As a result, the Fund may be subject to greater price volatility and risk of loss than a fund holding more geographically diverse investments.

***Currency Exchange Rate Risk***. Foreign securities may be issued and traded in foreign currencies. As a result, the values of foreign securities may be affected by changes in exchange rates between foreign currencies and the U.S. dollar, as well as between currencies of countries other than the United States. For example, if the value of the U.S. dollar increases relative to a particular foreign currency, an investment denominated in that foreign currency will decrease in value because the investment will be worth fewer U.S. dollars.

***Political and Economic Risk***. The political, legal, economic, and social structures of certain foreign countries may be less stable and more volatile than those in the United States. Investments in these countries may be subject to the risks of internal and external conflicts, currency devaluations, changes in currency exchange rates or exchange control regulations (including limitations on currency movements and exchanges), and the imposition of tariffs or sanctions.

***Small and Medium Capitalization Stock Risk***. The securities of companies with small and medium capitalizations may involve greater investment risks than securities of companies with large capitalizations. Small and medium capitalization companies may have an unproven or narrow technological base and limited product lines, distribution channels, and market and financial resources, and small and medium capitalization companies also may be dependent on entrepreneurial management, making the companies more susceptible to certain setbacks and reversals. As a result, the prices of securities of small and medium capitalization companies may be subject to more abrupt or erratic movements than securities of larger companies, may have limited marketability, and may be less liquid than securities of companies with larger capitalizations. Foreign companies with large capitalizations may be relatively small by U.S. standards and may be subject to risks that are similar to the risks that may affect small and medium capitalization U.S. companies. Securities of small and medium capitalization companies also may pay no, or only small, dividends.

***Custody Risk***. There are risks involved in dealing with the custodians or brokers who settle Fund trades. Securities and other assets deposited with custodians or brokers may not be clearly or constantly identified as being assets of the Fund, and hence the Fund may be exposed to credit risk with regard to such parties. The Fund may be an unsecured creditor of its broker in the event of bankruptcy or administration of such broker. Further, there may be practical or time problems associated with enforcing the Fund's rights to its assets in the case of an insolvency of any such party.

***Growth Stock Risk***. The value of a company's equity securities is subject to changes in the company's financial condition, and overall market and economic conditions. Companies with strong growth potential (both domestic and foreign) tend to have higher than average price-to-earnings ratios, meaning that these stocks are more expensive than average relative to the companies' earnings. The market prices of equity securities of growth companies are often quite volatile, since the prices may be particularly sensitive to economic, market, or company developments and may present a greater degree of risk of loss.

***Issuer Risk***. The issuer of a security may perform poorly and the value of its stocks or bonds may decline as a result. An issuer of securities held by the Fund could become bankrupt or could default on its issued debt or have its credit rating downgraded.

***Large Capitalization Stock Risk***. Large-capitalization stocks as a group could fall out of favor with the market, causing the Fund to underperform investments that focus on small or medium capitalization stocks. Larger, more established companies may be slow to respond to challenges and may grow more slowly than smaller companies.

***Value Stock Risk***. The value of a company's equity securities is subject to changes in the company's financial condition, and overall market and economic conditions. Value stocks represent companies that tend to have lower than average price to book value ratios, price to earnings ratios, or other financial ratios. These companies may have relatively weak balance sheets and, during economic downturns, these companies may have insufficient cash flow to pay their debt obligations and difficulty finding additional financing needed for their operations. A particular value stock may not increase in price, as anticipated by a subadviser, if other investors fail to recognize the stock's value or the catalyst that the subadviser believes will increase the price of the stock does not affect the price of the stock in the manner or to the degree that the subadviser anticipates. Also, cyclical stocks tend to increase in value more quickly during economic

upturns than non-cyclical stocks, but also tend to lose value more quickly in economic downturns. The stocks of companies that a subadviser believes are undervalued compared to their intrinsic value can continue to be undervalued for long periods of time, may not realize their expected value, and can be volatile.

***Derivatives Risk***. The Fund may engage in a variety of transactions involving derivatives, such as options, futures, forwards and swap agreements. Derivatives are financial instruments, the values of which depend upon, or are derived from, the value of something else, such as one or more underlying investments, pools of investments, indices, or currencies. A subadviser may use derivatives both for hedging and non-hedging purposes, although it is anticipated that the use of derivatives by the Fund will generally be limited to maintaining exposure to certain market segments or asset classes, increasing or decreasing currency exposure, or facilitating certain portfolio transactions. A subadviser may also use derivatives such as exchange-listed equity futures contracts, swaps and currency forwards to equitize cash held in the portfolio. Investments in derivatives may be applied toward meeting a requirement to invest in a particular kind of investment if the derivatives have economic characteristics similar to that investment.

Derivatives involve special risks and may result in losses. The successful use of derivatives depends on the ability of a subadviser to manage these sophisticated instruments. The prices of derivatives may move in unexpected ways due to the use of leverage or other factors, especially in unusual market conditions, and may result in increased volatility of the Fund's share price. Certain derivatives are subject to counterparty risk, which is the risk that the other party to the transaction will not fulfill its contractual obligations, and risks arising from margin requirements, which include the risk that the Fund will be required to pay additional margin or set aside additional collateral to maintain open derivative positions. Certain derivatives are subject to mandatory central clearing and exchange-trading. Central clearing is intended to reduce counterparty credit risk, but central clearing does not make derivatives transactions risk-free Exchange-trading is intended to increase liquidity, but there is no guarantee the Fund could consider exchange-traded derivatives to be liquid. Some derivatives are more sensitive to interest rate changes and market movements than other instruments. The possible lack of a liquid secondary market for derivatives and the resulting inability of the Fund to sell or otherwise close a derivatives position could expose the Fund to losses and could make derivatives more difficult for the Fund to value accurately.

Certain derivative instruments provide the economic effect of financial leverage by creating additional investment exposure, as well as the potential for greater loss. If a subadviser uses leverage through purchasing derivative instruments, the Fund has the risk of capital losses that exceed the net assets of the allocable portion of the Fund managed by that subadviser. The net asset value of the Fund employing leverage will be more volatile and sensitive to market movements. Leverage may involve the creation of a liability that requires the Fund to pay interest.

Derivatives instruments may also be susceptible to operational risks. Failures in the documentation and shortcomings in the settlement process could result in the failure to complete a transaction. There are also legal risks associated with derivatives, particularly if contracts are not legally enforceable or if a counterparty does not have sufficient capacity to perform on a contract.

***Emerging Markets Investments Risk***. Emerging markets securities involve unique risks, such as exposure to economies that are less diverse and mature than those of the United States or more established foreign markets. Also, emerging markets securities are subject to the same risks as foreign investments, described above. Generally, these risks are more severe for issuers in countries with emerging capital markets. Also, economic or political instability may cause larger price changes in emerging markets securities than in other foreign investments. Additionally, companies in emerging market countries may not be subject to accounting, auditing, financial reporting and recordkeeping requirements that are as robust as those in more developed countries and therefore, material information about a company may be unavailable or unreliable, and U.S. regulators may be unable to enforce a company's regulatory obligations.

***Liquidity Risk***. The Fund may not be able to purchase or sell a security in a timely manner or at desired prices or achieve its desired weighting in a security. The market for certain investments may become illiquid due to specific adverse changes in the conditions of a particular issuer or under adverse market or economic conditions independent of the issuer, including, for example, during periods of rising interest rates. In addition, dealer inventories of certain securities - an indication of the ability of dealers to engage in "market making" - are at, or near, historic lows in relation to market size, which could potentially lead to decreased liquidity.

***Quantitative Model Risk.*** One or more subadvisers to the Fund follows a quantitative model strategy to manage its allocated portion of the Fund. Quantitative models (both proprietary models developed by a quantitative-focused subadviser, and those supplied by third parties) and information and data supplied by third parties can be incorrect, misleading or incomplete, and any decisions made in reliance thereon can expose the Fund to potential risks of loss. In addition, the use of predictive models can also expose the Fund to potential risks of loss. For example, such models may incorrectly forecast future behavior, leading to potential losses on a cash flow and/or a mark-to-market basis. In addition, in unforeseen or certain low-probability scenarios (often involving a market disruption of some kind), such models may produce unexpected results, which can result in losses for the Fund.

If the assumptions made by quantitative-focused subadvisers in their underlying models are unrealistic, inaccurate or become unrealistic or inaccurate and are not promptly adjusted to account for changes in the overall market environment, it is likely that profitable trading

signals will not be generated. If and to the extent that the models do not reflect certain factors, and a quantitative-focused subadviser does not successfully address such omission through its testing and evaluation, and modify the models accordingly, the Fund may experience losses. In addition, because of the complexity of quantitative-focused investment strategy programming and modeling, there is a risk that the finished model may contain an error; one or more of such errors could adversely affect the Fund's performance.

To the extent that a quantitative-focused subadviser is not able to develop sufficiently differentiated models, the Fund's investment objective may not be met, irrespective of whether the models are profitable in an absolute sense, as a result of "crowding" or "convergence" of the model's output with actions taken by other market participants. In addition, to the extent a quantitative subadviser's model focuses on identifying a certain type of stock (e.g., high relative profitability stocks), those stocks may perform differently from the market as a whole, which could cause the Fund to underperform.

The models and proprietary research of a quantitative subadviser are largely protected by the subadviser through the use of policies, procedures, agreements, and similar measures designed to create and enforce robust confidentiality, non-disclosure, and similar safeguards. However, aggressive position-level public disclosure obligations (or disclosure obligations to exchanges or regulators with insufficient privacy safeguards) could lead to opportunities for competitors to reverse-engineer a subadviser's models and data, and thereby impair the relative or absolute performance of the Fund.

***Management Techniques Risk***. The investment strategies, techniques, and risk analyses employed by the subadvisers, while designed to enhance potential returns, may not produce the desired results or expected returns, which may cause the Fund to not meet its investment objective, or underperform its benchmark index or funds with similar investment objectives and strategies. The subadvisers may be incorrect in their assessments of the values of securities or their assessments of market trends, which can result in losses to the Fund.

***Leverage Risk.*** If the Fund makes investments in options, futures, forwards, swap agreements and other derivative instruments, these derivative instruments provide the economic effect of financial leverage by creating additional investment exposure, as well as the potential for greater loss. If a subadviser uses leverage through purchasing derivative instruments, the Fund has the risk of capital losses that exceed the net assets of the allocable portion of the Fund managed by that subadviser. The net asset value of a Fund employing leverage will be more volatile and sensitive to market movements. Leverage may involve the creation of a liability that requires the Fund to pay interest.

***Sector Risk.*** While the Fund does not have a principal investment strategy to focus its investments in any particular sector, the Fund from time to time may have significant exposure to one or more sectors, such as financials and consumer (non-cyclical). The Fund may have little or no exposure to certain other sectors. There are risks associated with having significantly overweight or underweight allocations to certain sectors, such as that an individual sector may be more volatile than the broader market, or could perform differently, and that the stocks of multiple companies within a sector could simultaneously rise or decline in price because of, for example, investor perceptions, an event that affects the entire sector or other factors.

The Fund is not intended to serve as a complete investment program.

**Performance of the Fund**

The following bar chart and table give some indication of the risks of investing in the Fund by showing changes in the performance of the Fund's Class Y-3 shares from year to year and comparing the Fund's average annual returns over time with a broad-based securities market index, the MSCI EAFE<sup>®</sup> Index.

The Fund offers four different classes of shares in this prospectus: Adviser Class shares, Class I shares, Class Y-2 shares and Class Y-3 shares. No information is shown for Adviser Class or Class Y-2 shares because there were no shares outstanding for these classes as of the last calendar year end. Performance information for Adviser Class shares and Class Y-2 will appear in a future version of the prospectus once there is a full calendar year of performance information to report. The returns of these share classes would have been substantially similar to the returns of Class Y-3 shares; however, because the Adviser Class and Class Y-2 shares are subject to a 12b-1 fee and/or a non-distribution shareholder administrative services fee, the returns of these share classes would have been lower than those shown for Class Y-3 shares.

The Fund's past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. This may be particularly true given that other subadvisers were responsible for managing portions of the Fund's portfolio during previous periods. Massachusetts Financial Services Company assumed responsibility for managing a portion of the Fund's portfolio on November 13, 2009. Arrowstreet Capital, Limited Partnership assumed responsibility for managing a portion of the Fund's portfolio on December 16, 2010. American Century Investment Management, Inc. assumed responsibility for managing a portion of the Fund's portfolio on

November 15, 2013. LSV Asset Management assumed responsibility for managing a portion of the Fund's portfolio on July 2, 2015. Parametric Portfolio Associates LLC assumed responsibility for managing a portion of the Fund's portfolio on February 25, 2015.

![](x1_c113438x17x1.jpg)

The Fund's calendar year-to-date return as of June 30, 2025 was 23.49%.

The Fund's highest return for a quarter during the periods shown above was 17.38%, for the quarter ended June 30, 2020.

The Fund's lowest return for a quarter during the periods shown above was -22.39%, for the quarter ended March 31, 2020.

**Average Annual Total Returns**

For the Periods Ended December 31, 2024

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** |
| **Mercer Non-US Core Equity Fund – Class Y-3 Shares** |  |  |  |
| Return Before Taxes | 6.30% | 5.83% | 6.50% |
| Return After Taxes on Distributions | 4.34% | 4.12% | 4.94% |
| Return After Taxes on Distributions and Sale of Fund Shares | 5.33% | 4.47% | 4.96% |
| **Mercer Non-US Core Equity Fund – Class I Shares** |  |  |  |
|  | **1 Year** | **Life of Class (Inception July 22, 2021)** |  |
| Return Before Taxes | 6.00% | 1.88% |  |
|  | **1 Year** | **5 Years** | **10 Years** |
| **MSCI World ex USA IMI Index<sup>(1)</sup> (net dividends)** (reflects no deduction for fees, expenses, or taxes (other than assumed dividend tax)) | 4.44% | 4.78% | 5.28% |
|  | **1 Year** | **5 Years** | **10 Years** |
| **MSCI EAFE<sup>®</sup> Index<sup>(2)</sup> (net dividends)** (reflects no deduction for fees, expenses, or taxes (other than assumed dividend tax)) | 3.82% | 4.73% | 5.20% |

---

(1) The Fund's new primary benchmark index, the MSCI World ex USA IMI Index, measures the performance
of equity securities in developed markets in North America, Europe, and the Asia/Pacific region, excluding the United States. The
Adviser has determined that the MSCI World ex USA IMI Index provides a more useful performance comparison given the Fund's
investment strategy. The index is unmanaged and cannot be invested in directly.

(2) The Fund's former primary benchmark index, the MSCI EAFE<sup>®</sup> Index, measures
the performance of equity securities in developed markets outside of North America, including Europe, Australasia, and the Far
East. The index is unmanaged and cannot be invested in directly.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates in effect and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's situation and may differ from those shown. In addition, the after-tax returns shown are not relevant to investors who hold Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. In some cases, the after-tax returns may exceed the return before taxes due to an assumed benefit from any losses on a sale of shares at the end of the measurement period. After-tax returns are shown for Class Y-3 shares. After-tax returns for Class I shares may vary.

**Fund Management**

***Investment Adviser:***

Mercer Investments LLC

***Subadvisers and Portfolio Managers:***

The individuals listed below are jointly and primarily responsible for the day-to-day management of their allocated portions of the Fund's portfolio.

<u>American Century Investment Management, Inc. ("American Century")</u>

● Rajesh Gandhi, CFA, Vice President and Senior Portfolio Manager, joined American Century in 2002. Mr. Gandhi began managing American Century's allocated portion of the Fund's portfolio in 2013.

● Jim Zhao, Vice President and Portfolio Manager, joined American Century in 2009. Mr. Zhao began managing American Century's allocated portion of the Fund's portfolio in 2018.

<u>Arrowstreet Capital, Limited Partnership ("Arrowstreet")</u>

● Derek Vance, CFA, Partner, Chief Investment Officer, joined Arrowstreet in 2008. Mr. Vance began managing Arrowstreet's allocated portion of the Fund's portfolio in 2018.

● Christopher Malloy, Ph.D., Head of Research, joined Arrowstreet in 2019. Mr. Malloy began managing Arrowstreet's allocated portion of the Fund's portfolio in 2019.

● Julia Yuan, CFA, Partner, Head of Alpha Development, joined Arrowstreet in 2012. Ms. Yuan began managing Arrowstreet's allocated portion of the Fund's portfolio in 2024.

● Brandon Berger, Head of Portfolio Management, joined Arrowstreet in 2013. Mr. Berger began managing Arrowstreet's allocated portion of the Fund's portfolio in 2025.

● Peter Rathjens, Ph.D., Partner, Member of Investment Team, joined Arrowstreet in 1999. Mr. Rathjens began managing Arrowstreet's allocated portion of the Fund's portfolio in 2010.

<u>LSV Asset Management ("LSV")</u>

● Josef Lakonishok, Ph.D., CEO, CIO, Partner and portfolio manager of LSV since its founding in 1994, began managing LSV's allocated portion of the Fund's portfolio in June 2015.

● Menno Vermeulen, CFA, has served as a portfolio manager for LSV since 1995 and a Partner since 1998 and began managing LSV's allocated portion of the Fund's portfolio in June 2015.

● Puneet Mansharamani, CFA, has served as a Partner and portfolio manager for LSV since 2006 and began managing LSV's allocated portion of the Fund's portfolio in June 2015.

● Greg Sleight, has served as a Quantitative Analyst of LSV since 2006, a Partner since 2012 and portfolio manager since 2014 and began managing LSV's allocated portion of the Fund's portfolio in June 2015.

● Guy Lakonishok, CFA, has served as a Quantitative Analyst of LSV since 2009, a Partner since 2013 and portfolio manager since 2014 and began managing LSV's allocated portion of the Fund's portfolio in June 2015.

● Gal Skarishevsky has served as a Quantitative Analyst of LSV since 2017, a Partner since 2022 and portfolio manager since 2025 and began managing LSV's allocated portion of the Fund's portfolio in March 2025.

<u>Massachusetts Financial Services Company ("MFS")</u>

● Benjamin Stone, Investment Officer, joined MFS in 2005, and began managing MFS' allocated portion of the Fund's portfolio in 2009.

● Philip Evans, Investment Officer, joined MFS in 2011, and began managing MFS' allocated portion of the Fund's portfolio in 2020.

<u>Parametric Portfolio Associates LLC ("Parametric")</u>

● Zach Olsen, CFA, Portfolio Manager, joined Parametric in 2017. Mr. Olsen began managing Parametric's allocated portion of the Fund's portfolio in May 2022.

● Ricky Fong, CFA, Executive Director, Investment Strategy, joined The Clifton Group in 2010, which was acquired by Parametric in 2012. Mr. Fong began managing Parametric's allocated portion of the Fund's portfolio in February 2015.

**Purchase and Sale of Fund Shares**

For important information about the purchase and sale of Fund shares, please turn to the "Important Additional Information" section on page 48 of this prospectus.

**Tax Information**

The Fund's distributions generally are taxable as ordinary income, capital gains, or some combination of both, unless you are investing through a tax-deferred arrangement, such as a 401(k) plan or an Individual Retirement Account, in which case you may be subject to federal income tax upon withdrawal from the tax-deferred account.

**Financial Intermediary Compensation**

For important information about financial intermediary compensation, please turn to the "Important Additional Information" section on page 48 of this prospectus.

**Mercer Emerging Markets Equity Fund**

**Investment Objective**

The investment objective of the Fund is to provide long-term total return, which includes capital appreciation and income.

**Fees and Expenses**

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Adviser<br> Class** | **Class I** | **Class Y-2** | **Class Y-3** |
| Redemption Fee on shares owned less than 30 days <br> (as a % of total redemption proceeds) | 2.00% | 2.00% | 2.00% | 2.00% |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Adviser<br> Class** | **Class I** | **Class Y-2** | **Class Y-3** |
| Management Fees<sup>(1)</sup> | 0.79% | 0.79% | 0.79% | 0.79% |
| Distribution (12b-1) Fees | 0.25% |  |  |  |
| Non-Distribution Shareholder Administrative Services Fees | 0.25% | 0.25% | 0.15% |  |
| Other Expenses<sup>(2)</sup> | 0.10% | 0.10% | 0.10% | 0.10% |
| Acquired Fund Fees and Expenses | 0.01% | 0.01% | 0.01% | 0.01% |
| Total Annual Fund Operating Expenses<sup>(3)</sup> | 1.40% | 1.15% | 1.05% | 0.90% |
| Less Fee Waivers<sup>(1)</sup> | (0.52%) | (0.52%) | (0.52%) | (0.52%) |
| Net Annual Fund Operating Expenses<sup>(3)</sup> | 0.88% | 0.63% | 0.53% | 0.38% |

---

(1) Mercer Investments LLC (the "Adviser") has contractually agreed, until at least July
31, 2026, to waive any portion of its management fee that exceeds the aggregate amount of the subadvisory fees that the Adviser
is required to pay to the Fund's subadvisers. This contractual fee waiver agreement may only be changed or eliminated with
the approval of the Fund's Board of Trustees. The fees waived by the Adviser pursuant to this agreement are not subject to
reimbursement by the Fund to the Adviser. The amount of the fee waiver has been estimated to reflect the subadvisory fees in effect
as of the date of this prospectus.

(2) "Other Expenses" include administrative, custodial, legal, audit, transfer agent and
Trustees' fees and expenses. The "Other Expenses" shown for Adviser Class and Class Y-2 are based on estimated
amounts for the Fund's current fiscal year, as the Adviser Class and Class Y-2 shares of the Fund had not commenced operations
prior to the most recent fiscal year end.

(3) Total Annual Fund Operating Expenses and Net Annual Fund Operating Expenses do not correlate to
the "total expenses (before reductions and reimbursements/waivers) to average daily net assets" and "net expenses
to average daily net assets", respectively, provided in the Financial Highlights. The information in the Financial Highlights
does not include Acquired Fund Fees and Expenses, which are included above.

***Example***

The example below is intended to help you compare the costs 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 shown, that your investment has a 5% return each year, and that the Fund's operating expenses remain the same as shown above (taking into account the contractual expense limitation being in effect for the one-year period ending July 31, 2026).

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** |
| Adviser Class | $90 | $392 | $716 | $1635 |
| Class I | $64 | $314 | $583 | $1351 |
| Class Y-2 | $54 | $282 | $529 | $1236 |
| Class Y-3 | $39 | $235 | $448 | $1060 |

---

***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 increase 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 91% of the average value of its portfolio.

**Principal Investment Strategies**

Under normal circumstances, the Fund invests at least 80% of its net assets, plus the amount of any borrowings, in equity securities (such as dividend-paying securities, common stock and preferred stock) of companies that are located in emerging markets, and other investments that are tied economically to emerging markets but that may be listed or traded outside the issuer's domicile country, which may include American, European and Global Depositary Receipts and other depositary receipts ("Depositary Receipts"). (If the Fund changes this investment policy, the Fund will notify shareholders at least 60 days in advance of the change.) The Fund invests in large, medium and small capitalization companies. For purposes of the 80% test, equity securities include securities such as common stock, preferred stock, and other securities that are not debt securities, cash or cash equivalents. The Fund's portfolio securities are denominated primarily in foreign currencies and are typically held outside the U.S.

Stock index futures and various types of swaps may be used to implement the country selection component of the Fund's investment strategy. Currency forwards may be used to make stock-selection and country allocation decisions independently of the underlying currency. The Fund may invest in derivative instruments, such as exchange-listed equity futures contracts, swaps and currency forwards to gain market exposure on cash balances or to reduce market exposure in anticipation of liquidity needs. Investments in derivatives may be applied toward meeting a requirement to invest in a particular kind of investment if the derivatives have economic characteristics similar to that investment.

Certain subadvisers may employ a systematic and quantitative investment process in seeking to achieve the Fund's investment objective, which may lead to higher than expected portfolio turnover for the Fund.

Emerging market countries include all countries represented by the MSCI Emerging Markets Index. In determining if a security is economically tied to an emerging market country the Fund generally looks to the country of incorporation of the issuer as listed on Bloomberg, a widely recognized provider of market information. The Fund's subadvisers may determine a security is economically tied to an emerging market country based on other factors, such as an issuer's country of domicile, where the majority of an issuer's revenues are generated or where an issuer's primary exchange is located. As a result, a security may be economically tied to more than one country. With respect to derivative instruments, the Fund generally considers such instruments to be economically tied to emerging market countries if the underlying assets of the derivatives are (i) foreign currencies (or baskets or indices of such currencies); (ii) instruments or securities that are issued by foreign governments or by an issuer economically tied to an emerging market country as described above; or (iii) for certain money market instruments, if either the issuer or the guarantor of such money market instrument is economically tied to an emerging market country as described above.

In addition, the Fund may invest its assets in equity securities of companies that are located in "frontier markets" countries and other investments that are tied economically to "frontier markets" countries. "Frontier markets" is often used to describe the markets of smaller, less accessible, but still investable, countries of the developing world. "Frontier market" countries include all countries represented by the MSCI Frontier Markets Index. The securities of frontier market companies tend to be smaller in total market capitalization.

**Principal Risk Factors**

The principal risks that could adversely affect the value of the Fund's shares and the total return on your investment include the following, which appear in the order of magnitude. An investment in the Fund is not a bank deposit and is not guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency. **Loss of money is a risk of investing in the Fund.**

***Equity Securities Risk***. The value of a company's equity securities is subject to changes in the company's financial condition, and overall market and economic conditions. U.S. and global stock markets have experienced periods of substantial price volatility in the past and may do so in the future.

***Emerging Markets Investments Risk***. Emerging markets securities involve unique risks, such as exposure to economies that are less diverse and mature than those of the United States or more established foreign markets. Also, emerging markets securities are subject to the same risks as foreign investments, described below. Generally, these risks are more severe for issuers in countries with emerging capital markets. Also, economic or political instability may cause larger price changes in emerging markets securities than in other foreign investments. Additionally, companies in emerging market countries may not be subject to accounting, auditing, financial reporting and recordkeeping requirements that are as robust as those in more developed countries and therefore, material information about a company may be unavailable or unreliable, and U.S. regulators may be unable to enforce a company's regulatory obligations.

***Geographic Focus Risk.*** To the extent that the Fund focuses its investments in a particular geographic region or country, the Fund may be subject to increased currency, political, regulatory and other risks relating to such region or country. As a result, the Fund may be subject to greater price volatility and risk of loss than a fund holding more geographically diverse investments. To the extent that the Fund focuses its investments in Asian countries, the Fund may be subject to increased risks associated with such investments in Asian markets. Parts of the Asian region may be subject to a greater degree of economic, political and social instability than is the case in the United States. Investments in countries in the Asian region will be impacted by the market conditions, legislative or regulatory changes, competition, diplomatic, or political, economic and other developments in Asia. Chinese issuers may subject the Fund to risks associated with that region, including among others, more frequent trading suspensions and government intervention (including by nationalization of assets and possible retroactive, arbitrary and/or unpredictable enforcement of securities regulations and other laws), currency fluctuations, less liquidity, expropriation, confiscatory taxation, exchange control regulations (including currency blockage), imposition of tariffs, limitations on repatriation and differing legal standards, as well as military actions or conflicts. In particular, China has threatened to invade and control Taiwan, which presents significant risks to investments in securities economically tied to the Greater China region.

China is deemed by the Adviser to be an emerging markets country, which means an investment in this country has more heightened risks than general foreign investing due to a lack of established legal, political, business and social frameworks and accounting standards or auditor oversight in the country to support securities markets as well as the possibility for more widespread corruption and fraud. In addition, the standards for environmental, social and corporate governance matters in China also tend to be lower than such standards in more developed economies. Also, certain securities issued by companies located or operating in China, such as China A-Shares, are subject to trading restrictions, quota limitations, and clearing and settlement risks. In addition, there may be significant obstacles to obtaining information necessary for investigations into or litigation against companies located in or operating in China and shareholders may have limited legal remedies.

Trade disputes and the imposition of tariffs on goods and services can affect the Chinese economy, particularly in light of China's large export sector, as well as the global economy. Trade disputes can result in increased costs of production and reduced profitability for non-export-dependent companies that rely on imports to the extent China engages in retaliatory tariffs. Trade disputes may also lead to increased currency exchange rate volatility. In addition, relations between the U.S., other trading partners and China have heightened concerns of increased tariffs and restrictions on trade between the two countries. An increase in tariffs or trade restrictions (and threats thereof) could lead to a significant reduction in international trade, which could negatively impact China's export industry, Chinese issuers, the liquidity or price of the Fund's direct or indirect investments in China and, therefore, the Fund.

***Market Risk***. The value of the securities in which the Fund invests may be adversely affected by fluctuations in the financial markets, regardless of how well the companies in which the Fund invests perform. The market as a whole may not favor the types of investments the Fund makes. Also, there is the risk that the price(s) of one or more of the securities or other instruments in the Fund's portfolio will fall, or will fail to rise. Many factors can adversely affect a security's performance, including both general financial market conditions and factors related to a specific company, government, industry, country, or geographic region. Extraordinary events, including extreme economic or political conditions or policies, rapid technological developments or widespread adoption of emerging technologies (such as artificial intelligence), natural disasters, extreme weather, epidemics and pandemics, tariffs, sanctions, war, military conflict and other factors can lead to volatility in local, regional, or global markets, which can result in market losses that may be substantial. The impact of one of these types of events may be more pronounced in certain regions, sectors, industries, or asset classes in which the Fund invests, or it may be pervasive across the global financial markets. The timing and occurrence of future market disruptions cannot be predicted, nor can the impact that government interventions, if any, adopted in response to such disruptions may have on the investment strategies of the Fund or the markets in which the Fund invests.

***Foreign Investments Risk***. Investing in foreign securities typically involves more risks than investing in U.S. securities. These risks can increase the potential for losses in the Fund and affect its share price. Generally, securities of many foreign issuers may be less liquid, and their prices may be more volatile, than the securities of comparable U.S. issuers. Transaction costs for foreign securities generally are higher than for comparable securities issued in the United States. Foreign securities may be subject to foreign taxes. Many foreign governments may supervise and regulate their financial markets less stringently than the U.S. government does. In addition, foreign issuers generally are not subject to the same types of accounting, auditing, or financial reporting standards as those that are applicable to U.S. issuers. As a result, with respect to foreign issuers, there may be less publicly available information regarding their operations

and financial conditions, and the information that is available may be less reliable. To the extent that the Fund's investments in a single country or a limited number of countries represent a large percentage of the Fund's assets, the Fund may be adversely affected by the economic, political, geopolitical and social conditions in those countries.

***Political and Economic Risk***. The political, legal, economic, and social structures of certain foreign countries may be less stable and more volatile than those in the United States. Investments in these countries may be subject to the risks of internal and external conflicts, currency devaluations, changes in currency exchange rates or exchange control regulations (including limitations on currency movements and exchanges), and the imposition of tariffs or sanctions.

***Currency Exchange Rate Risk***. Foreign securities may be issued and traded in foreign currencies. As a result, the values of foreign securities may be affected by changes in exchange rates between foreign currencies and the U.S. dollar, as well as between currencies of countries other than the United States. For example, if the value of the U.S. dollar increases relative to a particular foreign currency, an investment denominated in that foreign currency will decrease in value because the investment will be worth fewer U.S. dollars.

***Small and Medium Capitalization Stock Risk***. The securities of companies with small and medium capitalizations may involve greater investment risks than securities of companies with large capitalizations. Small and medium capitalization companies may have an unproven or narrow technological base and limited product lines, distribution channels, and market and financial resources, and the small and medium capitalization companies also may be dependent on entrepreneurial management, making the companies more susceptible to certain setbacks and reversals. As a result, the prices of securities of small and medium capitalization companies may be subject to more abrupt or erratic movements than securities of larger companies, may have limited marketability, and may be less liquid than securities of companies with larger capitalizations. Foreign companies with large capitalizations may be relatively small by U.S. standards and may be subject to risks that are similar to the risks that may affect small and medium capitalization U.S. companies. Securities of small and medium capitalization companies also may pay no, or only small, dividends.

***Value Stock Risk***. The value of a company's equity securities is subject to changes in the company's financial condition, and overall market and economic conditions. Value stocks represent companies that tend to have lower than average price to book value ratios, price to earnings ratios, or other financial ratios. These companies may have relatively weak balance sheets and, during economic downturns, these companies may have insufficient cash flow to pay their debt obligations and difficulty finding additional financing needed for their operations. A particular value stock may not increase in price, as anticipated by a subadviser, if other investors fail to recognize the stock's value or the catalyst that the subadviser believes will increase the price of the stock does not affect the price of the stock in the manner or to the degree that the subadviser anticipates. Also, cyclical stocks tend to increase in value more quickly during economic upturns than non-cyclical stocks, but also tend to lose value more quickly in economic downturns. The stocks of companies that a subadviser believes are undervalued compared to their intrinsic value can continue to be undervalued for long periods of time, may not realize their expected value, and can be volatile.

***Custody Risk***. There are risks involved in dealing with the custodians or brokers who settle Fund trades. Securities and other assets deposited with custodians or brokers may not be clearly or constantly identified as being assets of the Fund, and hence the Fund may be exposed to credit risk with regard to such parties. The Fund may be an unsecured creditor of its broker in the event of bankruptcy or administration of such broker. Further, there may be practical or time problems associated with enforcing the Fund's rights to its assets in the case of an insolvency of any such party.

***Issuer Risk***. The issuer of a security may perform poorly and the value of its stocks or bonds may decline as a result. An issuer of securities held by the Fund could become bankrupt or could default on its issued debt or have its credit rating downgraded.

***Large Capitalization Stock Risk***. Large-capitalization stocks as a group could fall out of favor with the market, causing the Fund to underperform investments that focus on small or medium capitalization stocks. Larger, more established companies may be slow to respond to challenges and may grow more slowly than smaller companies.

***Growth Stock Risk***. The value of a company's equity securities is subject to changes in the company's financial condition, and overall market and economic conditions. Companies with strong growth potential (both domestic and foreign) tend to have higher than average price-to-earnings ratios, meaning that these stocks are more expensive than average relative to the companies' earnings. The market prices of equity securities of growth companies are often quite volatile, since the prices may be particularly sensitive to economic, market, or company developments and may present a greater degree of risk of loss.

***Leverage Risk.*** If the Fund makes investments in options, futures, forwards, swap agreements and other derivative instruments, these derivative instruments provide the economic effect of financial leverage by creating additional investment exposure, as well as the potential for greater loss. If a subadviser uses leverage through purchasing derivative instruments, the Fund has the risk of capital losses that exceed the net assets of the allocable portion of the Fund managed by that subadviser. The net asset value of a Fund employing

leverage will be more volatile and sensitive to market movements. Leverage may involve the creation of a liability that requires the Fund to pay interest.

***Liquidity Risk***. The Fund may not be able to purchase or sell a security in a timely manner or at desired prices or achieve its desired weighting in a security. The market for certain investments may become illiquid due to specific adverse changes in the conditions of a particular issuer or under adverse market or economic conditions independent of the issuer, including, for example, during periods of rising interest rates. In addition, dealer inventories of certain securities—an indication of the ability of dealers to engage in "market making"—are at, or near, historic lows in relation to market size, which could potentially lead to decreased liquidity.

***Quantitative Model Risk.*** One or more subadvisers to the Fund follows a quantitative model strategy to manage its allocated portion of the Fund. Quantitative models (both proprietary models developed by a quantitative-focused subadviser, and those supplied by third parties) and information and data supplied by third parties can be incorrect, misleading or incomplete, and any decisions made in reliance thereon can expose the Fund to potential risks of loss. In addition, the use of predictive models can also expose the Fund to potential risks of loss. For example, such models may incorrectly forecast future behavior, leading to potential losses on a cash flow and/or a mark-to-market basis. In addition, in unforeseen or certain low-probability scenarios (often involving a market disruption of some kind), such models may produce unexpected results, which can result in losses for the Fund.

If the assumptions made by quantitative-focused subadvisers in their underlying models are unrealistic, inaccurate or become unrealistic or inaccurate and are not promptly adjusted to account for changes in the overall market environment, it is likely that profitable trading signals will not be generated. If and to the extent that the models do not reflect certain factors, and a quantitative-focused subadviser does not successfully address such omission through its testing and evaluation, and modify the models accordingly, the Fund may experience losses. In addition, because of the complexity of quantitative-focused investment strategy programming and modeling, there is a risk that the finished model may contain an error; one or more of such errors could adversely affect the Fund's performance.

To the extent that a quantitative-focused subadviser is not able to develop sufficiently differentiated models, the Fund's investment objective may not be met, irrespective of whether the models are profitable in an absolute sense, as a result of "crowding" or "convergence" of the model's output with actions taken by other market participants. In addition, to the extent a quantitative subadviser's model focuses on identifying a certain type of stock (e.g., high relative profitability stocks), those stocks may perform differently from the market as a whole, which could cause the Fund to underperform.

The models and proprietary research of a quantitative subadviser are largely protected by the subadviser through the use of policies, procedures, agreements, and similar measures designed to create and enforce robust confidentiality, non-disclosure, and similar safeguards. However, aggressive position-level public disclosure obligations (or disclosure obligations to exchanges or regulators with insufficient privacy safeguards) could lead to opportunities for competitors to reverse-engineer a subadviser's models and data, and thereby impair the relative or absolute performance of the Fund.

***Frontier Markets Investments Risk***. Frontier market countries generally have smaller economies and even less developed capital markets than traditional emerging markets, and, as a result, the risks of investing in emerging market countries (see "Emerging Markets Investments Risk" above) are magnified in frontier market countries. The magnification of risks are the result of: potential for extreme price volatility and illiquidity in frontier markets; government ownership or control of parts of private sector and of certain companies; trade barriers, exchange controls, managed adjustments in relative currency values and other protectionist measures imposed or negotiated by the countries with which frontier market countries trade; and the relatively new and unsettled securities laws in many frontier market countries. Additionally, companies in frontier market countries may not be subject to accounting, auditing, financial reporting and recordkeeping requirements that are as robust as those in more developed countries and therefore, material information about a company may be unavailable or unreliable, and U.S. regulators may be unable to enforce a company's regulatory obligations.

***Management Techniques Risk***. The investment strategies, techniques, and risk analyses employed by the subadvisers, while designed to enhance potential returns, may not produce the desired results or expected returns, which may cause the Fund to not meet its investment objective, or underperform its benchmark index or funds with similar investment objectives and strategies. The subadvisers may be incorrect in their assessments of the values of securities or their assessments of market trends, which can result in losses to the Fund.

***Derivatives Risk***. The Fund may engage in a variety of transactions involving derivatives, such as options, futures, forwards and swap agreements. Derivatives are financial instruments, the values of which depend upon, or are derived from, the value of something else, such as one or more underlying investments, pools of investments, indices, or currencies. A subadviser may use derivatives both for hedging and non-hedging purposes, although it is anticipated that the use of derivatives by the Fund will generally be limited to maintaining exposure to certain market segments or asset classes, increasing or decreasing currency exposures, or facilitating certain portfolio transactions. A subadviser may also use derivatives such as exchange-listed equity futures contracts, swaps and currency

forwards to equitize cash held in the portfolio. Investments in derivatives may be applied toward meeting a requirement to invest in a particular kind of investment if the derivatives have economic characteristics similar to that investment.

Derivatives involve special risks and may result in losses. The successful use of derivatives depends on the ability of a subadviser to manage these sophisticated instruments. The prices of derivatives may move in unexpected ways due to the use of leverage or other factors, especially in unusual market conditions, and may result in increased volatility of the Fund's share price. Certain derivatives are subject to counterparty risk, which is the risk that the other party to the transaction will not fulfill its contractual obligations, and risks arising from margin requirements, which include the risk that the Fund will be required to pay additional margin or set aside additional collateral to maintain open derivative positions. Certain derivatives are subject to mandatory central clearing and exchange-trading. Central clearing is intended to reduce counterparty credit risk, but central clearing does not make derivatives transactions risk-free Exchange-trading is intended to increase liquidity, but there is no guarantee the Fund could consider exchange-traded derivatives to be liquid. Some derivatives are more sensitive to interest rate changes and market movements than other instruments. The possible lack of a liquid secondary market for derivatives and the resulting inability of the Fund to sell or otherwise close a derivatives position could expose the Fund to losses and could make derivatives more difficult for the Fund to value accurately.

Certain derivative instruments provide the economic effect of financial leverage by creating additional investment exposure, as well as the potential for greater loss. If a subadviser uses leverage through purchasing derivative instruments, the Fund has the risk of capital losses that exceed the net assets of the allocable portion of the Fund managed by that subadviser. The net asset value of the Fund employing leverage will be more volatile and sensitive to market movements. Leverage may involve the creation of a liability that requires the Fund to pay interest.

Derivatives instruments may also be susceptible to operational risks. Failures in the documentation and shortcomings in the settlement process could result in the failure to complete a transaction. There are also legal risks associated with derivatives, particularly if contracts are not legally enforceable or if a counterparty does not have sufficient capacity to perform on a contract.

***Sector Risk.*** While the Fund does not have a principal investment strategy to focus its investments in any particular sector, the Fund from time to time may have significant exposure to one or more sectors, such as financials, technology and communications. The Fund may have little or no exposure to certain other sectors. There are risks associated with having significantly overweight or underweight allocations to certain sectors, such as that an individual sector may be more volatile than the broader market, or could perform differently, and that the stocks of multiple companies within a sector could simultaneously rise or decline in price because of, for example, investor perceptions, an event that affects the entire sector or other factors.

The Fund is not intended to serve as a complete investment program.

**Performance of the Fund**

The following bar chart and table give some indication of the risks of investing in the Fund by showing changes in the performance of the Fund's Class Y-3 shares from year to year and comparing the Fund's average annual returns over time with a broad-based securities market index, the MSCI Emerging Markets Index.

The Fund offers four different classes of shares in this prospectus: Adviser Class shares, Class I shares, Class Y-2 shares and Class Y-3 shares. No information is shown for Adviser Class or Class Y-2 shares because there were no shares outstanding for these classes as of the last calendar year end. Performance information for these share classes will appear in a future version of the prospectus once there is a full calendar year of performance information to report. The returns of these share classes would have been substantially similar to the returns of Class Y-3 shares; however, because the Adviser Class, Class I and Class Y-2 shares are subject to a 12b-1 fee and/or a non-distribution shareholder administrative services fee, the returns of these share classes would have been lower than those shown for Class Y-3 shares.

The Fund's past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. This may be particularly true given that other subadvisers were responsible for managing portions of the Fund's portfolio during previous periods. Parametric Portfolio Associates LLC assumed responsibility for managing a portion of the Fund's portfolio on February 25, 2015. BennBridge US LLC, Grantham, Mayo, Van Otterloo & Co. LLC assumed responsibility for managing a portion of the Fund's portfolio on March 15, 2021. On July 1, 2024, BennBridge US LLC ceased operations and assigned all existing client agreements to Skerryvore Asset Management Ltd. (f/k/a BennBridge Ltd.). Baillie Gifford Overseas Limited, Pzena Investment Management, LLC and Robeco Institutional Asset Management US Inc. assumed responsibility for managing portions of the Fund's portfolio on October 25, 2024.

![](x1_c113438x26x1.jpg)

The Fund's calendar year-to-date return as of June 30, 2025 was 15.01%.

The Fund's highest return for a quarter during the period shown above was 20.03%, for the quarter ended June 30, 2020.

The Fund's lowest return for a quarter during the period shown above was -25.65%, for the quarter ended March 31, 2020.

**Average Annual Total Returns**

For the Periods Ended December 31, 2024

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** |
| **Mercer Emerging Markets Equity Fund – Class Y-3 Shares** |  |  |  |
| Return Before Taxes | 2.00% | -0.92% | 1.67% |
| Return After Taxes on Distributions | 2.28% | -1.70% | 0.77% |
| Return After Taxes on Distributions and Sale of Fund Shares | 2.14% | -0.48% | 1.37% |
| **Mercer Emerging Markets Equity Fund – Class I Shares** |  |  |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **Life of<br> Class<br> (Inception<br> June 27,<br> 2023)** | |
| Return Before Taxes | 1.74% | 1.88% |  |
|  | **1 Year** | **5 Years** | **10 Years** |
| **MSCI Emerging Markets Index<sup>(1)</sup> (net dividends)** (reflects no deduction for fees, expenses, or taxes (other than assumed dividend tax)) | 7.50% | 1.70% | 3.64% |

---

(1) The MSCI Emerging Markets Index measures the performance of equity securities in global emerging markets. The index is unmanaged and cannot be invested in directly.

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

the after-tax returns shown are not relevant to investors who hold Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. In some cases, the after-tax returns may exceed the return before taxes due to an assumed benefit from any losses on a sale of shares at the end of the measurement period. After-tax returns are shown for Class Y-3 shares. After-tax returns for Class I shares may vary.

**Fund Management**

***Investment Adviser:***

Mercer Investments LLC

***Subadvisers and Portfolio Managers:***

The individuals listed below are jointly and primarily responsible for the day-to-day management of their allocated portions of the Fund's portfolio.

<u>Baillie Gifford Overseas Limited ("Baillie Gifford")</u>

● Will Sutcliffe, Investment Manager, Partner and Head of Emerging Markets Equity Team, joined Baillie Gifford in 1999. Mr. Sutcliffe began managing Baillie Gifford's allocated portion of the Fund's portfolio in October 2024.

● Roddy Snell, Investment Manager and Partner, joined Baillie Gifford in 2006. Mr. Snell began managing Baillie Gifford's allocated portion of the Fund's portfolio in October 2024.

● Alex Summers, Investment Manager, joined Baillie Gifford in 2022. Mr. Summers began managing Baillie Gifford's allocated portion of the Fund's portfolio in 2025.

<u>Skerryvore Asset Management Ltd. ("Skerryvore")</u>

● Glen Finegan, Lead Portfolio Manager, joined Skerryvore in 2019. Mr. Finegan began managing Skerryvore's allocated portion of the Fund's portfolio in March 2021.

● Michael Cahoon, Portfolio Manager, joined Skerryvore in 2019. Mr. Cahoon began managing Skerryvore's allocated portion of the Fund's portfolio in March 2021.

● Nicholas Cowley, Portfolio Manager, joined Skerryvore in 2019. Mr. Cowley began managing Skerryvore's allocated portion of the Fund's portfolio in March 2021.

● Stephen Deane, Portfolio Manager, joined Skerryvore in 2019. Mr. Deane began managing Skerryvore's allocated portion of the Fund's portfolio in March 2021.

● Ronan Kelleher, Portfolio Manager, joined Skerryvore in 2019. Mr. Kelleher began managing Skerryvore's allocated portion of the Fund's portfolio in March 2021.

● Ian Tabberer, Portfolio Manager, joined Skerryvore in 2019. Mr. Tabberer began managing Skerryvore's allocated portion of the Fund's portfolio in March 2021.

<u>Pzena Investment Management, LLC ("Pzena")</u>

● Rakesh Bordia, Principal and Portfolio Manager, joined Pzena in 2007. Mr. Bordia began managing Pzena's allocated portion of the Fund's portfolio in October 2024.

● Caroline Cai, Managing Principal, Chief Executive Officer and Portfolio Manager, joined Pzena in 2004. Ms. Cai began managing Pzena's allocated portion of the Fund's portfolio in October 2024.

● Allison Fisch, Managing Principal, President and Portfolio Manager, joined Pzena in 2001. Ms. Fisch began managing Pzena's allocated portion of the Fund's portfolio in October 2024.

● Akhil Subramanian, Principal and Portfolio Manager, joined Pzena in 2017. Mr. Subramanian began managing Pzena's allocated portion of the Fund's portfolio in October 2024.

<u>Parametric Portfolio Associates LLC ("Parametric")</u>

● Zach Olsen, CFA, Portfolio Manager, joined Parametric in 2017. Mr. Olsen began managing Parametric's allocated portion of the Fund's portfolio in May 2022.

● Ricky Fong, CFA, Executive Director, Investment Strategy, joined The Clifton Group in 2010, which was acquired by Parametric in 2012. Mr. Fong began managing Parametric's allocated portion of the Fund's portfolio in February 2015.

<u>Robeco Institutional Asset Management US Inc. ("Robeco")</u>

● Daniel Haesen, CFA, Director, Portfolio Manager, joined Robeco in 2003. Mr. Haesen began managing Robeco's allocated portion of the Fund's portfolio in October 2024.

● Tim Dröge, Executive Director, Portfolio Manager, joined Robeco in 1999. Mr. Dröge began managing Robeco's allocated portion of the Fund's portfolio in October 2024.

● Han van der Boon, Director, Portfolio Manager, joined Robeco in 1997. Mr. van der Boon began managing Robeco's allocated portion of the Fund's portfolio in October 2024.

**Purchase and Sale of Fund Shares**

For important information about the purchase and sale of Fund shares, please turn to the "Important Additional Information" section on page 48 of this prospectus.

**Tax Information**

The Fund's distributions generally are taxable as ordinary income, capital gains, or some combination of both, unless you are investing through a tax-deferred arrangement, such as a 401(k) plan or an Individual Retirement Account, in which case you may be subject to federal income tax upon withdrawal from the tax-deferred account.

**Financial Intermediary Compensation**

For important information about financial intermediary compensation, please turn to the "Important Additional Information" section on page 48 of this prospectus.

**Mercer Core Fixed Income Fund**

**Investment Objective**

The investment objective of the Fund is to provide total return, consisting of both current income and capital appreciation.

**Fees and Expenses**

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Adviser<br> Class** | **Class I** | **Class Y-2** | **Class Y-3** |
| Redemption Fee on shares owned less than 30 days <br> (as a % of total redemption proceeds) | 2.00% | 2.00% | 2.00% | 2.00% |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Adviser<br> Class** | **Class I** | **Class Y-2** | **Class Y-3** |
| Management Fees<sup>(1)</sup> | 0.31% | 0.31% | 0.31% | 0.31% |
| Distribution (12b-1) Fees | 0.25% |  |  |  |
| Non-Distribution Shareholder Administrative Services Fees | 0.25% | 0.25% | 0.15% |  |
| Other Expenses<sup>(2)</sup> | 0.06% | 0.06% | 0.06% | 0.06% |
| Total Annual Fund Operating Expenses | 0.87% | 0.62% | 0.52% | 0.37% |
| Less Fee Waivers<sup>(1)</sup> | (0.23%) | (0.23%) | (0.23%) | (0.23%) |
| Net Annual Fund Operating Expenses | 0.64% | 0.39% | 0.29% | 0.14% |

---

(1) Mercer Investments LLC (the "Adviser") has contractually agreed, until at least July
31, 2026, to waive any portion of its management fee that exceeds the aggregate amount of the subadvisory fees that the Adviser
is required to pay to the Fund's subadvisers. This contractual fee waiver agreement may only be changed or eliminated with
the approval of the Fund's Board of Trustees. The fees waived by the Adviser pursuant to this agreement are not subject to
reimbursement by the Fund to the Adviser. The amount of the fee waiver has been estimated to reflect the subadvisory fees in effect
as of the date of this prospectus.

(2) "Other Expenses" include administrative, custodial, legal, audit, transfer agent and
Trustees' fees and expenses. The "Other Expenses" shown for Adviser Class and Class Y-2 are based on estimated
amounts for the Fund's current fiscal year, as the Adviser Class and Class Y-2 shares of the Fund had not commenced operations
prior to the most recent fiscal year end.

***Example***

The example below is intended to help you compare the costs 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 shown, that your investment has a 5% return each year, and that the Fund's operating expenses remain the same as shown above (taking into account the contractual expense limitation being in effect for the one-year period ending July 31, 2026).

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** |
| Adviser Class | $65 | $255 | $460 | $1051 |
| Class I | $40 | $175 | $323 | $752 |
| Class Y-2 | $30 | $144 | $268 | $631 |
| Class Y-3 | $14 | $96 | $184 | $445 |

---

***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 increase 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 123% of the average value of its portfolio.

**Principal Investment Strategies**

The Fund invests principally in investment grade fixed income securities, including government securities, corporate bonds and securitized bonds such as mortgage and asset-backed securities. Under normal circumstances, the Fund will invest at least 80% of its net assets (plus borrowings for investment purposes, if any) in fixed income securities. (If the Fund changes this investment policy, the Fund will notify shareholders at least 60 days in advance of the change.) The Fund also may invest in non-investment grade bonds (sometimes called high yield or junk bonds), non-U.S. dollar denominated bonds, bonds issued by issuers located in emerging capital markets. The Fund may also invest in securities that are subject to resale restrictions such as those contained in Rule 144A promulgated under the Securities Act of 1933, as amended. The Fund may invest in derivative instruments, such as options, futures, and swap agreements. The Fund may engage in transactions in derivatives for a variety of purposes, including changing the investment characteristics of its portfolio, enhancing total returns, or as a substitute for taking a position in the underlying asset. Investments in derivatives may be applied toward meeting a requirement to invest in a particular kind of investment if the derivatives have economic characteristics similar to that investment. Generally, the Fund is managed to maintain a duration within 20% of the duration of the Bloomberg U.S. Aggregate Bond Index (as of June 30, 2025, the duration of the Index was 6.08 years). Duration is a measure of the sensitivity of the price of a debt security (or a portfolio of debt securities) to changes in interest rates. The prices of debt securities with shorter durations generally will be less affected by changes in interest rates than the prices of debt securities with longer durations.

**Principal Risk Factors**

The principal risks that could adversely affect the value of the Fund's shares and the total return on your investment include the following, which appear in the order of magnitude. An investment in the Fund is not a bank deposit and is not guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency. **Loss of money is a risk of investing in the Fund.**

***Market Risk***. The value of the securities in which the Fund invests may be adversely affected by fluctuations in the financial markets, regardless of how well the companies in which the Fund invests perform. The market as a whole may not favor the types of investments the Fund makes. Also, there is the risk that the price(s) of one or more of the securities or other instruments in the Fund's portfolio will fall, or will fail to rise. Many factors can adversely affect a security's performance, including both general financial market conditions and factors related to a specific company, government, industry, country, or geographic region. Extraordinary events, including extreme economic or political conditions or policies, rapid technological developments or widespread adoption of emerging technologies (such as artificial intelligence), natural disasters, extreme weather, epidemics and pandemics, tariffs, sanctions, war, military conflict and other factors can lead to volatility in local, regional, or global markets, which can result in market losses that may be substantial. The impact of one of these types of events may be more pronounced in certain regions, sectors, industries, or asset classes in which the Fund invests, or it may be pervasive across the global financial markets. The timing and occurrence of future market disruptions cannot be predicted, nor can the impact that government interventions, if any, adopted in response to such disruptions may have on the investment strategies of the Fund or the markets in which the Fund invests.

***Interest Rate Risk***. Changes in interest rates may adversely affect the values of the securities held in the Fund's portfolio. In general, the prices of debt securities fall when interest rates increase, and rise when interest rates decrease. The prices of debt securities with shorter durations generally will be less affected by changes in interest rates than the prices of debt securities with longer durations. Moreover, rising interest rates or lack of market participants may lead to decreased liquidity in the bond markets, making it more difficult for the Fund to sell its bond holdings at a time when the subadviser might wish to sell. Decreased liquidity in the bond markets also may make it more difficult to value some or all of the Fund's bond holdings.

***Credit Risk***. Issuers of debt securities may be unable, unwilling, or perceived to be unwilling to make the required payments of interest and/or principal at the time that such payments are due. In addition, changes in an issuer's credit rating or the market's perception of an issuer's creditworthiness also can adversely affect the values and liquidity of the issuers' debt securities. Issuers of investment grade securities may still default on their obligations.

***Mortgage-Backed and Asset-Backed Securities Risk***. Mortgage-backed securities are securities representing interests in pools of mortgage loans. These securities generally provide holders with payments consisting of both interest and principal as the mortgages in the underlying mortgage pools are paid off. When interest rates fall, borrowers may refinance or otherwise repay principal on their mortgages earlier than scheduled. When this happens, certain types of mortgage-backed securities will be paid off more quickly than

originally anticipated, and the Fund may be forced to reinvest in obligations with lower yields than the original obligations. Mortgage- and asset-backed securities also are subject to extension risk, which is the risk that an unexpected rise in interest rates could reduce the rate of prepayments, causing the price of the mortgage- and asset-backed securities and the Fund's share price to fall. An unexpectedly high rate of defaults on the mortgages held by a mortgage pool may adversely affect the value of mortgage-backed securities and could result in losses to the Fund. Asset-backed securities are securities for which the payments of interest and/or principal are backed by loans, leases, and other receivables. Asset-backed securities are subject to many of the same types of risks as mortgage-backed securities. In addition, issuers of asset-backed securities may have limited ability to enforce the security interest in the underlying assets, and credit enhancements provided to support the securities, if any, may be inadequate to protect investors in the event of default.

***Fixed-Income Securities Risk***. Fixed-income securities are affected by changes in interest rates and credit quality. There is the possibility that the issuer of the security will not repay all or a portion of the principal borrowed and will not make all interest payments.

***Call or Prepayment Risk***. During periods of falling interest rates, issuers of callable securities may call or repay securities with higher interest rates before their maturity dates. If an issuer calls a security that the Fund has invested in, the Fund may not recoup the full amount of interest income expected on its initial investment and may be forced to reinvest in lower-yielding securities, securities with greater credit risks or securities with other, less favorable features. Early repayment of principal of mortgage-related securities could have the same effect.

***U.S. Government Securities Risk***. U.S. government agency obligations have different levels of credit support, and therefore, different degrees of credit risk. Securities issued by agencies and instrumentalities of the U.S. government that are supported by the full faith and credit of the United States, such as the Federal Housing Administration or Ginnie Mae, present lower credit risk. Other securities issued by agencies and instrumentalities sponsored by the U.S. government that are supported only by the issuer's right to borrow from the U.S. Treasury, subject to certain limitations, such as securities issued by Federal Home Loan Banks, and securities issued by agencies and instrumentalities sponsored by the U.S. government that are supported only by the credit of the issuing agencies, such as Freddie Mac and Fannie Mae, are subject to a greater degree of credit risk.

***Emerging Markets Investments Risk***. Emerging markets securities involve unique risks, such as exposure to economies that are less diverse and mature than those of the United States or more established foreign markets. Also, emerging markets securities are subject to the same risks as foreign investments, described below. Generally, these risks are more severe for issuers in countries with emerging capital markets. Also, economic or political instability may cause larger price changes in emerging markets securities than in other foreign investments. Additionally, companies in emerging market countries may not be subject to accounting, auditing, financial reporting and recordkeeping requirements that are as robust as those in more developed countries and therefore, material information about a company may be unavailable or unreliable, and U.S. regulators may be unable to enforce a company's regulatory obligations.

***Foreign Investments Risk***. Investing in foreign securities typically involves more risks than investing in U.S. securities. These risks can increase the potential for losses in the Fund and affect its share price. Generally, securities of many foreign issuers may be less liquid, and their prices may be more volatile, than the securities of comparable U.S. issuers. Transaction costs for foreign securities generally are higher than for comparable securities issued in the United States. Foreign securities may be subject to foreign taxes. Many foreign governments may supervise and regulate their financial markets less stringently than the U.S. government does. In addition, foreign issuers generally are not subject to the same types of accounting, auditing, or financial reporting standards as those that are applicable to U.S. issuers. As a result, with respect to foreign issuers, there may be less publicly available information regarding their operations and financial conditions, and the information that is available may be less reliable. To the extent that the Fund's investments in a single country or a limited number of countries represent a large percentage of the Fund's assets, the Fund may be adversely affected by the economic, political, geopolitical and social conditions in those countries.

***High Yield Securities Risk***. Securities rated "BB" or below by Standard & Poor's Rating Group, a division of The McGraw-Hill Companies, Inc. ("S&P") or "Ba" or below by Moody's Investors Service, Inc. ("Moody's") are known as "high yield" securities and are commonly referred to as "junk bonds." These securities are generally considered to be speculative in nature because they have more credit risk than higher-rated securities, are more likely to encounter financial difficulties, and are more vulnerable to changes in the economy. Companies issuing high yield, fixed income securities are not as strong financially as those companies issuing securities with higher credit ratings. Market situations, such as a sustained period of rising interest rates or individual corporate developments, could affect the ability of companies issuing high yield, fixed income securities to make interest and principal payments. Lower-rated debt securities generally have a higher risk that the issuer of the security may default and not make required payments of interest or principal. If an issuer stops making interest and/or principal payments, payments on the securities may never resume. These securities may be worthless and the Fund could lose its entire investment. The prices of high yield, fixed income securities fluctuate more than higher-quality securities, and are especially sensitive to developments affecting the issuer's business and to changes in the ratings assigned by rating agencies. High yield securities generally are less liquid than higher-quality securities. Many of these securities do not trade frequently, and when the securities do trade, their prices may be significantly higher or lower than expected.

***Management Techniques Risk***. The investment strategies, techniques, and risk analyses employed by the subadvisers, while designed to enhance potential returns, may not produce the desired results or expected returns, which may cause the Fund to not meet its investment objective, or underperform its benchmark index or funds with similar investment objectives and strategies. The subadvisers may be incorrect in their assessments of the values of securities or their assessments of market or interest rate trends, which can result in losses to the Fund.

***Counterparty Risk***. The issuer or guarantor of a fixed income security, the counterparty to a derivatives contract, or a borrower of a Fund's securities may be unwilling or unable to make timely principal, interest, or settlement payments, or otherwise to honor its obligations.

***Custody Risk***. There are risks involved in dealing with the custodians or brokers who settle Fund trades. Securities and other assets deposited with custodians or brokers may not be clearly or constantly identified as being assets of the Fund, and hence the Fund may be exposed to credit risk with regard to such parties. The Fund may be an unsecured creditor of its broker in the event of bankruptcy or administration of such broker. Further, there may be practical or time problems associated with enforcing the Fund's rights to its assets in the case of an insolvency of any such party.

***Derivatives Risk***. The Fund may engage in a variety of transactions involving derivatives, such as options, futures, forwards and swap agreements. Derivatives are financial instruments, the values of which depend upon, or are derived from, the value of something else, such as one or more underlying investments, pools of investments, indices, or currencies. A subadviser may use derivatives both for hedging and non-hedging purposes, although it is anticipated that the use of derivatives by the Fund will generally be limited to maintaining exposure to certain market segments or asset classes, increasing or decreasing currency exposure, or facilitating certain portfolio transactions. A subadviser may also use derivatives such as exchange-listed equity futures contracts, swaps and currency forwards to equitize cash held in the portfolio. Investments in derivatives may be applied toward meeting a requirement to invest in a particular kind of investment if the derivatives have economic characteristics similar to that investment.

Derivatives involve special risks and may result in losses. The successful use of derivatives depends on the ability of a subadviser to manage these sophisticated instruments. The prices of derivatives may move in unexpected ways due to the use of leverage or other factors, especially in unusual market conditions, and may result in increased volatility of the Fund's share price. Certain derivatives are subject to counterparty risk, which is the risk that the other party to the transaction will not fulfill its contractual obligations, and risks arising from margin requirements, which include the risk that the Fund will be required to pay additional margin or set aside additional collateral to maintain open derivative positions. Certain derivatives are subject to mandatory central clearing and exchange-trading. Central clearing is intended to reduce counterparty credit risk, but central clearing does not make derivatives transactions risk-free Exchange-trading is intended to increase liquidity, but there is no guarantee the Fund could consider exchange-traded derivatives to be liquid. Some derivatives are more sensitive to interest rate changes and market movements than other instruments. The possible lack of a liquid secondary market for derivatives and the resulting inability of the Fund to sell or otherwise close a derivatives position could expose the Fund to losses and could make derivatives more difficult for the Fund to value accurately.

Certain derivative instruments provide the economic effect of financial leverage by creating additional investment exposure, as well as the potential for greater loss. If a subadviser uses leverage through purchasing derivative instruments, the Fund has the risk of capital losses that exceed the net assets of the allocable portion of the Fund managed by that subadviser. The net asset value of the Fund employing leverage will be more volatile and sensitive to market movements. Leverage may involve the creation of a liability that requires the Fund to pay interest.

Derivatives instruments may also be susceptible to operational risks. Failures in the documentation and shortcomings in the settlement process could result in the failure to complete a transaction. There are also legal risks associated with derivatives, particularly if contracts are not legally enforceable or if a counterparty does not have sufficient capacity to perform on a contract.

***Issuer Risk***. The issuer of a security may perform poorly and the value of its stocks or bonds may decline as a result. An issuer of securities held by the Fund could become bankrupt or could default on its issued debt or have its credit rating downgraded.

***Liquidity Risk***. The Fund may not be able to purchase or sell a security in a timely manner or at desired prices or achieve its desired weighting in a security. The market for certain investments may become illiquid due to specific adverse changes in the conditions of a particular issuer or under adverse market or economic conditions independent of the issuer, including, for example, during periods of rising interest rates. In addition, dealer inventories of certain securities - an indication of the ability of dealers to engage in "market making" - are at, or near, historic lows in relation to market size, which could potentially lead to decreased liquidity.

***Rule 144A Securities Risk.*** Investing in securities under Rule 144A could have the effect of increasing the level of the Fund's illiquidity to the extent that qualified institutional buyers become, for a time, uninterested in purchasing these securities. Such illiquidity might prevent the sale of such a security at a time when the subadviser might wish to sell.

***Portfolio Turnover Risk***. Depending on market and other conditions, the Fund may experience high portfolio turnover, which may result in higher brokerage commissions and transaction costs and capital gains (which could increase taxes and, consequently, reduce returns).

***Leverage Risk.*** If the Fund makes investments in options, futures, forwards, swap agreements and other derivative instruments, these derivative instruments provide the economic effect of financial leverage by creating additional investment exposure, as well as the potential for greater loss. If a subadviser uses leverage through purchasing derivative instruments, the Fund has the risk of capital losses that exceed the net assets of the allocable portion of the Fund managed by that subadviser. The net asset value of a Fund employing leverage will be more volatile and sensitive to market movements. Leverage may involve the creation of a liability that requires the Fund to pay interest.

The Fund is not intended to serve as a complete investment program.

**Performance of the Fund**

The following bar chart and table give some indication of the risks of investing in the Fund by showing changes in the performance of the Fund's Class Y-3 shares from year to year and comparing the Fund's average annual returns over time with a broad-based securities market index, Bloomberg U.S. Aggregate Bond Index.

The Fund offers four different classes of shares in this prospectus: Adviser Class shares, Class I shares, Class Y-2 shares and Class Y-3 shares. No information is shown for Adviser Class or Class Y-2 shares because there were no shares outstanding for these classes as of the last calendar year end. Performance information for Adviser Class shares and Class Y-2 shares will appear in a future version of the prospectus once there is a full calendar year of performance information to report. The returns of these share classes would have been substantially similar to the returns of Class Y-3 shares; however, because the Adviser Class and Class Y-2 shares are subject to a 12b-1 fee and/or a non-distribution shareholder administrative services fee, the returns of these share classes would have been lower than those shown for Class Y-3 shares.

The Fund's past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. This may be particularly true given that other subadvisers were responsible for managing portions of the Fund's portfolio during previous periods. Income Research + Management assumed responsibility for managing a portion of the Fund's portfolio on April 3, 2014. PGIM, Inc. assumed responsibility for managing a portion of the Fund's portfolio on April 3, 2014. Manulife Investment Management (US) LLC assumed responsibility for managing a portion of the Fund's portfolio on June 1, 2016.

![](x1_c113438x33x1.jpg)

The Fund's calendar year-to-date return as of June 30, 2025 was 4.12%.

The Fund's highest return for a quarter during the periods shown above was 7.04%, for the quarter ended December 31, 2023.

The Fund's lowest return for a quarter during the periods shown above was -6.04%, for the quarter ended March 31, 2022.

**Average Annual Total Returns**

For the Periods Ended December 31, 2024

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** |
| **Mercer Core Fixed Income Fund – Class Y-3 Shares** |  |  |  |
| Return Before Taxes | 2.04% | 0.29% | 1.80% |
| Return After Taxes on Distributions | 0.26% | -1.13% | 0.42% |
| Return After Taxes on Distributions and Sale of Fund Shares | 1.23% | -0.34% | 0.80% |
|  | **1 Year** | **Life of Class<br> (Inception<br> December 27,<br> 2021)** |  |
| **Mercer Core Fixed Income Fund – Class I Shares** |  |  |  |
| Return Before Taxes | 1.79% | -2.36% |  |
|  | **1 Year** | **5 Years** | **10 Years** |
| **Bloomberg U.S. Aggregate Bond Index<sup>(1)</sup>** (reflects no deduction for fees, expenses, or taxes) | 1.25% | -0.33% | 1.35% |

---

(1) The Bloomberg U.S. Aggregate Bond Index is an index that measures the performance of securities
from the Bloomberg U.S. Government/Corporate Bond Index, Mortgage-Backed Securities Index, Asset-Backed Securities Index, and Commercial
Mortgage-Backed Securities Index. The Bloomberg U.S. Aggregate Bond Index is a broad representation of the investment-grade fixed-income
market in the United States and includes U.S. government and corporate debt securities, mortgage- and asset-backed securities,
and international U.S. dollar-denominated bonds. All securities contained in the Bloomberg U.S. Aggregate Bond Index have a minimum
term to maturity of one year. The index is unmanaged and cannot be invested in directly.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates in effect and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's situation and may differ from those shown. In addition, the after-tax returns shown are not relevant to investors who hold Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. In some cases, the after-tax returns may exceed the return before taxes due to an assumed benefit from any losses on a sale of shares at the end of the measurement period. After-tax returns are shown for Class Y-3 shares. After-tax returns for Class I shares may vary.

**Fund Management**

***Investment Adviser:***

Mercer Investments LLC

***Subadvisers and Portfolio Managers:***

The individuals listed below are jointly and primarily responsible for the day-to-day management of their allocated portions of the Fund's portfolio.

<u>Income Research + Management ("IR+M")</u>

● James E. Gubitosi, CFA, Co-Chief Investment Officer, Chair of the Investment Committee, joined IR+M in 2007. Mr. Gubitosi began managing IR+M's allocated portion of the Fund's portfolio in 2016.

● Michael A. Sheldon, CFA, Co-Chief Investment Officer, joined IR+M in 2007. Mr. Sheldon began managing IR+M's allocated portion of the Fund's portfolio in 2016.

● William M. O'Neill, CFA, Senior Portfolio Manager, Director of Portfolio Management, joined IR+M in 2004. Mr. O'Neill began managing IR+M's allocated portion of the Fund's portfolio in 2020.

<u>Manulife Investment Management (US) LLC ("Manulife")</u>

● Howard C. Greene, CFA, Senior Managing Director and Senior Portfolio Manager, joined Manulife in 2002. Mr. Greene began managing Manulife's allocated portion of the Fund's portfolio in June 2016.

● Jeffrey N. Given, CFA, Senior Managing Director and Senior Portfolio Manager, joined Manulife in 1993. Mr. Given began managing Manulife's allocated portion of the Fund's portfolio in June 2016.

● Connor Minnaar, CFA, Managing Director and Portfolio Manager, joined Manulife in 2006. Mr. Minnaar began managing Manulife's allocated portion of the Fund's portfolio in July 2022.

● Pranay Sonalkar, Managing Director and Portfolio Manager, joined Manulife in 2014. Mr. Sonalkar began managing Manulife's allocated portion of the Fund's portfolio in July 2021.

<u>PGIM, Inc. ("PGIM")</u>

● Richard Piccirillo, Managing Director and one of the co-heads on the Multi-Sector Team at PGIM Fixed Income, joined PGIM in 1993. Mr. Piccirillo began managing PGIM's allocated portion of the Fund's portfolio in April 2014.

● Greg Peters, Managing Director, co-Chief Investment Officer of PGIM Fixed Income and one of the co-heads on the Multi-Sector Team at PGIM Fixed Income, joined PGIM in February 2014. Mr. Peters began managing PGIM's allocated portion of the Fund's portfolio in May 2014.

● Tyler Thorn, Principal and a portfolio manager on the Multi-Sector Team at PGIM Fixed Income, joined PGIM in 2015. Mr. Thorn began managing PGIM's allocated portion of the Fund's portfolio in September 2023.

**Purchase and Sale of Fund Shares**

For important information about the purchase and sale of Fund shares, please turn to the "Important Additional Information" section on page 48 of this prospectus.

**Tax Information**

The Fund's distributions generally are taxable as ordinary income, capital gains, or some combination of both, unless you are investing through a tax-deferred arrangement, such as a 401(k) plan or an Individual Retirement Account, in which case you may be subject to federal income tax upon withdrawal from the tax-deferred account.

**Financial Intermediary Compensation**

For important information about financial intermediary compensation, please turn to the "Important Additional Information" section on page 48 of this prospectus.

**Mercer Opportunistic Fixed Income Fund**

**Investment Objective**

The investment objective of the Fund is to provide long-term total return, which includes capital appreciation and income.

**Fees and Expenses**

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Adviser<br> Class** | **Class I** | **Class Y-2** | **Class Y-3** |
| Redemption Fee on shares owned less than 30 days <br> (as a % of total redemption proceeds) | 2.00% | 2.00% | 2.00% | 2.00% |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Adviser<br> Class** | **Class I** | **Class Y-2** | **Class Y-3** |
| Management Fees<sup>(1)</sup> | 0.77% | 0.77% | 0.77% | 0.77% |
| Distribution (12b-1) Fees | 0.25% |  |  |  |
| Non-Distribution Shareholder Administrative Services Fees | 0.25% | 0.25% | 0.15% |  |
| Other Expenses<sup>(2)</sup> | 0.07% | 0.07% | 0.07% | 0.07% |
| Acquired Fund Fees and Expenses<sup>(3)</sup> | 0.09% | 0.09% | 0.09% | 0.09% |
| Total Annual Fund Operating Expenses<sup>(4)</sup> | 1.43% | 1.18% | 1.08% | 0.93% |
| Less Fee Waivers<sup>(1)</sup> | (0.42%) | (0.42%) | (0.42%) | (0.42%) |
| Net Annual Fund Operating Expenses<sup>(4)</sup> | 1.01% | 0.76% | 0.66% | 0.51% |

---

(1) Mercer Investments LLC (the "Adviser") has contractually agreed, until at least July
31, 2026, to waive any portion of its management fee that exceeds the aggregate amount of the subadvisory fees that the Adviser
is required to pay to the Fund's subadvisers. This contractual fee waiver agreement may only be changed or eliminated with
the approval of the Fund's Board of Trustees. The fees waived by the Adviser pursuant to this agreement are not subject to
reimbursement by the Fund to the Adviser. The amount of the fee waiver has been estimated to reflect the subadvisory fees in effect
as of the date of this prospectus.

(2) "Other Expenses" include administrative, custodial, legal, audit, transfer agent and
Trustees' fees and expenses. The "Other Expenses" shown for Adviser Class and Class Y-2 are based on estimated
amounts for the Fund's current fiscal year, as the Adviser Class and Class Y-2 shares of the Fund had not commenced operations
prior to the most recent fiscal year end.

(3) Acquired Fund Fees and Expenses ("AFFE") are indirect fees and expenses that the Fund
incurs from investing in the shares of other funds, including business development companies. AFFE are based on estimated amounts
for the current fiscal year.

(4) Total Annual Fund Operating Expenses and Net Annual Fund Operating Expenses do not correlate to
the "total expenses (before reductions and reimbursements/waivers) to average daily net assets" and "net expenses
to average daily net assets", respectively, provided in the Financial Highlights. The information in the Financial Highlights
does not include AFFE, which are included above.

***Example***

The example below is intended to help you compare the costs 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 shown, that your investment has a 5% return each year, and that the Fund's operating expenses remain the same as shown above (taking into account the contractual expense limitation being in effect for the one-year period ending July 31, 2026).

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** |
| Adviser Class | $103 | $411 | $742 | $1677 |
| Class I | $78 | $333 | $608 | $1394 |
| Class Y-2 | $67 | $302 | $555 | $1279 |
| Class Y-3 | $52 | $254 | $474 | $1104 |

---

***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 increase 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 Fund will invest at least 80% of its net assets (plus borrowings for investment purposes, if any) in fixed income securities. If the Fund changes this investment policy, the Fund will notify shareholders at least 60 days in advance of the change. In seeking to achieve the Fund's investment objective of total return, the Fund invests primarily in fixed income securities of U.S. and non-U.S. issuers, including those in emerging and frontier markets. The Fund invests in various strategic and tactical global bond market opportunities without limitations in geography (developed and emerging markets), issuer type (government/public sector and corporate/private sector), quality (investment grade, below investment grade or unrated), and currency denomination (U.S. Dollar and foreign currencies). Fixed income securities in which the Fund will invest include all varieties of fixed-rate and floating-rate securities (including but not limited to those issued by central and local governments, government agency and affiliated institutions, corporate bonds, mortgage- and other asset-backed securities, and convertible securities). The Fund may invest in bank loans and loan participations and senior and subordinated debt securities. The Fund may invest a significant portion of its assets in any combination of non-investment grade bonds (sometimes called "high yield" or "junk bonds"), bonds issued by issuers in emerging capital markets. A lesser portion of the Fund's assets may be invested in securities in default or otherwise illiquid investments. The Fund may also invest in securities that are subject to resale restrictions such as those contained in Rule 144A promulgated under the Securities Act of 1933, as amended. The Fund may invest in derivatives such as futures (including, among others, currency futures and interest rate futures), swaps (currency, interest rate, credit default, and total return), forwards, options (including, among others, exchange-traded and over-the-counter currency options), and credit-linked notes. The Fund may engage in transactions in derivatives for a variety of purposes, including hedging, risk management, efficient portfolio management, enhancing total returns, or as a substitute for taking a position in the underlying asset. Investments in derivatives may be applied toward meeting a requirement to invest in a particular kind of investment if the derivatives have economic characteristics similar to that investment.

**Principal Risk Factors**

The principal risks that could adversely affect the value of the Fund's shares and the total return on your investment include the following, which appear in the order of magnitude. An investment in the Fund is not a bank deposit and is not guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency. **Loss of money is a risk of investing in the Fund.**

***Market Risk***. The value of the securities in which the Fund invests may be adversely affected by fluctuations in the financial markets, regardless of how well the companies in which the Fund invests perform. The market as a whole may not favor the types of investments the Fund makes. Also, there is the risk that the price(s) of one or more of the securities or other instruments in the Fund's portfolio will fall, or will fail to rise. Many factors can adversely affect a security's performance, including both general financial market conditions and factors related to a specific company, government, industry, country, or geographic region. Extraordinary events, including extreme economic or political conditions or policies, rapid technological developments or widespread adoption of emerging technologies (such as artificial intelligence), natural disasters, extreme weather, epidemics and pandemics, tariffs, sanctions, war, military conflict and other factors can lead to volatility in local, regional, or global markets, which can result in market losses that may be substantial. The impact of one of these types of events may be more pronounced in certain regions, sectors, industries, or asset classes in which the Fund invests, or it may be pervasive across the global financial markets. The timing and occurrence of future market disruptions cannot be predicted, nor can the impact that government interventions, if any, adopted in response to such disruptions may have on the investment strategies of the Fund or the markets in which the Fund invests.

***Fixed-Income Securities Risk.*** Fixed-income securities are affected by changes in interest rates and credit quality. There is the possibility that the issuer of the security will not repay all or a portion of the principal borrowed and will not make all interest payments.

***Emerging Markets Investments Risk***. Emerging markets securities involve unique risks, such as exposure to economies that are less diverse and mature than those of the United States or more established foreign markets. Also, emerging markets securities are subject

to the same risks as foreign investments, described below. Generally, these risks are more severe for issuers in countries with emerging capital markets. Also, economic or political instability may cause larger price changes in emerging markets securities than in other foreign investments. Additionally, companies in emerging market countries may not be subject to accounting, auditing, financial reporting and recordkeeping requirements that are as robust as those in more developed countries and therefore, material information about a company may be unavailable or unreliable, and U.S. regulators may be unable to enforce a company's regulatory obligations.

***Leverage Risk.*** If the Fund makes investments in options, futures, forwards, swap agreements and other derivative instruments, these derivative instruments provide the economic effect of financial leverage by creating additional investment exposure, as well as the potential for greater loss. If a subadviser uses leverage through purchasing derivative instruments, the Fund has the risk of capital losses that exceed the net assets of the allocable portion of the Fund managed by that subadviser. The net asset value of a Fund employing leverage will be more volatile and sensitive to market movements. Leverage may involve the creation of a liability that requires the Fund to pay interest.

***Credit Risk***. Issuers of debt securities may be unable, unwilling or perceived to be unwilling to make the required payments of interest and/or principal at the time that such payments are due. In addition, adverse changes in an issuer's credit rating or the market's perception of an issuer's creditworthiness also can adversely affect the values and liquidity of the issuers' debt securities. Issuers of investment grade securities may still default on their obligations.

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

***Political and Economic Risk***. The political, legal, economic, and social structures of certain foreign countries may be less stable and more volatile than those in the United States. Investments in these countries may be subject to the risks of internal and external conflicts, currency devaluations, changes in currency exchange rates or exchange control regulations (including limitations on currency movements and exchanges), and the imposition of tariffs or sanctions.

***Foreign Exchange Transaction Risk***. The Fund may use currency futures contracts, forward currency exchange contracts or similar instruments to alter the currency exposure characteristics of securities it holds. Consequently, there is a possibility that the performance of the Fund may be strongly influenced by movements in foreign exchange rates because the currency positions held by the Fund may not correspond with the securities positions.

***Foreign Investments Risk***. Investing in foreign securities, including Depositary Receipts, typically involves more risks than investing in U.S. securities. These risks can increase the potential for losses in the Fund and affect its share price. Generally, securities of many foreign issuers may be less liquid, and their prices may be more volatile, than the securities of comparable U.S. issuers. Transaction costs for foreign securities generally are higher than for comparable securities issued in the United States. Many foreign governments may supervise and regulate their financial markets less stringently than the U.S. government does. In addition, foreign issuers generally are not subject to the same types of accounting, auditing, or financial reporting standards as those that are applicable to U.S. issuers. As a result, with respect to foreign issuers, there may be less publicly available information regarding their operations and financial conditions, and the information that is available may be less reliable. To the extent that the Fund's investments in a single country or a limited number of countries represent a large percentage of the Fund's assets, the Fund may be adversely affected by the economic, political, geopolitical and social conditions in those countries.

***High Yield Securities Risk***. Securities rated "BB" or below by S&P or "Ba" or below by Moody's are known as "high yield" securities and are commonly referred to as "junk bonds." These securities are generally considered to be speculative in nature because they have more credit risk than higher-rated securities, are more likely to encounter financial difficulties, and are more vulnerable to changes in the economy. Companies issuing high yield, fixed income securities are not as strong financially as those companies issuing securities with higher credit ratings. Market situations, such as a sustained period of rising interest rates or individual corporate developments, could affect the ability of companies issuing high yield, fixed income securities to make interest and principal payments. Lower-rated debt securities generally have a higher risk that the issuer of the security may default and not make required payments of interest or principal. If an issuer stops making interest and/or principal payments, payments on the securities may never resume. These securities may be worthless and the Fund could lose its entire investment. The prices of high yield, fixed income securities fluctuate more than higher-quality securities, and are especially sensitive to developments affecting the issuer's business and to changes in the ratings assigned by rating agencies. High yield securities generally are less liquid than higher-quality securities. Many of these securities do not trade frequently, and when the securities do trade, their prices may be significantly higher or lower than expected.

***Currency Exchange Rate Risk***. Foreign securities may be issued and traded in foreign currencies. As a result, the value of foreign securities may be affected by changes in exchange rates between foreign currencies and the U.S. dollar, as well as between currencies of countries other than the United States. For example, if the value of the U.S. dollar increases relative to a particular foreign currency, an investment denominated in that foreign currency will decrease in value because the investment will be worth fewer U.S. dollars.

***Management Techniques Risk***. The investment strategies, techniques, and risk analyses employed by the subadvisers, while designed to enhance potential returns, may not produce the desired results or expected returns, which may cause the Fund to not meet its investment objective, or underperform its benchmark index or funds with similar investment objectives and strategies. The subadvisers may be incorrect in their assessments of the values of securities or their assessments of market trends, which can result in losses to the Fund.

***Derivatives Risk***. The Fund may engage in a variety of transactions involving derivatives, such as options, futures, forwards and swap agreements. Derivatives are financial instruments, the values of which depend upon, or are derived from, the value of something else, such as one or more underlying investments, pools of investments, indices, or currencies. A subadviser may use derivatives both for hedging and non-hedging purposes, although it is anticipated that the use of derivatives by the Fund will generally be limited to maintaining exposure to certain market segments or asset classes, increasing or decreasing currency exposure, or facilitating certain portfolio transactions. A subadviser may also use derivatives such as exchange-listed equity futures contracts, swaps and currency forwards to equitize cash held in the portfolio. Investments in derivatives may be applied toward meeting a requirement to invest in a particular kind of investment if the derivatives have economic characteristics similar to that investment.

Derivatives involve special risks and may result in losses. The successful use of derivatives depends on the ability of a subadviser to manage these sophisticated instruments. The prices of derivatives may move in unexpected ways due to the use of leverage or other factors, especially in unusual market conditions, and may result in increased volatility of the Fund's share price. Certain derivatives are subject to counterparty risk, which is the risk that the other party to the transaction will not fulfill its contractual obligations, and risks arising from margin requirements, which include the risk that the Fund will be required to pay additional margin or set aside additional collateral to maintain open derivative positions. Certain derivatives are subject to mandatory central clearing and exchange-trading. Central clearing is intended to reduce counterparty credit risk, but central clearing does not make derivatives transactions risk-free Exchange-trading is intended to increase liquidity, but there is no guarantee the Fund could consider exchange-traded derivatives to be liquid. Some derivatives are more sensitive to interest rate changes and market movements than other instruments. The possible lack of a liquid secondary market for derivatives and the resulting inability of the Fund to sell or otherwise close a derivatives position could expose the Fund to losses and could make derivatives more difficult for the Fund to value accurately.

Certain derivative instruments provide the economic effect of financial leverage by creating additional investment exposure, as well as the potential for greater loss. If a subadviser uses leverage through purchasing derivative instruments, the Fund has the risk of capital losses that exceed the net assets of the allocable portion of the Fund managed by that subadviser. The net asset value of the Fund employing leverage will be more volatile and sensitive to market movements. Leverage may involve the creation of a liability that requires the Fund to pay interest.

Derivatives instruments may also be susceptible to operational risks. Failures in the documentation and shortcomings in the settlement process could result in the failure to complete a transaction. There are also legal risks associated with derivatives, particularly if contracts are not legally enforceable or if a counterparty does not have sufficient capacity to perform on a contract.

***Frontier Markets Investments Risk***. Frontier market countries generally have smaller economies and even less developed capital markets than traditional emerging markets, and, as a result, the risks of investing in emerging market countries (see "Emerging Markets Investments Risk" above) are magnified in frontier market countries. The magnification of risks are the result of: potential for extreme price volatility and illiquidity in frontier markets; government ownership or control of parts of private sector and of certain companies; trade barriers, exchange controls, managed adjustments in relative currency values and other protectionist measures imposed or negotiated by the countries with which frontier market countries trade; and the relatively new and unsettled securities laws in many frontier market countries. Additionally, companies in frontier market countries may not be subject to accounting, auditing, financial reporting and recordkeeping requirements that are as robust as those in more developed countries and therefore, material information about a company may be unavailable or unreliable, and U.S. regulators may be unable to enforce a company's regulatory obligations.

***Mortgage-Backed and Asset-Backed Securities Risk***. Mortgage-backed securities are securities representing interests in pools of mortgage loans. These securities generally provide holders with payments consisting of both interest and principal as the mortgages in the underlying mortgage pools are paid off. When interest rates fall, borrowers may refinance or otherwise repay principal on their mortgages earlier than scheduled. When this happens, certain types of mortgage-backed securities will be paid off more quickly than originally anticipated, and the Fund may be forced to reinvest in obligations with lower yields than the original obligations. Mortgage- and asset-backed securities also are subject to extension risk, which is the risk that an unexpected rise in interest rates could reduce the rate of prepayments, causing the price of the mortgage- and asset-backed securities and the Fund's share price to fall. An unexpectedly high rate of defaults on the mortgages held by a mortgage pool may adversely affect the value of mortgage-backed securities and could

result in losses to the Fund. Asset-backed securities are securities for which the payments of interest and/or principal are backed by loans, leases, and other receivables. Asset-backed securities are subject to many of the same types of risks as mortgage-backed securities. In addition, issuers of asset-backed securities may have limited ability to enforce the security interest in the underlying assets, and credit enhancements provided to support the securities, if any, may be inadequate to protect investors in the event of default.

***Call or Prepayment Risk***. During periods of falling interest rates, issuers of callable securities may call or repay securities with higher interest rates before their maturity dates. If an issuer calls a security that the Fund has invested in, the Fund may not recoup the full amount of interest income expected on its initial investment and may be forced to reinvest in lower-yielding securities, securities with greater credit risks or securities with other, less favorable features. Early repayment of principal of mortgage-related securities could have the same effect.

***Issuer Risk***. The issuer of a security may perform poorly and the value of its stocks or bonds may decline as a result. An issuer of securities held by the Fund could become bankrupt or could default on its issued debt or have its credit rating downgraded.

***Liquidity Risk***. The Fund may not be able to purchase or sell a security in a timely manner or at desired prices or achieve its desired weighting in a security. The market for certain investments may become illiquid due to specific adverse changes in the conditions of a particular issuer or under adverse market or economic conditions independent of the issuer, including, for example, during periods of rising interest rates. In addition, dealer inventories of certain securities—an indication of the ability of dealers to engage in "market making"—are at, or near, historic lows in relation to market size, which could potentially lead to decreased liquidity.

***Convertible Securities Risk***. Convertible securities (preferred stocks, debt instruments, and other securities convertible into common stocks) may offer higher income than the common stocks into which the convertible securities are convertible or exchangeable. While convertible securities generally offer lower yields than non-convertible debt securities of similar quality, the prices of convertible securities may reflect changes in the values of the underlying common stocks into which such convertible securities are convertible or exchangeable. Issuers of convertible securities are often not as strong financially as those issuing securities with higher credit ratings, are more likely to encounter financial difficulties and typically are more vulnerable to changes in the economy, such as a recession or a sustained period of rising interest rates, which could affect their ability to make interest and principal payments.

***Counterparty Risk***. The issuer or guarantor of a fixed income security, the counterparty to a derivatives contract, or a borrower of a Fund's securities may be unwilling or unable to make timely principal, interest, or settlement payments, or otherwise to honor its obligations.

***Custody Risk***. There are risks involved in dealing with the custodians or brokers who settle Fund trades. Securities and other assets deposited with custodians or brokers may not be clearly or constantly identified as being assets of the Fund, and hence the Fund may be exposed to credit risk with regard to such parties. The Fund may be an unsecured creditor of its broker in the event of bankruptcy or administration of such broker. Further, there may be practical or time problems associated with enforcing the Fund's rights to its assets in the case of an insolvency of any such party.

***Interest Rate Risk***. Changes in interest rates may adversely affect the values of the securities held in the Fund's portfolio. In general, the prices of debt securities fall when interest rates increase, and rise when interest rates decrease. The prices of debt securities with shorter durations generally will be less affected by changes in interest rates than the prices of debt securities with longer durations. Moreover, rising interest rates or lack of market participants may lead to decreased liquidity in the bond markets, making it more difficult for the Fund to sell its bond holdings at a time when the subadviser might wish to sell. Decreased liquidity in the bond markets also may make it more difficult to value some or all of the Fund's bond holdings.

***Rule 144A Securities Risk.*** Investing in securities under Rule 144A could have the effect of increasing the level of the Fund's illiquidity to the extent that qualified institutional buyers become, for a time, uninterested in purchasing these securities. Such illiquidity might prevent the sale of such a security at a time when the subadviser might wish to sell.

The Fund is not intended to serve as a complete investment program.

**Performance of the Fund**

The following bar chart and table give some indication of the risks of investing in the Fund by showing changes in the performance of the Fund's Class Y-3 shares from year to year and comparing the Fund's average annual returns over time with a broad-based securities market index, Bloomberg U.S. Aggregate Bond Index. The Fund's average annual returns over time are also compared to an additional blended benchmark consisting of 33.3% Bloomberg US Corporate High Yield Index (USD), 33.3% Morningstar LSTA US Leveraged Loan Index and 33.3% JP Morgan EMBI Global Diversified Index (USD).

The Fund offers four different classes of shares in this prospectus: Adviser Class shares, Class I shares, Class Y-2 shares and Class Y-3 shares. No information is shown for Adviser Class or Class Y-2 shares because there were no shares outstanding for these classes as of the last calendar year end. Performance information for these share classes will appear in a future version of the prospectus once there is a full calendar year of performance information to report. The returns of these share classes would have been substantially similar to the returns of Class Y-3 shares; however, because the Adviser Class, Class I and Class Y-2 shares are subject to a 12b-1 fee and/or a non-distribution shareholder administrative services fee, the returns of these share classes would have been lower than those shown for Class Y-3 shares.

The Fund's past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. This may be particularly true given that other subadvisers were responsible for managing portions of the Fund's portfolio during previous periods. Ninety One North America, Inc. assumed responsibility for managing a portion of the Fund's portfolio on June 15, 2023. Ares Capital Management II LLC, Crescent Capital Group LP and Polen Capital Credit, LLC assumed responsibility for managing portions of the Fund's portfolio on April 15, 2025. Pacific Investment Management Company LLC and Wellington Management Company LLP assumed responsibility for managing portions of the Fund's portfolio on April 29, 2025.

![](x1_c113438x41x1.jpg)

The Fund's calendar year-to-date return as of June 30, 2025 was 5.58%.

The Fund's highest return for a quarter during the period shown above was 9.57%, for the quarter ended June 30, 2020.

The Fund's lowest return for a quarter during the period shown above was -10.10%, for the quarter ended March 31, 2020.

**Average Annual Total Returns**

For the Periods Ended December 31, 2024

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** |
| **Mercer Opportunistic Fixed Income Fund – Class Y-3 Shares** |  |  |  |
| Return Before Taxes | 2.24% | 1.62% | 1.94% |
| Return After Taxes on Distributions | -0.39% | -0.26% | 0.57% |
| Return After Taxes on Distributions and Sale of Fund Shares | 1.38% | 0.46% | 0.90% |

---

---

| | | | |
|:---|:---|:---|:---|
| **Mercer Opportunistic Fixed Income Fund – Class I Shares** | **Mercer Opportunistic Fixed Income Fund – Class I Shares** | | |
|  | **1 Year** |<br>**Life of Class<br> (Inception June<br> 1, 2023)** |  |
| Return Before Taxes | 2.12% | 5.06% |  |
|  | **1 Year** | **5 Years** | **10 Years** |
| **Bloomberg U.S. Aggregate Index**<sup>(1)</sup> (reflects no deduction for fees, expenses, or taxes) | 1.25% | -0.33% | 1.35% |
| **Secondary Index**<sup>(2)</sup> (reflects no deduction for fees, expenses, or taxes) | 3.79% | 1.69% | 2.81% |

---

(1) The Bloomberg U.S. Aggregate Bond Index measures the performance of securities from the Bloomberg
U.S. Government/Corporate Bond Index, Mortgage-Backed Securities Index, Asset-Backed Securities Index, and Commercial Mortgage-Backed
Securities Index. The Bloomberg U.S. Aggregate Bond Index is a broad representation of the investment-grade fixed-income market
in the United States and includes U.S. government and corporate debt securities, mortgage- and asset-backed securities, and international
U.S. dollar-denominated bonds. All securities contained in the Bloomberg U.S. Aggregate Bond Index have a minimum term to maturity
of one year. The index is unmanaged and cannot be invested in directly.

(2) The Fund has selected a secondary index that is a blended benchmark consisting of 33.3% Bloomberg
US Corporate High Yield Index (USD), 33.3% Morningstar LSTA US Leveraged Loan Index and 33.3% JP Morgan EMBI Global Diversified
Index (USD). The index is unmanaged and cannot be invested in directly.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates in effect and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's situation and may differ from those shown. In addition, the after-tax returns shown are not relevant to investors who hold Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. In some cases, the after-tax returns may exceed the return before taxes due to an assumed benefit from any losses on a sale of shares at the end of the measurement period. After-tax returns are shown for Class Y-3 shares. After-tax returns for Class I shares may vary.

**Fund Management**

***Investment Adviser:***

Mercer Investments LLC

***Subadvisers and Portfolio Managers:***

The individuals listed below are jointly and primarily responsible for the day-to-day management of their allocated portions of the Fund's portfolio.

<u>Ares Capital Management II LLC ("Ares")</u>

● Charles Arduini, Partner and Portfolio Manager in the Ares Credit Group, joined Ares in 2011. Mr. Arduini began managing Ares' allocated portion of the Fund's portfolio in April 2025.

● Seth Brufsky, Partner and Chairman of the Ares Global Liquid Group, joined Ares in 1998. Mr. Brufsky began managing Ares' allocated portion of the Fund's portfolio in April 2025.

● Samantha Milner, Partner and Portfolio Manager in the Ares Global Liquid Credit Group, joined Ares in 2004. Ms. Milner began managing Ares' allocated portion of the Fund's portfolio in April 2025.

<u>Crescent Capital Group LP ("Crescent")</u>

● John Fekete, Managing Director and Head of Tradeable Credit of Crescent, joined Crescent in 2001. Mr. Fekete began managing Crescent's allocated portion of the Fund's portfolio in April 2025.

● Ross Slusser, Managing Director and Head of Research of Crescent, joined Crescent in 2000. Mr. Slusser began managing Crescent's allocated portion of the Fund's portfolio in April 2025.

<u>Ninety One North America, Inc. ("Ninety One")</u>

● Antoon de Klerk, Co-Head of Emerging Market Sovereign & FX and Portfolio Manager, joined Ninety One's affiliate, Ninety One SA (Pty) Ltd ("Ninety One Pty"), in 2006. Mr. de Klerk began managing Ninety One's allocated portion of the Fund's portfolio in June 2023.

● Grant Webster, Co-Head of Emerging Market Sovereign and FX and Portfolio Manager, joined Ninety One's affiliate, Ninety One UK Ltd. ("Ninety One UK"), in 2011. Mr. Webster began managing Ninety One' allocated portion of the Fund's portfolio in April 2025.

<u>Pacific Investment Management Company LLC ("PIMCO")</u>

● Sonali Pier, Managing Director and Portfolio Manager, joined PIMCO in 2013. Ms. Pier began managing PIMCO's allocated portion of the Fund's portfolio in April 2025.

● Alfred Murata, Managing Director and Portfolio Manager, joined PIMCO in 2001. Mr. Murata began managing PIMCO's allocated portion of the Fund's portfolio in April 2025.

● Jason Duko, Executive Vice President and Portfolio Manager, was at PIMCO from 2011-2018 and rejoined PIMCO in 2023. Mr. Duko began managing PIMCO's allocated portion of the Fund's portfolio in April 2025.

● Charles Watford, Executive Vice President and Portfolio Manager, joined PIMCO in 2007. Mr. Watford began managing PIMCO's allocated portion of the Fund's portfolio in April 2025.

<u>Polen Capital Credit, LLC ("Polen Credit")</u>

● David Breazzano, Head of Team for Credit, Portfolio Manager, joined Polen Credit in 1996. Mr. Breazzano began managing Polen Credit's allocated portion of the Fund's portfolio in April 2025.

● Benjamin Santonelli, Portfolio Manager, joined Polen Credit in 2004. Mr. Santonelli began managing Polen Credit's allocated portion of the Fund's portfolio in April 2025.

● John Sherman, Portfolio Manager, joined Polen Credit in 2007. Mr. Sherman began managing Polen Credit's allocated portion of the Fund's portfolio in April 2025.

<u>Wellington Management Company LLP ("Wellington")</u>

● Campe Goodman, CFA, Senior Managing Director and Fixed Income Portfolio Manager of Wellington, joined Wellington as a Portfolio Manager in 2000. Mr. Goodman began managing Wellington's allocated portion of the Fund's portfolio in April 2025.

● Robert D. Burn, CFA, Senior Managing Director and Fixed Income Portfolio Manager of Wellington, joined Wellington as a Fixed Income Quantitative Analyst in 2007. Mr. Burn began managing Wellington's allocated portion of the Fund's portfolio in April 2025.

**Purchase and Sale of Fund Shares**

For important information about the purchase and sale of Fund shares, please turn to the "Important Additional Information" section on page 48 of this prospectus.

**Tax Information**

The Fund's distributions generally are taxable as ordinary income, capital gains, or some combination of both, unless you are investing through a tax-deferred arrangement, such as a 401(k) plan or an Individual Retirement Account, in which case you may be subject to federal income tax upon withdrawal from the tax-deferred account.

**Financial Intermediary Compensation**

For important information about financial intermediary compensation, please turn to the "Important Additional Information" section on page 48 of this prospectus.

**Mercer Short Duration Fixed Income Fund**

**Investment Objective**

The investment objective of the Fund is to provide total return, consisting of both current income and capital appreciation.

**Fees and Expenses**

These tables summarize the fees and expenses that you may pay if you invest in the Fund.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Adviser Class** | &nbsp;&nbsp;&nbsp;**Class I** | **Class Y-2** | **Class Y-3** |
| Redemption Fee on shares owned less than 30 days (as a % of total redemption proceeds) | 2.00% | &nbsp;&nbsp;&nbsp;2.00% | 2.00% | 2.00% |

---

 ****

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Adviser Class** | **Class I** | **Class Y-2** | **Class Y-3** |
| Management Fees<sup>(1)</sup> | 0.30% | 0.30% | 0.30% | 0.30% |
| Distribution (12b-1) Fees | 0.25% |  |  |  |
| Non-Distribution Shareholder Administrative Services Fees | 0.25% | 0.25% | 0.15% |  |
| Other Expenses<sup>(2)</sup> | 0.58% | 0.58% | 0.58% | 0.58% |
| Total Annual Fund Operating Expenses | 1.38% | 1.13% | 1.03% | 0.88% |
| Less Fee Waivers<sup>(1)(3)</sup> | (0.68%) | (0.68%) | (0.68%) | (0.68%) |
| Net Annual Fund Operating Expenses | 0.70% | 0.45% | 0.35% | 0.20% |

---

(1) Mercer Investments LLC (the "Adviser") has contractually agreed, until at least July
31, 2026, to waive any portion of its management fee that exceeds the aggregate amount of the subadvisory fees that the Adviser
is required to pay to the Fund's subadvisers. This contractual fee waiver agreement may only be changed or eliminated with
the approval of the Fund's Board of Trustees. The fees waived by the Adviser pursuant to this agreement are not subject to
reimbursement by the Fund to the Adviser. The amount of the fee waiver has been estimated to reflect the subadvisory fees in effect
as of the date of this prospectus.

(2) "Other Expenses" include administrative, custodial, legal, audit, transfer agent and
Trustees' fees and expenses. The "Other Expenses" shown for Adviser Class. Class I and Class Y-2 are based on
estimated amounts for the Fund's current fiscal year, as the Adviser Class, Class I and Class Y-2 shares of the Fund had
not commenced operations prior to the most recent fiscal year end.

(3) The Adviser has also contractually agreed, until at least July 31, 2026, to waive fees and/or reimburse
Fund expenses to the extent that annual fund operating expenses, net of the management fee waiver described in footnote (1) above,
exceed 0.70% for Adviser Class shares, 0.45% for Class I shares, 0.35% for Class Y-2 shares and 0.20% for Class Y-3 shares, excluding,
as applicable, acquired fund fees and expenses, interest, taxes, 12b-1 fees, non-12b-1 shareholder administrative services fees,
brokerage expenses, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred
in the ordinary course of the Fund's business. This contractual fee waiver and reimbursement agreement cannot be eliminated
prior to July 31, 2026 without the approval of the Fund's Board of Trustees. The fees waived by the Adviser pursuant to this
agreement are not subject to reimbursement by the Fund to the Adviser.

***Example***

The example below is intended to help you compare the costs 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 shown, that your investment has a 5% return each year, and that the Fund's operating expenses remain the same as shown above (taking into account the contractual expense limitation being in effect for the one-year period ending July 31, 2026).

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** |
| Adviser Class | $72 | $370 | $690 | $1598 |
| Class I | $46 | $292 | $556 | $1314 |
| Class Y-2 | $36 | $260 | $502 | $1198 |
| Class Y-3 | $20 | $213 | $421 | $1021 |

---

***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 increase 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 167% of the average value of its portfolio.

**Principal Investment Strategies**

In seeking to achieve the Fund's investment objective of total return, the Fund invests in fixed income securities of U.S. and foreign issuers. The Fund invests primarily in U.S. dollar-denominated, investment grade bonds, including government securities, corporate bonds, and securitized bonds such as mortgage- and asset-backed securities, among others. Under normal circumstances, the Fund will invest at least 80% of its net assets (plus borrowings for investment purposes, if any) in fixed income securities. If the Fund changes this investment policy, the Fund will notify shareholders at least 60 days in advance of the change. The Fund also may invest a significant portion of its assets in any combination of non-investment grade debt instruments (sometimes called "high yield" or "junk bonds"), floating rate senior loans, non-U.S. dollar denominated bonds, and bonds issued by issuers in emerging capital markets, while limiting its investment in non-investment grade bonds to not more than 20% of its net assets. The Fund may also invest in securities that are subject to resale restrictions such as those contained in Rule 144A promulgated under the Securities Act of 1933, as amended. The Fund may invest in derivative instruments, such as options, futures, and swap agreements. The Fund may engage in transactions in derivatives for a variety of purposes, including changing the investment characteristics of its portfolio, enhancing total returns, or as a substitute for taking a position in the underlying asset. Investments in derivatives may be applied toward meeting a requirement to invest in a particular kind of investment if the derivatives have economic characteristics similar to that investment. The Fund's duration will typically fall between one and three years. Duration is a measure of the sensitivity of the price of a debt security (or a portfolio of debt securities) to changes in interest rates. The prices of debt securities with shorter durations generally will be less affected by changes in interest rates than the prices of debt securities with longer durations. For example, a 1% rise in interest rates will generally result in a 1% fall in value for every year of duration. Conversely, a 1% decline in interest rates will generally result in a 1% increase in the value of a debt security's market price.

**Principal Risk Factors**

The principal risks that could adversely affect the value of the Fund's shares and the total return on your investment include the following, which appear in the order of magnitude. An investment in the Fund is not a bank deposit and is not guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency. **Loss of money is a risk of investing in the Fund.**

***Credit Risk***. Issuers of debt securities may be unable, unwilling, or perceived to be unwilling to make the required payments of interest and/or principal at the time that such payments are due. In addition, changes in an issuer's credit rating or the market's perception of an issuer's creditworthiness also can adversely affect the values and liquidity of the issuers' debt securities. Issuers of investment grade securities may still default on their obligations.

***Fixed-Income Securities Risk.*** Fixed-income securities are affected by changes in interest rates and credit quality. There is the possibility that the issuer of the security will not repay all or a portion of the principal borrowed and will not make all interest payments.

***Interest Rate Risk***. Changes in interest rates may adversely affect the values of the securities held in the Fund's portfolio. In general, the prices of debt securities fall when interest rates increase, and rise when interest rates decrease. The prices of debt securities with

shorter durations generally will be less affected by changes in interest rates than the prices of debt securities with longer durations. Moreover, rising interest rates or lack of market participants may lead to decreased liquidity in the bond markets, making it more difficult for the Fund to sell its bond holdings at a time when the subadviser might wish to sell. Decreased liquidity in the bond markets also may make it more difficult to value some or all of the Fund's bond holdings.

***Management Techniques Risk***. The investment strategies, techniques, and risk analyses employed by the subadvisers, while designed to enhance potential returns, may not produce the desired results or expected returns, which may cause the Fund to not meet its investment objective, or underperform its benchmark index or funds with similar investment objectives and strategies. The subadvisers may be incorrect in their assessments of the values of securities or their assessments of market or interest rate trends, which can result in losses to the Fund.

***Market Risk***. The value of the securities in which the Fund invests may be adversely affected by fluctuations in the financial markets, regardless of how well the companies in which the Fund invests perform. The market as a whole may not favor the types of investments the Fund makes. Also, there is the risk that the price(s) of one or more of the securities or other instruments in the Fund's portfolio will fall, or will fail to rise. Many factors can adversely affect a security's performance, including both general financial market conditions and factors related to a specific company, government, industry, country, or geographic region. Extraordinary events, including extreme economic or political conditions or policies, rapid technological developments or widespread adoption of emerging technologies (such as artificial intelligence), natural disasters, extreme weather, epidemics and pandemics, tariffs, sanctions, war, military conflict and other factors can lead to volatility in local, regional, or global markets, which can result in market losses that may be substantial. The impact of one of these types of events may be more pronounced in certain regions, sectors, industries, or asset classes in which the Fund invests, or it may be pervasive across the global financial markets. The timing and occurrence of future market disruptions cannot be predicted, nor can the impact that government interventions, if any, adopted in response to such disruptions may have on the investment strategies of the Fund or the markets in which the Fund invests.

***Portfolio Turnover Risk.*** Depending on market and other conditions, the Fund may experience high portfolio turnover, which may result in higher brokerage commissions and transaction costs and capital gains (which could increase taxes and, consequently, reduce returns).

***U.S. Government Securities Risk***. U.S. government agency obligations have different levels of credit support, and therefore, different degrees of credit risk. Securities issued by agencies and instrumentalities of the U.S. government that are supported by the full faith and credit of the United States, such as the Federal Housing Administration or Ginnie Mae, present lower credit risk. Other securities issued by agencies and instrumentalities sponsored by the U.S. government that are supported only by the issuer's right to borrow from the U.S. Treasury, subject to certain limitations, such as securities issued by Federal Home Loan Banks, and securities issued by agencies and instrumentalities sponsored by the U.S. government that are supported only by the credit of the issuing agencies, such as Freddie Mac and Fannie Mae, are subject to a greater degree of credit risk.

***Counterparty Risk***. The issuer or guarantor of a fixed income security, the counterparty to a derivatives contract, or a borrower of the Fund's securities may be unwilling or unable to make timely principal, interest, or settlement payments, or otherwise to honor its obligations.

***Derivatives Risk***. The Fund may engage in a variety of transactions involving derivatives, such as options, futures, forwards and swap agreements. Derivatives are financial instruments, the values of which depend upon, or are derived from, the value of something else, such as one or more underlying investments, pools of investments, indices, or currencies. A subadviser may use derivatives both for hedging and non-hedging purposes, although it is anticipated that the use of derivatives by the Fund will generally be limited to maintaining exposure to certain market segments or asset classes, increasing or decreasing currency exposure, or facilitating certain portfolio transactions. A subadviser may also use derivatives such as exchange-listed equity futures contracts, swaps and currency forwards to equitize cash held in the portfolio. Investments in derivatives may be applied toward meeting a requirement to invest in a particular kind of investment if the derivatives have economic characteristics similar to that investment.

Derivatives involve special risks and may result in losses. The successful use of derivatives depends on the ability of a subadviser to manage these sophisticated instruments. The prices of derivatives may move in unexpected ways due to the use of leverage or other factors, especially in unusual market conditions, and may result in increased volatility of the Fund's share price. Certain derivatives are subject to counterparty risk, which is the risk that the other party to the transaction will not fulfill its contractual obligations, and risks arising from margin requirements, which include the risk that the Fund will be required to pay additional margin or set aside additional collateral to maintain open derivative positions. Certain derivatives are subject to mandatory central clearing and exchange-trading. Central clearing is intended to reduce counterparty credit risk, but central clearing does not make derivatives transactions risk-free Exchange-trading is intended to increase liquidity, but there is no guarantee the Fund could consider exchange-traded derivatives to be liquid. Some derivatives are more sensitive to interest rate changes and market movements than other instruments. The possible lack of a liquid secondary market for derivatives and the resulting inability of the Fund to sell or otherwise close a derivatives position could expose the Fund to losses and could make derivatives more difficult for the Fund to value accurately.

Certain derivative instruments provide the economic effect of financial leverage by creating additional investment exposure, as well as the potential for greater loss. If a subadviser uses leverage through purchasing derivative instruments, the Fund has the risk of capital losses that exceed the net assets of the allocable portion of the Fund managed by that subadviser. The net asset value of the Fund employing leverage will be more volatile and sensitive to market movements. Leverage may involve the creation of a liability that requires the Fund to pay interest.

Derivatives instruments may also be susceptible to operational risks. Failures in the documentation and shortcomings in the settlement process could result in the failure to complete a transaction. There are also legal risks associated with derivatives, particularly if contracts are not legally enforceable or if a counterparty does not have sufficient capacity to perform on a contract.

***Custody Risk***. There are risks involved in dealing with the custodians or brokers who settle Fund trades. Securities and other assets deposited with custodians or brokers may not be clearly or constantly identified as being assets of the Fund, and hence the Fund may be exposed to credit risk with regard to such parties. The Fund may be an unsecured creditor of its broker in the event of bankruptcy or administration of such broker. Further, there may be practical or time problems associated with enforcing the Fund's rights to its assets in the case of an insolvency of any such party.

***Leverage Risk.*** If the Fund makes investments in options, futures, forwards, swap agreements and other derivative instruments, these derivative instruments provide the economic effect of financial leverage by creating additional investment exposure, as well as the potential for greater loss. If a subadviser uses leverage through purchasing derivative instruments, the Fund has the risk of capital losses that exceed the net assets of the allocable portion of the Fund managed by that subadviser. The net asset value of a Fund employing leverage will be more volatile and sensitive to market movements. Leverage may involve the creation of a liability that requires the Fund to pay interest.

***Rule 144A Securities Risk.*** Investing in securities under Rule 144A could have the effect of increasing the level of the Fund's illiquidity to the extent that qualified institutional buyers become, for a time, uninterested in purchasing these securities. Such illiquidity might prevent the sale of such a security at a time when the subadviser might wish to sell.

***Issuer Risk***. The issuer of a security may perform poorly and the value of its stocks or bonds may decline as a result. An issuer of securities held by the Fund could become bankrupt or could default on its issued debt or have its credit rating downgraded.

***Mortgage-Backed and Asset-Backed Securities Risk***. Mortgage-backed securities are securities representing interests in pools of mortgage loans. These securities generally provide holders with payments consisting of both interest and principal as the mortgages in the underlying mortgage pools are paid off. When interest rates fall, borrowers may refinance or otherwise repay principal on their mortgages earlier than scheduled. When this happens, certain types of mortgage-backed securities will be paid off more quickly than originally anticipated, and the Fund may be forced to reinvest in obligations with lower yields than the original obligations. Mortgage-and asset-backed securities also are subject to extension risk, which is the risk that an unexpected rise in interest rates could reduce the rate of prepayments, causing the price of mortgage-and asset-backed securities and the Fund's share price to fall. An unexpectedly high rate of defaults on the mortgages held by a mortgage pool may adversely affect the value of mortgage-backed securities and could result in losses to the Fund. Asset-backed securities are securities for which the payments of interest and/or principal are backed by loans, leases, and other receivables. Asset-backed securities are subject to many of the same types of risks as mortgage-backed securities. In addition, issuers of asset-backed securities may have limited ability to enforce the security interest in the underlying assets, and credit enhancements provided to support the securities, if any, may be inadequate to protect investors in the event of default.

***Call or Prepayment Risk***. During periods of falling interest rates, issuers of callable securities may call or repay securities with higher interest rates before their maturity dates. If an issuer calls a security that the Fund has invested in, the Fund may not recoup the full amount of interest income expected on its initial investment and may be forced to reinvest in lower-yielding securities, securities with greater credit risks or securities with other, less favorable features. Early repayment of principal of mortgage-related securities could have the same effect.

***Emerging Markets Investments Risk***. Emerging markets securities involve unique risks, such as exposure to economies that are less diverse and mature than those of the United States or more established foreign markets. Also, emerging markets securities are subject to the same risks as foreign investments, described below. Generally, these risks are more severe for issuers in countries with emerging capital markets. Also, economic or political instability may cause larger price changes in emerging markets securities than in other foreign investments. Additionally, companies in emerging market countries may not be subject to accounting, auditing, financial reporting and recordkeeping requirements that are as robust as those in more developed countries and therefore, material information about a company may be unavailable or unreliable, and U.S. regulators may be unable to enforce a company's regulatory obligations.

***Foreign Investments Risk***. Investing in foreign securities typically involves more risks than investing in U.S. securities. These risks can increase the potential for losses in the Fund and affect its share price. Generally, securities of many foreign issuers may be less liquid,

and their prices may be more volatile, than the securities of comparable U.S. issuers. Transaction costs for foreign securities generally are higher than for comparable securities issued in the United States Many foreign governments may supervise and regulate their financial markets less stringently than the U.S. government does. In addition, foreign issuers generally are not subject to the same types of accounting, auditing, or financial reporting standards as those that are applicable to U.S. issuers. As a result, with respect to foreign issuers, there may be less publicly available information regarding their operations and financial conditions, and the information that is available may be less reliable. To the extent that the Fund's investments in a single country or a limited number of countries represent a large percentage of the Fund's assets, the Fund may be adversely affected by the economic, political, geopolitical and social conditions in those countries.

***High Yield Securities Risk***. Securities rated "BB" or below by S&P or "Ba" or below by Moody's are known as "high yield" securities and are commonly referred to as "junk bonds." These securities are generally considered to be speculative in nature because they have more credit risk than higher-rated securities, are more likely to encounter financial difficulties, and are more vulnerable to changes in the economy. Companies issuing high yield, fixed income securities are not as strong financially as those companies issuing securities with higher credit ratings. Market situations, such as a sustained period of rising interest rates or individual corporate developments, could affect the ability of companies issuing high yield, fixed income securities to make interest and principal payments. Lower-rated debt securities generally have a higher risk that the issuer of the security may default and not make required payments of interest or principal. If an issuer stops making interest and/or principal payments, payments on the securities may never resume. These securities may be worthless and the Fund could lose its entire investment. The prices of high yield, fixed income securities fluctuate more than higher-quality securities, and are especially sensitive to developments affecting the issuer's business and to changes in the ratings assigned by rating agencies. High yield securities generally are less liquid than higher-quality securities. Many of these securities do not trade frequently, and when the securities do trade, their prices may be significantly higher or lower than expected.

***Floating Rate Loan Risk*.** Floating rate loans (or bank loans) are usually rated below investment grade and thus are subject to high yield securities risk. The market for floating rate loans is a private interbank resale market and thus may be subject to irregular trading activity, wide bid/ask spreads and delayed settlement periods. Purchases and sales of loans are generally subject to contractual restrictions that must be fulfilled before a loan can be bought or sold. These restrictions may hamper the Fund's ability to buy or sell loans and negatively affect the transaction price. A significant portion of the floating rate loans held by the Fund may be "covenant lite" loans that contain fewer or less restrictive constraints on the borrower or other borrower-friendly characteristics and offer less protections for investors than covenant loans. It may take longer than seven days for transactions in loans to settle, which may result in cash proceeds not being immediately available to the Fund.

***Liquidity Risk***. The Fund may not be able to purchase or sell a security in a timely manner or at desired prices or achieve its desired weighting in a security. The market for certain investments may become illiquid due to specific adverse changes in the conditions of a particular issuer or under adverse market or economic conditions independent of the issuer, including, for example, during periods of rising interest rates. In addition, dealer inventories of certain securities—an indication of the ability of dealers to engage in "market making"—are at, or near, historic lows in relation to market size, which could potentially lead to decreased liquidity.

***Sector Risk.*** While the Fund does not have a principal investment strategy to focus its investments in any particular sector, the Fund from time to time may have significant exposure to one or more sectors. The Fund may have little or no exposure to certain other sectors. There are risks associated with having significantly overweight or underweight allocations to certain sectors, such as that an individual sector may be more volatile than the broader market, or could perform differently, and that the stocks of multiple companies within a sector could simultaneously rise or decline in price because of, for example, investor perceptions, an event that affects the entire sector or other factors.

The Fund is not intended to serve as a complete investment program.

**Performance of the Fund**

The following bar chart and table give some indication of the risks of investing in the Fund by showing changes in the performance of the Fund's Class Y-3 shares from year to year and comparing the Fund's average annual returns over time with a broad-based securities market index, the Bloomberg U.S. 1-3 Year Government/Credit Index.

The Fund offers four different classes of shares in this prospectus: Adviser Class shares, Class I shares, Class Y-2 shares and Class Y-3 shares. No information is shown for Adviser Class, Class I or Class Y-2 shares because there were no shares outstanding for these classes as of the last calendar year end. Performance information for Adviser Class shares, Class I shares and Class Y-2 shares will appear in a future version of the prospectus once there is a full calendar year of performance information to report. The returns of these share classes would have been substantially similar to the returns of Class Y-3 shares; however, because the Adviser Class, Class I and Class Y-2 shares are subject to a 12b-1 fee and/or a non-distribution shareholder administrative services fee, the returns of these share classes would have been lower than those shown for Class Y-3 shares.

The Fund's past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. Voya Investment Management Co. LLC, Aristotle Pacific Capital, LLC and Merganser Capital Management, LLC each assumed responsibility for managing a portion of the Fund's portfolio on December 1, 2023.

![](x1_c113438x49x1.jpg)

The Fund's calendar year-to-date return as of June 30, 2025 was 3.02%.

The Fund's highest return for a quarter during the period shown above was 3.06%, for the quarter ended September 30, 2024.

The Fund's lowest return for a quarter during the period shown above was 0.18%, for the quarter ended December 31, 2024.

**Average Annual Total Returns** 

For the Periods Ended December 31, 2024

---

| | | |
|:---|:---|:---|
| **Mercer Short Duration Fixed Income Fund – Class Y-3 Shares** | | |
|  |<br>**1 Year** |<br>**Life of Class<br> (Inception December<br> 1, 2023)** |
| Return Before Taxes | 5.26% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.16% |
| Return After Taxes on Distributions | 2.88% | 3.76% |
| Return After Taxes on Distributions and Sale of Fund Shares | 3.09% | 3.68% |
|  | **1 Year** | **Life of Class<br> (Inception December<br> 1, 2023)** |
| **Bloomberg U.S. 1-3 Year Government/Credit Index**<sup>(1)</sup> (reflects no deduction for fees, expenses, or taxes) | 4.36% | 5.15% |

---

(1) The Bloomberg U.S. 1-3 Year Government/Credit Index is an index that measures the performance of
investment grade, U.S.-dollar-denominated, fixed-rate Treasury securities and government-related and corporate securities with
1 to 3 year maturities. The index is unmanaged and cannot be invested in directly

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

or individual retirement accounts. In some cases, the after-tax returns may exceed the return before taxes due to an assumed benefit from any losses on a sale of shares at the end of the measurement period.

**Fund Management**

***Investment Adviser:***

Mercer Investments LLC

***Subadvisers and Portfolio Managers:***

The individuals listed below are jointly and primarily responsible for the day-to-day management of their allocated portions of the Fund's portfolio.

<u>Voya Investment Management Co. LLC ("Voya IM")</u>

● Sean Banai, CFA, Managing Director, Head of Multi-Sector and Portfolio Manager, Head of Portfolio Management for the fixed-income platform, joined Voya IM in 1999. Mr. Banai began managing Voya IM's allocated portion of the Fund's portfolio since inception in 2023.

● David Goodson, Managing Director, Head of Securitized Fixed Income and Senior Portfolio Manager, joined Voya IM in 2002. Mr. Goodson began managing Voya IM's allocated portion of the Fund's portfolio since inception in 2023.

● Anil Katarya, CFA, Managing Director, and Global Head of Investment Grade Credit and Senior Portfolio Manager, joined Voya IM in 2000. Mr. Katarya began managing Voya IM's allocated portion of the Fund's portfolio since inception in 2023.

● Raj Jadav, CFA, Vice President and Portfolio Manager, joined Voya IM in 2019. Mr. Jadav began managing Voya IM's allocated portion of the Fund's portfolio since inception in 2023.

<u>Aristotle Pacific Capital, LLC ("Aristotle Pacific")</u>

● David Weismiller, CFA, Senior Managing Director and Portfolio Manager, has been with Aristotle Pacific since 2007. Mr. Weismiller began managing Aristotle Pacific's allocated portion of the Fund's portfolio since inception in 2023.

● Michael Marzouk, CFA, Senior Managing Director and Portfolio Manager, has been with Aristotle Pacific since 2007. Mr. Marzouk began managing Aristotle Pacific's allocated portion of the Fund's portfolio since inception in 2023.

● Ying Qiu, CFA, Managing Director and Portfolio Manager, has been with Aristotle Pacific since 2016. Ms. Qiu began managing Aristotle Pacific's allocated portion of the Fund's portfolio since inception in 2023.

<u>Merganser Capital Management, LLC ("Merganser")</u>

● Andrew M. Smock, CFA, Principal and Co-Chief Investment Officer, joined Merganser in 2003. Mr. Smock began managing Merganser's allocated portion of the Fund's portfolio since inception in 2023.

● Adam M. Ware, CFA, Principal and Portfolio Manager, joined Merganser in 2007. Mr. Ware began managing Merganser's allocated portion of the Fund's portfolio since inception in 2023.

**Purchase and Sale of Fund Shares**

For important information about the purchase and sale of Fund shares, please turn to the "Important Additional Information" section on page 48 of this prospectus.

**Tax Information**

The Fund's distributions generally are taxable as ordinary income, capital gains, or some combination of both, unless you are investing through a tax-deferred arrangement, such as a 401(k) plan or an Individual Retirement Account, in which case you may be subject to federal income tax upon withdrawal from the tax-deferred account.

**Financial Intermediary Compensation**

For important information about financial intermediary compensation, please turn to the "Important Additional Information" section on page 48 of this prospectus.

**<u>Important Additional Information</u>**

**Purchase and Sale of Fund Shares**

Adviser Class, Class I, Class Y-2 and Class Y-3 shares each have different eligibility requirements, as presented below. Adviser Class and Class I shares are available to investors that invest in the Trust through a "Service Agent" such as a bank, broker-dealer, trust company, insurance company, financial planner, retirement plan administrator, mutual fund supermarket, and other similar types of third-party financial industry service providers that have entered into an agreement with MGI Funds Distributors, LLC (the "Distributor") and/or the Adviser to sell shares of the Funds and/or provide shareholder services in respect of the Funds. Class Y-2 and Class Y-3 shares generally are available only to "Institutional Investors" which include, but are not limited to "Institutional Accounts" as defined under the rules of the Financial Industry Regulatory Authority, Inc. ("FINRA"), as well as qualified employee benefit plans and other retirement savings plans, family offices and their clients, non-profit organizations, charitable trusts, foundations and endowments, accounts registered to bank trust departments, trust companies, registered investment advisers, and investment companies.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Adviser Class** | **Class I** | **Class Y-2** | **Class Y-3** |
| **Eligibility Requirements** | Investors that invest in the Trust through a Service Agent that has entered into an agreement with the Distributor to offer Adviser Class shares through a no-transaction fee network or platform. | Investors that invest in the Trust through a Service Agent acting solely as an agent on behalf of its customers pursuant to an agreement with the Distributor and/or the Adviser. The Service Agent may charge you a transaction fee in an amount determined and separately disclosed to you by the Service Agent. | Institutional Investors purchasing shares directly from the Trust, but who do not have an investment management agreement with the Adviser or an affiliate of the Adviser. | Institutional Investors purchasing shares directly from the Trust and who have entered into an investment management agreement with the Adviser or an affiliate of the Adviser. |

---

You may purchase or redeem shares of a Fund on each day the New York Stock Exchange (the "Exchange") is open for business.

You may purchase or redeem Adviser Class or Class I shares through your Service Agent. Eligible Institutional Investors that wish to buy Class Y-2 or Class Y-3 shares should contact the Adviser. Class Y-2 and Class Y-3 shares may be redeemed through the Adviser or State Street Bank and Trust Company, the Funds' transfer agent (the "Transfer Agent"), located at 1 Heritage Drive, North Quincy, Massachusetts 02171.

There is no minimum investment for eligible investors that are investing in Adviser Class, Class I, Class Y-2 or Class Y-3 shares.

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

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

**<u>Details about the Funds</u>**

**The Manager of Managers Structure**

The Adviser is responsible for constructing and monitoring the asset allocation and portfolio strategies for the Funds, consistent with each Fund's investment objective, strategies, and risks. The Adviser believes that it is possible to enhance shareholder value by using one or more subadvisory firms to manage the assets of each Fund. Therefore, the Adviser manages each Fund using a "manager of managers" approach by selecting one or more subadvisers to manage the assets of each Fund, based upon the Adviser's evaluation of the subadviser's expertise and performance in managing the asset class in which the Fund will invest. The Adviser determines the percentage of each Fund's portfolio allocated to each subadviser in order to seek to achieve each Fund's investment objective.

Securities are selected for each Fund's portfolio using a combination of traditional and fundamental investment tools and/or quantitative analysis. Each Fund generally relies on the professional judgment of its respective subadvisers to make decisions about the Fund's portfolio holdings, and each subadviser employs its own proprietary processes and disciplines to select securities and manage an allocated portion of a Fund's investment portfolio. Each subadviser acts independently from the others and has discretion to invest its allocated portion of a Fund's assets. A description of the Funds' current subadvisers and the subadvisers' individual securities selection processes can be found in the next section.

**Investment Objectives and Principal Investment Strategies**

Each Fund seeks to achieve its own distinct investment objective, as described below. The Funds' investment objectives may be changed by the Board of Trustees of the Trust without shareholder approval (although a Fund will provide advance notice to shareholders before any such change takes effect). There can be no guarantee that a Fund will achieve its investment objective.

**Domestic Equity Funds:**

**<u>Mercer US Small/Mid Cap Equity Fund</u>**

**Investment Objective**

The investment objective of the Fund is to provide long-term total return, comprised primarily of capital appreciation.

**Principal Investment Strategies of the Fund**

The Fund invests principally in equity securities (such as common stock) issued by small-to-medium capitalization U.S. companies. The Fund employs a "core equity" investment strategy that seeks to meet the Fund's investment objective by investing in both growth- and value-oriented equity securities. Under normal circumstances, the Fund will invest at least 80% of its net assets (plus borrowings for investment purposes, if any) in the equity securities of small-to-medium capitalization U.S. companies. (If the Fund changes this investment policy, the Fund will notify shareholders at least 60 days in advance of the change.) For purposes of the 80% test, equity securities include securities such as common stock, preferred stock, and other securities that are not debt securities, cash or cash equivalents. For purposes of this investment policy, the Fund considers "small to medium capitalization U.S. companies" to be U.S. companies with market capitalizations between $25 million and the largest company included in the Russell 2500<sup>®</sup> Index (as of June 30, 2025, $23.9 billion).

The Fund invests principally in companies within the capitalization range described above. However, the subadvisers may invest a portion of the Fund's assets in companies outside this range. Further, if movement in the market price causes a stock to change from one capitalization range to another, the Fund is not required to dispose of the stock.

The Fund may invest in derivative instruments, such as exchange-listed equity futures contracts, to gain market exposure on cash balances or to reduce market exposure in anticipation of liquidity needs. Investments in derivatives may be applied toward meeting a requirement to invest in a particular kind of investment if the derivatives have economic characteristics similar to that investment.

In addition, certain subadvisers may employ a quantitative investment process in seeking to achieve the Fund's investment objective.

**The Subadvisers**

The Adviser, on behalf of the Fund, has entered into subadvisory agreements with subadvisers to manage allocated portions of the assets of the Fund. Under the subadvisory agreements, each subadviser is responsible for the day-to-day portfolio management of a distinct

portion of the Fund's portfolio, subject to the Adviser's oversight. The Fund's subadvisers, including the portfolio managers that are jointly and primarily responsible for the day-to-day management of their allocated portions of the Fund, and the subadvisers' investment strategies, are:

**GW&K Investment Management, LLC ("GW&K")** was founded in 1974 to offer innovative investment solutions consistent with their clients' objectives. GW&K is an affiliate of Affiliated Managers Group, Inc., a publicly traded global asset management company (NYSE: AMG). GW&K operates independently and autonomously, with AMG holding a majority interest in the firm as GW&K's institutional partner. The balance of the firm is owned by GW&K's partners, who are responsible for the day-to-day management and operation of GW&K.

The portfolio managers who are responsible for the day-to-day management of GW&K's allocated portion of the Fund's portfolio are Daniel L. Miller, CFA, who serves as Partner, Director of Equities, and joined GW&K in 2008; and Jeffrey W. Thibault, CFA, who serves as Partner, Portfolio Manager, and joined GW&K in 2004.

The SAI provides additional information about the portfolio managers' compensation, other accounts managed by the portfolio managers, and the portfolio managers' ownership of securities in the Fund, if any.

**Securities Selection**

GW&K's small/mid cap portfolios are built from the bottom up within diversification constraints. The strategy is invested in most sectors of the small and mid-cap markets, providing exposure to growth and value stocks. At the time of purchase, securities have a market capitalization between $250 million and $10 billion or are within the range of the Russell 2500<sup>®</sup> Index. GW&K is searching for companies that exhibit sustainable growth and whose shares trade at reasonable valuations.

GW&K attempts to identify the leading players within niche markets by analyzing such characteristics as market share accumulation, improving margins and sales growth. Also, they look to invest only in companies whose management is dedicated to enhancing shareholder value. Once they identify these companies, they look to discover those companies growing at a sustainable rate. This is done by breaking down a company's return on equity and analyzing its components. Other important criteria that they analyze are how the industry operates and what a company must do to maintain its dominant competitive position. While they may view favorably a company's leadership qualities and its growth characteristics, they remain diligent in their efforts to pay a reasonable price for the security. They review the appropriate valuation ratios based on the industry in which the company operates. A sensibly priced security will be trading at a discount versus its peers and/or its own history.

**Loomis, Sayles & Company, L.P.** ("Loomis Sayles"), located at One Financial Center, Boston, Massachusetts 02111, serves as a subadviser to the Fund. Loomis Sayles is registered as an investment adviser under the Advisers Act. Loomis Sayles is currently organized as a Delaware limited partnership and its sole general partner, Loomis, Sayles & Company, Inc., is directly owned by Natixis Investment Managers, LLC ("Natixis LLC"). Natixis LLC is a direct subsidiary of Natixis Investment Managers, an international asset management group based in Paris, France. Natixis Investment Managers is ultimately owned by Natixis, a French investment banking and financial services firm. Natixis is wholly-owned by BPCE, France's second largest banking group. BPCE is owned by banks comprising two autonomous and complementary retail banking networks consisting of the Caisse d'Epargne regional savings banks and the Banque Populaire regional cooperative banks. The registered address of Natixis is 30, avenue Pierre Mendès France, 75013 Paris, France. The registered address of BPCE is 50, avenue Pierre Mendès France, 75013 Paris, France.

The allocated portion of the Fund's portfolio managed by Loomis Sayles is managed on a team basis. The portfolio managers who are primarily responsible for the day-to-day management of Loomis Sayles' allocated portion of the Fund's portfolio are Mark F. Burns, CFA, and John J. Slavik, CFA. Mr. Burns, CFA, has 29 years of investment industry experience and joined Loomis Sayles in 1999. Mr. Slavik, CFA, has 34 years of investment industry experience and joined Loomis Sayles in 2005.

The SAI provides additional information about the portfolio managers' compensation, other accounts managed by the portfolio managers, and the portfolio managers' ownership of securities in the Fund, if any.

**Securities Selection**

Loomis Sayles pursues small/mid cap growth investing with a low volatility approach. Loomis Sayles employs a bottom-up investment process and strives to make active stock selection the primary driver of returns. Each investment idea is thoroughly vetted and researched through fundamental analysis. Loomis Sayles has a quality bias to the companies it owns, focusing on characteristics such as business model strength, visibility and predictability of growth drivers and strength of competitive advantage. To better understand and compare the reward-to-risk profile of high growth businesses, Loomis Sayles uses discounted cash flow modeling as the primary valuation tool. Importantly, Loomis Sayles seeks to invest in emerging winners that are under-recognized by the market. Given the inherent volatility

of small/mid cap growth stocks, Loomis Sayles believes it is important to apply risk management from the stock level to the portfolio level and from the buy decision to the sell decision, which incorporates a clear stop/loss discipline.

**LSV Asset Management** ("LSV"), located at 155 North Wacker Drive, Suite 4600, Chicago, Illinois 60606, serves as a subadviser to the Fund. LSV is a Delaware general partnership between LSV's management team and current and retired employee partners, owners of a majority position, and SEI Funds, Inc., a wholly-owned subsidiary of SEI Investments Company and the owner of a minority position. LSV is registered as an investment adviser with the SEC.

The allocated portion of the Fund's portfolio managed by LSV is managed on a team basis. The portfolio managers who are responsible for the day-to-day management of LSV's allocated portion of the Fund's portfolio are Josef Lakonishok, Ph.D., who has served as CEO, CIO, Partner and portfolio manager for LSV since its founding in 1994; Menno Vermeulen, CFA, who has served as a portfolio manager for LSV since 1995 and a Partner since 1998; Puneet Mansharamani, CFA, who has served as a Partner and portfolio manager for LSV since 2006; Greg Sleight, who has served as a Quantitative Analyst of LSV since 2006, a Partner since 2012 and portfolio manager since 2014; Guy Lakonishok, CFA, who has served as a Quantitative Analyst of LSV since 2009, a Partner since 2013 and portfolio manager since 2014; and Gal Skarishevsky, who has served as a Quantitative Analyst of LSV since 2017, a Partner since 2022 and a Portfolio Manager since 2025. Messrs. Josef Lakonishok, Vermeulen, Mansharamani, Sleight and Guy Lakonishok each began managing LSV's allocated portion of the Fund's portfolio in June 2016. Mr. Skarishevsky began managing LSV's allocated portfolio of the Fund's portfolio in March 2025.

The SAI provides additional information about the portfolio managers' compensation, other accounts managed by the portfolio managers, and the portfolio managers' ownership of securities in the Fund, if any.

**Securities Selection**

Under normal circumstances, LSV will invest in the equity securities of small- and medium-sized companies. LSV will invest primarily in the common stocks of U.S. companies with market capitalizations in the range of companies in the Russell 2500<sup>®</sup> Index at the time of purchase. The market capitalization range and the composition of the Russell 2500<sup>®</sup> Index are subject to change. LSV selects stocks they believe are undervalued in light of such fundamental characteristics as earnings, cash flow or book value). LSV may also invest in REITs.

**Parametric Portfolio Associates LLC** ("Parametric"), headquartered at 800 Fifth Avenue, Suite 2800, Seattle, Washington 98104, serves as a subadviser to the Fund. Parametric is a wholly-owned subsidiary of Morgan Stanley, a publicly traded company. Parametric is a part of Morgan Stanley Investment Management, the asset management division of Morgan Stanley. Parametric is owned directly by Eaton Vance Acquisitions LLC, a privately held subsidiary of Morgan Stanley. Parametric is registered as an investment adviser under the Advisers Act.

The portfolio managers who are primarily responsible for the day-to-day management of Parametric's allocated portion of the Fund's portfolio are Zach Olsen, CFA and Ricky Fong, CFA. Mr. Olsen is a Portfolio Manager and is responsible for designing and implementing overlay programs. Mr. Fong is an Executive Director, Investment Strategy at Parametric. Mr. Fong joined The Clifton Group, which was acquired by Parametric in December 2012, in 2010.

The SAI provides additional information about the portfolio managers' compensation, other accounts managed by the portfolio managers, and the portfolio managers' ownership of securities in the Fund, if any.

**Cash Overlay Program**

Parametric is responsible for monitoring and investing cash balances of the Fund allocated to Parametric by the Adviser. Parametric will invest in derivative instruments, such as exchange-listed equity futures contracts, and/or in exchange-traded funds, to gain market exposure on cash balances or to reduce market exposure in anticipation of liquidity needs.

**River Road Asset Management, LLC** ("River Road"), located at 462 South Fourth Street, Suite 2000, Louisville, Kentucky 40202, serves as a subadviser to the Fund. Affiliated Managers Group, Inc. holds an indirect, majority equity interest in River Road, and members of River Road's senior management team hold a substantial minority equity interest in the firm.

The portfolio managers who are primarily responsible for the day-to-day management of River Road's allocated portion of the Fund's portfolio are J. Justin Akin and R. Andrew Beck. Mr. Akin has been a portfolio manager for River Road since 2012. Mr. Beck has served as a portfolio manager at River Road since 2005 and has been Chief Executive Officer of River Road since 2011.

The SAI provides additional information about each portfolio manager's compensation, other accounts managed by each portfolio manager, and each portfolio manager's ownership of securities in the Fund, if any.

**Securities Selection**

River Road's investment philosophy is based upon its proprietary Absolute Value® approach, which seeks to generate attractive, sustainable, returns over the long term, with an emphasis on minimizing downside portfolio risk.

In managing its allocated portion of the Fund's portfolio, River Road builds portfolios in house, from the bottom up, making security-specific research central to River Road's process. At the core of River Road's Absolute Value® approach is a systematic method for assessing the 'risk-to-reward' characteristics of an investment. The goal of the research process is to formulate two outputs from which an investment decision is made – conviction rating (risk) and discount to value (reward). A stock's conviction rating combined with its discount to value determine not only whether the stock qualifies for investment, but also how the stock will be sized within a portfolio.

River Road employs a balanced approach to diversification and a structured sell discipline that seeks to reduce portfolio volatility and the risk of permanent loss of capital.

**Westfield Capital Management Company, L.P.** ("Westfield"), located at One Financial Center, Boston, Massachusetts 02111, serves as a subadviser to the Fund. Westfield is a registered investment adviser that was founded in 1989. Westfield is employee owned.

Investment decisions for all product portfolios managed by Westfield are made by consensus of the Westfield Investment Committee, which is chaired by William A Muggia. Each member of the Westfield Investment Committee has input into the investment process and overall product portfolio construction. Investment decisions are made within the parameters established by a portfolio's investment objective(s), policies, and restrictions. Although the Committee collectively acts as portfolio manager for the Fund's assets allocated to Westfield, Westfield lists the following Committee members, based either on seniority or role within the Committee, as having day-to-day management responsibilities for the Fund's assets allocated to Westfield. Mr. Muggia chairs the Investment Committee, serves as Market Strategist and contributes investment ideas primarily within the Health Care and Energy sectors. Mr. Muggia is President, Chief Executive Officer, Chief Investment Officer, and Managing Partner of Westfield. He has worked at Westfield since 1994. Richard D. Lee, CFA, is a Managing Partner and Chief Investment Officer at Westfield and covers Hardware, Semiconductors and IT Services. Mr. Lee has worked at Westfield since 2004. Matthew R. Renna is a Managing Partner at Westfield and covers Biopharma, and Life Sciences and Tools. Mr. Renna has worked at Westfield since 2013. Edward D. Richardson is a Partner at Westfield and covers A&D, and Consumer Cyclicals and Restaurants. Mr. Richardson has worked at Westfield since 2014.

The SAI provides additional information about the portfolio managers' compensation, other accounts managed by each portfolio manager, and each portfolio manager's ownership of securities in the Fund, if any.

**Securities Selection**

Westfield manages its allocated portion of the Fund's portfolio using a fundamental, bottom-up research approach, which seeks to identify reasonably priced stocks with high earnings potential. In order to seek the highest returns with the least degree of risk, Westfield generally favors stocks that, in the judgment of the firm, have: (i) sizeable management ownership; (ii) strong financial conditions; (iii) sufficient cash flow to fund growth internally; and (iv) strong pricing power.

Westfield also considers factors such as earnings growth forecasts, price target estimates, total return potential, and business developments. Stocks may be sold when Westfield believes that the stocks no longer represent attractive investment opportunities, based on the factors described above.

**Foreign Equity Funds:**

**<u>Mercer Non-US Core Equity Fund</u>**

**Investment Objective**

The investment objective of the Fund is to provide long-term total return, which includes capital appreciation and income.

**Principal Investment Strategies of the Fund**

The Fund invests primarily in equity securities of companies in the world's developed and emerging capital markets, excluding the United States. The Fund's investments in equity securities may include dividend-paying securities, common stock and preferred stock

issued by companies of any capitalization, as well as American, European, and Global Depositary Receipts (together, "Depositary Receipts").

In seeking to achieve the Fund's investment objective, the Fund's subadvisers invest primarily in the equity securities (including Depositary Receipts) of companies located outside the United States. The Fund employs a "core equity" investment strategy that seeks to meet the Fund's investment objective by investing in both growth- and value-oriented equity securities. Under normal circumstances, the Fund will invest at least 80% of its net assets (plus borrowings for investment purposes, if any) in the equity securities of non-U.S. companies. (If the Fund changes this investment policy, the Fund will notify shareholders at least 60 days in advance of the change.) For purposes of the 80% test, equity securities include securities such as common stock, preferred stock, and other securities that are not debt securities, cash or cash equivalents. The Fund may invest in derivative instruments, such as forward contracts and exchange-listed equity futures contracts, to gain market exposure on cash balances or to reduce market exposure in anticipation of liquidity needs or to increase or decrease currency exposure. Investments in derivatives may be applied toward meeting a requirement to invest in a particular kind of investment if the derivatives have economic characteristics similar to that investment.

Certain subadvisers may employ a quantitative investment process in seeking to achieve the Fund's investment objective, which may lead to higher than expected portfolio turnover for the Fund.

Securities of non-U.S. companies generally include all securities included in the Fund's benchmark index. In addition, securities of non-U.S. companies may include: (a) securities of companies that are organized under the laws of, or maintain their principal places of business in, countries other than the United States; (b) securities for which the principal trading market is in a country other than the United States; (c) securities issued or guaranteed by the government of a country other than the United States, such government's agencies or instrumentalities, or the central bank of such country; (d) securities denominated in the currency issued by a country other than the United States; (e) securities of companies that derive at least 50% of their revenues or profits from goods produced or sold, investments made, or services performed in countries other than the United States or have at least 50% of their assets in countries other than the United States; (f) equity securities of companies in countries other than the United States, in the form of depositary receipts; or (g) securities issued by pooled investment vehicles that invest primarily in securities or derivative instruments that derive their value from securities of non-U.S. companies.

While there is no minimum number of countries that will be represented in the Fund's portfolio, the Fund does intend to diversify its investments among countries and geographic regions, including a significant portion in the world's emerging markets. However, the Fund may invest a significant portion of its assets in one country or region, if, in the judgment of a subadviser, economic and business conditions warrant such investments. To the extent that the Fund invests a significant portion of its assets in one country or region at any time, the Fund will face a greater risk of loss due to factors adversely affecting issuers located in that single country or region than if the Fund always maintained a greater degree of diversity among the countries and regions in which it invests.

**The Subadvisers**

The Adviser, on behalf of the Fund, has entered into subadvisory agreements with subadvisers to manage the assets of the Fund. Under the subadvisory agreements, each subadviser is responsible for the day-to-day portfolio management of a distinct portion of the Fund's portfolio, subject to the Adviser's oversight. The Fund's subadvisers, including the portfolio managers that are jointly and primarily responsible for the day-to-day management of their allocated portions of the Fund, and the subadvisers' investment strategies, are:

**American Century Investment Management, Inc.** ("American Century"), located at 4500 Main Street, Kansas City, Missouri 64111 serves as a subadviser to the Fund. American Century is wholly owned by American Century Companies, Inc. ("ACC"). The Stowers Institute for Medical Research ("SIMR") controls ACC by virtue of its beneficial ownership of more than 25% of the voting securities of ACC. SIMR is part of a not-for-profit biomedical research organization dedicated to finding the keys to the causes, treatments and prevention of disease.

The portfolio managers on the investment team who are jointly and primarily responsible for the day-to-day management of American Century's allocated portion of the Fund's portfolio are Rajesh Gandhi and Jim Zhao. Mr. Gandhi joined American Century in 2002, became a portfolio manager in 2008 and currently serves as Vice President and Senior Portfolio Manager. He has a bachelor's degree in finance and real estate from the University of Wisconsin. He is a CFA charterholder. Mr. Zhao joined American Century in 2009 as a senior investment analyst. He became a vice president and senior investment analyst in 2016 and a vice president and portfolio manager in 2017. He has a bachelor's degree in physics and a master's degree in civil and environmental engineering from Clarkson University and an MBA from Carnegie Mellon University. He is a CFA charterholder.

The SAI provides additional information about the portfolio manager's compensation, other accounts managed by the portfolio manager, and the portfolio manager's ownership of securities in the Fund, if any.

**Securities Selection**

In managing the allocated portion of the Fund portfolio, American Century will primarily invest in equity securities of companies located in at least three developed countries (excluding the United States). The allocated portion of the Fund portfolio may also invest in emerging market countries. American Century looks for stocks of companies it believes will increase in value over time, using an investment strategy developed by American Century. In implementing this strategy, American Century uses a bottom-up approach to stock selection. This means that American Century makes its investment decisions based primarily on its analysis of individual companies, rather than on broad economic forecasts. Management of the allocated portion of the Fund portfolio is based on the belief that, over the long term, stock price movements follow growth in earnings, revenues and/or cash flows.

Using a variety of analytical research tools, American Century tracks financial information for individual companies to identify and evaluate trends in earnings, revenues and other business fundamentals. Under normal market conditions, American Century seeks securities of companies whose earnings, revenues or key business fundamentals are not only growing, but growing at an accelerating pace. This includes companies whose growth rates, although still negative, are less negative than prior periods, and companies whose growth rates are expected to accelerate. Other analytical techniques help identify additional signs of business improvement, such as increasing cash flows, or other indications of the relative strength of a company's business. These techniques, along with integration of ESG risks and opportunities, help American Century buy or hold the stocks of companies it believes have favorable growth prospects and sell the stocks of companies whose characteristics no longer meet its criteria.

In addition to locating strong companies with earnings and revenue growth, American Century believes that it is important to diversify the allocated portion of the Fund's holdings across different countries and geographical regions in an effort to manage the risks of an international portfolio. For this reason, American Century also considers the prospects for relative economic growth among countries or regions, economic and political conditions, expected inflation rates, currency exchange fluctuations and tax considerations when making investments.

American Century does not attempt to time the market. Instead, under normal market conditions, American Century intends to keep the allocated portion of the Fund's portfolio essentially fully invested in stocks regardless of the movement of stock prices generally. However, the allocated portion of the Fund's portfolio can purchase other types of securities as well, such as forward currency exchange contracts, notes, bonds and other debt securities of companies, and obligations of domestic or foreign governments and their agencies.

Futures contracts, a type of derivative security, can help the allocated portion of the Fund's cash assets remain liquid while performing more like stocks. American Century has a policy governing futures contracts and similar derivative securities to help manage the risk of these types of investments.

In the event of adverse market, economic, political or other conditions, the allocated portion of the Fund may take temporary defensive positions that are inconsistent with the principal investment strategies of such allocated portion. To the extent it assumes a defensive position, it may not achieve the investment objective of that particular allocation.

The allocated portion of the Fund invests primarily in securities issued by companies located in developed countries. This allocated portion of the Fund considers a security to be from a developed country if its issuer is located in the following developed countries list, which is subject to change: Australia, Austria, Belgium, Bermuda, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Luxembourg, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the United Kingdom and the United States. The allocated portion of the Fund may also invest in securities issued by companies located in emerging markets. The allocated portion of the Fund considers a security to be an emerging markets security if its issuer is located outside of the countries listed above.

In determining where a company is located, American Century will consider various factors, including where the company is headquartered, where the company's principal operations are located, where the company's revenues are derived, where the principal trading market is located and the country in which the company was legally organized. The weight given to each of these factors will vary depending on the circumstances in a given case.

**Arrowstreet Capital, Limited Partnership** ("Arrowstreet"), located at 200 Clarendon Street, 30th Floor, Boston, Massachusetts 02116, serves as a subadviser to the Fund. Arrowstreet is a discretionary institutional global asset manager and is a registered investment adviser with the SEC since July 1999. Headquartered in Boston, Massachusetts, Arrowstreet is a private limited partnership that is wholly-owned by its senior management and non-executive directors.

The allocated portion of the Fund's portfolio managed by Arrowstreet is managed on a team basis. The portfolio managers who are primarily responsible for the day-to-day management of Arrowstreet's allocated portion of the Fund's portfolio are Mr. Derek Vance, CFA, Dr. Christopher Malloy, Ph.D., Ms. Julia Yuan, CFA, Mr. Brandon Berger and Dr. Peter Rathjens, Ph.D. Mr. Vance joined

Arrowstreet in 2008. Prior to joining Arrowstreet, Mr. Vance worked as an analyst in the Quantitative Investment Strategies group at Goldman Sachs Asset Management. Dr. Malloy joined Arrowstreet in 2019. Prior to joining Arrowstreet, Dr. Malloy served as the Sylvan C. Coleman Chaired Professor of Financial Management in the Finance Unit at Harvard Business School, and a Research Associate at the National Bureau of Economic Research. Ms. Yuan joined Arrowstreet in 2012. Mr. Berger joined Arrowstreet in 2013. Prior to joining Arrowstreet, Mr. Berger served as a derivatives trader at ABR Management LLC and at Toro Trading LLC. Dr. Rathjens joined Arrowstreet in 1999.

The SAI provides additional information about the portfolio managers' compensation, other accounts managed by the portfolio managers, and the portfolio managers' ownership of securities in the Fund, if any.

**Securities Selection**

In managing its allocated portion of the Fund's portfolio, Arrowstreet utilizes a dynamic process that uses quantitative tools to evaluate securities on an integrated basis taking into consideration direct effects and indirect, or spillover, effects to exploit opportunities across the globe while seeking to avoid long-term systematic biases.

This integrated and dynamic model measures a stock's expected excess return by including relevant information from the company itself, as well as related securities which are linked in some way, including country and sector affiliations or other related companies identified by our propriety process. Quantitative tools enable Arrowstreet to leverage our insights over a broader universe of stocks more efficiently, provide a mechanism to trade off expected returns against risk and transaction costs, and provide an objective and disciplined process for making investment decisions.

**LSV Asset Management** ("LSV"), located at 155 North Wacker Drive, Suite 4600, Chicago, Illinois 60606, serves as a subadviser to the Fund. LSV is a Delaware general partnership between LSV's management team and current and retired employee partners, owners of a majority position, and SEI Funds, Inc., a wholly-owned subsidiary of SEI Investments Company and the owner of a minority position. LSV is registered as an investment adviser with the SEC.

The allocated portion of the Fund's portfolio managed by LSV is managed on a team basis. The portfolio managers who are responsible for the day-to-day management of LSV's allocated portion of the Fund's portfolio are Josef Lakonishok, Ph.D., who has served as CEO, CIO, Partner and portfolio manager for LSV since its founding in 1994; Menno Vermeulen, CFA, who has served as a portfolio manager for LSV since 1995 and a Partner since 1998; Puneet Mansharamani, CFA, who has served as a Partner and portfolio manager for LSV since 2006; Greg Sleight, who has served as a Quantitative Analyst of LSV since 2006, a Partner since 2012 and portfolio manager since 2014; Guy Lakonishok, CFA, who has served as a Quantitative Analyst of LSV since 2009, a Partner since 2013 and portfolio manager since 2014; and Gal Skarishevsky, who has served as a Quantitative Analyst of LSV since 2017, a Partner since 2022 and a Portfolio Manager since 2025. Messrs. Josef Lakonishok, Vermeulen, Mansharamani, Sleight and Guy Lakonishok each began managing LSV's allocated portion of the Fund's portfolio in June 2015. Mr. Skarishevsky began managing LSV's allocated portfolio of the Fund's portfolio in March 2025.

The SAI provides additional information about the portfolio managers' compensation, other accounts managed by the portfolio managers, and the portfolio managers' ownership of securities in the Fund, if any.

**Securities Selection**

In managing its portion of the Fund's portfolio, LSV invests in equity securities of foreign issuers which it believes are undervalued in the marketplace at the time of purchase and show recent positive signals, such as an appreciation in prices and increase in earnings. LSV believes that these securities have the potential to produce future returns if their future growth exceeds the market's low expectations. LSV uses a quantitative investment model to make investment decisions for the Fund. The investment model ranks securities based on fundamental measures of value (such as the dividend yield) and indicators of near-term recovery (such as recent price appreciation). A stock is typically sold if the model indicates a decline in its ranking or if a stock's relative portfolio weight has appreciated significantly (relative to the benchmark).

**Massachusetts Financial Services Company** ("MFS"), located at 111 Huntington Avenue, Boston, Massachusetts 02199, serves as a subadviser to the Fund. MFS is a subsidiary of Sun Life of Canada (U.S.) Financial Services Holdings, Inc., which in turn is an indirect majority-owned subsidiary of Sun Life Financial Inc. (a diversified financial services company).

The portfolio managers who are primarily responsible for the day-to-day management of MFS' allocated portion of the Fund's portfolio are Benjamin Stone and Philip Evans. Mr. Stone, Investment Officer of MFS, has been employed in the investment area of MFS since 2005. Mr. Evans, Investment Officer of MFS, has been employed in the investment area of MFS since 2011.

The SAI provides additional information about each portfolio manager's compensation, other accounts managed by each portfolio manager, and each portfolio manager's ownership of securities in the Fund, if any.

**Securities Selection**

In managing its allocated portion of the Fund's portfolio, MFS focuses on investing the Fund's assets in the stocks of companies that MFS believes are undervalued compared to their intrinsic value. MFS evaluates the intrinsic value of a company by considering the full context of how the company's cash flows are generated. MFS focuses on companies it believes have intrinsic value greater than the perceived value by the marketplace and seeks to invest in companies that exhibit characteristics such as cash flow in excess of capital expenditures, conservative balance sheets, sustainable competitive advantages, high returns on capital, and/or the ability to weather economic downturns. These companies may have stock prices that are higher relative to their earnings, dividends, assets, or other financial measures than companies generally considered value companies under a traditional value investment strategy.

In managing its allocated portion of the Fund's portfolio, MFS may invest the Fund's assets in securities of companies of any size.

In managing its allocated portion of the Fund's portfolio, MFS normally invests the Fund's assets across different industries, sectors, countries, and regions, but MFS may invest a significant percentage of the Fund's assets in issuers in a single industry, sector, country, or region.

While MFS may use derivatives for any investment purpose, to the extent MFS uses derivatives, MFS expects to use derivatives primarily to increase or decrease currency exposure. Derivatives include futures, forward contracts, options, and swaps.

MFS uses an active bottom-up investment approach to buying and selling investments for the Fund. Investments are selected primarily based on fundamental analysis of individual issuers and their potential in light of their financial condition, and market, economic, political, and regulatory conditions. Factors considered may include analysis of an issuer's earnings, cash flows, competitive position, and management ability. MFS may also consider environmental, social, and governance (ESG) factors in its fundamental investment analysis where MFS believes such factors could materially impact the economic value of an issuer. ESG factors considered may include, but are not limited to, climate change, resource depletion, an issuer's governance structure and practices, data protection and privacy issues, and diversity and labor practices. Quantitative screening tools that systematically evaluate an issuer's valuation, price and earnings momentum, earnings quality, and other factors, may also be considered by MFS.

**Parametric Portfolio Associates LLC** ("Parametric"), headquartered at 800 Fifth Avenue, Suite 2800, Seattle, Washington 98104, serves as a subadviser to the Fund. Parametric is a wholly-owned subsidiary of Morgan Stanley, a publicly traded company. Parametric is a part of Morgan Stanley Investment Management, the asset management division of Morgan Stanley. Parametric is owned directly by Eaton Vance Acquisitions LLC, a privately held subsidiary of Morgan Stanley. Parametric is registered as an investment adviser under the Advisers Act.

The portfolio managers who are primarily responsible for the day-to-day management of Parametric's allocated portion of the Fund's portfolio are Zach Olsen, CFA and Ricky Fong, CFA. Mr. Olsen is a Portfolio Manager and is responsible for designing and implementing overlay programs. Mr. Fong is an Executive Director, Investment Strategy at Parametric. Mr. Fong joined The Clifton Group, which was acquired by Parametric in December 2012, in 2010.

The SAI provides additional information about the portfolio managers' compensation, other accounts managed by the portfolio managers, and the portfolio managers' ownership of securities in the Fund, if any.

**Cash Overlay Program**

Parametric is responsible for monitoring and investing cash balances of the Fund allocated to Parametric by the Adviser. Parametric will invest in derivative instruments, such as exchange-listed equity futures contracts, and/or in exchange-traded funds, to gain market exposure on cash balances or to reduce market exposure in anticipation of liquidity needs.

**<u>Mercer Emerging Markets Equity Fund</u>**

**Investment Objective**

The investment objective of the Fund is to provide long-term total return, which includes capital appreciation and income.

**Principal Investment Strategies of the Fund**

Under normal circumstances, the Fund invests at least 80% of its net assets, plus the amount of any borrowings, in equity securities (such as dividend-paying securities, common stock and preferred stock) of companies that are located in emerging markets, and other investments that are tied economically to emerging markets but that may be listed or traded outside the issuer's domicile country, which may include American, European and Global Depositary Receipts and other depositary receipts ("Depositary Receipts"). (If the Fund changes this investment policy, the Fund will notify shareholders at least 60 days in advance of the change.) The Fund invests in large, medium and small capitalization companies. For purposes of the 80% test, equity securities include securities such as common stock, preferred stock, and other securities that are not debt securities, cash or cash equivalents. The Fund's portfolio securities are denominated primarily in foreign currencies and are typically held outside the U.S.

Stock index futures and various types of swaps may be used to implement the country selection component of the Fund's investment strategy. Currency forwards may be used to make stock-selection and country allocation decisions independently of the underlying currency. The Fund may invest in derivative instruments, such as exchange-listed equity futures contracts, swaps and currency forwards to gain market exposure on cash balances or to reduce market exposure in anticipation of liquidity needs. Investments in derivatives may be applied toward meeting a requirement to invest in a particular kind of investment if the derivatives have economic characteristics similar to that investment.

Certain subadvisers may employ a systematic and quantitative investment process in seeking to achieve the Fund's investment objective, which may lead to higher than expected portfolio turnover for the Fund.

Emerging market countries include all countries represented by the MSCI Emerging Markets Index. In determining if a security is economically tied to an emerging market country the Fund generally looks to the country of incorporation of the issuer as listed on Bloomberg, a widely recognized provider of market information. The Fund's subadvisers may determine a security is economically tied to an emerging market country based on other factors, such as an issuer's country of domicile, where the majority of an issuer's revenues are generated or where an issuer's primary exchange is located. As a result, a security may be economically tied to more than one country. With respect to derivative instruments, the Fund generally considers such instruments to be economically tied to emerging market countries if the underlying assets of the derivatives are (i) foreign currencies (or baskets or indices of such currencies); (ii) instruments or securities that are issued by foreign governments or by an issuer economically tied to an emerging market country as described above; or (iii) for certain money market instruments, if either the issuer or the guarantor of such money market instrument is economically tied to an emerging market country as described above.

In addition, the Fund may invest its assets in equity securities of companies that are located in "frontier markets" countries and other investments that are tied economically to "frontier markets" countries. "Frontier markets" is often used to describe the markets of smaller, less accessible, but still investable, countries of the developing world. "Frontier market" countries include all countries represented by the MSCI Frontier Markets Index. The securities of frontier market companies tend to be smaller in total market capitalization.

While there is no minimum number of countries that will be represented in the Fund's portfolio, the Fund does intend to diversify its investments among countries and geographic regions within the world's emerging markets. However, the Fund may invest a significant portion of its assets in one country or region, if, in the judgment of a subadviser, economic and business conditions warrant such investments. To the extent that the Fund invests a significant portion of its assets in one country or region at any time, the Fund will face a greater risk of loss due to factors adversely affecting issuers located in that single country or region than if the Fund always maintained a greater degree of diversity among the countries and regions in which it invests.

**The Subadvisers**

The Adviser, on behalf of the Fund, has entered into subadvisory agreements with subadvisers to manage the assets of the Fund. Under the subadvisory agreements, each subadviser is responsible for the day-to-day portfolio management of a distinct portion of the Fund's portfolio, subject to the Adviser's oversight. The Fund's subadvisers, including the portfolio managers that are jointly and primarily responsible for the day-to-day management of their allocated portions of the Fund, and the subadvisers' investment strategies, are:

**Baillie Gifford Overseas Limited** ("Baillie Gifford"), with a principal office located at Calton Square, 1 Greenside Row, Edinburgh EH1 3AN, serves as a subadviser to the Fund. Baillie Gifford is registered as an investment adviser under the Advisers Act. Baillie Gifford is a wholly-owned subsidiary of Baillie Gifford & Co. Baillie Gifford & Co. is an independent employee-owned private partnership.

The allocated portion of the Fund's portfolio managed by Baillie Gifford is managed on a team basis. The portfolio managers who are responsible for the day-to-day management of Baillie Gifford's allocated portion of the Fund's portfolio are Will Sutcliffe, Roddy Snell and Alex Summers.

The SAI provides additional information about the portfolio managers' compensation, other accounts managed by the portfolio managers, and the portfolio managers' ownership of securities in the Fund, if any.

**Securities Selection**

Baillie Gifford's investment process is all about research and debate, founded on a clear idea of the market inefficiencies they can exploit for their clients. Baillie Gifford's research framework asks investors to think creatively, beyond the constraints of traditional information sources, in order to find the best growth companies.

Baillie Gifford's research is singularly focused on finding companies that can double in hard currency terms, on a five year view and they expect most of this doubling to come from earnings growth. Baillie Gifford is particularly interested in three specific and persistent market inefficiencies: 1. under-appreciated growth duration; 2. under-appreciated growth pace; and 3. under-appreciated growth surprise. Baillie Gifford's research reports drill into the broad factors outlined below. These provide a framework for Baillie Gifford to assess the long-term growth potential of a business.

● Opportunity (industry background/competitive advantage)

● Execution (financial growth/management attitudes)

● Valuation (is it in the right price?)

**Skerryvore Asset Management Ltd.** ("Skerryvore"), with principal offices located at 45 Charlotte Square, Edinburgh, EH2 4HQ, United Kingdom, serves as a subadviser to the Fund. Skerryvore is registered as an investment adviser under the Advisers Act. Skerryvore, which is organized as a limited company incorporated under the laws of England and Wales, is a wholly-owned subsidiary of Skerryvore AM LLP, an asset management firm based in Edinburgh, United Kingdom that is majority owned by its partners.

The allocated portion of the Fund's portfolio managed by Skerryvore is managed on a team basis. The portfolio managers who are responsible for the day-to-day management of Skerryvore's allocated portion of the Fund's portfolio and who manage the assets are Glen Finegan as the Lead Portfolio Manager and Portfolio Managers Michael Cahoon, Nicholas Cowley, Stephen Deane, Ronan Kelleher and Ian Tabberer. Mr. Finegan joined Skerryvore in 2019 and prior to that he was employed with Janus Henderson Group plc ("Janus Henderson"). In addition, Messrs. Cahoon, Cowley, Deane, Kelleher and Tabberer each also joined Skerryvore in 2019 and prior to that they were each also employed with Janus Henderson.

The SAI provides additional information about the portfolio managers' compensation, other accounts managed by the portfolio managers, and the portfolio managers' ownership of securities in the Fund, if any.

**Securities Selection**

In managing its allocated portion of the Fund's portfolio, Skerryvore's investment philosophy aims to produce good long-term returns by investing in businesses that are exposed to the attractive long-term growth opportunity provided by emerging markets. This is achieved using a disciplined, liquidity conscious but index unaware approach to investing with an emphasis on identifying high-quality companies and buying them at reasonable valuations.

The investment team at Skerryvore are fundamental, bottom-up investors seeking to create high conviction portfolios of reasonably valued, high-quality companies that are exposed to, or operate in, emerging markets. The investment style can be summarized as 'quality at a reasonable price'.

This risk aware approach focuses more on downside preservation than on upside participation. The team invests with an absolute, rather than relative-return mindset and its risk-aware approach to the asset class should mean that the strategy is reasonably defensive.

In addition, the team tends to avoid companies with significant government ownership or high political risk, companies with a history of poor corporate governance, companies with opaque businesses and companies whose earnings are cyclically driven or dependent on the price of an underlying resource or commodity.

**Parametric Portfolio Associates LLC** ("Parametric"), headquartered at 800 Fifth Avenue, Suite 2800, Seattle, Washington 98104, serves as a subadviser to the Fund. Parametric is a wholly-owned subsidiary of Morgan Stanley, a publicly traded company. Parametric is a part of Morgan Stanley Investment Management, the asset management division of Morgan Stanley. Parametric is owned directly by Eaton Vance Acquisitions LLC, a privately held subsidiary of Morgan Stanley. Parametric is registered as an investment adviser under the Advisers Act.

The portfolio managers who are primarily responsible for the day-to-day management of Parametric's allocated portion of the Fund's portfolio are Zach Olsen, CFA and Ricky Fong, CFA. Mr. Olsen is a Portfolio Manager and is responsible for designing and implementing overlay programs. Mr. Fong is an Executive Director, Investment Strategy at Parametric. Mr. Fong joined The Clifton Group, which was acquired by Parametric in December 2012, in 2010.

The SAI provides additional information about the portfolio managers' compensation, other accounts managed by the portfolio managers, and the portfolio managers' ownership of securities in the Fund, if any.

**Cash Overlay Program**

Parametric is responsible for monitoring and investing cash balances of the Fund allocated to Parametric by the Adviser. Parametric will invest in derivative instruments, such as exchange-listed equity futures contracts, and/or in exchange-traded funds, to gain market exposure on cash balances or to reduce market exposure in anticipation of liquidity needs.

**Pzena Investment Management, LLC** ("Pzena), with a principal office located at 320 Park Avenue, 8<sup>th</sup> Floor, New York, NY 10022, serves as a subadviser to the Fund. Pzena is registered as an investment adviser under the Advisers Act. Pzena is 100% owned by its employee members and certain other partners, including former employees.

The allocated portion of the Fund's portfolio managed by Pzena is managed on a team basis. The portfolio managers who are responsible for the day-to-day management of Pzena's allocated portion of the Fund's portfolio are Rakesh Bordia, Caroline Cai, Allison Fisch, and Akhil Subramanian.

The SAI provides additional information about the portfolio managers' compensation, other accounts managed by the portfolio managers, and the portfolio managers' ownership of securities in the Fund, if any.

**Securities Selection**

Pzena employs a value investment approach based on a fundamental, bottom-up research process. Pzena focuses exclusively on companies that are underperforming their historically demonstrated earnings power. They apply intensive fundamental research to these companies in an effort to determine whether the problems that caused the earnings shortfall are temporary or permanent.

Pzena uses a proprietary screening tool to rank every security in their universe on a price-to-globalized normal earnings basis. This system forecasts normal earnings for a company through the analysis of historical and current financial data. They narrow this list by ranking the universe from cheapest to most expensive on the basis of globally comparable price-to-normalized earnings and they focus their research efforts on companies in the most undervalued 20% of the investment universe. At the screening level for emerging markets, they employ the use of country-specific discount rates to take into consideration the differing levels of country-specific risks and macroeconomic conditions imbedded in individual stock valuation.

Pzena includes companies in the portfolio when all five of the following criteria are generally met: 1) the current valuation is low compared to the company's normalized earnings power; (2) the current earnings are below historic norms; (3) problems are viewed as temporary; (4) management has a viable strategy to generate earnings recovery; and (5) downside risk analysis indicates a positive skew of outcomes. Pzena believes a concentrated portfolio exclusively focused on companies with these characteristics should generate meaningful excess returns for long-term investors.

**Robeco Institutional Asset Management US Inc.** ("Robeco"), with a principal office located at 230 Park Avenue, Suite 3330, New York, NY 10169, serves as a subadviser to the Fund. Robeco is registered as an investment adviser under the Advisers Act. Robeco is a wholly-owned subsidiary of Robeco Holding B.V., a Dutch holding company based in Rotterdam, the Netherlands. Robeco Holding B.V is an indirect wholly-owned subsidiary of ORIX Corporation Europe, which in turn is wholly owned by ORIX Corporation based in Tokyo, Japan.

The allocated portion of the Fund's portfolio managed by Robeco is managed on a team basis. The portfolio managers who are responsible for the day-to-day management of Robeco's allocated portion of the Fund's portfolio are Daniel Haesen, Han van der Boon and Tim Dröge.

The SAI provides additional information about the portfolio managers' compensation, other accounts managed by the portfolio managers, and the portfolio managers' ownership of securities in the Fund, if any.

**Securities Selection**

The Robeco Emerging Markets Enhanced Indexing strategy is managed on the basis of a purely quantitative bottom-up driven investment strategy. Stock selection is the sole performance driver used, as determined by the proprietary quantitative ranking model which ranks stocks on their relative attractiveness based on valuation, quality, momentum, analyst revisions and short-term signals.

The model has been developed in a joint effort by Robeco quantitative equity researchers and portfolio managers. Robeco's approach selects stocks with the highest integrated factor scores to overweight in the portfolio. Some other advantages of this approach are transaction cost netting and a relatively low turnover. The identified factors and variables are the result of 25 years of extensive empirical research and more than 15 years of portfolio management experience in practice with the quantitative ranking model.

The portfolio construction process is disciplined and transparent with continuous monitoring and control by the portfolio managers. It is based on the ranking generated by the quantitative ranking model. The aim is to optimize returns while constraining risk. The portfolio construction process consists of two phases:

Phase 1. Stock selection: Enhanced factor definitions

Robeco considers academically proven long-term factors, novel signals and short-term dynamics to rank stocks. In terms of long-term factors, Robeco relies on its proprietary enhanced factor definitions as they control for unrewarded risks. These factors are based on academically proven factors.

Phase 2: Implementation: Client-optimized portfolio

A proprietary portfolio construction algorithm translates the quantitative rankings into a client optimized portfolio. Robeco's dedicated global equity trading desk executes the trades after a pre-trade compliance check on client guidelines and restrictions in the trading system. Portfolio managers closely monitor positions and the risk exposure of the portfolio between rebalancing dates.

**Fixed Income Funds:**

**<u>Mercer Core Fixed Income Fund</u>**

**Investment Objective**

The investment objective of the Fund is to provide total return, consisting of both current income and capital appreciation.

**Principal Investment Strategies of the Fund**

In seeking to achieve the Fund's investment objective of total return, the Fund invests in fixed income securities of U.S. and non-U.S. issuers. The Fund invests primarily in U.S. dollar-denominated, investment grade bonds, including government securities, corporate bonds, and securitized bonds such as mortgage- and asset-backed securities, among others. The Fund also may invest a significant portion of its assets in any combination of non-investment grade bonds (sometimes called high yield or junk bonds), non-U.S. dollar denominated bonds, bonds issued by issuers in emerging capital markets. The Fund may also invest in securities that are subject to resale restrictions such as those contained in Rule 144A promulgated under the Securities Act of 1933, as amended. The Fund may invest in derivative instruments, such as options, futures, and swap agreements. The Fund may engage in transactions in derivatives for a variety of purposes, including changing the investment characteristics of its portfolio, enhancing total returns, or as a substitute for taking a position in the underlying asset. Investments in derivatives may be applied toward meeting a requirement to invest in a particular kind of investment if the derivatives have economic characteristics similar to that investment. The Fund's target duration is that of the Bloomberg U.S. Aggregate Bond Index. As of June 30, 2025, the duration of the Index was 6.08 years. Depending on market conditions, the subadvisers of the Fund may manage their allocated portions of the Fund's assets to maintain a duration within 20% of the Fund's target duration. Duration measures a fixed income security's price sensitivity to interest rates (inverse relationship) by indicating the approximate change in a fixed income security's price if interest rates move up or down in 1% increments. For example, if interest rates go up by 1%, the price change (due to interest rate movement) of a fund that has a duration of 5 years is expected to decline by 5%.

Under normal circumstances, the Fund will invest at least 80% of its net assets (plus borrowings for investment purposes, if any) in fixed income securities. If the Fund changes this investment policy, the Fund will notify shareholders at least 60 days in advance of the change.

**The Subadvisers**

The Adviser, on behalf of the Fund, has entered into subadvisory agreements with subadvisers to manage allocated portions of the assets of the Fund. Under the subadvisory agreements, each subadviser is responsible for the day-to-day portfolio management of a distinct portion of the Fund's portfolio, subject to the Adviser's oversight. The Fund's subadvisers, including the portfolio managers that are jointly and primarily responsible for the day-to-day management of their allocated portions of the Fund, and the subadvisers' investment strategies, are:

**Income Research + Management** ("IR+M"), located at 115 Federal Street, 22nd Floor, Boston, Massachusetts 02110, serves as a subadviser to the Fund. IR+M is a Delaware Corporation founded in 1987 and has been 100% privately owned since its inception in 1987 and remains so today.

A team of investment professionals manages the portion of the Fund's assets allocated to IR+M. The team consists of James E. Gubitosi, CFA, Co-Chief Investment Officer, Chair of the Investment Committee, Michael A. Sheldon, CFA, Co-Chief Investment Officer, William M. O'Neill, CFA, Senior Portfolio Manager, Director of Portfolio Management. This team is ultimately responsible for the day-to-day management and strategic direction of the assets of the Fund allocated to, Mr. Gubitosi joined IR+M in March 2007, Mr. Sheldon joined IR+M in November 2007 and Mr. O'Neill joined IR+M in July 2004. Mr. Sheldon was previously Deputy Chief Investment Officer and a Senior Portfolio Manager at IR+M.

The SAI provides additional information about each portfolio managers' compensation, other accounts managed by each of the portfolio managers, and each portfolio managers' ownership of securities in the Fund, if any.

**Securities Selection**

IR+M's investment philosophy is consistent across all of our broad market strategies and is based on the belief that careful security selection and active portfolio risk management provide superior returns over the long-term. Portfolios are constructed around client objectives, using a disciplined, bottom-up investment approach to select attractive securities from the U.S. fixed income universe. This philosophy has remained consistent since the inception of the firm.

**Manulife Investment Management (US) LLC** ("Manulife"), located at 197 Clarendon Street, Boston MA 02116, serves as a subadviser to the fund. Manulife is a wholly owned subsidiary of John Hancock Life Insurance Company (U.S.A.) (a subsidiary of Manulife Financial Corporation).

The allocated portion of the Fund's portfolio managed by Manulife is managed on a team basis. The portfolio managers who are primarily responsible for the day-to-day management of Manulife's allocated portion of the Fund's portfolio are Howard C. Greene, CFA, Jeffrey N. Given, CFA, Connor Minnaar, CFA and Pranay Sonalkar. Mr. Greene is a Senior Managing Director and Senior Portfolio Manager at Manulife. Mr. Greene joined Manulife in 2002 and is the Co-Head of US Core and Core Plus Fixed Income. Mr. Given is a Senior Managing Director and Senior Portfolio Manager at Manulife. Mr. Given joined Manulife in 1993 and is the Co-Head of US Core and Core Plus Fixed Income. Mr. Minnaar is a Managing Director and Portfolio Manager at Manulife. Mr. Minnaar joined Manulife in 2006. Mr. Sonalkar is a Managing Director and Portfolio Manager at Manulife. Mr. Sonalkar joined Manulife in 2014.

The SAI provides additional information about the portfolio managers' compensation, other accounts managed by the portfolio managers, and the portfolio managers' ownership of securities in the Fund, if any.

**Securities Selection**

Manulife's investment team for the Core Plus Fixed Income Strategy seeks excess return through bottom-up active sector and security selection as well as yield curve positioning. It uses a research-driven process to identify attractive sectors as well as mispriced securities within those sectors. The team believes its bottom-up research capabilities and long-term market view provide the best opportunity to exploit market dislocations at the sector level and capture relative value at the security level with consistency. For portfolio construction, yield curve positioning and sector allocation, the key inputs include the team's macro views of the business and rate cycle, spread premiums, market liquidity and other factors which influence bond valuations.

**PGIM, Inc.** ("PGIM"), located at 655 Broad Street, 7th Floor, Newark, NJ 07102, serves as a subadviser to the Fund. PGIM is an indirect, wholly-owned subsidiary of Prudential Financial, Inc., ("PFI") a publicly held company. Prudential Financial, Inc. of the United States is not affiliated in any manner with Prudential plc, incorporated in the United Kingdom or with Prudential Assurance Company, a subsidiary of M&G plc, incorporated in the United Kingdom. PGIM is an SEC-registered investment adviser organized as a New Jersey corporation. PGIM Fixed Income is the primary public fixed income asset management unit within PGIM responsible for subadvising the Fund.

The portfolio managers who are primarily responsible for the day-to-day management of PGIM's allocated portion of the Fund's portfolio are Richard Piccirillo, Greg Peters and Tyler Thorn. Mr. Piccirillo joined PFI in 1993. Mr. Piccirillo is a Managing Director and is one of the co-heads on the Multi-Sector Team at PGIM Fixed Income. Mr. Piccirillo had specialized in mortgage- and asset-backed securities since joining the Firm in 1993. Greg Peters is co-Chief Investment Officer of PGIM Fixed Income. Mr. Peters is one of the co-heads on the Multi-Sector Team at PGIM Fixed Income. Prior to joining PGIM Fixed Income in 2014, Mr. Peters was the Chief Global Cross Asset Strategist at Morgan Stanley, responsible for macro research and asset allocation strategy. Tyler Thorn is a Principal and a portfolio manager on the Multi-Sector Team at PGIM Fixed Income. Mr. Thorn joined the Firm in 2015 and previously was an analyst in the Portfolio Analysis Group. He has also worked on the Quantitative Modeling and Strategies team during his tenure at PGIM Fixed Income.

The SAI provides additional information about the portfolio managers' compensation, other accounts managed by the portfolio managers, and the portfolio managers' ownership of securities in the Fund, if any.

**Securities Selection**

In managing its allocation portion of the Fund's assets, PGIM utilizes both top-down and bottom-up approaches in conjunction with proprietary quantitative models and risk management systems. Sector allocation, duration, yield curve, and "industry bias" decisions are made using top-down research derived from a range of internal sources, including our Global Macroeconomic and Investment Strategy Teams and Heads of the Sector Teams, as well as external sources. Actual subsector and security selections are made by sector specialists after conducting bottom-up fundamental and quantitative research and relative value analysis. All portfolios are managed based on a pre-determined risk budget that includes thresholds for subsector/industry, issuer, and quality exposures.

All buy and sell decisions in the Strategy are based on fundamental and quantitative research and relative value analysis.

For investment grade corporate bonds, analysts screen the US investment corporate bond market to arrive at roughly 600 US issuers across 38 industries that receive priority research coverage. The focus is primarily on the largest issuers in major corporate bond indices, as these meet our size, quality, and liquidity objectives. Analysts follow nearly 90% of the issuers in major US corporate bond benchmarks on a dollar-weighted basis.

For US Government, agency, and mortgage securities, analysts screen the entire universes of these securities. Screening of the US mortgage market is done using two proprietary models: the first provides option-adjusted spreads for every mortgage security in the universe vs. US Treasury curves, the second is an implied mortgage prepayment framework that analyzes current mortgage prices to gauge market prepayment expectations. Screening of the US Government market is done using quantitative models and tools that identify undervalued securities and appropriate entry and exit points.

Screening of the securitized product market is also fundamentally based – securitized product analysts specialize in residential mortgage securities, commercial mortgage-backed securities, and/or asset backed securities. They perform credit analysis on issuers, as well as structural and servicer reviews and maintain ongoing views on the collateral quality of issuers in their sector to identify undervalued or mispriced securities.

Where individual client guidelines permit the use of high yield bonds, dedicated high yield credit analysts screen the entire universe of high yield bond issuers. In the screening process issuers with poor or weakening asset quality or weak financial positions are eliminated. Analysts will look at an issuer's revenues, earnings, cash flows, liquidity and management teams as well as other factors. Analysts also review each layer of an issuer's capital structure to identify bonds, and/or loans with strong asset coverage and covenant protection. The output includes a universe of about 500 US high yield bond issuers. Importantly, the screening process is continuous.

*U.S. Governments*

Security selection is based on proprietary quantitative analytics created and maintained by a dedicated Investment Risk Management and Quantitative Research Group. Portfolio managers use desktop-based quantitative analytics to screen the entire U.S. Government markets for attractively valued securities, as well as securities that may improve the risk profile of the portfolio. We use a proprietary yield curve model (a Gaussian 2+ Arbitrage-Free option pricing construct) to select securities. Using a number of key parameters, this model simultaneously fits prices of actively traded off-the-run U.S. Treasuries and swaptions, defining each security's "fundamental value" by the difference between its actual yield and its fitted yield. We sell a U.S. Government security when these analytics identify another security that is either more attractively valued or that improves the risk profile of the portfolio.

*Mortgage-Backed Securities*

PGIM Fixed Income uses two primary models and a regression tool to analyze and select mortgage-backed securities for Core Fixed Income portfolios. These tools are also maintained by our internal Investment Risk Management and Quantitative Research Group. We do not believe traditional Option Adjusted Spread (OAS) analysis alone is a sufficient method of identifying value in the mortgage-backed securities market because it does not accurately reflect dynamically changing market expectations of prepayments. Therefore, we supplement our use of the traditional OAS model with a second implied prepayment model, which is a market-based gauge of expected prepayment behavior. We then use regression analysis to analyze changing relationships in the mortgage-backed securities market. Mortgage sector specialists perform regression analysis on spreads among sectors and individual securities within the mortgage-backed securities market, using its own internal database of market prices, yields, and nominal and OAS spreads. The models are run daily based on end of day pricing and provide a relative value framework for determining over- and undervalued subsectors and issues. The sector portfolio managers then use additional proprietary software to determine attractive entry and exit points for a specific trade idea.

*Investment Grade Corporate and High Yield Bonds*

Security screening and purchase decisions in the investment grade and high yield corporate bond markets are made based primarily on fundamental credit research and valuation analysis with a secondary input being the rankings generated by proprietary relative value matrixes. Internal research analysts dedicated to specific sectors perform intensive fundamental analysis to develop substantive credit opinions on industries and individual issuers. Sector portfolio managers follow the same issuers from the trading perspective, contributing valuable information on trading patterns, spread levels, and liquidity. Based on this combination of credit fundamentals, spread levels, and liquidity, the teams of sector portfolio manager/analyst make specific "underweight," "underweight leaning," "overweight," or "overweight leaning" recommendations for each issuer followed. All opinions and research are stored in our proprietary Corporate Bond Relative Value Matrix and High Yield Relative Value Matrix, which rank all industries and issuers in an industry relative to each other. The Corporate Bond Team uses these results as an input into their Corporate Recommendation List that the sector portfolio managers use to buy and sell securities for their portfolios.

*Securitized Product*

Trading decisions in this sector are based on fundamental research of the underlying collateral and detailed analysis of the specific structure and servicer of each issue. All research is conducted by a dedicated group of internal securitized product analysts. Purchases are focused in five subsectors: 1) CMBS, 2) non-agency mortgage-backed securities, 3) credit cards, 4) auto loans and leases, and 5) collateralized loan obligations (CLOs). The analysts assign internal ratings and an option-adjusted spread to each issue prior to purchase. The team also utilizes proprietary analytics to identify relative value. The internal rating and spread is the basis for evaluating the relative attractiveness of market prices and is continually monitored while a security is held. Analysts work closely with the securitized product portfolio managers to review all securitized product securities considered for purchase and sale.

**<u>Mercer Opportunistic Fixed Income Fund</u>**

**Investment Objective**

The investment objective of the Fund is to provide long-term total return, which includes capital appreciation and income.

**Principal Investment Strategies of the Fund**

Under normal circumstances, the Fund will invest at least 80% of its net assets (plus borrowings for investment purposes, if any) in fixed income securities. (If the Fund changes this investment policy, the Fund will notify shareholders at least 60 days in advance of the change.) In seeking to achieve the Fund's investment objective of total return, the Fund invests primarily in fixed income securities of U.S. and non-U.S. issuers, including those in emerging and frontier markets. The Fund invests in various strategic and tactical global bond market opportunities without limitations in geography (developed and emerging markets), issuer type (government/public sector and corporate/private sector), quality (investment grade, below investment grade or unrated), and currency denomination (U.S. Dollar and foreign currencies). Fixed income securities in which the Fund will invest include all varieties of fixed-rate and floating-rate securities (including but not limited to those issued by central and local governments, government agency and affiliated institutions, corporate bonds, mortgage- and other asset-backed securities (including collateralized debt obligations), and convertible securities). The Fund may invest in bank loans and loan participations and senior and subordinated debt securities. The Fund may invest a significant portion of its assets in any combination of non-investment grade bonds (sometimes called "high yield" or "junk bonds"), bonds issued by issuers in emerging capital markets. A lesser portion of the Fund's assets may be invested in securities in default or otherwise illiquid investments. The Fund may also invest in securities that are subject to resale restrictions such as those contained in Rule 144A promulgated under the Securities Act of 1933, as amended. The Fund may invest in derivatives such as futures (including, among others, currency futures and interest rate futures), swaps (currency, interest rate, credit default, and total return), forwards, options (including, among others, exchange-traded and over-the-counter currency options), and credit-linked notes. The Fund may engage in

transactions in derivatives for a variety of purposes, including hedging, risk management, efficient portfolio management, enhancing total returns, or as a substitute for taking a position in the underlying asset.

Investments in derivatives may be applied toward meeting a requirement to invest in a particular kind of investment if the derivatives have economic characteristics similar to that investment. The Fund also may invest in equity securities and money market instruments.

**The Subadvisers**

The Adviser, on behalf of the Fund, has entered into subadvisory agreements with subadvisers to manage the assets of the Fund. Under the subadvisory agreements, each subadviser is responsible for the day-to-day portfolio management of a distinct portion of the Fund's portfolio, subject to the Adviser's oversight. The Fund's subadvisers, including the portfolio managers that are jointly and primarily responsible for the day-to-day management of their allocated portions of the Fund, and the subadvisers' investment strategies, are:

**Ares Capital Management II LLC** ("Ares"), with a principal office located at 1800 Avenue of the Stars, Suite 1400, Los Angeles, CA 90067, serves as a subadviser to the Fund. Ares is registered as an investment adviser under the Advisers Act. Ares is currently organized as a limited liability company and is wholly owned by Ares Management Corporation.

The allocated portion of the Fund's portfolio managed by Ares is managed on a team basis. The portfolio managers who are responsible for the day-to-day management of Ares's allocated portion of the Fund's portfolio are Charles Arduini, Seth Brufsky, and Samantha Milner. Mr. Arduini is a Partner and Portfolio Manager in the Ares Credit Group, where he focuses on alternative credit investments and has been with the firm since 2011. Mr. Brufsky is a Partner, Portfolio Manager and Chairman of Global Liquid Credit in the Ares Credit Group. Mr. Brufsky joined Ares in 1998. Ms. Milner is a Partner and U.S. Liquid Credit Portfolio Manager in the Ares Credit Group, where she is primarily responsible for managing Ares' U.S. bank loan credit strategies as well as Ares multi-asset credit strategies. Ms. Milner joined Ares in 2004.

The SAI provides additional information about the portfolio managers' compensation, other accounts managed by the portfolio managers, and the portfolio managers' ownership of securities in the Fund, if any.

**Securities Selection**

Ares manages its allocated portion of the Fund's portfolio by employing a flexible liquid credit strategy that seeks to capitalize on relative value opportunities within the below investment grade corporate and securitized universe through disciplined credit selection and active, tactical asset rotation. Ares seeks to generate alpha for investors by combining its fundamentals-driven research and investment process with a top-down macro-overlay informed by both quantitative and qualitative inputs, as well as prudent risk management. In terms of security selection, Ares' rigorous research practice seeks to generate attractive returns while minimizing downside risk to preserve investor capital. A proprietary diligence process culminates in a presentation to the tenured Investment Committee, where the analysts prepare a credit memo, financial model, and credit score matrix to inform these discussions, which promote thorough consistent vetting of credit fundamentals and oversight of asset selection process.

From a top-down investment process perspective, monthly Global Asset Allocation Committee meetings, chaired by Ares Quantitative Risk and Research team, serve as the primary forum to formulate macro views that inform portfolio construction and monitoring considerations. The objective of these monthly meetings is to discuss macro drivers impacting leveraged credit markets and establish target allocations for Ares' global multi-asset credit portfolios. Target portfolio allocations are established across geographies, asset classes, sectors, risk posture and interest rate/yield curve positioning, among other investment themes.

Ares operates an integrated bottom-up and top-down investment framework that seeks to build optimized portfolios where Ares portfolio managers make strategic asset allocation decisions incorporating perspectives on relative value and credit catalysts. Ares targets opportunities within the investable universe that have potential to add alpha to the return profile, while simultaneously providing diversification and other risk management benefits within the context of the broader portfolio.

**Crescent Capital Group LP** ("Crescent"), with a principal office located at 11100 Santa Monica Blvd, Suite 2000, Los Angeles, CA 90025, serves as a subadviser to the Fund. Crescent is registered as an investment adviser under the Advisers Act. Crescent is currently organized as a limited partnership organized under the laws of the State of Delaware.

Crescent is a majority-owned subsidiary of SLC Management, the institutional alternatives and traditional asset management business of Sun Life Financial Inc. ("Sun Life"). Sun Life, a publicly traded Canadian financial services company, acquired a 51% interest in Crescent in January 2021, with a put/call option for the remaining 49% stake expected to be exercised in 2026. Crescent employees currently collectively own the remaining 49% of the firm.

The allocated portion of the Fund's portfolio managed by Crescent is managed on a team basis. The portfolio managers who are responsible for the day-to-day management of Crescent's allocated portion of the Fund's portfolio are Mr. Fekete and Mr. Slusser. Mr. Fekete is Managing Director and Head of Tradeable Credit of Crescent and joined Crescent in 2001. Mr. Slusser is Managing Director and Head of Research of Crescent and joined Crescent in 2000.

The SAI provides additional information about the portfolio managers' compensation, other accounts managed by the portfolio managers, and the portfolio managers' ownership of securities in the Fund, if any.

**Securities Selection**

Crescent employs a fundamental, research-driven investment approach focused on constructing a portfolio of narrowly syndicated credit bonds. The strategy primarily targets below-investment-grade credit with smaller issue sizes, higher yields, and a limited number of holders compared to broadly syndicated credit. Liquidity in this segment may be more constrained; however, the strategy seeks to provide higher yield and comparable volatility to the broadly syndicated market.

The investment philosophy emphasizes capital preservation and high current income, utilizing bottom-up credit analysis to identify issuers with strong cash flows and the ability to service debt obligations. Crescent evaluates credit quality, structural protections, issuer fundamentals, and industry outlook in selecting investments.

Crescent integrates risk management throughout the investment process, including credit exposure monitoring, liquidity oversight, and issuer-specific risk analysis. The portfolio is diversified across issuers, industries, and credit tiers, ensuring prudent risk control while maintaining exposure to attractive relative value opportunities.

While there is no formal benchmark for this segment of the loan market, the strategy's performance is evaluated relative to broadly syndicated loans to ensure risk-adjusted return targets are met.

**Ninety One North America, Inc.** ("Ninety One"), with a principal office located at 65 East 55th Street, 30th floor, New York, NY 10022 serves as a subadviser to the Fund. Ninety One is registered as an investment adviser under the Advisers Act. Ninety One is an indirect, wholly-owned subsidiary of Ninety One plc. The Ninety One Group is dual-listed, comprising Ninety One plc, a public limited company incorporated in England and Wales and Ninety One Limited, a public company incorporated in the Republic of South Africa. Ninety One is listed on the London and Johannesburg Stock Exchanges.

The allocated portion of the Fund's portfolio managed by Ninety One is managed on a team basis. The portfolio managers who are responsible for the day-to-day management of Ninety One's allocated portion of the Fund's portfolio are Mr. de Klerk and Mr. Webster. In rendering investment advisory services to the Fund, Ninety One relies on a dual hatting agreement with Ninety One UK and Ninety One Pty, pursuant to which certain employees of such affiliates are permitted to provide portfolio management services to Ninety One's clients (including the Fund). Under the dual hatting agreements, such employees and such affiliates are considered "associated persons," as that term is defined in the Investment Advisers Act of 1940, as amended, of Ninety One, and the employees are subject to the control and supervision of Ninety One, and to Ninety One's compliance policies and procedures and code of ethics, in connection with any services they provide to Ninety One's clients.

The SAI provides additional information about the portfolio managers' compensation, other accounts managed by the portfolio managers, and the portfolio managers' ownership of securities in the Fund, if any.

**Securities Selection**

In managing its portion of the Fund's portfolio, Ninety One's typical investment process combines top-down and bottom-up analysis. Ninety One uses scorecards to create separate rankings of hard currency bonds as well and local currency bonds and currencies. The scores capture a wide range of factors reflecting our assessment of a combination of structural characteristics and cyclical dynamics. The top-down process determines the general outlook for emerging markets and aims to identify different themes in the market. The top-down process comes in at the portfolio construction stage where it provides checks and balances to the bottom-up investment ideas.

**Pacific Investment Management Company LLC** ("PIMCO"), with a principal office located at 650 Newport Center Drive, Newport Beach, California 92660, serves as a subadviser to the Fund. PIMCO was founded in Newport Beach, California in 1971. PIMCO is a majority owned subsidiary of Allianz Asset Management of America LLC ("Allianz Asset Management") with a minority interest held by Allianz Asset Management U.S. Holding II LLC, each, a Delaware limited liability company, and by certain current and former officers of PIMCO. Allianz Asset Management was organized as a limited liability company under Delaware law in 2000. Allianz Asset Management of America LP merged with Allianz Asset Management, with the latter being the surviving entity, effective January 1, 2023. Following the merger, Allianz Asset Management is PIMCO LLC's managing member and direct parent entity. Through various

holding company structures, Allianz Asset Management is majority owned by Allianz SE. Allianz SE is a European based, multinational insurance and financial services holding company and a publicly traded German company. The management and operational oversight of Allianz Asset Management is carried out by its Management Board, the sole member of which is currently Tucker J. Fitzpatrick.

The allocated portion of the Fund's portfolio managed by PIMCO is managed on a team basis. The portfolio managers who are responsible for the day-to-day management of PIMCO's allocated portion of the Fund's portfolio are Sonali Pier, Alfred Murata, Jason Duko and Charles Watford. Ms. Pier is Managing Director and Portfolio Manager of PIMCO and joined PIMCO in 2013. Mr. Murata is Managing Director and Portfolio Manager of PIMCO and joined PIMCO in 2001. Mr. Duko is Executive Vice President and Portfolio Manager, was at PIMCO from 2011-2018 and rejoined PIMCO in 2023. Prior to rejoining PIMCO in 2023, he was at Ares Management, where he was a partner and portfolio manager. Mr. Watford is Executive Vice President and Portfolio Manager of PIMCO and joined PIMCO in 2007.

The SAI provides additional information about the portfolio managers' compensation, other accounts managed by the portfolio managers, and the portfolio managers' ownership of securities in the Fund, if any.

**Securities Selection**

PIMCO manages its allocated portion of the Fund's portfolio by combining PIMCO's time-tested top-down allocation process with a rigorous, bottom-up approach to security selection. Within PIMCO's macroeconomic framework, the multi-sector credit portfolio management team determines the appropriate asset allocation across a broad range of global credit sectors and other fixed income sectors. The team then works closely with sector specialists, including Investment Grade Credit, Emerging Markets, High Yield and Securitized Credit portfolio managers, across the firm's global offices to determine the best way to gain exposure to specific sectors. In addition to sourcing ideas directly from sector specialists covering various credit sectors, the multi-sector credit team also works closely with individual credit analysts to identify what PIMCO finds are the most attractive individual credits. When vetting new investment ideas, the multi-sector credit team applies both qualitative as well as quantitative screens. Qualitative screens include factors such as consistency with PIMCO's long-term secular views and fundamental credit risk of an industry. The quantitative screening process includes a relative value assessment or an examination of underlying market technicals affecting an investment idea. New investment ideas are also evaluated on the basis of overall appropriateness and attractiveness versus existing strategy and other competing investment ideas. The team may also generate upside and downside scenarios as well as risk volatility estimates to size trades appropriately, and will determine which available instruments (i.e. cash versus synthetic, or index-based instruments) are optimal for expressing the investment thesis. New investment ideas are decomposed into individual risk factors so that the team can determine which risks are appropriate for the portfolio and which need to be minimized or removed entirely. As part of this process, the team will assess the impact of an investment idea on the overall model portfolio and evaluate whether other existing portfolio positions or hedges need to be modified accordingly. Lastly, the team may establish exit parameters depending on whether an investment is long-term (strategic) or tactical in nature.

**Polen Capital Credit, LLC** ("Polen Credit"), with a principal office located at 1075 Main Street, Suite 320, Waltham, MA 02451, serves as a subadviser to the Fund. Polen Credit is registered as an investment adviser under the Advisers Act. Polen Credit is a wholly-owned subsidiary of Polen Capital Management, LLC ("Polen Capital"), which is an independently controlled, employee-managed firm structured as a limited liability company. The current ownership structure is 72% employees (via Polen Capital Holdings LP), 20% iM Global Partner (passive interest) and 8% Polen Family Holdings (passive interest). Polen Capital employees control 100% of the firm.

The allocated portion of the Fund's portfolio managed by Polen Credit is managed on a team basis. The portfolio managers who are responsible for the day-to-day management of Polen Credit's allocated portion of the Fund's portfolio are Mr. Breazzano, Mr. Santonelli, and Mr. Sherman with Messrs. Santonelli and Sherman responsible for security selection and portfolio construction decisions. Mr. Breazzano is Head of Team and Portfolio Manager of Polen Credit and joined Polen Credit in 1996. Mr. Santonelli is a Portfolio Manager of Polen Credit and joined Polen Credit in 2004. Mr. Sherman is a Portfolio Manager of Polen Credit and joined Polen Credit in 2007.

The SAI provides additional information about the portfolio managers' compensation, other accounts managed by the portfolio managers, and the portfolio managers' ownership of securities in the Fund, if any.

**Securities Selection**

Polen Credit's investment process attempts to exploit inefficiencies in the high yield credit markets by adhering to a disciplined, bottom-up, fundamentally-oriented investment process with a strict adherence to downside protection. This process applies value investing principles through rigorous research coupled with financial, structural and legal analysis, including a review of bankruptcy law considerations where applicable. The foundation of this investment process is to derive an accurate, real-time valuation of a target company, and only invest in securities of that company's capital structure that Polen Credit believes offer a significant margin of safety coupled with strong total return potential.

**Wellington Management Company LLP** ("Wellington"), a Delaware limited liability partnership with a principal office located at 280 Congress Street, Boston, Massachusetts 02210, serves as a subadviser to the Fund. Wellington is a professional investment counseling firm which provides investment services to investment companies, employee benefit plans, endowments, foundations, and other institutions. Wellington and its predecessor organizations have provided investment advisory services for over 90 years. Wellington is owned by the partners of Wellington Management Group LLP, a Massachusetts limited liability partnership. As of December 31, 2024, Wellington and its investment advisory affiliates had investment management authority with respect to approximately $1.24 trillion in assets.

The allocated portion of the Fund's portfolio managed by Wellington is managed on a team basis. The portfolio managers who are responsible for the day-to-day management of Wellington's allocated portion of the Fund's portfolio are Mr. Goodman and Mr. Burn. Mr. Goodman, CFA, is Senior Managing Director and Fixed Income Portfolio Manager of Wellington and joined Wellington as a Portfolio Manager in 2000. Mr. Burn, CFA, is Senior Managing Director and Fixed Income Portfolio Manager of Wellington and joined Wellington as a Fixed Income Quantitative Analyst in 2007.

The SAI provides additional information about the portfolio managers' compensation, other accounts managed by the portfolio managers, and the portfolio managers' ownership of securities in the Fund, if any.

**Securities Selection**

Wellington manages its allocated portion of the Fund's portfolio according to a disciplined investment process that combines aspects of both top-down portfolio strategy development and sector specialist expertise. The investment decision-making process integrates an analysis of global investment themes, rigorous fundamental economic and quantitative analysis, and specialist research on individual credit sectors with bottom-up security selection. Once the portfolio's sector allocations have been determined, security selection within the broad sectors is driven by sector specialist portfolio managers through a fundamental, bottom-up investment approach.

Portfolio managers work closely with Wellington's in-house fixed income credit analysts who conduct proprietary research and make action-oriented recommendations, capitalizing on Wellington's broad, globally integrated research platform of bond and equity analysts which Wellington believes is essential to adding value. Risk is monitored throughout the investment process and managed at the security, sector, and portfolio level.

**<u>Mercer Short Duration Fixed Income Fund</u>**

**Investment Objective**

The investment objective of the Fund is to provide total return, consisting of both current income and capital appreciation.

**Principal Investment Strategies of the Fund**

In seeking to achieve the Fund's investment objective of total return, the Fund invests in fixed income securities of U.S. and foreign issuers. The Fund invests primarily in U.S. dollar-denominated, investment grade bonds, including government securities, corporate bonds, and securitized bonds such as mortgage- and asset-backed securities, among others. Under normal circumstances, the Fund will invest at least 80% of its net assets (plus borrowings for investment purposes, if any) in fixed income securities. If the Fund changes this investment policy, the Fund will notify shareholders at least 60 days in advance of the change. The Fund also may invest a significant portion of its assets in any combination of non-investment grade bonds (sometimes called "high yield" or "junk bonds"), non-U.S. dollar denominated bonds, and bonds issued by issuers in emerging capital markets, while limiting its investment in non-investment grade bonds to not more than 20% of its net assets. The Fund may also invest in securities that are subject to resale restrictions such as those contained in Rule 144A promulgated under the Securities Act of 1933, as amended. The Fund may invest in derivative instruments, such as options, futures, and swap agreements. The Fund may engage in transactions in derivatives for a variety of purposes, including changing the investment characteristics of its portfolio, enhancing total returns, or as a substitute for taking a position in the underlying asset. Investments in derivatives may be applied toward meeting a requirement to invest in a particular kind of investment if the derivatives have economic characteristics similar to that investment. The Fund's duration will typically fall between one and three years. Duration is a measure of the sensitivity of the price of a debt security (or a portfolio of debt securities) to changes in interest rates. The prices of debt securities with shorter durations generally will be less affected by changes in interest rates than the prices of debt securities with longer durations. For example, a 1% rise in interest rates will generally result in a 1% fall in value for every year of duration. Conversely, a 1% decline in interest rates will generally result in a 1% increase in the value of a debt security's market price.

**The Subadvisers**

The Adviser, on behalf of the Fund, has entered into subadvisory agreements with subadvisers to manage allocated portions of the assets of the Fund. Under the subadvisory agreements, each subadviser is responsible for the day-to-day portfolio management of a distinct portion of the Fund's portfolio, subject to the Adviser's oversight. The Fund's subadvisers, including the portfolio managers that are jointly and primarily responsible for the day-to-day management of their allocated portions of the Fund, and the subadvisers' investment strategies, are:

**Voya Investment Management Co. LLC** ("Voya IM"), located at 200 Park Avenue, New York, New York, 10166, serves as a subadviser to the Fund. Voya IM, a Delaware limited liability company, was founded in 1972. Voya IM has acted as an investment adviser or subadviser to mutual funds since 1994 and has managed institutional accounts since 1972. Voya IM is an indirect subsidiary of Voya Financial, Inc. (76%) and Allianz SE (24%).

The allocated portion of the Fund's portfolio managed by Voya IM is managed on a team basis. The portfolio managers who are responsible for the day-to-day management of Voya IM's allocated portion of the Fund's portfolio are Sean Banai, CFA, David Goodson, Anil Katarya, CFA and Raj Jadav, CFA. Mr. Banai joined Voya IM in 1999 and currently serves as Head of Portfolio Management for the fixed income platform. Mr. Goodson joined Voya IM in 2002 and currently serves as Head of Securitized Fixed Income. Mr. Katarya joined Voya IM in 2000 and currently serves as the Global Head of Investment Grade Credit. Mr. Jadav joined Voya IM in 2019 and currently serves as portfolio manager.

The SAI provides additional information about each portfolio manager's compensation, other accounts managed by each portfolio manager, and each portfolio manager's ownership of securities in the Fund, if any.

**Securities Selection**

Voya IM believes that relationships between the drivers of debt instrument returns change over time and that recognizing this is key to managing such assets. Therefore, Voya IM employs a dynamic investment process that seeks to balance top-down macro economic considerations and fundamental bottom-up analysis during the steps of its investment process: sector allocation, security selection, duration, and yield curve management. This includes utilizing proprietary qualitative analysis along with quantitative tools throughout the portfolio construction process.

**Aristotle Pacific Capital, LLC** ("Aristotle Pacific"), located at 840 Newport Center Drive, Suite 700, Newport Beach, CA 92660, serves as a subadviser to the Fund. Founded in 2007, Aristotle Pacific specializes in credit oriented fixed income strategies. Aristotle Capital Management, LLC holds a controlling interest in Aristotle Pacific.

The allocated portion of the Fund's portfolio managed by Aristotle Pacific is managed on a team basis. The portfolio managers who are responsible for the day-to-day management of Aristotle Pacific's allocated portion of the Fund's portfolio are David Weismiller, CFA, Michael Marzouk, CFA and Ying Qiu, CFA. Mr. Weismiller joined Aristotle Pacific in 2007 and currently serves as Senior Managing Director. Mr. Marzouk joined Aristotle Pacific in 2007 and currently serves as Senior Managing Director. Ms. Qiu joined Aristotle Pacific in 2016 and currently serves as Managing Director.

The SAI provides additional information about each portfolio manager's compensation, other accounts managed by each portfolio manager, and each portfolio manager's ownership of securities in the Fund, if any.

**Securities Selection**

Aristotle Pacific's fundamental research process combines a bottom-up issuer analysis and top-down market assessment. A bottom-up issuer analysis relies upon Aristotle Pacific's fundamental research analysis of individual issuers. A top-down market assessment provides a framework for portfolio risk positioning and sector allocations. Once this is determined, the team looks for companies that it believes have sustainable competitive positions, strong management teams and the ability to repay or refinance its debt obligations. The team performs a credit analysis on each potential issuer and a relative value analysis for each potential investment. When selecting investments, the team may invest in instruments that it believes have the potential for capital appreciation.

Individual investment selection is based on Aristotle Pacific's fundamental research process. Individual investments may be purchased or sold in the event the team decides to adjust debt asset class weightings within the portfolio. An investment is generally sold when Aristotle Pacific believes that the issue has realized its price appreciation target, the issue no longer offers relative value, or an adverse change in corporate or sector fundamentals has occurred.

**Merganser Capital Management, LLC** ("Merganser"), located at 99 High Street, Boston, MA 02110, serves as a subadviser to the Fund. Merganser is a Delaware limited liability company. The principal owners of Merganser are the Gahan 2019 Descendants' Trust and Providence Equity Partners L.L.C. indirectly through Providence Equity Capital Markets Merganser LLC, an affiliate of Providence Equity Partners L.L.C.

The allocated portion of the Fund's portfolio managed by Merganser is managed on a team basis. The portfolio managers who are responsible for the day-to-day management of Merganser's allocated portion of the Fund are Andrew M. Smock, CFA and Adam M. Ware, CFA. Mr. Smock joined Merganser in 2003 and currently serves as Principal and Co-Chief Investment Officer. Mr. Ware joined Merganser in 2007 and currently serves as Principal and Portfolio Manager.

The SAI provides additional information about each portfolio manager's compensation, other accounts managed by each portfolio manager, and each portfolio manager's ownership of securities in the Fund, if any.

**Securities Selection**

Merganser's investment philosophy is based on the belief that the bond market is inherently inefficient and highly fragmented, causing market pricing to deviate from intrinsic value for extended periods of time. Merganser's collaborative team approach emphasizes an active, value-oriented investment process which seeks to capitalize on these inefficiencies and produce attractive risk adjusted returns through market cycles.

Merganser believes in the role of traditional fixed income, which is why investment strategies are long only, exclusively USD and do not permit the use of leverage or complex derivatives. Capital preservation, liquidity and attractive risk-adjusted returns permeate every decision Merganser makes. Portfolios are invested across investment grade fixed income, with a particular focus on areas that maximize the benefits of size and expertise. Portfolio durations versus the benchmark are maintained within a narrow tolerance, as Merganser believes accurately predicting the future path of interest rates is not a sound investment strategy and can introduce unintended risks.

Merganser's security selection process is driven by relative value decisions, deep fundamental credit work across fixed income sectors, and bottom-up security selection choices. The investment team is keenly focused on uncovering investment opportunities, using both security analysis and a highly collaborative approach to decision-making. Portfolio managers, sector specialists and CIO debate relative value constantly to determine where the incremental dollar in our clients' portfolios should be invested. Ultimately, the idea generation at Merganser is analyst driven and the portfolio manager serves the role as the gatekeeper of risk, determining overall sector targets and best fit within the context of each portfolio's return objectives and liquidity needs. Portfolio managers can veto any new investment idea that comes to the table. Once a portfolio is populated, each security is closely tracked through our surveillance tools and a full performance diagnostic is conducted on a monthly basis to ensure the original thesis remains intact.

**<u>Risks of the Funds</u>**

All investment securities are subject to inherent market risks and fluctuations in value due to earnings, economic, and political conditions and other factors. These risks could adversely affect the net asset value ("NAV") and total return of a Fund, the value of a Fund's investments, and your investment in a Fund. The table below, and the discussion that follows, identifies and describes the types of principal and non-principal risks of investing in each Fund. The risks appear in the table in the order of magnitude for each Fund.

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| &nbsp;&nbsp;**Fund Name** | **Principal Risks** | **Non-Principal Risks** |
| &nbsp;&nbsp;Mercer US Small/Mid Cap Equity Fund | • Equity Securities Risk<br> • Market Risk<br> • Issuer Risk<br> • Small and Medium Capitalization Stock Risk<br> • Real Estate Investment Trust Risk<br> • Custody Risk<br> • Growth Stock Risk<br> • Value Stock Risk<br> • Derivatives Risk<br> • Management Techniques Risk<br> • Quantitative Model Risk<br> • Leverage Risk<br> • Sector Risk | • Counterparty Risk<br> • Large Shareholder Risk<br> • Portfolio Turnover Risk<br> • Securities Lending Risk<br> • Convertible Securities Risk<br> • Currency Exchange Rate Risk<br> • Emerging Markets Investments Risk<br> • Foreign Investments Risk |
| &nbsp;&nbsp;Mercer Non-US Core Equity Fund | • Equity Securities Risk<br> • Market Risk<br> • Foreign Investments Risk<br> • Geographic Focus Risk<br> • Currency Exchange Rate Risk<br> • Political and Economic Risk<br> • Small and Medium Capitalization Stock Risk<br> • Custody Risk<br> • Growth Stock Risk<br> • Issuer Risk<br> • Large Capitalization Stock Risk<br> • Value Stock Risk<br> • Derivatives Risk<br> • Emerging Markets Investments Risk<br> • Liquidity Risk<br> • Quantitative Model Risk<br> • Management Techniques Risk<br> • Leverage Risk<br> • Sector Risk | • Counterparty Risk<br> • Large Shareholder Risk<br> • Portfolio Turnover Risk<br> • Securities Lending Risk<br> • Convertible Securities Risk<br> • Focus Risk |
| &nbsp;&nbsp;Mercer Emerging Markets Equity Fund | • Equity Securities Risk<br> • Emerging Markets Investments Risk<br> • Geographic Focus Risk<br> • Market Risk<br> • Foreign Investments Risk<br> • Political and Economic Risk<br> • Currency Exchange Rate Risk<br> • Small and Medium Capitalization Stock Risk<br> • Value Stock Risk<br> • Custody Risk<br> • Issuer Risk<br> • Large Capitalization Stock Risk<br> • Growth Stock Risk<br> • Leverage Risk<br> • Liquidity Risk | • Counterparty Risk<br> • Large Shareholder Risk<br> • Portfolio Turnover Risk<br> • Convertible Securities Risk<br> • Securities Lending Risk<br> • Short Selling Risk |

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|  | • Quantitative Model Risk<br> • Frontier Markets Investments Risk<br> • Management Techniques Risk<br> • Derivatives Risk<br> • Sector Risk |  |
| &nbsp;&nbsp;Mercer Core Fixed Income Fund | • Market Risk<br> • Interest Rate Risk<br> • Credit Risk<br> • Mortgage-Backed and Asset-Backed Securities Risk<br> • Fixed-Income Securities Risk<br> • Call or Prepayment Risk<br> • U.S. Government Securities Risk<br> • Emerging Markets Investments Risk<br> • Foreign Investments Risk<br> • High Yield Securities Risk<br> • Management Techniques Risk<br> • Counterparty Risk<br> • Custody Risk<br> • Derivatives Risk<br> • Issuer Risk<br> • Liquidity Risk<br> • Rule 144A Securities Risk<br> • Portfolio Turnover Risk<br> • Leverage Risk | • Convertible Securities Risk<br> • Large Shareholder Risk<br> • Securities Lending Risk |
| &nbsp;&nbsp;Mercer Opportunistic Fixed Income Fund | • Market Risk<br> • Fixed-Income Securities Risk<br> • Emerging Markets Investments Risk<br> • Leverage Risk<br> • Credit Risk<br> • Sovereign Debt Securities Risk<br> • Political and Economic Risk<br> • Foreign Exchange Transaction Risk<br> • Foreign Investments Risk<br> • High Yield Securities Risk<br> • Currency Exchange Rate Risk<br> • Management Techniques Risk<br> • Derivatives Risk<br> • Frontier Markets Investments Risk<br> • Mortgage-Backed and Asset-Backed Securities Risk<br> • Call or Prepayment Risk<br> • Issuer Risk<br> • Liquidity Risk<br> • Convertible Securities Risk<br> • Counterparty Risk<br> • Custody Risk<br> • Interest Rate Risk<br> • Rule 144A Securities Risk | • Cash and Other High Quality Instruments<br> • Portfolio Turnover Risk<br> • Default and Liquidity Risk of Below Investment Grade Debt Securities<br> • Equity Securities Risk<br> • Exchange-Traded Funds<br> • Large Shareholder Risk<br> • Securities Lending Risk |
| &nbsp;&nbsp;Mercer Short Duration Fixed Income Fund | • Credit Risk<br> • Fixed Income Securities Risk<br> • Interest Rate Risk<br> • Management Techniques Risk<br> • Market Risk<br> • Portfolio Turnover Risk<br> • U.S. Government Securities Risk<br> • Counterparty Risk<br> • Derivatives Risk | • Securities Lending Risk |

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• Custody Risk<br> • Leverage Risk<br> • Rule 144A Securities Risk<br> • Issuer Risk<br> • Mortgage-Backed and Asset-Backed Securities Risk<br> • Call or Prepayment Risk<br> • Emerging Markets Investments Risk<br> • Foreign Investments Risk<br> • High Yield Securities Risk<br> • Floating Rate Loan Risk<br> • Liquidity Risk<br> • Sector Risk<br>

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| *Cash and Other High Quality Instruments* | &nbsp;&nbsp;The Funds may invest significantly in cash, cash equivalents, or cash-like investments. In addition, the Funds may invest its assets in certain types of equity securities and/or fixed-income securities with remaining maturities of less than one year. These cash items and other high-quality corporate debt securities may include a number of money market instruments such as securities issued by the U.S. government and agencies thereof, bankers' acceptances, commercial paper, and bank certificates of deposit. If a Fund maintains a significant portion of its holdings in cash and cash-like investments, then it may reduce its participation in market volatility, but is likely also to reduce its participation in positive market returns. Additionally, significant holdings of cash and cash-like investments may result in an erosion in relative value in macroeconomic circumstances where inflation is high. As a result, if the Fund maintains significant cash positions in its portfolio over time it may experience reduced long-term total return which could impair its ability to meet its investment objective. |
| *Call or Prepayment Risk* | &nbsp;&nbsp;During periods of falling interest rates, issuers of callable securities may call or repay securities with higher interest rates before their maturity dates. If an issuer calls a security that a Fund has invested in, the Fund may not recoup the full amount of interest income expected on its initial investment and may be forced to reinvest in lower-yielding securities, securities with greater credit risks, or securities with other, less favorable features. Early repayment of principal of mortgage-related securities could have the same effect. |
| *Convertible Securities Risk* | &nbsp;&nbsp;Convertible securities (preferred stocks, debt instruments, and other securities convertible into common stocks) may offer higher income than the common stocks into which the convertible securities are convertible or exchangeable. While convertible securities generally offer lower yields than non-convertible debt securities of similar quality, the prices of convertible securities may reflect changes in the values of the underlying common stocks into which such convertible securities are convertible or exchangeable. Issuers of convertible securities are often not as financially strong as those issuing securities with higher credit ratings, are more likely to encounter financial difficulties, and typically are more vulnerable to changes in the economy, such as a recession or a sustained period of rising interest rates, which could affect their ability to make interest and principal payments. |
| *Counterparty Risk* | &nbsp;&nbsp;The issuer or guarantor of a fixed income security, the counterparty to a derivatives contract or foreign currency spot trade, or a borrower of a Fund's securities may be unwilling or unable to make timely principal, interest, or settlement payments, or otherwise to honor its obligations. |
| *Credit Risk* | &nbsp;&nbsp;Issuers of debt securities may be unable, unwilling, or perceived to be unwilling to make the required payments of interest and/or principal at the time that such payments are due. In addition, changes in an issuer's credit rating or the market's perception of an issuer's creditworthiness also can adversely affect the values and liquidity of the issuers' debt securities. Issuers of investment grade securities may still default on their obligations. |
| *Currency Exchange Rate Risk* | &nbsp;&nbsp;Foreign securities may be issued and traded in foreign currencies. As a result, the values of foreign securities may be affected by changes in exchange rates between foreign currencies and the U.S. dollar, as well as between currencies of countries |

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|  | &nbsp;&nbsp;other than the United States. For example, if the value of the U.S. dollar increases relative to a particular foreign currency, an investment denominated in that foreign currency will decrease in value because the investment will be worth fewer U.S. dollars. A subadviser may elect not to hedge currency risk or may hedge imperfectly, which may cause a Fund to incur losses that would not have been incurred had the risk been perfectly hedged. |
| *Custody Risk* | &nbsp;&nbsp;There are risks involved in dealing with the depositories, custodians, or brokers who settle Fund trades. Securities and other assets deposited with depositories, custodians, or brokers may not be clearly or constantly identified as being assets of the Fund, and hence the Fund may be exposed to a credit risk with regard to such parties. The Fund may be an unsecured creditor of its broker in the event of bankruptcy or administration of such broker. Further, there may be practical or time problems associated with enforcing the Fund's rights to its assets in the case of an insolvency of any such party. |
| *Default and Liquidity Risk of Below Investment Grade Debt Securities* | &nbsp;&nbsp;Below investment grade debt securities are speculative and involve a greater risk of default and price changes due to changes in the issuer's creditworthiness. The market prices of these debt securities fluctuate more than investment grade debt securities and may decline significantly in periods of general economic difficulty. The market for such securities may not be liquid at all times. In a relatively illiquid market, a Fund may not be able to acquire or dispose of such securities quickly and, as such, the Fund may experience adverse price movements upon liquidation of its investments. |
| *Derivatives Risk Generally* | &nbsp;&nbsp;The Funds may invest in derivative instruments. Derivatives are financial instruments, the value of which depends upon, or is derived from, the value of something else, such as one or more underlying investments, pools of investments, indices, or currencies. A subadviser to the equity Funds may use exchange-listed equity futures to equitize cash held in the portfolio. Derivatives involve special risks and may result in losses. The successful use of derivatives depends on the ability of a subadviser to manage these sophisticated instruments. The prices of derivatives may move in unexpected ways due to the use of leverage or other factors, especially in unusual market conditions, and may result in increased volatility of a Fund's share price. The possible lack of a liquid secondary market for derivatives and the resulting inability of the Fund to sell or otherwise close a derivatives position could expose the Fund to losses and could make derivatives more difficult for the Fund to value accurately. Derivatives may also be subject to the risk that the other party in the transaction will not fulfill its contractual obligations. |
| *More on Derivatives Risk* | &nbsp;&nbsp;The Funds may engage in a variety of transactions involving derivatives, such as options, futures, forwards and swap agreements. Derivatives are financial instruments, the values of which depend upon, or are derived from, the value of something else, such as one or more underlying investments, pools of investments, indices, or currencies. A subadviser may use derivatives both for hedging and non-hedging purposes, although it is anticipated that the use of derivatives by the Funds will generally be limited to maintaining exposure to certain market segments or asset classes, increasing or decreasing currency exposure, or facilitating certain portfolio transactions. A subadviser may also use derivatives such as exchange-listed equity futures contracts, swaps and currency forwards to equitize cash held in the portfolio. Investments in derivatives may be applied toward meeting a requirement to invest in a particular kind of investment if the derivatives have economic characteristics similar to that investment.<br>Derivatives involve special risks and may result in losses. The successful use of derivatives depends on the ability of a subadviser to manage these sophisticated instruments. The prices of derivatives may move in unexpected ways due to the use of leverage or other factors, especially in unusual market conditions, and may result in increased volatility of a Fund's share price. Certain derivatives are subject to counterparty risk, which is the risk that the other party to the transaction will not fulfill its contractual obligations, and risks arising from margin requirements, which include the risk that the Fund will be required to pay additional margin or set aside |

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|  | &nbsp;&nbsp;additional collateral to maintain open derivative positions. Certain derivatives are subject to mandatory central clearing and exchange-trading. Central clearing is intended to reduce counterparty credit risk, but central clearing does not make derivatives transactions risk-free. Exchange-trading is intended to increase liquidity, but there is no guarantee a Fund could consider exchange-traded derivatives to be liquid. Some derivatives are more sensitive to interest rate changes and market movements than other instruments. The possible lack of a liquid secondary market for derivatives and the resulting inability of a Fund to sell or otherwise close a derivatives position could expose the Fund to losses and could make derivatives more difficult for the Fund to value accurately. |
|  | &nbsp;&nbsp; Certain derivatives instruments provide the economic effect of financial leverage by creating additional investment exposure, as well as the potential for greater loss. If a subadviser uses leverage through purchasing derivative instruments, the Fund has the risk of capital losses that exceed the net assets of the allocable portion of the Fund managed by that subadviser. The net asset value of the Fund employing leverage will be more volatile and sensitive to market movements. Leverage may involve the creation of a liability that requires the Fund to pay interest.<br>Derivatives instruments may also be susceptible to operational risks. Failures in the documentation and shortcomings in the settlement process could result in the failure to complete a transaction. There are also legal risks associated with derivatives, particularly if contracts are not legally enforceable or if a counterparty does not have sufficient capacity to perform on a contract. |
| *Emerging Markets Investments Risk* | &nbsp;&nbsp;Emerging markets securities involve unique risks, such as exposure to economies that are less diverse and mature than those of the United States or more established foreign markets. Also, emerging markets securities are subject to the same risks as foreign investments, described below. Generally, these risks are more severe for issuers in countries with emerging capital markets. Also, economic or political instability may cause larger price changes in emerging markets securities than in other foreign investments, and investments in these securities may present a greater risk of loss. Additionally, companies in emerging market countries may not be subject to accounting, auditing, financial reporting and recordkeeping requirements that are as robust as those in more developed countries and therefore, material information about a company may be unavailable or unreliable, and U.S. regulators may be unable to enforce a company's regulatory obligations.<br>Rising interest rates, combined with widening credit spreads, could negatively impact the value of emerging market debt and increase funding costs for foreign issuers. In such a scenario, foreign issuers might not be able to service their debt obligations, the market for emerging market debt could suffer from reduced liquidity, and the Fund could lose money.<br>|
| *Equity Securities Risk* | &nbsp;&nbsp;U.S. and global stock markets are volatile. The price of equity securities will fluctuate, and can decline and reduce the value of a fund investing in equities. The price of equity securities fluctuates based on changes in a company's financial condition, and overall market and economic conditions. The value of equity securities purchased by a Fund could decline if the financial condition of the companies in which the Fund is invested declines, or if overall market and economic conditions deteriorate. The Fund may maintain substantial exposure to equities and generally does not attempt to time the market. Because of this exposure, the possibility that stock market prices in general will decline over short or extended periods subjects the Fund to unpredictable declines in the value of its investments, as well as periods of poor performance. |
| *Exchange-Traded Funds ("ETFs")* | &nbsp;&nbsp;Subject to the limitations on investment in investment company securities and each Fund's own investment objective, the Funds may invest in ETFs. ETFs generally trade on a recognized exchange and are subject to the risks of an investment in a broadly based portfolio of securities. These securities generally bear certain |

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|  | &nbsp;&nbsp;operational expenses. To the extent that a Fund invests in ETFs, the Fund must bear these expenses in addition to the expenses of its own operation. |
| *Fixed-Income Securities Risk* | &nbsp;&nbsp;Fixed-income securities are generally subject to the principal types of risks described under "Credit Risk" above and "Interest Rate Risk" below. |
| *Floating Rate Loan Risk* | &nbsp;&nbsp;Floating rate loans (or bank loans) are usually rated below investment grade and thus are subject to "High Yield Securities Risk" which is defined below. The market for floating rate loans is a private interbank resale market and thus may be subject to irregular trading activity, wide bid/ask spreads and delayed settlement periods, which may result in cash proceeds not being immediately available to a Fund. As a result, a fund that invests in floating rate loans may be subject to greater liquidity risk than a fund that does not. Funds that invest in floating rate loans take steps to maintain adequate liquidity, such as borrowing cash under a line of credit or other facility through their custodian bank; however, these actions may increase expenses to a fund (such as borrowing cost) or may not always be adequate, particularly during periods of market stress. Investments in floating rate loans are typically in the form of an assignment. If the lead lender in a typical lending syndicate becomes insolvent, enters Federal Deposit Insurance Corporation ("FDIC") receivership or, if not FDIC insured, enters into bankruptcy, a Fund may incur certain costs and delays in receiving payment or may suffer a loss of principal and/or interest. In purchasing an assignment, a Fund succeeds to all the rights and obligations under the loan agreement of the assigning bank or other financial intermediary and becomes a lender under the loan agreement with the same rights and obligations as the assigning bank or other financial intermediary. Accordingly, if the loan is foreclosed, a Fund could become part owner of any collateral, and would bear the costs and liabilities associated with owning and disposing of the collateral.<br>Floating rate loans are also subject to prepayment risk. Borrowers may pay off their loans sooner than expected, particularly when interest rates are falling. Prepayments may require a Fund to reinvest this money at lower yields, which can reduce its returns. Similarly, debt obligations with call features have the risk that an issuer will exercise the right to pay an obligation (such as a mortgage-backed security) earlier than expected. Prepayment and call risk typically occur when interest rates are declining. In addition, the floating rate feature of loans means that floating rate loans will not generally experience capital appreciation in a declining interest rate environment. Conversely, when interest rates are rising, the duration of such securities tends to extend, making them more sensitive to changes in interest rates, although floating rate debt securities are typically less exposed to this risk than fixed rate debt securities.<br>Historically, floating rate loans have not been registered with the SEC or any state securities commission or listed on any securities exchange. As a result, the amount of public information available about a specific floating rate loan historically has been less extensive than if the floating rate loan were registered or exchange-traded. As a result, no active market may exist for some floating rate loans. |
| *Focus Risk* | &nbsp;&nbsp;Issuers in a single industry, sector, country, or region can react similarly to market, currency, political, economic, regulatory, geopolitical, and other conditions. These conditions include business environment changes; economic factors such as fiscal, monetary, and tax policies; inflation and unemployment rates; and government and regulatory changes. The Fund's performance will be affected by the conditions in the industries, sectors, countries and regions to which the Fund is exposed.<br>|
| *Foreign Exchange Transaction Risk* | &nbsp;&nbsp;The Funds may use currency futures contracts, forward currency exchange contracts, or similar instruments to alter the currency exposure characteristics of securities it holds. Consequently there is a possibility that the performance of a Fund may be strongly influenced by movements in foreign exchange rates because the currency positions held by the Fund may not correspond with the securities positions. |

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| *Foreign Investments Risk* | &nbsp;&nbsp;Investing in foreign securities, including Depositary Receipts, typically involves more risks than investing in U.S. securities. These risks, which include political, social, economic, environmental, credit, information, or currency risk, can increase the potential for losses in the Fund and affect its share price. Generally, securities of many foreign issuers may be less liquid, and their prices may be more volatile, than the securities of comparable U.S. issuers. Transaction costs for foreign securities generally are higher than for comparable securities issued in the United States. A Fund's investments in foreign securities may be subject to foreign withholding taxes, which would decrease the yield on those securities. Many foreign governments may supervise and regulate their financial markets less stringently than the U.S. government does. In addition, foreign issuers generally are not subject to the same types of accounting, auditing, or financial reporting standards as those that are applicable to U.S. issuers. As a result, with respect to foreign issuers, there may be less publicly available information regarding their operations and financial conditions, and the information that is available may be less reliable. To the extent that the Fund's investments in a single country or a limited number of countries represent a large percentage of the Fund's assets, the Fund may be adversely affected by the economic, political, geopolitical and social conditions in those countries. |
| *Frontier Markets Investments Risk* | &nbsp;&nbsp;Frontier market countries generally have smaller economies and even less developed capital markets than traditional emerging markets, and, as a result, the risks of investing in emerging market countries (see "Emerging Markets Investments Risk" above) are magnified in frontier market countries. The magnification of risks are the result of: potential for extreme price volatility and illiquidity in frontier markets; government ownership or control of parts of private sector and of certain companies; trade barriers, exchange controls, managed adjustments in relative currency values and other protectionist measures imposed or negotiated by the countries with which frontier market countries trade; and the relatively new and unsettled securities laws in many frontier market countries. Additionally, companies in frontier market countries may not be subject to accounting, auditing, financial reporting and recordkeeping requirements that are as robust as those in more developed countries and therefore, material information about a company may be unavailable or unreliable, and U.S. regulators may be unable to enforce a company's regulatory obligations. |
| *Geographic Focus Risk* | &nbsp;&nbsp;To the extent that a Fund focuses its investments in a particular geographic region or country, the Fund may be subject to increased currency, political, social, environmental, regulatory and other risks not typically associated with investing in a larger number of regions or countries. In addition, certain emerging markets economies may themselves be focused in particular industries or more vulnerable to political changes than the U.S. economy, which may have a direct impact on a Fund's investments. As a result, a Fund may be subject to greater price volatility and risk of loss than a fund holding more geographically diverse investments.<br>|
|  | &nbsp;&nbsp; To the extent that a Fund focuses its investments in Asian countries, the Fund may be subject to increased risks associated with such investments in Asian markets. Parts of the Asian region may be subject to a greater degree of economic, political and social instability than is the case in the United States. Investments in countries in the Asian region will be impacted by the market conditions, legislative or regulatory changes, competition, diplomatic, or political, economic and other developments in Asia.<br>Chinese issuers may subject the Fund to risks associated with that region, including among others, more frequent trading suspensions and government intervention (including by nationalization of assets and possible retroactive, arbitrary and/or unpredictable enforcement of securities regulations and other laws), currency fluctuations, less liquidity, expropriation, confiscatory taxation, exchange control regulations (including currency blockage), imposition of tariffs, limitations on repatriation and differing legal standards, as well as military actions or conflicts. In particular, China has threatened to invade and control Taiwan, which presents significant risks to investments in securities economically tied to the Greater China |

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|  | &nbsp;&nbsp; region. Inflation and rapid fluctuations in inflation and interest rates have had, and may continue to have, negative effects on the economy and securities markets of China. China is deemed by the Adviser to be an emerging markets country, which means an investment in this country has more heightened risks than general foreign investing due to a lack of established legal, political, business and social frameworks and accounting standards or auditor oversight in the country to support securities markets as well as the possibility for more widespread corruption and fraud. In addition, the standards for environmental, social and corporate governance matters in China also tend to be lower than such standards in more developed economies. Also, certain securities issued by companies located or operating in China, such as China A-Shares, are subject to trading restrictions, quota limitations, and clearing and settlement risks. In addition, there may be significant obstacles to obtaining information necessary for investigations into or litigation against companies located in or operating in China and shareholders may have limited legal remedies.<br>Trade disputes and the imposition of tariffs on goods and services can affect the Chinese economy, particularly in light of China's large export sector, as well as the global economy. Trade disputes can result in increased costs of production and reduced profitability for non-export-dependent companies that rely on imports to the extent China engages in retaliatory tariffs. Trade disputes may also lead to increased currency exchange rate volatility. In addition, relations between the U.S., other trading partners and China have heightened concerns of increased tariffs and restrictions on trade between the two countries. An increase in tariffs or trade restrictions (and threats thereof) could lead to a significant reduction in international trade, which could negatively impact China's export industry, Chinese issuers, the liquidity or price of the Fund's direct or indirect investments in China and, therefore, the Fund. |
| *Growth Stock Risk* | &nbsp;&nbsp;Companies with strong growth potential (both domestic and foreign) tend to have higher than average price-to-earnings ratios, meaning that these stocks are more expensive than average relative to the companies' earnings. The market prices of equity securities of growth companies are often quite volatile, since the prices may be particularly sensitive to economic, market, or company developments and may present a greater degree of risk of loss. |
| *High Yield Securities Risk* | &nbsp;&nbsp;Securities rated "BB" or below by S&P or "Ba" or below by Moody's are known as "high yield" securities and are commonly referred to as "junk bonds." These securities are generally considered to be speculative in nature because they have more credit risk than higher-rated securities, are more likely to encounter financial difficulties, and are more vulnerable to changes in the economy. Companies issuing high yield, fixed income securities are not as strong financially as those companies issuing securities with higher credit ratings. Market situations, such as a sustained period of rising interest rates or individual corporate developments, could affect the ability of companies issuing high yield, fixed income securities to make interest and principal payments. Lower-rated debt securities generally have a higher risk that the issuer of the security may default and not make required payments of interest or principal. If an issuer stops making interest and/or principal payments, payments on the securities may never resume. These securities may be worthless and the Fund could lose its entire investment. The prices of high yield, fixed income securities fluctuate more than higher-quality securities, and are especially sensitive to developments affecting the issuer's business and to changes in the ratings assigned by rating agencies. High yield securities generally are less liquid than higher-quality securities. Many of these securities do not trade frequently, and when the securities do trade, their prices may be significantly higher or lower than expected. |
|  | &nbsp;&nbsp; Additionally, because a Fund may purchase securities that are not rated by any rating organization, a subadviser may, after assessing their credit quality, internally assign ratings to certain of those securities in categories similar to those of rating organizations. Some unrated securities may not have an active trading market or may be difficult to value, which means the Fund might have difficulty selling them  |

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|  | &nbsp;&nbsp;promptly at an acceptable price. To the extent that the Fund invests in unrated securities, the Fund's ability to achieve its investment objective will be more dependent on the subadviser's credit analysis than would be the case when the Fund invests in rated securities. |
| *Interest Rate Risk* | &nbsp;&nbsp;Changes in interest rates may adversely affect the values of the securities held in a Fund's portfolio. In general, the prices of debt securities fall when interest rates increase, and rise when interest rates decrease. The prices of debt securities with shorter durations generally will be less affected by changes in interest rates than the prices of debt securities with longer durations. Moreover, rising interest rates or lack of market participants may lead to decreased liquidity in the bond markets, making it more difficult for a Fund to sell its bond holdings at a time when a subadviser might wish to sell. Decreased liquidity in the bond markets also may make it more difficult to value some or all of a Fund's bond holdings. |
| *Issuer Risk* | &nbsp;&nbsp;The issuer of a security may perform poorly and the value of its stocks or bonds may decline as a result. An issuer of securities held by the Fund could become bankrupt or could default on its issued debt or have its credit rating downgraded. |
| *Large Capitalization Stock Risk* | &nbsp;&nbsp;Large-capitalization stocks as a group could fall out of favor with the market, causing the Fund to underperform investments that focus on small or medium capitalization stocks. Companies with large market capitalizations may also have less growth potential than smaller companies and may be less able to react quickly to changes in the marketplace. |
| *Large Shareholder Risk* | &nbsp;&nbsp;Ownership of shares of a Fund may be concentrated in one or more large investors. These investors may redeem shares in substantial quantities or on a frequent basis, which may negatively impact a Fund's performance, may increase realized capital gains, may accelerate the realization of taxable income to other shareholders and may potentially limit the use of available capital loss carryforwards or certain other losses to offset any future realized capital gains. Large shareholder redemption activity also may increase the Fund's brokerage and other expenses.<br>|
| *Leverage Risk* | &nbsp;&nbsp;If a Fund makes investments in options, futures, forwards, swap agreements, and other derivative instruments, these derivative instruments provide the economic effect of financial leverage by creating additional investment exposure, as well as the potential for greater loss. If a subadviser uses leverage through purchasing derivative instruments, the Fund has the risk of capital losses that exceed the net assets of the allocable portion of the Fund managed by that subadviser. The net asset value of a Fund employing leverage will be more volatile and sensitive to market movements. Leverage may involve the creation of a liability that requires a Fund to pay interest. |
| *Liquidity Risk* | &nbsp;&nbsp;Liquidity risk is defined by the SEC as the risk that a Fund could not meet requests to redeem shares issued by the Fund without significant dilution of remaining investors' interests in the Fund. Liquidity risk involves the risk that a Fund may not be able to purchase or sell a security in a timely manner or at desired prices or achieve its desired weighting in a security. Redemptions may increase and/or the market for certain investments may become illiquid due to specific adverse changes in the conditions of a particular issuer or under adverse market or economic conditions independent of the issuer, including, for example, during periods of rising interest rates. In addition, dealer inventories of certain securities—an indication of the ability of dealers to engage in "market making"—are at, or near, historic lows in relation to market size, which could potentially lead to decreased liquidity. |
| *Management Techniques Risk* | &nbsp;&nbsp;The investment strategies, techniques, and risk analyses employed by the subadvisers, while designed to enhance potential returns, may not produce the desired results or expected returns, which may cause the Fund to not meet its investment objective, or underperform its benchmark index or funds with similar investment objectives and strategies. The subadvisers may be incorrect in their assessments of |

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|  | &nbsp;&nbsp;the values of securities or their assessments of market or interest rate trends, which can result in losses to the Fund. |
| *Market Risk* | &nbsp;&nbsp;The value of the securities in which a Fund invests may be adversely affected by fluctuations in the financial markets, regardless of how well the companies in which a Fund invests perform. The market as a whole may not favor the types of investments a Fund makes. Also, there is the risk that the price(s) of one or more of the securities or other instruments in a Fund's portfolio will fall, or will fail to rise. Many factors can adversely affect a security's performance, including both general financial market conditions and factors related to a specific company, government, industry, country, or geographic region. Extraordinary events, including extreme economic or political conditions or policies, rapid technological developments or widespread adoption of emerging technologies (such as artificial intelligence), natural disasters, extreme weather, epidemics and pandemics, sanctions, tariffs, war, military conflict and other factors can lead to volatility in local, regional, or global markets, which can result in market losses that may be substantial. The impact of one of these types of events may be more pronounced in certain regions, sectors, industries, or asset classes in which a Fund invests, or it may be pervasive across the global financial markets. The timing and occurrence of future market disruptions cannot be predicted, nor can the impact that government interventions, if any, adopted in response to such disruptions may have on the investment strategies of the Funds or the markets in which the Funds invest. Additionally, the U.S. government may renegotiate some of its global trade relationships with foreign governments and may impose or threaten to impose significant tariffs. The imposition of tariffs, trade restrictions, currency restrictions or similar actions (or retaliatory measures taken in response to such actions) could lead to price volatility and overall declines in the U.S. and global investment markets. |
| *Mortgage-Backed and Asset-Backed Securities Risk* | &nbsp;&nbsp;Mortgage-backed securities are securities representing interests in pools of mortgage loans. These securities generally provide holders with payments consisting of both interest and principal as the mortgages in the underlying mortgage pools are paid off. When interest rates fall, borrowers may refinance or otherwise repay principal on their mortgages earlier than scheduled. When this happens, certain types of mortgage-backed securities will be paid off more quickly than originally anticipated, and a Fund may be forced to reinvest in obligations with lower yields than the original obligations. Mortgage- and asset-backed securities also are subject to extension risk, which is the risk that an unexpected rise in interest rates could reduce the rate of prepayments, causing the price of the mortgage- and asset-backed securities and the Fund's share price to fall. An unexpectedly high rate of defaults on the mortgages held by a mortgage pool may adversely affect the value of mortgage-backed securities and could result in losses to the Fund. Asset-backed securities are securities for which the payments of interest and/or principal are backed by loans, leases, and other receivables. Asset-backed securities are subject to many of the same types of risks as mortgage-backed securities. In addition, issuers of asset-backed securities may have limited ability to enforce the security interest in the underlying assets, and credit enhancements provided to support the securities, if any, may be inadequate to protect investors in the event of default. |
| *Political and Economic Risk* | &nbsp;&nbsp;The political, legal, economic, and social structures of certain foreign countries may be less stable and more volatile than those in the United States. Investments in these countries may be subject to the risks of internal and external conflicts, currency devaluations, changes in currency exchange rates or exchange control regulations (including limitations on currency movements and exchanges), and the imposition of tariffs or sanctions. |
| *Portfolio Turnover Risk* | &nbsp;&nbsp;Depending on market and other conditions, a Fund may experience high portfolio turnover, which may result in higher brokerage commissions and transaction costs and capital gains (which could increase taxes and, consequently, reduce returns). |
| *Programming and Modeling Error Risk* | &nbsp;&nbsp;The research and modeling process engaged in by a quantitative-focused subadviser is extremely complex and involves financial, economic, econometric, and statistical |

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|  | &nbsp;&nbsp;theories, research and modeling; the results of that process must then be translated into computer code. Although quantitative-focused subadvisers seek to hire individuals skilled in each of these functions and to provide appropriate levels of oversight, the complexity of the individual tasks, the difficulty of integrating such tasks, and the limited ability to perform "real world" testing of the end product raises the chances that the finished model may contain an error; one or more of such errors could adversely affect a Fund's performance. |
| *Quantitative Model Risk* | &nbsp;&nbsp;One or more subadvisers to a Fund may follow a quantitative model strategy to manage its allocated portion of the Fund. Quantitative models (both proprietary models developed by a quantitative-focused subadviser, and those supplied by third parties) and information and data supplied by third parties can be incorrect, misleading or incomplete, and any decisions made in reliance thereon can expose a Fund to potential risks of loss. In addition, the use of predictive models can also expose a Fund to potential risks of loss. For example, such models may incorrectly forecast future behavior, leading to potential losses on a cash flow and/or a mark-to-market basis. In addition, in unforeseen or certain low-probability scenarios (often involving a market disruption of some kind), such models may produce unexpected results, which can result in losses for a Fund.<br>If the assumptions made by quantitative-focused subadvisers in their underlying models are unrealistic, inaccurate or become unrealistic or inaccurate and are not promptly adjusted to account for changes in the overall market environment, it is likely that profitable trading signals will not be generated. If and to the extent that the models do not reflect certain factors, and a quantitative-focused subadviser does not successfully address such omission through its testing and evaluation, and modify the models accordingly, a Fund may experience losses. In addition, because of the complexity of quantitative-focused investment strategy programming and modeling, there is a risk that the finished model may contain an error; one or more of such errors could adversely affect a Fund's performance.<br>To the extent that a quantitative-focused subadviser is not able to develop sufficiently differentiated models, a Fund's investment objective may not be met, irrespective of whether the models are profitable in an absolute sense, as a result of "crowding" or "convergence" of the model's output with actions taken by other market participants. In addition, to the extent a quantitative subadviser's model focuses on identifying a certain type of stock (e.g., high relative profitability stocks), those stocks may perform differently from the market as a whole, which could cause a Fund to underperform.<br>|
|  | &nbsp;&nbsp;The models and proprietary research of a quantitative subadviser are largely protected by the subadviser through the use of policies, procedures, agreements, and similar measures designed to create and enforce robust confidentiality, non-disclosure, and similar safeguards. However, aggressive position-level public disclosure obligations (or disclosure obligations to exchanges or regulators with insufficient privacy safeguards) could lead to opportunities for competitors to reverse-engineer a subadviser's models and data, and thereby impair the relative or absolute performance of a Fund. |
| *Real Estate Investment Trusts ("REITs") Risk* | &nbsp;&nbsp;REITs are pooled investment vehicles, which invest primarily in income producing real estate or real estate related loans or interests and, in some cases, manage real estate. REITs are generally organized as corporations or business trusts, but are not taxed as a corporation if they meet certain requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code"). To qualify, a REIT must, among other things, invest substantially all of its assets in interests in real estate (including other REITs), cash, and government securities, distribute at least 90% of its taxable income to its shareholders and receive at least 75% of that income from rents, mortgages, and sales of property. |

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|  | &nbsp;&nbsp; Like any investment in real estate, a REIT's performance depends on many factors, such as its ability to find tenants for its properties, to renew leases, and to finance property purchases and renovations. In general, REITs may be affected by changes in underlying real estate values, which may have an exaggerated effect to the extent a REIT concentrates its investment in certain regions or property types. For example, rental income could decline because of extended vacancies, increased competition from nearby properties, tenants' failure to pay rent, or incompetent management. Property values could decrease because of overbuilding, environmental liabilities, uninsured damages caused by natural disasters, a general decline in the neighborhood, losses due to casualty or condemnation, increases in property taxes, or changes in zoning laws. Ultimately, a REIT's performance depends on the types of properties it owns and how well the REIT manages its properties. Additionally, declines in the market value of a REIT may reflect not only depressed real estate prices, but may also reflect the degree of leverage utilized by the REIT.<br>REITs are dependent upon specialized management skills, have limited diversification and are therefore subject to risks inherent in operating and financing a limited number of projects. To the extent that a Fund invests in REITs, the Fund must bear these expenses in addition to the expenses of its own operation and is subject to risks associated with extended vacancies of properties or defaults by borrowers or tenants, particularly during periods of disruptions to business operations or an economic downturn. Finally, REITs could possibly fail to qualify for tax-free pass-through of income under the Internal Revenue Code or to maintain their exemptions from registration under the Investment Company Act of 1940 and Commodity Futures Trading Commission regulations. |
| *Rule 144A Securities Risk*<br>| &nbsp;&nbsp;Securities that are exempt under Rule 144A from the registration requirements of the Securities Act of 1933, as amended, are traded among qualified institutional buyers. Investing in securities under Rule 144A could have the effect of increasing the level of a Fund's illiquidity to the extent that qualified institutional buyers become, for a time, uninterested in purchasing these securities. Such illiquidity might prevent the sale of such a security at a time when a subadviser might wish to sell.<br>The lack of an established secondary market may make it more difficult to value illiquid investments, requiring a Fund to rely on judgments that may be somewhat subjective in determining value, which could vary from the amount that Fund could realize upon disposition. If institutional trading in restricted securities were to decline to limited levels, the liquidity of a Fund could be adversely affected.<br>|
| *Sector Risk* | &nbsp;&nbsp;While each Fund does not have a principal investment strategy to focus its investments in any particular sector, a Fund from time to time may have significant exposure to one or more sectors. A Fund at times may have little or no exposure to certain other sectors. There are risks associated with having significantly overweight or underweight allocations to certain sectors, such as that an individual sector may be more volatile than the broader market, or could perform differently, and that the stocks of multiple companies within a sector could simultaneously rise or decline in price because of, for example, investor perceptions, an event that affects the entire sector or other factors. Such events could cause the share price of a Fund with significant exposure to that sector to rise or decline more substantially than the share price of a fund with relatively less exposure to that sector. Individual sectors may be more volatile, and may perform differently, than the broader market.<br>*Communications Sector Risk:* Companies in the communications sector may be affected by competitive pressures (including innovation by competitors and pricing competition), substantial capital requirements, government regulation, revenues and earnings, obsolescence of communications products and services due to technological advancement, a potential decrease in the discretionary income of targeted individuals and fluctuating demand due to changing consumer tastes and interests.<br>*Consumer Discretionary Sector Risk:* The consumer discretionary sector may be affected by changes in domestic and international economies, exchange and interest rates, competition, consumers' disposable income, consumer preferences, social trends and marketing campaigns.<br>*Consumer Non-Cyclical Sector Risk:* Investments in the consumer non-cyclical sector involve risks associated with companies that manufacture products and provide discretionary services directly to the consumer. Performance of companies in the |

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|  | &nbsp;&nbsp; consumer non-cyclical sector may be adversely impacted by fluctuations in supply and demand, changes in the global economy, consumer spending, competition, demographics and consumer preferences, and production spending. Companies in the consumer non-cyclical sector are also affected by changes in government regulation, global economic, environmental and political events, and economic conditions.<br>*Financial Sector Risk:* The operations and businesses of financial services companies are subject to extensive governmental regulation, the availability and cost of capital funds and interest rate changes. General market downturns may adversely affect financial services companies.<br>*Industrial Sector Risk:* Industrial companies are affected by supply and demand for their specific product or service and for industrial sector products in general. Government regulation, world events, exchange rates and economic conditions will likewise affect the performance of these companies.<br>*Technology Sector Risk:* Technology companies may be affected by rapidly changing fields, abrupt or erratic market movements, limited product lines, markets or financial resources, management that is dependent on a limited number of people, short product cycles, aggressive pricing of products and services, new market entrants and rapid obsolescence of products and services due to technological innovations or changing consumer preferences. |
| *Securities Lending Risk* | &nbsp;&nbsp;To the extent a Fund participates in securities lending activities, the Fund is subject to risks associated with lending their portfolio securities. Securities will be loaned pursuant to agreements requiring that the loans be continuously secured by collateral in cash, short-term debt obligations, government obligations, or bank guarantees at least equal to the values of the portfolio securities subject to the loans. The Funds bear the risk of loss in connection with the investment of any cash collateral received from the borrowers of their securities. |
| *Short Selling Risk* | &nbsp;&nbsp;A Fund may from time to time sell securities short. In the event that a subadviser anticipates that the price of a security will decline, the Fund may sell the security or derivative instrument short and borrow the same security from a broker or other institution to complete the sale. The Fund will incur a profit or a loss, depending upon whether the market price of the security decreases or increases between the date of the short sale and the date on which the Fund must replace the borrowed security. All short sales will be fully collateralized. Short sales represent an aggressive trading practice with a high risk/return potential, and short sales involve special considerations. Risks of short sales include the risk that possible losses from short sales may be unlimited (e.g., if the price of a stock sold short rises), whereas losses from direct purchases of securities are limited to the total amount invested, and the Fund may be unable to replace a borrowed security sold short. Regulatory authorities in the United States or other countries may prohibit or restrict the ability of the Fund to fully implement its short selling strategy, either generally or with respect to certain industries or countries, which may impact the Fund's ability to fully implement its investment strategies. |
| *Small and Medium Capitalization Stock Risk* | &nbsp;&nbsp;The securities of companies with small and medium capitalizations may involve greater investment risks than securities of companies with large capitalizations. Small and medium capitalization companies may have an unproven or narrow technological base and limited product lines, distribution channels, and market and financial resources, and the small and medium capitalization companies also may be dependent on entrepreneurial management, making the companies more susceptible to certain setbacks and reversals. As a result, the prices of securities of small and medium capitalization companies may be subject to more abrupt or erratic movements than securities of larger companies, may have limited marketability, and may be less liquid than securities of companies with larger capitalizations. Foreign companies with large capitalizations may be relatively small by U.S. standards and may be subject to risks that are similar to the risks that may affect small and medium capitalization U.S. |

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|  | &nbsp;&nbsp;companies. Securities of small and medium capitalization companies also may pay no, or only small, dividends. |
| *Sovereign Debt Securities Risk* | &nbsp;&nbsp;Investments in foreign sovereign debt securities may subject the Fund to the following risks: (i) the governmental entity that controls the repayment of sovereign debt may not be willing or able to repay the principal and/or interest when it becomes due, due to factors such as debt service burden, political constraints, cash flow problems, and other national economic factors; (ii) governments may default on their debt securities, which may require holders of such securities to participate in debt rescheduling or additional lending to defaulting governments; and (iii) there is no bankruptcy proceeding by which defaulted sovereign debt may be collected in whole. |
| *U.S. Government Securities Risk* | &nbsp;&nbsp;U.S. government agency obligations have different levels of credit support, and therefore, different degrees of credit risk. Securities issued by agencies and instrumentalities of the U.S. government that are supported by the full faith and credit of the United States, such as the Federal Housing Administration or Ginnie Mae, present lower credit risk. Other securities issued by agencies and instrumentalities sponsored by the U.S. government that are supported only by the issuer's right to borrow from the U.S. Treasury, subject to certain limitations, such as securities issued by Federal Home Loan Banks, and securities issued by agencies and instrumentalities sponsored by the U.S. government that are supported only by the credit of the issuing agencies, such as Freddie Mac and Fannie Mae, are subject to a greater degree of credit risk. |
| *Value Stock Risk* | &nbsp;&nbsp;Value stocks represent companies that tend to have lower than average price to book value ratios, price to earnings ratios, or other financial ratios. These companies may have relatively weak balance sheets and, during economic downturns, these companies may have insufficient cash flow to pay their debt obligations and difficulty finding additional financing needed for their operations. A particular value stock may not increase in price, as anticipated by a subadviser, if other investors fail to recognize the stock's value or the catalyst that the subadviser believes will increase the price of the stock does not affect the price of the stock in the manner or to the degree that the subadviser anticipates. Also, cyclical stocks tend to increase in value more quickly during economic upturns than non-cyclical stocks, but also tend to lose value more quickly in economic downturns. The stocks of companies that a subadviser believes are undervalued compared to their intrinsic value can continue to be undervalued for long periods of time, may not realize their expected value, and can be volatile. |

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**<u>Cash and Short-Term Investments</u>**

Although the Mercer Core Fixed Income Fund, Mercer Opportunistic Fixed Income Fund and Mercer Short Duration Fixed Income Fund generally expect to be fully invested in accordance with their investment strategies described in this prospectus, the Adviser may maintain a portion of the Funds' assets in cash (a "cash buffer") to manage daily cash flows and to reduce transaction costs associated with the allocation of each such Fund's assets to the subadviser(s). The Mercer Core Fixed Income Fund, Mercer Opportunistic Fixed Income Fund and Mercer Short Duration Fixed Income Fund expect that they may maintain substantial cash positions when they determine that such cash holdings, given the risks the Funds believe to be present in the market, are more beneficial to shareholders than investment in additional securities. The cash buffer maintained by the Adviser for each of the Mercer Core Fixed Income Fund, Mercer Opportunistic Fixed Income Fund and Mercer Short Duration Fixed Income Fund, together with any uninvested cash held by each Fund's subadviser(s), is not expected to exceed 10% of such Fund's total assets. Cash held by each of the Mercer Core Fixed Income Fund, Mercer Opportunistic Fixed Income Fund and Mercer Short Duration Fixed Income Fund as collateral will not be considered to be uninvested for purposes of this policy. The cash buffer maintained by the Adviser will be invested in overnight time deposits or similar instruments, pending its allocation to each Fund's subadviser(s).

From time to time, the Funds may hold short-term instruments, including repurchase agreements and reverse repurchase agreements.

**<u>Temporary Defensive Positions</u>**

The Funds also may hold cash and short-term instruments without limit for temporary or defensive purposes, including in anticipation of redemptions or prior to investment of deposits and other proceeds in accordance with the Funds' investment objectives and policies. The Funds also may maintain substantial cash and short-term investment positions when they determine that such cash and short-term investment holdings, given the risks the Funds believe to be present in the market, are more beneficial to shareholders than investment in additional securities. The types of short-term instruments in which the Funds may invest for such temporary purposes include short-term fixed-income securities (such as securities issued or guaranteed by the U.S. government or its agencies or instrumentalities), money market mutual funds, repurchase agreements, certificates of deposit, time deposits and bankers' acceptances of certain qualified financial institutions, corporate commercial paper, and master demand notes.

When a Fund takes temporary defensive positions by increasing its holdings in cash, money market instruments, or repurchase agreements, the Fund may not participate in market advances or declines to the same extent that the Fund would if it remained more fully invested in portfolio securities.

In these circumstances, a Fund might not achieve its investment objective. A defensive position, taken at the wrong time, may have an adverse impact on a Fund's performance.

**<u>Cyber Security Risk</u>**

With the increasing use of technology such as the Internet in connection with the Funds' operations, the Funds will face greater operational, information security and related risks through cyber security breaches. A breach in cyber security refers to either an intentional or unintentional event that may cause the Funds to lose proprietary information, suffer data corruption, and/or lose operational capacity. Such events could cause the Funds to incur regulatory penalties, additional compliance costs associated with corrective measures, and/or financial loss. Such events also may cause disruptions to the Funds' business operations, potentially resulting in: interference with a Fund's ability to calculate its net asset value, impediments to trading, and the inability of Fund shareholders to transact business, among other things. Cyber security threats may result from unauthorized access to the Funds' digital information systems (*e.g.*, through "hacking" or malicious software coding), and may also result from outside attacks such as denial-of-service attacks (*i.e.*, efforts to make network services unavailable to intended users).

In addition, because the Funds work closely with third-party service providers (*e.g.*, the Funds' administrator, custodian, distributor and subadvisers), cyber security breaches at such third-party service providers may subject the Funds to the same risks associated with direct cyber security breaches. The Funds may experience investment losses in the event of cyber security breaches at any of the issuers in which the Funds may invest. While the Funds have established business continuity plans in the event of, and implemented risk management and information security systems and software designed to prevent, a cyber security breach, there are inherent limitations in such plans and systems and there can be no assurance that such measures will succeed.

**<u>Disclosure of Portfolio Holdings</u>**

The Funds have adopted policies and procedures with respect to the disclosure of their portfolio securities. A description of these policies and procedures is available in the SAI. The Funds disclose their portfolio holdings on the following website: http://www.delegated-solutions.mercer.com/us.html.

**<u>Additional Information</u>**

*Commodity Pool Operator Exclusion*. The Trust, with respect to each Fund, has filed a notice of eligibility with the National Futures Association claiming an exclusion from the definition of the term "commodity pool operator" pursuant to U.S. Commodity Futures Trading Commission Regulation 4.5, as promulgated under the Commodity Exchange Act (the "CEA"), with respect to each Fund's operations. Therefore, neither the Funds nor the Adviser (with respect the Adviser's management of the Funds) is subject to registration or regulation as a commodity pool operator under the CEA.

Hedging and other strategic transactions involving futures contracts, options on futures contracts and swaps transactions will be purchased, sold or entered into primarily for bona fide hedging, risk management or appropriate portfolio management purposes, including gaining exposure to a particular securities market.

**<u>Who Manages the Funds</u>**

**Investment Adviser and the Subadvisers**

**Mercer Investments LLC** (the "Adviser"), a Delaware limited liability company located at 99 High Street, Boston, Massachusetts 02110, serves as the investment adviser to the Funds. The Adviser is an indirect, wholly-owned subsidiary of Marsh & McLennan Companies, Inc. The Adviser is registered as an investment adviser with the SEC.

The Adviser has overall supervisory responsibility for the general management and investment of each Fund's securities portfolio, and, subject to review and approval by the Board of Trustees of the Trust (the "Board"): (i) sets the Funds' overall investment strategies; (ii) evaluates, selects, and recommends subadvisers to manage all or part of the Funds' assets; (iii) when appropriate, allocates and reallocates the Funds' assets among subadvisers; (iv) monitors and evaluates the performance of subadvisers, including the subadvisers' compliance with the investment objectives, policies, and restrictions of the Funds; and (v) implements procedures to ensure that the subadvisers comply with the Funds' investment objectives, policies, and restrictions.

When identifying possible subadvisers, the Adviser typically begins with a universe of investment managers rated highly by its manager research group (the "Mercer Research Group"). The Mercer Research Group evaluates each investment manager based upon both quantitative and qualitative factors, including: an assessment of the strength of the overall investment management organization; the people involved in the investment process; the appropriateness of the investment product and its composites; and an analysis of the investment manager's investment philosophy and process, risk-adjusted performance, consistency of performance, and the style purity of the product. The Mercer Research Group's process takes a holistic view of each manager's approach to assessing potential risks and potential opportunities, across relevant time horizons. To this end, it includes an analysis of the degree to which various factors (for example, environmental, social and governance ("ESG") factors) that are relevant to the risk/return analysis are integrated into the manager's investment process. The Adviser's team of investment professionals next reviews each manager that is highly rated by the Mercer Research Group, and creates a short list for further analysis. Short-list candidates are scrutinized to evaluate performance and risk characteristics, performance in up and down markets, investment styles, and characteristics of the securities held in the portfolio. The Adviser's team of investment professionals then conducts due diligence meetings with the subadvisers' portfolio management teams. The list of candidates is further narrowed, and each potential subadviser, in combination with the existing subadviser(s) of the portfolio, is analyzed using proprietary methods. The most compatible subadviser candidates are then put through a compliance review conducted by the Adviser's compliance staff. Results are shared with the Adviser's investment team, after which the final selection of the subadviser is made and a recommendation to appoint the manager is made to the Board.

The Adviser also considers the Mercer Research Group's ratings of investment managers when contemplating the termination of a subadviser. Although the ratings of the Mercer Research Group are given substantial weight in the decision-making process, the Adviser's investment team performs its own analysis of potential and existing subadvisers and is ultimately responsible for selecting or terminating a subadviser.

The Adviser manages the Funds based on the philosophy and belief that portfolios which are appropriately constructed with combinations of quality, asset-class specialist investment managers can generally be expected to provide consistent, above-average performance over time.

The Funds pay the Adviser fees for managing the Funds' investments that are calculated as a percentage of the Funds' assets under management. For its investment services, the Adviser receives the annual investment management fees, set forth below as a percentage of the relevant Fund's average daily net assets:

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|:---|:---|:---|:---|
| | **Adviser Investment Management Fee\*<br> On Net Assets** | **Adviser Investment Management Fee\*<br> On Net Assets** | **Adviser Investment Management Fee\*<br> On Net Assets** |
| <br>**Funds** | **Assets up to<br> $750 million** | **Assets in excess of<br> $750 million up to $1<br> billion** | **Assets in excess of<br> $1 billion** |
| Mercer US Small/Mid Cap Equity Fund | 0.90% | 0.88% | 0.83% |
| Mercer Non-US Core Equity Fund | 0.75% | 0.73% | 0.68% |
| Mercer Emerging Markets Equity Fund | 0.80% | 0.78% | 0.73% |
| Mercer Core Fixed Income Fund | 0.35% | 0.33% | 0.28% |
| Mercer Opportunistic Fixed Income Fund | 0.80% | 0.78% | 0.73% |
| Mercer Short Duration Fixed Income Fund | 0.30% | 0.28% | 0.23% |

---

\* Consists of the total investment management fee payable by the Funds to the Adviser. The Adviser is responsible for paying the subadvisory fees.

The Adviser has contractually agreed, until at least July 31, 2026, to waive any portion of its investment management fee that it is entitled to under the Investment Management Agreement with respect to each Fund that exceeds the aggregate amount of the subadvisory fees that the Adviser is required to pay to that Fund's subadvisers for the management of their allocated portions of the subject Fund. This contractual fee waiver agreement may only be changed or eliminated with the approval of the Funds' Board of Trustees. The fees waived by the Adviser pursuant to this agreement are not subject to reimbursement by the Fund to the Adviser.

The Adviser has entered into subadvisory agreements (the "Subadvisory Agreements") with the subadvisers pursuant to which the subadvisers are compensated out of the investment management fees that the Adviser receives from the Funds. The current subadvisers to the Funds are identified under "Investment Objectives and Principal Investment Strategies" earlier in this prospectus.

With respect to Mercer Short Duration Fixed Income Fund, the Adviser has also contractually agreed, until at least July 31, 2026, to waive fees and/or reimburse Fund expenses to the extent that annual fund operating expenses, net of the management fee waiver described above, exceed 0.70% for Adviser Class shares, 0.45% for Class I shares, 0.35% for Class Y-2 shares and 0.20% for Class Y-3 shares, excluding, as applicable, acquired fund fees and expenses, interest, taxes, 12b-1 fees, non-12b-1 shareholder administrative services fees, brokerage expenses, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the Mercer Short Duration Fixed Income Fund's business. This contractual fee waiver and reimbursement agreement cannot be eliminated prior to July 31, 2026 without the approval of the Board of Trustees. The fees waived by the Adviser pursuant to this agreement are not subject to reimbursement by the Mercer Short Duration Fixed Income Fund to the Adviser.

A discussion regarding the basis for the Board's approval of the investment management agreement with the Adviser and each Subadvisory Agreement will be available in the Funds' Form N-CSRS filed with the SEC for the period ended September 30, 2025. A discussion regarding the basis for the Board's approval of the Subadvisory Agreements with each of Ares Capital Management II LLC, Baillie Gifford Overseas Limited, Crescent Capital Group LP, Pacific Investment Management Company LLC, Polen Capital Credit, LLC, Pzena Investment Management, LLC, Robeco Institutional Asset Management US Inc. and Wellington Management Company LLP is available in the Funds' Form N-CSR filed with the SEC for the year ended March 31, 2025.

The Trust and the Adviser have obtained an exemptive order (the "Exemptive Order") from the SEC that permits the Trust and the Adviser, subject to certain conditions and approval by the Board, to hire and retain subadvisers and modify subadvisory arrangements without shareholder approval. Under the Exemptive Order, the Adviser may act as a manager of managers for all or some of the Funds, and the Adviser supervises the provision of portfolio management services to those Funds by the subadvisers. The Exemptive Order allows the Adviser: (i) to continue the employment of an existing subadviser after events that would otherwise cause an automatic termination of a subadvisory agreement with the subadviser; and (ii) to reallocate assets among existing or new subadvisers. Within 90 days of retaining new subadvisers, the affected Fund(s) will notify shareholders of the changes. The Adviser has ultimate responsibility (subject to oversight by the Board) to oversee the subadvisers and recommend their hiring, termination, and replacement. The Exemptive

Order also relieves the Funds from disclosing certain fees paid to non-affiliated subadvisers in documents filed with the SEC and provided to shareholders.

**Administrative and Transfer Agency Services**

**State Street Bank and Trust Company** (the "Administrator"), located at 1 Heritage Drive, North Quincy, Massachusetts 02171, is the administrator of the Funds. The Funds pay the Administrator at an annual rate of the Funds' average daily net assets for external administrative services. These external administrative services include fund accounting, daily and ongoing maintenance of certain Fund records, calculation of the Funds' NAVs, and preparation of shareholder reports.

In addition, the Administrator also serves as the transfer agent for the Funds and each Fund pays State Street at an annual rate of the Fund's average daily net assets for providing it with transfer agency services.

**<u>Pricing of Fund Shares</u>**

The price at which purchases and redemptions of each Fund's shares are effected is based on the next calculation of the Fund's NAV after the purchase or redemption order is received. The NAV per share of each class equals the total value of its assets, less its liabilities, divided by the number of its outstanding shares. Shares are only valued as of the close of regular trading on the New York Stock Exchange (the "Exchange") each day the Exchange is open. If the Exchange is closed on a day it would normally be open for business or the Exchange has an unscheduled early closing on a day it has opened for business, due to inclement weather, technology problems or any other reason, the Funds reserve the right to treat that day as a business day and accept purchase and redemption orders until, and calculate a Fund's NAV as of, the normally scheduled close of regular trading on the Exchange for that day, so long as the Fund's management believes an adequate market remains to meet purchase and redemption orders for that day. On any business day when the Securities Industry and Financial Markets Association recommends that the bond markets close trading early, a Fund reserves the right to close at such earlier closing time, and therefore accept purchase and redemption orders until and calculate a Fund's NAV as of such earlier closing time. The Exchange normally is not open, and the Funds do not price their shares, on most national holidays and on Good Friday.

Each Fund values its investments for which market quotations are readily available at market value. Each Fund may value short-term investments that will mature within 60 days at amortized cost, so long as such amortized cost method approximates market value. Each Fund values all other investments and assets at their fair value. The Board has designated the Adviser to serve as the Valuation Designee under Rule 2a-5 under the 1940 Act, subject to continuing Board oversight. The Adviser has established a Valuation Committee that is responsible, on the Adviser's behalf as Valuation Designee, for overseeing the day-to-day process of valuing portfolio securities. With respect to portfolio securities for which market quotations are not readily available or (in the opinion of the Adviser or the applicable Subadviser) do not otherwise accurately reflect the fair value of the security, the Valuation Committee will value such securities at fair value based upon procedures approved by the Board.

The Funds translate prices for their investments quoted in foreign currencies into U.S. dollars at current exchange rates. As a result, changes in the value of those currencies in relation to the U.S. dollar may affect a Fund's NAV. Because foreign markets may be open at different times than the Exchange, the value of a Fund's shares may change on days when shareholders are not able to buy or sell them. If events materially affecting the values of a Fund's foreign investments (in the opinion of the Adviser and the subadvisers) occur between the close of foreign markets and the close of regular trading on the Exchange, or if reported prices are believed by the Adviser or the subadvisers to be unreliable, these investments will be valued at their fair value. The Funds may rely on third-party pricing vendors to monitor for events materially affecting the values of the Funds' foreign investments during the period between the close of foreign markets and the close of regular trading on the Exchange. If events occur that materially affect the values of the Funds' foreign investments, the third-party pricing vendors will provide revised values to the Funds.

If market quotations are not readily available for a Fund's investment in domestic securities, such as restricted securities, private placements, securities for which trading has been halted (as a result of a significant event such as a merger, bankruptcy, or other significant issuer-specific development), or other illiquid investments, these investments will be valued at their fair value. While fair value pricing may be more commonly used with the Funds' foreign investments, fair value pricing also may be used with domestic securities, where appropriate.

The use of fair value pricing by the Funds may cause the NAVs of their shares to differ from the NAVs that would be calculated by using closing market prices. Also, due to the subjective nature of fair value pricing, a Fund's value for a particular security may be different from the last quoted market price.

**<u>Purchasing and Selling Fund Shares</u>**

**Selecting an Appropriate Share Class**

This prospectus describes four classes of shares of the Funds: Adviser Class, Class I, Class Y-2 and Class Y-3 shares, each with different levels of services and ongoing operating expenses, as illustrated in the "Fees and Expenses" section of this prospectus.

Adviser Class and Class I shares are available to investors that invest in the Funds through a "Service Agent" such as a bank, broker-dealer, trust company, insurance company, financial planner, retirement plan administrator, mutual fund supermarket, and other similar types of third-party financial industry service providers that have entered into an agreement with the Distributor and/or the Adviser to sell shares of the Funds and/or provide shareholder services in respect of the Funds. Class Y-2 and Class Y-3 shares generally are available only to "Institutional Investors" which include, but are not limited to "Institutional Accounts" as defined under the rules of FINRA, as well as qualified employee benefit plans and other retirement savings plans, family offices and their clients, non-profit organizations, charitable trusts, foundations and endowments, accounts registered to bank trust departments, trust companies, registered investment advisers, and investment companies.

Please contact the Adviser or your Service Agent as to which share class is most appropriate for you. Below is a summary of the differences among the Funds' Adviser Class, Class I, Class Y-2 and Class Y-3 shares:

**Adviser Shares**

● *Initial Sales Charge*: None

● *Contingent Deferred Sales Charge*: None

● *Redemption Fee*: 2.00% on shares redeemed that are owned less than 30 days (as a % of total redemption proceeds)

● *12b-1 Fee*: 0.25%

● *Non-Distribution Shareholder Administrative Services Fee*: 0.25%

● *Dividends*: Higher annual expenses, and lower dividends, than Class I, Class Y-2 and Class Y-3 shares because of the 12b-1 fees paid by Adviser Class shares to the Distributor and the non-distribution shareholder administrative services fees paid by Adviser Class shares to the Adviser.

● *Shareholder Services*: Full shareholder servicing is performed by a Service Agent, the Adviser and/or the Adviser's affiliates, including communication with third-party administrators, and the Adviser Class shares pay an internal administrative fee for these services.

**Class I Shares**

● *Initial Sales Charge*: None

● *Contingent Deferred Sales Charge*: None

● *Redemption Fee*: 2.00% on shares redeemed that are owned less than 30 days (as
a % of total redemption proceeds)

● *12b-1 Fee*: None

● *Non-Distribution Shareholder Administrative Services Fee*: 0.25%

● *Dividends*: Lower annual expenses, and higher dividends, than Adviser Class
shares; higher annual expenses, and lower dividends, than Class Y-2 and Y-3 shares, because of the non-distribution shareholder
administrative services fees paid by Class I shares to the Adviser.

● *Shareholder Services*: Full shareholder servicing is performed by a Service
Agent, the Adviser and/or the Adviser's affiliates, including communication with third-party administrators, and the Class
I shares pay an internal administrative fee for these services.

**Class Y-2 Shares**

● *Initial Sales Charge*: None

● *Contingent Deferred Sales Charge*: None

● *Redemption Fee*: 2.00% on shares redeemed that are owned less than 30 days (as
a % of total redemption proceeds)

● *12b-1 Fee*: None

● *Non-Distribution Shareholder Administrative Services Fee*: 0.15%

● *Dividends*: Lower annual expenses, and higher dividends, than Adviser Class
and Class I shares; higher annual expenses, and lower dividends, than Class Y-3 shares, because of the non-distribution shareholder
administrative services fees paid by Class Y-2 shares to the Adviser.

● *Shareholder Services*: Certain limited shareholder servicing is performed by
the Adviser or its affiliates, and the Class Y-2 shares pay a non-distribution shareholder administrative services fee for these
services.

**Class Y-3 Shares**

● *Initial Sales Charge*: None

● *Contingent Deferred Sales Charge*: None

● *Redemption Fee*: 2.00% on shares redeemed that are owned less than 30 days (as
a % of total redemption proceeds)

● *12b-1 Fee*: None

● *Non-Distribution Shareholder Administrative Services Fee*: **  None

● *Dividends*: Lower annual expenses, and higher dividends, than Adviser Class,
Class I shares and Class Y-2 shares.

● *Shareholder Services*: No shareholder servicing is performed by the Adviser
or its affiliates at the Class level, as it is anticipated that shareholder servicing will be performed at the client level. Shareholder
servicing arrangements for holders of Class Y-3 shares are customized to each specific client and are not paid for from the assets
of the Funds.

**Distribution and Shareholder Services (12b-1) Plan**

The Board of Trustees have adopted a plan of distribution and shareholder services, or "12b-1 plan," on behalf of the Funds to finance the provision of certain distribution and shareholder services to owners of Adviser Class shares of the Funds. The plan provides for payments in an amount or at a rate not to exceed 0.25% on an annual basis of the average daily net asset value of the Adviser Class shares of each Fund.

These fees are used to pay fees to Service Agents for providing certain marketing services, including but not limited to, the preparation and distribution of advertisements, sales literature and prospectuses and reports used for sales purposes, as well as compensation related to sales and marketing personnel and payments to dealers and others for distribution and marketing related services. These fees may also be used to pay fees to Service Agents for providing certain personal services, or account maintenance services to Adviser Class shareholders of the Funds. Because these fees are paid out of the Funds' assets or income on an ongoing basis, over time these fees will increase the cost of your investment (reducing the return of your investment) and may cost you more than paying other types of sales charges. These fees may be paid to the Adviser, or to an affiliate of the Adviser, in connection with their providing marketing services for the Adviser Class shares of the Funds.

**Shareholder Administrative Services Plan and Shareholder Administrative Services Agreement**

The Board of Trustees has adopted a Shareholder Administrative Services Plan on behalf of the Funds to compensate financial intermediaries, which may include the Adviser and its affiliates, for providing certain non-distribution related shareholder administrative services to the Adviser Class, Class I and Class Y-2 shares of each Fund and/or for overseeing and monitoring the provision of such shareholder administrative services. The Shareholder Administrative Services Plan provides for payments in an amount or at a rate not to exceed 0.25%, 0.25%, and 0.15% on an annual basis of the average daily net asset value of the Adviser Class, Class I and Class Y-2 shares of the Funds, respectively. These fees are used to compensate financial intermediaries for providing various types of shareholder administrative support services described in such Plan including, for example, assisting shareholders with their fund accounts and records, their fund purchase and redemption orders and other similar types of non-distribution related services involving the administrative servicing of shareholder accounts.

The Adviser has entered into a Shareholder Administrative Services Agreement with the Funds pursuant to which the Adviser provides certain shareholder administrative services to each Fund's Adviser Class, Class I and Class Y-2 shares, including providing or procuring the types of non-distribution related shareholder administrative services described in the Shareholder Administrative Service Plan and for monitoring and overseeing non-advisory relationships with entities providing such services to these share classes. Under the Shareholder Administrative Service Agreement, the Adviser is entitled to a fee of 0.15% on an annual basis of the respective average daily net assets for each of the Adviser Class, Class I and Class Y-2 shares of the Funds. Under the Funds' shareholder servicing arrangements, amounts required to be paid by the Funds under the Shareholder Administrative Services Agreement are accrued from the fees paid under the Shareholder Administrative Services Plan.

**Additional Payments to Intermediaries**

The Adviser or its affiliates may make cash payments out of their own resources, or provide products and services at a discount, to certain financial intermediaries that perform shareholder, recordkeeping, sub-accounting and other shareholder administrative services in connection with investments in Fund shares. These payments or discounts are separate from, and may be in addition to, any shareholder administrative services fees the Funds may pay to those intermediaries. The Adviser or its affiliates may also make cash payments out of their own resources, or provide products and services at a discount, to certain financial intermediaries that perform distribution, marketing, promotional or other distribution-related services. The payments or discounts may be substantial; however, distribution-related services provided by such intermediaries are paid by the Adviser or its affiliates, not by the Funds or their

shareholders. From time to time, payments may be made to affiliates of the Adviser by the Funds or the Adviser, out of the Adviser's own resources, for services provided by those affiliates.

**Purchasing Shares**

The Funds sell their shares at the offering price, which is the NAV. The Fund's shares may not be available through certain financial advisers, retirement plan administrators and recordkeepers, or other financial intermediaries.

The Funds may periodically close to new purchases of shares. The Funds may refuse any order to buy shares if the Funds and the Adviser determine that doing so would be in the best interests of the Funds and their shareholders.

A Fund may accept orders to purchase Fund shares in-kind with securities, rather than with cash, when consistent with the Fund's investment objective and policies. Acceptance of such purchases will be at the Adviser's discretion. Contact the Adviser for further information.

**Purchasing Adviser Class and Class I Shares**

Adviser Class and Class I shares may be purchased through your Service Agent. Your Service Agent or the Transfer Agent, as applicable, must receive your request in proper form before the close of regular trading on the Exchange for you to receive that day's NAV. Your Service Agent will be responsible for furnishing all necessary documents to the Transfer Agent, and may charge you for these services. Please contact your Service Agent for more information.

**Purchasing Class Y-2 Shares**

Eligible Institutional Investors may purchase Class Y-2 shares directly from the Funds. To purchase Class Y-2 shares, you may complete an order form and write a check for the amount of the Class Y-2 shares that you wish to buy, payable to the Trust. Return the completed form and check to the Transfer Agent. An order will be priced at the respective Fund's net asset value next computed after the order is received by the Transfer Agent.

**Purchasing Class Y-3 Shares**

Eligible Institutional Investors that have entered into an investment management agreement with the Adviser or its affiliates that wish to buy Class Y-3 shares can contact the Adviser. An order will be priced at the respective Fund's net asset value next computed after the order is received by the Adviser or its affiliate.

**Customer Identification**

Mutual funds must obtain and verify information that identifies investors opening new accounts. If a Fund is unable to collect the required information, the Fund or its agents may not be able to open a Fund account. Investors must provide their full name, residential or business address, social security or tax identification number, and date of birth (as applicable). Entities, such as trusts, estates, corporations, and partnerships, must also provide other identifying information. The Funds or their agents may share identifying information with third parties for the purpose of verification. If a Fund or its agents cannot verify identifying information after opening an account, the Fund reserves the right to close the account.

**Selling Shares**

You can sell your shares back to the Funds on any day the Exchange is open, through the Adviser, your Service Agent, or directly to the Funds, depending upon through whom and how you own your shares. Each Fund typically expects to pay redemption proceeds to you within two business days following receipt of your redemption request for those payments made to your account held with a financial intermediary. If your shares are held directly through the Funds, following receipt of a redemption request, redemption proceeds will normally be paid to you by wire, ACH, or by mailing a check within two business days. Payment for redemption may be delayed until a Fund collects the purchase price of shares, which may be up to 7 calendar days after the purchase date.

If you are an Institutional Investor that owns Class Y-2 or Class Y-3 shares, contact the Adviser or the Transfer Agent to sell your shares. The Transfer Agent must receive your request in proper form before the close of regular trading on the Exchange for you to receive that day's NAV. The Adviser may establish an earlier time by which it must receive instructions from Class Y-2 or Class Y-3 shareholders in order to receive that day's NAV. You may redeem your Class Y-2 or Class Y-3 shares through the Adviser by calling 1-888-887-0619.

If you are not an Institutional Investor, contact your Service Agent to sell your Adviser Class or Class I shares. Your Service Agent or the Transfer Agent must receive your request in proper form before the close of regular trading on the Exchange for you to receive that day's NAV. Please contact your Service Agent for more information.

**<u>Payments by the Funds</u>**

Each Fund generally sends you payment for your Adviser Class, Class I and Class Y-2 and Class Y-3 shares the business day after your request is received in good order. Under unusual circumstances, the Funds may suspend redemptions, or postpone payment for more than seven days, as permitted by federal securities law.

**<u>Redemptions by the Funds</u>**

Generally, the Funds expect to pay redemption proceeds in cash. Under normal market conditions, the Funds expect to meet redemption orders by using holdings of cash/cash equivalents or by the sale of portfolio investments, including those investments made by Parametric through the Cash Overlay Program. In unusual or stressed market conditions or as the Adviser deems appropriate, each Fund may borrow through the Funds' bank line of credit or may utilize the Funds' custodian overdraft facility to meet redemptions. Each Fund also reserves the right to pay redemptions "in-kind" (i.e., payment in securities rather than cash) if the value of the shares that you are redeeming is large enough to affect a Fund's operations (for example, if your redemptions over a 90-day period exceed $250,000 or 1% of a Fund's assets, whichever is less). If you receive a redemption in liquid portfolio securities, you may be subject to market risk and you might incur brokerage costs converting the securities to cash. In addition, a redemption in liquid portfolio securities would be treated as a taxable event for you and may result in the recognition of a gain or loss for federal income tax purposes.

The Funds also reserve the right, to the fullest extent permitted by law, to close any account if you are deemed to engage in activities that are illegal (such as late trading), believed to be detrimental to the Funds (such as market timing), or otherwise engaged in any potential criminal or fraudulent activity. The 2.00% short-term trading fee will apply to redemptions of shares that have been held less than 30 days, including redemptions described in this section.

**<u>Exchanging Shares</u>**

If you want to switch your investment from one Fund to another series of the Trust, you can exchange your Adviser Class, Class I, Class Y-2, or Class Y-3 shares, as applicable, for shares of the same class of another series of the Trust at NAV.

If you hold Adviser Class or Class I shares, contact your Service Agent regarding the details of how to exchange your shares. If you hold your Class Y-2 shares directly with the Funds, contact the Adviser or the Transfer Agent, and complete and return an Exchange Authorization Form, which is available from the Transfer Agent. A telephone exchange privilege is currently available for exchanges of amounts up to $500,000 in Class Y-2 shares. If you own Class Y-3 shares, contact the Adviser regarding the details of how to exchange your shares.

All classes of each Fund may not be available in every state.

The exchange privilege is not intended as a vehicle for short-term trading. As described above, excessive exchange activity may interfere with portfolio management and have an adverse effect on all shareholders. In order to limit excessive exchange activity and otherwise to promote the best interests of the Funds, the Board has approved a short-term trading fee of 2.00% of the total exchange amount (calculated at market value) to be imposed by each Fund on exchanges of shares held for less than 30 days. Administrators, trustees, or sponsors of retirement plans also may impose short-term trading fees.

The Funds also reserve the right to revise or terminate the exchange privilege, limit the amount or number of exchanges, or reject any exchange. The Fund into which you would like to exchange also may reject your exchange. These actions may apply to all shareholders or only to those shareholders whose exchanges the Funds or the Adviser determines are likely to have a negative effect on the Fund or the other Funds. Consult the Funds, the Adviser, or your Service Agent before requesting an exchange.

**<u>Frequent Trading of Fund Shares</u>**

The Funds, the Adviser, and the Distributor, reserve the right to reject any purchase order for any shares of any class of the Funds for any reason. The Funds are not designed to serve as vehicles for frequent trading in response to short-term fluctuations in the securities markets. Accordingly, purchases, including those that are part of exchange activity, that the Funds, the Adviser, or the Distributor has determined could involve actual or potential harm to the Funds may be rejected. Frequent trading of Fund shares may lead to increased transaction costs to the Funds, less efficient management of the Funds' portfolios (by disrupting portfolio investment strategies), and

taxable gains to the remaining shareholders, resulting in dilution of the value of the shares held by long-term shareholders. The Mercer Non-US Core Equity Fund and Mercer Emerging Markets Equity Fund may be subject to the risk of one form of frequent trading called time-zone arbitrage, where shareholders of a Fund seek to take advantage of time-zone differences between the close of foreign markets in which such Fund's securities trade, and the close of U.S. markets. Arbitrage opportunities may also occur in Funds that hold small capitalization securities (such as the Mercer U.S. Small/Mid Cap Equity Fund) or in Funds that invest in thinly-traded securities (such as high yield securities, which may be held by the Mercer Core Fixed Income Fund, Mercer Opportunistic Fixed Income Fund and Mercer Short Duration Fixed Income Fund).

Because the Funds are designed for long-term shareholders, the Board has adopted the following policies and procedures that are designed to restrict frequent purchases and redemptions of the Funds' shares. Each Fund will impose a short-term trading fee of 2.00% of the total redemption amount (calculated at market value) if you sell or exchange your shares after holding them for less than 30 days. The short-term trading fee is paid directly to the Funds and is designed to offset brokerage commissions, market impact, and other costs associated with short-term trading. The short-term trading fee will not apply in the following circumstances: redemptions to pay distributions or loans from certain defined contribution plans; redemptions for loan repayment; redemptions from certain omnibus accounts; redemptions in the event of shareholder death or post-purchase disability; redemptions made as part of a systematic withdrawal plan; transactions in defined contribution plans with certain intermediaries; redemptions by the Mercer Collective Trust; and transactions for a discretionary investment management client of the Adviser or its affiliates when the client has provided the Adviser or its affiliates with advance notice of a planned redemption and the Adviser or its affiliates retain discretion to effect the redemption on behalf of the client. For purposes of determining whether the short-term trading fee applies, the shares that were held the longest will be redeemed first. Administrators, trustees, or sponsors of retirement plans also may impose short-term trading fees.

In addition to the short-term trading fee, the Board has adopted the following additional policies and procedures. Any shareholder that is confirmed to have initiated four or more round trips (via exchanges or redemptions), all equal to or greater than $10,000 in value within a 180-day period, will receive a warning. If subsequent activity of two or more round trips occurs within 180 days, the shareholder's exchange privilege will be revoked, and the shareholder will not be permitted to purchase additional shares of the Funds. These policies do not apply to the Mercer Collective Trust or to discretionary investment management clients of the Adviser where the Adviser has discretion to effect the trade.

In addition to the Funds' frequent trading policies, transactions by shareholders of the Funds investing through intermediaries may also be subject to the restrictions of the intermediary's own frequent trading policies, which may differ from those of the Funds. The Funds may defer to an intermediary's frequent trading policies with respect to those shareholders who invest in the Funds through such intermediary only after the Funds have made a determination that the intermediary's frequent trading policies are reasonably designed to deter transactional activity in amounts and frequency that are deemed to be significant to the Funds and in a pattern of activity that potentially could be detrimental to the Funds. If you are investing in the Funds' shares through a financial intermediary, please contact the financial intermediary for information on the frequent trading policies applicable to your account. The Funds' ability to impose restrictions with respect to accounts traded through particular intermediaries may vary depending on the systems' capabilities, applicable contractual and legal restrictions and cooperation of those intermediaries.

If trades are effected through a financial intermediary, the Funds or their service providers will work with the intermediary to monitor possible frequent trading activity in the Funds. In compliance with Rule 22c-2 of the Investment Company Act of 1940, as amended, the Funds (or the Funds' Distributor, on behalf of the Funds) have entered into written agreements with each of the Funds' financial intermediaries, under which the intermediary must, upon request, provide the Funds with certain shareholder identifying and/or trading information so that the Funds can enforce their frequent trading policies.

While the Funds discourage frequent purchases and redemptions of the Funds' shares, there is no assurance that the Funds or the Funds' policies and procedures will be effective in limiting frequent trading in all accounts. For example, the Funds may not be able to effectively monitor, detect, or limit short-term or excessive trading by underlying shareholders that occurs through omnibus accounts maintained by broker-dealers or other financial intermediaries or where the Funds must rely on the cooperation of and/or information provided by financial intermediaries.

As discussed in "Redemptions by the Funds" earlier in this prospectus, the Funds reserve the right to refuse future purchases or exchanges of shares of the Funds if you are deemed to be engaging in illegal activities (such as late trading) or otherwise detrimental to the Funds (such as market timing).

**<u>Fund Distributions and Taxes</u>**

**Dividends and Distributions**

*Distributions*. Each Fund intends to qualify each year as a regulated investment company under the Internal Revenue Code. As a regulated investment company, a Fund generally pays no federal income tax on the income and gains it distributes to you. Each Fund (except the Mercer Core Fixed Income Fund, Mercer Opportunistic Fixed Income Fund and Mercer Short Duration Fixed Income Fund) expects to declare and distribute all of its net investment income, if any, to shareholders as dividends annually. Each of the Mercer Core Fixed Income Fund, Mercer Opportunistic Fixed Income Fund and Mercer Short Duration Fixed Income Fund expect to declare dividends daily and distribute dividends consisting of all of its net investment income, if any, to shareholders monthly. Each Fund will distribute net realized capital gains, if any, at least annually. A Fund may distribute such income dividends and capital gains more frequently, if necessary, in order to reduce or eliminate federal excise or income taxes on the Fund. The amount of any distribution will vary, and there is no guarantee that a Fund will pay either income dividends or capital gains distributions.

Classes with higher expenses are expected to have lower income dividends. If you are a shareholder of a Fund, you will receive income dividends and capital gains distributions in additional shares of the Fund unless you notify the Adviser, your Service Agent, or the Transfer Agent in writing that you elect to receive them in cash. Distribution options may be changed by shareholders at any time by requesting a change in writing. All dividends and capital gains distributions paid to retirement plan shareholders will be automatically reinvested. Dividends and distributions are reinvested on the reinvestment date at the NAV determined at the close of business on that date.

*Avoid "Buying A Dividend*." At the time you purchase your Fund shares, a Fund's NAV may reflect undistributed income, undistributed capital gains, or net unrealized appreciation in value of portfolio securities held by the Fund. For taxable investors, a subsequent distribution to you of such amounts, although constituting a return of your investment, would be taxable. Buying shares in a Fund just before it declares an income dividend or capital gains distribution is sometimes known as "buying a dividend."

**Taxes**

*Tax Considerations*. Dividends and capital gains distributed by the Funds to tax-deferred retirement plan accounts are not taxable currently, but may be taxable later when distributions are received from such accounts. In general, if you are a taxable investor, Fund distributions are taxable to you as ordinary income, capital gains, or some combination of both. This is true whether you reinvest your distributions in additional Fund shares or receive them in cash.

For federal income tax purposes, if you are a taxable investor, Fund distributions of short-term capital gains are taxable to you as ordinary income. Fund distributions of long-term capital gains are taxable to you as long-term capital gains no matter how long you have owned your shares. A portion of income dividends reported by a Fund may be qualified dividend income eligible for taxation by individual shareholders at long-term capital gains rates provided certain holding period requirements are met. Because the income of the Mercer Core Fixed Income Fund, Mercer Opportunistic Fixed Income Fund and Mercer Short Duration Fixed Income Fund is derived from investments earning interest, rather than from dividend income, generally none or only a small portion of the income dividends paid to you by these Funds may be qualified dividend income eligible for taxation by individuals at long-term capital gain tax rates. Some distributions paid in January may be taxable as if they had been paid the previous December. The Form 1099 that is sent to non-corporate taxable investors will detail your distributions and their federal tax category.

If a Fund qualifies to pass through to shareholders the tax benefits from foreign taxes the Fund pays on its investments, and elects to do so, then any foreign taxes the Fund pays on these investments may be passed through to you as a foreign tax credit. If you are subject to tax and if this election is made, you will be required to include in gross income (in addition to taxable dividends actually received) your pro rata share of the foreign taxes paid by the Fund, and you may be entitled either to deduct (as an itemized deduction) your share of foreign taxes in computing your taxable income or to (subject to limitations) take a foreign tax credit against your U.S. federal income tax liability. No deduction for foreign taxes may be claimed if you do not itemize deductions. You will be notified after the close of a Fund's taxable year whether the foreign taxes paid by the Fund will "pass through" for that year. Various other limitations, including a minimum holding period requirement, apply to limit the credit and/or deduction for foreign taxes for purposes of regular federal tax and/or alternative minimum tax.

*Annual Statements*. Each year, the Funds will send the non-corporate taxable investors an annual statement (Form 1099) of their account activity to assist them in completing their federal, state and local tax returns. Distributions declared in October, November or December to shareholders of record in such month, but paid the following January, are taxable as if the distributions were paid in December. The income classification of distributions made by a Fund may not be finally determinable until after the end of a year. Prior to issuing the statement, the Funds make every effort to search for reclassified income to reduce the number of corrected forms mailed to shareholders. However, when necessary, a Fund will send a corrected Form 1099 to reflect reclassified information.

*Redemptions and Exchanges*. When you sell your shares in a Fund, you may recognize a capital gain or loss. For tax purposes, an exchange of your shares of one Fund for shares of another series of the Trust is the same as a sale. Generally, exchanges within a tax-deferred retirement plan account will not result in a capital gain or loss for federal or state income tax purposes. Distributions taken from a retirement plan account, however, generally are taxable as ordinary income.

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

*Back-Up Withholding*. By law, if you do not provide a Fund with your proper taxpayer identification number and certain required certifications, you may be subject to back-up withholding on any distributions of income, capital gains, or proceeds from the sale of your shares. A Fund also must withhold if the Internal Revenue Service instructs the Fund to do so. When withholding is required, the amount will be 24% of any distributions or proceeds paid.

*State and Local Taxes*. If you are a taxable investor, Fund distributions and gains from the sale or exchange of your Fund shares generally are subject to state and local taxes.

*Non-U.S. Investors*. Non-U.S. investors generally will be subject to U.S. federal withholding tax at the rate of 30% on distributions treated as ordinary income, and may be subject to estate tax with respect to their Fund shares. However, non-U.S. investors will generally not be subject to U.S. federal withholding tax on certain properly reported distributions derived from long-term capital gains. Additionally, non-U.S. investors may not be subject to U.S. federal withholding tax on certain distributions derived from certain U.S. interest income and/or certain short-term capital gains earned by the Funds, to the extent reported by the Funds. There can be no assurance as to whether any of a Fund's distributions will be eligible for this exemption from withholding of U.S. federal income tax or, if eligible, will be reported as such by the Funds. Moreover, depending on the circumstances, a Fund may report all, some or none of the Fund's potentially eligible dividends as derived from such U.S. interest income or from such short-term capital gains, and a portion of the Fund's distributions (e.g. interest from non-U.S. sources or any foreign currency gains) would be ineligible for this potential exemption from withholding when paid to non-U.S. shareholders.

The Funds are also required to withhold U.S. tax (at a 30% rate) on payments of dividends made to certain non-U.S. investors that fail to comply (or be deemed compliant) with extensive reporting and withholding requirements in the Internal Revenue Code designed to inform the U.S. Department of the Treasury of U.S.-owned foreign investment accounts. Shareholders may be requested to provide additional information to determine whether such withholding is required.

**This discussion is not intended to be used as tax advice. Because each investor's tax situation is unique, you should consult your tax professional about federal, state, local, or foreign tax consequences before making an investment in a Fund.**

**<u>Financial Highlights</u>**

The Financial Highlights table is meant to help you understand the financial performance of each Fund over the Fund's past five fiscal years or, if shorter, the period of the Fund's operations. Certain information reflects financial results for a single Fund share. The total returns in the table represent the rate that you would have earned (or lost) on an investment in a Fund, assuming reinvestment of all dividends and distributions. The information presented in the financial highlights tables, for each of the fiscal years ended March 31, was audited by Deloitte & Touche LLP, an Independent Registered Public Accounting Firm, whose report, along with each Fund's financial statements, are incorporated by reference and included in the Trust's [Form N-CSR](https://www.sec.gov/Archives/edgar/data/1320615/000119312525133917/d925915dncsr.htm) filed with the SEC, which is available upon request.

Financial highlights for the Class Y-3 shares of each Fund and the Class I shares of the Mercer US Small/Mid Cap Equity Fund, Mercer Non-US Core Equity Fund, Mercer Core Fixed Income Fund, Mercer Emerging Markets Equity Fund, and Mercer Opportunistic Fixed Income Fund are shown to provide investors with financial information about the Fund. Adviser Class, Class I and Class Y-2 shares of the Funds (other than Class I shares of the Mercer US Small/Mid Cap Equity Fund, Mercer Non-US Core Equity Fund, Mercer Core Fixed Income Fund, Mercer Emerging Markets Equity Fund, and Mercer Opportunistic Fixed Income Fund) had not commenced operations prior to the most recent fiscal year end, and financial highlights are not yet available for those shares. The returns of the Adviser Class, Class I and the Class Y-2 shares (other than Class I shares of the Mercer US Small/Mid Cap Equity Fund, Mercer Non-US Core Equity Fund, Mercer Core Fixed Income Fund, Mercer Emerging Markets Equity Fund, and Mercer Opportunistic Fixed Income Fund) would have been substantially similar to the returns of the Class Y-3 shares; however, Adviser Class shares are subject to a 12b-1 fee, while Class Y-3 shares are not, and Adviser Class, Class I and Class Y-2 shares are subject to a non-distribution shareholder administrative services fee, while Class Y-3 shares are not. **Had the Adviser Class, Class I and the Class Y-2 shares of the Funds (other than Class I shares of the Mercer US Small/Mid Cap Equity Fund, Mercer Non-US Core Equity Fund, Mercer Core Fixed Income Fund, Mercer Emerging Markets Equity Fund, and Mercer Opportunistic Fixed Income Fund) been operational during the periods shown, the dividend distributions (if any) and investment performance of the Adviser Class, Class I and Class Y-2 shares (other than Class I shares of the Mercer US Small/Mid Cap Equity Fund, Mercer Non-US Core Equity Fund, Mercer Core Fixed Income Fund, Mercer Emerging Markets Equity Fund, and Mercer Opportunistic Fixed Income Fund) would have been lower.**

**<u>Mercer US Small/Mid Cap Equity Fund</u>**

**Financial Highlights (For a Class Y-3 share outstanding throughout each year)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year ended<br> 03/31/25** | **Year ended<br> 03/31/24** | **Year ended<br> 03/31/23** | **Year ended<br> 03/31/22** | **Year ended<br> 03/31/21** |
| **Net asset value at beginning of year** | $**11.90** | $**10.16** | $**11.80** | $**13.83** | $**7.71** |
| Net investment income† | 0.11 | 0.10 | 0.11 | 0.09 | 0.07 |
| Net realized and unrealized gain (loss) on investments | (0.34) | 2.05 | (0.93) | 0.49 | 6.38 |
| Total from investment operations | (0.23) | 2.15 | (0.82) | 0.58 | 6.45 |
| Less dividends and distributions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (0.11) | (0.11) | (0.10) | (0.09) | (0.07) |
| &nbsp;&nbsp;&nbsp;From net realized capital gains on investments | (1.09) | (0.30) | (0.72) | (2.52) | (0.26) |
| Total dividends and distributions | (1.20) | (0.41) | (0.82) | (2.61) | (0.33) |
| **Net asset value at end of year** | **$10.47** | $**11.90** | $**10.16** | $**11.80** | $**13.83** |
| **Total investment return<sup>(a)</sup>** | **(3.02)%** | **21.61%** | **(6.69)%** | **3.45%** | **84.20%** |
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income to average net assets | 0.90% | 0.92% | 1.05% | 0.66% | 0.68% |
| &nbsp;&nbsp;&nbsp;Total expenses (before reductions and reimbursements/waivers) to average daily net assets | 0.92% | 0.93% | 0.92% | 0.92% | 0.93% |
| &nbsp;&nbsp;&nbsp;Net expenses to average daily net assets<sup>(b)</sup> | 0.45% | 0.47% | 0.45% | 0.46% | 0.46% |
| Portfolio turnover rate | 46% | &nbsp;&nbsp;&nbsp;&nbsp;44% | &nbsp;&nbsp;&nbsp;&nbsp;42% | &nbsp;&nbsp;&nbsp;&nbsp;36% | &nbsp;&nbsp;&nbsp;&nbsp;59% |
| Net assets at end of year (in 000's) | $1627828 | $1781436 | $1658831 | $1774299 | $1867168 |

---

(a) The total return would have been lower had certain expenses not been reduced or reimbursed/waived
during the years shown.

(b) Includes the effects of management fee waivers.

† Computed using average shares outstanding throughout the year.

**<u>Mercer US Small/Mid Cap Equity Fund</u>**

**Financial Highlights** 

**(For a Class I share outstanding throughout the period)**

---

| | | |
|:---|:---|:---|
|  | **Year<br> ended<br> 3/31/25** | **Period<br> ended<br> 3/31/24** |
| **Net asset value at beginning of period** | $**11.89** | $**10.32** |
| Net investment income<sup>†</sup> | 0.08 | 0.05 |
| Net realized and unrealized loss on investments | (0.34) | 1.92 |
| Total from investment operations | (0.26) | 1.97 |
| Less dividends and distributions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From net investment income | (0.09) | (0.10) |
| &nbsp;&nbsp;&nbsp;&nbsp;From net realized capital gains on investments | (1.09) | (0.30) |
|  Total dividends and distributions | (1.18) | (0.40) |
| **Net asset value at end of period** | $**10.45** | $**11.89** |
| **Total investment return<sup>(b)</sup>** | **(3.29)%** | **19.50** |
| **Ratios/Supplemental Data:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income to average net assets | 0.66% | 0.63 |
| &nbsp;&nbsp;&nbsp;Total expenses (before reductions and reimbursements/waivers) to average daily net assets | 1.17% | 1.19 |
| &nbsp;&nbsp;&nbsp;Net expenses to average daily net assets<sup>(c)</sup> | 0.70% | 0.72 |
| Portfolio turnover rate | 46% | 44 |
| Net assets at end of year (in 000's) | $15890 | $12468 |

---

(a) The Class commenced operations on June 27, 2023.

(b) The total return would have been lower had certain expenses not been reduced or reimbursed/waived
during the period shown.

(c) Includes the effects of management fee waivers.

† Computed using average shares outstanding throughout the period.

\* Not annualized.

\*\* Annualized.

**<u>Mercer Non-US Core Equity Fund</u>**

**Financial Highlights (For a Class Y-3 share outstanding throughout each year)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year ended<br> 03/31/25** | **Year ended<br> 03/31/24** | **Year ended<br> 03/31/23** | **Year ended<br> 03/31/22** | **Year ended<br> 03/31/21** |
| **Net asset value at beginning of year** | $**11.16** | $**9.78** | $**10.31** | $**12.36** | $**8.46** |
| Net investment income<sup>†</sup> | 0.31 | 0.31 | 0.32 | 0.30 | 0.19 |
| Net realized and unrealized gain (loss) on investments | 0.52 | 1.44 | (0.57) | (0.30) | 4.14 |
| Total from investment operations | 0.83 | 1.75 | (0.25) |  | 4.33 |
| Less dividends and distributions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (0.57) | (0.37) | (0.05) | (0.35) | (0.18) |
| &nbsp;&nbsp;&nbsp;From net realized capital gains on investments | (0.34) |  | (0.23) | (1.70) | (0.25) |
| Total dividends and distributions | (0.91) | (0.37) | (0.28) | (2.05) | (0.43) |
| **Net asset value at end of year** | $**11.08** | $**11.16** | $**9.78** | $**10.31** | $**12.36** |
| **Total investment return<sup>(a)</sup>** | **7.93%** | **18.29%** | **(2.17)%** | **(1.07)%** | **51.42%** |
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income to average net assets | 2.76% | 3.04% | 3.51% | 2.42% | 1.78% |
| &nbsp;&nbsp;&nbsp;Total expenses (before reductions and reimbursements/waivers) to average daily net assets | 0.75% | 0.76% | 0.76% | 0.76% | 0.76% |
| &nbsp;&nbsp;&nbsp;Net expenses to average daily net assets<sup>(b)</sup> | 0.37% | 0.38% | 0.38% | 0.39% | 0.39% |
| Portfolio turnover rate | 57% | 43% | 48% | 57% | 81% |
| Net assets at end of year (in 000's) | $3386551 | $3627146 | $3550299 | $3689849 | $3828810 |

---

(a) The total return would have been lower had certain expenses not been reduced or reimbursed/waived
during the years shown.

(b) Includes the effects of management fee waivers.

† Computed using average shares outstanding throughout the year.

**<u>Mercer Non-US Core Equity Fund</u>**

**Financial Highlights (For a Class I share outstanding throughout the period)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year ended<br> 03/31/25** | **Year ended<br> 03/31/24** | **Year ended<br> 03/31/23** | **Period ended<br> 03/31/22** |
| **Net asset value at beginning of period** | $**11.14** | $**9.76** | $**10.31** | $**12.99** |
| Net investment income<sup>†</sup> | 0.27 | 0.28 | 0.23 | 0.17 |
| Net realized and unrealized gain (loss) on investments | 0.53 | 1.45 | (0.51) | (0.82) |
| Total from investment operations | 0.80 | 1.73 | (0.28) | (0.65) |
| Less dividends and distributions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (0.55) | (0.35) | (0.04) | (0.33) |
| &nbsp;&nbsp;&nbsp;From net realized capital gains on investments | (0.34) |  | (0.23) | (1.70) |
| Total dividends and distributions | (0.89) | (0.35) | (0.27) | (2.03) |
| **Net asset value at end of period** | $**11.05** | $**11.14** | $**9.76** | $**10.31** |
| **Total investment return<sup>(b)</sup>** | **7.64%** | **18.08%** | **(2.47)%** | **(5.97)** |
| **Ratios/Supplemental Data:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income to average net assets | 2.41% | 2.73% | 2.54% | 2.00 |
| &nbsp;&nbsp;&nbsp;Total expenses (before reductions and reimbursements/waivers) to average daily net assets | 1.01% | 1.01% | 1.02% | 1.01 |
| &nbsp;&nbsp;&nbsp;Net expenses to average daily net assets<sup>(c)</sup> | 0.62% | 0.63% | 0.63% | 0.63 |
| Portfolio turnover rate | 57% | 43% | 48% | 57 |
| Net assets at end of year (in 000's) | $334626 | $208667 | $141733 | $2971 |

---

(a) The Class commenced operations on July 22, 2021.

(b) The total return would have been lower had certain expenses not been reduced or reimbursed/waived
during the years shown.

(c) Includes the effects of management fee waivers.

† Computed using average shares outstanding throughout the period.

\* Not annualized.

\*\* Annualized.

**<u>Mercer Emerging Markets Equity Fund</u>**

**Financial Highlights (For a Class Y-3 share outstanding throughout each year)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year ended<br> 03/31/25** | **Year ended<br> 03/31/24** | **Year ended<br> 03/31/23** | **Year ended<br> 03/31/22** | **Year ended<br> 03/31/21** |
| **Net asset value at beginning of year** | $**7.50** | $**7.56** | $**8.57** | $**11.47** | $**7.19** |
| Net investment income<sup>†</sup> | 0.17 | 0.17 | 0.23 | 0.19 | 0.14 |
| Net realized and unrealized gain (loss) on investments | 0.29 | (0.05) | (1.06) | (1.82) | 4.29 |
| Total from investment operations | 0.46 | 0.12 | (0.83) | (1.63) | 4.43 |
| Less dividends and distributions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (0.12) | (0.18) | (0.18) | (0.32) | (0.15) |
| &nbsp;&nbsp;&nbsp;From net realized capital gains on investments |  |  |  | (0.95) |  |
| Total dividends and distributions | (0.12) | (0.18) | (0.18) | (1.27) | (0.15) |
| **Net asset value at end of year** | $**7.84** | $**7.50** | $**7.56** | $**8.57** | $**11.47** |
| **Total investment return<sup>(a)</sup>** | **6.20%** | **1.60%** | **(9.51)%** | **(15.35)%** | **61.78%** |
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income to average net assets | 2.23% | 2.30% | 3.04% | 1.75% | 1.47% |
| &nbsp;&nbsp;&nbsp;Total expenses (before reductions and reimbursements/waivers) to average daily net assets | 0.89% | 0.87% | 0.87% | 0.87% | 0.87% |
| &nbsp;&nbsp;&nbsp;Net expenses to average daily net assets<sup>(b)</sup> | 0.40% | 0.47% | 0.49% | 0.47% | 0.48% |
| Portfolio turnover rate | 91% | 57% | 95% | 51% | 106% |
| Net assets at end of year (in 000's) | $993231 | $1288384 | $1581752 | $1636594 | $1518654 |

---

(a) The total return would have been lower had certain expenses not been reduced or reimbursed/waived
during the years shown.

(b) Includes the effects of management fee waivers.

† Computed using average shares outstanding throughout the year.

**<u>Mercer Emerging Markets Equity Fund</u>**

**Financial Highlights** 

**(For a Class I share outstanding throughout the period)**

---

| | | |
|:---|:---|:---|
|  | **Year ended<br> 3/31/25** | **Period<br> ended<br> 3/31/24** |
| **Net asset value at beginning of period** | $**7.50** | $**7.59** |
| Net investment income<sup>†</sup> | 0.15 | 0.08 |
| Net realized and unrealized loss on investments | 0.28 |  |
| Total from investment operations | 0.43 | 0.08 |
| Less dividends and distributions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From net investment income | (0.10) | (0.17) |
|  Total dividends and distributions | (0.10) | (0.17) |
| **Net asset value at end of period** | $**7.83** | $**7.50** |
| **Total investment return<sup>(c)</sup>** | **5.79%** | **1.10** |
| **Ratios/Supplemental Data:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income to average net assets | 1.97% | 1.38 |
| &nbsp;&nbsp;&nbsp;Total expenses (before reductions and reimbursements/waivers) to average daily net assets | 1.14% | 1.13 |
| &nbsp;&nbsp;&nbsp;Net expenses to average daily net assets<sup>(d)</sup> | 0.64% | 0.73 |
| Portfolio turnover rate | 91% | 57 |
| Net assets at end of year (in 000's) | $1201 | $1211 |

---

(a) The Class commenced operations on June 27, 2023.

(b) Amount rounds to less than ($0.01) per share.

(c) The total return would have been lower had certain expenses not been reduced or reimbursed/waived
during the period shown.

(d) Includes the effects of management fee waivers.

† Computed using average shares outstanding throughout the period.

\* Not annualized.

\*\* Annualized.

**<u>Mercer Core Fixed Income Fund</u>**

**Financial Highlights (For a Class Y-3 share outstanding throughout each year)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year ended<br> 03/31/25** | **Year ended<br> 03/31/24** | **Year ended<br> 03/31/23** | **Year ended<br> 03/31/22** | **Year ended<br> 03/31/21** |
| **Net asset value at beginning of year** | $**8.92** | $**9.00** | $**9.80** | $**10.46** | $**10.48** |
| Net investment income<sup>†</sup> | 0.39 | 0.37 | 0.28 | 0.22 | 0.25 |
| Net realized and unrealized gain (loss) on investments | 0.07 | (0.12) | (0.79) | (0.62) | 0.20 |
| Total from investment operations | 0.46 | 0.25 | **(**0.51) | **(**0.40) | 0.45 |
| Less dividends and distributions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (0.40) | (0.33) | (0.29) | (0.22) | (0.25) |
| &nbsp;&nbsp;&nbsp;From net realized capital gains on investments |  |  |  | (0.04) | (0.22) |
| Total dividends and distributions | (0.40) | (0.33) | (0.29) | (0.26) | (0.47) |
| **Net asset value at end of year** | $**8.98** | $**8.92** | $**9.00** | $**9.80** | $**10.46** |
| **Total investment return<sup>(a)</sup>** | **5.19%** | **2.77%** | **(5.20)%** | **(4.01)%** | **4.23%** |
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income to average net assets | 4.38% | 4.13% | 3.08% | 2.09% | 2.33% |
| &nbsp;&nbsp;&nbsp;Total expenses (before reductions and reimbursements/waivers) to average daily net assets | 0.37% | 0.38% | 0.39% | 0.39% | 0.40% |
| &nbsp;&nbsp;&nbsp;Net expenses to average daily net assets<sup>(b)</sup> | 0.14% | 0.15% | 0.15% | 0.16% | 0.15% |
| Portfolio turnover rate<sup>(c)</sup> | 123% | 128% <sup>(d)</sup> | 203% | 131% | 127% |
| Net assets at end of year (in 000's) | $1922339 | $1807860 | $1242702 | $1371901 | $1255952 |

---

(a) The total return would have been lower had certain expenses not been reduced or reimbursed/waived
during the years shown.

(b) Includes the effects of management fee waivers.

(c) Includes TBA transactions; excluding these transactions the portfolio turnover rate would have
been 107%, 95%, 125%, 96%, and 100% for the years ended March 31, 2025, March 31, 2024, March 31, 2023, March 31, 2022 and March
31, 2021, respectively.

(d) Portfolio
turnover calculation does not include $192,237,977 of securities transferred into the Fund as part of in-kind contributions.

† Computed using average shares outstanding throughout the year.

**<u>Mercer Core Fixed Income Fund</u>**

**Financial Highlights (For a Class I share outstanding throughout the period)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year ended<br> 3/31/25** | **Year ended<br> 3/31/24** | **Year ended<br> 3/31/23** | **Period ended<br> 03/31/22** |
| **Net asset value at beginning of period** | $**8.92** | $**9.00** | $**9.79** | $**10.43** |
| Net investment income<sup>†</sup> | 0.37 | 0.34 | 0.25 | 0.03 |
| Net realized and unrealized loss on investments | 0.06 | (0.12) | (0.78) | (0.67) |
| Total from investment operations | 0.43 | 0.22 | (0.53) | (0.64) |
| Less dividends and distributions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From net investment income | (0.36) | (0.30) | (0.26) |  |
|  Total dividends and distributions | (0.36) | (0.30) | (0.26) |  |
| **Net asset value at end of period** | $**8.99** | $**8.92** | $**9.00** | $**9.79** |
| **Total investment return<sup>(b)</sup>** | **4.93%** | **2.50%** | **(5.42)%** | **(6.14)** |
| **Ratios/Supplemental Data:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income to average net assets | 4.10% | 3.86% | 2.77% | 0.98 |
| &nbsp;&nbsp;&nbsp;Total expenses (before reductions and reimbursements/waivers) to average daily net assets | 0.62% | 0.63% | 0.64% | 0.66 |
| &nbsp;&nbsp;&nbsp;Net expenses to average daily net assets<sup>(c)</sup> | 0.39% | 0.40% | 0.40% | 0.42 |
| Portfolio turnover rate<sup>(d)</sup> | 123% | 128 %<sup>(e)</sup> | 203% | 131 |
| Net assets at end of year (in 000's) | $23043 | $50264 | $49690 | $94756 |

---

(a) The Class commenced operations on December 27, 2021.

(b) The total return would have been lower had certain expenses not been reduced or reimbursed/waived
during the period shown.

(c) Includes the effects of management fee waivers.

(d) Includes TBA transactions; excluding these transactions the portfolio turnover rate would have
been 107%, 95%, 125% and 96% for the years ended March 31, 2025, March 31, 2024, March 31, 2023 and March 31, 2022, respectively.

(e) Portfolio
turnover calculation does not include $192,237,977 of securities transferred into the Fund as part of in-kind contributions.

† Computed using average shares outstanding throughout the period.

\* Not annualized.

\*\* Annualized.

**<u>Mercer Opportunistic Fixed Income Fund</u>**

**Financial Highlights (For a Class Y-3 share outstanding throughout each year)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year ended<br> 03/31/25** | **Year ended<br> 03/31/24** | **Year ended<br> 03/31/23** | **Year ended<br> 03/31/22** | **Year ended<br> 03/31/21** |
| **Net asset value at beginning of year** | $**8.43** | $**8.35** | $**8.93** | $**9.58** | $**8.45** |
| Net investment income<sup>†</sup> | 0.60 | 0.60 | 0.50 | 0.42 | 0.46 |
| Net realized and unrealized gain (loss) on investments | (0.23) | 0.02 | (0.78) | (0.74) | 1.00 |
| Total from investment operations | 0.37 | 0.62 | (0.28) | (0.32) | 1.46 |
| Less dividends and distributions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (0.56) | (0.54) | (0.30) | (0.30) | (0.33) |
| &nbsp;&nbsp;&nbsp;From net realized capital gains on investments |  |  |  | (0.03) |  |
| Total dividends and distributions | (0.56) | (0.54) | (0.30) | (0.33) | (0.33) |
| **Net asset value at end of year** | $**8.24** | $**8.43** | $**8.35** | $**8.93** | $**9.58** |
| **Total investment return<sup>(a)</sup>** | **4.40%** | **7.54%** | **(2.96)%** | **(3.44)%** | **17.12%** |
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income to average net assets | 7.04% | 7.12% | 6.05% | 4.35% | 4.83% |
| &nbsp;&nbsp;&nbsp;Total expenses (before reductions and reimbursements/waivers) to average daily net assets | 0.84% | 0.86% | 0.88% | 0.90% | 0.87% |
| &nbsp;&nbsp;&nbsp;Net expenses to average daily net assets<sup>(b)</sup> | 0.43% | 0.43% | 0.44% | 0.45% | 0.45% |
| Portfolio turnover rate | 77% | 63% | 66% | 77% | 117% <sup>(c)</sup> |
| Net assets at end of year (in 000's) | $1852266 | $1776018 | $1332779 | $1106335 | $854159 |

---

(a) The total return would have been lower had certain expenses not been reduced or reimbursed/waived
during the years shown.

(b) Includes the effects of management fee waivers.

(c) Portfolio turnover calculation does not include $400,305,493 of securities transferred out of the
Fund as part of in-kind redemptions.

† Computed using average shares outstanding throughout the year.

**<u>Mercer Opportunistic Fixed Income Fund</u>**

**Financial Highlights**

**(For a Class I share outstanding throughout the period)**

---

| | | |
|:---|:---|:---|
|  | **Year ended<br> 3/31/25** | **Period ended <br> 3/31/24** |
| **Net asset value at beginning of period** | $**8.42** | $**8.49** |
| Net investment income<sup>†</sup> | 0.57 | 0.44 |
| Net realized and unrealized loss on investments | (0.22) | 0.02 |
| Total from investment operations | 0.35 | 0.46 |
| Less dividends and distributions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From net investment income | (0.54) | (0.53) |
|  Total dividends and distributions | (0.54) | (0.53) |
| **Net asset value at end of period** | $**8.23** | $**8.42** |
| **Total investment return<sup>(b)</sup>** | **4.14%** | **5.53** |
| **Ratios/Supplemental Data:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income to average net assets | 6.79% | 6.97 |
| &nbsp;&nbsp;&nbsp;Total expenses (before reductions and reimbursements/waivers) to average daily net assets | 1.09% | 1.11 |
| &nbsp;&nbsp;&nbsp;Net expenses to average daily net assets<sup>(c)</sup> | 0.68% | 0.69 |
| Portfolio turnover rate | 77% | 63 |
| Net assets at end of year (in 000's) | $5470 | $5188 |

---

(a) The Class commenced operations on June 27, 2023.

(b) The total return would have been lower had certain expenses not been reduced or reimbursed/waived
during the period shown.

(c) Includes the effects of management fee waivers.

† Computed using average shares outstanding throughout the period.

\* Not annualized.

\*\* Annualized.

**<u>Mercer Short Duration Fixed Income Fund</u>**

**Financial Highlights** 

**(For a Class Y-3 share outstanding throughout the period)**

---

| | | |
|:---|:---|:---|
|  | **Year ended<br> 3/31/25** | **Period ended<br> 3/31/24** |
| **Net asset value at beginning of period** | $**10.04** | $**10.00** |
| Net investment income<sup>†</sup> | 0.50 | 0.17 |
| Net realized and unrealized loss on investments | 0.10 | 0.04 |
| Total from investment operations | 0.60 | 0.21 |
| Less dividends and distributions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From net investment income | (0.50) | (0.17) |
| &nbsp;&nbsp;&nbsp;&nbsp;From net realized capital gains on investments | (0.06) |  |
|  Total dividends and distributions | (0.56) | (0.17) |
| **Net asset value at end of period** | $**10.08** | $**10.04** |
| **Total investment return<sup>(b)</sup>** | **6.09%** | **2.15** |
| **Ratios/Supplemental Data:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income to average net assets | 4.97% | 4.91 |
| &nbsp;&nbsp;&nbsp;Total expenses (before reductions and reimbursements/waivers) to average daily net assets | 0.88% | 1.09 |
| &nbsp;&nbsp;&nbsp;Net expenses to average daily net assets<sup>(c)</sup> | 0.20% | 0.20 |
| Portfolio turnover rate | 167% | 118 |
| Net assets at end of year (in 000's) | $63573 | $60104 |

---

(a) The Class commenced operations on December 1, 2023.

(b) The total return would have been lower had certain expenses not been reduced or reimbursed/waived
during the period shown.

(c) Includes the effects of management fee waivers.

† Computed using average shares outstanding throughout the period.

\* Not annualized.

\*\* Annualized.

---

| | |
|:---|:---|
| If you want more information about the Funds, the following documents are available free upon request:<br>**Annual/Semi-Annual Reports**<br>Additional information about each Fund's investments is available in the Fund's annual and semi-annual reports to shareholders, and in Form N-CSR filed with the SEC. In the 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 the Fund's Form N-CSR filed with the SEC, you will find the Fund's annual and semi-annual financial statements.<br>**Statement of Additional Information (SAI)** <br>The SAI provides more detailed information about the Funds and is incorporated by reference into this prospectus (i.e., it is legally considered a part of this prospectus).<br>You may discuss your questions about the Funds by contacting the Adviser, your plan administrator or recordkeeper or your Service Agent. You may obtain free copies of the Funds' annual and semi-annual reports and the SAI by contacting the Funds directly at 1-888-887-0619 or by visiting the Trust's Web site, https://www.mercer.com/en-us/solutions/investments/delegated-solutions/<br>You may get copies of reports and other information about the Funds:<br>● For a fee, by electronic request at publicinfo@sec.gov; or<br>● Free from the EDGAR Database on the SEC's Internet Web site at: <u>http://www.sec.gov</u>.<br>Mercer Funds<br> Investment Company Act File No. 811-21732 | Mercer Funds<br>Mercer US Small/Mid Cap Equity Fund<br> Mercer Non-US Core Equity Fund<br> Mercer Emerging Markets Equity Fund<br>Mercer Core Fixed Income Fund<br>Mercer Opportunistic Fixed Income Fund<br> Mercer Short Duration Fixed Income Fund<br>Prospectus<br>July 31, 2025 |

---

**Mercer Funds**

**STATEMENT OF ADDITIONAL INFORMATION**

**July 31, 2025**

Mercer Funds (the "Trust"), is an open-end management investment company that currently offers shares in seven separate and distinct series, representing separate portfolios of investments (each individually referred to as a "Fund," and collectively referred to as the "Funds"). Each Fund has its own investment objective. Each Fund offers interests in four classes of shares: Adviser Class, Class I, Class Y-2 and Class Y-3. The seven Funds and their respective ticker symbols are:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Adviser**<br> **Class**  | **Class**<br> **I** | **Class**<br> **Y-2** | **Class**<br> **Y-3** |
| Mercer US Small/Mid Cap Equity Fund | MSCJX | MSCQX | MSCWX | MSCGX |
| Mercer Non-US Core Equity Fund | MNCDX | MNCSX | MNCYX | MNCEX |
| Mercer Emerging Markets Equity Fund | MEMVX | MEMSX | MEMWX | MEMQX |
| Mercer Core Fixed Income Fund | MCFVX | MCFQX | MCFWX | MCFIX |
| Mercer Opportunistic Fixed Income Fund | MOFAX | MOFTX | MOFYX | MOFIX |
| Mercer Short Duration Fixed Income Fund | MSDZX | MSDBX | MSDWX | MSDYX |

---

Mercer Investments LLC (the "Adviser"), serves as the investment adviser of the Funds.

This Statement of Additional Information ("SAI") is not a prospectus and should be read only in conjunction with the Funds' current Prospectus, dated July 31, 2025. Portions of the Funds' [Form N-CSR](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001320615/000119312525133917/d925915dncsr.htm) filed with the SEC are incorporated by reference into this SAI. A copy of the Funds' Form N-CSR or a Prospectus may be obtained, without charge, by calling your plan administrator or recordkeeper or financial advisor or intermediary, or by calling the Trust toll free at 1-888-887-0619 or visiting the Trust's website at https://www.mercer.com/en-us/solutions/investments/delegated-solutions/. The Prospectus contains more complete information about the Funds. You should read it carefully before investing.

**Table of Contents** 

---

| | |
|:---|:---|
|  | **<u>Page</u>** |
| [GENERAL INFORMATION ABOUT THE TRUST](#x1_c113438b001) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[General Definitions](#x1_c113438b002) | 1 |
| [INVESTMENT STRATEGIES](#x1_c113438b003) | 2 |
| [ALL FUNDS](#x1_c113438b004) | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Borrowing](#x1_c113438b005) | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Cash and Short-Term Investments](#x1_c113438b006) | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Derivatives Regulatory Matters](#x1_c113438b007) | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Convertible Securities](#x1_c113438b008) | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Loans of Portfolio Securities](#x1_c113438b009) | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Repurchase Agreements](#x1_c113438b010) | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Reverse Repurchase Agreements](#x1_c113438b011) | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Swaps](#x1_c113438b012) | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Futures](#x1_c113438b013) | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Security Options](#x1_c113438b014) | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Index Options](#x1_c113438b015) | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Special Risks of Options on Indices](#x1_c113438b016) | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Options on Futures](#x1_c113438b017) | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Warrants](#x1_c113438b018) | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Illiquid Investments](#x1_c113438b019) | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Rule 144A Securities](#x1_c113438b020) | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Investment Company Securities](#x1_c113438b021) | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Exchange-Traded Funds ("ETFs")](#x1_c113438b022) | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Oil and Gas Investments](#x1_c113438b023) | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Issuer Location](#x1_c113438b024) | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Short Sales](#x1_c113438b025) | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[When-Issued Securities](#x1_c113438b026) | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Participation Notes](#x1_c113438b027) | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Trust Preferred Securities ("TruPS")](#x1_c113438b028) | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Foreign Securities](#x1_c113438b029) | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Emerging Markets Investments](#x1_c113438b030) | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China Region | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Structured Products](#x1_c113438b032) | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Momentum Style Risk](#x1_c113438b033) | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Forward Foreign Currency Contracts](#x1_c113438b034) | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Non-Deliverable Forwards](#x1_c113438b035) | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Options on Foreign Currencies](#x1_c113438b036) | 15 |
| [EQUITY FUNDS](#x1_c113438b037) | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Equity Securities](#x1_c113438b038) | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Depositary Receipts](#x1_c113438b039) | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Real Estate Investment Trusts](#x1_c113438b040) | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Private Equity Investments in Public Equity](#x1_c113438b041) | 17 |
| [FIXED INCOME FUNDS](#x1_c113438b042) | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[U.S. Government Obligations](#x1_c113438b043) | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Municipal Bonds](#x1_c113438b044) | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Eurodollar Securities](#x1_c113438b045) | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Floating Rate Loans and Other Variable- and Floating-Rate Debt Securities](#x1_c113438b046) | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Lower Rated Debt Securities](#x1_c113438b047) | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Inflation Protected Securities](#x1_c113438b048) | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Pay-In-Kind Bonds](#x1_c113438b049) | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Mortgage-Backed Securities, Mortgage Pass-Through Securities, and Collateralized Mortgage Obligations ("CMOs")](#x1_c113438b050) | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Dollar Rolls](#x1_c113438b051) | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[To-Be-Announced Securities](#x1_c113438b052) | 24 |

---

i

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Other Mortgage-Backed Securities](#x1_c113438b053) | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Asset-Backed Securities](#x1_c113438b054) | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Equipment Trust Certificates](#x1_c113438b055) | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Zero Coupon and Delayed Interest Securities](#x1_c113438b056) | 26 |
| [RECENT MARKET DEVELOPMENTS](#x1_c113438b057) | 26 |
| [OTHER INVESTMENTS](#x1_c113438b058) | 27 |
| [INVESTMENT RESTRICTIONS](#x1_c113438b059) | 27 |
| [MANAGEMENT OF THE TRUST](#x1_c113438b060) | 29 |
| [TRUSTEES' OWNERSHIP OF FUND SHARES](#x1_c113438b061) | 34 |
| [TRUSTEES' COMPENSATION](#x1_c113438b062) | 34 |
| [CONTROL PERSONS AND PRINCIPAL HOLDERS OF SECURITIES](#x1_c113438b063) | 35 |
| [INVESTMENT ADVISORY, PRINCIPAL UNDERWRITING, AND OTHER SERVICE ARRANGEMENTS](#x1_c113438b064) | 37 |
| [Investment Adviser](#x1_c113438b065) | 37 |
| [Subadvisers and Portfolio Managers](#x1_c113438b066) | 39 |
| [Administrative, Accounting, and Custody Services](#x1_c113438b067) | 43 |
| [Shareholder Administrative Services Arrangements](#x1_c113438b068) | 43 |
| [Principal Underwriting Arrangements](#x1_c113438b069) | 44 |
| [Transfer Agency Services](#x1_c113438b070) | 45 |
| [Securities Lending](#x1_c113438b071) | 45 |
| [Independent Registered Public Accounting Firm](#x1_c113438b072) | 47 |
| [Legal Counsel](#x1_c113438b073) | 47 |
| [Codes of Ethics](#x1_c113438b074) | 47 |
| [Proxy Voting Policies](#x1_c113438b075) | 47 |
| [PORTFOLIO TRANSACTIONS AND BROKERAGE COMMISSIONS](#x1_c113438b076) | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Portfolio Turnover](#x1_c113438b077) | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Disclosure of Portfolio Holdings](#x1_c113438b078) | 50 |
| [CAPITAL STOCK AND OTHER SECURITIES](#x1_c113438b079) | 50 |
| [ADDITIONAL PURCHASE, EXCHANGE, AND REDEMPTION INFORMATION AND OTHER SERVICES](#x1_c113438b080) | 51 |
| [NET ASSET VALUE](#x1_c113438b081) | 51 |
| [TAXATION](#x1_c113438b082) | 52 |
| [Distributions](#x1_c113438b083) | 52 |
| [Taxes](#x1_c113438b084) | 52 |
| [FINANCIAL STATEMENTS](#x1_c113438b085) | 62 |
| [APPENDIX A — Corporate Debt Ratings](#x1_c113438b086) | A-1 |
| [APPENDIX B — Proxy Voting Policies](#x1_c113438b087) | B-1 |
| [APPENDIX C — Additional Information about the Funds' Portfolio Managers](#x1_c113438b088) | C-1 |

---

ii

**<u>GENERAL INFORMATION ABOUT THE TRUST</u>**

The Trust is a Delaware statutory trust organized on March 11, 2005. The Trust currently offers shares in the following six series, representing separate portfolios of investments: Mercer US Small/Mid Cap Equity Fund, Mercer Non-US Core Equity Fund, Mercer Emerging Markets Equity Fund, Mercer Core Fixed Income Fund, Mercer Opportunistic Fixed Income Fund, and Mercer Short Duration Fixed Income Fund.

Each Fund is currently authorized to offer four classes of shares: Adviser Class shares, Class I shares, Class Y-2 shares and Class Y-3 shares.

Each Fund is classified as "diversified" for purposes of the Investment Company Act of 1940, as amended (the "1940 Act"). When initially formed, the Mercer Opportunistic Fixed Income Fund was sub-classified as non-diversified under the 1940 Act. However, due to the Mercer Opportunistic Fixed Income Fund's principal investment strategy and investment process, the Mercer Opportunistic Fixed Income Fund has operated as a diversified fund. Therefore, the Mercer Opportunistic Fixed Income Fund will not operate as a non-diversified fund in the future without first obtaining shareholder approval or as otherwise may be allowed under the 1940 Act or the rules or interpretations thereof.

**General Definitions**

As used throughout this SAI, the following terms shall have the meanings listed:

"1933 Act" shall mean the Securities Act of 1933, as amended.

"1940 Act" shall mean the Investment Company Act of 1940, as amended.

"Administrator" shall mean State Street Bank and Trust Company ("State Street"), which serves as the Funds' administrator.

"Adviser" shall mean Mercer Investments LLC, which serves as the Funds' investment adviser.

"Board" shall mean the Board of Trustees of the Trust.

"CFTC" shall mean the Commodity Futures Trading Commission.

"Code" shall mean the Internal Revenue Code of 1986, as amended.

"Custodian" shall mean State Street, which serves as the Funds' custodian.

"Distributor" shall mean MGI Funds Distributors, LLC, which serves as the Trust's principal underwriter.

"Equity Funds" shall mean the Mercer US Small/Mid Cap Equity Fund, Mercer Non-US Core Equity Fund, and the Mercer Emerging Markets Equity Fund.

"Fixed Income Funds" shall mean the Mercer Core Fixed Income Fund, Mercer Opportunistic Fixed Income Fund and Mercer Short Duration Fixed Income Fund.

"Funds" shall mean the Mercer US Small/Mid Cap Equity Fund, Mercer Non-US Core Equity Fund, Mercer Emerging Markets Equity Fund, Mercer Core Fixed Income Fund, Mercer Opportunistic Fixed Income Fund, and Mercer Short Duration Fixed Income Fund.

"Moody's" shall mean Moody's Investors Service, Inc.

"SEC" shall mean the U.S. Securities and Exchange Commission.

"S&P" shall mean Standard & Poor's Ratings Group.

"Subadviser" shall mean a subadviser to a Fund.

"Trust" shall mean the Mercer Funds, an open-end management investment company registered under the 1940 Act.

**<u>INVESTMENT STRATEGIES</u>**

In addition to the securities and financial instruments described in the Funds' Prospectus, the Funds are authorized to employ certain other investment strategies and to invest in certain other types of securities and financial instruments, as described below. Not every Fund will utilize all of the investment strategies, or invest in all of the types of securities and financial instruments that are listed.

**<u>ALL FUNDS</u>**

**Borrowing**

A Fund may borrow money as a temporary measure for extraordinary purposes or to facilitate redemptions. A Fund also may borrow money for investment purposes. A Fund will not borrow money in excess of 33 1/3% of the value of its total assets. Any borrowing will be done from a bank with the required asset coverage of at least 300%. In the event that such asset coverage shall at any time fall below 300%, a Fund shall, within three days thereafter (not including Sundays or holidays), or such longer period as the SEC may prescribe by rules and regulations, reduce the amount of its borrowings to such an extent that the asset coverage of such borrowings shall be at least 300%.

**Cash and Short-Term Investments**

A Fund may invest a portion of its assets in short-term debt securities (including repurchase agreements and reverse repurchase agreements) of corporations, the U.S. Government and its agencies and instrumentalities, and banks and finance companies.

A Fund may invest a portion of its assets in shares issued by money market mutual funds. A Fund also may invest in collective investment vehicles that are managed by an unaffiliated investment manager, pending investment of the Fund's assets in portfolio securities. When unusual market conditions warrant, a Fund may make substantial temporary defensive investments in cash equivalents, up to a maximum of 100% of its net assets. Cash equivalent holdings may be in any currency (although such holdings may not constitute "cash or cash equivalents" for tax diversification purposes under the Code). When a Fund invests for temporary defensive purposes, such investments may affect the Fund's ability to achieve its investment objective.

**Derivatives Regulatory Matters**

The Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Dodd-Frank Act") sets forth a regulatory framework for certain over-the-counter ("OTC") derivatives, such as swaps, in which the Funds may invest. The Dodd-Frank Act requires certain swap transactions to be executed on registered exchanges or through swap execution facilities, cleared through a regulated clearinghouse, and publicly reported. In addition, many market participants who were not previously required to register are regulated as swap dealers or major swap participants, and are, or will be subject to certain minimum capital and margin requirements and business conduct standards. The statutory requirements are still being implemented primarily through rules and regulations adopted by the SEC and/or the CFTC.

As discussed above, as of the date of this SAI, central clearing and exchange-trading are required for trading certain instruments, although central clearing and exchange-trading for additional instruments is expected to be implemented by the SEC and CFTC until the majority of the swaps market is ultimately subject to both. In addition, uncleared swaps that are subject to regulatory collateral requirements could adversely affect a portfolio's ability to enter into swaps in the OTC market. The establishment of a centralized exchange or market for cleared swap transactions may not result in swaps being easier to value or trade. However, swap dealers, security-based swap dealers, major swap participants, major security-based swaps dealers and counterparties may experience additional regulations, requirements, compliance burdens, and associated costs. Position limits imposed on a Fund or its counterparties may affect that Fund's ability to invest in futures, options, swaps and security-based swaps in a manner consistent with the Fund's investment objective and strategies. The requirements prescribed by the Dodd-Frank Act may increase the cost of a Fund's investments and cost of doing business, which could adversely affect the ability of the Funds to buy or sell derivatives.

Under Rule 18f-4, a Fund is required to trade derivatives and other transactions that create future payment or delivery obligations (except reverse repurchase agreements and similar financing transactions if the Fund has elected to treat them as borrowings) subject to a value-at-risk ("VaR") leverage limit, certain other derivatives risk management program and testing requirements and requirements related to reporting. These requirements apply unless a Fund qualifies as a "limited derivatives user," as defined in Rule 18f-4 (generally speaking, funds whose gross notional exposure to derivatives is less than 10% of its net assets). Under Rule 18f-4, when a Fund trades reverse repurchase agreements or similar financing transactions, it must aggregate the amount of indebtedness associated with the reverse repurchase agreements or similar financing transactions with the aggregate amount of any other senior securities representing indebtedness when calculating the Fund's asset coverage ratio or elect to treat such investments as derivatives transactions. Reverse repurchase agreements or similar financing transactions aggregated with other indebtedness do not need to be included in the calculation of whether a Fund is a limited derivatives user, but for funds subject to the VaR testing, reverse repurchase agreements and similar

financing transactions must be included for purposes of such testing whether treated as a derivatives transaction or not. These requirements may limit the ability of a Fund to use derivatives and reverse repurchase agreements and similar financing transactions as part of its investment strategies. These requirements may increase the cost of a Fund's investments and cost of doing business, which could adversely affect investors.

In December 2023, the SEC adopted rule amendments providing that any covered clearing agency ("CCA") for U.S. Treasury securities require that every direct participant of the CCA (which generally would be a bank or broker-dealer) submit for clearance and settlement all eligible secondary market transactions in U.S. Treasury securities to which it is a counterparty. The clearing mandate includes in its scope all repurchase or reverse repurchase agreements of such direct participants collateralized by U.S. Treasury securities (collectively, "Treasury repo transactions") of a type accepted for clearing by a registered CCA, including both bilateral Treasury repo transactions and triparty Treasury repo transactions where a bank agent provides custody, collateral management and settlement services.

The Treasury repo transactions of registered funds with any direct participants of a CCA will be subject to the mandatory clearing requirement. Currently, the Fixed Income Clearing Corporation ("FICC") is the only CCA for U.S. Treasury securities. FICC currently operates a "Sponsored Program" for clearing of Treasury repo transactions pursuant to which a registered fund may enter into a clearing arrangement with a "sponsoring member" bank or broker-dealer that is a direct participant of FICC as a "sponsored member" of FICC.

Compliance with the clearing mandate for Treasury repo transactions is scheduled to be required by June 30, 2027. The clearing mandate is expected to result in a Fund being required to clear all or substantially all of its Treasury repo transactions as of the compliance date. There are currently substantial regulatory and operational uncertainties associated with the implementation which may affect the cost, terms and/or availability of cleared repo transactions. The Adviser will monitor developments in the Treasury repo transactions market as the implementation period progresses

**Convertible Securities**

Each Fund may invest in convertible securities that generally offer lower interest or dividend yields than non-convertible debt securities of similar quality. The value of convertible securities may reflect changes in the value of the underlying common stock. Convertible securities entail less credit risk than the issuer's common stock because they rank senior to common stock. Convertible securities entitle the holder to exchange the securities for a specified number of shares of common stock, usually of the same company, at specified prices within a certain period of time and to receive interest or dividends until the holder elects to convert. The value of a convertible security is a function of its "investment value" (determined by its yield in comparison with the yields of other securities of comparable maturity and quality that do not have a conversion privilege) and its "conversion value" (the security's worth at market value if converted into the underlying common stock). The market value of convertible securities tends to vary inversely with the level of interest rates: the value of the security declines as interest rates increase and increases as interest rates decline. Although under normal market conditions longer-term debt instruments have greater yields than do shorter-term debt instruments of similar quality, they are subject to greater price fluctuations. A convertible security may be subject to redemption at the option of the issuer at a price established in the instrument governing the convertible security.

The provisions of any convertible security determine its ranking in a company's capital structure. In the case of subordinated convertible debentures, the holder's claims on assets and earnings are subordinated to the claims of other creditors and are senior to the claims of preferred and common shareholders. In the case of preferred stock and convertible preferred stock, the holder's claim on assets and earnings are subordinated to the claims of all creditors, but are senior to the claims of common shareholders. As a result of their ranking in a company's capitalization, convertible securities that are rated by nationally recognized statistical rating organizations generally are rated below other obligations of the company, and many convertible securities either are rated below investment grade or are not rated. See "Lower Rated Debt Securities" in this SAI.

**Loans of Portfolio Securities**

A Fund may lend its portfolio securities to qualified broker-dealers and financial institutions pursuant to agreements, provided: (1) the loan is secured continuously by collateral marked-to-market daily and 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 and receive the securities loaned; (3) the Fund will receive any interest or dividends paid on the loaned securities; and (4) the aggregate market value of securities loaned will not at any time exceed 33 1/3% of the total assets of the Fund. Collateral will consist of U.S. and non-U.S. securities, cash equivalents, or irrevocable letters of credit. As with other extensions of credit, there are risks of delay in recovery or even loss of rights in collateral in the event of default or insolvency of a borrower of a Fund's portfolio securities. A Fund may not retain voting rights on securities while they are on loan.

The Funds may participate in a securities lending program under which the Custodian is authorized to lend Fund portfolio securities to qualified institutional investors that post appropriate collateral. The Custodian receives a portion of the interest earned on any reinvested collateral.

**Repurchase Agreements**

When a Fund enters into a repurchase agreement, it purchases securities from a bank or broker-dealer, which simultaneously agrees to repurchase the securities at a mutually agreed upon time and price, thereby determining the yield during the term of the agreement. As a result, a repurchase agreement provides a fixed rate of return insulated from market fluctuations during the term of the agreement. The term of a repurchase agreement generally is short, possibly overnight or for a few days, although it may extend over a number of months from the date of delivery. Repurchase agreements are considered under the 1940 Act to be collateralized loans by a Fund to the seller secured by the securities transferred to the Fund. Repurchase agreements will be fully collateralized in accordance with the provisions of Rule 5b-3 under the 1940 Act. The collateral will be marked-to-market every business day so that the value of the collateral is at least equal to the value of the loan, including the accrued interest thereon, and the Subadviser will monitor the value of the collateral. A Fund may not enter into a repurchase agreement having more than seven days remaining to maturity if, as a result, such agreement, together with any other illiquid investments held by the Fund, would cause the Fund's holdings of illiquid investments to exceed 15% of the value of the Fund's net assets. If the seller should become bankrupt or default on its obligations to repurchase the securities, a Fund may experience delay or difficulties in exercising its rights to the securities held as collateral and might incur a loss if the value of the securities should decline. Certain repurchase agreements a Fund may enter into may or may not be subject to an automatic stay in bankruptcy proceedings. A Fund also may incur disposition costs in connection with liquidating the securities.

**Reverse Repurchase Agreements**

Reverse repurchase agreements involve sales of portfolio securities of a Fund to member banks of the Federal Reserve System or securities dealers believed to be creditworthy, concurrently with an agreement by the Fund to repurchase the same securities at a later date at a fixed price, which is generally equal to the original sales price plus interest. A Fund retains record ownership and the right to receive interest and principal payments on the portfolio securities involved. See "Derivatives Regulatory Matters" in this SAI.

A reverse repurchase agreement involves the risk that the market value of the securities retained by a Fund may decline below the price of the securities the Fund has sold but is obligated to repurchase under the agreement. In the event the buyer of securities under a reverse repurchase agreement files for bankruptcy or becomes insolvent, a Fund's use of the proceeds of the agreement may be restricted pending a determination by the other party, or its trustee or receiver, whether to enforce the Fund's obligation to repurchase the securities.

**Swaps**

A Fund may engage in swaps, including, but not limited to, interest rate, currency, credit default, and index swaps, swap options (sometimes referred to as "swaptions"), and the purchase or sale of related caps, floors, collars, and other derivative instruments. A Fund expects to enter into these transactions to preserve a return or spread on a particular investment or portion of the portfolio, to modify the portfolio's duration, to protect against any increase in the price of securities the Fund anticipates purchasing at a later date, or to gain exposure to certain markets in the most economical way possible.

A swap option is a contract that gives a counterparty the right (but not the obligation), in return for payment of a premium, to enter into a new swap agreement or to shorten, extend, cancel, or otherwise modify an existing swap agreement, at some designated future time on specified terms. Each Fund may write (sell) and purchase put and call swap options. Depending on the terms of the particular option agreement, a Fund generally will incur a greater degree of risk when the Fund writes a swap option than the Fund will incur when it purchases a swap option. When a Fund purchases a swap option, the Fund's risk of loss is limited to the amount of the premium the Fund has paid should it decide to let the swap option expire unexercised. However, when a Fund writes a swap option, upon exercise of the option, the Fund will become obligated according to the terms of the underlying agreement.

Interest rate swaps involve the exchange by a Fund with another party of their respective commitments to receive or pay interest (e.g., an exchange of fixed rate payments for floating rate payments) with respect to a notional amount of principal. Currency swaps involve the exchange of cash flows on a notional amount based on changes in the values of referenced currencies.

The purchase of an interest rate cap entitles the purchaser to receive payments on a notional principal amount from the party selling the cap to the extent that a specified index exceeds a predetermined interest rate or amount. The purchase of an interest rate floor entitles the purchaser to receive payments on a notional principal amount from the party selling the floor to the extent that a specified index falls below a predetermined interest rate or amount. An interest rate collar is a combination of a cap and a floor that preserves a certain return with a predetermined range of interest rates or values.

Swaps do not involve the delivery of securities or other underlying assets or principal, and are subject to counterparty risk. If the other party to a swap defaults and fails to consummate the transaction, a Fund's risk of loss consists of the net amount of interest payments that the Fund is contractually entitled to receive. Under Internal Revenue Service rules, any nonperiodic payments received or due under the notional principal contract must be recognized over the term of the notional principal contract in a manner that reflects the economic

substance of the contract. Certain standardized swaps, including certain U.S. dollar and non-U.S. dollar denominated interest rate and credit default index swaps, are subject to mandatory clearing, which interposes a central clearing house as the counterparty to each participant's swap, and exchange-trading, unless no designated contract market or swap execution facility "makes the swap available to trade." Additional swap asset classes are expected to be subject to mandatory clearing and exchange-trading in the future. The counterparty risk for cleared derivatives is generally considered to be lower than for uncleared derivatives, but cleared contracts are not risk-free. Clearing may subject a Fund to increased costs or margin requirements. However, the CFTC and other applicable regulators have also adopted rules imposing certain margin requirements on uncleared swaps, which may result in a Fund and its counterparties posting higher amounts for uncleared swaps.

Whether a Fund's use of swaps will be successful in achieving the Fund's investment objective will depend on the Subadviser's ability to predict correctly whether certain types of investments are likely to produce greater returns than other investments. Moreover, a Fund bears the risk of loss of the amount expected to be received under a swap in the event of the default or bankruptcy of a swap counterparty. The Funds will enter into swap contracts only with counterparties that meet certain standards of creditworthiness.

If there is a default by the counterparty to an uncleared swap, a Fund will be limited to contractual remedies pursuant to the agreements related to the transaction. There is no assurance that a swap counterparty will be able to meet its obligations pursuant to a swap or that, in the event of a default, a Fund will succeed in pursuing contractual remedies. A Fund thus assumes the risk that it may be delayed in, or prevented from, obtaining payments owed to it pursuant to a swap. However, the amount at risk is subject to some exceptions, generally only the net unrealized gain, if any, on the swap, not the entire notional amount. The Subadviser that enters into the swap will closely monitor, subject to the oversight of the Board, the creditworthiness of swap counterparties in order to minimize the counterparty risk of swaps.

Swaps are highly specialized instruments that require investment techniques, risk analyses, and tax planning different from those associated with traditional investments. The use of a swap requires an understanding not only of the referenced asset, reference rate, or index but also of the swap itself, without the benefit of observing the performance of the swap under all possible market conditions. Because swaps may have terms of greater than seven days and often lack transferability and termination rights, they may be considered to be illiquid and subject to the limitation on investments in illiquid investments. The Trust has adopted procedures pursuant to which the Liquidity Risk Committee (discussed below), subject to oversight by the Adviser, will classify all Fund investments (including swaps and swap options) into one of four liquidity categories. To the extent that a swap is relatively less liquid, it may not be possible to initiate a transaction or liquidate a position at an advantageous time or price, which may result in significant losses.

A Fund also may enter into credit default swaps. The credit default swaps may have as reference obligations one or more securities that are not currently held by a Fund. The protection "buyer" in a credit default swap agreement is generally obligated to pay the protection "seller" an upfront or a periodic stream of payments over the term of the contract provided that no credit event, such as a default, on a reference obligation has occurred. If a credit event occurs, the seller generally must pay the buyer the "par value" (full notional value) of the swap in exchange for an equal face amount of deliverable obligations of the reference entity described in the swap, or the seller may be required to deliver the related net cash amount, if the swap is cash settled. A Fund may be either the buyer or seller in the transaction. If a Fund is a buyer and no credit event occurs, the Fund may recover nothing if the swap is held through its termination date. However, if a credit event occurs, the buyer generally may elect to receive the full notional value of the swap in exchange for an equal face amount of deliverable obligations of the reference entity whose value may have significantly decreased. As a seller, a Fund generally receives an upfront payment or a fixed rate of income throughout the term of the swap provided that there is no credit event. As the seller, a Fund would effectively add leverage to its portfolio because, in addition to its total net assets, a Fund would be subject to investment exposure on the notional amount of the swap.

The spread of a credit default swap is the annual amount the protection buyer must pay the protection seller over the length of the contract, expressed as a percentage of the notional amount. When spreads rise, market perceived credit risk rises, and when spreads fall, market perceived credit risk falls. Wider credit spreads and decreasing market values, when compared to the notional amount of the swap, represent a deterioration of the referenced entity's credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement. For credit default swaps on asset-backed securities and credit indices, the quoted market prices and resulting values, as well as the annual payment rates, serve as an indication of the current status of the payment/performance risk.

Credit default swaps involve greater risks than if a Fund had invested in the reference obligation directly. In addition to general market risks, credit default swaps are subject to illiquidity risk and credit risk; uncleared credit default swaps are subject to counterparty risk; and cleared credit default swaps are subject to clearing house credit risk. A Fund will enter into credit default swaps only with counterparties that meet certain standards of creditworthiness. A buyer generally also will lose its investment and recover nothing should no credit event occur and the swap is held to its termination date. If a credit event were to occur, the value of any deliverable obligation received by the seller, coupled with the upfront or 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 seller. A Fund's obligations under a credit default swap will be accrued daily (offset against any amounts owing to the Fund).

Like most other investments, swaps are subject to the risk that the market value of the instrument will change in a way detrimental to a Fund's interest. A Fund bears the risk that the Subadviser will not accurately forecast future market trends or the values of assets, reference rates, indices, or other economic factors in establishing swap positions for the Fund. If a Subadviser attempts to use a swap as a hedge against, or as a substitute for, a portfolio investment, the Fund will be exposed to the risk that the swap will have or will develop imperfect or no correlation with the portfolio investment. This could cause substantial losses for the Fund. While hedging strategies involving swap instruments can reduce the risk of loss, they can also reduce the opportunity for gain or even result in losses by offsetting favorable price movements in other Fund investments. Many swaps are complex and often valued subjectively.

**Commodity Pool Regulation**

The Adviser has claimed, with respect to each Fund, an exclusion from the definition of the term "commodity pool operator" under CFTC Regulation 4.5, and the Adviser is exempt from registration as a "commodity trading advisor" with respect to the Funds. Accordingly, the Adviser is not subject to regulation as a commodity pool operator or commodity trading advisor with respect to the Funds. The Funds are also not subject to registration or regulation as commodity pool operators.

The terms of CFTC Regulation 4.5 require each Fund, among other things, to adhere to certain limits on its investments in "commodity interests." Commodity interests include futures, commodity options and swaps, which in turn include non-deliverable currency forwards. The Funds are not intended as vehicles for trading in the commodity futures, commodity options or swaps markets. The CFTC has neither reviewed nor approved the Adviser's or Funds' reliance on these exclusions, the Funds' investment strategies, Prospectus or SAI.

Generally, CFTC Regulation 4.5 requires each Fund to meet one of the following tests for its commodity interest positions, other than positions entered into for bona fide hedging purposes (as defined in the rules of the CFTC): either (1) the aggregate initial margin and premiums required to establish the Fund's positions in commodity interests may not exceed 5% of the liquidation value of the Fund's portfolio (after taking into account unrealized profits and unrealized losses on any such positions); or (2) the aggregate net notional value of the Fund's commodity interest positions, determined at the time the most recent such position was established, may not exceed 100% of the liquidation value of the Fund's portfolio (after taking into account unrealized profits and unrealized losses on any such positions). In addition to meeting one of these trading limitations, a Fund may not be marketed as a commodity pool or otherwise as a vehicle for trading in the commodity futures, commodity options or swaps markets. If, in the future, a Fund can no longer satisfy these requirements, the Adviser would be subject to regulation as a commodity pool operator with respect to the Fund. In that case, the Adviser and the Fund would need to comply with all applicable CFTC disclosure, reporting, operational, and other regulations, which could increase Fund expenses.

**Futures**

A Fund may enter into contracts for the purchase or sale for future delivery of securities, indices, and foreign currencies.

A purchase of a futures contract means the acquisition of a contractual right to obtain delivery to a Fund of the securities or foreign currency called for by the contract at a specified price during a specified future month. When a futures contract is sold, a Fund incurs a contractual obligation to deliver the securities or foreign currency underlying the contract at a specified price on a specified date.

When a Fund enters into a futures transaction, it must deliver to the futures commission merchant selected by the Fund an amount referred to as "initial margin." This amount is maintained by the futures commission merchant in a segregated account at the futures commission merchant. Thereafter, a "variation margin" may be paid by the Fund to, or drawn by the Fund from, such account in accordance with controls set for such accounts, depending upon changes in the price of the underlying securities or currencies subject to the futures contract.

A Fund may enter into futures transactions on domestic exchanges and, to the extent such transactions have been approved by the CFTC for sale to customers in the United States, on foreign exchanges. In addition, a Fund may sell stock index futures in anticipation of, or during, a market decline to attempt to offset the decrease in the market value of the Fund's common stocks that might otherwise result, and a Fund may purchase such contracts in order to offset increases in the cost of common stocks that it intends to purchase. Unlike other futures contracts, a stock index futures contract specifies that no delivery of the actual stocks making up the index will take place. Instead, settlement in cash must occur upon the termination of the contract.

While futures contracts generally provide for the delivery of the underlying, deliveries usually do not occur. Contracts are generally terminated by entering into offsetting transactions.

A Fund may enter into futures contracts to protect against the adverse effects of fluctuations in security prices, interest, or foreign exchange rates without actually buying or selling the securities or foreign currency. For example, if interest rates are expected to increase,

a Fund might enter into futures contracts for the sale of debt securities. Such a sale would have much the same effect as selling an equivalent value of the debt securities owned by the Fund. If interest rates did increase, the value of the debt securities in the Fund's portfolio would decline, but the value of the futures contracts to the Fund would increase at approximately the same rate, thereby keeping the net asset value of the Fund from declining as much as it otherwise would have. Similarly, when it is expected that interest rates may decline, futures contracts may be purchased to hedge in anticipation of subsequent purchases of securities at higher prices. A Fund also may enter into futures contracts as a low cost method for gaining or reducing exposure to a particular currency or securities market without directly investing in those currencies or securities.

To the extent that market prices move in an unexpected direction, a Fund may not achieve the anticipated benefits of futures contracts, or may realize a loss. For example, if a Fund is hedged against the possibility of an increase in interest rates that would adversely affect the price of securities held in its portfolio and interest rates decrease instead, the Fund would lose part or all of the benefit of the increased value that the Fund has because it would have offsetting losses in its futures position. In addition, in such situations, if the Fund has insufficient cash, the Fund may be required to sell securities from its portfolio to meet daily variation margin requirements. Such sales of securities may, but will not necessarily, be at increased prices that reflect the rising market. A Fund may be required to sell securities at a time when it may be disadvantageous to do so.

**Options**

The Funds may purchase and sell (write) put and call options on debt securities, currencies and indices to enhance investment performance, manage duration, or protect against changes in market prices. The Funds may also buy and sell combinations of put and call options on the same underlying security, currency or index. Short (sold) options positions will generally be hedged by the Funds with cash, cash equivalents, current portfolio security holdings, or other options or futures positions.

A Fund may invest in options that either are listed on U.S. or recognized foreign exchanges or traded over-the-counter. Certain over-the-counter options may be illiquid. Thus, it may not be possible to close options positions and this may have an adverse impact on a Fund's ability to effectively hedge its securities. A Fund will only invest in such options to the extent consistent with the 15% limitation on illiquid investments (discussed below).

*Purchasing Call Options*—A Fund may purchase call options on securities. When a Fund purchases a call option, in return for a premium paid by the Fund to the writer of the option, the Fund obtains the right to buy the security underlying the option at a specified exercise price at any time during the term of the option. The writer of the call option, who receives the premium upon writing the option, has the obligation, upon exercise of the option, to deliver the underlying security against payment of the exercise price. The advantage of purchasing call options is that a Fund may alter its portfolio characteristics and modify its portfolio maturities without incurring the cost associated with transactions in the underlying.

A Fund may, following the purchase of a call option, liquidate its position by effecting a closing sale transaction. This is accomplished by selling an option of the same series as the option previously purchased. The Fund will realize a profit from a closing sale transaction if the price received on the transaction is more than the premium paid to purchase the original call option; the Fund will realize a loss from a closing sale transaction if the price received on the transaction is less than the premium paid to purchase the original call option.

Although a Fund generally will purchase only those call options for which there appears to be an active secondary market, there is no assurance that a liquid secondary market on an exchange will exist for any particular option, or at any particular time, and for some options, no secondary market on an exchange may exist. In such event, it may not be possible to effect closing transactions in particular options, with the result that the Fund would have to exercise its options in order to realize any profit and would incur brokerage commissions upon the exercise of such options and upon the subsequent disposition of the underlying securities acquired through the exercise of such options. Further, unless the price of the underlying security changes sufficiently, a call option purchased by a Fund may expire without any value to the Fund, in which event the Fund would realize a capital loss, which will be short-term unless the option was held for more than one year.

*Covered Call Writing*—A Fund may write covered call options from time to time on such portions of its portfolio, without limit, as the Adviser and/or the Subadviser determines is appropriate in seeking to achieve the Fund's investment objective. The advantage to a Fund of writing covered calls is that the Fund receives a premium, which is additional income. However, if the security rises in value, the Fund may not fully participate in the market appreciation.

During the option period for a covered call option, the writer may be assigned an exercise notice by the broker-dealer through which such call option was sold, requiring the writer to deliver the underlying security against payment of the exercise price. This obligation is terminated upon the expiration of the option or upon entering a closing purchase transaction. A closing purchase transaction, in which a Fund, as writer of an option, terminates its obligation by purchasing an option of the same series as the option previously written, cannot be effected once the option writer has received an exercise notice for such option.

Closing purchase transactions ordinarily will be effected to realize a profit on an outstanding call option, to prevent an underlying security from being called, to permit the sale of the underlying security, or to enable a Fund to write another call option on the underlying security with either a different exercise price or expiration date or both. A Fund may realize a net gain or loss from a closing purchase transaction, depending upon whether the net amount of the original premium received on the call option is more or less than the cost of effecting the closing purchase transaction. Any loss incurred in a closing purchase transaction may be partially or entirely offset by the premium received from a sale of a different call option on the same underlying security. Such a loss also may be wholly or partially offset by unrealized appreciation in the market value of the underlying security. Conversely, a gain resulting from a closing purchase transaction could be offset in whole or in part by a decline in the market value of the underlying security.

If a call option expires unexercised, a Fund will realize a short-term capital gain in the amount of the premium on the option, less the commission paid. If a call option is exercised, a Fund will realize a gain or loss from the sale of the underlying security equal to the difference between the cost of the underlying security and the proceeds of the sale of the security, plus the amount of the premium on the option less the commission paid.

A put option purchased by a Fund gives it the right to sell one of its securities for an agreed price up to an agreed date. Each Fund intends to purchase put options, at the discretion of the Adviser and/or the Subadviser, in order to protect against declines in the market values of the underlying securities below the exercise prices less the premiums paid for the options ("protective puts"). The ability to purchase put options will allow a Fund to protect unrealized gains in an appreciated security in its portfolio without actually selling the security. If the security does not drop in value, a Fund will lose the value of the premium paid. A Fund may sell a put option that it has previously purchased prior to the sale of the securities underlying such option. Such sale will result in a net gain or loss, depending on whether the amount received on the sale is more or less than the premium and other transaction costs paid on the put option that is sold.

A Fund may sell a put option purchased on individual portfolio securities. Additionally, a Fund may enter into closing sale transactions. A closing sale transaction is one in which a Fund, when it is the holder of an outstanding option, liquidates the Fund's position by selling an option of the same series as the option previously purchased.

The Funds' procedures also set forth a method by which a Fund would cover written put options by selling short the underlying security at a price equal to or greater than the strike price of the written put option, holding a put option on the underlying security with a strike price equal to or greater than the strike price of the written put option, or holding a put option on the underlying security with a strike price less than the strike price of the written put option, provided the difference between the strike prices (times the appropriate multiplier for that option) is maintained by the Fund's Custodian in segregated assets.

Following the writing of a put option, a Fund may wish to terminate the obligation to buy the security underlying the option by effecting a closing purchase transaction. This is accomplished by buying an option of the same series as the option previously written. A Fund may not, however, effect such a closing transaction after the Fund has been notified of the exercise of the option.

**Index Options**

A Fund may purchase exchange-listed call options on stock and fixed income indices, and sell such options in closing sale transactions for hedging purposes. A Fund also may purchase call options on indices primarily as a substitute for taking positions in certain securities or a particular market segment. A Fund also may purchase call options on an index to protect against increases in the price of securities underlying that index that the Fund intends to purchase, pending its ability to invest in such securities.

In addition, a Fund may purchase put options on stock and fixed income indices, and sell such options in closing sale transactions. A Fund may purchase put options on broad market indices in order to protect its fully invested portfolio from a general market decline. Put options on market segments may be bought to protect a Fund from a decline in value of heavily weighted industries in the Fund's portfolio. Put options on stock and fixed income indices also may be used to protect a Fund's investments in the case of one or more major redemptions.

A Fund also may write (sell) put and call options on stock and fixed income indices.

Options on indices are similar to regular options except that an option on an index gives the holder the right, upon exercise, to receive an amount of cash if the closing level of the index upon which the option is based is greater than (in the case of a call) or less than (in the case of a put) 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 U.S. dollars times a specified multiplier (the "multiplier"). The indices on which options are traded include both U.S. and non-U.S. markets.

**Special Risks of Options on Indices**

A Fund's purchase of options on indices will subject it to the risks described below.

Because the value of an index option depends upon movements in the level of the index, rather than the price of a particular security, whether a Fund will realize a gain or loss on the purchase of an option on an index depends upon movements in the level of prices in the market generally or in an industry or market segment, rather than movements in the price of a particular security. Accordingly, successful use by a Fund of options on indices is subject to the Adviser's and/or the Subadviser's ability to predict correctly the direction of movements in the market generally or in a particular industry or market segment. This requires different skills and techniques than predicting changes in the prices of individual securities.

Index prices may be distorted if trading of a substantial number of securities included in the index is interrupted, causing the trading of options on that index to be halted. If a trading halt occurred, a Fund would not be able to close out options that it had purchased and the Fund may incur losses if the underlying index moved adversely before trading resumed. If a trading halt occurred and restrictions prohibiting the exercise of options were imposed through the close of trading on the last day before expiration, exercises on that day would be settled on the basis of a closing index value that may not reflect current price information for securities representing a substantial portion of the value of the index.

If a Fund holds an index option and exercises it before final determination of the closing index value for that day, the Fund runs the risk that the level of the underlying index may change before closing. If such a change causes the exercised option to fall "out-of-the-money," a Fund will be required to pay the difference between the closing index value and the exercise price of the option (times the applicable multiplier) to the assigned writer. Although a Fund may be able to minimize this risk by withholding exercise instructions until just before the daily cutoff time or by selling rather than exercising the option when the index level is close to the exercise price, it may not be possible to eliminate this risk entirely because the cutoff times for index options may be earlier than those fixed for other types of options and may occur before definitive closing index values are announced.

**Options on Futures**

A Fund may purchase and write call and put futures options. Futures options possess many of the same characteristics as options on securities and indices (discussed above). A futures option gives the holder the right, in return for the premium paid, to assume a long position (call) or short position (put) in a futures contract at a specified exercise price at any time during the period of the option. Upon exercise of a call option, the holder acquires a long position in the futures contract and the writer is assigned the opposite short position. In the case of a put option, the opposite is true.

**Warrants**

Warrants essentially are options to purchase equity securities at specific prices valid for a specific period of time. Their prices do not necessarily move parallel to the prices of the underlying securities. Investments in warrants involve certain risks, including the possible lack of a liquid market for the resale of the warrants, potential price fluctuations as a result of speculation or other factors, and failure of the price of the underlying security to reach a level at which the warrant can be prudently exercised (in which case the warrant may expire without being exercised, resulting in the loss of a Fund's entire investment therein).

**Illiquid Investments**

A Fund may not acquire any illiquid investment if, immediately after the acquisition, the Fund would have invested more than 15% of its net assets in illiquid investments that are assets. An "illiquid investment" is any investment that a Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment.

The Trust has in place a Liquidity Risk Management Program ("LRMP"), pursuant to which the Funds identify illiquid investments. Under the LRMP, the Adviser has been designated to administer the LRMP and has delegated certain responsibilities to the Liquidity Risk Committee ("LRC"). The LRC is comprised of such Adviser officers and employees as may be designated from time to time by Adviser management, including representatives from the Adviser's Operations and Investments Departments.

The LRC classifies all portfolio holdings of each Fund at least monthly into one of four liquidity classifications pursuant to the procedure set forth in the Trust's LRMP. The liquidity classifications, which are defined in Rule 22e-4 under the 1940 Act, are: (i) highly liquid; (ii) moderately liquid; (iii) less liquid; and (iv) illiquid investments. In determining these classifications, the LRC considers relevant market, trading, and investment-specific considerations for a particular investment. Moreover, in making such classification determinations, a Fund must determine whether trading varying portions of a position in a particular portfolio investment or asset class, in sizes that the Fund would reasonably anticipate trading, is reasonably expected to significantly affect its liquidity, and if so, the Fund must take this determination into account when classifying the liquidity of that investment. In addition, the LRC may also consider the following factors, among others, in its determination: (i) the existence of an active market, including exchange listing and the number,

diversity, and quality of market participants; (ii) frequency of trades or quotes and average daily trading volume; (iii) volatility of trading prices; (iv) bid-ask spreads; (v) whether the asset has a relatively standardized and simple structure; (vi) the maturity and date of issue (as applicable); and (vii) any restrictions on trading or limitations on transfer.

**Rule 144A Securities**

A Fund may invest in securities that are exempt under Rule 144A from the registration requirements of the 1933 Act. Those securities purchased under Rule 144A are traded among qualified institutional buyers.

Investing in securities under Rule 144A could have the effect of increasing the level of a Fund's illiquidity to the extent that qualified institutional buyers become, for a time, uninterested in purchasing these securities. Such illiquidity might prevent the sale of such a security at a time when the Subadviser might wish to sell.

The lack of an established secondary market may make it more difficult to value illiquid investments, requiring a Fund to rely on judgments that may be somewhat subjective in determining value, which could vary from the amount that Fund could realize upon disposition. If institutional trading in restricted securities were to decline to limited levels, the liquidity of a Fund could be adversely affected.

**Investment Company Securities**

Securities of other investment companies, including business development companies ("BDCs"), may be acquired by a Fund to the extent that such purchases are consistent with the Fund's investment objective and restrictions and are permitted under the 1940 Act and the rules, regulations, and exemptive orders thereunder. The 1940 Act requires that, as determined immediately after a purchase is made, (i) not more than 5% of the value of a Fund's total assets will be invested in the securities of any one investment company, (ii) not more than 10% of the value of a Fund's total assets will be invested in securities of investment companies as a group, and (iii) not more than 3% of the outstanding voting stock of any one investment company will be owned by a Fund. Certain exceptions to these limitations may apply. As a shareholder of another investment company, a Fund would bear, along with the investment company's other shareholders, the Fund's pro rata portion of the investment company's expenses, including advisory fees. These expenses would be in addition to the expenses that the Fund would bear in connection with its own operations.

Additionally, investments in BDCs may be subject to a high degree of risk. BDCs typically invest in small and medium-sized private and certain public companies that may not have access to public equity or debt markets for capital raising. As a result, a BDC's portfolio typically will include a substantial amount of securities purchased in private placements, and its portfolio may carry risks similar to those of a private equity or venture capital fund.

**Exchange-Traded Funds ("ETFs")**

Subject to the limitations on investment in investment company securities and a Fund's own investment objective, a Fund may invest in ETFs. An ETF is an investment company that generally trades on the New York Stock Exchange or another exchange and is designed to track or replicate a desired index, such as a sector, market, or global segment. ETFs may be passively managed or actively managed. An actively managed ETF is subject to management risk and may not achieve its objective if the ETF manager's expectations regarding particular securities or markets are not met.

ETFs are subject to the risks of an investment in a broadly based portfolio of securities. These securities generally bear certain operational expenses. To the extent that a Fund invests in ETFs, the Fund must bear these expenses in addition to the expenses of its own operation.

Most ETF shares are sold initially in the primary market in units of 50,000 or more ("creation units"). A creation unit represents a bundle of securities (or other assets) that replicates, or is a representative sample of, the ETF's holdings and that is deposited with the ETF. Once owned, the individual shares comprising each creation unit are traded on an exchange in secondary market transactions for cash.

The combination of primary and secondary markets permits ETF shares to be traded throughout the day close to the value of the ETF's underlying holdings. A Fund would purchase and sell individual shares of ETFs in the secondary market. These secondary market transactions require the payment of commissions.

ETF shares are subject to the same risks as investment companies, as described above. Furthermore, there may be times when the exchange halts trading, in which case a Fund owning ETF shares would be unable to sell them until trading is resumed. Because ETFs often invest in a portfolio of common stocks and "track" a designated index, an overall decline in stocks comprising an ETF's benchmark index could have a greater impact on the ETF and investors than might be the case in an investment company that does not seek to track an index. Losses could also occur if the ETF is unable to replicate the performance of the chosen benchmark index. ETFs tracking the

return of a particular commodity (e.g., gold or oil) are exposed to the volatility and other financial risks relating to commodities investments. In addition, ETFs may trade at a discount from their net asset value which may increase investor risk. This risk may be greater for investors expecting to sell their shares in a relatively short period of time.

Other risks associated with ETFs include the possibility that: (i) an ETF's distributions may decline if the issuers of the ETF's portfolio securities fail to continue to pay dividends; and (ii) under certain circumstances, an ETF could be terminated. Should termination occur, the ETF could have to liquidate its portfolio when the prices for those assets are falling. In addition, inadequate or irregularly provided information about an ETF or its investments could expose investors in ETFs to unknown risks.

**Oil and Gas Investments**

A Fund may invest in oil and gas related assets, including oil royalty trusts that are traded on national securities exchanges (but subject to limits on purchasing and selling physical commodities as set out in the Fund's fundamental investment restrictions). Oil royalty trusts are income trusts that own or control oil and gas operating companies. Oil royalty trusts pay out substantially all of the cash flow they receive from the production and sale of underlying crude oil and natural gas reserves to shareholders (unit holders) in the form of monthly dividends (distributions). As a result of distributing the bulk of their cash flow to unit holders, royalty trusts are effectively precluded from internally originating new oil and gas prospects. Therefore, these royalty trusts typically grow through acquisition of producing companies or those with proven reserves of oil and gas, funded through the issuance of additional equity or, where the trust is able, additional debt. Consequently, oil royalty trusts are considered less exposed to the uncertainties faced by a traditional exploration and production corporation. However, they are still exposed to commodity risk and reserve risk, as well as operating risk.

**Issuer Location**

A Fund considers a number of factors to determine whether an investment is tied to a particular country, including whether: the issuer is organized under the laws of, or maintain their principal places of business in, a particular country; the investment has its principal trading market in a particular country; the investment is issued or guaranteed by the government of a particular country, any of the government's agencies, political subdivisions, or instrumentalities, or the central bank of such country; the investment is denominated in the currency issued by a particular country; the issuer derives at least 50% of its revenues or profits from goods produced or sold, investments made, or services performed in a particular country or have at least 50% of their assets in a particular country; the investment is included in an index representative of a particular country or region; and the investment is exposed to the economic fortunes and risks of a particular country.

**Short Sales**

A Fund may from time to time sell securities short. In the event that a Subadviser anticipates that the price of a security will decline, the Fund may sell the security short and borrow the same security from a broker or other institution to complete the sale. A Fund will incur a profit or a loss, depending upon whether the market price of the security decreases or increases between the date of the short sale and the date on which the Fund must replace the borrowed security. All short sales will be fully collateralized. Short sales represent an aggressive trading practice with a high risk/return potential, and short sales involve special considerations. Risks of short sales include the risk that possible losses from short sales may be unlimited (e.g., if the price of a stock sold short rises), whereas losses from direct purchases of securities are limited to the total amount invested, and a Fund may be unable to replace a borrowed security sold short. Regulatory authorities in the United States or other countries may prohibit or restrict the ability of a Fund to fully implement its short selling strategy, either generally or with respect to certain industries or countries, which may impact the Fund's ability to fully implement its investment strategies.

**When-Issued Securities**

A Fund may purchase securities offered on a "when-issued" or "forward delivery" basis. When so offered, the price, which is generally expressed in yield terms, is fixed at the time the commitment to purchase is made, but delivery and payment for the when-issued or forward delivery securities take place at a later date. During the period between purchase and settlement, no payment is made by the purchaser to the issuer and no interest on the when-issued or forward delivery security accrues to the purchaser. While when-issued or forward delivery securities may be sold prior to the settlement date, it is intended that a Fund will purchase such securities with the purpose of actually acquiring them unless a sale appears desirable for investment reasons. At the time a Fund makes the commitment to purchase a security on a when-issued or forward delivery basis, the Fund will record the transaction and reflect the value of the security in determining its net asset value. The market value of a when-issued or forward delivery security may be more or less than the purchase price. The Trust and the Adviser do not believe that a Fund's net asset value or income will be adversely affected by its purchase of securities on a when-issued or forward delivery basis.

**Participation Notes**

A Fund may invest in participation notes. Participation notes are unsecured, bearer securities typically issued by financial institutions, the return of which generally is linked to the performance of the underlying listed shares of a company in an emerging market (for example, the shares in a company incorporated in India and listed on the BSE). Participation notes are often used to gain exposure to securities of companies in markets that restrict foreign ownership of local companies.

The terms of participation notes vary widely. Investors in participation notes do not have or receive any rights relating to the underlying shares, and the issuers of the notes may not be obligated to hold any shares in the underlying companies. Participation notes are not currently regulated by the governments of the countries upon which securities the notes are based.

These instruments, issued by brokers with global registration, bear counterparty risk and may bear additional liquidity risk.

**Trust Preferred Securities ("TruPS")**

A Fund may invest in TruPS. TruPS are cumulative preferred stock, typically issued by banks and other financial institutions, the return of which generally is linked to the interest and/or principal payments of underlying subordinated debt, which typically has an initial maturity of at least 30 years and may be redeemed by the issuer after five years at a premium. Dividends are paid quarterly or semi-annually and may be deferred for at least five years without creating an event of default or acceleration. The Federal Reserve permits up to 25% of a bank holding company's tier 1 capital to be in this form of security. As a result of the tax deductibility and treatment as tier 1 capital, TruPS have characteristics of both debt and equity.

**Foreign Securities**

Investors should recognize that investing in foreign issuers involves certain considerations, including those set forth in the Funds' Prospectus, which are not typically associated with investing in U.S. issuers. Since the securities of foreign companies are frequently denominated in foreign currencies, and since the Funds may temporarily hold uninvested reserves in bank deposits in foreign currencies, the Funds will be affected favorably or unfavorably by changes in currency rates and in exchange control regulations or the imposition of trade sanctions and may incur costs in connection with conversions between various currencies. The investment policies of the Funds permit them to enter into forward foreign currency exchange contracts, futures, options, and interest rate swaps in order to hedge portfolio holdings and commitments against changes in the level of future currency rates. To the extent a Fund's investments in a single country or a limited number of countries represent a large percentage of the Fund's assets, the Fund's performance may be adversely affected by the economic, political, and social conditions in those countries and the Fund may be subject to increased price volatility. Several European Union ("EU") countries, including Greece, Ireland, Italy, Spain and Portugal, have faced budget issues, some of which may have negative long-term effects for the economies of those countries and other EU countries. There is continued concern about national-level support for the euro and the accompanying coordination of fiscal and wage policy among EMU member countries. Member countries are required to maintain tight control over inflation, public debt, and budget deficit to qualify for membership in the EMU. These requirements can severely limit the ability of EMU member countries to implement monetary policy to address regional economic conditions.

International trade tensions may arise from time to time which could result in trade tariffs, embargos, sanctions or other restrictions or limitations on trade. The imposition of any actions on trade could trigger a significant reduction in international trade, an oversupply of certain manufactured goods, substantial price reductions of goods and possible failure of individual companies or industries which could have a negative impact on a Fund's performance. Events such as these are difficult to predict and may or may not occur in the future.

**Emerging Markets Investments**

A Fund, subject to its investment strategies and policies, may invest in emerging markets investments, which have exposure to the risks discussed above relating to foreign instruments more generally, as well as certain additional risks. A high proportion of the shares of many issuers in emerging market countries may be held by a limited number of persons and financial institutions, which may limit the number of shares available for investment. The prices at which investments may be acquired may be affected by trading by persons with material non-public information and by securities transactions by brokers in anticipation of transactions by a Fund in particular securities. In addition, emerging market investments are susceptible to being influenced by large investors trading significant blocks of securities.

Emerging market stock markets continue to undergo growth and change which may result in trading volatility and difficulties in the settlement and recording of transactions, and in interpreting and applying the relevant law and regulations. The securities industries in these countries are comparatively underdeveloped. Stockbrokers and other intermediaries in the emerging markets may not perform as well as their counterparts in the United States and other more developed securities markets. Additionally, companies in emerging market countries may not be subject to accounting, auditing, financial reporting and recordkeeping requirements that are as robust as those in more developed countries and therefore, material information about a company may be unavailable or unreliable, and U.S. regulators may be unable to enforce a company's regulatory obligations.

Emerging market debt securities may be more volatile, relatively less liquid and more difficult to value than debt securities economically tied to developed foreign countries. If a Fund's investments need to be liquidated quickly, the Fund could sustain significant transaction costs. Further, investing in emerging market debt securities may present a greater risk of loss resulting from problems in security registration and custody or substantial economic, social, or political disruptions. In addition, rising interest rates, combined with widening credit spreads, could negatively impact the value of emerging market debt and increase funding costs for foreign issuers. In such a scenario, foreign issuers might not be able to service their debt obligations, the market for emerging market debt could suffer from reduced liquidity, and any investing Funds could lose money. Frontier market countries generally have smaller economies and even less developed capital markets than traditional emerging markets, and, as a result, the risks of investing in emerging market countries are magnified in frontier market countries.

Emerging market securities may present market, credit, currency, liquidity, legal, political and other risks different from, and potentially greater than, the risks of investing in securities and instruments economically tied to developed foreign countries. Political and economic structures in many emerging market countries are undergoing significant evolution and rapid development, and such countries may lack the social, political and economic stability characteristic of the United States. Certain of such countries may have, in the past, failed to recognize private property rights and have at times nationalized or expropriated the assets of private companies. As a result, the risks described above, including the risks of nationalization or expropriation of assets, may be heightened. In addition, unanticipated political or social developments may affect the values of investments in those countries and the availability of additional investments in those countries. The laws of countries in emerging markets relating to limited liability of corporate shareholders, fiduciary duties of officers and directors, and the bankruptcy of state enterprises are generally less well developed than or different from such laws in the United States. It may be more difficult to obtain or enforce a judgment in the courts of these countries than it is in the United States. Emerging securities markets are substantially smaller, relatively less liquid and more volatile than the major securities markets in the United States. Although some governments in emerging markets have instituted economic reform policies, there can be no assurances that such policies will continue or succeed.

Investing in the China region, which encompasses the People's Republic of China ("PRC"), Taiwan and Hong Kong, involves a higher degree of risk and special considerations not typically associated with investing in other more established economies or securities markets. The region is highly interconnected and interdependent, with relationships and tensions built on trade, finance, culture and politics. The success of China will continue to have an outsized influence on the growth and prosperity of Taiwan and Hong Kong.

A Fund's investment exposure to the China region may subject the Fund, to a greater extent than if investments were made in developed countries, to the risks of adverse securities markets, exchange rates and social, political, regulatory, economic or environmental events and natural disasters which may occur in the China region. Generally, the economy, industries, and securities and currency markets of the China region may be affected by protectionist trade policies, slow economic activity worldwide, worsening environmental conditions and political and social instability. In addition, the economy, industries, and securities and currency markets of the China region are particularly vulnerable to the region's dependence on exports and international trade and increasing competition from Asia's other low-cost emerging economies. The imposition of tariffs or other trade barriers by the U.S. or foreign governments on exports from the PRC may also have an adverse impact on Chinese issuers. Relations between the U.S., other trading partners and China have heightened concerns of increased tariffs and restrictions on trade between the two countries. An increase in tariffs or trade restrictions (and threats thereof) could lead to a significant reduction in international trade, which could negatively impact China's export industry, Chinese issuers, the liquidity or price of the Fund's direct or indirect investments in China and, therefore, the Fund. In addition, currency fluctuations, currency convertibility, interest rate fluctuations and higher rates of inflation as a result of internal social unrest or conflicts with other countries have had, and may continue to have, negative effects on the economies and securities markets of the China region.

Investments in the China region are subject to the risk of confiscatory taxation, nationalization or expropriation of assets, potentially frequent changes in the law, and imperfect information because companies in the China region may not be subject to the same disclosure, accounting, auditing and financial reporting standards and practices as U.S. companies. The willingness and ability of the Chinese government to support markets is uncertain.

China based companies that incorporate in the PRC can issue different classes of shares depending on where they are listed and which investors are allowed to own them. These are referred to as Class A Shares, Class B shares and Class H shares, which are all renminbi-denominated shares that trade in different currencies and are subject to different trade restrictions depending on what stock exchange they are listed on. The multiplicity of share classes and various restrictions on ownership, in addition to the ability of Chinese regulatory authorities and Chinese issuers to suspend trading and their willingness to exercise this option in response to market volatility and other events, can significantly impact liquidity and volatility of the Chinese market and the markets for Chinese securities. In addition, to the extent that a fund invests in China A Shares, there may be legal restrictions imposed by the PRC on the repatriation of assets or proceeds from the sale of China A Shares.

Certain Funds may obtain exposure to companies based or operated in China by investing through legal structures known as variable interest entities ("VIEs"). Because of Chinese governmental restrictions on non-Chinese ownership of companies in certain industries in China, certain Chinese companies have used VIEs to facilitate foreign investment without distributing direct ownership of companies

based or operated in China. In such cases, the Chinese operating company establishes an offshore company, and the offshore company enters into contractual arrangements (such as powers of attorney, equity pledge agreements and other services or business cooperation agreements) with the operating company. These contractual arrangements are intended to give the offshore company the ability to exercise power over and obtain economic rights from the operating company. Shares of the offshore company, in turn, are listed and traded on exchanges outside of China and are available to non-Chinese investors such as a Fund. This arrangement allows non-Chinese investors in the offshore company to obtain economic exposure to the Chinese company without direct equity ownership in the Chinese company. Thus, VIE structures and its contractual arrangements are not equivalent to equity ownership in the operating Chinese company, which presents additional risks.

Although VIEs are a longstanding industry practice and well known to officials and regulators in China, VIEs are not formally recognized under Chinese law. On February 17, 2023, the China Securities Regulatory Commission ("CSRC") released the "Trial Administrative Measures of Overseas Securities Offering and Listing by Domestic Companies" (the "Trial Measures") which came into effect on March 31, 2023. The Trial Measures will require Chinese companies that pursue listings outside of mainland China, including those that do so using the VIE structure, to make a filing with the CSRC. While the Trial Measures do not prohibit the use of VIE structures, this does not serve as a formal endorsement either. There is a risk that China may cease to tolerate VIEs at any time or impose new restrictions on the structure, in each case either generally or with respect to specific industries, sectors or companies. Investments involving a VIE may also pose additional risks because such investments are made through a company whose interests in the underlying operating company are established through contract rather than through equity ownership. For example, in the event of a dispute, the offshore company's contractual claims with respect to the operating company may be deemed unenforceable in China, thus limiting (or eliminating) the remedies and rights available to the offshore company and its investors. Such legal uncertainty may also be exploited against the interests of the offshore company and its investors. There is also uncertainty related to the Chinese taxation of VIEs and the Chinese tax authorities could take positions that result in increased tax liabilities. Further, the interests of the equity owners of the operating company may conflict with the interests of the investors of the offshore company, and the fiduciary duties of the officers and directors of the operating company may differ from, or conflict with, the fiduciary duties of the officers and directors of the offshore company. Foreign companies listed on U.S. exchanges, including offshore companies that utilize a VIE structure, also could face delisting or other ramifications for failure to meet the requirements of the SEC, the PCAOB or other United States regulators. Any of the foregoing risks and events could negatively impact the value and liquidity of the investment in a VIE, and therefore a Fund's performance.

Additionally, on June 3, 2021, the President of the United States issued an executive order, which superseded a prior executive order, prohibiting U.S. persons, including the Funds, from purchasing or investing in publicly-traded securities of companies identified by the Office of Foreign Asset Control as "Chinese Military Industrial Complex Companies" ("CMIC") or in any publicly-traded securities that are derivative of, or are designed to provide investment exposure to, prohibited CMIC securities. Certain securities that are or become designated as prohibited CMIC securities may have less liquidity as a result of such designation and the market price of such prohibited CMIC securities may decline, potentially causing losses to the Funds.

**Structured Products**

Structured products generally are individually negotiated agreements that are organized and operated to restructure the investment characteristics of the underlying securities. This restructuring involves the deposit with or purchase by an entity, such as a corporation or trust, of specified instruments (such as commercial bank loans) and the issuance by that entity of one or more classes of securities ("structured securities") backed by, or representing interests in, the underlying instruments. The cash flow on the underlying instruments may be apportioned among the newly issued structured securities to create securities with different investment characteristics, such as varying maturities, payment priorities and interest rate provisions, and the extent of such payments made with respect to structured securities is dependent on the extent of the cash flow on the underlying instruments.

Because structured securities typically involve no credit enhancement, their credit risk generally will be equivalent to that of the underlying instruments. Investments in structured securities are generally of a class 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. Although a Fund's purchase of subordinated structured products would have similar economic effect to that of borrowing against the underlying securities, the purchase will not be deemed to be leverage for purposes of the Fund's limitations related to borrowing and leverage. Structured securities are typically sold in private placement transactions, and there is currently no active trading market for these securities.

Other types of structured products may include baskets of credit default swaps referencing a portfolio of high-yield securities. A structured product may be considered to be leveraged to the extent its interest rate varies by a magnitude that exceeds the magnitude of the change in the index rate. Because they are linked to their underlying markets or securities, investments in structured products generally are subject to greater volatility than an investment directly in the underlying market or security. Total return on the structured product is derived by linking return to one or more characteristics of the underlying instrument. Because certain structured products of

the type in which a Fund may invest may involve no credit enhancement, the credit risk of those structured products generally would be equivalent to that of the underlying instruments.

Certain issuers of structured products may be deemed to be "investment companies" as defined in the 1940 Act. As a result, a Fund's investments in these structured products may be limited by the restrictions contained in the 1940 Act. Structured products are typically sold in private placement transactions, and there may not be an active trading market for structured products, which may affect their liquidity.

**Momentum Style Risk**

Investing in securities with positive momentum entails investing in securities that have had above-average recent returns. These securities may be more volatile than a broad cross-section of securities. In addition, there may be periods when the momentum style is out of favor, and during which the investment performance of a Fund using a momentum strategy may suffer.

**Forward Foreign Currency Contracts**

The Funds may purchase or sell currencies and/or engage in forward foreign currency transactions in order to expedite settlement of portfolio transactions and to manage currency risk.

Forward foreign currency contracts are traded in the inter-bank market conducted directly between currency traders (usually large commercial banks) and their customers. A forward contract generally has no deposit requirement and no commissions are charged at any stage for trades. The Funds will account for forward contracts by marking-to-market each day at current forward contract values.

**Non-Deliverable Forwards**

The Funds may, from time to time, engage in non-deliverable forward transactions to manage currency risk or to gain exposure to a currency without purchasing securities denominated in that currency. A non-deliverable forward 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. Unlike other currency transactions, there is no physical delivery of the currency on the settlement of a non-deliverable forward transaction. Rather, the 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.

Since a Fund generally may only close out a non-deliverable forward with the particular counterparty, there is a risk that the counterparty will default on its obligation under the agreement. If the counterparty defaults, the Fund will have contractual remedies pursuant to the agreement related to the transaction, but there is no assurance that contract counterparties will be able to meet their obligations pursuant to such agreements or that, in the event of a default, a Fund will succeed in pursuing contractual remedies. The Fund thus assumes the risk that it may be delayed in, or prevented from, obtaining payments owed to it pursuant to non-deliverable forward transactions.

In addition, where the currency exchange rates that are the subject of a given non-deliverable forward transaction do not move in the direction or to the extent anticipated, the Fund could sustain losses on the non-deliverable forward transaction. The Fund's investment in a particular non-deliverable forward transaction will be affected favorably or unfavorably by factors that affect the subject currencies, including economic, political, and legal developments that impact the applicable countries, as well as exchange control regulations of the applicable countries. These risks are heightened when a non-deliverable forward transaction involves currencies of emerging market countries because such currencies can be volatile and there is a greater risk that such currencies will be devalued against the U.S. dollar or other currencies.

**Options on Foreign Currencies**

The Funds may purchase and write put and call options on foreign currencies (traded on U.S. and foreign exchanges or over-the-counter markets) to manage their exposure to changes in currency exchange rates. The Funds also may purchase and write options on foreign currencies for hedging purposes in a manner similar to that in which futures contracts on foreign currencies, or forward contracts, will be utilized. For example, a decline in the U.S. dollar value of a foreign currency in which portfolio securities are denominated will reduce the U.S. dollar value of such securities, even if their value in the foreign currency remains constant. In order to protect against such diminutions in the value of portfolio securities, a Fund may purchase put options on the foreign currency. If the U.S. dollar price

of the currency does decline, the Fund will have the right to sell such currency for a fixed amount in U.S. dollars and will thereby offset, in whole or in part, the adverse effect on its portfolio which otherwise would have resulted.

Conversely, where a rise in the U.S. dollar value of a currency in which securities to be acquired are denominated is projected, thereby increasing the U.S. dollar price of such securities, the Fund may purchase call options on such currency.

The purchase of such options could offset, at least partially, the effects of the adverse movement in exchange rates. As in the case of other types of options, however, the benefit to the Fund to be derived from purchases of foreign currency options will be reduced by the amount of the premium and related transaction costs. In addition, where currency exchange rates do not move in the direction or to the extent anticipated, the Fund could sustain losses on transactions in foreign currency options, which would require it to forego a portion or all of the benefits of advantageous changes in such rates.

The Funds may write options on foreign currencies for the same types of hedging purposes. For example, where a Fund anticipates a decline in the U.S. dollar value of foreign currency denominated securities due to adverse fluctuations in exchange rates, it could, instead of purchasing a put option, write a call option on the relevant currency. If the expected decline occurs, the option will most likely not be exercised, and the diminution in the value of the Fund's portfolio securities will be offset by the amount of the premium received.

Similarly, instead of purchasing a call option to hedge against an anticipated increase in the U.S. dollar cost of securities to be acquired, a Fund could write a put option on the relevant currency which, if rates move in the manner projected, will expire unexercised and allow the Fund to hedge such increased cost up to the amount of the premium. As in the case of other types of options, however, the writing of a foreign currency option will constitute only a partial hedge up to the amount of the premium, and only if exchange rates move in the expected direction. If this does not occur, the option may be exercised and the Fund would be required to purchase or sell the underlying currency at a loss, which may not be offset by the amount of the premium. Through the writing of options on foreign currencies, the Fund also may be required to forego all or a portion of the benefit that might otherwise have been obtained from favorable movements in exchange rates.

The Funds also may engage in options transactions for non-hedging purposes. A Fund may use options transactions to gain exposure to a currency when a Subadviser believes that exposure to the currency is beneficial to the Fund but believes that the securities denominated in that currency are unattractive.

With respect to writing put options, at the time the put is written, the Fund's Custodian will maintain segregated assets in an amount equal in value to the amount the Fund will be required to pay upon exercise of the put. The segregated assets will be maintained until the put is exercised, has expired, or the Fund has purchased a closing put of the same series as the one previously written.

**<u>EQUITY FUNDS</u>**

**Equity Securities**

Each Equity Fund, as well as the Mercer Opportunistic Fixed Income Fund, may invest in a broad range of equity securities of U.S. and non-U.S. issuers, including common stocks of companies or closed-end investment companies, preferred stocks, debt securities convertible into or exchangeable for common stock, securities (such as warrants or rights) that are convertible into common stock and depositary receipts which may be listed or traded outside the issuer's domicile country (together, "Depositary Receipts"). The issuers of unsponsored Depositary Receipts are not obligated to disclose material information in the United States.

**Depositary Receipts**

A Fund, subject to its investment strategies and policies, may purchase American Depositary Receipts ("ADRs"), European Depositary Receipts ("EDRs") and Global Depositary Receipts ("GDRs"). ADRs, EDRs and GDRs are certificates evidencing ownership of shares of a foreign issuer and are alternatives to directly purchasing the underlying foreign securities in their national markets and currencies. However, they continue to be subject to many of the risks associated with investing directly in foreign securities. These risks include the political and economic risks of the underlying issuer's country, as well as in the case of depositary receipts traded on non-U.S. markets, exchange risk. ADRs, EDRs and GDRs may be sponsored or unsponsored. The issuer of a sponsored receipt typically bears certain expenses of maintaining the depositary receipt facility. Unsponsored receipts are established without the participation of the issuer. Unsponsored receipts may involve higher expenses, they may not pass-through voting or other shareholder rights, and they may be relatively less liquid. Holders of unsponsored receipts generally bear all the costs of the depositary receipt facility. The bank or trust company depositary of an unsponsored depositary receipt may be under no obligation to distribute shareholder communications. The Mercer Emerging Markets Equity Fund may treat certain ADRs as emerging market investments for purposes of compliance with its investment strategy and policies.

**Real Estate Investment Trusts**

Real estate investment trusts ("REITs") pool investors' funds for investment, primarily in income producing real estate or real estate-related loans or interests. A REIT is not taxed on income distributed to its shareholders or unitholders if it complies with regulatory requirements relating to its organization, ownership, assets and income, and with a regulatory 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, or 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. Equity REITs are further categorized according to the types of real estate securities they own, e.g., apartment properties, retail shopping centers, office and industrial properties, hotels, health-care facilities, manufactured housing, and mixed-property types. 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 REITs and Mortgage REITs.

A shareholder in a Fund, by investing in REITs indirectly through the Fund, will bear not only the shareholder's proportionate share of the expenses of the Fund, but also, indirectly, the management expenses of the underlying REITs. REITs may be affected by changes in the value of their underlying properties and by extended vacancies of properties or defaults by borrowers or tenants, particularly during periods of disruptions to business operations or an economic downturn. 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 investments in a limited number of properties, in a narrow geographic area, or in a single property type. The organizational documents of a REIT may contain provisions that make changes in control of the REIT difficult and time-consuming. REITs also are subject to interest rate risks. When interest rates decline, the value of REIT's investments in fixed-rate obligations can be expected to rise. During periods of declining interest rates, certain mortgage REITs may hold mortgages that the mortgagers elect to prepay, which prepayment may diminish the yield on securities issued by such mortgage REITs.

REITs may have limited financial resources, may trade less frequently and in a limited volume, and may be subject to more abrupt or erratic price movements than larger company securities. REITs depend generally on their ability to generate cash flow to make distributions to shareholders or unitholders, and may be subject to defaults by borrowers and to self-liquidations. In addition, the performance of a REIT may be affected by its failure to qualify for tax-free pass-through of income, or the REIT's failure to maintain its exemption from registration under the 1940 Act. Finally, a Fund may invest in private REITs, which are not traded on a national securities exchange. Private REITs are also generally harder to value and may bear higher fees than public REITs.

**Private Equity Investments in Public Equity**

The Funds may purchase equity securities in a private placement that are issued by issuers who have outstanding, publicly-traded equity securities of the same class ("private investments in public equity" or "PIPEs"). Shares in PIPEs generally are not registered with the SEC until after a certain time period from the date the private sale is completed. This restricted period can last many months. Until the public registration process is completed, PIPEs are restricted as to resale and a Fund cannot freely trade the securities. Such restrictions may affect the liquidity of the PIPEs during this time. 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.

**<u>FIXED INCOME FUNDS</u>**

**U.S. Government Obligations**

A portion of each Fund may be invested in obligations issued or guaranteed by the U.S. Government, its agencies or instrumentalities. Some of the obligations purchased by a Fund are backed by the full faith and credit of the U.S. Government and are guaranteed as to both principal and interest by the U.S. Treasury. Examples of these include direct obligations of the U.S. Treasury, such as U.S. Treasury bills, notes and bonds, and indirect obligations of the U.S. Treasury, such as obligations of the Government National Mortgage Association (known as "Ginnie Mae"), the Small Business Administration, the Maritime Administration, the Farmers Home Administration and the Department of Veterans Affairs.

While the obligations of many of the agencies of the U.S. Government are not direct obligations of the U.S. Treasury, they are generally backed indirectly by the U.S. Government. Some of the agencies are indirectly backed by their right to borrow from the U.S. Government, such as the Federal Financing Bank and the U.S. Postal Service. Other agencies and instrumentalities of the U.S. Government have historically been supported solely by the credit of the agency or instrumentality itself, but are given additional support due to the U.S. Treasury's authority to purchase their outstanding debt obligations. Instrumentalities of the U.S. Government include, among others, the Federal Home Loan Banks, the Federal Farm Credit Banks, the Federal National Mortgage Association (known as "Fannie Mae"), and the Federal Home Loan Mortgage Corporation (known as "Freddie Mac"). In September 2008, the U.S. Treasury placed Fannie Mae and Freddie Mac into conservatorship and increased its support of these two instrumentalities in May 2009 and again

in December 2009 through substantial capital commitments and enhanced liquidity measures, which include a line of credit. The U.S. Treasury also extended a line of credit to the Federal Home Loan Banks. In August 2012, the U.S. Treasury amended its support of Fannie Mae and Freddie Mac to terminate the requirement that each pay a 10% dividend annually on all amounts received under the funding commitment and instead required the two instrumentalities to transfer to the U.S. Treasury on a quarterly basis all profits earned during a quarter that exceed a capital reserve amount of $3 billion. The actions of the U.S. Treasury are intended to ensure that Fannie Mae and Freddie Mac maintain a positive net worth and meet their financial obligations preventing mandatory triggering of receivership, and require Fannie Mae and Freddie Mac to reduce their investment portfolios over time. Congress continues to evaluate proposals to reduce the U.S. Government's role in the mortgage market and whether to wind down Fannie Mae and Freddie Mac. The proposals include, among others, whether Fannie Mae and Freddie Mac should be consolidated, privatized, restructured or eliminated. The Federal Housing Finance Agency ("FHFA") recently announced plans to consider removing Fannie Mae and Freddie Mac from conservatorship. It is unclear how the capital structure of Fannie Mae and Freddie Mac would be constructed post-conservatorship, and what effects, if any, the privatization of Fannie Mae and Freddie Mac will have on their creditworthiness and guarantees of certain mortgage-backed securities. Fannie Mae and Freddie Mac also are the subject of several continuing legal actions and investigations over certain accounting, disclosure and corporate governance matters, which may have an adverse effect on these entities. As a result, the future for Fannie Mae and Freddie Mac is uncertain, as is the impact of such proposals, actions and investigations on the Fund's investments in securities issued by Fannie Mae and Freddie Mac. No assurance can be given that the U.S. Government would provide continued support to instrumentalities, and these entities' securities are neither issued nor guaranteed by the U.S. Treasury. Furthermore, with respect to the U.S. government securities purchased by a Fund, guarantees as to the timely payment of principal and interest do not extend to the value or yield of these securities nor do they extend to the value of a Fund's shares. A Fund may invest in these securities if it believes they offer an expected return commensurate with the risks assumed.

The total public debt of the United States as a percentage of gross domestic product has grown rapidly since the beginning of the 2008-2009 financial downturn and has continued to grow since the economic contraction experienced more recently. Governmental agencies project that the United States will continue to maintain high debt levels for the foreseeable future. Although high debt levels do not necessarily indicate or cause economic problems, they may create certain systemic risks if sound debt management practices are not implemented. A high national debt level may increase market pressures to meet government funding needs, which may drive debt costs higher and cause the U.S. Treasury to sell additional debt with shorter maturity periods, thereby increasing refinancing risk. A high national debt also raises concerns that the U.S. Government will not be able to make principal or interest payments when they are due. In the worst case, unsustainable debt levels can cause declines in the valuation of currencies, and can prevent the U.S. Government from implementing effective counter-cyclical fiscal policy in economic downturns.

Although the risk of default with U.S. government securities is considered low, any default on the part of a portfolio investment could cause a Fund's share price or yield to fall.

The risk of default may be heightened when there is uncertainty relating to negotiations in the U.S. Congress over increasing the statutory debt ceiling. If the U.S. Congress is unable to negotiate an increase to the statutory debt ceiling, the U.S. government may default on certain U.S. government securities including those held by a Fund, which could have an adverse impact on the Fund. In recent years, the long-term credit rating of the U.S. government was downgraded by a major rating agency as a result of concern about the U.S. government's budget deficit and rising debt burden. Similar downgrades in the future 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. 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.

**Municipal Bonds**

Municipal bonds are debt obligations issued by states, municipalities, and other political subdivisions, agencies, authorities, and instrumentalities of states and multi-state agencies or authorities (collectively, municipalities), the interest on which may, in the opinion of bond counsel to the issuer at the time of issuance, be exempt from federal and/or state income tax. Municipal bonds include securities from a variety of sectors, each of which has unique risks. Municipal bonds include, but are not limited to, general obligation bonds, limited obligation bonds, and revenue bonds.

General obligation bonds are secured by the issuer's pledge of its full faith, credit, and taxing power for the payment of principal and interest. Limited obligation bonds are payable only from the revenues derived from a particular facility or class of facilities or, in some cases, from the proceeds of a special excise or other specific revenue source. Revenue or special tax bonds are payable only from the revenues derived from a particular facility or class of facilities or, in some cases, from the proceeds of a special excise or other tax, but not from general tax revenues.

Revenue bonds involve the credit risk of the underlying project or enterprise (or its corporate user) rather than the credit risk of the issuing municipality.

Like other debt securities, municipal bonds are subject to credit risk, interest rate risk and call risk. Obligations of issuers of municipal bonds generally are subject to the provisions of bankruptcy, insolvency, and other laws affecting the rights and remedies of creditors. However, the obligations of certain issuers may not be enforceable through the exercise of traditional creditors' rights. The reorganization under the federal bankruptcy laws of an issuer of, or payment obligor with respect to, municipal bonds may result in, among other things, the municipal bonds being cancelled without repayment or repaid only in part. In addition, Congress or state legislatures may seek to extend the time for payment of principal or interest, or both, or to impose other constraints upon enforcement of such obligations. Litigation and natural disasters, as well as adverse economic, business, legal, or political developments, may introduce uncertainties in the market for municipal bonds or materially affect the credit risk of particular bonds.

**Eurodollar Securities**

A Fund may invest in Eurodollar securities, which are fixed income securities of a U.S. issuer or a foreign issuer that are issued outside the United States. Interest and dividends on Eurodollar securities are payable in U.S. dollars.

**Floating Rate Loans and Other Variable- and Floating-Rate Debt Securities**

Variable- and floating-rate debt securities pay an interest rate, which is adjusted either periodically or at specific intervals or which floats continuously according to a formula or benchmark. Although these structures generally are intended to minimize the fluctuations in value that occur when interest rates rise and fall, some structures may be linked to a benchmark in such a way as to cause greater volatility to the security's value.

Variable- and floating-rate debt securities generally are less sensitive to interest rate changes but may decline in value if their interest rates do not rise as much, or as quickly, as interest rates in general. Conversely, floating-rate debt securities will not generally increase in value if interest rates decline. When a fund holds variable- or floating-rate debt securities, a decrease in market interest rates will adversely affect the income received from such securities, which may also impact the net asset value of the fund's shares.

Floating rate loans consist generally of obligations of companies or other entities (e.g., a U.S. or foreign bank, insurance company or finance company) (collectively, "borrowers") incurred for a variety of purposes. Floating rate loans may be acquired by direct investment as a lender or as an assignment of the portion of a floating rate loan previously attributable to a different lender. A Fund may also invest in floating rate loans through a participation interest (which represents a fractional interest in a floating rate loan) issued by a lender or other financial institution. Floating rate loans may be obligations of borrowers who are highly leveraged. Floating rate loans may be structured to include both term loans, which are generally fully funded at the time of the making of the loan, and revolving credit facilities, which would require additional investments upon the borrower's demand. A revolving credit facility may require a purchaser to increase its investment in a floating rate loan at a time when it would not otherwise have done so, even if the borrower's condition makes it unlikely that the amount will ever be repaid.

A floating rate loan offered as part of the original lending syndicate typically is purchased at par value. As part of the original lending syndicate, a purchaser generally earns a yield equal to the stated interest rate. In addition, members of the original syndicate typically are paid a commitment fee. In secondary market trading, floating rate loans may be purchased or sold above, at, or below par, which can result in a yield that is below, equal to, or above the stated interest rate, respectively. At certain times when reduced opportunities exist for investing in new syndicated floating rate loans, floating rate loans may be available only through the secondary market. There can be no assurance that an adequate supply of floating rate loans will be available for purchase.

Historically, floating rate loans have not been registered with the SEC or any state securities commission or listed on any securities exchange. As a result, the amount of public information available about a specific floating rate loan historically has been less extensive than if the floating rate loan were registered or exchange-traded. As a result, no active market may exist for some floating rate loans.

Purchasers of floating rate loans and other forms of debt obligations depend primarily upon the creditworthiness of the borrower for payment of interest and repayment of principal. If scheduled interest or principal payments are not made, the value of the obligation may be adversely affected. Floating rate loans and other debt obligations that are fully secured provide more protections than unsecured obligations in the event of failure to make scheduled interest or principal payments. Indebtedness of borrowers whose creditworthiness is poor involves substantially greater risks and may be highly speculative. Borrowers that are in bankruptcy or restructuring may never pay off their indebtedness, or may pay only a small fraction of the amount owed. In connection with the restructuring of a floating rate loan or other debt obligation outside of bankruptcy court in a negotiated work-out or in the context of bankruptcy proceedings, equity securities or junior debt obligations may be received in exchange for all or a portion of an interest in the obligation.

A Fund may purchase an assignment of a portion of a floating rate loan from an agent or from another group of investors. The purchase of an assignment typically succeeds to all the rights and obligations under the original loan agreement; however, assignments may also

be arranged through private negotiations between potential assignees and potential assignors, and the rights and obligations acquired by the purchaser of an assignment may differ from, and be more limited than, those held by the assigning agent or investor.

Floating rate loans may be transferable among financial institutions, but may not have the liquidity of conventional debt securities and are often subject to legal or contractual restrictions on resale. Floating rate loans are not currently listed on any securities exchange or automatic quotation system. As a result, no active market may exist for some floating rate loans. To the extent a secondary market exists for other floating rate loans, such market may be subject to irregular trading activity, wide bid/ask spreads, and extended trade settlement periods. The lack of a highly liquid secondary market for floating rate loans may have an adverse effect on the value of such loans and may make it more difficult to value the loans for purposes of calculating their respective NAV. These and other factors discussed in the section above, entitled "Illiquid Investments," may impact the liquidity of investments in floating rate loans and other variable and floating rate debt securities. Because transactions in many floating rate loans are subject to extended trade settlement periods, a Fund may not receive the proceeds from the sale of a loan for a period after the sale. As a result, sale proceeds related to the sale of floating rate loans may not be available to make additional investments or to meet a Fund's redemption obligations for a period after the sale of the loans, and, as a result, a Fund may have to sell other investments or engage in borrowing transactions, such as borrowing from its credit facility, if necessary to raise cash to meet its obligations. In addition, a borrower must comply with various restrictive covenants contained in the loan agreement. In addition to requiring the scheduled payment of interest and principal, these covenants may include restrictions on dividend payments and other distributions to stockholders, provisions requiring the borrower to maintain specific financial ratios, and limits on total debt. The loan agreement may also contain a covenant requiring the borrower to prepay the floating rate loan with any free cash flow. A breach of a covenant that is not waived by the agent (or by the lenders directly) is normally an event of default, which provides the agent or the lenders the right to call the outstanding floating rate loan.

**Obligations of Supranational Entities**

A Fund may invest in the obligations of supranational entities, which include securities designated or supported by governmental entities to promote economic reconstruction or development of international banking institutions and related government agencies. Examples include the International Bank for Reconstruction and Development (the "World Bank"), the European Coal and Steel Community, the Asian Development Bank and the Inter-American Development Bank. Each supranational entity's lending activities are limited to a percentage of its total capital (including "callable capital" contributed by its governmental members at the entity's call), reserves and net income. There is no assurance that participating governments will be able or willing to honor their commitments to make capital contributions to a supranational entity.

**Lower Rated Debt Securities**

Fixed income securities rated lower than Baa by Moody's or BBB by S&P, or, if not rated by Moody's or S&P, a comparable rating from another nationally recognized statistical ratings organization, or determined to be of equivalent credit quality by a Subadviser, are below investment grade and are considered to be of poor standing and predominantly speculative. Such securities ("lower rated debt securities") are commonly referred to as "junk bonds" and are subject to a substantial degree of credit risk. Lower rated debt securities may be issued as a consequence of corporate restructurings, such as leveraged buy-outs, mergers, acquisitions, debt recapitalizations, or similar events. Also, lower rated debt securities often are issued by smaller, less creditworthy companies or by highly leveraged (indebted) firms, which generally are less able than more financially stable firms to make scheduled payments of interest and principal. Certain convertible securities also may be rated below investment grade. The risks posed by securities issued under such circumstances are substantial. Investments in lower rated debt securities generally provide greater income and increased opportunity for capital appreciation than investments in higher quality debt instruments, but also typically entail greater potential price volatility and principal and income risk.

A Fund may invest in lower rated debt securities if its Subadviser believes that such security compensates for the higher default rates on such securities. However, there can be no assurance that diversification will protect the Fund from widespread bond defaults brought about by a sustained economic downturn, or that yields will continue to offset default rates on lower rated debt securities in the future. Issuers of these securities often are highly leveraged, so that their ability to service their debt obligations during an economic downturn or during sustained periods of rising interest rates may be impaired. In addition, such issuers may not have more traditional methods of financing available to them and may be unable to repay debt at maturity by refinancing. The risk of loss due to default by an issuer is significantly greater for the holders of lower rated debt securities because such securities may be unsecured and may be subordinated to other creditors of the issuer. Further, economic recessions, such as those experienced in recent years, may result in default levels with respect to such securities in excess of historic averages.

The value of lower rated debt securities will be influenced not only by changing interest rates, but also by the bond market's perception of credit quality and the outlook for economic growth. When economic conditions appear to be deteriorating, lower rated debt securities may decline in market value due to investors' heightened concern over credit quality, regardless of prevailing interest rates. Especially at such times, trading in the secondary market for lower rated debt securities may become thin and market liquidity may be significantly reduced. Even under normal conditions, the market for lower rated debt securities may be relatively less liquid than the market for

investment grade corporate bonds. There are fewer securities dealers in the high yield market and purchasers of lower rated debt securities are concentrated among a smaller group of securities dealers and institutional investors. In periods of reduced market liquidity, lower rated debt securities' prices may become more volatile and the Fund's ability to dispose of particular securities when necessary to meet the Fund's liquidity needs or in response to a specific economic event, such as a deterioration in the creditworthiness of the issuer, may be adversely affected.

Lower rated debt securities frequently have call or redemption features that would permit an issuer to repurchase the security from the Fund. If a call were exercised by the issuer during a period of declining interest rates, the Fund likely would have to replace such called security with a lower yielding security, thus decreasing the net investment income to the Fund and any dividends to investors.

Besides credit and liquidity concerns, prices for lower rated debt securities may be affected by legislative and regulatory developments. For example, from time to time, Congress has considered legislation to restrict or eliminate the corporate tax deduction for interest payments or to regulate corporate restructurings, such as takeovers or mergers. Such legislation could significantly depress the prices of outstanding lower rated debt securities. A description of various corporate debt ratings appears in Appendix A to this SAI.

Securities issued by foreign issuers rated below investment grade entail greater risks than higher rated securities, including risk of untimely interest and principal payment, default, price volatility and may present problems of liquidity, valuation, and currency risk.

*Defaulted Securities*. The Funds may invest in securities or debt of companies that are experiencing significant financial or business difficulties, including companies involved in bankruptcy or other reorganization and liquidation proceedings. Such investments involve a substantial degree of risk. In any reorganization or liquidation proceeding relating to a company in which the Fund invests, the Fund may lose its entire investment, may be required to accept cash or securities with a value less than the Fund's original investment, and/or may be required to accept payment over an extended period of time. Under such circumstances, the returns generated may not compensate the Fund adequately for the risks assumed. A wide variety of considerations render the outcome of any investment in a financially distressed company uncertain, and the level of analytical sophistication, both financial and legal, necessary for successful investment in companies experiencing significant business and financial difficulties, is unusually high. The Funds may incur expenses to the extent necessary to seek recovery upon default or to negotiate new terms with a defaulting issuer.

There is no assurance that a Subadviser will correctly evaluate the intrinsic values of the distressed companies in which the Funds may invest. There is also no assurance that any Subadviser will correctly evaluate how such value will be distributed among the different classes of creditors, or that the any Subadviser will have properly assessed the steps and timing thereof in the bankruptcy or liquidation process. Any one or all of such companies may be unsuccessful in their reorganization and their ability to improve their operating performance. Also, such companies' securities may be considered speculative, and the ability of such companies 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 companies. A Fund may invest in the securities of companies involved in bankruptcy proceedings, reorganizations and financial restructurings and may have a more active participation in the affairs of the issuer than is generally assumed by an investor.

This may subject the Funds to litigation risks or prevent the Funds from disposing of securities. In a bankruptcy or other proceeding, the Fund as a creditor may be unable to enforce its rights in any collateral or may have its security interest in any collateral challenged, disallowed or subordinated to the claims of other creditors. While the Funds will attempt to avoid taking the types of actions that would lead to equitable subordination or creditor liability, there can be no assurance that such claims will not be asserted or that the Fund will be able to successfully defend against them.

*Trade Claims*. A Fund may invest in trade claims. Trade claims are interests in amounts owed to suppliers of goods or services and are purchased from creditors of companies in financial difficulty and often involved in bankruptcy proceedings. Trade claims offer investors the potential for profits since they are sometimes purchased at a significant discount from face value and, consequently, may generate capital appreciation in the event that the market value of the claim increases as the debtor's financial position improves or the claim is paid.

**Inflation Protected Securities**

Inflation protected securities are debt securities whose principal and/or interest payments are periodically adjusted according to the rate of inflation, unlike debt securities that make fixed principal and interest payments. Inflation protected securities include Treasury Inflation Protected Securities ("TIPS"), which are securities issued by the U.S. Treasury. The interest rate paid by TIPS is fixed, while the principal value rises or falls based on changes in a published Consumer Price Index ("CPI"). Thus, if inflation occurs, the principal and interest payments on the TIPS are adjusted accordingly to protect investors from inflationary loss. During a deflationary period, the principal and interest payments decrease. The U.S. Treasury guarantees repayment of the original TIPS principal upon maturity, as adjusted for inflation. However, the current market value of TIPS is not guaranteed, and will fluctuate. In exchange for the inflation protection, TIPS generally pay lower interest rates than typical U.S. Treasury securities. Only if inflation occurs will TIPS offer a higher real yield than a conventional Treasury bond of the same maturity.

Other issuers of inflation protected debt securities include other U.S. government agencies or instrumentalities, corporations, and foreign governments, which may or may not guarantee the repayment of the originally issued principal amount. If a guarantee of principal is not provided, the adjusted principal value of the bond repaid at maturity may be less than the original principal. There can be no assurance that the CPI or any foreign inflation index will accurately measure the real rate of inflation in the prices of goods and services. Moreover, there can be no assurance that the rate of inflation in a foreign country will be correlated to the rate of inflation in the United States.

The value of inflation linked securities is expected to change in response to changes in real interest rates. Real interest rates in turn are tied to the relationship between nominal interest rates and the rate of inflation. Therefore, if the rate of inflation rises at a faster rate than nominal interest rates, real interest rates might decline, leading to an increase in the value of inflation linked securities. While inflation linked securities are expected to be protected from long-term inflationary trends, short-term increases in inflation may lead to a decline in value. If interest rates rise due to reasons other than inflation, investors in an inflation protected security may not be protected to the extent that the increase is not reflected in the security's inflation measure.

Any increase in the principal amount of an inflation-indexed bond will be considered taxable ordinary income, even though investors do not receive their principal until maturity.

**Pay-In-Kind Bonds**

A Fund may invest in pay-in-kind bonds. Pay-in-kind bonds are securities that pay interest through the issuance of additional bonds. A Fund will be deemed to receive interest over the life of such bonds and may be treated for federal income tax purposes as if interest were paid on a current basis, although no cash interest payments are received by the Fund until the cash payment date or until the bonds mature.

**Mortgage-Backed Securities, Mortgage Pass-Through Securities, and Collateralized Mortgage Obligations ("CMOs")**

A Fund may invest in mortgage-backed securities, which are interests in pools of mortgage loans, including mortgage loans made by savings and loan institutions, mortgage bankers, commercial banks, and others. Pools of mortgage loans are assembled as securities for sale to investors by various governmental, government-related, and private organizations as further described below. A Fund also may invest in debt securities that are secured with collateral consisting of mortgage-backed securities, such as CMOs, and in other types of mortgage-related securities.

The principal issuers of mortgage-related securities are Ginnie Mae, Fannie Mae, and Freddie Mac. The type of government guarantees, if any, supporting mortgage-related securities depends on the issuers of the securities. The timely payment of principal and interest on mortgage-backed securities issued or guaranteed by Ginnie Mae is backed by Ginnie Mae and the full faith and credit of the U.S. Government. These guarantees, however, do not apply to the market value of Fund shares. Also, securities issued by Ginnie Mae and other mortgage-backed securities may be purchased at a premium over the maturity value of the underlying mortgages. This premium is not guaranteed and would be lost if prepayment occurs. Mortgage-backed securities issued by U.S. government agencies or instrumentalities other than Ginnie Mae are not "full faith and credit" obligations. Certain obligations, such as those issued by the Federal Home Loan Banks, are supported by the issuer's right to borrow from the U.S. Treasury, while others, such as those issued by Fannie Mae, are supported only by the credit of the issuer. Unscheduled or early payments on the underlying mortgages may shorten the securities' effective maturities and reduce returns. A Fund may agree to purchase or sell these securities with payment and delivery taking place at a future date. A decline in interest rates may lead to a faster rate of repayment of the underlying mortgages and expose a Fund to a lower rate of return upon reinvestment. To the extent that such mortgage-backed securities are held by a Fund, the prepayment right of mortgagors may limit the increase in net asset value of the Fund because the value of the mortgage-backed securities held by the Fund may not appreciate as rapidly as the price of noncallable debt securities.

Fannie Mae and Freddie Mac are U.S. government-sponsored corporations and are subject to regulation by the Office of Federal Housing Enterprise Oversight. Both issue pass-through securities from pools of conventional and federally insured and/or guaranteed residential mortgages. Fannie Mae guarantees full and timely payment of all interest and principal, and Freddie Mac guarantees timely payment of interest and ultimate collection of principal of its pass-through securities. Mortgage-backed securities from Fannie Mae and Freddie Mac are not backed by the full faith and credit of the U.S. Government. The U.S. Department of the Treasury has the authority to support Fannie Mae and Freddie Mac by purchasing limited amounts of their respective obligations, and the U.S. Government has, in the past, provided financial support to Fannie Mae and Freddie Mac with respect to their debt obligations. However, no assurance can be given that the U.S. Government will always do so or would do so yet again. Congress continues to evaluate proposals to reduce the U.S. Government's role in the mortgage market and whether to wind down Fannie Mae and Freddie Mac. The proposals include, among others, whether Fannie Mae and Freddie Mac should be consolidated, privatized, restructured or eliminated. The FHFA recently announced plans to consider removing Fannie Mae and Freddie Mac from conservatorship. It is unclear how the capital structure of Fannie Mae and Freddie Mac would be constructed post-conservatorship, and what effects, if any, the privatization of Fannie Mae and Freddie Mac will have on their creditworthiness and guarantees of certain mortgage-backed securities. Fannie Mae and Freddie Mac also are the subject of several continuing legal actions and investigations over certain accounting, disclosure and corporate governance matters, which may have an adverse effect on these entities. As a result, the future for Fannie Mae and Freddie Mac is uncertain, as is the impact of such proposals, actions and investigations on the Funds' investments in securities issued by Fannie Mae and Freddie Mac.

Interests in pools of mortgage-backed securities differ from other forms of debt securities, which normally provide for periodic payment of interest in fixed amounts with principal payments at maturity or specified call dates. Instead, these securities provide a monthly payment that consists of both interest and principal payments. In effect, these payments are a "pass-through" of the monthly payments made by the individual borrowers on their mortgage loans, net of any fees paid to the issuer or guarantor of such securities. Additional payments are caused by repayments of principal resulting from the sale of the underlying property, refinancing, or foreclosure, net of fees or costs that may be incurred. Some mortgage-backed securities (such as securities issued by Ginnie Mae) are described as "modified pass-through." These securities entitle the holder to receive all interest and principal payments owed on the mortgage pool, net of certain fees, at the scheduled payments dates regardless of whether or not the mortgagor actually makes the payment.

Any discount enjoyed on the purchases of a pass-through type mortgage-backed security will likely constitute market discount. As a Fund receives principal payments, it will be required to treat as ordinary income an amount equal to the lesser of the amount of the payment or the "accrued market discount." Market discount is to be accrued either under a constant rate method or a proportional method. Pass-through type mortgage-backed securities purchased at a premium to their face value will be subject to a similar rule requiring recognition of an offset to ordinary interest income, an amount of premium attributable to the receipt of principal. The amount of premium recovered is to be determined using a method similar to that in place for market discount. A Fund may elect to accrue market discount or amortize premium notwithstanding the amount of principal received. Such election will apply to all bonds held and thereafter acquired unless permission is granted by the Commissioner of the Internal Revenue Service to change such method.

To the extent that a Fund invests in mortgage-backed securities issued by private lenders, such securities may be issued in the form of several tranches. Depending on their respective seniority, individual tranches are subject to increased (and sometimes different) credit, prepayment and liquidity and valuation risks as compared to other tranches. These securities are often subject to greater credit, prepayment and liquidity and valuation risks than mortgage-backed securities issued by a U.S. government agency or instrumentality.

A CMO is a debt security on which interest and prepaid principal are paid, in most cases, semi-annually. CMOs may be collateralized by whole mortgage loans but are more typically collateralized by portfolios of mortgage pass-through securities guaranteed by Ginnie Mae, Freddie Mac, or Fannie Mae and their income streams.

CMOs issued by private entities are not government securities and are not directly guaranteed by any government agency. They are secured by the underlying collateral of the private issuer. Yields on privately-issued CMOs have been historically higher than yields on CMOs issued or guaranteed by U.S. government agencies. However, the risk of loss due to default on such instruments is higher since

they are not guaranteed by the U.S. Government. Such instruments also tend to be more sensitive to interest rates than U.S. government-issued CMOs. For federal income tax purposes, a Fund will be required to accrue income on CMOs using the "catch-up" method, with an aggregate prepayment assumption.

**Dollar Rolls**

A Fund may enter into dollar rolls in which the Fund sells securities and simultaneously contracts to repurchase substantially similar securities on a specified future date. In the case of dollar rolls involving mortgage-backed securities, the mortgage-backed securities that are purchased typically will be of the same type and will have the same or similar interest rate and maturity as those sold, but will be supported by different pools of mortgages. A Fund forgoes principal and interest paid during the roll period on the securities sold in a dollar roll, but the Fund is compensated by the difference between the current sales price and the price for the future purchase as well as by any interest earned on the proceeds of the securities sold. A Fund also could be compensated through receipt of fee income. The Funds intend to enter into dollar rolls only with government securities dealers recognized by the Federal Reserve Board, or with member banks of the Federal Reserve. In addition to the general risks involved in leveraging, dollar rolls are subject to the same risks as repurchase and reverse repurchase agreements.

**To-Be-Announced Securities**

A to-be-announced mortgage-backed security ("TBA") is a mortgage-backed security, such as a Ginnie Mae pass-through security, that is purchased or sold with specific pools that will constitute that Ginnie Mae pass-through security to be announced on a future settlement date. At the time of purchase of a TBA, the seller does not specify the particular mortgage-backed securities to be delivered but rather agrees to accept any mortgage-backed security that meets specified terms. A Fund and the seller would agree upon the issuer, interest rate, and terms of the underlying mortgages, but the seller would not identify the specific underlying mortgages until shortly before it issues the mortgage-backed security. TBAs increase interest rate risks because the underlying mortgages maybe less favorable than anticipated by the Fund.

**Other Mortgage-Backed Securities**

The Adviser and the Subadvisers expect that governmental, government-related, or private entities may create mortgage loan pools and other mortgage-related securities offering mortgage pass-through and mortgage-collateralized investments in addition to those described above. The mortgages underlying these securities may include alternative mortgage instruments, that is, mortgage instruments whose principal or interest payments may vary or whose terms to maturity may differ from customary long-term fixed rate mortgages. As new types of mortgage-related securities are developed and offered to investors, the Adviser and the Subadvisers will, consistent with each Fund's investment objective, policies, and quality standards, consider the appropriateness of making investments in such new types of mortgage-related securities.

Another type of mortgage-related security, known as government-sponsored entity ("GSE") credit risk transfer securities ("CRTs"), transfers a portion of the risk of borrower defaults from the issuing GSE to investors through the issuance of a bond whose return of principal is linked to the performance of a selected pool of mortgages. CRTs are issued by GSEs (and sometimes banks or mortgage insurers) and structured without any government or GSE guarantee in respect of borrower defaults or underlying collateral. Typically, CRTs are issued at par and have stated final maturities. CRTs are structured so that: (i) interest is paid directly by the issuing GSE and (ii) principal is paid by the issuing GSE in accordance with the principal payments and default performance of a certain pool of residential mortgage loans acquired by the GSE.

The risks associated with an investment in CRTs differ from the risks associated with an investment in mortgage-backed securities issued by GSEs because, in CRTs, some or all of the credit risk associated with the underlying mortgage loans is transferred to the end-investor. As a result, in the event that a GSE fails to pay principal or interest on a CRT or goes through bankruptcy, insolvency or similar proceeding, holders of such CRT have no direct recourse to the underlying mortgage loans.

**Asset-Backed Securities**

A Fund may invest a portion of its assets in debt obligations known as "asset-backed securities." Asset-backed securities are securities that represent a participation in, or are secured by and payable from, a stream of payments generated by particular assets, most often a pool or pools of similar assets (*e.g*., receivables on home equity and credit loans and receivables regarding automobile, credit card, mobile home and recreational vehicle loans, wholesale dealer floor plans, and leases).

The credit quality of asset-backed securities depends primarily upon the quality of the underlying assets and the level of credit support and/or enhancement provided. Asset-backed securities are subject to the same prepayment risks as mortgage-backed securities. For

federal income tax purposes, a Fund will be required to accrue income on pay-through asset-backed securities using the "catch-up" method, with an aggregate prepayment assumption.

The credit quality of asset-backed securities depends primarily on the credit quality of the assets underlying such securities, how well the entity issuing the security is insulated from the credit risk of the originator or any other affiliated entities, and the amount and quality of any credit support provided to the securities. The rate of principal payment on asset-backed securities generally depends on the rate of principal payments received on the underlying assets that, in turn, may be affected by a variety of economic and other factors. As a result, the yield on any asset-backed security is difficult to predict with precision and actual yield to maturity may be more or less than the anticipated yield to maturity. Asset-backed securities may be classified as "pass-through certificates" or "collateralized obligations."

Due to the shorter maturity of the collateral backing asset-backed securities, there is less of a risk of substantial prepayment than with mortgage-backed securities. Such asset-backed securities do, however, involve certain risks not associated with mortgage-backed securities, including the risk that security interests cannot be adequately, or in many cases, ever, established. In addition, with respect to credit card receivables, a number of state and federal consumer credit laws give debtors the right to set off certain amounts owed on the credit cards, thereby reducing the outstanding balance. In the case of automobile receivables, there is a risk that the holders may not have either a proper or first security interest in all of the obligations backing such receivables due to the large number of vehicles involved in a typical issuance and technical requirements under state laws. Therefore, recoveries on repossessed collateral may not always be available to support payments on the securities.

Examples of credit support arising out of the structure of the transaction include "senior-subordinated securities" (multiple class securities with one or more classes subordinate to other classes as to the payment of principal thereof and interest thereon, with the result that defaults on the underlying assets are borne first by the holders of the subordinated class), creation of "reserve funds" (where cash or investments, sometimes funded from a portion of the payments on the underlying assets, are held in reserve against future losses), and "over collateralization" (where the scheduled payments on, or the principal amount of, the underlying assets exceeds that required to make payments of the securities and pay any servicing or other fees). The degree of credit support provided for each issue is generally based on historical credit information respecting the level of credit risk associated with the underlying assets. Delinquencies or losses in excess of those anticipated could adversely affect the return on an investment in such issue.

Each Fixed Income Fund may invest in collateralized debt obligations ("CDOs"), which include collateralized bond obligations ("CBOs"), collateralized loan obligations ("CLOs") and other similarly structured securities. CBOs, CLOs and other CDOs are types of asset-backed securities. A CBO is a trust that is backed by a diversified pool of below investment grade fixed income securities. The collateral can be from many different types of fixed income securities such as high yield debt, residential privately issued mortgage-related securities, commercial privately issued mortgage-related securities, trust preferred securities and emerging market debt. A CLO is a trust typically collateralized by a pool of loans, which may include, among others, domestic and foreign senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans. Other CDOs are trusts backed by other types of assets representing obligations of various parties. CBOs, CLOs and other CDOs may charge management fees and administrative expenses.

For CBOs, CLOs and other CDOs, the cash flows from the trust are split into two or more portions, called tranches, varying in risk and yield. The riskiest portion is the "equity" tranche which bears the bulk of defaults from the bonds or loans in the trust and serves to protect the other, more senior tranches from default in all but the most severe circumstances. Since they are partially protected from defaults, senior tranches from a CBO trust, CLO trust or trust of another CDO typically have higher ratings and lower yields than their underlying securities, and can be rated investment grade. Despite the protection from the equity tranche, CBO, CLO or other CDO tranches can experience substantial losses due to actual defaults, increased sensitivity to defaults due to collateral default and disappearance of protecting tranches, market anticipation of defaults, as well as aversion to CBO, CLO or other CDO securities as a class.

The risks of an investment in a CBO, CLO or other CDO depend largely on the type of the collateral securities and the class of the instrument in which a Fund invests. Normally, CBOs, CLOs and other CDOs are privately offered and sold, and thus, are not registered under the securities laws. However, an active dealer market may exist for CBOs, CLOs and other CDOs allowing them to qualify for Rule 144A transactions. In some cases, investments in CBOs, CLOs and other CDOs may be characterized by the Funds as illiquid. In addition to the normal risks associated with fixed income securities discussed elsewhere in this SAI and the Funds' Prospectus (i.e., credit risk and interest rate risk). CDOs carry additional risks including, but are not limited to: (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments; (ii) the quality of the collateral may decline in value or default; (iii) the Funds may invest in CDOs that are subordinate to other classes; and (iv) the complex structure of the securities may produce unexpected investment results.

**Equipment Trust Certificates**

A Fund may invest in equipment trust certificates. The proceeds of such certificates are used to purchase equipment, such as railroad cars, airplanes, or other equipment, which in turn serve as collateral for the related issue of certificates. The equipment subject to a trust generally is leased by a railroad, airline, or other business, and rental payments provide the projected cash flow for the repayment of equipment trust certificates. Holders of equipment trust certificates must look to the collateral securing the certificates, and any guarantee provided by the lessee or any parent corporation for the payment of lease amounts, in the case of default in the payment of principal and interest on the certificates.

**Zero Coupon and Delayed Interest Securities**

A Fund may invest in zero coupon or delayed interest securities, which pay no cash income until maturity or a specified date when the securities begin paying current interest (the "cash payment date") and are sold at substantial discounts from their value at maturity. When held to maturity or cash payment date, the entire income of such securities, which consists of accretion of discount, comes from the difference between the purchase price and their value at maturity or cash payment date. The market prices of zero coupon and delayed interest securities generally are more volatile and more likely to respond to changes in interest rates than the market prices of securities having similar maturities and credit qualities that pay interest periodically.

Zero coupon securities are subject to greater market value fluctuations from changing interest rates than debt obligations of comparable maturities that make current distributions of interest (cash). Zero coupon convertible securities offer the opportunity for capital appreciation as increases (or decreases) in market value of such securities closely follow the movements in the market value of the underlying common stock. Zero coupon convertible securities generally are expected to be less volatile than the underlying common stocks as the zero coupon convertible securities usually are issued with short maturities (15 years or less) and are issued with options and/or redemption features exercisable by the holder of the obligation, entitling the holder to redeem the obligation and receive a defined cash payment.

Zero coupon securities include securities issued directly by the U.S. Treasury, and U.S. Treasury bonds or notes and their unmatured interest coupons and receipts for their underlying principal ("coupons") which have been separated by their holder, typically a custodian bank or investment brokerage firm. A holder will separate the interest coupons from the underlying principal (the "corpus") of the U.S. Treasury security. A number of securities firms and banks have stripped the interest coupons and receipts and then resold them in custodial receipt programs with a number of different names, including "Treasury Income Growth Receipts" ("TIGRS") and Certificate of Accrual on Treasuries ("CATS"). The underlying U.S. Treasury bonds and notes themselves are held in book-entry form at the Federal Reserve Bank or, in the case of bearer securities (i.e., unregistered securities which are owned ostensibly by the bearer or holder thereof), in trust on behalf of the owners thereof.

The Federal Reserve program as established by the U.S. Treasury Department is known as "STRIPS" or "Separate Trading of Registered Interest and Principal of Securities." Under the STRIPS program, a Fund will be able to have its beneficial ownership of zero coupon securities recorded directly in the book-entry recordkeeping system in lieu of having to hold certificates or other evidences of ownership of the underlying U.S. Treasury securities.

When U.S. Treasury obligations have been stripped of their unmatured interest coupons by the holder, the principal or corpus is sold at a deep discount because the buyer receives only the right to receive a future fixed payment on the security and does not receive any rights to periodic interest (cash) payments. Once stripped or separated, the corpus and coupons may be sold separately. Typically, the coupons are sold separately or grouped with other coupons with like maturity dates and sold in such bundled form. Purchasers of stripped obligations acquire, in effect, discount obligations that are economically identical to the zero coupon securities that the U.S. Treasury sells itself. These stripped securities are also treated as zero coupon securities with original issue discount for tax purposes.

**<u>RECENT MARKET DEVELOPMENTS</u>**

A Fund is subject to investment and operational risks associated with financial, economic and other global market developments and disruptions, including those arising from war, terrorism, market manipulation, government interventions, defaults and shutdowns, political changes or diplomatic developments, public health emergencies (such as the spread of infectious diseases, epidemics and pandemics), tariffs or trade wars and natural/environmental disasters, which can all negatively impact the securities markets and cause the Fund to lose value. These events can also impair the technology and other operational systems upon which a Fund's service providers, including Mercer as the Fund's investment adviser, rely, and could otherwise disrupt the Fund's service providers' ability to fulfill their obligations to the Fund.

In late February 2022, the Russian military invaded Ukraine, which amplified existing geopolitical tensions among Russia, Ukraine, Europe and many other countries including the U.S. and other members of the North Atlantic Treaty Organization ("NATO"). In

response, various countries, including the U.S., the United Kingdom and members of the European Union issued broad-ranging economic sanctions against Russia, Russian companies and financial institutions, Russian individuals and others. Additional sanctions may be imposed in the future. Such sanctions (and any future sanctions) and other actions against Russia and Russia's military action against Ukraine will adversely impact the economies of Russia and Ukraine. Certain sectors of each country's economy may be particularly affected, including but not limited to, financials, energy, metals and mining, engineering and defense and defense-related materials sectors.

Further, a number of large corporations and U.S. and foreign governmental entities have announced plans to divest interests or otherwise curtail business dealings in Russia or with certain Russian businesses. These events have resulted in (and will continue to result in) a loss of liquidity and value of Russian and Ukrainian securities and, in some cases, a complete inability to trade in or settle trades in transactions in certain Russian securities. Further actions are likely to be taken by the international community, including governments and private corporations, that will adversely impact the Russian economy in particular. Such actions may include boycotts, tariffs, and purchasing and financing restrictions on Russia's government, companies and certain individuals, or other unforeseeable actions.

The Russian and Ukrainian governments, economies, companies and the region will likely be further adversely impacted in unforeseeable ways. The ramifications of the hostilities and sanctions may also negatively impact other regional and global economic markets (including Europe and the U.S.), companies in other countries (particularly those that have done business with Russia) and various sectors, industries and markets for securities and commodities globally, such as oil and natural gas and precious metals. The extent and duration of the military action or future escalation of such hostilities, the extent and impact of existing and future sanctions, market disruptions and volatility, and the result of any diplomatic negotiations cannot be predicted. These and any related events could have a significant impact on a Fund's performance and the value of an investment in the Fund.

On October 7, 2023, Hamas launched an attack on Israel from the Gaza Strip. The extent and duration of the Israel-Hamas war and any related economic and market impacts are impossible to predict but may be significant, and may negatively impact Israel's economy and issuers of securities in which a Fund invests.

The energy markets have experienced significant volatility in recent periods and may continue to experience relatively high volatility for a prolonged period. In part due to geopolitical events, crude oil and natural gas prices may continue to be extremely volatile and it is not possible to predict whether or not they will stay at current levels, increase or decrease. To the extent that issuers in which the Funds invest to sustain their historical distribution levels, which in turn, may adversely affect the Funds. The Subadvisers may take measures to navigate the conditions of the energy markets, but there is no guarantee that such efforts will be effective or that the Funds' performance will correlate with any increase in oil or gas prices. The Funds and their shareholders could therefore lose money as a result of the conditions in the energy market.

Changing interest rate environments (whether downward or upward) impact the various sectors of the economy in different ways. For example, low interest rate environments tend to be a positive factor for the equity markets, whereas high interest rate environments tend to apply downward pressure on earnings and stock prices. Likewise, during periods when interest rates are increasing (rather than stagnant in a high or low interest rate environment), the price of fixed income investments tend to fall as investors begin to seek higher yielding investments. Accordingly, a Fund is subject to heightened interest rate risk during periods of low interest rates. Accordingly, because of the high interest rate environment, the Funds may be adversely affected, especially those Funds that are more susceptible to interest rate risk (e.g., those funds that hold fixed income investments or that invest in equity securities of issuers who are adversely affected by rising interest rates).

To satisfy any shareholder redemption requests during periods of extreme volatility, it is more likely a Fund may be required to dispose of portfolio investments at inopportune times or prices.

**<u>OTHER INVESTMENTS</u>**

The Board may, in the future, authorize a Fund to invest in securities other than those listed in this SAI and in the Prospectus, provided such investment would be consistent with the Fund's investment objective and that it would not violate any fundamental investment policies or restrictions applicable to the Fund.

**<u>INVESTMENT RESTRICTIONS</u>**

The investment restrictions set forth below are fundamental policies and may not be changed as to a Fund without the approval of a majority of the outstanding voting securities (as defined in the 1940 Act) of the Fund. Unless otherwise indicated, all percentage limitations listed below apply to a Fund only at the time of the transaction. Accordingly, if a percentage restriction is adhered to at the time of investment, a later increase or decrease in the percentage that results from a relative change in values or from a change in a Fund's total assets will not be considered a violation. Each Fund may not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Purchase the securities of any one
 issuer (other than the US government or any of its agencies or instrumentalities or securities
 of other investment companies) if immediately after such investment: (a) more than 5%
 of the value of the Fund's total assets would be invested in such issuer; or (b)
 more than 10% of the outstanding voting securities of such issuer would be owned by the
 Fund, except that up to 25% of the value of the Fund's total assets may be invested
 without regard to such 5% and 10% limitations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Purchase or sell real estate, unless
 acquired as a result of ownership of securities or other instruments and provided that
 this restriction does not prevent the Fund from investing in issuers which invest, deal,
 or otherwise engage in transactions in real estate or interests therein, or investing
 in securities that are secured by real estate or interests therein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Purchase or sell commodities, except
 that the Fund may purchase or sell currencies, may enter into futures contracts on securities,
 currencies and other indices, or any other financial instruments, and may purchase and
 sell options on such futures contracts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Issue securities senior to the Fund's
 presently authorized shares of beneficial interest, to the extent such issuance would
 violate applicable law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Make loans to other persons, except:
 (a) through the lending of its portfolio securities; (b) through the purchase of debt
 securities, loan participations and/or engaging in direct corporate loans for investment
 purposes in accordance with its investment objectives and policies; and (c) to the extent
 the entry into a repurchase agreement is deemed to be a loan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Borrow money to the extent such
 borrowing would violate applicable law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Concentrate (invest more than 25%
 of its net assets) in securities of issuers in a particular industry (other than securities
 issued or guaranteed by the U.S. Government or any of its agencies, or securities of
 other investment companies); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) Underwrite the securities of other
 issuers, except that the Fund may engage in transactions involving the acquisition, disposition,
 or resale of its portfolio securities, under circumstances where it may be considered
 to be an underwriter under the 1933 Act.

For purposes of calculating industry concentration, a Fund considers both the borrower and institutional seller of a loan participation to be the "issuers" of such loan participation.

**<u>MANAGEMENT OF THE TRUST</u>**

The Trust is a Delaware statutory trust. Under Delaware law, the Board has overall responsibility for managing the business and affairs of the Trust. The Trustees elect the officers of the Trust, who are responsible for administering the day-to-day operations of the Funds.

The Trustees and executive officers of the Trust, along with their principal occupations over the past five years and their affiliations, if any, with the Adviser, are listed below. The address of the executive officers of the Trust is 99 High Street, Boston, Massachusetts 02110.

**<u>Independent Trustees</u>**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Address<br> and Age** | **Position(s)<br> Held with<br> Trust** | **Term of<br> Office<sup>(1)</sup><br> and Length<br> of Time<br> Served** | **Principal<br> Occupation(s)<br> During<br> Past 5 Years** | **Number of<br> Portfolios<br> in Fund<br> Complex\*<br> Overseen<br> by Trustee** | **Other Directorships<br> Held by Trustee During<br> Past 5 Years** |
| Adela M. Cepeda <br> 99 High Street <br> Boston, MA 02110<br> (67) | Chairperson and Trustee | Chairperson since 2025; Trustee<br> since 2005 | Ms. Cepeda was Managing Director of PFM Financial Advisors LLC (a financial advisory firm) from September 2016 to December 2019. Ms. Cepeda was previously Founder and President of A.C. Advisory, Inc. (a financial advisory firm) from 1995 to 2016. | 6 | Ms. Cepeda is a Director or Trustee of: The UBS Funds (12 portfolios); Morgan Stanley Pathway Funds (11 portfolios); BMO Financial Corp. (U.S. holding company for BMO Harris Bank N.A.); Ms. Cepeda was a Director of UBS Relationship Funds from 2004 to 2023. |
| Gail A. Schneider <br> 99 High Street <br> Boston, MA 02110<br> (76) | Trustee | Trustee<br> since 2009 | Ms. Schneider is a self-employed consultant since 2007. Ms. Schneider was previously an Executive Vice President at JP Morgan Chase & Co. | 6 | None. |
| Luis A. Ubiñas<br> 99 High Street<br> Boston, MA 02110<br> (62) | Trustee | Trustee <br> since 2019 | Mr. Ubiñas is retired. Mr. Ubiñas previously served as President of the Ford Foundation (a not-for profit organization) from 2008 to 2013 and prior to that he served as a Senior Partner for McKinsey & Company (a global consulting firm). | 6 | Mr. Ubiñas is a Director of: ATT, Electronic Arts, Inc., and Tanger Factory Outlet Centers, Inc. |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Address<br> and Age** | **Position(s)<br> Held with<br> Trust** | **Term of<br> Office<sup>(1)</sup><br> and Length<br> of Time<br> Served** | **Principal<br> Occupation(s)<br> During<br> Past 5 Years** | **Number of<br> Portfolios<br> in Fund<br> Complex\*<br> Overseen<br> by Trustee** | **Other Directorships<br> Held by Trustee During<br> Past 5 Years** |
| Joan E. Steel<br> 99 High Street<br> Boston, MA 02110<br> (72) | Trustee | Trustee<br> since 2020 | Ms. Steel is the Founder and Chief Executive Officer of Alpha Wealth Advisors LLC since 2009. Prior to founding her own firm, Ms. Steel was a Senior Vice President, Private Wealth Advisor for the Capital Group, a large global asset manager. | 6 | Ms. Steel was an independent director of The Hershey Trust Company from 2012 to 2016. |

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<sup>(1)</sup> Each Trustee holds office for an indefinite term.

\* The "Fund Complex" consists of the Trust, which has seven portfolios.

**<u>Officers</u>**

The executive officers of the Trust not named above are:

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| | | | |
|:---|:---|:---|:---|
| **Name and Age** | **Position(s) Held with<br> Trust** | **Term of Office(<sup>+</sup>)<br> and Length of<br> Time Served** | **Principal Occupation(s) During Past 5<br> Years** |
| Stephen Gouthro (57) | President and Chief Executive Officer | Since 2024<sup>++</sup> | Mr. Gouthro is a partner at Mercer and U.S. Chief Operating Officer for Mercer's U.S. Business Solutions Group. Mr. Gouthro joined Mercer in 2018. |
| Barry Vallan (56) | Vice President, Treasurer and Chief Financial Officer | Since 2021<sup>+++</sup> | Mr. Vallan is a Principal and the Head of Fund Administration at Mercer Investments LLC. Prior to joining Mercer in 2020, Mr. Vallan was Vice President of Fund Administration at J.P. Morgan from 2017 to 2020. |
| Jon Gezotis (46) | Vice President and Assistant Treasurer | Since 2024 | Mr. Gezotis is a partner at Mercer and US Chief Operating Officer (COO) for Mercer Wealth and Investments business since 2024. Prior to joining Mercer, Mr. Gezotis was Managing Director at Citibank in a global role overseeing Product Management and go to market strategies. |
| Olaolu Aganga (43) | Vice President and Chief Investment Officer | Since 2023 | Ms. Aganga is a Vice President and Chief Investment Officer, Investments at Mercer Investments LLC since 2023. Prior to joining Mercer, Ms. Aganga was a Managing Director within BlackRock's US Outsourced CIO business from 2018 to 2023. Prior to BlackRock, Ms. Aganga spent several years at Goldman Sachs. |
| Colin Dean (48) | Vice President and Assistant Secretary | Since 2021<sup>++++</sup> | Mr. Dean is Global Chief Counsel, Investments since 2018. He served as Senior Legal Counsel - Investments for Mercer Investments LLC from 2010 to 2018. |

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| | | | |
|:---|:---|:---|:---|
| Caroline Hulme (40) | Vice President, Chief Legal Officer and Secretary | Since 2021<sup>++++</sup> | Ms. Hulme is Chief Investment Funds and Solutions Counsel, US & Canada for Mercer Investments LLC since 2023. She served as Senior Legal Counsel, Investments from 2018 to 2023. |
| Kenneth Earley (51) | Vice President and Assistant Secretary | Since 2023 | Mr. Earley is Senior Legal Counsel, Investments at Mercer Investments LLC since 2022. Prior to joining Mercer, he was in private practice as Counsel in the corporate practice group of Morse, Barnes - Brown & Pendleton, P.C. from 2021 to 2022, and as a Senior Associate in the investment management practice group at Morgan, Lewis & Bockius LLP from 2015 to 2020. |
| Larry Vasquez (58) | Vice President | Since 2012 | Mr. Vasquez is a Vice President and Senior Portfolio Manager of Mercer Investments LLC since 2012. |
| Erin Lefkowitz (44) | Vice President | Since 2021 | Ms. Lefkowitz is a Vice President and Senior Portfolio Manager of Mercer Investments LLC. Prior to joining Mercer in 2021, Ms. Lefkowitz held various roles in risk management, portfolio construction, trading and global fixed income portfolio management at Putnam Investments. |
| Sean Chatburn (51) | Vice President | Since 2024 | Mr. Chatburn is a Partner and Senior Portfolio Manager for equities at Mercer Investments LLC., since 2010. Mr. Chatburn is responsible for assisting plan sponsors, endowments, foundations, and sovereigns in meeting their investment goals and objectives by portfolio construction, including asset allocation and manager selection. |
| Nicole Wong (58) | Vice President and Chief Compliance Officer | Since 2022 | Ms. Wong serves as Chief Compliance Officer of the Mercer Funds and Mercer Trust Company LLC since December 2022. Prior to joining Mercer, Ms. Wong was Director – Compliance, Schwab Asset Management from 2019-2022. Ms. Wong also served in various Compliance leadership roles at State Street Corporation from 2009 to 2019, where she was most recently Vice President, Alternative Investment Solutions Risk and Compliance Director. |

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| | |
|:---|:---|
| <sup>+</sup> | Officers of the Trust are elected by the Trustees and serve at the pleasure of the Board. |
| <sup>++</sup> | Prior to 2024, Mr. Gouthro has held different positions with the Trust since 2018. |
| <sup>+++</sup> | Prior to 2025, Mr. Vallan previously served as Assistant Treasurer of the Trust since 2021. |
| <sup>++++</sup> | Prior to 2021, Mr. Dean and Ms. Hulme each held different positions with the Trust, since 2010 and 2017, respectively. |

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**Board Leadership Structure**

The Board is responsible for supervising the management of the Trust. The Board currently consists of four Trustees, all of whom are not "interested persons" of the Trust or the Adviser, within the meaning of Section 2(a)(19) of the 1940 Act ("Independent Trustees"). The Chairperson of the Board is an Independent Trustee elected by a majority of the Trustees currently in office. As discussed below, the Board has two standing committees, an Audit Committee and a Nominating and Corporate Governance Committee, each of which is comprised solely of Independent Trustees. The Board believes its leadership structure, in which the Chairperson of the Board is not

affiliated with the Adviser, is appropriate, in light of the services that the Adviser provides to the Trust and potential conflicts of interest that could arise from these relationships.

**Qualifications of Trustees**

In addition to the information about the Trustees provided in the table above, the following is a brief discussion of some of the specific experiences, qualifications, attributes, and/or skills of each Trustee that support the Board's belief, as of the date of this SAI that he or she should serve as a Trustee of the Trust. The Board believes that the significance of each Trustee's experience, qualifications, attributes, or skills is an individual matter (meaning that experience that is important for one Trustee may not have the same value for another Trustee) and that these factors are best evaluated at the Board level, with no single Trustee, or particular factor, being indicative of Board effectiveness. However, the Board believes that the Trustees need to have the ability to critically review, evaluate, question, and discuss information provided to them, and to interact effectively with Trust management, service providers, and counsel, in order to exercise effective business judgment in the performance of their duties. The Board believes that the Trustees satisfy this standard. Experience relevant to having this ability may be achieved through a Trustee's educational background; business, professional training or practice, public service or academic positions; experience from service as a board member (including the Board of the Trust) or as an executive of investment funds, public companies, or significant private or not-for-profit entities or other organizations; and/or other life experiences. The charter for the Board's Nominating and Corporate Governance Committee contains certain other factors considered by the Committee in identifying and evaluating potential Trustee nominees. To assist the Board in evaluating matters under federal and state law, the Trustees are counseled by their own independent legal counsel, who participates in Board meetings and interacts with the Adviser, and also may benefit from information provided by the Trust's and the Adviser's counsel; both Board and Trust counsel have significant experience advising funds and fund board members. The Board and its committees have the ability to engage other experts as appropriate. The Board evaluates its performance on an annual basis.

**Adela M. Cepeda.** Ms. Cepeda has served as an Independent Trustee of the Trust since 2005 and has been most recently approved by shareholders of the Trust on October 28, 2019. Ms. Cepeda has no relationships that would impair her independence to the Trust. Ms. Cepeda has experience serving on the Board of the Trust as well as on the boards of other investment companies, businesses, and not-for-profit organizations. Ms. Cepeda has significant professional experience with financial transactions. Ms. Cepeda was Founder and President of A.C. Advisory, Inc., a municipal financial advisory firm, and previously chaired the Audit Committee of the board of Wyndham International, Inc.

**Gail A. Schneider.** Ms. Schneider has served as an Independent Trustee of the Trust since 2009 and has been most recently approved by shareholders of the Trust on October 28, 2019. Ms. Schneider has no relationships that would impair her independence to the Trust. Ms. Schneider's experience has included serving on the boards of directors of several organizations throughout her career. Ms. Schneider worked for 20 years at JP Morgan Chase & Co., where she was an Executive Vice President. As Executive Vice President, Ms. Schneider was responsible for the management of the Retail Investment and Banking businesses as well as Fiduciary businesses, including the J.P. Morgan Chase & Co. Trust Department and Retirement Services. Most recently, Ms. Schneider has worked as a self-employed consultant, introducing positive psychology principles into the domains of business and education.

**Luis A. Ubiñas.** Mr. Ubiñas has served as an Independent Trustee of the Trust since 2019 and has been most recently approved by shareholders of the Trust on October 28, 2019. Mr. Ubiñas has no relationships that would impair his independence to the Trust. Mr. Ubiñas' experience has included serving as President of the Ford Foundation and as a senior partner at McKinsey & Company. Mr. Ubiñas also served on the US Trade Commission and on the Commission for US Competitiveness of the Export-Import Bank. Most recently, Mr. Ubiñas has served on the boards of various public and private companies and on the boards of non-profit organizations.

**Joan E. Steel.** Ms. Steel has served as an Independent Trustee of the Trust since 2020, when she was appointed by the Independent Trustees. Ms. Steel has no relationships that would impair her independence to the Trust. Ms. Steel's experience has included serving as Founder and Chief Executive Officer of Alpha Wealth Advisors LLC, an independent financial consulting firm. Ms. Steel has served on the boards of various non-profit organizations and private companies.

Additional information regarding the general characteristics considered by the Nominating and Corporate Governance Committee of the Board in recommending a Trustee, and any potential nominee to serve as Trustee, may be found below under "Board Committees."

**Board Committees**

Ms. Cepeda, Ms. Schneider, Mr. Ubiñas and Ms. Steel sit on the Trust's Audit Committee, and Ms. Steel serves as Chairperson of the Audit Committee. The Audit Committee has the responsibility, among other things, to: (i) oversee the accounting and financial reporting processes of the Trust and to receive reports regarding its internal control over financial reporting; (ii) oversee the quality and integrity of each Fund's financial statements and the independent audit(s) thereof; (iii) oversee or assist Board oversight of the Trust's compliance

with legal and regulatory requirements relating to the Trust's accounting and financial reporting and independent audits; (iv) approve, prior to appointment, the engagement of the Trust's independent registered public accounting firm, and review and evaluate the qualifications, independence, and performance of the Trust's independent registered public accounting firm; and (v) act as a liaison between the Trust's independent registered public accounting firm and the full Board. During the fiscal year ended March 31, 2025, the Audit Committee met 4 times.

Ms. Cepeda, Ms. Schneider, Mr. Ubiñas and Ms. Steel sit on the Trust's Nominating and Corporate Governance Committee, Ms. Schneider serves as Chairperson of the Nominating and Corporate Governance Committee. The Nominating and Corporate Governance Committee has the responsibility, among other things, to: (i) make recommendations and to consider shareholder recommendations for nominations for Trustees; (ii) periodically review Independent Trustee compensation and recommend any changes to the Independent Trustees as a group; and (iii) make recommendations to the full Board for nominations for membership on all committees, review all committee assignments, and periodically review the responsibilities and need for all committees of the Board.

While the Nominating and Corporate Governance Committee is solely responsible for the recommendation of Trustee candidates, the Nominating and Corporate Governance Committee may consider nominees recommended by Fund shareholders. The Nominating and Corporate Governance Committee will consider recommendations for nominees from shareholders sent to the Secretary of the Trust, c/o Mercer Investments LLC, 99 High Street, Boston, MA 02110. A nomination submission must include all information relating to the recommended nominee that is required to be disclosed in solicitations or proxy statements for the election of Trustees, as well as information sufficient to evaluate the individual's qualifications. Nomination submissions must be accompanied by a written consent of the individual to stand for election if nominated by the Board and to serve if elected by the shareholders. In addition, a nominee must provide such additional information as reasonably requested by the Nominating and Corporate Governance Committee.

In evaluating a person as a potential nominee to serve as a Trustee of the Trust (including any nominees recommended by shareholders), the Nominating and Corporate Governance Committee of the Board considers, among other factors that the Committee may deem appropriate and relevant:

● the character and integrity of the person;

● whether or not the person is qualified under applicable laws and regulations to serve as a Trustee of the Trust;

● with respect to service as an Independent Trustee, whether or not the person has any relationships that might impair his or her independence in serving on the Board such as any business, financial, or family relationships with Trust management, the Adviser and the Subadvisers, Trust service providers, or their affiliates;

● whether the nomination of the person would be consistent with Trust policy and applicable laws and regulations regarding the number and percentage of the Independent Trustees on the Board;

● the person's judgment, skill and experience with investment companies and other organizations of comparable purpose, complexity, and size and subject to similar legal restrictions and oversight;

● whether or not the person serves on the boards of trustees, or is otherwise affiliated with, other financial service organizations or those organizations' mutual fund complexes;

● whether or not the person is willing to serve and is willing and able to commit the time necessary for the performance of the duties and responsibilities of a Trustee of the Trust;

● the educational background; business, professional training or practice (*e.g.,* medicine, accounting or law), public service or academic positions; experience from service as a board member (including the Board) or as an executive of investment funds, public companies or significant private or not-for-profit entities or other organizations; and

● whether the Committee believes the person has the ability to exercise effective business judgment and would act in the best interests of the Trust and its shareholders.

The Nominating and Corporate Governance Committee also may consider whether a potential nominee's professional experience, education, skills and other individual qualities and attributes would provide added skills, experiences or perspectives to the Board's membership.

The Nominating and Corporate Governance Committee also may establish specific requirements and/or additional factors to be considered for Board candidates as the Committee deems necessary or appropriate. During the fiscal year ended March 31, 2025, the Nominating and Corporate Governance Committee met 2 times.

**<u>Board's Role in Risk Oversight</u>**

The Board does not have a direct role in the day-to-day risk management of the Trust. Rather, the Board's role in the management of the Trust is oversight. As is the case with virtually all investment companies (as distinguished from operating companies), service providers to the Trust, primarily the Adviser, its affiliates, and the Subadvisers, have responsibility for the day-to-day management of the Funds, which includes responsibility for risk management (including management of investment performance and investment risk, valuation risk, liquidity risk, issuer and counterparty credit risk, compliance risk, and operational risk). As part of its oversight, the Board or the Chairperson regularly interacts with and receives reports from senior personnel of the Trust's service providers, including the Adviser's Chief Investment Officer (or a senior representative of her office), the Trust's Chief Compliance Officer, and the Subadvisers' portfolio management personnel. The Audit Committee, which oversees the financial reporting of the Trust and its service providers, meets in scheduled meetings with the Trust's independent registered public accounting firm and the Trust's Chief Financial Officer, with which the Audit Committee Chairperson maintains contact between Committee meetings. The Board also receives periodic presentations from senior personnel of the Adviser (including the LRC and derivatives risk management committee), or its affiliates, and the Subadvisers regarding risk management generally, as well as periodic presentations regarding specific operational, compliance, or investment areas, such as business continuity, anti-money laundering, personal trading, valuation, liquidity, credit, investment research, securities lending and derivatives. The Board has adopted policies and procedures designed to address certain risks to the Funds. In addition, the Adviser and other service providers to the Funds have adopted a variety of policies, procedures, and controls designed to address particular risks to the Funds. Different processes, procedures, and controls are employed with respect to different types of risks. However, it is not possible to eliminate all of the risks applicable to the Trust. The Board also receives reports from counsel to the Trust or counsel to the Adviser and the Board's own independent legal counsel regarding regulatory compliance and governance matters. The Board's oversight role does not make the Board a guarantor of the Trust's investments or activities.

**<u>TRUSTEES' OWNERSHIP OF FUND SHARES</u>**

The following table sets forth the dollar range of equity securities of the Funds beneficially owned by each Trustee as of December 31, 2024:

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| | | |
|:---|:---|:---|
| **Name of Trustee** | **Dollar Range of Equity<br> Securities in the Funds** | **Aggregate Dollar Range<br> of Equity Securities in all<br> Registered Investment<br> Companies Overseen by<br> the Trustee in the Family<br> of Investment Companies** |
| **Independent Trustees** |  |  |
| Adela M. Cepeda | None | None |
| Gail A. Schneider | None | None |
| Luis A. Ubiñas | None | None |
| Joan E. Steel | None | None |

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As of December 31, 2024, the Trustees did not own any securities issued by the Adviser, the Distributor, or a Subadviser, or any company controlling, controlled by, or under common control with the Adviser, the Distributor, or a Subadviser.

**<u>TRUSTEES' COMPENSATION</u>**

The following table sets forth the compensation earned by the Trustees for the Trust's fiscal year ended March 31, 2025:

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| | | | |
|:---|:---|:---|:---|
| **Name of Trustee** | **Annual Aggregate<br> Compensation<br> From the Trust** | **Pension or<br> Retirement Benefits<br> Accrued As Part of<br> Fund Expenses** | **Total<br> Compensation<br> From the Trust and<br> Fund Complex<br> Paid to Trustees** |
| **Independent Trustees** |  |  |  |
| Adela M. Cepeda | $240750 |  | $240750 |
| Gail A. Schneider | $252250 |  | $252250 |
| Luis A. Ubiñas | $218000 |  | $218000 |
| Joan E. Steel | $235000 |  | $235000 |

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No officer of the Trust who is also an officer or employee of the Adviser receives any compensation from the Trust for services to the Trust. Effective January 1, 2024, the Trust pays each Independent Trustee an annual retainer of $140,000. In addition, the Trust pays the Chairperson of the Board $40,000 per year, the Chairperson of the Nominating and Corporate Governance Committee $17,000 per year, and the Chairperson of the Audit Committee $17,000 per year. The Trust also pays each Independent Trustee $10,000 per regular in-person Board meeting attended, $10,000 per ad-hoc in-person Board meeting attended, and $5,000 per ad-hoc telephonic Board meeting attended. Each member of the Audit Committee and the Nominating and Corporate Governance Committee additionally receives $6,000 and $5,000, respectively, per Committee meeting attended.

**<u>CONTROL PERSONS AND PRINCIPAL HOLDERS OF SECURITIES</u>**

Any person who owns beneficially, either directly or through one or more controlled companies, more than 25% of the voting securities of the Trust is presumed to control the Trust under the provisions of the 1940 Act. Note that a controlling person possesses the ability to control the outcome of matters submitted for shareholder vote of the Trust.

As of June 30, 2025, the Trustees and officers of the Trust, as a group, did not own 1% or more of any class of equity securities of any of the Funds.

As of June 30, 2025, the persons listed in the table below owned, beneficially or of record, 5% or more of a class of equity securities of the respective Funds. The address for each of the principal holders identified below is: Attn: Barry Vallan, 99 High Street, Boston, Massachusetts 02110.

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| | | | |
|:---|:---|:---|:---|
| **Fund/Class of Shares** | **Principal Holders of<br> Securities** | **Number of<br> Shares Held** | **Percentage of<br> the<br> Outstanding<br> Shares of the<br> Class** |
| Mercer US Small/Mid Cap Equity Fund Class I | Maril & Co FBO 8M C/O Reliance Trust Company WI | 787400.70 | 58.57% |
| Mercer US Small/Mid Cap Equity Fund Class I | Mid Atlantic Trust Company FBO Macatawa Bank Omnibus Account | 386950.59 | 28.78% |
| Mercer US Small/Mid Cap Equity Fund Class I | Charles Schwab & Co Inc. Special Custody Account FBO Customers | 159778.68 | 11.89% |
| Mercer US Small/Mid Cap Equity Fund Class Y-3 | Mercer Group Trust: Mercer Small/Mid Cap Stock Fund | 77546333.41 | 53.92% |
| Mercer US Small/Mid Cap Equity Fund Class Y-3 | Mercer Collective Trust: Mercer US Small Mid Cap Equity Portfolio | 44462767.39 | 30.92% |
| Mercer Core Fixed Income Fund Class I | Maril & Co FBO 8M C/O Reliance Trust Company WI | 1245204.48 | 50.34% |
| Mercer Core Fixed Income Fund Class I | Charles Schwab & Co Inc. Special Custody Account FBO Customers | 914889.05 | 36.99% |
| Mercer Core Fixed Income Fund Class I | Mid Atlantic Trust Company FBO Macatawa Bank Omnibus Account | 291126.45 | 11.77% |
| Mercer Core Fixed Income Fund Class Y-3 | Mercer Investments LLC FBO Adena Health System Board | 16876511.63 | 11.63% |
| Mercer Core Fixed Income Fund Class Y-3 | Charles Schwab & Co Inc. Special Custody Account FBO Customers | 16746365.74 | 11.54% |
| Mercer Core Fixed Income Fund Class Y-3 | Mercer Investments LLC FBO Mercerwise Target Date Fund 6 | 12438231.48 | 8.57% |

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| | | | |
|:---|:---|:---|:---|
| Mercer Core Fixed Income Fund Class Y-3 | Mercer Collective Trust: Mercer Core Fixed Income Portfolio | 11423561.19 | 7.88% |
| Mercer Core Fixed Income Fund Class Y-3 | Mercer Investments LLC FBO Mercerwise Target Date Fund 7 | 10440199.01 | 7.20% |
| Mercer Core Fixed Income Fund Class Y-3 | Mercer Investments LLC FBO Mercerwise Target Date Fund 5 | 8282884.30 | 5.71% |
| Mercer Core Fixed Income Fund Class Y-3 | Mercer Investments LLC FBO Mercerwise Target Date Fund 8 | 7719480.07 | 5.32% |
| Mercer Non-US Core Equity Fund Class I | National Financial Services LLC for the Exclusive Benefit of our Customers | 13371887.59 | 40.05% |
| Mercer Non-US Core Equity Fund Class I | Charles Schwab & Co Inc. Special Custody Account FBO Customers | 11753173.54 | 35.20% |
| Mercer Non-US Core Equity Fund Class I | SEI Private Trust Company C/O SWP TIAA | 5164872.47 | 15.47% |
| Mercer Non-US Core Equity Fund Class Y-3 | Mercer Collective Trust: Mercer Non US Core Equity Portfolio | 139987894.50 | 53.31% |
| Mercer Non-US Core Equity Fund Class Y-3 | Mercer Group Trust: Mercer International Stock Fund | 40006699.41 | 15.23% |
| Mercer Emerging Markets Equity Fund Class I | Maril & Co FBO 8M C/O Reliance Trust Company WI | 127952.59 | 99.99% |
| Mercer Emerging Markets Equity Fund Class Y-3 | Mercer Collective Trust: Mercer Emerging Markets Equity Portfolio | 99675790.62 | 78.91% |
| Mercer Emerging Markets Equity Fund Class Y-3 | Mercer Group Trust: Mercer International Stock Fund | 16827574.84  | 13.32% |
| Mercer Opportunistic Fixed Income Fund Class I | Maril & Co FBO 8M C/O Reliance Trust Company WI | 571106.60  | 100 .00% |
| Mercer Opportunistic Fixed Income Fund Class Y-3 | Mercer Collective Trust: Mercer Opportunistic Fixed Income Portfolio | 151698885.48 | 69.87% |
| Mercer Opportunistic Fixed Income Fund Class Y-3 | Mercer Investments LLC FBO Deaconess Health System, Inc. | 11230981.56 | 5.17% |
| Mercer Short Duration Fixed Income Fund Class Y-3 | Mercer Investments LLC FBO Mercerwise Target Date Fund 6 | 1796183.36 | 31.48% |
| Mercer Short Duration Fixed Income Fund Class Y-3 | Mercer Investments LLC FBO Mercerwise Target Date Fund 5 | 1439649.40 | 25.23% |
| Mercer Short Duration Fixed Income Fund Class Y-3 | Mercer Investments LLC FBO Mercerwise Target Date Fund 7 | 1039238.98 | 18.21% |
| Mercer Short Duration Fixed Income Fund Class Y-3 | Mercer Investments LLC FBO Mercerwise Target Date Fund 4 | 811015.26 | 14.21% |
| Mercer Short Duration Fixed Income Fund Class Y-3 | Mercer Investments LLC FBO Mercerwise Target Date Income Fund | 384198.54  | 6.73% |

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**<u>INVESTMENT ADVISORY, PRINCIPAL UNDERWRITING, AND OTHER SERVICE ARRANGEMENTS</u>**

**Investment Adviser**

Mercer Investments LLC, a Delaware limited liability company located at 99 High Street, Boston, Massachusetts 02110, serves as the investment adviser to the Funds. The Adviser is an indirect, wholly-owned subsidiary of Marsh & McLennan Companies, Inc., a global professional services firm, organized as a Delaware corporation. The Adviser is registered as an investment adviser under the Investment Advisers Act of 1940 (the "Advisers Act") with the SEC.

The Adviser provides investment advisory services to each Fund pursuant to the Investment Management Agreement, dated July 1, 2014, as may be amended, between the Trust and the Adviser (the "Management Agreement"). Pursuant to the Management Agreement, the Trust employs the Adviser generally to manage the investment and reinvestment of the assets of the Funds. In so doing, the Adviser may hire one or more Subadvisers for each Fund to carry out the investment program of the Fund (subject to the approval of the Board). The Adviser continuously monitors each Subadviser's management of the relevant Funds' investment operations in accordance with the investment objectives and related policies of the relevant Funds, and, (where appropriate) administers the investment programs of the Funds. The Adviser furnishes periodic reports to the Board regarding the investment programs and performance of the Funds.

The Adviser is responsible for paying its expenses. The Trust pays the following expenses: the maintenance of its corporate existence; the maintenance of its books, records, and procedures; dealing with shareholders of the Funds; the payment of dividends; transfer of stock, including issuance, redemption, and repurchase of shares; preparation and filing of such forms as may be required by the various jurisdictions in which the Funds' shares may be sold; preparation, printing, and mailing of reports and notices to shareholders; calling and holding of shareholders' meetings; miscellaneous office expenses; brokerage commissions; custodian fees; legal and accounting fees; taxes; and state and federal registration fees.

Pursuant to the Management Agreement, each Fund pays the Adviser a fee for managing the Fund's investments that is calculated as a percentage of the Fund's assets under management. For its investment services, the Adviser receives the annual investment management fees, set forth below as a percentage of the relevant Fund's average daily net assets:

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| | | | |
|:---|:---|:---|:---|
| | **Adviser Investment Management Fee\*<br> On Net Assets** | **Adviser Investment Management Fee\*<br> On Net Assets** | **Adviser Investment Management Fee\*<br> On Net Assets** |
| <br>**Funds** | **Average net<br> assets up to<br> $750 million** | **Average net assets<br> in<br> excess of $750 million<br> up to $1 billion** | **Average net assets<br> in excess of<br> $1 billion** |
| Mercer US Small/Mid Cap Equity Fund | 0.90% | 0.88% | 0.83% |
| Mercer Non-US Core Equity Fund | 0.75% | 0.73% | 0.68% |
| Mercer Emerging Markets Equity Fund | 0.80% | 0.78% | 0.73% |
| Mercer Core Fixed Income Fund | 0.35% | 0.33% | 0.28% |
| Mercer Opportunistic Fixed Income Fund | 0.80% | 0.78% | 0.73% |
| Mercer Short Duration Fixed Income Fund | 0.30% | 0.28% | 0.23% |

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\* Consists of the total investment management fee payable by the Funds to the Adviser. The Adviser is responsible for paying the subadvisory fees.

The Adviser has contractually agreed, until at least July 31, 2026, to waive any portion of its investment management fee that it is entitled to under the Investment Management Agreement with respect to each Fund that exceeds the aggregate amount of the subadvisory fees that the Adviser is required to pay to that Fund's Subadvisers for the management of their allocated portions of the subject Fund. This contractual fee waiver agreement may only be changed or eliminated with the approval of the Funds' Board of Trustees. The fees waived by the Adviser pursuant to this agreement are not subject to reimbursement by the Fund to the Adviser.

With respect to the Mercer Short Duration Fixed Income Fund, the Adviser has also contractually agreed, until at least July 31, 2026, to waive fees and/or reimburse Fund expenses to the extent that annual fund operating expenses, net of the management fee waiver described above, exceed 0.70% for Adviser Class shares, 0.45% for Class I shares, 0.35% for Class Y-2 shares and 0.20% for Class Y-

3 shares, excluding, as applicable, acquired fund fees and expenses, interest, taxes, 12b-1 fees, non-12b-1 shareholder administrative services fees, brokerage expenses, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the Fund's business. This contractual fee waiver and reimbursement agreement cannot be eliminated prior to July 31, 2026 without the approval of the Fund's Board of Trustees. The fees waived by the Adviser pursuant to this agreement are not subject to reimbursement by the Fund to the Adviser.

For the prior three fiscal years, each Fund accrued and paid to the Adviser the following investment management fees:

**Fiscal year ended March 31, 2023** 

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| | | |
|:---|:---|:---|
| **Funds** | **Gross Investment<br> Management Fees<br> Earned by the<br> Adviser** | **Net Investment<br> Management Fees<br> Paid After Fee<br> Waiver** |
| Mercer US Small/Mid Cap Equity Fund | $14304212 | $6529858 |
| Mercer Non-US Core Equity Fund | $23806933 | $10749098 |
| Mercer Emerging Markets Equity Fund | $11422804 | $5763795 |
| Mercer Core Fixed Income Fund | $4623135 | $1274173 |
| Mercer Opportunistic Fixed Income Fund | $8847594 | $3935402 |
| Mercer Short Duration Fixed Income Fund | $— | $— |

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**Fiscal year ended March 31, 2024**

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| | | |
|:---|:---|:---|
| **Funds** | **Gross Investment** **<br> Management Fees<br> Earned by the<br> Adviser** | **Net Investment** **<br> Management Fees<br> Paid After Fee<br> Waiver** |
| Mercer US Small/Mid Cap Equity Fund | $14003538 | $6536274 |
| Mercer Non-US Core Equity Fund | $25195608 | $11673907 |
| Mercer Emerging Markets Equity Fund | $11521319 | $5666322 |
| Mercer Core Fixed Income Fund | $5279382 | $1486701 |
| Mercer Opportunistic Fixed Income Fund | $11382894 | $5138716 |
| Mercer Short Duration Fixed Income Fund<sup>1</sup> | $66724 | $(130142) |

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**Fiscal year ended March 31, 2025**

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| | | |
|:---|:---|:---|
| **Funds** | **Gross Investment<br> Management Fees<br> Earned by the<br> Adviser** | **Net Investment<br> Management Fees<br> Paid(Reimbursed)<br> After Fee<br> Waiver/Reimbursement** |
| Mercer US Small/Mid Cap Equity Fund | $14874678 | $6735203 |
| Mercer Non-US Core Equity Fund | $26626386 | $12065928 |
| Mercer Emerging Markets Equity Fund | $8371330 | $3206547 |
| Mercer Core Fixed Income Fund | $6557610 | $1723182 |
| Mercer Opportunistic Fixed Income Fund | $14004064 | $6379253 |
| Mercer Short Duration Fixed Income Fund | $172213 | $(220921) |

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<sup>1</sup> The Mercer Short Duration Fixed Income Fund commenced operations on December 1, 2023. The amounts shown are for the period since inception.

**Subadvisers and Portfolio Managers**

The Adviser has entered into a Subadvisory Agreement with each Subadviser. Each Subadviser makes day-to-day investment decisions for the portion of assets of the particular Fund that are allocated to the Subadviser.

The Adviser recommends one or more Subadvisers for each Fund to the Board based upon the Adviser's continuing quantitative and qualitative evaluation of each Subadviser's skills in managing assets pursuant to specific investment styles and strategies. Unlike many other mutual funds, the Funds are not associated with any one portfolio manager, and benefit from independent specialists selected from the investment management industry. Short-term investment performance, by itself, is not a significant factor in selecting or terminating a Subadviser, and the Adviser does not expect to recommend frequent changes of Subadvisers.

The Subadvisers have discretion, subject to oversight by the Board and the Adviser, to purchase and sell portfolio assets, consistent with the Subadvisers' respective Funds' investment objectives, policies, and restrictions, and specific investment strategies developed by the Adviser.

Generally, no Subadviser provides any services to any Fund except asset management and related administrative and recordkeeping services. However, a Subadviser or its affiliated broker-dealer may execute portfolio transactions for a Fund and receive brokerage commissions in connection therewith as permitted by Section 17(e) of the 1940 Act.

The Subadvisers also provide investment management and/or subadvisory services to other mutual funds and also may manage other pooled investment vehicles or other private investment accounts. Although investment decisions for a Fund are made independently from those of other funds and accounts, investment decisions for such other funds and accounts may be made at the same time as investment decisions are made for a Fund. Additional information about potential conflicts of interest regarding each Subadviser is set forth in the Subadviser's Form ADV, which prospective shareholders should evaluate prior to purchasing Fund shares. A copy of Part 1 and Part 2 of the each Subadviser's Form ADV is available on the SEC's website (www.adviserinfo.sec.gov). A copy of Part 2 of the Adviser's Form ADV will be provided to shareholders or prospective shareholders upon request.

Information about each portfolio manager's compensation and the other accounts managed by the portfolio manager is included in Appendix C to this SAI. As of the date of this SAI, none of the portfolio managers owned any shares in any of the Funds.

**American Century Investment Management, Inc.** ("American Century"), located at 4500 Main Street, Kansas City, Missouri 64111, serves as a Subadviser to the Mercer Non-US Core Equity Fund. American Century is incorporated under the laws of the State of Delaware. American Century is wholly owned by American Century Companies, Inc. ("ACC"). The Stowers Institute for Medical Research ("SIMR") controls ACC by virtue of its beneficial ownership of more than 25% of the voting securities of ACC. SIMR is part of a not-for-profit biomedical research organization dedicated to finding the keys to the causes, treatments and prevention of disease.

**Ares Capital Management II LLC** ("Ares"), with a principal office located at 1800 Avenue of the Stars, Suite 1400, Los Angeles, CA 90067, serves as a Subadviser to the Fund. Ares is registered as an investment adviser under the Advisers Act. Ares is currently organized as a limited liability company and is wholly owned by Ares Management Corporation.

**Aristotle Pacific Capital, LLC** ("Aristotle Pacific"), located at 840 Newport Center Drive, Suite 700, Newport Beach, CA 92660, serves as a Subadviser to the Mercer Short Duration Fixed Income Fund. Founded in 2007, Aristotle Pacific specializes in credit oriented fixed income strategies. Aristotle Capital Management, LLC holds a controlling interest in Aristotle Pacific. Aristotle Pacific is registered as an investment adviser under the Advisers Act.

**Arrowstreet Capital, Limited Partnership** ("Arrowstreet"), located at 200 Clarendon Street, 30th Floor, Boston, Massachusetts 02116, serves as a Subadviser to the Mercer Non-US Core Equity Fund. Arrowstreet is a discretionary institutional global asset manager and a registered investment adviser with the SEC. Headquartered in Boston, Massachusetts, Arrowstreet is a private limited partnership that is wholly-owned by its senior management and non-executive directors.

**Baillie Gifford Overseas Limited** ("Baillie Gifford"), with a principal office located at Calton Square, 1 Greenside Row, Edinburgh EH1 3AN, serves as a Subadviser to the Fund. Baillie Gifford is registered as an investment adviser under the Advisers Act. Baillie Gifford is a wholly-owned subsidiary of Baillie Gifford & Co. Baillie Gifford & Co. is an independent employee-owned private partnership.

**Crescent Capital Group LP** ("Crescent"), with a principal office located at 11100 Santa Monica Blvd, Suite 2000, Los Angeles, CA 90025, serves as a Subadviser to the Fund. Crescent is registered as an investment adviser under the Advisers Act. Crescent is currently organized as a limited partnership organized under the laws of the State of Delaware. Crescent is a majority-owned subsidiary of SLC Management, the institutional alternatives and traditional asset management business of Sun Life Financial Inc. ("Sun Life"). Sun Life, a publicly traded Canadian financial services company, acquired a 51% interest in Crescent in January 2021, with a put/call option for the remaining 49% stake expected to be exercised in 2026. As of December 31, 2024, Crescent employees collectively own the remaining 49% of the firm.

**GW&K Investment Management, LLC** ("GW&K"), located at 222 Berkeley St., Boston, Massachusetts 02116, serves as Subadviser to the Mercer US Small/Mid Cap Equity Fund. GW&K is an affiliate of Affiliated Managers Group, Inc., a publicly traded global asset management company (NYSE:AMG). GW&K operates independently and autonomously, with AMG holding a majority interest in the firm as GW&K's institutional partner. The balance of the firm is owned by GW&K's partners, who are responsible for the day-to-day management and operation of GW&K. GW&K is registered as an investment adviser under the Advisers Act.

**Income Research + Management** ("IR+M"), located at 115 Federal Street, 22<sup>nd</sup> Floor, Boston, Massachusetts 02110, serves as a Subadviser to the Mercer Core Fixed Income Fund. IR+M is a Delaware corporation, founded in 1987 and has been 100% privately owned since its inception in 1987 and remains so today. IR+M is registered as an investment adviser under the Advisers Act.

**Loomis, Sayles & Company, L.P.** ("Loomis Sayles"), located at One Financial Center, Boston, Massachusetts 02111, serves as a Subadviser to the Mercer US Small/Mid Cap Equity Fund. Loomis Sayles is registered as an investment adviser under the Advisers Act. Loomis Sayles is currently organized as a Delaware limited partnership and its sole general partner, Loomis, Sayles & Company, Inc., is directly owned by Natixis Investment Managers, LLC ("Natixis LLC"). Natixis LLC is a direct subsidiary of Natixis Investment Managers, an international asset management group based in Paris, France. Natixis Investment Managers is ultimately owned by Natixis, a French investment banking and financial services firm. Natixis is wholly-owned by BPCE, France's second largest banking group. BPCE is owned by banks comprising two autonomous and complementary retail banking networks consisting of the Caisse d'Epargne regional savings banks and the Banque Populaire regional cooperative banks. The registered address of Natixis is 30, avenue Pierre Mendès France, 75013 Paris, France. The registered address of BPCE is 50, avenue Pierre Mendès France, 75013 Paris, France.

**LSV Asset Management** ("LSV"), located at 155 North Wacker Drive, Suite 4600, Chicago, Illinois 60606, serves as a Subadviser to the Mercer US Small/Mid Cap Equity Fund and Mercer Non-US Core Equity Fund. LSV is a partnership between LSV's management team and current and retired employee partners, owners of a majority position, and SEI Funds, Inc., a wholly-owned subsidiary of SEI Investments Company and owner of a minority position. LSV is registered as an investment adviser under the Advisers Act.

**Manulife Investment Management (US) LLC** ("Manulife"), located at 197 Clarendon Street, Boston, Massachusetts 02116, serves as a Subadviser to the Mercer Core Fixed Income Fund. Manulife is a wholly owned subsidiary of John Hancock Life Insurance Company (U.S.A.) (a subsidiary of Manulife Financial Corporation).

**Massachusetts Financial Services Company** ("MFS"), located at 111 Huntington Avenue, Boston, Massachusetts 02199, serves as a Subadviser to the Mercer Non-US Core Equity Fund. MFS is a subsidiary of Sun Life of Canada (U.S.) Financial Services Holdings, Inc., which in turn is an indirect, majority-owned subsidiary of Sun Life Financial Inc. (a diversified financial services company). MFS is registered as an investment adviser under the Advisers Act.

**Merganser Capital Management, LLC** ("Merganser"), located at 99 High Street, Boston, MA 02110, serves as a Subadviser to the Mercer Short Duration Fixed Income Fund. Merganser is a Delaware limited liability company. The principal owners of Merganser are the Gahan 2019 Descendants' Trust and Providence Equity Partners L.L.C. indirectly through Providence Equity Capital Markets Merganser LLC, an affiliate of Providence Equity Partners L.L.C. Merganser is registered as an investment adviser under the Advisers Act.

**Ninety One North America, Inc.** ("Ninety One"), with a principal office located at 65 East 55th Street, 30th floor, New York, New York 10022, serves as a Subadviser to the Mercer Opportunistic Fixed Income Fund. Ninety One is a wholly-owned indirect subsidiary of Ninety One plc. The Ninety One Group is dual-listed, comprising Ninety One plc, a public limited company incorporated in England and Wales and Ninety One Limited, a public company incorporated in the Republic of South Africa. Ninety One is listed on the London and Johannesburg Stock Exchanges. Ninety One is registered as an investment adviser under the Advisers Act.

**Pacific Investment Management Company LLC** ("PIMCO"), with a principal office located at 650 Newport Center Drive, Newport Beach, California 92660, serves as a Subadviser to the Fund. PIMCO was founded in Newport Beach, California in 1971. PIMCO is a majority owned subsidiary of Allianz Asset Management of America LLC ("Allianz Asset Management") with a minority interest held by Allianz Asset Management U.S. Holding II LLC, each, a Delaware limited liability company, and by certain current and former officers of PIMCO. Allianz Asset Management was organized as a limited liability company under Delaware law in 2000. Allianz Asset

Management of America LP merged with Allianz Asset Management, with the latter being the surviving entity, effective January 1, 2023. Following the merger, Allianz Asset Management is PIMCO LLC's managing member and direct parent entity. Through various holding company structures, Allianz Asset Management is majority owned by Allianz SE. Allianz SE is a European based, multinational insurance and financial services holding company and a publicly traded German company. The management and operational oversight of Allianz Asset Management is carried out by its Management Board, the sole member of which is currently Tucker J. Fitzpatrick.

**Parametric Portfolio Associates LLC** ("Parametric"), headquartered at 800 Fifth Avenue, Suite 2800, Seattle, Washington 98104, serves as a Subadviser to the Mercer US Small/Mid Cap Equity Fund, Mercer Non-US Core Equity Fund and Mercer Emerging Markets Equity Fund. Parametric is a wholly-owned subsidiary of Morgan Stanley, a publicly traded company. Parametric is a part of Morgan Stanley Investment Management, the asset management division of Morgan Stanley. Parametric is owned directly by Eaton Vance Acquisitions LLC, a privately held subsidiary of Morgan Stanley. Parametric is registered as an investment adviser under the Advisers Act.

**PGIM, Inc.** ("PGIM"), located at 655 Broad Street, 8th Floor, Newark, New Jersey 07102, serves as a Subadviser to the Mercer Core Fixed Income Fund. PGIM is an indirect, wholly-owned subsidiary of Prudential Financial, Inc. ("PFI"), a publicly held company. PFI of the United States is not affiliated in any manner with Prudential plc, incorporated in the United Kingdom or with Prudential Assurance Company, a subsidiary of M&G plc, incorporated in the United Kingdom. PGIM is an SEC-registered investment adviser organized as a New Jersey corporation. PGIM Fixed Income is the primary public fixed income asset management unit within PGIM responsible for sub-advising the Fund.

**Polen Capital Credit, LLC** ("Polen Credit"), with a principal office located at 1075 Main Street, Suite 320, Waltham, MA 02451, serves as a Subadviser to the Fund. Polen Credit is registered as an investment adviser under the Advisers Act. Polen Credit is a wholly-owned subsidiary of Polen Capital Management, LLC ("Polen Capital"), which is an independently controlled, employee-managed firm structured as a limited liability company. The current ownership structure is 72% employees (via Polen Capital Holdings LP), 20% iM Global Partner (passive interest) and 8% Polen Family Holdings (passive interest). Polen Capital employees control 100% of the firm.

**Pzena Investment Management, LLC** ("Pzena"), with a principal office located at 320 Park Avenue, 8<sup>th</sup> Floor, New York, NY 10022, serves as a Subadviser to the Fund. Pzena is registered as an investment adviser under the Advisers Act. Pzena is 100% owned by its employee members and certain other partners, including former employees.

**River Road Asset Management, LLC** ("River Road"), located at 462 South Fourth Street, Suite 2000, Louisville, Kentucky 40202, serves as a Subadviser to the Mercer US Small/Mid Cap Equity Fund. River Road is indirectly, majority-owned by Affiliated Managers Group, Inc., and is registered as an investment adviser under the Advisers Act.

**Robeco Institutional Asset Management US Inc.** ("Robeco"), with a principal office located at 230 Park Avenue, Suite 3330, New York, NY 10169, serves as a Subadviser to the Fund. Robeco is registered as an investment adviser under the Advisers Act. Robeco is a wholly-owned subsidiary of Robeco Holding B.V., a Dutch holding company based in Rotterdam, the Netherlands. Robeco Holding B.V is an indirect wholly-owned subsidiary of ORIX Corporation Europe, which in turn is wholly-owned by ORIX Corporation based in Tokyo, Japan.

**Skerryvore Asset Management Ltd.** ("Skerryvore"), Skerryvore, with principal offices located at 45 Charlotte Square, Edinburgh, EH2 4HQ, United Kingdom, serves as a Subadviser to the Mercer Emerging Markets Equity Fund. Skerryvore is registered as an investment adviser under the Advisers Act. Skerryvore, which is organized as a limited company incorporated under the laws of England and Wales, is a wholly-owned subsidiary of Skerryvore AM LLP, an asset management firm based in Edinburgh, United Kingdom that is majority owned by its partners.

**Voya Investment Management Co. LLC** ("Voya IM"), located at 200 Park Avenue, New York, New York, 10166, serves as a Subadviser to the Mercer Short Duration Fixed Income Fund. Voya IM, a Delaware limited liability company, was founded in 1972. Voya IM has acted as an investment adviser or subadviser to mutual funds since 1994 and has managed institutional accounts since 1972. Voya IM is an indirect subsidiary of Voya Financial, Inc. (76%) and Allianz SE (24%). Voya IM is registered as an investment adviser under the Advisers Act.

**Wellington Management Company LLP** ("Wellington"), a Delaware limited liability partnership with a principal office located at 280 Congress Street, Boston, Massachusetts 02210, serves as a Subadviser to the Fund. Wellington is a professional investment counseling firm which provides investment services to investment companies, employee benefit plans, endowments, foundations, and other institutions. Wellington and its predecessor organizations have provided investment advisory services for over 90 years. Wellington is owned by the partners of Wellington Management Group LLP, a Massachusetts limited liability partnership. As of December 31, 2024, Wellington and its investment advisory affiliates had investment management authority with respect to approximately $1.24 trillion in assets.

**Westfield Capital Management Company, L.P.** ("Westfield"), located at One Financial Center, Boston, Massachusetts, 02111, serves as a Subadviser to the Mercer US Small/Mid Cap Equity Fund. Westfield is employee owned. Westfield is a Delaware limited partnership that is registered as an investment adviser under the Advisers Act.

For the prior three fiscal years, the Adviser paid to all Subadvisers to each Fund the following in aggregate compensation, which represented the percentages of each Fund's average net assets during that period noted below:

**Fiscal year ended March 31, 2023**

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| | | |
|:---|:---|:---|
| **Funds** | **Aggregate<br> Subadvisory Fees<br> Paid by the Adviser** | **Subadvisory Fees<br> Paid by the Adviser<br> as a Percentage of<br> Average Net Assets** |
| Mercer US Small/Mid Cap Equity Fund | $6529858 | 0.40% |
| Mercer Non-US Core Equity Fund | $10749098 | 0.32% |
| Mercer Emerging Markets Equity Fund | $5763796 | 0.39% |
| Mercer Core Fixed Income Fund | $1274172 | 0.09% |
| Mercer Opportunistic Fixed Income Fund | $3935402 | 0.35% |
| Mercer Short Duration Fixed Income Fund | $— | $— |

---

**Fiscal year ended March 31, 2024** 

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| | | |
|:---|:---|:---|
| **Funds** | **Aggregate<br> Subadvisory Fees<br> Paid by the Adviser** | **Subadvisory Fees<br> Paid by the Adviser<br> as a Percentage of<br> Average Net Assets** |
| Mercer US Small/Mid Cap Equity Fund | $6536274 | 0.41% |
| Mercer Non-US Core Equity Fund | $11673907 | 0.32% |
| Mercer Emerging Markets Equity Fund | $5666321 | 0.38% |
| Mercer Core Fixed Income Fund | $1486702 | 0.09% |
| Mercer Opportunistic Fixed Income Fund | $5138715 | 0.35% |
| Mercer Short Duration Fixed Income Fund<sup>1</sup> | $24776 | 0.11% |

---

**Fiscal year ended March 31, 2025** 

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| | | |
|:---|:---|:---|
| **Funds** | **Aggregate<br> Subadvisory Fees<br> Paid by the Adviser** | **Subadvisory Fees<br> Paid by the Adviser<br> as a Percentage of<br> Average Net Assets** |
| Mercer US Small/Mid Cap Equity Fund | $6735203 | 0.39% |
| Mercer Non-US Core Equity Fund | $12065928 | 0.32% |
| Mercer Emerging Markets Equity Fund | $3206547 | 0.30% |
| Mercer Core Fixed Income Fund | $1723182 | 0.08% |
| Mercer Opportunistic Fixed Income Fund | $6379253 | 0.35% |
| Mercer Short Duration Fixed Income Fund | $64945 | 0.11% |

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<sup>1</sup> The Mercer Short Duration Fixed Income Fund commenced operations on December 1, 2023. The amounts shown are for the period since inception.

**Administrative, Accounting, and Custody Services**

<u>Administrative and Accounting Services</u>. State Street (the "Administrator"), located at 1 Heritage Drive, North Quincy, Massachusetts 02171, is the administrator of the Funds. The Funds pay the Administrator at the following annual contract rates of the Funds' average daily net assets for external administrative services: Fund assets up to $5 billion, 0.0125%, Fund assets in excess of $5 billion and not more than $10 billion, 0.0122%, Fund assets in excess of $10 billion and not more than $20 billion, 0.0119%, and Fund assets in excess of $20 billion, 0.0116%. These external administrative services include fund accounting, daily and ongoing maintenance of certain Fund records, calculation of the Funds' net asset values (the "NAVs"), and preparation of shareholder reports. The table below sets forth the total dollar amounts that each Fund paid to the Administrator for administrative services provided during the fiscal years ended March 31:

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| | | | |
|:---|:---|:---|:---|
|  | **2023** | **2024** | **2025** |
| Mercer US Small/Mid Cap Equity Fund | $329313 | $331713 | $250354 |
| Mercer Non-US Core Equity Fund | $831328 | $888536 | $686960 |
| Mercer Emerging Markets Equity Fund | $797576 | $776565 | $480327 |
| Mercer Core Fixed Income Fund | $336880 | $378159 | $337085 |
| Mercer Opportunistic Fixed Income Fund | $529111 | $639176 | $629839 |
| Mercer Short Duration Fixed Income Fund<sup>1</sup> | $— | $15947 | $95706 |

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<sup>1</sup> The Mercer Short Duration Fixed Income Fund commenced operations on December 1, 2023. The amounts shown are for the period since inception.

<u>Custody Services</u>. State Street (the "Custodian"), located at 1 Heritage Drive, North Quincy, Massachusetts 02171, provides custody services for the securities and cash of the Funds. The custody fee schedule is based primarily on the net amount of assets held during the period for which payment is being made, plus a per transaction fee for transactions during the period. The Custodian utilizes foreign sub-custodians under procedures approved by the Board in accordance with applicable legal requirements.

**Shareholder Administrative Services Arrangements**

<u>Shareholder Administrative Services Plan</u>. The Board has adopted a Shareholder Administrative Services Plan on behalf of the Funds to compensate those parties that provide, or that arrange for the provision of, certain types of non-distribution related shareholder administrative services ("Shareholder Administrative Services") that are provided to the Adviser Class, Class I and Class Y-2 shareholders of each Fund and/or for overseeing and monitoring the provision of such Shareholder Administrative Services. The fees payable under the Shareholder Administrative Services Plan may be paid to the Funds' distributor and to the Adviser or its affiliates, or to such banks, broker-dealers, trust companies, insurance companies, financial planners, retirement plan administrators, mutual fund supermarkets, and other similar types of third-party financial industry service providers (the "Administrative Services Providers") that provide Shareholder Administrative Services to the shareholders of the subject classes, provided that such Shareholder Administrative Services are not duplicative of the services otherwise already being provided to the shareholders by other parties. The Shareholder Administrative Services Plan provides for payments in an amount or at a rate not to exceed 0.25%, 0.25%, and 0.15% on an annual basis of the average daily net asset value of the Adviser Class, Class I and Class Y-2 shares of the Funds, respectively. These fees are used to compensate Administrative Services Providers for providing various types of shareholder administrative support services including: (a) attending to shareholder correspondence, requests and inquiries, and other communications with shareholders; (b) assisting with exchanges and with the processing of purchases and redemptions of shares; (c) preparing and disseminating information and documents for use by shareholders; (d) assisting shareholders with purchase, exchange and redemption requests; (e) receiving, aggregating and processing purchase and redemption orders; (f) providing and maintaining retirement plan records; (g) communicating periodically with shareholders and answering questions and handling correspondence from shareholders about their accounts; (h) acting as the sole shareholder of record and nominee for shareholders; (i) maintaining account records and providing Shareholders with account statements; (j) processing dividend payments; (k) issuing shareholder reports and transaction confirmations; (l) providing sub-accounting services; (m) forwarding shareholder communications to shareholders; (n) receiving, tabulating and transmitting proxies executed by shareholders; (o) disseminating information about the Funds; (p) providing general account administration activities; and (q) providing monitoring and oversight of non-advisory relationships with entities providing services to the subject classes, including the Transfer Agent and those Administrative Services Providers that provide non-distribution related sub-transfer agency, administrative, sub-accounting and other similar types of non-distribution related shareholder administrative services to shareholders in the subject classes.

<u>Shareholder Administrative Services Agreement.</u> The Adviser has entered into a Shareholder Administrative Services Agreement with the Funds pursuant to which the Adviser provides certain Shareholder Administrative Services to each Fund's Adviser Class, Class I and Class Y-2 shareholders, including providing or procuring the types of non-distribution related shareholder administrative services described above and for monitoring and overseeing non-advisory relationships with entities providing such services to these share classes. Under the Shareholder Administrative Service Agreement, the Adviser is entitled to a fee of 0.15% on an annual basis of the respective average daily net assets for each of the Adviser Class, Class I and Class Y-2 shares of the Funds. Under the Funds' shareholder servicing arrangements, amounts required to be paid by the Funds under the Shareholder Administrative Services Agreement are accrued from the fees paid under the Shareholder Administrative Services Plan.

No shares of the Adviser Class, Class I and Class Y-2 share classes (other than Class I shares of the Mercer Non-US Core Equity Fund, Mercer Core Fixed Income Fund, Mercer US Small/Mid Cap Equity Fund, Mercer Emerging Markets Equity Fund and Mercer Opportunistic Fixed Income Fund) were outstanding prior to the date of this SAI, and as a result the Funds did not pay any fees under the Shareholder Administrative Services Plan except for the following fees that were paid for the year ended March 31, 2025: $22,382 for the Mercer US Small/Mid Cap Equity Fund; $1,705 for the Mercer Emerging Markets Equity Fund; $402,641 for the Mercer Non-US Core Equity Fund; $58,731 for the Mercer Core Fixed Income Fund; and $7,979 for the Mercer Opportunistic Fixed Income Fund.

**Principal Underwriting Arrangements**

MGI Funds Distributors, LLC (the "Distributor"), a Delaware limited liability company that is a wholly-owned subsidiary of Foreside Distributors, LLC, located at Three Canal Plaza, Suite 100, Portland, Maine 04101, acts as the principal underwriter of each class of shares of the Funds pursuant to a Distribution Agreement with the Trust. The Distribution Agreement requires the Distributor to use its best efforts, consistent with its other businesses, to sell shares of the Funds. Shares of the Funds are offered continuously.

A Distribution and Shareholder Services Plan pertaining to the Adviser Class shares of the Funds has been adopted by the Trust in the manner prescribed pursuant to Rule 12b-1 under the 1940 Act (the "12b-1 Plan") to compensate persons for certain service and activities that are primarily intended to result in the sale of Adviser Class shares of the Funds.

The 12b-1 Plan provides that each Fund shall pay to the Distributor, the Adviser, or their affiliates a fee in an amount or at a rate not to exceed 0.25% on an annual basis of the average daily net asset value of the Adviser Class shares of each Fund. The Distributor and the Adviser shall use the fees paid to them under the 12b-1 Plan for sales, marketing and promotional activities ("Marketing Services"), which may include, among other things, the preparation and distribution of advertisements, sales literature, and prospectuses and reports used for sales purposes, as well as compensation related to sales and marketing personnel and payments to dealers and others for distribution and marketing related services. The distribution fee also may be used to compensate dealers and others that have entered into an agreement with the Distributor or the Adviser for Marketing Services that include attracting shareholders to Adviser Class shares of a Fund.

The distribution fee payable under the 12b-1 Plan also may be used to pay authorized persons ("Authorized Service Providers") who enter into agreements with the Distributor or the Adviser to provide certain services to Adviser Class shareholders. For purposes of the 12b-1 Plan, "service activities" include any personal services or account maintenance services, which may include but are not limited to: assisting beneficial shareholders with purchase, exchange and redemption requests; activities in connection with the provision of personal, continuing services to investors in each Fund; receiving, aggregating and processing purchase and redemption orders; providing and maintaining retirement plan records; communicating periodically with shareholders and answering questions and handling correspondence from shareholders about their accounts; acting as the sole shareholder of record and nominee for shareholders; maintaining account records and providing beneficial owners with account statements; processing dividend payments; issuing shareholder reports and transaction confirmations; providing sub-accounting services for Adviser Class shares of a Fund held beneficially; forwarding shareholder communications to beneficial owners; receiving, tabulating and transmitting proxies executed by beneficial owners; disseminating information about a Fund; and general account administration activities. Other expenses of an Authorized Service Provider related to its "service activities," including telephone and other communications expenses, may be included in the information regarding amounts expended for such activities. To the extent that an Authorized Service Provider that is subject to the Conduct Rules of the Financial Industry Regulatory Authority ("FINRA") receives fees from the 12b-1 Plan for providing "personal service and/or the maintenance of shareholder accounts" as contemplated by the Conduct Rules of FINRA, such payment may be deemed to be a "service fee" as such term is defined in FINRA Conduct Rule 2341(b)(9). An Authorized Service Provider is authorized to pay its affiliates and independent third party service providers for performing service activities consistent with the terms of the 12b-1 Plan.

There is no distribution plan with respect to the Funds' Class I, Class Y-2 and Class Y-3 shares, and the Funds pay no distribution fees with respect to the shares of those classes.

Rule 12b-1 requires that: (i) the Board receive and review, at least quarterly, reports concerning the nature and qualification of expenses which are made; (ii) the Board, including a majority of the Independent Trustees, approve all agreements implementing the Plan; and

(iii) the Plan may be continued from year-to-year only if the Board, including a majority of the Independent Trustees, concludes at least annually that continuation of the Plan is likely to benefit shareholders.

No shares of the Adviser Class were outstanding prior to the date of this SAI, and as a result the Funds did not pay any fees under the 12b-1 Plan.

**Transfer Agency Services**

State Street, located at 1 Heritage Drive, North Quincy, Massachusetts 02171, serves as the Trust's transfer agent (the "Transfer Agent").

**Securities Lending**

Pursuant to an agreement between the Trust and State Street, the Funds may lend their portfolio securities through State Street as securities lending agent to certain qualified borrowers. As securities lending agent for the Funds, State Street administers the Funds' securities lending program. The services provided to the Funds by State Street with respect to the Funds' securities lending activities during the most recent fiscal year included, among other things: locating approved borrowers and arranging loans; collecting fees and rebates due to a Fund from a borrower; monitoring daily the value of the loaned securities and collateral and marking to market the daily value of securities on loan; collecting and maintaining necessary collateral; managing qualified dividends; negotiating loan terms; selecting securities to be loaned; recordkeeping and account servicing; monitoring dividend activity and material proxy votes relating to loaned securities; and arranging for return of loaned securities to a Fund at loan termination and pursuing contractual remedies on behalf of the lending Fund if a borrower defaults on a loan.

For the fiscal year ended March 31, 2025, the Funds earned income and incurred the following costs and expenses as a result of their securities lending activities:

**<u>Mercer US Small/Mid Cap Equity Fund</u>**

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| | |
|:---|:---|
| Gross income earned by the Fund from securities lending activities | $468044.4 |
| Fees and/or compensation paid by the Fund for securities lending activities and related services |  |
| &nbsp;&nbsp;&nbsp;Fees paid to securities lending agent from a revenue split | $24560.02 |
| &nbsp;&nbsp;&nbsp;Fees paid for any cash collateral management service (including fees deducted from a pooled cash collateral reinvestment vehicle) that are not included in a revenue split | $2638.25 |
| &nbsp;&nbsp;&nbsp;Administrative fees not included in a revenue split | $0.0 |
| &nbsp;&nbsp;&nbsp;Indemnification fees not included in a revenue split | $0.0 |
| &nbsp;&nbsp;&nbsp;Rebate (paid to borrower) | $342568.13 |
| &nbsp;&nbsp;&nbsp;Other fees not included in a revenue split, if applicable, including a description of those other fees | $0.0 |
| Aggregate fees/compensation paid by the fund for securities lending activities | $369766.4 |
| Net income from securities lending activities | $98278.0 |

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**<u>Mercer Non-US Core Equity Fund</u>**

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| | |
|:---|:---|
| Gross income earned by the Fund from securities lending activities | $3419682.67 |
| Fees and/or compensation paid by the Fund for securities lending activities and related services |  |
| &nbsp;&nbsp;&nbsp;Fees paid to securities lending agent from a revenue split | $173352.01 |
| &nbsp;&nbsp;&nbsp;Fees paid for any cash collateral management service (including fees deducted from a pooled cash collateral reinvestment vehicle) that are not included in a revenue split | $18875.49 |
| &nbsp;&nbsp;&nbsp;Administrative fees not included in a revenue split | $0.0 |
| &nbsp;&nbsp;&nbsp;Indemnification fees not included in a revenue split | $0.0 |
| &nbsp;&nbsp;&nbsp;Rebate (paid to borrower) | $2562855.17 |
| &nbsp;&nbsp;&nbsp;Other fees not included in a revenue split, if applicable, including a description of those other fees | $0.0 |
| Aggregate fees/compensation paid by the fund for securities lending activities | $2755082.67 |
| Net income from securities lending activities | $664600.0 |

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**<u>Mercer Emerging Markets Equity Fund</u>**

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| | |
|:---|:---|
| Gross income earned by the Fund from securities lending activities | $587059.93 |
| Fees and/or compensation paid by the Fund for securities lending activities and related services |  |
| &nbsp;&nbsp;&nbsp;Fees paid to securities lending agent from a revenue split | $41193.56 |
| &nbsp;&nbsp;&nbsp;Fees paid for any cash collateral management service (including fees deducted from a pooled cash collateral reinvestment vehicle) that are not included in a revenue split | $2825.04 |
| &nbsp;&nbsp;&nbsp;Administrative fees not included in a revenue split | $0.0 |
| &nbsp;&nbsp;&nbsp;Indemnification fees not included in a revenue split | $0.0 |
| &nbsp;&nbsp;&nbsp;Rebate (paid to borrower) | $377923.33 |
| &nbsp;&nbsp;&nbsp;Other fees not included in a revenue split, if applicable, including a description of those other fees | $0.0 |
| Aggregate fees/compensation paid by the fund for securities lending activities | $421941.93 |
| Net income from securities lending activities | $165118.0 |

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**<u>Mercer Core Fixed Income Fund</u>**

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| | |
|:---|:---|
| Gross income earned by the Fund from securities lending activities | $1026675.69 |
| Fees and/or compensation paid by the Fund for securities lending activities and related services |  |
| &nbsp;&nbsp;&nbsp;Fees paid to securities lending agent from a revenue split | $29784.44 |
| &nbsp;&nbsp;&nbsp;Fees paid for any cash collateral management service (including fees deducted from a pooled cash collateral reinvestment vehicle) that are not included in a revenue split | $6628.14 |
| &nbsp;&nbsp;&nbsp;Administrative fees not included in a revenue split | $0.0 |
| &nbsp;&nbsp;&nbsp;Indemnification fees not included in a revenue split | $0.0 |
| &nbsp;&nbsp;&nbsp;Rebate (paid to borrower) | $871074.11 |
| &nbsp;&nbsp;&nbsp;Other fees not included in a revenue split, if applicable, including a description of those other fees | $0.0 |
| Aggregate fees/compensation paid by the fund for securities lending activities | $907486.69 |
| Net income from securities lending activities | $119189.0 |

---

**<u>Mercer Opportunistic Fixed Income Fund</u>**

---

| | |
|:---|:---|
| Gross income earned by the Fund from securities lending activities | $2252115.76 |
| Fees and/or compensation paid by the Fund for securities lending activities and related services |  |
| &nbsp;&nbsp;&nbsp;Fees paid to securities lending agent from a revenue split | $98017.53 |
| &nbsp;&nbsp;&nbsp;Fees paid for any cash collateral management service (including fees deducted from a pooled cash collateral reinvestment vehicle) that are not included in a revenue split | $14873.91 |
| &nbsp;&nbsp;&nbsp;Administrative fees not included in a revenue split | $0.0 |
| &nbsp;&nbsp;&nbsp;Indemnification fees not included in a revenue split | $0.0 |
| &nbsp;&nbsp;&nbsp;Rebate (paid to borrower) | $1746808.32 |
| &nbsp;&nbsp;&nbsp;Other fees not included in a revenue split, if applicable, including a description of those other fees | $0.0 |
| Aggregate fees/compensation paid by the fund for securities lending activities | $1859699.76 |
| Net income from securities lending activities | $392416.0 |

---

**<u>Mercer Short Duration Fixed Income Fund</u>**

---

| | |
|:---|:---|
| Gross income earned by the Fund from securities lending activities | $12693.78 |
| Fees and/or compensation paid by the Fund for securities lending activities and related services |  |
| &nbsp;&nbsp;&nbsp;Fees paid to securities lending agent from a revenue split | $677.01 |
| &nbsp;&nbsp;&nbsp;Fees paid for any cash collateral management service (including fees deducted from a pooled cash collateral reinvestment vehicle) that are not included in a revenue split | $85.49 |
| &nbsp;&nbsp;&nbsp;Administrative fees not included in a revenue split | $0.0 |
| &nbsp;&nbsp;&nbsp;Indemnification fees not included in a revenue split | $0.0 |
| &nbsp;&nbsp;&nbsp;Rebate (paid to borrower) | $9226.28 |
| &nbsp;&nbsp;&nbsp;Other fees not included in a revenue split, if applicable, including a description of those other fees | $0.0 |
| Aggregate fees/compensation paid by the fund for securities lending activities | $9988.78 |
| Net income from securities lending activities | $2705.0 |

---

**Independent Registered Public Accounting Firm**

The Trust's independent registered public accounting firm is Deloitte & Touche LLP, located at 115 Federal Street, Boston, MA 02110. Deloitte & Touche LLP, and its affiliates, conduct an annual audit of each of the Fund's financial statements and provide other audit, tax, and related services.

**Legal Counsel**

Dechert LLP, Washington, DC, is legal counsel to the Trust. Stradley Ronon Stevens & Young, LLP, Philadelphia, Pennsylvania, is independent legal counsel to the Independent Trustees.

**Codes of Ethics**

The Trust, the Adviser, the Distributor and each Subadviser have adopted codes of ethics pursuant to Rule 17j-1 under the 1940 Act. The codes of ethics apply to the personal investing activities of access persons, as defined by Rule 17j-1, and are designed to prevent unlawful practices in connection with the purchase and sale of securities by access persons. Under the codes, access persons are permitted to engage in personal securities transactions, but are required to report their personal securities transactions for monitoring purposes and, in certain cases, to pre-clear securities transactions. Copies of each code are on file with the SEC and available to the public.

**Proxy Voting Policies**

The Board has delegated to the Adviser the responsibility to vote proxies with respect to the portfolio securities held by the Funds. The Adviser, in turn, has delegated to each Subadviser the responsibility to vote proxies with respect to portfolio securities held by the portion of a Fund that the Subadviser advises. The Adviser and each Subadviser have adopted policies and procedures with respect to voting proxies relating to securities held in client accounts for which the Adviser has discretionary authority. You may obtain information regarding how the Adviser and the Subadvisers voted proxies on behalf of the Funds relating to portfolio securities during the most recent 12-month (or shorter, as applicable) period ended June 30 (i) without charge, upon request; (ii) through the following web site: <u>https://viewpoint.glasslewis.com/WD/?siteId=MercerFundsProxy</u>; and (iii) on the SEC's Web site at <u>http://www.sec.gov</u> or the EDGAR database on the SEC's Web site. Appendix B to this SAI contains the proxy voting policies (or summaries thereof) of the Adviser and each Subadviser.

**<u>PORTFOLIO TRANSACTIONS AND BROKERAGE COMMISSIONS</u>**

Assets of a Fund are invested by the Subadviser(s) in a manner consistent with the Fund's investment objective, strategies, policies, and restrictions, as well as with any instructions the Board may issue from time to time. Within this framework, and subject to the oversight of the Adviser, the Subadvisers are responsible for making all determinations as to the purchase and sale of portfolio securities for a Fund, and for taking all steps necessary to implement securities transactions on behalf of a Fund. When placing orders, the Subadvisers will seek to obtain the best net results, taking into account such factors as price (including 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.

The Adviser, from time to time, may execute trades with certain unaffiliated third-party brokers in connection with the transition of the securities and other assets included in a Fund's portfolio when there is a change in Subadvisers for the Fund or a reallocation of assets among the Fund's Subadvisers. An unaffiliated third-party broker selected by the Adviser or the relevant Subadviser provides execution and clearing services with respect to such trades, as well as transition management support services, and is compensated for such services out of the commissions paid on the trades. All such transactions effected using a transition 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.

The Funds have no obligation to deal with any broker-dealer or group of brokers or dealers in the execution of transactions in portfolio securities, nor will the Funds purchase portfolio securities from any affiliated person acting as principal except in conformity with the regulations of the SEC.

For securities traded in the over-the-counter markets, the Subadvisers deal directly with the dealers who make markets in these securities, unless better prices and execution are available elsewhere. The Subadvisers negotiate commission rates with brokers based on the quality and quantity of services provided in light of generally prevailing rates, and while the Subadvisers generally seek reasonably competitive commission rates, a Fund does not necessarily pay the lowest commissions available. The Board periodically reviews the commission rates and allocation of orders.

The table below sets forth the total dollar amounts of brokerage commissions paid by each Fund during the fiscal years ended March 31:

---

| | | | |
|:---|:---|:---|:---|
|  | **2023** | **2024** | **2025** |
| Mercer US Small/Mid Cap Equity Fund | $663613 | $721451 | $724496 |
| Mercer Non-US Core Equity Fund | $1036292 | $1031065 | $1303585 |
| Mercer Emerging Markets Equity Fund | $1522453 | $1124104 | $884387 |
| Mercer Core Fixed Income Fund | $21230 | $16180 | $16785 |
| Mercer Opportunistic Fixed Income Fund | $89840 | $77401 | $83547 |
| Mercer Short Duration Fixed Income Fund<sup>1</sup> | $— | $387 | $881 |

---

<sup>1</sup> The Mercer Short Duration Fixed Income Fund commenced operations on December 1, 2023. The amounts shown are for the period since inception.

When consistent with the objectives of best price and execution, business may be placed with broker-dealers who furnish investment research or services to the Subadvisers. To the extent permitted by law, the commissions on such brokerage transactions with investment research or services may be higher than another broker might have charged for the same transaction in recognition of the value of research or services provided. Such research or services include advice, both oral and in writing, as to the value of securities; the advisability of investing in, purchasing, or selling securities; the availability of securities, or purchasers or sellers of securities; as well as analyses and reports concerning issues, industries, securities, economic factors and trends, portfolio strategy, and the performance of accounts. In addition, for the Adviser, such research or services may include advice concerning the allocation of assets among Subadvisers and the suitability of Subadvisers. To the extent portfolio transactions are effected with broker-dealers who furnish research and/or other services to the Adviser or a Subadviser, the Adviser or Subadviser receives a benefit, not capable of evaluation in dollar amounts, without providing any direct monetary benefit to the Fund from these transactions. Such research or services provided by a broker-dealer through whom the Adviser or a Subadviser effects securities transactions for a Fund may be used by the Adviser or Subadviser in servicing all of its accounts. In addition, the Adviser or the Subadviser may not use all of the research and services provided by such broker-dealer in connection with the Fund.

The table below sets forth the total dollar amounts of transactions and related commissions paid by each Fund during the fiscal year ended March 31, 2025, for transactions directed to a broker because of research or services provided by that broker:

---

| | | |
|:---|:---|:---|
| **Funds** | **Amount of<br> Transactions** | **Commissions Paid** |
| Mercer US Small/Mid Cap Equity Fund | $826344867 | $272668 |
| Mercer Non-US Core Equity Fund | $178558147 | $69347 |
| Mercer Emerging Markets Equity Fund | $68556926 | $62976 |
| Mercer Core Fixed Income Fund | $0 | $0 |
| Mercer Opportunistic Fixed Income Fund | $0 | $0 |
| Mercer Short Duration Fixed Income Fund | $0 | $0 |

---

The same security may be suitable for a Fund, another fund, or other private accounts managed by the Adviser or a Subadviser. Each Subadviser has adopted policies that are designed to ensure that when a Fund and one or more other accounts of the Subadviser simultaneously purchase or sell the same security, the transactions will be allocated as to price and amount in accordance with arrangements equitable to the Fund and the other accounts. The simultaneous purchase or sale of the same securities by a Fund and other accounts may have a detrimental effect on the Fund, as this may affect the price paid or received by the Fund or the size of the position obtainable or able to be sold by the Fund.

For the fiscal year ended March 31, 2025, each Fund acquired securities of the regular brokers or dealers with which the Fund effected transactions, or the parent companies of such brokers or dealers, as described in the table below.

---

| | | |
|:---|:---|:---|
| **Fund** | **Broker or Dealer** | **Value of Securities** |
| Mercer US Small/Mid Cap Equity Fund | Jefferies Financial Group, Inc. | $3093346 |
| Mercer Non-US Core Equity Fund | Barclays PLC | $47679349 |
|  | BNP Paribas Securities Co. | $26831446 |
|  | Nomura Holdings, Inc. | $18634901 |
|  | UBS AG | $18177991 |
|  | HSBC Holdings PLC | $7664689 |
| Mercer Emerging Markets Equity Fund |  | $- |
| Mercer Core Fixed Income Fund | Morgan Stanley & Co., Inc. | $28008142 |

---

---

| | | |
|:---|:---|:---|
|  | JPMorgan Chase & Co. | $22591139 |
|  | Bank of America | $21099423 |
|  | Citigroup Global Markets, Inc. | $12786760 |
|  | Goldman Sachs & Co. | $9150068 |
|  | BNP Paribas Securities Co. | $5565185 |
|  | Barclays PLC | $5516989 |
|  | BMO Capital Markets Co. | $4635009 |
|  | HSBC Holdings PLC | $4476852 |
|  | UBS AG | $3684229 |
|  | Jefferies Financial Group, Inc. | $1459351 |
|  | Nomura Holdings, Inc.. | $172765 |
| Mercer Opportunistic Fixed Income Fund | UBS AG | $10840969 |
|  | Goldman Sachs & Co. | $9077981 |
|  | HSBC Holdings PLC | $6195612 |
|  | Morgan Stanley & Co., Inc. | $5012198 |
|  | JPMorgan Chase & Co. | $4265615 |
|  | Jefferies Financial Group, Inc. | $4140758 |
|  | Bank of America | $3917375 |
|  | Citigroup Global Markets, Inc. | $3724399 |
|  | Barclays PLC | $3457006 |
|  | BNP Paribas Securities Co. | $1246719 |
| Mercer Short Duration Fixed Income Fund | JPMorgan Chase & Co. | $1336843 |
|  | Morgan Stanley & Co., Inc. | $1087172 |
|  | Bank of America | $849356 |
|  | Goldman Sachs & Co. | $520308 |
|  | Citigroup Global Markets, Inc. | $493593 |
|  | UBS AG | $444950 |

---

**Portfolio Turnover**

Each Fund is free to dispose of its portfolio securities at any time, subject to complying with the Code and the 1940 Act, when changes in circumstances or conditions make such a move desirable in light of the Fund's investment objective. A Fund will not attempt to achieve or be limited to a predetermined rate of portfolio turnover, such a turnover always being incidental to transactions undertaken with a view to achieving that Fund's investment objective.

Except as otherwise provided in the Prospectus, the Funds do not intend to use short-term trading as a primary means of achieving their investment objectives. The rate of portfolio turnover for each Fund shall be calculated by dividing (a) the lesser of purchases and sales of portfolio securities for the particular fiscal year by (b) the monthly average of the value of the portfolio securities owned by the Fund during the particular fiscal year. Such monthly average shall be calculated by totaling the values of the portfolio securities as of the beginning and end of the first month of the particular fiscal year, and as of the end of each of the succeeding eleven months and dividing the sum by 13.

A high portfolio turnover rate (over 100%) may involve correspondingly greater brokerage commissions and other transaction costs, which will be borne directly by the Fund and ultimately by the Fund's shareholders. In addition, high portfolio turnover may result in increased short-term capital gains, which, when distributed to shareholders, are treated as ordinary income. The table below sets forth the annualized portfolio turnover rate for each Fund for the fiscal years ended March 31, 2023, 2024 and 2025:

---

| | | | |
|:---|:---|:---|:---|
|  | **2023** | **2024** | **2025** |
| Mercer US Small/Mid Cap Equity Fund | 42% | 44% | 46% |
| Mercer Non-US Core Equity Fund | 48% | 43% | 57% |
| Mercer Emerging Markets Equity Fund | 95% | 57% | 91% |
| Mercer Core Fixed Income Fund | 203%\* | 128%\*\* | 123% |
| Mercer Opportunistic Fixed Income Fund | 66% | 63% | 77% |
| Mercer Short Duration Fixed Income Fund<sup>1</sup> |  | 118% | 167% |

---

<sup>1</sup> The Mercer Short Duration Fixed Income Fund commenced operations on December 31, 2023. The amounts shown are for the period since inception.

Variations in the Funds' portfolio turnover rates may be due to a fluctuating volume of shareholder purchase and redemption orders, market conditions, and/or changes in the investment outlook of one or more Subadvisers to a Fund, among other factors. Variations also may be due to changes to a Fund's Subadviser line-up.

\* The increase in the Mercer Core Fixed Income Fund's portfolio turnover rate for the fiscal year ended March 31, 2023 was the result of repositioning on the back of a relatively weak bond market backdrop in the prior fiscal year and an outsized market value drop broadly.

\*\* The decrease in the Mercer Core Fixed Income Fund's portfolio turnover rate for the fiscal year ended March 31, 2024 was the result of a rise in market value, as well as broader bond market stabilization compared to the prior year.

**Disclosure of Portfolio Holdings**

The Adviser and the Board have adopted a Portfolio Holdings Disclosure Policy (the "Policy") to govern disclosure of information relating to the Funds' portfolio holdings ("Portfolio Holdings"), and to prevent the misuse of material, non-public information, including Portfolio Holdings. Generally, the Policy restricts the disclosure of Portfolio Holdings data to certain persons or entities, under certain conditions, and requires that all shareholders, whether individual or institutional, must be treated in the same manner, as it relates to the disclosure of Portfolio Holdings. In all cases, the Adviser's Chief Compliance Officer (or their designee) is responsible for authorizing the disclosure of a Fund's Portfolio Holdings and the Funds do not accept compensation or consideration of any sort in return for the preferential release of Portfolio Holdings information. Any such disclosure is done only if consistent with the anti-fraud provisions of the federal securities laws and the Adviser's fiduciary duties to its clients, including the Funds. In accordance with the Policy, the Trust's Chief Compliance Officer must consider whether the disclosure of Portfolio Holdings (1) is in the best interests of the Funds' shareholders, and (2) presents any conflicts of interest between the Funds' shareholders, on the one hand, and those of the Adviser, the principal underwriter, or any affiliated person thereof, on the other. The Trust's Chief Compliance Officer shall consult, if necessary, with counsel regarding any potential conflicts.

In accordance with the Policy, each Fund will disclose its Portfolio Holdings periodically, to the extent required by applicable federal securities laws. These disclosures include the filing of a complete schedule of each Fund's Portfolio Holdings with the SEC semi-annually on Form N-CSR and within 60 days after the end of the first and third fiscal quarter on Exhibit F to Form N-PORT. Form N-CSR and Exhibit F to Form N-PORT are available to the public through the EDGAR Database on the SEC's Internet Web site at: http://www.sec.gov.

The Policy provides that a Fund's Portfolio Holdings information may be released to selected third parties, such as fund rating agencies, information exchange subscribers (and any clients of information exchange subscribers that request Portfolio Holdings information), consultants and analysts, and portfolio analytics providers, only when there is a legitimate business purpose for doing so and the recipients are subject to a duty of confidentiality (including appropriate related limitations on trading), either through the nature of their relationship with the Funds or through a confidentiality agreement. A Fund's Portfolio Holdings information may also be released to a Fund shareholder redeeming securities in-kind (up to seven days prior to making the redemption request).

Pursuant to the Policy, complete Portfolio Holdings information may be released to rating agencies on a monthly basis, no earlier than fifteen days following month-end. The Funds may publish "Portfolio Compositions" on their Web site on a monthly basis, with at least a fifteen day lag. This information may include Top Ten Holdings and certain other portfolio characteristics.

Under the Policy, the Funds also may share their Portfolio Holdings with certain primary service providers that have a legitimate business need for such information, including, but not limited to, the Custodian, Administrator, proxy voting vendor, and independent registered public accounting firm. The Trust's service agreements with each of these entities mandate the confidential treatment (including appropriate limitations on trading) of Portfolio Holdings data by each service provider and its employees.

The authorization to disclose the Funds' Portfolio Holdings - other than through an SEC filing or Web site posting - must come from the Adviser's Chief Compliance Officer, the Trust's Chief Compliance Officer, or a designee of the Trust's Chief Compliance Officer. Any requests for Portfolio Holdings information that fall outside the Policy must be pre-approved, in writing, by the Adviser's Compliance Department, following consultation, if necessary, with the Trust's Chief Compliance Officer or outside counsel. The Adviser's Compliance Department maintains a log of all ad-hoc Portfolio Holdings information that is released. This log is provided to the Trust's Chief Compliance Officer and the Board, for review and monitoring of compliance with the Policy. The Board periodically reviews the Policy and its operation, including disclosure of Portfolio Holdings to third parties.

**<u>CAPITAL STOCK AND OTHER SECURITIES</u>**

The Trust is authorized to offer four classes of shares for each Fund: Adviser Class, Class I, Class Y-2 and Class Y-3. Additional classes of shares may be offered in the future. Each Fund is authorized to issue an unlimited number of shares of beneficial interest without par value.

The shares of beneficial interest represent an equal proportionate interest in the assets and liabilities of the applicable Fund and have identical voting, dividend, redemption, liquidation, and other rights and preferences as the other classes of the Fund, except that each class shall have exclusive voting rights on any matter submitted to shareholders that relates solely to that class' arrangement for shareholder services and the distribution of shares, including its Rule 12b-1 plan, and shall have separate voting rights on any matter submitted to shareholders in which the interests of one class differ from the interests of any other class.

Under Delaware law, the Trust is not required, and the Trust presently does not intend, to hold regular annual meetings of shareholders. Meetings of the shareholders of one or more of the Funds may be held from time to time to consider certain matters, including changes to a Fund's fundamental investment policies, changes to the Trust's investment management agreement, and the election of Trustees when required by the 1940 Act.

When matters are submitted to shareholders for a vote, shareholders are entitled to one vote per share with proportionate voting for fractional shares. The shares of a Fund do not have cumulative voting rights or any preemptive or conversion rights, and the Trustees have authority, from time to time, to divide or combine the shares of the Fund into a greater or lesser number of shares so affected. In the case of a liquidation of a Fund, each shareholder of the Fund will be entitled to share, based upon the shareholder's percentage share ownership, in the distribution of assets, net of liabilities, of the Fund. No shareholder is liable for further calls or assessment by a Fund.

On any matter submitted to a vote of the shareholders, all shares shall be voted separately by individual shareholders, except: (i) when required by the 1940 Act, shares shall be voted in the aggregate and not by individual shareholders; and (ii) when the Board has determined that the matter affects the interests of more than one Fund, then the shareholders of all such Funds shall be entitled to vote thereon. The Trustees also may determine that a matter affects only the interests of one or more classes of shares of a Fund, in which case any such matter shall be voted on by such class or classes.

**<u>ADDITIONAL PURCHASE, EXCHANGE, AND REDEMPTION INFORMATION AND OTHER SERVICES</u>**

**Additional Exchange and Redemption Information.** As discussed in the Prospectus, eligible shares of a Fund may be exchanged for shares of the corresponding class of another Fund.

A Fund may suspend redemption privileges or postpone the date of payment during any period: (i) when the NYSE is closed or trading on the NYSE is restricted as determined by the SEC, (ii) when an emergency exists, as defined by the SEC, that makes it not reasonably practicable for a Fund to dispose of securities owned by it or fairly to determine the value of its assets, or (iii) as the SEC may otherwise permit. The redemption price may be more or less than the shareholder's cost, depending on the market value of a Fund's portfolio at the time.

A 2.00% redemption fee payable to the applicable Fund may apply to any shares that are redeemed (either by sale or exchange) less than 30 days from purchase. The redemption fee is intended to offset the trading costs, market impact, and other costs associated with short-term trading into and out of a Fund.

**<u>NET ASSET VALUE</u>**

Each Fund determines its net asset value per share separately for each class of shares, normally as of the close of regular trading (usually 4:00 p.m., Eastern time) on the NYSE on each day when the NYSE is open. If the NYSE is closed on a day it would normally be open for business or the NYSE has an unscheduled early closing on a day it has opened for business, due to inclement weather, technology problems or any other reason, the Funds reserve the right to treat that day as a business day and accept purchase and redemption orders until, and calculate a Fund's NAV as of, the normally scheduled close of regular trading on the NYSE for that day, so long as the Fund's management believes an adequate market remains to meet purchase and redemption orders for that day. On any business day when the Securities Industry and Financial Markets Association recommends that the bond markets close trading early, a Fund reserves the right to close at such earlier closing time, and therefore accept purchase and redemption orders until and calculate a Fund's NAV as of such earlier closing time. Currently, the NYSE is open for trading every day except Saturdays, Sundays, and the following holidays: 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.

Securities that are listed on exchanges normally are valued at the last sale price on the day the securities are valued or, lacking any sales on such day, at the last available bid price. In cases where securities are traded on more than one exchange, the securities are generally valued on the exchange considered by the Adviser or a Subadviser as the primary market. Securities traded in the over-the-counter

market and listed on the Nasdaq Stock Market ("Nasdaq") normally are valued at the Nasdaq Official Closing Price ("NOCP"); other over-the-counter securities are valued at the last bid price available prior to valuation (other than short-term investments that mature in 60 days or less, which are valued as described further below). Investments in investment companies are valued at their net asset value.

The Board has designated the Adviser to serve as the Valuation Designee under Rule 2a-5 under the 1940 Act, subject to continuing Board oversight. The Adviser has established a Valuation Committee that is responsible, on the Adviser's behalf as Valuation Designee, for overseeing the day-to-day process of valuing portfolio securities. With respect to portfolio securities for which market quotations are not readily available or (in the opinion of the Adviser or the applicable Subadviser) do not otherwise accurately reflect the fair value of the security, the Valuation Committee will value such securities at fair value based upon procedures approved by the Board. Certain fixed income securities may be valued based upon appraisals received from a pricing service using a computerized matrix system or based upon appraisals derived from information concerning the security or similar securities received from a recognized dealer or dealers in those securities. It should be recognized that judgment often plays a greater role in valuing thinly traded securities, including many lower rated bonds, than is the case with respect to securities for which a broader range of dealer quotations and last-sale information is available. The amortized cost method of valuation may be used to value debt obligations with 60 days or less remaining until maturity, so long as such amortized cost method approximates fair value.

The application of fair value pricing represents a good faith determination based on specifically applied procedures. There can be no assurance that a Fund could obtain the fair value assigned to the security if the Fund were able to sell the security at approximately the time at which the Fund determines its NAV per share.

**<u>TAXATION</u>**

**Distributions**

The following supplements the information in the Prospectus.

The policy of the Trust is to distribute substantially all of each Fund's net investment income and net realized capital gains, if any, in the amount and at the times that will avoid a Fund incurring any material amounts of federal income or excise taxes.

**Taxes**

The following is a summary of certain additional tax considerations generally affecting each Fund and its shareholders that are not described in the Prospectus. No attempt is made to present a detailed explanation of the tax treatment of any Fund or its shareholders, and the discussion here and in the Prospectus is not intended as a substitute for careful tax planning.

The discussion in this section is based on the provisions of the Code and applicable regulations in effect on the date of this SAI. Future legislative, regulatory, or administrative changes or court decisions may significantly change the tax rules applicable to each Fund and its shareholders. Any of these changes or court decisions may have a retroactive effect.

***This is for general information only and does not constitute tax advice. All investors should consult their own tax advisors as to the federal, state, local, and foreign tax provisions applicable to them.***

 ****

**Taxation of the Funds.** Each Fund has elected and intends to qualify, or, if newly organized, intends to elect and qualify, each year as a regulated investment company (sometimes referred to as a "regulated investment company," "RIC," or "fund") under Subchapter M of the Code. If a Fund so qualifies, the Fund will not be subject to federal income tax on the portion of its investment company taxable income (that is, generally, taxable interest, dividends, net short-term capital gains, and other taxable ordinary income, net of expenses, without regard to the deduction for dividends paid) and net capital gain (that is, the excess of net long-term capital gains over net short-term capital losses) that the Fund distributes to its shareholders.

In order to qualify for treatment as a regulated investment company, a Fund must satisfy the following requirements:

● Distribution Requirement — the Fund must distribute an amount at least equal to the sum of 90% of its investment company taxable income and 90% of its net tax-exempt income, if any, for the taxable year (including, for purposes of satisfying this distribution requirement, certain distributions made by the Fund after the close of its taxable year that are treated as made during such taxable year).

● Income Requirement — the Fund must derive at least 90% of its gross income from dividends, interest, certain payments with respect to 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 from the Fund's business of investing in such stock, securities, or currencies and net income derived from qualified publicly traded partnerships ("QPTPs").

● Asset Diversification Test — the Fund must satisfy the following asset diversification test at the close of each quarter of the Fund's tax year: (1) at least 50% of the value of the Fund's assets must consist of cash and cash items, U.S. government securities, securities of other regulated investment companies, and securities of other issuers (as to which the Fund has not invested more than 5% of the value of the Fund's total assets in securities of an issuer and as to which the Fund does not hold more than 10% of the outstanding voting securities of the issuer); and (2) no more than 25% of the value of the Fund's total assets may be invested in the securities of any one issuer (other than U.S. government securities and securities of other regulated investment companies) or of two or more issuers which the Fund controls and which are engaged in the same or similar trades or businesses, or, in the securities of one or more QPTPs.

In some circumstances, the character and timing of income realized by a Fund for purposes of the Income Requirement or the identification of the issuer for purposes of the Asset Diversification Test is uncertain under current law with respect to a particular investment, and an adverse determination or future guidance by the Internal Revenue Service with respect to such type of investment may adversely affect the Fund's ability to satisfy these requirements. See "Tax Treatment of Portfolio Transactions" below with respect to the application of these requirements to certain types of investments. In other circumstances, a Fund may be required to sell portfolio holdings in order to meet the Income Requirement, Distribution Requirement, or Asset Diversification Test, which may have a negative impact on the Fund's income and performance.

With respect to gains from the sale or other disposition of foreign currencies, the Treasury Department can, by regulation, exclude from qualifying income for purposes of the Income Requirement foreign currency gains which are not directly related to a Fund's principal business of investing in stock (or options or futures with respect to stock of securities), but no regulations have been proposed or adopted pursuant to this grant of regulatory authority.

Income and gain from certain commodity investments, such as gold and other precious metals, generally will not be qualifying income for purposes of the Income Requirement. Under an Internal Revenue Service revenue ruling, income from certain commodities-linked derivatives also is not considered qualifying income for purposes of the Income Requirement. For these reasons, a Fund must limit the extent to which it receives income from such commodity investments and commodity-linked derivatives to a maximum of 10% of its annual gross income.

A Fund may use "equalization accounting" (in lieu of making some cash distributions) in determining the portion of its income and gains that has been distributed. If the Fund uses equalization accounting, the Fund will allocate a portion of its undistributed investment company taxable income and net capital gain to redemptions of Fund shares and will correspondingly reduce the amount of such income and gains that the Fund distributes in cash. If the Internal Revenue Service determines that the Fund's allocation is improper and that the Fund has under-distributed its income and gain for any taxable year, the Fund may be liable for federal income and/or excise tax. If, as a result of such adjustment, a Fund fails to satisfy the Distribution Requirement, the Fund will not qualify that year as a regulated investment company.

If, for any taxable year, a Fund does not qualify as a regulated investment company, all of its taxable income (including its net capital gain) would be subject to tax at regular corporate rates without any deduction for dividends paid to shareholders, and the dividends would be taxable to the shareholders as ordinary income (or possibly as qualified dividend income) to the extent of the Fund's current and accumulated earnings and profits. Failure to qualify as a regulated investment company would thus have a negative impact on the Fund's income and performance. Subject to savings provisions for certain failures to satisfy the Income Requirement or Asset Diversification Test which, in general, are limited to those due to reasonable cause and not willful neglect, it is possible that a Fund will not qualify as a regulated investment company in any given tax year. Even if such savings provisions apply, a Fund may be subject to a monetary sanction of $50,000 or more. Moreover, the Board reserves the right not to maintain the qualification of a Fund as a regulated investment company if the Board determines such a course of action to be beneficial to shareholders.

*Portfolio Turnover.* For investors that hold their Fund shares in a taxable account, a high portfolio turnover rate may result in higher taxes. This is because a fund with a high turnover rate is likely to accelerate the recognition of capital gains and more of such gains are likely to be taxable as short-term, rather than long-term, capital gains in contrast to a comparable fund with a low portfolio turnover rate. Any such higher taxes would reduce the Fund's after-tax performance. See, "Taxation of Fund Distributions—Distributions of Capital Gains" below.

*Capital Loss Carryovers.* The capital losses of a Fund, if any, do not flow through to shareholders. Rather, the Fund may use its capital losses, subject to applicable limitations, to offset its capital gains without being required to pay taxes on or distribute to shareholders such gains that are offset by the losses. If the Fund has a "net capital loss" (that is, capital losses in excess of capital gains) for a taxable year, the excess (if any) of a 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. Any such net capital losses of a Fund that are not used to offset capital gains may be carried forward indefinitely to reduce any future capital gains realized by the Fund in succeeding taxable years. The amount of capital losses that can be carried forward and used in any single year is subject to an annual limitation if there is a more than 50% "change in ownership" of a Fund. An ownership change generally results when shareholders owning 5% or more of a Fund increase their aggregate holdings by more than 50% over a three-year look-back period. An ownership change could result in capital loss carryovers being used at a slower rate, thereby reducing a Fund's ability to offset capital gains with those losses. An increase in the amount of taxable gains distributed to a Fund's shareholders could result from an ownership change. No Fund undertakes any obligation to avoid or prevent an ownership change, which can occur in the normal course of shareholder purchases and redemptions or as a result of engaging in a tax-free reorganization with another Fund. Moreover, because of circumstances beyond a Fund's control, there can be no assurance that a Fund will not experience, or has not already experienced, an ownership change. Additionally, if a Fund engages in a tax-free reorganization with another Fund, the effect of these and other rules not discussed herein may be to disallow or postpone the use by the Fund of its capital loss carryovers (including any current year losses and built-in losses when realized) to offset its own gains or those of the other Fund, or vice versa, thereby reducing the tax benefits Fund shareholders would otherwise have enjoyed from the use of such capital loss carryovers.

*Deferral of Late Year Losses.* The Fund may elect to treat part or all of any "qualified late year loss" as if it had been incurred in the succeeding taxable year in determining the Fund's taxable income, net capital gain, net short-term capital gain, and earnings and profits. The effect of this election is to treat any such "qualified late year loss" as if it had been incurred in the succeeding taxable year in characterizing Fund distributions for any calendar year (see, "Taxation of Fund Distributions - Distributions of Capital Gains" below). A "qualified late year loss" includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any net capital loss incurred after October 31 of the current taxable year, or,
 if there is no such loss, any net long-term capital loss or net short-term capital loss incurred after October 31 of the current
 taxable year ("post-October losses"), and

(ii) the sum of (1) the excess, if any, of specified losses incurred after October 31 of the current
 taxable year, over specified gains incurred after October 31 of the current taxable year and (2) the excess, if any, of other
 ordinary losses incurred after December 31 of the current taxable year, over other ordinary income incurred after December
 31 of the current taxable year.

The terms "specified losses" and "specified gains" mean ordinary losses and gains from the sale, exchange, or other disposition of property (including the termination of a position with respect to such property), foreign currency losses, and losses resulting from holding stock in a passive foreign investment company ("PFIC") for which a mark-to-market election is in effect. The terms "ordinary losses" and "ordinary income" mean other ordinary losses and income that are not described in the preceding sentence.

*Undistributed Capital Gains.* A Fund may retain or distribute to shareholders its net capital gain for each taxable year. Each Fund currently intends to distribute net capital gains. If a Fund elects to retain its net capital gain, a Fund will be taxed thereon (except to the extent of any available capital loss carryovers) at the highest corporate tax rate (currently 21%). If a Fund elects to retain its net capital gain, it is expected that a Fund also will elect to have shareholders treated as if each received a distribution of its pro rata share of such gain, with the result that each shareholder will be required to report its pro rata share of such gain on its tax return as long-term capital gain, will receive a refundable tax credit for its pro rata share of tax paid by a Fund on the gain, and will increase the tax basis for its shares by an amount equal to the deemed distribution less the tax credit.

*Federal Excise Tax.* To avoid a 4% non-deductible excise tax, a Fund must distribute, by December 31 of each year, an amount at least equal to the sum of: (1) 98% of its ordinary income (taking into account certain deferrals and elections) for the calendar year, (2) 98.2% of capital gain net income (that is, the excess of the gains from sales or exchanges of capital assets over the losses from such sales or exchanges) for the one-year period ended on October 31 of such calendar year, and (3) any prior year's undistributed ordinary income and capital gain net income. Generally, each Fund intends to make sufficient distributions prior to the end of each calendar year to avoid any material liability for federal excise tax, but can give no assurances that all such liability will be avoided. In addition, under certain circumstances, temporary timing or permanent differences in the realization of income and expense for book and tax purposes can result in a Fund having to pay some excise tax.

*Foreign Income Tax.* Investment income received by a Fund from sources within foreign countries may be subject to foreign income tax withheld at the source and the amount of tax withheld generally will be treated as an expense of a Fund. The United States has entered into tax treaties with many foreign countries which entitle a Fund to a reduced rate of, or exemption from, tax on such income. It is impossible to determine the effective rate of foreign tax in advance since the amount of a Fund's assets to be invested in various countries is not known. As discussed below, under certain circumstances, a Fund may elect to pass through foreign tax credits to shareholders, although it reserves the right not to do so.

***Taxation of Fund Distributions.*** Each Fund anticipates distributing substantially all of its investment company taxable income and net capital gain for each taxable year. Distributions by a Fund will be treated in the manner described below regardless of whether such

distributions are paid in cash or reinvested in additional shares of the Fund (or of another fund). A Fund will send you information annually as to the federal income tax consequences of distributions made (or deemed made) during the year.

*Distributions of Net Investment Income*. A Fund receives ordinary income generally in the form of dividends and/or interest on its investments. A Fund may also recognize ordinary income from other sources, including, but not limited to, certain gains on foreign currency-related transactions. This income, less expenses incurred in the operation of a Fund, constitutes a Fund's net investment income from which dividends may be paid to you. Each Fund calculates income dividends and capital gains distributions the same way for each class. The amount of any income dividends per share will differ, however, generally due to any differences in the distribution and service (Rule 12b-1) fees applicable to the classes. If you are a taxable investor, distributions of net investment income generally are taxable as ordinary income to the extent of the Fund's earnings and profits. In the case of a Fund whose strategy includes investing in the stock of corporations, a portion of the income dividends paid to you may be qualified dividends eligible to be taxed at reduced rates. See the discussion below under the headings, "Taxation of Fund Distributions—Qualified Dividend Income for Individuals" and "Taxation of Fund Distributions—Dividends-Received Deduction for Corporations".

*Distributions of Capital Gains.* A Fund may derive capital gain and loss in connection with sales or other dispositions of its portfolio securities. Distributions derived from the excess of net short-term capital gain over net long-term capital loss will be taxable to you as ordinary income. Distributions paid from the excess of net long-term capital gain over net short-term capital loss will be taxable to you as long-term capital gain, regardless of how long you have held your shares in a Fund. Any net short-term or long-term capital gain realized by a Fund (net of any capital loss carryovers) generally will be distributed once each year and may be distributed more frequently, if necessary, in order to reduce or eliminate federal excise or income taxes on the Fund.

*Returns of Capital.* Distributions by a Fund that are not paid from earnings and profits will be treated as a return of capital to the extent of (and in reduction of) the shareholder's tax basis in his shares; any excess will be treated as gain from the sale of his shares. Thus, the portion of a distribution that constitutes a return of capital will decrease the shareholder's tax basis in his Fund shares (but not below zero), and will result in an increase in the amount of gain (or decrease in the amount of loss) that will be recognized by the shareholder for tax purposes on the later sale of such Fund shares. Return of capital distributions can occur for a number of reasons including, among others, if a Fund over-estimates the income to be received from certain investments such as those classified as partnerships or equity real estate investment trusts ("REITs") (see, "Tax Treatment of Portfolio Transactions—Investments in U.S. REITs" below).

*Qualified Dividend Income for Individuals.* Ordinary income dividends reported by a Fund to shareholders as derived from qualified dividend income may be taxed in the hands of individuals and other noncorporate shareholders at the rates applicable to long-term capital gain. "Qualified dividend income" means dividends paid to a Fund (a) by domestic corporations, (b) by foreign corporations that are either (i) incorporated in a possession of the United States, or (ii) are eligible for benefits under certain income tax treaties with the United States that include an exchange of information program, or (c) with respect to stock of a foreign corporation that is readily tradable on an established securities market in the United States. Both the Fund and the shareholder must meet certain holding period requirements to qualify Fund dividends for this treatment. Specifically, the Fund must hold the stock for at least 61 days during the 121-day period beginning 60 days before the stock becomes ex-dividend. Similarly, shareholders must hold their Fund shares for at least 61 days during the 121-day period beginning 60 days before the Fund distribution goes ex-dividend. Income derived from investments in derivatives, fixed-income securities, U.S. REITs, PFICs, and income received "in lieu of" dividends in a securities lending transaction generally is not eligible for treatment as qualified dividend income. If the qualifying dividend income received by a Fund is equal to or greater than 95% of the Fund's gross income (exclusive of net capital gain) in any taxable year, all of the ordinary income dividends paid by the Fund will be qualifying dividend income.

*Dividends-Received Deduction for Corporations.* For corporate shareholders, a portion of the dividends paid by the Fund may qualify for the 50% corporate dividends-received deduction. The portion of dividends paid by a Fund that so qualifies will be reported by the Fund to shareholders each year and cannot exceed the gross amount of dividends received by a Fund from domestic (U.S.) corporations. The availability of the dividends-received deduction is subject to certain holding period and debt financing restrictions that apply to both the Fund and the shareholder. Specifically, the amount that a Fund may report as eligible for the dividends-received deduction will be reduced or eliminated if the shares on which the dividends earned by the Fund were debt-financed or held by the Fund for less than a minimum period of time, generally 46 days during a 91-day period beginning 45 days before the stock becomes ex-dividend. Similarly, if your Fund shares are debt-financed or held by you for less than a 46-day period then the dividends-received deduction for Fund dividends on your shares may also be reduced or eliminated. Income derived by a Fund from investments in derivatives, fixed-income and foreign securities generally is not eligible for this treatment.

*Impact of Realized but Undistributed Income and Gains, and Net Unrealized Appreciation of Portfolio Securities.* At the time of your purchase of shares, a Fund's net asset value may reflect undistributed income, undistributed capital gains, or net unrealized appreciation of portfolio securities held by the Fund. A subsequent distribution to you of such amounts, although constituting a return of your investment, would be taxable, and would be taxed as ordinary income (some portion of which may be taxed as qualified dividend income), capital gains, or some combination of both, unless you are investing through a tax-deferred arrangement, such as a 401(k) plan

or an individual retirement account. A Fund may be able to reduce the amount of such distributions from capital gains by utilizing its capital loss carryovers, if any.

*Section 163(j) Dividends.* Certain distributions reported by a Fund as section 163(j) interest dividends may be treated as interest income by shareholders for purposes of the tax rules applicable to interest expense limitations under section 163(j) of the Code. Such treatment by the shareholder is generally subject to holding period requirements and other potential limitations, although the 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. The amount that a Fund is eligible to report as a section 163(j) dividend for a tax year is generally limited to the excess of the Fund's business interest income over the sum of the Fund's (i) business interest expense and (ii) other deductions properly allocable to the Fund's business interest income.

*Section 199A Deduction*. Individuals and certain other non-corporate entities are generally eligible for a 20% deduction with respect to ordinary dividends received from REITs ("qualified REIT dividends") and certain taxable income from MLPs. Treasury regulations permit a regulated investment company to pass through to its shareholders qualified REIT dividends eligible for the 20% deduction. However, the regulations do not provide a mechanism for a regulated investment company to pass through to its shareholders income from MLPs that would be eligible for such deduction if received directly by the shareholders.

*Pass-Through of Foreign Tax Credits.* If more than 50% of a Fund's total assets at the end of a fiscal year is invested in foreign securities, the Fund may elect to pass through to you your pro rata share of foreign taxes paid by the Fund. If this election is made, the Fund may report more taxable income to you than the Fund actually distributes. You will then be entitled either to deduct your share of these taxes in computing your taxable income, or to claim a foreign tax credit for these taxes against your U.S. federal income tax (subject to limitations for certain shareholders). A Fund will provide you with the information necessary to claim this deduction or credit on your personal income tax return if the Fund makes this election. No deduction for foreign tax may be claimed by a noncorporate shareholder who does not itemize deductions or who is subject to the alternative minimum tax. Shareholders may be unable to claim a credit for the full amount of their proportionate shares of the foreign income tax paid by a Fund due to certain limitations that may apply. A Fund reserves the right not to pass through to its shareholders the amount of foreign income taxes paid by the Fund.

*Tax Credit Bonds.* If a Fund holds, directly or indirectly, one or more "tax credit bonds" (including Build America bonds, clean renewable energy bonds and qualified tax credit bonds) on one or more applicable dates during a taxable year, the Fund may elect to permit its shareholders to claim a tax credit on their income tax returns equal to each shareholder's proportionate share of tax credits from the applicable bonds that otherwise would be allowed to the Fund. In such a case, shareholders must include in gross income (as interest) their proportionate share of the income attributable to their proportionate share of those offsetting tax credits. A shareholder's ability to claim a tax credit associated with one or more tax credit bonds may be subject to certain limitations imposed by the Code. Even if a Fund is eligible to pass through tax credits to shareholders, the Fund may choose not to do so.

*U.S. Government Securities.* Income earned on certain U.S. government obligations is exempt from state and local personal income taxes if earned directly by you. States also 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 or reporting requirements that must be met by a Fund. Income on investments by a Fund in certain other obligations, such as repurchase agreements collateralized by U.S. government obligations, commercial paper, and federal agency-backed obligations (e.g., Ginnie Mae or Fannie Mae obligations) generally does not qualify for tax-free treatment. The rules on exclusion of this income are different for corporations.

*Dividends Declared in October, November or December and Paid in January*. Ordinarily, shareholders are required to take distributions by the Fund into account in the year in which the distributions are made. However, dividends declared in October, November or December of any year and payable to shareholders of record on a specified date in such a month will be deemed to have been received by the shareholders (and made by the Fund) on December 31 of such calendar year if such dividends are actually paid in January of the following year. Shareholders will be advised annually as to the U.S. federal income tax consequences of distributions made (or deemed made) during the year in accordance with the guidance that has been provided by the Internal Revenue Service.

***Sales, Exchanges, and Redemption of Fund Shares.*** Sales, exchanges, and redemptions (including redemptions in kind) of Fund shares are taxable transactions for federal and state income tax purposes. If you redeem your Fund shares, the Internal Revenue Service requires you to report any gain or loss on your redemption. If you held your shares as a capital asset, the gain or loss that you realize will be a capital gain or loss and will be long-term or short-term, generally depending on how long you have held your shares. Any redemption fees you incur on shares redeemed will decrease the amount of any capital gain (or increase any capital loss) you realize on the sale. Capital losses in any year are deductible only to the extent of capital gains plus, in the case of a noncorporate taxpayer, $3,000 of ordinary income.

*Tax Basis Information.* Each Fund (or its administrative agent) is required to report to the Internal Revenue Service and furnish to shareholders the cost basis information and holding period for Fund shares purchased on or after January 1, 2012, and repurchased by

the Fund on or after that date. Each Fund will permit shareholders to elect from among several permitted cost basis methods. In the absence of an election, a Fund will use a default cost basis method. The cost basis method a shareholder elects may not be changed with respect to a repurchase of shares after the settlement date of the repurchase. Shareholders should consult with their tax advisors to determine the best permitted cost basis method for their tax situation and to obtain more information about how the new cost basis reporting rules apply to them.

*Wash Sales.* All or a portion of any loss that you realize on a redemption of your Fund shares will be disallowed to the extent that you buy other shares in the Fund (through reinvestment of dividends or otherwise) within 30 days before or after your share redemption. Any loss disallowed under these rules will be added to your tax basis in the new shares.

*Redemptions or Exchanges at a Loss within Six Months of Purchase.* Any loss incurred on a redemption or exchange of shares held for six months or less will be treated as long-term capital loss to the extent of any long-term capital gain distributed to you by a Fund on those shares.

*Tax Shelter Reporting.* Under Treasury regulations, if a shareholder recognizes a loss with respect to a Fund's shares of $2 million or more for an individual shareholder or $10 million or more for a corporate shareholder, the shareholder must file with the Internal Revenue Service a disclosure statement on Form 8886.

**Tax Treatment of Portfolio Transactions.** Set forth below is a general description of the tax treatment of certain types of securities, investment techniques and transactions that may apply to a Fund and, in turn, effect the amount, character and timing of dividends and distributions payable by the Fund to its shareholders. This section should be read in conjunction with the discussion above under "Investment Strategies" for a detailed description of the various types of securities and investment techniques that apply to the Fund.

*In General.* In general, gain or loss recognized by a Fund on the sale or other disposition of portfolio investments will be a capital gain or loss. Such capital gain and loss may be long-term or short-term depending, in general, upon the length of time a particular investment position is maintained and, in some cases, upon the nature of the transaction. Property held for more than one year generally will be eligible for long-term capital gain or loss treatment. The application of certain rules described below may serve to alter the manner in which the holding period for a security is determined or may otherwise affect the characterization as long- or short-term, and also the timing of the realization and/or character, of certain gains or losses.

*Certain Fixed Income Investments.* Gain recognized on the disposition of a debt obligation purchased by a Fund at a market discount (generally, at a price less than its principal amount) will be treated as ordinary income to the extent of the portion of the market discount which accrued during the period of time the Fund held the debt obligation unless the Fund made a current inclusion election to accrue market discount into income as it accrues. If a Fund purchases a debt obligation (such as a zero coupon security or pay-in-kind security) that was originally issued at a discount, the Fund generally is required to include in gross income each year the portion of the original issue discount which accrues during such year. Therefore, a Fund's investment in such securities may cause the Fund to recognize income and make distributions to shareholders before it receives any cash payments on the securities. To generate cash to satisfy those distribution requirements, a Fund may have to sell portfolio securities that the Fund otherwise might have continued to hold or to use cash flows from other sources such as the sale of fund shares.

*Investments in Debt Obligations that are at Risk of or in Default Present Tax Issues for a Fund.* Tax rules are not entirely clear about issues such as whether and to what extent a Fund should recognize market discount on a debt obligation, when a Fund may cease to accrue interest, original issue discount or market discount, when and to what extent a Fund may take deductions for bad debts or worthless securities and how a Fund should allocate payments received on obligations in default between principal and income. These and other related issues will be addressed by a Fund in order to ensure that it distributes sufficient income to preserve its status as a regulated investment company.

*Options, Futures, Forward Contracts, Swap Agreements, and Hedging Transactions.* In general, option premiums received by a Fund are not immediately included in the income of the Fund. Instead, the premiums are recognized when the option contract expires, the option is exercised by the holder, or the Fund transfers or otherwise terminates the option (e.g., through a closing transaction). If an option written by a Fund is exercised and the Fund sells or delivers the underlying stock, the Fund generally will recognize capital gain or loss equal to (a) sum of the strike price and the option premium received by the Fund, minus (b) the Fund's basis in the stock. Such gain or loss generally will be short-term or long-term depending upon the holding period of the underlying stock. If securities are purchased by a Fund pursuant to the exercise of a put option written by the Fund, the Fund generally will subtract the premium received from its cost basis in the securities purchased. The gain or loss with respect to any termination of a Fund's obligation under an option other than through the exercise of the option and related sale or delivery of the underlying stock generally will be short-term gain or loss depending on whether the premium income received by the Fund is greater or less than the amount paid by the Fund (if any) in terminating the transaction. Thus, for example, if an option written by a Fund expires unexercised, the Fund generally will recognize short-term gain equal to the premium received.

The tax treatment of certain futures contracts entered into by a Fund as well as listed non-equity options written or purchased by the Fund on U.S. exchanges (including options on futures contracts, broad-based equity indices and debt securities) may be governed by Section 1256 of the Code ("Section 1256 contracts"). Gains or losses on Section 1256 contracts generally are considered 60% long-term and 40% short-term capital gains or losses ("60/40"), although certain foreign currency gains and losses from such contracts may be treated as ordinary in character. Also, any Section 1256 contracts held by a Fund at the end of each taxable year (and, for purposes of the 4% excise tax, on certain other dates as prescribed under the Code) are "marked to market" with the result that unrealized gain or losses are treated as though they were realized and the resulting gain or loss is treated as ordinary or 60/40 gain or loss, as applicable. Section 1256 contracts do not include any interest rate swap, currency swap, basis swap, interest rate cap, interest rate floor, commodity swap, equity swap, equity index swap, credit default swap, or similar agreement.

In addition to the special rules described above in respect of options and futures transactions, a Fund's transactions in other derivative instruments (including options, forward contracts, and swap agreements) as well as its other hedging, short sale, or similar transactions, may be subject to one or more special tax rules (including the constructive sale, notional principal contract, straddle, wash sale, and short sale rules). These rules may affect whether gains and losses recognized by a Fund are treated as ordinary or capital or as short-term or long-term, accelerate the recognition of income or gains to the Fund, defer losses to the Fund, and cause adjustments in the holding periods of the Fund's securities. These rules, therefore, could affect the amount, timing and/or character of distributions to shareholders. Moreover, because the tax rules applicable to derivative financial instruments are in some cases uncertain under current law, an adverse determination or future guidance by the Internal Revenue Service with respect to these rules (which determination or guidance could be retroactive) may affect whether a Fund has made sufficient distributions, and otherwise satisfied the relevant requirements, to maintain its qualification as a regulated investment company and avoid a Fund-level tax.

Certain of a Fund's investments in derivatives and foreign currency-denominated instruments, and the Fund's transactions in foreign currencies and hedging activities, may produce a difference between its book income and its taxable income. If a Fund's book income is less than the sum of its taxable income and net tax-exempt income (if any), the Fund could be required to make distributions exceeding book income to qualify as a regulated investment company. If a Fund's book income exceeds the sum of its taxable income and net tax-exempt income (if any), the distribution of any such excess will be treated as (i) a dividend to the extent of the Fund's remaining earnings and profits (including current earnings and profits arising from tax-exempt income, reduced by related deductions), (ii) thereafter, as a return of capital to the extent of the recipient's basis in the shares, and (iii) thereafter, as gain from the sale or exchange of a capital asset.

*Foreign Currency Transactions.* A Fund's transactions in foreign currencies, foreign currency-denominated debt obligations, and certain foreign currency options, futures contracts, and forward contracts (and similar instruments) may give rise to ordinary income or loss to the extent such income or loss results from fluctuations in the value of the foreign currency concerned. This treatment could increase or decrease a Fund's ordinary income distributions to you, and may cause some or all of the Fund's previously distributed income to be classified as a return of capital. In certain cases, a Fund may make an election to treat such gain or loss as capital.

*PFIC Investments.* A Fund may invest in stocks of foreign companies that may be classified under the Code as PFICs. In general, a foreign company is classified as a PFIC if at least 50% of its assets constitute investment-type assets or 75% or more of its gross income is investment-type income. When investing in PFIC securities, each Fund intends to mark-to-market these securities under certain provisions of the Code and recognize any unrealized gains as ordinary income at the end of the Fund's fiscal and excise tax years. Deductions for losses are allowable only to the extent of any current or previously recognized gains. These gains (reduced by allowable losses) are treated as ordinary income that a Fund is required to distribute, even though it has not sold or received dividends from these securities. You should also be aware that the designation of a foreign security as a PFIC security will cause its income dividends to fall outside of the definition of qualified foreign corporation dividends. These dividends generally will not qualify for the reduced rate of taxation on qualified dividends when distributed to you by a Fund. In addition, if a Fund is unable to identify an investment as a PFIC and thus does not make a mark-to-market election, the Fund may be subject to U.S. federal income tax on a portion of any "excess distribution" or gain from the disposition of such shares even if such income is distributed as a taxable dividend by the Fund to its shareholders. Additional charges in the nature of interest may be imposed on a Fund in respect of deferred taxes arising from such distributions or gains.

*Investments in U.S. REITs.* A U.S. REIT is not subject to federal income tax on the income and gains it distributes to shareholders. Dividends paid by a U.S. REIT, other than capital gain distributions, will be taxable as ordinary income up to the amount of the U.S. REIT's current and accumulated earnings and profits. Capital gain dividends paid by a U.S. 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. Because of certain noncash expenses, such as property depreciation, an equity U.S. REIT's cash flow may exceed its taxable income. The equity U.S. REIT, and in turn a Fund, may distribute this excess cash to shareholders in the form of a return of capital distribution. However, if a U.S. REIT is operated in a manner that fails to qualify as a REIT, an investment in the U.S. REIT would become subject to double taxation, meaning the taxable income of the U.S. REIT would be subject to federal income tax at regular corporate rates 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 U.S. REIT's current and accumulated earnings and profits. Also, see, "Tax Treatment of

Portfolio Transactions — Investment in Taxable Mortgage Pools (Excess Inclusion Income)" and "Foreign Shareholders — U.S. Withholding Tax at the Source" below with respect to certain other tax aspects of investing in U.S. REITs.

*Investment in Non-U.S. REITs.* While non-U.S. REITs often use complex acquisition structures that seek to minimize taxation in the source country, an investment by a Fund in a non-U.S. REIT may subject the Fund, directly or indirectly, to corporate taxes, withholding taxes, transfer taxes and other indirect taxes in the country in which the real estate acquired by the non-U.S. REIT is located. A Fund's pro rata share of any such taxes will reduce the Fund's return on its investment. A Fund's investment in a non-U.S. REIT may be considered an investment in a PFIC, as discussed above in "PFIC Investments." Also, a Fund in certain limited circumstances may be required to file an income tax return in the source country and pay tax on any gain realized from its investment in the non-U.S. REIT under rules similar to those in the United States which tax foreign persons on gain realized from dispositions of interests in U.S. real estate.

*Investment in Taxable Mortgage Pools (Excess Inclusion Income).* Under a Notice issued by the Internal Revenue Service, the Code and proposed Treasury regulations that portion of a Fund's income from a U.S. REIT that is attributable to excess inclusion income imputed to the REIT's residual interest in a real estate mortgage investment conduits ("REMICs") or equity interests in a "taxable mortgage pool" will be subject to federal income tax in all events. The excess inclusion income of a regulated investment company, such as a Fund, will be allocated to shareholders of the regulated investment company in proportion to the dividends received by such shareholders, with the same consequences as if the shareholders held the related REMIC residual interest or, if applicable, taxable mortgage pool directly. In general, excess inclusion income allocated to shareholders (i) cannot be offset by net operating losses (subject to a limited exception for certain thrift institutions), (ii) will constitute unrelated business taxable income to entities (including qualified pension plans, individual retirement accounts, 401(k) plans, Keogh plans or other tax-exempt entities) subject to tax on unrelated business income ("UBTI"), thereby potentially requiring such an entity that is allocated excess inclusion income, and otherwise might not be required to file a tax return, to file a tax return and pay tax on such income, and (iii) in the case of a foreign shareholder, will not qualify for any reduction in U.S. federal withholding tax. In addition, if at any time during any taxable year a "disqualified organization" (which generally includes certain cooperatives, governmental entities, and tax-exempt organizations not subject to UBTI) is a record holder of a share in a regulated investment company, then the regulated investment company will be subject to a tax equal to that portion of its excess inclusion income for the taxable year that is allocable to the disqualified organization, multiplied by the highest federal income tax rate imposed on corporations. The Notice imposes certain reporting requirements upon regulated investment companies that have excess inclusion income. There can be no assurance that a Fund will not allocate to shareholders excess inclusion income.

These rules are potentially applicable to a Fund with respect to any income it receives from the equity interests of certain mortgage pooling vehicles, either directly or, as is more likely, through an investment in a U.S. REIT. It is unlikely that these rules will apply to a Fund that has a non-REIT strategy.

*Investments in Partnerships and QPTPs.* For purposes of the Income Requirement, income derived by a Fund from a partnership that is <u>not</u> a QPTP will be treated as qualifying income only to the extent such income is attributable to items of income of the partnership that would be qualifying income if realized directly by the Fund. For purposes of testing whether a Fund satisfies the Asset Diversification Test, the Fund may be treated as owning a pro rata share of the underlying assets of a partnership. See, "Taxation of the Fund." In contrast, different rules apply to a partnership that is a QPTP. A QPTP is a partnership (a) the interests in which are traded on an established securities market, (b) that is treated as a partnership for federal income tax purposes, and (c) that derives at least 90% of its income from certain qualifying sources, but less than 90% of its income from sources that satisfy the Income Requirement (e.g., because it invests in commodities). All of the net income derived by a Fund from an interest in a QPTP will be treated as qualifying income but the Fund may not invest more than 25% of its total assets in one or more QPTPs. However, there can be no assurance that a partnership classified as a QPTP in one year will qualify as a QPTP in the next year. Any such failure to annually qualify as a QPTP might, in turn, cause a Fund to fail to qualify as a regulated investment company.

*Securities Lending.* While securities are loaned out by a Fund, the Fund generally will receive from the borrower amounts equal to any dividends or interest paid on the borrowed securities. For federal income tax purposes, payments made "in lieu of" dividends are not considered dividend income. These distributions will neither qualify for the reduced rate of taxation for individuals on qualified dividends nor the 50% dividends received deduction for corporations. Also, any foreign tax withheld on payments made "in lieu of" dividends or interest will not qualify for the pass-through of foreign tax credits to shareholders. Additionally, if a Fund invests in tax-exempt securities, any payments made "in lieu of" tax-exempt interest will be considered taxable income to the Fund, and thus, to the investors, even though such interest may be tax-exempt when paid to the borrower.

*Investments in Convertible Securities.* Convertible debt is ordinarily treated as a "single property" consisting of a pure debt interest until conversion, after which the investment becomes an equity interest. If the security is issued at a premium (i.e., for cash in excess of the face amount payable on retirement), the creditor-holder may amortize the premium over the life of the bond. If the security is issued for cash at a price below its face amount, the creditor-holder must accrue original issue discount in income over the life of the debt. The creditor-holder's exercise of the conversion privilege is treated as a nontaxable event. Mandatorily convertible debt (e.g., an exchange traded note issued in the form of an unsecured obligation that pays a return based on the performance of a specified market index,

exchange currency, or commodity) is often, but not always, treated as a contract to buy or sell the reference property rather than debt. Similarly, convertible preferred stock with a mandatory conversion feature is ordinarily, but not always, treated as equity rather than debt. Dividends received generally are qualified dividend income and eligible for the corporate dividends received deduction. In general, conversion of preferred stock for common stock of the same corporation is tax-free. Conversion of preferred stock for cash is a taxable redemption. Any redemption premium for preferred stock that is redeemable by the issuing company might be required to be amortized under original issue discount principles.

*Investments in Securities of Uncertain Tax Character.* A Fund may invest in securities the U.S. federal income tax treatment of which may not be clear or may be subject to recharacterization by the Internal Revenue Service. To the extent the tax treatment of such securities or the income from such securities differs from the tax treatment expected by a Fund, it could affect the timing or character of income recognized by the Fund, requiring the Fund to purchase or sell securities, or otherwise change its portfolio, in order to comply with the tax rules applicable to regulated investment companies under the Code.

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

**Backup Withholding.** By law, a Fund may be required to withhold a portion of your taxable dividends and sales proceeds unless you:

● provide your correct social security or taxpayer identification number,

● certify that this number is correct,

● certify that you are not subject to backup withholding, and

● certify that you are a U.S. person (including a U.S. resident alien).

A Fund also must withhold if the Internal Revenue Service instructs it to do so. When withholding is required, the amount will be 24% of any distributions or proceeds paid. 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 Internal Revenue Service. Certain payees and payments are exempt from backup withholding and information reporting. The special U.S. tax certification requirements applicable to non-U.S. investors to avoid backup withholding are described under the "Non-U.S. Investors" heading below.

**Non-U.S. Investors.** Non-U.S. investors (shareholders who, as to the United States, are nonresident alien individuals, foreign trusts or estates, foreign corporations, or foreign partnerships) may be subject to U.S. withholding and estate tax and are subject to special U.S. tax certification requirements. Non-U.S. investors should consult their tax advisors about the applicability of U.S. tax withholding and the use of the appropriate forms to certify their status.

*In General.* Non-U.S. investors generally will be subject to U.S. federal withholding tax at the rate of 30% (or at a lower rate if provided for by an applicable treaty) on distributions treated as ordinary income unless the distributions are effectively connected with a U.S. trade or business of the non-U.S, investor (see discussion below), and may be subject to estate tax with respect to their Fund shares. However, non-U.S. investors may not be subject to U.S. federal withholding tax on certain distributions derived from certain U.S. interest income and/or certain short-term capital gains earned by the Funds, to the extent reported by the Funds. There can be no assurance as to whether any of a Fund's distributions will be eligible for this exemption from withholding of U.S. federal income tax or, if eligible, will be reported as such by the Funds. Moreover, depending on the circumstances, a Fund may report all, some or none of the Fund's potentially eligible dividends as derived from such U.S. interest income or from such short-term capital gains, and a portion of the Fund's distributions (e.g. interest from non-U.S. sources or any foreign currency gains) would be ineligible for this potential exemption from withholding when paid to non-U.S. shareholders.

*Capital Gain Dividends.* In general, a capital gain dividend reported by a Fund to shareholders as paid from its net long-term capital gains other than long-term capital gains realized on disposition of U.S. real property interests (see the discussion below) are not subject to U.S. withholding tax unless you are a nonresident alien individual present in the United States for a period or periods aggregating 183 days or more during the calendar year.

*Net Investment Income from Dividends on Stock and Foreign Source Interest Income Continue to be Subject to Withholding Tax; Foreign Tax Credits.* Ordinary dividends paid by a Fund to non-U.S. investors on the income earned on portfolio investments in (i) the stock of domestic and foreign corporations and (ii) the debt of foreign issuers continue to be subject to U.S. withholding tax. Foreign shareholders may be subject to U.S. withholding tax at a rate of 30% (or at a lower rate if provided for by an applicable treaty) on the income resulting from an election to pass through foreign tax credits to shareholders, but may not be able to claim a credit or deduction with respect to the withholding tax for the foreign tax treated as having been paid by them.

*Income Effectively Connected with a U.S. Trade or Business.* If the income from a Fund is effectively connected with a U.S. trade or business carried on by a foreign shareholder, then ordinary income dividends, capital gain dividends and any gains realized upon the sale or redemption of shares of the Fund will be subject to U.S. federal income tax at the rates applicable to U.S. citizens or domestic corporations and require the filing of a nonresident U.S. income tax return. Additionally, with respect to a non-U.S. investor that is treated as a corporation for U.S. federal income tax purposes, such dividends and gains realized may, under certain circumstances, be subject to an additional "branch profits tax" at a 30% rate (or at a lower rate if provided for by an applicable treaty).

*Investment in U.S. Real Property.* A Fund may invest in equity securities of corporations that invest in U.S. real property, including U.S. REITs. The sale of a U.S. real property interest ("USRPI") by a Fund or by a U.S. REIT or U.S. real property holding corporation in which the Fund invests may trigger special tax consequences to the Fund's non-U.S. shareholders.

The Foreign Investment in Real Property Tax Act of 1980 ("FIRPTA") makes non-U.S. persons subject to U.S. tax on disposition of a USRPI as if he or she were a U.S. person. Such gain is sometimes referred to as FIRPTA gain. The Code provides a look-through rule for distributions of FIRPTA gain by certain RICs received from U.S. REITs.

Because each Fund expects to invest less than 50% of its assets at all times, directly or indirectly, in U.S. real property interests, each Fund expects that neither gain on the sale or redemption of Fund shares nor Fund dividends and distributions would be subject to FIRPTA reporting and tax withholding.

*U.S. Estate Tax.* Transfers by gift of shares of a Fund by a foreign shareholder who is a nonresident alien individual will not be subject to U.S. federal gift tax. An individual who, at the time of death, is a non-U.S. shareholder will nevertheless be subject to U.S. federal estate tax with respect to Fund shares at the graduated rates applicable to U.S. citizens and residents, unless a treaty exemption applies. If a treaty exemption is available, a decedent's estate may nonetheless need to file a U.S. estate tax return to claim the exemption in order to obtain a U.S. federal transfer certificate. The transfer certificate will identify the property (i.e., Fund shares) as to which the U.S. federal estate tax lien has been released. In the absence of a treaty, there is a $13,000 statutory estate tax credit (equivalent to U.S. situs assets with a value of $60,000). For estates with U.S. situs assets of not more than $60,000, the Fund may accept, in lieu of a transfer certificate, an affidavit from an appropriate individual evidencing that decedent's U.S. situs assets are below this threshold amount.

*U.S. Tax Certification Rules.* Special U.S. tax certification requirements may apply to non-U.S. shareholders both to avoid U.S. back up withholding imposed at a rate of 24% and to obtain the benefits of any treaty between the United States and the shareholder's country of residence. In general, a non-U.S. shareholder must provide a Form W-8 BEN (or other applicable Form W-8) to establish that you are not a U.S. person, to claim that you are the beneficial owner of the income and, if applicable, to claim a reduced rate of, or exemption from, withholding as a resident of a country with which the United States has an income tax treaty. A Form W-8 BEN provided without a U.S. taxpayer identification number will remain in effect for a period beginning on the date signed and ending on the last day of the third succeeding calendar year unless an earlier change of circumstances makes the information on the form incorrect. Certain payees and payments are exempt from back-up withholding.

The Funds also are required to withhold U.S. tax (at a 30% rate) on payments of dividends made to certain non-U.S. entities that fail to comply (or be deemed compliant) with extensive reporting and withholding requirements under the Code designed to inform the U.S. Department of the Treasury of U.S.-owned foreign investment accounts. Shareholders may be requested to provide additional information to determine whether such withholding is required.

The tax consequences to a non-U.S. shareholder entitled to claim the benefits of an applicable tax treaty may be different from those described herein. Non-U.S. shareholders are urged to consult their own tax advisors with respect to the particular tax consequences to them of an investment in a Fund, including the applicability of foreign tax.

**Effect of Future Legislation; Local Tax Considerations.** The foregoing general discussion of U.S. federal income tax consequences is based on the Code and the regulations issued thereunder as in effect on the date of this SAI. Future legislative or administrative changes or court decisions may significantly change the conclusions expressed herein, and any such changes or decisions may have a retroactive effect with respect to the transactions contemplated herein. Rules of state and local taxation of ordinary income, qualified dividend income and capital gain dividends may differ from the rules for U.S. federal income taxation described above. Distributions may also be subject to additional state, local and foreign taxes depending on each shareholder's particular situation. Non-U.S. shareholders may be subject to U.S. tax rules that differ significantly from those summarized above. Shareholders are urged to consult their tax advisors as to the consequences of these and other state and local tax rules affecting investment in a Fund.

**<u>FINANCIAL STATEMENTS</u>**

The audited financial statements and financial highlights of the Funds for the fiscal year ended March 31, 2025, as set forth in the Funds' [Form N-CSR](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001320615/000119312525133917/d925915dncsr.htm) filed with the SEC, including the report of Deloitte & Touche LLP, the Funds' independent registered public accounting firm, are incorporated by reference into this SAI. A shareholder may obtain a copy of the Form N-CSR and Form N-CSRS filed with the SEC at no charge by calling 1-888-887-0619.

**APPENDIX A**

**CORPORATE DEBT RATINGS**

Moody's Investors Service, Inc. describes classifications of corporate bonds as follows:

**Aaa**. Bonds that are rated Aaa are judged to be of the best quality. They carry the smallest degree of investment risk and are generally referred to as "gilt-edged." Interest payments are protected by a large or by an exceptionally stable margin and principal is secure. While the various protective elements are likely to change, such changes as can be visualized are most unlikely to impair the fundamentally strong position of such issues.

**Aa**. Bonds that are rated Aa are judged to be of high quality by all standards. Together with the Aaa group, they comprise what are generally known as high grade. They are rated lower than the best bonds because margins of protection may not be as large as in Aaa securities or fluctuation of protective elements may be of greater amplitude or there may be other elements present which make the long-term risks appear somewhat larger than in Aaa securities.

**A**. Bonds that are rated A possess many favorable investment attributes and are to be considered as upper medium-grade obligations. Factors giving security to principal and interest are considered adequate, but elements may be present which suggest a susceptibility to impairment sometime in the future.

**Baa**. Bonds that are rated Baa are considered as medium-grade obligations, (i.e., they are neither highly protected nor poorly secured). Interest payments and principal security appear adequate for the present but certain protective elements may be lacking or may be characteristically unreliable over any great length of time. Such bonds lack outstanding investment characteristics and in fact have speculative characteristics as well.

**Ba**. Bonds which are rated Ba are judged to have speculative elements; their future cannot be considered as well assured. Often the protection of interest and principal payments may be very moderate and thereby not well safeguarded during both good and bad times over the future. Uncertainty of position characterizes bonds in this class.

**B**. Bonds that are rated B generally lack characteristics of the desirable investment. Assurance of interest and principal payments or of maintenance of other terms of the contract over any long period of time may be small.

**Caa**. Bonds that are rated Caa are of poor standing. Such issues may be in default or there may be present elements of danger with respect to principal or interest.

**Ca**. Bonds that are rated Ca represent obligations that are speculative in a high degree. Such issues are often in default or have other marked shortcomings.

**C**. Bonds that are rated C are the lowest rated class of bonds and issues so rated can be regarded as having extremely poor prospects of ever attaining any real investment standing.

**Note**: Moody's also supplies numerical indicators 1, 2, and 3 to rating categories. The modifier 1 indicates the security is in the higher end of its rating category; the modifier 2 indicates a mid-range ranking; and the modifier 3 indicates a ranking toward the lower end of the category.

**Standard & Poor's Ratings Group describes classifications of corporate bonds as follows:**

**AAA**. This is the highest rating assigned by Standard & Poor's Ratings Group to a debt obligation and indicates an extremely strong capacity to pay principal and interest.

**AA**. Bonds rated AA also qualify as high-quality debt obligations. Capacity to pay principal and interest is very strong and in the majority of instances, they differ from the AAA issues only in small degree.

**A.** Bonds rated A have a strong capacity to pay principal and interest, although they are somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions.

**BBB.** Bonds rated BBB are regarded as having an adequate capacity to pay principal and interest. Whereas they normally exhibit adequate protection parameters, adverse economic conditions or changing circumstances are more likely to lead to a weakened capacity to pay principal and interest for bonds in this category than for bonds in the A category.

**BB.** Debt rated BB has less near-term vulnerability to default than other speculative grade debt. However, it faces major ongoing uncertainties or exposure to adverse business, financial or economic conditions which could lend to inadequate capacity to meet timely interest and principal payments.

**B.** Debt rated B has a greater vulnerability to default but presently has the capacity to meet interest payments and principal repayments. Adverse business, financial, or economic conditions would likely impair capacity or willingness to pay interest and repay principal.

**CCC**. Debt rated CCC has a current identifiable vulnerability to default, and is dependent upon favorable business, financial and economic conditions to meet timely payments of interest and repayment of principal. In the event of adverse business, financial or economic conditions, it is not likely to have the capacity to pay interest or repay principal.

**CC.** The rating CC is typically applied to debt subordinated to senior debt that is assigned an actual or implied CCC rating.

**C.** The rating C is typically applied to debt subordinated to senior debt that is assigned an actual or implied CCC rating.

**D.** Debt rated D is in default, or is expected to default upon maturity or payment date.

**CI.** The rating CI is reserved for income bonds on which no interest is being paid.

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

**APPENDIX B**

**PROXY VOTING POLICIES**

Below are the proxy voting policies (or summaries thereof) of the Adviser and the Subadvisers:

**Mercer Investments LLC**

**Mercer Funds**

**Proxy Voting Policy**

**Summary**

Mercer Investments LLC and Mercer Trust Company LLC (collectively, "Mercer") retain highly qualified subadvisors to manage client accounts, including respectively, the Mercer Funds ("Funds") and collective investment trusts. These managers have detailed knowledge of the investments they make on behalf of these clients and Funds and are therefore in a position to judge what is in the best interests of the clients and Funds as shareholder. With respect to the Funds, Mercer Investments LLC, as the Funds' advisor, recommends and monitors subadvisors for the Funds, and therefore the Funds' Board of Trustees believes it is in the best interest of the Funds to adopt the proxy voting policies of Mercer, as described below.

**SCOPE**

This policy applies to all Mercer colleagues and to the Mercer Funds.

**POLICY STATEMENT**

Mercer believes that voting rights have economic value and must be treated accordingly. Proxy votes that impact the economic value of client investments involve the exercise of fiduciary responsibility, and to that end, Mercer delegates this responsibility to subadvisors with respect to the underlying portfolio securities managed on behalf of client accounts, including the Funds. When voting (or not voting) proxies for retirement assets governed by the United States Department of Labor and its Employee Retirement Income Security Act of 1974 (ERISA), plan fiduciaries, including Mercer, must consider only the pecuniary impact of their proxy votes on the plan's investments. The use of ERISA plan assets to further policy-related or political issues through proxy resolutions that are not likely to enhance the economic value of an investment is prohibited.

Good corporate governance should, in the long term, lead toward both better corporate performance and improved shareholder value. Thus, Mercer expects subadvisors to vote based on the premise that board members of companies in which they have invested client assets should act in the service of the shareholders, view themselves as stewards of the financial assets of the company, exercise good judgment and practice diligent oversight with the management of the company. Underlying Mercer's voting policy are four fundamental objectives:

Mercer expects subadvisors to act in the best financial interests of Mercer clients and the Funds, as applicable, to protect and enhance the long-term value of their investments;

In order to do this effectively, Mercer expects subadvisors to utilize the full weight of Mercer client or Fund shareholdings in ensuring that their views have maximum impact in every vote;

Mercer expects subadvisors to have a strong commercial interest in ensuring that the companies in which they invest client and Fund assets are successful and to actively pursue this interest by promoting best practice in the boardroom; and

Mercer expects subadvisors to have appropriate procedures in place to deal with conflicts of interest in voting proxies; to that end, Mercer will not instruct subadvisors how to vote proxies.

For ERISA plan assets, when deciding whether to exercise – and in exercising – the right to vote proxies and other shareholder rights, in order to meet ERISA's prudence and loyalty standards, fiduciaries, including Mercer, must comply with the following principles:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. act solely in accordance with the economic interest of the plan client and/or collective investment
trust;

2. consider any costs involved;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. not subordinate the interests of the plan clients or collective investment trusts to any non-pecuniary
objective, or promote non-pecuniary benefits or goals unrelated to those financial interests;

4. evaluate material facts that form the basis for any particular proxy vote or other exercise of
shareholder rights;

5. maintain records on proxy voting activities and other exercises of shareholder rights; and

6. exercise prudence and diligence in the selection and monitoring of persons, if any, selected to
advise or otherwise assist with exercises of shareholder rights, such as providing research and analysis, recommendations regarding
proxy votes, administrative services with voting proxies, and recordkeeping and reporting services.

Mercer has implemented this policy in order to support and encourage subadvisors to exercise sound corporate governance practice when voting proxies. Mercer Investments LLC will require all Fund subadvisors to provide to it their proxy policies; any material revisions thereto must be provided to Mercer Investments LLC as soon as is practicable, and as part of the periodic compliance due diligence process (see "North America Subadvisor Due Diligence Procedures"). Mercer Investments LLC will ensure that the Funds' Board of Trustees receive copies of subadvisors' proxy policies, or summaries thereof, and Mercer Legal and/or Compliance personnel will review each Fund subadvisor's proxy voting policy as part of that review process.

Proxies that are inadvertently delivered to Mercer rather than to a subadvisor will be sent immediately to the appropriate contact at that subadvisor. Additionally, Mercer personnel will follow up with the subadvisor contact to ensure receipt.

In certain circumstances, such as with respect to client investments in commingled investment funds managed by a subadvisor, Mercer retains responsibility to vote proxies on behalf of clients (unless directed otherwise by the client). In those cases, it is Mercer's policy to vote in the best financial interests of its clients and, as applicable, to protect and enhance the long-term value of their investments. The applicable discretionary investment committee with respect to the client account shall be authorized to vote these proxies after consideration of potential conflicts of interest as described below, and in the case of ERISA plan assets, in compliance with the six principles described above.

**Conflicts of Interest**

Mercer and each of its subadvisors have respectively adopted a Code of Ethics, Insider Trading Policy, and other compliance policies and procedures to preserve the independence of its investment advice to its clients (including the Mercer Funds). Nonetheless, from time to time, a proxy proposal may involve an apparent conflict between the interests of Mercer's or its subadvisors' clients and the interests of Mercer, its subadvisors or any affiliated person of Mercer. As described above, Mercer expects each subadvisor to have in place policies and procedures designed to address conflicts of interest in the proxy voting process. In those circumstances where Mercer votes a proxy related to a client or Fund holding, in reviewing these proxies to identify any potential material conflicts between the interests of Mercer and affiliated persons and those of its clients, Mercer will consider:

Whether Mercer, its subadvisors and affiliated persons have an economic incentive to vote in a manner that is not consistent with the best interests of Mercer's clients. For example, Mercer may have an economic incentive to vote in a manner that would please corporate management if Mercer or an affiliate were in the process of seeking a client relationship with a company and wanted that company's corporate management to direct business to Mercer. Such business could include, among other things, managing company retirement plans or serving as consultant for the company and its pension plans;

Whether there are any existing business or personal (including familial) relationships between a Mercer employee and the officers or directors of a company whose securities are held in client accounts that may create an incentive to vote in a manner that is not consistent with the best interests of its clients; or

Whether the shareholder proposing a resolution on a proxy of a company whose securities are held in client accounts is also a client of Mercer.

**Form N-PX – Reporting; Disclosure of Proxy Voting Information**

Pursuant to Section 30 of the Investment Company Act of 1940, the Funds must file their complete proxy voting record with the Securities and Exchange Commission ("SEC") on Form N-PX not later than August 31 of each year for the most recent twelve-month period ended June 30. Mercer Investments LLC has delegated the gathering of this information from the Fund's subadvisors to a proxy voting vendor. The vendor shall both file Form N-PX with the SEC and provide the required website

to which Mercer Investments LLC may link its internet site in order to make such information available to Mercer Funds shareholders.

The Funds will disclose the Funds', Mercer Investments LLC's and each subadvisor's proxy voting policies, or will provide a description or copy of them, as applicable, in the Statement of Additional Information (the "SAI") included in the Funds' Registration Statement on Form N-1A. The Funds will disclose that these proxy voting policies, or a description of them, are available without charge, upon request on the SEC's website at http://www.sec.gov. Upon any request for a proxy voting policy, or description, the policy or the description (or a copy of the most recent SAI containing the policy or description) will be sent by first-class mail or other prompt delivery method within three business days of receipt of the request. The Funds will also disclose in the SAI that information is available about how the Funds voted proxies during the most recent twelve-month period ended June 30 on the SEC's website at http://www.sec.gov.

**REPORTING** 

Clients other than the Funds and their shareholders may obtain information about how their proxies were voted by contacting Mercer. Availability of proxy voting reports shall be described in Mercer Investments LLC's Form ADV, Part 2A.

**MAINTENANCE OF RECORDS** 

Mercer shall maintain and preserve permanently in an easily accessible place a copy of these Procedures and any modifications thereto. In addition, Mercer shall also maintain the following records relating to proxy voting in the event that Mercer, rather than a subadvisor, votes a proxy:

A copy of each proxy statement that Mercer receives regarding client securities which is not provided to a subadvisor;

A record of each vote cast by Mercer on behalf of a client;

Documentation relating to the identification and resolution of conflicts of interest related to the vote, if applicable.

All required records shall be maintained and preserved in an easily accessible place for a period of not less than seven years, the first two years in an easily accessible place.

**DELEGATION** 

Nothing in this policy shall be interpreted to prevent Mercer Investments LLC's, Mercer Trust Company LLC's and/or the Funds' Chief Compliance Officer ("CCO") from relying upon work performed, and reports written, by persons under the CCO's supervision, provided the CCO determines that such delegation is appropriate.

**EXCEPTIONS**

Any exceptions to this policy must be approved, in writing, by the CCO.

**RESOURCES**

Any questions regarding this policy should be raised with the CCO or a member of the Legal & Compliance Department. ■

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| | |
|:---|:---|
| &nbsp;&nbsp;Last Amended: | &nbsp;&nbsp;March 2021 |
| &nbsp;&nbsp;Last Reviewed: | &nbsp;&nbsp;March 2021 |

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**Acadian Asset Management LLC** 

**Proxy Voting**

**Policy**

Whether Acadian will have proxy voting responsibility on behalf of a separate account client is subject to negotiation as part of the overall investment management agreement executed with each client. We will have voting responsibility for all Acadian branded funds.

Should a separate account client desire that Acadian vote proxies on their behalf, Acadian will accept such authority and agree with the client as part of the investment management agreement whether votes should be cast in accordance with Acadian's proxy voting policy or in accordance with a client specific proxy voting policy. Should the client wish to retain voting responsibility themselves, Acadian would have no further involvement in the voting process but would remain available to provide reasonable assistance to the client as needed.

Acadian utilizes the services of Institutional Shareholder Services ("ISS"), an unaffiliated proxy firm, to help manage the proxy voting process and to research and vote proxies. Acadian has adopted the ISS voting policies for use when contractually directed by the client to votes proxies on their behalf in accordance with our proxy voting policy. We review the ISS policies at least annually and believe that they are reasonably designed to ensure that we vote proxies in the best interest of clients and that our voting decisions are insulated from any potential material conflicts of interest.

Should a client contractually direct Acadian to vote proxies on their behalf in accordance with Client specific voting policies and procedures, we will still utilize the services of ISS to cast the votes in accordance with the client's instructions.

When voting proxies on behalf of our clients, Acadian assumes a fiduciary responsibility to vote in our clients' best interests. In addition, with respect to benefit plans under the Employee Retirement Income Securities Act (ERISA), Acadian acknowledges its responsibility as a fiduciary to vote proxies prudently and solely in the best interest of plan participants and beneficiaries. So that it may fulfill these fiduciary responsibilities to clients, Acadian has adopted and implemented these written policies and procedures reasonably designed to ensure that it votes proxies in the best interest of clients.

**Procedures**

*<u>Proxy Voting Guidelines</u>*

 

Acadian acknowledges it has a duty of care to its clients that requires it to monitor corporate events and vote client proxies when instructed by the client to do so. To assist in this effort, Acadian has retained ISS to research and vote its proxies. ISS provides proxy-voting analysis and votes proxies in accordance with predetermined guidelines. Relying on ISS to vote proxies is intended to help ensure that Acadian votes in the best interest of its clients and insulates Acadian's voting decisions from any potential material conflicts of interest. Acadian will also accept specific written proxy voting instructions from a client and communicate those instructions to ISS to implement when voting proxies involving that client's portfolio.

In specific instances where ISS will not vote a proxy, will not provide a voting recommendation, or other instances where there is an unusual cost or requirement related to a proxy vote, Acadian's Head of Investment Operations will coordinate with members of our investment team to conduct an analysis to determine whether the costs related to the vote outweigh the potential benefit to our client. If we determine, in our discretion, that it is in the best of interest of our client not to participate in the vote Acadian will not participate in the vote on behalf of our client. If we determine that a vote would be in the best interest of our client, Acadian will provide voting direction back to ISS and ensure the vote is cast as they instruct.

Unless contrary instructions are received from a client, Acadian has instructed ISS to not vote proxies in so-called "share blocking" markets. Share-blocking markets are markets where proxy voters have their securities blocked from trading during the period of the annual meeting. The period of blocking typically lasts from a few days to two weeks. During the period, any portfolio holdings in these markets cannot be sold without a formal recall. The recall process can take time, and in some cases, cannot be accomplished at all. This makes a client's portfolio vulnerable to a scenario where a stock is dropping in attractiveness but cannot be sold because it has been blocked. Shareholders who do not vote are not subject to the blocking procedure.

Acadian also reserves the right to override ISS vote recommendations under certain circumstances. Acadian will only do so if they believe that voting contrary to the ISS recommendation is in the best interest of clients. The reasons for any overrides and for voting against the ISS recommendation will be documented.

*<u>Conflicts of Interest</u>*

 

Occasions may arise during the voting process in which the best interest of our clients conflict with Acadian's interests. In these situations, ISS will continue to follow the same predetermined guidelines as formally agreed upon between Acadian and ISS before such conflict of interest existed. Conflicts of interest generally include (i) business relationships where Acadian has a substantial business relationship with, or is actively soliciting business from, a company soliciting proxies, or (ii) personal or family relationships whereby an employee of Acadian has a family member or other personal relationship that is affiliated with a company soliciting proxies, such as a spouse who serves as a director of a public company. A conflict could also exist if a substantial business relationship exists with a proponent or opponent of a particular initiative.

If Acadian learns that a conflict of interest exists, the Head of Investment Operations will work with our compliance and investment team as needed to document (i) the details of the conflict of interest, (ii) whether or not the conflict is material, and (iii) procedures to ensure that Acadian makes proxy voting decisions based on the best interests of clients. If Acadian determines that a material conflict exists, it will defer to ISS to vote the proxy in accordance with the predetermined voting policy.

*<u>Voting Policies</u>*

 

Acadian has adopted the proxy voting policies developed by ISS, summaries of which can be found at http://www.issgovernance.com/policyand which are deemed to be incorporated herein. The policies have been developed based on ISS' independent, objective analysis of leading corporate governance practices and their support of long-term shareholder value. Acadian may change its proxy voting policy from time to time without providing notice of changes to clients.

*<u>Voting Process</u>*

 

Acadian's Head of Investment Operations acts as coordinator with ISS including ensuring proxies Acadian is responsible to vote are forwarded to ISS, overseeing that ISS is voting assigned client accounts and maintaining appropriate authorization and voting records.

After ISS is notified by the custodian of a proxy that requires voting and/or after ISS cross references their database with a routine download of Acadian holdings and determines a proxy requires voting, ISS will review the proxy and make a voting proposal based on the recommendations provided by their research group. Any electronic proxy votes will be communicated to the proxy solicitor by ISS Global Proxy Distribution Service and Broadridge's Proxy Edge Distribution Service, while non-electronic ballots, or paper ballots, will be faxed, telephoned or sent via Internet. ISS assumes responsibility for the proxies to be transmitted for voting in a timely fashion and maintains a record of the vote, which is provided to Acadian on a monthly basis. Proxy voting records specific to a client's account are available to each client upon request.

*<u>Proxy Voting Record</u>*

 

Acadian will maintain a record containing the following information regarding the voting of proxies: (i) the name of the issuer, (ii) the exchange ticker symbol, (iii) the CUSIP number, (iv) the shareholder meeting date, (v) a brief description of the matter brought to vote; (vi) whether the proposal was submitted by management or a shareholder, (vii) how Acadian/ ISS voted the proxy (for, against, abstained) and (viii) whether the proxy was voted for or against management.

*<u>Obtaining a Voting Proxy Report</u>*

 

Clients may request a copy of these policies and procedures and/or a report on how their individual securities were voted by contacting Acadian at 617-850-3500 or by email at compliance-reporting@acadian-asset.com.

*Last Updated: January 2021*

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**Applicable Entities / Rules**

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| *Applicable Entities:* | &nbsp;&nbsp;American Century Investment Management, Inc. |
| *Statutory/Regulatory:* | &nbsp;&nbsp;Investment Company Act §30(b), Rule 30b1-4; Investment Advisers Act §206, 206(4)-6 |
| *Effective Date(s):* | &nbsp;&nbsp;September/October 2004, Last Revised June 2025 |
| ***Policy or Summary:*** | &nbsp;&nbsp;**Policy** |
| ***Related Summary:*** | &nbsp;&nbsp;**Proxy Voting Policies and Procedures** |
| *Related Documents:* |  |

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American Century Investment Management, Inc. (the "Adviser") is the investment manager for a variety of advisory clients, including the American Century family of funds. In such capacity, the Adviser has been delegated the authority to vote proxies with respect to investments held in certain accounts it manages. The following is a statement of the proxy voting policies (the "Policies") that have been adopted by the Adviser. In the exercise of proxy voting authority which has been delegated to it by particular clients, the Adviser will apply the Policies in accordance with, and subject to, any specific policies that have been adopted by the client and communicated to and accepted by the Adviser in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I.** **General Principles** 

In providing the service of voting client proxies, the Adviser is guided by general fiduciary principles, must act prudently, solely in the interest of its clients, and must not subordinate client interests to unrelated objectives. Except as otherwise indicated in these Policies, the Adviser will use its best efforts to vote all proxies with respect to investments held in the client accounts it manages. Shares may not be voted if the cost or administrative burden of voting shares of a particular portfolio company in the judgment of the Advisor exceeds the benefit to fund shareholders. The Adviser will attempt to consider all factors of its vote that could affect the value of the investment.

Although in most instances the Adviser will vote proxies consistently across all client accounts, the votes will be based on the best interests of each client. As a result, accounts managed by the Adviser may at times vote differently on the same proposals. Examples of when an account's vote might differ from other accounts managed by the Adviser include, but are not limited to, proxy contests and proposed mergers. In short, the Adviser will vote proxies in the manner that it believes will do the most to maximize shareholder value.

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| **A.** | **Non-U.S. Proxies** |
|  | **The Adviser will generally evaluate non-U.S. proxies in the context of the Policies but will also, where feasible, take into consideration differing laws, regulations, and practices in the relevant foreign market in determining if and how to vote. There may also be circumstances when practicalities and costs involved with non-U.S. investing make it disadvantageous to vote shares. For instance, the Adviser generally does not vote proxies in circumstances where share blocking restrictions apply, when meeting attendance is required in person, or when current share ownership disclosure is required.** |

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| **B.** | **Stewardship and Engagement** |
|  | As long-term owners and as part of its stewardship efforts, the Adviser undertakes regular contact with portfolio company management to provide the Adviser an opportunity to gain additional information when voting proxies. |

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| **C.** | **Proposals Involving Sustainability Matters** |
|  | The Adviser will vote with the expectation of maximizing shareholder value and believes that certain sustainability issues can potentially impact a company's long-term financial performance. On a case-by-case basis, the financial materiality and potential risks or economic impact of the sustainability issues underpinning proxy proposals are considered and it is ultimately each team's portfolio managers that are responsible for making the voting decision. |
|  | The portfolio management teams for portfolios that have sustainability considerations in their mandates can place emphasis around those considerations when voting proxies with the objective of enhancing outcomes. |

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| **D.** | **Exception Voting** |
|  | The Adviser reserves the right to vote contrary to the Policies when, in its opinion, the vote will do the most to maximize the investment objective of the account. |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**II.** **Specific Proxy Matters** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Routine Matters** 

&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.** **Election of Directors** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)  ***Generally. (i)*** The Adviser will generally support the election of directors that results in a board made up of a majority of independent
 directors. (ii) In general, the Adviser will vote in favor of management's director nominees if they are running
 unopposed. The Adviser believes that management is in the best position to evaluate the qualifications of directors and the
 needs and dynamics of a particular board. (iii) When management's nominees are opposed in a proxy contest, the Adviser
 will evaluate which nominees' publicly announced management policies and goals are most likely to maximize shareholder
 value, as well as the past performance of the incumbents. (iv)The Adviser maintains the ability to vote against any candidate
 whom it believes is not qualified or if there are specific concerns about the individual, such as allegations of criminal
 wrongdoing or breach of fiduciary responsibilities. (v) Additional information the Adviser may consider concerning director
 nominees include, but is not limited to, whether (1) there is an adequate explanation for repeated absences at board
 meetings, (2) the nominee receives non-board fee compensation, or (3) there is a family relationship between the nominee and
 the company's chief executive officer or controlling shareholder, and/or (4) the nominee has sufficient time and
 commitment to serve effectively in light of the nominee's service on other public company
 boards.

b)  ***Committee Service.*** The Adviser will withhold votes for non-independent directors who serve on the audit and/or compensation committees of the board.

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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;c)  ***Classification of Boards.*** The Adviser believes classified boards represent a form of anti-takeover device, which is generally not in the interests of minority shareholders. Accordingly, the Adviser will generally support proposals that seek to declassify boards. Additionally, the Adviser will oppose efforts to adopt classified board structures.

d)  ***Majority Independent Board.*** The Adviser will support proposals calling for a majority of independent directors on a board. The Adviser believes that a majority of independent directors can help to facilitate objective decision making and enhance accountability to shareholders.

e)  ***Majority Vote Standard for Director Elections.*** The Adviser will generally vote in favor of proposals calling for directors to be elected by an affirmative majority of the votes cast in a board election, provided that the proposal allows for a plurality voting standard in the case of contested elections. The Adviser may consider voting against such shareholder proposals where a company's board has adopted an alternative measure, such as a director resignation policy, that provides a meaningful alternative to the majority voting standard and appropriately addresses situations where an incumbent director fails to receive the support of the majority of the votes cast in an uncontested election.

*f)*  ***Separate CEO and Chair.*** The Adviser will generally vote against shareholder proposals requesting an independent chair if the board is majority independent. Conversely, if the board is not majority independent, the Adviser will generally vote in favor of management proposals to separate the roles of CEO and chair of the board of directors.

g)  ***Withholding Campaigns.*** The Adviser will support proposals calling for shareholders to withhold votes for directors where such actions will advance the principles set forth in paragraphs (1) through (5) above.

h)  ***Director Indemnification.*** The Adviser will generally vote in favor of a corporation's proposal to indemnify its officers and directors in accordance with applicable state law. Indemnification arrangements are often necessary to attract and retain qualified directors.

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| **2.** | **Ratification of Selection of Auditors** |
|  | The Adviser will generally rely on the judgment of the portfolio company's audit committee in selecting the independent auditors who will provide the best service to the company. The Adviser believes that independence of the auditors is paramount and will vote against auditors whose independence appears to be impaired. The Adviser will generally vote against proposed auditors in circumstances where the auditor has or may have a potential conflict of interest, including where: (a) an auditor has a financial interest in or association with the company, and is therefore not independent; (b) non-audit fees are excessive compared to audit fees (c) the audit firm's tenure is excessively long; or (d) there is reason to believe that the independent auditor has previously rendered an opinion to the company that is either inaccurate or not indicative |

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**of the company's financial position.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Compensation Matters** 

&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.** **Executive Compensation and Director Compensation** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)  ***Advisory Vote on Compensation.*** The Adviser believes there are several effective ways to convey concerns about compensation including voting against the advisory vote on executive compensation (say-on-pay proposals), voting against specific incentive plans or amendments to incentive plans it deems excessive or withholding votes from compensation committee members. The Adviser will consider and vote on a case-by-case basis on say-on-pay proposals and will generally support management proposals unless there are inadequate risk-mitigation features or other specific concerns exist, including if the Adviser concludes that executive compensation is (i) misaligned with shareholder interests, (ii) unreasonable in amount, or (iii) not in the aggregate meaningfully tied to the company's performance.

b)  ***Frequency of Advisory Votes on Compensation.*** The Adviser generally supports the triennial option for the frequency of say-on-pay proposals, but will consider management recommendations for an alternative approach.

c)  ***Clawback of Incentive Compensation.*** The Adviser expects portfolio companies to structure executive compensation plans in a manner that does not encourage excessive risk-taking or insulate management from the consequences of failures of risk management and oversight. The Adviser generally supports properly-structured clawback provisions in executive compensation plans as a way to mitigate the potential for excessive risk taking. In evaluating compensation clawback proposals, the Adviser will consider whether the company has a history of financial restatements, material financial problems, and any other factors deemed relevant.

d)  ***Directors' Stock Options Plans.*** The Adviser believes that stock options are an appropriate form of compensation for directors, and the Adviser will generally vote for director stock option plans that are reasonable and do not result in excessive shareholder dilution. Analysis of such proposals will be made on a case-by-case basis and will take into account total board compensation and the company's total exposure to stock option plan dilution.

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| **2.** | **Equity Based Compensation Plans** |
|  | The Adviser believes that equity-based compensation plans are economically significant issues upon which shareholders are entitled to vote. The Adviser recognizes that equity-based compensation plans can be useful in attracting and retaining desirable employees. The cost associated with such plans must be measured if plans are to be used appropriately to maximize shareholder value. The Adviser may conduct an analysis of stock option, stock bonus or similar plans or material amendments thereto, including replenishing a with additional shares. |
|  | Features that may result in the Adviser voting against the initial adoption of a plan or |

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subsequent amendment to replenish the plan with additional shares include whether the 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Provides for immediate vesting of all stock options in the event of
 a change of control of the company without reasonable safeguards against abuse (see "Anti-Takeover Proposals"
 below);

b) Resets outstanding stock options at a lower strike price, unless accompanied
 by a corresponding and proportionate reduction in the number of shares designated. The Adviser will generally oppose adoption
 of stock option plans that explicitly or historically permit repricing of stock options, regardless of the number of shares
 reserved for issuance, since their effect is impossible to evaluate;

c) Establishes restriction periods shorter than three years for restricted
 stock grants;

d) Does not reasonably associate awards to performance of the company
 (especially as it relates to the selection of appropriate vesting metrics, which ideally should contain both absolute and
 relative measures); or

e) Is excessively dilutive to the company. Factors that will be considered
 in the determination include the company's overall market capitalization, the performance of the company relative to
 its peers, and the maturity of the company and its industry; for example, technology companies often use options broadly throughout
 its employee base, which may justify somewhat greater dilution.

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| **3.** | **Non-Stock Incentive Plans** |
|  | Management may propose a variety of non-stock, cash-based incentive or bonus plans to stimulate employee performance. In general, the cash or other corporate assets required for most incentive plans is not material, and the Adviser will vote in favor of such proposals. Case-by-case determinations will be made of the appropriateness of the amount of shareholder value transferred by proposed plans. |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Shareholder Rights** 

&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.** **One Share, One Vote.** The Adviser generally supports proposals to equalize the voting rights of shareholders, including the
 elimination of special or super voting share classes and the establishment of single-class voting structures.

2. **Right to Call Special Shareholder Meetings.** The corporation statutes of many states allow minority shareholders at a certain threshold
 level of ownership to call a special meeting of shareholders. This right can be eliminated (or the threshold increased) by
 amendment to the company's charter documents. The Adviser believes that the right to call a special shareholder meeting
 is significant for minority shareholders; the elimination of such right will be viewed as an anti- takeover measure and the
 Adviser will generally vote against proposals attempting to eliminate this right and for proposals

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|  | attempting to restore it. |
| 3. | **Right to Act by Written Consent.** The Adviser will generally vote for proposals to permit shareholders to act by written consent if the company does not currently permit shareholders to call for a special meeting or to act by written consent. The Adviser will generally vote against proposals on written consent if the company permits shareholders the right to call for a special meeting. |
| 4. | **Proxy Access.** The Adviser believes that the ability of qualifying shareholders to nominate a certain number of directors on the company's proxy statement may have corporate governance benefits. Accordingly, the Adviser will generally vote in favor of proposals to adopt proxy access rules offering a balanced set of limitations. When considering such proposals, the factors taken into account will include the following: (i) the ownership percentages and holding periods proposed; (ii) the maximum proportion of directors that shareholders may nominate each year; and (iii) any other material restrictions included in the proposal. |

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| **D.** | **Anti-Takeover Proposals** |
|  | **In general, the Adviser will vote against any proposal, whether made by management or shareholders, which the Adviser believes would materially discourage a potential acquisition or takeover. In most cases an acquisition or takeover of a particular company will increase share value. The adoption of anti-takeover measures may prevent or frustrate a bid from being made, may prevent consummation of the acquisition, and may have a negative effect on share price when no acquisition proposal is pending. In particular circumstances, the Adviser may vote in favor of some forms of control protective measures if they are responsive to a particular circumstance, are narrowly focused and have a sunset provision reasonably tied to the circumstances.** |
|  | The items below discuss specific anti-takeover proposals. |

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| **1.** | **Staggered Board** |
|  | If a company has a "staggered board," its directors are elected for terms of more than one year and only a segment of the board stands for election in any year. Therefore, a potential acquiror cannot replace the entire board in one year even if it controls a majority of the votes. Although staggered boards may provide some degree of continuity and stability of leadership and direction to the board of directors, the Adviser believes that staggered boards are primarily an anti-takeover device and will vote against establishing them and for eliminating them. However, the Adviser does not necessarily vote against the re-election of directors serving on staggered boards. |
| **2.** | **Cumulative Voting** |
|  | Cumulative voting gives minority shareholders a stronger voice in the company and a greater chance for representation especially when a company maintains a staggered or classified board. |

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|  | Accordingly, if a company has a staggered board, the Adviser will: a) vote in favor of any proposal to adopt cumulative voting, and b) vote against any proposal to eliminate cumulative voting that is already in place. |
| **3.** | **"Blank Check" Preferred Stock** |
|  | Blank check preferred stock gives the board of directors the ability to issue preferred stock, without further shareholder approval, with such rights, preferences, privileges and restrictions as may be set by the board. In response to a hostile takeover attempt, the board could issue such stock to a friendly party or "white knight" or could establish conversion rights or other rights in the preferred stock which would dilute the common stock and make an acquisition impossible or less attractive. The argument in favor of blank check preferred stock is that it gives the board flexibility in pursuing financing, acquisitions or other proper corporate purposes without incurring the time or expense of a shareholder vote. Generally, the Adviser will vote against blank check preferred stock. However, the Adviser may vote in favor of blank check preferred stock if the proxy statement discloses that such stock is limited to use for a specific, proper corporate objective such as a financing instrument. |
| **4.** | **Elimination of Preemptive Rights** |
|  | When a company grants preemptive rights, existing shareholders are given an opportunity to maintain their proportional ownership when new shares are issued. A proposal to eliminate preemptive rights is a request from management to revoke that right. |
|  | While preemptive rights will protect the shareholder from having its equity diluted, it may also decrease a company's ability to raise capital through stock offerings or use stock for acquisitions or other proper corporate purposes. Preemptive rights may therefore result in a lower market value for the company's stock. In the long term, shareholders could be adversely affected by preemptive rights. The Adviser generally votes against proposals to grant preemptive rights, and for proposals to eliminate preemptive rights. |
| **5.** | **Non-targeted Share Repurchase** |
|  | A non-targeted share repurchase is generally used by company management to prevent the value of stock held by existing shareholders from deteriorating. A non-targeted share repurchase may reflect management's belief in the favorable business prospects of the company. The Adviser finds no disadvantageous effects of a non-targeted share repurchase and will generally vote for the approval of a non-targeted share repurchase subject to analysis of the company's financial condition. |
| **6.** | **Increase in Authorized Common Stock** |
|  | The issuance of new common stock can also be viewed as an anti-takeover measure, although its effect on shareholder value would appear to be less significant than the adoption of blank check preferred stock. The Adviser will evaluate the amount of the proposed increase and the purpose or purposes for which the increase is sought. If the |

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|  | increase is not excessive and is sought for proper corporate purposes, the Adviser will generally vote to approve the increase. Proper corporate purposes might include, for example, the creation of additional stock to accommodate a stock split or stock dividend, additional stock required for a proposed acquisition, or additional stock required to be reserved upon exercise of employee stock option plans or employee stock purchase plans. Generally, the Adviser will vote in favor of an increase in authorized common stock of up to 100% outstanding and otherwise reserved for all legitimate corporate purposes; increases in excess of 100% are evaluated on a case-by-case basis and will be voted affirmatively if management has provided sound justification for the increase. |
| **7.** | **"Supermajority" Voting Provisions or Super Voting Share Classes** |
|  | A "supermajority" voting provision is a provision placed in a company's charter documents which would require approval by the vote of greater than a simple majority (generally ranging from 66% to 90%) of shareholder votes to approve any type of acquisition of the company. |
|  | The supermajority provision makes an acquisition more time-consuming and expensive for the acquiror. Accordingly, the Adviser will generally vote against the introduction of supermajority provisions and in favor of their removal. |
| 8. | **"Fair Price" Amendments** |
|  | Fair price amendments are another type of charter amendment that would require an offeror to pay a "fair" and uniform price to all shareholders in an acquisition. In general, fair price amendments are designed to protect shareholders from coercive, two-tier tender offers in which some shareholders may be merged out on disadvantageous terms. Fair price amendments also have an anti-takeover impact, although their adoption is generally believed to have less of a negative effect on stock price than other anti-takeover measures. The Adviser will carefully examine all fair price proposals. In general, the Adviser will vote against fair price proposals unless the Adviser concludes that it is likely that the share price will not be negatively affected, and the proposal will not discourage acquisition proposals. |
| **9.** | **Poison Pills or Shareholder Rights Plans** |
|  | Some companies have retained some version of a poison pill plan (also known as a shareholder rights plan). Poison pill plans generally provide for the issuance of additional equity securities or rights to purchase equity securities upon the occurrence of certain events the company board deems hostile, such as the acquisition of a large block of stock. |
|  | The basic argument against poison pills is that they depress share value, discourage offers for the company and serve to "entrench" management. The basic argument in favor of poison pills is that they give management more time and leverage to deal with a takeover bid and, as a result, shareholders may receive a better price. The Adviser believes that the potential benefits of a poison pill plan are outweighed by the potential detriments. The Adviser will generally vote against all forms of poison pills. |

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|  | The Adviser will, however, consider on a case-by-case basis poison pills that are very limited in time and preclusive effect. The Adviser will generally vote in favor of such a poison pill if it is linked to a business strategy that will – in the Adviser's view – likely result in greater value for shareholders, if the term is less than three years, and if shareholder approval is required to reinstate the expired plan or adopt a new plan at the end of this term. |
| **10.** | **Change in Control Agreements** |
|  | Change in control (golden parachute) agreements provide substantial compensation to executives who are terminated as a result of a takeover or change in control of their company. The existence of such plans in reasonable amounts probably has only a slight anti-takeover effect. In voting, the Adviser will evaluate the specifics of the plan presented. Features that may result in the Adviser voting against the adoption or extension of such an agreement include the following: (a) single-trigger or modified-single-trigger cash severance; (b) single-trigger acceleration of unvested equity awards; (c) excessive cash severance (greater than 3X base salary and bonus), especially when triggering adverse tax consequences for the recipient, the company, or both; (d) excise tax gross-ups triggered and payable (as opposed to a provision that provides excise tax gross-ups); (e) excessive change in control payments (on an absolute basis or as a percentage of transaction equity value; (f) recent amendments that incorporate any problematic features (such as those above) or recent actions (such as extraordinary equity grants) that may make packages so attractive as to influence merger agreements that may not be in the best interests of shareholders; or (g) the company's assertion that a proposed transaction is conditioned on shareholder approval of the change in control advisory vote. |
| **11.** | **Reincorporation** |
|  | Reincorporation in a new state is often proposed as one part of a package of anti-takeover measures. Several states provide some type of legislation that greatly discourages takeovers. The Adviser will examine reincorporation proposals on a case-by-case basis. |
|  | Generally, if the Adviser believes that the reincorporation will result in greater protection from takeovers, the reincorporation proposal will be opposed. The Adviser will also generally oppose reincorporation proposals involving jurisdictions that specify that directors can recognize non-shareholder interests over those of shareholders. When reincorporation is proposed for a legitimate business purpose and without the negative effects identified above, the Adviser will generally vote affirmatively. |
| **12.** | **Confidential Voting** |
|  | Companies that have not previously adopted a "confidential voting" policy allow management to view the results of shareholder votes. This gives management the opportunity to contact those shareholders voting against management in an effort to change their votes. |

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| **Proxy Voting Policies** | ![](x1_c113438x185x1.jpg) |

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  policy   <br>

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|:---|:---|
|  | Proponents of secret ballots argue that confidential voting enables shareholders to vote on all issues on the basis of merit without pressure from management to influence their decision. Opponents argue that confidential voting is more expensive and unnecessary; also, holding shares in a nominee name maintains shareholders' confidentiality. The Adviser believes that the only way to insure anonymity of votes is through confidential voting, and that the benefits of confidential voting outweigh the incremental additional cost of administering a confidential voting system. Therefore, the Adviser will generally vote in favor of any proposal to adopt confidential voting. |
| **13.** | **Opting In or Out of State Takeover Laws** |
|  | State takeover laws typically are designed to make it more difficult to acquire a corporation organized in that state. The Adviser believes that the decision of whether or not to accept or reject offers of merger or acquisition should be made by the shareholders, without unreasonably restrictive state laws that may impose ownership thresholds or waiting periods on potential acquirors. Therefore, the Adviser will generally vote in favor of opting out of restrictive state takeover laws. |

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|:---|:---|
| **E.** | **Transaction-Related Proposals** |
|  | **The Adviser will review transaction related proposals, such as mergers, acquisitions, and corporate reorganizations, on a case-by-case basis, taking into consideration the impact of the transaction on each client account. In some instances, such as the approval of a proposed merger, a transaction may have a differential impact on client accounts depending on the securities held in each account. For example, whether a merger is in the best interest of a client account may be influenced by whether an account holds, and in what proportion, the stock of both the acquirer and the acquiror. In these circumstances, the Adviser may determine that it is in the best interests of the accounts to vote the accounts' shares differently on proposals related to the same transaction.** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**F.** **Other Matters** 

&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.  ***Shareholder-sponsored proposals.*** Proposals introduced by shareholders
 will be evaluated for linkage between the proposal, its economic impact, and its potential to maximize long-term shareholder
 value. Where the economic impact of a proposal is unclear, the Adviser will generally rely on management's assessment
 of the proposal if the Adviser believes the assessment is reasonable.

2. **Anti-Greenmail Shareholder Proposals.** "Anti-greenmail" proposals generally
 limit the right of a corporation, without a shareholder vote, to pay a premium or buy out a 5% or greater shareholder. Management
 often argues that they should not be restricted from negotiating a deal to buy out a significant shareholder at a premium
 if they believe it is in the best interest of the company. Institutional shareholders generally believe that all shareholders
 should be able to vote on such a significant use of corporate assets. The Adviser believes that any repurchase by the company
 at a premium price of a large block of stock should be subject to a shareholder vote. Accordingly, it will generally vote
 in favor of anti-greenmail proposals.

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|:---|:---|
| **Proxy Voting Policies** | ![](x1_c113438x185x1.jpg) |

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  policy   <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **Director Tenure.** Director Tenure proposals ask that age and term
 restrictions be placed on the board of directors. The Adviser believes that these types of blanket restrictions are not necessarily
 in the best interests of shareholders and therefore will consider and assess such measures as appropriate.

4. **Director Share Ownership.** The Adviser will generally vote against shareholder
 proposals that would require directors to hold a minimum number of the company's shares to serve on the board of directors,
 in the belief that such ownership should be at the discretion of board members.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**III.** **Securities on Loan** 

The Adviser shall use commercially reasonable efforts to monitor for material proxy votes with respect to loaned securities. In the event the Adviser has timely knowledge of a material vote, the Adviser will attempt to recall the loaned securities and submit a proxy in accordance with these proxy guidelines. Efforts to recall loaned securities may not be successful and there can be no guarantee that a valid proxy will be submitted in all cases.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**IV.** **Use of Proxy Advisory Services** 

The Adviser may retain proxy advisory firms to provide services in connection with voting proxies, including, without limitation, to provide information on shareholder meeting dates and proxy materials, translate proxy materials printed in a foreign language, provide research on proxy proposals and voting recommendations in accordance with the Policies, provide systems to assist with casting the proxy votes, and provide reports and assist with preparation of filings concerning the proxies voted.

Prior to the selection of a proxy advisory firm and periodically thereafter, the Adviser will consider whether the proxy advisory firm has the capacity and competency to adequately analyze proxy issues and the ability to make recommendations based on material accurate information in an impartial manner. Such considerations may include some or all of the following (i) periodic sampling of votes cast through the firm's systems to determine that votes are in accordance with the Adviser's Policies and its clients best interests, (ii) onsite visits to the proxy advisory firm's office and/or discussions with the firm to determine whether the firm continues to have the resources (e.g. staffing, personnel, technology, etc.) capacity and competency to carry out its obligations to the Adviser, (iii) a review of the firm's policies and procedures, with a focus on those relating to identifying and addressing conflicts of interest and monitoring that current and accurate information is used in creating recommendations, (iv) requesting that the firm notify the Adviser if there is a change in the firm's material policies and procedures, particularly with respect to conflicts, or material business practices (e.g., entering or exiting new lines of business), and reviewing any such change, and (v) in case of an error made by the firm, discussing the error with the firm and determining whether appropriate corrective and preventative action is being taken. In the event the Adviser discovers an error in the research or voting recommendations provided by the firm, it will take reasonable steps to investigate the error and seek to determine whether the firm is taking reasonable steps to reduce similar errors in the future.

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|:---|:---|
| **Proxy Voting Policies** | ![](x1_c113438x185x1.jpg) |

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  policy   <br>

While the Adviser takes into account information from many different sources, including independent proxy advisory services, the decision on how to vote proxies will be made in accordance with these Policies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**V.** **Monitoring Potential Conflicts of Interest** 

The Adviser is responsible for monitoring and resolving possible conflicts between the interests of the Adviser and those of its clients with respect to proxy voting. The Adviser has adopted safeguards to address the potential that our proxy voting could be influenced by interests other than those of our fund shareholders and clients. Since our Policies are predetermined by the Adviser, application of the Policies to vote clients' proxies should in most instances adequately address any possible conflicts of interest. However, for proxy votes inconsistent with the Policies, the Adviser's Proxy Voting Committee reviews all such proxy votes to determine whether the portfolio manager's voting rationale appears reasonable and is consistent with the general principles of the Policies. The Proxy Voting Committee also assesses whether certain business or other significant relationships between the Adviser and a company could have influenced an inconsistent vote on that company's proxy. Issues raising possible conflicts of interest are referred to the Proxy Voting Committee for immediate resolution prior to the time the Adviser casts its vote. With respect to personal conflicts of interest, the Adviser's Code of Ethics requires all employees to avoid placing themselves in a compromising position where their interests may conflict with those of our clients and restricts their ability to engage in certain outside business activities. Portfolio managers and other personnel involved with proxy voting with a personal conflict of interest regarding a particular proxy vote must recuse themselves and not participate in the voting decisions with respect to that proxy.

In addition, to avoid any potential conflict of interest that may arise when the Adviser votes proxies of a fund, portfolio, or other account (Adviser-Voted Portfolio") that owns shares of an American Century fund, the Adviser will "echo vote" such shares, if possible. Echo voting means the Adviser will vote the shares in the same proportion as the vote of all the other holders of the fund's shares. So, for example, if shareholders of a fund cast 80% of their votes in favor of a proposal and 20% against the proposal, any Adviser-Voted Portfolio that owns shares of such fund will cast 80% of its shares in favor of the proposal and 20% against. When this is not possible, shares will be voted in consultation with the Adviser-Voted Portfolio client or an appropriate fiduciary responsible for the client (e.g., a committee of the independent directors of a fund or the trustee of a retirement plan).

\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*

The Policies will be examined from time to time and may be amended by the Adviser. With respect to matters that do not fit in the categories stated above, the Adviser will exercise its best judgment as a fiduciary to vote in the manner that will most enhance shareholder value.

Case-by-case determinations will be made by the Adviser. Electronic records will be kept of all votes made.

**Ares Proxy Voting Guidelines**

Ares Management LLC and its related investment advisers ("**Ares**" or the "**Firm**") recognize that proxy voting is an important right of shareholders and that reasonable care and diligence must be undertaken to ensure that such rights are properly and timely exercised.

Accordingly, Ares has adopted the following Proxy Voting Policies and Guidelines for the purpose of complying with applicable regulations and to provide transparency into Ares' approach to voting proxies.

Where Ares has been granted discretion by a Client to exercise by proxy the voting rights of securities beneficially owned by such Client, Ares will exercise all voting rights delegated to it by the Client with respect to Client Securities, except as provided in this policy.

**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.

**Client Securities** refers to securities beneficially owned by a Client.

Ares will vote proxies so as to maximize the economic value of the Client Securities and otherwise serve the best interests of each Client. In determining how to vote, the appropriate investment professionals of Ares will consider the interests of each Client and its Investors as well as any potential conflicts of interest. In general, Ares will vote proxies in accordance with the guidelines set out below, which are designed to maximize the value of Client Securities (the "**Guidelines**"), unless any of the following is true:

&nbsp;&nbsp;&nbsp;&nbsp;• Ares' agreement
 with the Client requires it to vote proxies in a certain way

• Ares has determined otherwise due
 to the specific and unusual facts and circumstances with respect to a particular vote

• the subject matter of the vote is
 not covered by the Guidelines

• a material conflict of interest
 is present

• Ares finds it necessary to vote
 contrary to the Guidelines to maximize Investor value or the best interests of the Client

Upon receipt of any materials related to the voting of proxies on behalf of a Client, all such materials should be provided to the Ares Operations Team.

Ares will generally use the following guidelines in determining how to vote shareholder proxies:

&nbsp;&nbsp;&nbsp;&nbsp;• **Elections of Directors –** In general, Ares will vote in favor of the management-proposed slate of directors. If there is a proxy fight
 for seats on the board of directors of an issuer of Client Securities (an "**Issuer**") or Ares determines
 that there are other compelling reasons for withholding the Client's vote, it will determine the appropriate vote on
 the matter. Among other reasons, Ares may withhold votes for directors when:

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|:---|
| Ares believes a direct conflict of interest exists between the interests of a director and the shareholders |
| Ares concludes that the actions of a director are unlawful, unethical, or negligent |
| Ares believes a director is entrenched or dealing inadequately with performance problems or is acting with insufficient independence between the board and management |
| Ares believes that, with respect to directors of an Issuer, there is insufficient information about the nominees disclosed in the proxy statement |

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&nbsp;&nbsp;&nbsp;&nbsp;• **Appointment of Auditors –** As Ares will generally rely on the judgement of an Issuer's audit committee in selecting the
 independent auditors who will provide the best services to the Issuer. Ares will generally support management's recommendation
 in this regard; however, Ares believes that independence of auditors is paramount to the protection of shareholders and will
 vote against auditors whose independence appears to be impaired.

• **Changes in Governance Structure –** Changes in the charter or bylaws of an Issuer may be required by state or federal regulation.
 In general, Ares will cast a Client's votes in accordance with management's recommendation on such proposals;
 however, Ares will consider carefully any proposal regarding a change in corporate structure that is not required by state
 or federal regulation.

&nbsp;&nbsp;&nbsp;&nbsp;• **Corporate Restructurings and Reorganizations –** Ares believes that proxy votes dealing with corporate restructurings and reorganizations,
 including mergers and acquisitions, are an extension of the investment decision. Ares will analyze such proposals on a case-by-case
 basis and vote in accordance with its view of each Client's interests.

• **Proposals Affecting Shareholder Rights –** Ares will generally cast a Client's votes in favor of proposals that give shareholders
 a greater voice in the affairs of an Issuer and oppose any measure that seeks to limit such rights. However, when analyzing
 such proposals, Ares will balance the financial impact of the proposal against any impairment of shareholder rights as well
 as of the Client's investment in the Issuer.

• **Corporate Governance –** As Ares recognizes the importance of good corporate governance, Ares will generally favor proposals
 that promote transparency and accountability within an Issuer.

• **Anti-Takeover Measures –** Ares will evaluate, on a case-by-case basis, any proposals regarding anti-takeover measures
 to determine the effect such measure is likely to have on shareholder value.

• **Stock Splits –** Ares will generally vote with management on stock split matters.

• **Limited Liability of Directors –** Ares will generally vote with management on matters that could adversely affect the limited
 liability of directors.

• **Social and Corporate Responsibility –** Ares will review proposals related to social, political, and environmental issues to
 determine whether they may adversely affect shareholder value. Ares may abstain from voting on such proposals where they do
 not have a readily determinable financial impact on shareholder value.

• **Executive and Directors Compensation –** Ares will evaluate, on a case-by-case basis, any proposals regarding stock option and
 compensation plans. Ares will generally vote against any proposed plans that Ares believes may result in excessive transfer
 of shareholder value.

Ares will typically not delegate its voting authority to any third party, although it may retain an outside service to provide voting recommendations and to assist in casting and analyzing votes. Ares will, in most instances, vote proxies consistently across all Clients holding the same Client Securities. Because Ares will make voting determinations based on the interests of each individual Client, there may be circumstances when Ares will vote differently on behalf of different Clients with respect to the same proposal.

**Disclosure**

Ares will inform each Client of these Proxy Voting Policies and Guidelines and any material changes made to this Proxy Voting Policy. Upon request Ares will promptly provide to a Client a copy of the current Proxy Voting Policy and Guidelines. Clients may obtain information about how Ares voted proxies on behalf of such Client upon request.

**Conflicts of Interest**

If Ares determines that a potential conflict of interest exists, Ares may choose to resolve the conflict by following the recommendation of a disinterested third party, by seeking the direction of each affected Client or, in extreme cases, by abstaining from voting.

Some examples of potential conflicts of interest include:

&nbsp;&nbsp;&nbsp;&nbsp;• Ares
 provides investment advice to an officer or director of an issuer and Ares receives a proxy solicitation from that issuer,
 or a competitor of that issuer

• an issuer or
 some other third party offers Ares or an employee, officer or director of Ares compensation in exchange for voting a proxy
 in a particular way

• an employee,
 officer or director of Ares or a member of an such person's household has a personal or business relationship with an
 issuer

• an employee,
 officer or director of Ares has a beneficial interest contrary to the position held by Ares on behalf of a Client

&nbsp;&nbsp;&nbsp;&nbsp;• Ares
 holds various classes and types of equity and debt securities of the same issuer contemporaneously in different Client portfolios

• any other circumstance
 where Ares' duty to service its Clients' interest could be compromised

**Recordkeeping**

Ares will retain the following records pertaining to these Proxy Voting Policies and Procedures in accordance with Rule

204-2 under the Investment Advisers Act of 1940:

&nbsp;&nbsp;&nbsp;&nbsp;• Proxy
 Voting Policies and Procedures

• all proxy statements
 received (or Ares may rely on proxy statements filed on the EDGAR system of the SEC)

• records of
 votes cast

• records of
 requests for proxy voting information by Clients and a copy of any written response by Ares to any Client request on how Ares
 voted proxies on behalf of the requesting Client

• any specific
 documents prepared or received in connection with a decision on a proxy vote

If Ares uses an outside service, it may rely on such service to maintain copies of proxy statements and records, so long as the service will provide a copy of such documents promptly upon request.

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|:---|:---|
| &nbsp;&nbsp;![](x1_c113438x200x1.jpg) | **Compliance Policies and Procedures<br> Proxy Voting** |

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&nbsp;&nbsp;**Summary**

Investment advisers are required to implement policies and procedures reasonably designed to ensure that proxies are voted in the best interest of clients, in accordance with fiduciary duties and SEC Rule 206(4)-6 under the Investment Advisers Act of 1940. In addition to SEC requirements governing advisers, Aristotle Pacific's proxy voting policies reflect the fiduciary standards and responsibilities for ERISA accounts set out in applicable Department of Labor guidance.

Aristotle Pacific's authority to vote proxies for clients is established by the Investment Management Agreement ("IMA") or comparable documents. Aristotle Pacific manages fixed income strategies; therefore the volume of proxies is relatively low.

&nbsp;&nbsp;**Policy**

Aristotle Pacific generally follows the voting guidelines included in this Policy; however, each vote is ultimately cast on a case-by-case basis, taking into consideration the contractual obligations under the IMA or comparable document, and all other relevant facts and circumstances at the time of the vote to ensure that proxies are voted in the best interest of clients.

**<u>Conflicts of Interest</u>**

Aristotle Pacific takes reasonable measures to identify the existence of any material conflicts of interest related to voting proxies. A potential conflict of interest may exist when Aristotle Pacific votes a proxy for an issuer with whom:

● Aristotle Pacific maintains a material business relationship

● Aristotle Pacific Senior Management or Portfolio Manager(s) maintain a personal relationship

Conflicts based on material business relationships or dealings with affiliates of Aristotle Pacific will only be considered to the extent that Aristotle Pacific has actual knowledge of such material business relationships. Aristotle Pacific employees are periodically, and no less than annually, reminded of their obligation to be aware of the potential for conflicts of interest with respect to voting proxies both as a result of business or personal relationships and to bring potential and actual conflicts of interest to the attention of the Aristotle Pacific CCO. Additionally, employees of Aristotle Pacific, including senior management and the portfolio managers, are required to disclose certain activities, relationships and personal interests that may create, or appear to create an actual or potential conflict of interest. Aristotle Pacific will not vote proxies relating to such issuers identified as being ii involved in a potential conflict of interest until it has been determined that the conflict of interest is not material or a method for resolving the conflict of interest has been agreed upon and implemented. When a material conflict of interest exists, Aristotle Pacific will choose among the following options to eliminate such conflict:

● Vote in accordance with the Voting Guidelines (outlined below), if the voting scenario is covered in the Voting Guidelines and involves little or no discretion;

● If possible, erect information barriers around the person or persons making voting decisions sufficient to insulate the decision from the conflict;

● If practical, notify affected clients of the conflict of interest and seek a waiver of the conflict for the proxy to be voted;

● If agreed upon in writing with the client, forward the proxies to the affected client or their designee and allow the client or their designee to vote the proxies.

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|:---|:---|
| &nbsp;&nbsp;![](x1_c113438x200x1.jpg) | &nbsp;&nbsp;**Compliance Policies and Procedures<br> Proxy Voting** |

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The resolution of all potential and actual material conflicts of interest issues is documented in order to demonstrate that Aristotle Pacific acted in the best interest of its clients.

**<u>Abstaining from Proxy Voting</u>**

In certain circumstances, Aristotle Pacific may choose to abstain from voting a proxy. In instances when Aristotle Pacific deems abstention to be in the best interest of its client(s), Aristotle Pacific will formally indicate its abstention on the proxy to ensure the vote is properly recorded. Considerations that may cause Aristotle Pacific to abstain from voting include but are not limited to:

● When the cost of voting the proxy outweighs the benefits or is otherwise impractical;

● International constraints for timing and meeting deadlines;

● Restrictions on foreign securities including share blocking (restrictions on the sale of securities for a period of time in proximity to the shareholder meeting); and

● Any instance where the Firm feels there is insufficient information to determine the most reasonable course of action on behalf of a client; and

● When a client provides specific instruction to abstain from a vote as outlined in the Client Instruction section below.

Any proxies that Aristotle Pacific chooses not to vote will be documented along with the rationale prior to the date of the shareholder's meeting for that particular proxy.

**<u>Client Instruction</u>**

Under certain circumstances a client may delegate proxy voting authority to Aristotle Pacific and provide specific voting instructions. The IMA must reflect the terms and conditions of the arrangement. As agreed to in the IMA, Aristotle Pacific will vote in accordance with the client's specific instructions which may or may not align with this policy. Clients should be aware that providing specific instructions may result in voting that may be contrary to how Aristotle Pacific would have voted using the Voting Guidelines or their own analysis.

**<u>Differences in Proxy Vote Determinations</u>**

Aristotle Pacific may determine that specific circumstances require that proxies be voted differently among accounts due to the accounts' Investments Guidelines or other distinguishing factors. Aristotle Pacific may from time to time reach contrasting but equally valid views on how best to maximize economic value in respect to a particular investment. This may result in situations in which a client is invested in portfolios with dissimilar proxy outcomes. In those situations, the other portfolios may be invested in strategies having distinctive investment objectives, investment styles or investment professionals. However, Aristotle Pacific generally votes consistently on the same matter when securities of an issuer are held by multiple client accounts. Any differences among proxies for other portfolios will be reviewed, approved and documented by senior management and the Aristotle Pacific CCO prior to the vote being cast.

**<u>Client Disclosure and Availability of Proxy Voting Policies and Procedures</u>**

Aristotle Pacific provides a copy of its proxy voting policy and procedures to clients upon request. Clients can obtain information on how proxies were voted for their account upon request. Compliance provides proxy filing information to the advisors of 40 Act Accounts as requested for the purpose of filing proxy information annually with the SEC.

**<u>Voting Guidelines</u>**

Proxy proposals generally fall into one of the following categories: Reports and approval of accounts; Financial operations; Board elections; Remuneration; Engagement; and other relevant issues (e.g., shareholder and business proposals) In all cases, Aristotle Pacific will vote the proxies in a manner that is consistent with the best interest of its clients as follows:

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|:---|:---|
| &nbsp;&nbsp;![](x1_c113438x200x1.jpg) | &nbsp;&nbsp;**Compliance Policies and Procedures<br> Proxy Voting** |

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● **Reports and approval of accounts (e.g., approval of financial statements, allocation of income, appointment of auditors, etc.)**: Aristotle Pacific generally votes with the recommendations of a company's Board of Directors following our own review to include ensuring proposals are reflective of, among others, ethical, reasonable, equitable and financially sound corporate standards.

● **Financial operations (e.g., mergers and acquisitions, corporate restructuring, etc.):** Aristotle Pacific generally votes with the recommendations of a company's Board of Directors following our own review to include ensuring proposals are reflective of, among others, ethical, reasonable, equitable and financially sound corporate standards.

● **Board elections:** Board nominations are evaluated on a case-by-case basis. Aristotle Pacific is supportive of NASDAQ's Diversity requirements<sup>1</sup>. In the event any underlying issuer does not have at least two diverse<sup>2</sup> board members, we expect to vote against resolutions or proposals to re-elect or appoint a new, non-diverse board candidate<sup>3</sup>. Where an issuer has two or more diverse board members, Aristotle Pacific may vote in-line with the recommendations of a company's Board of Directors following our own review to include ensuring proposals are reflective of, among others, ethical, reasonable, equitable and financially sound corporate standards.

● **Remuneration and compensation practices:** Votes related to remuneration and compensation are evaluated on a case-by-case basis. Aristotle Pacific expects to specifically review instances of increased compensation (including bonus compensation) when the CEO to median employee ratio is higher than 300 to 14 based on public remuneration disclosures by an issuer.

● **Shareholder engagement related proxies:** These proxies are evaluated on a case-by-case basis. Aristotle Pacific generally expects to vote against any resolution that would reduce or restrict shareholder rights or engagement activities without compensation deemed reasonable to justify such restriction.

● **Shareholder proposals and other voting issues**, including ESG-related issues not described above, are evaluated on case-by-case basis with consideration to our ESG policy. If a proposal relates to the disclosure of material<sup>5</sup> ESG-related information (e.g., disclosure related to climate risk), and does not create duplicate disclosure effort or an unreasonable cost burden to the company, we generally expect to vote in favor of such proposal.

Any proxies that Aristotle Pacific votes outside of these general Voting Guidelines will be documented along with the rationale prior to the date of the shareholder's meeting for that particular proxy.

<sup>1</sup> https://listingcenter.nasdaq.com/assets/RuleBook/Nasdaq/filings/SR-NASDAQ-2020-081.pdf

<sup>2</sup> Defined per NASDAQ (*see Footnote 1*) as referring to any person who self-identifies as female, Black or African American, Hispanic or Latinx, Asian, Native American or Alaska Native, Middle Eastern / North African, Native Hawaiian or Pacific Islander, two or more races or ethnicities, or as LGBTQ+.

<sup>3</sup> Aristotle Pacific's review is limited to publicly available data that is reasonably practicable to locate or otherwise identify, and/or readily available in ESG disclosures

<sup>4</sup> https://www.forbes.com/sites/niallmccarthy/2021/07/15/americas-most-staggering-ceo-to-worker-pay-ratios-infographic/?sh=59eb3a762c56

<sup>5</sup> As defined by SASB as ESG risks that create a financial or operational impairment to a company https://www.sasb.org/standards/materiality-map/

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|:---|:---|
| &nbsp;&nbsp;![](x1_c113438x200x1.jpg) | &nbsp;&nbsp;**Compliance Policies and Procedures<br> Proxy Voting** |

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&nbsp;&nbsp;**Procedures**

All proxies are sent to the appropriate Aristotle Pacific portfolio manager(s), ESG product specialist and analyst responsible for the security held in a client account for their review and recommendation. These individuals research the implications of proxy proposals and make voting recommendations specific for each account that holds the related security. Aristotle Pacific portfolio managers are ultimately responsible for voting any client proxy. Aristotle Pacific uses information gathered from research, company management, and outside shareholder groups to reach voting decisions. In determining how to vote proxy issues, Aristotle Pacific votes proxies in a manner intended to protect and enhance the economic value of the securities held in client accounts.

Aristotle Pacific utilizes ISS ProxyExchange ("ProxyExchange") to assist with the administrative processes for proxy voting such as tracking and management of proxy records, vote execution, reporting, and auditing. ProxyExchange generates reports and provides information to assist in the review and monitoring of votes cast. The holdings in certain client accounts are electronically sent to the ProxyExchange system by the custodians to ensure that Aristotle Pacific is voting the most current share position for clients. Once Compliance receives email notification from ProxyExchange that there are proxies in the system to be voted, a ballot is created as a distributable unmarked ballot and sent via email to the appropriate parties for review. The portfolio managers respond with their voting decisions.

Compliance has the responsibility to vote the proxies according to the Portfolio Manager selections. Once voted, an email is sent via ProxyExchange to the client, client account custodian or third party as defined in the IMA confirming that proxies have been voted. An email is received from ProxyExchange confirming the vote was submitted.

For those client accounts not on the ProxyExchange system, all custodian banks and trustees are notified of their responsibility to forward to Compliance all proxy materials. When Compliance is notified of an upcoming proxy for the accounts on ProxyExchange, the proxy material is verified to have been received for the accounts not on ProxyExchange as well. If an expected proxy is not received by the voting deadline, Compliance will direct the custodian or trustee to vote in accordance with Aristotle Pacific's instructions. The final authority and responsibility for proxy voting remains with Aristotle Pacific.

&nbsp;&nbsp;**Oversight Controls**

Compliance reviews the proxy votes cast to make sure Aristotle Pacific is following the proxy voting policies and procedures. Compliance reviews, no less than annually, the adequacy of the proxy voting policies and procedures to make sure that they have been implemented effectively, including whether the policies continue to be reasonably designed to ensure that proxies are voted in the best interests of clients.

&nbsp;&nbsp;**Last Updated**

September 30, 2024

![](x1_c113438x204x1.jpg)

**Proxy Voting Policy**

**April 1, 2025**

**Introduction**

Our policy is to vote securities held in client portfolios consistent with our fiduciary duty of care and loyalty and in a manner consistent with the best interest of our clients and, in the case of benefit plans subject to ERISA, in the best interest of their plan participants and beneficiaries. This policy applies to client portfolios for which we have discretionary voting authority. Our proxy voting authority is evidenced in the client's account agreement or other written client communication. Capitalized terms used in this policy and not defined have the meaning ascribed in the Compliance Manual.

**Use of Third Party Proxy Service Provider**

We have retained Institutional Shareholder Services (ISS), a leading global proxy service provider, to provide proxy voting services to the client portfolios that we manage. ISS services include the following:

● globally monitoring corporate voting events and public information affecting such events that affect the issuers of securities held in client portfolios as required to cast informed votes;

● voting client portfolio securities, consistent with the relevant ISS voting policies and guidelines, in a timely manner; and

● maintaining certain records concerning the foregoing required by applicable law, rule or regulation, including the U.S. Securities and Exchange Commission (SEC) and U.S. Department of Labor (DOL).

**Rationale for Using Third Party Proxy Service Provider**

We believe that engaging ISS for proxy voting services is in the best interest of our clients because ISS has a demonstrated comparative advantage relative to our firm's resources and expertise in this area. In particular, ISS has:

● a large, dedicated team of experts, researchers and thought leaders in corporate governance matters utilizing both subject-matter and local market expertise;

● global monitoring capabilities to identify corporate voting events, and public information related to such events, affecting issuers of securities held by client portfolios (including issuer proxy materials and updates thereto);

● wide-ranging benchmark proxy voting guidelines developed using its internal experience and expertise, as well as input from institutional investors and global issuers, supporting well-researched and informed votes;

● established proxy voting technology and operations platforms; and

● appropriate compliance policies and procedures, including procedures for addressing material conflicts of interest in its business.

Further, we believe engaging ISS for proxy voting services is in the best interests of our clients because corporate matters subject to shareholder votes tend to be less impactful to our investment process and our stated risk adjusted return objectives for our client portfolios. Our investment process utilizes quantitative methods that identify and incorporate investment signals into its proprietary return, risk and transaction cost models. Our investment professionals do not typically engage in traditional equity asset management activities, such as actively researching individual companies, systematically reviewing or analyzing individual regulatory filings (such as annual and quarterly reports and proxy materials) or engaging directly with company executives. ISS has a demonstrated comparative expertise in this area.

**Use of Automated Proxy Service**

We utilize ISS' automated voting process, through which ISS generally completes and submits our client portfolios' proxy votes in accordance with agreed upon voting policies without the votes being reviewed in advance by us. Since ISS submits the votes

![](x1_c113438x204x1.jpg)

without our prior review, we do not analyze soliciting materials released by an issuer between ISS making its voting recommendation and votes being submitted (and we do not have any particular comparative expertise in this area relative to ISS' established capabilities and processes). We do, however, assess (typically on an annual basis) ISS' procedures for reviewing such soliciting materials released by issuers, and we have instructed ISS to cast votes as close to the voting deadline as is reasonably practicable so that ISS can take soliciting materials released by an issuer after ISS has made its voting recommendation into account before finalizing voting decisions.

**Third Party Proxy Service Provider Benchmark Voting Policies**

ISS maintains a set of benchmark proxy voting policies that are published on ISS' official website (issgovernance.com). These policies are typically updated annually through ISS' internal review process which takes into account feedback from the institutional investor community and global issuers on corporate and governance best practices. We review these policies on an annual basis to determine whether we believe such policies are consistent with the objective of maximizing shareholder value and, as applicable, consistent with our obligations under ERISA.

Unless instructed otherwise by a client (which is not typical among our clients), we apply ISS' benchmark proxy voting policies uniformly across all client portfolios for which we have discretionary voting authority. We believe a uniform set of guidelines is appropriate because we apply the same uniform investment process across all client portfolios with the same uniform investment objective of maximizing risk adjusted returns for our client portfolios. For separately managed accounts and / or Arrowstreet Sponsored Funds that require a more customized policy (e.g., to address client specific policy matters), we will seek to collaborate with such separately managed account client and / or Arrowstreet Sponsored Fund and ISS to apply an existing specialty policy or to implement a custom policy to address such requirements, consistent with our investment process. With respect to Arrowstreet Sponsored Funds, proxy voting policies are applied only at the fund level and different voting policies are not applied on an investor-by-investor basis.

We may, in our discretion, choose to override a decision of ISS with respect to a proxy vote in circumstances where ISS discloses a material conflict of interest prior to a voting deadline and we determine that doing so would be in the best interests of our clients. For more information, see "Conflicts of Interest" below.

**Third Party Proxy Service Provider Selection and Monitoring**

As part of the selection and monitoring process we assess the following (typically on an annual basis):

● the quality of the proxy service provider's staffing and personnel;

● the technology and information used to form the basis of the proxy service provider's voting recommendations;

● the processes and methodologies the proxy service provider uses in formulating its voting recommendations, including its ability to ensure that its proxy voting recommendations are based on current and accurate information, and when and how the proxy service provider engages with issuers and third parties;

● the proxy service provider's policies and procedures to confirm they comply with applicable laws and require a focus on material economic considerations and that the economic interests of its clients are not subordinated to other interests;

● the adequacy of the proxy service provider's disclosure of its processes and methodologies;

● the proxy service provider's policies and procedures for identifying, disclosing and addressing potential conflicts of interest, including conflicts that generally arise from providing proxy voting recommendations, proxy services and related activities;

● any other considerations that we believe would be appropriate in considering the nature and quality of the services provided by the proxy advisory firm; and

● whether the proxy voting advisor is required to maintain information about the votes of our clients confidential.

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In addition, we perform the following monitoring procedures on an annual, semi-annual, quarterly and monthly basis:

● *Annual*. On a no less than annual basis, we review the adequacy of ISS' (i) staffing and personnel; (ii) policies and procedures relating to the voting of proxies, including when and how ISS engages with and seeks input from issuers and third parties; (iii) policies and procedures for identifying, disclosing and addressing potential conflicts of interest, including conflicts that generally arise from providing proxy voting recommendations, proxy services and related activities; (iii) technology and information used to form the basis of ISS' voting recommendations; (iv) disclosure of its procedures and methodologies in formulating voting recommendations; and (v) updates to its methodologies, guidelines and voting recommendations on an ongoing basis, including in response to feedback from issuers and their shareholders.

● *Semi* - *Annually.* On a no less than semi-annual basis, we conduct a sampling of client proxy votes and underlying proxy research reports to confirm, on a post-vote basis, that ISS proxy voting recommendations were based on current and accurate information (such sampling includes a comparison of the underlying proxy materials relative to the applicable ISS proxy research report). If we determine that a recommendation of ISS was based on a factual error, incompleteness or methodological weaknesses in ISS' analysis that materially affected one or more votes for a client portfolio, we will take reasonable steps to investigate the matter, taking into account, among other things, the nature of the error and the related recommendation, and seek to determine whether ISS is taking reasonable steps to seek to reduce the likelihood of similar errors occurring in the future. As part of such investigation, we shall consider any information that we deem appropriate, which may include, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o ISS' process for ensuring that it has complete and accurate information about the issuer and each particular matter;

o Our ability, if any, to access the issuer's views about ISS' voting recommendations;

o ISS' efforts to correct any identified material deficiencies;

o ISS' disclosure regarding the sources of information and methodologies used in formulating voting recommendations and executing voting instructions; and

o ISS' consideration of factors unique to specific issuers and proposals when evaluating matters subject to a shareholder vote.

● *Quarterly*. On a no less than quarterly basis, we conduct a sampling of client proxy votes and underlying proxy research reports to confirm that they are voted in a manner consistent with the ISS Proxy Guidelines.

● *Monthly*. On a no less than monthly basis, we conduct a sampling of client proxy votes and underlying proxy research reports to confirm, on a pre-vote basis, that ISS proxy voting recommendations are based on current and accurate information (such sample to consist of a comparison of the underlying proxy materials relative to the applicable ISS proxy research report). If we determine that a recommendation of ISS is based on a factual error, incompleteness or methodological weaknesses in ISS' analysis that would otherwise materially affect one or more votes for a client portfolio, we will take reasonable steps to investigate the matter taking into account the information outlined above relative to the semi-annual, post-vote review and engage with ISS to the extent practicable prior to the voting the applicable proxy.

We also receive monthly reporting from ISS on the following matters, as applicable, during the applicable period:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Material changes to ISS' conflict of interest policies or procedures;

o Changes or updates to ISS' business so that we can determine whether such changes or updates are relevant to an assessment of ISS' ability to provide proxy voting advice;

o Conflicts of interest identified in connection with a proxy vote for a client portfolio that were not appropriately remediated or escalated in writing to us for remediation; and

o "Votes against" applicable ISS proxy voting guidelines relative to our client portfolios.

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● *Ongoing*. On an ongoing basis we coordinate between our firm, the custodian(s)/administrators of client portfolios subject to this policy, and ISS to facilitate the delivery of proxies and related materials for the respective client portfolio securities in a timely manner (it being understood, however, that our ability to vote proxies is dependent on the timely and accurate delivery of proxy data from the applicable custodian/administrator to ISS which may be delivered too late to take action, or not at all).

In addition, we will review the adequacy of this policy not less than annually to confirm that the policy (i) has been implemented in accordance with its terms and (ii) has been formulated reasonably and implemented effectively, including whether the policy is reasonably designed to ensure that proxies are voted in the best interests of clients as described above.

**Environmental, Social and Governance (ESG) Voting**

Certain environmental, social and corporate governance (ESG) voting matters are taken into account in ISS' standard benchmark proxy voting policies. In addition, upon the request of a client, we may implement (through ISS) enhanced ESG specific voting procedures with respect to the securities held in such client's portfolio. For such clients, we contract with ISS to cast votes based on a mutually agreed specialized ISS proxy voting policy. ISS then monitors events affecting the issuers of securities, as required, to cast informed votes, make decisions on voting securities and maintain necessary records on the votes cast. As disclosed in the applicable Arrowstreet Sponsored Fund's offering documents, ESG specific voting procedures have been implemented in certain Arrowstreet Sponsored Funds that orient their portfolios on the basis of certain ESG factors. We do not expect to add ESG specific voting procedures to our other Arrowstreet Sponsored Funds.

**Third Party Proxy Service Provider Fees**

We pay for the cost of ISS' proxy voting services, except in the case of individually tailored proxy voting guidelines, in which case the cost of such service may be negotiated with the client.

**Recordkeeping**

The Chief Compliance Officer will maintain, or cause ISS to maintain, as applicable, the following records under this policy for such period as is required by SEC Rule 204-2 (currently five (5) years) or for such longer period as may be requested in writing by a client or by applicable law:

● *Arrowstreet*. We will maintain the following records with regard to this policy:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Copies of this policy (and revisions thereto);

o A copy of each written client request for information on how we or ISS voted that client's shares, and a copy of any written response by us to any written or oral client request for such information;

o A copy of each document prepared by us that was material to making a decision on how to vote proxies on behalf of a client, or that records the basis for the decision;

o A record of each vote cast by the firm on behalf of a client in which we override ISS' recommendation;

o Documentation relating to any conflict of interest review undertaken by the Chief Compliance Officer; and

o Documentation relating to the due diligence and review of the proxy service provider.

● *ISS*. We will cause ISS (a registered investment adviser) to (i) maintain the following records under this policy for such period as is required by SEC Rule 204-2 (currently five (5) years) or for such longer period as may be requested in writing by the firm and (ii) produce such records promptly on request:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Copies of ISS' Proxy Voting Guidelines and policies and procedures relating to the voting of proxies and management of conflicts of interest (and revisions thereto);

o A copy of each proxy statement received regarding client securities, other than any that is available via the SEC's

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---

| | |
|:---|:---|
|  | EDGAR system; |
| &nbsp;&nbsp;&nbsp;&nbsp;o | A copy of each research report prepared by ISS material to making a decision on how to vote proxies on behalf of our clients; and |
| &nbsp;&nbsp;&nbsp;&nbsp;o | A record of each vote cast by or on behalf of the firm with respect to client shares. |

---

**Conflicts of Interest**

We believe that, as a result of utilizing ISS, conflicts of interest between the firm and a client in the proxy voting context will be rare. In the event conflicts of interest arise, such as when ISS notifies us of a conflict of interest involving a proxy recommendation, we will exercise discretion as to whether following the ISS recommendation is in the best interests of our clients.

The Chief Compliance Officer will review any such conflict of interest and use their best judgment to address any such conflict of interest and ensure that it is resolved in accordance with their independent assessment of the best interests of the relevant clients. Such resolution may include, among other things, the firm seeking voting instructions from any affected client.

If ISS notifies the firm of a conflict of interest with respect to a proxy vote after such vote has been taken, the Chief Compliance Officer shall take such action as they deem necessary or appropriate under the circumstances.

It is our policy not to accept any input from any other person or entity in connection with proxy voting decisions, with the exception of a client directed vote or votes made by ISS. In the event that a firm investment professional is pressured or lobbied either from within or outside of the firm with respect to any particular proxy voting decision, such event shall be reported to the Chief Compliance Officer.

**Limitations on Exercising Right to Vote**

The following are some of the limitations on our ability to vote proxies on behalf of clients. This is not intended to be an exhaustive list.

● *Shareblocking Markets.* We may, in certain cases, refrain from voting if voting could potentially restrict our ability to sell a particular security for a certain duration. This is often the case in markets that follow the practice of "shareblocking". Since voting rights or trading rights can be affected in securities held in shareblocking markets, we generally instruct ISS to refrain from voting in shareblocking markets.

● *Securities Lending.* Certain clients engage in securities lending programs, under which shares of an issuer could be on loan while that issuer is conducting a proxy solicitation. As part of the securities lending program, if the securities are on loan at the record date, the client portfolio lending the security cannot vote that proxy.

● *Prime Broker Rehypothecation.* Certain client portfolios whose securities are held at a prime broker may be subject to rehypothecation. Shares of an issuer could be rehypothecated while that issuer is conducting a proxy solicitation. If securities are rehypothecated at the record date, the proxy for that security cannot be voted.

● *Costs of Voting Proxies; Power of Attorney and Other Documentation.* Our ability to vote proxies on behalf of client portfolios is dependent on the specific requirements within each jurisdiction being satisfied. If we determine that the monetary and/or nonmonetary costs of voting in a particular case are likely to exceed the expected economic benefits of voting, ISS may not vote. This is likely to occur, for example, in cases where particular documentation, a registration or a power of attorney is required for proxy voting in certain markets or specific meetings and such documents have not been provided (or facilitated). As neither we nor ISS is privy to the specific client/custodian arrangements, it is the responsibility of the client and/or the client custodian to ensure the necessary documentation is in place for voting purposes.

● *Timely Communication of Proxies by Custodian*. Our ability to vote proxies on behalf of the client portfolios that we manage is dependent, in part, on the effective and timely communication of proxies and related materials from the client's custodian to ISS. We may be unable to vote client proxies if such proxies and related materials are not received, or received too late to take action thereon. It is the responsibility of the applicable client custodian to vote proxies in accordance with instructions received from ISS.

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● *Portfolio Termination*. In the event of a portfolio termination, Arrowstreet will manage proxies for any meeting having a record date on or prior to the effective date of such termination (which includes voting proxies for meetings occurring after such effective date, if the meeting record date occurred prior to termination). Reporting on such proxy votes following a portfolio termination is available upon request.

**Client Directed Proxy Voting**

We may, in limited circumstances, accept client voting directions or guidelines for separately managed accounts. In most cases, we typically do not expect to receive directions or guidelines from clients regarding the voting of securities held in client portfolios and recommend that any client wishing to direct the voting of its securities should either retain the voting authority directly or grant such authority to another party. Any such action should be reflected in the client's portfolio agreement or other written document.

As it relates to the Arrowstreet Sponsored Funds, we do not accept voting directions or guidelines on an investor by investor basis.

**Interpretation and Administration**

The Chief Compliance Officer is authorized to interpret this policy and adopt additional procedures for its administration. The Chief Compliance Officer may waive any provision of this policy in any particular case if consistent with the goals of the policy.

**Obtaining Policies and Proxy Records**

Clients may contact our Chief Compliance Officer by calling 617-919-0000 or via e-mail at regcompliance@arrowstreetcapital.com for a copy of the ISS proxy voting guidelines (or obtain them online from ISS' website) or to obtain a record of how proxies were voted for their portfolio.

**\*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; \*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; \***

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Proxy Voting Guidelines

Proxy Voting Guidelines

**Risk factors**

The views expressed should not be considered as advice or a recommendation to buy, sell or hold a particular investment. They reflect opinion and should not be taken as statements of fact nor should any reliance be placed on them when making investment decisions.

This communication was produced and approved in December 2024 and has not been updated subsequently. It represents views held at the time of writing and may not reflect current thinking.

**Potential for profit and loss**

All investment strategies have the potential for profit and loss. Past performance is not a guide to future returns.

This communication contains information on investments which does not constitute independent research. Accordingly, it is not subject to the protections afforded to independent research, but is classified as advertising under Art 68 of the Financial Services Act ('FinSA') and Baillie Gifford and its staff may have dealt in the investments concerned.

All information is sourced from Baillie Gifford & Co and is current unless otherwise stated.

The images used in this article are for illustrative purposes only.

**bailliegifford.com**

Proxy Voting Guidelines

Proxy Voting

Guidelines

Voting is integral to our role as responsible stewards of our clients' capital. Our voting analysis and decisions are driven by what we consider will promote the company's long-term prospects, thereby supporting the outcomes we aim to deliver to our clients. In line with our investment philosophy, our voting analysis is bottom-up and led by each investment case.

Rather than applying prescriptive policies, we assess every resolution case-by-case. We believe that a prescriptive approach can lead to unwarranted and, in some cases, perverse outcomes that may not be in the best interests of a particular company, given its stage of development and the wider geographical and industrial context.

These guidelines are aligned with our **Stewardship principles**. They provide insight into our voting process and approach to matters routinely presented for a vote at shareholder meetings at public companies. Regarding our private company assets, these guidelines are used to inform our position as appropriate, recognising that different shareholder approval mechanisms, such as written consent, may apply to private assets. These guidelines do not indicate how we will vote on specific topics.

**Our Stewardship principles**

---

| | |
|:---|:---|
| ![](x1_c113438x212x1.jpg) | &nbsp;&nbsp;&nbsp;Long-term value creation |
| ![](x1_c113438x212x2.jpg) | &nbsp;&nbsp;&nbsp;Governance fit for purpose |
| ![](x1_c113438x212x3.jpg) | &nbsp;&nbsp;&nbsp;Alignment in vision and practice |
| ![](x1_c113438x212x4.jpg) | &nbsp;&nbsp;&nbsp;Sustainable business practices |

---

Proxy Voting Guidelines

**How we exercise voting rights**

We prefer to take direct voting responsibility for our clients to strengthen our stewardship effectiveness. We do not outsource voting analysis or recommendations, we use proxy advisors for information only. Instead, voting analysis and execution are carried out in-house by our central Voting Team in collaboration with investment teams. This approach allows for more effective integration of voting into our investment process and broader stewardship activities. Most votes are submitted electronically using our proprietary in-house system, which enhances efficiency and accuracy.

**Reporting**

Being transparent about how we vote on behalf of our clients is a vital aspect of our stewardship responsibility. We make vote reporting available to institutional clients and we also publish high-level voting information on our **website**\*.

**Split voting**

Our investment teams will occasionally vote differently on the same general meeting resolution. This aligns with our decentralised and autonomous investment culture: investment teams make decisions in clients' best interests, according to the aims of their specific investment strategy. Split votes are reported in the proxy voting disclosure on our website. They are communicated to the company, along with the rationale for the different voting decisions.

\*This does not, at this point in time, include information about engagements or voting in relation to private investments.

Proxy Voting Guidelines

**Refraining from voting**

We endeavour to vote all our clients' holdings in every market. However, this may occasionally be impossible for regulatory reasons or operational constraints, such as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;01. Share blocking – in certain markets, voting shares can prevent
 us from trading for a set period, which may not always be in our clients' best interests.

02. Share lending – we cannot vote on a client's shares
 if they have lent them. If we deem a meeting to be significant or contentious, we may request that the client recalls the
 stock on loan so we can vote.

03. Conflicts of interest – we have processes to identify and
 prevent or manage potential proxy voting-related conflicts of interest to ensure that the firm always acts in our clients'
 best interests.

In some cases, the appropriate resolution is not to vote. Baillie Gifford's firmwide conflict of interest disclosure is on our website.

**Significant votes**

In response to disclosure requirements for UK and European Union pension scheme clients under the Shareholders' Rights Directive II, we have created our Significant Vote framework. Whether a vote is considered significant is necessarily subjective. Here is a non-exhaustive list of potentially significant voting situations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Baillie Gifford's voting decision had a material impact on
 the outcome of the meeting.

• Management resolutions that received 20 per cent or more opposition.

• Misaligned remuneration.

• Contentious equity issuance.

• Shareholder resolutions that received 20 per cent or more support from shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Where there has been a significant reported audit failing.

• Mergers and acquisitions.

• Where we have opposed the financial statements/annual report.

• Where we have opposed the ratification or election of directors.

• Where we identified material environmental, social or governance
 (ESG) factors\* that resulted in Baillie Gifford opposing management.

\*Per our **ESG Integration Approach**, we define material ESG factors as those that we believe are likely to affect the financial condition or operating performance of a holding, with a consequent positive or negative impact on long-term investment returns.

Proxy Voting Guidelines

Voting guidelines

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**Long-term value creation**

**Anti-takeover devices**

Anti-takeover devices are designed to defend companies from a hostile takeover. As these devices can potentially entrench management, we generally prefer that companies do not create them. However, we recognise that there may be certain growth-oriented companies and sectors where some protection from short-term market priorities can support long-term shareholder value creation.

**Multi-class share structures**

There is no optimal ownership structure. While the one share, one vote principle aligns voting rights and economic rights for all holders, multiple share structures and differential voting rights can also be a strength. Different voting rights can enhance long-termism, protect the culture and offer greater strategic certainty for some organisations. When reviewing a company with a multi-class structure, our primary consideration is whether it has worked for the long-term benefit of all shareholders and is likely to continue to do so over time.

**Equity issuances/repurchases, mergers and acquisitions**

Matters relating to equity and corporate restructurings, such as additional equity issuances and mergers or acquisitions, can significantly impact shareholder value. When executed appropriately and successfully, they can accelerate a company's growth prospects.

However, they can also be destructive to long-term value creation. When reviewing these matters, we consider whether the request is aligned with the company's long-term strategy and is fair for shareholders.

Proxy Voting Guidelines

![](x1_c113438x212x2.jpg)

**Governance fit for purpose**

**Board**

A board that is fit for purpose is fundamental to long-term value creation. As long-term growth investors, we are responsible for playing an active role, via our stewardship activities, in the proper functioning of boards.

We seek unique leadership styles and are open to unconventional governance structures. There is no global standard for the size or structure of a board of directors. Each board must consider the business's needs, which will be influenced by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The industry and region in which it operates.

• Its scale and level of maturity.

• Its ownership structure and.

• The expectations of its shareholders.

**Board composition**

We expect board composition to underpin the board's effectiveness. Our key expectations of board members relate to independence, qualification and diversity.

**Independent**

We expect a meaningful proportion of the board to be independent, which varies by market practice. We discourage non-executive directors from receiving performance-based remuneration but support them in having some share ownership to align with shareholders' interests. We expect disclosure of how the directors are paid and whether there are any material related party transactions. We also expect other demonstrations of independence, including considerations such as tenure and other affiliations of non-executive directors.

**Qualified**

We expect directors to be qualified to set a credible, purposeful strategy while providing appropriate oversight and constructive challenge to management. Different sectors, geographies, and stages of growth all require different skills and backgrounds. We expect comprehensive director biographies to be disclosed, so we can consider whether the board has the necessary range of skills and industry expertise. We also expect directors to have sufficient time to dedicate to their role at the company, considering their other commitments.

**Diverse**

We believe a diverse board is less likely to fall into the trap of groupthink. We expect a balance of experience, backgrounds and perspectives that give the company the best chance of succeeding in the long term.

Proxy Voting Guidelines

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**Alignment in vision and practice**

**Remuneration**

Executive remuneration is a core component of a company's corporate governance. It is crucial for attracting, retaining, and incentivising key management personnel who lead our clients' holdings. We firmly believe a thoughtful, well-structured remuneration policy focuses executives on long-term value creation and aligns their interests with shareholders.

Our remuneration principles fit hand-in-glove with our distinctive investment philosophy.

They embody the attributes we look for in current and prospective remuneration policies and are supported by industry research and our experience of delivering outstanding long-term returns for clients. We analyse every remuneration plan based on its merits, in the context of the specific company.

Full details of our Executive Remuneration Principles can be found on Baillie Gifford's **website**.

**Our Executive Remuneration Principles**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;01. Executive remuneration plans should be radically
 simple.

We support the adoption of simple, easy-to-understand pay structures that prioritise long-term share price as the basis for executives' rewards. We do not believe prescriptive or complex performance conditions necessarily make an incentive plan more robust or effective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;02. Equity ownership and pay duration matter.

Based on industry research, we believe equity ownership and lengthening the time horizon of executive pay are the most effective features for incentivising management and providing long-term alignment with shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;03. The amount should reflect management quality
 and long-term value created.

We support generous payouts when management creates significant value, but do not support remuneration plans that fail to provide appropriate pay for performance, such as rewarding long-term underperformance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;04. Executive remuneration should be tailored to
 each company's requirements.

While our research concludes that there is clear merit in simple structures such as time-based restricted share plans, there is no single optimal model for executive remuneration. We encourage our holdings to be bold and implement bespoke incentive policies that fit their culture, situation and strategy.

Proxy Voting Guidelines

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**Sustainable business practices**

We consider ESG risks and opportunities in the context of our overall focus on long-term investment performance (see our **ESG integration approach** for more information). Where we think a company is not adequately managing material ESG factors, we may use voting action to escalate matters. On climate, we exercise our voting rights to support the commitments and expectations set out in our **Statement of climate-related intent and ambition** and **Climate report**.

For our strategies that have made sustainability and/or net zero commitments, we may place greater weight on ESG factors in our consideration of voting decisions, in line with the investment approach outlined by these strategies.

**Shareholder proposals**

Shareholder proposals are a mechanism permitted in some markets that enable shareholders to submit resolutions at company general meetings. They can be a valuable tool to highlight companies' wider impact on stakeholders. When reviewing shareholder proposals we consider the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Whether we believe the implementation of the
 requested action would further strengthen the long-term prospects of the business.

• Relevance and materiality of the issue to the investment case.

• How impactful the requested action would be, if passed, in making
 progress on the issue.

• Whether we believe that the proponent's intention in submitting
 the proposal is aligned with our aim of generating good long-term returns for clients.

We do not support proposals designed to frustrate or distract a company.

**Routine shareholder matters**

At a minimum, we expect companies to comply with applicable local laws and regulations about routine matters such as timely publication of shareholder reports. More than this, we consider whether companies are acting in the best long-term interests of shareholders, even where this may mean going further than local market practice. For example, in some markets, companies may not be required to disclose the fees paid to the external auditor. We nonetheless expect that they should, as this best serves the long-term interests of shareholders.

**External auditors**

External audits are integral to well-functioning financial markets and the corporate governance framework. We expect external auditors to be independent and avoid conflicts of interest such as providing and paying for corporate services other than the audit, and length of tenure.

**Political donations**

We expect the board to have a policy on its approach to making political donations and contributions to 'politically exposed' charitable organisations and be transparent about these activities.

Proxy Voting Guidelines

**Important information**

Baillie Gifford & Co and Baillie Gifford & Co Limited are authorised and regulated by the Financial Conduct Authority (FCA). Baillie Gifford & Co Limited is an Authorised Corporate Director of OEICs.

Baillie Gifford Overseas Limited provides investment management and advisory services to non-UK Professional/Institutional clients only.

Baillie Gifford Overseas Limited is wholly owned by Baillie Gifford & Co. Baillie Gifford & Co and Baillie Gifford Overseas Limited are authorised and regulated by the FCA in the UK.

Persons resident or domiciled outside the UK should consult with their professional advisers as to whether they require any governmental or other consents in order to enable them to invest, and with their tax advisers for advice relevant to their own particular circumstances.

**Financial intermediaries**

This communication is suitable for use of financial intermediaries.

Financial intermediaries are solely responsible for any further distribution and Baillie Gifford takes no responsibility for the reliance on this document by any other person who did not receive this document directly from Baillie Gifford.

**Europe**

Baillie Gifford Investment Management (Europe) Ltd (BGE) is authorised by the Central Bank of Ireland as an AIFM under the AIFM Regulations and as a UCITS management company under the UCITS Regulation. BGE also has regulatory permissions to perform Individual Portfolio Management activities. BGE provides investment management and advisory services to European (excluding UK) segregated clients. BGE has been appointed as UCITS management company to the following UCITS umbrella company; Baillie Gifford Worldwide Funds plc. BGE is a wholly owned subsidiary of Baillie Gifford Overseas Limited, which is wholly owned by Baillie Gifford & Co. Baillie Gifford Overseas Limited and Baillie Gifford & Co are authorised and regulated in the UK by the Financial Conduct Authority.

**China**

Baillie Gifford Investment Management (Shanghai) Limited 柏基投资管理(上海)有限公司 ('BGIMS') is wholly owned by Baillie Gifford Overseas Limited and may provide investment research to the Baillie Gifford Group pursuant to applicable laws. BGIMS is incorporated in Shanghai in the People's Republic of China ('PRC') as a wholly foreign-owned limited liability company with a unified social credit code of 91310000MA1FL6KQ30. BGIMS is a registered Private Fund Manager with the Asset Management Association of China ('AMAC') and manages private security investment fund in the PRC, with a registration code of P1071226.

Baillie Gifford Overseas Investment Fund Management (Shanghai) Limited 柏基海外投资基金管理(上海)有限公司 ('BGQS') is a wholly owned subsidiary of BGIMS incorporated in Shanghai as a limited liability company with its unified social credit code of 91310000MA1FL7JFXQ. BGQS is a registered Private Fund Manager with AMAC with a registration code of P1071708. BGQS has been approved by Shanghai Municipal Financial Regulatory Bureau for the Qualified Domestic Limited Partners (QDLP) Pilot Program, under which it may raise funds from PRC investors for making overseas investments.

**Hong Kong**

Baillie Gifford Asia (Hong Kong) Limited 柏基亞洲(香港)有限公司 is wholly owned by Baillie Gifford Overseas Limited and holds a Type 1 license from the Securities & Futures Commission of Hong Kong to market and distribute Baillie Gifford's range of collective investment schemes to professional investors in Hong Kong. Baillie Gifford Asia (Hong Kong) Limited 柏基亞洲(香港)有限公司 can be contacted at Suites 2713-2715, Two International Finance Centre, 8 Finance Street, Central, Hong Kong.

Telephone +852 3756 5700.

Proxy Voting Guidelines

**South Korea**

Baillie Gifford Overseas Limited is licensed with the Financial Services Commission in South Korea as a cross border Discretionary Investment Manager and Non-discretionary Investment Adviser.

**Japan**

Mitsubishi UFJ Baillie Gifford Asset Management Limited ('MUBGAM') is a joint venture company between Mitsubishi UFJ Trust & Banking Corporation and Baillie Gifford Overseas Limited. MUBGAM is authorised and regulated by the Financial Conduct Authority.

**Australia**

Baillie Gifford Overseas Limited (ARBN 118 567 178) is registered as a foreign company under the Corporations Act 2001 (Cth) and holds Foreign Australian Financial Services Licence No 528911. This material is provided to you on the basis that you are a 'wholesale client' within the meaning of section 761G of the Corporations Act 2001 (Cth) ('Corporations Act'). Please advise Baillie Gifford Overseas Limited immediately if you are not a wholesale client. In no circumstances may this document be made available to a 'retail client' within the meaning of section 761G of the Corporations Act. This material contains general information only. It does not take into account any person's objectives, financial situation or needs.

**North America**

BGI was formed in Delaware in 2005. It is the legal entity through which BGO provides client service and marketing functions in North America.

The Manager is not resident in Canada, its head office and principal place of business is in Edinburgh, Scotland. BGO is regulated in Canada as a portfolio manager and exempt market dealer with the Ontario Securities Commission ('OSC'). Its portfolio manager licence is currently passported into Alberta, Quebec, Saskatchewan, Manitoba and Newfoundland & Labrador whereas the exempt market dealer licence is passported across all Canadian provinces and territories. BGI is regulated by the OSC as an exempt market and its licence is passported across all Canadian provinces and territories. BGE relies on the International Investment Fund Manager Exemption in the provinces of Ontario and Quebec.

**South Africa**

BGO is licensed with the Financial Sector Conduct Authority in South Africa as a Financial Services Provider (FSP No 44870) in terms of section 8 of the Financial Advisory and Intermediary Services Act, 2002. This licence authorises BGO to carry on financial intermediary services business on behalf of South African clients.

**Israel**

BGO is not licensed under Israel's Regulation of Investment Advising, Investment Marketing and Portfolio Management Law, 5755–1995 (the 'Advice Law') and does not carry insurance pursuant to the Advice Law. This presentation is only intended for those categories of Israeli residents who are qualified clients listed on the First Addendum to the Advice Law.

CS2131499 Principles guidelines 03 Proxy voting Ref:

62524 10037372

**Singapore**

BGAS is regulated by the Monetary Authority of Singapore as a holder of a capital markets services licence to conduct fund management activities for institutional investors and accredited investors in Singapore. BGO as a foreign related corporation of BGAS, has entered into a cross-border business arrangement with BGAS, and shall be relying upon the exemption under regulation 4 of the Securities and Futures (Exemption for Cross-Border Arrangements) (Foreign Related Corporations) Regulations 2021 which enables both BGO and BGAS to market the full range of segregated mandate services to institutional investors and accredited investors in Singapore. The information contained in this presentation is meant purely for informational purposes and should not be relied upon as financial advice.

Proxy Voting and Class Actions

------

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Background

In Proxy Voting by Investment Advisers, Investment Advisers Act Release No. 2106 (January 31, 2003), the SEC noted that, "The federal securities laws do not specifically address how an adviser must exercise its proxy voting authority for its clients. Under the Advisers Act, however, an adviser is a fiduciary that owes each of its clients a duty of care and loyalty with respect to all services undertaken on the client's behalf, including proxy voting. The duty of care requires an adviser with proxy voting authority to monitor corporate events and to vote the proxies."

Rule 206(4)-6 under the Advisers Act requires each registered investment adviser that exercises proxy voting authority with respect to client securities to:

● Adopt and implement written policies and procedures reasonably designed to ensure that the adviser votes client securities in the clients' best interests. Such policies and procedures must address the manner in which the adviser will resolve material conflicts of interest that can arise during the proxy voting process;

● 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.

Additionally, paragraph (c)(2) of Rule 204-2 imposes additional recordkeeping requirements on investment advisers that execute proxy voting authority, as described in the *Maintenance of Books and Records* section of this Manual.

The Advisers Act lacks specific guidance regarding an adviser's duty to direct clients' participation in class actions. However, many investment advisers adopt policies and procedures regarding class actions.

Risks

In developing these policies and procedures, Crescent considered numerous risks associated with the proxy voting process. This analysis includes risks such as:

● Crescent lacks written proxy voting policies and procedures;

● Proxies are not identified and processed in a timely manner;

● Proxies are not voted in Clients' best interests;

● Conflicts of interest between Crescent and a Client are not identified or resolved appropriately;

● Third-party proxy voting services do not vote proxies according to Crescent's instructions and in Clients' best interests;

● Proxy voting records, Client requests for proxy voting information, and Crescent's responses to such requests, are not properly maintained;

● Crescent lacks policies and procedures regarding Clients' participation in class actions; and

● Crescent fails to maintain documentation associated with Clients' participation in class actions.

Crescent has established the following guidelines as an attempt to mitigate these risks.

Policies and Procedures

Proxy Voting

Crescent primarily invests Client assets in fixed income assets which typically do not issue proxies. However, Crescent's Clients also invest in equity securities and therefore may receive proxies in connection with such assets. Proxies are assets of Crescent's Clients that must be voted with diligence, care, and loyalty. Crescent will vote each proxy in accordance with its fiduciary duty to its Clients. Crescent will generally seek to vote proxies in a way that maximizes the value of Clients' assets. However, Crescent will document and abide by any specific proxy voting instructions conveyed by a Client with respect to that Client's securities. The Portfolio Administration Group coordinates Crescent's proxy voting process.

Paragraph (c)(ii) of Rule 204-2 under the Advisers Act requires Crescent to maintain certain books and records associated with its proxy voting policies and procedures. Crescent's recordkeeping obligations are described in the *Maintenance of Books and Records* section of this Manual. The Compliance Group will ensure that Crescent complies with all applicable recordkeeping requirements associated with proxy voting.

Fixed-Income Securities

In addition to covering the voting of equity securities, this policy also applies generally to voting and/or consent rights relating to fixed-income securities, including but not limited to, plans of reorganization, waivers and consents under applicable indentures. However, the policy does not apply to consent rights that primarily entail decisions to buy or sell investments, such as tender or exchange offers, conversions, put options, redemption and

Dutch auctions. This proxy policy is designed and implemented in a manner reasonably expected to ensure that voting and consent rights are exercised in the best interests of Clients.

For the voting of fixed-income securities, Crescent believes the potential for material conflicts of interest between Clients and Crescent is limited. However, potential conflicts may arise where Crescent or its related persons or entities are named parties to, or are participating in, a bankruptcy work-out or similar committee. Potential conflicts of interest identified should be escalated in accordance with the "Conflicts of Interest" section below.

Absent specific Client instructions, Crescent has adopted the following proxy voting procedures designed to ensure that proxies are properly identified and voted, and that any conflicts of interest are addressed appropriately:

● The Portfolio Administration Group shall coordinate with the custodian for each new Client account to ensure the account is set up so that proxy materials are forwarded to Crescent, either by mail or electronically.

● All proxy voting materials received by Crescent shall be immediately forwarded to the Portfolio Administration Group.

● The Portfolio Administration Group will review the list of Clients and compare the record date of the proxies with a security holdings list for the security or company soliciting the proxy vote. For any Client who has provided specific voting instructions, Crescent shall vote that Client's proxy in accordance with the client's written instructions. Clients who have selected a third party to vote proxies, and whose proxies were inadvertently received by Crescent, shall be forwarded to such third-party designee for voting and submission.

● The Portfolio Administration Group will provide all proxy solicitation information and materials to the appropriate Investment Personnel of Crescent (*i.e.*, Portfolio Managers, Research Analysts, etc.) for their review and consideration.

● Crescent's Investment Personnel shall be responsible for making voting decisions with respect to all Client proxies for accounts where Crescent has proxy voting authority.

● The relevant member of the investment staff should inform the Portfolio Administration Group of his or her proxy vote decision. The Portfolio Administration Group will vote the proxy and submit it in a timely manner. The member of the investment staff <u>must consider any conflicts of interest when making a proxy vote decision</u> (see the "Conflicts of Interest" section below).

Conflicts of Interest

● The relevant investment professionals will consider whether Crescent is subject to any material conflict of interest in connection with each proxy vote. Supervised Persons must notify the Compliance Officers if they are aware of any material conflict of interest associated with a proxy vote. It is impossible to anticipate all material conflicts of interest that could arise in connection with proxy voting. The following examples are meant to help Supervised Persons identify potential conflicts:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Crescent provides investment advice to a publicly traded company (an "Issuer"). Crescent receives a proxy solicitation from that Issuer, or from a competitor of that Issuer;

o Crescent provides investment advice to an officer or director of an Issuer. Crescent receives a proxy solicitation from that Issuer, or from a competitor of that Issuer;

o An issuer or some other third party offers Crescent or a Supervised Person compensation in exchange for voting a proxy in a particular way;

o A Supervised Person, or a member of a Supervised Person's household, has a personal or business relationship with an Issuer. Crescent receives a proxy solicitation from that Issuer; and

o Crescent's Clients have potentially conflicting investments in the Issuer, including investments made in different parts of the Issuer's capital structure.

● If Crescent detects a material conflict of interest in connection with a proxy solicitation, the Company will abide by the following procedures:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o The Compliance Officers will convene the Proxy Voting Committee (the "Committee"), which is comprised of Chief Operating Officer ("COO"), Chief Financial Officer ("CFO"), and the CCO. The CCO serves as the Committee's chairperson.

o The relevant member(s) of the investment staff or the Compliance Officers will describe the proxy vote under consideration and identify the perceived conflict of interest. The same individual(s) will also propose the course of action that they believe is in Crescent's Clients' best interests. The individual(s) presenting will tell the Committee why they believe that this course of action is most appropriate.

o The Committee members will review any documentation associated with the proxy vote and evaluate the proposal presented. The Committee members may wish to consider, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ A vote's likely short-term and long-term impact on the Issuer;

■ Whether the Issuer has responded to the subject of the proxy vote in some other manner;

■ Whether the issues raised by the proxy vote would be better handled by some other action by the government or the Issuer;

■ Whether implementation of the proxy proposal appears likely to achieve the proposal's stated objectives; and

■ Whether the proposal appears consistent with Clients' best interests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o If the Committee is unable to reach a unanimous decision regarding the proxy vote, Crescent at its own expense will engage an outside proxy voting service or consultant to make a recommendation. The CCO will retain documentation of the proxy voting service or consultant's recommendation and will vote Clients' proxies in accordance with that recommendation.

● If no material conflict of interest is identified, the Portfolio Administration Group shall vote the proxy in accordance with the investment staff's recommendation.

● Crescent will not neglect its proxy voting responsibilities, but the Company may abstain from voting if it deems that abstaining is in its Clients' best interests. For example, Crescent may be unable to vote securities that have been lent by the custodian. Also, proxy voting in certain countries involves "share blocking," which limits Crescent's ability to sell the affected security during a blocking period that can last for several weeks. Crescent believes that the potential consequences of being unable to sell a security usually outweigh the benefits of participating in a proxy vote, so Crescent generally abstains from voting when share blocking is required. The Portfolio Administration Group will prepare and maintain memoranda describing the rationale for any instance in which Crescent does not vote a Client's proxy.

● The Portfolio Administration Group will retain the following information in connection with each proxy vote:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o The Issuer's name;

o The security's ticker symbol or CUSIP, as applicable;

o The shareholder meeting date;

o The number of shares that Crescent voted;

o A brief identification of the matter voted on;

o Whether the matter was proposed by the Issuer or a security-holder;

o Whether Crescent cast a vote;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o How Crescent cast its vote (for the proposal, against the proposal, or abstain); and

o Whether Crescent cast its vote with or against management.

● If Crescent votes the same proxy in two directions, the Portfolio Administration Group will maintain documentation describing the reasons for each vote (e.g., Crescent believes that voting with management is in Clients' best interests, but Client X gave specific instructions to vote against management).

● Any attempt to influence the proxy voting process by Issuers or others not identified in these policies and procedures should be promptly reported to the CCO. Similarly, any Client's attempt to influence proxy voting with respect to other Clients' securities should be promptly reported to the CCO.

● Proxies received after a Client terminates its advisory relationship with Crescent will not be voted. The Portfolio Administration Group will promptly return such proxies to the sender, along with a statement indicating that Crescent's advisory relationship with the Client has terminated, and that future proxies should not be sent to Crescent.

Portfolio Administration Group will present copies of all proxy voting material and notices of class action, bankruptcy and other security related proceedings to the Crescent Trading and Brokerage Committee at the Committee meeting immediately following the receipt of such materials.

Disclosures to Clients and Investors

Crescent includes a description of its policies and procedures regarding proxy voting and class actions in Part 2 of Form ADV, along with a statement that Clients and Investors can contact the Compliance Group to obtain a copy of these policies and procedures and information about how Crescent voted with respect to the Client's securities.

Any request for information about proxy voting or class actions should be promptly forwarded to the Compliance Group, who will respond to any such requests.

As a matter of policy, Crescent does not disclose how it expects to vote on upcoming proxies. Additionally, Crescent does not disclose the way it voted proxies to unaffiliated third parties without a legitimate need to know such information.

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*December 2024*

 

**<u>Introduction</u>**

As a U.S. registered investment adviser with the Securities and Exchange Commission and a fiduciary to its clients, GW&K Investment Management, LLC ("GW&K" or "Firm") has implemented this Proxy Voting Policy to establish and maintain internal controls and procedures governing the Firm's voting of proxies on behalf of client accounts. To assist in the process, GW&K leverages recognized third-party service providers to facilitate the Firm's proxy voting process.

**I. <u>Proxy Guidelines, Voting Advice and Agent</u>**

GW&K utilizes proxy voting guidelines developed by Glass Lewis & Co. ("Glass Lewis"), an independent third-party proxy voting advisory firm, which provides GW&K recommendations on ballot items for securities held in client accounts. Proxies are voted on behalf of those GW&K clients, who have delegated proxy voting authority to GW&K. GW&K generally adopts Glass Lewis' "Investment Manager Policy" guidelines for client accounts but also may, depending on the circumstances of a client account, apply other Glass Lewis proxy voting thematic voting guidelines; including, Glass Lewis' ESG Policy guidelines, Taft Hartley Policy guidelines, and Catholic Policy guidelines. GW&K reserves the right to cast votes contrary to Glass Lewis guidelines if the Firm believes it to be in the best interest of its clients.

GW&K has contracted with Broadridge Investor Communication Solutions, Inc. ("Broadridge"), an independent third-party proxy voting agent, to act as proxy voting agent and to provide certain proxy voting services to GW&K and its clients. Together, Glass Lewis and Broadridge assist GW&K with various proxy related process components including:

● In-depth proxy research;

● Process and vote proxies in connection with securities held by GW&K clients;

● Maintain appropriate records of proxy statements, research, and recommendations;

● Maintain appropriate records of proxy votes cast on behalf of GW&K clients;

● Proxy related administrative functions.

Additionally, GW&K may contract certain independent third-party vendors to assist GW&K with administrative filing functions.

**II. <u>Responsibility and Oversight</u>**

GW&K is responsible for maintaining and administering these policies and procedures. GW&K will:

● Annually review the adequacy of these policies and procedures as well as the effectiveness of its proxy voting agent;

● Annually review Glass Lewis's proxy voting guidelines to ensure they are appropriately designed to meet the best interests of GW&K clients;

● Provide clients, upon written request, these proxy voting policy and procedures, and information about how proxies were voted on their behalf;

● Conduct regular reconciliations with client's custodian banks to confirm the appropriate number of votes cast on behalf of clients when GW&K has been delegated proxy voting authority, with

 the understanding that an exact reconciliation of proxy votes for every share may not be feasible through the various custodians, third party investment platforms and other third parties involved in this process;

● Conduct a periodic review, no less often than annually, of proxy voting records to ensure that proxies are voted in accordance with adopted guidelines; and

● Annually review proxy voting records to ensure that records of proxy statements, research, recommendations, and proxy votes are properly maintained by its proxy voting agent.

**III. <u>Conflicts of Interest</u>**

In adopting Glass Lewis's proxy voting guidelines, GW&K seeks to remove potential conflicts of interest that could otherwise potentially influence the proxy voting process. In situations where Broadridge and/or Glass Lewis has a potential conflict of interest with respect to a proxy it is overseeing on behalf of GW&K's clients, Broadridge and/or Glass Lewis is obligated to fully or partially abstain from voting the ballot as applicable and notify GW&K. GW&K's Proxy Committee will convene and provide the voting recommendation after discussion with applicable GW&K investment professionals and a review of the measures involved. Similarly, in instances where GW&K becomes aware of a potential conflict of interest pertaining to a proxy vote for a security held in the client's account, or where a client otherwise makes a request pertaining a specific proxy vote, GW&K's investment management professionals will provide the voting recommendation after reviewing relevant facts and circumstances.

In regard to ERISA plans invested in certain GW&K commingled vehicles (e.g., GW&K's private funds, collective investment trusts), GW&K has a responsibility to vote proxies in accordance with GW&K's Proxy Voting Policy and in a manner that does not conflict with an ERISA plan's Investment Policy Statement. To avoid such conflicts, GW&K makes its Proxy Voting Policy available to its ERISA plan clients, as applicable, to provide the Plan fiduciaries the ability to assess potential conflicts of interest with GW&K's Proxy Voting Policy and the ERISA plan. In the event a conflict is identified to GW&K by an ERISA plan fiduciary, GW&K will work with the plan to mitigate the identified conflict(s).

***Voting of Measures Outside of or Contrary to Glass Lewis & Co. Recommendations***

In instances when a proxy ballot item does not fall within the Glass Lewis guidelines or where GW&K determines that voting in accordance with the Glass Lewis recommendation is not advisable or consistent with GW&K's fiduciary duty, GW&K's portfolio managers, with the support of GW&K's Legal & Compliance department and other personnel, will review the relevant facts and circumstances and determine how to vote the particular proxy ballot item. A record of any vote that deviates from Glass Lewis' guidelines along with the rationale will be maintained and reviewed by the Legal & Compliance department.

**IV. <u>Disclosure</u>**

Clients may obtain Glass Lewis's proxy voting guidelines or information about how GW&K voted proxies for securities held in their account by submitting a written request to:

Proxy Policy Administrator

GW&K Investment Management, LLC

222 Berkeley Street, 15th Floor

Boston, Massachusetts 02116

Additionally, as a Form 13F filer, GW&K is required to annually report on proxy voting records for certain executive compensation matters on the SEC's Form N-PX. Reporting covers the 12-month period of July 1 through June 30 (of the current fiscal year). Clients may obtain GW&K's Form N-PX on the SEC's website. For more information, please refer to GW&K's Disclosure and Regulatory Reporting Policy.

**V. <u>Recordkeeping</u>**

GW&K will maintain the following records in accordance with regulatory requirements:

● These policies and procedures (including any applicable amendments) which shall be made available to clients upon request;

● Proxy statements, research, recommendations, and records of each vote;

● Client written requests for proxy voting information and applicable responses by GW&K.

**VI. <u>Oversight and Documentation</u>**

***Proxy Committee***

GW&K has established a Proxy Voting Committee to oversee the firm's proxy voting process, including the firm's Proxy Voting Policy, the firm's service providers and the proxy voting guidelines. In addition, the Committee would address any potential conflicts of interest that are identified by GW&K with respect to voting any specific proxy ballot item. The Committee is comprised of GW&K's Chief Compliance Officer, General Counsel, managers of GW&K's Investment, Operations and Client Services departments, members of the Legal & Compliance department, as well as certain GW&K investment professionals. The Committee meets annually, and more frequently as needed. GW&K's Legal & Compliance department is responsible for periodically assessing firm compliance with this policy and the effectiveness of its implementation.

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15. Proxy Voting Policy

Income Research + Management's (IR+M) policy regarding proxy voting (the Proxy Policy) consists of (1) the statement of policy, (2) identification of the person(s) responsible for implementing this policy, (3) the procedures adopted by IR+M to implement the policy, and (4) the guidelines utilized by IR+M when enacting this policy.

**Statement of Policy**

The Advisers Act requires IR+M act solely in the best interest of its clients. Rule 206(4)-6 of the Advisers Act requires any adviser who votes proxies on behalf of clients to have written policies and procedures that are reasonably designed to ensure an adviser votes such proxies in the best interest of clients.

It is generally IR+M's policy that each client is responsible for voting all the proxies with respect to the securities held in their accounts. Therefore, IR+M has adopted a Proxy Policy that it believes is reasonably designed to ensure that IR+M does not vote proxies for its clients, and that all proxy materials are forwarded to clients so that they can exercise their voting authority. In the event that IR+M has been delegated the responsibility to vote proxies on behalf of a client, this Proxy Policy addresses the treatment of this circumstance. Such proxies will be voted pursuant to the proxy voting guidelines below. For IR+M Private Funds, the custodian, BNY Mellon, is instructed to send proxy ballots to IR+M. With respect to the IR+M Collective Investment Trust (CITs) Global Trust Company, the Trustee for the CITs, will forward all proxies received to IR+M, as it has legal authority to vote proxies. Such proxies will be reviewed for applicability according to our process and if appropriate will be processed pursuant to the voting guidelines set forth in the Proxy Policy.

**Who is Responsible for Implementing this Policy?** 

The Chief Compliance Officer (CCO) is responsible for the overall implementation and monitoring of this policy. The CCO can delegate any of his or her responsibilities under this policy to another person (the Delegate).

**Procedures to Implement this Policy** 

***Client Disclosure***

The Advisers Act requires IR+M to provide clients with a description of its proxy voting policy. IR+M takes the necessary steps to ensure that clients are provided with adequate disclosure as to the parameters of the Proxy Policy. All clients and prospective clients will receive disclosure of a summary of the Proxy Policy on Form ADV Part 2.

In the event IR+M votes proxies on behalf of a client, IR+M will, upon request from the client, provide a record of how such proxy votes were cast on behalf of that client.

***Administration***

In implementing these procedures, IR+M will ensure:

● The appropriate employees are aware of IR+M's general policy not to vote proxies on behalf of its clients, and that any exceptions to this policy are documented.

● Voting responsibility between IR+M and the client is clear in the investment management agreement.

● Any proxies that are received by IR+M are forwarded on to the client in a timely manner, if IR+M is not responsible for voting such proxies.

● Our clients may obtain a copy of the Proxy Policy upon request.

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***Maintaining Records***

IR+M creates and maintains appropriate records to ensure proper implementation and administration of this policy and will preserve such records in accordance with our internal policies.

**Guidelines**

If IR+M is delegated voting authority, it is generally our policy to vote in accordance with the issuer's management recommendation absent countervailing considerations. If we believe the issuer's management position on a particular issue is not in the best interests of our clients, we will vote contrary to the issuer's management's recommendation. IR+M will apply these same guidelines for voting proxies to all such accounts for which it has voting authority.

***Conflicts of Interest***

A material conflict of interest may arise in the course of IR+M's proxy voting activities. Such a conflict of interest might exist when (1) an issuer who is soliciting proxy votes also has a client relationship with IR+M, (2) an IR+M client is involved in a proxy contest, or (3) when an IR+M employee has a personal interest in a proxy matter. When such a conflict of interest does arise, and to ensure that proxies are voted solely in IR+M's clients' best interests, the CCO may consult the Management Committee of IR+M, as well as legal counsel to help determine how the items of a particular proxy ballot should be voted. In the event such a conflict of interest still cannot be mitigated, IR+M may seek out an independent fiduciary to vote the proxy.

April 2025

LOOMIS, SAYLES & COMPANY

**PROXY VOTING POLICIES AND PROCEDURES** 

**March 24, 2022**

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Proxy Voting Policies and Procedures

&nbsp;&nbsp;&nbsp;&nbsp;**1.** **GENERAL** 

&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Introduction.** 

Loomis, Sayles & Company, L.P. ("Loomis Sayles") will vote proxies of the securities held in its clients' portfolios on behalf of each client that has delegated proxy voting authority to Loomis Sayles as investment adviser. Loomis Sayles has adopted and implemented these policies and procedures ("Proxy Voting Procedures") to ensure that, where it has voting authority, proxy matters are handled in the best interests of clients, in accordance with Loomis Sayles' fiduciary duty, and all applicable law and regulations. The Proxy Voting Procedures, as implemented by the Loomis Sayles Proxy Committee (as described below), are intended to support good corporate governance, including those corporate practices that address environmental and social issues ("ESG Matters"), in all cases with the objective of protecting shareholder interests and maximizing shareholder value.

Loomis Sayles uses the services of third parties (each a "Proxy Voting Service" and collectively the "Proxy Voting Services"), to provide research, analysis and voting recommendations and to administer the process of voting proxies for those clients for which Loomis Sayles has voting authority. Any reference in these Proxy Voting Procedures to a "Proxy Voting Service" is a reference either to the Proxy Voting Service that provides research, analysis and voting recommendations to Loomis Sayles or to the Proxy Voting Service that administers the process of voting proxies for Loomis Sayles or to both, as the context may require. Loomis Sayles will generally follow its express policy with input from the Proxy Voting Service that provides research, analysis and voting recommendations to Loomis Sayles unless the Proxy Committee determines that the client's best interests are served by voting otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;**B.** **General Guidelines.** 

The following guidelines will apply when voting proxies on behalf of accounts for which Loomis Sayles has voting authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Client's Best Interests.** The Proxy Voting Procedures are designed and implemented in a way
that is reasonably expected to ensure that proxy matters are conducted in the best interests of clients. When considering the best interests
of clients, Loomis Sayles has determined that this means the best investment
interest of its clients as shareholders of the issuer. To protect its clients' best

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Proxy Voting Policies and Procedures

interests, Loomis Sayles has integrated the consideration of ESG Matters into its investment process. The Proxy Voting Procedures are intended to reflect the impact of these factors in cases where they are material to the growth and sustainability of an issuer. Loomis Sayles has established its Proxy Voting Procedures to assist it in making its proxy voting decisions with a view toward enhancing the value of its clients' interests in an issuer over the period during which it expects its clients to hold their investments. Loomis Sayles will vote against proposals that it believes could adversely impact the current or future market value of the issuer's securities during the expected holding period. Loomis Sayles also believes that protecting the best interests of clients requires the consideration of potential material impacts of proxy proposals associated with ESG Matters.

For the avoidance of doubt, and notwithstanding any other provisions of these Proxy Voting Procedures, in all instances in which Loomis Sayles votes proxies on behalf of clients that are employee benefit plans subject to the Employee Retirement Income Security Act of 1974, as amended ("ERISA"), Loomis Sayles (a) will act solely in accordance with the economic interest of the plan and its participants and beneficiaries, and (b) will not subordinate the interests of the participants and beneficiaries in their retirement income or financial benefits under the plan to any other objective, or promote benefits or goals unrelated to those financial interests of the plan's participants and beneficiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Client Proxy Voting Policies.** Rather than delegating proxy voting authority to Loomis Sayles, a
client may (a) retain the authority to vote proxies on securities in its account; (b) delegate voting authority to another party; or (c)
instruct Loomis Sayles to vote proxies according to a policy that differs from the Proxy Voting Procedures. Loomis Sayles will honor any
of these instructions if the instruction is agreed to in writing by Loomis Sayles in its investment management agreement with the client.
If Loomis Sayles incurs additional costs or expenses in following any such instruction, it may request payment for such additional costs
or expenses from the client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Stated Policies.** In the interest of consistency in voting proxies on behalf of its clients where
appropriate, Loomis Sayles has adopted policies that identify issues where Loomis Sayles will (a) generally vote in favor of a proposal;
(b) generally vote against a proposal; (c) generally vote as recommended by the Proxy Voting Service; and (d) specifically consider its
vote for or against a proposal. However, these policies are guidelines and each vote may be cast

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Proxy Voting Policies and Procedures

differently than the stated policy, taking into consideration all relevant facts and circumstances at the time of the vote. In certain cases where the recommendation of the Proxy Voting Service and the recommendation of the issuer's management are the same, the vote will generally be cast as recommended and will not be reviewed on a case-by-case basis by the Proxy Committee. In cases where the portfolio manager of an account that holds voting securities of an issuer or the analyst covering the issuer or its securities recommends a vote, the proposal(s) will be voted according to these recommendations after a review for any potential conflicts of interest is conducted and will not be reviewed on a case-by-case basis by the Proxy Committee. There may be situations where Loomis Sayles casts split votes despite the stated policies. For example, Loomis Sayles may cast a split vote when different clients may be invested in strategies with different investment objectives, or when different clients may have different economic interests in the outcome of a particular proposal. Loomis Sayles also may cast a split vote on a particular proposal when its investment teams have differing views regarding the impact of the proposal on their clients' investment interests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Abstentions and Other Exceptions.** Loomis Sayles' general policy is to vote rather than abstain
from voting on issues presented, unless the Proxy Committee determines, pursuant to its best judgment, that the client's best interests
require abstention. However, in the following circumstances Loomis Sayles may not vote a client's proxy:

● The Proxy Committee has concluded that voting would have no meaningful, identifiable economic benefit to the client as a shareholder, such as when the security is no longer held in the client's portfolio or when the value of the portfolio holding is insignificant.

● The Proxy Committee has concluded that the costs of or disadvantages resulting from voting outweigh the economic benefits of voting. For example, in some non-US jurisdictions, the sale of securities voted may be legally or practically prohibited or subject to some restrictions for some period of time, usually between the record and meeting dates ("share blocking"). Loomis Sayles believes that the loss of investment flexibility resulting from share blocking generally outweighs the benefit to be gained by voting. Information about share blocking is often incomplete or contradictory. Loomis Sayles relies on the client's custodian and on its Proxy Voting Service to identify share blocking jurisdictions. To the extent such information is wrong, Loomis Sayles could fail to vote shares

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Proxy Voting Policies and Procedures

that could have been voted without loss of investment flexibility, or could vote shares and then be prevented from engaging in a potentially beneficial portfolio transaction.

● Administrative requirements for voting proxies in certain foreign jurisdictions (which may be imposed a single time or may be periodic), such as providing a power of attorney to the client's local sub-custodian, cannot be fulfilled due to timing of the requirement, or the costs required to fulfill the administrative requirements appear to outweigh the benefits to the client of voting the proxy.

● The client, as of the record date, has loaned the securities to which the proxy relates and Loomis Sayles has concluded that it is not in the best interest of the client to recall the loan or is unable to recall the loan in order to vote the securities <sup>1</sup>.

● The client so directs Loomis Sayles.

The Proxy Committee will generally vote against, rather than abstain from voting on, ballot issues where the issuer does not provide sufficient information to make an informed decision. In addition, there may be instances where Loomis Sayles is not able to vote proxies on a client's behalf, such as when ballot delivery instructions have not been processed by a client's custodian, when the Proxy Voting Service has not received a ballot for a client's account (e.g., in cases where the client's shares have been loaned to a third party), when proxy materials are not available in English, and under other circumstances beyond Loomis Sayles' control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Oversight.** All issues presented for shareholder vote are subject to the oversight of the Proxy
Committee, either directly or by application of this policy. All non-routine issues will generally be considered directly by the Proxy
Committee and, when necessary, the investment professionals responsible for an account holding the security, and will be voted in the
best investment interests of the client. All routine "for" and "against" issues will be voted according to this
policy unless special factors require that they be considered by the Proxy Committee and, when necessary, the investment professionals
responsible for an account holding the security.

<sup>1</sup> Loomis Sayles does not engage in securities lending. However, some clients do opt to lend securities, availing themselves of their custodians' services.

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Proxy Voting Policies and Procedures

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.** **Availability of Procedures.** Loomis Sayles publishes these Proxy Voting Procedures, as updated from
time to time, on its public website, www.loomissayles.com, and includes a description of its Proxy Voting Procedures in Part 2A of its
Form ADV. Upon request, Loomis Sayles also provides clients with a copy of its Proxy Voting Procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.** **Disclosure of Vote.** Loomis Sayles makes certain disclosures regarding its voting of proxies in
the aggregate (not specific as to clients) on its website, www.loomissayles.com. For mutual funds that it manages, Loomis Sayles is required
by law to make certain disclosures regarding its voting of proxies annually. This information is also available on the Loomis Sayles website.
Additionally, Loomis Sayles will, upon request by a client, provide information about how each proxy was voted with respect to the securities
in that client's account. Loomis Sayles' policy is not to disclose a client's proxy voting records to third parties
except as required by applicable law and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Proxy Committee.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Proxy Committee.** Loomis Sayles has established a Proxy Committee. The Proxy Committee is composed
of senior representatives from firm investment teams and members of the Legal and Compliance Department, and other employees of Loomis
Sayles as needed. In the event that any member is unable to participate in a meeting of the Proxy Committee, he or she may designate another
individual to act on his or her behalf. A vacancy in the Proxy Committee is filled by the prior member's successor in position at
Loomis Sayles or a person of equivalent experience. Each portfolio manager of an account that holds voting securities of an issuer or
the analyst covering the issuer or its securities may be an ad hoc member of the Proxy Committee in connection with voting proxies of
that issuer. Voting determinations made by the Proxy Committee generally will be memorialized electronically (e.g., by email).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Duties.** The Proxy Committee's specific responsibilities include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. developing, authorizing, implementing and updating the Proxy Voting Procedures, 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;(i) annually reviewing the Proxy Voting Procedures to ensure consistency with internal policies and regulatory agency policies, including determining the continuing adequacy of the Proxy Voting

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Procedures to confirm that they have been formulated reasonably and implemented effectively, including whether they continue to be reasonably designed to ensure that proxy votes are cast in clients' best interest,

&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) annually reviewing existing voting guidelines and developing of additional voting guidelines to assist in the review of proxy proposals, 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;(iii) annually reviewing the proxy voting process and addressing any general issues that relate to proxy voting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. overseeing the proxy voting process, 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;(i) overseeing the vote on proposals according to the predetermined policies in the voting guidelines,

&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) directing the vote on proposals where there is reason not to vote according to the predetermined policies in the voting guidelines or where proposals require special consideration,

&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) consulting with the portfolio managers and analysts for the accounts holding the security when necessary or appropriate, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) periodically sampling or engaging an outside party to sample proxy votes to ensure they comply with the Proxy Voting Procedures and are cast in accordance with the clients' best interests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. engaging and overseeing third-party vendors that materially assist Loomis Sayles with respect to proxy
voting, such as the Proxy Voting Services, 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;(i) determining and periodically reassessing whether, as relevant, the Proxy Voting Service has the capacity and competency to adequately analyze proxy issues by considering:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 adequacy and quality of the Proxy Voting Service's staffing, personnel and technology,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) whether the Proxy Voting Service has adequately disclosed its methodologies in formulating voting recommendations, such that Loomis Sayles can understand the factors underlying the Proxy Voting Service's voting recommendations,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 robustness of the Proxy Voting Service's policies and procedures regarding its ability to ensure that its recommendations are based on current, materially complete and accurate information, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Proxy Voting Service's policies and procedures regarding how it identifies and addresses conflicts of interest, including

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Proxy Voting Policies and Procedures

whether the Proxy Voting Service's policies and procedures provide for adequate disclosure of its actual and potential conflicts of interest with respect to the services it provides to Loomis Sayles.

&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) providing ongoing oversight of the Proxy Voting Services to ensure that proxies continue to be voted in the best interests of clients and in accordance with these Proxy Voting Procedures and the determinations and directions of the Proxy Committee,

&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) receiving and reviewing updates from the Proxy Voting Services regarding relevant business changes or changes to the Proxy Voting Services' conflict policies and procedures, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) in the event that the Proxy Committee becomes aware that a recommendation of the Proxy Voting Service was based on a material factual error (including materially inaccurate or incomplete information): investigating the error, considering the nature of the error and the related recommendation, and determining whether the Proxy Voting Service has taken reasonable steps to reduce the likelihood of similar errors in the future; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. further developing and/or modifying these Proxy Voting Procedures as otherwise appropriate or necessary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Standards.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. When determining the vote of any proposal for which it has responsibility, the Proxy Committee shall vote
in the client's best interests as described in section 1(B)(1) above. In the event a client believes that its other interests require
a different vote, Loomis Sayles shall vote as the client instructs if the instructions are provided as required in section 1(B)(2) above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. When determining the vote on any proposal, the Proxy Committee shall not consider any benefit to Loomis
Sayles, any of its affiliates, any of its or their clients or service providers, other than benefits to the owner of the securities to
be voted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. If Loomis Sayles becomes aware of additional information relevant to the voting of a shareholder meeting
after a vote has been entered but before the applicable voting deadline has passed, it will consider whether or not such information impacts
the vote determination entered, and if necessary, use reasonable efforts to change the vote instruction.

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Proxy Voting Policies and Procedures

&nbsp;&nbsp;&nbsp;&nbsp;**D.** **Conflicts of Interest.** 

Loomis Sayles has established policies and procedures to ensure that proxy votes are voted in its clients' best interests and are not affected by any possible conflicts of interest. First, except in certain limited instances, Loomis Sayles votes in accordance with its pre-determined policies set forth in these Proxy Voting Procedures. Second, where these Proxy Voting Procedures allow for discretion, Loomis Sayles will generally consider the recommendations of the Proxy Voting Service in making its voting decisions. However, if the Proxy Committee determines that the Proxy Voting Service's recommendation is not in the best interests of the firm's clients, then the Proxy Committee may use its discretion to vote against the Proxy Voting Service's recommendation, but only after taking the following steps: (1) conducting a review for any material conflict of interest Loomis Sayles may have, and (2) if any material conflict is found to exist, excluding anyone at Loomis Sayles who is subject to that conflict of interest from participating in the voting decision in any way. However, if deemed necessary or appropriate by the Proxy Committee after full disclosure of any conflict, that person may provide information, opinions or recommendations on any proposal to the Proxy Committee. In such event, prior to directing any vote, the Proxy Committee will make reasonable efforts to obtain and consider information, opinions and recommendations from or about the opposing position.

&nbsp;&nbsp;&nbsp;&nbsp;**E.** **Recordkeeping.** 

Proxy voting books and records are maintained in an easily accessible place for a period of five years, the first two in an appropriate office of Loomis Sayles.

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Proxy Voting Policies and Procedures

&nbsp;&nbsp;&nbsp;&nbsp;**2.** **PROXY VOTING** 

&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Introduction** 

Loomis Sayles has established certain specific guidelines intended to achieve the objective of the Proxy Voting Procedures: to support good corporate governance, including ESG Matters, in all cases with the objective of protecting shareholder interests and maximizing shareholder value.

&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Board of Directors** 

Loomis Sayles believes that an issuer's independent, qualified board of directors is the foundation of good corporate governance. Loomis Sayles supports proxy proposals that reflect the prudent exercise of the board's obligation to provide leadership and guidance to management in fulfilling its obligations to its shareholders. As an example, it may be prudent not to disqualify a director from serving on a board if they participated in affiliated transactions if all measures of independence and good corporate governance were met.

<u>Annual Election of Directors:</u> Vote for proposals to repeal classified boards and to elect all directors annually.

<u>Chairman and CEO are Separate Positions:</u> Vote for proposals that require the positions of chairman and CEO to be held by different persons.

<u>Director and Officer Indemnification and Liability Protection:</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Vote against proposals concerning director and officer indemnification and liability protection that limit
or eliminate entirely director and officer liability for monetary damages for violating the duty of care, or that would expand coverage
beyond legal expenses to acts such as gross negligence that are more serious violations of fiduciary obligations than mere carelessness.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Vote for only those proposals that provide such expanded coverage in cases when a director's or officer's
legal defense was unsuccessful if (i) the director or officer was found to have acted in good faith and in a manner that the director
or officer reasonably believed was in the best interests of the company, and (ii) if the director's or officer's legal expenses
only would be covered.

<u>Director Nominees in Contested Elections:</u> Votes in a contested election of directors or a "vote no" campaign must be evaluated on a case-by-case basis, considering the

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Proxy Voting Policies and Procedures

following factors: (1) long-term financial performance of the issuer relative to its industry; management's track record; (2) background to the proxy contest; qualifications of director nominees (both slates); (3) evaluation of what each side is offering shareholders as well as the likelihood that the proposed objectives and goals can be met; and (4) stock ownership positions.

<u>Director Nominees in Uncontested Elections:</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Vote for proposals involving routine matters such as election of directors, provided that at least two-thirds
of the directors would be independent, as determined by the Proxy Voting Service, and affiliated or inside nominees do not serve on any
key board committee, defined as the Audit, Compensation, Nominating and/or Governance Committees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Vote against nominees that are CFOs of the subject company. Generally, vote against nominees that the
Proxy Voting Service has identified as not acting in the best interests of shareholders (e.g., due to over-boarding, risk management failures,
a lack of diversity, etc.). Vote against nominees that have attended less than 75% of board and committee meetings, unless a reasonable
cause (e.g., health or family emergency) for the absence is noted and accepted by the Proxy Voting Service and the board. Vote against
affiliated or inside nominees who serve on a key board committee (as defined above). Vote against affiliated and inside nominees if less
than two-thirds of the board would be independent. Vote against Governance or Nominating Committee members if both the following are true:
a) there is no independent lead or presiding director; and b) the position of CEO and chairman are not held by separate individuals. Generally,
vote against Audit Committee members if auditor ratification is not proposed, except in cases involving: (i) investment company board
members, who are not required to submit auditor ratification for shareholder approval pursuant to Investment Company Act of 1940 rules;
or (ii) any other issuer that is not required by law or regulation to submit a proposal ratifying the auditor selection. Vote against
Compensation Committee members when Loomis Sayles or the Proxy Voting Service recommends a vote against the issuer's "say on pay"
advisory vote.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Generally, vote against all members of a board committee and not just the chairman or a representative
thereof in situations where the Proxy Voting Service finds that the board committee has not acted in the best interests of shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Vote as recommended by the Proxy Voting Service when directors are being elected as a slate and not individually.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. When electing directors for any foreign-domiciled issuer to which the Proxy Voting Service believes it
is reasonable to apply U.S. governance standards, we generally will vote in accordance with our policies set forth in (A) through (D)

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Proxy Voting Policies and Procedures

above. When electing directors for any other foreign-domiciled issuers, a recommendation of the Proxy Voting Service will generally be followed in lieu of the above stipulations.

<u>Independent Audit, Compensation and Nominating and/or Governance Committees:</u> Vote for proposals requesting that the board Audit, Compensation and/or Nominating and/or Governance Committees include independent directors exclusively.

<u>Independent Board Chairman:</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Vote for shareholder proposals that generally request the board to adopt a policy requiring its chairman
to be "independent" (based on some reasonable definition of that term) with respect to any issuer whose enterprise value is,
according to the Proxy Voting Service, greater than or equal to $10 billion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Vote such proposals on a case-by-case basis when, according to the Proxy Voting Service, the issuer's
enterprise value is less than $10 billion.

<u>Multiple Directorships:</u> Generally vote against a director nominee who serves as an executive officer of any public company while serving on more than two total public company boards and any other director nominee who serves on more than five total public company boards, unless a convincing argument to vote for that nominee is made by the Proxy Voting Service, in which case, the recommendation of the Proxy Voting Service will generally be followed.

<u>Staggered Director Elections:</u> Vote against proposals to classify or stagger the board.

<u>Stock Ownership Requirements:</u> Generally vote against shareholder proposals requiring directors to own a minimum amount of company stock in order to qualify as a director, or to remain on the board.

<u>Term of Office:</u> Vote against shareholder proposals to limit the tenure of outside directors.

&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Ratification of Auditor** 

Loomis Sayles generally supports proposals for the selection or ratification of independent auditors, subject to consideration of various factors such as independence and reasonableness of fees.

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Proxy Voting Policies and Procedures

A. Generally
vote for proposals to ratify auditors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Vote against ratification of auditors where an auditor has a financial interest in or association with
the company, and is therefore not independent; or there is reason to believe that the independent auditor has rendered an opinion which
is neither accurate nor indicative of the company's financial position.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. In general, if non-audit fees amount to 35% or more of total fees paid to a company's auditor we will
vote against ratification and against the members of the Audit Committee unless the Proxy Voting Service states that the fees were disclosed
and determined to be reasonable. In such instances, the recommendation of the Proxy Voting service will generally be followed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Vote against ratification of auditors and vote against members of the Audit Committee where it is known
that an auditor has negotiated an alternative dispute resolution procedure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. Vote against ratification of auditors if the Proxy Voting Service indicates that a vote for the ratification
of auditors it is not in the best long term interest of shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;**D.** **Remuneration and Benefits** 

Loomis Sayles believes that an issuer's compensation and benefit plans must be designed to ensure the alignment of executives' and employees' interests with those of its shareholders.

<u>401(k) Employee Benefit Plans:</u> Vote for proposals to implement a 401(k) savings plan for employees.

<u>Compensation Plans:</u> Proposals with respect to compensation plans generally will be voted as recommended by the Proxy Voting Service.

<u>Compensation in the Event of a Change in Control:</u> Votes on proposals regarding executive compensation in the event of a change in control of the issuer will be considered on a case-by-case basis.

<u>Director Related Compensation:</u> Vote proposals relating to director compensation, that are required by and comply with applicable laws (domestic or foreign) or listing requirements governing the issuer, as recommended by the Proxy Voting Service.

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Proxy Voting Policies and Procedures

<u>Employee Stock Ownership Plans ("ESOPs"):</u> Vote for proposals that request shareholder approval in order to implement an ESOP or to increase authorized shares for existing ESOPs, except in cases when the number of shares allocated to the ESOP is "excessive" (i.e., generally greater than five percent of outstanding shares), in which case the recommendation of the Proxy Voting Service will generally be followed.

<u>Golden Coffins:</u> Review on a case-by-case basis all proposals relating to the obligation of an issuer to provide remuneration or awards to survivors of executives payable upon such executive's death.

<u>Golden and Tin Parachutes:</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Vote for shareholder proposals to have golden (top management) and tin (all employees) parachutes submitted
for shareholder ratification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Review on a case-by-case basis all proposals to ratify or cancel golden or tin parachutes.

<u>OBRA (Omnibus Budget Reconciliation Act)-Related Compensation Proposals:</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Vote for proposals to amend shareholder-approved plans to include administrative features or place a cap
on the annual grants any one participant may receive to comply with the provisions of Section 162(m) of OBRA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Vote for amendments to add performance goals to existing compensation plans to comply with the provisions
of Section 162(m) of OBRA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Vote for cash or cash-and-stock bonus plans to exempt the compensation from taxes under the provisions
of Section 162(m) of OBRA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Votes on amendments to existing plans to increase shares reserved and to qualify the plan for favorable
tax treatment under the provisions of Section 162(m) should be evaluated on a case-by-case basis.

<u>Shareholder Proposals to Limit Executive and Director Pay Including Executive Compensation Advisory Resolutions ("Say on Pay"):</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Generally, vote for shareholder proposals that seek additional disclosure of executive and director pay
information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Review on a case-by-case basis (1) all shareholder proposals that seek to limit executive and director
pay and (2) all advisory resolutions on executive pay other than shareholder resolutions to permit such advisory resolutions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Vote against proposals to link all executive or director variable compensation to performance goals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Vote for an annual review of executive compensation.

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Proxy Voting Policies and Procedures

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. Non-binding advisory votes on executive compensation will be voted as recommended by the Proxy Voting
Service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. For foreign domiciled issuers where a non-binding advisory vote on executive compensation is proposed
concurrently with a binding vote on executive compensation, and the recommendation of the Proxy Voting Service is the same for each proposal,
a vote will be entered as recommended by the Proxy Voting Service.

<u>Share Retention by Executives:</u> Generally vote against shareholder proposals requiring executives to retain shares of the issuer for fixed periods unless the board and the Proxy Voting Service recommend voting in favor of the proposal.

<u>Stock Option Plans:</u> A recommendation of the Proxy Voting Service will generally be followed using the following as a guide:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Vote against stock option plans which expressly permit repricing of underwater options.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Vote against proposals to make all stock options performance based.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Vote against stock option plans that could result in an earnings dilution above the company specific cap
considered by the Proxy Voting Service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Vote for proposals that request expensing of stock options.

&nbsp;&nbsp;&nbsp;&nbsp;**E.** **Capital Structure Management Issues** 

<u>Adjustments to Par Value of Common Stock:</u> Vote for management proposals to reduce the par value of common stock.

<u>Authority to Issue Shares:</u> Vote for proposals by boards to authorize the issuance of shares (with or without preemptive rights) to the extent the size of the proposed issuance in proportion to the issuer's issued ordinary share capital is consistent with industry standards and the recommendations of the issuer's board and the Proxy Voting Service are in agreement. Proposals that do not meet the above criteria will be reviewed on a case-by-case basis.

<u>Blank Check Preferred Authorization</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Vote for proposals to create blank check preferred stock in cases when the company expressly states that
the stock will not be used as a takeover defense or carry superior voting rights, and expressly states conversion, dividend, distribution
and other rights.

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Proxy Voting Policies and Procedures

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Vote for shareholder proposals to have blank check preferred stock placements, other than those shares
issued for the purpose of raising capital or making acquisitions in the normal course of business, submitted for shareholder ratification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Review proposals to increase the number of authorized blank check preferred shares on a case-by-case basis.

<u>Common Stock Authorization:</u> Vote against proposed common stock authorizations that increase the existing authorization by more than 100% unless a clear need for the excess shares is presented by the company. A recommendation of the Proxy Voting Service will generally be followed.

<u>Greenshoe Options (French issuers only):</u> Vote for proposals by boards of French issuers in favor of greenshoe options that grant the issuer the flexibility to increase an over-subscribed securities issuance by up to 15% so long as such increase takes place on the same terms and within thirty days of the initial issuance, provided that the recommendation of the issuer's board and the Proxy Voting Service are in agreement. Proposals that do not meet the above criteria will be reviewed on a case-by-case basis.

<u>Reverse Stock Splits:</u> Vote for management proposals to reduce the number of outstanding shares available through a reverse stock split.

<u>Share Cancellation Programs:</u> Vote for management proposals to reduce share capital by means of cancelling outstanding shares held in the issuer's treasury.

<u>Share Repurchase Programs:</u> Vote for management proposals to institute open-market share repurchase plans in which all shareholders may participate on equal terms.

<u>Stock Distributions, Splits and Dividends:</u> Generally vote for management proposals to increase common share authorization, provided that the increase in authorized shares following the split or dividend is not greater than 100 percent of existing authorized shares.

&nbsp;&nbsp;&nbsp;&nbsp;**F.** **Mergers, Asset Sales and Other Special Transactions** 

Proposals for transactions that have the potential to affect the ownership interests and/or voting rights of the issuer's shareholders, such as mergers, asset sales and

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Proxy Voting Policies and Procedures

corporate or debt restructuring, will be considered on a case-by-case basis, based on (1) whether the best economic result is being created for shareholders, (2) what changes in corporate governance will occur, (3) what impact they will have on shareholder rights, (4) whether the proposed transaction has strategic merit for the issuer, and (5) other factors as noted in each section below, if any.

<u>Asset Sales:</u> Votes on asset sales will be determined on a case-by-case basis after considering the impact on the balance sheet/working capital, value received for the asset, and potential elimination of inefficiencies.

<u>Conversion of Debt Instruments:</u> Votes on the conversion of debt instruments will be considered on a case-by-case basis after the recommendation of the relevant Loomis Sayles equity or fixed income analyst is obtained.

<u>Corporate Restructuring:</u> Votes on corporate restructuring proposals, including minority squeeze-outs, leveraged buyouts, spin-offs, liquidations, and asset sales will be considered on a case-by-case basis.

<u>Debt Restructurings:</u> Review on a case-by-case basis proposals to increase common and/or preferred shares and to issue shares as part of a debt-restructuring plan. Consider the following issues:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Dilution - How much will ownership interest of existing shareholders be reduced, and how extreme will
dilution to any future earnings be?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Change in Control - Will the transaction result in a change in control of the company?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Bankruptcy – Loomis Sayles' Corporate Actions Department is responsible for consents related
to bankruptcies and debt holder consents related to restructurings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Potential Conflicts of Interest – For example, clients may own securities at different levels of
the capital structure; in such cases, Loomis Sayles will exercise voting or consent rights for each such client based on that client's
best interests, which may differ from the interests of other clients.

<u>Delisting a Security:</u> Proposals to delist a security from an exchange will be evaluated on a case-by-case basis.

<u>Fair Price Provisions:</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Vote for fair price proposals, as long as the shareholder vote requirement embedded in the provision is
no more than a majority of disinterested shares.

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Proxy Voting Policies and Procedures

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Vote for shareholder proposals to lower the shareholder vote requirement in existing fair price provisions.

<u>Greenmail:</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Vote for proposals to adopt anti-greenmail charter or bylaw amendments or otherwise restrict a company's
ability to make greenmail payments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Review anti-greenmail proposals on a case-by-case basis when they are bundled with other charter or bylaw
amendments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Vote for proposals to eliminate an anti-greenmail bylaw if the recommendations of management and the Proxy
Voting Service are in agreement. If they are not in agreement, review and vote such proposals on a case-by-case basis.

<u>Liquidations:</u> Proposals on liquidations will be voted on a case-by-case basis after reviewing relevant factors including but not necessarily limited to management's efforts to pursue other alternatives, the appraisal value of assets, and the compensation plan for executives managing the liquidation.

<u>Mergers and Acquisitions:</u> Votes on mergers and acquisitions should be considered on a case-by-case basis, generally taking into account relevant factors including but not necessarily limited to: anticipated financial and operating benefits; offer price (cost vs. premium); prospects of the combined companies; how the deal was negotiated; golden parachutes; financial benefits to current management; and changes in corporate governance and their impact on shareholder rights.

<u>Poison Pills:</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Vote for shareholder proposals that ask a company to submit its poison pill for shareholder ratification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Review on a case-by-case basis shareholder proposals to redeem a company's poison pill.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Review on a case-by-case basis management proposals to ratify a poison pill.

<u>Reincorporation Provisions:</u> Proposals to change a company's domicile will be evaluated on a case-by-case basis.

<u>Right to Adjourn:</u> Vote for the right to adjourn in conjunction with a vote for a merger or acquisition or other proposal, and vote against the right to adjourn in conjunction with a vote against a merger or acquisition or other proposal.

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Proxy Voting Policies and Procedures

<u>Spin-offs:</u> Votes on spin-offs will be considered on a case-by-case basis depending on relevant factors including but not necessarily limited to the tax and regulatory advantages, planned use of sale proceeds, market focus, and managerial incentives.

<u>Tender Offer Defenses:</u> Proposals concerning tender offer defenses will be evaluated on a case-by-case basis.

&nbsp;&nbsp;&nbsp;&nbsp;**G.** **Shareholder Rights** 

Loomis Sayles believes that issuers have a fundamental obligation to protect the rights of their shareholders. Pursuant to its fiduciary duty to vote shares in the best interests of its clients, Loomis Sayles considers proposals relating to shareholder rights based on whether and how they affect and protect those rights.

<u>Appraisal Rights:</u> Vote for proposals to restore, or provide shareholders with, rights of appraisal.

<u>Bundled Proposals:</u> Review on a case-by-case basis bundled or "conditioned" proxy proposals. In the case of items that are conditioned upon each other, examine the benefits and costs of the packaged items. In instances when the joint effect of the conditioned items is not in shareholders' best interests, vote against the proposals. If the combined effect is positive, support such proposals.

<u>Confidential Voting:</u> Vote for shareholder proposals that request corporations to adopt confidential voting, use independent tabulators and use independent inspectors of election as long as the proposals include clauses for proxy contests as follows: in the case of a contested election, management should be permitted to request that the dissident group honor its confidential voting policy. If the dissidents agree, the policy remains in place. If the dissidents do not agree, the confidential voting policy is waived. Vote for management proposals to adopt confidential voting.

<u>Counting Abstentions:</u> Votes on proposals regarding counting abstentions when calculating vote proposal outcomes will be considered on a case-by-case basis.

<u>Cumulative Voting:</u> Vote for proposals to permit cumulative voting, except where the issuer already has in place a policy of majority voting.

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Proxy Voting Policies and Procedures

<u>Equal Access:</u> Vote for shareholder proposals that would allow significant company shareholders equal access to management's proxy material in order to evaluate and propose voting recommendations on proxy proposals and director nominees, and in order to nominate their own candidates to the board.

<u>Exclusive Forum Provisions:</u> Vote against proposals mandating an exclusive forum for any shareholder lawsuits. Vote against the members of the issuer's Governance Committee in the event of a proposal mandating an exclusive forum without shareholder approval.

<u>Independent Proxy:</u> Vote for proposals to elect an independent proxy to serve as a voting proxy at shareholder meetings.

<u>Majority Voting:</u> Vote for proposals to permit majority rather than plurality or cumulative voting for the election of directors/trustees.

<u>Preemptive Rights:</u> Votes with respect to preemptive rights generally will be voted as recommended by the Proxy Voting Service subject to the Common Stock Authorization requirements above.

<u>Proxy Access:</u> A recommendation of the Proxy Voting Service will generally be followed with regard to proposals intended to grant shareholders the right to place nominees for director on the issuer's proxy ballot ("Proxy Access"). Vote for such proposals when they require the nominating shareholder(s) to hold, in aggregate, at least 3% of the voting shares of the issuer for at least three years, and be allowed to nominate up to 25% of the nominees. All other proposals relating to Proxy Access will be reviewed on a case-by-case basis.

<u>Shareholder Ability to Alter the Size of the Board:</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Vote for proposals that seek to fix the size of the board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Vote against proposals that give management the ability to alter the size of the board without shareholder
approval.

<u>Shareholder Ability to Remove Directors:</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Vote against proposals that provide that directors may be removed only for cause.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Vote against proposals that provide that only continuing directors may elect replacements to fill board
vacancies.

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Proxy Voting Policies and Procedures

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Vote for proposals to restore shareholder ability to remove directors with or without cause and proposals
that permit shareholders to elect directors to fill board vacancies.

<u>Shareholder Advisory Committees:</u> Proposals to establish a shareholder advisory committee will be reviewed on a case-by-case basis.

<u>Shareholder Rights Regarding Special Meetings:</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Vote for proposals that set a threshold of 10% of the outstanding voting stock as a minimum percentage
allowable to call a special meeting of shareholders. Vote against proposals that increase or decrease the threshold from 10%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Vote against proposals to restrict or prohibit shareholder ability to call special meetings.

<u>Supermajority Shareholder Voting Requirements:</u> Vote for all proposals to replace supermajority shareholder voting requirements with simple majority shareholder voting requirements, subject to applicable laws and regulations. Vote against management proposals to require a supermajority shareholder vote to approve charter and bylaw amendments.

<u>Unequal Voting Rights:</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Vote against dual class exchange offers and dual class recapitalizations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Vote on a case-by-case basis on proposals to eliminate an existing dual class voting structure.

<u>Written Consent:</u> Vote for proposals regarding the right to act by written consent when the Proxy Voting Service recommends a vote for the proposal. Proposals regarding the right to act by written consent where the Proxy Voting Service recommends a vote against will be sent to the Proxy Committee for determination. Generally vote against proposals to restrict or prohibit shareholder ability to take action by written consent.

&nbsp;&nbsp;&nbsp;&nbsp;**H.** **Environmental and Social Matters** 

Loomis Sayles has a fiduciary duty to act in the best interests of its clients.

Loomis Sayles believes good corporate governance, including those practices that address ESG Matters, is essential to the effective management of a company's financial, litigation and reputation risk, the maximization of its long-term economic

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Proxy Voting Policies and Procedures

performance and sustainability, and the protection of its shareholders' best interests, including the maximization of shareholder value.

Proposals on environmental and social matters cover a wide range of issues, including environmental and energy practices and their impacts, labor matters, diversity and human rights. These proposals may be voted as recommended by the Proxy Voting Service or may, in the determination of the Proxy Committee, be reviewed on a case-by-case basis if the Proxy Committee believes that a particular proposal (i) could have a material impact on an industry or the growth and sustainability of an issuer; (ii) is appropriate for the issuer and the cost to implement would not be excessive; (iii) is appropriate for the issuer in light of various factors such as reputational damage or litigation risk; or (iv) is otherwise appropriate for the issuer.

Loomis Sayles will consider whether such proposals are likely to enhance the value of the client's investments after taking into account the costs involved, pursuant to its fiduciary duty to its clients.

Climate Reporting: Generally vote for proposals requesting the issuer produce a report, at reasonable expense, on the issuer's climate policies. A recommendation against such proposals by the Proxy Voting Service will be considered by the Proxy Committee.

Workplace Diversity Reporting: Generally vote for proposals requesting the issuer produce a report, at reasonable expense, on the issuer's workforce diversity or equity policies and/or performance. A recommendation against such proposals by the Proxy Voting Service will be considered by the Proxy Committee.

&nbsp;&nbsp;&nbsp;&nbsp;**I.** **General Corporate Governance** 

Loomis Sayles has a fiduciary duty to its clients with regard to proxy voting matters, including routine proposals that do not present controversial issues. The impact of proxy proposals on its clients' rights as shareholders must be evaluated along with their potential economic benefits.

<u>Changing Corporate Name:</u> Vote for management proposals to change the corporate name.

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Proxy Voting Policies and Procedures

<u>Charitable and Political Contributions and Lobbying Expenditures</u>: Votes on proposals regarding charitable contributions, political contributions, and lobbying expenditures, should be considered on a case-by-case basis. Proposals of UK issuers concerning political contributions will be voted for if the issuer states that (a) it does not intend to make any political donations or incur any expenditures in respect to any political party in the EU; and (b) the proposal is submitted to ensure that the issuer does not inadvertently breach the Political Parties, Elections and Referendums Act 2000 and sections 366 and 367 of the Companies Act 2006.

<u>Delivery of Electronic Proxy Materials:</u> Vote for proposals to allow electronic delivery of proxy materials to shareholders.

<u>Disclosure of Prior Government Service:</u> Review on a case-by-case basis all proposals to disclose a list of employees previously employed in a governmental capacity.

<u>Financial Statements:</u> Generally, proposals to accept and/or approve the delivery of audited financial statements shall be voted as recommended by the Proxy Voting Service. In certain non-US jurisdictions where local regulations and/or market practices do not require the release of audited financial statements in advance of custodian vote deadlines (e.g., Korea), and the Proxy Voting Service has not identified any issues with the company's past financial statements or the audit procedures used, then Loomis Sayles shall vote for such proposals.

<u>Non-Material Miscellaneous Bookkeeping Proposals:</u> A recommendation of the Proxy Voting Service will generally be followed regarding miscellaneous bookkeeping proposals of a non-material nature.

Ratification of Board and/or Management Acts: Generally, proposals concerning the ratification or approval of the acts of the board of directors and/or management of the issuer for the past fiscal year shall be voted as recommended by the Proxy Voting Service.

<u>Reimbursement of Proxy Contest Defenses:</u> Generally, proposals concerning all proxy contest defense cost reimbursements should be evaluated on a case-by-case basis.

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Proxy Voting Policies and Procedures

<u>Reimbursement of Proxy Solicitation Expenses:</u> Proposals to provide reimbursement for dissidents waging a proxy contest should be evaluated on a case-by-case basis.

<u>State Takeover Statutes:</u> Review on a case-by-case basis proposals to opt in or out of state takeover statutes (including control share acquisition statutes, control share cash-out statutes, freeze out provisions, fair price provisions, stakeholder laws, poison pill endorsements, severance pay and labor contract provisions, anti-greenmail provisions, and disgorgement provisions).

<u>Technical Amendments to By-Laws:</u> A recommendation of the Proxy Voting Service will generally be followed regarding technical or housekeeping amendments to by-laws or articles designed to bring the by-laws or articles into line with current regulations and/or laws.

<u>Transaction of Other Business:</u> Vote against proposals asking for authority to transact open-ended other business without any information provided by the issuer at the time of voting.

<u>Transition Manager Ballots:</u> Any ballot received by Loomis Sayles for a security that was held for a client by a Transition Manager prior to Loomis Sayles' management of the client's holdings will be considered on a case-by case basis by the Proxy Committee (without the input of any Loomis Sayles analyst or portfolio manager) if such security is no longer held in the client's account with Loomis Sayles.

&nbsp;&nbsp;&nbsp;&nbsp;**J.** **Investment Company Matters** 

<u>Election of Investment Company Trustees:</u> Vote for nominees who oversee fewer than 60 investment company portfolios. Vote against nominees who oversee 60 or more investment company portfolios that invest in substantially different asset classes (e.g., if the applicable portfolios include both fixed income funds and equity funds). Vote on a case-by-case basis for or against nominees who oversee 60 or more investment company portfolios that invest in substantially similar asset classes (e.g., if the applicable portfolios include only fixed income funds or only equity funds). These policies will be followed with respect to funds advised by Loomis Sayles and its affiliates, as well as funds for which Loomis Sayles acts as subadviser and other third parties.

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Proxy Voting Policies and Procedures

<u>Mutual Fund Distribution Agreements:</u> Votes on mutual fund distribution agreements should be evaluated on a case-by-case basis.

<u>Investment Company Fundamental Investment Restrictions:</u> Votes on amendments to an investment company's fundamental investment restrictions should be evaluated on a case-by-case basis.

<u>Investment Company Investment Advisory Agreements:</u> Votes on investment company investment advisory agreements should be evaluated on a case-by-case basis.

**LSV ASSET MANAGEMENT PROXY VOTING POLICY**

LSV Asset Management's ("LSV" or the "Firm") proxy voting responsibilities on behalf of a client's account are expressly stated in the applicable agreement with such client. If LSV is responsible for voting proxies, the agreement with each client will typically state whether the votes will be cast in accordance with this proxy voting policy or in accordance with the client's proxy voting policy. In either case, LSV will make appropriate arrangements with each account custodian to have proxies forwarded on a timely basis, and will endeavor to correct delays or other problems relating to timely delivery of proxies and proxy materials to the extent it is aware of such delays or problems. If the client elects to retain proxy voting responsibility, LSV will have no involvement in the proxy voting process for that client.

To satisfy its fiduciary duty in making any voting determination, an investment adviser must make the determination in the best interests of the client and must not place the investment adviser's own interests ahead of the interests of the client. In addition, with respect to Employee Retirement Income Security Act of 1974 ("ERISA") plan clients, LSV directs its voting activity solely in the interests of the participants and beneficiaries and for the exclusive purpose of providing benefits to participants and their beneficiaries and defraying reasonable expenses.

In general, LSV's quantitative investment process does not provide output or analysis that would be functional in analyzing proxy issues. As a result, LSV does not consider proxy voting to be a material factor in its investment strategy or results. LSV, therefore, has retained an expert independent third party to assist in proxy voting, currently Glass Lewis & Co. ("GLC"). LSV's selection of GLC was made after careful consideration of GLC's proxy voting services, including related voting policies and expertise. GLC implements LSV's proxy voting process, develops proxy voting guidelines, and provides analysis of proxy issues on a case-by-case basis. Where LSV has been responsible for voting proxies for current clients, LSV typically votes in accordance with GLC's standard Benchmark Policy guidelines for applicable markets, as updated from time to time. Subject to limited exceptions, for new clients who wish to make LSV responsible for voting proxies and do not instruct otherwise, LSV intends to vote in accordance with GLC's climate guidelines, as updated from time to time. The climate guidelines also may be applied to existing clients' accounts upon request. These guidelines generally are aligned with LSV's investment goals, and LSV's use of GLC, therefore, is not a delegation of LSV's fiduciary obligation to vote proxies for clients. GLC's guidelines have been developed based on, among other things, GLC's focus on facilitating shareholder voting in favor of governance structures that drive performance and create shareholder value. LSV believes that GLC's guidelines are reasonably designed to ensure that proxies are voted in the best interests of LSV's clients. Although it is expected to be rare, LSV reserves the right to vote issues contrary to, or issues not covered by, GLC's guidelines when LSV believes it is in the best interests of the client and LSV does not have a material conflict of interest. In certain circumstances, clients who submit written requests may be permitted to direct their vote in a particular solicitation. Direction from a client on a particular proxy vote will take precedence over GLC's guidelines. Where the client has engaged LSV to vote proxies and has also provided proxy voting guidelines to LSV or selected other available GLC guidelines for their account, those guidelines will be followed with the

assistance of GLC. LSV describes available GLC guidelines to clients on at least an annual basis.

GLC assists LSV with voting execution, including through an electronic vote management system that allows GLC to: (1) populate each client's votes shown on GLC's electronic voting platform with GLC's recommendations under applicable guidelines ("pre-population"); and (2) automatically submit the client's votes to be counted ("automated voting"). There will likely be circumstances where, before the submission deadline for proxies to be voted at the shareholder meeting, an issuer intends to file or has filed additional soliciting materials with the SEC regarding a matter to be voted upon. It is possible in such circumstances that LSV's use of pre-population and automated voting could result in votes being cast that do not take into account such additional information. In order to address these concerns, GLC actively monitors information sources for supplemental or updated information from issuers and has in place a system to allow for issuer feedback on its voting recommendations. Such updated information and feedback is considered by GLC and voting recommendations are modified as appropriate. LSV's pre-populated votes would then also be automatically updated. GLC's processes in this area are part of LSV's review of their services as described below.

LSV conducts a number of periodic reviews to seek to ensure votes are cast in accordance with this policy and applicable GLC guidelines. In addition, on a semi-annual basis, LSV requires GLC to, among other things, provide confirmations regarding its policies and procedures and reporting on any changes to such policies and procedures. As part of such semi-annual process, LSV also obtains information regarding the capacity and competency of GLC to provide proxy advisory services to LSV.

In the voting process, conflicts can arise between LSV's interests and those of its clients, or between clients' interests due to each client's objectives. In such situations, LSV will continue to vote the proxies in accordance with the recommendations of GLC based on each client's applicable guidelines. A written record will be maintained explaining the reasoning for the vote recommendation. LSV also monitors GLC's conflicts of interest policies and procedures on a periodic basis.

LSV may be unable or may choose not to vote proxies in certain situations. For example, and without limitation, LSV may refrain from voting a proxy if (i) the cost of voting the proxy exceeds the expected benefit to the client, (ii) LSV is not given enough time to process the vote, (iii) voting the proxy requires the security to be "blocked" or frozen from trading or (iv) it is otherwise impractical or impossible to vote the proxy, such as in the case of voting a foreign security that must be cast in person. Where clients have entered into securities lending agreements covering securities in accounts managed by LSV, the Firm will not be involved in such clients' decisions to recall loaned securities for voting or other purposes unless specifically agreed to in writing.

Clients may receive a copy of this proxy voting policy and LSV's voting record for their account by request. In addition, clients are sent a summary of available guidelines on an annual basis and may request a copy of their respective guidelines or elect to change their guidelines at any time. LSV will additionally provide any registered investment company for which LSV acts as adviser or sub-adviser, a copy of LSV's voting record for the fund so that the fund may fulfill its obligation to report proxy votes to fund shareholders.

LSV may modify this policy and use of GLC from time to time.

<u>Recordkeeping</u>

LSV will retain:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Copies of its proxy voting policies and procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. A copy of each proxy statement received regarding client securities (maintained by the proxy voting service
and/or available on EDGAR).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. A record of each vote cast on behalf of a client (maintained by the proxy voting service).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. A copy of any document created that was material to the voting decision or that memorializes the basis
for that decision (maintained by the proxy voting service and/or the Firm).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. A copy of clients' written requests for proxy voting information and a copy of LSV's written
response to a client's request for proxy voting information for the client's account.

LSV will ensure that it may obtain access to the proxy voting service's records promptly upon LSV's request.

The above listed information is intended to, among other things, enable clients to review LSV's proxy voting procedures and actions taken in individual proxy voting situations.

LSV will maintain required materials in an easily accessible place for not less than five years from the end of the fiscal year during which the last entry took place.

<u>Consideration of Environmental, Social and Governance Factors</u>

LSV became a signatory to the Principles for Responsible Investment ("PRI") in April 2014. GLC is also a signatory to the PRI. The PRI provides a framework, through its six principles, for consideration of environmental, social and governance ("ESG") factors in portfolio management and investment decision-making. The six principles ask an investment manager, to the extent consistent with its fiduciary duties, to seek to: (1) incorporate ESG issues into investment analysis and decision-making processes; (2) be an active owner and incorporate ESG issues into its ownership policies and practices; (3) obtain appropriate disclosure on ESG issues by the entities in which it invests; (4) promote acceptance and implementation of the PRI principles within the investment industry; (5) work to enhance its effectiveness in implementing the PRI principles; and (6) report on its activities and progress toward implementing the PRI principles.

Voting in favor of effective disclosure and governance of ESG issues to drive performance and create shareholder value is incorporated into GLC's standard Benchmark Policy guidelines, as well as a supplement GLC maintains for shareholder initiatives. GLC's climate guidelines are substantially similar, but go further to encourage enhanced disclosure of climate-related governance measures, risk mitigation, and metrics or targets. In each case, GLC's guidelines emphasize assessing the financial implications of ESG issues in context of a company's operations. Thus, by utilizing these GLC guidelines, LSV seeks to apply the PRI and incorporate ESG issues into its proxy voting decision-making processes in a manner consistent with its fiduciary duties.

Further, LSV is able to offer, to interested clients upon request, thematic guidelines. These include an additional level of analysis with respect to certain considerations, do not account for certain considerations, and/or favor or disfavor certain types of corporate policies or practices. GLC's thematic guidelines thus provide a range of approaches for clients with their own perspectives on ESG or other issues. The following guidelines are available and may be obtained from LSV and applied to existing clients' accounts upon request: Catholic guidelines; Corporate Governance Focused guidelines; ESG guidelines; Investment Manager guidelines; Public Pension guidelines; Taft-Hartley guidelines; and Trust Bank guidelines.

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**Global proxy voting policy and procedures**

*February 2025 edition*

Executive summary

Each investment team at Manulife Investment Management (Manulife IM)<sup>1</sup> is responsible for investing in line with its investment strategy and clients' objectives. Manulife IM's approach to proxy voting leverages the skills and knowledge of multiple individuals and teams across the company, including those with expertise on investments, legal matters, corporate governance, environmental matters, social issues, and investment stewardship. Manulife IM's proxy voting practices align with its organizational structure and consider financially material factors in support of long-term value.

This global proxy voting policy and procedures (policy) applies to each of the Manulife IM advisory affiliates listed in Appendix A. In seeking to adhere to local regulatory requirements of the jurisdiction in which an advisory affiliate operates, additional procedures specific to that affiliate may be implemented to ensure compliance, where applicable. The policy is not intended to cover every possible situation that may arise in the course of business, but rather to act as a decision-making guide. It is therefore subject to change and interpretation from time to time as facts and circumstances dictate.

Manulife IM sets forth broad proxy voting guidelines in our separate Manulife Investment Management global proxy voting guidelines (the guidelines). The guidelines express our general approach to specific proxy voting proposals and subject matter and are intended to be read in conjunction with our various issue-specific statements.<sup>2</sup> The guidelines are an important public disclosure reflecting what we, as fiduciaries, believe drive long-term value, and we vote consistently with those principles. While the guidelines broadly indicate our approach to voting on environmental, social, and governance (ESG) integrated strategies<sup>3</sup>, we also maintain some additional and differentiated voting guidelines for our thematic strategies. Our thematic strategies are those investment strategies that focus on specific ESG issues or trends.<sup>4</sup> An active decision to invest in a company reflects a positive conviction in the investee company and usually in the incumbent management team and, therefore, we often support management's voting recommendations, but management recommendations are only one of the factors we consider. Public disclosure of our voting guidelines is intended to assist portfolio company management in understanding our perspective and ensure an effective dialogue. Manulife IM applies these guidelines with discretion, such that investment professionals may consider the facts and circumstances of individual ballot items.

<sup>1</sup> Manulife Investment Management is the unified global brand for Manulife's global wealth and asset management business, which serves individual investors and institutional clients in three businesses: retirement, retail, and institutional asset management (public markets and private markets).

<sup>2</sup> Our issue-specific statements include, as examples, our Climate Change Statement, our Nature Statement, and our Executive Compensation Statement.

<sup>3</sup> Including ESG integration and quantitative screening.

<sup>4</sup> Including sustainable, sustainable thematic and impact (i.e. clean energy, climate mitigation etc.)

Statement of policy

&nbsp;&nbsp;&nbsp;&nbsp;• The right to vote is a basic component of share ownership and
 is an important control. Where clients delegate proxy voting authority to Manulife IM, Manulife
 IM has an obligation to manage voting rights in a manner consistent with its fiduciary responsibilities.

&nbsp;&nbsp;&nbsp;&nbsp;• Manulife IM seeks to achieve the stated objective of the investment
 strategy for our clients throughout the investment process, including through proxy voting
 and wider stewardship.

&nbsp;&nbsp;&nbsp;&nbsp;• We encourage good corporate governance at companies as we believe
 it enhances longer-term resilience by positioning companies to best manage risks and supporting
 long-term shareholder value.

&nbsp;&nbsp;&nbsp;&nbsp;• Where we believe that sustainability factors can materially
 affect financial value, we integrate financially-material sustainability risks and opportunities
 into our investing processes.

&nbsp;&nbsp;&nbsp;&nbsp;• We look to establish constructive relationships with boards
 of companies in which we invest and look to integrate those dialogues into our proxy voting
 decision-making process.<sup>5</sup>

&nbsp;&nbsp;&nbsp;&nbsp;• We strive to leverage a range of expertise in our company across
 our decision-making.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; Where Manulife IM is granted and accepts responsibility for voting proxies for client accounts, it will seek to ensure proxies are received, voted or not voted with a view to maximize the economic value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Manulife IM has implemented processes
 to prevent and mitigate identified potential conflicts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Manulife IM will disclose information
 about its proxy voting policies and procedures to its clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; By articulating public positions on a range of issues, developed by an appropriate range of expertise, Manulife IM articulates its opinion on how a range of issues may affect investors financially.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Manulife IM will maintain records
 relating to proxy voting.

<sup>5</sup> For more information on our engagement activities please see the *Manulife Investment Management Global Issuer Engagement Policy*.

Standards

**Scope of proxy voting authority** 

Manulife IM's authority to vote proxies is determined by our agreements with clients. Where Manulife IM is granted and accepts responsibility for voting proxies for client accounts, it will seek to ensure proxies are received and voted in the best interests of the client with a view to maximize the economic value of their investments unless it determines that it is in the best interests of the client to refrain from voting a given proxy. We believe that our proxy voting policies and procedures are reasonably designed to ensure that proxy voting is conducted in the best interest of clients and in accordance with our fiduciary duties and any applicable rules and regulations.

• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; When clients have granted Manulife IM authority to vote securities in their accounts, we will vote in accordance with our proxy voting policy and standards, and clients cannot direct our vote in a particular proxy solicitation. Clients who have not provided us authority to vote securities in their accounts should reach out to their other service providers. We will not generally provide advice on proxy voting to clients who have not granted us voting authority.

**Receipt of ballots and proxy materials** 

Except in instances in which a client retains voting authority, Manulife IM will instruct custodians of client accounts to forward all proxy statements and materials received in respect of client accounts to the proxy voting service provider. Proxies received are reconciled against the client's holdings, and the custodian bank will be notified if proxies have not been forwarded to the proxy service provider when due.

**Use of a proxy voting services provider**

Manulife IM has deployed the services of a proxy voting services provider to ensure the timely casting of votes, to provide relevant and timely proxy voting research to inform our voting decisions, and to keep associated records. In addition to fulfilling other responsibilities, the proxy voting service provider has been engaged by Manulife IM to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• &nbsp;&nbsp;&nbsp;&nbsp;provide research and make voting recommendations, taking into account the product's strategy, . Manulife IM has adopted the ISS Benchmark Policy for our ESG integrated strategies <sup>6</sup> and the ISS Sustainability Policy for our thematic strategies<sup>7</sup> These policies were selected as their underlying principles and recommendations are aligned with the strategies with which they are paired. Both policies are reviewed on a regular basis to ensure broad alignment with the various Manulife IM issue-specific statements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• &nbsp;&nbsp;&nbsp;&nbsp;ensure proxies are voted and submitted in a timely manner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• &nbsp;&nbsp;&nbsp;&nbsp;provide alerts when companies file additional materials related to proxy voting matters;

<sup>6</sup> Including ESG integration and quantitative screening

<sup>7</sup> Including sustainable, sustainable thematic and impact.

&nbsp;&nbsp;&nbsp;&nbsp;• &nbsp;&nbsp;&nbsp;&nbsp;perform other administrative functions of proxy voting;

&nbsp;&nbsp;&nbsp;&nbsp;• &nbsp;&nbsp;&nbsp;&nbsp;maintain records of proxy statements and provide copies of such proxy statements promptly on request;

&nbsp;&nbsp;&nbsp;&nbsp;• &nbsp;&nbsp;&nbsp;&nbsp;maintain records of votes cast; and

&nbsp;&nbsp;&nbsp;&nbsp;• &nbsp;&nbsp;&nbsp;&nbsp;provide recommendations with respect to proxy voting matters in general.

Through the proxy voting execution process, the proxy voting services provider populates initial recommended voting decisions using the relevant policy that considers a range of issues.

These voting recommendations are then submitted, processed, and ultimately tabulated. Manulife IM retains the authority and operational functionality to submit different voting instructions after these initial recommendations from the proxy voting services provider have been submitted based on Manulife IM's assessment of each situation. As Manulife IM reviews voting recommendations and decisions, as articulated below, Manulife IM may change voting instructions based on those reviews.

**Vote review and decision process**

The firm actively reviews voting options where Manulife IM holds a significant ownership position in an investment. A significant ownership position in an investment is defined as those cases in which Manulife IM holds at least 2% of a company's issued share capital in aggregate across all Manulife IM client accounts. The investment professionals may also review other proxy voting items for their holdings and may make voting suggestions and/or determinations as discussed further below. Where Manulife IM holds a significant ownership position in a company, the investment professional is notified of the matter and the related voting proposals are reviewed.

Manulife IM investment professionals utilize the expertise of individuals across the organization, in conducting proxy voting research and providing advice. Any such advice is supplemental to the research and recommendations provided by our proxy voting services provider and review by investment professionals.

Manulife IM investment professionals may seek internal review by and advice from the sustainability team when it considers the facts and circumstances of an individual ballot item. After considering all available information, the investment professional will make a voting decision. Where the vote is different from the initial recommendation provided by the proxy voting services provider, the sustainability team will execute the change and record the rationale for the decision.

On occasion, there may be proxy votes that are not within the research and recommendation coverage universe of the proxy voting service provider. Investment professionals responsible for the proxy votes will provide voting recommendations to the Manulife IM proxy operations team, which will execute the votes accordingly.

**Securities lending**

Manulife IM clients retain the authority and may choose to lend shareholdings. Manulife IM, however, generally retains the ability to restrict shares from being lent and to recall shares on loan in order to preserve proxy voting rights. Manulife IM is focused in particular on preserving voting rights for companies where the firm holds 2% or more of a company's voting shares aggregated across client accounts. Manulife IM has a process in place to systematically restrict and recall shares on a best-efforts basis for those companies where we own an aggregate of 2% or more across all Manulife IM client accounts.

**Where Manulife IM may refrain from voting**

Manulife IM may refrain from voting a proxy where we have agreed with a client in advance to limit the situations in which we will execute votes. Manulife IM may also refrain from voting due to logistical considerations that may have a detrimental effect on our ability to vote. These issues may include, but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;• costs associated with voting the proxy
 exceed the expected benefits to clients;

&nbsp;&nbsp;&nbsp;&nbsp;• underlying securities have been lent
 out pursuant to a client's securities lending program and have not been subject to recall;

&nbsp;&nbsp;&nbsp;&nbsp;• short notice of a shareholder meeting;

&nbsp;&nbsp;&nbsp;&nbsp;• requirements to vote proxies in person;

&nbsp;&nbsp;&nbsp;&nbsp;• restrictions on a nonnational's
 ability to exercise votes, determined by local market regulation;

&nbsp;&nbsp;&nbsp;&nbsp;• restrictions on the sale of securities
 in proximity to the shareholder meeting (i.e., share blocking);

&nbsp;&nbsp;&nbsp;&nbsp;• requirements to disclose commercially
 sensitive information that may be made public (i.e., reregistration);

&nbsp;&nbsp;&nbsp;&nbsp;• requirements to provide local agents
 with the power of attorney to facilitate the voting instructions (such proxies are voted on
 a best-efforts basis);

&nbsp;&nbsp;&nbsp;&nbsp;• insufficient information available to
 confirm Manulife IM is authorized to execute voting rights for certain shares; or

&nbsp;&nbsp;&nbsp;&nbsp;• the inability of a client's custodian
 to forward and process proxies electronically.

**Manulife IM does not engage in empty voting**

Manulife IM does not engage in the practice of empty voting.<sup>8</sup> Manulife IM advisory affiliates are prohibited from creating large hedge positions solely to gain the vote while avoiding economic exposure to the market. Manulife IM will not knowingly vote borrowed shares (shares borrowed for short sales and hedging transactions).

Conflicts of interest

Manulife IM has a fiduciary duty to our clients. We recognize that conflicts of interest may arise in our proxy voting activities, and we seek to identify, disclose, and mitigate potential conflicts in accordance with our fiduciary responsibilities.

We have identified the following potential conflicts of interest related to our proxy voting activities:

&nbsp;&nbsp;&nbsp;&nbsp;• Voting
 at a company that is the sponsor of one of our institutional clients or where the company
 otherwise has a material commercial relationship with either Manulife or another member
 of the Manulife group, and Manulife IM could be unduly influenced by the relationship

&nbsp;&nbsp;&nbsp;&nbsp;• Manulife IM employees could have a material relationship with a
 company, which could affect voting activities Manulife IM has implemented processes to prevent and mitigate identified
 potential conflicts, including:

&nbsp;&nbsp;&nbsp;&nbsp;• Each Manulife IM employee is subject to a global code of ethics and general principles
 of business conduct, which reinforces fiduciary obligations and reminds employees of the requirement
 to put the interests of our clients first. Where a material conflict is identified between
 an employee and a company, the conflict must be disclosed to the employee's manager and
 our legal/compliance departments as needed to determine if it is appropriate for such employee
 to influence vote decisions for that company.

&nbsp;&nbsp;&nbsp;&nbsp;• Manulife IM uses an organizational structure that separates reporting lines for the sustainability
 team and investment professionals from sales and vendor functions in order to minimize real,
 or potential, conflicts of interest and to help ensure that voting is conducted in the best
 interest of the underlying clients.

&nbsp;&nbsp;&nbsp;&nbsp;• Voting decisions are executed independently of our parent company, Manulife Financial Corporation,
 or any of its related entities.

**Voting shares of Manulife Financial Corporation** 

Manulife Financial Corporation (MFC) is the publicly listed parent company of Manulife IM. Generally, legislation restricts the ability of a public company (and its subsidiaries) to hold shares in itself within its own accounts. Accordingly, the MFC

<sup>8</sup> Empty voting is a term embracing a variety of factual circumstances that result in a partial, or total, separation of the right to vote at a shareholders meeting from beneficial ownership of the shares on the meeting date.

share investment policy outlines the limited circumstances in which MFC, or its subsidiaries, may or may not invest or hold shares in MFC on behalf of MFC or its subsidiaries.<sup>9</sup>

The MFC share investment policy does not apply to investments made on behalf of unaffiliated third parties, which remain assets of the client.<sup>10</sup> Such investing may be restricted, however, by specific client guidelines, other Manulife IM policies, or other applicable laws.

Where Manulife IM is charged with voting MFC shares, we will seek to either vote shares in line with the voting recommendations of our external proxy voting service provider or not execute those votes in order to mitigate any conflict of interest.

Policy responsibility and oversight

The Public Markets Sustainability Committee (SC) oversees and monitors this policy and Manulife IM's proxy voting function, as well as the third-party proxy voting service provider.

Manulife IM's proxy operations team is responsible for the daily administration of proxy voting operational matters while the sustainability team is responsible for research and analysis of voting decisions and execution of changed votes. Significant proxy voting issues identified by Manulife IM's proxy operations team are escalated to the sustainability team and may be reviewed by Compliance and the SC.

The SC is responsible for the proper oversight of any service providers hired by Manulife IM to assist it in the proxy voting process. This oversight includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Annual due diligence:** Manulife IM conducts an annual due diligence review of the proxy voting
 service provider. This oversight includes an evaluation of the service provider's
 industry reputation, points of risk, compliance with laws and regulations, and technology
 infrastructure. Manulife IM also reviews the service provider's capabilities to
 meet Manulife IM's requirements, including reporting competencies, the adequacy
 and quality of the service provider's staffing and personnel, the quality and accuracy
 of sources of data and information, the strength of policies and procedures that enable
 it to make proxy voting recommendations based on current and accurate information, and
 the strength of policies and procedures to address conflicts of interest of the service
 provider related to its voting recommendations.

<sup>9</sup> This includes general funds, affiliated segregated funds or separate accounts, and affiliated mutual / pooled funds.

<sup>10</sup> This includes assets managed or advised for unaffiliated third parties, such as unaffiliated mutual/pooled funds and unaffiliated institutional advisory portfolios.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Regular updates:** Manulife IM also requests that the proxy voting service provider deliver
 updates regarding any business changes that alter the service provider's ability
 to provide independent proxy voting advice and services aligned with our policies.

Recordkeeping and reporting

Manulife IM provides clients with a copy of the proxy voting policy on request, and the proxy voting policy is also available on our website at manulifeim.com/institutional. Manulife IM describes its proxy voting processes to its clients in the relevant or required disclosure documents and discloses to its clients the process to obtain information on how Manulife IM voted that client's proxies.

Manulife IM keeps records of its proxy voting activities, which include proxy voting policies and procedures, records of votes cast on behalf of clients, records of client requests for proxy voting information, and any documents generated in making a vote decision. These documents may be available for inspection by regulatory authorities or government agencies.

Manulife IM discloses voting records on its website, and those records are updated on a monthly basis. The voting records generally reflect the voting decisions made for retail, institutional, and other client funds in the aggregate.

Policy amendments and exceptions

This policy is subject to periodic review by the SC, in addition to a review a minimum of every 3 years. The SC may recommend and approve amendments to this policy.

Any deviation from this policy will only be permitted with the prior approval of the Global Chief Investment Officer in consultation with the Chief Sustainability Officer, Manulife IM.

**Appendix A** Manulife IM advisory affiliates in scope of policy and investment management business only

Manulife Investment Management Limited

Manulife Investment Management (North America) Limited

Manulife Investment Management (Hong Kong) Limited

PT Manulife Aset Manajemen Indonesia<sup>1</sup>

Manulife Investment Management (Japan) Limited

Manulife Investment Management (Malaysia) Bhd. Manulife Investment Management and Trust Corporation

Manulife Investment Management (Singapore) Pte. Ltd.

Manulife IM (Switzerland) LLC

Manulife Investment Management (Taiwan) Co., Ltd.<sup>1</sup>

Manulife Investment Management (Europe) Limited

Manulife Investment Management (US) LLC

**1** By reason of certain local regulations and laws with respect to voting, for example, manual/physical voting processes or the absence of a third-party proxy voting service provider for those jurisdictions, PT Manulife Aset Manajemen Indonesia does not engage a third-party service provider to assist in their proxy voting processes. Manulife Investment Management (Taiwan) Co., Ltd. uses the third-party proxy voting service provider to execute votes for non-Taiwanese entities only.

**Merganser Capital Management, LLC**

**Policies and Procedures**

*CONFIDENTIAL*

---

| | |
|:---|:---|
|  | **Proxy Voting** |
| **<u>Adopted</u>:** | **October 5, 2004** |
| **<u>Amended</u>:** | **January 3, 2011** |
|  | **January 22, 2009** |
|  | **November 16, 2006** |

---

**Purpose:**

The purpose of this policy is to ensure that proxies are voted in accordance with our clients' best interests or instructions.

**Background:**

Rule 275.206(4)-6 of the IAA governs proxy voting by investment advisers. It requires advisers to implement written policies and procedures governing how they will vote proxies. It also requires them to disclose to clients, when requested, how they voted certain proxies and to furnish clients with a copy of the advisers' policies and procedures on proxy voting.

Given the nature of fixed income securities, Merganser is rarely required to vote on proxies. The typical exception occurs with respect to Money Market Mutual Funds that are used as sweep vehicles by custodian banks.

**Policy:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Merganser will notify the client giving them the opportunity to
 vote or instruct us how to vote their proxy. When a client specifically instructs Merganser
 not to contact them about proxies, Merganser will vote the proxy in a manner which in
 its best judgment reflects the client's best economic interest and fosters good
 corporate governance. In other routine matters, Merganser will vote in accordance with
 management recommendations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. If requested, Merganser will offer our clients advice on proxy
 questions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Merganser will facilitate the proxy voting so as to minimize the
 administrative burden on our clients. Therefore, for all Money Market Mutual Fund proxies,
 Compliance will vote to approve all auditor, director and legal counsel requests. If
 Merganser wishes to deviate from this, they shall notify the client of such decision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. If our contract assigns responsibility for proxy voting to the
 client or the client otherwise indicates a desire to vote proxies, Merganser will forward
 all materials to them for voting.

**Merganser Capital Management, LLC**

**Policies and Procedures**

*CONFIDENTIAL*

**Procedure(s):**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Receipt of proxies

Upon receipt of proxy material, Merganser will date stamp the ballot and forward all material to the Compliance Department ("Compliance"). Compliance will log the receipt on the Proxy Voting Control sheet.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Review of proxy material

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. For all Money Market Mutual Fund
 proxies, Compliance will vote to approve all auditor, director and legal counsel requests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. For all non-Money Market Mutual Fund
 proxies, Compliance will review the material. Compliance will then forward a copy of
 the ballot and other material to the Portfolio Manager ("PM") for review
 and recommendation(s). Compliance will offer the PM recommendations where appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. PM will review the proxy material
 and make recommendation(s) for the client's consideration. The proxy material will
 be returned to Compliance with the PM's recommendations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Advising clients of our recommendations

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Unless Merganser has been directed
 by the client to vote all proxies without consulting them, the Relationship Manager ("RM")
 will contact the client with our recommendations on voting the proxy and offer the opportunity
 to instruct us otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. RM will contact the client by telephone, letter or e-mail to review
 the proxy material and determine how the client wants to vote. If requested, the RM,
 with assistance of the PM, may offer advice to the client. A letter with copies of proxy
 documents will be sent to the client upon request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Voting proxies

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The proxy material will be returned to Compliance for voting.
 The vote will be made via Internet whenever possible.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Recordkeeping

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. A record of the vote, PM recommendations
 and any client correspondence will be filed in the client legal folder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Compliance will update the Proxy Voting Control sheet.

**MASSACHUSETTS FINANCIAL SERVICES COMPANY**

**PROXY VOTING POLICIES AND PROCEDURES**

**January 1, 2025** 

At MFS Investment Management, our core purpose is to create value responsibly. In serving the long-term economic interests of our clients, we rely on deep fundamental research, risk awareness, engagement, and effective stewardship to generate long-term risk-adjusted returns for our clients. A core component of this approach is our proxy voting activity. We believe that robust ownership practices can help protect and enhance long-term shareholder value. Such ownership practices include diligently exercising our voting rights as well as engaging with our issuers on a variety of proxy voting topics. We recognize that environmental, social and governance ("ESG") issues may impact the long-term value of an investment, and, therefore, we consider ESG issues in light of our fiduciary obligation to vote proxies in what we believe to be in the best long- term economic interest of our clients.

MFS Investment Management and its subsidiaries that perform discretionary investment activities (collectively, "MFS") have adopted these proxy voting policies and procedures ("MFS Proxy Voting Policies and Procedures") with respect to securities owned by the clients for which MFS serves as investment adviser and has been delegated the power to vote proxies on behalf of such clients. These clients include pooled investment vehicles sponsored by MFS (an "MFS Fund" or collectively, the "MFS Funds").

**Our approach to proxy voting is guided by the overall principle that proxy voting decisions are made in what MFS believes to be the best long-term economic interests of our clients for which we have been delegated with the authority to vote on their behalf, and not in the interests of any other party, including company management or in MFS' corporate interests, including interests such as the distribution of MFS Fund shares and institutional client relationships.** These Proxy Voting Policies and Procedures include voting guidelines that govern how MFS generally will vote on specific matters as well as how we monitor potential material conflicts of interest on the part of MFS that could arise in connection with the voting of proxies on behalf of MFS' clients.

**Our approach to proxy voting is guided by the following additional principles:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Consistency in application of the policy across multiple client portfolios:** While MFS generally seeks a single
 vote position on the same matter when securities of an issuer are held by multiple client
 portfolios, MFS may vote differently on the matter for different client portfolios under
 certain circumstances. For example, we may vote differently for a client portfolio if
 we have received explicit voting instructions to vote differently from such client for
 its own account. Likewise, MFS may vote differently if the portfolio management team
 responsible for a particular client account believes that a different voting instruction
 is in the best long-term economic interest of such account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Consistency in application of policy across shareholder meetings in most instances:** As a general matter, MFS
 seeks to vote consistently on similar proxy proposals across all shareholder meetings.
 However, as many proxy proposals (e.g., mergers, acquisitions, and shareholder proposals)
 are analyzed on a case-by-case basis in light of the relevant facts and circumstances
 of the issuer and proposal MFS may vote similar proposals differently at different shareholder
 meetings. In addition, MFS also reserves the right to override the guidelines with respect
 to a particular proxy proposal when such an override is, in MFS' best judgment,
 consistent with the overall principle of voting proxies in the best long-term economic
 interests of MFS' clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Consideration of company specific context and informed by engagement:** As noted above MFS will seek
 to consider a company's specific context in determining its voting decision. Where
 there are significant, complex or unusual voting items we may seek to engage with a company
 before making the vote to further inform our decision. Where sufficient progress has
 not been made on a particular issue of engagement, MFS may determine a vote against management
 is warranted to reflect our concerns and encourage change in the best long-term economic
 interests of our clients for which MFS has been delegated with the authority to vote
 on their behalf.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Clear decisions to best support issuer processes and decision making:** To best support improved
 issuer decision making we strive to generally provide clear decisions by voting either
 For or Against each item. We may however vote to Abstain in certain situations if we
 believe a vote either For or Against may produce a result not in the best long-term economic
 interests of our clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Transparency in approach and implementation:** In addition to the publication of the MFS Proxy Voting
 Policies and Procedures on our website, we are open to communicating our vote intention
 with companies, including ahead of the annual meeting. We may do this proactively where
 we wish to make our view or corresponding rationale clearly known to the company. Our
 voting data is reported to clients upon request and publicly on a quarterly and annual
 basis on our website (under Proxy Voting Records & Reports). For more information
 about reporting on our proxy voting activities, please refer to Section F below.

**A.&nbsp;&nbsp;&nbsp;&nbsp; VOTING GUIDELINES**

The following guidelines govern how MFS will generally vote on specific matters presented for shareholder vote. These guidelines are not exhaustive, and MFS may vote on matters not identified below. In such circumstances, MFS will be governed by its general policy to vote in what MFS believes to be in the best long-term economic interest of its clients.

These guidelines are written to apply to the markets and companies where MFS has significant assets invested. There will be markets and companies, such as controlled companies and smaller markets, where local governance practices are taken into consideration and exceptions may need

to be applied that are not explicitly stated below. There are also markets and companies where transparency and related data limit the ability to apply these guidelines.

**Board structure and performance**

MFS generally supports the **election and/or discharge of directors** proposed by the board in uncontested or non-contentious elections, unless concerns have been identified, such as in relation to:

**Director independence**

MFS believes that good governance is enabled by a board with at least a simple majority of directors who are "independent" (as determined by MFS in its sole discretion)<sup>1</sup> of management, the company and each other. MFS may not support the non-independent nominees, or other relevant director (e.g., chair of the board or the chair of the nominating committee), where insufficient independence is identified and determined to be a risk to the board's and/or company's effectiveness.

As a general matter we will not support a nominee to a board if, as a result of such nominee being elected to the board, the board will consist of less than a simple majority of members who are "independent." However, there are also governance structures and markets where we may accept lower levels of independence, such as companies required to have non-shareholder representatives on the board, controlled companies, and companies in certain markets. In these circumstances we generally expect the board to be at least one-third independent or at least half of shareholder representatives to be independent, and as a general matter we will not support the nominee to the board if as a result of such nominee's election these expectations are not met. In certain circumstances, we may not support another relevant director's election. For example, in Japan, we will generally not support the most senior director where the board is not comprised of at least one-third independent directors or is not majority independent for those companies listed on the Prime Market with a controlling shareholder.

MFS also believes good governance is enabled by a board whose key committees, in particular audit, nominating and compensation/remuneration, consist entirely of "independent" directors. For Canada and US companies, MFS generally votes against any non-independent nominee that would cause any of the audit, compensation, nominating committee to not be fully independent. For Australia, Benelux, Ireland, New Zealand, Switzerland, and UK companies MFS generally votes against any non-independent nominee that would cause the audit or compensation/remuneration committee to not be fully independent. For Korea companies, MFS generally votes against any non-independent nominee or other relevant director that would cause the audit committee to not be fully independent, would result in the chair of the nominating and compensation/remuneration committee to not be independent, or would cause the nominating and compensation/remuneration committees to be less than majority independent. In other markets MFS generally votes against non-independent nominees or

<sup>1</sup> MFS' determination of "independence" may be different than that of the company, the exchange on which the company is listed, or of a third party (e.g., proxy advisory firm).

other relevant director if a majority of committee members or the chair of the audit committee are not independent. However, there are also governance structures (e.g., controlled companies or boards with non-shareholder representatives) and markets where we may accept lower levels of independence for these key committees.

While there are currently markets where we accept lower levels of independence, we expect to expand these independence guidelines to all markets over time.

**Independent chairs** 

MFS believes boards should include some form of independent leadership responsible for amplifying the views of independent directors and setting meeting agendas, and this is often best positioned as an independent chair of the board or a lead independent director. We review the merits of a change in leadership structure on a case-by-case basis.

**Tenure in leadership roles**

We may vote against a chair who is designated independent, or a lead independent director whose overall tenure on the board equals or exceeds twenty (20) years, if progress on refreshment is not made or being considered by the company's board or we identify other concerns that suggest more immediate refreshment is necessary, such as the director's role on a key committee.

**Overboarding**

All directors on a board should have sufficient time and attention to fulfil their duties and play their part in achieving effective oversight, both in normal and exceptional circumstances.

MFS may also vote against any director if we deem such nominee to have board or committee roles or other outside time commitments that we believe would impair their ability to dedicate sufficient time and attention to their director role.

As a general guideline, MFS will generally vote against a director's election if they:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** Are
 not a CEO or executive chair of a public company but serve on more than four (4) public
 company boards in total at US companies and more than five (5) public boards for companies
 in other non-US markets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** Are
 a CEO or executive chair of a public company and serve on more than two (2) public company
 boards in total at US companies and two (2) outside public company boards for companies
 in non-US markets. In these cases, MFS would likely only apply a vote against at the
 meetings of the companies where the director is non-executive.

MFS may consider exceptions to this guideline if: (i) the company has disclosed the director's plans to step down from the number of public company boards exceeding the above limits, as applicable, within a reasonable time; or (ii) the director exceeds the permitted number of public company board seats solely due to either his/her board service on an affiliated company (e.g., a subsidiary), or service on more than one investment company within the same investment company complex (as defined by applicable law), or

iii) after engagement we believe the director's ability to dedicate sufficient time and attention is not impaired by the external roles.

**Diversity**

MFS believes that a well-balanced board with diverse perspectives is a foundation for sound corporate governance, and this is best spread across the board rather than concentrated in one or a few individuals. We take a holistic view on the dimensions of diversity that can lead to diversity of perspectives and stronger oversight and governance.

Gender diversity is one such dimension and where good disclosure and data enables a specific expectation and voting guideline.

On gender representation specifically MFS wishes to see companies in all markets achieve a consistent minimum representation of women of at least a third of the board, and we are likely to increase our voting guideline towards this over time.

Currently, where data is available, MFS will generally vote against the chair of the nominating and governance committee or other most relevant position at any company whose board is comprised of an insufficient representation of directors who are women for example:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• At
 US, Canadian, European, Australian, New Zealand companies: less than 24%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• At
 Brazilian companies: less than 20%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• At
 Chinese, Hong Kong, Indian, Japanese, Korean, other Latin American companies: less than
 10%.

As a general matter, MFS will vote against the chair of the nominating committee of US S&P 500 companies and UK FTSE 100 companies that have failed to appoint at least one director who identifies as either an underrepresented ethnic/racial minority or a member of the LGBTQ+ community.

MFS may consider exceptions to these guidelines if we believe that the company is transitioning towards these goals or has provided clear and compelling reasons for why they have been unable to comply with these goals.

For other markets, we will engage on board diversity and may vote against the election of directors where we fail to see progress.

**Board size**

MFS believes that the size of the board can have an effect on the board's ability to function efficiently and effectively. While MFS may evaluate board size on a case-by-case basis, we will typically vote against the chair of the nominating and governance committee in instances where the size of the board is greater than sixteen (16) members. An exception to this is companies with requirements to have equal representation of employees on the board where we expect a maximum of twenty (20) members.

**Other concerns related to director election:**

MFS may also not support some or all nominees standing for election to a board if we determine:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• There
 are concerns with a director or board regarding performance, governance or oversight,
 which may include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Clear
 failures in oversight or execution of duties, including the identification, management
 and reporting of material risks and information, at the company or any other at which
 the nominee has served. This may include climate-related risks;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o A
 failure by the director or board of the issuer to take action to eliminate shareholder
 unfriendly provisions in the issuer's charter documents, or the introduction of shareholder
 unfriendly provisions or actions; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Allowing
 the hedging and/or significant pledging of company shares by executives.

● A director attended less than 75% of the board and/or relevant committee meetings in the previous year without a valid reason stated in the proxy materials or other annual governance reporting;

● The board or relevant committee has not adequately responded to an issue that received a significant vote against management from shareholders;

● The board has implemented a poison pill without shareholder approval since the last annual meeting and such poison pill is not on the subsequent shareholder meeting's agenda (including those related to net-operating loss carry-forwards); or

● In Japan, the company allocates a significant portion of its net assets to cross-shareholdings.

Unless the concern is commonly accepted market practice, MFS may also not support some or all nominees standing for election to a nominating committee if we determine (in our sole discretion) that the chair of the board is not independent and there is no strong lead independent director role in place, or an executive director is a member of a key board committee.

Where individual directors are not presented for election in the year MFS may apply the same vote position to votes on the discharge of the director. Where the election of directors is bundled MFS may vote against the whole group if there is concern with an individual director and no other vote related to that director.

**Proxy contests**

From time to time, a shareholder may express alternative points of view in terms of a company's strategy, capital allocation, or other issues. Such a shareholder may also propose a slate of director nominees different than the slate of director nominees proposed by the company (a "Proxy Contest"). MFS will analyze Proxy Contests on a case-by-case basis, taking into consideration the track record and current recommended initiatives of both company management and the dissident shareholder(s). MFS will support the director nominee(s) that we believe is in the best, long-term economic interest of our clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*1.*

**Other items related to board accountability:**

**Majority voting for the election of directors:** MFS generally supports reasonably crafted proposals calling for directors to be elected with an affirmative majority of votes cast and/or the elimination of the plurality standard for electing directors (including binding resolutions requesting that the board amend the company's bylaws), provided the proposal includes a carve-out for a plurality voting standard when there are more director nominees than board seats (e.g., contested elections).

**Declassified boards:** MFS generally supports proposals to declassify a board (i.e., a board in which only a sub-set of board members is elected each year) for all issuers other than for certain closed-end investment companies. MFS generally opposes proposals to classify a board for issuers other than for certain closed-end investment companies.

**The right to call a special meeting or act by written consent:** 

MFS believes a threshold of 15-25% is an appropriate balance of shareholder and company interests, with thresholds of 15% for large and widely held companies.

MFS will generally support management proposals to establish these rights where they do not currently exist. MFS will generally support shareholder proposals to adjust existing rights to within the thresholds described above. MFS may also support shareholder proposals to establish the right at a threshold of 10% or above if no existing right exists and no right is presented for vote by management within the threshold range described above.

MFS will support shareholder proposals to establish the right to act by majority written consent if shareholders do not have the right to call a special meeting at the thresholds described above or lower.

**Proxy access:**MFS believes that the ability of qualifying shareholders to nominate a certain number of directors on the company's proxy statement ("Proxy Access") may have corporate governance benefits. However, such potential benefits must be balanced by its potential misuse by shareholders. Therefore, MFS generally supports Proxy Access proposals at U.S. issuers that establish ownership criteria of 3% of the company held continuously for a period of 3 years. In our view, such qualifying shareholders should have the ability to nominate at least 2 directors. We also believe companies should be mindful of imposing any undue impediments within their bylaws that may render Proxy Access impractical, including re-submission thresholds for director nominees via Proxy Access.

**Items related to shareholder rights:** 

**Anti-takeover measures:** In general, MFS votes against any measure that inhibits capital appreciation in a stock, including proposals that protect management from action by shareholders. These types of proposals take many forms, ranging from "poison pills" and "shark repellents" to super-majority requirements. While MFS may consider the adoption of a prospective "poison pill" or the continuation of an existing "poison pill" on a case-by-case basis, MFS generally votes against such anti-takeover devices.

MFS will consider any poison pills designed to protect a company's net-operating loss carryforwards on a case-by-case basis, weighing the accounting and tax benefits of such a pill against the risk of deterring future acquisition candidates. MFS will also consider, on a case-by-case basis, proposals designed to prevent tenders which are disadvantageous to shareholders such as tenders at below market prices and tenders for substantially less than all shares of an issuer.

MFS generally supports proposals that seek to remove governance structures that insulate management from shareholders. MFS generally votes for proposals to rescind existing "poison pills" and proposals that would require shareholder approval to adopt prospective "poison pills."

**Cumulative voting:** MFS generally opposes proposals that seek to introduce cumulative voting and supports proposals that seek to eliminate cumulative voting. In either case, MFS will consider whether cumulative voting is likely to enhance the interests of MFS' clients as minority shareholders.

**One-share one-vote**: As a general matter, MFS supports proportional alignment of voting rights with economic interest and may not support a proposal that deviates from this approach. For companies listing with multiple share classes or other forms of disproportionate control are in place, we expect these to have sunset provisions of generally no longer than seven years after which the structure becomes single class one-share one-vote.

**Reincorporation and reorganization proposals**: When presented with a proposal to reincorporate a company under the laws of a different state, or to effect some other type of corporate reorganization, MFS considers the underlying purpose and ultimate effect of such a proposal in determining whether or not to support such a measure. MFS generally votes with management in regard to these types of proposals, however, if MFS believes the proposal is not in the best long-term economic interests of its clients, then MFS may vote against management (e.g., the intent or effect would be to create additional inappropriate impediments to possible acquisitions or takeovers).

**Other business:** MFS generally votes against "other business" proposals as the content of any such matter is not known at the time of our vote.

**Items related to capitalization proposals, capital allocation and corporate actions:**

**Issuance of stock:** There are many legitimate reasons for the issuance of stock. Nevertheless, as noted below under "Stock Plans," when a stock option plan (either individually or when aggregated with other plans of the same company) would substantially dilute the existing equity (e.g., by more than approximately 10-15%), MFS generally votes against the plan.

MFS typically votes against proposals where management is asking for authorization to issue common or preferred stock with no reason stated (a "blank check") because the unexplained authorization could work as a potential anti-takeover device. MFS may also vote against the authorization or issuance of common or preferred stock if MFS determines that the requested authorization is excessive or not warranted. MFS will consider the duration of the authority and the company's history in using such authorities in making its decision.

**Repurchase programs:** MFS generally supports proposals to institute share repurchase plans in which all shareholders have the opportunity to participate on an equal basis. Such plans may include a company acquiring its own shares on the open market, or a company making a tender offer to its own shareholders.

**Mergers, acquisitions & other special transactions:** MFS considers proposals with respect to mergers, acquisitions, sale of company assets, share and debt issuances and other transactions that have the potential to affect ownership interests on a case-by-case basis. When analyzing such proposals, we use a variety of materials and information, including our own internal research as well as the research of third-party service providers.

**Independent Auditors**

MFS generally supports the election of auditors but may determine to vote against the election of a statutory auditor and/or members of the audit committee in certain markets if MFS reasonably believes that the statutory auditor is not truly independent, sufficiently competent or there are concerns related to the auditor's work or opinion. To inform this view, MFS may evaluate the use of non-audit services in voting decisions when the percentage of non-audit fees to total auditor fees exceeds 40%, in particular if recurring.

**Executive Compensation**

MFS believes that competitive compensation packages are necessary to attract, motivate and retain executives. We seek compensation plans that are geared towards durable long-term value creation and aligned with shareholder interests and experience, such as where we believe:

● The plan is aligned with the company's current strategic priorities with a focused set of clear, suitably ambitious and measurable performance conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Practices
 of concern may include an incentive plan without financial performance conditions, without
 a substantial majority weighting to quantitative metrics or that vests substantially
 below median performance .

● Meaningful portions of awards are paid in shares and based on long performance periods (e.g., at least three years);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Practices
 of concern may include low executive share ownership in the context of total pay and
 tenure.

● Awards and potential future awards, reflect the nature of the business, value created and the executive's performance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Practices
 of concern may include large windfall gains or award increases without justification.

● Awards are fair, not detrimental to firm culture and reflect the policies approved by shareholders at previous meetings with appropriate use of discretion (positive and negative); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Practices
 of concern may include one-off awards without justification or robust performance conditions,
 equity awards repriced without shareholder approval, substantial executive or director
 share pledging, egregious perks or substantial internal pay imbalances.

● The calculation and justification for awards is sufficiently transparent for investors to appraise alignment with performance and future incentives.

MFS will analyze votes on executive compensation on a case-by-case basis. When analyzing compensation practices, MFS generally uses a two-step process. MFS first seeks to identify any compensation practices that are potentially of concern by using both internal research and the research of third-party service providers. Where such practices are identified, MFS will then analyze the compensation practices in light of relevant facts and circumstances. MFS will vote against an issuer's executive compensation practices if MFS determines that such practices are not geared towards durable long-term value creation and are misaligned with the best, long-term economic interest of our clients. When analyzing whether an issuer's compensation practices are aligned with the best, long-term economic interest of our clients, MFS uses a variety of materials and information, including our own internal research and engagement with issuers as well as the research of third-party service providers.

MFS generally supports proposals to include an advisory shareholder vote on an issuer's executive compensation practices on an annual basis.

MFS does not have formal voting guideline in regard to the inclusion of ESG incentives in a company's compensation plan; however, where such incentives are included, we believe:

● The incentives should be tied to issues that are financially material for the issuer in question.

● They should predominantly include quantitative or other externally verifiable outcomes rather than qualitative measures.

● The weighting of incentives should be appropriately balanced with other strategic priorities.

We believe non-executive directors may be compensated in cash or stock but these should not be performance-based.

**Stock Plans**

MFS may oppose stock option programs and restricted stock plans if they:

● Provide unduly generous compensation for officers, directors or employees, or could result in excessive dilution to other shareholders. As a general guideline, MFS votes against restricted stock, stock option, non-employee director, omnibus stock plans and any other stock plan if all such plans for a particular company involve potential excessive dilution (which we typically consider to be, in the aggregate, of more than 15%). MFS will generally vote against stock plans that involve potential dilution, in aggregate, of more than 10% at U.S. issuers that are listed in the Standard and Poor's 100 index as of December 31 of the previous year.

● Allow the board or the compensation committee to re-price underwater options or to automatically replenish shares without shareholder approval.

● Do not require an investment by the optionee, give "free rides" on the stock price, or permit grants of stock options with an exercise price below fair market value on the date the options are granted.

In the cases where a stock plan amendment is seeking qualitative changes and not additional shares, MFS will vote on a case-by-case basis.

MFS will consider proposals to exchange existing options for newly issued options, restricted stock or cash on a case-by-case basis, taking into account certain factors, including, but not limited to, whether there is a reasonable value-for-value exchange and whether senior executives are excluded from participating in the exchange.

From time to time, MFS may evaluate a separate, advisory vote on severance packages or "golden parachutes" to certain executives at the same time as a vote on a proposed merger or acquisition. MFS will vote on a severance package on a case-by-case basis, and MFS may vote against the severance package regardless of whether MFS supports the proposed merger or acquisition.

MFS supports the use of a broad-based employee stock purchase plans to increase company stock ownership by employees, provided that shares purchased under the plan are acquired for no less than 85% of their market value and do not result in excessive dilution.

MFS may also not support some or all nominees standing for election to a compensation/remuneration committee if:

● MFS votes against consecutive pay votes;

● MFS determines that a particularly egregious executive compensation practice has occurred. This may include use of discretion to award excessive payouts. MFS believes

compensation committees should have flexibility to apply discretion to ensure final payments reflect long-term performance as long as this is used responsibly;

● MFS believes the committee is inadequately incentivizing or rewarding executives, or is overseeing pay practices that we believe are detrimental the long-term success of the company; or

● An advisory pay vote is not presented to shareholders, or the company has not implemented the advisory vote frequency supported by a plurality/majority of shareholders.

**Shareholder Proposals on Executive Compensation**

MFS generally opposes shareholder proposals that seek to set rigid restrictions on executive compensation as MFS believes that compensation committees should retain flexibility to determine the appropriate pay package for executives.

MFS may support reasonably crafted shareholder proposals that:

● Require shareholder approval of any severance package for an executive officer that exceeds a certain multiple of such officer's annual compensation that is not determined in MFS' judgment to be excessive;

● Require the issuer to adopt a policy to recover the portion of performance-based bonuses and awards paid to senior executives that were not earned based upon a significant negative restatement of earnings, or other significant misconduct or corporate failure, unless the company already has adopted a satisfactory policy on the matter;

● Expressly prohibit the backdating of stock options; or,

● Prohibit the acceleration of vesting of equity awards upon a broad definition of a "change-in-control" (e.g., single or modified single-trigger).

**Environmental and Social Proposals**

Where management presents climate action/transition plans to shareholder vote, we will evaluate the level of ambition over time, scope, credibility and transparency of the plan in determining our support. Where companies present climate action progress reports to shareholder vote we will evaluate evidence of implementation of and progress against the plan and level of transparency in determining our support.

Most vote items related to environmental and social topics are presented by shareholders. As these proposals, even on the same topic, can vary significantly in scope and action requested, these proposals are typically assessed on a case-by-case basis.

For example, MFS may support reasonably crafted proposals:

● On climate change: that seek disclosure consistent with the recommendations of a generally accepted global framework (e.g., Task Force on Climate-related Financial Disclosures) that is appropriately audited and that is presented in a way that enables shareholders to assess and analyze the company's data; or request appropriately robust and ambitious plans or targets.

● Other environmental: that request the setting of targets for reduction of environmental impact or disclosure of key performance indicators or risks related to the impact, where materially relevant to the business. An example of such a proposal could be reporting on the impact of plastic use or waste stemming from company products or packaging.

● On diversity: that seek to amend a company's equal employment opportunity policy to prohibit discrimination; that request good practice employee-related DEI disclosure; or that seek external input and reviews on specific related areas of performance.

● On lobbying: that request good practice disclosure regarding a company's political contributions and lobbying payments and policy (including trade organizations and lobbying activity).

● On tax: that request reporting in line with the GRI 207 Standard on Tax.

● On corporate culture and/or human/worker rights: that request additional disclosure on corporate culture factors like employee turnover and/or management of human and labor rights.

MFS is unlikely to support a proposal if we believe that the proposal is unduly costly, restrictive, unclear, burdensome, has potential unintended consequences, is unlikely to lead to tangible outcomes or we don't believe the issue is material or the action a priority for the business. MFS is also unlikely to support a proposal where the company already provides publicly available information that we believe is sufficient to enable shareholders to evaluate the potential opportunities and risks on the subject of the proposal, if the request of the proposal has already been substantially implemented, or if through engagement we gain assurances that it will be substantially implemented.

The laws of various states or countries may regulate how the interests of certain clients subject to those laws (e.g., state pension plans) are voted with respect to environmental, social and governance issues. Thus, it may be necessary to cast ballots differently for certain clients than MFS might normally do for other clients.

**B. GOVERNANCE OF PROXY VOTING ACTIVITIES**

From time to time, MFS may receive comments on the MFS Proxy Voting Policies and Procedures from its clients. These comments are carefully considered by MFS when it reviews these MFS Proxy Voting Policies and Procedures and revises them as appropriate, in MFS' sole judgment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **MFS Proxy Voting Committee** 

The administration of these MFS Proxy Voting Policies and Procedures is overseen by the MFS Proxy Voting Committee, which includes senior personnel from the MFS Legal and Global Investment and Client Support Departments as well as members of the investment team. The Proxy Voting Committee does not include individuals whose primary duties relate to client relationship management, marketing, or sales. The MFS Proxy Voting Committee:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Reviews
 these MFS Proxy Voting Policies and Procedures at least annually and recommends any amendments
 considered to be necessary or advisable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Determines
 whether any potential material conflict of interest exists with respect to instances
 in which MFS (i) seeks to override these MFS Proxy Voting Policies and Procedures; (ii)
 votes on ballot items not governed by these MFS Proxy Voting Policies and Procedures;
 (iii) evaluates an excessive executive compensation issue in relation to the election
 of directors; or (iv) requests a vote recommendation from an MFS portfolio manager or
 investment analyst (e.g., mergers and acquisitions);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Considers
 special proxy issues as they may arise from time to time; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Determines
 engagement priorities and strategies with respect to MFS' proxy voting activities

The day-to-day application of the MFS Proxy Voting Policies and Procedures are conducted by the MFS Stewardship Team led by MFS' Director of Global Stewardship. The Stewardship Team are members of MFS' investment team.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Potential Conflicts of Interest** 

These policies and procedures are intended to address any potential material conflicts of interest on the part of MFS or its subsidiaries that are likely to arise in connection with the voting of proxies on behalf of MFS' clients. If such potential material conflicts of interest do arise, MFS will analyze, document and report on such potential material conflicts of interest (see below) and shall ultimately vote the relevant ballot items in what MFS believes to be the best long-term economic interests of its clients.

The MFS Proxy Voting Committee is responsible for monitoring potential material conflicts of interest on the part of MFS or its subsidiaries that could arise in connection with the voting of proxies on behalf of MFS' clients. Due to the client focus of our investment management business, we believe that the potential for actual material conflict of interest issues is small. Nonetheless, we have developed precautions to assure that all votes are cast in the best long-term economic interest of its clients.<sup>2</sup> Other MFS internal policies require all MFS employees to avoid actual and potential conflicts of interests between personal activities and MFS' client activities. If an employee (including investment professionals) identifies an actual or potential conflict of interest with respect to any voting decision (including the ownership of securities in their individual portfolio), then that employee must recuse himself/herself from participating in the voting process. Any significant attempt by an employee of MFS or its subsidiaries to unduly influence MFS' voting on a particular proxy matter should also be reported to the MFS Proxy Voting Committee.

In cases where ballots are voted in accordance with these MFS Proxy Voting Policies and Procedures, no material conflict of interest will be deemed to exist. In cases where (i) MFS is considering overriding these MFS Proxy Voting Policies and Procedures, (ii) matters presented for vote are not governed by these MFS Proxy Voting Policies and Procedures, (iii) MFS identifies and evaluates a potentially concerning executive compensation issue in relation to an advisory pay or severance package vote, or (iv) a vote recommendation is requested from an MFS portfolio manager or investment analyst for proposals relating to a merger, an acquisition, a sale of company assets or other similar transactions (collectively, "Non-Standard Votes"); the MFS Proxy Voting Committee will follow these procedures:

<sup>2</sup> For clarification purposes, note that MFS votes in what we believe to be the best, long-term economic interest of our clients entitled to vote at the shareholder meeting, regardless of whether other MFS clients hold "short" positions in the same issuer or whether other MFS clients hold an interest in the company that is not entitled to vote at the shareholder meeting (e.g., bond holder).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Compare
 the name of the issuer of such ballot or the name of the shareholder (if identified in
 the proxy materials) making such proposal against a list of significant current (i) distributors
 of MFS Fund shares, and (ii) MFS institutional clients (the "MFS Significant Distributor
 and Client List");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. If
 the name of the issuer does not appear on the MFS Significant Distributor and Client
 List, then no material conflict of interest will be deemed to exist, and the proxy will
 be voted as otherwise determined by the MFS Proxy Voting Committee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. If
 the name of the issuer appears on the MFS Significant Distributor and Client List, then
 the MFS Proxy Voting Committee will be apprised of that fact and each member of the MFS
 Proxy Voting Committee (with the participation of MFS' Conflicts Officer) will carefully
 evaluate the proposed vote in order to ensure that the proxy ultimately is voted in what
 MFS believes to be the best long-term economic interests of MFS' clients, and not
 in MFS' corporate interests; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. For
 all potential material conflicts of interest identified under clause (c) above, the MFS
 Proxy Voting Committee will document: the name of the issuer, the issuer's relationship
 to MFS, the analysis of the matters submitted for proxy vote, the votes as to be cast
 and the reasons why the MFS Proxy Voting Committee determined that the votes were cast
 in the best long-term economic interests of MFS' clients, and not in MFS' corporate
 interests. A copy of the foregoing documentation will be provided to MFS' Conflicts
 Officer.

The members of the MFS Proxy Voting Committee are responsible for creating and maintaining the MFS Significant Distributor and Client List, in consultation with MFS' distribution and institutional business units. The MFS Significant Distributor and Client List will be reviewed and updated periodically, as appropriate.

For instances where MFS is evaluating a director nominee who also serves as a director/trustee of the MFS Funds, then the MFS Proxy Voting Committee will adhere to the procedures described in section (c) above regardless of whether the portfolio company appears on our Significant Distributor and Client List. In doing so, the MFS Proxy Voting Committee will adhere to such procedures for all Non-Standard Votes at the company's shareholder meeting at which the director nominee is standing for election.

If an MFS client has the right to vote on a matter submitted to shareholders by Sun Life Financial, Inc. or any of its affiliates (collectively "Sun Life"), MFS will cast a vote on behalf of such MFS client as such client instructs or in the event that a client instruction is unavailable pursuant to the recommendations of Institutional Shareholder Services, Inc.'s ("ISS") benchmark policy, or as required by law. Likewise, if an MFS client has the right to vote on a matter submitted to shareholders by a public company for which an MFS Fund director/trustee serves as an executive officer, MFS will cast a vote on behalf of such MFS client as such client instructs or in the event that client instruction is unavailable pursuant to the recommendations of ISS or as required by law.

Except as described in the MFS Fund's Prospectus, from time to time, certain MFS Funds (the "top tier fund") may own shares of other MFS Funds (the "underlying fund"). If an underlying fund submits a matter to a shareholder vote, the top tier fund will generally vote its shares in the same proportion as the other shareholders of the underlying fund. If there are no other shareholders in the underlying fund, the top tier fund will vote in what MFS believes to be in the top tier fund's best long-term economic interest. If an MFS client has the right to vote on a matter submitted to shareholders by a pooled investment vehicle advised by MFS (excluding those vehicles for which MFS' role is primarily portfolio management and is overseen by another investment adviser), MFS will cast a vote on behalf of such MFS client in the same proportion as the other shareholders of the pooled investment vehicle.<sup>3</sup>

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Review of Policy** 

The MFS Proxy Voting Policies and Procedures are available on www.mfs.com and may be accessed by both MFS' clients and the companies in which MFS' clients invest. The MFS Proxy Voting Policies and Procedures are reviewed by the Proxy Voting Committee annually. From time to time, MFS may receive comments on the MFS Proxy Voting Policies and Procedures from its clients. These comments are carefully considered by MFS when it reviews these MFS Proxy Voting Policies and Procedures and revises them as appropriate, in MFS' sole judgment.

**C. OTHER ADMINISTRATIVE MATTERS & USE OF PROXY ADVISORY FIRMS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Use of Proxy Advisory Firms** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. MFS,
 on behalf of itself and certain of its clients (including the MFS Funds) has entered
 into an agreement with an independent proxy administration firm pursuant to which the
 proxy administration firm performs various proxy vote related administrative services
 such as vote processing and recordkeeping functions. Except as noted below, the proxy
 administration firm for MFS and its clients, including the MFS Funds, is ISS. The proxy
 administration firm for MFS Development Funds, LLC is Glass, Lewis & Co., Inc. ("Glass
 Lewis"; Glass Lewis and ISS are each hereinafter referred to as the "Proxy
 Administrator").

The Proxy Administrator receives proxy statements and proxy ballots directly or indirectly from various custodians, logs these materials into its database and matches upcoming meetings with

<sup>3</sup> MFS Fund Distributors, Inc. ("MFD"), the principal underwriter of each series of the MFS Active Exchange Traded Funds Trust (each series, an "MFS Active ETF" and collectively, the "MFS Active ETFs"), has been appointed by each authorized participant with authority to vote such participant's shares of each MFS Active ETF on any matter submitted to a vote of the shareholders of the MFS Active ETF. If an MFS Active ETF submits a matter to a shareholder vote, MFD will vote (or abstain from voting) an authorized participant's shares in the same proportion as the other shareholders of the MFS Active ETF. If there are no other shareholders in the MFS Active ETF, MFS will vote in what MFS believes to be in the MFS Active ETF's best interest.

In addition, in the event MFS or an MFS subsidiary hold shares of an MFS Fund (including an MFS Active ETF) as seed money and the MFS Fund submits a matter to a shareholder vote, MFS or the MFS subsidiary, as the case may be, will vote (or abstain from voting) its shares in the same proportion as the other shareholders of the MFS Fund. If there are no other shareholders in the MFS Fund, MFS or the MFS subsidiary, as the case may be, will vote in what MFS believes to be in the MFS Fund's best interest.

MFS Fund and client portfolio holdings, which are inputted into the Proxy Administrator's system by an MFS holdings data-feed. The Proxy Administrator then reconciles a list of all MFS accounts that hold shares of a company's stock and the number of shares held on the record date by these accounts with the Proxy Administrator's list of any upcoming shareholder's meeting of that company. If a proxy ballot has not been received, the Proxy Administrator and/or MFS may contact the client's custodian requesting the reason as to why a ballot has not been received. Through the use of the Proxy Administrator system, ballots and proxy material summaries for all upcoming shareholders' meetings are available on-line to certain MFS employees and members of the MFS Proxy Voting Committee.

MFS also receives research reports and vote recommendations from proxy advisory firms. These reports are only one input among many in our voting analysis, which includes other sources of information such as proxy materials, company engagement discussions, other third-party research and data. MFS has due diligence procedures in place to help ensure that the research we receive from our proxy advisory firms is materially accurate and that we address any material conflicts of interest involving these proxy advisory firms. This due diligence includes an analysis of the adequacy and quality of the advisory firm staff, its conflict of interest policies and procedures and independent audit reports. We also review the proxy policies, methodologies and peer-group-composition methodology of our proxy advisory firms at least annually. Additionally, we also receive reports from our proxy advisory firms regarding any violations or changes to conflict of interest procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Analyzing and Voting Proxies** 

Proxies are voted in accordance with these MFS Proxy Voting Policies and Procedures. The Proxy Administrator, at the prior direction of MFS, automatically votes all proxy matters that do not require the particular exercise of discretion or judgment with respect to these MFS Proxy Voting Policies and Procedures as determined by MFS. In these circumstances, if the Proxy Administrator, based on MFS' prior direction, expects to vote against management with respect to a proxy matter and MFS becomes aware that the issuer has filed or will file additional soliciting materials sufficiently in advance of the deadline for casting a vote at the meeting, MFS will consider such information when casting its vote. With respect to proxy matters that require the particular exercise of discretion or judgment, the MFS Proxy Voting Committee or its representatives considers and votes on those proxy matters. In analyzing all proxy matters, MFS uses a variety of materials and information, including, but not limited to, the issuer's proxy statement and other proxy solicitation materials (including supplemental materials), our own internal research and research and recommendations provided by other third parties (including research of the Proxy Administrator). As described herein, MFS may also determine that it is beneficial in analyzing a proxy voting matter for members of the Proxy Voting Committee or its representatives to engage with the company on such matter. MFS also uses its own internal research, the research of Proxy Administrators and/or other third party research tools and vendors to identify (i) circumstances in which a board may have approved an executive compensation plan that is excessive or poorly aligned with the portfolio company's business or its shareholders, (ii) environmental, social and governance proposals that warrant further consideration, or (iii) circumstances in which a company is not in compliance with local governance or compensation

best practices. Representatives of the MFS Proxy Voting Committee review, as appropriate, votes cast to ensure conformity with these MFS Proxy Voting Policies and Procedures.

For certain types of votes (e.g., mergers and acquisitions, proxy contests and capitalization matters), MFS' Stewardship Team will seek a recommendation from the MFS investment analyst that is responsible for analyzing the company and/or portfolio managers that holds the security in their portfolio. For certain other votes that require a case-by-case analysis per these policies (e.g., potentially excessive executive compensation issues, or certain shareholder proposals), the Stewardship Team will likewise consult with MFS investment analysts and/or portfolio managers.<sup>4</sup> However, the MFS Proxy Voting Committee will ultimately be responsible for the manner in which all ballots are voted.

As noted above, MFS reserves the right to override the guidelines when such an override is, in MFS' best judgment, consistent with the overall principle of voting proxies in the best long-term economic interests of MFS' clients. Any such override of the guidelines shall be analyzed, documented and reported in accordance with the procedures set forth in these policies.

In accordance with its contract with MFS, the Proxy Administrator also generates a variety of reports for the MFS Proxy Voting Committee and makes available on-line various other types of information so that the MFS Proxy Voting Committee or its representatives may review and monitor the votes cast by the Proxy Administrator on behalf of MFS' clients.

For those markets that utilize a "record date" to determine which shareholders are eligible to vote, MFS generally will vote all eligible shares pursuant to these guidelines regardless of whether all (or a portion of) the shares held by our clients have been sold prior to the meeting date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Securities Lending** 

From time to time, certain MFS Funds may participate in a securities lending program. In the event MFS or its agent receives timely notice of a shareholder meeting for a U.S. security, MFS and its agent will attempt to recall any securities on loan before the meeting's record date so that MFS will be entitled to vote these shares. However, there may be instances in which MFS is unable to timely recall securities on loan for a U.S. security, in which cases MFS will not be able to vote these shares. MFS will report to the appropriate board of the MFS Funds those instances in which MFS is not able to timely recall the loaned securities. MFS generally does not recall non-U.S. securities on loan because there may be insufficient advance notice of proxy materials, record dates, or vote cut-off dates to allow MFS to timely recall the shares in certain markets on an automated basis. As a result, non-U.S. securities that are on loan will not generally be voted. If MFS receives timely notice of what MFS determines to be an unusual, significant vote for a non-U.S. security whereas MFS shares are on loan and determines that voting is in the best long-term economic interest of shareholders, then MFS will attempt to timely recall the loaned shares.

<sup>4</sup> From time to time, due to travel schedules and other commitments, an appropriate portfolio manager or research analyst may not be available to provide a vote recommendation. If such a recommendation cannot be obtained within a reasonable time prior to the cut-off date of the shareholder meeting, the MFS Proxy Voting Committee may determine to abstain from voting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Potential impediments to voting** 

In accordance with local law or business practices, some companies or custodians prevent the sale of shares that have been voted for a certain period beginning prior to the shareholder meeting and ending on the day following the meeting ("share blocking"). Depending on the country in which a company is domiciled, the blocking period may begin a stated number of days prior or subsequent to the meeting (e.g., one, three or five days) or on a date established by the company. While practices vary, in many countries the block period can be continued for a longer period if the shareholder meeting is adjourned and postponed to a later date. Similarly, practices vary widely as to the ability of a shareholder to have the "block" restriction lifted early (e.g., in some countries shares generally can be "unblocked" up to two days prior to the meeting whereas in other countries the removal of the block appears to be discretionary with the issuer's transfer agent). Due to these restrictions, MFS must balance the benefits to its clients of voting proxies against the potentially serious portfolio management consequences of a reduced flexibility to sell the underlying shares at the most advantageous time. For companies in countries with share blocking periods or in markets where some custodians may block shares, the disadvantage of being unable to sell the stock regardless of changing conditions generally outweighs the advantages of voting at the shareholder meeting for routine items. Accordingly, MFS will not vote those proxies in the absence of an unusual, significant vote that outweighs the disadvantage of being unable to sell the stock.

From time to time, governments may impose economic sanctions which may prohibit us from transacting business with certain companies or individuals. These sanctions may also prohibit the voting of proxies at certain companies or on certain individuals. In such instances, MFS will not vote at certain companies or on certain individuals if it determines that doing so is in violation of the sanctions.

In limited circumstances, other market specific impediments to voting shares may limit our ability to cast votes, including, but not limited to, late delivery of proxy materials, untimely vote cut-off dates, power of attorney and share re-registration requirements, or any other unusual voting requirements. In these limited instances, MFS votes securities on a best-efforts basis in the context of the guidelines described above.

**D. ENGAGEMENT**

As part of its approach to stewardship MFS engages with companies in which it invests on a range of priority issues. Where sufficient progress has not been made on a particular issue of engagement, MFS may determine a vote against management may be warranted to reflect our concerns and influence for change in the best long-term economic interests of our clients.

MFS may determine that it is appropriate and beneficial to engage in a dialogue or written communication with a company or other shareholders specifically regarding certain matters on the company's proxy statement that are of concern to shareholders, including environmental, social and governance matters. This may be to discuss and build our understanding of a certain proposal, or to provide further context to the company on our vote decision.

A company or shareholder may also seek to engage with members of the MFS Proxy Voting Committee or Stewardship Team in advance of the company's formal proxy solicitation to review issues more generally or gauge support for certain contemplated proposals. For further information on requesting engagement with MFS on proxy voting issues or information about MFS' engagement priorities, please contact proxyteam@mfs.com.

**E. RECORDS RETENTION**

MFS will retain copies of these MFS Proxy Voting Policies and Procedures in effect from time to time and will retain all proxy voting reports submitted to the Board of Trustees of the MFS Funds for the period required by applicable law. Proxy solicitation materials, including electronic versions of the proxy ballots completed by representatives of the MFS Proxy Voting Committee, together with their respective notes and comments, are maintained in an electronic format by the Proxy Administrator and are accessible on-line by the MFS Proxy Voting Committee and other MFS employees. All proxy voting materials and supporting documentation, including records generated by the Proxy Administrator's system as to proxies processed, including the dates when proxy ballots were received and submitted, and the votes on each company's proxy issues, are retained as required by applicable law.

**F. REPORTS**

**<u>U.S. Registered MFS Funds</u>**

MFS publicly discloses the proxy voting records of the U.S. registered MFS Funds on a quarterly basis. MFS will also report the results of its voting to the Board of Trustees of the U.S. registered MFS Funds. These reports will include: (i) a summary of how votes were cast (including advisory votes on pay and "golden parachutes"); (ii) a summary of votes against management's recommendation; (iii) a review of situations where MFS did not vote in accordance with the guidelines and the rationale therefore; (iv) a review of the procedures used by MFS to identify material conflicts of interest and any matters identified as a material conflict of interest; (v) a review of these policies and the guidelines; (vi) a review of our proxy engagement activity; (vii) a report and impact assessment of instances in which the recall of loaned securities of a U.S. issuer was unsuccessful; and (viii) as necessary or appropriate, any proposed modifications thereto to reflect new developments in corporate governance and other issues. Based on these reviews, the Trustees of the U.S. registered MFS Funds will consider possible modifications to these policies to the extent necessary or advisable.

**<u>Other MFS Clients</u>**

MFS may publicly disclose the proxy voting records of certain other clients (including certain MFS Funds) or the votes it casts with respect to certain matters as required by law. A report can also be printed by MFS for each client who has requested that MFS furnish a record of votes cast. The report specifies the proxy issues which have been voted for the client during the year and the position taken with respect to each issue and, upon request, may identify situations where MFS did not vote in accordance with the MFS Proxy Voting Policies and Procedures.

**<u>Firm-wide Voting Records</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. MFS
 also publicly discloses its firm-wide proxy voting records on a quarterly basis.

Except as described above, MFS generally will not divulge actual voting practices to any party other than the client or its representatives because we consider that information to be confidential and proprietary to the client. However, as noted above, MFS may determine that it is appropriate and beneficial to engage in a dialogue with a company regarding certain matters. During such dialogue with the company, MFS may disclose the vote it intends to cast in order to potentially effect positive change at a company in regard to environmental, social or governance issues.

![](x1_c113438x296x1.jpg)

Stewardship Policy

and Proxy Voting Guidelines

Contents

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| [Stewardship statement](#x1_c113438c001) | B-120 |
| [Ninety One's stewardship principles](#x1_c113438c002) | B-122 |
| [Implementing Ninety One's approach](#x1_c113438c003) | B-123 |
| [- Integration of stewardship principles](#x1_c113438c004) | B-123 |
| [- Engaging with companies](#x1_c113438c005) | B-123 |
| [- Exercising ownership rights](#x1_c113438c006) | B-124 |
| [- Executing the proxy voting process](#x1_c113438c007) | B-126 |
| [Monitoring and reporting](#x1_c113438c008) | B-127 |
| [Governance of Ninety One's stewardship process](#x1_c113438c009) | B-128 |
| [Supporting and implementing stewardship codes](#x1_c113438c010) | B-130 |
| [Proxy voting guidelines](#x1_c113438c011) | B-131 |
| [1. Leadership and strategic control](#x1_c113438c012) | B-131 |
| [2. Alignment with the long term: remuneration and sustainability](#x1_c113438c013) | B-135 |
| [3. Sustainability risks including climate change](#x1_c113438c014) | B-137 |
| [4. Protecting client capital – capital management and shareholder rights](#x1_c113438c015) | B-138 |
| [5. Audit and disclosure](#x1_c113438c016) | B-140 |
| [Shareholder resolutions](#x1_c113438c017) | B-141 |

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| &nbsp;&nbsp;Stewardship Policy and Proxy Voting Guidelines | &nbsp;&nbsp;![](x1_c113438x298x1.jpg) |

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Stewardship statement

Ninety One's goal is to provide long-term investment returns for its clients while making a positive difference to people and the planet. It is committed to being a responsible steward of clients' capital and delivering sustainability with substance. Stewardship is therefore a vital component of the investment management process, as it ensures responsible allocation of capital as well as the ongoing management and oversight of its investments. This is done in order to preserve and create sustainable long-term value for its clients. Ninety One is committed to monitoring, evaluating and, if necessary, actively engaging and/or withdrawing investments where it believes it is in the best interest of its clients. This includes exercising its clients' ownership rights, for example through proxy voting.

As an active steward of its clients' capital, Ninety One incorporates its stewardship role through all phases of the investment cycle. This includes:

- Fundamental research: undertaking a robust research process, which includes the assessment of environmental, social and governance (ESG) issues to ensure the responsible allocation of capital.

- Portfolio construction and monitoring: allocating capital to companies considering ESG issues, pricing these risks to the extent possible, and considering ongoing opportunities for engagement and influence.

- Engagement: where issues which materially affect long-term value creation and preservation are identified, Ninety One will undertake active engagement with the management of those assets to achieve positive change where appropriate.

- Proxy voting: Ninety One's stewardship principles and voting policies are reflected in the execution of our proxy voting process.

Ninety One applies its stewardship approach and principles across all the asset classes in which it invests, tailoring its stewardship efforts at the different stages of the investment cycle, depending on the opportunities and constraints of each asset class and the particular nature of the investment strategy. Central to these stewardship strategies is the protection and enhancement of its client portfolios.

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| &nbsp;&nbsp;Stewardship Policy and Proxy Voting Guidelines | &nbsp;&nbsp;![](x1_c113438x298x1.jpg) |

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| Ninety One's approach to engagement and voting is informed by policies in relation to five areas of corporate governance, which it considers key to ensuring long-term value: |
| Leadership and strategic control |
| Alignment with the long term |
| Sustainability risks including climate change |
| Protecting client capital |
| Audit and disclosure |
| Within the various jurisdictions in which Ninety One invests, it seeks to contribute meaningfully towards the development of a successful stewardship framework for investment and ownership. The firm endorses a range of globally recognised governance principles<sup>1</sup>, which represent a broad set of standards, and views them as suitable for listed companies across most markets. Where appropriate, Ninety One will seek to influence the development of policy, regulation and laws, aiming to facilitate the deployment of efficient capital markets and the development of favourable environments for shareholder rights and interests. |
| **Stewardship is the responsible allocation, management and oversight of capital to create long-term value for clients and beneficiaries leading to sustainable benefits for the economy, the environment and society.** |
| **The UK Stewardship Code 2020** |

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&nbsp;&nbsp;&nbsp;&nbsp;1.2 G20 OECD Principles of Corporate Governance, King IV in South Africa and
 UK Corporate Governance Code.

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| &nbsp;&nbsp;Stewardship Policy and Proxy Voting Guidelines | &nbsp;&nbsp;![](x1_c113438x300x1.jpg) |

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Ninety One's

stewardship principles

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|:---|:---|:---|
| 1 | <br>Ninety One will support a long-term investment perspective by integrating, engaging, escalating and monitoring material investment risks, including ESG issues. | <br>Ninety One will support a long-term investment perspective by integrating, engaging, escalating and monitoring material investment risks, including ESG issues. |
|  | 2 | <br> Ninety One will exercise its ownership rights responsibly including engagement and voting rights. |
| 3 | <br> Ninety One will address internal governance of effective stewardship including conflicts of interest and potential obstacles. | <br> Ninety One will address internal governance of effective stewardship including conflicts of interest and potential obstacles. |
|  | 4 | <br> Ninety One will disclose how it discharges its stewardship duties through publicly available policies and reporting. |
| 5 | <br> Ninety One is, where appropriate, willing to act alongside other investors. | <br> Ninety One is, where appropriate, willing to act alongside other investors. |

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| Stewardship Policy and Proxy Voting Guidelines | ![](x1_c113438x301x1.jpg) |

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Implementing Ninety One's approach

Integration of stewardship principles

Ninety One recognises that, in taking a long-term perspective, material investment risks, including ESG issues should form part of fundamental investment analysis as this speaks to the inherent risk of a business and therefore will need to be reflected in its cost of capital. The effective incorporation of these considerations may be achieved by means of screening, fundamental analysis or any other method deemed appropriate, including the seeking of external advice.

Engaging with companies

Ninety One sees engagement as the preferred means to address material risks and issues that can affect the value of its clients' capital. Engagements are communications which have a clear purpose and identifiable outcome.

Where engaging is appropriate for a given strategy, Ninety One will consider the potential for taking forward engagement based on various factors, including the ability to exert influence, and the nature and severity of the potential issue. The extent of engagement activities will vary depending on this assessment. Ninety One has two engagement categories:

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|:---|
| Strategic engagements: Firmwide priority engagements to address critical, systemic, or market-wide risks and opportunities. |
| General engagements: Entity specific engagements carried out by capabilities as part of their investment research and decision- making. The type and extent of engagement activity will vary depending on the materiality of the issue, and the potential to deliver a positive outcome. |

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Consistent with Ninety One's stewardship approach, engagement will generally be carried out by the investment team. Specific engagement will take place between the analyst, portfolio manager and the chairman, directors or other officers of the company, supported by the sustainability team where relevant. In cases where engagement is not successful, Ninety One will consider enacting its shareholder rights. These generally include using voting rights and working with other shareholders. As shareholders we also have the option to raise resolutions, propose candidates to the board, call shareholder meetings, and investigate the possibility of legal recourse, if required. In instances where there has been a clear breach of regulations by a company, or officers of the company, and as a result owners are placed at risk, Ninety One may seek intervention by the relevant regulatory body to address the breach. Whether engaging with the board in its own capacity, or in collaboration with other shareholders, Ninety One will seek to resolve an issue rather than escalating it to a level which may be damaging to the company and thus its own holding.

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| Stewardship Policy and Proxy Voting Guidelines | ![](x1_c113438x301x1.jpg) |

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Ninety One will endeavour to communicate with companies in a constructive and clear manner. Communication should be founded on a mutual understanding of motive, and should seek to objectively establish a rationale for change to occur. Ninety One expects the boards and management of companies with whom it engages to respect the role that it plays on behalf of its clients. Accordingly, the officers of the company should present their responses to Ninety One's questions and recommendations in a clear, honest and constructive manner. In communicating ownership concerns, Ninety One will generally address issues to the management of the company, except issues which are considered significant where we generally aim to engage the board or chairperson. In instances where the chairman is not independent, Ninety One will seek to engage directly with the lead independent director. When appropriate, matters will be addressed through the company secretary to ensure that the board is collectively informed about material issues that are being raised. As part of an effective engagement process, Ninety One may also engage with management and other relevant stakeholders to understand and communicate information relevant to its role as an active owner.

Exercising ownership rights

Exercising ownership rights is a key means through which Ninety One, as a shareholder, can deliver its objective to enhance the value of its client assets, and ensure that it delivers on the mandates of its clients.

Ninety One sees the governance of companies and hence the board as an extension of ownership. Owners are therefore the source of board authority over management. It is thus vital to have strong owners who are motivated by the company's ability to create sustainable value, who can reinforce the board's mandate and ensure its quality and accountability, and provide input when changes need to take place.

Ninety One is intent on playing a role in ensuring that the boards of the companies in which it invests focus on the preservation and growth of shareholder value. This approach relies on a high level of interaction between Ninety One and company boards, notably the chairperson, the lead independent directors (LID) and company secretaries to support the ongoing objective of higher levels of accountability. Innovative methods that can facilitate this, such as shareholder committees, will be encouraged and supported.

Good governance entails the board looking at every issue with which it has to deal, and devising a policy and framework that can be implemented by management. The board also has the function of curbing the excesses of management, ensuring that risks are managed and ensuring that management's interests remain aligned with the strategic direction of the company.

Ninety One believes that effective shareholder rights are the cornerstone of ownership rights. Ninety One will support and actively lobby for regulatory changes that can facilitate better communication between companies and their owners.

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|:---|:---|
| Stewardship Policy and Proxy Voting Guidelines | ![](x1_c113438x301x1.jpg) |

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All major decisions that impact the nature of the company should be presented to all shareholders for approval. To be effective, Ninety One believes that the following are key:

- One vote for one share. There should be one vote for one share, since this aligns shareholders' voting rights with their economic exposure. The boards of companies should do their utmost to ensure that these rights are exercised and should oppose any efforts to restrict these rights. As such, Ninety One defends the equitable treatment of all shareholders, especially minority shareholders. As a matter of principle, the creation of different share classes that confer disproportionate rights and privileges onto certain shareholders will be questioned by Ninety One. Where such rights exist, these should be clearly disclosed and justified, and one class should not have superior voting rights with respect to matters that affect the capital of other share classes

- Timely provision of transparent information. A company's board must ensure the timely release of all material information pertaining to voting issues. The information relating to any of the proposals or resolutions given to shareholders is considered, candid and sufficient for the shareholder to make their decision in a diligent manner. While different jurisdictions may vary in terms of record dates and timeframes, Ninety One believes that the relevant cut-off dates should allow sufficient time for all shareholders to consider the decision at hand. Critically, the timeframe should allow Ninety One to communicate with its clients when necessary and carry out engagements where appropriate. Thus, Ninety One will actively oppose any resolutions clearly intended to acquire shareholder consent by default by not allowing adequate time or sufficient information for shareholders to consider matters.

- Easy access to voting. Ninety One supports voting by way of a poll and believes that votes which ask for a 'show of hands' disenfranchise proxy shareholders and those not present at the meeting. Ninety One views this as an abrogation of shareholders' rights, and supports the introduction of electronic voting in all markets as well as the removal of paper- and fax-based voting. Moreover, where appropriate Ninety One will support the introduction of real-time shareholder meetings, where questions can be publicly raised through web-based links, so long as these arrangements do not remove the opportunity for shareholders to attend in person.

- Clear record taking. Ninety One believes that all issues raised at shareholder meetings should be clearly recorded in detailed minutes and placed on public record. This includes the prompt online disclosure of vote outcomes, as a percentage of votes cast, and on a per-resolution basis.

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| Stewardship Policy and Proxy Voting Guidelines | ![](x1_c113438x301x1.jpg) |

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Executing the proxy voting process

All relevant strategies are expected to participate in exercising shareholder rights on companies owned, voting via proxy or in person at all applicable meetings. Such voting is conducted in accordance with the proxy voting guidelines set out below, taking into account client interests and market-specific characteristics (e.g., share-blocking markets).

The overall proxy voting guidelines rest within Ninety One's broader stewardship policy framework, and reflect the principles and approach described above. The voting guidelines in this document apply across all of Ninety One's holdings as allowed by legal arrangements. Ninety One recognises that local best-practice codes may differ; although its proxy voting guidelines apply globally, it recognises regional differences. In markets where the codes are still evolving and not yet fully aligned with global best practice, Ninety One will take this into account. In these markets, Ninety One aims to engage actively with policymakers, regulators and stock exchanges, together with other global and local investors, to address the more critical potential shortcomings. Furthermore, Ninety One considers the size and maturity of each individual business, and if deemed appropriate, it may take a more pragmatic approach while remaining actively engaged.

Some clients may have their own policy which differs from that of Ninety One. In this situation, clients are expected to opt out of Stewardship Policy and Proxy Voting guidelines, so that an alternative system can be put in place that accommodates the client's own guidelines.

The diagram below shows how Ninety One executes the proxy voting process. Note that Ninety One does not outsource the voting decision to any third party, as it carries out the decision and execution of the vote in-house. It uses an external proxy research service provider to produce tailored reports. These reports include vote recommendations (not instructions) that arise from applying Ninety One's voting guidelines. The vote decision is then reached by the relevant investment teams in accordance with the investment philosophy, supported by the sustainability and proxy voting teams. Although highly unusual, investment teams may occasionally vote differently from one another based on their unique strategies. The votes are subsequently instructed electronically via the proxy research service provider's voting platform. Ninety One's relationship with its service providers in this respect will be contractually defined and managed in terms of a clear service-level agreement.

Ninety One will bear the responsibility for all voting decisions that it makes on behalf of its clients.

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Monitoring and reporting

Ninety One measures its engagement progress and documents all dialogue and outcomes in order to monitor success against its initial engagement objectives.

Ninety One will publish votes on its website after the associated meeting has taken place. Where Ninety One's ownership policy determines that a negative vote is cast, Ninety One will, if it is deemed appropriate and beneficial, communicate why it has opposed a particular resolution. Where Ninety One feels that it is necessary to communicate with the company in relation to its voting decision, this will be done in advance of the meeting. This aims to provide sufficient time for engagement to take place and appropriate amendments to be made to the voting decision.

Ninety One publicly discloses its voting decisions on a monthly basis on its website. (<u>www.ninetyone.com/en/investment-expertise/stewardship/proxy-voting-results</u>)

In line with the Shareholder Rights Directive II, Ninety One also publishes information annually on its significant votes. These are considered to be those where there is a significant holding (>5% of the shares or 5% of a fund) and is a dissenting vote against management, or those where there is a significant qualitative factor in that the vote relates to: an ESG issue, a shareholder resolution with a dissenting vote against management, or a significant corporate transaction.

Ninety One fully supports clients that take an active interest in fulfilling their ownership responsibilities. While reporting will be customised to meet specific requirements, Ninety One intends to ensure that clients are kept well informed, on a timely basis, as to how the firm is fulfilling ownership responsibilities on their behalf.

Collaborating with others

Ninety One may work with other shareholders from time to time to promote good governance and prevent any destruction in value. In particular, Ninety One will seek to collaborate where bilateral engagement and executing of ownership rights have not resulted in improvement in governance, and therefore escalation should be considered to protect shareholder value.

Discussions that take place will relate to specific voting actions, and will at no stage seek managerial control or control over the assets of the company. While legislation differs across different terrains, Ninety One holds the view that the frequently used defence by boards and management against collaborating shareholders of a 'concert party' action, which necessitates an offer to all shareholders, is unfounded. Ninety One maintains that a concert party action has to be transaction-based, and that it is a digression that has little bearing on shareholders working together to address governance concerns in a company.

Subject to the interests of its clients, Ninety One may seek to become involved in professional, national and international initiatives that seek to enhance governance, corporate citizenship and disclosure practices.

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Governance of Ninety One's stewardship process

The Ninety One Sustainability Committee (SC) is the custodian of Ninety One's approach to stewardship. The SC comprises Ninety One's Chief Executive Officer, Chief Investment Officers, Head of Compliance, Chief Sustainability Officer, Sustainability Director, Head of Investment Risk and is attended by senior representatives of our investment teams.

The SC is responsible for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The review of Ninety One's approach to stewardship.

2. The review and updating of Ninety One's proxy voting guidelines.

3. Acting as the ultimate authority for any direct engagement undertaken
 by Ninety One on behalf of its clients.

4. Being the final arbiter of any disputes or differences of opinion
 with respect to possible votes or engagements.

5. Addressing conflicts of interest identified.

6. Any other activities related to the overall philosophy, approach
 and execution of the stewardship of clients' assets.

Ninety One has dedicated Sustainability and Proxy Voting teams that coordinate engagements, as well as stewardship and voting activities that are steered by the Sustainability Committee. The Sustainability and Proxy Voting teams work with Ninety One's portfolio managers on engagement, proxy voting, integration strategies, ESG research and reporting.

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Conflicts of interest

Ninety One acts as a fiduciary to its clients. As such, it will always seek to manage any possible conflicts that may occur through its normal business activities so that there is no material risk of damage to clients.

Ninety One has firm-wide Conflicts of Interest and Code of Ethics policies, as well as a separate Conflicts of Interest Committee that manages the broader remit of potential conflicts across the business. Proxy voting-related conflict-of-interest considerations are addressed in this document, which also addresses listed director nominations, the engagement process and fundamental transactions.

Specifically, the key areas where conflicts of interest could arise include:

- Proxy voting: Ninety One has established processes to manage potential conflict-of-interest issues through the voting process. These conflicts can vary in nature and Ninety One will respond to each case individually, following a strict process. An example would be instances of Ninety One board members or senior employees serving on the boards of other publicly listed companies. To manage this, the compliance team has put in place internal controls, including a Ninety One policy, in respect of outside business activities. Where a conflict is detected, the issue is dealt with appropriately and escalated to the Ninety One Sustainability Committee, where necessary. We would also cast a 'do not vote' decision on holdings in listed Ninety One-managed funds and Ninety One PLC/Ltd.

- Fundamental transactions: From time to time, Ninety One on behalf of its clients may become involved on both sides of a fundamental transaction. In such cases, Ninety One will seek to ensure that all appropriate factors are considered prior to any transaction or recommendation taking place. If necessary, it will engage directly with its clients to determine an appropriate course of action. Ninety One would ultimately aim to act in the best interests of clients, in line with their mandate, which may result in a divergence of actions.

- Nominating directors: Ninety One will endeavour, where appropriate, to nominate candidates that it objectively considers to be independent of Ninety One. Should Ninety One deem it necessary to nominate a candidate that is in any way affiliated to itself, it will ensure that the candidate is not presented with any conflicts of interest that may impact their ability to fulfil their responsibilities as a director, or as an employee of Ninety One.

- Engagement: In theory, there is a risk that Ninety One could favour some companies in the engagement process where Ninety One has a prior relationship and so would be failing in its duty to treat all its clients equally. To mitigate against such a risk, Ninety One has established a governance structure to ensure that these situations are appropriately identified and managed, including all strategic engagements being monitored by the Sustainability team.

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Supporting and implementing stewardship codes

As a firm, Ninety One will seek to play a meaningful role in helping to develop and improve the framework for investment and ownership within the various jurisdictions in which it invests. Where appropriate, it will seek to influence the development of policy, regulation and laws, aiming to facilitate the deployment of efficient capital markets and the development of favourable environments for shareholder rights and interests.

A number of codes and standards are relevant to our approach. The Principles for Responsible Investment (PRI) were launched in 2006, the UK Stewardship Code in 2010 and the Code for Responsible Investing in South Africa (CRISA) in 2011. Ninety One played an important role in the development of the CRISA and contributed to the development of the updated CRISA II code.

Ninety One is a signatory to the Principles for Responsible Investment, the UK Stewardship Code and is a supporter of a number of other global codes including the Singapore Stewardship Principles, the Hong Kong Principles of Responsible Ownership, the Japanese Stewardship Code, the Korea Stewardship Code and the ISG US Stewardship Principles. There are no signatories to CRISA. However, Ninety One endorses the South African Code.

These stewardship codes are consistent with the PRI framework, which expects

institutional investors to:

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| Incorporate ESG issues into investment analysis and decision-making processes. |
| Be active owners and incorporate ESG issues into ownership policies and practices. |
| Seek appropriate disclosure on ESG issues by the entities in which we invest. |
| Promote acceptance and implementation of the Principles within the investment industry. |
| Work together to enhance the effectiveness in implementing the Principles. |
| Report on activities and progress towards implementing the Principles |

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Proxy voting guidelines

Ninety One has organised its assessment of corporate governance-related matters under five broad areas which guide its voting decisions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Leadership
 and strategic control

2. Alignment
 with the long term

3. Sustainability
 risks including climate change

4. Protecting
 client capital

5. Audit
 and disclosure

1 Leadership and strategic control

The board and its directors

The board determines the strategic direction of the company, taking into account the interests of the company and all its stakeholders. The board bears ultimate responsibility for the long-term sustainable success of the company.

Although board structures vary across countries, Ninety One expects boards to:

-&nbsp;&nbsp;&nbsp;&nbsp;Be sufficiently independent, so as to protect all shareholders' interests.

-&nbsp;&nbsp;&nbsp;&nbsp;Have adequate executive representation, so as to provide significant operational insight.

-&nbsp;&nbsp;&nbsp;&nbsp;Provide strong and diverse oversight, underpinned by a variety of skills and experiences that replicate the business's key features and geographies.

-&nbsp;&nbsp;&nbsp;&nbsp;Maintain an optimal board size, with appropriate board refreshment, succession plans and correct attendance to find the right balance between fresh perspectives and company history.

Ninety One believes directors should stand for re-election regularly, and that there should be clear and detailed disclosures of a director's background. These should be made available to shareholders to facilitate the assessment of their suitability.

Ninety One expects a board to include a sufficient number of independent directors. Some issues to consider with regards to independence include:

- Founder status

- Family relations with senior executives or founders

- Excessive tenure

- Having served as an executive in the previous five years

- Having business relationships with the company or its executives

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- A shareholding in the company of over 10% of the issued share capital.

Whilst these may be obstacles to independence, we would consider these issues in the broader context of maintaining appropriate expertise on the Board, and the stability of the company. It is crucial to regularly evaluate the role and impact of directors on the company's performance and governance.

Interlocking directorships

The chair leads the board and is responsible for its overall effectiveness in directing the company. Should the company be large and complex in nature, or the chairperson not be independent, Ninety One would expect a suitably experienced and senior board member to be appointed as the Lead/Senior Independent Director (LID/SID). The LID should be able to engage independently with owners on governance-related issues.

The LID should also assume key governance responsibilities, including the supervision of the annual evaluation of the chairperson. The LID should also handle specific issues relating to conflicts of interest of board members, should the chairperson not be independent. Ninety One considers a combined chairperson and CEO role to be a governance risk.

The voting guidelines arising from the above are as follows:

- Unless there is a particular context and explanation, Ninety One may not support the (re)election of the chairperson where:

- They are considered to be not independent.

- They are the former CEO.

- There has been a clear failure to conduct periodic reviews of the performance of the board.

- They have repeatedly refused to adhere to reasonable disclosure requests.

- There has been a disregard for the interests of stakeholders, including in relation to the environmental and social risks and impacts of the company.

- There is a lack of succession planning and there is no engagement on the topic.

- Shareholder rights and the ability to communicate with the board have been impaired.

- There are persistent and unaddressed governance failures that pose a material risk, unless the board has provided a strong rationale.

- Ninety One may vote against a combined chair and CEO board structure, although it will consider all circumstances, including duration of the appointment, the potential concentration of power and explicit disclosures on how conflicts of interest have been managed.

- Ninety One may not support non-independent directors where the overall board balance is not majority independent or does not at least meet the local market requirements.

- Ninety One generally accepts proportional representation of shareholdings on the board, so long as minority shareholders' interests are respected.

- Ninety One will, in the first instance, focus on non-independent non-executive directors who also serve as key committee members when the overall board is not majority independent.

- Where executive directors sit as committee members, Ninety One may vote against the executive directors.

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- Ninety One may vote against directors, including the chairperson, if, from a sustainability point of view, there are unmitigated risks, poor disclosure, incidents and failure to appropriately manage and anticipate environmental and social risks which have resulted, or may result, in the destruction of shareholder value.

- Ninety One may vote against the re-election of any director who has not attended 75% of the total number of board and relevant committee meetings in the period since they were last elected to the board, unless an appropriate explanation has been provided.

- Ninety One may vote against directors who, due to having accumulated multiple board roles at other publicly listed companies or large unlisted companies, run the risk of not being able to properly discharge their fiduciary duties. Ninety One will look at the number of external roles, the roles themselves, and the market capitalisation of the companies concerned.

- Ninety One prefers boards that are adequately sized and may vote against certain directors if it considers the board to be too large and unwieldy.

- Ninety One expects timely disclosure of names and biographical details of all nominees, and may vote against candidates where such information is not disclosed.

- As a general principle, Ninety One does not support bundled directors' elections, although it will be guided by regional best practice.

- Ninety One does not support proposals that remove directors from being re-elected by either a clean slate (100% of the board) or by rotation (usually 33% per year).

- Ninety One does not generally support the election of alternate directors.

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Board committees

Ninety One expects the audit, remuneration and nomination committees to comprise non-executive directors only and be chaired by an independent non-executive director. Ninety One may vote against non-independent directors when the structures below are not in place, or when the discharge of duties by each of the committees does not meet the principles it expects companies to uphold.

Audit committee

The audit committee has a crucial role in safeguarding investors' interests, as it is responsible for the integrity of the financial statements, risk management and auditor appointment. Given this key role, Ninety One expects audit committees to comprise independent non-executive directors only. They should comprise a minimum of three members with at least one with recent and relevant financial expertise.

Remuneration committee

The remuneration committee is responsible for designing and implementing the remuneration scheme for the company's executive directors and senior management, including consideration of remuneration related to the management of the environment and social risks and impacts. In this capacity, it should have knowledge of pay structures across the organisation, including that of the CEO, as well as being aware of the gender-pay-gap ratio and other relevant diversity factors. Ninety One expects remuneration committees to be fully independent where called for by market practice, and prefers at least some remuneration committee members to be, or have been, remuneration committee members at other publicly listed companies or to have had similar experience.

Nomination committee

The nomination committee is responsible for ensuring that the board comprises directors with a good range of relevant skills and knowledge and that they collectively represent diversity. It is tasked with designing and implementing robust board-evaluation and succession-planning policies. Ninety One expects nomination committees to be majority independent.

- Ninety One may vote against the chair of the nomination committee if, after engagement, there is a failure to ensure appropriate diversity on the board, including ethnicity and gender for example.

- Ninety One may vote against the nomination committee chairperson or the board chairperson in cases where it believes that the necessary skills/ diversity are lacking on the board, including in relation to climate change and transition.

- Ninety One may vote against the nomination committee chairperson or board chairperson in cases where there is no indication that proper and ongoing board assessments and succession planning are taking place.

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2 Alignment with the long term: remuneration and sustainability

Ninety One recognises the importance of long-term alignment and looks at it from two main perspectives: (i) alignment of remuneration with the creation of long- term sustainable value; and (ii) the governance system's ability to understand, monitor and mitigate any social, ethical and environmental risks, including managing stakeholder relations.

Ninety One believes that long-term environmental and societal sustainability considerations should be part of a board's long-term oversight and should be reported to stakeholders in an annual report using leading global reporting standards as defined in regulation or by industry standards such as ISSB (International Sustainability Standards Board), CDP, SASB (Sustainability Accounting Standards Board) or the GRI (Global Reporting Initiative). The direct implications of a business's operations on the supply chain and the impact of its products and services on both society and the environment should be carefully considered. In Ninety One's engagement with boards and in its governance assessments, it may assess the board's performance in this respect and vote against directors when it believes long-term sustainability considerations are not being adequately addressed.

Where appropriate, Ninety One will also work with policymakers and advocacy groups on these matters.

Ninety One expects remuneration schemes to be aligned with shareholders' interests, and promote the long-term success of the company. It also expects the remuneration committee to be able to justify pay structures and levels in relation to three main criteria: market practice, sector practice and the company's performance.

The hard-governance remuneration principle that Ninety One considers across all geographies is the existence of a strong and identifiable link between pay and performance. It therefore expects executive directors' actual pay-outs to mirror shareholders' experience, and the company's disclosure to be substantial and substantive enough for such an assessment to take place.

The voting guidelines arising from the above include the following:

- Ninety One may vote against remuneration resolutions where there is insufficient disclosure to assess the schemes, and/or where existing disclosure does not follow the regulatory guidelines of the relevant jurisdiction.

- Ninety One places special emphasis on clear and meaningful performance metrics and targets, which should be linked to the company's strategy and include stretching vesting levels. The lowering of targets may only be accepted in exceptional circumstances.

- Ninety One prefers schemes with several performance metrics that should be relative and under the effective control of the executive directors.

- Ninety One expects a minimum performance period of three years and favours schemes with a subsequent vesting period.

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- Ninety One expect malus and clawback provisions to be in place.

- Ninety One may vote against remuneration resolutions if the remuneration approach fails to ensure appropriate remuneration related to the management of environmental and social risks and impacts.

- Ninety One may vote against remuneration resolutions if it is concerned about pay outcomes and not all the members of the remuneration committee are independent.

- Ninety One may vote against remuneration resolutions where there is not a healthy balance between fixed and variable pay and, within the latter, a relevant split between short- and long-term compensation.

- Ninety One will consider not only maximum pay-outs allowed under the policy, but also year-on-year granted amounts, and will consider this in the context of the company's size, sector, maturity and previous payment history. Remuneration committees should have the ability to exercise discretion within the boundaries of applicable employment laws and regulations. However, discretion should be exercised with caution and its use publicly justified.

- Ninety One may vote against untoward salary increases and excessive pension arrangements without appropriate justification. Ninety One will generally vote against remuneration proposals which are not aligned with the broader workforce, including salary increases and variable pay within pension entitlement, and may vote against increases that are triggered entirely by benchmarking exercises.

- Ninety One will generally vote against plans that can be materially amended without shareholder approval.

- Ninety One does not support retrospective/inflight amendments to incentive schemes, nor the repricing of options, except in exceptional circumstances when not doing so may result in the interests of management and shareholders not being aligned.

- Ninety One does not typically support transaction bonuses.

- Ninety One expects dilution levels to be kept to a minimum.

- On recruitment, Ninety One expects companies to pay no more than is strictly necessary. If buy-out awards are agreed, it expects like-for-like structures together with an explanation of the link between pay and performance in the old and new schemes. Ninety One may vote against such schemes if these conditions are not met.

- Ninety One may vote against severance payments that are not aligned with the company's remuneration policy and those exceeding contractual requirements. Severance payments should be subject to the same performance tests and pro- rated for time served. Ninety One will generally vote against accelerated vesting provisions and severance payments lacking disclosure of their terms.

- Ninety One may vote against any option schemes where there is automatic vesting on a change in control of the company.

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3 Sustainability risks including climate change

Ninety One supports the development and use of reporting standards and frameworks that aim to increase the transparency and comparability of sustainability-related disclosures, such as the Task Force on Climate-related Financial Disclosures (TCFD), the Taskforce on Nature-related Financial Disclosures and International Sustainability Standards Board (ISSB) standards.

Ninety One expects boards to be able to demonstrate 'climate competency' in their communications with investors and therefore supports the recommendations of the Taskforce on Climate-Related Financial Disclosures (TCFD). Where climate change is identified as a material issue for the business, companies are expected to have sufficient expertise and experience on the board to ensure effective strategic and operational oversight. Ninety One may vote against the report and accounts of companies faced with material climate risk where little or no progress has been made in terms of providing the market with investment-relevant climate disclosures. Furthermore, where Ninety One deems insufficient action is being taken on the issue of climate change, it might cast a vote against the chair of the board and/or other key directors.

Ninety One typically supports shareholder proposals seeking to improve disclosures and transparency by companies facing material sustainability risks, including carbon risks. In line with its approach to any shareholder resolution, it will consider any sustainability-related resolution in the context of the individual business and the existing activities to the implied risk. When reviewing a resolution, Ninety One also considers the progress made to date and commitments already disclosed by the company. It seeks to support resolutions which are appropriate, relevant and practical for the company in question and its regional context.

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4 Protecting client capital – capital management and shareholder rights

A board's authority to raise capital through the issuing of shares, and its ability to decide on how it allocates the income attributable to shareholders (dividend payments or share repurchases), represent an important vote on a set of different resolutions. In many cases, these resolutions are presented as renewable authorities.

While providing the board with flexibility, general authorities can result in a significant erosion of shareholder value. Therefore, Ninety One will apply constraining votes on general authorities, preferring that specific and well-motivated authorities are sought from time to time as needs arise. This is core to Ninety One's duty to protect its clients' capital. If there is any indication that these authorities have been used in a reckless and irresponsible manner, this will be reflected in the voting decisions relating to the leadership of the company.

Corporate actions arise from time to time which require shareholder approval. Ninety One will consider such situations on a case-by-case basis, through carefully assessing how the interests of its clients can be best served. Ninety One will actively oppose efforts on the part of management or significant shareholders to reduce the broader shareholder rights (anti-takeover measures, 'poison pills' and alterations to company constitutions). The presentation of such resolutions to shareholders is often an indication of a governance deficiency and should be accompanied by votes relating to the leadership of the company.

On authority to issue shares, Ninety One may:

- Vote against the general authority to issue shares with an attached right of pre-emption of more than 33% of the issued share capital of the company.

- Vote against the general authority to issue shares without attached right of pre-emption of more than 10% of the issued share capital of the company. In the UK, Ninety One accepts a 20% issuance authority if it follows the Pre-Emption Rights Group principles.

- Vote against any general authority to issue shares for cash above 5%.

- Vote against any issue of shares for cash where the discount limit is more than 5%.

- Vote against all general authorities where management has a record of destroying company value as assessed by Ninety One's own investment process.

- Vote against the issue of shares to option schemes that it has actively opposed, or where it has opposed the adoption of the remuneration report.

In a case where the company has been irresponsible with respect to the issuing of shares, Ninety One may not support the re-election of the chairperson and any incumbent directors and will not support any resolutions to issue shares.

Ninety One will not support any general authorities to issue shares where the share price is substantially below its intrinsic value.

Ninety One will not support any general or specific authorities to issue shares if they are deemed to have the intention of intervening in the market for corporate control or establishing a control group in the company.

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Ninety One will actively oppose any issue of shares where the underwriter is a holding company which could be perceived to be increasing its holding in the company through taking up unsubscribed shares.

On the repurchase of shares, Ninety One will consider supporting the request when: ɽ

There is sufficient liquidity in the market.

- The company has substantial cash resources and the repurchase scheme is a viable and tax-efficient method of returning cash to shareholders.

- The company has a track record of cancelling treasury shares rather than re-issuing them to share option schemes (unless this intention has been declared in advance).

- There is no conflict of interest with the company's management incentive policy.

- The share price at the time of the general authority is substantially below its intrinsic value as assessed by Ninety One's own investment process.

- There is a robust argument as to how the share repurchase scheme will add more value to shareholders than a cash dividend, repaying debt or making appropriate investments to enhance efficiency or expand operations.

- The company has sufficient balance-sheet strength and cash resources not to place it under any form of financial strain.

If Ninety One has either supported or rejected a share repurchase scheme and the resolution has been carried, but management has used this authority in an improper manner, Ninety One may vote against the re-election of the chairperson of the company and incumbent directors.

On dividends and capital distributions, Ninety One will generally vote against the payment of a dividend if it will clearly place the company under financial stress.

If Ninety One determines that the company is withholding income from shareholders and not using surplus reserves to any productive pursuit, such as reducing debt, it will consider:

- Making a symbolic vote against the adoption of the financial statements.

- Voting against the re-election of incumbent directors.

Where a capital distribution is clearly being used to obfuscate another proposal by the company that diminishes shareholder rights, establishes an anti-takeover mechanism or results in any form of reduction in management accountability, Ninety One will vote against the linked resolution.

On changes in shareholder rights via amendments to company constitutions, Ninety One will generally oppose any:

- 'Poison pill' proposals in any form.

- Any resolutions that propose new share classes that have proportionately higher voting rights than existing share classes.

- Any resolutions that absolve directors from either their fiduciary responsibilities to owners or their re-election through an ordinary resolution.

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5 Audit and disclosure

Audits are among the most important protections for shareholders' capital as well as for the company. Consequently, Ninety One attaches much importance to both the quality and the independence of the audit process. The financial statements audit offers credibility and comfort to all stakeholders. The board is responsible for presenting a fair, balanced and understandable view of the financial position of the company. Therefore, it relies on both a robust internal and external audit process as well as employing an appropriate level of oversight.

When voting on resolutions relating to the appointment of auditors, Ninety One considers the suitability of the auditor on a case-by-case basis, considering the context of the business, the market and its respective laws. Ninety One recognises the importance of a healthy, competitive audit market, but does not expressly take a view on whether companies should use small or large audit firms. Ninety One will also consider the total fee for the audit, which should also not make up a significant portion of the audit firm's total turnover.

Non-audit work is sometimes necessary but should be kept to a minimum and require prior audit committee approval. The detail around the fees related to both audit and non-audit work should be disclosed to shareholders.

Ninety One may vote against the re-election of the auditor if:

- There are repeated and material misstatements in the annual financial statements.

- A disproportionate (+40%) amount of the auditor's total fee over the previous three years is derived from non-audit services. In markets where it is not required or best practice to disclose non-audit fees, Ninety One aims to engage with companies to encourage such disclosure.

- The auditor is engaged with conducting the internal audit.

- The auditor has been in place for more than 10 years and there has not been a recent tender process and there are no plans to put the audit out to tender. This may also result in the withdrawal of support for the audit committee chairperson.

Accurate, timely and full disclosure is essential to Ninety One's investment and capital-allocation process. Appropriate disclosures allow us to evaluate continuously a company's position, engage with management and better understand it. In alignment with international standards, disclosure should be honest, unbiased, balanced, material, clear, complete, relevant, inclusive, consistent, comparable and timely.

Ninety One may vote against the approval of the financial statements resolution when: -

There is a clear deficiency in information.

- There has been an attempt to hide or obfuscate materials.

- There are serious omissions, or there has been an audit qualification.

Ninety One may vote against specific transactions where there appears to be a material deficiency with respect to the information provided to shareholders.

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Shareholder resolutions

The right of shareholders to file resolutions at meetings is important. Ninety One has seen a rise in these in recent years and believes that many have resulted in positive developments. Given that the resolutions which appear on agendas vary greatly – by both type and quality – Ninety One is unable to generalise as to how it would vote. As a rule, however, it will follow internal guidelines and assess each case individually, asking the following key questions:

ɽ Does the issue raised in the resolution align with Ninety One's philosophy and principles around sustainability and ESG?

ɽ Would the passing of the resolution improve shareholder rights?

ɽ Would it benefit its clients if the resolution was passed?

ɽ Does the resolution pertain to an environmental, social or governance issue that is a material area for the business?

ɽ Does the company already address the issue and, if so, is Ninety One comfortable that the current company standards or progress are enough?

ɽ Is the proposal practical and proportionate to the issue and to the company in question?

Ninety One believes that a company's long-term response to material ESG issues can significantly affect long-term shareholder value, and therefore seeks and encourages appropriate reporting and disclosure of these issues. As with any shareholder resolution, Ninety One prefers to support those resolutions where it has engaged unsuccessfully on the same issue with the company, but it does not limit its support to this.

Typically, if the internal guidance above is satisfied, Ninety One would support proposals that seek to improve disclosure and reporting related, but not limited, to:

ɽ Meaningful and material diversity disclosure.

ɽ Political contributions and lobbying activities.

ɽ Environmental reporting including climate change.

ɽ Implementation of policies on material ESG issues.

Furthermore, there are certain shareholders' rights that Ninety One will support in principle. Ninety One will always review these on a case-by-case basis, but unless there are mitigating circumstances, it will seek to support the following proposals related to governance matters:

ɽ Adopt proxy access.

ɽ Separate CEO/Chair roles.

ɽ Provide the right for shareholders to call special meeting.

ɽ Provide the right to act by written consent.

ɽ Submit shareholder rights plan ('poison pill') to a shareholder vote.

ɽ Reduce supermajority vote requirement.

ɽ Remove antitakeover provisions.

ɽ Expects a majority vote for the election of directors, and remove plurality voting arrangements.

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| | |
|:---|:---|
| Stewardship Policy and Proxy Voting Guidelines | ![](x1_c113438x300x1.jpg) |

---

Ninety One reserves the filing of shareholder proposals to use as a method of last resort as it defers to active engagement with the intention to reform, given its proxy access and the relationships it cultivates with the boards of its investee companies.

Ninety One has dedicated Sustainability and Proxy Voting teams to manage its engagement, stewardship and voting activities, which are steered by the Sustainability Committee. The Sustainability and Proxy Voting teams work with portfolio managers on engagement, proxy voting, integration strategies, ESG research and reporting.

---

| |
|:---|
| For more information contact: |
| Daisy Streatfeild Sustainability <br> Director Telephone +44 20 3938 3204 |
| daisy.streatfeild@ninetyone.com |

---

![](x1_c113438x301x1.jpg)

Important information

The information discusses general market activity or industry trends and should not be construed as investment advice. The economic and market forecasts presented herein reflect our judgment as at the date shown and are subject to change without notice. These forecasts will be affected by changes in interest rates, general market conditions and other political, social and economic developments. There can be no assurance that these forecasts will be achieved.

Past performance is not a guide to the future. Investors are not certain to make profits; losses may be made. The information contained in this document is provided in good faith and has been obtained from sources believed to be reliable. No warranty is provided as to its accuracy or completeness. Any opinions stated are honestly held but are not guaranteed and should not be relied upon. This communication is provided for general information only. It is not an invitation to make an investment nor does it constitute an offer for sale and is not a buy, sell or hold recommendation for any particular investment.

This document is the copyright of Ninety One and its contents may not be re-used without Ninety One's prior permission. Issued by

Ninety One, January 2025.

---

| | | |
|:---|:---|:---|
| Australia<br> Level 28 Suite 3, Chifley Tower<br> 2 Chifley Square <br> Sydney, NSW 2000<br> Telephone: +61 2 9160 8400 australia@ninetyone.com<br>Botswana<br> Plot 64289, First floor Tlokweng <br> Road, Fairgrounds Gaborone<br> PO Box 49<br> Botswana<br> Telephone: +267 318 0112<br> botswanaclientservice@ninetyone.com<br>Channel Islands<br> PO Box 250, St Peter Port <br> Guernsey, GY1 3QH<br> Telephone: +44 (0)1481 710 404<br> enquiries@ninetyone.com<br>Germany<br> Bockenheimer Landstraße 23 60325<br> Frankfurt am Main Telephone: +49 <br> (0)69 7158 5900<br> deutschland@ninetyone.com<br>Hong Kong<br> Suites 1201-1206, 12/F <br> One Pacific Place | Luxembourg<br> 2-4, Avenue Marie-Thérèse<br> L-2132 Luxembourg<br> Telephone: +352 28 12 77 20<br> enquiries@ninetyone.com<br>Namibia<br> Am Weinberg Estate<br> Winterhoek Building <br> 1st Floor, West Office <br> 13 Jan Jonker Avenue<br> Windhoek<br> Telephone: +264 (61) 389 500 <br> namibia@ninetyone.com<br>Netherlands Johan <br> de Wittlaan 7 2517 <br> JR Den Haag <br> Netherlands<br> Telephone: +31 70 701 3652<br> enquiries@ninetyone.com<br>Singapore<br> 138 Market Street<br> CapitaGreen #27-02<br> Singapore 048946<br> Telephone: +65 6653 5550<br> singapore@ninetyone.com<br>—<br>www.ninetyone.com | South Africa<br> 36 Hans Strijdom Avenue Foreshore,<br> Cape Town 8001 Telephone: +27 <br> (0)21 901 1000<br> enquiries@ninetyone.com<br>Sweden<br> Västra Trädgårdsgatan 15, <br> 111 53 Stockholm<br> Telephone: +46 8 502 438 20 enquiries@ninetyone.com<br>Switzerland<br> Dufourstrasse 49<br> 8008 Zurich<br> Telephone: +41 44 262 00 44<br> enquiries@ninetyone.com<br>United Kingdom 55 <br> Gresham Street <br> London, EC2V 7EL<br> Telephone: +44 (0)20 3938 1900<br> enquiries@ninetyone.com<br>United States<br> Park Avenue Tower, 65 East 55th Street New <br> York, 10022<br> US Toll Free: +1 800 434 5623<br> usa@ninetyone.com |
| 88 Queensway, Admiralty<br> Telephone: +852 2861 6888<br> hongkong@ninetyone.com | Telephone calls may be recorded for training, monitoring and regulatory purposes and to confirm investors' instructions.<br> For more details please visit www.ninetyone.com/contactus | Telephone calls may be recorded for training, monitoring and regulatory purposes and to confirm investors' instructions.<br> For more details please visit www.ninetyone.com/contactus |

---

CS_749 02/2025 - MACS15044

![](x1_c113438x322x1.jpg)

**Parametric Portfolio Associates LLC ("PPA")**

**Equity Proxy Voting Policy and Procedures**

**February 2025**

**Contents**

---

| | |
|:---|:---|
| [**Introduction**](#x1_c113438d001) | **B-147** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[A. PPA Approach to Proxy Voting](#x1_c113438d002) | B-147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[B. Applicability of Policy](#x1_c113438d003) | B-147 |
| [**Proxy Voting Procedures**](#x1_c113438d004) | **B-147** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[A. Proxy Services Provided by Third Parties](#x1_c113438d005) | B-147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[B. Proxy Voting Operations](#x1_c113438d006) | B-147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[C. Proxy Voting Oversight](#x1_c113438d007) | B-149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[D. Securities Lending](#x1_c113438d008) | B-149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[E. Market and Operational Limitations](#x1_c113438d009) | B-149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[F. Conflicts of Interest](#x1_c113438d010) | B-149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[G. Proxy Voting Reporting & Recordkeeping](#x1_c113438d011) | B-150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[H. Review of Policy](#x1_c113438d012) | B-150 |
| [**Proxy Voting Guidelines**](#x1_c113438d013) | **B-151** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[A. Board of Directors](#x1_c113438d014) | B-151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[B. Auditors](#x1_c113438d015) | B-152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[C. Executive & Director Compensation](#x1_c113438d016) | B-152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[D. Shareholder Rights and Defenses](#x1_c113438d017) | B-153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[E. Capital Structure](#x1_c113438d018) | B-153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[F. Corporate Transactions & Proxy Fights](#x1_c113438d019) | B-154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[G. Shareholder Proposals](#x1_c113438d020) | B-154 |

---

Introduction

This Proxy Voting Policy sets out the Parametric Portfolio Associates LLC ("PPA") approach to proxy voting, the procedures it follows with respect to Proxy Voting and the guidelines used to inform voting on key issues. The policy is reviewed annually and updated as necessary to address new and evolving proxy voting issues and standards.

**PPA Approach to Proxy Voting** 

PPA will vote proxies in a prudent and diligent manner and in the best interests of clients, in accordance with its fiduciary duties, consistent with the objectives of the relevant investment strategy ("Client Proxy Standard").

The Proxy Voting Coordinators are members of the Investment Strategy department and are responsible for ensuring shareholder meetings are voted in the best interest of the client and consistently apply this Policy. The Proxy Voting Coordinators oversee the proxy voting Policy implementation, operational processes, vote execution and research, and are involved in the Proxy Committee.

**Applicability of Policy** 

PPA votes proxies on behalf of the clients that have granted it the authority to do so and will vote the proxies in accordance with this Policy unless otherwise agreed with the client.

Proxy Voting Procedures

&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Proxy Services Provided by Third Parties** 

PPA retains the services of Institutional Shareholder Services ("ISS") for proxy vote execution, reporting, record-keeping, and where appropriate, to provide company-level reports that summarize key data elements within an issuer's proxy statement or on specific thematic/market topics.

As part of our ongoing oversight of the proxy service providers, PPA performs periodic due diligence on ISS. Topics of the reviews include, but are not limited to, ISS' management of conflicts of interest, methodologies for developing their policies and vote recommendations, and resources.

&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Proxy Voting Operations** 

The Client Relations Group ("CRG") is responsible for account setup, which includes proxy voting instructions. CRG records account-level proxy voting authority in Parametric's internal systems, reconciles this against information provided by the custodian for the account, and communicates any discrepancies to the advisor or consultant.

The Proxy Voting Coordinators (the "Coordinators") are members of the Investment Strategy department who are responsible for ensuring proxy ballots are voted in accordance with the Guidelines for all accounts where Parametric has been delegated voting authority. The Coordinators are also responsible for reporting on voting activity and policy, preparing materials for the Committee, maintaining proxy voting records, and other tasks related to administering votes.

1. The Director of Responsible Investing (the "Director"), or their delegate, is responsible for reviewing and recommending changes to the Guidelines and the Proxy Voting policy, and providing guidance on any votes that fall outside the Guidelines.

The Committee is responsible for monitoring Parametric's proxy voting practices and evaluating proxy advisors engaged to vote proxies on behalf of clients. The Committee is responsible for setting and annually reviewing the firm's Policies and Procedures and the Guidelines.

The Compliance Department is responsible for annually reviewing these policies and procedures to verify that they are adequate, appropriate and effective.

Procedures

Parametric has adopted and implemented procedures to ensure the firm's proxy voting policies are observed, executed properly and amended or updated, as appropriate. The procedures are summarized as follows:

Account Setup

2. ● Parametric is generally delegated the responsibility to vote proxies on behalf of clients. This responsibility is typically established in the investment advisory agreement between the client and Parametric. If not set forth in the advisory agreement, Parametric will assume the responsibility to vote proxies on the client's behalf unless it has received written instruction from the client not to.

3. ● Parametric views the custodian proxy voting setup as the book of record and will update its own internal systems to reflect this, even if it conflicts with the investment advisory agreement, once the advisor has been informed of the proxy voting authority discrepancy.

Proxy Voting Administration

● The Coordinators are responsible for ensuring proxies are voted in accordance with the Guidelines. This includes ongoing management of Parametric's voting environment and reviews of upcoming proxy meetings.

&nbsp;&nbsp;&nbsp;&nbsp;● The Director, or their
 delegate, will review research and guidance issued by third party proxy voting analysts
 regarding proxy voting issues relevant to Parametric's clients and monitor upcoming
 shareholder meetings and votes. The Director will provide guidance to the Coordinators
 with regard to the Guidelines and how they apply to proxy ballots. The Director will
 ensure that rationale for votes cast is properly documented and reviewed by other Committee
 members, as warranted.

&nbsp;&nbsp;&nbsp;&nbsp;● In the unlikely event
 that a ballot proposal is not addressed by the Guidelines, the Coordinators will consult
 with the Director to confirm that the Guidelines do not address the proxy issue. If confirmed,
 the Director may escalate the issue to the Committee for their consideration. The Committee
 can review research and guidance issued by third party proxy adviser when making a vote
 determination. A vote determination must be approved in writing by not less than two
 Committee members. The rationale for making the determination will be documented.

&nbsp;&nbsp;&nbsp;&nbsp;● Parametric may not
 vote one or more proxy ballots on behalf of a client account if the economic effect on
 shareholders' interests or the value of the holding is indeterminable or insignificant
 (e.g., the security is no longer held in the client portfolio) or if the cost of voting
 the proxy outweighs the potential benefit (e.g., international proxies which shareblocking
 practices may impose trading restrictions or voting requires filing a Power of Attorney).

● The Coordinators also conduct periodic reviews for all active accounts of proxies that are not voted or that are voted inconsistent with the Guidelines. Ballots voted differently than the Guidelines, and the rationale for why, are documented by the Coordinators.

&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Proxy Voting Oversight** 

The Proxy Voting Committee has overall responsibility for this Policy. Parametric has established a Committee which shall meet on a quarterly basis to oversee and monitor the firm's proxy voting practices. Members of the Committee consist of investment team and compliance representation.

On an annual basis, the Committee will approve the firm's Proxy Voting Policies and Procedures and Proxy Voting Guidelines to ensure they are current, appropriate and designed to serve the best interests of clients and fund shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;**D.** **Securities Lending** 

Accounts managed or advised by PPA may participate in a securities lending program through a third-party provider. The voting rights for shares that are out on loan are transferred to the borrower and therefore, the lender is not entitled to vote the lent shares at the company meeting.

&nbsp;&nbsp;&nbsp;&nbsp;**E.** **Market and Operational Limitations for Non-U.S. Companies** 

Voting proxies of companies located in some jurisdictions may involve several problems that can restrict or prevent the ability to vote such proxies or entail significant costs. These problems include, but are not limited to: (i) proxy statements and ballots being written in a language other than English; (ii) untimely and/or inadequate notice of shareholder meetings; (iii) restrictions on the ability of holders outside the issuer's jurisdiction of the listing organization to exercise votes; (iv) requirements to vote proxies in person; (v) the imposition of restrictions on the sale of the securities for a period of time in proximity to the shareholder meeting; and (vi) requirements to provide local agents with power of attorney to facilitate our voting instructions.

As a result, PPA uses reasonable efforts to vote clients' non-U.S. proxies, after weighing the costs and benefits of voting such proxies, consistent with the Client Proxy Standard.

&nbsp;&nbsp;&nbsp;&nbsp;**F.** **Conflicts of Interest** 

PPA is part of Morgan Stanley Investment Management, which is part of Morgan Stanley, a global financial services group, and, as such, PPA faces potential conflicts due to the role of other Morgan Stanley divisions which may have commercial relationships with companies in which PPA may invest. Such potential conflicts of interest involving divisions of Morgan Stanley outside MSIM are managed through the operation of various policies and procedures, including (among others) those creating and enforcing information barriers between MSIM and other Morgan Stanley divisions.

PPA has also enacted policies and procedures to address potential conflicts resulting from its own commercial or other relationships and to manage conflicts of interests so that proxies are voted in accordance with the Client Proxy Standard. Proxy voting is overseen by the Proxy Voting Committee which does not include individuals whose primary duties relate to client relations, sales, or marketing.

Where proxies are voted in accordance with this Policy, no material conflict of interest will be deemed to exist. In situations where a proxy proposal is not addressed by this Policy, Parametric may convene a special committee to determine how the proxy should be voted in accordance with the Client Proxy Standard. Any determinations of the special committee regarding a material conflict of interest where appropriate will be reported to the Fund Board.

PPA also faces potential conflicts of interest when voting proxies of its parent company Morgan Stanley. In such situations, PPA will seek to vote its shares in the same proportion as other holders of Morgan Stanley's shares ("echo vote").

 **7.**

&nbsp;&nbsp;&nbsp;&nbsp;**G.** **Proxy Voting Reporting & Recordkeeping** 

We will promptly provide a copy of this Policy to any client requesting it. We will also, upon client request, promptly provide a report indicating how each proxy was voted with respect to securities held in that client's account.

The Proxy Coordinators will maintain requisite proxy voting books and records, including but not limited to: (1) proxy voting policies and procedures, (2) proxy statements received on behalf of client accounts, (3) proxies voted, (4) copies of any relevant research documents and (5) Proxy Committee and Special Committee decisions and actions. This documentation will be maintained for such period as required by relevant law and regulation.

PPA also maintains rationales for its voting decisions at shareholder meetings including votes against management in a searchable database on an external website which is updated on a rolling 12-month basis.

Records are retained in accordance with Parametric's Books & Records Policy, which establishes general firm-wide standards and procedures regarding the retention, handling, and destruction of official books and records and other information of legal or operational significance.

The Parametric Books & Records Policy incorporates Morgan Stanley's Master Retention Schedule, which lists various record classes and associated retention periods on a global basis.

&nbsp;&nbsp;&nbsp;&nbsp;**H.** **Review of Policy** 

The Proxy Voting Committee reviews this Policy annually to ensure that it remains consistent with clients' best interests, regulatory requirements, governance trends and industry best practices.

PPA Proxy Voting Guidelines

Our proxy voting principles are rooted in the tenets of accountability, transparency and protection of shareholder rights. Stock ownership represents an opportunity to participate in the economic rewards of a long-lived asset and shareholder rights represent an important path to maximizing these rewards.

When reviewing proposals, PPA considers the financial materiality, including the company's exposure to the risk or opportunity, the management of such issues and company's current disclosures.

Parametric Portfolio Associates LLC (also defined as "We" within this section) therefore expects the companies in which it invests to adhere to effective governance practices and to protect their shareholders' interests. In addition to these proxy voting guidelines, PPA may review publicly disclosed information from the issuer, research, and other sources. Investment teams<sup>1</sup> will independently make voting decisions as appropriate for their strategies.

&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Board of Directors** 

The board of directors plays a key role in overseeing management and ensuring effective execution of strategies to achieve long-term shareholder value creation. The board has several important responsibilities including, but not limited to, selecting the executive leadership, monitoring and incentivizing performance, succession planning, and overseeing company strategy. In order to effectively carry out its fiduciary duties, we believe it is crucial for the board to have the right mix of skills, be sufficiently independent, and have the proper accountability mechanisms in place.

<u>Board Composition</u>

The role of the board of directors is to provide governance oversight and guidance to position the company for strategic success and drive long term value creation for shareholders. We believe that diverse perspectives on the board help directors assess and manage risks and opportunities comprehensively. Diversity on a board can include diversity of thought, background, skills, and experiences. Directors with a mix of tenures can also be beneficial to balance new perspectives with industry experience and knowledge. We generally expect the board to be composed of directors with adequate skill sets and diversity to provide oversight of the business, and in line with any local market regulations. Additionally, we expect the audit committee to have directors with appropriate financial expertise to serve on the committee.

<u>Board Independence</u>

We generally expect boards to adhere at a minimum to their prevalent market or regulatory standards on board independence. In most markets, a majority independent board is considered best practice. When assessing independence of directors, we may consider relevant circumstances and relationships with the company and related parties such as senior management or large shareholders.

In our experience, the right leadership structure is critical to a strong board. When voting on matters related to board leadership, we may consider company performance and any evidence of entrenchment or perceived risk indicating power may be overly concentrated in a single individual. We also generally expect key board committees to be comprised of independent board members.

<u>Board Accountability</u>

Director elections are the primary mechanism for shareholders to hold board members accountable. Therefore, we generally expect directors to be elected annually to serve on the board by majority vote. We generally expect that directors who fail to receive majority shareholder support should resign from their position unless there is sufficient disclosure concerning the reasons why they failed to get support from a majority of the shareholders.

Boards should take into consideration the views of their long-term shareholders to ensure alignment, and to make appropriate efforts to communicate their plans and views broadly. To that end, we generally expect the board to engage meaningfully with long-term shareholders, especially to address concerns on matters that may affect the long-term value creation of the company.

We may consider withholding support for directors where we have significant concerns due to inadequate risk oversight of potentially financially material issues<sup>2</sup>. We may consider withholding support for Audit Committee members for failure to address accounting irregularities or financial misstatements over consecutive years.

Directors should dedicate adequate time to their role and consider any other existing commitments alongside their board and/or committee memberships. We may look at meeting attendance to determine whether directors have adequate time for their responsibilities.

&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Auditors** 

Investors rely on auditors to attest to the integrity of a company's financial statements, without which the business could not be properly evaluated. It is essential that auditors be independent, accurate, fair in the fees charged, and not subject to conflicts of interest. We therefore expect auditors to be independent in order to provide an objective opinion and assurance. We may consider non-audit related business, length of service and any other relevant context when assessing auditor independence. We generally expect non-audit related fees to be less than 50% of the total fee.

&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Executive & Director Compensation** 

Properly structured compensation is essential to attracting and retaining effective corporate management. Poorly structured compensation plans can create perverse incentives. We expect compensations plans to be reasonable, and appropriately incentivize executives to make risk-reward decisions that align with the business strategy and goals, and long-term shareholder value creation. Compensation plans should also build in retention mechanisms for high performing executives. We generally expect compensation plan payouts to align with performance and long-term value creation.

We expect director compensation to follow market best practice and be aligned with long-term shareholder interests. For executives and directors who gain shares through equity compensation plans, we generally expect reasonable guidelines and holding requirements. Typically, stock options issued to executives should be priced at fair market value on the date of the grant and any re-pricing should not incur a significant cost to shareholders.

We generally expect employee ownership, retirement and severance plans to be designed in a manner that does not disadvantage shareholders. These plans should not be excessively dilutive or incur a high cost. We

<sup>2</sup> For example, we may withhold support for a director we believe is responsible for a company's involvement/remediation of breach of global conventions such as UN Global Compact Principles on Human Rights, Labor Standards, Environment and Business Malpractice.

generally expect discounted employee stock purchase plans to be broad-based and include non-executive employees. Discount rates should be in line with market best practice and not excessive.

For compensation plans with performance metrics, in instances where performance milestones are not met, we may expect reasonable claw back provisions for executive or director compensation related to these missed milestones depending on the circumstances.

We generally evaluate each compensation plan and any related proposals, including shareholder proposals, within the context of the market and the company. In order to make a suitable evaluation about compensation and related matters, we expect appropriate disclosures on relevant aspects.

&nbsp;&nbsp;&nbsp;&nbsp;**D.** **Shareholder Rights and Defenses** 

Companies should take actions and make decisions with the intent of maximizing long-term shareholder value creation. We generally support proposals that enhance shareholder rights and vote against those that seek to undermine them. We believe that in most cases, each common share should have one vote, and that a simple majority of voting shares should be what is required to effect change.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Shareholder Rights Plans</u> 

Shareholder rights plans, commonly known as poison pills, and similar take-over defenses should aim to promote long-term shareholder value creation. When designing plans and defenses, companies should ensure that they do not suppress potential value by unduly discouraging acquirers. We generally expect companies to seek shareholder approval or ratification of shareholder rights plans.

9. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Unequal Voting Rights</u> 

We generally expect companies to adhere to the one share one vote principle. When companies have dual-class structures, they should ensure that such structures are not misused to support instances where a few insiders may benefit at the cost of other shareholders. Ultimately, structures should strive to create alignment between the shareholders' economic interests and their voting power.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Voting Requirements</u> 

We typically prefer a majority vote standard for binding votes. We also expect management to be responsive to non-binding votes that have received majority support. We generally expect companies to protect minority shareholder rights as their primary goal when considering supermajority vote requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Right to call Special Meetings</u> 

We generally expect companies to allow large shareholders to call special meetings. A large shareholder may be defined by a reasonable threshold or in line with prevalent market practices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Proxy Access</u> 

We generally consider ownership thresholds, holding periods, the number of directors that shareholders may nominate and any restrictions on forming a group in our evaluation of proposals related to proxy access.

&nbsp;&nbsp;&nbsp;&nbsp;**E.** **Capital Structure** 

We expect any changes to the capital structure to be driven by legitimate business needs and not as a means of anti-takeover defense. We generally expect companies to ensure that such changes do not disadvantage shareholders.

Companies should provide a clear business rationale when requesting the authorization, or increase in authorization, of new shares or new share classes. They ought to request a reasonable number of shares in relation to the purpose outlined. Companies should follow prevalent market practices, such as offering pre-emptive rights, to ensure shareholders are not excessively diluted, unless required by specific circumstances which are clearly stated.

We generally consider specific company and market context when we evaluate proposals on dividend payout ratios and related matters.

&nbsp;&nbsp;&nbsp;&nbsp;**F.** **Corporate Transactions & Proxy Fights** 

We expect companies to provide a clear economic and strategic rationale for proposed transactions. We also expect disclosure of any financial benefits to the board or executives from any proposed transaction and will generally look for assurances that shareholder interests were prioritized. We generally assess company-specific circumstances when evaluating voting matters related to mergers, acquisitions, other special corporate transactions, and contested elections.

&nbsp;&nbsp;&nbsp;&nbsp;**G.** **Shareholder Proposals** 

In assessing shareholder proposals, we will carefully consider the potential financial materiality (as appropriate to the investment strategy) of the issues raised in the proposal, as well as the company's exposure to relevant risks and opportunities, current disclosures on the topic, and the sector and geography in which the company operates. We generally seek to balance concerns of reputational, operational, litigation and other risks that lie behind the proposal against costs of implementation.

We generally support proposals that seek to enhance useful disclosure on potentially financially material issues (as appropriate to the investment strategy), including but not limited to climate, biodiversity, human rights, supply chain, workplace safety, human capital management and pay equity. We focus on understanding the company's business and commercial context and recognize that there is no one size fits all that can be applied across the board.

We generally do not support shareholder proposals on matters best left to the board's discretion, or addressed via legislation or regulation, or that would be considered unduly burdensome. We also generally do not support shareholder proposals related to matters that we do not consider to be financially material (as appropriate to the investment strategy) for the company.

**PGIM, Inc.**

**PROXY VOTING POLICIES**

**In General** 

We accept the authority to vote securities held in our clients' accounts when our clients wish to provide us with this authority. Our investment management agreements with our clients will generally specify whether or not we have the authority to vote proxies on their behalf. We do not receive a significant number of proxies since we primarily invest client assets in debt instruments. Proxy voting is reviewed by our trade management oversight committee.

**Our Proxy Voting Policy and Procedures** 

Our policy is to vote proxies in the best economic interest of our clients. In the case of pooled accounts, our policy is to vote proxies in the best economic interest of the pooled account.

Our proxy voting policy contains detailed voting guidelines on a wide variety of issues commonly voted upon by shareholders. These guidelines reflect our judgment of how to further the best economic interest of our clients through the shareholder or debt-holder voting process. We generally vote with management on routine matters such as the appointment of accountants or the election of directors. From time to time, ballot issues arise that are not addressed by our policy or circumstances may suggest a vote not in accordance with our established guidelines. In these cases, voting decisions are made on a case-by-case basis by the applicable portfolio manager taking into consideration the potential economic impact of the proposal.

Not all ballots are received by us in advance of voting deadlines, but when ballots are received in a timely fashion, we strive to meet our voting obligations. We cannot, however, guarantee that every proxy will be voted prior to its deadline.

With respect to non-U.S. holdings, we take into account additional restrictions in some countries that might impair our ability to trade those securities or have other potentially adverse economic consequences. We generally vote non-U.S. securities on a best efforts basis if we determine that voting is in the best economic interest of our clients.

**Client Direction of Voting** 

We will use our best efforts to implement any written client voting instructions with respect to a specific solicitation where appropriate.

**Conflicts of Interest in the Voting Process** 

Occasionally, a conflict of interest may arise in connection with proxy voting. For example, the issuer of the securities being voted may also be a client of ours. When we identify an actual or potential material conflict of interest between our firm and our clients with respect to proxy voting, the matter is presented to senior management who will resolve such issue in consultation with the compliance and legal departments.

**Accounts for Which We Do Not Vote Securities** 

Some of our clients elect to retain voting authority for themselves. If a client has a question about a particular solicitation, the client may contact its account management representative and we will try to address the client's question. We will not, however, disclose how we intend to vote on an issue for other clients' accounts.

**How to Obtain Information Regarding Proxy Voting** 

Any client may obtain a copy of our proxy voting policy, guidelines and procedures, as well as the proxy voting records for that client's securities, by contacting the account management representative responsible for the client's account.

**Securities Lending and Proxies** 

Clients that participate in our securities lending program should be aware that when securities are on loan, they cannot be voted by us. Under certain circumstances, we may not recall loaned securities in order to vote, including if:

● we deem the benefit of exercising the vote to be outweighed by the economic benefit of keeping the securities on loan or the administrative burden of calling them back;

● it is impracticable to obtain the return of the securities from the borrower in time to vote; or

● we are not aware of a pending vote.

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Global Proxy Voting Policy Summary

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**<u>Policy Statement:</u>** PIMCO adopted a written proxy voting policy ("Proxy Policy") as required by Rule 206(4)-6 under the Advisers Act. It is PIMCO's policy to exercise any voting or consent rights with respect to securities held in accounts over which PIMCO has discretionary voting authority consistent with PIMCO's fiduciary obligations and applicable law<sup>1</sup> The Proxy Policy is reasonably designed to ensure that voting and consent rights are exercised in the best interests of PIMCO's clients. 

**<u>Overview:</u>** As a general matter, PIMCO will adhere to its fiduciary obligations for any proxies it has the authority to vote on behalf of its clients. Each proxy is voted on a case-by-case basis, taking into account relevant facts and circumstances. When considering client proxies<sup>2</sup>, PIMCO may determine not to vote a proxy in limited circumstances.

**Equity Securities.**<sup>3</sup> PIMCO has retained an Industry Service Provider ("ISP")<sup>4</sup> to provide research and voting recommendations for proxies relating to Equity Securities in accordance with the ISP's guidelines. By following the guidelines of an ISP, PIMCO seeks to mitigate potential conflicts of interest the firm may have with respect to proxies covered by the ISP.

PIMCO will follow the recommendations of the ISP unless: (i) the ISP does not provide a voting recommendation; or (ii) a PM/Analyst decides to override the ISP's voting recommendation. In each case as described above, the Legal and Compliance department will review each proxy to determine whether an actual or potential conflict of interest exists. When the ISP does not provide a voting recommendation, the relevant PM/Analyst will make a determination regarding how, or if, the proxy will be voted by completing required documentation.

**Fixed Income Securities.** Fixed income securities can be processed as proxy ballots or corporate action-consents at the discretion of the issuer/ custodian.

When processed as proxy ballots, the ISP generally does not provide a voting recommendation and their role is limited to election processing and recordkeeping. In such instances, any elections would follow the standard process discussed above for Equity Securities.

When processed as corporate action-consents, the Legal and Compliance department will review election forms to determine whether an actual or potential conflict of interest exists with respect to the PM's consent election. PIMCO's Credit Research and Portfolio Management Groups are

<sup>1</sup> Voting or consent rights shall not include matters which are primarily decisions to buy or sell investments, such as tender offers, exchange offers, conversions, put options, redemptions, and Dutch auctions.

<sup>2</sup> Proxies generally describe corporate action consent rights (relative to fixed income securities) and proxy voting ballots (relative to fixed income or equity securities) as determined by the issuer or custodian.

<sup>3</sup> The term "Equity Securities" means common and preferred stock, including common and preferred shares issued by investment companies; it does not include debt securities convertible into equity securities.

<sup>4</sup> The ISP for Equity Securities proxy voting is Institutional Shareholder Services, Inc., ("ISS")

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responsible for issuing recommendations on how to vote proxy ballots and corporation action-consents with respect to fixed income securities.

**Resolution of potential/identified conflicts of interest.** The Proxy Policy permits PIMCO to seek to resolve material conflicts of interest by pursuing any one of several courses of action. With respect to material conflicts of interest between PIMCO and a client account, the Proxy Policy permits PIMCO to either: (i) convene a working group to assess and resolve the conflict (the "Proxy Working Group"); or (ii) vote in accordance with protocols previously established by the Proxy Policy, the Proxy Working Group and/or other relevant procedures approved by PIMCO's Legal and Compliance department or PIMCO's Conflict Committee with respect to specific types of conflicts.

PIMCO will supervise and periodically review its proxy voting activities and the implementation of the Proxy Policy. PIMCO's Proxy Policy, and information about how PIMCO voted a client's proxies, is available upon request.

**<u>ISP Oversight:</u>** Consistent with its fiduciary obligations, PIMCO will perform periodic due diligence and oversight of an ISP engaged to provide PIMCO with proxy voting research and recommendations. PIMCO's due diligence and oversight process includes, but is not limited to, the evaluation of: the ISP's operational processes and ability to provide proxy voting research and recommendations<sup>5</sup> and the ISP's compliance program.

**<u>Sub-Adviser Engagement:</u>** As an investment manager, PIMCO may exercise its discretion to engage a sub-adviser to provide portfolio management services to certain PIMCO-affiliated funds. Consistent with its management responsibilities, the Sub-Adviser may assume the authority for voting proxies on behalf of PIMCO for these Funds. Sub-Advisers may utilize third parties to perform certain services related to their portfolio management responsibilities. As a fiduciary, where a sub-adviser exercises voting authority, PIMCO will maintain oversight of the investment management responsibilities (which may include proxy voting) performed by the Sub-Adviser and contracted third parties.

<sup>5</sup> This includes the adequacy and quality of the ISP's operational infrastructure as it relates to its process for seeking timely input from issuers and its voting methodologies.

**Polen Capital Credit, LLC**

**Proxy Voting Policy Summary**

In accordance with Rule 206(4)-6 promulgated by the Securities and Exchange Commission under the Investment Advisers Act of 1940, as amended, Polen Capital Credit, LLC ("Polen Credit") has adopted and implemented certain Proxy Voting Policies and Procedures (the "Policies") that Polen Credit believes are reasonably designed to ensure that proxies are voted in the best interests of its clients, including the Fund. Accordingly, Polen Credit votes proxies based on its judgment as to what voting decision is most likely to maximize total return to the client as an investor in the issuer whose securities are being voted, including, where applicable, returns to the client on positions held in non-voting securities of that issuer or securities of other issuers that may be materially affected by the outcome of the vote. Furthermore, the Policies are intended to support good corporate governance, including those corporate practices that address environmental and social issues, in all cases with the objective of protecting shareholder interests and maximizing shareholder value. Polen Credit believes that it is not appropriate, in most cases, to vote proxies with respect to the securities of such issuers in accordance with fixed, predetermined guidelines. Accordingly, Polen Credit generally reviews and makes a voting decision on each matter presented in such proxy on an individual, case-by-case basis.

With that noted, due to the fixed income-oriented nature of Polen Credit's investment strategy, proxy voting is not a primary focus of its investment process with a very limited number of proxy votes (if any) anticipated to be cast on an annual basis.

**Pzena Investment Management, LLC**

------

Proxy Voting

Revised June 2025

<u>INTRODUCTION</u>

As a registered investment adviser and fiduciary, Pzena Investment Management, LLC ("PIM") exercises our responsibility, where applicable, to vote in a manner that, in our judgement, is solely in the client's best interest and will maximize long-term shareholder value. The following policies and procedures have been established to ensure decision making is consistent with PIM's fiduciary responsibilities and applicable regulations under the Investment Company Act, Advisers Act and ERISA.

<u>GENERAL APPROACH</u>

Each proxy that comes to PIM to be voted shall be evaluated per the prudent process described below, in terms of what is in the best interest of our clients. We deem the best interest of clients to be solely that which maximizes shareholder value and yields the best economic results (e.g., higher stock prices, long-term financial health, and stability). We will not subordinate the interests of our clients to any non-pecuniary interests nor will we promote non-pecuniary benefits or goals unrelated to our clients' long-term financial interests.

PIM's standard Investment Advisory Agreement provides that until notified by the client to the contrary, PIM shall have the right to vote all proxies for securities held in that client's account. Where PIM has voting responsibility on behalf of a client, and absent any client-specific instructions, we generally follow the Voting Guidelines ("Guidelines") set forth below. These Guidelines, however, are not intended as rigid rules and do not cover all possible proxy topics. Each proxy issue will be considered individually and PIM reserves the right to evaluate each proxy vote on a case-by-case basis, as long as voting decisions reflect what is in the best interest of our clients.

To the extent that, in voting proxies for an account subject to ERISA, PIM determines that ERISA would require voting a proxy in a manner different from these Guidelines, PIM may override these Guidelines as necessary in order to comply with ERISA. Additionally, because clients, including ERISA clients, do not pay any additional fees or expenses specifically related to our proxy voting, there is not a need to consider the costs related to proxy voting impacting the value of an investment or investment performance.

In those instances where PIM does not have proxy voting responsibility, we shall forward any proxy materials to the client or to such other person as the client designates.

<u>Proxy Voting Limitations</u>

While, subject to the considerations discussed above, PIM uses our best efforts to vote proxies, in certain circumstances it may be impractical or impossible to do so. Such instances include but are not limited to share blocking, securities lending, if PIM concludes that abstention is in our clients' economic interests and/or the value of the portfolio holding is indeterminable or insignificant.

<u>VOTING GUIDELINES</u>

The following Guidelines summarize PIM's positions on various issues of concern to investors and give an

indication of how portfolio securities generally will be voted. These Guidelines are not exhaustive and do not cover all potential voting issues or the intricacies that may surround individual proxy votes. Actual proxy votes may also differ from the Guidelines presented, as we will evaluate each individual proxy on its own merit.,

It is also worth noting that PIM considers the reputation, experience and competence of a company's management and board when it researches and evaluates the merits of investing in a particular security. In general, PIM has confidence in the abilities and motives of the board and management of the companies in which we invest.

1) ROUTINE BUSINESS

PIM will typically vote in accordance with the board and management on the items below and other routine issues when adequate information on the proposal is provided.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Change in date and place of annual meeting (if not associated with a takeover);

ii. Change in company name;

iii. Approval of financial statements;

iv. Reincorporation (unless to prevent takeover attempts);

v. Stock splits; or

vi. Amend bylaws/articles of association to bring in line with changes in local laws and regulations.

PIM will oppose vague, overly broad, open-ended, or general "other business" proposals for which insufficient detail or explanation is provided or risks or consequences of a vote in favor cannot be ascertained.

2) CAPITAL STRUCTURE

***Stock Issuance***

PIM will consider on a case-by-case basis all proposals to increase the issuance of common stock, considering company-specific factors that include, at a minimum:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Past board performance (use of authorized shares during the prior three years);

ii. Stated purpose for the increase;

iii. Risks to shareholders of not approving the request; or

iv. Potential dilutive impact.

PIM will generally vote for such proposals (without preemptive rights) up to a maximum of 20% more than currently issued capital over a specified period, while taking into account management's prior use of these preemptive rights. PIM will, however, vote against such proposals if restrictions on discounts are inadequate (i.e., discount limit is not stated or is in excess of 10% of the market price) and/or the limit on the number of times the mandate may be refreshed is not in line with local market practices.

3) AUDIT SERVICES

PIM is likely to support the approval of auditors unless,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Independence is compromised;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Non-audit ("other") fees are greater than the
 sum of the audit fees<sup>1</sup>, audit-related fees<sup>2</sup> and permissible tax fees<sup>3</sup>;

iii. There is reason to believe the independent auditor has rendered an opinion which is neither accurate
nor indicative of the company's financial position; or

iv. Serious concerns about accounting practices are identified, such as fraud, misapplication of Generally
Accepted Accounting Principles ("GAAP") and material weaknesses identified in Section 404 disclosures of the Sarbanes-Oxley
Act of 2002.

PIM will also apply a case-by-case assessment to shareholder proposals asking companies to prohibit their auditors from engaging in non-audit services (or capping the level of non-audit services), taking into account whether the non-audit fees are excessive (per the formula above) and whether the company has policies and procedures in place to limit non-audit services or otherwise prevent conflicts of interest.

4) COMPENSATION

PIM supports reasonable incentive programs designed to attract and retain key talent. PIM typically supports management's discretion to set compensation for executive officers, so long as the plan aligns management and shareholder interests. PIM evaluates each plan in detail to assess whether the plan provides adequate incentive to reward long-term performance and the impact on shareholder value (e.g. dilution).

***Say on Pay***

PIM prefers a shareholder vote on compensation plans to provide a mechanism to register discontent with the plan itself or management team performance. As long as such proposals are non-binding and worded in a generic manner (unrestrictive to actual company plans), PIM will support them. In evaluating these proposals, PIM will generally consider, at minimum: company performance, pay practices relative to industry peers, potentially problematic pay practices and/or past unresponsive behavior.

Circumstances where PIM may oppose these proposals include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Restricts the company's ability to hire new, suitable management; or

ii. Restricts an otherwise responsible management team in some other way harmful to the company.

***Pay for Performance***

PIM will generally support plans under which 50% or more of the shares awarded to top executives are tied to performance goals. Maintaining appropriate pay-for-performance alignment means executive pay practices must be designed to attract, retain, and appropriately motivate the key employees who drive shareholder value creation over the long term. Our evaluation of this issue will take into consideration, among other factors, the link between pay and performance; the mix between fixed and variable pay; performance goals; equity-based plan costs; and dilution.

***Incentive Options***

PIM is generally supportive of incentive options that provide the appropriate degree of pay-for-performance alignment (as per the above) and are therefore in shareholder best interest. PIM will vote

<sup>1</sup> Audit fees shall mean fees for statutory audits, comfort letters, attest services, consents, and review of filings with the SEC

<sup>2</sup> Audit-related fees shall mean fees for employee benefit plan audits, due diligence related to M&A, audits in connection with acquisitions, internal control reviews, consultation on financial accounting and reporting standards

<sup>3</sup> Tax fees shall mean fees for tax compliance (tax returns, claims for refunds and tax payment planning) and tax consultation and planning (assistance with tax audits and appeals, tax advice relating to M&A, employee benefit plans and requests for rulings or technical advice from taxing authorities)

on a case-by-case basis depending on certain plan features and equity grant practices, where positive factors may counterbalance negative factors, and vice versa.

However, the following would generally cause PIM to vote against a management incentive arrangement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. The proposed plan is in excess of 10% of shares;

ii. The 3-year average burn rate has been substantially above industry norms;

iii. The new plan replaces an existing plan before the existing plan's termination date and some
other terms of the new plan are likely to be adverse to the maximization of investment returns; or

iv. The proposed plan resets options, or similarly compensates executives, for declines in a company's
stock price. This includes circumstances where a plan calls for exchanging a lower number of options with lower strike prices for
an existing larger volume of options with high strike prices, even when the option valuations might be considered the same total
value. However, this would not include instances where such a plan seeks to retain key executives who have been undercompensated
in the past.

***Golden Parachutes / Severance Agreements***

PIM will vote on a case-by-case basis, considering at minimum existing change-in-control arrangements maintained with named executive officers and new or extended arrangements.

PIM will generally vote against such proposals if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. The proposed arrangement is excessive or not reasonable in light of similar arrangements for other
executives in the company or in the company's industry;

ii. The proposed parachute or severance arrangement is considerably more financially attractive than
continued employment. Although PIM will apply a case-by-case analysis of this issue, as a general rule, a proposed severance arrangement
which is three or more times greater than the affected executive's then-current compensation shall be voted against; or

iii. The triggering mechanism in the proposed arrangement is solely within the recipient's control
(e.g., resignation).

***Tax Deductibility***

Votes to amend existing plans to increase shares reserved and to qualify for tax deductibility under the provisions of Section 162(m) should be considered on a case-by-case basis, considering the overall impact of the amendment(s).

5) BOARD

***Director Elections***

PIM generally will evaluate director nominees individually and as a group based on our assessment of record and reputation, business knowledge and background, shareholder value mindedness, accessibility, corporate governance abilities, time commitment, attention and awareness, independence, and character. PIM will apply a case-by-case approach to determine whether to vote for or against

directors nominated by outside parties whose interests may conflict with our interests as shareholders, regardless of whether management agrees with the nomination.

***Board Independence***

PIM will generally withhold votes from or vote against any insiders and affiliated outsiders on boards that are not at least majority independent. PIM also prefers companies to have audit committees composed of entirely independent directors.

PIM may vote in favor of any such directors in exceptional circumstances where the company has shown significant improvement.

***Board Size***

PIM believes there is no optimal size or composition that fits every company. However, PIM prefers that the number of directors cannot be altered significantly without shareholder approval; otherwise, potentially allowing the size of the board to be used as an anti-takeover defense.

***Board Tenure***

PIM believes that any restrictions on a director's tenure, such as a mandatory retirement age or length of service limits, could harm shareholder interests by forcing experienced and knowledgeable directors off the board. However, PIM prefers that boards do not have more than 50% of members serving for longer than ten years to avoid board entrenchment and 'group-think'.

***Chairman/CEO***

PIM will evaluate and vote proposals to separate the Chairman and CEO positions in a company on a case-by-case basis based on our assessment of the strength of the company's governing structure, the independence of the board and compliance with local listing requirements, among other factors. When the positions of Chairman and CEO are combined, PIM prefers that the company has a lead independent director to provide some independent oversight.

***Cumulative Voting***

PIM will generally vote against proposals to establish cumulative voting, as this leads to misaligned voting and economic interest in a company. PIM will, however, vote in favor of proposals for cumulative voting at controlled companies where insider voting power is greater than 50%.

***Director Over-Boarding***

PIM will vote such proposals on a case-by-case basis but prefers that directors do not sit on more than three additional boards. In evaluating these proposals PIM will consider, at minimum, management tenure, director business expertise and director performance.

***Classified Boards***

PIM generally opposes classified boards because this makes a change in board control more difficult and hence may reduce the accountability of the board to shareholders. However, these proposals will be evaluated on a case-by-case basis and will consider, at minimum, company and director performance.

***Board Diversity***

PIM is generally supportive of a diverse board (age, experience, race, gender etc.) that is representative of its customers and stakeholders. That said, PIM does not believe in board quotas or any restrictions on director tenure that could harm shareholder interests by preventing qualified board candidates from being nominated or forcing experienced or knowledgeable directors off the board.

6) SHAREHOLDER RIGHTS

In general PIM does not support any proposals designed to limit shareholder rights; below we have outlined some of the issues we consider most important.

***Special Meetings***

PIM generally supports proposals enabling shareholders to call a special meeting of a company so long as at least a 15% threshold with a one-year holding period is necessary for shareholders to do so. However, on a case-by-case basis, a 10% threshold may be deemed more appropriate should particular circumstances warrant; for example, in instances where executive compensation or governance has been an issue for a company.

***One Share, One Vote***

PIM is generally opposed to proposals to create dual-class capitalization structures as these provide disparate voting rights to different groups of shareholders with similar economic investments. However, PIM will review proposals to eliminate a dual-class structure on a case-by-case basis, considering, at minimum, management's prior record.

***Supermajority***

PIM does not support supermajority voting provisions with respect to corporate governance issues unless it would be in the best interest of shareholders. In general, vesting a minority with veto power over shareholder decisions could deter tender offers and hence adversely affect shareholder value.

***Proxy Access***

PIM will assess these proposals on a case-by-case basis, but generally supports proxy access proposals that include an ownership level and holding period of at least 3% for three years or 10% for one year.

7) SOCIAL/ENVIRONMENTAL

PIM will consider environmental and social proposals on their own merits and make a case-by-case assessment. PIM will consider supporting proposals that address material issues if we believe they will protect and/or enhance the long-term value of the company.

While PIM is generally supportive of resolutions seeking additional ESG disclosures, such proposals will be evaluated on a case-by-case basis, taking into consideration whether the requested disclosure is material, incremental and of reasonable cost to the business.

8) ANTI-TAKEOVER

PIM generally supports anti-takeover measures that are in the best interest of shareholders and does not support anti-takeover measures such as poison pills that entrench management and/or thwart maximization of investment returns.

Roles & Responsibilities

<u>Role of ISS</u>

PIM has engaged Institutional Shareholder Services ("ISS") to provide a proxy analysis with research and a vote recommendation for each shareholder meeting of the companies in our client portfolios. In engaging and continuing to engage ISS, PIM has determined that, where applicable, ISS proxy voting guidelines are consistent with ERISA's fiduciary duties including that the votes are made in the best interest of our clients, focus on yielding the best economic results for our clients. ISS also votes, records and generates a voting activity report for our clients, and assists us with recordkeeping and the mechanics of voting. In no circumstance shall ISS have the authority to vote proxies except in accordance with standing or specific instructions given to it by PIM. PIM retains responsibility for instructing ISS how to vote, and we still apply our own Guidelines as set forth herein. PIM does not utilize pre-population or automated voting except as a safeguard mechanism designed to ensure that, in the unlikely event that we fail to submit vote instructions for a particular proxy, our shares will still get voted. If PIM does not issue instructions for a particular vote, the default is for ISS to mark the ballots in accordance with our Guidelines (when they specifically cover the item being voted on), and to refer all other items back to PIM for instruction (when there is no PIM policy covering the vote).

When voting a proxy for a security that PIM's Research team does not cover, we will vote in accordance with our Guidelines (when they specifically cover the item being voted on) and defer to ISS's recommendations on all other items.

PIM has also engaged ISS to assist in meeting the annual Form N-PX filing requirement for Advisers finalized by the SEC to take effect for the 2024 reporting cycle (see Regulatory Reporting).

Periodically, PIM's Vendor Management Committee conducts a due diligence review of ISS, through which it reviews and evaluates certain key policies and procedures submitted to us by ISS. PIM's Proxy Coordinator reconciles votable holdings against the ISS portal sharecount before each meeting. PIM also samples and reviews proxy votes when testing our Proxy Voting Policy, as part of our regular compliance testing procedures. Further, PIM reviews ISS' procedures for receiving additional information from issuers after a proxy has been sent, incorporating that information into its recommendations, and sending that information and/or updated recommendations to PIM.

<u>Role of Analyst</u>

The analyst who is responsible for covering the company also votes the associated proxies since they have first-hand in-depth knowledge of the company. In evaluating proxy issues, the analyst will utilize a variety of sources to help come to a decision:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Information gathered through in-depth research and ongoing company analyses performed by our investment
team in making buy, sell and hold decisions for our client portfolios. This process includes regular external engagements with
senior management of portfolio companies and internal discussions with Portfolio Managers ("PMs") and the Chief Investment
Officer ("CIO"), as needed;

ii. ISS reports to help identify and flag factual issues of relevance and importance;

iii. Information from other sources, including the management of a company presenting a proposal, shareholder
groups, and other independent proxy research services; and/or

iv. Where applicable, any specific guidelines designated in writing by a client.

<u>Proxy Voting Committee</u>

To help make sure that PIM votes client proxies in accordance with our fiduciary obligation to maximize shareholder value, we have established a Proxy Voting Committee ("the Committee") which is responsible for overseeing the Guidelines. The Committee consists of representatives from Legal, Compliance, Research, and Operations, including our Chief Compliance Officer ("CCO"), Director of Research ("DOR"), and at least one PM (who represents the interests of all PIM's portfolio managers and is responsible for obtaining and expressing their opinions at committee meetings). The Committee will meet at least once annually and as often as necessary to oversee our approach to proxy voting.

The DOR is responsible for monitoring the analyst's compliance with the Guidelines, the CCO is responsible for monitoring overall compliance with these procedures and an internally-designated "Proxy Coordinator" is responsible for day-to-day proxy voting activities.

Conflicts of Interest

PIM is sensitive to conflicts of interest that may arise in the proxy voting process. PIM believes that application of the Guidelines should, in most cases, adequately address any potential conflicts of interest. However, if an actual or potential material conflict of interest has been identified, PIM has put in place a variety of different mitigation strategies as outlined below.

A potential material conflict of interest could exist in the following situations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. PIM 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. PIM 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 PIM 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.

If a potential material conflict of interest exists, the following procedures will be followed:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. If our proposed vote is consistent with the Guidelines, above, we will vote in accordance with
our proposed vote;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. If our proposed vote is inconsistent with or not covered by our Guidelines, but is consistent with
the recommendations of ISS, we will vote in accordance with ISS recommendations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. If our proposed vote is inconsistent with or not covered by our Guidelines, and is inconsistent
with the recommendations of ISS, the CCO and the DOR (or their respective designees) (the "Conflicts Committee") will
review the potential conflict and determine whether the potential conflict is material.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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. If the Conflicts Committee determines that the potential conflict is not material, we will vote
in accordance with the proposed vote.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. If the Conflicts Committee determines the potential conflict is material, the Conflicts Committee
will review the proposed vote, the analysis and rationale for the vote recommendation, the recommendations of ISS and any other
information the Conflicts Committee may deem necessary in order to determine whether the proposed vote is reasonable and not influenced
by any material conflicts of interest. The Conflicts Committee may seek to interview the research analysts or portfolio managers
or any other party it may deem necessary for making its determination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. If the Conflicts Committee determines the proposed vote is reasonable and not influenced by any
conflicts of interest, we will vote in accordance with our proposed vote.

ii. If the Conflicts Committee cannot determine that the proposed vote is reasonable and not influenced
by any conflict of interest, the Conflicts Committee will determine the best course of action in the best interest of the clients,
which may include deferring to the ISS recommendation or notifying each client who holds the relevant securities of the potential
conflict, to seek such client's voting instruction.

On an annual basis, we will review and assess the conflicts policies and Code of Conduct that ISS posts on its website for sufficiency in addressing potential conflict of interest, self-dealing and improper influence issues that may affect voting recommendations by ISS. PIM will also periodically review samples of ISS' recommendations for voting proxies, after the vote has occurred, to ensure that ISS' recommendations are consistent with ISS' proxy voting guidelines, as applicable. PIM's analysts also incorporate information regarding ISS' potential conflicts of interest into their process when evaluating and voting proxies, and on a annual basis, our DOR reviews an updated list of ISS' significant client relationships.

<u>Other Situations</u>

***Client Conflict***

Where PIM manages the assets of a proponent of a shareholder proposal for a company whose securities are in one or more client portfolios, the following guidance should be followed:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. The identity of the proponent of a shareholder proposal shall not be given any substantive weight
(either positive or negative) and shall not otherwise influence an analyst's determination whether a vote for or against
a proposal is in the best interest of our clients.

ii. Where PIM determines that it is in the best interest of our clients to vote against that proposal,
a designated member of PIM's client service team will notify the client-proponent and give that client the option to direct
PIM in writing to vote the client's proxy differently than it is voting the proxies of our other clients.

iii. If the proponent of a shareholder proposal is a PIM client whose assets under management with PIM
constitute 30% or more of PIM's total assets under management, and PIM has determined that it is in the best interest of
our clients to vote for that proposal, PIM will disclose its intention to vote for such proposal to each additional client who
also holds the securities of the company soliciting the vote on such proposal and for whom PIM has authority to vote proxies. If
a client does not object to the vote within three business days of delivery of such disclosure, PIM will be free to vote such client's
proxy as stated in such disclosure.

***Analyst Conflict***

If the analyst voting the proxy also beneficially owns shares of the company in his/her personal trading accounts, they must notify the Proxy Coordinator and the DOR must sign off on the analyst's votes for that company. It is the responsibility of each analyst to disclose such personal interest and obtain such approval. Any other owner, partner, officer, director, or employee of PIM who has a personal or financial interest in the outcome of the vote is prohibited from attempting to influence the proxy voting decision of PIM personnel responsible for voting client securities.

Voting Procedures

If an analyst desires to vote contrary to the Guidelines set forth in this proxy voting policy or the written proxy voting policy designated by a specific client, the analyst will discuss the vote with the CIO, and/or DOR and/or a

PM for the strategy in which the security is held. The CIO, DOR and/or the PM, shall, in turn, determine how to vote the proxy based on the analyst's recommendation and the long-term economic impact such vote will have on the securities held in client portfolios. If the CIO, DOR and/or the PM agree with the analyst's recommendation and determine that a contrary vote is advisable the analyst will provide written documentation of the reasons for the vote.

***Vote Processing***

It is understood that PIM's and ISS' ability to commence voting proxies for new or transferred accounts is dependent upon the actions of custodian's and banks in updating their records and forwarding proxies. PIM will not be liable for any action or inaction by any Custodian or bank with respect to proxy ballots and voting.

***Client Communication***

PIM will include a copy of these proxy voting policies and procedures, as they may be amended from time to time, in each new account pack sent to prospective clients. We also will update our ADV disclosures regarding these policies and procedures to reflect any material additions or other changes to them, as needed. Such ADV disclosures will include an explanation of how to request copies of these policies and procedures as well as any other disclosures required by Rule 206(4)-6 of the Advisers Act.

***Return Proxies***

The CCO, Proxy Coordinator, or designee shall send or cause to be sent (or otherwise communicate) all votes to the company or companies soliciting the proxies within the applicable time period designated for return of such votes, unless not possible to do so due to late receipt or other exigent circumstances.

<u>CORPORATE ACTIONS</u>

PIM is responsible for monitoring both mandatory (e.g. calls, cash dividends, exchanges, mergers, spin-offs, stock dividends and stock splits) and voluntary (e.g. rights offerings, exchange offerings, and tender offers) corporate actions. Operations personnel will ensure that all corporate actions received are promptly reviewed and recorded in PIM's portfolio accounting system, and properly executed by the custodian banks for all eligible portfolios. On a daily basis, a file of PIM's security database is sent to a third-party service, Vantage, via an automated upload which then provides corporate action information for securities included in the file. This information is received and acted upon by the Operations personnel responsible for corporate action processing. In addition, PIM receives details on voluntary and mandatory corporate actions from the custodian banks via email or online system and all available data is used to properly understand each corporate event.

***Voluntary Corporate Actions*** 

The Portfolio Management team is responsible for providing guidance to Operations on the course of action to be taken for each voluntary corporate action received in accordance with the standards described above for proxy voting, including, but not limited to, acting in the best interest of clients to maximize long-term shareholder value and yield the best economic results. In some instances, if consistent with such standards, the Portfolio Management team may maintain standing instructions on particular event types. As appropriate, Legal and Compliance may be consulted to determine whether certain clients may participate in certain corporate actions. Operations personnel will then notify each custodian bank, either through an online interface, via email, or with a signed faxed document of the election selected. Once all necessary information is received and the corporate action has been vetted, the event is processed in the portfolio accounting system and filed electronically. A log of holdings information related to the corporate action is maintained for each portfolio in order to confirm accuracy of processing.

<u>CLASS ACTIONS</u>

PIM shall not have any responsibility to initiate, consider or participate in any bankruptcy, class action or other litigation against or involving any issue of securities held in or formerly held in a client account or to advise or take any action on behalf of a client or former client with respect to any such actions or litigation.

Record Keeping

PIM or ISS, on PIM's behalf, maintains (i) copies of the proxy materials received by PIM for client securities; (ii) records of proxies that were not received and what actions were taken to obtain them; (iii) votes cast on behalf of clients by account; (iv) records of any correspondence made regarding specific proxies and the voting thereof; (v) client requests for proxy voting information (including reports to mutual fund clients for whom PIM has proxy voting authority containing information they need to satisfy their annual reporting obligations under Rule 30b-1-4 and to complete Form N-PX); (vi) documents prepared by PIM to inform and/or memorialize a voting decision, including these policies and procedures and any documentation related to a material conflict of interest; and (vii) records of any deviations from broad Guidelines. Such records will be maintained for a minimum of six years.

Policy Review

The Proxy Voting Committee reviews these Voting Guidelines and procedures at least annually and makes such changes as it deems appropriate, considering current trends and developments in corporate governance and related issues, as well as operational issues facing PIM and applicable regulations under the Investment Company Act, Advisers Act and ERISA.

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Proxy Voting Policy Summary

**Version Date: 02/01/2024**

**Policy.** River Road Asset Management, LLC's ("River Road") exercises discretionary voting authority over proxies issued on securities held in client accounts unless the client has explicitly reserved voting authority or has directed River Road to vote pursuant to the client's voting policy. River Road, as a matter of policy and as a fiduciary to our clients, votes proxies for client securities consistent with the best economic interests of its clients. River Road maintains written policies and procedures as to the handling, research, voting and reporting of proxy voting. River Road has established the Proxy Voting Policy Committee for reviewing voting guidelines and special issues. River Road's compliance department oversees the operational and procedural aspects of the proxy voting process. Additionally, to help discharge its duties, River Road uses Glass Lewis & Co. ("Glass Lewis") as its voting agent. Glass Lewis performs the following services:

● provides analysis of proxy proposals,

● tracks and receives proxies for which River Road clients are entitled to vote,

● votes the proxies as directed by River Road; and

● compiles and provides client voting records.

**Voting Process.** River Road will generally instruct Glass Lewis to vote proxies pursuant to guidelines adopted by the Proxy Voting Policy Committee at the beginning of each year. If River Road policy recommendation (i.e., the Glass Lewis recommendation in most instances) and the management recommendation for all votes on a ballot are the same, the compliance department will typically vote accordingly. There are limited instances where River Road has (and may in the future) vote differently from the policy and management recommendation.

When the Glass Lewis recommended vote contradicts the recommendation of management, the primary analyst assigned to the stock consults with the relevant portfolio manager(s) and reviews the proposal. The analyst and portfolio manager(s) then recommend to vote the issue in the way River Road believes is most beneficial to shareholder value. If this vote decision is different than policy recommendation (i.e., the Glass Lewis recommendation in most instances), the rationale is documented and a member of River Road's ESG investment group and the compliance department reviews and approves the rationale before submitting the final vote.

**Conflicts of Interest.** River Road has eliminated most conflicts of interest by using an independent third party (Glass Lewis) that votes pursuant to the guidelines adopted by the Proxy Voting Policy Committee or in accordance with River Road's direction based on the above process. Additionally, River Road's voting process of voting with policy recommendation and requiring compliance department signoff if voting differently addresses any potential conflict of River Road voting shares for a public company that is also a River Road client or an affiliate of a River Road client. In cases where River Road believes there is an actual or perceived conflict of interest, River Road requires additional steps that may include the following:

i. documenting the potential conflict of interest;

ii. obtaining the prior approval of the Chief Investment Officer and the Chief Compliance Officer;

iii. obtaining Proxy Voting Policy Committee review or approval;

iv. deferring to the voting recommendation of a third party;

v. voting pursuant to client direction (following disclosure of the conflict);

vi. abstaining from voting;

vii. voting reflectively (in the same proportion and manner as other shareholders); or,

viii. taking such other action as necessary to protect the interests of clients.

4. Proxy Voting Policy

Robeco encourages good governance and sustainable corporate practices, which contribute to long-term shareholder value creation. Proxy voting is part of Robeco's Active Ownership approach. Robeco has adopted written procedures reasonably designed to ensure that we vote proxies in the best interest of our clients. The Robeco policy on corporate governance relies on the internationally accepted International Corporate Governance Network (ICGN) Global Governance Principles. The proxy voting policy is the standard policy for all Robeco investment funds. For discretionary mandates Robeco may implement a client's own proxy voting policy.

**4.1 Transparent Voting Policy and disclosure of voting activities**

As a shareholder Robeco is co-owner of many companies and has a right to vote on shareholder meetings for those companies. We use our voting rights with the aim to influence company's corporate governance and other relevant investment related decisions in the best interest of our clients.

The Robeco voting policy consists of principles, guidance and example scenarios to assist in determining our voting instructions. Broadly, Robeco votes against management recommendations in case of poor corporate governance practices, when proposals are not in the best interest of long term shareholders and on any other proposal that is out of line with our policy principles.

As these Voting Guidelines form part of our Stewardship Policy, they are publicly available on our website.

**4.2 Voting Guidelines**

**4.2.1 Financial statements and external auditors**

&nbsp;&nbsp;&nbsp;&nbsp;1. Vote for approval of financial statements, director reports and auditor reports unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• there are concerns on reliability of accounts or followed procedures

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the company is unresponsive to shareholders' questions
for information

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• there are concerns on the company's performance and shareholders
do not have the opportunity to express their dissatisfaction through voting against appropriate proposals as they are not included
on the agenda.

&nbsp;&nbsp;&nbsp;&nbsp;2. Vote for the appointment of (statutory) auditors and associated compensation unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the company is unresponsive to shareholders' requests
for information

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the auditor is changed suddenly and without good reason

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• there are issues regarding the tenure, fees and independence
of the audit, not in line with market best practice.

**4.2.2 Board of Directors**

&nbsp;&nbsp;&nbsp;&nbsp;3. Vote for the election of a director nominated by management unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• past performance
 of the nominee shows clear concerns, including repeated absence at board meetings, criminal
 behavior or breach of fiduciary responsibilities

• the nominated director is an insider or affiliate to the
 company and the board is not sufficiently independent according to local standards

• the board is not sufficiently independent according to
 local standards

• a more suitable director nominated by shareholders is
 available for election

• the board repeatedly shows unwillingness to implement
 good governance standards, such as persistently unacceptable compensation practices,
 use of dual share classes

---

| | |
|:---|:---|
|  | (without appropriate safeguards), and board refreshment. |
| • | the nominee adds to a sub-standard composition compared to local best practices in terms of tenure, diversity, skills and external commitments. |
| • | the board fails to incorporate basic considerations for gender diversity. Boards should comply with best practices or legal requirements where these exist. In other developed markets, we expect the least represented gender to comprise at least 30% of the board. In all markets an against vote is warranted if there is no gender diversity. |

---

&nbsp;&nbsp;&nbsp;&nbsp;4. Vote for board directors nominated to the audit committee unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the audit committee is not sufficiently independent according
to local standards. We require a fully independent audit committee, unless market practices require otherwise. In all cases the
chair and the majority of the members of the committee should be independent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the director lacks accounting knowledge or auditing experience,
and the committee does not have at least one member with such relevant skills

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• there is concern about the quality of the audit, and the level
and/or timing of the verification of the audited accounts.

&nbsp;&nbsp;&nbsp;&nbsp;5. Vote for board directors nominated to the nomination and/or remuneration committee unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Committee is less than 50% independent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Committee does not have an independent Chair

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the company has repeated remuneration or nomination issues.

&nbsp;&nbsp;&nbsp;&nbsp;6. Vote for the election of a director nominated by shareholders unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• past performance of the nominee shows clear concerns

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a more suitable director nominated by management is available
for election

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In cases where too little information is disclosed, abstain
from voting

&nbsp;&nbsp;&nbsp;&nbsp;7. Vote for a fixed board size, unless it allows for an excessive number of members.

&nbsp;&nbsp;&nbsp;&nbsp;8. Vote for declassification of the board

&nbsp;&nbsp;&nbsp;&nbsp;9. Assess changes in board structure or size case by case

&nbsp;&nbsp;&nbsp;&nbsp;10. Vote for discharge of board and management unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• there are clear concerns about performance of board and management
in the period under review

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• other shareholders take legal action against the board

&nbsp;&nbsp;&nbsp;&nbsp;11. Vote against indemnification of directors of auditors if there are concerns regarding the terms of the agreement.

**4.2.3 Remuneration**

Assess compensation plans for executives case by case. Robeco uses an assessment framework to judge the merits of a remuneration policy or report, generally seeking alignment of management incentives with shareholder interests and adherence to basic best practices such as clawback provisions. The framework evaluates the following overarching components:

1) Remuneration structure and incentives

2) Inclusion of relevant ESG metrics

3) Quantum

4) Accountability and Transparency

We support the inclusion of material, measurable, and clearly disclosed ESG performance metrics in executive remuneration.

&nbsp;&nbsp;&nbsp;&nbsp;12. Vote in favor for remuneration policy or its implementation unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the policy fails to align pay with performance

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the remuneration structure places excessive focus on short term
performance

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• disclosure on remuneration practices is insufficient and there
are concerns of board accountability

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• remuneration is deemed excessive and bears a significant cost
for shareholders

&nbsp;&nbsp;&nbsp;&nbsp;13. Vote against the remuneration policy or its implementation if any of the following occur:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• performance targets are changed retrospectively

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• substantial one-off payments are made without performance criteria

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• golden handshakes

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• golden parachutes with single trigger

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• sign-on arrangements and severance packages that exceed market
best practice

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• pension arrangements significantly out of step with broader
workforce

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• bonus payments are made when company has made no profits in
last two years

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• no clawback provisions are in place for the long term incentive
plan (unless this is restricted by law)

&nbsp;&nbsp;&nbsp;&nbsp;14. Vote for the proposed compensation of non-executive directors unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the amount of compensation is excessive by country or industry
standards

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the proposal includes retirement benefits for markets where
this is not mandatory

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• remuneration includes inappropriate incentives which might compromise
the independent judgment of independent directors

**4.2.4 Capital Management**

&nbsp;&nbsp;&nbsp;&nbsp;15. Vote for the proposed allocation of income, unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the payout is not reflective of the company's financial
position

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• there is a concern that the return policy is not in the interest
of shareholders

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the company has a history of poor capital management

&nbsp;&nbsp;&nbsp;&nbsp;16. Assess proposals to approve debt issuance secured with company's assets case by case

&nbsp;&nbsp;&nbsp;&nbsp;17. Assess proposals to increase debt or borrowing powers case by case

&nbsp;&nbsp;&nbsp;&nbsp;18. Vote for general issuance requests, unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• issuance lacks a sufficient degree of pre-emptive rights

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• issuance exceeds market best practice guidelines without proper
justification

&nbsp;&nbsp;&nbsp;&nbsp;19. Vote for increases in authorized capital unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• new authorization exceeds 100% of current authorization

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• new authorization bears no pre-emptive rights less than 30%
of the new authorization is outstanding

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the issuance exceeds market best practice guidelines without
proper justification

&nbsp;&nbsp;&nbsp;&nbsp;20. Vote against the introduction of new share classes that are not in the best interest of minority shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;21. Vote for share repurchase and re-issuance plans, unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the plan contains no safeguard against selective buybacks or
re-issuance

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• there are concerns of abuse of repurchase and (selective) re-issuance
plans

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• transactions are carried out under unfavorable conditions for
shareholders

&nbsp;&nbsp;&nbsp;&nbsp;22. Vote for reduction of capital requests, unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• terms are unfavorable to shareholders

&nbsp;&nbsp;&nbsp;&nbsp;23. Vote for debt issuance proposals, unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the issuance is excessive given the company's financial
position

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the issuance bears superior rights to common shares when converted

**4.2.5 Mergers and acquisitions**

&nbsp;&nbsp;&nbsp;&nbsp;24. Vote for mergers and acquisitions unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not enough information is available and/or provided to make
an informed decision

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• voting rights, earnings distribution or any other shareholder
rights are altered disproportionately

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the structure following the merger or acquisition does not display
good governance

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the merger appears not to be in the best interest of shareholders

&nbsp;&nbsp;&nbsp;&nbsp;25. Assess proposals for reorganization and/or restructuring on a case by case basis

**4.2.6 Shareholder rights**

&nbsp;&nbsp;&nbsp;&nbsp;26. Assess amendments to the articles of associations or company's charter on a case-by-case basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Vote against proposed changes that are not in the best interests
of minority shareholders

&nbsp;&nbsp;&nbsp;&nbsp;27. Assess amendment of quorum requirement case by case

&nbsp;&nbsp;&nbsp;&nbsp;28. Vote for proposals to convert to a "one share, one vote" capital structure

&nbsp;&nbsp;&nbsp;&nbsp;29. Vote against a change of disclosure threshold of stock ownership other than 5% (SEC standard)

&nbsp;&nbsp;&nbsp;&nbsp;30. Vote for resolutions to change a company's fiscal term, unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the motivation is to withhold shareholders' information
or voting power for instance by postponing the AGM

&nbsp;&nbsp;&nbsp;&nbsp;31. Vote against the introduction or renewal of all anti-takeover mechanisms, unless all of the following conditions are met:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the mechanism is designed to create long term value and continuity
for all stakeholders

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the mechanism is not permanent in nature

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the mechanism is not designed to facilitate management entrenchment

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the mechanism doesn't allow for significant dilution or
conflicts with shareholder interest

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the company has a track record of good governance practices
towards minority shareholders

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a fully independent entity determines or has a veto with regards
to the execution of the mechanism

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the company doesn't have any other anti-takeover mechanism
in place

&nbsp;&nbsp;&nbsp;&nbsp;32. Vote against approval of items proposed by management for which information has not been disclosed

&nbsp;&nbsp;&nbsp;&nbsp;33. Vote against bundled resolutions if one or more of the items create(s) significant concern for shareholders

**4.2.7 Shareholder proposals**

&nbsp;&nbsp;&nbsp;&nbsp;34. Assess shareholder proposals case by case. Robeco uses an assessment framework to judge the merits of shareholder proposals.
The framework evaluates the following overarching components:

1) Spirit

2) Materiality

3) Investor engagement outcomes

4) Current company performance

5) Required company action

Robeco votes for shareholder proposals which:

&nbsp;&nbsp;&nbsp;&nbsp;• aim to increase transparency on material ESG issues

&nbsp;&nbsp;&nbsp;&nbsp;• enhance long term shareholder value creation

&nbsp;&nbsp;&nbsp;&nbsp;• address material ESG risks, except when management and the board
mitigated such risks in a transparent way

&nbsp;&nbsp;&nbsp;&nbsp;• aim to enforce appropriate conduct, except when their implementation
would additionally reward fundamental behavioral norms.

&nbsp;&nbsp;&nbsp;&nbsp;• the topic is in the remit for the company's management
and shareholders to address.

**4.2.8 Social and environmental topics**

4.2.8.1. Sustainability reporting

Appropriate disclosure of significant social and environmental risk factors that a business is exposed to is crucial for investors. It provides information on matters that might have a present or future impact on companies' value drivers, shareholder value creation and on the society and environment as a whole. Robeco supports sensible shareholder resolutions requesting companies to report on social and environmental policies that are material for their business.

4.2.8.2. Environmental management and climate change

The management of climate-related risks and opportunities is essential for all companies as we transition to a net zero economy. We expect that those companies that are more exposed to climate-related risks, such as high emitting companies and those that provide operational or financial services to these companies, should have relatively more robust transition plans, giving more detail around how they will manage the transition. More specifically, we expect that companies should have in place:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Short-, medium- and long-term greenhouse gas targets that are
aligned with the goals of the Paris Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Targets covering all material scopes of emissions and all relevant
types of greenhouse gases;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A decarbonization strategy, including appropriate capital allocation,
for how greenhouse gas targets will be met;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A clear governance structure for managing climate-related risks
and opportunities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Supporting disclosures, including in financial reports, on the
company's decarbonization strategy, aligned with the goals of the Paris Agreement.

In addition, we expect companies to stop expanding thermal coal capacity and that financial institutions will develop robust transition strategies following sectoral best practice frameworks. Those companies that are not taking action towards aligning with the goals of the Paris Agreement create undue risks to our portfolios. Where companies fall materially short of these expectations, we will vote against the election of the chair of the board, or other relevant board member or meeting item.

The above expectations also form the basis for voting on so-called Say-on-Climate resolutions. As climate transition strategies differ for different industries, sector assessment frameworks based on the a forementioned principles will inform our

decision if a climate transition strategy is of sufficient quality to support.

Climate related shareholder proposals will be assessed on their merit. Generally, proposals will be supported that ask for reporting, risk management and requests for target setting in line with the Paris Agreement. Exceptions may occur if companies have met all our requirements based in our climate assessment (Robeco Traffic Light on Climate Change).

4.2.8.3. Deforestation risk management

We expect companies that have high exposure to deforestation risk commodities (namely; palm oil, soy, beef, and timber, paper and pulp) to take action to address those risks within their operations and supply chains. For companies that have such exposure based on the results from our deforestation risk assessment, but either don't have adequate policies and processes in place to reduce their impact or are involved in severe deforestation-linked social or environmental controversies, Robeco would oppose the agenda item most appropriate for that issue. Assessments of the quality of mitigating actions are based on external benchmarks such as the Forest500 benchmark.

Robeco also generally supports reasonable shareholder resolutions requesting increased disclosures on biodiversity risk management and proposals that ask companies to mitigating deforestation risks.

4.2.8.4. Human capital management and diversity

Gender diversity enhances corporate governance, talent attraction and human capital development, which fosters value creation not only within companies, but also for stakeholders and society. Robeco usually supports reasonable shareholder resolutions requesting disclosure of specific diversity targets and disclosure on gender pay gaps within companies.

4.2.8.5. Adherence to human rights

For companies that are faced with significant human rights issues, we expect companies to conduct a due diligence in order to adhere to human rights. For companies that are not taking adequate steps to mitigate their human rights impacts and are linked to social controversies, we would oppose the agenda item most appropriate for that issue. To that end, the nomination of the most accountable board member takes precedence.

4.2.8.6. Political donations and lobbying contributions

Corporate transparency is key in understanding potential legal, reputational and subsequent investment risks which can arise from opaque lobbying practices and political donations. These expenses must be consistent with the company's sustainability strategy and should be aligned with the long-term interests of investors and other relevant stakeholders. Robeco generally supports sound shareholder proposals requesting companies to review their political spending and lobbying activities.

4.2.8.7. Generally supported shareholder proposals

In general, Robeco supports shareholder proposals requesting the following:

&nbsp;&nbsp;&nbsp;&nbsp;• Race and/or Gender Pay Equity Report

Report on Ratio Between CEO and Employee Pay

&nbsp;&nbsp;&nbsp;&nbsp;• Report on Antibiotics in Animal Agriculture

&nbsp;&nbsp;&nbsp;&nbsp;• Adoption of Comprehensive Recycling Strategies

&nbsp;&nbsp;&nbsp;&nbsp;• Formation of Environmental/Social Committee of the Board

&nbsp;&nbsp;&nbsp;&nbsp;• Sustainability or Environmental Reports

&nbsp;&nbsp;&nbsp;&nbsp;• Independent Board Chairman/Separation of Chair and CEO

&nbsp;&nbsp;&nbsp;&nbsp;• Facilitation of Shareholder Proposals

&nbsp;&nbsp;&nbsp;&nbsp;• Trained, Qualified Directors on Board Committees

&nbsp;&nbsp;&nbsp;&nbsp;• Board Independence

&nbsp;&nbsp;&nbsp;&nbsp;• Reporting on Company's Compliance with International Human
Rights Standards

&nbsp;&nbsp;&nbsp;&nbsp;• Reporting on Responsible Drug Pricing/Distribution

&nbsp;&nbsp;&nbsp;&nbsp;• Company Product Responsibility

&nbsp;&nbsp;&nbsp;&nbsp;• Improving Labor Practices

&nbsp;&nbsp;&nbsp;&nbsp;• Inclusion of relevant Social and Environmental Performance criteria
in executive remuneration

&nbsp;&nbsp;&nbsp;&nbsp;• Report on executive retirement benefits

&nbsp;&nbsp;&nbsp;&nbsp;• Right for shareholders to a special meeting

&nbsp;&nbsp;&nbsp;&nbsp;• Introduction of a Say on Climate Vote

&nbsp;&nbsp;&nbsp;&nbsp;• Report/Review on political spending

&nbsp;&nbsp;&nbsp;&nbsp;• Risk report on Artificial Intelligence

Shareholder proposals that are aimed to oppose further company progress on relevant ESG issues (so-called anti ESG proposals) are generally not supported.

This policy provides a non-comprehensive guideline on how our voting principles are implemented. Proposals not covered by this policy shall be voted on a case-by-case basis.

**4.3 Proxy Voting Execution**

The proxy voting process imposes several practical issues, that Robeco considers to determine if casting proxy votes is in the best interest of the beneficial owner and how votes are cast. The most important considerations are discussed below.

The Active Ownership team carries out all proxy voting for listed equities at Robeco (regardless of portfolio, industry or market). As Active Ownership is part of the investments domain's SI Center of Expertise, voting decision-making integrates the perspectives of portfolio managers and analysts, as well as SI Research analysts, SI Strategists, and clients in discretionary mandates. The Active Ownership team coordinates voting instructions reflecting a consistent view for the organization in line with the voting guidelines and executes voting decisions for all shareholder meetings. In case of disagreements between internal stakeholders on controversial meetings, the active ownership team will notify the Executive Committee.

Relevant changes to voting policy items are shared with the SISC at least on an annual basis.

**4.3.1 Funds in scope for proxy voting**

In principle all of Robeco's equity mutual funds are in scope for proxy voting. In some specific exceptions, voting might not be warranted. For example, if required costs and resources are excessive while voting impact is negligible.

On an annual basis these exceptions are reviewed and approved by the SISC. Whether of not voting rights are exercised is published in the fund's disclosures.

**4.3.2 Share blocking markets**

In several markets proxy voting requires share blocking. This means that trading shares is prohibited after sending a voting instruction for an equity position. In these markets Robeco votes proxies when the agenda contains a controversial item and the number of stocks have a noticeable effect on the approval percentages. In these cases, on a general basis Robeco votes 80% of the equity position. The remaining 20% facilitates ad-hoc trading, if necessary.

**4.3.3 Securities lending**

Robeco has a securities lending program for several of its listed mutual funds. When shares are on loan, Robeco is contractually unable to exercise voting rights for these shares.

For our public funds we review if shares are out on loan for upcoming shareholder meetings. In principle we aim to vote all of our equity positions.

Robeco's securities lending program is monitored by our lending agent for the misuse of voting rights.

**4.3.4 Use of Proxy Advisors**

Robeco uses a proxy voting platform and proxy voting recommendations for all of the meetings which we vote. Our proxy voting advisor (Glass, Lewis & Co.) provides voting recommendations based upon Robeco's custom voting policy. A Robeco team of dedicated voting analysts then analyze the merit of each agenda item. This analysis, based upon Robeco's voting policy, takes precedence over the recommendations of the proxy voting advisor. This means Robeco's instructions often deviate from the recommendations of both management and the proxy advisor.

On an at least annual basis, we monitor and evaluate our proxy voting agent, on the quality of governance research and the alignment of (customized) voting recommendations and Robeco's voting policy. We will take action to resolve any issues that are identified through this annual review process. The review is part of Robeco's control framework and is externally assured.

**4.3.5 Notifying management of votes**

Robeco tracks the percentage of shareholder meetings where we vote against management and where we abstain. For a pre-selected set of priority shareholder meetings, we notify companies when we vote against management recommendations and explain the rationale behind our decision.

**4.3.6 Client involvement**

For Robeco's Mutual funds all voting rights are exercised in line with Robeco's policy, without the facilitation of split voting or client directed voting.

For segregated mandates, clients may decide to carry out their own voting. If voting is carried out by Robeco agreements about consultation and notification will be made during the onboarding process.

**Skerryvore Asset Management Ltd**

**PROXY VOTING**

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***Background***

 ****

In Proxy Voting by Investment Advisers, Investment Advisers Act Release No. 2106 (January 31, 2003), the SEC noted that, "The federal securities laws do not specifically address how an adviser must exercise its proxy voting authority for its clients. Under the Advisers Act, however, an adviser is a fiduciary that owes each of its clients a duty of care and loyalty with respect to all services undertaken on the client's behalf, including proxy voting. The duty of care requires an adviser with proxy voting authority to monitor corporate events and to vote the proxies."

Rule 206(4)-6 under the Advisers Act requires each registered investment adviser that exercises proxy voting authority with respect to client securities to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Adopt and implement written policies and procedures reasonably designed to ensure that the adviser votes client securities in the clients' best interests. Such policies and procedures must address the manner in which the adviser will resolve material conflicts of interest that can arise during the proxy voting process;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Disclose to clients how they may obtain information from the adviser about how the adviser voted with respect to their securities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Describe to clients the adviser's proxy voting policies and procedures and, upon request, furnish a copy of the policies and procedures.

Additionally, paragraph (c)(2) of Rule 204-2 imposes additional recordkeeping requirements on investment advisers that execute proxy voting authority, as described in the Maintenance of Books and Records section of this Manual.

***Risks***

In developing these policies and procedures, Skerryvore considered numerous risks associated with the proxy voting process. This analysis includes risks such as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Skerryvore lacks written proxy voting policies and procedures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Proxies are not identified and processed in a timely manner

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Proxies are not voted in Clients' best interests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Conflicts of interest between Skerryvore and a Client are not identified or resolved appropriately;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Third-party proxy voting services do not vote proxies according to Skerryvore's instructions and in Clients' best interests; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Proxy voting records, Client requests for proxy voting information, and Skerryvore's responses to such requests, are not properly maintained.

Skerryvore has established the following Policies and Procedures as an attempt to mitigate these risks.

***Policies and Procedures***

**<u>Proxy Voting</u>**

Proxies are assets of Skerryvore Clients that must be voted with diligence, care, and loyalty. Skerryvore will vote each proxy in accordance with its fiduciary duty to its Clients. Skerryvore will generally seek to vote proxies in a way that maximizes the value of Clients' assets. Skerryvore may take into account the following factors, among others:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Whether the proposal was recommended by management;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Skerryvore's opinion of management;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Whether the proposal acts to entrench existing management;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Whether the proposal fairly compensates management for past and future performance; And

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Whether the proposal benefits the company as a whole.

As noted previously, Skerryvore attempts to vote proxies in the best interest of its client(s), and, to the extent practical, the client's underlying shareholders/limited partners. Employees must notify the CCO if they become aware of any material conflict of interest associated with a proxy vote. Since it is impossible to anticipate all material conflicts of interest that could arise in connection with proxy voting, the following examples are meant to help employees identify potential conflicts:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Skerryvore's client owns debt and equity securities of the same issuer, either of which may be adversely affected by the proxy vote;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● An issuer or some other third party offers Skerryvore or an Employee compensation in exchange for voting a proxy in a particular way; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Skerryvore receives a proxy solicitation from an issuer that a Skerryvore Employee has a personal or business relationship with.

Upon notification of a potential material conflict, the CCO will evaluate the conflict and determine an appropriate course of action, if any. Paragraph (c)(ii) of Rule 204-2 under the Advisers Act requires Skerryvore to maintain certain books and records associated with its proxy voting policies and procedures. The CCO will ensure Skerryvore complies with applicable recordkeeping requirements associated with proxy voting.

**<u>Voting Proxies for Loaned Securities</u>**

In the event that Skerryvore is aware of a material vote on behalf of a RIC Client and Skerryvore has the ability to call back loans and is aware of the securities on loan by the custodian, Skerryvore may call back the loan and vote the proxies if time permits. Otherwise, Skerryvore will rely on the RIC Client to call loaned securities back.

**<u>Disclosures to Clients and Investors</u>**

Skerryvore includes a description of its policies and procedures regarding proxy voting in Part 2 of Form ADV, along with a statement that Clients and Investors can contact the CCO to obtain a copy of these policies and procedures and information about how Skerryvore voted with respect to the Client's securities.

Any request for information about proxy voting should be promptly forwarded to the CCO, who will respond to any such requests.

As a matter of policy, Skerryvore does not disclose how it expects to vote on upcoming proxies. Additionally, Skerryvore does not disclose the way it voted proxies to unaffiliated third parties without a legitimate need to know such information.

**<u>Conflicts of Interest with Advisory Clients</u>**

At times, conflicts may arise between the interests of the Advisory Clients, on the one hand, and the interests of Skerryvore or its affiliates, on the other hand. If Skerryvore determines that it has, or may be perceived to have, a conflict of interest when voting a proxy, it will address matters involving such conflicts of interest as follows:

● If Skerryvore believes it is in the best interest of the Advisory Clients to depart from the specific policies provided for herein, it will be subject to the requirements of (ii) or (iii) below, as applicable;

● If there is a potential conflict of interest between Skerryvore and one or more Advisory Clients, Skerryvore may vote such proxy as it determines to be in the best interest of the Advisory Clients, without taking any action described in (iii) below, provided that such vote would be against the firm's own interest in the matter (i.e., against the perceived or actual conflict). Skerryvore will memorialize the rationale of such vote in writing; and

● If there is a potential conflict of interest between Skerryvore and one or more Advisory Clients, and Skerryvore believes it should vote in a way that may also benefit, or be perceived to benefit, its own interest, then it must take one of the following actions in voting such proxy: (A) delegate the voting decision for such proxy proposal to an independent third party; (B) delegate the voting decision to an independent committee of partners, members, directors or other representatives of the affected Advisory Clients; (C) inform the Advisory Clients of the conflict of interest and obtain consent to (majority consent of Investors in the case of a Fund) vote the proxy as recommended by Skerryvore; or (D) obtain approval of the decision from the CCO.

**Wellington Management Company LLP**

**Global Proxy Policy and Procedures**

**INTRODUCTION**

Wellington Management has adopted and implemented policies and procedures it believes are reasonably designed to ensure that proxies are voted in the best interests of clients for which it exercises proxy-voting discretion.

The purpose of this document is to outline Wellington Management's approach to executing proxy voting.

Wellington Management's Proxy Voting Guidelines (the "Guidelines"), which are contained in a separate document, set forth broad guidelines and positions on common issues that Wellington Management uses for voting proxies. The Guidelines set out our general expectations on how we vote rather than rigid rules that we apply without consideration of the particular facts and circumstances.

**STATEMENT OF POLICY**

Wellington Management:

1) Votes client proxies for clients that have affirmatively delegated proxy voting authority, in writing, unless we have arranged in advance with a particular client to limit the circumstances in which the client would exercise voting authority, or we determine that it is in the best interest of one or more clients to refrain from voting a given proxy.

2) Seeks to vote proxies in the best financial interests of the clients for which we are voting.

3) Identifies and resolves all material proxy-related conflicts of interest between the firm and our clients in the best interests of the client.

**RESPONSIBILITY AND OVERSIGHT**

The Proxy Voting Team monitors regulatory requirements with respect to proxy voting and works with the firm's Legal and Compliance Group and the Investment Stewardship Committee to develop practices that implement those requirements. The Proxy Voting Team also acts as a resource for portfolio managers and investment research analysts on proxy matters as needed. Day-to-day administration of the proxy voting process is the responsibility of the Proxy Voting Team. The Investment Stewardship Committee a senior, cross-functional group of experienced professionals, is responsible for oversight of the implementation of the Global Proxy Policy and Procedures, review and approval of the Guidelines, and identification and resolution of conflicts of interest. The Investment Stewardship Committee reviews the Guidelines as well as the Global Proxy Policy and Procedures annually.

**PROCEDURES**

**Use of Third-Party Voting Agent**

Wellington Management uses the services of a third-party voting agent for research and to manage the administrative aspects of proxy voting. We view third-party research as an input to our process. Wellington Management complements the research provided by its primary voting agent with research from other firms.

Our primary voting agent processes proxies for client accounts and maintains records of proxies voted. For certain routine issues, as detailed below, votes may be instructed according to standing instructions given to our primary voting agent, which are based on the Guidelines.

We manually review instances where our primary voting agent discloses a material conflict of interest of its own, potentially impacting its research outputs. We perform oversight of our primary voting agent, which involves regular service calls and an annual due diligence exercise, as well as regular touchpoints in the normal course of business.

**Receipt of Proxy**

If a client requests that Wellington Management vote proxies on its behalf, the client must instruct its custodian bank to deliver all relevant voting materials to Wellington Management or its designated voting agent in a timely manner.

**Reconciliation**

Proxies for public equity securities received by electronic means are matched to the securities eligible to be voted, and a reminder is sent to custodians/trustees that have not forwarded the proxies due. This reconciliation is performed at the ballot level. Although proxies received for private equity securities, as well as those received in non-electronic format for any securities, are voted as received, Wellington Management is not able to reconcile these ballots and does not notify custodians of non-receipt; Wellington Management is only able to reconcile ballots where clients have consented to providing holdings information with its provider for this purpose.

**Proxy Voting Process**

Our approach to voting is investment-led and serves as an influential component of our engagement and escalation strategy. The Investment Stewardship Committee, a cross-functional group of experienced professionals, oversees Wellington Management's activities with regards to proxy voting practices.

Routine issues that can be addressed by the proxy voting guidance below are voted by means of standing instructions communicated to our primary voting agent. Some votes warrant analysis of specific facts and circumstances and therefore are reviewed individually. We examine such vote sources including internal research notes, third-party voting research and company engagement. While manual votes are often resolved by investment research teams, each portfolio manager is empowered to make a final decision for their relevant client portfolio(s), absent a material conflict of interest. Proactive portfolio manager input is sought under certain circumstances, which may include consideration of position size and proposal subject matter and nature. Where portfolio manager input is proactively sought, deliberation across the firm may occur. This collaboration does not prioritize consensus across the firm above all other interests but rather seeks to inform portfolio managers' decisions by allowing them to consider multiple perspectives. Portfolio managers may occasionally arrive at different voting conclusions for their clients, resulting in different decisions for the same vote. Voting procedures and the deliberation that occurs before a vote decision are aligned with our role as active owners and fiduciaries for our clients.

**Material Conflict of Interest Identification and Resolution Processes**

Further detail on our management of conflicts of interest can be found in our Stewardship Conflicts of Interest Policy, available on our website.

**OTHER CONSIDERATIONS**

In certain instances, Wellington Management may be unable to vote or may determine not to vote a proxy on behalf of one or more clients. While not exhaustive, the following are potential instances in which a proxy vote might not be entered.

**Securities Lending**

Clients may elect to participate in securities lending Such lending may impact their ability to have their shares voted. Under certain circumstances, and where practical considerations allow, Wellington Management may determine that the anticipated value of voting could outweigh the benefit to the client resulting from use of securities for lending and recommend that a client attempt to have its custodian recall the security to permit voting of related proxies. We do not borrow shares for the sole purpose of exercising voting rights.

**Share Blocking and Re-Registration**

Certain countries impose trading restrictions or requirements regarding re-registration of securities held in omnibus accounts in order for shareholders to vote a proxy. The potential impact of such requirements is evaluated when determining whether to vote such proxies.

**Lack of Adequate Information, Untimely Receipt of Proxy Materials, or Excessive Costs**

Wellington Management may abstain from voting a proxy when the proxy statement or other available information is inadequate to allow for an informed vote; the proxy materials are not delivered in a timely fashion; or, in Wellington Management's judgment, the costs of voting exceed the expected benefits to clients (included but not limited to instances such as when powers of attorney or consularization or the disclosure of client confidential information are required).

**ADDITIONAL INFORMATION**

Wellington Management maintains records related to proxies pursuant to Rule 204-2 of the Investment Advisers Act of 1940 (the "Advisers Act"), the Employee Retirement Income Security Act of 1974, as amended ("ERISA"), and other applicable laws. In addition, Wellington Management discloses voting decisions through its website, including the rationale for votes against management.

Wellington Management provides clients with a copy of its Global Proxy Policy and Procedures, as well as the Voting Guidelines, upon written request. In addition, Wellington Management will provide specific client information relating to proxy voting to a client upon written request.

**Proxy Voting**

**<u>Introduction</u>**

Westfield will offer to vote proxies for all client accounts. Westfield believes that the voting of proxies can be an important tool for investors to promote best practices in corporate governance. Therefore, Westfield seeks to vote all proxies in the best interest of clients which includes ERISA plan participants and beneficiaries, as applicable. Westfield also recognizes that the voting of proxies with respect to securities held in client accounts is an investment responsibility having economic value. Based on this, Westfield votes all ballots received for client accounts and covers all costs associated with voting proxy ballots.

In accordance with Rule 206(4)-6 under the Investment Advisers Act of 1940 (the "Act"), Westfield has adopted and implemented policies and procedures that they believe are reasonably designed to ensure that proxies are voted in the best interest of clients. Westfield's authority to vote proxies for their clients is established in writing, usually by the investment advisory contract. Clients can change such authority at any time with prior written notice to Westfield. Clients can also contact their Marketing representative or the Operations Department (wcmops@wcmgmt.com) for a report of how their accounts' securities were voted.

**<u>Oversight of Proxy Voting Function</u>**

Westfield has engaged a third-party service provider, Institutional Shareholder Services, Inc. (the "vendor"), to assist with proxy voting. The Operation's Proxy team will:

&nbsp;&nbsp;&nbsp;&nbsp;• oversee the vendor; this includes working with the Compliance team in performing annual audits of the proxy votes and conducting annual due diligence;

• ensure required proxy records are retained according to applicable rules and regulations and internal policy;

• distribute proxy reports prepared by the vendor for internal and external requests;

• review the proxy policy and voting guidelines at least annually; and

• identify material conflicts of interest that may impair Westfield's ability to vote shares in clients' best interest.

**<u>Proxy Voting Guidelines</u>**

Westfield utilizes the vendor's proxy voting guidelines, which consider market-specific best practices, transparency, and disclosure when addressing shareholder matters. Westfield does not select a client's voting policy. Clients must choose the policy that best fits their requirements. Clients may choose to vote in accordance with the vendor's U.S. proxy voting guidelines (i.e., Standard Guidelines), Taft-Hartley guidelines which are in full conformity with the AFL-CIO's proxy voting guidelines, Socially Responsible Investing Guidelines ("SRI") or Sustainability Guidelines. A summary of ISS' voting guidelines is located at the end of this policy.

The vendor reviews the above listed policies annually to ensure they are still considering market-specific best practices, transparency, and disclosure when addressing shareholder matters. Westfield reviews these changes annually to ensure they are in clients' best interests.

Generally, information on Westfield's proxy voting decisions or status of votes will not be communicated or distributed to external solicitors. On occasion, Westfield may provide such information to solicitors if it is believed that a response will benefit clients, or a response is requested from the Westfield security analyst or portfolio manager. Westfield is required to disclose all say-on-pay votes on an annual basis in its Form N-PX filing to the SEC.

Westfield Capital Management Company, L.P.

Date Approved: 03/03/2025

**Proxy Voting**

**<u>Proxy Voting Process</u>**

The vendor tracks proxy meetings and reconciles proxy ballots received for each meeting. Westfield will use best efforts in obtaining any missing ballots; however, only those proxy ballots the vendor has received will be voted. For any missing ballots, the vendor and/or Westfield will contact custodians to locate such ballots. Since there can be many factors affecting proxy ballot retrieval, it is possible that Westfield will not receive a ballot in time to place a vote. Clients who participate in securities lending programs should be aware that Westfield will not call back any shares on loan for proxy voting purposes. However, Westfield could request a client call back shares if they determine there is the potential for a material benefit in doing so.

For each meeting, the vendor reviews the agenda and applies a vote recommendation for each proposal based on the written guidelines assigned to the applicable accounts. Proxies will be voted in accordance with the guidelines, unless the Westfield analyst or portfolio manager believes that following the vendor's guidelines would not be in the clients' best interests.

With limited exceptions, an analyst or portfolio manager may request to override the Standard or the Sustainability Guidelines at any time on or before the meeting cutoff date. When there is an upcoming material meeting (also referred to as "significant votes"), the Proxy team will bring the identified ballots to the analyst's or portfolio manager's attention. Westfield utilizes the vendor's classification to determine materiality (e.g. mergers, acquisitions, proxy contests). If the analyst or portfolio manager chooses to vote against the vendor's stated guidelines in any instance, he/she must make the request in writing and provide a rationale for the vote against the stated guidelines. No analyst or portfolio manager overrides are permitted in the Taft-Hartley and SRI guidelines.

**<u>Conflicts of Interest</u>**

Compliance and the Proxy team are responsible for identifying conflicts of interest that could arise when voting proxy ballots on behalf of Westfield's clients. Per Westfield's Code of Ethics and other internal policies, all employees should avoid situations where potential conflicts may exist. Westfield has put in place certain reviews to ensure proxies are voted solely on the investment merits of the proposal. In identifying potential conflicts, Compliance will review many factors, including, but not limited to existing relationships with Westfield or an employee, and the vendor's disclosed conflicts. If an actual conflict of interest is identified, it is reviewed by the Compliance and/or Proxy teams. If it is determined that the conflict is material in nature, the analyst or portfolio manager may not override the vendor's recommendation. Westfield's material conflicts are coded within the vendor's system. These meetings are flagged within the system to ensure Westfield does not override the vendor's recommendations.

Annually, Westfield will review the vendor's policies regarding their disclosure of their significant relationships to determine if there are conflicts that would impact Westfield. Westfield will also review their Code of Ethics which specifically identifies their actual or potential conflicts. During the annual due diligence meeting, Westfield ensures that the vendor has firewalls in place to separate the staff that performs proxy analyses and research from the members of ISS Corporate Solutions, Inc.

**<u>Proxy Reports</u>**

Westfield can provide account specific proxy reports to clients upon request or at scheduled time periods (e.g., quarterly). Client reporting requirements typically are established during the initial account set-up stage, but clients may modify this reporting schedule at any time with prior written notice to Westfield. The reports will contain at least the following information:

&nbsp;&nbsp;&nbsp;&nbsp;• company name

• meeting agenda

Westfield Capital Management Company, L.P.

Date Approved: 03/03/2025

**Proxy Voting**

&nbsp;&nbsp;&nbsp;&nbsp;• how the account voted on each agenda item

• how management recommended the vote to be cast on each agenda item

• rationale for any votes against the established guidelines (rationale is not always provided for votes that are in-line with guidelines since these are set forth in the written guidelines)

**<u>Recordkeeping</u>**

In accordance with Rule 204-2 of the Investment Advisers Act of 1940, proxy voting records will be maintained for at least five years. The following records will be retained by either Westfield or the proxy vendor:

&nbsp;&nbsp;&nbsp;&nbsp;• a copy of the Proxy Voting Polices and Guidelines and amendments that were in effect during the required time period;

• electronic or paper copies of each proxy statement received by Westfield or the vendor with respect to securities in client accounts (Westfield may also rely on obtaining copies of proxy statements from the SEC's Electronic Data Gathering, Analysis, and Retrieval (EDGAR) system);

• records of each vote cast for each client;

• written reports to clients on proxy voting and all client requests for information and Westfield's response;

• disclosure documentation to clients on how they may obtain information on how Westfield voted their securities

Westfield Capital Management Company, L.P.

Date Approved: 03/03/2025

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**UNITED STATES**

Concise Proxy Voting Guidelines

Benchmark Policy Recommendations

![](x1_c113438x365x3.jpg)

Effective for Meetings on or after February 1, 2025

Published January 15, 2025

WWW.ISSGOVERNANCE.COM

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**The policies contained herein are a <u>sampling</u> only of selected key ISS U.S. proxy voting guidelines, and are not intended to be exhaustive. The complete guidelines can be found at:**

**<u>https://www.issgovernance.com/policy-gateway/voting-policies/</u>**

**Board of Directors**

Voting on Director Nominees in Uncontested Elections

**General Recommendation:** Generally vote for director nominees, except under the following circumstances (with

new nominees **<sup>1</sup>** considered on case-by-case basis):

**Independence**

Vote against **<sup>2</sup>** or withhold from non-independent directors (Executive Directors and Non-Independent Non-Executive Directors per ISS' Classification of Directors) when:

&nbsp;&nbsp;&nbsp;&nbsp;■ Independent directors comprise 50 percent or less of the board;

&nbsp;&nbsp;&nbsp;&nbsp;■ The non-independent director serves on the audit, compensation, or nominating committee;

&nbsp;&nbsp;&nbsp;&nbsp;■ The company lacks an audit, compensation, or nominating committee so that the full board functions
as that committee; or

&nbsp;&nbsp;&nbsp;&nbsp;■ The company lacks a formal nominating committee, even if the board attests that the independent directors
fulfill the functions of such a committee.

**Composition**

**Attendance at Board and Committee Meetings:** Generally vote against or withhold from directors (except nominees who served only part of the fiscal year **<sup>3</sup>**) who attend less than 75 percent of the aggregate of their board

and committee meetings for the period for which they served, unless an acceptable reason for absences is disclosed in the proxy or another SEC filing. Acceptable reasons for director absences are generally limited to the following:

&nbsp;&nbsp;&nbsp;&nbsp;■ Medical issues/illness;

&nbsp;&nbsp;&nbsp;&nbsp;■ Family emergencies; and

&nbsp;&nbsp;&nbsp;&nbsp;■ Missing only one meeting (when the total of all meetings
is three or fewer).

**<sup>1</sup>** A "new nominee" is a director who is being presented for election by shareholders for the first time. Recommendations on new nominees who have served for less than one year are made on a case-by-case basis depending on the timing of their appointment and the problematic governance issue in question.

**<sup>2</sup>** In general, companies with a plurality vote standard use "Withhold" as the contrary vote option in director elections; companies with a majority vote standard use "Against". However, it will vary by company and the proxy must be checked to determine the valid contrary vote option for the particular company.

**<sup>3</sup>** Nominees who served for only part of the fiscal year are generally exempted from the attendance policy.

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In cases of chronic poor attendance without reasonable justification, in addition to voting against the director(s) with poor attendance, generally vote against or withhold from appropriate members of the nominating/governance committees or the full board.

If the proxy disclosure is unclear and insufficient to determine whether a director attended at least 75 percent of the aggregate of his/her board and committee meetings during his/her period of service, vote against or withhold from the director(s) in question.

**Overboarded Directors:** Generally vote against or withhold from individual directors who:

&nbsp;&nbsp;&nbsp;&nbsp;■ Sit on more than five public company boards; or

&nbsp;&nbsp;&nbsp;&nbsp;■ Are CEOs of public companies who sit on the boards of more than two public companies besides their own— **<sup>4</sup>** withhold only at their outside boards 3F .

**Gender Diversity** **:** Generally vote against or withhold from the chair of the nominating committee (or other directors on a case-by-case basis) at companies where there are no women on the company's board. An exception will be made if there was at least one woman on the board at the preceding annual meeting and the board makes a firm commitment to return to a gender-diverse status within a year.

**Racial and/or Ethnic Diversity** **:** For companies in the Russell 3000 or S&P 1500 indices, generally vote against or withhold from the chair of the nominating committee (or other directors on a case-by-case basis) where the board has no apparent racially or ethnically diverse members4F . An exception will be made if there was racial and/or ethnic diversity on the board at the preceding annual meeting and the board makes a firm commitment to appoint at least one racial and/or ethnic diverse member within a year.

**Responsiveness**

Vote case-by-case on individual directors, committee members, or the entire board of directors as appropriate if:

&nbsp;&nbsp;&nbsp;&nbsp;■ The board failed to act on a shareholder proposal that received the support of a majority of the shares cast in the previous year
or failed to act on a management proposal seeking to ratify an existing charter/bylaw provision that received opposition of a
majority of the shares cast in the previous year. Factors that will be considered are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Disclosed outreach efforts by the board to shareholders in the wake of the vote;

■ Rationale provided in the proxy statement for the level of implementation; The subject matter of the proposal;

■ The level of support for and opposition to the resolution in past meetings;

■ Actions taken by the board in response to the majority vote and its engagement with shareholders;

■ The continuation of the underlying issue as a voting item on the ballot (as either shareholder or management proposals); and

■ Other factors as appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;■ The board failed to act on takeover offers where the majority of shares are tendered;

&nbsp;&nbsp;&nbsp;&nbsp;■ At the previous board election, any director received more than 50 percent withhold/against votes of the shares cast and the company
has failed to address the issue(s) that caused the high withhold/against vote.

**<sup>4</sup>** Although all of a CEO's subsidiary boards with publicly-traded common stock will be counted as separate boards, ISS will not recommend a withhold vote for the CEO of a parent company board or any of the controlled (>50 percent ownership) subsidiaries of that parent but may do so at subsidiaries that are less than 50 percent controlled and boards outside the parent/subsidiary relationships.

**<sup>5</sup>** Aggregate diversity statistics provided by the board will only be considered if specific to racial and/or ethnic diversity.

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Vote case-by-case on Compensation Committee members (or, in exceptional cases, the full board) and the Say on Pay proposal if:

&nbsp;&nbsp;&nbsp;&nbsp;■ The company's previous say-on-pay received the support of less than 70 percent of votes cast. Factors that will be considered
are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ The company's response, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Disclosure of engagement efforts with major institutional investors, including the frequency and timing of engagements and the
company participants (including whether independent directors participated);

■ Disclosure of the specific concerns voiced by dissenting shareholders that led to the say-on-pay opposition; and

■ Disclosure of specific and meaningful actions taken to address shareholders' concerns;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Other recent compensation actions taken by the company;

■ Whether the issues raised are recurring or isolated; The company's ownership structure; and

■ Whether the support level was less than 50 percent, which would warrant the highest degree of responsiveness.

&nbsp;&nbsp;&nbsp;&nbsp;■ The board implements an advisory vote on executive compensation on a less frequent basis than the frequency that received the
plurality of votes cast.

**Accountability**

***Problematic Takeover Defenses, Capital Structure, and Governance Structure***

**Poison Pills:** Generally vote against or withhold from all nominees (except new nominees**<sup>1</sup>**, who should be considered case-by-case) if:

&nbsp;&nbsp;&nbsp;&nbsp;■ The company has a poison pill with a deadhand or slowhand feature <sup>6</sup> ;

&nbsp;&nbsp;&nbsp;&nbsp;■ The board makes a material adverse modification to an existing pill, including, but not limited to, extension, renewal, or lowering
the trigger, without shareholder approval; or

&nbsp;&nbsp;&nbsp;&nbsp;■ The company has a long-term poison pill (with a term of over one year) that was not approved by the public shareholders **<sup>7</sup>**.

Vote case-by-case on nominees if the board adopts an initial short-term pill**<sup>6</sup>** (with a term of one year or less) without shareholder approval, taking into consideration:

● The trigger threshold and other terms of the pill;

● The disclosed rationale for the adoption;

● The context in which the pill was adopted, (e.g., factors such as the company's size and stage of development, sudden changes in its market capitalization, and extraordinary industry-wide or macroeconomic events);

● A commitment to put any renewal to a shareholder vote;

● The company's overall track record on corporate governance and responsiveness to shareholders; and

● Other factors as relevant.

**<sup>6</sup>** If a short-term pill with a deadhand or slowhand feature is enacted but expires before the next shareholder vote, ISS will generally still recommend withhold/against nominees at the next shareholder meeting following its adoption.

**<sup>7</sup>** Approval prior to, or in connection, with a company's becoming publicly-traded, or in connection with a de-SPAC transaction, is insufficient.

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|:---|:---|
| B-190 | B-190 |
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**Unequal Voting Rights**: Generally vote withhold or against directors individually, committee members, or the entire board (except new nominees**<sup>1</sup>**, who should be considered case-by-case), if the company employs a common stock structure with unequal voting rights**<sup>8</sup>**.

Exceptions to this policy will generally be limited to:

&nbsp;&nbsp;&nbsp;&nbsp;■ Newly-public companies **<sup>9</sup>** with a sunset provision of no more than seven years from the date of going public;

&nbsp;&nbsp;&nbsp;&nbsp;■ Limited Partnerships and the Operating Partnership (OP) unit structure of REITs;

&nbsp;&nbsp;&nbsp;&nbsp;■ Situations where the super-voting shares represent less than 5% of total voting power and therefore considered to be *de minimis*;
or

&nbsp;&nbsp;&nbsp;&nbsp;■ The company provides sufficient protections for minority shareholders, such as allowing minority shareholders a regular binding
vote on whether the capital structure should be maintained.

**Classified Board Structure:** The board is classified, and a continuing director responsible for a problematic governance issue at the board/committee level that would warrant a withhold/against vote recommendation is not up for election. All appropriate nominees (except new) may be held accountable.

Removal of Shareholder Discretion on Classified Boards: The company has opted into, or failed to opt out of, state laws requiring a classified board structure.

**Problematic Governance Structure**: For companies that hold or held their first annual meeting**<sup>9</sup>** of public shareholders after Feb. 1, 2015, generally vote against or withhold from directors individually, committee members, or the entire board (except new nominees**<sup>1</sup>**, who should be considered case-by-case) if, prior to or in connection with the company's public offering, the company or its board adopted the following bylaw or charter provisions that are considered to be materially adverse to shareholder rights:

&nbsp;&nbsp;&nbsp;&nbsp;■ Supermajority vote requirements to amend the bylaws or charter;

&nbsp;&nbsp;&nbsp;&nbsp;■ A classified board structure; or

&nbsp;&nbsp;&nbsp;&nbsp;■ Other egregious provisions.

A provision which specifies that the problematic structure(s) will be sunset within seven years of the date of going public will be considered a mitigating factor.

Unless the adverse provision is reversed or removed, vote case-by-case on director nominees in subsequent years.

**Unilateral Bylaw/Charter Amendments** **:** Generally vote against or withhold from directors individually, committee members, or the entire board (except new nominees**<sup>1</sup>**, who should be considered case-by-case) if the board amends the company's bylaws or charter without shareholder approval in a manner that materially diminishes shareholders' rights or that could adversely impact shareholders, considering the following factors:

&nbsp;&nbsp;&nbsp;&nbsp;■ The board's rationale for adopting the bylaw/charter amendment without shareholder ratification;

&nbsp;&nbsp;&nbsp;&nbsp;■ Disclosure by the company of any significant engagement with shareholders regarding the amendment;

&nbsp;&nbsp;&nbsp;&nbsp;■ The level of impairment of shareholders' rights caused by the board's unilateral amendment to the bylaws/charter;

&nbsp;&nbsp;&nbsp;&nbsp;■ The board's track record with regard to unilateral board action on bylaw/charter amendments or other entrenchment provisions;

&nbsp;&nbsp;&nbsp;&nbsp;■ The company's ownership structure;

**<sup>8</sup>** This generally includes classes of common stock that have additional votes per share than other shares; classes of shares that are not entitled to vote on all the same ballot items or nominees; or stock with time-phased voting rights ("loyalty shares").

**<sup>9</sup>** Includes companies that emerge from bankruptcy, SPAC transactions, spin-offs, direct listings, and those who complete a traditional initial public offering.

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| B-191 | B-191 |
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&nbsp;&nbsp;&nbsp;&nbsp;■ The company's existing governance provisions;

&nbsp;&nbsp;&nbsp;&nbsp;■ The timing of the board's amendment to the bylaws/charter in connection with a significant business development; and

&nbsp;&nbsp;&nbsp;&nbsp;■ Other factors, as deemed appropriate, that may be relevant to determine the impact of the amendment on shareholders.

Unless the adverse amendment is reversed or submitted to a binding shareholder vote, in subsequent years vote case-by-case on director nominees. Generally vote against (except new nominees**<sup>1</sup>**, who should be considered case-by-case) if the directors:

&nbsp;&nbsp;&nbsp;&nbsp;■ Classified the board;

&nbsp;&nbsp;&nbsp;&nbsp;■ Adopted supermajority vote requirements to amend the bylaws or charter;

&nbsp;&nbsp;&nbsp;&nbsp;■ Eliminated shareholders' ability to amend bylaws;

&nbsp;&nbsp;&nbsp;&nbsp;■ Adopted a fee-shifting provision; or

&nbsp;&nbsp;&nbsp;&nbsp;■ Adopted another provision deemed egregious.

**Restricting Binding Shareholder Proposals** **:** Generally vote against or withhold from the members of the governance committee if:

&nbsp;&nbsp;&nbsp;&nbsp;■ The company's governing documents impose undue restrictions on shareholders' ability to amend the bylaws. Such restrictions
include but are not limited to: outright prohibition on the submission of binding shareholder proposals or share ownership requirements,
subject matter restrictions, or time holding requirements in excess of SEC Rule 14a-8. Vote against or withhold on an ongoing
basis.

Submission of management proposals to approve or ratify requirements in excess of SEC Rule 14a-8 for the submission of binding bylaw amendments will generally be viewed as an insufficient restoration of shareholders' rights. Generally continue to vote against or withhold on an ongoing basis until shareholders are provided with an unfettered ability to amend the bylaws or a proposal providing for such unfettered right is submitted for shareholder approval.

**Director Performance Evaluation** **:** The board lacks mechanisms to promote accountability and oversight, coupled with sustained poor performance relative to peers. Sustained poor performance is measured by one-, three-, and five-year total shareholder returns in the bottom half of a company's four-digit GICS industry group (Russell 3000 companies only). Take into consideration the company's operational metrics and other factors as warranted. Problematic provisions include but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;■ A classified board structure;

&nbsp;&nbsp;&nbsp;&nbsp;■ A supermajority vote requirement;

&nbsp;&nbsp;&nbsp;&nbsp;■ Either a plurality vote standard in uncontested director elections, or a majority vote standard in contested elections;

&nbsp;&nbsp;&nbsp;&nbsp;■ The inability of shareholders to call special meetings;

&nbsp;&nbsp;&nbsp;&nbsp;■ The inability of shareholders to act by written consent;

&nbsp;&nbsp;&nbsp;&nbsp;■ A multi-class capital structure; and/or

&nbsp;&nbsp;&nbsp;&nbsp;■ A non-shareholder-approved poison pill.

**Management Proposals to Ratify Existing Charter or Bylaw Provisions** **:** Vote against/withhold from individual directors, members of the governance committee, or the full board, where boards ask shareholders to ratify existing charter or bylaw provisions considering the following factors:

&nbsp;&nbsp;&nbsp;&nbsp;■ The presence of a shareholder proposal addressing the same issue on the same ballot;

&nbsp;&nbsp;&nbsp;&nbsp;■ The board's rationale for seeking ratification;

&nbsp;&nbsp;&nbsp;&nbsp;■ Disclosure of actions to be taken by the board should the ratification proposal fail;

&nbsp;&nbsp;&nbsp;&nbsp;■ Disclosure of shareholder engagement regarding the board's ratification request;

&nbsp;&nbsp;&nbsp;&nbsp;■ The level of impairment to shareholders' rights caused by the existing provision;

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|:---|:---|
| B-192 | B-192 |
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&nbsp;&nbsp;&nbsp;&nbsp;■ The history of management and shareholder proposals on the provision at the company's past meetings;

&nbsp;&nbsp;&nbsp;&nbsp;■ Whether the current provision was adopted in response to the shareholder proposal;

&nbsp;&nbsp;&nbsp;&nbsp;■ The company's ownership structure; and

&nbsp;&nbsp;&nbsp;&nbsp;■ Previous use of ratification proposals to exclude shareholder proposals.

**Problematic Audit-Related Practices**

Generally vote against or withhold from the members of the Audit Committee if:

&nbsp;&nbsp;&nbsp;&nbsp;■ The non-audit fees paid to the auditor are excessive ;

&nbsp;&nbsp;&nbsp;&nbsp;■ The company receives an adverse opinion on the company's financial statements from its auditor; or

&nbsp;&nbsp;&nbsp;&nbsp;■ There is persuasive evidence that the Audit Committee entered into an inappropriate indemnification agreement with its auditor
that limits the ability of the company, or its shareholders, to pursue legitimate legal recourse against the audit firm.

Vote case-by-case on members of the Audit Committee and potentially the full board if:

&nbsp;&nbsp;&nbsp;&nbsp;■ Poor accounting practices are identified that rise to a level of serious concern, such as: fraud; misapplication of GAAP; and
material weaknesses identified in Section 404 disclosures. Examine the severity, breadth, chronological sequence, and duration,
as well as the company's efforts at remediation or corrective actions, in determining whether withhold/against votes are
warranted.

**Problematic Compensation Practices**

In the absence of an Advisory Vote on Executive Compensation (Say on Pay) ballot item or in egregious situations, vote against or withhold from the members of the Compensation Committee and potentially the full board if:

&nbsp;&nbsp;&nbsp;&nbsp;■ There is an unmitigated misalignment between CEO pay and company performance (pay for
 performance);

&nbsp;&nbsp;&nbsp;&nbsp;■ The company maintains significant problematic pay practices ; or

&nbsp;&nbsp;&nbsp;&nbsp;■ The board exhibits a significant level of poor communication and responsiveness to shareholders.

Generally vote against or withhold from the Compensation Committee chair, other committee members, or potentially the full board if:

&nbsp;&nbsp;&nbsp;&nbsp;■ The company fails to include a Say on Pay ballot item when required under SEC provisions, or under the company's declared
frequency of say on pay; or

&nbsp;&nbsp;&nbsp;&nbsp;■ The company fails to include a Frequency of Say on Pay ballot item when required under SEC provisions.

Generally vote against members of the board committee responsible for approving/setting non-employee director compensation if there is a pattern (i.e. two or more years) of awarding excessive non-employee director compensation without disclosing a compelling rationale or other mitigating factors.

**Problematic Pledging of Company Stock**: Vote against the members of the committee that oversees risks related to pledging, or the full board, where a significant level of pledged company stock by executives or directors raises concerns. The following factors will be considered:

&nbsp;&nbsp;&nbsp;&nbsp;■ The presence of an anti-pledging policy, disclosed in the proxy statement, that prohibits future pledging activity;

&nbsp;&nbsp;&nbsp;&nbsp;■ The magnitude of aggregate pledged shares in terms of total common shares outstanding, market value, and trading volume;

&nbsp;&nbsp;&nbsp;&nbsp;■ Disclosure of progress or lack thereof in reducing the magnitude of aggregate pledged shares over time;

&nbsp;&nbsp;&nbsp;&nbsp;■ Disclosure in the proxy statement that shares subject to stock ownership and holding requirements do not include pledged company
stock; and

&nbsp;&nbsp;&nbsp;&nbsp;■ Any other relevant factors.

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|:---|:---|
| B-193 | B-193 |
| <u>WWW.ISSGOVERNANCE.COM</u> | 7 of 21 |

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**Climate Accountability**

For companies that are significant greenhouse gas (GHG) emitters, through their operations or value chain **<sup>10</sup>**, generally vote against or withhold from the incumbent chair of the responsible committee (or other directors on a case-by-case basis) in cases where ISS determines that the company is not taking the minimum steps needed to understand, assess, and mitigate risks related to climate change to the company and the larger economy.

Minimum steps to understand and mitigate those risks are considered to be the following. Both minimum criteria will be required to be in alignment with the policy :

&nbsp;&nbsp;&nbsp;&nbsp;■ Detailed disclosure of climate-related risks, such as according to the framework established by the Task Force on Climate-related
Financial Disclosures (TCFD), including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Board governance measures;

■ Corporate strategy;

■ Risk management analyses; and

■ Metrics and targets.

&nbsp;&nbsp;&nbsp;&nbsp;■ Appropriate GHG emissions reduction targets.

At this time, "appropriate GHG emissions reductions targets" will be medium-term GHG reduction targets or Net Zero-by-2050 GHG reduction targets for a company's operations (Scope 1) and electricity use (Scope 2). Targets should cover the vast majority of the company's direct emissions.

**Governance Failures**

Under extraordinary circumstances, vote against or withhold from directors individually, committee members, or the entire board, due to:

&nbsp;&nbsp;&nbsp;&nbsp;■ Material failures of governance, stewardship, risk oversight<sup>11</sup>, or fiduciary responsibilities at the company;

&nbsp;&nbsp;&nbsp;&nbsp;■ Failure to replace management as appropriate; or

&nbsp;&nbsp;&nbsp;&nbsp;■ Egregious actions related to a director's service on other boards that raise substantial doubt about his or her ability
to effectively oversee management and serve the best interests of shareholders at any company.

Voting on Director Nominees in Contested Elections

**Vote-No Campaigns**

**General Recommendation:** In cases where companies are targeted in connection with public "vote-no" campaigns, evaluate director nominees under the existing governance policies for voting on director nominees in uncontested elections. Take into consideration the arguments submitted by shareholders and other publicly available information.

**<sup>10</sup>** Companies defined as "significant GHG emitters" will be those on the current Climate Action 100+ Focus Group list.

**<sup>11</sup>** Examples of failure of risk oversight include but are not limited to: bribery; large or serial fines or sanctions from regulatory bodies; demonstrably poor risk oversight of environmental and social issues, including climate change; significant adverse legal judgments or settlement; or hedging of company stock.

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|:---|:---|
| B-194 | B-194 |
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**Proxy Contests/Proxy Access**

**General Recommendation:** Vote case-by-case on the election of directors in contested elections, considering the following factors:

&nbsp;&nbsp;&nbsp;&nbsp;■ Long-term financial performance of the company relative to its industry;

&nbsp;&nbsp;&nbsp;&nbsp;■ Management's track record;

&nbsp;&nbsp;&nbsp;&nbsp;■ Background to the contested election;

&nbsp;&nbsp;&nbsp;&nbsp;■ Nominee qualifications and any compensatory arrangements;

&nbsp;&nbsp;&nbsp;&nbsp;■ Strategic plan of dissident slate and quality of the critique against management;

&nbsp;&nbsp;&nbsp;&nbsp;■ Likelihood that the proposed goals and objectives can be achieved (both slates); and

&nbsp;&nbsp;&nbsp;&nbsp;■ Stock ownership positions.

In the case of candidates nominated pursuant to proxy access, vote case-by-case considering any applicable factors listed above or additional factors which may be relevant, including those that are specific to the company, to the nominee(s) and/or to the nature of the election (such as whether there are more candidates than board seats).

Other Board-Related Proposals

**Independent Board Chair**

**General Recommendation:** Generally vote for shareholder proposals requiring that the board chair position be filled by an independent director, taking into consideration the following:

&nbsp;&nbsp;&nbsp;&nbsp;■ The scope and rationale of the proposal;

&nbsp;&nbsp;&nbsp;&nbsp;■ The company's current board leadership structure;

&nbsp;&nbsp;&nbsp;&nbsp;■ The company's governance structure and practices;

&nbsp;&nbsp;&nbsp;&nbsp;■ Company performance; and

&nbsp;&nbsp;&nbsp;&nbsp;■ Any other relevant factors that may be applicable.

The following factors will increase the likelihood of a "for" recommendation:

&nbsp;&nbsp;&nbsp;&nbsp;■ A majority non-independent board and/or the presence of non-independent directors on key board committees;

&nbsp;&nbsp;&nbsp;&nbsp;■ A weak or poorly-defined lead independent director role that fails to serve as an appropriate counterbalance to a combined CEO/chair
role;

&nbsp;&nbsp;&nbsp;&nbsp;■ The presence of an executive or non-independent chair in addition to the CEO, a recent recombination of the role of CEO and chair,
and/or departure from a structure with an independent chair;

&nbsp;&nbsp;&nbsp;&nbsp;■ Evidence that the board has failed to oversee and address material risks facing the company;

&nbsp;&nbsp;&nbsp;&nbsp;■ A material governance failure, particularly if the board has failed to adequately respond to shareholder concerns or if the board
has materially diminished shareholder rights; or

&nbsp;&nbsp;&nbsp;&nbsp;■ Evidence that the board has failed to intervene when management's interests are contrary to shareholders' interests.

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| B-195 | B-195 |
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**Shareholder Rights & Defenses**

**Shareholder Ability to Act by Written Consent**

**General Recommendation:** Generally vote against management and shareholder proposals to restrict or prohibit shareholders' ability to act by written consent.

Generally vote for management and shareholder proposals that provide shareholders with the ability to act by written consent, taking into account the following factors:

&nbsp;&nbsp;&nbsp;&nbsp;■ Shareholders' current right to act by written consent;

&nbsp;&nbsp;&nbsp;&nbsp;■ The consent threshold;

&nbsp;&nbsp;&nbsp;&nbsp;■ The inclusion of exclusionary or prohibitive language;

&nbsp;&nbsp;&nbsp;&nbsp;■ Investor ownership structure; and

&nbsp;&nbsp;&nbsp;&nbsp;■ Shareholder support of, and management's response to, previous shareholder proposals.

Vote case-by-case on shareholder proposals if, in addition to the considerations above, the company has the following governance and antitakeover provisions:

&nbsp;&nbsp;&nbsp;&nbsp;■ An unfettered<sup>12</sup>right for shareholders to call special meetings at a 10 percent threshold;

&nbsp;&nbsp;&nbsp;&nbsp;■ A majority vote standard in uncontested director elections; No non-shareholder-approved pill; and

&nbsp;&nbsp;&nbsp;&nbsp;■ An annually elected board.

**Shareholder Ability to Call Special Meetings**

**General Recommendation:** Vote against management or shareholder proposals to restrict or prohibit shareholders' ability to call special meetings.

Generally vote for management or shareholder proposals that provide shareholders with the ability to call special meetings taking into account the following factors:

&nbsp;&nbsp;&nbsp;&nbsp;■ Shareholders' current right to call special meetings;

&nbsp;&nbsp;&nbsp;&nbsp;■ Minimum ownership threshold necessary to call special meetings (10 percent preferred);

&nbsp;&nbsp;&nbsp;&nbsp;■ The inclusion of exclusionary or prohibitive language;

&nbsp;&nbsp;&nbsp;&nbsp;■ Investor ownership structure; and

&nbsp;&nbsp;&nbsp;&nbsp;■ Shareholder support of, and management's response to, previous shareholder proposals.

**Virtual Shareholder Meetings**

**General Recommendation:** Generally vote for management proposals allowing for the convening of shareholder meetings by electronic means, so long as they do not preclude in-person meetings. Companies are encouraged to

**<sup>12</sup>** "Unfettered" means no restrictions on agenda items, no restrictions on the number of shareholders who can group together to reach the 10 percent threshold, and only reasonable limits on when a meeting can be called: no greater than 30 days after the last annual meeting and no greater than 90 prior to the next annual meeting.

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| B-196 | B-196 |
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disclose the circumstances under which virtual-only **<sup>13</sup>** meetings would be held, and to allow for comparable rights

and opportunities for shareholders to participate electronically as they would have during an in-person meeting.

Vote case-by-case on shareholder proposals concerning virtual-only meetings, considering:

&nbsp;&nbsp;&nbsp;&nbsp;■ Scope and rationale of the proposal; and

&nbsp;&nbsp;&nbsp;&nbsp;■ Concerns identified with the company's prior meeting practices.

**Capital/Restructuring**

**Common Stock Authorization**

**General Authorization Requests**

**General Recommendation:** Vote case-by-case on proposals to increase the number of authorized shares of common stock that are to be used for general corporate purposes:

&nbsp;&nbsp;&nbsp;&nbsp;■ If share usage (outstanding plus reserved) is less than 50% of the current authorized shares, vote for an increase of up to **50** %
of current authorized shares.

&nbsp;&nbsp;&nbsp;&nbsp;■ If share usage is 50% to 100% of the current authorized, vote for an increase of up to **100** % of current authorized shares.

&nbsp;&nbsp;&nbsp;&nbsp;■ If share usage is greater than current authorized shares, vote for an increase of up to the current share usage.

&nbsp;&nbsp;&nbsp;&nbsp;■ In the case of a stock split, the allowable increase is calculated (per above) based on the post-split adjusted authorization.

Generally vote against proposed increases, even if within the above ratios, if the proposal or the company's prior or ongoing use of authorized shares is problematic, including, but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;■ The proposal seeks to increase the number of authorized shares of the class of common stock that has superior voting rights to
other share classes;

&nbsp;&nbsp;&nbsp;&nbsp;■ On the same ballot is a proposal for a reverse split for which support is warranted despite the fact that it would result in an
excessive increase in the share authorization;

&nbsp;&nbsp;&nbsp;&nbsp;■ The company has a non-shareholder approved poison pill (including an NOL pill); or

&nbsp;&nbsp;&nbsp;&nbsp;■ The company has previous sizeable placements (within the past 3 years) of stock with insiders at prices substantially below market
value, or with problematic voting rights, without shareholder approval.

However, generally vote for proposed increases beyond the above ratios or problematic situations when there is disclosure of specific and severe risks to shareholders of not approving the request, such as:

&nbsp;&nbsp;&nbsp;&nbsp;■ In, or subsequent to, the company's most recent 10-K filing, the company discloses that there is substantial doubt about its ability
to continue as a going concern;

&nbsp;&nbsp;&nbsp;&nbsp;■ The company states that there is a risk of imminent bankruptcy or imminent liquidation if shareholders do not approve the increase
in authorized capital; or

&nbsp;&nbsp;&nbsp;&nbsp;■ A government body has in the past year required the company to increase its capital ratios.

**<sup>13</sup>** Virtual-only shareholder meeting" refers to a meeting of shareholders that is held exclusively using technology without a corresponding in-person meeting.

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| B-197 | B-197 |
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For companies incorporated in states that allow increases in authorized capital without shareholder approval, generally vote withhold or against all nominees if a unilateral capital authorization increase does not conform to the above policies.

**Specific Authorization Requests**

**General Recommendation:** Generally vote for proposals to increase the number of authorized common shares where the primary purpose of the increase is to issue shares in connection with transaction(s) (such as acquisitions, SPAC transactions, private placements, or similar transactions) on the same ballot, or disclosed in the proxy statement, that warrant support. For such transactions, the allowable increase will be the greater of:

&nbsp;&nbsp;&nbsp;&nbsp;■ twice the amount needed to support the transactions on the ballot, and

&nbsp;&nbsp;&nbsp;&nbsp;■ the allowable increase as calculated for general issuances above.

**Share Issuance Mandates at U.S. Domestic Issuers Incorporated Outside the U.S.**

**General Recommendation:** For U.S. domestic issuers incorporated outside the U.S. and listed <u>solely</u> on a U.S. exchange, generally vote for resolutions to authorize the issuance of common shares up to 20 percent of currently issued common share capital, where not tied to a specific transaction or financing proposal.

For pre-revenue or other early-stage companies that are heavily reliant on periodic equity financing, generally vote for resolutions to authorize the issuance of common shares up to 50 percent of currently issued common share capital. The burden of proof will be on the company to establish that it has a need for the higher limit.

Renewal of such mandates should be sought at each year's annual meeting.

Vote case-by-case on share issuances for a specific transaction or financing proposal.

**Mergers and Acquisitions**

**General Recommendation:** Vote case-by-case on mergers and acquisitions. Review and evaluate the merits and drawbacks of the proposed transaction, balancing various and sometimes countervailing factors including:

&nbsp;&nbsp;&nbsp;&nbsp;■ *Valuation* - Is the value to be received by the target shareholders (or paid by the acquirer) reasonable? While the fairness
opinion may provide an initial starting point for assessing valuation reasonableness, emphasis is placed on the offer premium,
market reaction, and strategic rationale.

&nbsp;&nbsp;&nbsp;&nbsp;■ *Market reaction* - How has the market responded to the proposed deal? A negative market reaction should cause closer scrutiny
of a deal.

&nbsp;&nbsp;&nbsp;&nbsp;■ *Strategic rationale* - Does the deal make sense strategically? From where is the value derived? Cost and revenue synergies
should not be overly aggressive or optimistic, but reasonably achievable. Management should also have a favorable track record
of successful integration of historical acquisitions.

&nbsp;&nbsp;&nbsp;&nbsp;■ *Negotiations and process* - Were the terms of the transaction negotiated at arm's-length? Was the process fair and equitable?
A fair process helps to ensure the best price for shareholders. Significant negotiation "wins" can also signify the
deal makers' competency. The comprehensiveness of the sales process (e.g., full auction, partial auction, no auction) can also
affect shareholder value.

&nbsp;&nbsp;&nbsp;&nbsp;■ *Conflicts of interest* - Are insiders benefiting from the transaction disproportionately and inappropriately as compared
to non-insider shareholders? As the result of potential conflicts, the directors and officers of the company may be more likely
to vote to approve a merger than if they did not hold these interests. Consider whether these interests may have influenced these
directors and officers to support or recommend the merger. The CIC figure presented in the "ISS Transaction Summary"
section of this report is an aggregate figure

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| B-198 | B-198 |
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that can in certain cases be a misleading indicator of the true value transfer from shareholders to insiders. Where such figure appears to be excessive, analyze the underlying assumptions to determine whether a potential conflict exists.

&nbsp;&nbsp;&nbsp;&nbsp;■ *Governance* - Will the combined company have a better or worse governance profile than the current governance profiles of
the respective parties to the transaction? If the governance profile is to change for the worse, the burden is on the company
to prove that other issues (such as valuation) outweigh any deterioration in governance.

**Special Purpose Acquisition Corporations (SPACs) - Proposals for Extensions**

The main purpose of SPACs is to identify and acquire a viable target within a specified timeframe, and failure to achieve this objective within the allotted time calls into question management's ability to execute its primary objective. The end of that timeframe is generally referred to as the termination date.

**General Recommendation:** Generally support requests to extend the termination date by up to one year from the SPAC's original termination date (inclusive of any built-in extension options, and accounting for prior extension requests).

Other factors that may be considered include: any added incentives, business combination status, other amendment terms, and, if applicable, use of money in the trust fund to pay excise taxes on redeemed shares.

**Compensation**

Executive Pay Evaluation

Underlying all evaluations are five global principles that most investors expect corporations to adhere to in designing and administering executive and director compensation programs:

&nbsp;&nbsp;&nbsp;&nbsp;1. Maintain appropriate pay-for-performance alignment, with emphasis on long-term shareholder value: This principle encompasses
overall executive pay practices, which must be designed to attract, retain, and appropriately motivate the key employees who drive
shareholder value creation over the long term. It will take into consideration, among other factors, the link between pay and performance;
the mix between fixed and variable pay; performance goals; and equity-based plan costs;

&nbsp;&nbsp;&nbsp;&nbsp;2. Avoid arrangements that risk "pay for failure": This principle addresses the appropriateness of long or indefinite
contracts, excessive severance packages, and guaranteed compensation;

&nbsp;&nbsp;&nbsp;&nbsp;3. Maintain an independent and effective compensation committee: This principle promotes oversight of executive pay programs by
directors with appropriate skills, knowledge, experience, and a sound process for compensation decision-making (*e.g.*, including
access to independent expertise and advice when needed);

&nbsp;&nbsp;&nbsp;&nbsp;4. Provide shareholders with clear, comprehensive compensation disclosures: This principle underscores the importance of informative
and timely disclosures that enable shareholders to evaluate executive pay practices fully and fairly;

&nbsp;&nbsp;&nbsp;&nbsp;5. Avoid inappropriate pay to non-executive directors: This principle recognizes the interests of shareholders in ensuring that
compensation to outside directors is reasonable and does not compromise their independence and ability to make appropriate judgments
in overseeing managers' pay and performance. At the market level, it may incorporate a variety of generally accepted best
practices.

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| B-199 | B-199 |
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**Advisory Votes on Executive Compensation—Management Proposals (Say-on-Pay)**

**General Recommendation:** Vote case-by-case on ballot items related to executive pay and practices, as well as certain aspects of outside director compensation.

Vote against Advisory Votes on Executive Compensation (Say-on-Pay or "SOP") if:

&nbsp;&nbsp;&nbsp;&nbsp;■ There is an unmitigated misalignment between CEO pay and company performance (pay for
 performance);

&nbsp;&nbsp;&nbsp;&nbsp;■ The company maintains significant problematic pay practices ; or

&nbsp;&nbsp;&nbsp;&nbsp;■ The board exhibits a significant level of poor communication and responsiveness to shareholders.

Vote against or withhold from the members of the Compensation Committee and potentially the full board if:

&nbsp;&nbsp;&nbsp;&nbsp;■ There is no SOP on the ballot, and an against vote on an SOP would otherwise be warranted due to pay-for-performance misalignment,
problematic pay practices, or the lack of adequate responsiveness on compensation issues raised previously, or a combination thereof;

&nbsp;&nbsp;&nbsp;&nbsp;■ The board fails to respond adequately to a previous SOP proposal that received less than 70 percent support of votes cast;

&nbsp;&nbsp;&nbsp;&nbsp;■ The company has recently practiced or approved problematic pay practices, such as option repricing or option backdating; or

&nbsp;&nbsp;&nbsp;&nbsp;■ The situation is egregious.

Primary Evaluation Factors for Executive Pay

**Pay-for-Performance Evaluation**

ISS annually conducts a pay-for-performance analysis to identify strong or satisfactory alignment between pay and performance over a sustained period. With respect to companies in the S&P1500, Russell 3000, or Russell 3000E Indices **<sup>14</sup>**, this analysis considers the following:

&nbsp;&nbsp;&nbsp;&nbsp;1. Peer Group **<sup>15</sup>** Alignment:

&nbsp;&nbsp;&nbsp;&nbsp;■ The degree of alignment between the company's annualized TSR rank and the CEO's annualized total pay rank within a peer group,
each measured over a three-year period.

&nbsp;&nbsp;&nbsp;&nbsp;■ The rankings of CEO total pay and company financial performance within a peer group, each measured over a three-year period.

&nbsp;&nbsp;&nbsp;&nbsp;■ The multiple of the CEO's total pay relative to the peer group median in the most recent fiscal year.

&nbsp;&nbsp;&nbsp;&nbsp;2. Absolute Alignment **<sup>16</sup>** – the absolute alignment between the trend in CEO pay and company TSR over the
prior five fiscal years – i.e., the difference between the
trend in annual pay changes and the trend in annualized TSR during the period.

**<sup>14</sup>** The Russell 3000E Index includes approximately 4,000 of the largest U.S. equity securities.

**<sup>15</sup>** The revised peer group is generally comprised of 14-24 companies that are selected using market cap, revenue (or assets for certain financial firms), GICS industry group, and company's selected peers' GICS industry group, with size constraints, via a process designed to select peers that are comparable to the subject company in terms of revenue/assets and industry, and also within a market-cap bucket that is reflective of the company's market cap. For Oil, Gas & Consumable Fuels companies, market cap is the only size determinant.

**<sup>16</sup>** Only Russell 3000 Index companies are subject to the Absolute Alignment analysis.

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| | |
|:---|:---|
| B-200 | B-200 |
| <u>WWW.ISSGOVERNANCE.COM</u> | 14 of 21 |

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If the above analysis demonstrates significant unsatisfactory long-term pay-for-performance alignment or, in the case of companies outside the Russell indices, a misalignment between pay and performance is otherwise suggested, our analysis may include any of the following qualitative factors, as relevant to an evaluation of how various pay elements may work to encourage or to undermine long-term value creation and alignment with shareholder interests:

&nbsp;&nbsp;&nbsp;&nbsp;■ The ratio of performance- to time-based incentive awards;

&nbsp;&nbsp;&nbsp;&nbsp;■ The overall ratio of performance-based compensation to fixed or discretionary pay;

&nbsp;&nbsp;&nbsp;&nbsp;■ The rigor of performance goals;

&nbsp;&nbsp;&nbsp;&nbsp;■ The complexity and risks around pay program design;

&nbsp;&nbsp;&nbsp;&nbsp;■ The transparency and clarity of disclosure;

&nbsp;&nbsp;&nbsp;&nbsp;■ The company's peer group benchmarking practices;

&nbsp;&nbsp;&nbsp;&nbsp;■ Financial/operational results, both absolute and relative to peers;

&nbsp;&nbsp;&nbsp;&nbsp;■ Special circumstances related to, for example, a new CEO in the prior FY or anomalous equity grant practices (e.g., bi-annual
awards);

&nbsp;&nbsp;&nbsp;&nbsp;■ Realizable pay<sup>17</sup> compared to grant pay; and

&nbsp;&nbsp;&nbsp;&nbsp;■ Any other factors deemed relevant.

**Problematic Pay Practices**

Problematic pay elements are generally evaluated case-by-case considering the context of a company's overall pay program and demonstrated pay-for-performance philosophy. The focus is on executive compensation practices that contravene the global pay principles, including:

&nbsp;&nbsp;&nbsp;&nbsp;■ Problematic practices related to non-performance-based compensation elements;

&nbsp;&nbsp;&nbsp;&nbsp;■ Incentives that may motivate excessive risk-taking or present a windfall risk; and

&nbsp;&nbsp;&nbsp;&nbsp;■ Pay decisions that circumvent pay-for-performance, such as options backdating or waiving performance requirements.

The list of examples below highlights certain problematic practices that carry significant weight in this overall consideration and may result in adverse vote recommendations:

&nbsp;&nbsp;&nbsp;&nbsp;■ Repricing or replacing of underwater stock options/SARs without prior shareholder approval (including cash buyouts and voluntary
surrender of underwater options);

&nbsp;&nbsp;&nbsp;&nbsp;■ Extraordinary perquisites or tax gross-ups;

&nbsp;&nbsp;&nbsp;&nbsp;■ New or materially amended agreements that provide for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Excessive termination or CIC severance payments (generally exceeding 3 times base salary and average/target/most recent bonus);

■ CIC severance payments without involuntary job loss or substantial diminution of duties ("single" or "modified
single" triggers) or in connection with a problematic Good Reason definition;

■ CIC excise tax gross-up entitlements (including "modified" gross-ups);

■ Multi-year guaranteed awards that are not at risk due to rigorous performance conditions;

&nbsp;&nbsp;&nbsp;&nbsp;■ Liberal CIC definition combined with any single-trigger CIC benefits;

&nbsp;&nbsp;&nbsp;&nbsp;■ Insufficient executive compensation disclosure by externally-managed issuers (EMIs) such that a reasonable assessment of pay programs
and practices applicable to the EMI's executives is not possible;

&nbsp;&nbsp;&nbsp;&nbsp;■ Severance payments made when the termination is not clearly disclosed as involuntary (for example, a termination without cause
or resignation for good reason); or

&nbsp;&nbsp;&nbsp;&nbsp;■ Any other provision or practice deemed to be egregious and present a significant risk to investors.

**<sup>17</sup>** ISS research reports include realizable pay for S&P1500 companies.

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|:---|:---|
| B-201 | B-201 |
| <u>WWW.ISSGOVERNANCE.COM</u> | 15 of 21 |

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The above examples are not an exhaustive list. Please refer to ISS' U.S. Compensation Policies FAQdocument for additional detail on specific pay practices that have been identified as problematic and may lead to negative vote recommendations.

**Options Backdating**

The following factors should be examined case-by-case to allow for distinctions to be made between "sloppy" plan administration versus deliberate action or fraud:

&nbsp;&nbsp;&nbsp;&nbsp;■ Reason and motive for the options backdating issue, such as inadvertent vs. deliberate grant date changes;

&nbsp;&nbsp;&nbsp;&nbsp;■ Duration of options backdating;

&nbsp;&nbsp;&nbsp;&nbsp;■ Size of restatement due to options backdating;

&nbsp;&nbsp;&nbsp;&nbsp;■ Corrective actions taken by the board or compensation committee, such as canceling or re-pricing backdated options, the recouping
of option gains on backdated grants; and

&nbsp;&nbsp;&nbsp;&nbsp;■ Adoption of a grant policy that prohibits backdating and creates a fixed grant schedule or window period for equity grants in
the future.

**Compensation Committee Communications and Responsiveness**

Consider the following factors case-by-case when evaluating ballot items related to executive pay on the board's responsiveness to investor input and engagement on compensation issues:

&nbsp;&nbsp;&nbsp;&nbsp;■ Failure to respond to majority-supported shareholder proposals on executive pay topics; or

&nbsp;&nbsp;&nbsp;&nbsp;■ Failure to adequately respond to the company's previous say-on-pay proposal that received the support of less than 70 percent
of votes cast, taking into account:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Disclosure of engagement efforts with major institutional investors, including the frequency and timing of engagements and the
company participants (including whether independent directors participated);

■ Disclosure of the specific concerns voiced by dissenting shareholders that led to the say-on-pay opposition;

■ Disclosure of specific and meaningful actions taken to address shareholders' concerns;

■ Other recent compensation actions taken by the company;

■ Whether the issues raised are recurring or isolated;

■ The company's ownership structure; and

■ Whether the support level was less than 50 percent, which would warrant the highest degree of responsiveness.

Equity-Based and Other Incentive Plans

Please refer to ISS' U.S. Equity Compensation Plans FAQdocument for additional details on the Equity Plan Scorecard policy.

**General Recommendation:** Vote case-by-case on certain equity-based compensation plans **<sup>18</sup>** depending on a combination of certain plan features and equity grant practices, where positive factors may counterbalance negative factors, and vice versa, as evaluated using an "Equity Plan Scorecard" (EPSC) approach with three pillars:

**<sup>18</sup>** Proposals evaluated under the EPSC policy generally include those to approve or amend (1) stock option plans for employees and/or employees and directors, (2) restricted stock plans for employees and/or employees and directors, and (3) omnibus stock incentive plans for employees and/or employees and directors; amended plans will be further evaluated case-by-case.

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|:---|:---|
| B-202 | B-202 |
| <u>WWW.ISSGOVERNANCE.COM</u> | 16 of 21 |

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&nbsp;&nbsp;&nbsp;&nbsp;**■** **Plan Cost:** The total estimated cost of the company's equity plans relative to industry/market cap peers, measured
by the company's estimated Shareholder Value Transfer (SVT) in relation to peers and considering both:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ SVT based on new shares requested plus shares remaining for future grants, plus outstanding unvested/unexercised grants; and

■ SVT based only on new shares requested plus shares remaining for future grants.

&nbsp;&nbsp;&nbsp;&nbsp;**■** **Plan Features:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Quality of disclosure around vesting upon a change in control (CIC);

■ Discretionary vesting authority;

■ Liberal share recycling on various award types;

■ Lack of minimum vesting period for grants made under the plan;

■ Dividends payable prior to award vesting.

&nbsp;&nbsp;&nbsp;&nbsp;■ **Grant Practices:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ The company's three-year burn rate relative to its industry/market cap peers;

■ Vesting requirements in CEO's recent equity grants (3-year look-back);

■ The estimated duration of the plan (based on the sum of shares remaining available and the new shares requested, divided by the
average annual shares granted in the prior three years);

■ The proportion of the CEO's most recent equity grants/awards subject to performance conditions;

■ Whether the company maintains a sufficient claw-back policy;

■ Whether the company maintains sufficient post-exercise/vesting share-holding requirements.

Generally vote against the plan proposal if the combination of above factors indicates that the plan is not, overall, in shareholders' interests, or if any of the following egregious factors ("overriding factors") apply:

&nbsp;&nbsp;&nbsp;&nbsp;■ Awards may vest in connection with a liberal change-of-control definition;

&nbsp;&nbsp;&nbsp;&nbsp;■ The plan would permit repricing or cash buyout of underwater options without shareholder approval (either by expressly permitting
it – for NYSE and Nasdaq listed companies – or by not prohibiting it when the company has a history of repricing –
for non-listed companies);

&nbsp;&nbsp;&nbsp;&nbsp;■ The plan is a vehicle for problematic pay practices or a significant pay-for-performance disconnect under certain circumstances;

&nbsp;&nbsp;&nbsp;&nbsp;■ The plan is excessively dilutive to shareholders' holdings;

&nbsp;&nbsp;&nbsp;&nbsp;■ The plan contains an evergreen (automatic share replenishment) feature; or

&nbsp;&nbsp;&nbsp;&nbsp;■ Any other plan features are determined to have a significant negative impact on shareholder interests.

**Social and Environmental Issues**

Global Approach – E&S Shareholder Proposals

ISS applies a common approach globally to evaluating social and environmental proposals which cover a wide range of topics, including consumer and product safety, environment and energy, labor standards and human rights, workplace and board diversity, and corporate political issues. While a variety of factors goes into each analysis, the overall principle guiding all vote recommendations focuses on how the proposal may enhance or protect shareholder value in either the short or long term.

**General Recommendation:** Generally vote case-by-case, examining primarily whether implementation of the proposal is likely to enhance or protect shareholder value. The following factors will be considered:

&nbsp;&nbsp;&nbsp;&nbsp;■ If the issues presented in the proposal are being appropriately or effectively dealt with through legislation or government regulation;

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|:---|:---|
| B-203 | B-203 |
| <u>WWW.ISSGOVERNANCE.COM</u> | 17 of 21 |

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&nbsp;&nbsp;&nbsp;&nbsp;■ If the company has already responded in an appropriate and sufficient manner to the issue(s) raised in the proposal;

&nbsp;&nbsp;&nbsp;&nbsp;■ Whether the proposal's request is unduly burdensome (scope or timeframe) or overly prescriptive;

&nbsp;&nbsp;&nbsp;&nbsp;■ The company's approach compared with any industry standard practices for addressing the issue(s) raised by the proposal;

&nbsp;&nbsp;&nbsp;&nbsp;■ Whether there are significant controversies, fines, penalties, or litigation associated with the company's practices related to
the issue(s) raised in the proposal;

&nbsp;&nbsp;&nbsp;&nbsp;■ If the proposal requests increased disclosure or greater transparency, whether reasonable and sufficient information is currently
available to shareholders from the company or from other publicly available sources; and

&nbsp;&nbsp;&nbsp;&nbsp;■ If the proposal requests increased disclosure or greater transparency, whether implementation would reveal proprietary or confidential
information that could place the company at a competitive disadvantage.

Climate Change

**Say on Climate (SoC) Management Proposals**

**General Recommendation:** Vote case-by-case on management proposals that request shareholders to approve the company's climate transition action plan **<sup>19</sup>**, taking into account the completeness and rigor of the plan. Information that will be considered where available includes the following:

&nbsp;&nbsp;&nbsp;&nbsp;■ The extent to which the company's climate related disclosures are in line with TCFD recommendations and meet other market
standards;

&nbsp;&nbsp;&nbsp;&nbsp;■ Disclosure of its operational and supply chain GHG emissions (Scopes 1, 2, and 3);

&nbsp;&nbsp;&nbsp;&nbsp;■ The completeness and rigor of company's short-, medium-, and long-term targets for reducing operational and supply chain
GHG emissions (Scopes 1, 2, and 3 if relevant);

&nbsp;&nbsp;&nbsp;&nbsp;■ Whether the company has sought and received third-party approval that its targets are science-based;

&nbsp;&nbsp;&nbsp;&nbsp;■ Whether the company has made a commitment to be "net zero" for operational and supply chain emissions (Scopes 1, 2,
and 3) by 2050;

&nbsp;&nbsp;&nbsp;&nbsp;■ Whether the company discloses a commitment to report on the implementation of its plan in subsequent years;

&nbsp;&nbsp;&nbsp;&nbsp;■ Whether the company's climate data has received third-party assurance;

&nbsp;&nbsp;&nbsp;&nbsp;■ Disclosure of how the company's lobbying activities and its capital expenditures align with company strategy; Whether there
are specific industry decarbonization challenges; and

&nbsp;&nbsp;&nbsp;&nbsp;■ The company's related commitment, disclosure, and performance compared to its industry peers.

**Say on Climate (SoC) Shareholder Proposals**

**General Recommendation:** Vote case-by-case on shareholder proposals that request the company to disclose a report providing its GHG emissions levels and reduction targets and/or its upcoming/approved climate transition action plan and provide shareholders the opportunity to express approval or disapproval of its GHG emissions reduction plan, taking into account information such as the following:

&nbsp;&nbsp;&nbsp;&nbsp;■ The completeness and rigor of the company's climate-related disclosure;

&nbsp;&nbsp;&nbsp;&nbsp;■ The company's actual GHG emissions performance;

&nbsp;&nbsp;&nbsp;&nbsp;■ Whether the company has been the subject of recent, significant violations, fines, litigation, or controversy related to its GHG
emissions; and

**<sup>19</sup>** Variations of this request also include climate transition related ambitions, or commitment to reporting on the implementation of a climate plan.

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|:---|:---|
| B-204 | B-204 |
| <u>WWW.ISSGOVERNANCE.COM</u> | 18 of 21 |

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&nbsp;&nbsp;&nbsp;&nbsp;■ Whether the proposal's request is unduly burdensome (scope or timeframe) or overly prescriptive.

**Climate Change/Greenhouse Gas (GHG) Emissions**

**General Recommendation:** Generally vote for resolutions requesting that a company disclose information on the financial, physical, or regulatory risks it faces related to climate change on its operations and investments or on how the company identifies, measures, and manages such risks, considering:

&nbsp;&nbsp;&nbsp;&nbsp;■ Whether the company already provides current, publicly-available information on the impact that climate change may have on the
company as well as associated company policies and procedures to address related risks and/or opportunities;

&nbsp;&nbsp;&nbsp;&nbsp;■ The company's level of disclosure compared to industry peers; and

&nbsp;&nbsp;&nbsp;&nbsp;■ Whether there are significant controversies, fines, penalties, or litigation associated with the company's climate change-related
performance.

Generally vote for proposals requesting a report on greenhouse gas (GHG) emissions from company operations and/or products and operations, unless:

&nbsp;&nbsp;&nbsp;&nbsp;■ The company already discloses current, publicly-available information on the impacts that GHG emissions may have on the company
as well as associated company policies and procedures to address related risks and/or opportunities;

&nbsp;&nbsp;&nbsp;&nbsp;■ The company's level of disclosure is comparable to that of industry peers; or

&nbsp;&nbsp;&nbsp;&nbsp;■ There are no significant, controversies, fines, penalties, or litigation associated with the company's GHG emissions.

Vote case-by-case on proposals that call for the adoption of GHG reduction goals from products and operations, taking into account:

&nbsp;&nbsp;&nbsp;&nbsp;■ Whether the company provides disclosure of year-over-year GHG emissions performance data;

&nbsp;&nbsp;&nbsp;&nbsp;■ Whether company disclosure lags behind industry peers;

&nbsp;&nbsp;&nbsp;&nbsp;■ The company's actual GHG emissions performance;

&nbsp;&nbsp;&nbsp;&nbsp;■ The company's current GHG emission policies, oversight mechanisms, and related initiatives; and

&nbsp;&nbsp;&nbsp;&nbsp;■ Whether the company has been the subject of recent, significant violations, fines, litigation, or controversy related to GHG emissions.

**Racial Equity and/or Civil Rights Audit Guidelines**

**General Recommendation:** Vote case-by-case on proposals asking a company to conduct an independent racial equity and/or civil rights audit, taking into account:

&nbsp;&nbsp;&nbsp;&nbsp;■ The company's established process or framework for addressing racial inequity and discrimination internally;

&nbsp;&nbsp;&nbsp;&nbsp;■ Whether the company adequately discloses workforce diversity and inclusion metrics and goals;

&nbsp;&nbsp;&nbsp;&nbsp;■ Whether the company has issued a public statement related to its racial justice efforts in recent years, or has committed to internal
policy review;

&nbsp;&nbsp;&nbsp;&nbsp;■ Whether the company has engaged with impacted communities, stakeholders, and civil rights experts; The company's track record
in recent years of racial justice measures and outreach externally; and

&nbsp;&nbsp;&nbsp;&nbsp;■ Whether the company has been the subject of recent controversy, litigation, or regulatory actions related to racial inequity or
discrimination.

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|:---|:---|
| B-205 | B-205 |
| <u>WWW.ISSGOVERNANCE.COM</u> | 19 of 21 |

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**ESG Compensation-Related Proposals**

**General Recommendation:** Vote case-by-case on proposals seeking a report or additional disclosure on the company's approach, policies, and practices on incorporating environmental and social criteria into its executive compensation strategy, considering:

&nbsp;&nbsp;&nbsp;&nbsp;■ The scope and prescriptive nature of the proposal;

&nbsp;&nbsp;&nbsp;&nbsp;■ The company's current level of disclosure regarding its environmental and social performance and governance;

&nbsp;&nbsp;&nbsp;&nbsp;■ The degree to which the board or compensation committee already discloses information on whether it has considered related E&S
criteria; and

&nbsp;&nbsp;&nbsp;&nbsp;■ Whether the company has significant controversies or regulatory violations regarding social or environmental issues.

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|:---|:---|
| B-206 | B-206 |
| <u>WWW.ISSGOVERNANCE.COM</u> | 20 of 21 |

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We empower investors and companies to build for long-term and sustainable growth by providing high-quality data, analytics, and insight.

**GET STARTED WITH ISS SOLUTIONS**

Email sales@issgovernance.com or visit www.issgovernance.com for more information.

Founded in 1985, Institutional Shareholder Services group of companies (ISS) empowers investors and companies to build for long-term and sustainable growth by providing high-quality data, analytics and insight. ISS, which is majority owned by Deutsche Bourse Group, along with Genstar Capital and ISS management, is a leading provider of corporate governance and responsible investment solutions, market intelligence, fund services, and events and editorial content for institutional investors and corporations, globally. ISS' 2,600 employees operate worldwide across 29 global locations in 15 countries. Its approximately 3,400 clients include many of the world's leading institutional investors who rely on ISS' objective and impartial offerings, as well as public companies focused on ESG and governance risk mitigation as a shareholder value enhancing measure. Clients rely on ISS' expertise to help them make informed investment decisions. This document and all of the information contained in it, including without limitation all text, data, graphs, and charts (collectively, the "Information") is the property of Institutional Shareholder Services Inc. (ISS), its subsidiaries, or, in some cases third party suppliers.

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|:---|:---|
| B-207 | B-207 |
| <u>WWW.ISSGOVERNANCE.COM</u> | 21 of 21 |

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**UNITED STATES**

TAFT-HARTLEY PROXY VOTING

GUIDELINES

2025 Executive Summary

Published January 17, 2025

WWW.ISSGOVERNANCE.COM

![](x1_c113438x402x1a.jpg)

**EXECUTIVE SUMMARY**

2025 TAFT-HARTLEY PROXY VOTING GUIDELINES

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| [**Introduction**](#x1_c113438e001) | [**B-210**](#x1_c113438e001) |
| [**Board of Directors**](#x1_c113438e002) | [**B-211**](#x1_c113438e002) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Voting on Director Nominees in Uncontested Elections](#x1_c113438e003) | [B-211](#x1_c113438e003) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Board Size](#x1_c113438e004) | [B-212](#x1_c113438e004) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Board Diversity](#x1_c113438e005) | [B-212](#x1_c113438e005) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Majority Threshold Voting Requirement for Director Elections](#x1_c113438e006) | [B-212](#x1_c113438e006) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Cumulative Voting](#x1_c113438e007) | [B-212](#x1_c113438e007) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Shareholder Access to the Proxy](#x1_c113438e008) | [B-213](#x1_c113438e008) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Takeover Defenses / Shareholder Rights](#x1_c113438e009) | [B-213](#x1_c113438e009) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Poison Pills](#x1_c113438e010) | [B-213](#x1_c113438e010) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Proxy Contests — Voting for Director Nominees in Contested Elections](#x1_c113438e011) | [B-213](#x1_c113438e011) |
| [**Capital Structure**](#x1_c113438e012) | [**B-214**](#x1_c113438e012) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Increase Authorized Common Stock](#x1_c113438e013) | [B-214](#x1_c113438e013) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Reverse Stock Splits](#x1_c113438e014) | [B-214](#x1_c113438e014) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Dual Class Structures](#x1_c113438e015) | [B-214](#x1_c113438e015) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Preferred Stock Authorization](#x1_c113438e016) | [B-214](#x1_c113438e016) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Share Repurchase Programs](#x1_c113438e017) | [B-215](#x1_c113438e017) |
| [**Auditor Ratification**](#x1_c113438e018) | [**B-216**](#x1_c113438e018) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Auditor Independence](#x1_c113438e019) | [B-216](#x1_c113438e019) |
| [**Mergers, Acquisitions, and Restructurings**](#x1_c113438e020) | [**B-217**](#x1_c113438e020) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Mergers and Acquisitions](#x1_c113438e021) | [B-217](#x1_c113438e021) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Reincorporation](#x1_c113438e022) | [B-217](#x1_c113438e022) |
| [**Executive Compensation**](#x1_c113438e023) | [**B-218**](#x1_c113438e023) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Equity Incentive Plans](#x1_c113438e024) | [B-218](#x1_c113438e024) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Options Backdating](#x1_c113438e025) | [B-218](#x1_c113438e025) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Advisory Votes on Executive Compensation – Management Say-on-Pay Proposals (MSOP)](#x1_c113438e026) | [B-218](#x1_c113438e026) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Golden Parachutes](#x1_c113438e027) | [B-219](#x1_c113438e027) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Proposals to Limit Executive and Director Pay](#x1_c113438e028) | [B-219](#x1_c113438e028) |
| [**Corporate Responsibility & Accountability**](#x1_c113438e029) | [**B-220**](#x1_c113438e029) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Corporate and Supplier Codes of Conduct](#x1_c113438e030) | [B-220](#x1_c113438e030) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Greenhouse Gas Emissions](#x1_c113438e031) | [B-220](#x1_c113438e031) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Sustainability Reporting and Planning](#x1_c113438e032) | [B-220](#x1_c113438e032) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Hydraulic Fracturing](#x1_c113438e033) | [B-221](#x1_c113438e033) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Workplace Practices and Human Rights](#x1_c113438e034) | [B-221](#x1_c113438e034) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Environmental Justice](#x1_c113438e035) | [B-221](#x1_c113438e035) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Just Transition](#x1_c113438e036) | [B-221](#x1_c113438e036) |

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**EXECUTIVE SUMMARY**

2025 TAFT-HARTLEY PROXY VOTING GUIDELINES

**Introduction**

The proxy voting policy of ISS' Taft-Hartley Advisory Services is based upon the AFL-CIO Proxy Voting Guidelines, which comply with all the fiduciary standards delineated by the U.S. Department of Labor.

Taft-Hartley client accounts are governed by the Employee Retirement Income Security Act (ERISA). ERISA sets forth the tenets under which pension fund assets must be managed and invested. Proxy voting rights have been declared by the Department of Labor to be valuable plan assets and therefore must be exercised in accordance with the fiduciary duties of loyalty and prudence. The duty of loyalty requires that the voting fiduciary exercise proxy voting authority solely in the economic interest of participants and plan beneficiaries. The duty of prudence requires that decisions be made based on financial criteria and that a clear process exists for evaluating proxy issues.

The Taft-Hartley Advisory Services voting policy was carefully crafted to meet those requirements by promoting long-term shareholder value, emphasizing the "economic best interests" of plan participants and beneficiaries. Taft-Hartley Advisory Services will assess the short-term and long-term impact of a vote and will promote a position that is consistent with the long-term economic best interests of plan members embodied in the principle of a "worker-owner view of value."

The Taft-Hartley Advisory Services guidelines address a broad range of issues, including election of directors, executive compensation, proxy contests, auditor ratification, and tender offer defenses – all significant voting items that affect long-term shareholder value. In addition, these guidelines delve deeper into workplace issues that may have an impact on corporate performance, including:

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| | |
|:---|:---|
| ◾ | Corporate policies that affect job security and wage levels; |
| ◾ | Corporate policies that affect local economic development and stability; |
| ◾ | Corporate responsibility to employees, communities, and the environment; and |
| ◾ | Workplace safety and health issues. |

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Taft-Hartley Advisory Services shall analyze each proxy on a case-by-case basis, informed by the guidelines outlined in the following pages. Taft-Hartley Advisory Services does not intend for these guidelines to be exhaustive. It is neither practical nor productive to fashion voting guidelines and policies which attempt to address every eventuality. Rather, Taft-Hartley Advisory Services' guidelines are intended to cover the most significant and frequent proxy issues that arise. Issues not covered by the guidelines shall be voted in the interest of plan participants and beneficiaries of the plan based on a worker-owner view of long-term corporate value. Taft-Hartley Advisory Services shall revise its guidelines as events warrant and will remain in conformity with the AFL-CIO proxy voting policy.

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**EXECUTIVE SUMMARY**

2025 TAFT-HARTLEY PROXY VOTING GUIDELINES

**The policies contained herein are a sampling only of selected key Taft-Hartley Advisory Services U.S. proxy voting guidelines, and are not intended to be exhaustive. The complete guidelines can be found at:**

**<u>https://www.issgovernance.com/policy-gateway/voting-policies/</u>**

**Board of Directors**

Voting on Director Nominees in Uncontested Elections

Electing directors is the single most important stock ownership right that shareholders can exercise. The board of directors is responsible for holding management accountable to performance standards on behalf of the shareholders. Taft-Hartley Advisory Services supports annually elected boards and holds directors to a high standard when voting on their election, qualifications, and compensation.

Taft-Hartley Advisory Services believes votes should be cast in a manner that will encourage the independence of boards. In particular, the Taft-Hartley guidelines board independence standards require a two-thirds majority independent board. The Taft-Hartley guidelines also employ a higher bar on director independence classifications and consider directors who have been on the board for a period exceeding 10 years as non-independent directors. Furthermore, key board committees should be composed entirely of independent directors. Taft-Hartley Advisory Services supports shareholders proposals requesting the separation of the chairman and CEO positions and opposes the election of a non-independent chair.

Taft-Hartley Advisory Services takes into account the attendance records of directors, using a benchmark attendance rate of 75 percent of board and committee meetings. Cases of chronic poor attendance without reasonable justification may also warrant adverse recommendations for nominating/governance committees or the full board. Taft-Hartley Advisory Services will also vote against a director nominee who serves on an excessive number of boards. A non-CEO director will be deemed "overboarded" if he/she sits on more than four public company boards while CEO directors will be considered as such if they serve on more than one public company board besides their own. Furthermore, adverse recommendations for directors may be warranted at companies where problematic pay practices exist, and where boards have not been accountable or responsive to their shareholders.

For companies that are significant greenhouse gas (GHG) emitters, through their operations or value chain<sup>1</sup>F , Taft- Hartley Advisory Services will generally vote against or withhold from the incumbent chair of the responsible committee (or other directors on a case-by-case basis) in cases where it is determined that the company is not taking the minimum steps needed to understand, assess, and mitigate risks related to climate change to the company and the larger economy.

**<sup>1</sup>** Companies defined as "significant GHG emitters" will be those on the current Climate Action 100+ Focus

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**EXECUTIVE SUMMARY**

2025 TAFT-HARTLEY PROXY VOTING GUIDELINES

Board Size

While there is no hard and fast rule among institutional investors as to what may be an optimal board size, a board that is too large may function inefficiently. Conversely, a board that is too small may allow the CEO to exert disproportionate influence or may stretch the time requirements of individual directors too thin. Given that the preponderance of boards in the U.S. range between five and fifteen directors, many institutional investors believe this benchmark is a useful standard for evaluating such proposals. Taft-Hartley Advisory Services will generally vote against any proposal seeking to amend the company's board size to fewer than five seats or more than fifteen seats.

Board Diversity

Taft-Hartley Advisory Services will generally vote against or withhold from the chair of the nominating committee (or other directors on a case-by-case basis) for companies where there are no women on the company's board or for companies in the Russell 3000 or S&P 1500 indices where the board has no apparent racially or ethnically diverse members **<sup>2</sup>**.

Taft-Hartley Advisory Services will support shareholder proposals asking the board to make greater efforts to search for qualified female and minority candidates for nomination to the board of director. Taft-Hartley fiduciaries generally believe that increasing diversity in the boardroom better reflects a company's workforce, customers and community, and enhances shareholder value.

Majority Threshold Voting Requirement for Director Elections

Taft-Hartley fiduciaries believe shareholders should have a greater voice regarding the election of directors and view majority threshold voting as a viable alternative to the current deficiencies of the plurality system in the U.S. Shareholders have expressed strong support for resolutions on majority threshold voting. Taft-Hartley Advisory Services supports proposals calling for directors to be elected with an affirmative majority of votes cast and/or the elimination of the plurality standard for electing directors, provided the proposal includes a carve-out for a plurality voting standard in contested director elections.

Cumulative Voting

Under a cumulative voting scheme, shareholders are permitted to have one vote per share for each director to be elected and may apportion these votes among the director candidates in any manner they wish. This voting method allows minority shareholders to influence the outcome of director contests by "cumulating" their votes for one nominee, thereby creating a measure of independence from management control. Taft-Hartley Advisory Services will generally vote against proposals to eliminate cumulative voting, and for proposals to allow cumulative voting.

**<sup>2</sup>** Aggregate diversity statistics provided by the board will only be considered if specific to racial and/or ethnic diversity.

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**EXECUTIVE SUMMARY**

2025 TAFT-HARTLEY PROXY VOTING GUIDELINES

Shareholder Access to the Proxy

Many investors view proxy access as an important shareholder right, one that is complementary to other best-practice corporate governance features. Taft-Hartley Advisory Services is generally supportive of reasonably crafted shareholder proposals advocating for the ability of long-term shareholders to cost-effectively nominate director candidates that represent their interests on management's proxy card. Shareholder proposals that have the potential to result in abuse of the proxy access right by way of facilitating hostile takeovers will generally not be supported.

Takeover Defenses / Shareholder Rights

Topics evaluated in this category include shareholders' ability to call a special meeting or act by written consent, the adoption or redemption of poison pills, unequal voting rights, fair price provisions, greenmail, supermajority vote requirements, and confidential voting.

Taft-Hartley Advisory Services will generally vote for management proposals allowing for the convening of shareholder meetings by electronic means, so long as they do not preclude in-person meetings. Companies are encouraged to disclose the circumstances under which virtual-only meetings would be held, and to allow for comparable rights and opportunities for shareholders to participate electronically as they would have during an in- person meeting.

Taft-Hartley Advisory Services generally opposes takeover defenses, as they limit shareholder value by eliminating the takeover or control premium for the company. As owners of the company, shareholders should be given the opportunity to decide on the merits of takeover offers. Further, takeover devices can be used to entrench a board that is unresponsive to shareholders on both governance and corporate social responsibility issues.

Poison Pills

Shareholder rights plans, more commonly known as poison pills, are warrants issued to shareholders allowing them to purchase shares from the company at a price far below market value when a certain ownership threshold has been reached, thereby effectively preventing a takeover. Poison pills can entrench management and give the board veto power over takeover bids, thereby altering the balance of power between shareholders and management. While poison pills are evaluated on a case-by-case basis depending on a company's particular set of circumstances, Taft-Hartley Advisory Services will generally vote for proposals to submit a company's poison pill to shareholder vote and/or eliminate or redeem poison pills.

Proxy Contests — Voting for Director Nominees in Contested Elections

Contested elections of directors frequently occur when a board candidate or "dissident slate" seeks election for the purpose of achieving a significant change in corporate policy or control of seats on the board. Competing slates will be evaluated on a case-by-case basis with several considerations in mind. These include, but are not limited to, the following: personal qualifications of each candidate; the economic impact of the policies advanced by the dissident slate of nominees; and their expressed and demonstrated commitment to the interests of the shareholders of the company.

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**EXECUTIVE SUMMARY**

2025 TAFT-HARTLEY PROXY VOTING GUIDELINES

**Capital Structure**

Increase Authorized Common Stock

Corporations seek shareholder approval to increase their supply of common stock for a variety of business reasons. Taft-Hartley Advisory Services will vote for proposals to increase authorized common stock when management has provided a specific justification for the increase, evaluating proposals on a case-by-case basis. An increase of up to 50 percent is enough to allow a company to meet its capital needs. Taft-Hartley Advisory Services will vote against proposals to increase an authorization by more than 50 percent unless management provides compelling reasons for the increase. Adverse recommendations would be considered warranted if the proposal or the company's prior or ongoing use of authorized shares is problematic (e.g., the company has a non-shareholder approved poison pill).

Reverse Stock Splits

Reverse splits exchange multiple shares for a lesser amount to increase share price. Evaluation of management proposals to implement a reverse stock split will take into account whether there is a corresponding proportional decrease in authorized shares. Without a corresponding decrease, a reverse stock split is effectively an increase in authorized shares by way of reducing the number of shares outstanding, while leaving the number of authorized shares to be issued at the pre-split level. Taft-Hartley Advisory Services also considers if the reverse stock split is necessary to maintain listing of a company's stock on the national stock exchanges, or if there is substantial doubt about the company's ability to continue as a going concern without additional financing.

Taft-Hartley Advisory Services generally supports a reverse stock split if the number of authorized shares will be reduced proportionately. When there is not a proportionate reduction of authorized shares, Taft-Hartley trustees should oppose such proposals unless a stock exchange has provided notice to the company of a potential delisting.

Dual Class Structures

Taft-Hartley Advisory Services does not support dual share class structures. Incumbent management can use a dual class structure to gain unequal voting rights. A separate class of shares with superior voting rights can allow management to concentrate its power and insulate itself from the majority of its shareholders. An additional drawback is the added cost and complication of maintaining the two-class system. Taft-Hartley Advisory Services will vote for a one share, one vote capital structure, and vote against the creation or continuation of dual class structures.

Preferred Stock Authorization

Preferred stock is an equity security which has certain features similar to debt instruments- such as fixed dividend payments and seniority of claims to common stock - and usually carries little to no voting rights. The terms of blank check preferred stock give the board of directors the power to issue shares of preferred stock at their discretion with voting, conversion, distribution, and other rights to be determined by the board at time of issue. Taft-Hartley Advisory Services will generally vote for proposals to authorize preferred stock in cases where the company specifies the voting, dividend, conversion, and other rights of such stock and the terms of the preferred stock appear reasonable. Taft-Hartley Advisory Services will also consider company-specific factors including the company's prior or ongoing use of authorized shares, disclosure on specific reasons/rationale for the proposed increase, the dilutive impact of the request, disclosure of specific risks to shareholders of not approving the request, and whether the shares requested are blank check preferred shares that can be used for antitakeover purposes.

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**EXECUTIVE SUMMARY**

2025 TAFT-HARTLEY PROXY VOTING GUIDELINES

Share Repurchase Programs

While most U.S. companies can and do implement share buyback programs via board resolutions without shareholder votes, there are exceptions to this rule. Certain financial institutions, for example, are required by their regulators to receive shareholder approval for buyback programs. In addition, certain U.S.-listed cross-market companies are required by the law of their country of incorporation to receive shareholder approval to grant the board the authority to repurchase shares.

For U.S.-incorporated companies, and foreign-incorporated U.S. Domestic Issuers that are traded solely on U.S. exchanges, Taft-Hartley Advisory Services will vote for management proposals to institute open-market share repurchase plans in which all shareholders may participate on equal terms, or to grant the board authority to conduct open-market repurchases, in the absence of company-specific concerns. Taft-Hartley Advisory Services will vote case-by-case on proposals to repurchase shares directly from specified shareholders, balancing the stated rationale against the possibility for the repurchase authority to be misused, such as to repurchase shares from executives at a premium to market price.

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**EXECUTIVE SUMMARY**

2025 TAFT-HARTLEY PROXY VOTING GUIDELINES

**Auditor Ratification**

Auditor Independence

Auditors are the backbone upon which a company's financial health is measured, and auditor independence is essential for rendering objective opinions upon which investors then rely. When an auditor is paid more in consulting fees than for auditing, its relationship with the company is left open to conflicts of interest. Because accounting scandals evaporate shareholder value, any proposal to ratify auditors is examined for potential conflicts of interest, with particular attention to the fees paid to the auditor, auditor tenure, as well as whether the ratification of auditors has been put up for shareholder vote. Failure by a company to present its selection of auditors for shareholder ratification should be discouraged as it undermines good governance and disenfranchises shareholders.

Taft-Hartley Advisory Services will vote against the ratification of a company's auditor if it receives more than one-quarter of its total fees for consulting or if auditor tenure has exceeded seven years. A vote against the election of Audit Committee members will also be recommended when auditor ratification is not included on the proxy ballot and/or when consulting fees exceed audit fees. Taft-Hartley Advisory Services supports shareholder proposals to ensure auditor independence and effect mandatory auditor ratification.

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**EXECUTIVE SUMMARY**

2025 TAFT-HARTLEY PROXY VOTING GUIDELINES

**Mergers, Acquisitions, and Restructurings**

Taft-Hartley Advisory Services votes for corporate transactions that take the high road to competitiveness and company growth. Taft-Hartley Advisory Services believes that structuring merging companies to build long-term relationships with a stable and quality work force and preserving good jobs creates long-term company value. Taft- Hartley Advisory Services opposes corporate transactions which indiscriminately lay off workers and shed valuable competitive resources.

Mergers and Acquisitions

Mergers, acquisitions, spinoffs, reincorporations, and other corporate restructuring plans are evaluated on a case-by-case basis, given the potential for significant impact on shareholder value and on shareholders' economic interests. In addition, these corporate actions can have a significant impact on community stakeholders and the workforce, and may affect the levels of employment, community lending, equal opportunity, and impact on the environment.

Reincorporation

For a company that seeks to reincorporate, Taft-Hartley Advisory Services evaluates the merits of the move on a case-by-case basis, taking into consideration both financial and corporate governance concerns including the reasons for reincorporation, a comparison of both the company's governance practices and provisions prior to and following the reincorporation, and corporation laws of original state and destination state.

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**EXECUTIVE SUMMARY**

2025 TAFT-HARTLEY PROXY VOTING GUIDELINES

**Executive Compensation**

Equity Incentive Plans

Taft-Hartley Advisory Services supports compensating executives at a reasonable rate and believes that executive compensation should be strongly correlated to sustained performance. Stock options and other forms of equity compensation should be performance-based with an eye toward improving shareholder value. Well-designed stock option plans align the interests of executives and shareholders by providing that executives benefit when stock prices rise as the company— and shareholders— prosper together. Poorly designed equity award programs can encourage excessive risk-taking behavior and incentivize executives to pursue corporate strategies that promote short-term stock price to the ultimate detriment of long-term shareholder value.

Many plans sponsored by management provide goals so easily attained that executives can realize massive rewards even though shareholder value is not necessarily created. Stock options that are awarded selectively and excessively can dilute shareholders' share value and voting power. In general, Taft-Hartley Advisory Services supports plans that are offered at fair terms to executives who satisfy well-defined performance goals. Option plans are evaluated on a case-by-case basis, taking into consideration factors including: exercise price, voting power dilution, equity burn rate, executive concentration ratios, pay-for-performance, and the presence of any repricing provisions.

Options Backdating

Options backdating has serious implications and has resulted in financial restatements, delisting of companies, and/or the termination of executives or directors. When options backdating has taken place, Taft-Hartley Advisory Services may consider recommending against or withholding votes from the compensation committee, depending on the severity of the practices and the subsequent corrective actions taken by the board. Taft-Hartley Advisory Services adopts a case-by-case approach to the options backdating issue to differentiate companies that had sloppy administration versus those that had committed fraud, as well as those companies that have since taken corrective action. Instances in which companies have committed fraud are more disconcerting, and Taft-Hartley Advisory Services will look to them to adopt formal policies to ensure that such practices will not re-occur in the future.

Advisory Votes on Executive Compensation – Management Say-on-Pay Proposals (MSOP)

The Dodd-Frank Wall Street Reform and Consumer Protection Act requires advisory shareholder votes on executive compensation (management "Say on Pay"), an advisory vote on the frequency of Say on Pay, as well as a shareholder advisory vote on golden parachute compensation. Taft-Hartley Advisory Services believes that executive pay programs should be fair, competitive, reasonable, and appropriate, and that pay for performance should be a central tenet in executive compensation philosophy. Taft-Hartley Advisory Services will vote against MSOP proposals if there is a misalignment between CEO pay and company performance, the company maintains problematic pay practices, or the board exhibits a significant level of poor communication and responsiveness to shareholders.

Taft-Hartley Advisory Services also supports annual advisory votes on compensation, which provide the most consistent and clear communication channel for shareholder concerns about companies' executive pay programs.

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**EXECUTIVE SUMMARY**

2025 TAFT-HARTLEY PROXY VOTING GUIDELINES

Golden Parachutes

Golden parachutes are designed to protect the senior level employees of a corporation in the event of a change-in-control. Under most golden parachute agreements, senior level management employees receive a lump sum pay- out triggered by a change-in-control at usually two to three times base salary. These severance agreements can grant extremely generous benefits to well-paid executives and most often offer no value to shareholders. Taft- Hartley Advisory Services will evaluate golden parachutes compensation and shareholder proposals to have all golden parachute agreements submitted for shareholder ratification on a case-by-case basis, consistent with Taft- Hartley Advisory Services' policies on problematic pay practices related to severance packages.

Proposals to Limit Executive and Director Pay

Taft-Hartley Advisory Services will vote for shareholder proposals that seek additional disclosure of executive and director pay information. Taft-Hartley Advisory Services will also vote for shareholder proposals that seek to eliminate outside directors' retirement benefits. Taft-Hartley Advisory Services reviews on a case-by-case basis all other shareholder proposals that seek to limit executive and director pay. This includes shareholder proposals that seek to link executive compensation to non-financial factors such as corporate downsizing, customer/employee satisfaction, community involvement, human rights, social and environmental goals, and performance.

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**EXECUTIVE SUMMARY**

2025 TAFT-HARTLEY PROXY VOTING GUIDELINES

**Corporate Responsibility & Accountability**

Taft-Hartley Advisory Services generally supports social, workforce, and environmental shareholder-sponsored resolutions if they seek to create responsible corporate citizens while at the same time attempting to enhance long-term shareholder value. Taft-Hartley Advisory Services typically supports proposals that ask for disclosure reporting of information that is not available outside the company and not proprietary in nature. Such reporting is particularly most vital when it appears that a company has not adequately addressed shareholder concerns regarding social, workplace, environmental and/or other issues.

Corporate and Supplier Codes of Conduct

Taft-Hartley Advisory Services generally supports proposals that call for the adoption and/or enforcement of clear principles or codes of conduct relating to countries in which there are systematic violations of human rights. These conditions include the use of slave, child, or prison labor, undemocratically elected governments, widespread reports by human rights advocates, fervent pro-democracy protests, or economic sanctions and boycotts.

Many proposals refer to the seven core conventions, commonly referred to as the "Declaration on Fundamental Principles and Rights At Work," ratified by the International Labor Organization (ILO). The seven conventions fall under four broad categories: i) right to organize and bargain collectively; ii) non-discrimination in employment; iii) abolition of forced labor; and iv) end of child labor. Each member nation of the ILO body is bound to respect and promote these rights to the best of their abilities.

Taft-Hartley Advisory Services supports the implementation and reporting on ILO codes of conduct. Taft-Hartley Advisory Services also votes in favor of requests for an assessment of the company's human rights risks in its operation or in its supply chain, or report on its human rights risk assessment process.

Greenhouse Gas Emissions

Shareholder proposals asking a company to issue a report to shareholders – at reasonable cost and omitting proprietary information – on greenhouse gas emissions ask that the report include descriptions of efforts within companies to reduce emissions, their financial exposure and potential liability from operations that contribute to global warming, and their direct or indirect efforts to promote the view that global warming is not a threat. Proponents argue that there is scientific proof that the burning of fossil fuels causes global warming, that future legislation may make companies financially liable for their contributions to global warming, and that a report on the company's role in global warming can be assembled at reasonable cost. Taft-Hartley Advisory Services generally supports greater disclosure on climate change-related proposals.

Sustainability Reporting and Planning

The concept of sustainability is commonly understood as meeting the needs of the present generation without compromising the ability of future generations to meet their own needs. Indeed, the term sustainability is complex and poses significant challenges for companies on many levels. Many in the investment community have termed this broader responsibility the "triple bottom line," referring to the triad of performance goals related to economic prosperity, social responsibility, and environmental quality. In essence, the concept requires companies to balance the needs and interests of their various stakeholders while operating in a manner that sustains business growth for the long-term, supports local communities and protects the environment and natural capital for future generations.

Taft-Hartley Advisory Services generally supports shareholder proposals seeking greater disclosure on the company's environmental and social practices, and/or associated risks and liabilities.

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**EXECUTIVE SUMMARY**

2025 TAFT-HARTLEY PROXY VOTING GUIDELINES

Hydraulic Fracturing

Shareholder proponents have elevated concerns on the use of hydraulic fracturing, an increasingly controversial process in which water, sand, and a mix of chemicals is blasted horizontally into tight layers of shale rock to extract natural gas. As this practice has gained more widespread use, environmentalists have raised concerns that the chemicals mixed with sand and water to aid the fracturing process can contaminate ground water supplies. Proponents of resolutions at companies that employ hydraulic fracturing are also concerned that wastewater produced by the process could overload the waste treatment plants to which it is shipped. Shareholders have asked companies that utilize hydraulic fracturing to report on the environmental impact of the practice and to disclose policies aimed at reducing hazards from the process.

Taft-Hartley Advisory Services generally supports shareholder requests seeking greater transparency on the practice of hydraulic fracturing and its associated risks.

Workplace Practices and Human Rights

Taft-Hartley Advisory Services supports shareholder requests for workplace safety reports, including reports on accident risk reduction effort. In addition, Taft-Hartley Advisory Services will generally support proposals calling for action on equal employment opportunity and anti-discrimination, and requests to conduct an independent racial equity and/or civil rights audit.

Environmental Justice

Companies have faced proposals addressing environmental justice concerns, focused on vulnerable stakeholders – particularly communities of color and low-income communities – who are disproportionately impacted by environmental pollution. These heightened risks can be exacerbated by climate change. Taft-Hartley Advisory Services generally supports shareholder proposals requesting disclosure of an environmental justice report, as well as a third-party environmental justice assessment.

Just Transition

Companies have faced proposals requesting disclosure on the just transition – addressing stakeholder concerns within a company's value chain with regards to the effects of climate change and the energy transition. Relevant stakeholder groups can include employees, suppliers (and workers in supply chains), communities impacted by operations, and other vulnerable groups potentially affected by a company's climate change strategy. Just transition disclosure should adequately assess, consult on, and address impacts on affected stakeholders regarding climate change risks. Taft-Hartley Advisory Services generally supports shareholder proposals requesting just transition and labor protection disclosure, in alignment with the International Labour Organization, the World Benchmarking Alliance, and other generally accepted guidelines and indicators.

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**EXECUTIVE SUMMARY**

2025 TAFT-HARTLEY PROXY VOTING GUIDELINES

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**UNITED STATES**

SRI PROXY VOTING GUIDELINES

2025 Executive Summary

Published January 17, 2025

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**EXECUTIVE SUMMARY**

2025 SRI PROXY VOTING GUIDELINES

**TABLE OF CONTENTS**

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| | |
|:---|:---|
| [**Introduction**](#x1_c113438f001) | **B-225** |
| [**Management Proposals**](#x1_c113438f002) | **B-226** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Board of Directors](#x1_c113438f003) | B-226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Board Responsiveness](#x1_c113438f004) | B-227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Auditors](#x1_c113438f005) | B-227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Takeover Defenses / Shareholder Rights](#x1_c113438f006) | B-227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Miscellaneous Governance Provisions](#x1_c113438f007) | B-227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Capital Structures](#x1_c113438f008) | B-228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Executive and Director Compensation](#x1_c113438f009) | B-228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Mergers and Corporate Restructurings](#x1_c113438f010) | B-228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Mutual Fund Proxies](#x1_c113438f011) | B-229 |
| [**Shareholder Proposals**](#x1_c113438f012) | **B-229** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Shareholder Proposals on Corporate Governance and Executive Compensation](#x1_c113438f013) | B-229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Shareholder Proposals on Social and Environmental Topics](#x1_c113438f011) | B-229 |

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**EXECUTIVE SUMMARY**

2025 SRI PROXY VOTING GUIDELINES

**Introduction**

ISS' Social Advisory Services division recognizes that socially responsible investors have dual objectives: financial and social. Socially responsible investors invest for economic gain, as do all investors, but they also require that the companies in which they invest conduct their business in a socially and environmentally responsible manner.

These dual objectives carry through to socially responsible investors' proxy voting activity once the security selection process is completed. In voting their shares, socially responsible institutional shareholders are concerned not only with sustainable economic returns to shareholders and good corporate governance but also with the ethical behavior of corporations and the social and environmental impact of their actions.

Social Advisory Services has, therefore, developed proxy voting guidelines that are consistent with the dual objectives of socially responsible shareholders. On matters of social and environmental import, the guidelines seek to reflect a broad consensus of the socially responsible investing community. Generally, we take policies that have been developed by groups such as the Interfaith Center on Corporate Responsibility, the General Board of Pension and Health Benefits of the United Methodist Church, Domini Social Investments, and other leading church shareholders and socially responsible mutual fund companies as our frame of reference. Additionally, we incorporate the active ownership and investment philosophies of leading globally recognized initiatives such as the United Nations Environment Programme Finance Initiative (UNEP FI), the United Nations Principles for Responsible Investment (UNPRI), the United Nations Global Compact, and environmental and social European Union Directives.

On matters of corporate governance, executive compensation, and corporate structure, Social Advisory Services guidelines are based on a commitment to create and preserve economic value and to advance principles of good corporate governance consistent with responsibilities to society as a whole.

The guidelines provide an overview of how Social Advisory Services recommends that its clients vote. We note that there may be cases in which the final vote recommendation on a particular company varies from the vote guideline due to the fact that we closely examine the merits of each proposal and consider relevant information and company-specific circumstances in arriving at our decisions. Where Social Advisory Services acts as a voting agent for its clients, it follows each client's voting policy, which may differ in some cases from the policies outlined in this document. Social Advisory Services updates its guidelines on an annual basis to take into account emerging issues and trends on environmental, social, and corporate governance topics, in addition to evolving market standards, regulatory changes, and client feedback.

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**EXECUTIVE SUMMARY**

2025 SRI PROXY VOTING GUIDELINES

**The policies contained herein are a <u>sampling</u> only of selected key Social Advisory Services U.S. proxy voting guidelines and are not intended to be exhaustive. The complete guidelines can be found at:**

**<u>https://www.issgovernance.com/policy-gateway/voting-policies/</u>**

**Management Proposals**

Board of Directors

Social Advisory Services considers director elections to be one of the most important voting decisions that shareholders make. Boards should be composed of a majority of independent directors and key board committees should be composed entirely of independent directors. The independent directors are expected to organize much of the board's work, even if the chief executive officer also serves as chairman of the board. It is expected that boards will engage in critical self-evaluation of themselves and of individual members. Directors are ultimately responsible to the corporation's shareholders. The most direct expression of this responsibility is the requirement that directors be elected to their positions by the shareholders.

Social Advisory Services will generally oppose all director nominees if the board is not majority independent and will vote against or withhold from non-independent directors who sit on key board committees. Social Advisory Services will also vote against or withhold from incumbent members of the nominating committee, or other directors on a case-by-case basis, where the board is not comprised of at least 40 percent underrepresented gender identities<sup>1</sup> or at least 20 percent racially or ethnically diverse directors. The election of directors who have failed to attend a minimum of 75 percent of board and committee meetings held during the year will be opposed. Furthermore, Social Advisory Services will vote against or withhold from a director nominee who serves on an excessive number of boards. A non-CEO director will be deemed "overboarded" if they sit on more than five public company boards while CEO directors will be considered as such if they serve on more than two public company boards besides their own.

In addition, Social Advisory Services will generally vote against or withhold from directors individually, committee members, or potentially the entire board, for failure to adequately guard against or manage ESG risks or for lack of sustainability reporting in the company's public documents and/or website in conjunction with a failure to adequately manage or mitigate ESG risks. For companies that are significant greenhouse gas (GHG) emitters, through their operations or value chain<sup>2</sup>, Social Advisory Services will generally vote against or withhold from the incumbent chair of the responsible committee (or other directors on a case-by-case basis) in cases where it has been determined that the company is not taking the minimum steps needed to be aligned with a Net Zero by 2050 trajectory.

Social Advisory Services supports requests asking for the separation of the positions of chairman and CEO, opposes the creation of classified boards, and reviews proposals to change board size on a case-by-case basis. Social Advisory Services also generally supports shareholder proposals calling for greater access to the board, affording shareholders the ability to nominate directors to corporate boards. Social Advisory Services may vote against or

**<sup>1</sup>** Underrepresented gender identities include directors who identify as women or as non-binary.

**<sup>2</sup>** Companies defined as "significant GHG emitters" will be those on the current Climate Action 100+ Focus Group list.

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| B-226 | B-226 |
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**EXECUTIVE SUMMARY**

2025 SRI PROXY VOTING GUIDELINES

withhold from directors at companies where problematic pay practices exist and where boards have not been accountable or responsive to their shareholders.

Board Responsiveness

Social Advisory Services will vote case-by-case on individual directors, committee members, or the entire board of directors as appropriate if the board fails to act on a shareholder proposal that received the support of a majority of the shares in the previous year. When evaluating board responsiveness issues, Social Advisory Services takes into account other factors, including the board's failure to act on takeover offers where the majority of shares are tendered; if at the previous board election, any director received more than 50 percent withhold/against votes of the shares cast and the company has failed to address the issue(s) that caused the high withhold/against vote; or if the board implements an advisory vote on executive compensation on a less frequent basis than the frequency that received the plurality of votes cast.

Auditors

While it is recognized that the company is in the best position to evaluate the competence of the outside accountants, Social Advisory Services believes that outside accountants must ultimately be accountable to shareholders. Given the rash of accounting irregularities that were not detected by audit panels or auditors, shareholder ratification is an essential step in restoring investor confidence. A Blue Ribbon Commission concluded that audit committees must improve their current level of oversight of independent accountants. Social Advisory Services will vote against the ratification of the auditor in cases where non-audit fees represent more than 25 percent of the total fees paid to the auditor in the previous year. Social Advisory Services supports requests asking for the rotation of the audit firm if the request includes a timetable of five years or more.

Takeover Defenses / Shareholder Rights

Topics evaluated in this category include shareholders' ability to call a special meeting or act by written consent, the adoption or redemption of poison pills, unequal voting rights, fair price provisions, greenmail, supermajority vote requirements, and confidential voting.

Social Advisory Services will generally vote for management proposals allowing for the convening of shareholder meetings by electronic means, so long as they do not preclude in-person meetings. Companies are encouraged to disclose the circumstances under which virtual-only meetings would be held, and to allow for comparable rights and opportunities for shareholders to participate electronically as they would have during an in-person meeting.

Social Advisory Services generally opposes takeover defenses, as they limit shareholder value by eliminating the takeover or control premium for the company. As owners of the company, shareholders should be given the opportunity to decide on the merits of takeover offers. Further, takeover devices can be used to entrench a board that is unresponsive to shareholders on both governance and corporate social responsibility issues.

Miscellaneous Governance Provisions

Social Advisory Services evaluates proposals that concern governance issues such as shareholder meeting adjournments, quorum requirements, corporate name changes, and bundled or conditional proposals on a case- by-case basis, taking into account the impact on shareholder rights.

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| B-227 | B-227 |
| WWW.ISSGOVERNANCE.COM | 5 of 8 |

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**EXECUTIVE SUMMARY**

2025 SRI PROXY VOTING GUIDELINES

Capital Structures

Capital structure related topics include requests for increases in authorized stock, stock splits and reverse stock splits, issuances of blank check preferred stock, debt restructurings, and share repurchase plans.

Social Advisory Services supports a one-share, one-vote policy and opposes mechanisms that skew voting rights. Social Advisory Services supports capital requests that provide companies with adequate financing flexibility while protecting shareholders from excessive dilution of their economic and voting interests. Proposals to increase common stock are evaluated on a case-by-case basis, taking into account the company's prior or ongoing use of share authorizations and elements of the current request.

Executive and Director Compensation

The global financial crisis resulted in significant erosion of shareholder value and highlighted the need for greater assurance that executive compensation is principally performance-based, fair, reasonable, and not designed in a manner that would incentivize excessive risk-taking by management. The crisis raised questions about the role of pay incentives in influencing executive behavior and motivating inappropriate or excessive risk-taking and other unsustainable practices that could threaten a corporation's long-term viability. The safety lapses that led to the disastrous explosions at BP's Deepwater Horizon oil rig and Massey Energy's Upper Big Branch mine, and the resulting unprecedented losses in shareholder value; a) underscore the importance of incorporating meaningful economic incentives around social and environmental considerations in compensation program design, and; b) exemplify the costly liabilities of failing to do so.

Social Advisory Services evaluates executive and director compensation by considering the presence of appropriate pay-for-performance alignment with long-term shareholder value, compensation arrangements that risk "pay for failure," and an assessment of the clarity and comprehensiveness of compensation disclosures. Shareholder proposals calling for additional disclosure on compensation issues or the alignment of executive compensation with social or environmental performance criteria are supported, while shareholder proposals calling for other changes to a company's compensation programs are reviewed on a case-by-case basis.

The Dodd-Frank Wall Street Reform and Consumer Protection Act requires advisory shareholder votes on executive compensation (Say on Pay), an advisory vote on the frequency of say on pay, as well as a shareholder advisory vote on golden parachute compensation. Social Advisory Services will vote against Say on Pay proposals if there is a misalignment between CEO pay and company performance, the company maintains problematic pay practices, and the board exhibits a significant level of poor communication and responsiveness to shareholders.

Social Advisory Services will evaluate whether pay quantum is in alignment with company performance, and consideration will also be given to whether the proportion of performance-contingent pay elements is sufficient in light of concerns with a misalignment between executive pay and company performance.

Social Advisory Services will vote case-by-case on certain equity-based compensation plans depending on a combination of certain plan features and equity grant practices, where positive factors may counterbalance negative factors, and vice versa, as evaluated using an "equity plan scorecard" (EPSC) approach.

Mergers and Corporate Restructurings

Mergers, acquisitions, spinoffs, reincorporations, and other corporate restructuring plans are evaluated on a case-by-case basis, given the potential for significant impact on shareholder value and on shareholders' economic interests. In addition, these corporate actions can have a significant impact on community stakeholders and the workforce, and may affect the levels of employment, community lending, equal opportunity, and impact on the environment.

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| B-228 | B-228 |
| WWW.ISSGOVERNANCE.COM | 6 of 8 |

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**EXECUTIVE SUMMARY**

2025 SRI PROXY VOTING GUIDELINES

Mutual Fund Proxies

There are a number of proposals that are specific to mutual fund proxies, including the election of trustees, investment advisory agreements, and distribution agreements. Social Advisory Services evaluates these proposals on a case-by-case basis taking into consideration recent trends and best practices at mutual funds.

**Shareholder Proposals**

Shareholder Proposals on Corporate Governance and Executive Compensation

Shareholder proposals topics include board-related issues, shareholder rights and board accountability issues, as well as compensation matters. Each year, shareholders file numerous proposals that address key issues regarding corporate governance and executive compensation. Social Advisory Services evaluates these proposals from the perspective that good corporate governance practices can have positive implications for a company and its ability to maximize shareholder value. Proposals that seek to improve a board's accountability to its shareholders and other stakeholders are supported. Social Advisory Services supports initiatives that seek to strengthen the link between executive pay and performance, including performance elements related to corporate social responsibility.

Shareholder Proposals on Social and Environmental Topics

Shareholder resolutions on social and environmental topics include workplace diversity and safety topics, codes of conduct, labor standards and human rights, the environment and energy, sustainability and climate, weapons, consumer welfare, animal welfare, and public safety.

Socially responsible shareholder resolutions are receiving a great deal more attention from institutional shareholders today than they have in the past. In addition to the moral and ethical considerations intrinsic to many of these proposals, there is a growing recognition of their potential impact on the economic performance of the company. Among the reasons for this change are:

■ The number and variety of shareholder resolutions on social and environmental issues has
 increased;

■ Many of the sponsors and supporters of these resolutions are large institutional shareholders with significant
 holdings, and therefore, greater direct influence on the outcomes;

■ The proposals are more sophisticated – better written, more focused, and more sensitive to the
 feasibility of implementation; and

■ Investors now understand that a company's response to social and environmental issues can have
 serious economic consequences for the company and its shareholders.

Social Advisory Services generally supports requests for additional disclosures that would allow shareholders to better assess the board and management's oversight of risks in the company's operations. Social Advisory Services will closely evaluate proposals that ask the company to cease certain actions that the proponent believes are harmful to society or some segment of society with special attention to the company's legal and ethical obligations, its ability to remain profitable, and potential negative publicity if the company fails to honor the request. Social Advisory Services supports shareholder proposals that seek to improve a company's public image or reduce its exposure to liabilities and risks.

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| B-229 | B-229 |
| WWW.ISSGOVERNANCE.COM | 7 of 8 |

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**EXECUTIVE SUMMARY**

2025 SRI PROXY VOTING GUIDELINES

We empower investors and companies to build for long-term and sustainable growth by providing high-quality data, analytics, and insight.

**GET STARTED WITH ISS SOLUTIONS** 

Email sales@issgovernance.com or visit www.issgovernance.com for more information.

Founded in 1985, Institutional Shareholder Services group of companies (ISS) empowers investors and companies to build for long-term and sustainable growth by providing high-quality data, analytics and insight. ISS, which is majority owned by Deutsche Bourse Group, along with Genstar Capital and ISS management, is a leading provider of corporate governance and responsible investment solutions, market intelligence, fund services, and events and editorial content for institutional investors and corporations, globally. ISS' 2,600 employees operate worldwide across 29 global locations in 15 countries. Its approximately 3,400 clients include many of the world's leading institutional investors who rely on ISS' objective and impartial offerings, as well as public companies focused on ESG and governance risk mitigation as a shareholder value enhancing measure. Clients rely on ISS' expertise to help them make informed investment decisions. This document and all of the information contained in it, including without limitation all text, data, graphs, and charts (collectively, the "Information") is the property of Institutional Shareholder Services Inc. (ISS), its subsidiaries, or, in some cases third party suppliers.

The Information has not been submitted to, nor received approval from, the United States Securities and Exchange Commission or any other regulatory body. None of the Information constitutes an offer to sell (or a solicitation of an offer to buy), or a promotion or recommendation of, any security, financial product or other investment vehicle or any trading strategy, and ISS does not endorse, approve, or otherwise express any opinion regarding any issuer, securities, financial products or instruments or trading strategies.

The user of the Information assumes the entire risk of any use it may make or permit to be made of the Information.

ISS MAKES NO EXPRESS OR IMPLIED WARRANTIES OR REPRESENTATIONS WITH RESPECT TO THE INFORMATION AND EXPRESSLY DISCLAIMS ALL IMPLIED WARRANTIES (INCLUDING, WITHOUT LIMITATION, ANY IMPLIED WARRANTIES OF ORIGINALITY, ACCURACY, TIMELINESS, NON-INFRINGEMENT, COMPLETENESS, MERCHANTABILITY, AND FITNESS for A PARTICULAR PURPOSE) WITH RESPECT TO ANY OF THE INFORMATION.

Without limiting any of the foregoing and to the maximum extent permitted by law, in no event shall ISS have any liability regarding any of the Information for any direct, indirect, special, punitive, consequential (including lost profits), or any other damages even if notified of the possibility of such damages. The foregoing shall not exclude or limit any liability that may not by applicable law be excluded or limited.© 2025 \| Institutional Shareholder Services and/or its affiliates

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| B-230 | B-230 |
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**UNITED STATES**

SUSTAINABILITY PROXY VOTING GUIDELINES

2025 Executive Summary

Published January 17, 2025

www.issgovernance.com

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**EXECUTIVE SUMMARY**

2025 SUSTAINABILITY PROXY VOTING GUIDELINES

**TABLE OF CONTENTS**

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| | |
|:---|:---|
| [**Introduction**](#x1_c113438g001) | **B-233** |
| [**Management Proposals**](#x1_c113438g002) | **B-234** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Board of Directors](#x1_c113438g003) | B-234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Board Responsiveness](#x1_c113438g004) | B-235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Auditors](#x1_c113438g005) | B-235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Takeover Defenses / Shareholder Rights](#x1_c113438g006) | B-235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Miscellaneous Governance Provisions](#x1_c113438g007) | B-235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Capital Structures](#x1_c113438g008) | B-236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Executive and Director Compensation](#x1_c113438g009) | B-236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Mergers and Corporate Restructurings](#x1_c113438g010) | B-236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Mutual Fund Proxies](#x1_c113438g011) | B-236 |
| [**Shareholder Proposals**](#x1_c113438g012) | **B-237** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Shareholder Proposals on Corporate Governance and Executive Compensation](#x1_c113438g013) | B-237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Shareholder Proposals on Social and Environmental Topics](#x1_c113438g014) | B-237 |

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| B-232 | B-232 |
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**EXECUTIVE SUMMARY**

2025 SUSTAINABILITY PROXY VOTING GUIDELINES

**Introduction**

ISS' Sustainability Advisory Services recognizes the growing view among investment professionals that sustainability or environmental, social, and corporate governance (ESG) factors could present material risks to portfolio investments. Whereas investment managers have traditionally analyzed topics such as board accountability and executive compensation to mitigate risk, greater numbers are incorporating ESG performance into their investment decision making in order to have a more comprehensive understanding of the overall risk profile of the companies in which they invest to ensure sustainable long-term profitability for their beneficiaries.

Investors concerned with portfolio value preservation and enhancement through the incorporation of sustainability factors can also carry out this active ownership approach through their proxy voting activity. In voting their shares, sustainability-minded investors are concerned not only with economic returns to shareholders and good corporate governance, but also with ensuring corporate activities and practices are aligned with the broader objectives of society. These investors seek standardized reporting on ESG issues, request information regarding an issuer's adoption of, or adherence to, relevant norms, standards, codes of conduct or universally recognized international initiatives including affirmative support for related shareholder resolutions advocating enhanced disclosure and transparency.

Sustainability Advisory Services has, therefore, developed proxy voting guidelines that are consistent with the objectives of sustainability-minded investors and fiduciaries. On matters of ESG import, ISS' Sustainability Policy seeks to promote support for recognized global governing bodies promoting sustainable business practices advocating for stewardship of environment, fair labor practices, non-discrimination, and the protection of human rights. Generally, ISS' Sustainability Policy will take as its frame of reference internationally recognized sustainability-related initiatives such as the United Nations Environment Programme Finance Initiative (UNEP FI), United Nations Principles for Responsible Investment (UNPRI), United Nations Global Compact, Global Reporting Initiative (GRI), Carbon Principles, International Labour Organization Conventions (ILO), Ceres Roadmap 2030, Global Sullivan Principles, MacBride Principles, and environmental and social European Union Directives. Each of these efforts promote a fair, unified and productive reporting and compliance environment which advances positive corporate ESG actions that promote practices that present new opportunities or that mitigate related financial and reputational risks.

On matters of corporate governance, executive compensation, and corporate structure, the Sustainability Policy guidelines are based on a commitment to create and preserve economic value and to advance principles of good corporate governance.

These guidelines provide an overview of how ISS approaches proxy voting issues for subscribers of the Sustainability Policy. Sustainability Advisory Services notes there may be cases in which the final vote recommendation at a particular company varies from the voting guidelines due to the fact that Sustainability Advisory Services closely examines the merits of each proposal and consider relevant information and company-specific circumstances in arriving at decisions. To that end, ISS engages with both interested shareholders as well as issuers to gain further insight into contentious issues facing the company. Where ISS acts as voting agent for clients, it follows each client's voting policy, which may differ in some cases from the policies outlined in this document. Sustainability Advisory Services updates its guidelines on an annual basis to take into account emerging issues and trends on environmental, social and corporate governance topics, as well as the evolution of market standards, regulatory changes and client feedback.

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| B-233 | B-233 |
| WWW.ISSGOVERNANCE.COM | 3 of 8 |

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**EXECUTIVE SUMMARY**

2025 SUSTAINABILITY PROXY VOTING GUIDELINES

**The policies contained herein are a <u>sampling</u> only of selected key Sustainability Advisory Services U.S. proxy voting guidelines, and are not intended to be exhaustive. The complete guidelines can be found at:**

**<u>https://www.issgovernance.com/policy-gateway/voting-policies/</u>**

**Management Proposals**

Board of Directors

ISS' Sustainability Advisory Services considers director elections to be one of the most important voting decisions that shareholders make. Boards should be sufficiently independent from management (and significant shareholders) so as to ensure that they are able and motivated to effectively supervise management's performance for the benefit of all shareholders, including in setting and monitoring the execution of corporate strategy, with appropriate use of shareholder capital, and in setting and monitoring executive compensation programs that support that strategy. The chair of the board should ideally be an independent director, and all boards should have an independent leadership position or a similar role in order to help provide appropriate counterbalance to executive management, as well as having sufficiently independent committees that focus on key governance concerns such as audit, compensation, and nomination of directors.

Sustainability Advisory Services will generally oppose non-independent director nominees if the board is not composed of a majority of independent directors and will vote against or withhold from non-independent directors who sit on key board committees. Sustainability Advisory Services will also vote against or withhold from the chair of the nominating committee, or other nominees on a case-by-case basis, if the board lacks at least one director of an underrepresented gender identity**<sup>1</sup>** or where the board has no apparent racially or ethnically diverse members. The election of directors who have failed to attend a minimum of 75 percent of board and committee meetings held during the year will be opposed. Furthermore, Sustainability Advisory Services will vote against or withhold from a director nominee who serves on an excessive number of boards. A non-CEO director will be deemed "overboarded" if they sit on more than five public company boards while CEO directors will be considered as such if they serve on more than two public company boards besides their own.

In addition, Sustainability Advisory Services will generally vote against or withhold from directors individually, committee members, or potentially the entire board, for failure to adequately guard against or manage ESG risks or for lack of sustainability reporting in the company's public documents and/or website in conjunction with a failure to adequately manage or mitigate ESG risks. For companies that are significant greenhouse gas (GHG) emitters, through their operations or value chain**<sup>2</sup>**, Sustainability Advisory Services will generally vote against or withhold from the incumbent chair of the responsible committee (or other directors on a case-by-case basis) in cases where it is determined that the company is not taking the minimum steps needed to be aligned with a Net Zero by 2050 trajectory.

Sustainability Advisory Services generally supports requests asking for the separation of the positions of chairman and CEO, and shareholder proposals calling for greater access to the board, affording shareholders the ability to nominate directors to corporate boards. Sustainability Advisory Services may vote against or withhold from directors at companies where problematic pay practices exist, and where boards have not been accountable or responsive to their shareholders.

**<sup>1</sup>** Underrepresented gender identities include directors who identify as women or as non-binary.

**<sup>2</sup>** Companies defined as "significant GHG emitters" will be those on the current Climate Action 100+ Focus Group list.

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| B-234 | B-234 |
| WWW.ISSGOVERNANCE.COM | 4 of 8 |

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**EXECUTIVE SUMMARY**

2025 SUSTAINABILITY PROXY VOTING GUIDELINES

Board Responsiveness

Sustainability Advisory Services will vote case-by-case on individual directors, committee members, or the entire board of directors as appropriate if the board fails to act on a shareholder proposal that received the support of a majority of the shares in the previous year. When evaluating board responsiveness issues, Sustainability Advisory Services takes into account other factors including the board's failure to act on takeover offers where the majority of shares are tendered; if at the previous board election, any director received more than 50 percent withhold/against votes of the shares cast and the company has failed to address the issue(s) that caused the high withhold/against vote; or if the board implements an advisory vote on executive compensation on a less frequent basis than the frequency that received the plurality of votes cast.

Auditors

While it is recognized that the company is in the best position to evaluate the competence of the outside accountants, Sustainability Advisory Services believes that outside accountants must ultimately be accountable to shareholders. Given the rash of accounting irregularities that were not detected by audit panels or auditors, shareholder ratification is an essential step in restoring investor confidence. A Blue Ribbon Commission concluded that audit committees must improve their current level of oversight of independent accountants. Sustainability Advisory Services will vote against the ratification of the auditor in cases where fees for non-audit services are excessive.

Takeover Defenses / Shareholder Rights

Topics evaluated in this category include shareholders' ability to call a special meeting or act by written consent, the adoption or redemption of poison pills, unequal voting rights, fair price provisions, greenmail, supermajority vote requirements, and confidential voting.

Sustainability Advisory Services will generally vote for management proposals allowing for the convening of shareholder meetings by electronic means, so long as they do not preclude in-person meetings. Companies are encouraged to disclose the circumstances under which virtual-only meetings would be held, and to allow for comparable rights and opportunities for shareholders to participate electronically as they would have during an in-person meeting.

Sustainability Advisory Services generally opposes takeover defenses, as they limit shareholder value by eliminating the takeover or control premium for the company. As owners of the company, shareholders should be given the opportunity to decide on the merits of takeover offers. Further, takeover devices can be used to entrench a board that is unresponsive to shareholders on both governance and corporate social responsibility issues.

Miscellaneous Governance Provisions

Sustainability Advisory Services evaluates proposals that concern governance issues such as shareholder meeting adjournments, quorum requirements, corporate name changes, and bundled or conditional proposals on a case-by-case basis, taking into account the impact on shareholder rights.

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|:---|:---|
| B-235 | B-235 |
| WWW.ISSGOVERNANCE.COM | 5 of 8 |

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**EXECUTIVE SUMMARY**

2025 SUSTAINABILITY PROXY VOTING GUIDELINES

Capital Structures

Capital structure related topics include requests for increases in authorized stock, stock splits and reverse stock splits, issuances of blank check preferred stock, debt restructurings, and share repurchase plans.

Sustainability Advisory Services supports a one-share, one-vote policy and opposes mechanisms that skew voting rights. Sustainability Advisory Services supports capital requests that provide companies with adequate financing flexibility while protecting shareholders from excessive dilution of their economic and voting interests. Proposals to increase common stock are evaluated on a case-by-case basis, taking into account the company's past use of share authorizations and elements of the current request.

Executive and Director Compensation

The Dodd-Frank Wall Street Reform and Consumer Protection Act requires advisory shareholder votes on executive compensation (Say on Pay), an advisory vote on the frequency of say on pay, as well as a shareholder advisory vote on golden parachute compensation. Sustainability Advisory Services will vote against Say on Pay proposals if there is an unmitigated misalignment between CEO pay and company performance, the company maintains problematic pay practices, and the board exhibits a significant level of poor communication and responsiveness to shareholders.

Sustainability Advisory Services will vote case-by-case on certain equity-based compensation plans depending on a combination of certain plan features and equity grant practices, where positive factors may counterbalance negative factors, and vice versa, as evaluated using an "equity plan scorecard" (EPSC) approach.

Mergers and Corporate Restructurings

Mergers, acquisitions, spinoffs, reincorporations, and other corporate restructuring plans are evaluated on a case-by- case basis, given the potential for significant impact on shareholder value and on shareholders' economic interests. In addition, these corporate actions can have a significant impact on community stakeholders and the workforce, and may affect the levels of employment, community lending, equal opportunity, and impact on the environment.

Mutual Fund Proxies

There are a number of proposals that are specific to mutual fund proxies, including the election of trustees, investment advisory agreements, and distribution agreements. Sustainability Advisory Services evaluates these proposals on a case- by-case basis taking into consideration recent trends and best practices at mutual funds.

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**EXECUTIVE SUMMARY**

2025 SUSTAINABILITY PROXY VOTING GUIDELINES

**Shareholder Proposals**

Shareholder Proposals on Corporate Governance and Executive Compensation

Shareholder proposals topics include board-related issues, shareholder rights and board accountability issues, as well as compensation matters. Each year, shareholders file numerous proposals that address key issues regarding corporate governance and executive compensation. Sustainability Advisory Services evaluates these proposals from the perspective that good corporate governance practices can have positive implications for a company and its ability to maximize shareholder value. Proposals that seek to improve a board's accountability to its shareholders and other stakeholders are supported.

Shareholder Proposals on Social and Environmental Topics

Shareholder resolutions on social and environmental topics include workplace diversity and safety topics, codes of conduct, labor standards and human rights, the environment and energy, sustainability and climate, weapons, consumer welfare, and public safety.

Socially responsible shareholder resolutions are receiving a great deal more attention from institutional shareholders today than they have in the past. In addition to the moral and ethical considerations intrinsic to many of these proposals, there is a growing recognition of their potential impact on the economic performance of the company. Among the reasons for this change are:

■ The number and variety of shareholder resolutions
 on social and environmental issues has increased;

■ Many of the sponsors and supporters of these resolutions are large
 institutional shareholders with significant holdings, and therefore, greater direct influence on the outcomes;

■ The proposals are more sophisticated – better written, more
 focused, and more sensitive to the feasibility of implementation; and

■ Investors now understand that a company's response to social
 and environmental issues can have serious economic consequences for the company and its shareholders.

While focusing on value enhancement through risk mitigation and exposure to new sustainability-related opportunities, these resolutions also seek standardized reporting on ESG issues, request information regarding an issuer's adoption of, or adherence to, relevant norms, standards, codes of conduct or universally recognized international initiatives to promote disclosure and transparency. Sustainability Advisory Services generally supports standards-based ESG shareholder proposals that enhance long-term shareholder and stakeholder value while aligning the interests of the company with those of society at large. In particular, the policy will focus on resolutions seeking greater transparency and/or adherence to internationally recognized standards and principles.

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**EXECUTIVE SUMMARY**

2025 SUSTAINABILITY PROXY VOTING GUIDELINES

We empower investors and companies to build for long-term and sustainable growth by providing high-quality data, analytics, and insight.

**GET STARTED WITH ISS SOLUTIONS**

Email sales@issgovernance.com or visit www.issgovernance.com for more information.

Founded in 1985, Institutional Shareholder Services group of companies (ISS) empowers investors and companies to build for long-term and sustainable growth by providing high-quality data, analytics and insight. ISS, which is majority owned by Deutsche Bourse Group, along with Genstar Capital and ISS management, is a leading provider of corporate governance and responsible investment solutions, market intelligence, fund services, and events and editorial content for institutional investors and corporations, globally. ISS' 2,600 employees operate worldwide across 29 global locations in 15 countries. Its approximately 3,400 clients include many of the world's leading institutional investors who rely on ISS' objective and impartial offerings, as well as public companies focused on ESG and governance risk mitigation as a shareholder value enhancing measure. Clients rely on ISS' expertise to help them make informed investment decisions. This document and all of the information contained in it, including without limitation all text, data, graphs, and charts (collectively, the "Information") is the property of Institutional Shareholder Services Inc. (ISS), its subsidiaries, or, in some cases third party suppliers.

The Information has not been submitted to, nor received approval from, the United States Securities and Exchange Commission or any other regulatory body. None of the Information constitutes an offer to sell (or a solicitation of an offer to buy), or a promotion or recommendation of, any security, financial product or other investment vehicle or any trading strategy, and ISS does not endorse, approve, or otherwise express any opinion regarding any issuer, securities, financial products or instruments or trading strategies.

The user of the Information assumes the entire risk of any use it may make or permit to be made of the Information.

ISS MAKES NO EXPRESS OR IMPLIED WARRANTIES OR REPRESENTATIONS WITH RESPECT TO THE INFORMATION AND EXPRESSLY DISCLAIMS ALL IMPLIED WARRANTIES (INCLUDING, WITHOUT LIMITATION, ANY IMPLIED WARRANTIES OF ORIGINALITY, ACCURACY, TIMELINESS, NON-INFRINGEMENT, COMPLETENESS, MERCHANTABILITY, AND FITNESS for A PARTICULAR PURPOSE) WITH RESPECT TO ANY OF THE INFORMATION.

Without limiting any of the foregoing and to the maximum extent permitted by law, in no event shall ISS have any liability regarding any of the Information for any direct, indirect, special, punitive, consequential (including lost profits), or any other damages even if notified of the possibility of such damages. The foregoing shall not exclude or limit any liability that may not by applicable law be excluded or limited.© 2025 \| Institutional Shareholder Services and/or its affiliates

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Voya Investment Management

Proxy Voting Policy

![](x1_c113438x417x1.jpg)

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Introduction

Voya Investment Management ("Voya IM") as a fiduciary must vote proxies in the best interest of our clients. To this end, this document sets forth the proxy voting procedures ("Procedures") and guidelines ("Guidelines"), collectively the "Proxy Voting Policy", that Voya IM shall follow when voting proxies on behalf of our clients. Voya IM considers many factors, including, without limitation, environmental, social and governance (ESG) factors which may impact the investment risk and return profiles of our clients' investments. As such, the Voya IM Proxy Voting Policy ("Policy") was developed to summarize Voya IM's philosophy on various issues of concern to investors and provide a general indication of how Voya IM will vote its clients' portfolio securities with regard to these issues in order to maximize shareholder value and mitigate risks.

**This Policy:**

■ Is
 global in scope

■ Covers
 accounts managed by Voya IM for which the client has delegated voting authority to Voya IM

■ Reflects the usual voting
position on certain recurring proxy issues

■ May not anticipate every
proposal or involve unusual circumstances

■ Is subject to change without
immediate notification as issues arise; and

■ Should not be construed
as binding.

While Voya IM will vote proxies similarly across accounts for which it has voting authority, Voya IM may, when agreed upon in writing, vote proxies for certain clients or funds in accordance with the client's or fund's own proxy voting policy.

Proxy Voting Responsibility

**Proxy Committee**

Voya IM has a Proxy Committee that is comprised of senior leaders of fundamental equity, compliance, active ownership, ESG investment research, legal, client service, and operations. The Proxy Committee is responsible for ensuring that proxies are voted consistent with Voya IM's Policy. In so doing, the Proxy Committee reviews and evaluates the Policy, oversees the development and implementation of the Policy, and resolves ad hoc issues that may arise. The Proxy Committee will conduct its activities in accordance with its charter.

**Active Ownership Team**

The Voya IM Active Ownership team ("AO Team") is responsible for overseeing the Proxy Advisory Firm (as defined in the Proxy Advisory Firm section below) and voting proxies in accordance with the Policy. The AO Team is authorized to direct the Proxy Advisory Firm to vote a proxy in accordance with the Policy.

The AO Team works with various Voya IM teams and clients' custodians to ensure proper set-up and maintenance of all accounts with the Proxy Advisory Firm.

The AO Team collaborates with the investment professionals when voting certain proposals and/or engaging with portfolio companies. The AO Team reviews and, consistent with fiduciary obligations, votes certain proposals on a case-by-case basis and may provide the rationale for such vote to member(s) of the Voya IM Investment Team as defined below.

The AO Team is also responsible for identifying and informing the Proxy Committee of potential conflicts as discussed below.

**Investment Team**

Members of the Investment Team (defined for purposes of the Policy to include Voya IM Portfolio Managers and Research Analysts, collectively the "Investment Team") are encouraged to submit recommendations to the AO Team regarding the

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voting of proxies related to the portfolio securities over which they have day-to-day portfolio management responsibility. Input from relevant members of the Investment Team will be considered in determining how the proxy will be voted.

**Proxy Advisory Firm**

Voya IM uses Institutional Shareholder Services Inc. ("ISS") as its Proxy Advisory Firm to assist in managing its proxy voting responsibilities. ISS is an independent proxy voting adviser that specializes in providing a variety of fiduciary-level proxy related services to institutional investment managers, plan sponsors, and other institutional investors.

The services Voya IM receives from ISS include in-depth research and vote recommendations based on Voya IM's custom guidelines. Voya IM also receives in-depth research from Glass Lewis.

ISS coordinates with Voya IM's clients' custodians to ensure that all proxy materials relating to the portfolio securities are processed in a timely fashion.

Proxy Voting Procedures

**Voting Practices**

Best efforts will be used to vote proxies in all instances. However, where it is in the best interest of clients, Voya IM may determine not to vote proxies under certain circumstances including the:

■ Economic effect on a client's
interests or the value of the portfolio holding is indeterminable or insignificant, e.g., proxies in connection with fractional
shares or securities no longer held in a client portfolio, or proxies being considered on behalf of an account that has been liquidated
or is otherwise no longer in existence;

■ Extensive jurisdictional
requirements that challenge the economic benefit of voting such as meeting- or market-specific restrictions, require additional
documentation, or impose share blocking practices that may result in trading restrictions, and

■ Ballots cannot be secured
by the Proxy Advisory Firm in time to execute the vote by the stated deadline, e.g., certain international proxies with early voting
deadlines.

**Matters Requiring Case-by-Case Consideration**

■ The Proxy Advisory Firm
will refer proxy proposals to the AO Team when the ISS Benchmark and Sustainability policies recommendations differ. Additionally,
the Proxy Advisory Firm will refer any proxy proposal under circumstances where the application of the Policy is unclear, appears
to involve unusual or controversial issues, or is silent regarding the proposal.

■ Upon receipt of a referral
from the Proxy Advisory Firm, the AO Team may solicit additional research or clarification from the Proxy Advisory Firm, Investment
Team(s), or other sources.

■ Proposals may
be addressed, as necessary, on a case-by-case basis rather than according to the Policy, factoring in the merits of the rationale
and disclosure provided.

**Securities Lending**

Voya IM will not be able to vote on behalf of an account if the account participates in the lending of its securities. When a security is out on loan, certain rights are transferred to the borrower, including voting rights. Therefore, if all the shares of a particular security are on loan on the record date for the company's shareholder meeting, the account's custodian will not forward the ballot for the security to the Proxy Advisory Firm for voting.

**Conflicts of Interest**

Voya IM has procedures to identify and address conflicts that may arise from time to time, including those concerning ISS or its affiliates (each a "Potential ISS Conflict") and Voya IM or its affiliates, Voya IM clients, certain trading counterparties and / or key vendors of Voya IM (each a "Potential Voya IM Conflict").

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■  ***Potential Proxy Advisory Firm's Conflicts*** 

Voya IM has adopted annual and periodic assessment procedures in which actions are taken to:

(1) reasonably ensure ISS' independence, competence, and impartiality and (2) identify and address conflicts that may arise from time to time concerning ISS or its affiliates. The procedures include comprehensive due diligence regarding policies, practices, and activities of ISS and its affiliates as well as specific analysis of ISS' services on behalf of Voya IM and its clients.

■  ***Potential Voya IM Conflicts*** 

The AO Team maintains a Potential Proxy Conflicts List that it used to screen for Potential Voya IM Conflicts.

If a Potential Voya IM Conflict exists, and a member of the Investment Team or the AO Team wishes to vote contrary to the Policy, the AO Team will call a meeting of the Proxy Committee. The Proxy Committee will then consider the matter and vote on the best course of action. Additional insight may be provided to the Proxy Committee from internal analysts who cover the applicable security.

The AO Team will use best efforts to convene the Proxy Committee with respect to all matters requiring its consideration. In the event quorum requirements cannot be timely met in connection with a voting deadline, the vote will be executed in accordance with the Policy.

A record will be maintained regarding any determination to vote contrary to the Policy, including those where a Potential Voya IM Conflict is present, referencing the rationale for it.

**Share-blocking Countries**

Voya IM does not generally vote proxies in countries that impose share-blocking or for which custodians may impose share-blocking. Voya IM may vote proxies in share-blocking countries if the proxy is listed as non-share-blocking by the Proxy Advisory Firm.

**Unverified Accounts**

From time to time, ballots may be posted by the Proxy Advisory Firm to accounts designated as Voya IM accounts but not yet verified as such. Voya IM will not vote ballots until the account has been verified as a Voya IM account for which Voya IM has been given voting authority.

Proxy Voting Guidelines

**Overview**

Proxy voting is an important method to protect shareholder rights and maximize the long-term value of the companies in which Voya IM invests.

Consistent with applicable legal and fiduciary standards, Voya IM incorporates relevant factors into our analysis of the long-term performance outlook of a company and the value of its securities. As a signatory to the Principles for Responsible Investment, Voya IM understands that ESG factors can impact the investment risk and return profiles of our investments.

A company's board of directors and management should act in shareholders' best interest when establishing effective governance structure and business strategies, while managing risks and promoting sustainable best business practices to prudently increase the long-term value of the company. Accordingly, the Guidelines below describe Voya IM's approach to voting on various issues.

Voya IM may indicate disagreement with an issuer's policies or practices by withholding support from the relevant proposal.

In cases in which Voya IM's disagreement is assigned to the board of directors, Voya IM may withhold support from incumbent director(s) deemed responsible for the specific concerns under review in accordance with its Vote Accountability Guideline outlined below.

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Vote Accountability Guideline: Voya IM may withhold support from an incumbent relevant committee chair, relevant committee member(s), the board chair, the lead independent director, or all incumbent directors if deemed directly or indirectly responsible for a specific concern. . Additionally, Voya IM shall typically support a director in connection with the specific concerns under review if the director did not serve on the board or relevant committee during the majority of the time period relevant to the concerns.

**2.** Audit-related

The effectiveness and independence of a company's audit committee and the work of the external auditor are an important component in the board's oversight of financial reporting, internal controls, and risk management.

Therefore, proposals relating to audit committee members, audit matters, and/or external auditors may be opposed if there is evidence of failures in oversight including material weaknesses in financial reporting, internal controls without sufficient mitigation, or excessive non-audit fees that may compromise independence.

Voya IM considers shareholder proposals on audit matters involving prohibition of engagement in non-audit services and audit firm rotation taking into account the nature of the non-audit services and various characteristics that reveal the operation and effectiveness of the audit committee and the auditor.

**3.** **Board of Directors' Accountabilities** 

a. Board Independence

Board and committee independence are critical for ensuring accountability to shareholders and protecting shareholders' investment. Therefore, boards should be comprised of a majority of independent directors and key committees should be comprised exclusively of independent directors, depending on the market requirements.

Voya IM will oppose any executive director serving on a key committee. Voya IM will also oppose a proposal to ratify the executive director's position on a key committee.

Further, boards should generally have an independent board chair. If the board has an executive chair, it must have a lead independent director with very robust roles and responsibilities. Voya IM will generally oppose incumbent directors according to the Vote Accountability Guideline should a lead independent director not be appointed when the board does not have an independent chair.

Voya IM will generally support shareholder proposals that require the board chair to be independent.

b. Board Composition and Diversity

Boards should be comprised of directors who bring a variety of skills, expertise, experience, and diversity, including gender and racial/ethnicity; and should disclose sufficient information regarding the directors thereby allowing shareholders to assess the boards and the directors' effectiveness and adequacy.

Voya IM will oppose incumbent directors according to the Vote Accountability Guideline if the board lacks gender diversity, i.e., at least one gender diverse director. Voya IM will consider directors on a case-by-case basis if gender diversity existed prior to the most recent annual meeting.

Voya IM will oppose incumbent directors according to the Vote Accountability Guideline at companies if the board lacks racial/ethnic diversity, i.e., at least one racial/ethnic diverse director, and there is a market expectation or listing requirement for racial/ethnic diversity on public company boards. Voya IM will consider directors on a case-by-case basis if racial/ethnic diversity existed prior to the most recent annual meeting.

Boards need to stay abreast of emerging matters affecting the company and ensure they can address these matters. Accordingly, boards should have a robust evaluation process and appropriate board refreshment; and the average board tenure of directors should not exceed 15 years.

Voya IM will oppose incumbent directors according to the Vote Accountability Guideline when the average board tenure of directors exceeds 15 years.

c. Directors' Commitment

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Given the responsibility and commitment required of directors, Voya IM will oppose directors who:

■ Serve on five or more public
company boards

■ Serve on four or more public
company boards and is the board chair at two or more of these public companies, withholding support on the boards which they are
not the chair

■ Serves on more than two
public company boards and are named executive officers at any public company, withholding support only at their outside boards,
and

■ Attend less than 75% of
the board meetings each year unless they disclose a reasonable explanation of their absence. Failure of a director to meet the
attendance expectations over two years will also result in opposition votes against the chair and/or members of the nominating
committee.

d. Board Responsiveness to Shareholder Proposals

Boards should be responsive and transparent if a shareholder proposal received majority support, or a management proposal received low support regardless if the proposal passed. Voya IM will generally oppose incumbent directors according to the Vote Accountability Guideline in situations in which a company has not been adequately responsive to shareholder proposals receiving majority support or management proposals receiving low support.

e. Board's Establishing Shareholder Rights

Boards should establish a governance structure that protects shareholders' interests and does not diminish shareholder rights, including:

■ a majority vote standard

■ annual elections of directors

■ reasonable thresholds for
shareholders' to be able to call a special meeting

■ the right to act by written
consent

■ asking shareholders to
vote on non-administrative charter or bylaw amendments, and

■ adopting a single-class
capital structure or a multi-class capital structure *with equal voting rights.* 

Should a company implement a multi-class capital structure prior to or in connection with its Initial Public Offering (IPO) in which the classes have unequal voting rights, the multi-class structure should be subject to a reasonable sunset provision (e.g., fewer than seven (7) years).

Voya IM will oppose all incumbent directors if a company has implemented a multi-class capital structure in which the classes have unequal voting rights without subjecting the structure to a reasonable sunset provision (e.g., fewer than seven (7) years).

f. Board's Responsibility for Executive Compensation

As discussed in the Executive Compensation section, boards should develop an effective executive compensation structure that:

■ is aligned with company
performance and shareholder value

■ properly balances the often-competing
objectives of maximizing shareholder value, motivating and retaining executives, and minimizing risks

■ discloses the approach
and rationale for the executive compensation decisions, detailing the specific factors / metrics / peer groups used to develop
the program, and

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■ does
 not contain problematic features such as

&nbsp;&nbsp;&nbsp;&nbsp;■ excessive
 compensation and/or severance arrangements

&nbsp;&nbsp;&nbsp;&nbsp;■ reloading of options

&nbsp;&nbsp;&nbsp;&nbsp;■ repricing of underwater options

&nbsp;&nbsp;&nbsp;&nbsp;■ multi-year guaranteed awards that are not
tied to rigorous performance conditions, or

&nbsp;&nbsp;&nbsp;&nbsp;■ unnecessarily generous perquisites.

Voya IM may withhold support of directors if the board was not responsive to a "Say on Pay" proposal that received low support, or a "Say on Pay" proposal is not on the agenda, particularly if the compensation program contains problematic features.

g. Board's Responsibility for Material ESG Matters

Boards should consider all company stakeholders, including shareholders, employees, customers, and the community in which the company operates and/or serves. Voya IM will generally support reasonable proposals as to the creation of a board level committee overseeing sustainable/corporate social responsibility issues.

Further, boards should have appropriate measures in place for company oversight, including material ESG matters. Accordingly, material failures of governance, stewardship, risk oversight, or fiduciary responsibilities, including management of material ESG risks, may result in opposition of appropriate directors.

Shareholder proposals relating to such matters should take into account the materiality of the issue, the potential effect on the company's long-term sustainability/value, and the company's method to managing such issues. Therefore, boards need to ensure management:

■ identifies and manages
the company's material ESG risks and opportunities, and

■ provides adequate disclosure/reporting
of how it is addressing their material ESG risks and opportunities.

Further, Voya IM will generally support shareholder proposals requesting the company to provide a report or information on matters that are materially relevant to the company's business and the company does not appear to be addressing the issue or is lagging their peers in disclosing such information.

All companies should take appropriate steps to understand, assess, and mitigate material risks related to climate change, and the board should be responsible for the ultimate oversight of these risks. Accordingly, directors will be considered on a case-by-case basis if a company is deemed to be a significant greenhouse gas (GHG) emitter, it appears the company is not sufficiently managing or disclosing these risks and has not set GHG reduction targets for Net Zero by 2050 for at least Scopes 1 and 2.

h.&nbsp;&nbsp;&nbsp;&nbsp; Board's Responsibilities for Audit Matters

Audit committee members are a vital component in the board's oversight of financial reporting, internal controls, and risk management. Therefore, audit committee members need to ensure proper oversight is in place to:

■ prevent any material weaknesses
in financial reporting and internal controls

■ avoid excessive non-audit
fees that may compromise independence and/or committee, independence due to business affiliation, and

■ assess the external auditor's
tenure and competences periodically.

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Boards who implement and enhance these fundamental principles will contribute to the long-term value and sustainability of the company. Therefore, Voya IM will generally oppose incumbent directors according to the Vote Accountability Guideline if a director, committee, or the board fails to meet these expectations.

Boards should have policies to address the various risks associated with share pledging in order to mitigate the risks that may arise for both the director and the company in connection with pledging. Accordingly, Voya IM will generally oppose incumbent directors according to the Vote Accountability Guideline due to share pledging concerns,

■ factoring in the pledged
amount,

■ unwinding time, and

■ any historical concerns
raised.

Voya IM will also generally oppose the pledgor, if a director, where the pledged amount and unwinding time are deemed significant and therefore an unnecessary risk to the company and shareholders.

**4.** **Capital Restructuring** 

Companies should explicitly disclose the terms and their rationale when requesting to increase common stock or issue preferred shares in order to permit shareholders to evaluate the affect and risks associated with the increase or issuance.

The board's history of using authorized shares, the purpose and dilutive impact of the request, and the risks that may result if the request is not approved by shareholders will be considered when determining to support the proposal.

Reverse stock splits will generally be supported if there is a proportionate reduction in the number of authorized shares.

Nevertheless, proposals to increase or issue blank check preferred stock, to facilitate an anti-takeover device, or increase stock that has superior voting rights will not be supported.

Merger, acquisition and restructuring proposals will be evaluated on the merits and drawbacks of the proposed transaction.

Golden parachute proposals will generally be opposed if there are single or modified single trigger severance provisions, and/or the total named executive officer payout is excessive as a percentage of the total equity value.

**5.** **Executive Compensation** 

As noted above, to be effective, executive compensation programs should align with shareholder value and incentivize management to prudently increase the long-term value of the company. Expanding on that premise, companies should design their executive compensation program to balance the often-competing objectives of maximizing shareholder value, motivating and retaining executives, and minimizing risks. Additionally, the executive compensation program should promote long-term sustainability and align with the interests of the company's various stakeholders (employees, shareholders, communities, etc.). Further advisory votes on executive compensation should be put forth annually for shareholder vote.

Given the complexity of designing a compensation program that accomplishes these objectives, the compensation committee (comprised of independent directors) is in the best position to establish an effective compensation program that not only incorporates the earlier objectives, but also adequately discloses the approach and rationale for the executive compensation decisions, detailing the specific factors / metrics / peer groups used to develop the program.

The successful development and implementation of an effective executive compensation program requires that companies engage with its shareholders and other stakeholders to understand and potentially address any concerns shareholders may have regarding the compensation program, particularly if the "Say on Pay" proposal received low support.

Compensation programs ***should***:

■ align with shareholder
interests, including mid- to long-term TSR

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■ have an appropriate mix
between fixed and variable pay (including performance-based pay)

■ incorporate challenging
performance goals

■ use a minimum of a 3-year
performance period for the long-term incentive plan

■ have a reasonable percent
of base pay relative to peers for both the short- and long-term incentive plans

■ have double trigger
cash and equity provisions in the severance for golden parachute payments.

■ include clawback provisions
in the case of malfeasance or material accounting restatement.

Accordingly, Voya IM will generally oppose a compensation program that does not does not meet these expectations, and/or has problematic issues outlined below.

Compensation programs ***should not:***

■ be excessive relative to
peers

■ contain inappropriate incentives
that would not align with shareholders' interest

■ have less than a three-year
performance period in the long-term incentive plan

■ allow for guaranteed, multi-year
awards

■ include excessive non-performance-based
pay elements

■ be excessively dilutive
to shareholders' holdings

■ allow for liberal share
recycling, and

■ permit repricing or replacing
stock options that are underwater without shareholder approval.

**6.** **Environmental and Social Matters** 

Voya IM and other institutional shareholders have been scrutinizing an increasing number of proposals regarding environmental and social matters. Accordingly, in addition to the company's material governance risks and opportunities, companies should also assess their material environmental and social risks and opportunities as it pertains to its stakeholders including its employees, communities, suppliers, and customers.

Companies should adequately disclose how they evaluate and mitigate such material risks to allow shareholders to assess how well the companies are mitigating and leveraging these risks and opportunities.

Consistent with applicable legal and fiduciary standards, Voya IM will generally support reasonable shareholder proposals related to material ESG matters, if management is not able to provide a credible reason as to why it should not be supported, *and* if the proposal:

■ is applicable to the company's
business

■ enhances long-term shareholder
value

■ requests more transparency
and commitment to improve the company's material environmental and/or social risks

■ aims to benefit the company's
stakeholders

■ is reasonable and not unduly
onerous or costly, or

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■ is not requesting data
that is primarily duplicative to data the company already publicly provides.

Consistent with applicable legal and fiduciary standards, Voya IM will generally support reasonable shareholder proposals relating to environmental impact that are material to the company but are not being addressed sufficiently, including proposals that:

■ aim to reduce negative
environmental impact, including the reduction of GHG emissions and other contributing factors to global climate change

■ request reports related
to environmental policies, practices and management

■ request reports related
to a company's resource consumption and/or efficiency, and

■ requests reports to assess
the company's operational vulnerability as well as physical and regulatory exposure to climate change and the global effort
to compact it.

All companies should take appropriate steps to understand, assess, and mitigate material risks related to climate change, and the board should be responsible for the ultimate oversight of these risks. Accordingly, Say on Climate proposals will be considered on a case-by-case basis.

Consistent with applicable legal and fiduciary standards, Voya IM will generally support reasonable shareholder proposals relating to social risks that are material to the company yet are not being addressed sufficiently.

**7.** **Routine / Miscellaneous** 

Voya IM will generally support management proposals that are administrative in nature and are not considered to be detrimental to shareholders.

**8.** **Mutual Fund Proxies** 

Voya IM will generally support

■ the establishment of new
classes or series of shares

■ the hiring and
terminating of sub-advisers

■ the establishment of a
master-feeder structure

■ management proposals that
authorize the board to hire and terminate sub-advisers.

Voya IM will generally oppose shareholder proposals for the establishment of a director ownership requirement. All other matters will be examined on a case-by-case basis.

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|:---|:---|
| **INVESTMENT MANAGEMENT** | ![](x1_c113438x417x2.jpg) |
| B-248 | B-248 |

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**APPENDIX C**

**ADDITIONAL INFORMATION ABOUT**

**THE FUNDS' PORTFOLIO MANAGERS**

**Compensation of Portfolio Managers**

Set forth below are descriptions of the compensation arrangements utilized by each Fund's Subadviser(s) to compensate the portfolio managers of the Fund. Under the Trust's manager of managers structure, each Fund pays a fee to the Adviser for investment advisory services, and the Adviser, in turn, compensates that Fund's Subadviser(s). Each Subadviser is responsible for compensating its employees. Each portfolio manager's compensation arrangements are established by the Subadviser by whom the portfolio manager is employed. Neither the Trust nor the Adviser has any discretion or authority to determine the amount or the structure of an individual portfolio manager's respective compensation arrangements.

**Other Accounts Managed by the Portfolio Managers**

The portfolio managers of the Funds may provide portfolio management services to various other entities, including other registered investment companies, pooled investment vehicles that are not registered investment companies, and other investment accounts managed for organizations or individuals. Actual or apparent conflicts of interest may arise when a portfolio manager has day-to-day management responsibilities with respect to more than one investment company or other account. Specifically, a portfolio manager who manages multiple investment companies and/or other accounts is presented with potential conflicts of interest that may include, among others:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) an inequitable distribution of the portfolio manager's time and attention;

(ii) the unequal distribution or allocation between accounts of a limited investment opportunity; and

(iii) incentives, such as performance-based management fees, that relate only to certain accounts.

Set forth below is information regarding the other accounts for which each portfolio manager has day-to-day portfolio management responsibilities, as of March 31, 2025, unless otherwise noted. The accounts are classified into three categories: (i) registered investment companies; (ii) other pooled investment vehicles; and (iii) other accounts. To the extent that any of these accounts pays management fees that are based on investment performance ("performance fees"), information regarding those accounts is presented separately.

**Mercer US Small/Mid Cap Equity Fund**

<u>GW&K Investment Management</u>

Portfolio Manager compensation is a formula that balances investment management results over 1, 3 and 5 year periods versus the benchmark and peer universe. Compensation is comprised of a base salary which is determined by the individual's experience and position relative to market data, as well as a bonus that incorporates 3 components:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Performance
 Relative to Peers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Risk-Adjusted
 Performance Relative to Index

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Discretionary

Daniel L. Miller, CFA, Partner, Director of Equities, joined GW&K in 2008. Mr. Miller began managing GW&K's Small/Mid Cap Core Strategy in 2008.

Jeffrey W. Thibault, CFA, Partner, Portfolio Manager, joined GW&K in 2004. Mr. Thibault has been managing GW&K's Small/Mid Cap Core Strategy since the Strategy's inception in 2006.

***Ownership of Fund Shares***. As of March 31, 2025, Messrs. Miller and Thibault did not beneficially own any shares of the Fund.

***Other Accounts Managed by Portfolio Managers***.

In addition to the Fund, Mr. Miller manages:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total Accounts** | **Total Accounts** | **Accounts with Performance<br> Fees** | **Accounts with Performance<br> Fees** |
| **Other Accounts** | **Number of<br> Accounts** | **Assets<br> (*in millions*)** | **Number of<br> Accounts** | **Assets<br> (*in millions*)** |
| Registered Investment Companies\* | 9 | $2378 | 0 | $0 |
| Other Pooled Investment Vehicles\* | 11 | $2568 | 2 | $198 |
| Other Accounts\* | 6930 | $6183 | 1 | $57 |

---

\* As of March 31, 2025.

In addition to the Fund, Mr. Thibault manages:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total Accounts** | **Total Accounts** | **Accounts with Performance<br> Fees** | **Accounts with Performance<br> Fees** |
| **Other Accounts** | **Number of<br> Accounts** | **Assets<br> (*in millions*)** | **Number of<br> Accounts** | **Assets<br> (*in millions*)** |
| Registered Investment Companies\* | 3 | $1395 | 0 | $0 |
| Other Pooled Investment Vehicles\* | 2 | $1521 | 0 | $0 |
| Other Accounts\* | 4318 | $3525 | 1 | $57 |

---

\* As of March 31, 2025.

<u>Loomis, Sayles & Company, L.P. ("Loomis Sayles")</u>

The allocated portion of the fund's portfolio managed by Loomis Sayles is managed on a team basis. The portfolio managers who are jointly and primarily responsible for the day-to-day management of Loomis Sayles' allocated portion of the fund's portfolio are Mark F. Burns, CFA, and John J. Slavik, CFA.

***Compensation.*** Loomis Sayles believes that portfolio manager compensation should be driven primarily by the delivery of consistent and superior long-term performance for its clients. Although portfolio manager compensation is not directly tied to assets under management, a portfolio manager's base salary and/or bonus potential may reflect the amount of assets for which the manager is responsible relative to other portfolio managers. The annual bonus is incentive-based and generally represents a significant multiple of base salary. The bonus is based on three factors: investment performance, profit growth of the Firm, and personal conduct. Investment performance is the primary component of annual bonus and generally represents at least 70% of the total for equity managers. The other factors are used to determine the remainder of the annual incentive bonus, subject to the discretion of the Firm's Chief Investment Officer ("CIO") and senior management. The CIO and senior management evaluate these other factors annually.

The investment performance component of the annual incentive bonus depends primarily on investment performance against benchmark and/or against peers within similar disciplines. The score is based upon the product's institutional composite performance; however, adjustments may be made if there is significant dispersion among the returns of the composite and accounts not included in the composite. For most products, the product investment score compares the product's rolling three year performance over the past nine quarters (a five year view) against both a benchmark and a peer group established by the CIO. The scoring rewards both the aggregate excess performance of the product against a benchmark and the product's relative rank within a peer group. In addition, for fixed income products, the performance score rewards for the consistency of that outperformance and is enhanced if over the past five years it has kept its rolling three-year performance ahead of its benchmark. Portfolio managers working on several product teams receive a final score based on the relative revenue weight of each product.

Portfolio managers may also participate in the three segments of the long-term incentive program. The amount of the awards for each segment are dependent upon role, industry experience, team and firm profitability, and/or investment performance.

**<u>General</u>**

The core elements of the Loomis Sayles compensation plan include a base salary, an annual incentive bonus, and, for senior investor and leadership roles, a long-term incentive bonus. The base salary is a fixed amount based on a combination of factors, including industry experience, firm experience, job performance and market considerations. The annual incentive bonus and long term incentive bonus is driven by a variety of factors depending upon the specific role. Factors include investment performance, individual performance, team and firm profitability, role, and industry experience. Both the annual and long term bonus have a deferral component. Loomis Sayles has developed and implemented three long-term incentive plan segments to attract and retain investment talent.

For the senior-most investment roles, a Long Term Incentive Plan provides annual grants relative to the role, and includes a post retirement payment feature to incentivize effective succession management. Participation is contingent upon signing an award agreement, which includes a non-compete covenant. The second and third Long Term Incentive Plans are constructed to create mid- term alignment for key positions, including a two year deferral feature. The second plan is role based, and the third is team based which is more specifically dependent upon team profitability and/or investment performance.

In addition, Loomis Sayles also offers a profit sharing plan for all employees and a defined benefit plan for employees who joined the firm prior to May 3, 2003. The profit sharing contribution to the retirement plan of each employee is based on a percentage of base salary (up to a maximum amount). The defined benefit plan is based on years of service and base compensation (up to a maximum amount).

***Ownership of Fund Shares****.* As of March 31, 2025, Messrs. Burns and Slavik did not beneficially own any shares of the Fund.

***Other Accounts Managed by Portfolio Managers****.*

In addition to the Fund, Mr. Burns manages:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Total Accounts** | **Total Accounts** | **Accounts with Performance Fees** | **Accounts with Performance Fees** |
| <br>**Other Accounts** | **Number of Accounts** | **Assets<br> (*in millions*)** | **Number of Accounts** | **Assets<br> (*in millions*)** |
| Registered Investment Companies\* | 4 | $2641 | 0 | $0 |
| Other Pooled Investment Vehicles\* | 3 | $1492 | 0 | $0 |
| Other Accounts\* | 28 | $1149 | 0 | $0 |

---

\*As of March 31, 2025.

In addition to the Fund, Mr. Slavik manages:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Total Accounts** | **Total Accounts** | **Accounts with Performance Fees** | **Accounts with Performance Fees** |
| <br>**Other Accounts** | **Number of Accounts** | **Assets<br> (*in millions*)** | **Number of Accounts** | **Assets<br> (*in millions*)** |
| Registered Investment Companies\* | 4 | $2641 | 0 | $0 |
| Other Pooled Investment Vehicles\* | 3 | $1492 | 0 | $0 |
| Other Accounts\* | 31 | $1148 | 0 | $0 |

---

\*As of March 31, 2025.

***Potential Conflicts of Interest.*** Conflicts of interest may arise in the allocation of investment opportunities and the allocation of aggregated orders among the Funds and other accounts managed by the portfolio managers. A portfolio manager potentially could give favorable treatment to some accounts for a variety of reasons, including favoring larger accounts, accounts that pay higher fees, accounts that pay performance-based fees, accounts of affiliated companies and accounts in which the portfolio manager has an interest. In addition, due to differences in the investment strategies or restrictions among the Fund and a portfolio manager's other accounts, the portfolio manager may take action with respect to another account that differs from the action taken with respect to the Fund. Although such favorable treatment could lead to more favorable investment opportunities or allocations for some accounts and may appear to create additional conflicts of interest for the portfolio manager in the allocation of management time and resources, Loomis Sayles strives to ensure that portfolio managers endeavor to exercise their discretion in a manner that is equitable to all interested persons. Furthermore, Loomis Sayles makes investment decisions for all accounts (including institutional accounts, mutual funds, hedge funds and affiliated accounts) based on each account's investment objective, investment guidelines and restrictions, the availability of other comparable investment opportunities and Loomis Sayles' desire to treat all accounts fairly and equitably over time. Loomis Sayles maintains Trade Aggregation and Allocation Policies and Procedures to mitigate the effects of these potential conflicts as well as other types of conflicts of interest. However, there is no guarantee that such procedures will detect each and every situation where a conflict arises or that Loomis Sayles will treat all accounts identically. Conflicts of interest also arise to the extent a portfolio manager short sells a stock or otherwise takes a short position in one client account but holds that stock long in other accounts, including the Fund, or sells a stock for some accounts while buying the stock for others, and through the use of "soft dollar arrangements," which are discussed in Loomis Sayles' Brokerage Allocation Policies and Procedures and Loomis Sayles' Trade Aggregation and Allocation Policies and Procedures.

<u>LSV Asset Management ("LSV")</u>

The portfolio managers who are responsible for the day-to-day management of LSV's allocated portion of the Fund's portfolio are Josef Lakonishok, Ph.D., Menno Vermeulen, CFA, Puneet Mansharamani, CFA, Greg Sleight, Guy Lakonishok, CFA and Skarishevsky.

***Compensation****.* The portfolio managers' compensation consists of a 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. 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. Compensation is not tied to performance or investment return.

***Ownership of Fund Shares****.* As of March 31, 2025, Messrs. Josef Lakonishok, Vermeulen, Mansharamani, Sleight, Guy Lakonishok and Skarishevsky did not beneficially own any shares of the Fund.

***Other Accounts Managed by Portfolio Managers.***

Other than the Fund, Messrs. Josef Lakonishok, Vermeulen, Mansharamani, Sleight, Guy Lakonishok and Skarishevsky manage:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Total Accounts** | **Total Accounts** | **Accounts with<br> Performance Fees** | **Accounts with<br> Performance Fees** |
| <br>**Other Accounts** | **Number of Accounts** | **Assets<br> (*in millions*)** | **Number of Accounts** | **Assets<br> (*in millions*)** |
| Registered Investment Companies\* | 29 | $13838 | 0 | $0 |
| Other Pooled Investment Vehicles\* | 61 | $22512 | 5\*\* | $1959 |
| Other Accounts\* | 254 | $59984 | 54 | $14858 |

---

\*As of June 30, 2025.

\*\*These accounts are limited partnerships to which LSV acts as general partner and are an aggregation of underlying investors who have negotiated a performance fee.

***Potential Conflicts of Interest***. 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, the Forensic Testing Committee, consisting of the Chief Compliance Officer, Compliance Officer, Chief Operating Officer and Compliance Analyst, reviews, among other things, allocations of investment opportunities among clients and the allocation of partially-filled block trades. including allocations to accounts or funds with performance-based fees or in which employees may be invested, to confirm consistency with LSV's policies and procedures.

<u>Parametric Portfolio Associates LLC ("Parametric")</u>

The portfolio managers who are primarily responsible for the day-to-day management of Parametric's allocated portion of the Fund's portfolio are Zach Olsen, CFA and Ricky Fong, CFA.

***Compensation.*** Parametric believes that its compensation packages, which are described below, are adequate to attract and retain high-caliber professional employees. Please note that compensation for investment professionals is not based directly on investment performance or assets managed, but rather on the overall performance of responsibilities. In this way, the interests of portfolio managers are aligned with the interests of investors without providing incentive to take undue or insufficient investment risk. It also removes a potential motivation for fraud. Parametric is a subsidiary of Morgan Stanley. Violations of Parametric's or Morgan Stanley's policies would be a contributing factor when evaluating an employee's discretionary bonus.

Compensation of Parametric employees has the following components:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Base salary

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Discretionary bonus

● This bonus may be paid in cash, or for those who meet the eligibility for deferred compensation, may be paid in a combination of cash and deferred awards that may include Morgan Stanley restricted stock.

● Deferred awards vest after 3 years.

Parametric employees also receive certain retirement, health and welfare insurance, and other benefits that are broadly available to Morgan Stanley employees. Compensation of employees is reviewed on an annual basis. Considerations for adjustments in base salary and bonus decisions are typically paid and/or put into effect at, or shortly after, the firm's fiscal year-end.

The firm also maintains the following arrangements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Employment
 contracts for key investment professionals and senior leadership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Notice
 and Non-Solicit agreements for Managing Directors and Executive Directors of the company.

<u>Method to Determine Compensation</u>

Parametric seeks to compensate investment professionals commensurate with responsibilities and performance while remaining competitive with other firms within the investment management industry.

Compensation is also influenced by the operating performance of Parametric and Morgan Stanley. While the salaries of investment professionals are comparatively fixed, variable compensation in the form of bonuses may fluctuate from year-to-year, based on changes in financial performance and other factors. Parametric also offers opportunities to move within the organization, as well as incentives to grow within the organization by promotion.

Additionally, Parametric participates in compensation surveys that benchmark salaries against other firms in the industry. This data is reviewed, along with a number of other factors, so that compensation remains competitive with other firms in the industry.

***Ownership of Fund Shares****.* As of March 31, 2025, Messrs. Zach Olsen and Ricky Fong did not beneficially own any shares of the Fund.

***Other Accounts Managed by Portfolio Managers****.*

In addition to the Fund, Mr. Olsen manages:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Total Accounts** | **Total Accounts** | **Accounts with Performance Fees** | **Accounts with Performance Fees** |
| <br>**Other Accounts** | **Number of<br> Accounts** | **Assets<br> (*in millions*)** | **Number of<br> Accounts** | **Assets<br> (*in millions*)** |
| Registered Investment Companies\* | 31 | $393.5 | 0 | $0 |
| Other Pooled Investment Vehicles\* | 21 | $818.37 | 0 | $0 |
| Other Accounts\* | 81 | $16317.27 | 0 | $0 |

---

\* As of March 31, 2025

In addition to the Fund, Mr. Fong manages:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Total Accounts** | **Total Accounts** | **Accounts with Performance Fees** | **Accounts with Performance Fees** |
| <br>**Other Accounts** | **Number of<br> Accounts** | **Assets<br> (*in millions*)** | **Number of<br> Accounts** | **Assets<br> (*in millions*)** |
| Registered Investment Companies\* | 31 | $393.5 | 0 | $0 |
| Other Pooled Investment Vehicles\* | 33 | $1467.1 | 0 | $0 |
| Other Accounts\* | 340 | $78698.72 | 0 | $0 |

---

\* As of March 31, 2025.

Parametric utilizes a team-based approach to portfolio management, and each of the portfolio managers listed are jointly and primarily responsible for the management of a portion of the accounts listed in each category.

***Potential Conflicts of Interest.*** Parametric is a wholly-owned subsidiary of Morgan Stanley, a global financial institution that provides a broad spectrum of investment banking and financial services. Parametric and its affiliates advise other clients and investment funds with a wide variety of investment objectives that may in some instances overlap or conflict with the Funds' investment objectives and present conflicts of interest. Parametric may face conflicts in the allocation of investment opportunities among the Funds and other clients. Parametric may have incentives to favor one account over another, such as if one client pays higher management fees. Additionally, Parametric and its affiliates may invest their own assets in an investment opportunity that falls within the Funds' investment objectives, which may reduce the number of investment opportunities available to the Fund. To seek to reduce potential conflicts of interest and to attempt to allocate such investment opportunities in a fair and equitable manner, Parametric has implemented allocation policies and procedures. These policies and procedures are intended to give all clients of Parametric, including the Funds,

fair access to investment opportunities consistent with the requirements of organizational documents, investment strategies, applicable laws and regulations, and the fiduciary duty of Parametric.

Parametric and its affiliates may invest in different classes of securities of the same issuer. As a result, Parametric and its affiliates, at times, will seek to satisfy fiduciary obligations to certain clients owning one class of securities of a particular issuer by pursuing or enforcing right on behalf of those clients with respect to such class of securities, and those activities may have an adverse effect on another client which owns a different class of securities of such issuer. For example, if one client holds debt securities of an issuer and another client holds equity securities of the same issuer, if the issuer experiences financial or operational challenges, Parametric and its affiliates may seek a liquidation of the issuer on behalf of the client that holds the debt securities, whereas the client holding the equity securities may benefit from a reorganization of the issuer. Thus, in such situations, the actions taken by Parametric or its affiliates on behalf of one client can negatively impact securities held by another client. In addition, Parametric or its affiliates may invest in or advise a company that is or becomes a competitor of a company held by the Funds. Such investment could create a conflict between the Funds on the one hand, and Parametric and its affiliates and their clients on the other hand.

Parametric and its affiliates may give advice and recommend securities to other clients and their own accounts which may differ from advice given to, or securities recommended be bought for, the Fund even though such other clients' investment objectives may be similar to those of the Fund. Additionally, certain securities or instruments may be held in some client accounts, including the Funds but not in others, or client accounts may have different levels of holdings in certain securities or instruments. In addition, Parametric and its affiliates manage long and short portfolios. The simultaneous management of long and short portfolios creates conflicts of interest in that a short sale activity could adversely affect the market value of long positions in one or more portfolios (and vice versa). Parametric and its affiliates maintain separate trading desks that operate independently of each other and do not share information with each other. These desks may compete against each other when implementing buy and sell transactions, possibly causing certain accounts of Parametric and its affiliates to pay more or receive less for a security than other client accounts.

Parametric and its affiliates may from time-to-time receive confidential or material non-public information regarding an investment and may be limited in its ability to utilize such information or to transact in such securities, potentially adversely affecting the Funds. Parametric and its affiliates may be precluded from sharing such information with each other or with its investment team. In addition, Parametric may, in certain instances, be required to aggregate its holdings with its affiliates, potentially causing Parametric to refrain from making investments due to position limit restrictions. Parametric and its affiliates have sought to limit the impact of these potential restrictions by establishing certain information barriers and other policies which limit the sharing of information between different groups within Morgan Stanley.

In the course of its business, Morgan Stanley engages in activities where Morgan Stanley's interest or the interests of its clients may conflict with the interests of Parametric's clients, including the Funds. Morgan Stanley engages in investment banking and broker-dealer activities. This may create conflicts of interests between those activities and the Funds. For example, Morgan Stanley's provision of financial advice to issuers of securities held by the Funds regarding matters such as mergers, acquisitions, restructurings or financings may impact the price of such securities. Morgan Stanley will also publish research and analysis which may impact the price of securities held by the Funds. Activities conducted by Morgan Stanley may affect Parametric's ability to transact in certain securities from time-to-time.

All of the transactions and activities described above involve the potential for conflicts of interest between Parametric, its affiliates, and their clients. The Advisers Act, 1940 Act and ERISA impose certain requirements designed to decrease the possibility of conflicts of interest between an adviser and its clients. In some cases, transactions may be permitted subject to fulfillment of certain conditions. Certain other transactions may be prohibited. Parametric has instituted policies and procedures, including a code of ethics, designed to prevent conflicts of interest from arising and, when they do arise, to ensure that it effects transactions for clients in a manner that is consistent with its fiduciary duty to its clients and in accordance with applicable law. Parametric seeks to ensure that potential or actual conflicts of interest are appropriately resolved taking into consideration the overriding best interests of the client. For more information about these and other conflicts of interest of Parametric, please see Parametric's Form ADV Part 2A.

<u>River Road Asset Management, LLC ("River Road")</u>

The portfolio managers who are primarily responsible for the day-to-day management of River Road's allocated portion of the Fund's portfolio are J. Justin Akin and R. Andrew Beck.

***Compensation.*** Compensation for portfolio managers includes an annual fixed base salary and a potential performance-based bonus. In addition, all portfolio managers also own equity in the firm, which entitles them to a portion of the firm's profits.

***Ownership of Fund Shares.*** As of March 31, 2025, Messrs. Akin and Beck did not beneficially own any shares of the Fund.

***Other Accounts Managed by Portfolio Managers****.<sup>\*</sup>* 

In addition to the Fund, Mr. Akin manages:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Total Accounts** | **Total Accounts** | **Accounts with Performance Fees** | **Accounts with Performance Fees** |
| <br>**Other Accounts** | **Number of Accounts** | **Assets<br> (*in millions*)** | **Number of Accounts** | **Assets<br> (*in millions*)** |
| Registered Investment Companies\* | 5 | $2421 | 0 | $0 |
| Other Pooled Investment Vehicles\* | 9 | $480 | 0 | $0 |
| Other Accounts\* | 31 | $2173 | 2 | $204 |

---

\*As of March 31, 2025. Accounts with performance fees and corresponding assets also included in total accounts/assets managed.

In addition to the Fund, Mr. Beck manages:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Total Accounts** | **Total Accounts** | **Accounts with Performance Fees** | **Accounts with Performance Fees** |
| <br>**Other Accounts** | **Number of Accounts** | **Assets<br> (*in millions*)** | **Number of Accounts** | **Assets<br> (*in millions*)** |
| Registered Investment Companies\* | 6 | $2471 | 0 | $0 |
| Other Pooled Investment Vehicles\* | 9 | $480 | 0 | $0 |
| Other Accounts\* | 31 | $2781 | 2 | $204 |

---

\*As of March 31, 2025. Accounts with performance fees and corresponding assets also included in total accounts/assets managed.

***Potential Conflicts of Interest***. The portfolio managers manage multiple accounts, including the respective Fund. The portfolio managers make decisions for each account based on the investment objectives, policies, practices and other relevant investment considerations that the portfolio managers believe are applicable to that account. Consequently, the portfolio managers may purchase securities 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. A portfolio manager may place transactions on behalf of other accounts that are contrary to investment decisions made on behalf of a Fund, or make investment decisions that are similar to those made for a Fund, both of which have the potential to adversely affect the price paid or received by a Fund or the size of the security position obtainable for a Fund. River Road has adopted policies and procedures that it believes are reasonably designed to address the conflicts associated with managing multiple accounts for multiple clients, although there can be no assurance that such policies and procedures will adequately address such conflicts.

<u>Westfield Capital Management Company, L.P. ("Westfield")</u>

Investment decisions for the Fund are made by consensus of the Westfield Investment Committee ("Committee"), which is charged by William A. Muggia. Each member of the Committee has input into the investment process and overall product portfolio construction. Although the Committee collectively acts as portfolio manager for the Fund, Westfield lists the following Committee members, based either on seniority or role within the Committee, as having day-to-day management responsibilities for the Fund. William A. Muggia, Richard D. Lee, CFA, Matthew R. Renna, and Edward D. Richardson.

***Compensation***. Members of the Investment Committee are eligible to receive various components of compensation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Investment
 Committee members receive a base salary commensurate with industry standards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Investment
 Committee members also receive a performance based bonus award. The amount awarded is based
 on the employee's individual performance attribution and overall contribution to the
 investment performance of Westfield.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Investment
 Committee members may be eligible to receive equity interests in the future profits of Westfield.
 Individual awards are typically determined by a member's overall performance within
 the firm, including but not limited to contribution to company strategy, participation in
 marketing and client service initiatives, as well as longevity at the firm. Key members of
 Westfield's management team who received equity interests in the firm entered into
 agreements restricting post-employment competition and solicitation of clients and employees
 of Westfield. This compensation is in addition to the base salary and performance based bonus.

***Ownership of Fund Shares****.* As of March 31, 2025, Messrs. Muggia, Lee, Richardson and Renna, did not beneficially own any shares of the Fund.

***Other Accounts Managed by Portfolio Managers.***

In addition to the Fund, Mr. Muggia manages:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Total Accounts** | **Total Accounts** | **Accounts with Performance Fees** | **Accounts with Performance Fees** |
| <br>**Other Accounts** | **Number of<br> Accounts** | **Assets<br> (*in millions*)** | **Number of<br> Accounts** | **Assets<br> (*in millions*)** |
| Registered Investment Companies\* | 14 | $5959 | 0 | $0 |
| Other Pooled Investment Vehicles\* | 13 | $3476 | 1 | $35 |
| Other Accounts\* | 262 | $11434 | 26 | $3059 |

---

\*As of March 31, 2025.

In addition to the Fund, Mr. Lee manages:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Total Accounts** | **Total Accounts** | **Accounts with Performance Fees** | **Accounts with Performance Fees** |
| <br>**Other Accounts** | **Number of<br> Accounts** | **Assets<br> (*in millions*)** | **Number of<br> Accounts** | **Assets<br> (*in millions*)** |
| Registered Investment Companies\* | 11 | $4140 | 0 | $0 |
| Other Pooled Investment Vehicles\* | 9 | $3369 | 0 | $0 |
| Other Accounts\* | 219 | $10082 | 22 | $2111 |

---

\*As of March 31, 2025.

In addition to the Fund, Mr. Renna manages:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Total Accounts** | **Total Accounts** | **Accounts with Performance Fees** | **Accounts with Performance Fees** |
| <br>**Other Accounts** | **Number of<br> Accounts** | **Assets<br> (*in millions*)** | **Number of<br> Accounts** | **Assets<br> (*in millions*)** |
| Registered Investment Companies | 11 | $4515 | 0 | $0 |
| Other Pooled Investment Vehicles | 11 | $4010 | 0 | $0 |
| Other Accounts | 221 | $12042 | 22 | $2442 |

---

\*As of June 30, 2025.

In addition to the Fund, Mr. Richardson manages:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Total Accounts** | **Total Accounts** | **Accounts with Performance Fees** | **Accounts with Performance Fees** |
| <br>**Other Accounts** | **Number of<br> Accounts** | **Assets<br> (*in millions*)** | **Number of<br> Accounts** | **Assets<br> (*in millions*)** |
| Registered Investment Companies\* | 10 | $4499 | 0 | $0 |
| Other Pooled Investment Vehicles\* | 9 | $3956 | 0 | $0 |
| Other Accounts\* | 221 | $12042 | 22 | $2111 |

---

\*As of June 30, 2025.

***Potential Conflicts of Interest***. The simultaneous management of multiple accounts by our investment professionals creates a possible conflict of interest as they must allocate their time and investment ideas across multiple accounts. This may result in the Investment Committee or portfolio managers allocating unequal attention and time to the management of each client account as each has different objectives, benchmarks, investment restrictions and fees. For most client accounts, investment decisions are made at the Investment Committee level. Once an idea has been approved, it is implemented across all eligible and participating accounts within the strategy.

Although the Investment Committee collectively acts as portfolio manager on most client accounts, there are some client accounts that are managed by a portfolio manager who also serves as a member of the Investment Committee. This can create a conflict of interest because investment decisions for these individually managed accounts do not require approval by the Investment Committee; thus, there is an opportunity for individually managed client accounts to trade in a security ahead of Investment Committee managed client accounts. Trade orders for individually managed accounts must be communicated to the Investment Committee. Additionally, the Compliance team performs periodic reviews of such accounts to ensure procedures have been followed.

Westfield has clients with performance-based fee arrangements. A conflict of interest can arise between those portfolios that incorporate a performance fee and those that do not. When the same securities are recommended for both types of accounts, it is Westfield's policy to allocate investments, on a pro-rata basis, to all participating and eligible accounts, regardless of the account's fee structure. Our Operations team performs ongoing reviews of each product's model portfolio versus each client account. Discrepancies are researched, and exceptions are documented.

In placing each transaction for a client's account, Westfield seeks best execution of that transaction except in cases where Westfield does not have the authority to select the broker or dealer, as stipulated by the client. We attempt to bundle directed brokerage accounts with non-directed accounts, and then utilize step-out trades to satisfy the directed arrangements. Clients who do not allow step-out trades generally will be executed after non-directed accounts.

Because of our interest in receiving third-party research services, there may be an incentive for Westfield to select a broker or dealer based on such interest rather than the clients' interest in receiving most favorable execution. To mitigate the conflict that Westfield may have an incentive beyond best execution to utilize a particular broker, broker and research votes are conducted and reviewed on a

quarterly basis. These votes provide the opportunity to recognize the unique research efforts of a wide variety of firms, as well as the opportunity to compare aggregate commission dollars with a particular broker to ensure appropriate correlation. Westfield's Best Execution Committee also reviews transaction cost analysis data quarterly to monitor trading and commission activity.

Some Westfield clients have elected to retain certain brokerage firms as consultants or to invest their assets through a broker-sponsored wrap program for which Westfield acts as a manager. Several of these firms are on our approved broker list. Since Westfield may gain new clients through such relationships and will interact closely with such firms to service the client, there may be an incentive for Westfield to select a broker or dealer based on such interest rather than the clients' interest. To help ensure independence in the brokerage selection process, brokerage selection is handled by our Traders, while client relationships are managed by our Marketing/Client Service team.

Personal accounts may give rise to conflicts of interest. Westfield and its employees will, from time to time, for their own investment accounts, purchase, sell, hold or own securities or other assets which may be recommended for purchase, sale or ownership for one or more clients. Westfield has a Code of Ethics which regulates trading in such accounts; requirements include regular reporting and preclearance of transactions. Compliance reviews personal trading activity regularly.

Westfield serves as manager to the General Partners of private funds, for which we also provide investment advisory services. Westfield and its employees have also invested their own funds in such vehicles and other investment strategies that are advised by the firm. Allowing such investments and having a financial interest in the private funds can create an incentive for the firm to favor these accounts because our financial interests are more directly tied to the performance of such accounts. To help ensure all clients are treated equitably and fairly, Westfield allocates investment opportunities on a pro-rata basis. Compliance conducts periodic reviews of client accounts to ensure procedures have been followed.

In addition to a base salary and a performance-based bonus award, Westfield's Marketing and Client Service team's compensation is based on a percentage of annual revenue generated by new separate accounts and/or significant contributions to existing client accounts but excludes any sub-advised or advised mutual funds. This incentive poses a conflict in that members of the team could encourage investment in a product(s) that may not be suitable. To mitigate such risk, team members are not incentivized to sell one product versus another. Nor do they have specific sales targets. Further, Westfield's new account process includes a review of client contracts and investment policy statements to ensure the recommended product is suitable prior to funding. Lastly, all incentive compensation is reviewed and approved by the COO and CFO.

Westfield has an agreement with an independent third-party solicitation firm (also known as a promoter) to solicit and service institutional clients outside of the United States and Canada. The solicitor is compensated via a monthly retainer fee in addition to a percentage of the advisory fee paid by a referred client. Referred clients should be aware of inherent conflicts of interest between the solicitation firm and Westfield with respect to the promoter/referral arrangement. Promoters could refer potential clients to Westfield because they will be paid a fee and not necessarily because Westfield provides appropriate and suitable investment strategies for the client. To mitigate this conflict, Westfield's Marketing and Client Service team will be involved in the review of all prospects to ensure suitability. In addition, Westfield's new account process includes a review of client contracts and investment policy statements to ensure the recommended product is suitable prior to funding.

**Mercer Non-US Core Equity Fund**

<u>American Century Investment Management, Inc. ("American Century")</u>

The portfolio managers on the investment team who are jointly and primarily responsible for the day-to-day management of American Century's allocated portion of the Fund's portfolio are Rajesh Gandhi and Jim Zhao.

***Compensation.*** American Century portfolio manager compensation is structured to align the interests of portfolio managers with those of the shareholders whose assets they manage. As of March 31, 2025, it includes the components described below, each of which is determined with reference to a number of factors such as overall performance, market competition, and internal equity.

*Base Salary*. Portfolio managers receive base pay in the form of a fixed annual salary.

*Bonus*. A significant portion of portfolio manager compensation takes the form of an annual incentive bonus, which is determined by a combination of factors. One factor is investment performance of funds a portfolio manager manages. The mutual funds' investment performance is generally measured by a combination of one-, three- and five-year pre-tax performance relative to various benchmarks and/or internally-customized peer groups. The performance comparison periods may be adjusted based on a fund's inception date or a portfolio manager's tenure on the fund.

Portfolio managers may have responsibility for multiple American Century products. In such cases, the performance of each is assigned a percentage weight appropriate for the portfolio manager's relative levels of responsibility. Portfolio managers also may have responsibility for other types of managed portfolios or ETFs. If the performance of a managed account or ETF is considered for purposes of compensation, it is generally measured via the same criteria as an American Century mutual fund (i.e., relative to the performance of a benchmark and/or peer group).

A second factor in the bonus calculation relates to the performance of a number of American Century products managed according to one of the following investment disciplines: global growth equity, global value equity, disciplined equity, global fixed-income, and multi-asset strategies. The performance of American Century ETFs may also be included for certain investment disciplines. Performance is measured for each product individually as described above and then combined to create an overall composite for the product group. These composites may measure one-year performance (equal weighted) or a combination of one-, three- and five-year performance (equal or asset weighted) depending on the portfolio manager's responsibilities and products managed and the composite for certain portfolio managers may include multiple disciplines. This feature is designed to encourage effective teamwork among portfolio management teams in achieving long-term investment success for similarly styled portfolios.

A portion of portfolio managers' bonuses may be discretionary and may be tied to factors such as profitability or individual performance goals, such as research projects and the development of new products.

*Restricted Stock Plans*. Portfolio managers are eligible for grants of restricted stock of American Century Companies, Inc. ("ACC"). These grants are discretionary, and eligibility and availability can vary from year to year. The size of an individual's grant is determined by individual and product performance as well as other product-specific considerations such as profitability. Grants can appreciate/depreciate in value based on the performance of the ACC stock during the restriction period (generally three to four years).

*Deferred Compensation Plans*. Portfolio managers are eligible for grants of deferred compensation. These grants are used in very limited situations, primarily for retention purposes. Grants are fixed and can appreciate/depreciate in value based on the performance of the American Century mutual funds in which the portfolio manager chooses to invest them.

***Ownership of Fund Shares****.* As of March 31, 2025, Mr. Gandhi and Mr. Zhao did not beneficially own any shares of the Fund.

***Other Accounts Managed by Portfolio Managers.***

In addition to the Fund, Mr. Gandhi manages:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Total Accounts** | **Total Accounts** | **Accounts with Performance Fees** | **Accounts with Performance Fees** |
| <br>**Other Accounts** | **Number of<br> Accounts** | **Assets<br> (*in millions*)** | **Number of<br> Accounts** | **Assets<br> (*in millions*)** |
| Registered Investment Companies\* | 4 | $2894 |  | $0 |
| Other Pooled Investment Vehicles\* | 4 | $653 | 0 |  |
| Other Accounts\* | 12 | $1977 | 0 |  |

---

\*As of March 31, 2025.

In addition to the Fund, Mr. Zhao manage:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Total Accounts** | **Total Accounts** | **Accounts with Performance Fees** | **Accounts with Performance Fees** |
| <br>**Other Accounts** | **Number of<br> Accounts** | **Assets<br> (*in millions*)** | **Number of<br> Accounts** | **Assets<br> (*in millions*)** |
| Registered Investment Companies\* | 4 | $2894 | 0 | $0 |
| Other Pooled Investment Vehicles\* | 4 | $653 | 0 | $0 |
| Other Accounts\* | 12 | $1977 | 0 | $0 |

---

\*As of March 31, 2025.

***Potential Conflicts of Interest.*** Certain conflicts of interest may arise in connection with American Century's management of client portfolios with different investment strategies. Potential conflicts can include, for example, one investment strategy buying or selling a security while another has a different, potentially opposite, position in the same security. This may include one investment strategy taking a short position in the security of an issuer that is held long in another investment strategy (or vice versa). Other potential conflicts may arise with respect to the allocation of investment opportunities across client portfolios, which are discussed in more detail below. American Century has adopted policies and procedures that are designed to minimize the effects of these conflicts.

Management of American Century's client portfolios is organized according to investment discipline and investment strategy. Investment disciplines include, for example, Disciplined Equity, Global Growth Equity (both U.S. and Global/Non-U.S.), Global Value Equity, Global Fixed Income, Multi-Asset Strategies, American Century Rules-Based ETF strategies, Avantis Investors strategies, and

Private Investments. Within each investment discipline are one or more portfolio teams responsible for managing specific investment strategies, such as U.S. Disciplined Core Value, U.S. Small Cap Value, U.S. Large Cap Growth, Emerging Markets Equity and U.S. Core Fixed Income. In some cases, a portfolio manager or team may be responsible for managing (or assisting in managing) multiple investment strategies within or across investment disciplines. Generally, client portfolios with similar investment strategies are managed by the same portfolio management team using similar investment objectives, approaches and philosophies. Accordingly, portfolio holdings, position sizes, and industry and sector exposures tend to be similar across client portfolios with similar investment strategies, which minimizes the potential for conflicts of interest. In addition, American Century Investments maintains information barriers that restrict portfolio management teams within an investment discipline from having access to information regarding security positions, orders or transactions in client portfolios or investment strategies in other investment disciplines. If a portfolio manager or team manages or assists in managing an investment strategy in another investment discipline, that portfolio manager or team will only have access to information relating to that investment strategy and not other investment strategies within that investment discipline. The information barriers are intended to aid in preventing the misuse of portfolio holdings information or trading activity in other investment disciplines. Portfolio managers or teams that manage (or assist in managing) investment strategies across investment disciplines will not allow their access to portfolio holdings and/or trading information in one investment discipline to in any way impact decisions they make for client portfolios in other investment disciplines.

For each investment strategy, one portfolio is generally designated as the "policy portfolio." Other portfolios with similar investment objectives, guidelines and restrictions, if any, are referred to as "tracking portfolios." When managing policy and tracking portfolios, a portfolio team typically purchases and sells securities across all portfolios that the team manages. American Century's trading systems include various order entry programs that assist in the management of multiple portfolios, such as the ability to purchase or sell the same relative amount of one security across several funds. In some cases a tracking portfolio may have additional restrictions or limitations that cause it to be managed separately from the policy portfolio. Portfolio managers make purchase and sale decisions for such portfolios alongside the policy portfolio to the extent the overlap is appropriate, and separately, if the overlap is not.

American Century may aggregate orders to purchase or sell the same security for multiple portfolios when it believes such aggregation is consistent with its duty to seek best execution on behalf of its clients. Orders of certain client portfolios may, by investment restriction or otherwise, be determined not available for aggregation. American Century has adopted policies and procedures to minimize the risk that a client portfolio could be systematically advantaged or disadvantaged in connection with the aggregation of orders. To the extent equity trades are aggregated, shares purchased or sold are generally allocated to the participating portfolios pro rata based on order size. Because initial public offerings (IPOs) are usually available in limited supply and in amounts too small to permit across-the-board pro rata allocations, American Century has adopted special procedures designed to promote a fair and equitable allocation of IPO securities among clients over time. A centralized trading desk executes all fixed income securities transactions for Avantis ETFs and mutual funds. For all other funds in the American Century complex, portfolio teams are responsible for executing fixed income trades with broker/dealers in a predominantly dealer marketplace. Trade allocation decisions are made by the portfolio manager at the time of trade execution and orders entered on the fixed income order management system. There is an ethical wall between the Avantis trading desk and all other American Century traders. The Advisor's Global Head of Trading monitors all trading activity for best execution and to make sure no set of clients is being systematically disadvantaged.

Finally, investment of American Century's corporate assets in proprietary accounts may raise additional conflicts of interest. To mitigate these potential conflicts of interest, American Century has adopted policies and procedures intended to provide that trading in proprietary accounts is performed in a manner that does not give improper advantage to American Century to the detriment of client portfolios.

<u>Arrowstreet Capital, Limited Partnership ("Arrowstreet")</u>

The allocated portion of the Fund's portfolio managed by Arrowstreet is managed on a team basis. The portfolio managers who are primarily responsible for the day-to-day management of Arrowstreet's allocated portion of the Fund's portfolio are Mr. Derek Vance, CFA, Dr. Christopher Malloy, Ph.D., Ms. Julia Yuan, CFA, Mr. Brandon Berger and Dr. Peter Rathjens, Ph.D. Mr. Berger.

***Compensation.*** Arrowstreet's compensation system is designed to attract, motivate, and retain talented professionals. Arrowstreet's compensation structure for investment professionals consists of a competitive base salary and bonus. Bonuses are paid on an annual basis. Bonus targets are set for each individual at each review period, typically at the start of every year. Generally, bonus amounts are determined typically using the following factors: Arrowstreet's investment performance; Arrowstreet's business performance; and individual contributions and achievements relative to established goals.

***Ownership of Fund Shares****.* As of March 31, 2025, Mr. Vance, Dr. Malloy, Ms. Yuan, Mr. Berger and Dr. Rathjens did not beneficially own any shares of the Fund.

***Other Accounts Managed by Portfolio Managers****.* 

In addition to the Fund, Mr. Vance, Dr. Malloy, Ms. Yuan, Mr. Berger and Dr. Rathjens, along with Arrowstreet's team, manage:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Total Accounts** | **Total Accounts** | **Accounts with Performance Fees** | **Accounts with Performance Fees** |
| <br>**Other Accounts** | **Number of<br> Accounts** | **Assets<br> (*in millions*)** | **Number of<br> Accounts** | **Assets<br> (*in millions*)** |
| Registered Investment Companies\* | 3 | $2925 | 1 | $157 |
| Other Pooled Investment Vehicles\* | 83 | $154206 | 44 | $81981 |
| Other Accounts\* | 64 | $84164 | 9 | $15545 |

---

\*As of June 30, 2025.

***Potential Conflicts of Interest.*** Arrowstreet offers institutional investors a select range of equity investment strategies that are broadly categorized as long-only, alpha extension, long/short.

Arrowstreet's investment strategies are managed by a cohesive investment team, which consists of the research team, investment processes team and the portfolio management team. Individual strategies are not managed by individual investment professionals but rather all strategies are managed by the same team of professionals. This team approach to trading is designed to ensure that all research ideas and opinions are shared at the same time amongst all accounts without systematically favoring any one account over another.

Arrowstreet manages a large number of client accounts and, as a result, potential conflicts of interest may arise from time to time. As a result, Arrowstreet has established a number of policies and procedures designed to mitigate and/or eliminate potential conflicts. Arrowstreet has established policies and procedures with respect to trade execution, aggregation and allocation. In addition, Arrowstreet maintains a comprehensive code of ethics addressing potential conflicts that could arise between Arrowstreet and its employees and its clients.

Arrowstreet believes that its policies and procedures are reasonably designed to address potential conflicts of interest.

<u>LSV Asset Management ("LSV")</u>

The portfolio managers who are responsible for the day-to-day management of LSV's allocated portion of the Fund's portfolio are Josef Lakonishok, Ph.D., Menno Vermeulen, CFA, Puneet Mansharamani, CFA, Greg Sleight, Guy Lakonishok, CFA and Skarishevsky.

***Compensation****.* The portfolio managers' compensation consists of a 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. 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. Compensation is not tied to performance or investment return.

***Ownership of Fund Shares****.* As of March 31, 2025, Messrs. Josef Lakonishok, Vermeulen, Mansharamani, Sleight, Guy Lakonishok and Skarishevsky did not beneficially own any shares of the Fund.

***Other Accounts Managed by Portfolio Managers****.*

Other than the Fund, Messrs. Josef Lakonishok, Vermeulen, Mansharamani, Sleight, Guy Lakonishok and Skarishevsky manage:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Total Accounts** | **Total Accounts** | **Accounts with<br> Performance Fees** | **Accounts with<br> Performance Fees** |
| <br>**Other Accounts** | **Number of Accounts** | **Assets<br> (*in millions*)** | **Number of Accounts** | **Assets<br> (*in millions*)** |
| Registered Investment Companies\* | 29 | $13838 | 0 | $0 |
| Other Pooled Investment Vehicles\* | 61 | $22512 | 5\*\* | $1959 |
| Other Accounts\* | 254 | $59984 | 54 | $14858 |

---

\*As of June 30, 2025.

\*\*These accounts are limited partnerships to which LSV acts as general partner and are an aggregation of underlying investors who have negotiated a performance fee.

***Potential Conflicts of Interest****.* 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, the Forensic Testing Committee, consisting of the Chief Compliance Officer, Compliance Officer, Chief Operating Officer and Compliance Analyst, reviews, among other things, allocations of investment opportunities among clients and the allocation of partially-filled block trades, including allocations to accounts or funds with performance-based fees or in which employees may be invested, to confirm consistency with LSV's policies and procedures.

<u>Massachusetts Financial Services Company ("MFS")</u>

The portfolio managers who are primarily responsible for the day-to-day management of MFS' allocated portion of the Fund's portfolio are Benjamin Stone and Philip Evans.

***Compensation.*** MFS' philosophy is to align portfolio manager compensation with the goal to provide shareholders with long-term value through a collaborative investment process. Therefore, MFS uses long-term investment performance as well as contribution to the overall investment process and collaborative culture as key factors in determining portfolio manager compensation. In addition, MFS seeks to maintain total compensation programs that are competitive in the asset management industry in each geographic market where it has employees. MFS uses competitive compensation data to ensure that compensation practices are aligned with its goals of attracting, retaining, and motivating the highest-quality professionals.

MFS reviews portfolio manager compensation annually. In determining portfolio manager compensation, MFS uses quantitative means and qualitative means to help ensure a durable investment process. As of December 31, 2023, portfolio manager total cash compensation is a combination of base salary and performance bonus:

*Base Salary.* Base salary generally represents a smaller percentage of portfolio manager total cash compensation than performance bonus.

*Performance Bonus.* Generally, the performance bonus represents more than a majority of portfolio manager total cash compensation.

The performance bonus is based on a combination of quantitative and qualitative factors, generally with more weight given to the former and less weight given to the latter.

The quantitative portion is primarily based on the pre-tax performance of accounts managed by the portfolio manager over a range of fixed-length time periods, intended to provide the ability to assess performance over time periods consistent with a full market cycle and a strategy's investment horizon. The fixed-length time periods include the portfolio manager's full tenure on each Fund/strategy and, when available, 10-, 5-, and 3-year periods. For portfolio managers who have served for less than three years, shorter-term periods, including the one-year period, will also be considered, as will performance in previous roles, if any, held at the firm. Emphasis is generally placed on longer performance periods when multiple performance periods are available. Performance is evaluated across the full set of strategies and portfolios managed by a given portfolio manager, relative to appropriate peer group universes and/or representative indices ("benchmarks").

As of December 31, 2023, the following benchmark was used to measure the performance of each of Mr. Stone and Mr. Evans for the Fund: MSCI EAFE Index (net div).

Benchmarks may include versions and components of indices, custom indices, and linked indices that combine performance of different indices for different portions of the time period, where appropriate.

The qualitative portion is based on the results of an annual internal peer review process (where portfolio managers are evaluated by other portfolio managers, analysts, and traders) and management's assessment of overall portfolio manager contributions to the MFS investment process and the client experience (distinct from fund and other account performance).

The performance bonus may be in the form of cash and/or a deferred cash award, at the discretion of management. A deferred cash award is issued for a cash value and becomes payable over a three-year vesting period if the portfolio manager remains in the continuous employ of MFS or its affiliates. During the vesting period, the value of the unfunded deferred cash award will fluctuate as though the portfolio manager had invested the cash value of the award in an MFS fund(s) selected by the portfolio manager. A selected fund may, but is not required to, be a fund that is managed by the portfolio manager.

*MFS Equity Plan*. Portfolio managers also typically benefit from the opportunity to participate in the MFS Equity Plan. Equity interests are awarded by management, on a discretionary basis, taking into account tenure at MFS, contribution to the investment process, and other factors.

Finally, portfolio managers also participate in benefit plans (including a defined contribution plan and health and other insurance plans) and programs available generally to other employees of MFS. The percentage such benefits represent of any portfolio manager's compensation depends upon the length of the individual's tenure at MFS and salary level, as well as other factors.

***Ownership of Fund Shares****.* As of March 31, 2025, Messrs. Stone and Evans did not beneficially own any shares of the Fund.

***Other Accounts Managed by Portfolio Managers****.*

In addition to the Fund, Mr. Stone manages:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Total Accounts** | **Total Accounts** | **Accounts with Performance<br> Fees\*\*** | **Accounts with Performance<br> Fees\*\*** |
| <br>**Other Accounts** | **Number of<br> Accounts** | **Assets<br> *(in millions)*** | **Number of<br> Accounts** | **Assets<br> (*in millions*)** |
| Registered Investment Companies\* | 8 | $26330 | 0 | $0 |
| Other Pooled Investment Vehicles\* | 3 | $682 | 0 | $0 |
| Other Accounts\* | 7 | $2860 | 0 | $0 |

---

\* As of March 31, 2025.

\*\* Performance fees for any particular account are paid to MFS, not the portfolio manager, and the portfolio manager's compensation is not determined by reference to the level of performance fees received by MFS.

In addition to the Fund, Mr. Evans manages:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Total Accounts** | **Total Accounts** | **Accounts with Performance<br> Fees\*\*** | **Accounts with Performance<br> Fees\*\*** |
| <br>**Other Accounts** | **Number of<br> Accounts** | **Assets<br> (*in millions*)** | **Number of<br> Accounts** | **Assets<br> (*in millions*)** |
| Registered Investment Companies\* | 8 | $26330 | 0 | $0 |
| Other Pooled Investment Vehicles\* | 3 | $682 | 0 | $0 |
| Other Accounts\* | 7 | $2860 | 0 | $0 |

---

\* As of March 31, 2025.

\*\* Performance fees for any particular account are paid to MFS, not the portfolio manager, and the portfolio manager's compensation is not determined by reference to the level of performance fees received by MFS.

***Potential Conflicts of Interest.*** MFS seeks to identify potential conflicts of interest resulting from a portfolio manager's management of both the Fund and other accounts, and has adopted policies and procedures reasonably designed to address such potential conflicts. There is no guarantee that MFS will be successful in identifying or mitigating conflicts of interest.

The management of multiple funds and accounts (including accounts in which MFS, an affiliate, employee, officer, or a director has an interest) gives rise to conflicts of interest if the funds and accounts have different objectives and strategies, benchmarks, time horizons, and fees, as a portfolio manager must allocate his or her time and investment ideas across multiple funds and accounts. In certain instances, there are securities which are suitable for the Fund's portfolio as well as for one or more other accounts advised by MFS or its subsidiaries (including accounts in which MFS, an affiliate, employee, officer, or a director has an interest). MFS' trade allocation policies could have a detrimental effect on the Fund if the Fund's orders do not get fully executed or are delayed in getting executed due to being aggregated with those of other accounts advised by MFS or its subsidiaries. A portfolio manager may execute transactions for another fund or account that may adversely affect the value of the Fund's investments. Investments selected for funds or accounts other than the Fund may outperform investments selected for the Fund.

When two or more accounts are simultaneously engaged in the purchase or sale of the same security, the securities are allocated among clients in a manner believed by MFS to be fair and equitable to each over time. Allocations may be based on many factors and may not always be pro rata based on assets managed. The allocation methodology could have a detrimental effect on the price or availability of a security with respect to the Fund.

MFS and/or a portfolio manager may have a financial incentive to allocate favorable or limited opportunity investments or structure the timing of investments to favor accounts other than the Fund; for instance, those that pay a higher advisory fee and/or have a performance adjustment, those that include an investment by the portfolio manager, and/or those in which MFS, its affiliates, its employees, its officers and/or its directors own or have an interest.

To the extent permitted by applicable law, certain accounts may invest their assets in other accounts advised by MFS or its affiliates, including accounts that are advised by one or more of the same portfolio manager(s), which could result in conflicts of interest relating to asset allocation, timing of purchases and redemptions, and increased profitability for MFS, its affiliates, and/or its personnel, including portfolio managers.

<u>Parametric Portfolio Associates LLC ("Parametric")</u>

The portfolio managers who are primarily responsible for the day-to-day management of Parametric's allocated portion of the Fund's portfolio are Zach Olsen, CFA and Ricky Fong, CFA.

***Compensation.*** Parametric believes that its compensation packages, which are described below, are adequate to attract and retain high-caliber professional employees. Please note that compensation for investment professionals is not based directly on investment performance or assets managed, but rather on the overall performance of responsibilities. In this way, the interests of portfolio managers are aligned with the interests of investors without providing incentive to take undue or insufficient investment risk. It also removes a potential motivation for fraud. Parametric is a subsidiary of Morgan Stanley. Violations of Parametric's or Morgan Stanley's policies would be a contributing factor when evaluating an employee's discretionary bonus.

Compensation of Parametric employees has the following components:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Base salary

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Discretionary bonus

● This bonus may be paid in cash, or for those who meet the eligibility for deferred compensation, may be paid in a combination of cash and deferred awards that may include Morgan Stanley restricted stock.

● Deferred awards vest after 3 years.

Parametric employees also receive certain retirement, health and welfare insurance, and other benefits that are broadly available to Morgan Stanley employees. Compensation of employees is reviewed on an annual basis. Considerations for adjustments in base salary and bonus decisions are typically paid and/or put into effect at, or shortly after, the firm's fiscal year-end.

The firm also maintains the following arrangements:

● Employment contracts for key investment professionals and senior leadership.

● Notice and Non-Solicit agreements for Managing Directors and Executive Directors of the company.

<u>Method to Determine Compensation</u>

Parametric seeks to compensate investment professionals commensurate with responsibilities and performance while remaining competitive with other firms within the investment management industry.

Compensation is also influenced by the operating performance of Parametric and Morgan Stanley. While the salaries of investment professionals are comparatively fixed, variable compensation in the form of bonuses may fluctuate from year-to-year, based on changes in financial performance and other factors. Parametric also offers opportunities to move within the organization, as well as incentives to grow within the organization by promotion.

Additionally, Parametric participates in compensation surveys that benchmark salaries against other firms in the industry. This data is reviewed, along with a number of other factors, so that compensation remains competitive with other firms in the industry.

***Ownership of Fund Shares****.* As of March 31, 2025, Messrs. Olsen and Fong did not beneficially own any shares of the Fund.

***Other Accounts Managed by Portfolio Managers****.*

In addition to the Fund, Mr. Olsen manages:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Total Accounts** | **Total Accounts** | **Accounts with Performance Fees** | **Accounts with Performance Fees** |
| <br>**Other Accounts** | **Number of<br> Accounts** | **Assets<br> (*in millions*)** | **Number of<br> Accounts** | **Assets<br> (*in millions*)** |
| Registered Investment Companies\* | 31 | $394 | 0 | $0 |
| Other Pooled Investment Vehicles\* | 21 | $818 | 0 | $0 |
| Other Accounts\* | 81 | $16317 | 0 | $0 |

---

\* As of March 31, 2025.

In addition to the Fund, Mr. Fong manages:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Total Accounts** | **Total Accounts** | **Accounts with Performance Fees** | **Accounts with Performance Fees** |
| <br>**Other Accounts** | **Number of<br> Accounts** | **Assets<br> (*in millions*)** | **Number of<br> Accounts** | **Assets<br> (*in millions*)** |
| Registered Investment Companies\* | 31 | $394 | 0 | $0 |
| Other Pooled Investment Vehicles\* | 33 | $1467 | 0 | $0 |
| Other Accounts\* | 340 | $78699 | 0 | $0 |

---

\* As of March 31, 2025.

Parametric utilizes a team-based approach to portfolio management, and each of the portfolio managers listed are jointly and primarily responsible for the management of a portion of the accounts listed in each category.

***Potential Conflicts of Interest.*** Parametric is a wholly-owned subsidiary of Morgan Stanley, a global financial institution that provides a broad spectrum of investment banking and financial services. Parametric and its affiliates advise other clients and investment funds with a wide variety of investment objectives that may in some instances overlap or conflict with the Funds' investment objectives and present conflicts of interest. Parametric may face conflicts in the allocation of investment opportunities among the Funds and other clients. Parametric may have incentives to favor one account over another, such as if one client pays higher management fees. Additionally, Parametric and its affiliates may invest their own assets in an investment opportunity that falls within the Funds' investment objectives, which may reduce the number of investment opportunities available to the Fund. To seek to reduce potential conflicts of interest and to attempt to allocate such investment opportunities in a fair and equitable manner, Parametric has implemented allocation policies and procedures. These policies and procedures are intended to give all clients of Parametric, including the Funds, fair access to investment opportunities consistent with the requirements of organizational documents, investment strategies, applicable laws and regulations, and the fiduciary duty of Parametric.

Parametric and its affiliates may invest in different classes of securities of the same issuer. As a result, Parametric and its affiliates, at times, will seek to satisfy fiduciary obligations to certain clients owning one class of securities of a particular issuer by pursuing or enforcing right on behalf of those clients with respect to such class of securities, and those activities may have an adverse effect on another client which owns a different class of securities of such issuer. For example, if one client holds debt securities of an issuer and another client holds equity securities of the same issuer, if the issuer experiences financial or operational challenges, Parametric and its affiliates may seek a liquidation of the issuer on behalf of the client that holds the debt securities, whereas the client holding the equity securities may benefit from a reorganization of the issuer. Thus, in such situations, the actions taken by Parametric or its affiliates on behalf of one client can negatively impact securities held by another client. In addition, Parametric or its affiliates may invest in or advise a company that is or becomes a competitor of a company held by the Funds. Such investment could create a conflict between the Funds on the one hand, and Parametric and its affiliates and their clients on the other hand.

Parametric and its affiliates may give advice and recommend securities to other clients and their own accounts which may differ from advice given to, or securities recommended be bought for, the Fund even though such other clients' investment objectives may be similar to those of the Fund. Additionally, certain securities or instruments may be held in some client accounts, including the Funds but not in others, or client accounts may have different levels of holdings in certain securities or instruments. In addition, Parametric and its affiliates manage long and short portfolios. The simultaneous management of long and short portfolios creates conflicts of interest in that a short sale activity could adversely affect the market value of long positions in one or more portfolios (and vice versa). Parametric and its affiliates maintain separate trading desks that operate independently of each other and do not share information with each other. These desks may compete against each other when implementing buy and sell transactions, possibly causing certain accounts of Parametric and its affiliates to pay more or receive less for a security than other client accounts.

Parametric and its affiliates may from time-to-time receive confidential or material non-public information regarding an investment and may be limited in its ability to utilize such information or to transact in such securities, potentially adversely affecting the Funds. Parametric and its affiliates may be precluded from sharing such information with each other or with its investment team. In addition, Parametric may, in certain instances, be required to aggregate its holdings with its affiliates, potentially causing Parametric to refrain from making investments due to position limit restrictions. Parametric and its affiliates have sought to limit the impact of these potential restrictions by establishing certain information barriers and other policies which limit the sharing of information between different groups within Morgan Stanley.

In the course of its business, Morgan Stanley engages in activities where Morgan Stanley's interest or the interests of its clients may conflict with the interests of Parametric's clients, including the Funds. Morgan Stanley engages in investment banking and broker-dealer activities. This may create conflicts of interests between those activities and the Funds. For example, Morgan Stanley's provision of financial advice to issuers of securities held by the Funds regarding matters such as mergers, acquisitions, restructurings or financings

may impact the price of such securities. Morgan Stanley will also publish research and analysis which may impact the price of securities held by the Funds. Activities conducted by Morgan Stanley may affect Parametric's ability to transact in certain securities from time-to-time.

All of the transactions and activities described above involve the potential for conflicts of interest between Parametric, its affiliates, and their clients. The Advisers Act, 1940 Act and ERISA impose certain requirements designed to decrease the possibility of conflicts of interest between an adviser and its clients. In some cases, transactions may be permitted subject to fulfillment of certain conditions. Certain other transactions may be prohibited. Parametric has instituted policies and procedures, including a code of ethics, designed to prevent conflicts of interest from arising and, when they do arise, to ensure that it effects transactions for clients in a manner that is consistent with its fiduciary duty to its clients and in accordance with applicable law. Parametric seeks to ensure that potential or actual conflicts of interest are appropriately resolved taking into consideration the overriding best interests of the client. For more information about these and other conflicts of interest of Parametric, please see Parametric's Form ADV Part 2A.

**Mercer Emerging Markets Equity Fund**

<u>Baillie Gifford Overseas Limited ("Baillie Gifford")</u>

The allocated portion of the Fund's portfolio managed by Baillie Gifford is managed on a team basis. The portfolio managers who are primarily responsible for the day-to-day management of Baillie Gifford's allocated portion of the Fund's portfolio are Will Sutcliffe, Roddy Snell and Alex Summers.

***Compensation.*** Baillie Gifford's investment managers and analysts are rewarded based on their contribution to both long-term investment performance and the overall business.

Non-partner investment managers and analysts receive a compensation package consisting of a base salary, an Annual Performance Award (APA), and a Long-Term Profit Award (LTPA), along with standard retirement and healthcare benefits.

The APA is 80% tied to the long-term investment performance of the team or portfolio construction group the individual is part of, while the remaining 20% is based on client satisfaction.

The LTPA is a share of the firm's profits based on the individual's role. Investment managers defer 20-40% of their variable remuneration for three years, investing it in funds managed by Baillie Gifford. This approach emphasizes client outcomes and aligns with our long-term investment strategy. Partner remuneration includes a fixed salary, a share of partnership profits based on seniority and role, and partners directly cover additional benefits like pension contributions.

***Ownership of Fund Shares.*** As of March 31, 2025, Messrs. Sutcliffe, Snell and Summers did not beneficially own any shares of the Fund.

***Other Accounts Managed by the Portfolio Managers.***

In addition to the Fund, Mr. Sutcliffe manages:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Total Accounts** | **Total Accounts** | **Accounts with Performance Fees** | **Accounts with Performance Fees** |
| <br>**Other Accounts** | **Number of<br> Accounts** | **Assets<br> (*in millions*)** | **Number of<br> Accounts** | **Assets<br> (*in millions*)** |
| Registered Investment Companies\* | 0 | $0 | 0 | $0 |
| Other Pooled Investment Vehicles\* | 3 | $1195 | 0 | $0 |
| Other Accounts\* | 14 | $7489 | 1 | $2200 |

---

\*As of June 30, 2025.

In addition to the Fund, Mr. Snell manages:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Total Accounts** | **Total Accounts** | **Accounts with Performance Fees** | **Accounts with Performance Fees** |
| <br>**Other Accounts** | **Number of<br> Accounts** | **Assets<br> (*in millions*)** | **Number of<br> Accounts** | **Assets<br> (*in millions*)** |
| Registered Investment Companies\* | 4 | $4288 | 0 | $0 |
| Other Pooled Investment Vehicles\* | 7 | $6169 | 0 | $0 |
| Other Accounts\* | 45 | $19460 | 5 | $4616 |

---

\*As of June 30, 2025.

In addition to the Fund, Mr. Summers manages:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Total Accounts** | **Total Accounts** | **Accounts with Performance Fees** | **Accounts with Performance Fees** |
| <br>**Other Accounts** | **Number of<br> Accounts** | **Assets<br> (*in millions*)** | **Number of<br> Accounts** | **Assets<br> (*in millions*)** |
| Registered Investment Companies\* | 4 | $4538 | 0 | $0 |
| Other Pooled Investment Vehicles\* | 6 | $1517 | 0 | $0 |
| Other Accounts\* | 33 | $8801 | 4 | $2847 |

---

\*As of June 30, 2025.

***Potential Conflicts of Interest.*** Baillie Gifford Overseas (BGO) has a duty to act in the best interests of clients and to treat them fairly when providing investment services. BGO acts as investment adviser to both pooled funds and separately managed separate accounts both on a discretionary and advisory basis. In some cases, both have similar objectives and similar strategies. From time to time, there may be situations that give rise to a conflict of interest. A conflict can arise between the interests of BGO and its affiliates, the Partners of Baillie Gifford & Co and employees and the interests of a client of BGO. Similarly, a conflict of interest can arise between the interests of an External Organization with which investment personnel may hold a position and BGO or BGO's clients. A conflict of interest can also arise between the interests of one client of BGO and another client. In such circumstances, BGO has effective organizational and administrative arrangements to ensure that all reasonable steps are taken to prevent the conflict of interest from adversely affecting the interests of our clients. In addition, where we pay or accept any fee or commission or provide or receive any non-monetary benefit in relation to our investment services, we take care to ensure that such benefits do not place BGO or any third-party firm in a situation which would not be in compliance with the general duty to act in accordance with the best interest of our clients.

<u>Skerryvore Asset Management Ltd. ("Skerryvore")</u>

The allocated portion of the Fund's portfolio managed by Skerryvore is managed on a team basis. The portfolio managers who are primarily responsible for the day-to-day management of Skerryvore's allocated portion of the Fund's portfolio are Glen Finegan as the Lead Portfolio Manager and Portfolio Managers Michael Cahoon, Nicholas Cowley, Stephen Deane, Ronan Kelleher and Ian Tabberer.

***Compensation.*** Skerryvore has a remuneration policy which applies to all Skerryvore staff. All Skerryvore staff are currently paid a fixed, base salary which is commensurate with market rates for those of their seniority, experience and qualifications. The governing body has sought to set the fixed element of employee remuneration at a sufficient level to provide staff with comfortable living standards, in an attempt to avoid reliance on any variable element of remuneration, whilst ensuring the Firm's capital and liquidity position remains strong.

Any variable element of remuneration will be largely based on profits generated by Skerryvore (over and above all expenses), but will also take account of individual performance, to the extent the financial position of the Firm so allows. If the AIFs and Fund Vehicles do not perform well as a result of the investment strategy implemented by the Firm, variable remuneration may still be paid to non-investment staff if the financial position of the Firm so allows. No individual will be rewarded for the success of a specific transaction and whether a bonus is paid is determined by the success of the Firm as a whole, not by the performance of a specific strategy or client. Bonuses to individuals will be based on actual past performance, not based upon future or indicative results. Individual performance is reviewed on an annual basis. Skerryvore does not operate a deferral process or claw back mechanism.

Members of Skerryvore receive fixed monthly drawings (salary) plus a share of firm profit equivalent to their participation level. In addition, Skerryvore can pay up to 10% of gross profit in discretionary bonuses which creates some flexibility. A condition of membership of Skerryvore is that all partners must co-invest up to 50% of their post-tax profit share in strategies run by the firm. These investments must be held for a minimum of three years.

***Ownership of Fund Shares.*** As of March 31, 2025, the Portfolio Managers did not beneficially own any shares of the Fund.

***Other Accounts Managed by the Portfolio Managers.<sup>\*</sup>***

In addition to the Fund, the Portfolio Managers collectively manage the following assets:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Total Accounts** | **Total Accounts** | **Accounts with Performance Fees** | **Accounts with Performance Fees** |
| <br>**Other Accounts** | **Number of<br> Accounts** | **Assets<br> (*in millions*)** | **Number of<br> Accounts** | **Assets<br> (*in millions*)** |
| Registered Investment Companies\* | 0 | $0 | 0 | $0 |
| Other Pooled Investment Vehicles\* | 8 | $1283 | 1 | $191 |
| Other Accounts\* | 1 | $142 | 1 | $142 |

---

\*As of March 31, 2025. The portfolio managed by Skerryvore is managed on a team basis.

***Potential Conflicts of Interest.***

Managing multiple accounts may give rise to potential conflicts of interest including, for example, conflicts among investment strategies, allocating time and attention to account management, allocation of investment opportunities, knowledge of and timing of fund trades, selection of brokers and dealers, and compensation for the account. Skerryvore has adopted and implemented policies and procedures that it believes address the potential conflicts associated with managing accounts for multiple clients and personal accounts and are designed to ensure that all clients and client accounts are treated fairly and equitably. These procedures include allocation policies and procedures, personal trading policies and procedures, internal review processes and, in some cases, review by independent third parties.

<u>Parametric Portfolio Associates LLC ("Parametric")</u>

The portfolio managers who are primarily responsible for the day-to-day management of Parametric's allocated portion of the Fund's portfolio are Zach Olsen, CFA and Ricky Fong, CFA.

***Compensation.*** Parametric believes that its compensation packages, which are described below, are adequate to attract and retain high-caliber professional employees. Please note that compensation for investment professionals is not based directly on investment performance or assets managed, but rather on the overall performance of responsibilities. In this way, the interests of portfolio managers are aligned with the interests of investors without providing incentive to take undue or insufficient investment risk. It also removes a potential motivation for fraud. Parametric is a subsidiary of Morgan Stanley. Violations of Parametric's or Morgan Stanley's policies would be a contributing factor when evaluating an employee's discretionary bonus.

Compensation of Parametric employees has the following components:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Base salary

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Discretionary bonus

● This bonus may be paid in cash, or for those who meet the eligibility for deferred compensation, may be paid in a combination of cash and deferred awards that may include Morgan Stanley restricted stock.

● Deferred awards vest after 3 years.

Parametric employees also receive certain retirement, health and welfare insurance, and other benefits that are broadly available to Morgan Stanley employees. Compensation of employees is reviewed on an annual basis. Considerations for adjustments in base salary and bonus decisions are typically paid and/or put into effect at, or shortly after, the firm's fiscal year-end.

The firm also maintains the following arrangements:

● Employment contracts for key investment professionals and senior leadership.

● Notice and Non-Solicit agreements for Managing Directors and Executive Directors of the company.

<u>Method to Determine Compensation</u>

Parametric seeks to compensate investment professionals commensurate with responsibilities and performance while remaining competitive with other firms within the investment management industry.

Compensation is also influenced by the operating performance of Parametric and Morgan Stanley. While the salaries of investment professionals are comparatively fixed, variable compensation in the form of bonuses may fluctuate from year-to-year, based on changes in financial performance and other factors. Parametric also offers opportunities to move within the organization, as well as incentives to grow within the organization by promotion.

Additionally, Parametric participates in compensation surveys that benchmark salaries against other firms in the industry. This data is reviewed, along with a number of other factors, so that compensation remains competitive with other firms in the industry.

***Ownership of Fund Shares****.* As of March 31, 2025, Messrs. Olsen and Fong did not beneficially own any shares of the Fund.

***Other Accounts Managed by Portfolio Managers****.* 

In addition to the Fund, Mr. Olsen manages:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Total Accounts** | **Total Accounts** | **Accounts with Performance Fees** | **Accounts with Performance Fees** |
| <br>**Other Accounts** | **Number of<br> Accounts** | **Assets<br> (*in millions*)** | **Number of<br> Accounts** | **Assets<br> (*in millions*)** |
| Registered Investment Companies\* | 31 | $394 | 0 | $0 |
| Other Pooled Investment Vehicles\* | 21 | $818 | 0 | $0 |
| Other Accounts\* | 81 | $16317 | 0 | $0 |

---

\* As of March 31, 2025.

In addition to the Fund, Mr. Fong manages:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Total Accounts** | **Total Accounts** | **Accounts with Performance Fees** | **Accounts with Performance Fees** |
| <br>**Other Accounts** | **Number of<br> Accounts** | **Assets<br> (*in millions*)** | **Number of<br> Accounts** | **Assets<br> (*in millions*)** |
| Registered Investment Companies\* | 31 | $394 | 0 | $0 |
| Other Pooled Investment Vehicles\* | 33 | $1467 | 0 | $0 |
| Other Accounts\* | 340 | $78699 | 0 | $0 |

---

\* As of March 31, 2025.

Parametric utilizes a team-based approach to portfolio management, and each of the portfolio managers listed are jointly and primarily responsible for the management of a portion of the accounts listed in each category.

***Potential Conflicts of Interest.*** Parametric is a wholly-owned subsidiary of Morgan Stanley, a global financial institution that provides a broad spectrum of investment banking and financial services. Parametric and its affiliates advise other clients and investment funds with a wide variety of investment objectives that may in some instances overlap or conflict with the Funds' investment objectives and present conflicts of interest. Parametric may face conflicts in the allocation of investment opportunities among the Funds and other clients. Parametric may have incentives to favor one account over another, such as if one client pays higher management fees. Additionally, Parametric and its affiliates may invest their own assets in an investment opportunity that falls within the Funds' investment objectives, which may reduce the number of investment opportunities available to the Fund. To seek to reduce potential conflicts of interest and to attempt to allocate such investment opportunities in a fair and equitable manner, Parametric has implemented allocation policies and procedures. These policies and procedures are intended to give all clients of Parametric, including the Funds, fair access to investment opportunities consistent with the requirements of organizational documents, investment strategies, applicable laws and regulations, and the fiduciary duty of Parametric.

Parametric and its affiliates may invest in different classes of securities of the same issuer. As a result, Parametric and its affiliates, at times, will seek to satisfy fiduciary obligations to certain clients owning one class of securities of a particular issuer by pursuing or enforcing right on behalf of those clients with respect to such class of securities, and those activities may have an adverse effect on another client which owns a different class of securities of such issuer. For example, if one client holds debt securities of an issuer and another client holds equity securities of the same issuer, if the issuer experiences financial or operational challenges, Parametric and its affiliates may seek a liquidation of the issuer on behalf of the client that holds the debt securities, whereas the client holding the equity securities may benefit from a reorganization of the issuer. Thus, in such situations, the actions taken by Parametric or its affiliates on behalf of one client can negatively impact securities held by another client. In addition, Parametric or its affiliates may invest in or advise a company that is or becomes a competitor of a company held by the Funds. Such investment could create a conflict between the Funds on the one hand, and Parametric and its affiliates and their clients on the other hand.

Parametric and its affiliates may give advice and recommend securities to other clients and their own accounts which may differ from advice given to, or securities recommended be bought for, the Fund even though such other clients' investment objectives may be similar to those of the Fund. Additionally, certain securities or instruments may be held in some client accounts, including the Funds but not in others, or client accounts may have different levels of holdings in certain securities or instruments. In addition, Parametric and its affiliates manage long and short portfolios. The simultaneous management of long and short portfolios creates conflicts of interest in that a short sale activity could adversely affect the market value of long positions in one or more portfolios (and vice versa). Parametric and its affiliates maintain separate trading desks that operate independently of each other and do not share information with each other. These desks may compete against each other when implementing buy and sell transactions, possibly causing certain accounts of Parametric and its affiliates to pay more or receive less for a security than other client accounts.

Parametric and its affiliates may from time-to-time receive confidential or material non-public information regarding an investment and may be limited in its ability to utilize such information or to transact in such securities, potentially adversely affecting the Funds.

Parametric and its affiliates may be precluded from sharing such information with each other or with its investment team. In addition, Parametric may, in certain instances, be required to aggregate its holdings with its affiliates, potentially causing Parametric to refrain from making investments due to position limit restrictions. Parametric and its affiliates have sought to limit the impact of these potential restrictions by establishing certain information barriers and other policies which limit the sharing of information between different groups within Morgan Stanley.

In the course of its business, Morgan Stanley engages in activities where Morgan Stanley's interest or the interests of its clients may conflict with the interests of Parametric's clients, including the Funds. Morgan Stanley engages in investment banking and broker-dealer activities. This may create conflicts of interests between those activities and the Funds. For example, Morgan Stanley's provision of financial advice to issuers of securities held by the Funds regarding matters such as mergers, acquisitions, restructurings or financings may impact the price of such securities. Morgan Stanley will also publish research and analysis which may impact the price of securities held by the Funds. Activities conducted by Morgan Stanley may affect Parametric's ability to transact in certain securities from time-to-time.

All of the transactions and activities described above involve the potential for conflicts of interest between Parametric, its affiliates, and their clients. The Advisers Act, 1940 Act and ERISA impose certain requirements designed to decrease the possibility of conflicts of interest between an adviser and its clients. In some cases, transactions may be permitted subject to fulfillment of certain conditions. Certain other transactions may be prohibited. Parametric has instituted policies and procedures, including a code of ethics, designed to prevent conflicts of interest from arising and, when they do arise, to ensure that it effects transactions for clients in a manner that is consistent with its fiduciary duty to its clients and in accordance with applicable law. Parametric seeks to ensure that potential or actual conflicts of interest are appropriately resolved taking into consideration the overriding best interests of the client. For more information about these and other conflicts of interest of Parametric, please see Parametric's Form ADV Part 2A.

<u>Pzena Investment Management, LLC ("Pzena")</u>

The allocated portion of the Fund's portfolio managed by Pzena is managed on a team basis. The portfolio managers who are primarily responsible for the day-to-day management of Pzena's allocated portion of the Fund's portfolio are Rakesh Bordia, Caroline Cai, Allison Fisch, and Akhil Subramanian.

***Compensation.*** Pzena's compensation plan for investment professionals is designed to reward superior performers. The system has three elements: base salary, discretionary bonus, and, as appropriate, equity ownership. 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, qualities are examined such 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 March 31, 2025, Mses. Cai and Fisch, and Messrs. Bordia and Subramanian did not beneficially own any shares of the Fund.

***Other Accounts Managed by Portfolio Managers****.*

In addition to the Fund, Mr. Bordia manage(s):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Total Accounts** | **Total Accounts** | **Accounts with Performance Fees** | **Accounts with Performance Fees** |
| <br>**Other Accounts** | **Number of <br> Accounts** | **Assets<br> (*in millions*)** | **Number of<br> Accounts** | **Assets<br> (*in millions*)** |
| Registered Investment Companies\* | 15 | $10529 | 1 | $281 |
| Other Pooled Investment Vehicles\* | 34 | $4241 | 1 | $380 |
| Other Accounts\* | 42 | $9298 | 0 | $0 |

---

\*As of March 31, 2025.

In addition to the Fund, Ms. Cai manage(s):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Total Accounts** | **Total Accounts** | **Accounts with Performance Fees** | **Accounts with Performance Fees** |
| <br>**Other Accounts** | **Number of<br> Accounts** | **Assets<br> (*in millions*)** | **Number of<br> Accounts** | ***Assets<br> (in millions)*** |
| Registered Investment Companies\* | 16 | $12428 | 2 | $2179 |
| Other Pooled Investment Vehicles\* | 58 | $25696 | 4 | $739 |
| Other Accounts\* | 60 | $13792 | 0 | $0 |

---

\*As of March 31, 2025.

In addition to the Fund, Ms. Fisch manage(s):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Total Accounts** | **Total Accounts** | **Accounts with Performance Fees** | **Accounts with Performance Fees** |
| <br>**Other Accounts** | **Number of<br> Accounts** | **Assets<br> (*in millions*)** | **Number of<br> Accounts** | ***Assets<br> (in millions)*** |
| Registered Investment Companies\* | 15 | $10529 | 1 | $281 |
| Other Pooled Investment Vehicles\* | 34 | $4241 | 1 | $380 |
| Other Accounts\* | 41 | $9297 | 0 | $0 |

---

\*As of March 31, 2025.

In addition to the Fund, Mr. Subramanian manage(s):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Total Accounts** | **Total Accounts** | **Accounts with Performance Fees** | **Accounts with Performance Fees** |
| <br>**Other Accounts** | **Number of <br> Accounts** | **Assets<br> (*in millions*)** | **Number of <br> Accounts** | ***Assets<br> (in millions)*** |
| Registered Investment Companies\* | 4 | $2846 | 1 | $281 |
| Other Pooled Investment Vehicles\* | 17 | $1822 | 1 | $380 |
| Other Accounts\* | 19 | $5681 | 0 | $0 |

---

\*As of March 31, 2025.

***Potential 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 "Pzena 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 Pzena 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 Pzena Accounts on a strategy-specific basis.

If the portfolio management team identifies a limited investment opportunity that may be suitable for more than one Pzena Account, the fund may not be able to take full advantage of that opportunity; however, Pzena has adopted procedures for allocating portfolio transactions across Pzena Accounts so that each Pzena 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 Pzena Account generally receives pro-rata allocations of any new issue or IPO security that is appropriate for its investment objective. Permissible reasons for excluding a Pzena Account from an otherwise acceptable IPO or new issue investment include the Pzena 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 Pzena 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 Pzena Accounts. However, with respect to certain Pzena 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 Pzena 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 Pzena 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 Pzena 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.

Pzena manages some Pzena 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.

<u>Robeco Institutional Asset Management US Inc. ("Robeco")</u>

The allocated portion of the Fund's portfolio managed by Robeco is managed on a team basis. The portfolio managers who are primarily responsible for the day-to-day management of Robeco's allocated portion of the Fund's portfolio are Daniel Haesen, Han van der Boon and Tim Dröge.

***Compensation.*** Employees and their knowledge and capabilities are the most important asset of Robeco. In order to attract and retain staff that allows Robeco to provide value to Robeco's clients and satisfy the clients' needs, fixed and variable remuneration is vital. It is equally vital to reward talent and performance fairly and competitively. In line with Robeco's reputation as a leader in sustainability, Robeco compensates its employees and applies its policy in a non-discriminatory and gender-neutral manner.

Key objectives of the Renumeration Policy are:

● to stimulate employees to act in our clients' best interests and to prevent potential conduct of business and conflict of interest risks, adversely affecting the interests of clients;

● to support effective risk management and avoid employees taking undesirable risks, taking into account the internal risk management framework;

● to ensure a healthy corporate culture, focused on achieving sustainable results in accordance with the long-term objectives of Robeco, its clients and other stakeholders;

● to ensure consistency between the remuneration policy and environmental, social and governance risks and sustainable investment objectives by including these risks in the key performance indicators (KPIs) used for the determination of variable compensation of individual staff members;

● to provide for a market competitive remuneration to retain and attract talent.

Renumeration elements

When determining the total remuneration of employees, Robeco periodically performs a market benchmark review. All remuneration awarded to Robeco employees can be divided into fixed remuneration (payments or benefits without consideration of performance criteria) and variable remuneration (additional payments or benefits, depending on performance).

Fixed remuneration - Monthly fixed pay

Each individual employee's monthly fixed pay is determined based on their function and/or responsibility and experience according to the Robeco salary ranges and with reference to the benchmarks of the investment management industry in the relevant region. The fixed remuneration is sufficiently high to remunerate the professional services rendered, in line with the level of education, the degree of seniority, the level of expertise and skills required, job experience, the relevant business sector and region.

Fixed remuneration - Temporary allowances

Under certain circumstances, temporary allowances may be awarded. In general, such allowances are solely function and/or responsibility based and are not related to the performance of the individual employee or Robeco as a whole. Allowances are granted pursuant to strict guidelines and principles.

Variable remuneration

The variable remuneration pool is established based on the financial results and includes a risk assessment on the total actual variable remuneration pool. In such assessment both financial and non-financial risks are taken into account, consistent with the risk profile of Robeco, the applicable businesses and the underlying client portfolios. When assessing risks, both current and future risks that are taken by the staff member, the business unit and Robeco as a whole are taken into account. This is to ensure any variable remuneration grants are warranted in light of the financial strength of the company and effective risk management.

To the extent that the variable remuneration pool allows, each employee's variable remuneration will be determined at the reasonable discretion of Robeco, taking into account the employee's behavior and individual and team and/or the department's performance, based on pre-determined financial and non-financial performance factors (KPIs). Poor performance or unethical or non-compliant behavior will reduce individual awards or can even result in no variable remuneration being awarded at all. Furthermore, the variable remuneration of all Robeco staff is appropriately balanced with the fixed remuneration.

Performance indicators (KPIs)

The KPIs for investment professionals are mainly based on the risk-adjusted excess returns over one, three and five years. For sales professionals, the KPIs are mostly related to the net run rate revenue, and client relationship management. The KPIs should not encourage excessive risk-taking. The KPIs for support professionals are mainly non-financial and role-specific. KPIs for Control Functions are predominantly (70% or more) function and/or responsibility specific and non-financial in nature. KPIs may not be based on the financial results of the part of the business they oversee in their monitoring role. At least 50% of all employees' KPIs are non financial.

All employees have a mandatory Risk & Compliance KPI: Control, compliance and risk related performance is defined as a 'hygiene' factor. The performance will be assessed and used to adjust the overall performance downward if performance did not (fully) meet the required level. Unethical or non-compliant behaviour overrides any good financial performance generated by a staff member and will diminish the staff member's variable remuneration.

All employees have a sustainability KPI: In line with the Sustainable Finance regulation (SFDR), sustainable risks factors have been integrated in the annual goal setting of relevant employees, so that their remuneration is aligned with sustainability risk management. Robeco's SI Strategy the Sustainable Impact and Strategy Committee (SISC) develops an overview of relevant KPIs for the relevant employees groups e.g. portfolio managers have decarbonization and ESG integration related KPIs and risk professionals have enhancement of portfolio sustainability risk and monitoring related KPIs. Staff member's variable remuneration outcome is based on the performance of the KPIs, including sustainability KPI(s), based on managers discretion.

Annual review

Our remuneration processes are audited and reviewed each year internally. Any relevant changes made by regulators are incorporated in our remuneration policies and guidelines. Every year, an independent external party reviews our remuneration policy to ensure it is fully compliant with all relevant regulations.

***Ownership of Fund Shares.*** As of March 31, 2025, Messrs. Haesen, van der Boon and Dröge did not beneficially own any shares of the Fund.

***Other Accounts Managed by Portfolio Managers****.*

In addition to the Fund, Messrs. Haesen, van der Boon and Dröge manage(s):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Total Accounts** | **Total Accounts** | **Accounts with Performance Fees** | **Accounts with Performance Fees** |
| <br>**Other Accounts** | **Number of<br> Accounts** | **Assets<br> (*in millions*)** | **Number of<br> Accounts** | **Assets<br> (*in millions*)** |
| Registered Investment Companies\* | 3 | $1640 | 0 | $0 |
| Other Pooled Investment Vehicles\* | 10 | $10284 | 0 | $0 |
| Other Accounts\* | 27 | $19247 | 0 | $0 |

---

\*As of June 30, 2025.

***Potential Conflicts of Interest.*** In the course of exercising our stewardship responsibilities, conflicts of interest may arise. Preventing and controlling these conflicts are important elements protecting the best interests of clients and the integrity of financial markets. Robeco is committed to ethical conduct and responsible management of conflicts of interest.

A robust policy on managing conflict of interests, Robeco has a well-developed policy and framework to manage conflicts of interest. Conflicts of interest could arise when executing stewardship activities. Conflicts in relation to our stewardship responsibilities are

covered by our 'Conflict of interest procedure' and by our policy 'Regulations regarding private investment transactions'. An outline of Robeco's conflict of interest procedure is published on Robeco's website.

Several conflicts of interest could arise related to Robeco's stewardship activities. Examples of these potential conflicts of interest are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o A company that is selected for engagement is related to one of our (prospective) clients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Robeco has voting rights in a company that is related to one of our (prospective) clients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o A company that is selected for engagement or is related to our parent company or related subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Clients have differences in engagement preferences.

In these instances, Robeco will execute its voting and engagement policy, as normal on behalf of our ultimate investors following our standard voting policy and engagement guidelines. In case a business relationship might threaten the objectivity or the nature of stewardship activities, Robeco's compliance department is consulted. If, after consultation with Robeco's compliance department, voting and engagement activities are to be pursued, different stakeholders including the Robeco Executive Committee and clients are informed.

Ensuring ethical conduct

Several other aspects of ethical conduct are relevant in relation to our stewardship activities. Stewardship activities are exercised with the aim to influence company behavior; they are not intended to obtain non-public information. In case material non-public information is obtained through stewardship activity, Robeco's compliance department is informed and a information barrier is installed for insiders. Stewardship professionals that are considered insiders are subject to a information barrier until public dissemination of the material information. During the application of the information barrier, stewardship professionals are not allowed to act upon or share the non-public material information. With this approach Robeco takes into account its stewardship responsibilities and acts in the best interest of clients.

Complaints & Grievance handling policy

Robeco has a Complaints & Grievance handling policy that prescribes a process for dealing with complaints from clients as well as allegations, issues or problems, whether perceived or actual, related to Robeco's sustainability commitments, brought forward by one or more external stakeholders of Robeco. The complaints and grievances channel can be found on our website.

**Mercer Core Fixed Income Fund**

<u>Income Research + Management ("IR+M")</u>

The portfolio managers who are primarily responsible for the day-to-day management of IR+M's allocated portion of the Fund's portfolio are James E. Gubitosi, CFA, Michael A. Sheldon, CFA, and William M. O'Neill, CFA.

***Compensation.*** IR+M believes that its compensation arrangements are competitive and an essential tool for attracting and retaining high-caliber professional talent. IR+M manages its portfolios as a team and adheres to its Investment Committee guidance regarding its investment philosophy and process. IR+M's portfolio managers receive a competitive salary and bonus, and all senior portfolio managers are equity owners. IR+M believes its private ownership structure, in tandem with its team-based approach to managing portfolios and servicing clients, aligns the firm's and employees' incentives with its clients' long-term objectives.

To ensure IR+M's compensation remains competitive, IR+M employs a mosaic approach to understanding market compensation. IR+M relies on industry benchmarking data, usually for specific roles, to gain a better understanding of specific compensation information tailored to firms similar to its size and focus. Further, as IR+M hires new individuals into our team, it gains insight into market compensation, which IR+M incorporates into its pay equity studies for its team.

***Ownership of Fund Shares****.* As of June 30, 2025, Messrs. Gubitosi, Sheldon and O'Neill did not beneficially own any shares of the Fund.

***Other Accounts Managed by Portfolio Managers****.*

In addition to the Fund, Messrs. Gubitosi, Sheldon and O'Neill manage:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Total Accounts** | **Total Accounts** | **Accounts with Performance Fees** | **Accounts with Performance Fees** |
| <br>**Other Accounts** | **Number of<br> Accounts** | **Assets<br> (*in millions*)** | **Number of<br> Accounts** | **Assets<br> (*in millions*)** |
| Registered Investment Companies\* | 11 | $5714 | 0 | $0 |
| Other Pooled Investment Vehicles\* | 27 | $19112 | 0 | $0 |
| Other Accounts\* | 718 | $96994 | 0 | $0 |

---

\* As of June 30, 2025.

***Potential 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 Fund's 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 Fund or hold, purchase or sell securities that are eligible to be held, purchased or sold by the Fund. 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 Fund. Because of their positions with the Fund, the portfolio managers know the size, timing and possible market impact of Fund 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 Fund. 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 Fund and other accounts, which, in theory, may allow them to allocate investment opportunities in a way that favors other accounts over the Fund. 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 Fund. 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 Fund, such securities might not be suitable for the Fund given their investment objectives and related restrictions.

<u>Manulife Investment Management (US) LLC ("Manulife")</u>

The allocated portion of the Fund's portfolio managed by Manulife is managed on a team basis. The portfolio managers who are jointly and primarily responsible for the day-to-day management of Manulife's allocated portion of the Fund's portfolio are Howard C. Greene, CFA, Jeffrey N. Given, CFA, Connor Minnaar, CFA and Pranay Sonalkar.

***Compensation****.* 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.

Investment professionals are compensated with a combination of base salary and incentives as detailed below.

*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 (including portfolio managers, analysts and traders) 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Financial Performance — Performance of Manulife and its parent corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Non-Investment Performance — Derived from the contributions an investment professional brings
to Manulife.

Awards under this plan include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Annual Cash Awards

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Manulife equity awards - Investment professionals that are considered officers of Manulife receive
a portion of their award in Manulife Restricted Share Units (RSUs) or stock options. This plan is based on the value of the underlying
common shares of Manulife.

***Ownership of Fund Shares****.* As of March 31, 2025, Messrs. Greene, Given, Sonalkar and Minnaar did not beneficially own any shares of the Fund.

***Other Accounts Managed by Portfolio Managers****.* 

In addition to the Fund, Mr. Greene manages:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Total Accounts** | **Total Accounts** | **Accounts with Performance Fees** | **Accounts with Performance Fees** |
| <br>**Other Accounts** | **Number of Accounts** | **Assets<br> (*in millions*)** | **Number of Accounts** | **Assets<br> (*in millions*)** |
| Registered Investment Companies\* | 16 | $42 | 0 | $0 |
| Other Pooled Investment Vehicles\* | 36 | $8 | 0 | $0 |
| Other Accounts\* | 31 | $17 | 0 | $0 |

---

\*As of March 31, 2025.

In addition to the Fund, Mr. Given manages:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Total Accounts** | **Total Accounts** | **Accounts with Performance Fees** | **Accounts with Performance Fees** |
| <br>**Other Accounts** | **Number of Accounts** | **Assets<br> (*in millions*)** | **Number of Accounts** | ***Assets<br> (in millions)*** |
| Registered Investment Companies\* | 18 | $43 | 0 | $0 |
| Other Pooled Investment Vehicles\* | 36 | $8 | 0 | $0 |
| Other Accounts\* | 35 | $17 | 0 | $0 |

---

\*As of March 31, 2025.

In addition to the Fund, Mr. Minnaar manages:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Total Accounts** | **Total Accounts** | **Accounts with Performance Fees** | **Accounts with Performance Fees** |
| <br>**Other Accounts** | **Number of Accounts** | **Assets<br> (*in millions*)** | **Number of Accounts** | ***Assets<br> (in millions)*** |
| Registered Investment Companies\* | 21 | $47 | 0 | $0 |
| Other Pooled Investment Vehicles\* | 35 | $7 | 0 | $0 |
| Other Accounts\* | 31 | $17 | 0 | $0 |

---

\*As of March 31, 2025.

In addition to the Fund, Mr. Sonalkar manages:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Total Accounts** | **Total Accounts** | **Accounts with Performance Fees** | **Accounts with Performance Fees** |
| <br>**Other Accounts** | **Number of Accounts** | **Assets<br> (*in millions*)** | **Number of Accounts** | ***Assets<br> (in millions)*** |
| Registered Investment Companies\* | 16 | $42 | 0 | $0 |
| Other Pooled Investment Vehicles\* | 35 | $7 | 0 | $0 |
| Other Accounts\* | 31 | $17 | 0 | $0 |

---

\*As of March 31, 2025.

***Potential Conflicts of Interest****.* When a Manulife portfolio manager is responsible for the management of more than one account, the potential arises for the portfolio manager to favor one account over another. The principal types of potential conflicts of interest that may arise are discussed below. Manulife has adopted procedures that are intended to monitor compliance with the policies referred to

in the following paragraphs. Generally, the risks of such conflicts of interests are increased to the extent that a portfolio manager has a financial incentive to favor one account over another. Manulife has structured its compensation arrangements in a manner that is intended to limit such potential for conflicts of interests.

A portfolio manager could favor one account over another in allocating new investment opportunities that have limited supply, such as initial public offerings and private placements. If, for example, an initial public offering that was expected to appreciate in value significantly shortly after the offering was allocated to a single account, that account may be expected to have better investment performance than other accounts that did not receive an allocation on the initial public offering. Manulife has policies that require a portfolio manager to allocate such investment opportunities in an equitable manner and generally to allocate such investments proportionately among all accounts with similar investment objectives.

A portfolio manager could favor one account over another in the order in which trades for the accounts are placed. If a portfolio manager determines to purchase a security for more than one account in an aggregate amount that may influence the market price of the security, accounts that purchased or sold the security first may receive a more favorable price than accounts that made subsequent transactions. 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. When a portfolio manager intends to trade the same security for more than one account, the policies of Manulife generally require that such trades be "bunched," which means that the trades for the individual accounts are aggregated and each account receives the same price. There are some types of accounts as to which bunching may not be possible for contractual reasons (such as directed brokerage arrangements). Circumstances may also arise where the trader believes that bunching the orders may not result in the best possible price. Where those accounts or circumstances are involved, Manulife will place the order in a manner intended to result in as favorable a price as possible for such client.

A portfolio manager could favor an account if the portfolio manager's compensation is tied to the performance of that account rather than all accounts managed by the portfolio manager. If, for example, the portfolio manager receives a bonus based upon the performance of certain accounts relative to a benchmark while other accounts are disregarded for this purpose, the portfolio manager will have a financial incentive to seek to have the accounts that determine the portfolio manager's bonus achieve the best possible performance to the possible detriment of other accounts. Similarly, if Manulife receives a performance-based management fee, the portfolio manager may favor that account, whether or not the performance of that account directly determines the portfolio manager's compensation. The investment performance on specific accounts is not a factor in determining the portfolio manager's compensation. See "Compensation of Manulife portfolio managers" above. Manulife does not receive a performance-based fee with respect to any of the accounts managed by the portfolio managers.

A portfolio manager could favor an account if the portfolio manager has a beneficial interest in the account, in order to benefit a large client or to compensate a client that had poor returns. For example, if the portfolio manager held an interest in an investment partnership that was one of the accounts managed by the portfolio manager, the portfolio manager would have an economic incentive to favor the account in which the portfolio manager held an interest. Manulife imposes certain trading restrictions and reporting requirements for accounts in which a portfolio manager or certain family members have a personal interest in order to confirm that such accounts are not favored over other accounts.

If the different accounts have materially and potentially conflicting investment objectives or strategies, a conflict of interest may arise. For example, if a portfolio manager purchases a security for one account and sells the same security short for another account, such trading pattern could disadvantage either the account that is long or short. In making portfolio manager assignments, Manulife seeks to avoid such potentially conflicting situations. However, 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 increase the holding in such security.

<u>PGIM, Inc. ("PGIM")</u>

The portfolio managers who are primarily responsible for the day-to-day management of PGIM's allocated portion of the Fund's portfolio are Richard Piccirillo, Greg Peters and Tyler Thorn.

***Compensation.*** PGIM Fixed Income seeks to maintain a highly competitive compensation program designed to attract and retain outstanding investment professionals and to align the interests of our investment professionals with those of our clients and overall firm results.

*General*

An investment professional's base salary is primarily based on market data relative to similar positions as well as the past performance, years of experience and scope of responsibility of the individual. PGIM Fixed Income is allocated an overall incentive pool based on

the investment and financial performance of the business. Incentive compensation for investment professionals, including the annual cash bonus, the long-term equity grant and grants under our long-term incentive plans, is primarily based on such person's contribution to our goal of providing investment performance to clients consistent with portfolio objectives, guidelines, risk parameters, and our compliance, risk management and other policies, as well as market-based data such as compensation trends and levels of overall compensation for similar positions in the asset management industry. In addition, an investment professional's qualitative contributions to the organization and its commercial success are considered in determining incentive compensation. Incentive compensation is not solely based on the performance of, or value of assets in, any single account or group of client accounts.

PGIM Fixed Income (U.K.) has adopted a remuneration policy in relation to activities conducted through the entities authorized and regulated by the FCA in the United Kingdom. The remuneration policy is intended to be compliant with the United Kingdom's Investment Firms Prudential Regime ("IFPR") and governs the remuneration of PGIM Fixed Income (U.K.) staff and "material risk takers" of PGIM Fixed Income (U.K.) including those that are based outside the United Kingdom.

*Cash Bonus*

An investment professional's annual cash bonus is paid from an annual incentive pool. The pool is developed as a percentage of our operating income and the percentage used to calculate the pool may be refined by factors such as:

● business initiatives;

● the number of investment professionals receiving a bonus and related peer group compensation;

● financial metrics of the business relative to those of appropriate peer groups; and

● investment performance of portfolios: relative to appropriate peer groups and/or as measured against relevant investment indices.

*Long-Term Compensation*

Long-term compensation consists of PFI restricted stock and grants under our long-term incentive plan and targeted long-term incentive plan. Our long-term incentive plan is intended to align compensation with investment performance. Our targeted long-term incentive plan is intended to align the interests of certain of our investment professionals with the performance of the particular alternative investment strategies or commingled investment vehicles they manage. Grants under our long-term incentive plan and targeted long-term incentive plan are participation interests in notional accounts with a beginning value of a specified dollar amount. For our long-term incentive plan, the value attributed to these notional accounts increases or decreases over a defined period of time based on the performance of investment composites representing a number of our investment strategies. With respect to targeted long-term incentive awards, the value attributed to the notional accounts increases or decreases over a defined period of time based (as applicable) on the performance of either a composite of particular alternative investment strategies or a commingled investment vehicle. An investment composite is an aggregation of accounts with similar investment strategies. In addition, we may, in the future, grant carried interest awards which would allow certain investment professionals to receive a portion of the carried interest of other performance-related remuneration related to an investment vehicle or mandate. The CEO of PGIM Fixed Income also receives performance shares which represent the right to receive shares of PFI common stock conditioned upon, and subject to, the achievement of specified financial performance goals by PFI. Each of the restricted stock, grants under our long-term incentive plans, and performance shares is subject to vesting requirements.

*Conflicts Related to Long-Term Compensation*

 

As a result of the long-term incentive plan and targeted long-term incentive plan (and any future carried interest grants), our portfolio managers from time to time have financial interests related to the investment performance of some, but not all, of the accounts they manage. For example, the performance of some client accounts is not reflected in the calculation of changes in the value of participation interests under our long-term incentive plan. This may be because the composite representing the strategy in which the account is managed is not one of the composites included in the calculation or because the account is excluded from a specified composite due to guideline restrictions or other factors. In addition, the performance of only a small number of our investment strategies is covered under our targeted long-term incentive plan. Further, for certain investment professionals, participation interests in the targeted long-term incentive plan constitute a significant percentage of their total long-term compensation. To address potential conflicts related to these financial interests, we have procedures, including trade allocation and supervisory review procedures, designed to confirm that each of our client accounts is managed in a manner that is consistent with our fiduciary obligations, as well as with the account's investment objectives, investment strategies and restrictions. For example, one or both of our co-chief investment officers review performance among similarly managed accounts on a quarterly basis during a series of meetings with the senior portfolio manager and team responsible for the management of each of our investment strategies. These quarterly investment strategy review meetings generally are also attended by the CEO of PGIM Fixed Income, the head of quantitative analysis and risk management or his designee and a member of PGIM our compliance group, among others.

***Ownership of Fund Shares****.* As of March 31, 2025, neither Mr. Piccirillo, Mr. Peters, nor Mr. Thorn beneficially owned any shares of the Fund.

***Other Accounts Managed by Portfolio Managers.***

In addition to the Fund, Mr. Piccirillo manages the following:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Total Accounts** | **Total Accounts** | **Accounts with Performance Fees** | **Accounts with Performance Fees** |
| <br>**Other Accounts** | **Number of<br> Accounts** | **Assets<br> (*in millions*)** | **Number of<br> Accounts** | **Assets<br> (*in millions*)** |
| Registered Investment Companies\* | 49 | $112897 | 0 | $0 |
| Other Pooled Investment Vehicles\* | 24 | $42985 | 1 | $72 |
| Other Accounts\* | 151 | $118629 | 8 | $5165 |

---

\*As of March 31, 2025.

In addition to the Fund, Mr. Peters manages the following:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Total Accounts** | **Total Accounts** | **Accounts with Performance Fees** | **Accounts with Performance Fees** |
| <br>**Other Accounts** | **Number of<br> Accounts** | ***Assets<br> (in millions*)** | **Number of<br> Accounts** | **Assets<br> (*in millions*)** |
| Registered Investment Companies\* | 49 | $112897 | 0 | $0 |
| Other Pooled Investment Vehicles\* | 24 | $42985 | 1 | $72 |
| Other Accounts\* | 151 | $118629 | 8 | $5165 |

---

\*As of March 31, 2025.

In addition to the Fund, Mr. Thorn manages the following:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Total Accounts** | **Total Accounts** | **Accounts with Performance Fees** | **Accounts with Performance Fees** |
| <br>**Other Accounts** | **Number of Accounts** | ***Assets<br> (in millions*)** | **Number of Accounts** | **Assets<br> (*in millions*)** |
| Registered Investment Companies\* | 40 | $105046 | 0 | $0 |
| Other Pooled Investment Vehicles\* | 22 | $31836 | 1 | $72 |
| Other Accounts\* | 110 | $96150 | 3 | $1124 |

---

\*As of March 31, 2025.

***Potential Conflicts of Interest.*** Like other investment advisers, PGIM Fixed Income is subject to various conflicts of interest in the ordinary course of business. They strive to identify potential risks, including conflicts of interest, that are inherent in our business, and we conduct annual conflict of interest reviews. However, it is not possible to identify every potential conflict that can arise. When actual or potential conflicts of interest are identified, PGIM Fixed Income seeks to address such conflicts through one or more of the following methods:

● elimination of the conflict;

● disclosure of the conflict; or

● management of the conflict through the adoption of appropriate policies, procedures or other mitigants.

Various conflicts of interest are discussed in PFIM Fixed Income's Form ADV Part 2A. (Please click here for the Form ADV.). Please review this information carefully and contact us if you have any questions.

PGIM Fixed Income follows PFI's policies on business ethics, personal securities trading, and information barriers. We have adopted a code of ethics (please also see Item 11), allocation policies and conflicts of interest policies, among others, and have adopted supervisory procedures to monitor compliance with our policies. PGIM Fixed Income cannot guarantee, however, that our policies and procedures will detect and prevent, or result in the disclosure of, each and every situation in which a conflict arises or could potentially arise.

*Side-by-Side Management of Accounts and Related Conflicts of Interest*

PGIM Income manages accounts with asset-based fees alongside accounts with performance-based fees. This side-by-side management creates an incentive for us and our investment professionals to favor one account over another. Specifically, PGIM Fixed Income has an incentive to favor accounts for which we receive performance fees, and possibly take greater investment risks in those accounts, in order to bolster performance and increase our fees.

Other types of side-by-side management of multiple accounts can also create conflicts of interest. Examples are detailed below, followed by a discussion of how we address conflicts related to side-by-side management.

● *Affiliated accounts* —PGIM Fixed Income manages accounts on behalf of its affiliates as well as unaffiliated accounts. It could be considered to have a financial incentive to prefer accounts of affiliates over others. Additionally, at times, its affiliates provide initial funding or otherwise invest in vehicles managed by it, for example by providing "seed capital" for a fund or account. 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 and possibly earn a higher return for our affiliate. Additionally, PGIM Fixed Income's affiliated investment advisers from time to time allocate their asset allocation clients' assets to it. PGIM Fixed Income has an incentive to favor accounts used by its affiliates for their asset allocation clients to receive more assets from its affiliates.

● *Larger accounts/higher fee strategies* —larger accounts and clients typically generate more revenue than do smaller accounts or clients, and certain of PGIM Fixed Income's strategies have higher fees than others. As a result, a portfolio manager could have an incentive when allocating scarce investment opportunities to favor accounts that pay a higher fee or generate more income for PGIM Fixed Income (or which PGIM Fixed Income believes would generate more revenue in the future).

● *Long only and long/short accounts* —PGIM Fixed Income manages accounts that only allow it to hold securities long as well as accounts that permit short selling. As a result, there are times when PGIM Fixed Income sells a security short in some client accounts while holding the same security long in other client accounts. These short sales could reduce the value of the securities held in the long only accounts. Conversely, purchases for long only accounts could have a negative impact on the short positions in long/short accounts. Consequently, PGIM Fixed Income has conflicts of interest in determining the timing and direction of investments.

● *Securities of the same kind or class* —PGIM Fixed Income sometimes buys or sells, or directs or recommends that a 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. Although such pricing differences could appear as preferences for one client over another, PGIM Fixed Income's trade execution in each case is driven by its consideration of a variety of factors consistent with its duty to seek best execution (as discussed in more detail in its Form ADV). There are times when PGIM Fixed Income executes trades in securities of the same kind or class in one direction for an account and in the opposite direction for another account, or it determines not to trade securities in one or more accounts while trading for others. While such trades (or a decision not to trade) could appear inconsistent in how PGIM Fixed Income views or treat a security for one client versus another, they generally result from differences in investment strategy, portfolio composition or client direction.

● *Investment at different levels of an issuer's capital structure—* there are times when PGIM Fixed Income invests client assets in the same issuer, but at different levels in the issuer's capital structure. This could occur, for instance, when a client holds private securities or loans of an issuer and other clients hold publicly traded securities of the same issuer. Additionally, PGIM Fixed Income may invest client assets in a class or tranche of securities of a securitized finance vehicle (such as a collateralized loan obligation, asset-backed security or mortgage-backed security) while simultaneously investing one or more clients in different classes or tranches of securities within the same vehicle. These different securities can have varying voting rights, dividend or repayment priorities, rights in bankruptcy or other features that conflict with one another. In some cases—particularly with private securitized products and asset-based finance investments where its clients own all or a significant portion of the outstanding securities or obligations—PGIM Fixed Income has input regarding the characteristics and the relative rights and priorities of the various classes or tranches.

When PGIM Fixed Income invests client assets in different levels of an issuer's capital structure, PGIM Fixed Income is permitted to take actions with respect to the assets held by one client (including affiliated clients) that are potentially adverse to other clients, for example, by foreclosing on loans or by putting an issuer into default. In negotiating the terms and conditions of any such investments, or any subsequent amendments or waivers, PGIM Fixed Income could find that the interests of a client and the interests of one or more other clients (including affiliated clients) could conflict. In these situations, decisions over proxy voting, corporate reorganizations, how to exit an investment, bankruptcy matters (including, for example, whether to trigger an event of default or the terms of any workout) or other actions or inactions can result in conflicts of interest. Similarly, if an issuer in which a client and one or more other clients directly or indirectly hold different classes of securities encounters financial problems, decisions over the terms of any workout will raise conflicts of interest (including potential conflicts over proposed waivers and amendments to debt covenants). For example, a senior bond holder or lender might prefer a liquidation of the issuer in which it could be paid in full, whereas an equity or junior bond holder might prefer a reorganization that holds the potential to create value for the equity holders or junior bond holders. There will be times where PGIM Fixed Income refrains from taking certain actions (including participating in workouts and restructurings) or making investments on

behalf of certain clients or where it determines to sell investments for certain clients, in each case in order to mitigate conflicts of interest or legal, regulatory or other risks to PGIM Fixed Income. This could potentially disadvantage the clients on whose behalf the actions are not taken, investments are not made, or investments are sold. Conversely, in other cases, it will not refrain from taking such actions or making investments on behalf of some clients (including affiliated clients), which could potentially disadvantage other clients. Any of the foregoing (or similar) conflicts of interest will be resolved or managed on a case-by-case basis (including, where determined to be required, by escalating matters to, and seeking direction and guidance from, senior management). Any such resolution will take into consideration the interests of the relevant clients, the circumstances giving rise to the conflict and applicable laws.

● *Financial interests of investment professionals* —PGIM Fixed Income's investment professionals from time to time invest in certain investment vehicles that it manages, including exchanged-traded funds ("ETFs"), mutual funds and (through a retirement plan) collective investment trusts. PGIM Fixed Income may also provide financing to facilitate the investment by its investment professional in certain of its private funds. Also, certain of these investment vehicles are options under the 401(k) and deferred compensation plans offered by PFI. In addition, the value of grants under its long-term incentive plan and targeted long-term incentive plan are affected by the performance of certain client accounts. As a result, PGIM Fixed Income's investment professionals have financial interests in accounts it manages and/or related to the performance of certain client accounts.

● *Non-discretionary/limited discretion accounts* —PGIM Fixed Income provides non-discretionary and limited discretion investment advice to some clients and manages others on a fully discretionary basis. Trades in non-discretionary accounts or accounts where discretion is limited could occur before, in concert with, or after PGIM Fixed Income executes similar trades in its discretionary accounts. The non-discretionary/limited discretion clients may be disadvantaged if PGIM Fixed Income delivers investment advice to them after it initiates trading for the discretionary clients, or vice versa. Furthermore, a non-discretionary/limited discretion client may not be able to participate in trades if there is a delay in receiving such client's direction or consent. In some cases, when such a client requests additional information prior to giving its direction or consent, PGIM Fixed Income is prohibited from sharing information because, for example, the information is non-public.

● *Co-Investments* —from time to time, PGIM Fixed Income offers certain entities ("Co-Investors") co-investment opportunities, in which these Co-Investors will be offered the opportunity to participate directly in certain investments that it is making for its clients (including funds that it manages). Co-investment opportunities may be offered to current clients, investors in its funds or other third parties. Except to the extent a client or investor has entered into an agreement pursuant to which PGIM Fixed Income has granted such client or investor a right with respect to co-investment opportunities, clients and investors should be aware that they have no such right and should not expect that they will be offered any co-investment opportunities.

Generally, PGIM Fixed Income's decision to grant co-investment rights will be based on the expectation of a commercial benefit to it from a potential Co-Investor, such as increased management fees or other compensation resulting from a continued, increased or future investment in funds or accounts it manages by such potential Co-Investor. Other factors PGIM Fixed Income may consider in deciding whether or not to grant co-investment rights may include: (i) whether a potential Co-Investor has demonstrated, or has the potential to demonstrate, a long-term and/or continuing commitment to the potential success of its firm or products; (ii) its assessment of a potential Co-Investor's ability to timely execute and fund co-investment opportunities; (iii) whether a potential Co-Investor has a history of successfully participating in co-investment programs; and (iv) the overall strategic value to PGIM Fixed Income of offering a co-investment opportunity to such potential Co-Investor. PGIM Fixed Income may grant co-investment opportunities to Co-Investors on terms and conditions that are more favorable than those of its other clients and investors. For example, such terms may include:

◾ Management fees and/or incentive compensation (including carried interest) that is reduced or waived;

◾ Rights to participate in follow-on investments; and

◾ With respect to investments held by Co-investors, rights to be notified of sales of the same or similar investments by PGIM Fixed Income's other clients and rights to participate alongside such clients in the sale of investments held by Co-investors.

Co-investment opportunities will be offered to Co-Investors irrespective of whether the available investment opportunity exceeds the aggregate appetite of PGIM Fixed Income's other client accounts for such investment. Accordingly, the participation of a Co-Investor will, under some circumstances, reduce the amount of the investment opportunity available to its other clients. This presents a conflict of interest in allocating investment opportunities because PGIM Fixed Income can be considered to have the incentive to allocate a greater portion of an investment opportunity to a Co-Investor than it otherwise would because of the potential commercial benefit to it from the co-investment relationship.

*How PGIM Fixed Income Addresses These Conflicts of Interest*

PGIM Fixed Income has developed policies and procedures reasonably designed to address the conflicts of interest with respect to its different types of side-by-side management described above.

● Each quarter, one or both of PGIM Fixed Income's co-chief investment officers hold a series of meetings with the senior portfolio manager and team responsible for the management of each of its investment strategies. During these meetings, they review and discuss the investment performance and performance attribution for client accounts managed in the strategy. These meetings generally are also attended by the CEO of PGIM Fixed Income, the head of quantitative analysis and risk management or his designee and a member of PGIM Fixed Income's compliance group, among others.

● In keeping with PGIM Fixed Income's fiduciary obligations, its policy with respect to trade allocation is to treat all of its client accounts fairly and equitably over time. PGIM Fixed Income's trade management oversight committee, which generally meets quarterly, is responsible for providing oversight with respect to trade aggregation and allocation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o PGIM Fixed Income's compliance group periodically reviews a sampling of new issue allocations
and related documentation to confirm compliance with its trade allocation policy. In addition, PGIM Fixed Income's compliance
and investment risk management groups review forensic reports regarding new issue and secondary trade activity on a quarterly basis.

This forensic analysis includes such data as the:

◾ number of new issues allocated in the strategy;

◾ size of new issue allocations to each portfolio in the strategy;

◾ profitability of new issue transactions;

◾ portfolio turnover; and

◾ metrics related to large trade activity, which includes block trades.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o The results of these analyses are reviewed and discussed at PGIM Fixed Income's trade management
oversight committee meetings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o The procedures above are designed to detect patterns and anomalies in our side-by-side management
and trading so that PGIM Fixed Income may assess and improve its processes.

● PGIM Fixed Income has procedures that specifically address conflicts related to its side-by-side management of certain long/short and long only portfolios. These procedures are designed to address potential conflicts that could arise from differing positions across accounts, including situations where one account holds along position in a security while another holds a short position. In addition, lending opportunities with respect to securities for which the market is demanding a slight premium rate over normal market rates are allocated to long only accounts prior to allocating the opportunities to long/short accounts.

*Conflicts Related to Affiliations*

● *Conflicts Related to Investment of Client Assets in Affiliated Funds.* PGIM Fixed Income invests client assets in funds that it manages or sub-advises for one or more affiliates. In choosing to invest client assets in such affiliated funds, PGIM Fixed Income could be considered to have a financial incentive to prefer investing client assets in such funds instead of in funds, investments or products managed or sponsored by parties that are not affiliated with PGIM Fixed Income. Investments in affiliated funds may, for example, benefit PGIM Fixed Income and/or its affiliates through increasing assets under management and/or fees. Under certain conditions, PGIM Fixed Income offsets, rebates or otherwise reduces its fees or other compensation with respect to investments in affiliated funds; however, this offset, reduction or rebate, if available, will not necessarily eliminate conflicts, as PGIM Fixed Income could nevertheless be considered to have a financial incentive to favor investing client assets in affiliated funds (because, for example, the fee applicable to the affiliated fund is higher than the amount of any fee waiver, investing in such funds would increase assets under management of such funds or could be viewed as being undertaken solely for the purposes of supporting the commercial growth of it or its affiliates' funds, products or lines of business). Further, if PGIM Fixed Income's affiliates provide initial funding to or otherwise invest in affiliated funds, it is incentivized to invest client assets in such funds in order to facilitate the redemption of all or part of our affiliates' interest in such affiliated fund. PGIM Fixed Income also invests cash collateral from securities lending transactions in some of these

funds. These investments benefit PGIM Fixed Income and/or its affiliate through increasing assets under management and/or fees.

● *Conflicts Related to Referral Fees to Affiliates.* From time to time, PGIM Fixed Income has arrangements where it compensates affiliated parties for client referrals. PGIM Fixed Income also has arrangements with an affiliated entity or person which provide for payments to its affiliate if certain investments by others are made in certain of its products or if it establishes certain other advisory relationships. These investments benefit both PGIM Fixed Income and its affiliates through increasing assets under management and fees.

● *Conflicts Related to Co-investment by Affiliates.* PGIM Fixed Income's affiliates provide initial funding to or otherwise invest in certain vehicles managed by PGIM Fixed Income. When certain of PGIM Fixed Income's affiliates provide "seed capital" or other capital for a fund, they generally do so with the intention of redeeming all or part of their interest at a future point in time or when they deem that sufficient additional capital has been invested in that fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o The timing of a redemption by an affiliate could benefit the affiliate. For example, the fund may
be more liquid at the time of the affiliate's redemption than it is at times when other investors may wish to withdraw all
or part of their interests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o In addition, a consequence of any withdrawal of a significant amount, including by PGIM Fixed Income's
affiliate, is that investors remaining in the fund will bear a proportionately higher share of fund expenses following the redemption.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o PGIM Fixed Income could also face a conflict if the interests of an affiliated investor in a fund
it manages diverge from those of the fund or other investors. For example, PGIM Fixed Income's affiliates, from time to time,
hedge some or all of the risks associated with their investments in certain funds it manages. We may provide assistance in connection
with this hedging activity.

PGIM Fixed Income believes that the conflicts related to its affiliations described above are mitigated by its allocation policies and procedures, its supervisory review of accounts and its procedures with respect to side-by-side management, including of long only and long/short accounts.

*Conflicts Related to Our Financial Interests and the Financial Interests of Our Affiliates*

PGIM Fixed Income, PFI, PICA and other affiliates at times have financial interests in, or relationships with, companies whose securities or related instruments PGIM Fixed Income holds, purchases or sells in its client accounts. Certain of these interests and relationships are material to PGIM Fixed Income or to the PFI enterprise. At any time, these interests and relationships could be inconsistent or in potential or actual conflict with positions held or actions taken by PGIM Fixed Income on behalf of its client accounts. For example:

● PGIM Fixed Income invests in the securities of one or more clients for the accounts of other clients.

● PGIM Fixed Income's affiliates sell various products and/or services to certain companies whose securities PGIM Fixed Income purchases and sells for its clients.

● PGIM Fixed Income invests in the debt securities of companies whose equity is held by affiliates.

● PGIM Fixed Income's affiliates hold public and private debt and equity securities of a large number of issuers. PGIM Fixed Income invests in some of the same issuers for its client accounts. For example:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Affiliated accounts have held and can in the future hold the senior debt of an issuer whose subordinated
debt is held by PGIM Fixed Income's clients or hold secured debt of an issuer whose public unsecured debt is held in client
accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o To the extent permitted by applicable law, PGIM Fixed Income can also invest client assets in offerings
of securities the proceeds of which are used to repay debt obligations held in affiliated accounts or other client accounts. PGIM
Fixed Income's interest in having the debt repaid creates a conflict of interest. PGIM Fixed Income has adopted a refinancing
policy to address this conflict.

● Certain of our affiliates' directors or officers are directors or officers of issuers in which PGIM Fixed Income invests from time to time. These issuers could also be service providers to PGIM Fixed Income or its affiliate.

● PGIM Fixed Income has an internal arrangement outlining the respective areas of investment focus of its business and the business of an asset management affiliate. This arrangement aims to streamline sourcing and provide clarity by specifying the types of investments that each affiliate may pursue in areas of potential overlap (for instance, certain segments of the private credit market). As a result of this arrangement, there will be certain potentially beneficial investment opportunities that PGIM Fixed Income will decline to pursue for its clients.

● In addition, some of PGIM Fixed Income's affiliates originate and/or service commercial mortgage loans that are sold to certain issuers of agency and private-label commercial mortgage-backed securities ("CMBS") and serve as security for CMBS issued by them. The proceeds of CMBS offerings by such issuers may be used to pay the purchase price for commercial mortgage loans sold to such issuers by our affiliates. Purchases of CMBS for PGIM Fixed Income's clients may be viewed as supporting the business of the sponsors of the CMBS who acquire mortgages from PGIM Fixed Income's affiliates. In addition, the commercial mortgage loans sold by PGIM Fixed Income's affiliates are typically sold on a servicing retained basis, which means one of its affiliates (an "affiliated servicer") may provide certain services with respect to the mortgage loans for compensation. As a result, these commercial mortgage loans will typically be serviced by PGIM Fixed Income's affiliated servicer for the life of the CMBS deal or until the deal or the specific commercial mortgage matures or is terminated. In the event that a dispute arises with respect to an affiliate's origination or servicing of a commercial mortgage loan in a CMBS trust, the affiliate's positions and efforts may be contrary to the interests of holders of the CMBS. Unless prohibited by applicable law, PGIM Fixed Income can invest assets of clients in CMBS secured by commercial mortgage loans originated and/or serviced by its affiliates. In order to mitigate the conflicts of interest related to purchases of these CMBS, PGIM Fixed Income generally will not invest in CMBS offerings for unaffiliated clients in the primary or secondary market where commercial mortgage loans contributed by its affiliates are known to exceed 25% of the commercial mortgage loans backing such CMBS at the time of purchase. As a result, the activities of this affiliate can restrict the universe of CMBS that PGIM Fixed Income is able to purchase for client accounts.

In general, conflicts related to the financial interests described above are addressed by the fact that PGIM Fixed Income makes investment decisions for each client independently considering the best economic interests of such client under the circumstances.

● *Conflicts Arising Out of Legal and Regulatory Restrictions.* 

● At times, PGIM Fixed Income is restricted by law, regulation, executive order, contract or other constraints as to how much, if any, of a particular security it can purchase or sell on behalf of a client, and as to the timing of such purchase or sale. Sometimes these restrictions apply as a result of PGIM Fixed Income's relationship with PFI and its other affiliates. For example, PGIM Fixed Income does not purchase securities issued by PFI or its other affiliates for client accounts.

● In certain instances, PGIM Fixed Income's ability to buy or sell or transact for one or more client accounts will be constrained as a result of its voluntary or involuntary receipt of material non-public information (MNPI), various insider trading laws and related legal requirements. For example, PGIM Fixed Income would generally be unable to invest in, divest securities of, or share investment analyses regarding companies or other securities issuers for which it possesses MNPI and such inability (which could last for an uncertain period of time until the information is no longer deemed material or non-public) can result in PGIM Fixed Income being unable to buy, sell or transact for one or more client accounts or to take other actions that would otherwise be to the benefit of one or more clients.

● PGIM Fixed Income faces conflicts of interest in determining whether to accept MNPI. For example, PGIM Fixed Income has sought with respect to the management of investments in certain loans for clients to retain the ability to purchase and sell other securities in the borrower's capital structure by remaining "public" on the loan. In such cases, PGIM Fixed Income will seek to avoid receiving MNPI about the borrowers to which an account can or expects to lend or has lent (through assignments, participations or otherwise), which could place an account at an information disadvantage relative to other accounts and lenders. Conversely, PGIM Fixed Income has chosen to receive MNPI about certain borrowers/issuers for its clients that invest in bank loans, securities, or private debt instruments, which has restricted its ability to trade in other securities of the borrowers/issuers for its clients that invest in corporate bonds or other public securities.

● PGIM Fixed Income's holdings of a security on behalf of its clients are required, under certain regulations, to be aggregated with the holdings of that security by other PFI affiliates. These holdings could, on an aggregate basis, exceed certain reporting or ownership thresholds. These aggregated holdings are centrally tracked and PGIM Fixed Income or PFI can choose to restrict purchases, sell existing positions, or otherwise restrict, forgo, or limit the exercise of rights to avoid

crossing such thresholds because of the potential consequences to PGIM Fixed Income or PFI if such thresholds are exceeded. In some cases, these restrictions or sales could have an adverse impact on client account performance.

● Legal and regulatory constraints may limit certain client accounts from participating in specific investment transactions with others. Consequently, PGIM Fixed Income might allocate these opportunities in a manner that excludes some accounts, even if they could benefit. While this could impact the performance of affected accounts and create a conflict of interest, PGIM Fixed Income is committed to its allocation policy which is to seek to distribute investment opportunities fairly and equitably over time.

*Conflicts Related to Investment Consultants.*

Many of PGIM Fixed Income's clients and prospective clients retain investment consultants (including discretionary investment managers and OCIO providers) to advise them on the selection and review of investment managers (including with respect to the selection of investment funds). PGIM Fixed Income has dealings with these investment consultants in their roles as discretionary managers or non-discretionary advisers to their clients. PGIM Fixed Income also has independent business relationships with investment consultants.

PGIM Fixed Income provides investment consultants with information about accounts that it manages for their clients (and similarly, provide information about funds in which such clients are invested), in each case pursuant to authorization from the clients. PGIM Fixed Income also provides information regarding its investment strategies to investment consultants, who use that information in connection with searches that they conduct for their clients. PGIM Fixed Income often responds to requests for proposals in connection with those searches

Other interactions PGIM Fixed Income has with investment consultants include the following:

● PGIM Fixed Income provides advisory services to the proprietary accounts of investment consultants and/or their affiliates, and advisory services to funds offered by investment consultants and/or their affiliates;

● PGIM Fixed Income invites investment consultants to events or other entertainment hosted by PGIM Fixed Income;

● PGIM Fixed Income purchases software applications, market data, access to databases, technology services and other products or services from certain investment consultants; and

● PGIM Fixed Income sometimes pays for the opportunity to participate in conferences organized by investment consultants.

PGIM Fixed Income will provide you with information about its relationship with your investment consultant upon request. In general, PGIM Fixed Income relies on the investment consultant to make the appropriate disclosure to its clients of any conflict that the investment consultant believes to exist due to its business relationships with PGIM Fixed Income.

Please note that your relationship with an investment consultant could result in restrictions in the eligible securities or trading counterparties for your account. For example, accounts of certain clients (including clients that are subject to ERISA) can be restricted from investing in securities issued by the client's consultant or its affiliates and from trading with, or participating in transactions involving, counterparties that are affiliated with the investment consultant. In some cases, these restrictions could have a material impact on account performance.

*Conflicts Related to Service Providers.*

PGIM Fixed Income retains third party advisors and other service providers to provide various services for PGIM Fixed Income as well as for funds that it manages or sub-advises. Some service providers provide services to PGIM Fixed Income or one of its funds while also providing services to other PGIM, Inc. or PGIM Limited units, other PGIM, Inc. or PGIM Limited advised funds, or affiliates of PGIM, Inc. or PGIM Limited, and negotiate rates in the context of the overall relationship. PGIM Fixed Income can benefit from negotiated fee rates offered to its funds and vice versa. There is no assurance, however, that PGIM Fixed Income will be able to obtain or maintain advantageous fee rates from a given service provider negotiated by its affiliates based on their relationship with the service provider, or that PGIM Fixed Income will know of such negotiated fee rates.

*Conflicts Related to Valuation and Fees*

When client accounts hold illiquid or difficult to value investments, PGIM Fixed Income faces a conflict of interest when it makes recommendations regarding the value of such investments since its fees are generally based on the value of assets under management. PGIM Fixed Income could be viewed as having an incentive to value investments at higher valuations. PGIM Fixed Income has valuation policies and procedures that it believes mitigates this conflict effectively and enables PGIM Fixed Income to value client assets fairly

and in a manner that is consistent with the client's best interests. This conflict generally does not exist and is further mitigated or eliminated in circumstances where fees are calculated from custodian and/or administrator pricing and not PGIM Fixed Income's internal valuations.

*Conflicts Related to Securities Lending and Reverse Repurchase Fees*

In certain cases, when PGIM Fixed Income manages a client account and PGIM Fixed Income (U.S.) also serves as securities lending agent and/or engages in reverse repurchase transactions for the account, PGIM Fixed Income (U.S.) is compensated for its securities lending and reverse repurchase services by receiving a portion of the proceeds generated from the securities lending and reverse repurchase activities of the account. In cases where PGIM Fixed Income is compensated in this manner, it could be considered to have an incentive to invest in securities that would generate higher securities lending or reverse repurchase returns, even if these investments were not otherwise in the best interest of the client account. In addition, if PGIM Fixed Income is acting as securities lending agent and providing reverse repurchase services for the same client, it may be incented to select the option that generates higher proceeds for PGIM Fixed Income.

*Conflicts Related to Long-Term Compensation*

 

As a result of the long-term incentive plan and targeted long-term incentive plan (and any future carried interest grants), PGIM Fixed Income's portfolio managers from time to time have financial interests related to the investment performance of some, but not all, of the accounts they manage. For example, the performance of some client accounts is not reflected in the calculation of changes in the value of participation interests under PGIM Fixed Income's long-term incentive plan. This may be because the composite representing the strategy in which the account is managed is not one of the composites included in the calculation or because the account is excluded from a specified composite due to guideline restrictions or other factors. In addition, the performance of only a small number of PGIM Fixed Income's investment strategies are covered under our targeted long-term incentive plan. Further, for certain investment professionals, participation interests in the targeted long-term incentive plan constitute a significant percentage of their total long-term compensation. To address potential conflicts related to these financial interests, PGIM Fixed Income has procedures, including trade allocation and supervisory review procedures, designed to confirm that each of its client accounts is managed in a manner that is consistent with its fiduciary obligations, as well as with the account's investment objectives, investment strategies and restrictions. For example, one or both of PGIM Fixed Income's co-chief investment officers review performance among similarly managed accounts on a quarterly basis during a series of meetings with the senior portfolio manager and team responsible for the management of each of its investment strategies. These quarterly investment strategy review meetings generally are also attended by the CEO of PGIM Fixed Income, the head of quantitative analysis and risk management or his designee and a member of PGIM Fixed Income's compliance group, among others.

*Conflicts Related to the Offer and Sale of Securities*

Certain of PGIM Fixed Income's employees offer and sell securities of, and interests in, commingled funds that it manages. Employees offer and sell securities in connection with their roles as registered representatives of PIMS, officers of Pru Trust, agents of PICA, approved persons of PGIM Limited or other roles related to such commingled funds. There is an incentive for PGIM Fixed Income's employees to offer these securities to investors regardless of whether the investment is appropriate for such investor since increased assets in these vehicles will result in increased advisory fees to PGIM Fixed Income. In addition, such sales could result in increased compensation to the employee.

*Conflicts Related to Employee/Investment Professional Trading*

 

Personal Trading by PGIM Fixed Income Employees. Personal trading by PGIM Fixed Income employees creates a conflict when they are trading the same securities or types of securities as PGIM Fixed Income trades on behalf of its clients. This conflict is mitigated by PGIM Fixed Income's personal trading standards and procedures described in its ADV.

*Conflicts Related to Outside Business Activity*

From time to time, certain of PGIM Fixed Income's employees or officers engage in outside business activity, including outside directorships. Any outside business activity is subject to prior approval pursuant to PGIM Fixed Income's personal conflicts of interest and outside business activities policy. Actual and potential conflicts of interest are analyzed during such approval process. PGIM Fixed Income could be restricted in trading the securities of certain issuers in client portfolios in the unlikely event that an employee or officer, as a result of outside business activity, obtains material, nonpublic information regarding an issuer.

**Mercer Opportunistic Fixed Income Fund**

<u>Ares Capital Management II LLC ("Ares")</u>

The allocated portion of the Fund's portfolio managed by Ares is managed on a team basis. The portfolio managers who are responsible for the day-to-day management of Ares' allocated portion of the Fund's portfolio are Charles Arduini, Seth Brufsky and Samantha Milner.

***Compensation.*** Compensation is determined by Ares' executive leadership, with recommendations made by the head of each applicable business unit. Compensation may include a variety of components and may vary from year to year based on a number of factors. Generally, Portfolio Managers receive a base salary and are eligible for a discretionary year-end bonus based on performance, a portion of which may be paid in the form of shares of Class A Common Stock of Ares' publicly traded parent company.

*Base Compensation.*

 

Generally, when the Portfolio Managers receive base compensation from Ares it is based on their individual seniority and their position within the firm.

*Discretionary Compensation.*

In addition to base compensation, the Portfolio Managers may receive discretionary year-end bonus compensation from Ares or its ultimate parent company. 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 Ares' publicly traded parent company, which vests over time. Discretionary compensation may be based on individual seniority and contribution, and, if applicable, may include direct carried interest and/or profit participations with respect to funds in which the Portfolio Managers are involved and may also include similar incentive awards relating to the funds in the firm's other investment groups.

***Ownership of Fund Shares***. As of March 31, 2025, Mr. Arduini, Mr. Brufsky and Ms. Milner did not beneficially own any shares of the Fund.

***Other Accounts Managed by Portfolio Managers***

In addition to the Fund, Mr. Arduini manages:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Total Accounts** | **Total Accounts** | **Accounts with Performance Fees** | **Accounts with Performance Fees** |
| <br>**Other Accounts** | **Number of<br> Accounts** | **Assets<br> (*in millions*)** | **Number of<br> Accounts** | **Assets<br> (*in millions*)** |
| Registered Investment Companies\* | 1 | $656 | 0 | $0 |
| Other Pooled Investment Vehicles\* | 2 | $2058 | 1 | $76 |
| Other Accounts\* | 6 | $1559 | 4 | $1170 |

---

\*As of March 31, 2025.

In addition to the Fund, Mr. Brufsky manages:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Total Accounts** | **Total Accounts** | **Accounts with Performance Fees** | **Accounts with Performance Fees** |
| <br>**Other Accounts** | **Number of<br> Accounts** | **Assets<br> (*in millions*)** | **Number of<br> Accounts** | **Assets<br> (*in millions*)** |
| Registered Investment Companies\* | 3 | $2298 | 0 | $0 |
| Other Pooled Investment Vehicles\* | 2 | $1982 | 0 | $0 |
| Other Accounts\* | 12 | $5178 | 3 | $1130 |

---

\*As of March 31, 2025.

In addition to the Fund, Ms. Milner manages:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Total Accounts** | **Total Accounts** | **Accounts with Performance Fees** | **Accounts with Performance Fees** |
| <br>**Other Accounts** | **Number of<br> Accounts** | **Assets<br> (*in millions*)** | **Number of<br> Accounts** | **Assets<br> (*in millions*)** |
| Registered Investment Companies\* | 3 | $1986 | 0 | $0 |
| Other Pooled Investment Vehicles\* | 2 | $2465 | 0 | $0 |
| Other Accounts\* | 21 | $6754 | 6 | $2028 |

---

\*As of March 31, 2025.

***Potential 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.

Certain inherent conflicts of interest arise from the fact that the Portfolio Managers, Ares and its affiliates provide investment advisory and administration services both to the Ares' allocated portion of the Fund and other Ares sub-advised and advised funds, which include

other funds, as well as client accounts, proprietary accounts and any other investment vehicles that Ares and its affiliates may establish from time to time, managed by Ares and its affiliates in which the Fund will not have an interest. The investment program of the Ares' allocated portion of the Fund and other Ares sub-advised and advised funds may or may not be substantially similar. The Portfolio Managers, Ares and its affiliates may give advice and recommend securities to the other Ares funds that may differ from advice given to, or securities recommended or bought for, the Ares' allocated portion of the Fund, even though their investment objectives may be the same or similar to those of the Ares' allocated portion of the Fund.

The results of the portfolio's investment activities may differ significantly from the results achieved by other Ares funds. It is possible that one or more of such funds will achieve investment results that are substantially more or less favorable than the results achieved by the Ares' allocated portion of the Fund. Moreover, it is possible that the portfolio will sustain losses during periods in which one or more affiliates achieve significant profits on their trading for proprietary or other accounts. The opposite result is also possible. The investment activities of one or more Ares affiliates for their proprietary accounts and accounts under their management may also limit the investment opportunities for the Ares' allocated portion of the Fund in certain markets.

Ares will seek to manage potential conflicts of interest in good faith; nonetheless, the portfolio strategies employed by the Portfolio Managers, Ares and its affiliates in managing other Ares funds could conflict with the transactions and strategies employed by the Portfolio Managers in managing the Ares' allocated portion of the Fund and may affect the prices and availability of the securities and instruments in which the Fund invests. Conversely, participation in specific investment opportunities may be appropriate, at times, for both the Ares' allocated portion of the Fund and other Ares funds. To mitigate potential conflicts of interest, allocations of investment opportunities among the Ares' allocated portion of the Fund and the other Ares funds are determined in accordance with Ares' allocation policy and consistent with its fiduciary duties and corresponding investment mandates. It is Ares' policy that all investment opportunities will, to the extent practicable, be allocated among the Ares allocated portion of the Fund and the other Ares funds on a basis that over a period of time is fair and equitable to the Ares' allocated portion of the Fund and the other Ares funds relative to each other, taking into account the terms of the relevant governing documents and the relevant facts and circumstances, including, but not limited to: (i) differences with respect to available capital, size of client, minimum investment amounts and remaining life of a client; (ii) differences with respect to investment objectives or current investment strategies, such as objectives or strategies regarding: (a) current and total return requirements, (b) emphasizing or limiting exposure to the security or type of security in question, (c) diversification, including industry or company exposure, currency and jurisdiction, or (d) rating agency ratings; (iii) differences in risk profile at the time an opportunity becomes available; (iv) the potential transaction and other costs of allocating an opportunity among various clients; (v) potential conflicts of interest, including whether a client has an existing investment in the security in question or the issuer of such security; (vi) the nature of the security or the transaction, including size of the investment opportunity, minimum investment amounts and the source of the opportunity; (vii) current and anticipated market and general economic conditions; and (viii) prior or existing positions in a borrower/loan/security.

In the event investment opportunities are allocated among the Ares' allocated portion of the Fund and the other Ares funds, the Ares allocated portion of the Fund may not be able to structure its investment portfolio in the manner desired. Although Ares endeavors to allocate investment opportunities in a manner that, over a period of time, is fair and equitable, it is possible that the Ares' allocated portion of the Fund may not be given the opportunity to participate in certain investments made by the other Ares funds or portfolio managers affiliated with Ares. Furthermore, the Ares allocated portion of the Fund and the other Ares funds may make investments in securities where the prevailing trading activity may make impossible the receipt of the same price or execution on the entire volume of securities purchased or sold by the Ares allocated portion of the Fund and the other Ares funds. When this occurs, the various prices may be averaged, and the Ares allocated portion of the Fund will be charged or credited with the average price. Thus, the effect of the aggregation may operate on some occasions to the disadvantage of the Ares allocated portion of Fund. In addition, under certain circumstances, the Ares allocated portion of the Fund may not be charged the same commission or commission equivalent rates in connection with a bunched or aggregated order.

It is likely that other Ares sub-advised and advised funds may make investments in the same or similar securities at different times and on different terms than the Ares allocated portion of the Fund. The Ares allocated portion of the Fund and the other Ares funds may make investments at different levels of a borrower's capital structure or otherwise in different classes of a borrower's securities. 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 Ares allocated portion of the Fund may benefit the other Ares funds.

Although the professional staff of Ares will devote as much time to the management of the Ares allocated portion of the Fund as Ares deems appropriate to perform its obligations, the professional staff of Ares may have conflicts in allocating time, services or resources among the Ares allocated portion of the Fund and Ares' other investment vehicles and accounts. Ares and its affiliates are not restricted from forming additional investment funds, from entering into other investment advisory relationships or from engaging in other business activities, even though such activities may be in competition with the Ares allocated portion of the Fund and/or may involve substantial

time and resources of Ares and its professional staff. These activities could be viewed as creating a conflict of interest in that the time and effort of the members of Ares and their officers and employees will not be devoted exclusively to the business of the Ares allocated portion of the Fund but will be allocated between the business of the Ares allocated portion of the Fund and the management of the monies of other clients of Ares.

By reason of the various activities of Ares and its affiliates, Ares and its affiliates may acquire material non-public information or other confidential information about a company while pursuing an investment opportunity or while monitoring an investment, which may give rise to a potential conflict of interest and restrict the ability of Ares to trade in the securities of such company. Such restriction would prohibit Ares from purchasing certain potential investments that otherwise might have been purchased or from selling certain investments that might otherwise have been sold at the time.

Ares has adopted policies and procedures designed to prevent conflicts of interest from influencing proxy voting decisions made on behalf of advisory clients, including the Ares allocated portion of the Fund, and to help ensure that such decisions are made in accordance with its fiduciary obligations to clients. Nevertheless, notwithstanding such proxy voting policies and procedures, actual proxy voting decisions may have the effect of favoring the interests of other clients, provided that Ares believes such voting decisions to be in accordance with its fiduciary obligations.

<u>Crescent Capital Group LP ("Crescent")</u>

The allocated portion of the Fund's portfolio managed by Crescent is managed on a team basis. The portfolio managers who are primarily responsible for the day-to-day management of Crescent's allocated portion of the Fund's portfolio are John Fekete and Ron Slusser.

***Compensation.*** Crescent compensates its portfolio managers through a combination of fixed and variable compensation components designed to attract, retain, and motivate investment professionals while aligning their interests with those of the firm's clients. Compensation may vary based on individual performance, firm profitability, and other factors.

<u>Base Salary</u>

Portfolio managers receive a fixed base salary, which is determined based on factors such as industry standards, role responsibilities, experience, and market conditions. This base salary provides stability while ensuring compensation remains competitive within the investment management industry.

<u>Annual Incentive Compensation</u>

Portfolio managers are eligible for discretionary annual bonuses based on multiple factors, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The investment performance of the accounts they manage, evaluated over one-, three- , and five-year
periods against predetermined benchmarks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The overall performance of Crescent, considering firm profitability and long-term strategic objectives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Individual contributions to the firm, including research insights, risk management, and team leadership.

Performance is assessed based on risk-adjusted returns and adherence to client investment objectives, ensuring portfolio managers are incentivized to act in clients' best interests rather than take undue risks.

<u>Long-Term Incentive Compensation</u>

Certain Crescent professionals participate in the firm's long-term incentive program, which is designed to promote retention and align interests with the firm's sustained success. This program may include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Equity ownership in Crescent, providing a direct stake in the firm's financial performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Deferred compensation arrangements that vest over multiple years to encourage long-term decision-making.

<u>Other Benefits</u>

In addition to base salary and performance-based incentives, Crescent provides its investment professionals with access to standard employee benefits, including retirement savings programs, health and wellness plans, and other firm-sponsored initiatives designed to support long-term career development.

Crescent's compensation structure is designed to ensure that portfolio managers remain focused on generating consistent, long-term value for clients while maintaining alignment with the firm's overall business strategy.

***Ownership of Fund Shares***. As of March 31, 2025, Messrs. Fekete and Slusser did not beneficially own any shares of the Fund.

***Other Accounts Managed by Portfolio Managers***

In addition to the Fund, Messrs. Fekete and Slusser manage:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Total Accounts** | **Total Accounts** | **Accounts with Performance Fees** | **Accounts with Performance Fees** |
| <br>**Other Accounts** | **Number of<br> Accounts** | **Assets<br> (*in millions*)** | **Number of<br> Accounts** | **Assets<br> (*in millions*)** |
| Registered Investment Companies\* | 1 | $152 | 0 | $0 |
| Other Pooled Investment Vehicles\* | 4 | $1452 | 1 | $188 |
| Other Accounts\* | 20 | $3363 | 0 | $0 |

---

\*As of June 30, 2025.

***Potential Conflicts of Interest.*** Actual or potential conflicts of interest may arise in the management of multiple client accounts, including the Fund. These conflicts may include, but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The potential for Crescent and its portfolio managers to devote unequal time and attention to the
management of different accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The inability to allocate limited investment opportunities across multiple accounts in an equitable
manner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• An incentive to allocate investment opportunities to an account in which Crescent or its portfolio
managers have a greater financial interest, such as a performance fee account or an account with a higher fee-sharing arrangement.

In addition, conflicts of interest may arise when accounts managed by Crescent invest in different parts of the same issuer's capital structure. For example, one account may hold a senior secured debt instrument of an issuer, while another account holds a junior debt obligation or equity interest in the same issuer. These situations create the potential for divergent interests with respect to investment decisions, restructurings, and other corporate events. Crescent has policies and procedures designed to mitigate such conflicts, but there can be no assurance that all conflicts will be identified or resolved in a manner that is favorable to all affected accounts.

Potential conflicts may also arise when Crescent employees engage in personal securities transactions involving securities that are also held or considered for client accounts, including the Fund. Crescent has adopted a Code of Ethics that includes personal trading policies to mitigate this risk, such as pre-clearance requirements, reporting obligations, and restrictions on trading certain securities.

While Crescent has implemented policies and procedures designed to address these types of conflicts and operates in a manner that is fair and equitable to all clients, including the Fund, there is no guarantee that every conflict will be identified or resolved in a manner that eliminates all potential adverse effects.

<u>Ninety One North America, Inc. ("Ninety One")</u>

The allocated portion of the Fund's portfolio managed by Ninety One is managed on a team basis. The portfolio managers who are primarily responsible for the day-to-day management of Ninety One's allocated portion of the Fund's portfolio are Antoon de Klerk and Grant Webster.

***Compensation.*** The remuneration structure for investment professionals typically consists of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fixed pay and pension contributions (where applicable);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Discretionary variable compensation (which may comprise both cash and deferred elements);
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Other local employee benefits.

Fixed remuneration is reviewed annually and is designed to reflect the relative skills and experience of, and contribution made, by each employee. Ninety One always seeks to recruit the best investment professionals available and remunerate them accordingly.

The primary determinant of the variable compensation pool available for distribution is Ninety One's own annual profit. Given Ninety One's business is oriented towards meeting the long-term objectives of Ninety One's clients, there are not significant fluctuations in profit levels (and therefore bonus pools) year on year. All investment professionals are currently eligible to be considered for a cash bonus payment under the scheme. Any payments made under the scheme are at the discretion of Ninety One and based on a number of qualitative and quantitative factors including multi-year performance and non-financial metrics such as compliance and risk awareness. Participation in the deferred bonus scheme is determined on an annual basis at our discretion based on the roles of individual employees. The purpose of the deferred bonus scheme is to retain key employees, provide better alignment of the interests with both clients and Ninety One, and to manage potential, currently unknown, future risks.

The deferred bonus awards are made in the form of a combination of investments into:

● Investment funds managed by Ninety One, with specific allocations (normally 50%) for portfolio managers and analysts into the funds for which they are responsible; and

● Listed shares in Ninety One (normally allocations of at least 25%).

The deferral period is just over 3 years and awards are only paid out under specific conditions. Employees forfeit their allocations if they resign or their employment terminates prior to the vesting date unless discretion is otherwise exercised by Ninety One. Any sums deferred would be subject to forfeiture in the event of serious compliance or risk breach, or termination for gross misconduct prior to the end of the deferral period.

***Ownership of Fund Shares****.* As of March 31, 2025, Messrs. de Klerk and Webster did not beneficially own any shares of the Fund.

***Other Accounts Managed by Portfolio Managers.***\*

In addition to the Fund, Mr. de Klerk manages:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Total Accounts** | **Total Accounts** | **Accounts with Performance Fees** | **Accounts with Performance Fees** |
| <br>**Other Accounts** | **Number of<br> Accounts** | **Assets<br> (*in millions*)** | **Number of<br> Accounts** | **Assets<br> (*in millions*)** |
| Registered Investment Companies\* | 0 | $0 | 0 | $0 |
| Other Pooled Investment Vehicles\* | 7 | $5292 | 0 | $0 |
| Other Accounts\* | 6 | $2283 | 0 | $0 |

---

\*As of March 31, 2025. The portfolio managed by Ninety One is managed on a team basis.

In addition to the Fund, Mr. Webster manages:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Total Accounts** | **Total Accounts** | **Accounts with Performance Fees** | **Accounts with Performance Fees** |
| <br>**Other Accounts** | **Number of<br> Accounts** | **Assets<br> (*in millions*)** | **Number of<br> Accounts** | **Assets<br> (*in millions*)** |
| Registered Investment Companies\* | 0 | $0 | 0 | $0 |
| Other Pooled Investment Vehicles\* | 5 | $1266 | 0 | $0 |
| Other Accounts\* | 8 | $1531 | 0 | $0 |

---

\*As of June 30, 2025. The portfolio managed by Ninety One is managed on a team basis.

***Potential Conflicts of Interest.*** Ninety One performs investment management services for various clients, including the Fund, many of whom may have differing investment objectives, guidelines, and restrictions. As a result, Ninety One may give advice and take action in the performance of its duties for the Fund that may differ from the advice given, or the timing or nature of action taken, with respect to other clients.

It is also possible that in the course of business, investments for the Fund will overlap with investments for other clients of Ninety One and create a possible conflict of interest in connection with an investment opportunity that may be suitable for multiple accounts, but not available in sufficient quantities for the Fund to participate fully. Because Ninety One provides services to a number of different clients, potential conflicts of interest may also arise related to the amount of time an individual devotes to managing the Fund. Ninety One may also have an incentive to favor some accounts in the allocation of investment opportunities or otherwise treat preferentially those accounts that pay Ninety One a performance-related fee, or a higher fee level or greater fees overall.

To address such conflicts, Ninety One has established a variety of policies and procedures whose goals are to facilitate the fair allocation of investment opportunities. At all times, Ninety One seeks to treat its clients in a fair and equitable manner and will act in a manner that Ninety One believes to be in the best interests of clients. Ninety One seeks to ensure that potential or actual conflicts of interest are appropriately resolved, taking into consideration the overriding best interests of its clients. Each of Messrs. de Klerk and Webster manage multiple accounts for Ninety One, including the Fund. In addition, Messrs. Webster and de Klerk serve as portfolio managers of certain private investment funds and client accounts that are managed by affiliates of Ninety One. As such, neither Messrs. de Klerk or Webster will devote his full business time to the Fund, but will devote such time as he, in his sole discretion, deems necessary to carry out his role effectively. Messrs. de Klerk or Webster will make decisions for each account based on the investment objectives, policies, practices and other relevant investment considerations that he believes is applicable to such accounts.

Messrs. de Klerk and Webster may on occasion give advice or take action with respect to certain accounts that differs from the advice given or action taken with respect to the Fund (especially where the investment policies differ). Thus, it is possible that the transactions and portfolio strategies Messrs. Webster and de Klerk may use for various accounts may conflict and affect the prices and availability of the securities and other financial instruments in which the Fund invests. In circumstances where conflicts occur, Ninety One seeks to implement policies to minimize such conflicts and ensure that decisions are made that are fair and equitable to all the accounts involved, in light of the circumstances prevailing at the time and its applicable fiduciary duties.

Potential conflicts of interest may also arise in connection with the knowledge by an employee of either Ninety One and/or an affiliate of Ninety One about the timing of transactions, investment opportunities, broker selection, portfolio holdings and investments. Such employees who have access to the size and timing of transactions may have information concerning the market impact of transactions. Such employees may be in a position to use this information to their possible advantage or to the possible detriment of a client. Ninety One manages these potential conflicts involving employee personal trades by requiring that any personal trade be made in compliance with the Ninety One's Code of Ethics.

<u>Pacific Investment Management Company</u> 

The allocated portion of the Fund's portfolio managed by PIMCO is managed on a team basis. The portfolio managers who are responsible for the day-to-day management of PIMCO's allocated portion of the Fund's portfolio are Sonali Pier, Alfred Murata, Jason Duko and Charles Watford.

***Compensation.*** PIMCO's and its affiliates' approach to compensation seeks to provide professionals with a compensation process that is driven by values of collaboration, openness, responsibility and excellence.

Generally, compensation packages consist of three components. The compensation program for portfolio managers is designed to align with clients' interests, emphasizing each portfolio manager's ability to generate long-term investment success for clients, among other factors. A portfolio manager's compensation is not based solely on the performance of the Fund or any other account managed by that portfolio manager:

*Base Salary* – Base salary is determined based on core job responsibilities, positions/levels and market factors. Base salary levels are reviewed annually, when there is a significant change in job responsibilities or position, or a significant change in market levels.

*Variable Compensation* – In addition to a base salary, portfolio managers have a variable component of their compensation, which is based on a combination of individual and company performance and includes both qualitative and quantitative factors. The following non-exhaustive list of qualitative and quantitative factors is considered when determining total compensation for portfolio managers:

● performance measured over a variety of longer- and shorter-term periods, including 5- year, 4-year, 3-year, 2- year and 1-year dollar-weighted and account-weighted, pre-tax total and risk-adjusted in-vestment performance as judged against the applicable benchmarks (which may include in-ternal investment performance-related benchmarks) for each account managed by a portfolio manager (including the Fund(s)) and relative to applicable industry peer groups; and

● amount and nature of assets managed by the portfolio manager.

The variable compensation component of an employee's compensation may include a deferred component. The deferred portion will generally be subject to vesting and may appreciate or depreciate based on the performance of PIMCO and/or its affiliates. PIMCO's Long-Term Incentive Plan provides participants with deferred cash awards that appreciate or depreciate based on PIMCO's operating earnings over a rolling three-year period. Additionally, PIMCO's Carried Interest Plan provides eligible participants (i.e. those who provide services to PIMCO's alternative funds) a percentage of the carried interest otherwise payable to PIMCO if the applicable performance measurements described in the alternative fund's partnership agreements are achieved.

Portfolio managers who are Managing Directors of PIMCO receive compensation from a non-qualified profit sharing plan consisting of a portion of PIMCO's net profits. Portfolio managers who are Managing Directors receive an amount determined by the Compensation Committee, based upon an individual's overall contribution to the firm.

***Ownership of Fund Shares***. As of March 31, 2025, Ms. Pier and Messrs. Murata, Duko and Watford did not beneficially own any shares of the Fund.

***Other Accounts Managed by Portfolio Managers***

In addition to the Fund, Ms. Pier manages:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Total Accounts** | **Total Accounts** | **Accounts with Performance Fees** | **Accounts with Performance Fees** |
| <br>**Other Accounts** | **Number of<br> Accounts** | **Assets<br> (*in millions*)** | **Number of<br> Accounts** | **Assets<br> (*in millions*)** |
| Registered Investment Companies\* | 11 | $14570 | 0 | $0 |
| Other Pooled Investment Vehicles\* | 23 | $21225 | 1 | $4521.66 |
| Other Accounts\* | 29 | $68350 | 0 | $0 |

---

\*As of May 31, 2025.

In addition to the Fund, Mr. Murata manages:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Total Accounts** | **Total Accounts** | **Accounts with Performance Fees** | **Accounts with Performance Fees** |
| <br>**Other Accounts** | **Number of<br> Accounts** | **Assets<br> (*in millions*)** | **Number of<br> Accounts** | **Assets<br> (*in millions*)** |
| Registered Investment Companies\* | 25 | $252229 | 0 | $0 |
| Other Pooled Investment Vehicles\* | 22 | $62105 | 6 | $15488.27 |
| Other Accounts\* | 5 | $2429 | 0 | $0 |

---

\*As of May 31, 2025.

In addition to the Fund, Mr. Duko manages:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Total Accounts** | **Total Accounts** | **Accounts with Performance Fees** | **Accounts with Performance Fees** |
| <br>**Other Accounts** | **Number of<br> Accounts** | **Assets<br> (*in millions*)** | **Number of<br> Accounts** | **Assets<br> (*in millions*)** |
| Registered Investment Companies\* | 8 | $18883 | 0 | $0 |
| Other Pooled Investment Vehicles\* | 9 | $900 | 0 | $0 |
| Other Accounts\* | 2 | $974 | 0 | $0 |

---

\*As of May 31, 2025.

In addition to the Fund, Mr. Watford manages:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Total Accounts** | **Total Accounts** | **Accounts with Performance Fees** | **Accounts with Performance Fees** |
| <br>**Other Accounts** | **Number of<br> Accounts** | **Assets<br> (*in millions*)** | **Number of<br> Accounts** | **Assets<br> (*in millions*)** |
| Registered Investment Companies\* | 3 | $4641 | 0 | $0 |
| Other Pooled Investment Vehicles\* | 6 | $2008 | 0 | $0 |
| Other Accounts\* | 3 | $2768 | 0 | $0 |

---

\*As of May 31, 2025.

***Potential Conflicts of Interest***. From time to time, potential and actual conflicts of interest may arise between a portfolio manager's management of the investments of a Fund, on the one hand, and the management of other accounts, on the other. Potential and actual conflicts of interest may also arise as a result of PIMCO's other business activities and PIMCO's possession of material non-public information ("MNPI") about an issuer. Other accounts managed by a portfolio manager might have similar investment objectives or strategies as the Funds, track the same index a Fund tracks or otherwise hold, purchase, or sell securities that are eligible to be held, purchased or sold by the Funds. The other accounts might also have different investment objectives or strategies than the Funds. Investors should be aware that investments made by a Fund and the results achieved by a Fund at any given time are not expected to be the same as those made by other funds for which PIMCO acts as investment adviser, including funds with names, investment objectives and policies, and/or portfolio management teams, similar to a Fund. This may be attributable to a wide variety of factors, including, but not limited to, the use of a different strategy or portfolio management team, when a particular fund commenced operations or the size of a particular fund, in each case as compared to other similar funds. Potential and actual conflicts of interest may also arise as a result of PIMCO serving as investment adviser to accounts that invest in the Funds or to accounts in which a Fund invests. In this case, such conflicts of interest could in theory give rise to incentives for PIMCO to, among other things, vote proxies, purchase or redeem shares of the underlying account, or take other actions with respect to the underlying account, in a manner beneficial to the investing account and/or PIMCO but detrimental to the underlying account. Such conflicts of interest could similarly in theory give rise to incentives for PIMCO to, among other things, vote proxies or purchase or redeem shares of the underlying account, or take other actions with respect to the underlying account, in a manner beneficial to the underlying account and/or PIMCO and that may or may not be detrimental to the investing account. For example, even if there is a fee waiver or reimbursement in place relating to a Fund's investment in an underlying account, or relating to an investing account's investment in a Fund, this will not necessarily eliminate all conflicts of interest, as PIMCO could nevertheless have a financial incentive to favor investments in PIMCO-affiliated funds and managers (for example, to increase the assets under management of PIMCO or a fund, product or line of business, or otherwise provide support to, certain funds, products or lines of business), which could also impact the manner in which certain transaction fees are set. Conversely, PIMCO's duties to the Funds, as well as regulatory or other limitations applicable to the Funds, may affect the courses of action available to PIMCO-advised accounts (including certain Funds) that invest in the Funds in a manner that is detrimental to such investing accounts. In addition, regulatory restrictions, actual or potential conflicts of interest or other considerations may cause PIMCO to restrict or prohibit participation in certain investments. To the extent portfolio managers of a Fund or other PIMCO-sponsored account acting as investing account come into possession of MNPI regarding a Fund that is a current or potential underlying account in connection with their official duties (including potentially serving as portfolio manager of one or more such underlying accounts), portfolio managers of the Fund (or other PIMCO-sponsored account) acting as investing account may not base trading decisions for such investing accounts on MNPI relating to any Fund acting as underlying account.

Because PIMCO is affiliated with Allianz SE, a large multi-national financial institution (together with its affiliates, "Allianz"), conflicts similar to those described below may occur between the Funds or other accounts managed by PIMCO and PIMCO's affiliates or accounts managed by those affiliates. Those affiliates (or their clients), which generally operate autonomously from PIMCO, may take actions that are adverse to the Funds or other accounts managed by PIMCO. In many cases, PIMCO will not be in a position to mitigate those actions or address those conflicts, which could adversely affect the performance of the Funds or other accounts managed by PIMCO

(each, a "Client," and collectively, the "Clients"). In addition, because certain Clients are affiliates of PIMCO or have investors who are affiliates or employees of PIMCO, PIMCO may have incentives to resolve conflicts of interest in favor of these Clients over other Clients.

***Knowledge and Timing of Fund Trades.*** A potential conflict of interest may arise as a result of a portfolio manager's day-to-day management of a Fund. Because of their positions with the Funds, the portfolio managers know the size, timing and possible market impact of a Fund's trades. It is theoretically possible that the portfolio managers could use this information to the advantage of other accounts they manage and to the possible detriment of a Fund.

***Cross Trades.*** A potential conflict of interest may arise in instances where a Fund buys an instrument from a Client or sells an instrument to a Client (each, a "cross trade"). Such conflicts of interest may arise, among other reasons, as a result of PIMCO representing the interests of both the buying party and the selling party in the cross trade or because the price at which the instrument is bought or sold through a cross trade may not be as favorable as the price that might have been obtained had the trade been executed in the open market. PIMCO effects cross trades when appropriate pursuant to procedures adopted under applicable rules and SEC guidance. Among other things, such procedures require that the cross trade is consistent with the respective investment policies and investment restrictions of both parties and is in the best interests of both the buying and selling accounts.

***Selection of Service Providers.*** PIMCO, its affiliates and its employees may have relationships with service providers that recommend, or engage in transactions with or for, a Fund, and these relationships may influence PIMCO's selection of these service providers for a Fund. Additionally, as a result of these relationships, service providers may have conflicts that create incentives for them to promote the Fund over other funds or financial products. In such circumstances, there is a conflict of interest between PIMCO and a Fund if the Funds determine not to engage or continue to engage these service providers.

***Investment Opportunities.*** A potential conflict of interest may arise as a result of a portfolio manager's management of a number of accounts with varying investment guidelines. Often, an investment opportunity may be suitable for one or more Clients, but may not be available in sufficient quantities for all accounts to participate fully. In addition, regulatory issues applicable to PIMCO or one or more Funds or other accounts may result in certain Funds not receiving securities that may otherwise be appropriate for them. Similarly, there may be limited opportunity to sell an investment held by a Fund and another Client. PIMCO has adopted policies and procedures reasonably designed to allocate investment opportunities on a fair and equitable basis over time.

PIMCO seeks to allocate orders across eligible Client accounts with similar investment guidelines and investment styles fairly and equitably, taking into consideration relevant factors including, among others, applicable investment restrictions and guidelines, including regulatory restrictions; Client account-specific investment objectives, restrictions and other Client instructions, as applicable; risk tolerances; amounts of available cash; the need to rebalance a Client account's portfolio (e.g., due to investor contributions and redemptions); whether the allocation would result in a Client account receiving a trivial amount or an amount below the established minimum quantity; regulatory requirements; the origin of the investment; the bases for an issuer's allocation to PIMCO; and other Client account-specific factors. As part of PIMCO's trade allocation process, portions of new fixed income investment opportunities are distributed among Client account categories where the relevant portfolio managers seek to participate in the investment. Those portions are then further allocated among the Client accounts within such categories pursuant to PIMCO's trade allocation policy. Portfolio managers managing quantitative strategies and specialized accounts, such as those focused on international securities, mortgage-backed securities, bank loans, or other specialized asset classes, will likely receive an increased distribution of new fixed income investment opportunities where the investment involves a quantitative strategy or specialized asset class that matches the investment objective or focus of the Client account category. PIMCO seeks to allocate fixed income investments to Client accounts with the general purpose of maintaining consistent concentrations across similar accounts and achieving, as nearly as possible, portfolio characteristic parity among such accounts. Client accounts furthest from achieving portfolio characteristic parity typically receive priority in allocations. With respect to an order to buy or sell an equity security in the secondary market, PIMCO seeks to allocate the order across Client accounts with similar investment guidelines and investment styles fairly and equitably over time, taking into consideration the relevant factors discussed above.

Any particular allocation decision among Client accounts may be more or less advantageous to any one Client or group of Clients, and certain allocations will, to the extent consistent with PIMCO's fiduciary obligations, deviate from a pro rata basis among Clients in order to address for example, differences in legal, tax, regulatory, risk management, concentration, exposure, Client guideline limitations and/or mandate or strategy considerations for the relevant Clients. PIMCO may determine that an investment opportunity or particular purchases or sales are appropriate for one or more Clients, but not appropriate for other Clients, or are appropriate or suitable for, or available to, Clients but in different sizes, terms, or timing than is appropriate or suitable for other Clients. For example, some Clients have higher risk tolerances than other Clients, such as private funds, which, in turn, allows PIMCO to allocate a wider variety and/or greater percentage of certain types of investments (which may or may not outperform other types of investments) to such Clients. Further, the respective risk tolerances of different types of Clients may change over time as market conditions change. Those Clients

receiving an increased allocation as a result of the effect of their respective risk tolerance may be Clients that pay higher investment management fees or that pay incentive fees. In addition, certain Client account categories focusing on certain types of investments or asset classes will be given priority in new issue distribution and allocation with respect to the investments or asset classes that are the focus of their investment mandate. PIMCO may also take into account the bases for an issuer's allocation to PIMCO, for example, by giving priority allocations to Client accounts holding existing positions in the issuer's debt if the issuer's allocation to PIMCO is based on such holdings. PIMCO also may determine not to allocate to or purchase or sell for certain Clients all investments for which all Clients may be eligible. Legal, contractual, or regulatory issues and/or related expenses applicable to PIMCO or one or more Clients may result in certain Clients not receiving securities that may otherwise be appropriate for them or may result in PIMCO selling securities out of Client accounts even if it might otherwise be beneficial to continue to hold them. Additional factors that are taken into account in the distribution and allocation of investment opportunities to Client accounts include, without limitation: ability to utilize leverage and risk tolerance of the Client account; the amount of discretion and trade authority given to PIMCO by the Client; availability of other similar investment opportunities; the Client account's investment horizon and objectives; hedging, cash and liquidity needs of the portfolio; minimum increments and lot sizes; and underlying benchmark factors. Given all of the foregoing factors, the amount, timing, structuring, or terms of an investment by a Client, including a Fund, may differ from, and performance may be lower than, investments and performance of other Clients, including those that may provide greater fees or other compensation (including performance-based fees or allocations) to PIMCO. PIMCO has also adopted additional procedures to complement the general trade allocation policy that are designed to address potential conflicts of interest due to the side-by-side management of the Funds and certain pooled investment vehicles, including investment opportunity allocation issues.

From time to time, PIMCO may take an investment position or action for one or more Clients that may be different from, or inconsistent with, an action or position taken for one or more other Clients having similar or differing investment objectives. These positions and actions may adversely impact, or in some instances may benefit, one or more affected Clients (including Clients that are PIMCO affiliates) in which PIMCO has an interest, or which pays PIMCO higher fees or a performance fee. For example, a Client may buy a security and another Client may establish a short position in that same security. The subsequent short sale may result in a decrease in the price of the security that the other Client holds. Similarly, transactions or investments by one or more Clients may have the effect of diluting or otherwise disadvantaging the values, prices or investment strategies of another Client.

When PIMCO implements for one Client a portfolio decision or strategy ahead of, or contemporaneously with, similar portfolio decisions or strategies of another Client, market impact, liquidity constraints or other factors could result in one or more Clients receiving less favorable trading results, the costs of implementing such portfolio decisions or strategies could be increased or such Clients could otherwise be disadvantaged. On the other hand, potential conflicts may also arise because portfolio decisions regarding a Client may benefit other Clients. For example, the sale of a long position or establishment of a short position for a Client may decrease the price of the same security sold short by (and therefore benefit) other Clients, and the purchase of a security or covering of a short position in a security for a Client may increase the price of the same security held by (and therefore benefit) other Clients.

Under certain circumstances, a Client may invest in a transaction in which one or more other Clients are expected to participate, or already have made or will seek to make, an investment. In addition, to the extent permitted by applicable law, a Client may also engage in investment transactions that may result in other Clients being relieved of obligations, or that may cause other Clients to divest certain investments (e.g., a Client may make a loan to, or directly or indirectly acquire securities or indebtedness of, a company that uses the proceeds to refinance or reorganize its capital structure, which could result in repayment of debt held by another Client). Such Clients (or groups of Clients) may have conflicting interests and objectives in connection with such investments, including with respect to views on the operations or activities of the issuer involved, the targeted returns from the investment and the timeframe for, and method of, exiting the investment. When making such investments, PIMCO may do so in a way that favors one Client over another Client, even if both Clients are investing in the same security at the same time. Certain Clients may invest on a "parallel" basis (i.e., proportionately in all transactions at substantially the same time and on substantially the same terms and conditions). In addition, other accounts may expect to invest in many of the same types of investments as another account. However, there may be investments in which one or more of such accounts does not invest (or invests on different terms or on a non-pro rata basis) due to factors such as legal, tax, regulatory, business, contractual or other similar considerations or due to the provisions of a Client's governing documents. Decisions as to the allocation of investment opportunities among such Clients present numerous conflicts of interest, which may not be resolved in a manner that is favorable to a Client's interests. To the extent an investment is not allocated pro rata among such entities, a Client could incur a disproportionate amount of income or loss related to such investment relative to such other Client.

In addition, Clients may invest alongside one another in the same underlying investments or otherwise pursuant to a substantially similar investment strategy as one or more other Clients. In such cases, certain Clients may have preferential liquidity and information rights relative to other Clients holding the same investments, with the result that such Clients will be able to withdraw/redeem their interests in underlying investments in priority to Clients who may have more limited access to information or more restrictive withdrawal/redemption rights. Clients with more limited information rights or more restrictive liquidity may therefore be adversely affected in the event of a downturn in the markets.

Further, potential conflicts may be inherent in PIMCO's use of multiple strategies. For example, conflicts will arise in cases where different Clients invest in different parts of an issuer's capital structure, including circumstances in which one or more Clients may own private securities or obligations of an issuer and other Clients may own or seek to acquire private securities of the same issuer. For example, a Client may acquire a loan, loan participation or a loan assignment of a particular borrower in which one or more other Clients have an equity investment, or may invest in senior debt obligations of an issuer for one Client and junior debt obligations or equity of the same issuer for another Client.

PIMCO may also, for example, direct a Client to invest in a tranche of a structured finance vehicle, such as a CLO or CDO, where PIMCO is also, at the same or different time, directing another Client to make investments in a different tranche of the same vehicle, which tranche's interests may be adverse to other tranches. PIMCO may also cause a Client to purchase from, or sell assets to, an entity, such as a structured finance vehicle, in which other Clients may have an interest, potentially in a manner that will have an adverse effect on the other Clients. There may also be conflicts where, for example, a Client holds certain debt or equity securities of an issuer, and that same issuer has issued other debt, equity or other instruments that are owned by other Clients or by an entity, such as a structured finance vehicle, in which other Clients have an interest.

In each of the situations described above, PIMCO may take actions with respect to the assets held by one Client that are adverse to the other Clients, for example, by foreclosing on loans, by putting an issuer into default, or by exercising rights to purchase or sell to an issuer, causing an issuer to take actions adverse to certain classes of securities, or otherwise. In negotiating the terms and conditions of any such investments, or any subsequent amendments or waivers or taking any other actions, PIMCO may find that the interests of a Client and the interests of one or more other Clients could conflict. In these situations, decisions over items such as whether to make the investment or take an action, proxy voting, corporate reorganization, how to exit an investment, or bankruptcy or similar matters (including, for example, whether to trigger an event of default or the terms of any workout) may result in conflicts of interest. Similarly, if an issuer in which a Client and one or more other Clients directly or indirectly hold different classes of securities (or other assets, instruments or obligations issued by such issuer or underlying investments of such issuer) encounters financial problems, decisions over the terms of any workout will raise conflicts of interests (including, for example, conflicts over proposed waivers and amendments to debt covenants). For example, a debt holder may be better served by a liquidation of the issuer in which it may be paid in full, whereas an equity or junior bond holder might prefer a reorganization that holds the potential to create value for the equity holders. In some cases PIMCO may refrain from taking certain actions or making certain investments on behalf of Clients in order to avoid or mitigate certain conflicts of interest or to prevent adverse regulatory or other effects on PIMCO, or may sell investments for certain Clients (in each case potentially disadvantaging the Clients on whose behalf the actions are not taken, investments not made, or investments sold). In other cases, PIMCO may not refrain from taking actions or making investments on behalf of certain Clients that have the potential to disadvantage other Clients. In addition, PIMCO may take actions or refrain from taking actions in order to mitigate legal risks to PIMCO or its affiliates or its Clients even if disadvantageous to a Client's account. Moreover, a Client may invest in a transaction in which one or more other Clients are expected to participate, or already have made or will seek to make, an investment.

Additionally, certain conflicts may exist with respect to portfolio managers who make investment decisions on behalf of several different types of Clients. Such portfolio managers may have an incentive to allocate trades, time or resources to certain Clients, including those Clients who pay higher investment management fees or that pay incentive fees or allocations, over other Clients. These conflicts may be heightened with respect to portfolio managers who are eligible to receive a performance allocation under certain circumstances as part of their compensation.

From time to time, PIMCO personnel may come into possession of MNPI which, if disclosed, might affect an investor's decision to buy, sell or hold a security. Should a PIMCO employee come into possession of MNPI with respect to an issuer, he or she generally will be prohibited from communicating such information to, or using such information for the benefit of, Clients, which could limit the ability of Clients to buy, sell or hold certain investments, thereby limiting the investment opportunities or exit strategies available to Clients. In addition, holdings in the securities or other instruments of an issuer by PIMCO or its affiliates may affect the ability of a Client to make certain acquisitions of or enter into certain transactions with such issuer. PIMCO has no obligation or responsibility to disclose such information to, or use such information for the benefit of, any person (including Clients). Moreover, restrictions imposed by or through third-party automated trading platforms could affect a Client's ability to transact through, or the quality of execution achieved through, such platforms.

PIMCO maintains one or more restricted lists of companies whose securities are subject to certain trading prohibitions due to PIMCO's business activities. PIMCO may restrict trading in an issuer's securities if the issuer is on a restricted list or if PIMCO has MNPI about that issuer. In some situations, PIMCO may restrict Clients from trading in a particular issuer's securities in order to allow PIMCO to receive MNPI on behalf of other Clients. A Client may be unable to buy or sell certain securities until the restriction is lifted, which could disadvantage the Client. PIMCO may also be restricted from making (or divesting of) investments in respect of some Clients but not others. In some cases PIMCO may not initiate or recommend certain types of transactions, or may otherwise restrict or limit its advice relating to certain securities if a security is restricted due to MNPI or if PIMCO is seeking to limit receipt of MNPI.

PIMCO may conduct litigation or engage in other legal actions on behalf of one or more Clients. In such cases, Clients may be required to bear certain fees, costs, expenses and liabilities associated with the litigation. Other Clients that are or were investors in, or otherwise involved with, the subject investments may or may not (depending on the circumstances) be parties to such litigation actions, with the result that certain Clients may participate in litigation actions in which not all Clients with similar investments may participate, and such non-participating Clients may benefit from the results of such litigation actions without bearing or otherwise being subject to the associated fees, costs, expenses and liabilities. PIMCO, for example, typically does not pursue legal claims on behalf of its separate accounts. Furthermore, in certain situations, litigation or other legal actions pursued by PIMCO on behalf of a Client may be brought against or be otherwise adverse to a portfolio company or other investment held by a Client.

The foregoing is not a complete list of conflicts to which PIMCO or Clients may be subject. PIMCO seeks to review conflicts on a case-by-case basis as they arise. Any review will take into consideration the interests of the relevant Clients, the circumstances giving rise to the conflict, applicable PIMCO policies and procedures, and applicable laws. Clients (and investors in the Funds) should be aware that conflicts will not necessarily be resolved in favor of their interests and may in fact be resolved in a manner adverse to their interests. PIMCO will attempt to resolve such matters fairly, but even so, matters may be resolved in favor of other Clients which pay PIMCO higher fees or performance fees or in which PIMCO or its affiliates have a significant proprietary interest. Clients (and investors in the Funds) should also be aware that a Fund may experience losses associated with decisions or actions directly or indirectly attributable to PIMCO, and PIMCO may determine whether compensation to the Fund for such losses is appropriate in view of its standard of care. PIMCO will attempt to resolve such matters fairly subject to applicable PIMCO policies and procedures, and applicable laws, but even so, such matters may not be resolved in favor of Clients' (and Fund investors') interests and may in fact be resolved in a manner adverse to their interests. There can be no assurance that any actual or potential conflicts of interest will not result in a particular Client or group of Clients receiving less favorable investment terms in or returns from certain investments than if such conflicts of interest did not exist.

Conflicts like those described above may also occur between Clients, on the one hand, and PIMCO or its affiliates, on the other. These conflicts will not always be resolved in favor of the Client. In addition, because PIMCO is affiliated with Allianz, a large multi-national financial institution, conflicts similar to those described above may occur between clients of PIMCO and PIMCO's affiliates or accounts managed by those affiliates. Those affiliates (or their clients), which generally operate autonomously from PIMCO, may take actions that are adverse to PIMCO's Clients. In many cases PIMCO will have limited or no ability to mitigate those actions or address those conflicts, which could adversely affect Client performance. In addition, certain regulatory or internal restrictions may prohibit PIMCO from using certain brokers or investing in certain companies (even if such companies are not affiliated with Allianz) because of the applicability of certain laws and regulations or internal Allianz policies applicable to PIMCO, Allianz SE or their affiliates. An account's willingness to negotiate terms or take actions with respect to an investment may also be, directly or indirectly, constrained or otherwise impacted to the extent Allianz SE, PIMCO, and/or their affiliates, directors, partners, managers, members, officers or personnel are also invested therein or otherwise have a connection to the subject investment (e.g., serving as a trustee or board member thereof).

Certain service providers to the Funds are expected to be owned by or otherwise related to or affiliated with a Client, and in certain cases, such service providers are expected to be, or are owned by, employed by, or otherwise related to, PIMCO, Allianz SE, their affiliates and/or their respective employees, consultants and other personnel. PIMCO may, in its sole discretion, determine to provide, or engage or recommend an affiliate of PIMCO to provide certain services to the Funds, instead of engaging or recommending one or more third parties to provide such services. Subject to the governance requirements of a particular fund and applicable law, PIMCO or its affiliates, as applicable, will receive compensation in connection with the provision of such services. As a result, PIMCO faces a conflict of interest when selecting or recommending service providers for the Funds. Fees paid to an unaffiliated service provider will be determined in PIMCO's commercially reasonable discretion, taking into account the relevant facts and circumstances, and consistent with PIMCO's responsibilities. Although PIMCO has adopted various policies and procedures intended to mitigate or otherwise manage conflicts of interest with respect to affiliated service providers, there can be no guarantee that such policies and procedures (which may be modified or terminated at any time in PIMCO's sole discretion) will be successful.

***Performance Fees.*** A portfolio manager may advise certain accounts with respect to which the advisory fee is based entirely or partially on performance. Performance fee arrangements may create a conflict of interest for the portfolio manager in that the portfolio manager may have an incentive to allocate the investment opportunities that he or she believes might be the most profitable to such other accounts instead of allocating them to a Fund. PIMCO has adopted policies and procedures reasonably designed to allocate investment opportunities between the Funds and such other accounts on a fair and equitable basis over time.

PIMCO has implemented policies and procedures relating to, among other things, portfolio management and trading practices, personal investment transactions, insider trading, gifts and entertainment, and political contributions that seek to identify, manage and/or mitigate actual or potential conflicts of interest and resolve such conflicts appropriately if they occur. PIMCO seeks to resolve any actual or potential conflicts in each client's best interest. For more information regarding PIMCO's actual or potential conflicts of interest, please refer to Item 10 and Item 11 in PIMCO's Form ADV, Part 2A.

<u>Polen Capital Credit, LLC ("Polen Credit")</u>

The allocated portion of the Fund's portfolio managed by Polen Credit is managed on a team basis. The portfolio managers who are primarily responsible for the day-to-day management of Polen Credit's allocated portion of the Fund's portfolio are David Breazzano, Benjamin Santonelli and John Sherman with Messrs. Sherman and Santonelli responsible for security selection and portfolio construction decisions.

***Compensation.*** The compensation for each of Polen Credit's portfolio managers consists of (i) a base salary, (ii) a year-end bonus, and (iii) awards of equity ("Equity Interests"), including direct Equity Interests and/or phantom Equity Interests, which entitle each portfolio manager to an additional distribution based on the revenue and/or profits of Polen Credit and/or its parent company. Polen Credit's compensation strategy is to provide each portfolio manager with a reasonable base salary commensurate with their responsibility together with a performance bonus award. Total compensation of Polen Credit's portfolio managers is not directly related to the Fund's performance.

***Ownership of Fund Shares***. As of March 31, 2025, Messrs. Breazzano, Santonelli and Sherman did not beneficially own any shares of the Fund.

***Other Accounts Managed by Portfolio Managers***

In addition to the Fund, Mr. Breazzano manages:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Total Accounts** | **Total Accounts** | **Accounts with Performance Fees** | **Accounts with Performance Fees** |
| <br>**Other Accounts** | **Number of<br> Accounts** | **Assets<br> (*in millions*)** | **Number of<br> Accounts** | **Assets<br> (*in millions*)** |
| Registered Investment Companies<sup>(1)</sup>\* | 4 | $569 | 0 | $- |
| Other Pooled Investment Vehicles<sup>(2)</sup>\* | 3 | $192 | 0 | $- |
| Other Accounts<sup>(3)</sup>\* | 19 | $4145 | 3 | $820 |

---

\*As of April 30, 2025.

<sup>(1)</sup> Represents Polen Credit's mutual fund portfolios (either advised or sub-advised) that are registered with the SEC. Two legacy sub-advised mutual fund portfolios that remain in wind-down as of April 30, 2025 and with de minimis assets under management have been excluded.

<sup>(</sup><sup>2)</sup> Represents Polen Credit's proprietary commingled vehicles (excluding any funds managed by Polen Credit on behalf of a single investor or affiliated group of investors).

<sup>(3)</sup> Represents Polen Credit's separately managed portfolios that are not advised or sub-advised for registered investment companies (as well as funds managed by Polen Credit on behalf of a single investor or an affiliated group of investors). Legacy accounts presently in winddown and with insignificant assets under management have been excluded.

In addition to the Fund, Mr. Sherman manages:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Total Accounts** | **Total Accounts** | **Accounts with Performance Fees** | **Accounts with Performance Fees** |
| <br>**Other Accounts** | **Number of<br> Accounts** | **Assets<br> (*in millions*)** | **Number of<br> Accounts** | **Assets<br> (*in millions*)** |
| Registered Investment Companies<sup>(1)</sup>\* | 7 | $779 | 0 | $- |
| Other Pooled Investment Vehicles<sup>(2)</sup>\* | 4 | $201 | 0 | $- |
| Other Accounts<sup>(3)</sup>\* | 23 | $4531 | 6 | $1351 |

---

\*As of April 30, 2025

<sup>(1)</sup> Represents Polen Credit's mutual fund portfolios (either advised or sub-advised) that are registered with the SEC. Two legacy sub-advised mutual fund portfolios that remain in wind-down as of April 30, 2025 and with de minimis assets under management have been excluded.

<sup>(2)</sup> Represents Polen Credit's proprietary commingled vehicles (excluding any funds managed by Polen Credit on behalf of a single investor or affiliated group of investors).

<sup>(3)</sup> Represents Polen Credit's separately managed portfolios that are not advised or sub-advised for registered investment companies (as well as funds managed by Polen Credit on behalf of a single investor or an affiliated group of investors). Legacy accounts presently in winddown and with insignificant assets under management have been excluded.

In addition to the Fund, Mr. Santonelli manages:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Total Accounts** | **Total Accounts** | **Accounts with Performance Fees** | **Accounts with Performance Fees** |
| <br>**Other Accounts** | **Number of<br> Accounts** | **Assets<br> (*in millions*)** | **Number of<br> Accounts** | **Assets<br> (*in millions*)** |
| Registered Investment Companies<sup>(1)</sup>\* | 7 | $779 | 0 | $- |
| Other Pooled Investment Vehicles<sup>(2)</sup>\* | 4 | $201 | 0 | $- |
| Other Accounts<sup>(3)</sup>\* | 23 | $4531 | 6 | $1351 |

---

\*As of April 30, 2025.

<sup>(1)</sup> Represents Polen Credit's mutual fund portfolios (either advised or sub-advised) that are registered with the SEC. Two legacy sub-advised mutual fund portfolios that remain in wind-down as of April 30, 2025 and with de minimis assets under management have been excluded.

<sup>(2)</sup> Represents Polen Credit's proprietary commingled vehicles (excluding any funds managed by Polen Credit on behalf of a single investor or affiliated group of investors).

<sup>(3)</sup> Represents Polen Credit's separately managed portfolios that are not advised or sub-advised for registered investment companies (as well as funds managed by Polen Credit on behalf of a single investor or an affiliated group of investors). Legacy accounts presently in winddown and with insignificant assets under management have been excluded.

***Potential Conflicts of Interest.*** Polen Credit provides advisory services to other clients which invest in securities of the same type in which the Fund invests. Polen Credit is aware of its obligation to ensure that when orders for the same securities are entered on behalf of the Fund and other accounts, the Fund receives fair and equitable allocation of these orders, particularly where affiliated accounts may participate. Moreover, Polen Credit attempts to mitigate potential conflicts of interest by adopting policies and procedures regarding trade execution, brokerage allocation and order aggregation which provide a methodology for ensuring fair treatment for all clients in situations where orders cannot be completely filled or filled at different prices. Other potential conflicts of interest relate to the valuation of less liquid securities, trade execution, and personal trading. In order to mitigate each of these potential conflicts of interest, Polen Credit has adopted compliance policies and procedures (including, without limitation, a Code of Ethics).

<u>Wellington Management Company LLP ("Wellington")</u>

The allocated portion of the Fund's portfolio managed by Wellington is managed on a team basis. The portfolio managers who are responsible for the day-to-day management of Wellington's allocated portion of the Fund's portfolio are Mr. Goodman and Mr. Burn.

***Compensation.*** Wellington receives a fee based on the assets under management of the Fund as set forth in the applicable Sub-Advisory Agreement between Wellington and Mercer Investments LLC with respect to the Fund. Wellington pays its investment professionals out of its total revenues, including the advisory fees earned with respect to the Fund. The following information relates to the fiscal year ended December 31, 2024.

Wellington'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's compensation of the Fund's managers listed in the applicable Prospectus who are primarily responsible for the day-to-day management of the Funds (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, is generally a fixed amount 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 from the Fund managed by the Portfolio Manager and generally each other account managed by such Portfolio Manager. Each Portfolio Manager's incentive payment relating to the relevant Fund is linked to the gross pre-tax performance of the portion of the Fund managed by the Portfolio Manager compared to the benchmark index and/or peer group identified below over one, three and five- year periods, with an emphasis on five-year results. Wellington applies similar incentive compensation structures (although the benchmarks or peer groups, time periods, and rates may differ) to other accounts managed by the Portfolio Managers, 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 be eligible for bonus payments based on their overall contribution to Wellington's business operations. Senior management at Wellington 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. Burn and Mr. Goodman are Partners.

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| | |
|:---|:---|
| &nbsp;&nbsp;**Portfolio Manager** | &nbsp;&nbsp;**Benchmarks** |
| &nbsp;&nbsp;Campe Goodman | &nbsp;&nbsp; JPM EMBI Global Diversified Index (33%),<br> Morningstar LSTA US Leveraged Loan Index (33%), and Bloomberg<br> High Yield Corporate Index (33%) |
| &nbsp;&nbsp; <br> Robert D. Burn | &nbsp;&nbsp; JPM EMBI Global Diversified Index (33%),<br> Morningstar LSTA US Leveraged Loan Index (33%), and Bloomberg<br> High Yield Corporate Index (33%) |

---

***Ownership of Fund Shares***. As of March 31, 2025, Messrs. Goodman and Burn did not beneficially own any shares of the Fund.

***Other Accounts Managed by Portfolio Managers***

In addition to the Fund, Mr. Goodman manages:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Total Accounts** | **Total Accounts** | **Accounts with Performance Fees** | **Accounts with Performance Fees** |
| <br>**Other Accounts** | **Number of<br> Accounts** | **Assets<br> (*in millions*)** | **Number of<br> Accounts** | **Assets<br> (*in millions*)** |
| Registered Investment Companies<sup>\*</sup> | 16 | $16073 | 0 | $0 |
| Other Pooled Investment Vehicles<sup>\*</sup> | 11 | $5945 | 0 | $0 |
| Other Accounts<sup>\*</sup> | 38 | $18671 | 0 | $0 |

---

<sup>\*</sup> As of June 30, 2025.

In addition to the Fund, Mr. Burn manages:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Total Accounts** | **Total Accounts** | **Accounts with Performance Fees** | **Accounts with Performance Fees** |
| <br>**Other Accounts** | **Number of<br> Accounts** | **Assets<br> (*in millions*)** | **Number of<br> Accounts** | **Assets<br> (*in millions*)** |
| Registered Investment Companies<sup>\*</sup> | 16 | $15985 | 0 | $0 |
| Other Pooled Investment Vehicles<sup>\*</sup> | 7 | $2746 | 0 | $0 |
| Other Accounts<sup>\*</sup> | 36 | $18348 | 0 | $0 |

---

<sup>\*</sup> As of June 30, 2025.

***Potential Conflicts of Interest.*** Individual investment professionals at Wellington 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. The 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 Fund. The Portfolio Managers make investment decisions for each account, including the Fund, 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 Fund and thus the accounts may have similar, and in some cases nearly identical, objectives, strategies and/or holdings to that of the Fund.

A Portfolio Manager or other investment professionals at Wellington may place transactions on behalf of other accounts that are directly or indirectly contrary to investment decisions made on behalf of the Fund or make investment decisions that are similar to those made for the Fund, both of which have the potential to adversely impact the Fund 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 Fund and one or more other accounts at or about the same time. In those instances, the other accounts will have access to their respective holdings prior to the public disclosure of the Fund's holdings. Also, investment professionals at Wellington may make investments in different parts of an issuer's capital structure such as acquiring a loan of a particular borrower in one account while making an equity investment in that same borrower on behalf of another account. 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 receives for managing the Fund. Finally, the Portfolio Managers may hold shares or investments in the other pooled investment vehicles and/or other accounts identified above.

Wellington'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 has adopted and implemented policies and procedures, including brokerage and trade allocation policies and procedures, which it believes address the conflicts associated with managing multiple accounts for multiple clients. In addition, Wellington monitors a variety of areas, including compliance with primary account guidelines, the allocation of initial public offerings, and compliance with the firm'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 periodically review the performance of Wellington's investment professionals. Although Wellington does not track the time an investment professional spends on a single account, Wellington does periodically assess whether an investment professional has adequate time and resources to effectively manage the investment professional's various client mandates.

**Mercer Short Duration Fixed Income Fund**

<u>Voya Investment Management Co. LLC ("Voya IM")</u>

The portfolio managers who are primarily responsible for the day-to-day management of Voya IM's allocated portion of the Fund's portfolio are Sean Banai, CFA, David Goodson, CFA, Anil Katarya, CFA and Raj Jadav, CFA.

***Compensation***. Compensation consists of: (i) a fixed base salary; (ii) a bonus, which is based on Voya IM performance, one-, three-, and five-year pre-tax performance of the accounts the portfolio managers are primarily and jointly responsible for relative to account benchmarks, peer universe performance, and revenue growth and net cash flow growth (changes in the accounts' net assets not attributable to changes in the value of the accounts' investments) of the accounts they are responsible for; and (iii) long-term equity awards tied to the performance of our parent company, Voya Financial, Inc. and/or a notional investment in a pre-defined set of Voya IM sub-advised funds. Portfolio managers are also eligible to receive an annual cash incentive award delivered in some combination of cash and a deferred award in the form of Voya stock. The overall design of the annual incentive plan was developed to tie pay to both performance and cash flows, structured in such a way as to drive performance and promote retention of top talent. As with base salary compensation, individual target awards are determined and set based on external market data and internal comparators. Investment

performance is measured on both relative and absolute performance in all areas. The measures for each team are outlined on a "scorecard" that is reviewed on an annual basis. These scorecards measure investment performance versus benchmark and peer groups over one-, three-, and five-year periods and year-to-date net cash flow (changes in the accounts' net assets not attributable to changes in the value of the accounts' investments) for all accounts managed by each team. The results for overall Voya IM scorecards are typically calculated on an asset weighted performance basis of the individual team scorecards. Investment professionals' performance measures for bonus determinations are weighted by 25% being attributable to the overall Voya IM performance and 75% attributable to their specific team results (65% investment performance, 5% net cash flow, and 5% revenue growth). Voya IM's long-term incentive plan is designed to provide ownership-like incentives to reward continued employment and to link long-term compensation to the financial performance of the business. Based on job function, internal comparators, and external market data, employees may be granted long-term awards. All senior investment professionals participate in the long-term compensation plan. Participants receive annual awards determined by the management committee based largely on investment performance and contribution to firm performance. Plan awards are based on the current year's performance as defined by the Voya IM component of the annual incentive plan. Awards typically include a combination of performance shares, which vest ratably over a three-year period, and Voya restricted stock and/or a notional investment in a predefined set of Voya IM sub-advised funds, each subject to a three-year cliff-vesting schedule. If a portfolio manager's base salary compensation exceeds a particular threshold, he or she may participate in Voya's deferred compensation plan. The plan provides an opportunity to invest deferred amounts of compensation in mutual funds, Voya stock, or at an annual fixed interest rate. Deferral elections are done on an annual basis and the amount of compensation deferred is irrevocable.

***Ownership of Fund Shares****.* As of March 31, 2025, Messrs. Banai, Goodson, Katarya and Jadav did not beneficially own any shares of the Fund.

***Other Accounts Managed by Portfolio Managers****.*

In addition to the Fund, Mr. Banai manages:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Total Accounts** | **Total Accounts** | **Accounts with Performance Fees** | **Accounts with Performance Fees** |
| <br>**Other Accounts** | **Number of<br> Accounts** | **Assets<br> (*in millions*)** | **Number of<br> Accounts** | **Assets<br> (*in millions*)** |
| Registered Investment Companies<sup>\*</sup> | 17 | $20503 | 0 | $0 |
| Other Pooled Investment Vehicles<sup>\*</sup> | 7 | $2777 | 0 | $0 |
| Other Accounts<sup>\*</sup> | 209 | $21706 | 1 | $291 |

---

<sup>\*</sup> As of March 31, 2025.

In addition to the Fund, Mr. Goodson manages:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Total Accounts** | **Total Accounts** | **Accounts with Performance Fees** | **Accounts with Performance Fees** |
| <br>**Other Accounts** | **Number of<br> Accounts** | **Assets<br> (*in millions*)** | **Number of<br> Accounts** | **Assets<br> (*in millions*)** |
| Registered Investment Companies<sup>\*</sup> | 11 | $17208 | 0 | $0 |
| Other Pooled Investment Vehicles<sup>\*</sup> | 3 | $2652 | 0 | $0 |
| Other Accounts<sup>\*</sup> | 185 | $18437 | 0 | $0 |

---

<sup>\*</sup> As of March 31, 2025.

In addition to the Fund, Mr. Katarya manages:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Total Accounts** | **Total Accounts** | **Accounts with Performance Fees** | **Accounts with Performance Fees** |
| <br>**Other Accounts** | **Number of<br> Accounts** | **Assets<br> (*in millions*)** | **Number of<br> Accounts** | **Assets<br> (*in millions*)** |
| Registered Investment Companies<sup>\*</sup> | 8 | $953 | 0 | $0 |
| Other Pooled Investment Vehicles<sup>\*</sup> | 0 | $0 | 0 | $0 |
| Other Accounts<sup>\*</sup> | 19 | $16783 | 3 | $4701 |

---

<sup>\*</sup> As of March 31, 2025.

In addition to the Fund, Mr. Jadav manages:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Total Accounts** | **Total Accounts** | **Accounts with Performance Fees** | **Accounts with Performance Fees** |
| <br>**Other Accounts** | **Number of<br> Accounts** | **Assets<br> (*in millions*)** | **Number of<br> Accounts** | **Assets<br> (*in millions*)** |
| Registered Investment Companies<sup>\*</sup> | 5 | $344 | 0 | $0 |
| Other Pooled Investment Vehicles<sup>\*</sup> | 0 | $0 | 0 | $0 |
| Other Accounts<sup>\*</sup> | 8 | $607 | 0 | $0 |

---

<sup>\*</sup> As of March 31, 2025.

***Potential Conflicts of Interest****.* A portfolio manager may be subject to potential conflicts of interest because the portfolio manager is responsible for other accounts in addition to the Fund. These other accounts may include, among others, other mutual funds, separately

managed advisory accounts, commingled trust accounts, insurance separate accounts, wrap fee programs, and hedge funds. Potential conflicts may arise out of the implementation of differing investment strategies for the portfolio manager's various accounts, the allocation of investment opportunities among those accounts or differences in the advisory fees paid by the portfolio manager's accounts.

A potential conflict of interest may arise as a result of the portfolio manager's responsibility for multiple accounts with similar investment guidelines. Under these circumstances, a potential investment may be suitable for more than one of the portfolio manager's accounts, but the quantity of the investment available for purchase is less than the aggregate amount the accounts would ideally devote to the opportunity. Similar conflicts may arise when multiple accounts seek to dispose of the same investment.

A portfolio manager may also manage accounts whose objectives and policies differ from those of the Fund. 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, if an account were to 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 a portfolio manager is responsible for accounts that have different advisory fees – the difference in the fees may create an incentive for the portfolio manager to favor one account over another, for example, in terms of access to particularly appealing investment opportunities. This conflict may be heightened where an account is subject to a performance-based fee.

As part of its compliance program, Voya IM has adopted policies and procedures reasonably designed to address the potential conflicts of interest described above.

Finally, a potential conflict of interest may arise because the investment mandates for certain other accounts, such as hedge funds, may allow extensive use of short sales which, in theory, could allow them to enter into short positions in securities where other accounts hold long positions. Voya IM has policies and procedures reasonably designed to limit and monitor short sales by the other accounts to avoid harm to the Fund.

<u>Aristotle Pacific Capital, LLC ("Aristotle Pacific")</u>

The portfolio managers who are primarily responsible for the day-to-day management of Aristotle Pacific's allocated portion of the Fund's portfolio are David Weismiller, CFA, Michael Marzouk, CFA and Ying Qiu, CFA.

***Compensation***. Aristotle Pacific's portfolio managers are paid a base salary and are eligible to participate in an annual bonus pool. The portfolio managers' compensation arrangements are not determined on the basis of specific funds or accounts managed. Bonus amounts are determined by a number of factors including an individual's team contribution to company objectives as well as the overall profitability of the company. Each portfolio manager is an equity partner of Aristotle Pacific and receives a portion of the overall profits of the entity as part of such partner's ownership interest.

***Ownership of Fund Shares****.* As of March 31, 2025, Messrs. Weismiller and Marzouk and Ms. Qiu did not beneficially own any shares of the Fund.

***Other Accounts Managed by Portfolio Managers****.*

In addition to the Fund, Mr. Weismiller manages:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Total Accounts** | **Total Accounts** | **Accounts with Performance Fees** | **Accounts with Performance Fees** |
| <br>**Other Accounts** | **Number of<br> Accounts** | **Assets<br> (*in millions*)** | **Number of<br> Accounts** | **Assets<br> (*in millions*)** |
| Registered Investment Companies<sup>\*</sup> | 7 | $8243 | 0 | $0 |
| Other Pooled Investment Vehicles<sup>\*</sup> | 1 | $45 | 0 | $0 |
| Other Accounts<sup>\*</sup> | 9 | $1470 | 0 | $0 |

---

<sup>\*</sup> As of March 31, 2025.

In addition to the Fund, Mr. Marzouk manages:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Total Accounts** | **Total Accounts** | **Accounts with Performance Fees** | **Accounts with Performance Fees** |
| <br>**Other Accounts** | **Number of<br> Accounts** | **Assets<br> (*in millions*)** | **Number of<br> Accounts** | **Assets<br> (*in millions*)** |
| Registered Investment Companies<sup>\*</sup> | 9 | $13294 | 0 | $0 |
| Other Pooled Investment Vehicles<sup>\*</sup> | 2 | $2357 | 0 | $0 |
| Other Accounts<sup>\*</sup> | 16 | $4669 | 6 | $3327 |

---

<sup>\*</sup> As of March 31, 2025.

In addition to the Fund, Ms. Qiu manages:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Total Accounts** | **Total Accounts** | **Accounts with Performance Fees** | **Accounts with Performance Fees** |
| <br>**Other Accounts** | **Number of<br> Accounts** | **Assets<br> (*in millions*)** | **Number of<br> Accounts** | **Assets<br> (*in millions*)** |
| Registered Investment Companies<sup>\*</sup> | 7 | $4981 | 0 | $0 |
| Other Pooled Investment Vehicles<sup>\*</sup> | 2 | $91 | 1 | $46.8 |
| Other Accounts<sup>\*</sup> | 13 | $8655 | 0 | $0 |

---

<sup>\*</sup> As of March 31, 2025.

***Potential Conflicts of Interest****.* Aristotle Pacific's portfolio managers may manage client assets with similar investment objectives or strategies, creating the potential for conflicts of interest as the fees for managing client accounts may differ from one another, either higher or lower or may have performance-based fees. As a registered investment adviser and a fiduciary, Aristotle Pacific exercises due care to ensure that investment opportunities are allocated equitably among all participating clients.

In general, investment decisions for each client will be made independently from those of other clients, with specific reference to the individual needs and objectives of each client. Different account guidelines and/or differences within particular investment strategies may lead to the use of different investment practices for client accounts within a similar investment strategy. In addition, Aristotle Pacific will not necessarily purchase or sell the same securities at the same time or in the same proportionate amounts for all accounts, particularly if different accounts have materially different amounts of capital under management by Aristotle Pacific or different amounts of investable cash available. As a result, although Aristotle Pacific manages multiple accounts with similar or identical investment goals, or may manage accounts with different objectives that trade in the same securities, the portfolio management decisions relating to these accounts, and the performance resulting from such decisions, may differ from account to account. Aristotle Pacific has implemented policies and procedures to address trade allocation and aggregation decisions. These policies and procedures seek to ensure fair and equitable treatment of all participating clients over time. The policies and procedures include compliance monitoring and oversight of allocation and aggregation practices.

<u>Merganser Capital Management, LLC ("Merganser")</u>

The portfolio managers who are primarily responsible for the day-to-day management of Merganser's allocated portion of the Fund's portfolio are Andrew M. Smock, CFA and Adam M. Ware, CFA.

***Compensation***. The Adviser pays Merganser a fee based on the assets under management of the Fund as set forth in an investment sub- advisory agreement between Merganser and Adviser. All members of the investment team are compensated based on their experience level, contribution to the firm and team performance relative to peers. The firm reviews investment team performance and compensation at least annually by their manager and senior management. The primary components of the compensation system are base salary and an annual bonus based on the financial success of the firm. Additionally, the majority of senior members of the investment team are under employment contracts. Team performance relative to peers is at a strategy composite level. Thus, there is no incentive or conflict of interest to favor one account over another. In addition, such rankings are gross of fees which mitigates the potential to make decisions based on clients' fees.

***Ownership of Fund Shares****.* As of March 31, 2025, Messrs. Smock and Ware did not beneficially own any shares of the Fund.

***Other Accounts Managed by Portfolio Managers****.*

In addition to the Fund, Mr. Smock manages:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Total Accounts** | **Total Accounts** | **Accounts with Performance Fees** | **Accounts with Performance Fees** |
| <br>**Other Accounts** | **Number of<br> Accounts** | **Assets<br> (*in millions*)** | **Number of<br> Accounts** | **Assets<br> (*in millions*)** |
| Registered Investment Companies<sup>\*</sup> | 1 | $634 | 0 | $0 |
| Other Pooled Investment Vehicles<sup>\*</sup> | 1 | $118 | 0 | $0 |
| Other Accounts<sup>\*</sup> | 32 | $3273 | 0 | $0 |

---

<sup>\*</sup> As of March 31, 2025.

In addition to the Fund, Mr. Ware manages:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Total Accounts** | **Total Accounts** | **Accounts with Performance Fees** | **Accounts with Performance Fees** |
| <br>**Other Accounts** | **Number of<br> Accounts** | **Assets<br> (*in millions*)** | **Number of<br> Accounts** | **Assets<br> (*in millions*)** |
| Registered Investment Companies<sup>\*</sup> | 0 | $0 | 0 | $0 |
| Other Pooled Investment Vehicles<sup>\*</sup> | 2 | $429 | 0 | $0 |
| Other Accounts<sup>\*</sup> | 83 | $12577 | 0 | $0 |

---

<sup>\*</sup> As of March 31, 2025.

***Potential Conflicts of Interest****.* Merganser and its affiliates engage in a broad range of activities, including investment activities for clients, for their own account and for the account of their clients. Certain affiliates of Merganser provide transaction-related, advisory, management and other services to operating companies. Generally, however, conflicts between Merganser and its affiliates are mitigated because Merganser and its affiliates are separately operated and generally do not share trading or investment information.

Merganser's clients are permitted to pursue investment opportunities similar to those pursued by another client. The allocation of investment opportunities among clients will be determined by Merganser in its good faith judgment and in accordance with the organizational documents and IMAs of the relevant clients. Allocation decisions can raise conflicts, for example, if clients have different fee structures. Subject to a client's investment guidelines, IMA, and Merganser's policies, Merganser generally allocates investment opportunities among eligible clients on a pro rata basis based upon account size. Other contributing factors or deviations from pro rata allocations include (i) client investment guidelines, (ii) sector and issuer diversification, (iii) cash available for investment, (iv) realized gain/loss limitations, (v) new client startups, (vi) anticipated cashflows, (vii) client terminations and (viii) liquid lot sizes. Merganser makes allocation determinations based on its expectations at the time such investments are made, however investments and their characteristics may change and there can be no assurance that an investment may prove to have been more suitable for another client in hindsight.

All employees of Merganser have committed to a Code of Ethics which includes three main sections: (1) Conflicts of Interest, (2) Insider Trading, and (3) Employee Securities Reporting. The Code of Ethics requires each of Merganser's employees to deal honestly and fairly with all persons with whom he or she has contact. Employees always must place the interests of Merganser's clients first. To prevent conflicts of interest, all employees must submit quarterly attestations validating their outside accounts and transaction activity. This process is managed through the MyComplianceOffice platform and reviewed by the CCO. Mutual funds sub-advised by Merganser and securities issued by clients which are publicly traded are on the Merganser restricted list. The CCO reviews and maintains the restricted list and updates it whenever there is a change to Merganser's client base. The personal trading reviews seek to ensure that employees' personal trading does not affect the markets, or conflict with Merganser's fiduciary duty to its clients.

All potential conflicts of interest must be reported to and reviewed by Merganser's Chief Compliance Officer. Additionally, Merganser prohibits employees from engaging in any business activity or relationships that may result in any financial or other conflict of interest between themselves and clients or Merganser. The potential conflicts of interest encountered by a client include those discussed above but does not necessarily describe all of the conflicts that may be faced by a client account. Other conflicts are disclosed in Merganser's Form ADV, Part 2A Brochure.

**MERCER FUNDS**

PART C

OTHER INFORMATION

Item 28.&nbsp;&nbsp;&nbsp;&nbsp; EXHIBITS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Articles of Incorporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) [Registrant's Amended and Restated Agreement and Declaration of Trust, effective as of May 16, 2005, is incorporated herein by reference to the Registrant's Registration Statement on Form N-1A as filed with the SEC via EDGAR on August 5, 2005.](https://www.sec.gov/Archives/edgar/data/1320615/000113743905000191/ex99a1.htm)

&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) [Amendment to Registrant's Amended and Restated Agreement and Declaration of Trust, effective as of May 16, 2005, is incorporated herein by reference to Post-Effective Amendment No. 13 to the Registrant's Registration Statement filed with the SEC via EDGAR on December 30, 2011.](https://www.sec.gov/Archives/edgar/data/1320615/000095012311104681/b89527a1exv99waw1wi.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) [Registrant's Certificate of Trust, as filed with the State of Delaware on March 11, 2005, is incorporated herein by reference to the Registrant's Registration Statement on Form N-1A as filed with the SEC via EDGAR on March 21, 2005.](https://www.sec.gov/Archives/edgar/data/1320615/000113743905000083/ex99a2.htm)

&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) [Amendment to Registrant's Certificate of Trust, as filed with the State of Delaware, is incorporated herein by reference to Post-Effective Amendment No. 13 to the Registrant's Registration Statement filed with the SEC via EDGAR on December 30, 2011.](https://www.sec.gov/Archives/edgar/data/1320615/000095012311104681/b89527a1exv99waw2wi.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) By-Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) [Registrant's Amended and Restated By-Laws, effective as of May 16, 2005, is incorporated herein by reference to the Registrant's Registration Statement on Form N-1A as filed with the SEC via EDGAR on August 5, 2005.](https://www.sec.gov/Archives/edgar/data/1320615/000113743905000191/ex99b1.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Instruments Defining Rights of Security Holders.

[See Article III, "Shares," and Article V, "Shareholders' Voting Powers and Meetings," of the Registrant's Amended and Restated Agreement and Declaration of Trust, incorporated herein by reference to the Registrant's Registration Statement on Form N-1A as filed with the SEC via EDGAR on August 5, 2005.](https://www.sec.gov/Archives/edgar/data/1320615/000113743905000191/ex99a1.htm)

[See also, Article II, "Meetings of Shareholders," and Article VII, "General Matters," of the Registrant's Amended and Restated By-laws, incorporated herein by reference to the Registrant's Registration Statement on Form N-1A as filed with the SEC via EDGAR on August 5, 2005.](https://www.sec.gov/Archives/edgar/data/1320615/000113743905000191/ex99b1.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Investment Advisory Contracts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) [Investment Management Agreement between the Registrant and Mercer Investments LLC, is incorporated herein by reference to Post-Effective Amendment No. 28 to the Registrant's Registration Statement filed with the SEC via EDGAR on July 28, 2014.](https://www.sec.gov/Archives/edgar/data/1320615/000093041314003318/c78212_ex99-d1.htm)

&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) [Amendment to Schedule A of the Investment Management Agreement between the Registrant and Mercer Investments LLC, is incorporated herein by reference to Post-Effective Amendment No. 36 to the Registrant's Registration Statement filed with the SEC via EDGAR on July 29, 2016.](https://www.sec.gov/Archives/edgar/data/1320615/000093041316007717/c85710_ex99-d1i.htm)

&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) [Amendment to Schedule A of the Investment Management Agreement between the Registrant and Mercer Investments LLC, is incorporated herein by reference to Post-Effective Amendment No. 53 to the Registrant's Registration Statement filed with the SEC via EDGAR on October 31, 2023.](https://www.sec.gov/Archives/edgar/data/1320615/000093041323002406/c106878_ex28-d1ii.htm)

&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) [Amendment to Schedule A of the Investment Management Agreement between the Registrant and Mercer Investments LLC, is incorporated herein by reference to Post-Effective Amendment No. 54 to the Registrant's Registration Statement filed with the SEC via EDGAR on July 26, 2024.](https://www.sec.gov/Archives/edgar/data/1320615/000093041324002194/c109595_ex99d1iv.htm)

&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) [Amendment to Schedule A of the Investment Management Agreement between the Registrant and Mercer Investments LLC, is filed herewith as Exhibit No. EX-99.d.1.(iv).](c113438_ex99-d1.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) [Subadvisory Agreement between Mercer Investments LLC and American Century Investment Management, Inc., Subadviser to Mercer Non-US Core Equity Fund, is incorporated herein by reference to Post-Effective Amendment No. 28 to the Registrant's Registration Statement filed with the SEC via EDGAR on July 28, 2014.](https://www.sec.gov/Archives/edgar/data/1320615/000093041314003318/c78212_ex99-d3.htm)

&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) [Amendment to Subadvisory Agreement between Mercer Investments LLC and American Century Investment Management, Inc., is incorporated herein by reference to Post-Effective Amendment No. 36 to the Registrant's Registration Statement filed with the SEC via EDGAR on July 29, 2016.](https://www.sec.gov/Archives/edgar/data/1320615/000093041316007717/c85710_ex99-d4i.htm)

&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) [Amendment to Subadvisory Agreement between Mercer Investments LLC and American Century Investment Management, Inc., is incorporated herein by reference to Post-Effective Amendment No. 54 to the Registrant's Registration Statement filed with the SEC via EDGAR on July 26, 2024.](https://www.sec.gov/Archives/edgar/data/1320615/000093041324002194/c109595_ex99d4ii.htm)

&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) [Amendment to Subadvisory Agreement between Mercer Investments LLC and American Century Investment Management, Inc., is incorporated herein by reference to Post-Effective Amendment No. 54 to the Registrant's Registration Statement filed with the SEC via EDGAR on July 26, 2024.](https://www.sec.gov/Archives/edgar/data/1320615/000093041324002194/c109595_ex99d4iii.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) [Subadvisory Agreement between Mercer Investments LLC and Ares Capital Management II LLC, Subadviser of Mercer Opportunities Fixed Income Fund, is filed herewith as Exhibit No. EX-99.d.3.](c113438_ex99-d3.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) [Subadvisory Agreement between Mercer Investments LLC and Aristotle Pacific Capital, LLC, Subadviser of Mercer Short Duration Fixed Income Fund, is incorporated herein by reference to Post-Effective Amendment No. 53 to the Registrant's Registration Statement filed with the SEC via EDGAR on October 31, 2023.](https://www.sec.gov/Archives/edgar/data/1320615/000093041323002406/c106878_ex28-d3.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) [Subadvisory Agreement between Mercer Investments LLC and Arrowstreet Capital, Limited Partnership, Subadviser of Mercer Non-US Core Equity Fund, is incorporated herein by reference to Post-Effective Amendment No. 28 to the Registrant's Registration Statement filed with the SEC via EDGAR on July 28, 2014.](https://www.sec.gov/Archives/edgar/data/1320615/000093041314003318/c78212_ex99-d5.htm)

&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) [Amendment to Subadvisory Agreement between Mercer Investments LLC and Arrowstreet Capital, Limited Partnership, is incorporated herein by reference to Post-Effective Amendment No. 40 to the Registrant's Registration Statement filed with the SEC via EDGAR on July 27, 2018.](https://www.sec.gov/Archives/edgar/data/1320615/000093041318002395/c91704_ex99-d6i.htm)

&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) [Amendment to Subadvisory Agreement between Mercer Investments LLC and Arrowstreet Capital, Limited Partnership, dated June 18, 2019, is incorporated herein by reference to Post-Effective Amendment No. 45 to the Registrant's Registration Statement filed with the SEC via EDGAR on July 29, 2019.](https://www.sec.gov/Archives/edgar/data/1320615/000093041319002159/c94015_ex99d-4ii.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) [Subadvisory Agreement between Mercer Investments LLC and Baillie Gifford Overseas Limited, Subadviser of Mercer Emerging Markets Equity Fund, is filed herewith as Exhibit No. EX-99.d.6.](c113438_ex99-d6.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) [Subadvisory Agreement between Mercer Investments LLC and Crescent Capital Group LP, Subadviser of Mercer Opportunistic Fixed Income Fund, is filed herewith as Exhibit No. EX-99.d.7.](c113438_ex99-p7.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) [Subadvisory Agreement between Mercer Investments LLC and GW&K Investment Management, LLC, Subadviser of Mercer US Small/Mid Cap Equity Fund, is incorporated herein by reference to Post-Effective Amendment No. 34 to the Registrant's Registration Statement filed with the SEC via EDGAR on June 24, 2016.](https://www.sec.gov/Archives/edgar/data/1320615/000093041316007487/c84687_ex99-d5.htm)

&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) [Amendment to Subadvisory Agreement between Mercer Investments LLC and GW&K Investment Management, LLC, is incorporated herein by reference to Post-Effective Amendment No. 40 to the Registrant's Registration Statement filed with the SEC via EDGAR on July 27, 2018.](https://www.sec.gov/Archives/edgar/data/1320615/000093041318002395/c91704_ex99-d14i.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) [Subadvisory Agreement between Mercer Investments LLC and Income Research & Management, Subadviser of Mercer Core Fixed Income Fund, is incorporated herein by reference to Post-Effective Amendment No. 28 to the Registrant's Registration Statement filed with the SEC via EDGAR on July 28, 2014.](https://www.sec.gov/Archives/edgar/data/1320615/000093041314003318/c78212_ex99-d12.htm)

&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) [Amendment to Subadvisory Agreement between Mercer Investments LLC and Income Research & Management, is incorporated herein by reference to Post-Effective Amendment No. 40 to the Registrant's Registration Statement filed with the SEC via EDGAR on July 27, 2018.](https://www.sec.gov/Archives/edgar/data/1320615/000093041318002395/c91704_ex99-d16i.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) [Subadvisory Agreement between Mercer Investments LLC and Loomis, Sayles & Company, L.P., Subadviser of Mercer US Small/Mid Cap Equity Fund, is incorporated herein by reference to Post-Effective Amendment No. 34 to the Registrant's Registration Statement filed with the SEC via EDGAR on June 24, 2016.](https://www.sec.gov/Archives/edgar/data/1320615/000093041316007487/c84687_ex99-d7.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) [Subadvisory Agreement between Mercer Investments LLC and Loomis, Sayles & Company, L.P., Subadviser of Mercer US Small/Mid Cap Equity Fund, is incorporated herein by reference to Post-Effective Amendment No. 40 to the Registrant's Registration Statement filed with the SEC via EDGAR on July 27, 2018.](https://www.sec.gov/Archives/edgar/data/1320615/000093041318002395/c91704_ex99-d18i.htm)

&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) [Amendment to Subadvisory Agreement between Mercer Investments LLC and Loomis, Sayles & Company, L.P., Subadviser of Mercer US Small/Mid Cap Equity Fund, is incorporated herein by reference to Post-Effective Amendment No. 54 to the Registrant's Registration Statement filed with the SEC via EDGAR on July 26, 2024.](https://www.sec.gov/Archives/edgar/data/1320615/000093041324002194/c109595_ex99d12ii.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) [Subadvisory Agreement between Mercer Investments LLC and LSV Asset Management, Subadviser of Mercer US Small/Mid Cap Equity Fund and Mercer Non-US Core Equity Fund, is incorporated herein by reference to Post-Effective Amendment No. 30 to the Registrant's Registration Statement filed with the SEC via EDGAR on July 28, 2015.](https://www.sec.gov/Archives/edgar/data/1320615/000093041315003170/c82033_ex99-d16.htm)

&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) [Amendment to Subadvisory Agreement between Mercer Investments LLC and LSV Asset Management, is incorporated herein by reference to Post-Effective Amendment No. 34 to the Registrant's Registration Statement filed with the SEC via EDGAR on June 24, 2016.](https://www.sec.gov/Archives/edgar/data/1320615/000093041316007487/c84687_ex99-d8i.htm)

&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) [Amendment to Subadvisory Agreement between Mercer Investments LLC and LSV Asset Management, is incorporated herein by reference to Post-Effective Amendment No. 40 to the Registrant's Registration Statement filed with the SEC via EDGAR on July 27, 2018.](https://www.sec.gov/Archives/edgar/data/1320615/000093041318002395/c91704_ex99-d19ii.htm)

&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) [Amendment to Subadvisory Agreement between Mercer Investments LLC and LSV Asset Management, is incorporated herein by reference to Post-Effective Amendment No. 54 to the Registrant's Registration Statement filed with the SEC via EDGAR on July 26, 2024.](https://www.sec.gov/Archives/edgar/data/1320615/000093041324002194/c109595_ex99d13iii.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13) [Subadvisory Agreement between Mercer Investments LLC and Manulife Investment Management (US) LLC, Subadviser of Mercer Core Fixed Income Fund, is incorporated herein by reference to Post-Effective Amendment No. 36 to the Registrant's Registration Statement filed with the SEC via EDGAR on July 29, 2016.](https://www.sec.gov/Archives/edgar/data/1320615/000093041316007717/c85710_ex99-d18.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14) [Subadvisory Agreement between Mercer Investments LLC and Massachusetts Financial Services Company, Subadviser of Mercer Non-US Core Equity Fund, is incorporated herein by reference to Post-Effective Amendment No. 28 to the Registrant's Registration Statement filed with the SEC via EDGAR on July 28, 2014.](https://www.sec.gov/Archives/edgar/data/1320615/000093041314003318/c78212_ex99-d17.htm)

&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) [Amendment to Subadvisory Agreement between Mercer Investments LLC and Massachusetts Financial Services Company, dated April 1, 2020, is incorporated herein by reference to Post-Effective Amendment No. 47 to the Registrant's Registration Statement filed with the SEC via EDGAR on July 28, 2020.](https://www.sec.gov/Archives/edgar/data/0001320615/000093041320001863/c100176_ex99-d18i.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15) [Subadvisory Agreement between Mercer Investments LLC and Merganser Capital Management, LLC, Subadviser of Mercer Short Duration Fixed Income Fund is incorporated herein by reference to Post-Effective Amendment No. 53 to the Registrant's Registration Statement filed with the SEC via EDGAR on October 31, 2023.](https://www.sec.gov/Archives/edgar/data/1320615/000093041323002406/c106878_ex99-d20.htm)

&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) [Amendment to Subadvisory Agreement between Mercer Investments LLC and Merganser Capital Management, LLC, is incorporated herein by reference to Post-Effective Amendment No. 54 to the Registrant's Registration Statement filed with the SEC via EDGAR on July 26, 2024.](https://www.sec.gov/Archives/edgar/data/1320615/000093041324002194/c109595_ex99d17i.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16) [Subadvisory Agreement between Mercer Investments LLC and Ninety One North America, Inc., Subadviser of Mercer Opportunistic Fixed Income Fund, dated April 4, 2023, is incorporated herein by reference to Post-Effective Amendment No. 51 to the Registrant's Registration Statement filed with the SEC via EDGAR on July 28, 2023.](https://www.sec.gov/Archives/edgar/data/1320615/000093041323001917/c106478_ex99d19.htm)

&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) [Amendment to Subadvisory Agreement between Mercer Investments LLC and Ninety One North America, Inc., is filed herewith as Exhibit No. EX-99.d.16.(i).](c113438_ex99d-16i.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17) [Subadvisory Agreement between Mercer Investments LLC and Pacific Investment Management Company LLC, Subadviser of Mercer Opportunistic Fixed Income Fund, is filed herewith as Exhibit No. EX-99.d.17.](c113438_ex99-d17.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18) [Subadvisory Agreement between Mercer Investments LLC and Parametric Portfolio Associates, LLC, Subadviser of Mercer US Small/Mid Cap Equity Fund, Mercer Non-US Core Equity Fund and Mercer Emerging Markets Equity Fund, is incorporated herein by reference to Post-Effective Amendment No. 49 to the Registrant's Registration Statement filed with the SEC via EDGAR on July 29, 2021.](https://www.sec.gov/Archives/edgar/data/1320615/000093041321001385/c102075_ex99-d22.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19) [Subadvisory Agreement between Mercer Investments LLC and PGIM, Inc., Subadviser of Mercer Core Fixed Income Fund, is incorporated herein by reference to Post-Effective Amendment No. 28 to the Registrant's Registration Statement filed with the SEC via EDGAR on July 28, 2014.](https://www.sec.gov/Archives/edgar/data/1320615/000093041314003318/c78212_ex99-d22.htm)

&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) [Amendment to Subadvisory Agreement between Mercer Investments LLC and PGIM, Inc., is incorporated herein by reference to Post-Effective Amendment No. 54 to the Registrant's Registration Statement filed with the SEC via EDGAR on July 26, 2024.](https://www.sec.gov/Archives/edgar/data/1320615/000093041324002194/c109595_ex99d21i.htm)

&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) [Amendment to Subadvisory Agreement between Mercer Investments LLC and PGIM, Inc., is incorporated herein by reference to Post-Effective Amendment No. 54 to the Registrant's Registration Statement filed with the SEC via EDGAR on July 26, 2024.](https://www.sec.gov/Archives/edgar/data/1320615/000093041324002194/c109595_ex99d21ii.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20) [Subadvisory Agreement between Mercer Investments LLC and Polen Capital Credit, LLC, Subadviser of Mercer Opportunistic Fixed Income Fund, is filed herewith as Exhibit No. EX-99.d.20.](c113438_ex99-d20.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21) [Subadvisory Agreement between Mercer Investments LLC and Pzena Investment Management, LLC, Subadviser of Mercer Emerging Markets Equity Fund, is filed herewith as Exhibit No. EX-99.d.21.](c113438_ex99-d21.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22) [Subadvisory Agreement between Mercer Investments LLC and River Road Asset Management, LLC, Subadviser of US Small/Mid Cap Equity Fund, is incorporated herein by reference to Post-Effective Amendment No. 45 to the Registrant's Registration Statement filed with the SEC via EDGAR on July 29, 2019.](https://www.sec.gov/Archives/edgar/data/1320615/000093041319002159/c94015_ex99d-25.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23) [Subadvisory Agreement between Mercer Investments LLC and Robeco Institutional Asset Management US Inc., Subadviser of Mercer Emerging Markets Equity Fund, is filed herewith as Exhibit No. EX-99.d.23.](c113438_ex99-d23.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24) [Form of Subadvisory Agreement between Mercer Investments LLC and Skerryvore Asset Management Ltd. (f/k/a BennBridge Ltd), Subadviser of Mercer Emerging Markets Equity Fund, is incorporated herein by reference to Post-Effective Amendment No. 54 to the Registrant's Registration Statement filed with the SEC via EDGAR on July 26, 2024.](https://www.sec.gov/Archives/edgar/data/1320615/000093041324002194/c109595_ex99d7.htm)

&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) [Amendment to Subadvisory Agreement between Mercer Investments LLC and Skerryvore Asset Management Ltd.(f/k/a BennBridge Ltd.), is filed herewith as Exhibit No. EX-99.d.24.(i).](c113438_ex99d-24i.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25) [Subadvisory Agreement between Mercer Investments LLC and Voya Investment Management Co. LLC, Subadviser of Mercer Short Duration Fixed Income Fund is incorporated herein by reference to Post-Effective Amendment No. 53 to the Registrant's Registration Statement filed with the SEC via EDGAR on October 31, 2023](https://www.sec.gov/Archives/edgar/data/1320615/000093041323002406/c106878_ex99-d31.htm) .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26) [Subadvisory Agreement between Mercer Investments LLC and Wellington Management Company LLP, Subadviser of Mercer Opportunistic Fixed Income Fund, is filed herewith as Exhibit No. EX-99.d.26.](c113438_ex99-d26.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27) [Subadvisory Agreement between Mercer Investments LLC and Westfield Capital Management Company, L.P., Subadviser of Mercer US Small/Mid Cap Equity Fund, is incorporated herein by reference to Post-Effective Amendment No. 28 to the Registrant's Registration Statement filed with the SEC via EDGAR on July 28, 2014.](https://www.sec.gov/Archives/edgar/data/1320615/000093041314003318/c78212_ex99-d30.htm)

&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) [Amendment to Subadvisory Agreement between Mercer Investments LLC and Westfield Capital Management Company, L.P., dated September 17, 2015, is incorporated herein by reference to Post-Effective Amendment No. 47 to the Registrant's Registration Statement filed with the SEC via EDGAR on July 28, 2020.](https://www.sec.gov/Archives/edgar/data/0001320615/000093041320001863/c100176_ex99-d30i.htm)

&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) [Amendment to Subadvisory Agreement between Mercer Investments LLC and Westfield Capital Management Company, L.P., is incorporated herein by reference to Post-Effective Amendment No. 36 to the Registrant's Registration Statement filed with the SEC via EDGAR on July 29, 2016.](https://www.sec.gov/Archives/edgar/data/1320615/000093041316007717/c85710_ex99-d27i.htm)

&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) [Amendment to Subadvisory Agreement between Mercer Investments LLC and Westfield Capital Management Company, L.P., is incorporated herein by reference to Post-Effective Amendment No. 40 to the Registrant's Registration Statement filed with the SEC via EDGAR on July 27, 2018.](https://www.sec.gov/Archives/edgar/data/1320615/000093041318002395/c91704_ex99-d32i.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Underwriting Contracts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) [Distribution Agreement between the Registrant and MGI Funds Distributors, LLC, is incorporated herein by reference to the Registrant's Registration Statement filed with the SEC via EDGAR on March 29, 2019.](https://www.sec.gov/Archives/edgar/data/1320615/000093041319001088/c92829_ex99e-1.htm)

&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) [Amendment to Distribution Agreement between the Registrant and MGI Funds Distributors, LLC, is incorporated herein by reference to the Registrant's Registration Statement filed with the SEC vis EDGAR on July 29, 2022.](https://www.sec.gov/Archives/edgar/data/1320615/000093041322001363/c104228_ex99-e1.htm)

&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) [Amendment to Distribution Agreement between the Registrant and MGI Funds Distributors, LLC, is incorporated herein by reference to Post-Effective Amendment No. 53 to the Registrant's Registration Statement filed with the SEC via EDGAR on October 31, 2023](https://www.sec.gov/Archives/edgar/data/1320615/000093041323002406/c106878_ex99-e1ii.htm) .

&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) [Amendment to Schedule A of the Distribution Agreement between the Registrant and MGI Funds Distributors, LLC, is incorporated herein by reference to Post-Effective Amendment No. 54 to the Registrant's Registration Statement filed with the SEC via EDGAR on July 26, 2024.](https://www.sec.gov/Archives/edgar/data/1320615/000093041324002194/c109595_ex99e1iii.htm)

&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) [Amendment to Schedule A of the Distribution Agreement between the Registrant and MGI Funds Distributors, LLC, is filed herewith as Exhibit No. EX-99.e.1.(iv).](c113438_ex99e-1iv.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Bonus or Profit Sharing Contracts.

Not Applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Custodian Agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) [Custodian Agreement between the Registrant and Investors Bank & Trust Company (predecessor to State Street Bank and Trust Company) is incorporated herein by reference to the Registrant's Registration Statement on Form N-1A as filed with the SEC via EDGAR on August 5, 2005.](https://www.sec.gov/Archives/edgar/data/1320615/000113743905000191/custodianex99g1.htm)

&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) [Amendment to Appendix A of the Custodian Agreement is incorporated herein by reference to Post-Effective Amendment No. 2 to the Registrant's Registration Statement filed with the SEC via EDGAR on July 28, 2006.](https://www.sec.gov/Archives/edgar/data/1320615/000113743906000276/ex99g1i.htm)

&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) [Amendment to Custodian Agreement between the Registrant and Investors Bank & Trust Company (predecessor to State Street Bank and Trust Company), is incorporated herein by reference to Post-Effective Amendment No. 13 to the Registrant's Registration Statement filed with the SEC via EDGAR on December 30, 2011.](https://www.sec.gov/Archives/edgar/data/1320615/000095012311104681/b89527a1exv99wgw1wii.htm)

&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) [Amendment to Custodian Agreement between the Registrant and State Street Bank and Trust Company, is incorporated herein by reference to Post-Effective Amendment No. 26 to the Registrant's Registration Statement filed with the SEC via EDGAR on August 14, 2013.](https://www.sec.gov/Archives/edgar/data/1320615/000089843213001129/ex-99g1ii.htm)

&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) [Amendment to Custodian Agreement between the Registrant and State Street Bank and Trust Company, is incorporated herein by reference to Post-Effective Amendment No. 30 to the Registrant's Registration Statement filed with the SEC via EDGAR on July 28, 2015.](https://www.sec.gov/Archives/edgar/data/1320615/000093041315003170/c82033_ex99-g1iv.htm)

&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) [Amendment to Custodian Agreement between the Registrant and State Street Bank and Trust Company is incorporated herein by reference to Post-Effective Amendment No. 53 to the Registrant's Registration Statement filed with the SEC via EDGAR on October 31, 2023](https://www.sec.gov/Archives/edgar/data/1320615/000093041323002406/c106878_ex99-g1v.htm) .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) [Delegation Agreement between the Registrant and Investors Bank & Trust Company (predecessor to State Street Bank and Trust Company) is incorporated herein by reference to Post-Effective Amendment No. 2 to the Registrant's Registration Statement filed with the SEC via EDGAR on July 28, 2006.](https://www.sec.gov/Archives/edgar/data/1320615/000113743906000276/ex99g2.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Other Material Contracts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) [Administration Agreement between the Registrant and Investors Bank & Trust Company (predecessor to State Street Bank and Trust Company), dated as of August 12, 2005, is incorporated herein by reference to Post-Effective Amendment No. 28 to the Registrant's Registration Statement filed with the SEC via EDGAR on July 28, 2014.](https://www.sec.gov/Archives/edgar/data/1320615/000093041314003318/c78212_ex99-h1.htm)

&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) [First Amendment to Administration Agreement between the Registrant and State Street Bank and Trust Company (successor by merger to Investors Bank & Trust Company), effective as of January 1, 2008, is incorporated herein by reference to Post-Effective Amendment No. 28 to the Registrant's Registration Statement filed with the SEC via EDGAR on July 28, 2014.](https://www.sec.gov/Archives/edgar/data/1320615/000093041314003318/c78212_ex99-h1i.htm)

&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) [Second Amendment to Administration Agreement between the Registrant and State Street Bank and Trust Company, effective as of July, 1, 2011, is incorporated herein by reference to Post-Effective Amendment No. 28 to the Registrant's Registration Statement filed with the SEC via EDGAR on July 28, 2014.](https://www.sec.gov/Archives/edgar/data/1320615/000093041314003318/c78212_ex99-h1ii.htm)

&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) [Amendment to Administration Agreement between the Registrant and State Street Bank and Trust Company, dated as of October 12, 2012, is incorporated herein by reference to Post-Effective Amendment No. 28 to the Registrant's Registration Statement filed with the SEC via EDGAR on July 28, 2014.](https://www.sec.gov/Archives/edgar/data/1320615/000093041314003318/c78212_ex99-h1iii.htm)

&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) [Amendment to Administration Agreement between the Registrant and State Street Bank and Trust Company, dated as of August 14, 2013, is incorporated herein by reference to Post-Effective Amendment No. 28 to the Registrant's Registration Statement filed with the SEC via EDGAR on July 28, 2014.](https://www.sec.gov/Archives/edgar/data/1320615/000093041314003318/c78212_ex99-h1iv.htm)

&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) [Amendment to Administration Agreement between the Registrant and State Street Bank and Trust Company, dated as of December 4, 2013, is incorporated herein by reference to Post-Effective Amendment No. 28 to the Registrant's Registration Statement filed with the SEC via EDGAR on July 28, 2014.](https://www.sec.gov/Archives/edgar/data/1320615/000093041314003318/c78212_ex99-h1v.htm)

&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) [Amendment to Administration Agreement between the Registrant and State Street Bank and Trust Company, dated as of January 1, 2015, is incorporated herein by reference to Post-Effective Amendment No. 30 to the Registrant's Registration Statement filed with the SEC via EDGAR on July 28, 2015.](https://www.sec.gov/Archives/edgar/data/1320615/000093041315003170/c82033_ex99-h1vi.htm)

&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) [Amendment to Administration Agreement between the Registrant and State Street Bank and Trust Company, dated as of June 28, 2018, is incorporated herein by reference to Post-Effective Amendment No. 40 to the Registrant's Registration Statement filed with the SEC via EDGAR on July 27, 2018.](https://www.sec.gov/Archives/edgar/data/1320615/000093041318002395/c91704_ex99-h1vii.htm)

&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) [Amendment to Administration Agreement between the Registrant and State Street Bank and Trust Company, dated October 4, 2024, is incorporated herein by reference to Post-Effective Amendment No. 53 to the Registrant's Registration Statement filed with the SEC via EDGAR on October 31, 2023.](https://www.sec.gov/Archives/edgar/data/1320615/000093041323002406/c106878_ex99-h1viii.htm)

&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) [Amendment to Administration Agreement between the Registrant and State Street Bank and Trust Company, dated October 4, 2021, is incorporated herein by reference to Post-Effective Amendment No. 54 to the Registrant's Registration Statement filed with the SEC via EDGAR on July 26, 2024](https://www.sec.gov/Archives/edgar/data/1320615/000093041324002194/c109595_ex99h1ix.htm) .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) [Second Amended and Restated Administrative Services Agreement between the Registrant and Mercer Investments LLC, dated as of April 1, 2019, is incorporated herein by reference to Post-Effective Amendment No. 43 to the Registrant's Registration Statement filed with the SEC via EDGAR on March 29, 2019.](https://www.sec.gov/Archives/edgar/data/1320615/000093041319001088/c92829_ex99-h2.htm)

&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) [Amendment to Schedule A of the Administrative Services Agreement between the Registrant and Mercer Investments LLC is incorporated herein by reference to Post-Effective Amendment No. 53 to the Registrant's Registration Statement filed with the SEC via EDGAR on October 31, 2023.](https://www.sec.gov/Archives/edgar/data/1320615/000093041323002406/c106878_ex99-h2i.htm)

&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) [Amendment to Schedule A of the Administrative Services Agreement between the Registrant and Mercer Investments LLC, is incorporated herein by reference to Post-Effective Amendment No. 54 to the Registrant's Registration Statement filed with the SEC via EDGAR on July 26, 2024.](https://www.sec.gov/Archives/edgar/data/1320615/000093041324002194/c109595_ex99h2ii.htm)

&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) [Amendment to Schedule A of the Administrative Services Agreement between the Registrant and Mercer Investments LLC, is filed herewith as Exhibit No. EX-99.h.2.(iii).](c113438_ex99h-2iii.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) [Transfer Agency Services Agreement between the Registrant and State Street Bank and Trust Company, is incorporated herein by reference to Post-Effective Amendment No. 23 to the Registrant's Registration Statement filed with the SEC via EDGAR on July 29, 2013.](https://www.sec.gov/Archives/edgar/data/1320615/000119312513307537/d548702dex99h3.htm)

&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) [Amendment to Transfer Agency Services Agreement between the Registrant and State Street Bank and Trust Company, is incorporated herein by reference to Post-Effective Amendment No. 26 to the Registrant's Registration Statement filed with the SEC via EDGAR on August 14, 2013.](https://www.sec.gov/Archives/edgar/data/1320615/000089843213001129/ex-99h3i.htm)

&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) [Amendment to Transfer Agency Services Agreement between the Registrant and State Street Bank and Trust Company, is incorporated herein by reference to Post-Effective Amendment No. 30 to the Registrant's Registration Statement filed with the SEC via EDGAR on July 28, 2015.](https://www.sec.gov/Archives/edgar/data/1320615/000093041315003170/c82033_ex99-h3ii.htm)

&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) [Amendment to Transfer Agency Services Agreement between the Registrant and State Street Bank and Trust Company, dated November 5, 2015, is incorporated herein by reference to Post-Effective Amendment No. 36 to the Registrant's Registration Statement filed with the SEC via EDGAR on July 29, 2016.](https://www.sec.gov/Archives/edgar/data/1320615/000093041316007717/c85710_ex99-h3iii.htm)

&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) [Amendment to Transfer Agency Services Agreement between the Registrant and State Street Bank and Trust Company is incorporated herein by reference to Post-Effective Amendment No. 53 to the Registrant's Registration Statement filed with the SEC via EDGAR on October 31, 2023.](https://www.sec.gov/Archives/edgar/data/1320615/000093041323002406/c106878_ex99-h3iv.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) [Indemnification Agreement between the Registrant and each indemnified party, effective March 11, 2013, is incorporated herein by reference to Post-Effective Amendment No. 28 to the Registrant's Registration Statement filed with the SEC via EDGAR on July 28, 2014.](https://www.sec.gov/Archives/edgar/data/1320615/000093041314003318/c78212_ex99-h5.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) [Expense Limitation Agreement between the Registrant and Mercer Investments LLC, effective as of August 1, 2025, is filed herewith as Exhibit No. EX-99.h.5.](c113438_ex99-h5.htm)

&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) [Supplemental Expense Limitation Agreement between the Registrant and Mercer Investments LLC, is filed herewith as Exhibit No. EX-99.h.5.(i).](c113438_ex99h-5i.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) [Shareholder Administrative Services Plan, relating to Adviser Class, Class I and Class Y-2 shares, is incorporated herein by reference to Post-Effective Amendment No. 43 to the Registration Statement filed with the SEC via EDGAR on March 29, 2019.](https://www.sec.gov/Archives/edgar/data/1320615/000093041319001088/c92829_ex99-h6.htm)

&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) [Amendment to Appendix A of the Shareholder Administrative Services Plan, relating to Adviser Class, Class I and Class Y-2 shares, is incorporated herein by reference to Post-Effective Amendment No. 53 to the Registrant's Registration Statement filed with the SEC via EDGAR on October 31, 2023.](https://www.sec.gov/Archives/edgar/data/1320615/000093041323002406/c106878_ex99-h6i.htm)

&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) [Amendment to Appendix A of the Shareholder Administrative Services Plan, relating to Adviser Class, Class I and Class Y-2 shares, is incorporated herein by reference to Post-Effective Amendment No. 54 to the Registrant's Registration Statement filed with the SEC via EDGAR on July 26, 2024.](https://www.sec.gov/Archives/edgar/data/1320615/000093041324002194/c109595_ex99h6ii.htm)

&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) [Amendment to Appendix A of the Shareholder Administrative Services Plan, relating to Adviser Class, Class I and Class Y-2 shares, is filed herewith as Exhibit No. EX-99.h.6.(iii).](c113438_ex99h-6iii.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) [Services Agreement between the Registrant, Mercer Investments LLC and MGI Funds Distributors, LLC and Fidelity Investments Institutional Operations Company, Inc., National Financial Services LLC and Fidelity Brokerage Services LLC, dated as of January 1, 2020, is incorporated herein by reference to Post-Effective Amendment No. 47 to the Registrant's Registration Statement filed with the SEC via EDGAR on July 28, 2020.](https://www.sec.gov/Archives/edgar/data/0001320615/000093041320001863/c100176_ex99-h7.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) [Dynamic Cash Allocation Agreement between the Registrant and State Street Bank and Trust Company, dated as of April 17, 2020, is incorporated herein by reference to Post-Effective Amendment No. 53 to the Registrant's Registration Statement filed with the SEC via EDGAR on October 31, 2023.](https://www.sec.gov/Archives/edgar/data/1320615/000093041323002406/c106878_ex99-h8.htm)

&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) [Amendment to Dynamic Cash Allocation Agreement between the Registrant and State Street Bank and Trust Company is incorporated herein by reference to Post-Effective Amendment No. 53 to the Registrant's Registration Statement filed with the SEC via EDGAR on October 31, 2023.](https://www.sec.gov/Archives/edgar/data/1320615/000093041323002406/c106878_ex99-h8i.htm)

&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) [Second Amendment to Dynamic Cash Allocation Agreement between the Registrant and State Street Bank and Trust Company is incorporated herein by reference to Post-Effective Amendment No. 53 to the Registrant's Registration Statement filed with the SEC via EDGAR on October 31, 2023.](https://www.sec.gov/Archives/edgar/data/1320615/000093041323002406/c106878_ex99-h8ii.htm)

&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) [Third Amendment to Dynamic Cash Allocation Agreement between the Registrant and State Street Bank and Trust Company, is filed herewith as Exhibit No. EX-99.h.8.(iii).](c113438_ex99h-8iii.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Legal Opinion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) [Legal Opinion of Dechert LLP, counsel to the Registrant, filed herewith as Exhibit No. EX-99.i.1.](c113438_ex99-i1.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Other Opinions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Consent of Independent Registered Public Accounting Firm for the Registrant, filed herewith as
Exhibit No. EX-99.j.1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) [Powers of Attorney appointing Caroline Hulme, Esq. and Patrick W.D. Turley, Esq. as attorneys-in-fact and agents to Adela M. Cepeda, Jeffrey Coleman, Gail A. Schneider, Joan E. Steel and Luis A. Ubiñas, is incorporated by reference to Post-Effective Amendment No. 53 to the Registrant's Registration Statement filed with the SEC via EDGAR on October 31, 2023.](https://www.sec.gov/Archives/edgar/data/1320615/000093041323002406/c106878_ex99-j2.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) [Powers of Attorney appointing Caroline Hulme, Esq. and Stephanie Capistron, Esq. as attorneys-in-fact and agents to Stephen M. Gouthro and Barry Vallan, is filed herewith as Exhibit No. EX-99.j.3.](c113438_ex99-j3.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Omitted Financial Statements.

Not Applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) Initial Capital Agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) [Letter of Understanding Relating to Initial Capital is incorporated herein by reference to the Registrant's Registration Statement on Form N-1A as filed with the SEC via EDGAR on August 5, 2005.](https://www.sec.gov/Archives/edgar/data/1320615/000113743905000191/ex99l1.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) Rule 12b-1 Plan, Shareholder Servicing Plan and Rule 12b-1 Plan Related Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) [Amended and Restated Distribution and Shareholder Services Plan, relating to Adviser Class (formerly Class S) shares, is incorporated herein by reference to Post-Effective Amendment No. 43 to the Registrant's Registration Statement filed with the SEC via EDGAR on March 29, 2019.](https://www.sec.gov/Archives/edgar/data/1320615/000093041319001088/c92829_ex99-m1.htm)

&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) [Amendment to Appendix A of the Amended and Restated Distribution and Shareholder Services Plan, relating to Adviser Class shares is incorporated herein by reference to Post-Effective Amendment No. 53 to the Registrant's Registration Statement filed with the SEC via EDGAR on October 31, 2023.](https://www.sec.gov/Archives/edgar/data/1320615/000093041323002406/c106878_ex99-m1i.htm)

&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) [Amendment to Appendix A of the Amended and Restated Distribution and Shareholder Services plan, relating to Adviser Class shares, is incorporated herein by reference to Post-Effective Amendment No. 54 to the Registrant's Registration Statement filed with the SEC via EDGAR on July 26, 2024.](https://www.sec.gov/Archives/edgar/data/1320615/000093041324002194/c109595_ex99m1ii.htm)

&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) [Amendment to Appendix A of the Amended and Restated Distribution and Shareholder Services plan, relating to Adviser Class shares, is filed herewith as Exhibit No. EX-99.m.1.iii.](c113438_ex99m-1iii.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) [Selling and/or Services Agreement, is incorporated herein by reference to Post-Effective Amendment No. 43 to the Registrant's Registration Statement filed with the SEC via EDGAR on March 29, 2019.](https://www.sec.gov/Archives/edgar/data/1320615/000093041319001088/c92829_ex99-m2.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) Rule 18f-3 Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) [Amended Multiple Class Plan pursuant to Rule 18f-3, effective July 1, 2021, on behalf of each series of the Registrant, is incorporated herein by reference to Post-Effective Amendment No. 49 to the Registrant's Registration Statement filed with the SEC via EDGAR on July 29, 2021.](https://www.sec.gov/Archives/edgar/data/1320615/000093041321001385/c102075_ex99-n1.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) Reserved.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) Codes of Ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) [Code of Ethics of the Registrant, filed herewith as Exhibit No. EX-99.p.1.](c113438_ex99-p1.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) [Code of Ethics Mercer Investments LLC, the investment adviser of the Registrant, filed herewith as Exhibit No. EX-99.p.2.](c113438_ex99-p2.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) [Code of Ethics of American Century Investment Management, Inc., Subadviser of Mercer Non-US Core Equity Fund, filed herewith as Exhibit No. EX-99.p.3.](c113438_ex99-p3.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) [Code of Ethics of Ares Capital Management II LLC, Subadviser of Mercer Opportunistic Fixed Income Fund, filed herewith as Exhibit No. EX-99.p.4.](c113438_ex99-p4.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) [Code of Ethics of Aristotle Pacific Capital, LLC, Subadviser of Mercer Short Duration Fixed Income Fund, filed herewith as Exhibit No. EX-99.p.5.](c113438_ex99-p5.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) [Code of Ethics of Arrowstreet Capital, Limited Partnership, Subadvisor of Mercer Non-US Core Equity Fund, filed herewith as Exhibit No. EX-99.p.6.](c113438_ex99-p6.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) [Code of Ethics of Baillie Gifford Overseas Limited, Subadviser of Mercer Emerging Markets Equity Fund, filed herewith as Exhibit No. EX-99.p.7.](c113438_ex99-p7.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) [Code of Ethics of Crescent Capital Group LP, Subadviser of Mercer Opportunistic Fixed Income Fund, filed herewith as Exhibit No. EX-99.p.8.](c113438_ex99-p8.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) [Code of Ethics of GW&K Investment Management, LLC, Subadviser of Mercer US Small/Mid Cap Equity Fund, filed herewith as Exhibit No. EX-99.p.9.](c113438_ex99-p9.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) [Code of Ethics of Income Research & Management, Subadviser of Mercer Core Fixed Income Fund, filed herewith as Exhibit No. EX-99.p.10.](c113438_ex99-p10.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) [Code of Ethics of Loomis, Sayles & Company, L.P., Subadviser of Mercer US Small/Mid Cap Equity Fund, filed herewith as Exhibit No. EX-99.p.11.](c113438_ex99-p11.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) [Code of Ethics of LSV Asset Management, Subadviser of Mercer US Small/Mid Cap Equity Fund and Mercer Non-US Core Equity Fund, filed herewith as Exhibit No. EX-99.p.12.](c113438_ex99-p12.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13) [Code of Ethics of Manulife Investment Management (US) LLC, Subadviser of Mercer Core Fixed Income Fund, filed herewith as Exhibit No. EX-99.p.13.](c113438_ex99-p13.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14) [Code of Ethics of Massachusetts Financial Services Company, Subadviser of Mercer Non-US Core Equity Fund, filed herewith as Exhibit No. EX-99.p.14.](c113438_ex99-p14.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15) [Code of Ethics of Merganser Capital Management, LLC, Subadviser of Mercer Short Duration Fixed Income Fund, filed herewith as Exhibit No. EX-99.p.15.](c113438_ex99-p15.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16) [Code of Ethics of Ninety One North America, Inc., Subadviser of Mercer Opportunistic Fixed Income Fund, filed herewith as Exhibit No. EX-99.p.16.](c113438_ex99-p16.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17) [Code of Ethics of Pacific Investment Management Company LLC, Subadviser of Mercer Opportunistic Fixed Income Fund, filed herewith as Exhibit No. EX-99.p.17.](c113438_ex99-p17.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18) [Code of Ethics of Parametric Portfolio Associates, LLC, Subadviser of Mercer US Small/Mid Cap Equity Fund, Mercer Non-US Core Equity Fund and Mercer Emerging Markets Equity Fund, filed herewith as Exhibit No. EX-99.p.18.](c113438_ex99-p18.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19) [Code of Ethics of PGIM, Inc., Subadviser of Mercer Core Fixed Income Fund, filed herewith as Exhibit No. EX-99.p.19.](c113438_ex99-p19.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20) [Code of Ethics of Polen Capital Credit, LLC, Subadviser of Mercer Opportunistic Fixed Income Fund, filed herewith as Exhibit No. EX-99.p.20.](c113438_ex99-p20.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21) [Code of Ethics of Pzena Investment Management, LLC, Subadviser of Mercer Emerging Markets Equity Fund, filed herewith as Exhibit No. EX-99.p.21.](c113438_ex99-p21.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22) [Code of Ethics of River Road Asset Management, LLC, Subadviser of Mercer US Small/Mid Cap Equity Fund, filed herewith as Exhibit No. EX-99.p.22.](c113438_ex99-p22.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23) [Code of Ethics of Robeco Institutional Asset Management US Inc., Subadviser of Mercer Emerging Markets Equity Fund, filed herewith as Exhibit No. EX-99.p.23.](c113438_ex99-p23.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24) [Code of Ethics of Skerryvore Asset Management Ltd., Subadviser of Mercer Emerging Markets Equity Fund, filed herewith as Exhibit No. EX-99.p.24.](c113438_ex99-p24.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25) [Code of Ethics of Voya Investment Management Co. LLC, Subadviser of Mercer Short Duration Fixed Income Fund, filed herewith as Exhibit No. EX-99.p.25.](c113438_ex99-p25.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26) [Code of Ethics of Wellington Management Company LLP, Subadviser of Mercer Opportunistic Fixed Income Fund, filed herewith as Exhibit No. EX-99.p.26.](c113438_ex99-p26.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27) [Code of Ethics of Westfield Capital Management Company, L.P., Subadviser of Mercer US Small/Mid Cap Equity Fund, filed herewith as Exhibit No. EX-99.p.27.](c113438_ex99-p27.htm)

Item 29.&nbsp;&nbsp;&nbsp;&nbsp; PERSONS CONTROLLED BY OR UNDER COMMON CONTROL WITH THE REGISTRANT

None.

Item 30.&nbsp;&nbsp;&nbsp;&nbsp; INDEMNIFICATION

Under the terms of the Delaware Statutory Trust Act ("DSTA") and the Registrant's Amended and Restated Agreement and Declaration of Trust ("Declaration of Trust"), no officer or Trustee of the Registrant shall have any liability to the Registrant, its shareholders, or any other party for damages, except to the extent such limitation of liability is precluded by Delaware law, the Declaration of Trust or the By-Laws of the Registrant.

Subject to the standards and restrictions set forth in the Declaration of Trust, DSTA, Section 3817 permits a statutory trust to indemnify and hold harmless any Trustee, beneficial owner or other person from and against any and all claims and demands whatsoever. DSTA, Section 3803 protects Trustees, officers, managers and other employees, when acting in such capacity, from liability to any person other than the Registrant or beneficial owner for any act, omission or obligation of the Registrant or any Trustee thereof, except as otherwise provided in the Declaration of Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Indemnification of the Trustees and officers of the Registrant is provided for in Article VII of
the Registrant's Amended and Restated Agreement and Declaration of Trust effective May 16, 2005, as filed with the SEC via
EDGAR on August 5, 2005;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Indemnification of the Trustees and officers of the Registrant is provided for in Sections 3 and
4 of an Indemnification Agreement between the Registrant and each indemnified party, effective March 11, 2013, as filed with the
SEC via EDGAR on July 28, 2014;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Investment Management Agreement between the Registrant and Mercer Investments LLC, as provided
for in Section 10 of the Agreement, as filed with the SEC via EDGAR on July 28, 2014;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Each Subadvisory Agreement between Mercer Investments LLC, on behalf of the several series portfolios
of the Mercer Funds (formerly, MGI Funds), and the individual and respective subadvisers contains terms relevant to this Item 30
within Section 10 of each such agreement, as previously filed with the SEC via EDGAR with respect to each of the Subadvisory Agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Distribution Agreement between the Registrant and MGI Funds Distributors, LLC, as provided for
in Sections 7 and 8 of the Agreement, as filed with the SEC via EDGAR on July 29, 2022;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Custodian Agreement between the Registrant and Investors Bank & Trust Company (predecessor
to State Street Bank and Trust Company), as provided for in Section 15 of the Agreement, is incorporated herein by reference to
the Registrant's Registration Statement on Form N-1A as filed with the SEC via EDGAR on August 5, 2005;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Delegation Agreement between the Registrant and Investors Bank & Trust Company (predecessor
to State Street Bank and Trust Company), as provided for in Section 11 of the Agreement, is incorporated herein by reference to
Post-Effective Amendment No. 2 to the Registrant's Registration Statement filed with the SEC via EDGAR on July 28, 2006;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Administration Agreement between the Registrant and State Street Bank and Trust Company, as provided
for in Section 6 of the Agreement, as filed with the SEC via EDGAR on July 28, 2014.

Insofar as indemnification for liability arising under the Securities Act of 1933 (the "1933 Act") may be permitted to Trustees, officers, and controlling persons of the Registrant pursuant to the provisions described in response to Item 30, or otherwise, the Registrant has been advised that, in the opinion of the Securities and Exchange Commission, such indemnification is against public policy as expressed in the 1933 Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a Trustee, officer, or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such Trustee, officer, or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the 1933 Act and will be governed by the final adjudication of such issue.

Item 31.&nbsp;&nbsp;&nbsp;&nbsp; BUSINESS AND OTHER CONNECTIONS OF THE INVESTMENT MANAGER

Mercer Investments LLC, a Delaware corporation, is a federally registered investment adviser and indirect, wholly-owned subsidiary of Marsh & McLennan Companies, Inc. Mercer Investments LLC has its principal place of business at 99 High Street, Boston, MA 02110. Mercer Investments LLC is primarily engaged in providing investment management services. Additional information regarding Mercer Investments LLC, and information as to the officers and directors of Mercer Investments LLC, is included in its Form ADV, as filed with the U.S. Securities and Exchange Commission ("SEC" or "Commission") (File No. 801-63730) and is incorporated herein by reference.

American Century Investment Management, Inc. ("American Century"), is a Subadviser for the Registrant's Mercer Non-US Core Equity Fund. American Century has its principal place of business at 4500 Main Street, Kansas City, MO 64111. Additional information as to American Century and the directors and officers of American Century is included in American Century's Form ADV filed with the Commission (File No. 801-8174), which is incorporated herein by reference and sets forth the officers and directors of American Century and information as to any business, profession, vocation or employment of a substantial nature engaged in by those officers and directors during the past two years.

Ares Capital Management II LLC ("Ares"), is a Subadviser for the Registrant's Mercer Opportunistic Fixed Income Fund. Ares has its principal place of business at 1800 Avenue of the Stars, Suite 1400, Los Angeles, CA 90067. Additional information as to Ares and the directors and officers of Ares is included in Ares' Form ADV filed with the Commission (File No. 801-72399), which is incorporated herein by reference and sets forth the officers and directors of Ares and information as to any business, profession, vocation or employment of a substantial nature engaged in by those officers and directors during the past two years.

Aristotle Pacific Capital, LLC ("Aristotle Pacific"), is a Subadviser for the Registrant's Mercer Short Duration Fixed Income Fund. Aristotle Pacific has its principal place of business at 840 Newport Center Drive, Suite 700, Newport Beach, CA 92660. Additional information as to Aristotle Pacific and the directors and officers of Aristotle Pacific is included in Aristotle Pacific's Form ADV filed with the Commission (File No. 801-117402), which is incorporated herein by reference and sets forth the officers and directors of Aristotle Pacific and information as to any business, profession, vocation or employment of a substantial nature engaged in by those officers and directors during the past two years.

Arrowstreet Capital, Limited Partnership ("Arrowstreet"), is a Subadviser for the Registrant's Mercer Non-US Core Equity Fund. Arrowstreet has its principal place of business at 200 Clarendon Street, 30th Floor, Boston, Massachusetts 02116. Additional information as to Arrowstreet and the directors and officers of Arrowstreet is included in Arrowstreet's Form ADV filed with the Commission (File No. 801-56633), which is incorporated herein by reference and sets forth the officers and directors of Arrowstreet and information as to any business, profession, vocation or employment of a substantial nature engaged in by those officers and directors during the past two years.

Baillie Gifford Overseas Limited ("Baillie Gifford"), is a Subadviser for the Registrant's Mercer Emerging Markets Equity Fund. Baillie Gifford has its principal place of business at Calton Square, 1 Greenside Row, Edinburgh EH1 3AN. Additional information as to Baillie Gifford and the directors and officers of Baillie Gifford is included in Baillie Gifford's Form ADV filed with the Commission (File No. 801-21051), which is incorporated herein by reference and sets forth the officers and directors of Baillie Gifford and information as to any business, profession, vocation or employment of a substantial nature engaged in by those officers and directors during the past two years.

Crescent Capital Group LP ("Crescent"), is a Subadviser for the Registrant's Mercer Opportunistic Fixed Income Fund. Crescent has its principal place of business at Calton Square, 11100 Santa Monica Blvd, Suite 2000, Los Angeles, CA 90025. Additional information as to Crescent and the directors and officers of Crescent is included in Crescent's Form ADV filed with the Commission (File No. 801-71747), which is incorporated herein by reference and sets forth the officers and directors of Crescent and information as to any business, profession, vocation or employment of a substantial nature engaged in by those officers and directors during the past two years.

GW&K Investment Management, LLC ("GWK"), is a Subadviser for the Registrant's Mercer US Small/Mid Cap Equity Fund. GWK has its principal place of business at 222 Berkeley St., Boston, MA 02116. Additional information as to GWK and the directors and officers of GWK is included in GWK's Form ADV filed with the

Commission (File No. 801-61559), which is incorporated herein by reference and sets forth the officers and directors of GWK and information as to any business, profession, vocation or employment of a substantial nature engaged in by those officers and directors during the past two years.

Income Research & Management ("IR+M"), is a Subadviser for the Registrant's Mercer Core Fixed Income Fund. IR+M has its principal place of business at 100 Federal Street, 30<sup>th</sup> Floor, Boston, MA 02110. Additional information as to IR+M and the directors and officers of IR+M is included in IR+M's Form ADV filed with the Commission (File No. 801-29482), which is incorporated herein by reference and sets forth the officers and directors of IR+M and information as to any business, profession, vocation or employment of a substantial nature engaged in by those officers and directors during the past two years.

Loomis, Sayles & Company, L.P. ("Loomis"), is a Subadviser for the Registrant's Mercer US Small/Mid Cap Equity Fund. Loomis has its principal place of business at One Financial Center, Boston, Massachusetts 02111. Additional information as to Loomis and the directors and officers of Loomis is included in Loomis' Form ADV with the Commission (File No. 801-170), which is incorporated herein by reference and sets forth the officers and directors of Loomis and information as to any business, profession, vocation or employment of a substantial nature engaged in by those officers and directors during the past two years.

LSV Asset Management ("LSV"), is a Subadviser for the Registrant's Mercer US Small/Mid Cap Equity Fund and Mercer Non-US Core Equity Fund. LSV has its principal place of business at 155 North Wacker Drive, Suite 4600, Chicago, IL 60606. Additional information as to LSV and the directors and officers of LSV is included in LSV's Form ADV filed with the Commission (File No. 801-47689), which is incorporated herein by reference and sets forth the officers and directors of LSV and information as to any business, profession, vocation or employment of a substantial nature engaged in by those officers and directors during the past two years.

Manulife Investment Management (US) LLC ("Manulife"), is a Subadviser for the Registrant's Mercer Core Fixed Income Fund. Manulife has its principal place of business at 197 Clarendon Street, Boston, Massachusetts 02116. Additional information as to Manulife and the directors and officers of Manulife is included in Manulife's Form ADV filed with the Commission (File No. 801-42023), which is incorporated herein by reference and sets forth the officers and directors of Manulife and information as to any business, profession, vocation or employment of a substantial nature engaged in by those officers and directors during the past two years.

Massachusetts Financial Services Company ("MFS"), is a Subadviser for the Registrant's Mercer Non-US Core Equity Fund. MFS has its principal place of business at 111 Huntington Avenue, Boston, Massachusetts 02199. Additional information as to MFS and the directors and officers of MFS is included in MFS's Form ADV filed with the Commission (File No. 801-17352), which is incorporated herein by reference and sets forth the officers and directors of MFS and information as to any business, profession, vocation or employment of a substantial nature engaged in by those officers and directors during the past two years.

Merganser Capital Management, LLC ("Merganser"), is a Subadviser for the Registrant's Mercer Short Duration Fixed Income Fund. Merganser has its principal place of business at 99 High Street, Boston, MA 02110. Additional information as to Merganser and the directors and officers of Merganser is included in Merganser's Form ADV filed with the Commission (File No. 801-78733), which is incorporated herein by reference and sets forth the officers and directors of Merganser and information as to any business, profession, vocation or employment of a substantial nature engaged in by those officers and directors during the past two years.

Ninety One North America, Inc. ("Ninety One"), is a Subadviser for the Registrant's Mercer Opportunistic Fixed Income Fund. Ninety One has its principal place of business at 65 East 55th Street, 30th floor, New York, New York 10022. Additional information as to Ninety One and the directors and officers of Ninety One is included in Ninety One's Form ADV filed with the Commission (File No. 801-80153), which is incorporated herein by reference and sets forth the officers and directors of Ninety One and information as to any business, profession, vocation or employment of a substantial nature engaged in by those officers and directors during the past two years.

Pacific Investment Management Company LLC ("PIMCO") is a Subadviser for the Registrant's Mercer Opportunistic Fixed Income Fund. PIMCO has its principal place of business at 650 Newport Center Drive, Newport Beach, California 92660. Additional information as to PIMCO and the directors and officers of PIMCO is included

in PIMCO's Form ADV filed with the Commission (File No. 801-48187), which is incorporated herein by reference and sets forth the officers and directors of PIMCO and information as to any business, profession, vocation or employment of a substantial nature engaged in by those officers and directors during the past two years.

Parametric Portfolio Associates, LLC ("Parametric") is a Subadviser for the Registrant's Mercer US Small/Mid Cap Equity Fund, Mercer Non-US Core Equity Fund and Mercer Emerging Markets Equity Fund. Parametric has its principal place of business at 800 Fifth Avenue, Suite 2800, Seattle, Washington 98104. Additional information as to Parametric and the directors and officers of Parametric is included in Parametric's Form ADV filed with the Commission (File No. 801-60485), which is incorporated herein by reference and sets forth the officers and directors of Parametric and information as to any business, profession, vocation or employment of a substantial nature engaged in by those officers and directors during the past two years.

PGIM, Inc. ("PGIM"), is a Subadviser for the Registrant's Mercer Core Fixed Income Fund. PGIM has its principal place of business at 655 Broad Street, 8<sup>th</sup> Floor, Newark, NJ 07102. Additional information as to PGIM and the directors and officers of PGIM is included in PGIM's Form ADV filed with the Commission (File No. 801-22808), which is incorporated herein by reference and sets forth the officers and directors of PGIM and information as to any business, profession, vocation or employment of a substantial nature engaged in by those officers and directors during the past two years.

Polen Capital Credit, LLC ("Polen Credit"), is a Subadviser for the Registrant's Mercer Core Fixed Income Fund. Polen Credit has its principal place of business at 1075 Main Street, Suite 320, Waltham, MA 02451. Additional information as to PGIM and the directors and officers of Polen Credit is included in Polen Credit's Form ADV filed with the Commission (File No. 801-55001), which is incorporated herein by reference and sets forth the officers and directors of Polen Credit and information as to any business, profession, vocation or employment of a substantial nature engaged in by those officers and directors during the past two years.

River Road Asset Management, LLC ("River Road"), is a Subadviser of Mercer US Small/Mid Cap Equity Fund. River Road has its principal place of business at 462 South Fourth Street, Suite 2000, Louisville, Kentucky 40202. Additional information as to River Road and the directors and officers of River Road is included in River Road's Form ADV filed with the Commission (File No. 801-64175), which is incorporated by reference and sets forth the officers and directors of River Road and information as to any business, profession, vocation or employment of a substantial nature engaged in by those officers and directors during the past two years.

Robeco Institutional Asset Management US Inc. ("Robeco") is a Subadviser of Mercer Emerging Markets Equity Fund. Robeco has its principal place of business at 230 Park Avenue, Suite 3330, New York, NY 10169. Additional information as to Robeco and the directors and officers of Robeco is included in Robeco's Form ADV filed with the Commission (File No. 801-54142), which is incorporated by reference and sets forth the officers and directors of Robeco and information as to any business, profession, vocation or employment of a substantial nature engaged in by those officers and directors during the past two years.

Skerryvore Asset Management Ltd. ("Skerryvore") is a Subadviser of Mercer Emerging Markets Equity Fund. Skerryvore has its principal place of business at 45 Charlotte Square, Edinburgh, EH2 4HQ, United Kingdom. Additional information as to Skerryvore and the directors and officers of Skerryvore is included in Skerryvore's Form ADV filed with the Commission (File No. 801-129723), which is incorporated by reference and sets forth the officers and directors of Skerryvore and information as to any business, profession, vocation or employment of a substantial nature engaged in by those officers and directors during the past two years.

Voya Investment Management Co. LLC ("Voya IM"), is a Subadviser for the Registrant's Mercer Short Duration Fixed Income Fund. Voya IM has its principal place of business at 230 Park Avenue, New York, New York, 101689. Additional information as to Voya IM and the directors and officers of Voya IM is included in Voya IM's Form ADV filed with the Commission (File No. 801-9046), which is incorporated herein by reference and sets forth the officers and directors of Voya IM and information as to any business, profession, vocation or employment of a substantial nature engaged in by those officers and directors during the past two years.

Wellington Management Company LLP ("Wellington"), is a Subadviser for the Registrant's Mercer Opportunistic Fixed Income Fund. Wellington has its principal place of business at One Financial Center, 24<sup>th</sup> Floor,

Boston, MA, 02111. Additional information as to Wellington and the directors and officers of Wellington is included in Wellington's Form ADV filed with the Commission (File No. 801-15908), which is incorporated herein by reference and sets forth the officers and directors of Wellington and information as to any business, profession, vocation or employment of a substantial nature engaged in by those officers and directors during the past two years.

Westfield Capital Management Company, L.P. ("Westfield"), is a Subadviser for the Registrant's Mercer US Small/Mid Cap Equity Fund. Westfield has its principal place of business at One Financial Center, 24<sup>th</sup> Floor, Boston, MA, 02111. Additional information as to Westfield and the directors and officers of Westfield is included in Westfield's Form ADV filed with the Commission (File No. 801-34350), which is incorporated herein by reference and sets forth the officers and directors of Westfield and information as to any business, profession, vocation or employment of a substantial nature engaged in by those officers and directors during the past two years.

Item 32.&nbsp;&nbsp;&nbsp;&nbsp; Principal Underwriter

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) MGI Funds Distributors, LLC (the "Distributor") serves as principal underwriter for
the following investment company 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;(1) Mercer Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The following are the Officers and Managers of the Distributor, the Registrant's principal
underwriter. The Distributor's main business address is Three Canal Plaza, Suite 100, Portland, Maine 04101.

The following is a list of the Officers and Managers of the Distributor:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;<u><u>Name</u></u> | &nbsp;&nbsp;<u><u>Address</u></u> | &nbsp;&nbsp;<u><u>Position with <br> Underwriter</u></u> | &nbsp;&nbsp;<u><u>Position with Registrant</u></u> |
| &nbsp;&nbsp;Teresa Cowan | &nbsp;&nbsp;Three Canal Plaza, Suite 100, Portland, ME 04101 | &nbsp;&nbsp;President/Manager |  |
| &nbsp;&nbsp;Chris Lanza | &nbsp;&nbsp;Three Canal Plaza, Suite 100, Portland, ME 04101 | &nbsp;&nbsp;Vice President |  |
| &nbsp;&nbsp;Kate Macchia | &nbsp;&nbsp;Three Canal Plaza, Suite 100, Portland, ME 04101 | &nbsp;&nbsp;Vice President |  |
| &nbsp;&nbsp;Kelly B. Whetstone | &nbsp;&nbsp;Three Canal Plaza, Suite 100, Portland, ME 04101 | &nbsp;&nbsp;Secretary |  |
| &nbsp;&nbsp;Susan L. LaFond | &nbsp;&nbsp;Three Canal Plaza, Suite 100, Portland, ME 04101 | &nbsp;&nbsp;Treasurer, Vice<br> President, and Chief<br> Compliance Officer |  |
| &nbsp;&nbsp;Weston Sommers | &nbsp;&nbsp;Three Canal Plaza, Suite 100, Portland, ME 04101 | &nbsp;&nbsp;Financial and Operations<br> Principal and Chief<br> Financial Officer |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Not Applicable

Item 33.&nbsp;&nbsp;&nbsp;&nbsp; LOCATION OF ACCOUNTS AND RECORDS

All accounts, books and other documents required to be maintained by Section 31(a) [15 U.S.C. 80a-3-(a)] and rules under that section, are maintained by State Street Bank and Trust Company, with the exception of those maintained by the Registrant's investment advisor, Mercer Investments LLC, 99 High Street, Boston, Massachusetts 02110 and 1166 Avenue of the Americas, New York, New York 10036.

State Street Bank and Trust Company provides general administrative, accounting, portfolio valuation, and custodian services to the Registrant, including the coordination and monitoring of any third-party service providers and maintains all such records relating to these services.

Item 34.&nbsp;&nbsp;&nbsp;&nbsp; MANAGEMENT SERVICES

There are no management related service contracts not discussed in Part A or Part B.

Item 35.&nbsp;&nbsp;&nbsp;&nbsp; UNDERTAKINGS

None.

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 requirement for effectiveness of this Post-Effective Amendment to the Registration Statement under rule 485(b) under the Securities Act and has duly caused this Post-Effective Amendment to the Registration Statement to be signed on its behalf by the undersigned, duly authorized, in the City of Boston and Commonwealth of Massachusetts, on the 25th day of July, 2025.

---

| | |
|:---|:---|
| MERCER FUNDS | MERCER FUNDS |
| By: | /s/ Caroline Hulme |
|  | Caroline Hulme<br> Vice President, Chief Legal Officer and Secretary |

---

Pursuant to the requirements of the Securities Act of 1933, as amended, this Post-Effective Amendment No. 55 has been signed below by the following persons in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| <u><u>Signature</u></u> | <u><u>Title</u></u> | <u><u>Date</u></u> |
| Adela M. Cepeda\* | Trustee | July 25, 2025 |
| Adela M. Cepeda |  |  |
| Gail A. Schneider\* | Trustee | July 25, 2025 |
| Gail A. Schneider |  |  |
| Joan E. Steel\* | Trustee | July 25, 2025 |
| Joan E. Steel |  |  |
| Luis A. Ubiñas\* | Trustee | July 25, 2025 |
| Luis A. Ubiñas |  |  |
| Stephen M. Gouthro\*\* | President and Chief Executive Officer | July 25, 2025 |
| Stephen M. Gouthro | President and Chief Executive Officer |  |
| Barry Vallan\*\* | Vice President, Treasurer and Chief Financial Officer | July 25, 2025 |
| Barry Vallan | Vice President, Treasurer and Chief Financial Officer |  |

---

---

| | |
|:---|:---|
| By: | /s/ Caroline Hulme |
|  | Caroline Hulme, Attorney-in-Fact |

---

\* Pursuant to Power of Attorney incorporated herein by reference to Post-Effective Amendment No. 53 to the Registrant's Registration Statement filed with the SEC via EDGAR on October 31, 2023 <br> \*\* Pursuant to Power of Attorney filed herewith

EXHIBITS INDEX

---

| | |
|:---|:---|
| <u><u>EXHIBIT</u></u> | <u>EXHIBIT NO.</u> |
| Amendment to Schedule A of the Investment Management Agreement between the Registrant and Mercer Investments LLC | [EX-99.d.1.(iv)](c113438_ex99-d1.htm) |
| Subadvisory Agreement between Mercer Investments LLC and Ares Capital Management II LLC | [EX-99.d.3](c113438_ex99-d3.htm) |
| Subadvisory Agreement between Mercer Investments LLC and Baillie Gifford Overseas Limited | [EX-99.d.6](c113438_ex99-d6.htm) |
| Subadvisory Agreement between Mercer Investments LLC and Crescent Capital Group LP | [EX-99.d.7](c113438_ex99-d7.htm) |
| Amendment to Subadvisory Agreement between Mercer Investments LLC and Ninety One North America, Inc. | [EX-99.d.16.(i)](c113438_ex99d-16i.htm) |
| Subadvisory Agreement between Mercer Investments LLC and Pacific Investment Management Company LLC | [EX-99.d.17](c113438_ex99-d17.htm) |
| Subadvisory Agreement between Mercer Investments LLC and Polen Capital Credit, LLC | [EX-99.d.20](c113438_ex99-d20.htm) |
| Subadvisory Agreement between Mercer Investments LLC and Pzena Investment Management, LLC | [EX-99.d.21](c113438_ex99-d21.htm) |
| Subadvisory Agreement between Mercer Investments LLC and Robeco Institutional Asset Management US Inc. | [EX-99.d.23](c113438_ex99-d23.htm) |
| Amendment to Subadvisory Agreement between Mercer Investments LLC and Skerryvore Asset Management Ltd. (f/k/a BennBridge Ltd.) | [EX-99.d.24.(i)](c113438_ex99d-24i.htm) |
| Subadvisory Agreement between Mercer Investments LLC and Wellington Management Company LLP | [EX-99.d.26](c113438_ex99-d26.htm) |
| Amendment to Schedule A of the Distribution Agreement between the Registrant and MGI Funds Distributors, LLC | [EX-99.e.1.(iv)](c113438_ex99e-1iv.htm) |
| Amendment to Schedule A of the Administrative Services Agreement between the Registrant and Mercer Investments LLC | [EX-99.h.2.(iii)](c113438_ex99h-2iii.htm) |
| Expense Limitation Agreement between the Registrant and Mercer Investments LLC | [EX-99.h.5](c113438_ex99-h5.htm) |
| Supplemental Expense Limitation Agreement between the Registrant and Mercer Investments LLC | [EX-99.h.5.(i)](c113438_ex99h-5i.htm) |
| Amendment to Appendix A of the Shareholder Administrative Services Plan | [EX-99.h.6.(iii)](c113438_ex99h-6iii.htm) |
| Third Amendment to Dynamic Cash Allocation Agreement between the Registrant and State Street Bank and Trust Company | [EX-99.h.8.(iii)](c113438_ex99h-8iii.htm) |
| Legal Opinion of Dechert LLP | [EX-99.i.1](c113438_ex99-i1.htm) |
| Consent of Independent Registered Public Accounting Firm for the Registrant | [EX-99.j.1](c113438_ex99-i1.htm) |
| Powers of Attorney appointing Caroline Hulme, Esq. and Stephanie Capistron, Esq. as attorneys-in-fact and agents to Stephen M. Gouthro and Barry Vallan | [EX-99.j.3](c113438_ex99-j3.htm) |

---

---

| | |
|:---|:---|
| <u><u>EXHIBIT</u></u> | <u>EXHIBIT NO.</u> |
| Amendment to Appendix A of the Amended and Restated Distribution and Shareholder Services plan | [EX-99.m.1.(iii)](c113438_ex99m-1iii.htm) |
| Code of Ethics of the Registrant | [EX-99.p.1](c113438_ex99-p1.htm) |
| Code of Ethics Mercer Investments LLC | [EX-99.p.2](c113438_ex99-p2.htm) |
| Code of Ethics of American Century Investment Management, Inc. | [EX-99.p.3](c113438_ex99-p3.htm) |
| Code of Ethics of Ares Capital Management II LLC | [EX-99.p.4](c113438_ex99-p4.htm) |
| Code of Ethics of Aristotle Pacific Capital, LLC | [EX-99.p.5](c113438_ex99-p5.htm) |
| Code of Ethics of Arrowstreet Capital, Limited Partnership | [EX-99.p.6](c113438_ex99-p6.htm) |
| Code of Ethics of Baillie Gifford Overseas Limited | [EX-99.p.7](c113438_ex99-p7.htm) |
| Code of Ethics of Crescent Capital Group LP | [EX-99.p.8](c113438_ex99-p8.htm) |
| Code of Ethics of GW&K Investment Management, LLC | [EX-99.p.9](c113438_ex99-p9.htm) |
| Code of Ethics of Income Research & Management | [EX-99.p.10](c113438_ex99-p10.htm) |
| Code of Ethics of Loomis, Sayles & Company, L.P. | [EX-99.p.11](c113438_ex99-p11.htm) |
| Code of Ethics of LSV Asset Management | [EX-99.p.12](c113438_ex99-p12.htm) |
| Code of Ethics of Manulife Investment Management (US) LLC | [EX-99.p.13](c113438_ex99-p13.htm) |
| Code of Ethics of Massachusetts Financial Services Company | [EX-99.p.14](c113438_ex99-p14.htm) |
| Code of Ethics of Merganser Capital Management, LLC | [EX-99.p.15](c113438_ex99-p15.htm) |
| Code of Ethics of Ninety One North America, Inc. | [EX-99.p.16](c113438_ex99-p16.htm) |
| Code of Ethics of Pacific Investment Management Company LLC | [EX-99.p.17](c113438_ex99-p17.htm) |
| Code of Ethics of Parametric Portfolio Associates, LLC | [EX-99.p.18](c113438_ex99-p18.htm) |
| Code of Ethics of PGIM, Inc. | [EX-99.p.19](c113438_ex99-p19.htm) |
| Code of Ethics of Polen Capital Credit, LLC | [EX-99.p.20](c113438_ex99-p20.htm) |
| Code of Ethics of Pzena Investment Management, LLC | [EX-99.p.21](c113438_ex99-p21.htm) |
| Code of Ethics of River Road Asset Management, LLC | [EX-99.p.22](c113438_ex99-p22.htm) |
| Code of Ethics of Robeco Institutional Asset Management US Inc. | [EX-99.p.23](c113438_ex99-p23.htm) |
| Code of Ethics of Skerryvore Asset Management Ltd. | [EX-99.p.24](c113438_ex99-p24.htm) |
| Code of Ethics of Voya Investment Management Co. LLC | [EX-99.p.25](c113438_ex99-p25.htm) |
| Code of Ethics of Wellington Management Company LLP | [EX-99.p.26](c113438_ex99-p26.htm) |

---

<u><u>EXHIBIT</u></u> <u>EXHIBIT NO.</u> <br>Code of Ethics of Westfield Capital Management Company, L.P. [EX-99.p.27](c113438_ex99-p27.htm)

## Ex-99.(D)(1)(Iv)

**Exhibit 99.(d)(1)(iv)**

AMENDMENT No. 5 TO INVESTMENT MANAGEMENT AGREEMENT

THIS AMENDMENT No. 5 ("Amendment") to the Investment Management Agreement ("Agreement") dated July 1, 2014 by and between Mercer Investments LLC (formerly known as Mercer Investment Management, Inc.), a Delaware limited liability company (the "Advisor"), and Mercer Funds (the "Trust") is made effective as of the 3rd day of March, 2025.

<u>RECITALS</u>

WHEREAS, the Advisor has been retained to act as investment adviser pursuant to the Agreement with the Trust, a Delaware statutory trust registered with the U.S. Securities and Exchange Commission as an open-end management investment company under the Investment Company Act of 1940, as amended (the "1940 Act"), which consists of several separate series of shares, each having its own investment objectives and policies, and which is authorized to create additional series in the future (the "Series");

WHEREAS, the Board previously approved the liquidation and termination of a series of the Trust, Mercer Global Low Volatility Equity Fund; and

WHEREAS, the Agreement provides that the parties may mutually agree to supplement or amend any provision of the Agreement.

<u>AGREEMENT</u>

NOW THEREFORE, in consideration of the promises and mutual agreements set forth herein, the parties hereby agree to amend the Agreement, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Schedule A of the Agreement is hereby deleted in its entirety and replaced with Schedule A attached
to this Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Advisor and the Trust each acknowledge that all of their respective representations and warranties
contained in the Agreement are true and correct as of the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. All other terms and provisions of the Agreement shall remain in full force and effect, except as
modified hereby.

*(Signature Page Follows)*

---

| | | | |
|:---|:---|:---|:---|
| MERCER INVESTMENTS LLC | MERCER INVESTMENTS LLC | MERCER FUNDS | MERCER FUNDS |
| By: | /s/ Olaolu Aganga | By: | /s/ Larry Vasquez |
|  | Name: Olaolu Aganga<br> Title: Chief Investment Officer | Name: <br> Title: | Larry Vasquez<br> Vice President |

---

**<u>Schedule A</u>**

as amended effective March 3, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Investment Advisory Fee | &nbsp;&nbsp;Investment Advisory Fee | &nbsp;&nbsp;Investment Advisory Fee |
| &nbsp;&nbsp;<u><u>Series</u></u> | &nbsp;&nbsp;On the first <br> <u>$750 Million</u> | &nbsp;&nbsp;On the next<br> <u>$250 Million</u> | &nbsp;&nbsp; <br> On assets over <u><br> $1 billion</u> |
| &nbsp;&nbsp;Mercer US Small/Mid Cap Equity Fund | &nbsp;&nbsp;0.90 of 1% | &nbsp;&nbsp;0.88 of 1% | &nbsp;&nbsp;0.83 of 1% |
| &nbsp;&nbsp;Mercer Non-US Core Equity Fund | &nbsp;&nbsp;0.75 of 1% | &nbsp;&nbsp;0.73 of 1% | &nbsp;&nbsp;0.68 of 1% |
| &nbsp;&nbsp;Mercer Emerging Markets Equity Fund | &nbsp;&nbsp;0.80 of 1% | &nbsp;&nbsp;0.78 of 1% | &nbsp;&nbsp;0.73 of 1% |
| &nbsp;&nbsp;Mercer Core Fixed Income Fund | &nbsp;&nbsp;0.35 of 1% | &nbsp;&nbsp;0.33 of 1% | &nbsp;&nbsp;0.28 of 1% |
| &nbsp;&nbsp;Mercer Opportunistic Fixed Income Fund | &nbsp;&nbsp;0.80 of 1% | &nbsp;&nbsp;0.78 of 1% | &nbsp;&nbsp;0.73 of 1% |
| &nbsp;&nbsp;Mercer Short Duration Fixed Income Fund | &nbsp;&nbsp;0.30 of 1% | &nbsp;&nbsp;0.28 of 1% | &nbsp;&nbsp;0.23 of 1% |

---

## Ex-99.(D)(3)

**Exhibit 99.(d)(3)**

**SUB-ADVISORY AGREEMENT**

**AGREEMENT** made as of the 15th day of April, 2025 by and between Mercer Investments LLC, a Delaware limited liability company (the "Advisor"), and Ares Capital Management II LLC, a Delaware limited liability company (the "Sub-Advisor").

**WHEREAS,** the Advisor and the Sub-Advisor are registered investment advisers under the Investment Advisers Act of 1940, as amended (the "Advisers Act"), and engage in the business of providing investment management services; and

**WHEREAS,** the Advisor has been retained to act as investment adviser pursuant to an Investment Management Agreement, dated July 1, 2014 and as amended from time to time (the "Advisory Agreement"), with Mercer Funds (the "Trust"), a Delaware statutory trust registered with the U.S. Securities and Exchange Commission (the "SEC") as an open-end management investment company under the Investment Company Act of 1940, as amended (the "1940 Act"), which consists of several separate series of shares, each having its own investment objectives and policies, and which is authorized to create additional series in the future; and

**WHEREAS,** the Advisory Agreement permits the Advisor, subject to the supervision and direction of the Trust's Board of Trustees, to delegate certain of its duties under the Advisory Agreement to other investment advisers, subject to the requirements of the 1940 Act; and

**WHEREAS,** the Advisor desires to retain the Sub-Advisor to assist the Advisor in the provision of a continuous investment program for that portion of one or more of the Trust's series' (each, a "Fund") assets which the Advisor will assign to the Sub-Advisor (the "Sub-Advisor Assets"), and the Sub-Advisor is willing to render such services, subject to the terms and conditions set forth in this Agreement.

**NOW, THEREFORE,** in consideration of mutual covenants recited below, the parties agree and promise as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Appointment as Sub-Advisor</u>. The Advisor hereby appoints the Sub-Advisor to act as investment adviser for and to manage the Sub-Advisor Assets, subject to the supervision of the Advisor and the Board of Trustees of the Trust, and subject to the terms of this Agreement; and the Sub-Advisor hereby accepts such appointment. In such capacity, the Sub-Advisor shall be responsible for the investment management of the Sub-Advisor Assets. The Sub-Advisor agrees to exercise the same degree of skill, care and diligence in performing its services under this Agreement as the Sub-Advisor exercises in performing similar services with respect to other fiduciary accounts for which the Sub-Advisor has investment responsibilities, and that a prudent manager would exercise under the circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Duties of the Sub-Advisor</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Investments</u>. The Sub-Advisor is hereby authorized and directed, and hereby agrees, subject to the stated investment objectives, policies and restrictions of each Fund as set forth in such Fund's prospectus and statement of additional information as currently in effect and as amended from time to time as have been provided to Sub-

Advisor in advance in writing (collectively referred to as the "Prospectus") and subject to the directions of the Advisor and the Trust's Board of Trustees, on a discretionary basis and without prior consent of Advisor, to purchase, hold and sell investments for the Sub-Advisor Assets and to monitor such investments on an ongoing basis. In providing these services, the Sub-Advisor will conduct an ongoing program of investment, evaluation and, if appropriate, sale and reinvestment of the Sub-Advisor Assets. The Advisor agrees to promptly provide the Sub-Advisor information concerning: (i) a Fund; (ii) its assets available or to become available for investment; and (iii) the conditions of a Fund's or the Trust's affairs as relevant to the Sub-Advisor.

&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>Compliance with Applicable Laws, Governing Documents and Trust Compliance Procedures</u>. In the performance of its duties and obligations under this Agreement, the Sub-Advisor shall, with respect to Sub-Advisor Assets, (i) act in conformity with: (A) the Trust's Agreement and Declaration of Trust (the "Declaration of Trust") and By-Laws; (B) the Prospectus; (C) the policies and procedures for compliance by the Trust with the Federal Securities Laws (as that term is defined in Rule 38a-1 under the 1940 Act) provided to the Sub-Advisor (together, the "Trust Compliance Procedures"); and (D) the instructions and directions received in writing from the Advisor or the Trustees of the Trust (including, but not limited to, the investment guidelines applicable to the Sub-Advisor Assets as agreed to in writing by the parties and as may be amended in writing between the parties from time to time (the "Investment Guidelines")); and (ii) conform to and comply with the requirements of the 1940 Act, the Advisers Act, and all other federal laws applicable to registered investment companies' and Sub-Advisors' duties under this Agreement; provided, however, that the Sub-Advisor shall have no liability under this Agreement for failure to act in conformity with any of the materials listed in (i) of this paragraph unless such materials (and any amendments or supplements thereto) have been provided to the Sub-Advisor in advance in writing and Sub-Advisor has been given reasonable time to review such materials. The Advisor will provide copies of any policies and procedures adopted by the Trust (and any amendments and supplements thereto) that apply with respect to the Sub-Advisor Assets, including but not limited to, policies and procedures that are intended to comply with Rules 17e-1, 17a-7, 10f-3 and 12d3-1 under the 1940 Act. The Advisor will also provide the Sub-Advisor with any materials or information that the Sub-Advisor may reasonably request to enable it to perform its duties and obligations under this Agreement.

The Advisor will provide the Sub-Advisor with reasonable advance notice, in writing, of: (i) any change in a Fund's investment objectives, policies and restrictions as stated in the Prospectus; (ii) any material change to the Trust's Declaration of Trust or By-Laws; or (iii) any material change in the Trust Compliance Procedures; and the Sub-Advisor, in the performance of its duties and obligations under this Agreement, shall manage the Sub-Advisor Assets consistently with such changes, provided the Sub-Advisor has received such prior notice of the effectiveness of such changes from the Trust or the Advisor. In addition to such notice, the Advisor shall provide to the Sub-Advisor a copy of a modified Prospectus and copies of the revised Trust Compliance Procedures, as applicable, reflecting such changes. Upon the Advisor's reasonable request, the Sub-Advisor hereby agrees to provide to the Advisor in a timely manner, in writing, such information relating to the Sub-Advisor and its relationship to, and actions

for, a Fund as may be required to be contained in the Prospectus or in the Trust's registration statement on Form N-1A, or otherwise as reasonably requested by the Advisor. The Sub-Advisor further agrees to notify the Advisor immediately of any statement, known by the Sub-Advisor and relating to the Sub-Advisor and its relationship to, and actions for, a Fund, that is contained in the Prospectus or in the Trust's registration statement on Form N-1A and becomes untrue in any material respect.

In order to assist the Trust and the Trust's Chief Compliance Officer (the "Trust CCO") to satisfy the requirements contained in Rule 38a-1 under the 1940 Act, the Sub-Advisor shall provide to the Trust CCO: (i) direct access to the Sub-Advisor's chief compliance officer (the "Sub-Advisor CCO"), as reasonably requested by the Trust CCO; (ii) quarterly reports confirming that the Sub-Advisor has complied with the Trust Compliance Procedures in managing the Sub-Advisor Assets; and (iii) quarterly certifications that there were no Material Compliance Matters (as that term is defined by Rule 38a-1(e)(2)) that arose under the Trust Compliance Procedures that related to the Sub-Advisor's management of the Sub-Advisor Assets.

&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>Sub-Advisor Compliance Policies and Procedures</u>. The Sub-Advisor shall promptly provide the Trust CCO with copies or summaries of: (i) the Sub-Advisor's policies and procedures for compliance by the Sub-Advisor with the Federal Securities Laws (together, the "Sub-Advisor Compliance Procedures"); and (ii) any material changes to the Sub-Advisor Compliance Procedures. The Sub-Advisor shall cooperate fully with the Trust CCO so as to facilitate the Trust CCO's performance of the Trust CCO's responsibilities under Rule 38a-1 to review, evaluate and report to the Trust's Board of Trustees on the operation of the Sub-Advisor Compliance Procedures, and shall promptly report to the Trust CCO any Material Compliance Matter arising under the Sub-Advisor Compliance Procedures involving the Sub-Advisor Assets. The Sub-Advisor shall provide to the Trust CCO: (i) quarterly reports confirming the Sub-Advisor's compliance with the Sub-Advisor Compliance Procedures in managing the Sub-Advisor Assets; and (ii) certifications that there were no Material Compliance Matters involving the Sub-Advisor that arose under the Sub-Advisor Compliance Procedures that affected the Sub-Advisor Assets. At least annually, the Sub-Advisor shall provide a certification to the Trust CCO to the effect that the Sub-Advisor has in place and has implemented policies and procedures that are reasonably designed to ensure compliance by the Sub-Advisor with the Federal Securities Laws.

&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>Voting of Proxies</u>. Unless otherwise instructed by the Advisor or the Trust, the Sub-Advisor shall have the power, discretion and responsibility to vote or abstain from voting, either in person or by proxy, all securities in which the Sub-Advisor Assets may be invested from time to time, subject to and consistent with the Sub-Advisor's policies and procedures for voting such proxies, and shall not be required to seek instructions from the Advisor, the Trust or a Fund. The Sub-Advisor shall also provide its Proxy Voting Policy (the "Proxy Policy"), and, if requested by the Advisor, a summary of such Proxy Policy suitable for including in the Prospectus, and will provide the Advisor with any material amendment to the Proxy Policy within a reasonable time after such amendment has taken effect. If both the Sub-Advisor and another person

managing assets of a Fund have invested in the same security, the Sub-Advisor and such other entity will each have the power to vote its pro rata share of the 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;(e) <u>Agent</u>. Subject to any other written instructions of the Advisor or the Trust, the Sub-Advisor is hereby appointed the Advisor's and the Trust's agent and attorney-in-fact for the limited purposes of executing account documentation, agreements, contracts and other documents as the Sub-Advisor shall be requested by brokers, dealers, counterparties and other persons in connection with its management of the Sub-Advisor Assets, provided that, the Sub-Advisor's actions in executing such documents shall comply with federal regulations, all other federal laws applicable to registered investment companies and the Sub-Advisor's duties and obligations under this Agreement and the Trust's governing documents.

&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>Brokerage</u>. The Sub-Advisor will place orders pursuant to the Sub-Advisor's investment determinations for a Fund either directly with an issuer or with any broker or dealer selected by the Sub-Advisor, pursuant to this paragraph. In executing portfolio transactions and selecting brokers or dealers, the Sub-Advisor will use its best efforts to seek, on behalf of a Fund, the best overall execution available consistent with the Sub-Advisor's fiduciary duty and applicable law and regulation. In assessing the best overall terms available for any transaction, the Sub-Advisor 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 or dealer to execute a particular transaction, the Sub-Advisor may also consider the brokerage and research services (as those terms are defined in Section 28(e) of the Securities Exchange Act of 1934, as amended (the "1934 Act")) provided to a Fund and/or other accounts over which the Sub-Advisor may exercise investment discretion. The Sub-Advisor is authorized to pay to a broker or dealer who provides such brokerage and research services a commission for executing a portfolio transaction for any of the Funds that 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-Advisor 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-Advisor to a Fund. Such authorization is subject to termination at any time by the Board of Trustees of the Trust for any reason.

In addition, the Sub-Advisor is authorized to allocate purchase and sale orders for portfolio securities to brokers or dealers that are affiliated with the Advisor, the Sub-Advisor, the Trust's principal underwriter, or other sub-advisors (if applicable) only if the Sub-Advisor believes that the quality of the transaction and the commission are comparable to what they would be with other qualified firms, and provided that the transactions are consistent with the Trust's Rule 17e-1 and Rule 10f-3 procedures. The Advisor will identify in advance in writing all brokers and dealers affiliated with, or affiliated with affiliates of, the Trust, the Advisor, and the Trust's principal underwriter (and the other sub-advisors of the Fund, to the extent such information is necessary for

the Sub-Advisor to comply with applicable federal securities laws), other than those whose sole business is the distribution of mutual fund shares, who effect securities transactions for customers. The Advisor shall promptly furnish a written notice to the Sub-Advisor if the information so provided is no longer accurate.

In connection with its management of the Sub-Advisor Assets and consistent with its fiduciary obligation to the Sub-Advisor Assets and other clients, the Sub-Advisor, to the extent permitted by applicable laws and regulations, may, but shall be under no obligation to, aggregate the securities or futures contracts to be sold or purchased in order to obtain the most favorable price or lower brokerage commissions and efficient execution. In such event, allocation of the securities or futures contracts so purchased or sold, as well as the expenses incurred in the transaction, will be made by the Sub-Advisor in the manner the Sub-Advisor considers to be, over time, the most equitable and consistent with its fiduciary obligations to the Sub-Advisor's Assets and to such other 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;(g) <u>Securities Transactions</u>. In no instance will any Fund's portfolio securities be purchased from or sold to the Advisor, the Sub-Advisor, the Trust's principal underwriter, a first-tier or second-tier affiliated person of the Sub-Advisor, or any person or entity identified in advance in writing by the Advisor to the Sub-Advisor as being a first-tier or second-tier affiliated person of the Trust, the Advisor, or the Trust's principal underwriter, acting as principal in the transaction, except to the extent permitted by the 1940 Act and the rules thereunder, including Rule 17a-7, or by the SEC or its staff.

The Sub-Advisor acknowledges that the Advisor and the Trust may rely on Rule 17a-7, Rule 17a-10, Rule 10f-3, Rule 12d3-1 and Rule 17e-1 under the 1940 Act, and the Sub-Advisor hereby agrees that it shall not consult with any other sub-advisor to the Fund with respect to transactions in securities for the Sub-Advisor Assets or any other transactions of Fund assets.

The Sub-Advisor is authorized to engage in transactions in which the Sub-Advisor, or an affiliate of the Sub-Advisor, acts as a broker for both the Fund and for another party on the other side of the transaction ("agency cross transactions"). The Sub-Advisor shall effect any such agency cross transactions in compliance with Rule 206(3)-2 under the Advisers Act and any other applicable provisions of the federal securities laws and shall provide the Advisor with periodic reports describing such agency cross transactions. By execution of this Agreement, the Advisor authorizes the Sub-Advisor or its affiliates to engage in agency cross transactions, as described above. The Advisor may revoke its consent at any time by written notice to the Sub-Advisor.

The Sub-Advisor hereby represents that it has implemented policies and procedures that will prevent the disclosure by it, its employees or its agents of the Trust's portfolio holdings to any person or entity other than the Advisor, the Trust's custodian, or other persons expressly designated by the Advisor or such other persons as shall be expressly required or requested by applicable federal or state regulatory authorities, self-regulatory authorities or other judicial process or to the extent such disclosure is reasonably required by auditors or attorneys of the Sub-Advisor in connection with the

performance of their professional services or as may otherwise be contemplated by this Agreement.

The Investment Guidelines shall not be breached as a result of any events or circumstances outside the reasonable control of the Sub-Advisor including, but not limited to, changes in the price or value of the assets in the Fund brought about solely through movements in the market, an inflow to, or outflow from the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Code of Ethics</u>. The Sub-Advisor hereby represents that it has adopted policies and procedures and a code of ethics that meet the requirements of Rule 17j-1 under the 1940 Act and Rule 204A-1 under the Advisers Act. Copies of such policies and procedures and code of ethics and any changes or supplements thereto shall be delivered to the Advisor and the Trust upon request, and any material violation of such policies, and procedures and code of ethics by personnel of the Sub-Advisor, the sanctions imposed in response thereto, and any issues that would reasonably be expected to have an adverse effect on the Sub-Advisor's ability to perform under this Agreement arising under such policies, and procedures and code of ethics shall be reported to the Advisor and the Trust at the times and in the format reasonably requested by the Advisor and the Board of Trustees.

&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>Books and Records</u>. The Sub-Advisor shall maintain separate detailed records of all matters pertaining to the Sub-Advisor Assets, including, without limitation, brokerage and other records of all securities transactions. Any records required to be maintained and preserved pursuant to the provisions of Rule 31a-1 and Rule 31a-2 promulgated under the 1940 Act that are prepared or maintained by the Sub-Advisor on behalf of the Trust are the property of the Trust and will be surrendered promptly to the Trust upon request. The Sub-Advisor further agrees to preserve for the periods prescribed in Rule 31a-2 under the 1940 Act the records required to be maintained under Rule 31a-1 under the 1940 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;(j) <u>Information Concerning Sub-Advisor Assets and the Sub-Advisor</u>. From time to time as the Advisor, and any consultants designated by the Advisor, or the Trust may reasonably request, the Sub-Advisor will furnish the requesting party reports on portfolio transactions and reports on Sub-Advisor Assets held in the portfolio, all in such detail as the Advisor, its consultant(s) or the Trust may reasonably request. The Sub-Advisor will provide the Advisor with information (including information that is required to be disclosed in the Prospectus) with respect to the portfolio managers responsible for Sub-Advisor Assets, any changes in the portfolio managers responsible for Sub-Advisor Assets, any material changes in the ownership or management of the Sub-Advisor, or of material changes in the control of the Sub-Advisor. The Sub-Advisor will promptly notify the Advisor of any pending investigation, material litigation, administrative proceeding or any other significant regulatory inquiry that would reasonably be expected to have an adverse effect on the Sub-Advisor's ability to perform under this Agreement. Upon reasonable request, the Sub-Advisor will make available its officers and employees during the Sub-Advisor's regular business hours to meet with the Trust's Board of Trustees to review the Sub-Advisor Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>Valuation of Sub-Advisor Assets</u>. The Sub-Advisor or its valuation delegate (as contemplated by the Trust's Valuation Procedures) agree to monitor the Sub-Advisor Assets and to promptly notify the Advisor on any day that the Sub-Advisor or its valuation delegate determine that the price of any security or other investment held in the Sub-Advisor Assets may not accurately reflect the fair value thereof. As requested by the Advisor or its Valuation Committee, the Sub-Advisor and its valuation delegate hereby agree to provide additional assistance to the Advisor or its Valuation Committee and the Trust's pricing agents in valuing Sub-Advisor Assets held in the portfolio. The Advisor acknowledges and agrees that the Sub-Advisor is not a pricing agent for the Fund and does not have responsibility for determining the market value of any asset in the Fund. In connection with its role as Sub-Advisor and with respect to the Sub-Advisor Assets, the Sub-Advisor agrees that it will act, at all times, in accordance with the Trust's Valuation Procedures as provided to the Sub-Advisor in advance in writing by the Advisor, and will provide such certifications or sub-certifications relating to its compliance with the Trust's Valuation Procedures as reasonably may be requested, from time to time, by the Advisor, its Valuation Committee or the Trust.

The Sub-Advisor also will provide such information or perform such additional acts as are customarily performed by a Sub-Advisor and may be required for a Fund or the Advisor to comply with their respective obligations under applicable federal securities laws, including, without limitation, the 1940 Act, the Advisers Act, the 1934 Act, the Securities Act of 1933, as amended (the "Securities Act"), and any rule or regulation thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) <u>Custody Arrangements</u>. The Sub-Advisor, on each business day, shall provide the Advisor, its consultant(s) and the Trust's custodian such information as the Advisor and the Trust's custodian may reasonably request relating to all transactions concerning the Sub-Advisor Assets. The Advisor acknowledges and agrees that the Sub-Advisor is not a custodian of the Fund's assets and will not take possession or custody of those assets, including the Sub-Advisor Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) <u>Historical Performance Information</u>. To the extent agreed upon by the parties, the Sub-Advisor will provide the Trust with historical performance information on similarly managed investment companies or for other accounts to be included in the Prospectus or for any other uses permitted by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) <u>Regulatory Examinations</u>. The Sub-Advisor will cooperate promptly and fully with the Advisor and/or the Trust in responding to any regulatory or compliance examinations or inspections (including information requests) relating to the Trust, the Fund or the Advisor brought by any governmental or regulatory authorities having appropriate jurisdiction (including, but not limited to, the SEC).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Independent Contractor</u>. In the performance of its duties hereunder, the Sub-Advisor is and shall be an independent contractor and, unless otherwise expressly provided herein or otherwise authorized in writing, shall have no authority to act for or represent a Fund, the Trust or the Advisor in any way or otherwise be deemed an agent of a Fund, the Trust or the Advisor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Services to Other Clients</u>. Nothing herein contained shall limit the freedom of the Sub-Advisor or any affiliated person of the Sub-Advisor to render investment advisory, supervisory and other services to other investment companies, to act as investment adviser or investment counselor to other persons, firms or corporations, or to engage in other business activities. It is understood that the Sub-Advisor may give advice and take action for its other clients that may differ from advice given, or the timing or nature of action taken, for a Fund. The Sub-Advisor is not obligated to initiate transactions for a Fund in any security that the Sub-Advisor, its principals, affiliates or employees may purchase or sell for its or their own accounts or other clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Expenses</u>. During the term of this Agreement, the Sub-Advisor will pay all expenses incurred by it in connection with its activities under this Agreement, other than the costs of securities, commodities and other investments (including brokerage commissions and other transaction charges, if any) purchased or otherwise acquired, or sold or otherwise disposed of, for a Fund, including any costs related to the acquisition, maintenance and disposition of such securities, commodities and other investments. The Sub-Advisor, at its sole expense, shall employ or associate itself with such persons as it believes to be particularly fitted to assist it in the execution of its duties under this Agreement. The Trust or the Advisor, as the case may be, shall reimburse the Sub-Advisor for any expenses as may be reasonably incurred by the Sub-Advisor, at the request of and on behalf of a Fund or the Advisor. The Sub-Advisor shall keep and supply to the Trust and the Advisor reasonable records of all such expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Compensation</u>. For the services provided and the expenses assumed with respect to a Fund pursuant to this Agreement, the Sub-Advisor will be entitled to the fee listed for the Fund(s) on <u>Exhibit A</u>. Such fees will be computed in accordance with <u>Exhibit A</u>.

If this Agreement is terminated prior to the end of any calendar quarter, the fee shall be prorated for the portion of any quarter in which this Agreement is in effect according to the proportion which the number of calendar days, during which this Agreement is in effect, bears to the number of calendar days in the quarter, and shall be payable within ten (10) days after the date of termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Representations and Warranties of the Sub-Advisor</u>. The Sub-Advisor represents and warrants to the Advisor and the Trust 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) The Sub-Advisor is registered as an investment adviser under 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;(b) The Sub-Advisor is a limited liability company, duly organized and validly existing under the laws of Delaware, with the power to own and possess its assets and carry on its business as it is now being conducted;

&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 execution, delivery and performance by the Sub-Advisor of this Agreement are within the Sub-Advisor's powers and have been duly authorized by all necessary action and no action by or in respect of, or filing with, any governmental body, agency or official is required on the part of the Sub-Advisor for the execution, delivery and performance by the Sub-Advisor of this Agreement, and the execution, delivery and

performance by the Sub-Advisor of this Agreement do not contravene or constitute a default under (i) any provision of applicable law, rule or regulation; (ii) the Sub-Advisor's governing instruments; or (iii) any agreement, judgment, injunction, order, decree or other instrument binding upon the Sub-Advisor.;

&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 Form ADV of the Sub-Advisor previously provided to the Advisor is a true and complete copy of the form as currently filed with the SEC and the information contained therein is accurate and complete in all material respects and does not omit to state any material fact necessary in order to make the statements made, in light of the circumstances under which they are made, not misleading. The Sub-Advisor will promptly provide the Advisor and the Trust with a complete copy of all subsequent amendments to its Form ADV; 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;(e) The Sub-Advisor makes no representations or warranty, express or implied, that any level of investment performance will be achieved by the Fund or the Sub-Advisor Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Representations and Warranties of the Advisor</u>. The Advisor represents and warrants to the Sub-Advisor and the Trust 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) The Advisor is registered as an investment adviser under the Advisers Act, will continue to be so registered for so long as this Agreement and the Advisory Agreement with the Trust with respect to a Fund remain in effect, and will promptly notify the Sub-Advisor if it ceases being so registered or of any occurrence of an event that would disqualify the Advisor from serving as an investment adviser of a registered investment company under the 1940 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;(b) The Advisor is a limited liability company duly organized and validly existing under the laws of the State of Delaware, with the power to own and possess its assets and carry on its business as it is now being conducted;

&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 execution, delivery and performance by the Advisor of this Agreement are within the Advisor's powers and have been duly authorized by all necessary action on the part of its Board of Directors, and no action by or in respect of, or filing with, any governmental body, agency or official is required on the part of the Advisor for the execution, delivery and performance by the Advisor of this Agreement, and the execution, delivery and performance by the Advisor of this Agreement do not contravene or constitute a default under (i) any provision of applicable law, rule or regulation; (ii) the Advisor's governing instruments; or (iii) any agreement, judgment, injunction, order, decree or other instrument binding upon the Advisor;

&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 Advisor acknowledges that it received a copy of the Sub-Advisor's Form ADV prior to the execution of this Agreement, which was provided by the Sub-Advisor;

&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 Advisor and the Trust have duly entered into the Advisory Agreement pursuant to which the Trust authorized the Advisor to enter into this Agreement;

&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 Advisor and the Trust have policies and procedures designed to detect and deter disruptive trading practices, including "market timing," and the Advisor and the Trust each agree that they will continue to enforce and abide by such policies and procedures, as amended from time to time, and comply with all existing and future laws relating to such matters or to the purchase and sale of interests in the Funds generally;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Fund is a "qualified institutional buyer" as that term is defined in Rule 144A under the Securities Act or an institutional "accredited investor" as that term is defined in Rule 501(a)(1), (2), (3) or (7) under the Securities 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;(h) The Advisor has adopted and implemented a written code of ethics complying with the requirements of Rule 17j-1 under the 1940 Act and has provided the Trust with a copy of such code of ethics and any amendments thereto;

&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 Advisor has adopted and implemented written policies and procedures, as required under Rule 206(4)-7 under the Advisers Act, which are reasonably designed to prevent violations of federal securities laws by the Advisor, its employees, officers and agents ("Compliance Procedures") and the Trust has been provided a copy of the Compliance Procedures (or summaries thereto) and will be provided with any future amendments thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) This Agreement has been properly approved according to applicable laws, rules and regulations by the respective shareholders of each Fund (except as such vote may be unnecessary pursuant to relief granted by an exemptive order from the SEC), the Board and those Trustees of the Trust who are not parties to this Agreement or interested persons of any such 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;(j) The Trust has filed, or the Advisor has filed on the Trust's behalf, a notice of eligibility with the National Futures Association for an exclusion from the definition of the term "commodity pool operator" with respect to each Fund pursuant to Commodity Futures Trading Commission Rule 4.5; 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;(k) The Advisor has procedures in place which comply with all relevant anti-money laundering and privacy principles applicable to it, and any solicitations and other activities by the Advisor in connection with the Trust have been and will be conducted in accordance with applicable laws, rules and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Survival of Representations and Warranties; Duty to Update Information</u>. All representations and warranties made by the Sub-Advisor and the Advisor pursuant to Sections 7 and 8 of this Agreement, respectively, shall survive for the duration of this Agreement and the parties hereto shall promptly notify each other in writing upon becoming aware that any of the foregoing representations and warranties are no longer true.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Liability and Indemnification</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Liability</u>. The duties of the Sub-Advisor shall be confined to those expressly set forth herein, with respect to the Sub-Advisor Assets. The Sub-Advisor and

its affiliated persons and controlling persons, and any of their respective members, partners (whether limited or general), shareholders, managers, directors, officers, agents or employees (such persons, collectively, the "Sub-Advisor Affiliates") shall not be liable for any error of judgment or mistake of law or loss arising out of any portfolio investment or disposition hereunder, except a loss resulting from willful misfeasance, bad faith or negligence in the performance of its duties, or by reason of reckless disregard of its obligations and duties hereunder, or for any loss suffered by the Advisor, the Trust or a Fund in connection with any matter to which this Agreement relates, except as may otherwise be provided under provisions of applicable state law that cannot be waived or modified hereby. Under no circumstances shall the Sub-Advisor be liable for any loss arising out of any act or omission taken by another sub-advisor, or any other third party, in respect of any portion of the Trust's assets not managed by the Sub-Advisor pursuant to this Agreement. Under no circumstances shall either party hereto be liable to the other for special, punitive or consequential damages, arising under or in connection with this Agreement, even if previously informed of the possibility of such damages.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Indemnification</u>. The Sub-Advisor shall indemnify the Advisor, the Trust and each Fund, and their respective affiliates and controlling persons (the "Fund Indemnified Persons") for any liability and expenses, including reasonable attorneys' fees, which a Fund Indemnified Person sustains as a result of the Sub-Advisor's breach of this Agreement or its representations and warranties herein, willful misfeasance, bad faith, negligence, reckless disregard of its duties hereunder, or violation of applicable law; provided, however, that the Fund Indemnified Persons shall not be indemnified for any liability or expenses to the extent such liability or expenses result from the Advisor's breach of this Agreement or its representations and warranties herein, willful misfeasance, bad faith, negligence, reckless disregard of its duties hereunder, or violation of applicable law.

The Advisor shall indemnify the Sub-Advisor, its affiliates and its controlling persons and the Sub-Advisor Affiliates (the "Sub-Advisor Indemnified Persons") for any liability and expenses, including reasonable attorneys' fees, howsoever arising from, or in connection with, or allegations involving (i) the sale of securities of the Fund, or the failure or the alleged failure of the Trust, a Fund or the Advisor to comply with applicable law or a registration requirement pursuant to applicable law; (ii) the Advisor's breach of this Agreement or its representations and warranties herein or as a result of the Advisor's willful misfeasance, bad faith, negligence, reckless disregard of its duties hereunder or violation of applicable law or to the Trust or a Fund; or (iii) any untrue statement of a material fact contained in the Prospectus, proxy materials, reports, advertisements, sales literature, or other materials pertaining to a Fund or the omission to state therein a material fact known to the Advisor that was required to be stated therein or necessary to make the statements therein not misleading, unless such statement or omission was made in reliance upon information furnished to the Advisor or the Trust by the Sub-Advisor or Sub-Advisor Affiliate; provided, however, that the Sub-Advisor Indemnified Persons shall not be indemnified for any liability or expenses which may be sustained as a result of such Sub-Advisor Indemnified Person's breach of this Agreement or its representations and warranties herein, willful misfeasance, bad faith, negligence, reckless disregard of its duties hereunder, or violation of applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Duration and Termination</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Duration</u>. This Agreement, unless sooner terminated as provided herein, shall for the Fund(s) listed on <u>Exhibit A</u> attached hereto remain in effect from the date of execution (the "Effective Date"), until two years from the Effective Date, and thereafter, for periods of one year, so long as such continuance thereafter is specifically approved at least annually (i) by the vote of a majority of those Trustees of the Trust who are not interested persons of any party to this Agreement, cast in person at a meeting called for the purpose of voting on such approval, and (ii) by the Trustees of the Trust, or by the vote of a majority of the outstanding voting securities of each Fund (except as such vote may be unnecessary pursuant to relief granted by an exemptive order from the SEC). The foregoing requirement that continuance of this Agreement be "specifically approved at least annually" shall be construed in a manner consistent with the 1940 Act and the rules and regulations thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Termination</u>. This Agreement may be terminated as to any Fund at any time, without the payment of any penalty by: (i) the vote of a majority of the Trustees of the Trust, the vote of a majority of the outstanding voting securities of the Fund, or the Advisor, or (ii) the Sub-Advisor on not less than ninety (90) days written notice to the Advisor and the Trust. This Agreement may also be terminated as to any Fund at any time by any party hereto immediately upon written notice to the other parties in the event of a breach of any provision to this Agreement by any of the parties.

This Agreement shall not be assigned and shall terminate automatically in the event of its assignment, except as provided otherwise by any rule, exemptive order issued by the SEC, or No-Action Letter provided or pursuant to the 1940 Act, or upon the termination of the Advisory Agreement. In the event that there is a proposed change in control of the Sub-Advisor that results in an assignment of this Agreement, or the Sub-Advisor resigns, both of which would act to terminate this Agreement, the Sub-Advisor agrees to assume all reasonable costs and expenses (including the costs of mailing) associated with the preparation of an information statement, as required by the exemptive order issued by the SEC to the Trust and the Advisor with respect to the appointment of sub-advisors absent shareholder approval.

This Agreement shall extend to and bind the heirs, executors, administrators and successors of the parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Amendment</u>. This Agreement may be amended by mutual consent of the parties, provided that the terms of any material amendment shall be approved by: (a) the Trust's Board of Trustees or by a vote of the majority of a Fund's outstanding securities, and (b) the vote of a majority of those Trustees of the Trust who are not interested persons of any party to this Agreement cast in accordance with the requirements of the 1940 Act and the rules and regulations thereunder or in accordance with such regulatory guidance, interpretations or exemptive relief issued by the SEC or its staff from time to time. <u>Exhibit A</u> hereto may be amended at any time to add additional Funds as agreed by the Advisor and the Sub-Advisor and approved by the Trust's Board of Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Confidentiality</u>. Any information or recommendations supplied by either the Advisor or the Sub-Advisor, that are not otherwise in the public domain or previously known to the other party in connection with the performance of its obligations and duties hereunder, including portfolio holdings of the Trust, financial information or other information relating to a party to this Agreement, are to be regarded as confidential ("Confidential Information") and held in the strictest confidence. Except as may be required by applicable law or rule or as requested by regulatory authorities having jurisdiction over a party to this Agreement, Confidential Information may be used only by the party to which said information has been communicated and such other persons as that party believes are necessary to carry out the purposes of this Agreement, including the custodian, and such persons as the Advisor may designate in connection with the Sub-Advisor Assets. The Advisor may disclose information relating to its fee arrangement with the Sub-Advisor, Sub-Advisor performance information, and similar information, to investors in the Funds, clients and prospective clients. Nothing in this Agreement shall be construed to prevent the Sub-Advisor from giving other entities investment advice about, or trading on their behalf, in the securities of a Fund or the Advisor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. <u>Use of Sub-Advisor's Name</u>. During the term of this Agreement, the Advisor shall have permission to use the Sub-Advisor's name in the marketing of the Fund, and agrees to furnish the Sub-Advisor at its principal office all prospectuses, proxy statements and reports to shareholders prepared for distribution to shareholders of the Fund or the public, which refer to the Sub-Advisor in any way.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. <u>Notice</u>. 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. Delivery of any such notice, advice or report shall also be deemed sufficient if emailed by the party giving notice to the other party at the last known email address, provided that delivery thereof is subsequently verified by the party giving notice through telephone, read receipt, or a reply thereto.

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| | |
|:---|:---|
| (a) | <u>If to the Advisor</u>: |
|  | Mercer Investments LLC<br> 99 High Street<br> Boston, MA 02110<br> Attention: Global Chief Investments Counsel<br> Email: colin.dean@mercer.com<br>|
| (b) | <u>If to the Sub-Advisor</u>: |
|  | Ares Capital Management II LLC<br> 1800 Avenue of the Stars<br> Suite 1400<br> Los Angeles, CA 90067<br> Attention: Office of the General Counsel<br> Email: <u>generalcounsel@aresmgmt.com</u> |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. <u>Third-Party Beneficiaries</u>. The parties hereto acknowledge and agree that the Trust and the Fund(s) are third-party beneficiaries as to the covenants, obligations, representations, and warranties undertaken by the Sub-Advisor under this Agreement and as to the rights and privileges to which the Advisor is entitled pursuant to this Agreement, and that the Trust and the Fund(s) are entitled to all of the rights and privileges associated with such third-party-beneficiary status. This Agreement does not, and is not intended to, create any other third-party beneficiary, or otherwise confer any rights, privileges, claims or remedies upon any shareholder or other person other than the Trust, the Fund(s), and the parties and their respective successors and permitted assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. <u>Governing Law and Forum Selection</u>. This Agreement shall be governed by the internal laws of the State of New York without regard to conflict of law principles; provided, however that nothing herein shall be construed as being inconsistent with the 1940 Act, the Advisers Act, the rules and regulations thereunder, or such regulatory guidance, interpretations or exemptive relief issued by the SEC or its staff from time to time. Any legal suit, action or proceeding related to, arising out of, or concerning this Agreement shall be brought only in the U.S. District Court for the Southern District of New York, or if such action may not be brought in that court, then such action shall be brought in the New York Supreme Court (the "Designated Courts"). Each party (a) consents to jurisdiction in the Designated Courts; (b) waives any objection to venue in either Designated Court, and (c) waives any objection that either Designated Court is an inconvenient forum. For any action commenced in the New York Supreme Court, application shall be submitted to the Commercial Division.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. <u>Entire Agreement</u>. 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. <u>Severability</u>. If any provision of this Agreement shall be held or made invalid by a court decision, statute, rule or otherwise, the remainder of this Agreement shall not be affected thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. <u>Certain Definitions</u>. For the purposes of this Agreement and except as otherwise provided herein, "interested person," "affiliated person," "affiliates," "controlling persons" and "assignment" shall have their respective meanings as set forth in the 1940 Act, subject, however, to such exemptions as may be granted by the SEC, and the term "Fund" or "Funds" shall refer to those Fund(s) for which the Sub-Advisor provides investment management services and as are listed on <u>Exhibit A</u> to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21. <u>Captions</u>. The captions herein are included for convenience of reference only and shall be ignored in the construction or interpretation hereof.

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first written above.

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| | |
|:---|:---|
| ADVISOR<br> MERCER INVESTMENTS LLC | ADVISOR<br> MERCER INVESTMENTS LLC |
| By: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Erin Lefkowitz |

---

Name: <u> Erin Lefkowitz</u>

Title: <u> Vice President</u>

---

| | |
|:---|:---|
| SUB-ADVISOR<br> ARES CAPITAL MANAGEMENT II LLC | SUB-ADVISOR<br> ARES CAPITAL MANAGEMENT II LLC |
| By: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Matthew Jill |

---

Name: <u> Matthew Jill</u>

Title: <u> Authorized Signatory</u>

## Ex-99.(D)(6)

**Exhibit 99.(d)(6)**

**SUB-ADVISORY AGREEMENT**

**AGREEMENT** made as of the 25th day of October, 2024 by and between Mercer Investments LLC, a Delaware limited liability company (the "Advisor"), and Baillie Gifford Overseas Limited, a company incorporated in Scotland and having its registered office at Calton Square, 1 Greenside Row, Edinburgh EH1 3AN (the "Sub-Advisor").

**WHEREAS,** the Advisor and the Sub-Advisor are registered investment advisers under the Investment Advisers Act of 1940, as amended (the "Advisers Act"), and engage in the business of providing investment management services; and

**WHEREAS,** the Advisor has been retained to act as investment adviser pursuant to an Investment Management Agreement, dated July 1, 2014 and as amended from time to time (the "Advisory Agreement"), with Mercer Funds (the "Trust"), a Delaware statutory trust registered with the U.S. Securities and Exchange Commission (the "SEC") as an open-end management investment company under the Investment Company Act of 1940, as amended (the "1940 Act"), which consists of several separate series of shares, each having its own investment objectives and policies, and which is authorized to create additional series in the future; and

**WHEREAS,** the Advisory Agreement permits the Advisor, subject to the supervision and direction of the Trust's Board of Trustees, to delegate certain of its duties under the Advisory Agreement to other investment advisers, subject to the requirements of the 1940 Act; and

**WHEREAS,** the Advisor desires to retain the Sub-Advisor to assist the Advisor in the provision of a continuous investment program for that portion of one or more of the Trust's series' (each a "Fund") assets which the Advisor will assign to the Sub-Advisor (the "Sub-Advisor Assets"), and the Sub-Advisor is willing to render such services, subject to the terms and conditions set forth in this Agreement.

**NOW, THEREFORE,** in consideration of mutual covenants recited below, the parties agree and promise as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Appointment as Sub-Advisor</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) The Advisor hereby appoints the Sub-Advisor to act as investment adviser for and to manage the Sub-Advisor Assets, subject to the supervision of the Advisor and the Board of Trustees of the Trust, and subject to the terms of this Agreement; and the Sub-Advisor hereby accepts such appointment. In such capacity, the Sub-Advisor shall be responsible for the investment management of the Sub-Advisor Assets. The Sub-Advisor agrees to exercise the same degree of skill, care and diligence expected of a fiduciary in performing its services under this Agreement that a prudent manager would exercise under the 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) The Sub-Advisor is authorized and regulated in the conduct of its investment business by the Financial Conduct Authority of the United Kingdom (the "FCA") whose contact address is at 12 Endeavour Square, London E20 1JN (or such

address provided from time to time at www.fca.org.uk/contact). Certain provisions proscribed by the FCA's Handbook of Rules and Guidance as published by the FCA (the "FCA Rules") are set out in the Agreement. Notwithstanding anything herein to the contrary, to the extent that there is deemed to be a conflict as between the FCA Rules and the US federal laws, rules and regulations applicable to a Fund and the Sub-Advisor's duties hereunder, it is the responsibility of the Sub-Advisor to manage and resolve such conflict, and the Sub-Advisor acknowledges that the relevant US federal laws, rules and regulations shall be deemed to apply in all such cases.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Duties of the Sub-Advisor</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Investments</u>. The Sub-Advisor is hereby authorized and directed, and hereby agrees, subject to the stated investment objectives, policies and restrictions of each Fund as set forth in such Fund's prospectus and statement of additional information as currently in effect and as amended from time to time (collectively referred to as the "Prospectus") and subject to the directions of the Advisor and the Trust's Board of Trustees, to purchase, hold and sell investments for the Sub-Advisor Assets and to monitor such investments on an ongoing basis. In providing these services, the Sub-Advisor will conduct an ongoing program of investment, evaluation and, if appropriate, sale and reinvestment of the Sub-Advisor Assets. The Advisor agrees to provide the Sub-Advisor information concerning: (i) a Fund; (ii) its assets available or to become available for investment; and (iii) the conditions of a Fund's or the Trust's affairs, in each case as relevant to the Sub-Advisor's performance of its duties under this Agreement.

&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>Compliance with Applicable Laws, Governing Documents and Trust Compliance Procedures</u>. In the performance of its duties and obligations under this Agreement, the Sub-Advisor shall, with respect to Sub-Advisor Assets, (i) act in conformity with: (A) the Trust's Agreement and Declaration of Trust (the "Declaration of Trust") and By-Laws; (B) the Prospectus; (C) the policies and procedures for compliance by the Trust with the Federal Securities Laws (as that term is defined in Rule 38a-1 under the 1940 Act) provided to the Sub-Advisor (together, the "Trust Compliance Procedures"); and (D) the instructions and directions received in writing from the Advisor or the Trustees of the Trust (including, but not limited to, the investment guidelines applicable to the Sub-Advisor Assets as agreed to by the parties in writing and as may be amended from time to time (the "Investment Guidelines")); and (ii) conform to and comply with the requirements of the 1940 Act, the Advisers Act, and all other federal laws applicable to the Sub-Advisors' performance of its duties under this Agreement. The Advisor will provide the Sub-Advisor with any materials or information that the Sub-Advisor may reasonably request to enable it to perform its duties and obligations under this Agreement, including providing clarification, if requested, as to how the Investment Guidelines should be implemented to ensure compliance with the Prospectus.

The Advisor will provide the Sub-Advisor with reasonable advance notice, in writing, of: (i) any change in a Fund's investment objectives, policies and restrictions as stated in the Prospectus; (ii) any change to the Trust's Declaration of Trust or By-Laws; or (iii) any change in the Trust Compliance Procedures, in each case which affects the

Sub-Advisor's performance of its obligations under this Agreement; and the Sub-Advisor, in the performance of its duties and obligations under this Agreement, shall manage the Sub-Advisor Assets consistently with such changes, provided the Sub-Advisor has received sufficient prior notice of the effectiveness of such changes from the Trust or the Advisor to enable the Sub-Advisor to assess and discuss with the Advisor the impact thereof. In addition to such notice, the Advisor shall provide to the Sub-Advisor a copy of a modified Prospectus and copies of the revised Trust Compliance Procedures, as applicable, reflecting such changes. The Sub-Advisor hereby agrees to provide to the Advisor in a timely manner, in writing, such information relating to the Sub-Advisor and its relationship to, and actions for, a Fund as the Advisor considers may be required to be contained in the Prospectus or in the Trust's registration statement on Form N-1A, or otherwise as reasonably requested by the Advisor. The Sub-Advisor further agrees to notify the Advisor as soon as reasonably practicable of any statement, known by the Sub-Advisor and relating to the Sub-Advisor and its relationship to, and actions for, a Fund, that is contained, or agreed will be contained, in the Prospectus or in the Trust's registration statement on Form N-1A and becomes untrue in any material respect from time to time.

In order to assist the Trust and the Trust's Chief Compliance Officer (the "Trust CCO") to satisfy the requirements contained in Rule 38a-1 under the 1940 Act, the Sub-Advisor shall provide to the Trust CCO: (i) direct access to the Sub-Advisor's chief compliance officer (the "Sub-Advisor CCO"), as reasonably requested by the Trust CCO; (ii) quarterly reports confirming that the Sub-Advisor has complied with the Trust Compliance Procedures in managing the Sub-Advisor Assets; and (iii) quarterly certifications that there were no Material Compliance Matters (as that term is defined by Rule 38a-1(e)(2)) that arose under the Trust Compliance Procedures that related to the Sub-Advisor's management of the Sub-Advisor Assets.

&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>Sub-Advisor Compliance Policies and Procedures</u>. The Sub-Advisor shall, on request, provide the Trust CCO with copies of: (i) the Sub-Advisor's policies and procedures for compliance by the Sub-Advisor with the Federal Securities Laws (together, the "Sub-Advisor Compliance Procedures"), and (ii) any material changes to the Sub-Advisor Compliance Procedures. The Sub-Advisor shall cooperate fully with the Trust CCO so as to facilitate the Trust CCO's performance of the Trust CCO's responsibilities under Rule 38a-1 to review, evaluate and report to the Trust's Board of Trustees on the operation of the Sub-Advisor Compliance Procedures, and shall promptly report to the Trust CCO any Material Compliance Matter arising under the Sub-Advisor Compliance Procedures involving the Sub-Advisor Assets. The Sub-Advisor shall provide to the Trust CCO: (i) quarterly reports confirming the Sub-Advisor's compliance with the Sub-Advisor Compliance Procedures in managing the Sub-Advisor Assets, and (ii) on request, certifications that there were no Material Compliance Matters involving the Sub-Advisor that arose under the Sub-Advisor Compliance Procedures that affected the Sub-Advisor Assets. At least annually, the Sub-Advisor shall provide a certification to the Trust CCO to the effect that the Sub-Advisor has in place and has implemented policies and procedures that are reasonably designed to ensure compliance by the Sub-Advisor with the Federal Securities Laws.

&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>Voting of Proxies</u>. Unless otherwise instructed by the Advisor or the Trust, the Sub-Advisor shall have the power, discretion and responsibility to vote, either in person or by proxy, all securities in which the Sub-Advisor Assets may be invested from time to time, and shall not be required to seek instructions from the Advisor, the Trust or a Fund. The Sub-Advisor shall also provide its Proxy Voting Policy (the "Proxy Policy"), and, if requested by the Advisor, a summary of such Proxy Policy which the Sub-Advisor considers suitable for including in the Prospectus, and will provide the Advisor with any material amendment to the Proxy Policy within a reasonable time after such amendment has taken effect. If both the Sub-Advisor and another person managing assets of a Fund have invested in the same security, the Sub-Advisor and such other entity will each have the power to vote the holdings of such security which are under their management.

The Advisor acknowledges that it has received a copy of the Sub-Advisor's statement entitled "Our Stewardship Principles".

&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>Agent</u>. Subject to any other written instructions of the Advisor or the Trust, the Sub-Advisor is hereby appointed the Advisor's and the Trust's agent for the limited purposes of executing account documentation, agreements, contracts and other documents as the Sub-Advisor shall be requested by brokers, dealers, counterparties and other persons in connection with its management of the Sub-Advisor Assets, provided that, the Sub-Advisor's actions in executing such documents shall comply with federal regulations and all other federal laws applicable to the Sub-Advisor when fulfilling its duties and obligations under this Agreement.

&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>Brokerage</u>. The Sub-Advisor will place orders pursuant to the Sub-Advisor's investment determinations for a Fund either directly with an issuer or with any broker or dealer selected by the Sub-Advisor, pursuant to this paragraph. In executing portfolio transactions and selecting brokers or dealers, the Sub-Advisor will seek, on behalf of a Fund, the best overall execution available. In assessing the best overall terms available for any transaction, the Sub-Advisor 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 or dealer to execute a particular transaction, the Sub-Advisor may also consider the brokerage and research services (as those terms are defined in Section 28(e) of the Securities Exchange Act of 1934, as amended (the "1934 Act")) provided to a Fund and/or other accounts over which the Sub-Advisor may exercise investment discretion. The Sub-Advisor is authorized to pay to a broker or dealer who provides such brokerage and research services a commission for executing a portfolio transaction for any of the Funds that 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-Advisor 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-Advisor to a Fund. Such

authorization is subject to termination at any time by the Board of Trustees of the Trust for any reason.

In addition, the Sub-Advisor is authorized to allocate purchase and sale orders for portfolio securities to brokers or dealers that are affiliated with the Sub-Advisor or to brokers or dealers that the Advisor advises the Sub-Advisor in writing in advance are affiliated with the Advisor, the Trust's principal underwriter, and/or other sub-advisors only if the Sub-Advisor believes that the quality of the transaction and the commission are comparable to what they would be with other qualified firms, and provided that the transactions are consistent with the Trust's Rule 17e-1 and Rule 10f-3 procedures.

In connection with its management of the Sub-Advisor Assets and consistent with its fiduciary obligation to the Sub-Advisor Assets and other clients, the Sub-Advisor, to the extent permitted by applicable laws and regulations, may, but shall be under no obligation to, aggregate the securities to be sold or purchased in order to obtain the most favorable price or lower brokerage commissions and efficient execution. In such event, allocation of the securities or futures contracts so purchased or sold, as well as the expenses incurred in the transaction, will be made by the Sub-Advisor in the manner the Sub-Advisor considers to be, over time, the most equitable and reasonable basis, consistent with its fiduciary obligations to the Sub-Advisor's Assets and to such other clients. The Advisor acknowledges and agrees that aggregation may operate to the advantage or disadvantage of the Advisor.

&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>Securities Transactions</u>. In no instance will any Fund's portfolio securities be purchased from or sold to the Advisor, the Sub-Advisor, or to those that the Advisor advises the Sub-Advisor in writing in advance are the Trust's principal underwriter, or an affiliated person the Trust, the Advisor, the Sub-Advisor or the Trust's principal underwriter, acting as principal in the transaction, except to the extent permitted by the 1940 Act and the rules thereunder, including Rule 17a-7, and any applicable exemptive order issued by the SEC or No-Action Letters issued by the SEC staff. The Sub-Advisor acknowledges that the Advisor and the Trust may rely on Rule 17a-7, Rule 17a-10, Rule 10f-3, Rule 12d3-1 and Rule 17e-1 under the 1940 Act, and the Sub-Advisor hereby agrees that it shall not consult with any other sub-advisor to the Fund with respect to transactions in securities for the Sub-Advisor Assets or any other transactions of Fund assets.

The Sub-Advisor is authorized to engage in transactions in which the Sub-Advisor, or an affiliate of the Sub-Advisor, acts as a broker for both the Fund and for another party on the other side of the transaction ("agency cross transactions"). The Sub-Advisor shall effect any such agency cross transactions in compliance with Rule 206(3)-2 under the Advisers Act and any other applicable provisions of the federal securities laws and shall provide the Advisor with periodic reports describing such agency cross transactions. By execution of this Agreement, the Advisor authorizes the Sub-Advisor or its affiliates to engage in agency cross transactions, as described above. The Advisor may revoke its consent at any time by written notice to the Sub-Advisor.

The Sub-Advisor hereby represents that it has implemented policies and procedures that will prevent the disclosure by it, its employees or its agents of the Trust's portfolio holdings to any person or entity other than the Advisor, the Trust's custodian, or other persons either expressly designated by the Advisor or permitted to receive such information pursuant to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Code of Ethics</u>. The Sub-Advisor hereby represents that it has adopted policies and procedures and a code of ethics that meet the requirements of Rule 17j-1 under the 1940 Act and Rule 204A-1 under the Advisers Act. Copies of such policies and procedures and code of ethics and any changes or supplements thereto shall be delivered to the Advisor and the Trust, and any material violation of such policies, and procedures and code of ethics by personnel of the Sub-Advisor, the sanctions imposed in response thereto, and any issues arising under such policies, and procedures and code of ethics shall be reported to the Advisor and the Trust at the times and in the format reasonably requested by the Advisor and the Board of Trustees.

&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>Books and Records</u>. The Sub-Advisor shall maintain separate detailed records of all matters pertaining to the Sub-Advisor Assets, including, without limitation, brokerage and other records of all securities transactions. Any records required to be maintained and preserved pursuant to the provisions of Rule 31a-1 and Rule 31a-2 promulgated under the 1940 Act that are prepared or maintained by the Sub-Advisor on behalf of the Trust are the property of the Trust and will be surrendered promptly to the Trust upon request. The Sub-Advisor further agrees to preserve for the periods prescribed in Rule 31a-2 under the 1940 Act the records required to be maintained under Rule 31a-1 under the 1940 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;(j) <u>Information Concerning Sub-Advisor Assets and the Sub-Advisor</u>. From time to time as the Advisor, and any consultants designated by the Advisor, or the Trust may request, the Sub-Advisor will furnish the requesting party reports on portfolio transactions and reports on Sub-Advisor Assets held in the portfolio, all in such detail as the Advisor, its consultant(s) or the Trust may reasonably request. The Sub-Advisor will provide the Advisor with information (including information that is required to be disclosed in the Prospectus, on request) with respect to the portfolio managers responsible for Sub-Advisor Assets, any changes in the portfolio managers responsible for Sub-Advisor Assets, any changes in the ownership or management of the Sub-Advisor, or of material changes in the control of the Sub-Advisor. The Sub-Advisor will promptly notify the Advisor of any material outcome of any pending investigation, material litigation, administrative proceeding or any other significant regulatory inquiry into or with the Sub-Advisor. Upon reasonable request, the Sub-Advisor will make available its officers and employees to meet with the Trust's Board of Trustees to review the Sub-Advisor Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>Valuation of Sub-Advisor Assets</u>. The Sub-Advisor or its valuation delegate (as contemplated by the Trust's Valuation Procedures) agree to monitor the Sub-Advisor Assets and to promptly notify the Advisor on any day that the Sub-Advisor or its valuation delegate determine that the price of any security or other investment held in the Sub-Advisor Assets may not accurately reflect the fair value thereof. As requested by the

Advisor or its Valuation Committee, the Sub-Advisor and its valuation delegate hereby agree to provide additional assistance to the Advisor or its Valuation Committee and the Trust's pricing agents in valuing Sub-Advisor Assets held in the portfolio. The Sub-Advisor agrees that it will act, at all times, in accordance with the Trust's Valuation Procedures, and will provide such certifications or sub-certifications relating to its compliance with the Trust's Valuation Procedures as reasonably may be requested, from time to time, by the Advisor, its Valuation Committee or the Trust.

The Sub-Advisor also will, when performing its obligations hereunder, provide such information or perform such additional acts as are reasonably requested by the Advisor of the Sub-Advisor and may be required to enable a Fund or the Advisor to comply with their respective obligations under applicable federal securities laws, including, without limitation, the 1940 Act, the Advisers Act, the 1934 Act, the Securities Act of 1933, as amended (the "Securities Act"), and any rule or regulation thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) <u>Custody Arrangements</u>. The Sub-Advisor, on each business day, shall provide the Advisor, its consultant(s) (as may be identified to the Sub-Advisor from time to time), and the Trust's custodian such information as the Advisor and the Trust's custodian may reasonably request relating to all transactions concerning the Sub-Advisor Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) <u>Historical Performance Information</u>. To the extent agreed upon by the parties, the Sub-Advisor will provide the Trust with historical performance information on similarly managed investment companies or for other accounts to be included in the Prospectus or for any other uses permitted by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) <u>Regulatory Examinations</u>. The Sub-Advisor will cooperate promptly and fully with the Advisor and/or the Trust in responding to any regulatory or compliance examinations or inspections (including information requests) relating to the Trust, the Fund or the Advisor brought by any governmental or regulatory authorities having appropriate jurisdiction (including, but not limited to, the SEC).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Independent Contractor</u>. In the performance of its duties hereunder, the Sub-Advisor is and shall be an independent contractor and, unless otherwise expressly provided herein or otherwise authorized in writing, shall have no authority to act for or represent a Fund, the Trust or the Advisor in any way or otherwise be deemed an agent of a Fund, the Trust or the Advisor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Services to Other Clients</u>. Nothing herein contained shall limit the freedom of the Sub-Advisor or any affiliated person of the Sub-Advisor to render investment advisory, supervisory and other services to other investment companies, to act as investment adviser or investment counselor to other persons, firms or corporations, or to engage in other business activities. It is understood that the Sub-Advisor may give advice and take action for its other clients that may differ from advice given, or the timing or nature of action taken, for a Fund. The Sub-Advisor is not obligated to initiate transactions for a Fund in any security that the Sub-Advisor, its principals, affiliates or employees may purchase or sell for its or their own accounts or other clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Expenses</u>. During the term of this Agreement, the Sub-Advisor will pay all expenses incurred by it in connection with its activities under this Agreement, other than the costs of securities, commodities and other investments (including brokerage commissions, transfer fees, registration fees, exchange fees, settlement fees, stamp duty, tax or other fiscal liabilities or any other transaction charges, if any, and related reasonable expenses, liabilities, charges and costs) purchased or otherwise acquired, or sold or otherwise disposed of, for a Fund which will be payable out of the Sub-Advisor Assets.

The Sub-Advisor, at its sole expense, shall employ or associate itself with such persons as it believes to be particularly fitted to assist it in the execution of its duties under this Agreement. The Advisor shall reimburse the Sub-Advisor for any expenses in addition to the expenses outlined above as may be reasonably incurred by the Sub-Advisor, at the request of and on behalf of a Fund or the Advisor. The Sub-Advisor shall keep and supply to the Trust and the Advisor reasonable records of all such expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Compensation</u>. For the services provided and the expenses assumed with respect to a Fund pursuant to this Agreement, the Sub-Advisor will be entitled to the payment of the fee listed for the Fund(s) on <u>Exhibit A</u> (each, a "Sub-Advisory Fee") by the Advisor. Such fees will be computed in accordance with <u>Exhibit A</u> and are exclusive of any applicable taxes which, if payable, shall be payable in addition by the Advisor.

If this Agreement is terminated prior to the end of any calendar quarter, the fee shall be prorated for the portion of any quarter in which this Agreement is in effect according to the proportion which the number of calendar days, during which this Agreement is in effect, bears to the number of calendar days in the quarter, and shall be payable within ten (10) days after the date of termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Representations and Warranties of the Sub-Advisor</u>. The Sub-Advisor represents and warrants to the Advisor 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) The Sub-Advisor is registered as an investment adviser under 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;(b) The Sub-Advisor is a limited company, duly organized and validly existing under the laws of Scotland, with the power to own and possess its assets and carry on its business as it is now being conducted;

&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 execution, delivery and performance by the Sub-Advisor of this Agreement are within the Sub-Advisor's powers and have been duly authorized by all necessary action on the part of its governing board and no action by or in respect of, or filing with, any governmental body, agency or official is required on the part of the Sub-Advisor for the execution, delivery and performance by the Sub-Advisor of this Agreement, and the execution, delivery and performance by the Sub-Advisor of this Agreement do not contravene or constitute a default under: (i) any provision of applicable law, rule or regulation; (ii) the Sub-Advisor's governing instruments; or (iii) any agreement, judgment, injunction, order, decree or other instrument binding upon the Sub-Advisor; 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) The Form ADV of the Sub-Advisor previously provided to the Advisor is a true and complete copy of the form as currently filed with the SEC and the information contained therein is accurate and complete in all material respects and does not omit to state any material fact necessary in order to make the statements made, in light of the circumstances under which they are made, not misleading. The Sub-Advisor will provide the Advisor and the Trust with a complete copy of all subsequent amendments to its Form ADV as soon as reasonably practicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Representations and Warranties of the Advisor</u>. The Advisor represents and warrants to the Sub-Advisor 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) The Advisor is registered as an investment adviser under 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;(b) The Advisor is a limited liability company duly organized and validly existing under the laws of the State of Delaware, with the power to own and possess its assets and carry on its business as it is now being conducted;

&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 execution, delivery and performance by the Advisor of this Agreement are within the Advisor's powers and have been duly authorized by all necessary action on the part of its Board of Directors, and no action by or in respect of, or filing with, any governmental body, agency or official is required on the part of the Advisor for the execution, delivery and performance by the Advisor of this Agreement, and the execution, delivery and performance by the Advisor of this Agreement do not contravene or constitute a default under: (i) any provision of applicable law, rule or regulation; (ii) the Advisor's governing instruments; or (iii) any agreement, judgment, injunction, order, decree or other instrument binding upon the Advisor;

&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 Advisor acknowledges that it received a copy of Part 2A and Part 2B of the Sub-Advisor's Form ADV prior to the execution of this Agreement, which was provided by the Sub-Advisor;

&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 Advisor and the Trust have duly entered into the Advisory Agreement pursuant to which the Trust authorized the Advisor to enter into this Agreement; 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 Advisor and the Trust have policies and procedures designed to detect and deter disruptive trading practices, including "market timing," and the Advisor and the Trust each agree that they will continue to enforce and abide by such policies and procedures, as amended from time to time, and comply with all existing and future laws relating to such matters or to the purchase and sale of interests in the Funds generally.

8A. <u>Advisor Confirmations</u>. The Advisor agrees and confirms that:

&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 Advisor has received, read, understood and agrees to, the Sub-Advisor's Order Execution and Trade Handling Policy and in particular agrees that, for instruments admitted to trading on a regulated market, a multilateral trading facility or an organized trading facility (collectively referred to as a "Trading Venue"), it consents to the Sub-Advisor arranging for the execution of an order in such instruments outside a Trading Venue;

&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 Advisor has received and accepts the Additional Disclosures Document as provided by the Sub-Advisor;

&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 Sub-Advisor is not permitted to invest the Sub-Advisor Assets in derivatives;

&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) if the Sub-Advisor Assets do not comply with the Prospectus and/or the Investment Guidelines at any time for any reason beyond the Sub-Advisor's reasonable control such as (but not limited to) market fluctuations and index rebalancing, it shall not be a breach of this Agreement. The Sub-Advisor will cause the Sub-Advisor Assets to return to compliance with the Prospectus and/or the Investment Guidelines, as applicable, within a reasonable timeframe, unless otherwise authorized by the Advisor;

&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 benchmark for the purposes of measuring the performance of the Sub-Advisor Assets is the MSCI Emerging Markets Index; 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) no warranty or undertaking is given by the Sub-Advisor as to the performance or profitability of the Sub-Advisor Assets or that the primary investment objective shall be successfully achieved;

&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) subject to obtaining prior approval in writing from the Advisor, the Sub-Advisor may delegate the performance of any of its functions under this Agreement to any of its affiliates including its parent entity and any subsidiary or subsidiary undertaking of that parent entity from time to time. The Sub-Advisor will remain responsible for all matters so delegated and will alone be responsible for paying any fees charged and reimbursing any expenses incurred by such delegated entities in connection with the provision of such services; 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;(h) the Advisor shall remain responsible for the management of its and the Fund's affairs for tax and accounting purposes. The Sub-Advisor shall not provide the Advisor or the Trust with tax advice or accounting advice or services. The Sub-Advisor is under no obligation to take into account tax issues when managing the Sub-Advisor Assets and/or when exercising its discretion when making any investment decisions. The Sub-Advisor is under no obligation to report to the Advisor on the tax consequences resulting from its management of the Sub-Advisor Assets or from any such investment decision it takes.

&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. <u>Survival of Representations and Warranties; Duty to Update Information</u>. All representations and warranties made by the Sub-Advisor and the Advisor pursuant to Sections 7 and 8 of this Agreement, respectively, shall survive for the duration of this Agreement and the parties hereto shall promptly notify each other in writing upon becoming aware that any of the foregoing representations and warranties are no longer true.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Liability and Indemnification</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Indemnification</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Liability</u>. The duties of the Sub-Advisor shall be confined to those expressly set forth herein, with respect to the Sub-Advisor Assets. The Sub-Advisor shall not be liable for any loss unless expressly set out in section 10(b) (Indemnification) below. Further, under no circumstances shall the Sub-Advisor be liable for any loss arising out of any act or omission taken by the Advisor's or the Trust's custodian or other service providers, including the Advisor, another sub-advisor, or any other third party, including in respect of any portion of the Trust's assets not managed by the Sub-Advisor pursuant to this Agreement. Under no circumstances shall either party hereto be liable to the other for special, punitive or consequential damages, arising under or in connection with this Agreement, even if previously informed of the possibility of such damages.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Indemnification</u>. The Sub-Advisor shall indemnify the Advisor, the Trust and each Fund to which the Sub-Advisor provides services hereunder (the "Fund Indemnified Persons") for any liability and expenses, including reasonable attorneys' fees, which a Fund Indemnified Person sustains to the extent arising as a direct result of the Sub-Advisor's breach of this Agreement or its representations and warranties herein, willful misfeasance, bad faith, negligence, reckless disregard of its duties hereunder, or violation of applicable law; provided, however, that the Fund Indemnified Persons shall not be indemnified by the Sub-Advisor for any liability or expenses to the extent such liability or expenses result from the acts or omissions of any person other than the Sub-Advisor (or its affiliates to whom it delegates the provision of any part of its services hereunder in accordance with section 8A(g) above).

The Advisor shall indemnify the Sub-Advisor for any liability and expenses, including reasonable attorneys' fees, which the Sub-Advisor sustains to the extent arising as a direct result of the Advisor's breach of this Agreement or its representations and warranties herein, willful misfeasance, bad faith, negligence, reckless disregard of its duties hereunder, or violation of applicable law; provided, however, that the Sub-Advisor shall not be indemnified for any liability or expenses to the extent such liability or expenses result from the Sub-Advisor's breach of this Agreement or its representations and warranties herein, willful misfeasance, bad faith, negligence, reckless disregard of its duties hereunder, or violation of applicable law.

&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. <u>Duration and Termination</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Duration</u>. This Agreement, unless sooner terminated as provided herein, shall for the Fund(s) listed on <u>Exhibit A</u> attached hereto remain in effect from the date of execution (the "Effective Date"), until two years from the Effective Date, and thereafter, for periods of one year, so long as such continuance thereafter is specifically approved at least annually (i) by the vote of a majority of those Trustees of the Trust who are not interested persons of any party to this Agreement, cast in person at a meeting called for the purpose of voting on such approval, and (ii) by the Trustees of the Trust, or by the vote of a majority of the outstanding voting securities of each Fund (except as such vote

may be unnecessary pursuant to relief granted by an exemptive order from the SEC). The foregoing requirement that continuance of this Agreement be "specifically approved at least annually" shall be construed in a manner consistent with the 1940 Act and the rules and regulations thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Termination</u>. This Agreement may be terminated as to any Fund at any time, without the payment of any penalty by: (i) the vote of a majority of the Trustees of the Trust, the vote of a majority of the outstanding voting securities of the Fund, or the Advisor, or (ii) the Sub-Advisor on not less than ninety (90) days written notice to the Advisor and the Trust. This Agreement may also be terminated as to any Fund at any time by any party hereto immediately upon written notice to the other parties in the event of a breach of any provision to this Agreement by any of the parties.

This Agreement shall not be assigned and shall terminate automatically in the event of its assignment, except as provided otherwise by any rule, exemptive order issued by the SEC, or No-Action Letter provided or pursuant to the 1940 Act, or upon the termination of the Advisory Agreement. In the event that there is a proposed change in control of the Sub-Advisor that would otherwise cause an automatic termination of this Agreement, the Sub-Advisor agrees to assume the reasonable costs and expenses (including the costs of mailing) of the preparation of an information statement, as required by the exemptive order issued by the SEC to the Trust and the Advisor with respect to the appointment of sub-advisors absent shareholder approval. All costs and expenses mentioned within this paragraph shall be minimized wherever reasonably possible, for example by the sending of any documents electronically.

Any termination of this Agreement shall be without prejudice to the completion of transactions already initiated which shall be completed expeditiously in accordance with the terms of this Agreement.

This Agreement shall extend to and bind the heirs, executors, administrators and successors of the parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Amendment</u>. This Agreement may be amended by mutual written consent of the parties, provided that the terms of any material amendment shall be approved by: (a) the Trust's Board of Trustees or by a vote of the majority of a Fund's outstanding securities, and (b) the vote of a majority of those Trustees of the Trust who are not interested persons of any party to this Agreement cast in accordance with the requirements of the 1940 Act and the rules and regulations thereunder or in accordance with such regulatory guidance, interpretations or exemptive relief issued by the SEC or its staff from time to time. <u>Exhibit A</u> hereto may be amended at any time to add additional Funds as agreed in writing by the Advisor and the Sub-Advisor and approved by the Trust's Board of Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Confidentiality</u>. Any information or recommendations supplied by either the Advisor or the Sub-Advisor, that are not otherwise in the public domain or previously known to the other party in connection with the performance of its obligations and duties hereunder, including portfolio holdings of the Trust, financial information or other information relating to a party to this Agreement, are to be regarded as confidential ("Confidential Information") and held

in the strictest confidence. Except as may be required by applicable law or rule or as requested by regulatory authorities having jurisdiction over a party to this Agreement, Confidential Information may be used only by the party to which said information has been communicated and such other persons as that party believes are necessary to carry out the purposes of this Agreement, including the custodian, and such persons as the Advisor may designate in connection with the Sub-Advisor Assets. The Advisor may disclose information relating to its fee arrangement with the Sub-Advisor, Sub-Advisor performance information, and similar information, to investors in the Funds, clients and prospective clients. Nothing in this Agreement shall be construed to prevent the Sub-Advisor from giving other entities investment advice about, or trading on their behalf, in the securities of a Fund or the Advisor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. <u>Use of Sub-Advisor's Name</u>. During the term of this Agreement, the Advisor shall have permission to use the Sub-Advisor's name in the marketing of the Fund, and agrees to furnish the Sub-Advisor at its principal office all prospectuses, proxy statements and reports to shareholders prepared for distribution to shareholders of the Fund or the public, which refer to the Sub-Advisor in any way.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. <u>Notice</u>. 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. Delivery of any such notice, advice or report shall also be deemed sufficient if emailed by the party giving notice to the other party at the last known email address, provided that delivery thereof is subsequently verified by the party giving notice through telephone, read receipt, or a reply thereto.

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| | | |
|:---|:---|:---|
| (a) | <u>If to the Advisor</u>: | <u>If to the Advisor</u>: |
|  | Mercer Investments LLC<br> 99 High Street<br> Boston, MA 02110<br> Attention: Global Chief Investments Counsel | Mercer Investments LLC<br> 99 High Street<br> Boston, MA 02110<br> Attention: Global Chief Investments Counsel |
|  | Email: | colin.dean@mercer.com |
| (b) | <u>If to the Sub-Advisor:</u> | <u>If to the Sub-Advisor:</u> |
|  | Baillie Gifford Overseas Limited<br> Calton Square, 1 Greenside Row<br> Edinburgh EH1 3AN | Baillie Gifford Overseas Limited<br> Calton Square, 1 Greenside Row<br> Edinburgh EH1 3AN |
|  | Email: | <u>dawn.murdoch@bailliegifford.com,</u><br> <u>MercerUSClientContacts@bailliegifford.com</u> |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. <u>Third-Party Beneficiaries</u>. The parties hereto acknowledge and agree that this Agreement does not, and is not intended to, create any third-party beneficiaries, or otherwise confer any rights, privileges, claims or remedies upon any shareholder or other person other than the parties and their respective successors and permitted assigns, except for those rights,

privileges, claims or remedies entitled to a shareholder or third-party beneficiary pursuant to the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. <u>Governing Law and Forum Selection</u>. This Agreement shall be governed by the internal laws of the State of New York without regard to conflict of law principles; provided, however that nothing herein shall be construed as being inconsistent with the 1940 Act, the Advisers Act, the rules and regulations thereunder, or such regulatory guidance, interpretations or exemptive relief issued by the SEC or its staff from time to time. Any legal suit, action or proceeding related to, arising out of, or concerning this Agreement shall be brought only in the U.S. District Court for the Southern District of New York, or if such action may not be brought in that court, then such action shall be brought in the New York Supreme Court (the "Designated Courts"). Each party (a) consents to jurisdiction in the Designated Courts; (b) waives any objection to venue in either Designated Court, and (c) waives any objection that either Designated Court is an inconvenient forum. For any action commenced in the New York Supreme Court, application shall be submitted to the Commercial Division.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. <u>Entire Agreement</u>. 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. <u>Severability</u>. If any provision of this Agreement shall be held or made invalid by a court decision, statute, rule or otherwise, the remainder of this Agreement shall not be affected thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. <u>Certain Definitions</u>. For the purposes of this Agreement and except as otherwise provided herein, "interested person," "affiliated person," "affiliates," "controlling persons" and "assignment" shall have their respective meanings as set forth in the 1940 Act, subject, however, to such exemptions as may be granted by the SEC, and the term "Fund" or "Funds" shall refer to those Fund(s) for which the Sub-Advisor provides investment management services and as are listed on <u>Exhibit A</u> to this Agreement. Unless the context otherwise requires, any phrase introduced by the expressions "including", "include", "in particular", "such as" or any similar expression shall be construed as illustrative and shall not limit the sense of the words preceding those terms. A reference to "writing" in this Agreement includes email.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21. <u>Captions</u>. The captions herein are included for convenience of reference only and shall be ignored in the construction or interpretation hereof.

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first written above.

ADVISOR<br> MERCER INVESTMENTS LLC

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| | |
|:---|:---|
| By: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Larry Vasquez |

---

Name: <u>Larry Vasquez</u>

Title: <u>Vice President</u>

SUB-ADVISOR <br> BAILLIE GIFFORD OVERSEAS LIMITED

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| | |
|:---|:---|
| By: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Nick Wood |

---

Name: <u>Nick Wood</u>

Title: <u>Partner</u>

## Ex-99.(D)(7)

**Exhibit 99.(d)(7)** 

**SUB-ADVISORY AGREEMENT**

**AGREEMENT** made as of the 15th day of April, 2025 by and between Mercer Investments LLC, a Delaware limited liability company (the "Advisor"), and Crescent Capital Group LP, a Delaware limited partnership (the "Sub-Advisor").

**WHEREAS,** the Advisor and the Sub-Advisor are registered investment advisers under the Investment Advisers Act of 1940, as amended (the "Advisers Act"), and engage in the business of providing investment management services; and

**WHEREAS,** the Advisor has been retained to act as investment adviser pursuant to an Investment Management Agreement, dated July 1, 2014 and as amended from time to time (the "Advisory Agreement"), with Mercer Funds (the "Trust"), a Delaware statutory trust registered with the U.S. Securities and Exchange Commission (the "SEC") as an open-end management investment company under the Investment Company Act of 1940, as amended (the "1940 Act"), which consists of several separate series of shares, each having its own investment objectives and policies, and which is authorized to create additional series in the future; and

**WHEREAS,** the Advisory Agreement permits the Advisor, subject to the supervision and direction of the Trust's Board of Trustees, to delegate certain of its duties under the Advisory Agreement to other investment advisers, subject to the requirements of the 1940 Act; and

**WHEREAS,** the Advisor desires to retain the Sub-Advisor to assist the Advisor in the provision of a continuous investment program for that portion of one or more of the Trust's series' (each a "Fund") assets which the Advisor will assign to the Sub-Advisor (the "Sub-Advisor Assets"), and the Sub-Advisor is willing to render such services, subject to the terms and conditions set forth in this Agreement.

**NOW, THEREFORE,** in consideration of mutual covenants recited below, the parties agree and promise as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Appointment as Sub-Advisor</u>. The Advisor hereby appoints the Sub-Advisor to act as discretionary investment adviser for and to manage the Sub-Advisor Assets, subject to the supervision of the Advisor and the Board of Trustees of the Trust, and subject to the terms of this Agreement; and the Sub-Advisor hereby accepts such appointment. In such capacity, the Sub-Advisor shall be responsible for the investment management of the Sub-Advisor Assets. The Sub-Advisor agrees to exercise the same degree of skill, care and diligence in performing its services under this Agreement as the Sub-Advisor exercises in performing similar services with respect to other fiduciary accounts for which the Sub-Advisor has investment responsibilities, and that a prudent manager would exercise under the circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Duties of the Sub-Advisor</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Investments</u>. The Sub-Advisor is hereby authorized and directed, and hereby agrees, subject to the stated investment objectives, policies and restrictions of each Fund as set forth in such Fund's prospectus and statement of additional information as currently in effect and as amended from time to time as such materials have been provided

to Sub-Advisor in advance in writing (collectively referred to as the "Prospectus") , subject to the investment guidelines agreed to by the parties and as amended from time to time, and subject to the directions of the Advisor and the Trust's Board of Trustees, to purchase, hold and sell investments for the Sub-Advisor Assets and to monitor such investments on an ongoing basis. In providing these services, the Sub-Advisor will conduct an ongoing program of investment, evaluation and, if appropriate, sale and reinvestment of the Sub-Advisor Assets. The Advisor agrees to provide the Sub-Advisor information concerning (i) a Fund; (ii) its assets available or to become available for investment; and (iii) the conditions of a Fund's or the Trust's affairs as relevant to the Sub-Advisor.

&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>Compliance with Applicable Laws, Governing Documents and Trust Compliance Procedures</u>. In the performance of its duties and obligations under this Agreement, the Sub-Advisor shall, with respect to Sub-Advisor Assets, (i) act in conformity with: (A) the Trust's Agreement and Declaration of Trust (the "Declaration of Trust") and By-Laws; (B) the Prospectus; (C) the policies and procedures for compliance by the Trust with the Federal Securities Laws (as that term is defined in Rule 38a-1 under the 1940 Act) provided to the Sub-Advisor (together, the "Trust Compliance Procedures"); and (D) to the extent not inconsistent with the foregoing, the instructions and directions received in writing from the Advisor or the Trustees of the Trust; and (ii) conform to and comply with the requirements of the 1940 Act, the Advisers Act, and all other federal laws applicable to registered investment companies' and Sub-Advisors' duties under this Agreement; provided, however, that the Sub-Advisor shall have no liability under this Agreement for failure to act in conformity with any of the materials listed in (i) of this paragraph unless such materials (and any amendments or supplements thereto) have been provided to the Sub-Advisor in advance in writing and Sub-Advisor has been given reasonable time to review such materials. The Advisor will provide the Sub-Advisor with any materials or information that the Sub-Advisor may reasonably request to enable it to perform its duties and obligations under this Agreement.

The Advisor will provide the Sub-Advisor with reasonable advance notice, in writing, of: (i) any change in a Fund's investment objectives, policies and restrictions as stated in the Prospectus; (ii) any material change to the Trust's Declaration of Trust or By-Laws; or (iii) any material change in the Trust Compliance Procedures; and the Sub-Advisor, in the performance of its duties and obligations under this Agreement, shall manage the Sub-Advisor Assets consistently with such changes, provided the Sub-Advisor has received such prior notice of the effectiveness of such changes from the Trust or the Advisor. In addition to such notice, the Advisor shall provide to the Sub-Advisor a copy of a modified Prospectus and copies of the revised Trust Compliance Procedures, as applicable, reflecting such changes. The Sub-Advisor hereby agrees to provide to the Advisor in a timely manner, in writing, such information relating to the Sub-Advisor and its relationship to, and actions for, a Fund as may be required to be contained in the Prospectus or in the Trust's registration statement on Form N-1A, or otherwise as reasonably requested by the Advisor. The Sub-Advisor further agrees to notify the Advisor immediately of any statement, known by the Sub-Advisor and relating to the Sub-Advisor and its relationship to, and actions for, a Fund, that is contained in the Prospectus or in the Trust's registration statement on Form N-1A and becomes untrue in any material respect. If any Prospectus, registration statement or other document contains any information about

the Sub-Advisor, then the Advisor will afford the Sub-Advisor with a reasonable opportunity to review and comment on such information regarding the Sub-Advisor.

In order to assist the Trust and the Trust's Chief Compliance Officer (the "Trust CCO") to satisfy the requirements contained in Rule 38a-1 under the 1940 Act, the Sub-Advisor shall provide to the Trust CCO: (i) direct access to the Sub-Advisor's chief compliance officer (the "Sub-Advisor CCO"), as reasonably requested by the Trust CCO; (ii) quarterly reports confirming that the Sub-Advisor has complied with the Trust Compliance Procedures in managing the Sub-Advisor Assets; and (iii) quarterly certifications that there were no Material Compliance Matters (as that term is defined by Rule 38a-1(e)(2)) that arose under the Trust Compliance Procedures that related to the Sub-Advisor's management of the Sub-Advisor Assets.

&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>Sub-Advisor Compliance Policies and Procedures</u>. The Sub-Advisor shall promptly provide the Trust CCO with copies of: (i) the Sub-Advisor's policies and procedures for compliance by the Sub-Advisor with the Federal Securities Laws (together, the "Sub-Advisor Compliance Procedures"), and (ii) any material changes to the Sub-Advisor Compliance Procedures that are reasonably likely to impact the Sub-Advisor Assets, the Trust, a Fund or the Sub-Advisor's provision of services hereunder. The Sub-Advisor shall cooperate fully with the Trust CCO so as to facilitate the Trust CCO's performance of the Trust CCO's responsibilities under Rule 38a-1 to review, evaluate and report to the Trust's Board of Trustees on the operation of the Sub-Advisor Compliance Procedures, and shall promptly report to the Trust CCO any Material Compliance Matter arising under the Sub-Advisor Compliance Procedures involving the Sub-Advisor Assets. The Sub-Advisor shall provide to the Trust CCO: (i) quarterly reports confirming the Sub-Advisor's compliance with the Sub-Advisor Compliance Procedures in managing the Sub-Advisor Assets, and (ii) quarterly certifications that there were no Material Compliance Matters involving the Sub-Advisor that arose under the Sub-Advisor Compliance Procedures that affected the Sub-Advisor Assets. At least annually, the Sub-Advisor shall provide a certification to the Trust CCO to the effect that the Sub-Advisor has in place and has implemented policies and procedures that the Sub-Advisor believes are reasonably designed to ensure compliance by the Sub-Advisor with the Federal Securities Laws.

&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>Voting of Proxies</u>. Unless otherwise instructed by the Advisor or the Trust, the Sub-Advisor shall have the power, discretion and responsibility to vote or abstain from voting, either in person or by proxy, all securities in which the Sub-Advisor Assets may be invested from time to time, and shall not be required to seek instructions from the Advisor, the Trust or a Fund. The Sub-Advisor shall also provide its Proxy Voting Policy (the "Proxy Policy"), and, if requested by the Advisor, a summary of such Proxy Policy suitable for including in the Prospectus, and will provide the Advisor with any material amendment to the Proxy Policy within a reasonable time after such amendment has taken effect. If both the Sub-Advisor and another person managing assets of a Fund have invested in the same security, the Sub-Advisor and such other entity will each have the power to vote its pro rata share of the security. The Advisor shall instruct the Trust's custodian and administrator and other parties providing services to the Fund to promptly forward misdirected proxy statements relating to the Sub-Advisor Assets to the Sub-Advisor.

With respect to the Sub-Advisor Assets, the Sub-Advisor shall have the authority to make elections with respect to corporate actions, including the authority to exercise rights, options, warrants, conversion privileges, and redemption privileges, and to tender securities pursuant to a tender offer. The Advisor authorizes and instructs the Sub-Advisor to take or refrain from taking any actions that the Sub-Advisor, in its sole discretion, deems appropriate and in the interests of the applicable Fund, on behalf of and in the name of the applicable Fund, with regard to work-out and similar matters related to the Sub-Advisor Assets, including but not limited to filing claims, participating in creditors' committees and related steering committees, voting to exercise or refrain from exercising rights and remedies under applicable credit agreements, and similar work-out actions.

&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>Agent</u>. Subject to any other written instructions of the Advisor or the Trust, the Sub-Advisor is hereby appointed the Advisor's and the Trust's agent and attorney-in-fact for the limited purposes of executing account documentation, agreements, contracts and other documents as the Sub-Advisor shall be requested by brokers, dealers, counterparties and other persons in connection with its management of the Sub-Advisor Assets, provided that, the Sub-Advisor's actions in executing such documents shall comply with federal regulations, all other federal laws applicable to registered investment companies and the Sub-Advisor's duties and obligations under this Agreement and the Trust's governing documents. Such documents and agreements shall limit the counterparty's recourse to the Sub-Advisor Assets.

&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>Brokerage</u>. The Sub-Advisor will place orders pursuant to the Sub-Advisor's investment determinations for a Fund either directly with an issuer or with any broker or dealer selected by the Sub-Advisor, pursuant to this paragraph. In executing portfolio transactions and selecting brokers or dealers, the Sub-Advisor will use its best efforts to seek, on behalf of a Fund, the best overall execution available. In assessing the best overall terms available for any transaction, the Sub-Advisor 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 or dealer to execute a particular transaction, the Sub-Advisor may also consider the brokerage and research services (as those terms are defined in Section 28(e) of the Securities Exchange Act of 1934, as amended (the "1934 Act")) provided to a Fund and/or other accounts over which the Sub-Advisor may exercise investment discretion. The Sub-Advisor is authorized to pay to a broker or dealer who provides such brokerage and research services a commission for executing a portfolio transaction for any of the Funds that 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-Advisor 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-Advisor to a Fund. Such authorization is subject to termination at any time by the Board of Trustees of the Trust for any reason.

In addition, the Sub-Advisor is authorized to allocate purchase and sale orders for portfolio securities to brokers or dealers that are affiliated with the Advisor, the Sub-Advisor, the Trust's principal underwriter, or other sub-advisors (if applicable) only if the Sub-

Advisor believes that the quality of the transaction and the commission are comparable to what they would be with other qualified firms, and provided that the transactions are consistent with the Trust's Rule 17e-1 and Rule 10f-3 procedures. The Advisor will identify all brokers and dealers affiliated with the Trust, the Advisor, and the Trust's principal underwriter (and the other sub-advisors of the Fund, to the extent such information is necessary for the Sub-Advisor to comply with applicable federal securities laws), other than those whose sole business is the distribution of mutual fund shares, who effect securities transactions for customers. The Advisor shall promptly furnish a written notice to the Sub-Advisor if the information so provided is no longer accurate.

In connection with its management of the Sub-Advisor Assets and consistent with its fiduciary obligation under the Advisers Act to the Sub-Advisor Assets and other clients, the Sub-Advisor, to the extent permitted by applicable laws and regulations, may, but shall be under no obligation to, aggregate the securities or futures contracts to be sold or purchased in order to obtain the most favorable price or lower brokerage commissions and efficient execution. In such event, allocation of the securities or futures contracts so purchased or sold, as well as the expenses incurred in the transaction, will be made by the Sub-Advisor in the manner the Sub-Advisor considers to be, over time, the most equitable and consistent with its fiduciary obligations to the Sub-Advisor's Assets and to such other 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;(g) <u>Securities Transactions</u>. In no instance will any Fund's portfolio securities be purchased from or sold to the Advisor, the Sub-Advisor, the Trust's principal underwriter, or any affiliated person the Trust, the Advisor, the Sub-Advisor or the Trust's principal underwriter, acting as principal in the transaction, except to the extent permitted by the 1940 Act and the rules thereunder, including Rule 17a-7, and any applicable exemptive order issued by the SEC or No-Action Letters issued by the SEC staff.

The Sub-Advisor acknowledges that the Advisor and the Trust may rely on Rule 17a-7, Rule 17a-10, Rule 10f-3, Rule 12d3-1 and Rule 17e-1 under the 1940 Act, and the Sub-Advisor hereby agrees that it shall not knowingly consult with any other sub-advisor to the Fund with respect to transactions in securities for the Sub-Advisor Assets or any other transactions of Fund assets.

The Sub-Advisor is authorized to engage in transactions in which the Sub-Advisor, or an affiliate of the Sub-Advisor, acts as a broker for both the Fund and for another party on the other side of the transaction ("agency cross transactions"). The Sub-Advisor shall effect any such agency cross transactions in compliance with Rule 206(3)-2 under the Advisers Act and any other applicable provisions of the federal securities laws and shall provide the Advisor with periodic reports describing such agency cross transactions. By execution of this Agreement, the Advisor authorizes the Sub-Advisor or its affiliates to engage in agency cross transactions, as described above. The Advisor may revoke its consent at any time by written notice to the Sub-Advisor.

The Sub-Advisor hereby represents that it has implemented policies and procedures that will prevent the disclosure by it, its employees or its agents of the Trust's portfolio

holdings to any person or entity other than the Advisor, the Trust, Board of Trustees of the Trust, the Trust's custodian, or other persons expressly designated by the Advisor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Code of Ethics</u>. The Sub-Advisor hereby represents that it has adopted policies and procedures and a code of ethics that meet the requirements of Rule 17j-1 under the 1940 Act and Rule 204A-1 under the Advisers Act. Copies of such policies and procedures and code of ethics and any changes or supplements thereto shall be delivered to the Advisor and the Trust, and any material violation of such policies, and procedures and code of ethics by personnel of the Sub-Advisor, the sanctions imposed in response thereto, and any issues that would reasonably be expected to have an effect on the Sub-Advisor's ability to perform under this Agreement arising under such policies, and procedures and code of ethics shall, promptly after the Sub-Advisor becomes aware of such occurrence, be reported to the Advisor and the Trust at the times and in the format reasonably requested by the Advisor and the Board of Trustees.

&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>Books and Records</u>. The Sub-Advisor shall maintain separate detailed records of all matters pertaining to the Sub-Advisor Assets, including, without limitation, brokerage and other records of all securities transactions. Any records required to be maintained and preserved pursuant to the provisions of Rule 31a-1 and Rule 31a-2 promulgated under the 1940 Act that are prepared or maintained by the Sub-Advisor on behalf of the Trust are the property of the Trust and will be surrendered promptly to the Trust upon request. The Sub-Advisor further agrees to preserve for the periods prescribed in Rule 31a-2 under the 1940 Act the records required to be maintained under Rule 31a-1 under the 1940 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;(j) <u>Information Concerning Sub-Advisor Assets and the Sub-Advisor</u>. From time to time as the Advisor, and any consultants designated by the Advisor, or the Trust may request, the Sub-Advisor will furnish the requesting party reports on portfolio transactions and reports on Sub-Advisor Assets held in the portfolio, all in such detail as the Advisor, its consultant(s) or the Trust may reasonably request. The Sub-Advisor will provide the Advisor with information (including information that is required to be disclosed in the Prospectus) with respect to the portfolio managers responsible for Sub-Advisor Assets, any changes in the portfolio managers responsible for Sub-Advisor Assets, any changes in the ownership or management of the Sub-Advisor, or of material changes in the control of the Sub-Advisor. The Sub-Advisor will, upon becoming aware of such occurrences, promptly notify the Advisor of any pending investigation, material litigation, administrative proceeding or any other significant regulatory inquiry that would reasonably be expected to have an effect on the Sub-Advisor's ability to perform under this Agreement. Upon reasonable request, the Sub-Advisor will make available its officers and employees to meet with the Trust's Board of Trustees to review the Sub-Advisor Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>Valuation of Sub-Advisor Assets</u>. The Sub-Advisor or its valuation delegate (as contemplated by the Trust's Valuation Procedures) agree to monitor the Sub-Advisor Assets and to promptly notify the Advisor on any day that the Sub-Advisor or its valuation delegate determine that the price of any security or other investment held in the Sub-Advisor Assets may not accurately reflect the fair value thereof. As requested by the Advisor or its Valuation Committee, the Sub-Advisor and its valuation delegate hereby

agree to provide additional assistance to the Advisor or its Valuation Committee and the Trust's pricing agents in valuing Sub-Advisor Assets held in the portfolio. The Sub-Advisor agrees that it will act, at all times, in accordance with the Trust's Valuation Procedures, and will provide such certifications or sub-certifications relating to its compliance with the Trust's Valuation Procedures as reasonably may be requested, from time to time, by the Advisor, its Valuation Committee or the Trust. For the avoidance of doubt, the Sub-Advisor is not the pricing agent of any Fund and shall not be responsible for determinations of the value of any of the Sub-Advisor Assets and such valuation shall be the responsibility of the Advisor, its Valuation Committee or the Trust. The parties acknowledge that the Sub-Advisor and the custodian or recordkeeping agent of the Trust may use different pricing vendors, which may result in valuation discrepancies with respect to (i) on the one hand, the Sub-Advisor Assets and (ii) assets (which may be the same as assets held as part of the Sub-Advisor Assets) managed by the Sub-Advisor but held for accounts other than the Trust.

The Sub-Advisor also will provide such information or perform such additional acts as are customarily performed by a Sub-Advisor and may be required for a Fund or the Advisor to comply with their respective obligations under applicable federal securities laws, including, without limitation, the 1940 Act, the Advisers Act, the 1934 Act, the Securities Act of 1933, as amended (the "Securities Act"), and any rule or regulation thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) <u>Custody Arrangements</u>. The Sub-Advisor, on each business day, shall provide the Advisor, its consultant(s) and the Trust's custodian such information as the Advisor and the Trust's custodian may reasonably request relating to all transactions concerning the Sub-Advisor Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) <u>Historical Performance Information</u>. To the extent agreed upon by the parties, the Sub-Advisor will provide the Trust with historical performance information on similarly managed investment companies or for other accounts to be included in the Prospectus or for any other uses permitted by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) <u>Regulatory Examinations</u>. The Sub-Advisor will cooperate promptly and fully with the Advisor and/or the Trust in responding to any regulatory or compliance examinations or inspections (including information requests) relating to the Trust, the Fund or the Advisor brought by any governmental or regulatory authorities having appropriate jurisdiction (including, but not limited to, the SEC). The Advisor will cooperate promptly and fully with the Sub-Advisor in responding to any regulatory or compliance examinations or inspections (including information requests) relating to the Sub-Advisor brought by any governmental or regulatory authorities having appropriate jurisdiction (including, but not limited to, the SEC).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Independent Contractor</u>. In the performance of its duties hereunder, the Sub-Advisor is and shall be an independent contractor and, unless otherwise expressly provided herein or otherwise authorized in writing, shall have no authority to act for or represent a Fund, the Trust or the Advisor in any way or otherwise be deemed an agent of a Fund, the Trust or the Advisor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Services to Other Clients</u>. Nothing herein contained shall limit the freedom of the Sub-Advisor or any affiliated person of the Sub-Advisor to render investment advisory, supervisory and other services to other investment companies, to act as investment adviser or investment counselor to other persons, firms or corporations, or to engage in other business activities. It is understood that the Sub-Advisor may give advice and take action for its other clients that may differ from advice given, or the timing or nature of action taken, for a Fund. The Sub-Advisor is not obligated to initiate transactions for a Fund in any security that the Sub-Advisor, its principals, affiliates or employees may purchase or sell for its or their own accounts or other clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Expenses</u>. During the term of this Agreement, the Sub-Advisor will pay all expenses incurred by it in connection with its activities under this Agreement, other than the costs of securities, commodities and other investments (including brokerage commissions and other transaction charges, if any) purchased or otherwise acquired, or sold or otherwise disposed of, for a Fund. The Sub-Advisor, at its sole expense, shall employ or associate itself with such persons as it believes to be particularly fitted to assist it in the execution of its duties under this Agreement. The Trust or the Advisor, as the case may be, shall reimburse the Sub-Advisor for any expenses as may be reasonably incurred by the Sub-Advisor, at the request of and on behalf of a Fund or the Advisor. The Sub-Advisor shall keep and supply to the Trust and the Advisor reasonable records of all such expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Compensation</u>. For the services provided and the expenses assumed with respect to a Fund pursuant to this Agreement, the Sub-Advisor will be entitled to the fee listed for the Fund(s) on <u>Exhibit A</u>. Such fees will be computed in accordance with <u>Exhibit A</u>.

If this Agreement is terminated prior to the end of any calendar quarter, the fee shall be prorated for the portion of any quarter in which this Agreement is in effect according to the proportion which the number of calendar days, during which this Agreement is in effect, bears to the number of calendar days in the quarter, and shall be payable within ten (10) days after the date of termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Representations and Warranties of the Sub-Advisor</u>. The Sub-Advisor represents and warrants to the Advisor and the Trust 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) The Sub-Advisor is registered as an investment adviser under 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;(b) The Sub-Advisor is a Delaware limited partnership, duly organized and validly existing under the laws of the State of Delaware, with the power to own and possess its assets and carry on its business as it is now being conducted;

&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 execution, delivery and performance by the Sub-Advisor of this Agreement are within the Sub-Advisor's powers and have been duly authorized by all necessary action on the part of its general partner and no action by or in respect of, or filing with, any governmental body, agency or official is required on the part of the Sub-Advisor for the execution, delivery and performance by the Sub-Advisor of this Agreement, and the execution, delivery and performance by the Sub-Advisor of this Agreement do not

contravene or constitute a default under (i) any provision of applicable law, rule or regulation; (ii) the Sub-Advisor's governing instruments; or (iii) any agreement, judgment, injunction, order, decree or other instrument binding upon the Sub-Advisor.; 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) The Form ADV of the Sub-Advisor previously provided to the Advisor is a true and complete copy of the form as currently filed with the SEC and the information contained therein is accurate and complete in all material respects and does not omit to state any material fact necessary in order to make the statements made, in light of the circumstances under which they are made, not misleading, when taken as a whole. The Sub-Advisor will promptly provide the Advisor and the Trust with a complete copy of all subsequent amendments to its Form ADV.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Representations and Warranties of the Advisor</u>. The Advisor represents and warrants to the Sub-Advisor and the Trust 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) The Advisor is registered as an investment adviser under 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;(b) The Advisor is a limited liability company duly organized and validly existing under the laws of the State of Delaware, with the power to own and possess its assets and carry on its business as it is now being conducted;

&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 execution, delivery and performance by the Advisor of this Agreement are within the Advisor's powers and have been duly authorized by all necessary action on the part of its Board of Directors, and no action by or in respect of, or filing with, any governmental body, agency or official is required on the part of the Advisor for the execution, delivery and performance by the Advisor of this Agreement, and the execution, delivery and performance by the Advisor of this Agreement do not contravene or constitute a default under (i) any provision of applicable law, rule or regulation; (ii) the Advisor's governing instruments; or (iii) any agreement, judgment, injunction, order, decree or other instrument binding upon the Advisor;

&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 Advisor acknowledges that it received a copy of the Sub-Advisor's Form ADV prior to the execution of this Agreement, which was provided by the Sub-Advisor;

&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 Advisor and the Trust have duly entered into the Advisory Agreement pursuant to which the Trust authorized the Advisor to enter into this Agreement;

&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 Advisor and the Trust have policies and procedures designed to detect and deter disruptive trading practices, including "market timing," and the Advisor and the Trust each agree that they will continue to enforce and abide by such policies and procedures, as amended from time to time, and comply with all existing and future laws relating to such matters or to the purchase and sale of interests in the Funds generally;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Advisor and the Trust will comply in all material respects with all laws (including applicable money laundering laws and regulations) and orders to which they may be subject in performance of their obligations under this Agreement and the execution, delivery and performance of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Advisor and the Trust and their owners and controllers (i) have not violated and shall not violate any sanctions laws or regulations promulgated, administered or enforced by the United States and the Office of Foreign Assets Control, the United Nations, the European Union, or other applicable sanctions authority ("Sanctions") and (ii) shall not transfer funds into the Sub-Advisor Assets which have been derived from or invested for the benefit of activities, parties or jurisdictions subject to or in violation of Sanctions, including anyone listed on Sanctions lists; 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;(i) The Trust and each Fund is a "qualified institutional buyer" within the meaning of Rule 144A under the Securities Act of 1933, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Survival of Representations and Warranties; Duty to Update Information</u>. All representations and warranties made by the Sub-Advisor and the Advisor pursuant to Sections 7 and 8 of this Agreement, respectively, shall survive for the duration of this Agreement and the parties hereto shall promptly notify each other in writing upon becoming aware that any of the foregoing representations and warranties are no longer true.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Liability and Indemnification</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Liability</u>. The duties of the Sub-Advisor shall be confined to those expressly set forth herein, with respect to the Sub-Advisor Assets. The Sub-Advisor shall not be liable for any loss arising out of any portfolio investment or disposition hereunder, except a loss resulting from willful misfeasance, bad faith or negligence in the performance of its duties, or by reason of reckless disregard of its obligations and duties hereunder, except as may otherwise be provided under provisions of applicable state law that cannot be waived or modified hereby. Under no circumstances shall the Sub-Advisor be liable for any loss arising out of any act or omission taken by another sub-advisor, or any other third party, in respect of any portion of the Trust's assets not managed by the Sub-Advisor pursuant to this Agreement. Under no circumstances shall either party hereto be liable to the other for special, punitive or consequential damages, arising under or in connection with this Agreement, even if previously informed of the possibility of such damages.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Indemnification</u>. The Sub-Advisor shall indemnify the Advisor, the Trust and each Fund, and their respective affiliates and controlling persons (the "Fund Indemnified Persons") for any liability and expenses, including reasonable attorneys' fees, which a Fund Indemnified Person sustains as a result of the Sub-Advisor's breach of this Agreement or its representations and warranties herein, willful misfeasance, bad faith, negligence, reckless disregard of its duties hereunder, or violation of applicable law; provided, however, that the Fund Indemnified Persons shall not be indemnified for any liability or expenses to the extent such liability or expenses result from the Advisor's breach of this Agreement or its representations and warranties herein, willful misfeasance, bad faith, negligence, reckless disregard of its duties hereunder, or violation of applicable law.

The Advisor shall indemnify the Sub-Advisor, its affiliates and its controlling persons (the "Sub-Advisor Indemnified Persons") for any liability and expenses, including reasonable attorneys' fees, which a Sub-Advisor Indemnified Person sustains as a result of

the Advisor's breach of this Agreement or its representations and warranties herein, willful misfeasance, bad faith, negligence, reckless disregard of its duties hereunder, or violation of applicable law; provided, however, that the Sub-Advisor Indemnified Persons shall not be indemnified for any liability or expenses to the extent such liability or expenses result from the Sub-Advisor's breach of this Agreement or its representations and warranties herein, willful misfeasance, bad faith, negligence, reckless disregard of its duties hereunder, or violation of applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Duration and Termination</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Duration</u>. This Agreement, unless sooner terminated as provided herein, shall for the Fund(s) listed on <u>Exhibit A</u> attached hereto remain in effect from the date of execution (the "Effective Date"), until two years from the Effective Date, and thereafter, for periods of one year, so long as such continuance thereafter is specifically approved at least annually (i) by the vote of a majority of those Trustees of the Trust who are not interested persons of any party to this Agreement, cast in person at a meeting called for the purpose of voting on such approval, and (ii) by the Trustees of the Trust, or by the vote of a majority of the outstanding voting securities of each Fund (except as such vote may be unnecessary pursuant to relief granted by an exemptive order from the SEC). The foregoing requirement that continuance of this Agreement be "specifically approved at least annually" shall be construed in a manner consistent with the 1940 Act and the rules and regulations thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Termination</u>. This Agreement may be terminated as to any Fund at any time, without the payment of any penalty by: (i) the vote of a majority of the Trustees of the Trust, the vote of a majority of the outstanding voting securities of the Fund, or the Advisor, or (ii) the Sub-Advisor on not less than ninety (90) days written notice to the Advisor and the Trust. This Agreement may also be terminated as to any Fund at any time by any party hereto immediately upon written notice to the other parties in the event of a breach of any provision to this Agreement by any of the parties.

This Agreement shall not be assigned and shall terminate automatically in the event of its assignment, except as provided otherwise by any rule, exemptive order issued by the SEC, or No-Action Letter provided or pursuant to the 1940 Act, or upon the termination of the Advisory Agreement. In the event that there is a proposed change in control of the Sub-Advisor that results in an assignment of the Agreement, or the Sub-Advisor resigns, both of which would act to terminate this Agreement, the Sub-Advisor agrees to assume all reasonable costs and expenses (including the costs of mailing) associated with the preparation of an information statement, as required by the exemptive order issued by the SEC to the Trust and the Advisor with respect to the appointment of sub-advisors absent shareholder approval.

This Agreement shall extend to and bind the heirs, executors, administrators and successors of the parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Amendment</u>. This Agreement may be amended by mutual consent of the parties, provided that the terms of any material amendment shall be approved by: (a) the Trust's Board of

Trustees or by a vote of the majority of a Fund's outstanding securities, and (b) the vote of a majority of those Trustees of the Trust who are not interested persons of any party to this Agreement cast in accordance with the requirements of the 1940 Act and the rules and regulations thereunder or in accordance with such regulatory guidance, interpretations or exemptive relief issued by the SEC or its staff from time to time. <u>Exhibit A</u> hereto may be amended at any time to add additional Funds as agreed by the Advisor and the Sub-Advisor and approved by the Trust's Board of Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Confidentiality</u>. Any information or recommendations supplied by either the Advisor or the Sub-Advisor, that are not otherwise in the public domain or previously known to the other party in connection with the performance of its obligations and duties hereunder, including portfolio holdings of the Trust, financial information or other information relating to a party to this Agreement, are to be regarded as confidential ("Confidential Information") and held in the strictest confidence. Except as may be required by applicable law or rule or as requested by regulatory authorities having jurisdiction over a party to this Agreement, Confidential Information may be used only by the party to which said information has been communicated and such other persons as that party believes are necessary to carry out the purposes of this Agreement, including the custodian, and such persons as the Advisor may designate in connection with the Sub-Advisor Assets. The Advisor may disclose information relating to its fee arrangement with the Sub-Advisor, Sub-Advisor performance information, and similar information, to investors in the Funds, clients and prospective clients. For the avoidance of doubt, the Sub-Advisor may provide information, including Confidential Information, to its third-party administrator to which it has delegated certain administrative and ancillary functions and who needs to know such information to perform such functions. Nothing in this Agreement shall be construed to prevent the Sub-Advisor from giving other entities investment advice about, or trading on their behalf, in the securities of a Fund or the Advisor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. <u>Use of Sub-Advisor's Name</u>. During the term of this Agreement, the Advisor shall have permission to use the Sub-Advisor's name in the marketing of the Fund in accordance with the 1940 Act and other applicable law, and agrees to furnish the Sub-Advisor at its principal office all prospectuses, proxy statements and reports to shareholders prepared for distribution to shareholders of the Fund or the public, which refer to the Sub-Advisor in any way.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. <u>Notice</u>. 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. Delivery of any such notice, advice or report shall also be deemed sufficient if emailed by the party giving notice to the other party at the last known email address, provided that delivery thereof is subsequently verified by the party giving notice through telephone, read receipt, or a reply thereto.

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| | |
|:---|:---|
| (a) | <u>If to the Advisor</u>: |
|  | Mercer Investments LLC |
|  | 99 High Street<br> Boston, MA 02110 |
|  | Attention: Global Chief Investments Counsel |
|  | Email: colin.dean@mercer.com |

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| | |
|:---|:---|
| (b) | <u>If to the Sub-Advisor</u>: |
|  | Crescent Capital Group LP |
|  | 11100 Santa Monica Blvd, Suite 2000 |
|  | Los Angeles, CA 90025<br> Attention: Legal |
|  | Email: <u>legal@crescentcap.com</u> |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. <u>Third-Party Beneficiaries</u>. The parties hereto acknowledge and agree that the Trust and the Fund(s) are third-party beneficiaries as to the covenants, obligations, representations, and warranties undertaken by the Sub-Advisor under this Agreement and as to the rights and privileges to which the Advisor is entitled pursuant to this Agreement, and that the Trust and the Fund(s) are entitled to all of the rights and privileges associated with such third-party-beneficiary status. This Agreement does not, and is not intended to, create any other third-party beneficiary, or otherwise confer any rights, privileges, claims or remedies upon any shareholder or other person other than the Trust, the Fund(s), and the parties and their respective successors and permitted assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. <u>Governing Law and Forum Selection</u>. This Agreement shall be governed by the internal laws of the State of New York without regard to conflict of law principles; provided, however that nothing herein shall be construed as being inconsistent with the 1940 Act, the Advisers Act, the rules and regulations thereunder, or such regulatory guidance, interpretations or exemptive relief issued by the SEC or its staff from time to time. Any legal suit, action or proceeding related to, arising out of, or concerning this Agreement shall be brought only in the U.S. District Court for the Southern District of New York, or if such action may not be brought in that court, then such action shall be brought in the New York Supreme Court (the "Designated Courts"). Each party (a) consents to jurisdiction in the Designated Courts; (b) waives any objection to venue in either Designated Court, and (c) waives any objection that either Designated Court is an inconvenient forum. For any action commenced in the New York Supreme Court, application shall be submitted to the Commercial Division.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. <u>Entire Agreement</u>. 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. <u>Severability</u>. If any provision of this Agreement shall be held or made invalid by a court decision, statute, rule or otherwise, the remainder of this Agreement shall not be affected thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. <u>Certain Definitions</u>. For the purposes of this Agreement and except as otherwise provided herein, "interested person," "affiliated person," "affiliates," "controlling persons" and "assignment" shall have their respective meanings as set forth in the 1940 Act, subject, however, to such exemptions as may be granted by the SEC, and the term "Fund" or "Funds" shall refer to

those Fund(s) for which the Sub-Advisor provides investment management services and as are listed on <u>Exhibit A</u> to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21. <u>Captions</u>. The captions herein are included for convenience of reference only and shall be ignored in the construction or interpretation hereof.

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first written above.

ADVISOR<br> MERCER INVESTMENTS LLC

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| | |
|:---|:---|
| By: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; /s/ Erin Lefkowitz |

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Name: <u> Erin Lefkowitz</u>

Title: <u> Vice President</u>

SUB-ADVISOR<br>CRESCENT CAPITAL GROUP LP

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| | |
|:---|:---|
| By: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ John Fekete |

---

Name: <u> John Fekete </u>

Title: <u> Managing Director </u>

## Ex-99.(D)(16)(I)

**Exhibit 99.(d)(16)(i)**

AMENDMENT TO AMENDED AND RESTATED SUB-ADVISORY AGREEMENT

THIS AMENDMENT ("**Amendment**") to the Amended and Restated Sub-Advisory Agreement ("**Agreement**") dated as of April 4, 2023 by and between Mercer Investments LLC, a Delaware limited liability company (the "**Advisor**"), and Ninety One North America, Inc., a Delaware corporation (the "**Sub-Advisor**"), is made effective as of the 31st day of March, 2025.

<u>RECITALS</u>

WHEREAS, the Advisor has been retained to act as investment adviser pursuant to an Investment Management Agreement, dated July 1, 2014, as amended from time to time (the "**Advisory Agreement**"), with Mercer Funds (the "**Trust**"), a Delaware statutory trust registered with the U.S. Securities and Exchange Commission as an open-end management investment company under the Investment Company Act of 1940, as amended (the "**1940 Act**"), which consists of several separate series of shares, each having its own investment objectives and policies, and which is authorized to create additional series in the future;

WHEREAS, the Advisory Agreement permits the Advisor, subject to the supervision and direction of the Trust's Board of Trustees, to delegate certain of its duties under the Advisory Agreement to other investment advisers, subject to the requirements of the 1940 Act;

WHEREAS, the Sub-Advisor currently manages an allocated portion of the assets of one or more of the Trust's series (each a "**Fund**" and collectively, the "**Funds**") under the Agreement;

WHEREAS, the Agreement provides that the parties may mutually agree to supplement or amend any provision of the Agreement;

WHEREAS, subject to Clause 12 of the Agreement, the Advisor and the Sub-Advisor desire to amend the Agreement as set forth in this First Amendment; and

WHEREAS, the Sub-Advisor and the Advisor intend to amend the Agreement to reflect a change in the fee schedule payable to the Sub-Advisor effective as of the date hereof.

<u>AGREEMENT</u>

NOW THEREFORE, in consideration of the promises and mutual agreements set forth herein, the parties hereby agree to amend the Agreement, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Exhibit A of the Agreement, the Fee
 Schedule with respect to the Funds, is hereby deleted in its entirety and replaced with
 the Exhibit A attached to this Amendment with an effective date of March 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Advisor and the Sub-Advisor each
 acknowledge that all of their respective representations and warranties contained in
 the Agreement are true and correct as of the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. All other terms and provisions of
 the Agreement shall remain in full force and effect, except as modified hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. This Amendment may be executed in
 two or more counterparts, each of which shall be deemed to be an original, but all of
 which together shall constitute one and the same instrument.

*(Signature Page Follows)*

IN WITNESS WHEREOF, the parties hereto have executed this Amendment as of the day and year first written above.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ADVISOR** | **ADVISOR** | **ADVISOR** | **SUB-ADVISOR** | **SUB-ADVISOR** |
| MERCER INVESTMENTS LLC | MERCER INVESTMENTS LLC | MERCER INVESTMENTS LLC | NINETY ONE NORTH AMERICA, INC. | NINETY ONE NORTH AMERICA, INC. |
| By: | /s/ Erin Lefkowitz | /s/ Erin Lefkowitz | By: | /s/ Sangeeth Sewnath |
|  | Name: | Erin Lefkowitz | Name: | Sangeeth Sewnath |
|  | Title: | Vice President | Title: | Managing Director |
|  |  |  | By: | /s/ Dana Troetel |
|  |  |  | Name: | Dana Troetel |
|  |  |  | Title: | CCO, Head of Legal, Americas |

---

## Ex-99.(D)(17)

**Exhibit 99.(d)(17)**

**SUB-ADVISORY AGREEMENT**

**AGREEMENT** made as of the 1st day of April, 2025 by and between Mercer Investments LLC, a Delaware limited liability company (the "Advisor"), and Pacific Investment Management Company LLC, a Delaware limited liability company (the "Sub-Advisor").

**WHEREAS,** the Advisor and the Sub-Advisor are registered investment advisers under the Investment Advisers Act of 1940, as amended (the "Advisers Act"), and engage in the business of providing investment management services; and

**WHEREAS,** the Advisor has been retained to act as investment adviser pursuant to an Investment Management Agreement, dated July 1, 2014 and as amended from time to time (the "Advisory Agreement"), with Mercer Funds (the "Trust"), a Delaware statutory trust registered with the U.S. Securities and Exchange Commission (the "SEC") as an open-end management investment company under the Investment Company Act of 1940, as amended (the "1940 Act"), which consists of several separate series of shares, each having its own investment objectives and policies, and which is authorized to create additional series in the future; and

**WHEREAS,** the Advisory Agreement permits the Advisor, subject to the supervision and direction of the Trust's Board of Trustees, to delegate certain of its duties under the Advisory Agreement to other investment advisers, subject to the requirements of the 1940 Act; and

**WHEREAS,** the Advisor desires to retain the Sub-Advisor to assist the Advisor in the provision of a continuous investment program for that portion of one or more of the Trust's series' (each a "Fund") assets which the Advisor will assign to the Sub-Advisor (as set forth on Exhibit A, the "Sub-Advisor Assets"), and the Sub-Advisor is willing to render such services, subject to the terms and conditions set forth in this Agreement.

**NOW, THEREFORE,** in consideration of mutual covenants recited below, the parties agree and promise as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Appointment and Acceptance as Sub-Advisor</u>. The Advisor hereby appoints the Sub-Advisor to act as investment adviser for and to manage the Sub-Advisor Assets, subject to the supervision of the Advisor and the Board of Trustees of the Trust, and subject to the terms of this Agreement. The Sub-Advisor hereby accepts such appointment and in such capacity, the Sub-Advisor shall be responsible for the investment management of the Sub-Advisor Assets. The Sub-Advisor agrees to exercise the same degree of skill, care and diligence in performing its services under this Agreement as the Sub-Advisor exercises in performing similar services with respect to other fiduciary accounts for which the Sub-Advisor has investment responsibilities, and that a prudent manager would exercise under the circumstances; however, the Sub-Advisor shall not act as custodian of the assets held in a Fund. For the avoidance doubt, the Sub-Advisor shall have no responsibility under this Agreement with respect to the management of assets of the Fund or the Trust other than the Sub-Advisor Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Duties of the Sub-Advisor</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Investments</u>. The Sub-Advisor is hereby authorized and directed, and hereby agrees, subject to the stated investment objectives, policies and restrictions of each Fund as set forth in such Fund's prospectus and statement of additional information as currently in effect and as amended from time to time (collectively referred to as the "Prospectus") subject to the directions of the Advisor and the Trust's Board of Trustees, to purchase, hold and sell investments for the Sub-Advisor Assets and to monitor such investments on an ongoing basis. In case of any inconsistency between the Prospectus and the Investment Guidelines, the Prospectus shall prevail. In providing these services, the Sub-Advisor will conduct an ongoing program of investment, evaluation and, if appropriate, sale and reinvestment of the Sub-Advisor Assets. The Advisor agrees to provide the Sub-Advisor information concerning (i) a Fund; (ii) its assets available or to become available for investment; and (iii) the conditions of a Fund's or the Trust's affairs as relevant to the Sub-Advisor.

&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>Compliance with Applicable Laws, Governing Documents and Compliance Procedures</u>. In the performance of its duties and obligations under this Agreement, the Sub-Advisor shall, with respect to Sub-Advisor Assets, (i) act in conformity with: (A) the Prospectus as applicable to the Sub-Advisor's management of each Fund; (B) the investment guidelines applicable to the Sub-Advisor Assets as agreed to in writing by the parties and as may be amended in writing between the parties from time to time (the "Investment Guidelines"); (C the policies and procedures, to the extent applicable, for compliance with applicable Federal Securities Laws (as that term is defined in Rule 38a-1 under the 1940 Act) provided to the Sub-Advisor (together, the "Compliance Procedures"); and (D) the instructions and directions received in writing from the Advisor or the Trustees of the Trust; and (ii) conform to and comply with the requirements of the 1940 Act, the Advisers Act, and all other federal laws applicable to Sub-Advisors' duties under this Agreement. The Advisor will provide the Sub-Advisor with any materials or information that the Sub-Advisor may reasonably request to enable it to perform its duties and obligations under this Agreement.

The Advisor will provide the Sub-Advisor with reasonable advance notice, in writing, of: (i) any change in a Fund's investment objectives, policies and restrictions as stated in the Prospectus; (ii) any material change to the Trust's Declaration of Trust or By-Laws; or (iii) any material change in the Compliance Procedures; and the Sub-Advisor, in the performance of its duties and obligations under this Agreement, shall manage the Sub-Advisor Assets consistently with such changes, provided the Sub-Advisor has received such prior notice of the effectiveness of such changes from the Trust or the Advisor. In addition to such notice, the Advisor shall provide to the Sub-Advisor a copy of a modified Prospectus and copies of the revised Compliance Procedures, as applicable, reflecting such changes. The Sub-Advisor hereby agrees to provide to the Advisor in a timely manner, in writing, such information relating to the Sub-Advisor and its relationship to, and actions for, a Fund as may be required to be contained in the Prospectus or in the Trust's registration statement on Form N-1A, or otherwise as reasonably requested by the Advisor. The Sub-Advisor further agrees to notify the Advisor immediately of any statement, known by the Sub-Advisor and relating

to the Sub-Advisor and its relationship to, and actions for, a Fund, that is contained in the Prospectus or in the Trust's registration statement on Form N-1A and becomes untrue in any material respect.

In order to assist the Trust and the Trust's Chief Compliance Officer (the "Trust CCO") to satisfy the requirements contained in Rule 38a-1 under the 1940 Act, the Sub-Advisor shall provide to the Trust CCO: (i) direct access to the Sub-Advisor's chief compliance officer (the "Sub-Advisor CCO") or designee, as reasonably requested by the Trust CCO; (ii) quarterly reports confirming that the Sub-Advisor has complied with the Compliance Procedures in managing the Sub-Advisor Assets; and (iii) quarterly certifications that there were no Material Compliance Matters (as that term is defined by Rule 38a-1(e)(2)) that arose under the Compliance Procedures that related to the Sub-Advisor's management of the Sub-Advisor Assets.

It is expressly understood and agreed that the Advisor: (i) shall provide timely and specific information to the Sub-Advisor regarding any restrictions on, or prohibitions against, the acquisition or holding by the Fund of any "affiliate" (as such terms are defined in the 1940 Act); and (ii) has provided to Sub-Advisor a list containing any such restricted securities, will update this list from time to time as may be necessary or appropriate, and acknowledges that unless and until such information has been provided to Sub-Advisor, Sub-Advisor is under no obligation to refrain from acquiring any such security on behalf of the Fund. If the Advisor is not able to provide identifying information for each affiliate issuer as may be requested by Sub-Advisor, the Adviser hereby acknowledges that Sub-Advisor will use reasonable efforts to implement and monitor such restricted list.

&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>Sub-Advisor Compliance Policies and Procedures</u>. The Sub-Advisor shall promptly provide the Trust CCO with copies of: (i) the Sub-Advisor's policies and procedures for compliance by the Sub-Advisor with the Federal Securities Laws (together, the "Sub-Advisor Compliance Procedures"), and (ii) any material changes to the Sub-Advisor Compliance Procedures. The Sub-Advisor shall reasonably cooperate in full with the Trust CCO so as to facilitate the Trust CCO's performance of the Trust CCO's responsibilities under Rule 38a-1 to review, evaluate and report to the Trust's Board of Trustees on the operation of the Sub-Advisor Compliance Procedures, and shall promptly report to the Trust CCO any Material Compliance Matter arising under the Sub-Advisor Compliance Procedures involving the Sub-Advisor Assets. The Sub-Advisor shall provide to the Trust CCO: (i) quarterly reports confirming the Sub-Advisor's compliance with the Sub-Advisor Compliance Procedures in managing the Sub-Advisor Assets, and (ii) certifications that there were no Material Compliance Matters involving the Sub-Advisor that arose under the Sub-Advisor Compliance Procedures that affected the Sub-Advisor Assets. At least annually, the Sub-Advisor shall provide a certification to the Trust CCO to the effect that the Sub-Advisor has in place and has implemented policies and procedures that are reasonably designed to ensure compliance by the Sub-Advisor with the Federal Securities Laws.

&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>Voting of Proxies</u>. Unless otherwise instructed by the Advisor or the Trust, the Sub-Advisor shall have the power, discretion and responsibility to vote, either

in person or by proxy (except that the Sub-Advisor shall neither have nor accept any right or authority to vote proxies with respect to securities on loan), the power to exercise rights, options, warrants, conversion privileges, and redemption privileges, to tender securities pursuant to a tender offer, the power to take actions in connection with exchanges, reorganizations, restructurings, bankruptcies, debt workouts, or other types of corporate events, all securities in which the Sub-Advisor Assets may be invested from time to time, and shall not be required to seek instructions from the Advisor, the Trust or a Fund. The Sub-Advisor shall also provide its Proxy Voting Policy (the "Proxy Policy"), and, if requested by the Advisor, a summary of such Proxy Policy suitable for including in the Prospectus, and will provide the Advisor with any material amendment to the Proxy Policy within a reasonable time after such amendment has taken effect. If both the Sub-Advisor and another person managing assets of a Fund have invested in the same security, the Sub-Advisor and such other entity will each have the power to vote on behalf of securities under their control. For the avoidance of doubt, the Sub-Advisor shall have authority, in connection with the forgoing events, to (i) accept, receive, purchase or subscribe for securities or other instruments (including, but not limited to, common stock and/or private equity) into the Fund, and (ii) hold such securities or instruments for a reasonable time in the Fund, in each case, that may or may not be referenced or otherwise permitted in the Investment Guidelines, provided such actions are in the best interests of the Fund. The Sub-Advisor will use commercially reasonable efforts to elect on corporate actions within the time frame prescribed by the custodian or Advisor.

&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>Agent</u>. Subject to any other written instructions of the Advisor or the Trust, the Sub-Advisor is hereby appointed the Advisor's and the Trust's agent and attorney-in-fact for the limited purposes of executing account documentation, agreements, contracts and other documents (e.g., any derivatives documentation such as exchange traded and over-the-counter, as applicable) as the Sub-Advisor shall be requested by brokers, dealers, counterparties and other persons in connection with its management of the Sub-Advisor Assets, provided that, the Sub-Advisor's actions in executing such documents shall comply with federal regulations, all other federal laws applicable to registered investment companies and the Sub-Advisor's duties and obligations under this Agreement and the Trust's governing documents. To the extent permitted under applicable law, including applicable Commodity Futures Trading Commission rules, regulations, and regulatory guidance, any master trading agreements executed by the Sub-Advisor in connection with the above shall limit the counterparty's recourse to the Sub-Advisor Assets.

&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>Brokerage</u>. The Sub-Advisor will place orders pursuant to the Sub-Advisor's investment determinations for a Fund either directly with an issuer or with any broker or dealer selected by the Sub-Advisor, pursuant to this paragraph. In executing portfolio transactions and selecting brokers or dealers, the Sub-Advisor will use its best efforts to seek, on behalf of a Fund, the best overall execution available. In assessing the best overall terms available for any transaction, the Sub-Advisor 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 or dealer to execute a particular transaction, the Sub-Advisor may also consider the brokerage and research services (as those terms are defined in Section 28(e) of the Securities Exchange Act of 1934, as amended (the "1934 Act")) provided to a Fund and/or other accounts over which the Sub-Advisor may exercise investment discretion. The Sub-Advisor shall not be liable for any act or omission of any brokerage firm or firms or counterparties designated by the Advisor or chosen by the Sub-Advisor with reasonable care. The Sub-Advisor is authorized to pay to a broker or dealer who provides such brokerage and research services a commission for executing a portfolio transaction for any of the Funds that 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-Advisor 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-Advisor to a Fund. Such authorization is subject to termination at any time by the Board of Trustees of the Trust for any reason. Sub-Advisor shall not be liable for any expenses of the Fund or the Trust, including, without limitation: (1) brokerage commissions and other costs in connection with the purchase and sale of securities or other investment instructions with respect to the Sub-Advisor Assets; (2) interest and taxes; and (3) custodian fees and expenses. The Advisor acknowledges the receipt of brokers' risk disclosure statements, electronic trading disclosure statements and similar disclosures.

In addition, the Sub-Advisor is authorized to allocate purchase and sale orders for portfolio securities to brokers or dealers that are affiliated with the Advisor, the Sub-Advisor, the Trust's principal underwriter, or other sub-advisors (if applicable) only if the Sub-Advisor believes that the quality of the transaction and the commission are comparable to what they would be with other qualified firms, and provided that the transactions are consistent with the Trust's Rule 17e-1 and Rule 10f-3 procedures. The Advisor will identify all brokers and dealers affiliated with the Trust, the Advisor, and the Trust's principal underwriter (and the other sub-advisors of the Fund, to the extent such information is necessary for the Sub-Advisor to comply with applicable federal securities laws), other than those whose sole business is the distribution of mutual fund shares, who effect securities transactions for customers. The Advisor shall promptly furnish a written notice to the Sub-Advisor if the information so provided is no longer accurate.

In connection with its management of the Sub-Advisor Assets and consistent with its fiduciary obligation to the Sub-Advisor Assets and other clients, the Sub-Advisor, to the extent permitted by applicable laws and regulations, may, but shall be under no obligation to, aggregate the securities or futures contracts to be sold or purchased in order to obtain the most favorable price or lower brokerage commissions and efficient execution. In such event, allocation of the securities or futures contracts so purchased or sold, as well as the expenses incurred in the transaction, will be made by the Sub-Advisor in the manner the Sub-Advisor considers to be, over time, the most equitable and consistent with its fiduciary obligations to the Sub-Advisor's Assets and to such other 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;(g) <u>Securities Transactions</u>. In no instance will any Fund's portfolio securities be purchased from or sold to the Advisor, the Sub-Advisor, the Trust's principal

underwriter, or any affiliated person the Trust, the Advisor, the Sub-Advisor or the Trust's principal underwriter, acting as principal in the transaction, except to the extent permitted by the 1940 Act and the rules thereunder, including Rule 17a-7, and any applicable exemptive order issued by the SEC or No-Action Letters issued by the SEC staff.

The Sub-Advisor acknowledges that the Advisor and the Trust may rely on Rule 17a-7, Rule 17a-10, Rule 10f-3, Rule 12d3-1 and Rule 17e-1 under the 1940 Act, and the Sub-Advisor hereby agrees that it shall not consult with any other sub-advisor to either the Fund or any other account managed by the Advisor concerning the Sub-Advisor Assets, other than for the purposes of complying with the conditions of paragraphs (a) and (b) of rule 12d3-1 under the Investment Company Act of 1940 Act.

The Sub-Advisor is authorized to engage in transactions in which the Sub-Advisor, or an affiliate of the Sub-Advisor, acts as a broker for both the Fund and for another party on the other side of the transaction ("agency cross transactions"). The Sub-Advisor shall effect any such agency cross transactions in compliance with Rule 206(3)-2 under the Advisers Act and any other applicable provisions of the federal securities laws and shall provide the Advisor with periodic reports describing such agency cross transactions. By execution of this Agreement, the Advisor authorizes the Sub-Advisor or its affiliates to engage in agency cross transactions, as described above. The Advisor may revoke its consent at any time by written notice to the Sub-Advisor.

The Sub-Advisor hereby represents that it has implemented policies and procedures that will prevent the disclosure by it, its employees or its agents of the Trust's portfolio holdings to any person or entity other than the Advisor, the Trust's custodian, or other persons expressly designated by the Advisor, except as provided below.

The Sub-Advisor may disclose information relating to the Advisor, Trust and/or the Fund to its associates, to any of its delegates and other agents under the Agreement, and to any market counterparty or any broker (in accordance with market practice) in relation to transactions undertaken for the Fund, in order to assist or enable the proper performance of its services under the Agreement. Subject to the Fund's Investment Guidelines, the Sub-Advisor and any trading counterparties are authorized to disclose transaction and other information to data repositories and regulators for the purposes of meeting applicable transaction and other regulatory reporting requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Code of Ethics</u>. The Sub-Advisor hereby represents that it has adopted policies and procedures and a code of ethics that meet the requirements of Rule 17j-1 under the 1940 Act and Rule 204A-1 under the Advisers Act. Copies or summaries of such policies and procedures and code of ethics and any changes or supplements thereto shall be delivered to the Advisor and the Trust, and any material violation of such policies, and procedures and code of ethics by personnel of the Sub-Advisor, the sanctions imposed in response thereto, and any issues arising under such policies, and procedures and code of ethics shall be reported to the Advisor and the Trust at the times and in the format reasonably requested by the Advisor and the Board of Trustees.

&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>Books and Records</u>. The Sub-Advisor shall maintain separate detailed records of all matters pertaining to the Sub-Advisor Assets, including, without limitation, brokerage and other records of all securities transactions. Any records required to be maintained and preserved pursuant to the provisions of Rule 31a-1 and Rule 31a-2 promulgated under the 1940 Act that are prepared or maintained by the Sub-Advisor on behalf of the Trust are the property of the Trust and will be surrendered promptly to the Trust upon request, provided, however, that the Sub-Advisor may retain a copy of such records for regulatory purposes. The Sub-Advisor further agrees to preserve for the periods prescribed in Rule 31a-2 under the 1940 Act the records required to be maintained under Rule 31a-1 under the 1940 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;(j) <u>Information Concerning Sub-Advisor Assets and the Sub-Advisor</u>. From time to time as the Advisor, and any consultants designated by the Advisor, or the Trust may request, the Sub-Advisor will furnish the requesting party reports on portfolio transactions and reports on Sub-Advisor Assets held in the portfolio, all in such detail as the Advisor, its consultant(s) or the Trust may reasonably request. The Sub-Advisor will provide the Advisor with information (including information that is required to be disclosed in the Prospectus) with respect to the portfolio managers responsible for Sub-Advisor Assets, any changes in the portfolio managers responsible for Sub-Advisor Assets, any changes in the ownership or management of the Sub-Advisor, or of material changes in the control of the Sub-Advisor. The Sub-Advisor will promptly notify the Advisor of any pending investigation, material litigation, administrative proceeding or any other significant regulatory inquiry. Upon reasonable request, the Sub-Advisor will make available its officers and employees to meet with the Trust's Board of Trustees to review the Sub-Advisor Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>Valuation of Sub-Advisor Assets</u>. The Sub-Advisor agrees to monitor the Sub-Advisor Assets and to use commercially reasonable efforts to notify the Advisor on any day that the Sub-Advisor determines that a significant event has occurred with respect to one or more securities held in the Sub-Advisor Assets which would materially affect the value of such securities. As requested by the Advisor or its Valuation Committee, the Sub-Advisor hereby agrees to provide additional reasonable assistance to the Advisor, or its Valuation Committee, and the Trust's pricing agents so that the Trust can value Sub-Advisor Assets held in the portfolio. Such assistance may include assistance with the Trust's fair value pricing of portfolio securities, as requested by the Advisor. The Advisor acknowledges and agrees that the Sub-Advisor is not the pricing agent for the Fund and does not have responsibility for determining the market value of any asset in the Fund. The Sub-Advisor agrees that it will act, at all times, in accordance with the Sub-Advisor's Pricing Policy and will provide such certifications or sub-certifications relating to valuation and liquidity as reasonably may be requested, from time to time, by the Advisor or the Trust. The parties acknowledge that the Sub-Advisor and the custodian or recordkeeping agent of the Trust may use different pricing vendors, which may result in valuation discrepancies with respect to (i) the Sub-Advisor Assets and (ii) assets (which may be the same as assets held as part of the Sub-Advisor Assets) managed by the Sub-Advisor but held for accounts other than the Trust.

The Sub-Advisor also will provide, upon reasonable request, such information as may be required for a Fund or the Advisor to comply with its respective obligations under applicable federal securities laws, including, without limitation, the 1940 Act, the Advisers Act, the 1934 Act, the Securities Act of 1933, as amended (the "Securities Act"), and any rule or regulation thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) <u>Custody Arrangements</u>. The Sub-Advisor shall provide the Advisor, its consultant(s) and the Trust's custodian such information as the Advisor and the Trust's custodian may reasonably request relating to all transactions concerning the Sub-Advisor Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) <u>Historical Performance Information</u>. To the extent agreed upon by the parties, the Sub-Advisor will provide the Trust with historical performance information on similarly managed investment companies or for other accounts to be included in the Prospectus or for any other uses permitted by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) <u>Regulatory Examinations</u>. The Sub-Advisor will reasonably cooperate with the Advisor and/or the Trust in responding to any regulatory or compliance examinations or inspections (including information requests) relating to the Trust, the Fund or the Advisor brought by any governmental or regulatory authorities having appropriate jurisdiction (including, but not limited to, the SEC).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) <u>Class Actions.</u> The Sub-Advisor will not file class action claim forms or otherwise exercise any rights the Fund may have with respect to participating in, commencing or defending suits or legal proceedings involving securities or issuers of securities held in, or formerly held in, the Fund, unless the Sub-Advisor and the Advisor mutually agree in writing that the Sub-Advisor takes any such actions. Notwithstanding this, to the extent there is any such class action or other litigation against or involving any issue of securities held in the Sub-Advisor Assets, the Sub-Advisor agrees to provide any information reasonably requested by the Advisor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) <u>Securities Lending</u>. The Sub-Advisor shall not engage in securities lending transactions on behalf of the Fund. If the custodian or Advisor enters into securities lending transactions on behalf of the Fund, the custodian or Advisor shall be responsible for ensuring that the securities or other assets in the Fund are available for sale at all times. The Sub-Advisor shall not be liable for any losses resulting from the sale by the Sub-Advisor of a security that is not available in the Fund for settlement as a result of such securities lending transactions, any losses relating to securities lending activities of the Fund, any inability to liquidate securities or vote securities on loan, or investing cash balances if the Fund engages in securities lending.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) <u>Limitation of Sub-Advisor's Service</u>. Notwithstanding any other provision of this Agreement to the contrary, Sub-Advisor shall have no obligation to perform the following services: (a) shareholder services or support functions, such as responding to shareholders' questions about the Fund or its investments or strategies, or preparing and filing materials for distribution to the Fund's shareholders, including statistical information about the Fund and materials regarding the Fund's performance or

investments; (b) provision of legal, accounting or tax advice with respect to the Fund or its investments by the Sub-Advisor's in-house legal, accounting or tax departments; (c) providing employees of the Sub-Advisor to serve as officers of the Fund; or (d) providing the Fund's Chief Compliance Officer and associated staff or overseeing the Fund's compliance program adopted pursuant to Rule 38a-1 under the 1940 Act, except to the extent that such oversight responsibilities are required to be performed by the Sub-Advisor under its compliance program adopted pursuant to Rule 206(4)-7 under 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;(r) <u>Use of Advisor Affiliates and Back Office Services</u>. The Sub-Advisor may delegate certain administrative duties to its affiliates and may share such information as necessary to accomplish these purposes. Additionally, Sub-Advisor may delegate back office services to State Street Investment Manager Solutions, LLC and its affiliates. In all cases, the Sub-Advisor shall remain liable as if such services were performed by the Sub-Advisor. No additional fees shall be imposed for such services, except as otherwise agreed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) <u>Liquidity Risk Management</u>. To the extent that the Trust requests the Sub-Advisor's assistance with compliance with the Trust's obligations under SEC Rule 22e-4, the Trust hereby consents to the Sub-Advisor's sharing of Fund holdings data and other information with State Street Investment Manager Solutions, LLC or any other third party vendor that the Sub-Advisor may engage for this purpose.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Independent Contractor</u>. In the performance of its duties hereunder, the Sub-Advisor is and shall be an independent contractor and, unless otherwise expressly provided herein or otherwise authorized in writing, shall have no authority to act for or represent a Fund, the Trust or the Advisor in any way or otherwise be deemed an agent of a Fund, the Trust or the Advisor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Services to Other Clients</u>. Nothing herein contained shall limit the freedom of the Sub-Advisor or any affiliated person of the Sub-Advisor to render investment advisory, supervisory and other services to other investment companies, to act as investment adviser or investment counselor to other persons, firms or corporations, or to engage in other business activities. It is understood that the Sub-Advisor may give advice and take action for its other clients that may differ from advice given, or the timing or nature of action taken, for a Fund. The Sub-Advisor is not obligated to initiate transactions for a Fund in any security that the Sub-Advisor, its principals, affiliates or employees may purchase or sell for its or their own accounts or other clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Expenses</u>. During the term of this Agreement, the Sub-Advisor will pay all expenses incurred by it in connection with its activities under this Agreement, other than the costs of securities, commodities and other investments (including brokerage commissions and other transaction charges, if any) purchased or otherwise acquired, or sold or otherwise disposed of, for a Fund. The Sub-Advisor, at its sole expense, shall employ or associate itself with such persons as it believes to be particularly fitted to assist it in the execution of its duties under this Agreement. The Trust or the Advisor, as the case may be, shall reimburse the Sub-Advisor for any expenses as may be reasonably incurred by the Sub-Advisor, at the request of and on behalf

of a Fund or the Advisor. The Sub-Advisor shall keep and supply to the Trust and the Advisor reasonable records of all such expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Compensation</u>. For the services provided and the expenses assumed with respect to a Fund pursuant to this Agreement, the Sub-Advisor will be entitled to the fee listed for the Fund(s) on <u>Exhibit A</u>. Such fees will be computed in accordance with <u>Exhibit A</u>.

If this Agreement is terminated prior to the end of any calendar quarter, the fee shall be prorated for the portion of any quarter in which this Agreement is in effect according to the proportion which the number of calendar days, during which this Agreement is in effect, bears to the number of calendar days in the quarter, and shall be payable within ten (10) days after the date of termination. Notwithstanding the foregoing, in the event services are terminated in the first three months, the Advisor shall be liable for the first three months' fees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Representations and Warranties of the Sub-Advisor</u>. The Sub-Advisor represents and warrants to the Advisor and the Trust 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) The Sub-Advisor is registered as an investment adviser under 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;(b) The Sub-Advisor is a limited liability company, duly organized and validly existing under the laws of State of Delaware, with the power to own and possess its assets and carry on its business as it is now being conducted;

&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 execution, delivery and performance by the Sub-Advisor of this Agreement are within the Sub-Advisor's powers, and no action by or in respect of, or filing with, any governmental body, agency or official is required on the part of the Sub-Advisor for the execution, delivery and performance by the Sub-Advisor of this Agreement, and the execution, delivery and performance by the Sub-Advisor of this Agreement do not contravene or constitute a default under (i) any provision of applicable law, rule or regulation; (ii) the Sub-Advisor's governing instruments; or (iii) any agreement, judgment, injunction, order, decree or other instrument binding upon the Sub-Advisor.; 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) The Form ADV of the Sub-Advisor previously provided to the Advisor is a true and complete copy of the form as currently filed with the SEC and the information contained therein is accurate and complete in all material respects and does not omit to state any material fact necessary in order to make the statements made, in light of the circumstances under which they are made, not misleading. The Sub-Advisor will promptly provide the Advisor and the Trust with a complete copy of all subsequent amendments to its Form ADV.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Representations and Warranties of the Advisor and the Trust</u>. The Advisor represents and warrants to the Sub-Advisor 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) The Advisor is registered as an investment adviser under 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;(b) The Advisor is a limited liability company duly organized and validly existing under the laws of the State of Delaware, with the power to own and possess its assets and carry on its business as it is now being conducted;

&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 execution, delivery and performance by the Advisor of this Agreement are within the Advisor's powers and have been duly authorized by all necessary action on the part of its Board of Directors, and no action by or in respect of, or filing with, any governmental body, agency or official is required on the part of the Advisor for the execution, delivery and performance by the Advisor of this Agreement, and the execution, delivery and performance by the Advisor of this Agreement do not contravene or constitute a default under (i) any provision of applicable law, rule or regulation; (ii) the Advisor's governing instruments; or (iii) any agreement, judgment, injunction, order, decree or other instrument binding upon the Advisor;

&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 Advisor and the Trust have duly entered into the Advisory Agreement pursuant to which the Trust authorized the Advisor to enter into this Agreement;

&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 Advisor and the Trust have policies and procedures designed to detect and deter disruptive trading practices, including "market timing," and the Advisor and the Trust each agree that they will continue to enforce and abide by such policies and procedures, as amended from time to time, and comply with all existing and future laws relating to such matters or to the purchase and sale of interests in the Funds generally;

&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) Each Fund is a "qualified institutional buyer" ("QIB") as defined in Rule 144A under the Securities Act, as amended, and the Advisor will promptly notify the Sub-Advisor if the Fund ceases to be a QIB;

&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) Each Fund is a "qualified eligible person" ("QEP") as defined in Commodity Futures Trading Commission Rule 4.7 ("CFTC Rule 4.7"), and the Advisor will promptly notify the Sub-Advisor if the Fund ceases to be a QEP, and hereby consents to be treated as an "exempt account" under CFTC Rule 4.7;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Neither the Advisor, the Trust, nor the Fund is a "federal entity" as defined in Appendix 1 to Part 45 of the CFTC's regulations (17 CFR Part 45, Appendix 1), and the Advisor will promptly notify the Sub-Advisor if this representation is no longer accurate;

&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 Advisor has given the Sub-Advisor a copy of relevant sections of the underlying trust agreement and all amendments thereto and agrees with the Sub-Advisor that it shall promptly furnish the Sub-Advisor with copies of any relevant amendments to such trust agreement upon their effectiveness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) The assets in the Fund are free from all liens and charges, and undertakes that no liens or charges will arise from the act or omissions of the Advisor or the Trust which may prevent the Sub-Advisor from giving a first priority lien or charge on the Sub-Advisor assets solely in connection with the Sub-Advisor's authority to direct the deposit of margin or collateral to the extent necessary to meet the obligations of the Fund with

respect to any investments made pursuant to the Prospectus and the Investment Guidelines;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) The Advisor has established "know your customer" policies and procedures that comply with all applicable regulations and which are reasonably designed to detect and prevent each of their client from using the Sub-Advisor's services for illegal purposes, including to launder money or finance terrorist activities. To the best of Advisor's knowledge, the Fund does not contain funds derived from unlawful activity and/or violates U.S. anti-money laundering laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) None of the beneficial owners of the assets in the Fund are a "government entity" within the meaning of Rule 206(4)-5 under the Advisers Act, and the Advisor will promptly notify the Sub-Advisor if any government entity assets are contributed to the Fund; 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;(m) The Advisor shall deliver the Sub-Advisor's Form ADV, Part 2, to the Trust in accordance with the initial and annual delivery schedule to which the Sub-Advisor is subject under applicable law. The Advisor shall maintain records of the delivery of the Sub-Advisor's Form ADV, Part 2, to the Trust and provide that record to the Sub-Advisor upon request. The Advisor acknowledges that it received a copy of the Sub-Advisor's Form ADV prior to the execution of this Agreement, which was provided by the Sub-Advisor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Survival of Representations and Warranties; Duty to Update Information</u>. All representations and warranties made by the Sub-Advisor and the Advisor pursuant to Sections 7 and 8 of this Agreement, respectively, shall survive for the duration of this Agreement and the parties hereto shall promptly notify each other in writing upon becoming aware that any of the foregoing representations and warranties are no longer true.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Standard of Care, Liability and Indemnification</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Liability</u>. The duties of the Sub-Advisor shall be confined to those expressly set forth herein, with respect to the Sub-Advisor Assets. The Sub-Advisor shall not be liable for any loss arising out of any portfolio investment or disposition hereunder, except a loss resulting from willful misfeasance, bad faith or negligence in the performance of its duties, or by reason of reckless disregard of its obligations and duties hereunder, except as may otherwise be provided under provisions of applicable state law that cannot be waived or modified hereby. Under no circumstances shall the Sub-Advisor be liable for any loss arising out of any act or omission taken by another sub-advisor, or any other third party, in respect of any portion of the Trust's assets not managed by the Sub-Advisor pursuant to this Agreement. Under no circumstances shall either party hereto be liable to the other for special, punitive or consequential damages, arising under or in connection with this Agreement, even if previously informed of the possibility of such damages.

The Sub-Advisor shall not be deemed to have breached this Agreement or the Investment Guidelines in connection with fluctuations arising from market movements and other events outside the control of the Sub-Advisor.

The Sub-Advisor is expressly authorized to rely upon any and all instructions, approvals, and notices given on behalf of the Trust by any one or more of those persons designated as representatives of the Trust whose names, titles and specimen signatures appear in an authorized signatory list, as provided by the Advisor. The Advisor shall provide a Secretary Certificate, Incumbency Certificate, or similar document indicating that the persons designated as representatives have the authority to bind the Trust. The Advisor may amend <u>the authorized signatory list</u> from time to time by written notice to the Sub-Advisor. The Sub-Advisor shall continue to rely upon these instructions until notified by the Advisor to the contrary.

&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>Indemnification</u>. The Sub-Advisor shall indemnify the Advisor, the Trust and each Fund, and their respective affiliates and controlling persons (the "Fund Indemnified Persons") for any liability and reasonable expenses, including reasonable attorneys' fees, which a Fund Indemnified Person sustains as a result of the Sub-Advisor's material breach of this Agreement or its representations and warranties herein, willful misfeasance, bad faith, negligence, reckless disregard of its duties hereunder, or violation of applicable law; provided, however, that the Fund Indemnified Persons shall not be indemnified for any liability or expenses to the extent such liability or expenses result from the Advisor's material breach of this Agreement or its representations and warranties herein, willful misfeasance, bad faith, negligence, reckless disregard of its duties hereunder, or violation of applicable law.

The Advisor shall indemnify the Sub-Advisor, its affiliates and its controlling persons (the "Sub-Advisor Indemnified Persons") for any liability and expenses, including reasonable attorneys' fees, which a Sub-Advisor Indemnified Person sustains as a result of the Advisor's material breach of this Agreement or its representations and warranties herein, willful misfeasance, bad faith, negligence, reckless disregard of its duties hereunder, or violation of applicable law; provided, however, that the Sub-Advisor Indemnified Persons shall not be indemnified for any liability or expenses to the extent such liability or expenses result from the Sub-Advisor's material breach of this Agreement or its representations and warranties herein, willful misfeasance, bad faith, negligence, reckless disregard of its duties hereunder, or violation of applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Duration and Termination</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Duration</u>. This Agreement, unless sooner terminated as provided herein, shall for the Fund(s) listed on <u>Exhibit A</u> attached hereto remain in effect from the date of execution (the "Effective Date"), until two years from the Effective Date, and thereafter, for periods of one year, so long as such continuance thereafter is specifically approved at least annually (i) by the vote of a majority of those Trustees of the Trust who are not interested persons of any party to this Agreement, cast in person at a meeting called for the purpose of voting on such approval, and (ii) by the Trustees of the Trust, or by the

vote of a majority of the outstanding voting securities of each Fund (except as such vote may be unnecessary pursuant to relief granted by an exemptive order from the SEC). The foregoing requirement that continuance of this Agreement be "specifically approved at least annually" shall be construed in a manner consistent with the 1940 Act and the rules and regulations thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Termination</u>. This Agreement may be terminated as to any Fund at any time without the payment of any penalty by: (i) the vote of a majority of the Trustees of the Trust, the vote of a majority of the outstanding voting securities of the Fund, or the Advisor, or (ii) the Sub-Advisor on not less than ninety (90) days written notice to the Advisor and the Trust. This Agreement may also be terminated as to any Fund at any time by any party hereto immediately upon written notice to the other parties in the event of a breach of any provision to this Agreement by any of the parties.

This Agreement shall terminate automatically in the event of its assignment, as defined by the 1940 Act, or upon the termination of the Advisory Agreement. In the event that there is a proposed change in control of the Sub-Advisor that results in an assignment of the Agreement, or the Sub-Advisor resigns, both of which would act to terminate this Agreement, the Sub-Advisor agrees to assume all reasonable costs and expenses (including the costs of mailing) associated with the preparation of an information statement, as required by the exemptive order issued by the SEC to the Trust and the Advisor with respect to the appointment of sub-advisors absent shareholder approval.

This Agreement shall extend to and bind the executors, administrators and successors of the parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Amendment</u>. This Agreement may be amended by mutual consent of the parties, provided that the terms of any material amendment shall be approved by: (a) the Trust's Board of Trustees or by a vote of the majority of a Fund's outstanding securities, and (b) the vote of a majority of those Trustees of the Trust who are not interested persons of any party to this Agreement cast in accordance with the requirements of the 1940 Act and the rules and regulations thereunder or in accordance with such regulatory guidance, interpretations or exemptive relief issued by the SEC or its staff from time to time. <u>Exhibit A</u> hereto may be amended at any time to add additional Funds as agreed by the Advisor and the Sub-Advisor and approved by the Trust's Board of Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Confidentiality</u>. Any information or recommendations supplied by either the Advisor or the Sub-Advisor, that are not otherwise in the public domain or previously known to the other party in connection with the performance of its obligations and duties hereunder, including portfolio holdings of the Trust, financial information or other information relating to a party to this Agreement, are to be regarded as confidential ("Confidential Information") and held in the strictest confidence. Except as may be required by applicable law or rule or as requested by regulatory authorities (including self-regulatory agencies) having jurisdiction over a party to this Agreement, Confidential Information may be used only by the party to which said information has been communicated and such other persons as that party believes are necessary to carry out the purposes of this Agreement, including the custodian, and such persons as the

Advisor may designate in connection with the Sub-Advisor Assets. The Sub-Advisor may disclose Confidential Information to its associates, to any of its delegates and other agents under the Agreement, to any market counterparty or any broker (in accordance with market practice) in relation to transactions undertaken for the Fund, and to the custodian, in order to assist or enable the proper performance of its services under the Agreement. The Sub-Advisor shall not be liable for act or omission of such custodian bank. Subject to Investment Guidelines, the Sub-Advisor and any trading counterparties are authorized to disclose transaction and other information to data repositories and regulators for the purposes of meeting applicable transaction and other regulatory reporting requirements. The Advisor may disclose information relating to its fee arrangement with the Sub-Advisor, Sub-Advisor performance information, and similar information, to investors in the Funds, clients and prospective clients. Nothing in this Agreement shall be construed to prevent the Sub-Advisor from giving other entities investment advice about, or trading on their behalf, in the securities of a Fund or the Advisor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. <u>Use of Advisor and Sub-Advisor's Name</u>. During the term of this Agreement, the Sub-Advisor grants to the Advisor a non-exclusive, non-transferrable and non-assignable license to use the name of the Sub-Advisor and shall have permission to use the Sub-Advisor's name in the marketing of the Fund, and agrees to furnish the Sub-Advisor at its principal office all prospectuses, proxy statements and reports to shareholders prepared for distribution to shareholders of the Fund or the public, which refer to the Sub-Advisor in any way. The Sub-Advisor may mention the Advisor's, Trust's, or Fund's name in a list of its clients.

It is understood that the name "Pacific Investment Management Company LLC" and "PIMCO" and any derivative thereof and certain trade names, trademarks, service marks and/or logos associated with such names ("PIMCO Marks") are the valuable property of PIMCO and its affiliates. The Adviser, Trust and/or Fund may use the PIMCO Marks in the offering materials of the Fund with the prior written approval of Sub-Advisor, which approval shall not be unreasonably withheld or delayed for so long as the Sub-Advisor is the Sub-Advisor to the Fund and/ or Sub-Advisor Assets. The permission to use the PIMCO Marks is non-exclusive, non-transferable, non-sublicensable and non-assignable. In obtaining permission to use the PIMCO Marks for this purpose, the Adviser, Trust and/or Fund will acquire no right, title, or interest whatsoever to any of the PIMCO Marks. The Adviser, Trust and/or Fund shall not edit, excerpt or modify the PIMCO Marks in any way. Upon termination of this Agreement, the Adviser, Trust, and Fund shall immediately cease to use such name (or derivative or logo), except as may be required by law or regulation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. <u>Notice</u>. 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. The Advisor consents to the delivery of any such notice, advice, fund statements, reports and other communications (collectively, "Fund Communications") via electronic mail and/or other electronic means acceptable to the Advisor, in lieu of sending such Fund Communications as hard copies via fax, mail or other means. It shall also be deemed sufficient if electronically mailed by the party giving notice to the other party at the last known email address, provided that delivery thereof is subsequently verified by the party giving notice through telephone, read receipt, or a reply thereto.

&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>If to the Advisor</u>:

Mercer Investments LLC

99 High Street

Boston, MA 02110

Attention: Global Chief Investments Counsel

Email: colin.dean@mercer.com

&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>If to the Sub-Advisor</u>:

Pacific Investment Management Company LLC<br> 650 Newport Center Drive<br> Newport Beach, CA 92660<br> Fax: 949-720-6403<br> Attention: General Counsel<br> E-mail: IMAnotices@pimco.com<br> cc: Lucas Fritz<br> E-mail: Lucas.Fritz@pimco.com

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. <u>Third-Party Beneficiaries</u>. The parties hereto acknowledge and agree that the Trust and the Fund are third-party beneficiaries as to the covenants, obligations, representations, and warranties undertaken by the Sub-Advisor under this Agreement and as to the rights and privileges to which the Advisor is entitled pursuant to this Agreement, and that the Trust and the Fund(s) are entitled to all of the rights and privileges associated with such third-party-beneficiary status. This Agreement does not, and is not intended to, create any other third-party beneficiary, or otherwise confer any rights, privileges, claims or remedies upon any shareholder or other person other than the Trust, the Fund(s), and the parties and their respective successors and permitted assigns, including without limitation, a record owner or beneficial owner of shares of the Trust or the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. <u>Governing Law and Forum Selection</u>. This Agreement shall be governed by the internal laws of the State of New York without regard to conflict of law principles; provided, however that nothing herein shall be construed as being inconsistent with the 1940 Act, the Advisers Act, the rules and regulations thereunder, or such regulatory guidance, interpretations or exemptive relief issued by the SEC or its staff from time to time. Any legal suit, action or proceeding related to, arising out of, or concerning this Agreement shall be brought only in the U.S. District Court for the Southern District of New York, or if such action may not be brought in that court, then such action shall be brought in the New York Supreme Court (the "Designated Courts"). Each party (a) consents to jurisdiction in the Designated Courts; (b) waives any objection to venue in either Designated Court, and (c) waives any objection that either Designated Court is an inconvenient forum. For any action commenced in the New York Supreme Court, application shall be submitted to the Commercial Division.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. <u>Entire Agreement</u>. 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. <u>Severability</u>. If any provision of this Agreement shall be held or made invalid by a court decision, statute, rule or otherwise, the remainder of this Agreement shall not be affected thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. <u>Certain Definitions</u>. For the purposes of this Agreement and except as otherwise provided herein, "interested person," "affiliated person," "affiliates," "controlling persons" and "assignment" shall have their respective meanings as set forth in the 1940 Act, subject, however, to such exemptions as may be granted by the SEC, and the term "Fund" or "Funds" shall refer to those Fund(s) for which the Sub-Advisor provides investment management services and as are listed on <u>Exhibit A</u> to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21. <u>Captions</u>. The captions herein are included for convenience of reference only and shall be ignored in the construction or interpretation hereof.

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first written above.

PURSUANT TO AN EXEMPTION FROM THE COMMODITY FUTURES TRADING COMMISSION IN CONNECTION WITH ACCOUNTS OF QUALIFIED ELIGIBLE PERSONS, THIS ACCOUNT DOCUMENT IS NOT REQUIRED TO BE, AND HAS NOT BEEN, FILED WITH THE COMMISSION. THE COMMODITY FUTURES TRADING COMMISSION DOES NOT PASS UPON THE MERITS OF PARTICIPATING IN A TRADING PROGRAM OR UPON THE ADEQUACY OR ACCURACY OF COMMODITY TRADING ADVISOR DISCLOSURE. CONSEQUENTLY, THE COMMODITY FUTURES TRADING COMMISSION HAS NOT REVIEWED OR APPROVED THIS TRADING PROGRAM OR THIS ACCOUNT DOCUMENT.

ADVISOR

MERCER INVESTMENTS LLC

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| | |
|:---|:---|
| By: | /s/ Erin Lefkowitz |

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Name: Erin Lefkowitz <br> Title: Vice President

SUB-ADVISOR

PACIFIC INVESTMENT MANAGEMENT COMPANY LLC

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|:---|:---|
| By: | /s/ Richard Colasuonno |

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Name: Richard Colasuonno <br> Title: Managing Director

## Ex-99.(D)(20)

**Exhibit 99.(d)(20)**

**SUB-ADVISORY AGREEMENT**

**AGREEMENT** made as of the 15th day of April, 2025 by and between Mercer Investments LLC, a Delaware limited liability company (the "Advisor"), and Polen Capital Credit, LLC, a Massachusetts limited liability company (the "Sub-Advisor").

**WHEREAS,** the Advisor and the Sub-Advisor are registered investment advisers under the Investment Advisers Act of 1940, as amended (the "Advisers Act"), and engage in the business of providing investment management services; and

**WHEREAS,** the Advisor has been retained to act as investment adviser pursuant to an Investment Management Agreement, dated July 1, 2014 and as amended from time to time (the "Advisory Agreement"), with Mercer Funds (the "Trust"), a Delaware statutory trust registered with the U.S. Securities and Exchange Commission (the "SEC") as an open-end management investment company under the Investment Company Act of 1940, as amended (the "1940 Act"), which consists of several separate series of shares, each having its own investment objectives and policies, and which is authorized to create additional series in the future; and

**WHEREAS,** the Advisory Agreement permits the Advisor, subject to the supervision and direction of the Trust's Board of Trustees, to delegate certain of its duties under the Advisory Agreement to other investment advisers, subject to the requirements of the 1940 Act; and

**WHEREAS,** the Advisor desires to retain the Sub-Advisor to assist the Advisor in the provision of a continuous investment program for that portion of one or more of the Trust's series' (each a "Fund") assets which the Advisor will assign to the Sub-Advisor (the "Sub-Advisor Assets"), and the Sub-Advisor is willing to render such services, subject to the terms and conditions set forth in this Agreement.

**NOW, THEREFORE,** in consideration of mutual covenants recited below, the parties agree and promise as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Appointment as Sub-Advisor</u>. The Advisor hereby appoints the Sub-Advisor to act as investment adviser for and to manage the Sub-Advisor Assets, subject to the supervision of the Advisor and the Board of Trustees of the Trust, and subject to the terms of this Agreement; and the Sub-Advisor hereby accepts such appointment. In such capacity, the Sub-Advisor shall be responsible for the investment management of the Sub-Advisor Assets. The Sub-Advisor agrees to exercise the same degree of skill, care and diligence in performing its services under this Agreement as the Sub-Advisor exercises in performing similar services with respect to other fiduciary accounts for which the Sub-Advisor has investment responsibilities, and that a prudent manager would exercise under the circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Duties of the Sub-Advisor</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Investments</u>. The Sub-Advisor is hereby authorized and directed, and hereby agrees, subject to the stated investment objectives, policies and restrictions of each Fund as set forth in such Fund's prospectus and statement of additional information as

currently in effect and as amended from time to time (collectively referred to as the "Prospectus"), as well as the investment guidelines agreed to by the parties and as amended from time to time, and subject to the directions of the Advisor and the Trust's Board of Trustees, to purchase, hold and sell investments for the Sub-Advisor Assets and to monitor such investments on an ongoing basis; to respond to tender offers, rights offerings and other voluntary corporate action requests (including, without limitation, participating, joining in or dissenting from, and voting in any in-court or out-of-court corporate restructuring or reorganization or liquidation with respect to the Sub-Advisor Assets); and exercise all other ancillary rights or duties in connection with the management of such Sub-Advisor Assets necessary to implement any of the powers contained herein. In providing these services, the Sub-Advisor will conduct an ongoing program of investment, evaluation and, if appropriate, sale and reinvestment of the Sub-Advisor Assets. The Advisor agrees to provide the Sub-Advisor information concerning (i) a Fund; (ii) its assets available or to become available for investment; and (iii) the conditions of a Fund's or the Trust's affairs as relevant to the Sub-Advisor.

&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>Compliance with Applicable Laws, Governing Documents and Trust Compliance Procedures</u>. In the performance of its duties and obligations under this Agreement, the Sub-Advisor shall, with respect to Sub-Advisor Assets, (i) act in conformity with: (A) the Trust's Agreement and Declaration of Trust (the "Declaration of Trust") and By-Laws; (B) the Prospectus; (C) the policies and procedures for compliance by the Trust with the Federal Securities Laws (as that term is defined in Rule 38a-1 under the 1940 Act) provided to the Sub-Advisor (together, the "Trust Compliance Procedures"); and (D) the instructions and directions received in writing from the Advisor or the Trustees of the Trust; and (ii) conform to and comply with the requirements of the 1940 Act, the Advisers Act, and all other federal laws applicable to registered investment companies' and Sub-Advisors' duties under this Agreement. The Advisor will provide (or cause the Funds' custodian to provide) the Sub-Advisor with any materials or information that the Sub-Advisor may reasonably request to enable it to perform its duties and obligations under this Agreement, including such matters as the composition of the Sub-Advisor Assets and cash requirements and cash available for investment in a Fund.

The Advisor will provide the Sub-Advisor with reasonable advance notice, in writing, of: (i) any change in a Fund's investment objectives, policies and restrictions as stated in the Prospectus; (ii) any material change to the Trust's Declaration of Trust or By-Laws; or (iii) any material change in the Trust Compliance Procedures; and the Sub-Advisor, in the performance of its duties and obligations under this Agreement, shall manage the Sub-Advisor Assets consistently with such changes, provided the Sub-Advisor has received such prior notice of the effectiveness of such changes from the Trust or the Advisor. In addition to such notice, the Advisor shall provide to the Sub-Advisor a copy of a modified Prospectus and copies of the revised Trust Compliance Procedures, as applicable, reflecting such changes. The Sub-Advisor hereby agrees to provide to the Advisor in a timely manner, in writing, such information relating to the Sub-Advisor and its relationship to, and actions for, a Fund as may be required to be contained in the Prospectus or in the Trust's registration statement on Form N-1A, or otherwise as reasonably requested by the Advisor. The Sub-Advisor further agrees to

notify the Advisor as promptly as practicable of any statement, known by the Sub-Advisor and relating to the Sub-Advisor and its relationship to, and actions for, a Fund, that is contained in the Prospectus or in the Trust's registration statement on Form N-1A and becomes untrue in any material respect.

In order to assist the Trust and the Trust's Chief Compliance Officer (the "Trust CCO") to satisfy the requirements contained in Rule 38a-1 under the 1940 Act, the Sub-Advisor shall provide to the Trust CCO: (i) direct access to the Sub-Advisor's chief compliance officer (the "Sub-Advisor CCO"), as reasonably requested by the Trust CCO; (ii) quarterly reports confirming that the Sub-Advisor has complied with the Trust Compliance Procedures in managing the Sub-Advisor Assets; and (iii) quarterly certifications that there were no Material Compliance Matters (as that term is defined by Rule 38a-1(e)(2)) that arose under the Trust Compliance Procedures that related to the Sub-Advisor's management of the Sub-Advisor Assets.

&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>Sub-Advisor Compliance Policies and Procedures</u>. The Sub-Advisor shall promptly provide the Trust CCO with copies of: (i) the Sub-Advisor's policies and procedures for compliance by the Sub-Advisor with the Federal Securities Laws (together, the "Sub-Advisor Compliance Procedures"), and (ii) any material changes to the Sub-Advisor Compliance Procedures. The Sub-Advisor shall cooperate fully with the Trust CCO so as to facilitate the Trust CCO's performance of the Trust CCO's responsibilities under Rule 38a-1 to review, evaluate and report to the Trust's Board of Trustees on the operation of the Sub-Advisor Compliance Procedures, and shall promptly report to the Trust CCO any Material Compliance Matter arising under the Sub-Advisor Compliance Procedures involving the Sub-Advisor Assets. The Sub-Advisor shall provide to the Trust CCO: (i) quarterly reports confirming the Sub-Advisor's compliance with the Sub-Advisor Compliance Procedures in managing the Sub-Advisor Assets, and (ii) certifications that there were no Material Compliance Matters involving the Sub-Advisor that arose under the Sub-Advisor Compliance Procedures that affected the Sub-Advisor Assets. At least annually, the Sub-Advisor shall provide a certification to the Trust CCO to the effect that the Sub-Advisor has in place and has implemented policies and procedures that are reasonably designed to ensure compliance by the Sub-Advisor with the Federal Securities Laws.

&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>Voting of Proxies</u>. Unless otherwise instructed by the Advisor or the Trust, the Sub-Advisor shall have the power, discretion and responsibility to vote, either in person or by proxy, all securities in which the Sub-Advisor Assets may be invested from time to time, and shall not be required to seek instructions from the Advisor, the Trust or a Fund. The Sub-Advisor shall also provide its Proxy Voting Policy (the "Proxy Policy"), and, if requested by the Advisor, a summary of such Proxy Policy suitable for including in the Prospectus, and will provide the Advisor with any material amendment to the Proxy Policy within a reasonable time after such amendment has taken effect. If both the Sub-Advisor and another person managing assets of a Fund have invested in the same security, the Sub-Advisor and such other entity will each have the power to vote its pro rata share of the 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;(e) <u>Agent</u>. Subject to any other written instructions of the Advisor or the Trust, the Sub-Advisor is hereby appointed the Advisor's and the Trust's agent and attorney-in-fact for the limited purposes of executing account documentation, agreements, contracts and other documents as the Sub-Advisor shall be requested by brokers, dealers, counterparties and other persons in connection with its management of the Sub-Advisor Assets, provided that, the Sub-Advisor's actions in executing such documents shall comply with federal regulations, all other federal laws applicable to registered investment companies and the Sub-Advisor's duties and obligations under this Agreement and the Trust's governing documents.

&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>Brokerage</u>. The Sub-Advisor will place orders pursuant to the Sub-Advisor's investment determinations for a Fund either directly with an issuer or with any broker or dealer selected by the Sub-Advisor, pursuant to this paragraph. In executing portfolio transactions and selecting brokers or dealers, the Sub-Advisor will use its best efforts to seek, on behalf of a Fund, the best overall execution available. In assessing the best overall terms available for any transaction, the Sub-Advisor shall consider all factors that it deems relevant, including, by way of example, 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 or dealer to execute a particular transaction, the Sub-Advisor may also consider the brokerage and research services (as those terms are defined in Section 28(e) of the Securities Exchange Act of 1934, as amended (the "1934 Act")) provided to a Fund and/or other accounts over which the Sub-Advisor may exercise investment discretion. The Sub-Advisor is authorized to pay to a broker or dealer who provides such brokerage and research services a commission for executing a portfolio transaction for any of the Funds that 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-Advisor 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-Advisor to a Fund. Such authorization is subject to termination at any time by the Board of Trustees of the Trust for any reason.

In addition, the Sub-Advisor is authorized to allocate purchase and sale orders for portfolio securities to brokers or dealers that are affiliated with the Advisor, the Sub-Advisor, the Trust's principal underwriter, or other sub-advisors (if applicable) only if the Sub-Advisor believes that the quality of the transaction and the commission are comparable to what they would be with other qualified firms, and provided that the transactions are consistent with the Trust's Rule 17e-1 and Rule 10f-3 procedures. The Advisor will identify all brokers and dealers affiliated with the Trust, the Advisor, and the Trust's principal underwriter (and the other sub-advisors of the Fund, to the extent such information is necessary for the Sub-Advisor to comply with applicable federal securities laws), other than those whose sole business is the distribution of mutual fund shares, who effect securities transactions for customers. The Advisor shall promptly furnish a written notice to the Sub-Advisor if the information so provided is no longer accurate.

In connection with its management of the Sub-Advisor Assets and consistent with its fiduciary obligation to the Sub-Advisor Assets and other clients, the Sub-Advisor, to the extent permitted by applicable laws and regulations, may, but shall be under no obligation to, aggregate the securities or futures contracts to be sold or purchased in order to obtain the most favorable price or lower brokerage commissions and efficient execution. In such event, allocation of the securities or futures contracts so purchased or sold, as well as the expenses incurred in the transaction, will be made by the Sub-Advisor in the manner the Sub-Advisor considers to be, over time, the most equitable and consistent with its fiduciary obligations to the Sub-Advisor's Assets and to such other 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;(g) <u>Securities Transactions</u>. In no instance will any Fund's portfolio securities be purchased from or sold to the Advisor, the Sub-Advisor, the Trust's principal underwriter, or any affiliated person the Trust, the Advisor, the Sub-Advisor or the Trust's principal underwriter, acting as principal in the transaction, except to the extent permitted by the 1940 Act and the rules thereunder, including Rule 17a-7, and any applicable exemptive order issued by the SEC or No-Action Letters issued by the SEC staff.

The Sub-Advisor acknowledges that the Advisor and the Trust may rely on Rule 17a-7, Rule 17a-10, Rule 10f-3, Rule 12d3-1 and Rule 17e-1 under the 1940 Act, and the Sub-Advisor hereby agrees that it shall not consult with any other sub-advisor to the Fund with respect to transactions in securities for the Sub-Advisor Assets or any other transactions of Fund assets.

The Sub-Advisor is authorized to engage in transactions in which the Sub-Advisor, or an affiliate of the Sub-Advisor, acts as a broker for both the Fund and for another party on the other side of the transaction ("agency cross transactions"). The Sub-Advisor shall effect any such agency cross transactions in compliance with Rule 206(3)-2 under the Advisers Act and any other applicable provisions of the federal securities laws and shall provide the Advisor with periodic reports describing such agency cross transactions. By execution of this Agreement, the Advisor authorizes the Sub-Advisor or its affiliates to engage in agency cross transactions, as described above. The Advisor may revoke its consent at any time by written notice to the Sub-Advisor.

The Sub-Advisor hereby represents that it has implemented policies and procedures that will prevent the disclosure by it, its employees or its agents of the Trust's portfolio holdings to any person or entity other than the Advisor, the Trust's custodian, or other persons expressly designated by the Advisor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Code of Ethics</u>. The Sub-Advisor hereby represents that it has adopted policies and procedures and a code of ethics that meet the requirements of Rule 17j-1 under the 1940 Act and Rule 204A-1 under the Advisers Act. Copies of such policies and procedures and code of ethics and any changes or supplements thereto shall be delivered to the Advisor and the Trust, and any material violation of such policies, and procedures and code of ethics by personnel of the Sub-Advisor, the sanctions imposed in response thereto, and any issues arising under such policies, and procedures and code of

ethics shall be reported to the Advisor and the Trust at the times and in the format reasonably requested by the Advisor and the Board of Trustees.

&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>Books and Records</u>. The Sub-Advisor shall maintain separate detailed records of all matters pertaining to the Sub-Advisor Assets, including, without limitation, brokerage and other records of all securities transactions. Any records required to be maintained and preserved pursuant to the provisions of Rule 31a-1 and Rule 31a-2 promulgated under the 1940 Act that are prepared or maintained by the Sub-Advisor on behalf of the Trust are the property of the Trust and will be surrendered promptly to the Trust upon request. The Sub-Advisor further agrees to preserve for the periods prescribed in Rule 31a-2 under the 1940 Act the records required to be maintained under Rule 31a-1 under the 1940 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;(j) <u>Information Concerning Sub-Advisor Assets and the Sub-Advisor</u>. From time to time as the Advisor, and any consultants designated by the Advisor, or the Trust may request, the Sub-Advisor will furnish the requesting party reports on portfolio transactions and reports on Sub-Advisor Assets held in the portfolio, all in such detail as the Advisor, its consultant(s) or the Trust may reasonably request. The Sub-Advisor will provide the Advisor with information (including information that is required to be disclosed in the Prospectus) with respect to the portfolio managers responsible for Sub-Advisor Assets, any changes in the portfolio managers responsible for Sub-Advisor Assets, any material changes in the ownership or management of the Sub-Advisor, or of material changes in the control of the Sub-Advisor. The Sub-Advisor will promptly notify the Advisor of any pending investigation, material litigation, administrative proceeding or any other significant regulatory inquiry (but not including an examination or inspection by a regulatory authority in the ordinary course). Upon reasonable request, the Sub-Advisor will make available its officers and employees to meet with the Trust's Board of Trustees to review the Sub-Advisor Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>Valuation of Sub-Advisor Assets</u>. The Sub-Advisor or its valuation delegate (as contemplated by the Trust's Valuation Procedures) agree to monitor the Sub-Advisor Assets and to promptly notify the Advisor on any day that the Sub-Advisor or its valuation delegate determine that the price of any security or other investment held in the Sub-Advisor Assets may not accurately reflect the fair value thereof (it being understood that the valuation of certain Sub-Advisor Assets are typically updated by the Sub-Advisor on a monthly basis unless a change is deemed material consistent with the Sub-Advisor Compliance Procedures). As requested by the Advisor or its Valuation Committee, the Sub-Advisor and its valuation delegate hereby agree to provide additional assistance to the Advisor or its Valuation Committee and the Trust's pricing agents in valuing Sub-Advisor Assets held in the portfolio. Such assistance may include fair value pricing of portfolio securities, as reasonably requested by the Advisor. The Advisor acknowledges and agrees that the Sub-Advisor is not the pricing agent for the Fund and does not have responsibility for determining the market value of any asset in the Fund. In connection with its role as Sub-Advisor and with respect to the Sub-Advisor Assets, the Sub-Advisor agrees that it will act, at all times, in accordance with the Trust's Valuation Procedures as presented to the Sub Advisor in advance in writing and will provide such certifications or sub-certifications relating to its compliance with the Trust's Valuation

Procedures as reasonably may be requested, from time to time, by the Advisor or the Trust. The parties acknowledge that the Sub-Advisor and the custodian or recordkeeping agent of the Trust may use different pricing vendors, which may result in valuation discrepancies with respect to (i) on the one hand, the Sub-Advisor Assets (as reflected by the custodian or recordkeeping agent of the Trust), and (ii) on the other hand, assets (which may be the same as assets held as part of the Sub-Advisor Assets) managed by the Sub-Advisor but held for accounts other than the Trust.

The Sub-Advisor also will provide such information or perform such additional acts as are customarily performed by a Sub-Advisor and may be required for a Fund or the Advisor to comply with their respective obligations under applicable federal securities laws, including, without limitation, the 1940 Act, the Advisers Act, the 1934 Act, the Securities Act of 1933, as amended (the "Securities Act"), and any rule or regulation thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) <u>Custody Arrangements</u>. The Sub-Advisor, on each business day, shall provide the Advisor, its consultant(s) and the Trust's custodian such information as the Advisor and the Trust's custodian may reasonably request relating to all transactions concerning the Sub-Advisor Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) <u>Historical Performance Information</u>. To the extent agreed upon by the parties, the Sub-Advisor will provide the Trust with historical performance information on similarly managed investment companies or for other accounts to be included in the Prospectus or for any other uses permitted by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) <u>Regulatory Examinations</u>. The Sub-Advisor will cooperate promptly and fully with the Advisor and/or the Trust in responding to any regulatory or compliance examinations or inspections (including information requests) relating to the Trust, the Fund or the Advisor brought by any governmental or regulatory authorities having appropriate jurisdiction (including, but not limited to, the SEC).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Independent Contractor</u>. In the performance of its duties hereunder, the Sub-Advisor is and shall be an independent contractor and, unless otherwise expressly provided herein or otherwise authorized in writing, shall have no authority to act for or represent a Fund, the Trust or the Advisor in any way or otherwise be deemed an agent of a Fund, the Trust or the Advisor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Services to Other Clients</u>. Nothing herein contained shall limit the freedom of the Sub-Advisor or any affiliated person of the Sub-Advisor to render investment advisory, supervisory and other services to other investment companies, to act as investment adviser or investment counselor to other persons, firms or corporations, or to engage in other business activities. It is understood that the Sub-Advisor may give advice and take action for its other clients that may differ from advice given, or the timing or nature of action taken, for a Fund. The Sub-Advisor is not obligated to initiate transactions for a Fund in any security that the Sub-Advisor, its principals, affiliates or employees may purchase or sell for its or their own accounts or other clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Expenses</u>. During the term of this Agreement, the Sub-Advisor will pay all expenses incurred by it in connection with its activities under this Agreement, other than the costs of securities, commodities and other investments (including brokerage commissions, legal expenses, and other transaction-related charges, if any) purchased or otherwise acquired, or sold or otherwise disposed of, for a Fund (each of which shall be solely borne by the applicable Fund). The Sub-Advisor, at its sole expense, shall employ or associate itself with such persons as it believes to be particularly fitted to assist it in the execution of its duties under this Agreement. The Trust or the Advisor, as the case may be, shall reimburse the Sub-Advisor for any expenses as may be reasonably incurred by the Sub-Advisor, at the request of and on behalf of a Fund or the Advisor. The Sub-Advisor shall keep and supply to the Trust and the Advisor reasonable records of all such expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Compensation</u>. For the services provided and the expenses assumed with respect to a Fund pursuant to this Agreement, the Sub-Advisor will be entitled to the fee listed for the Fund(s) on <u>Exhibit A</u>. Such fees will be computed in accordance with <u>Exhibit A</u>.

If this Agreement is terminated prior to the end of any calendar quarter, the fee shall be prorated for the portion of any quarter in which this Agreement is in effect according to the proportion which the number of calendar days, during which this Agreement is in effect, bears to the number of calendar days in the quarter, and shall be payable within ten (10) days after the date of termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Representations and Warranties of the Sub-Advisor</u>. The Sub-Advisor represents and warrants to the Advisor and the Trust 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) The Sub-Advisor is registered as an investment adviser under 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;(b) The Sub-Advisor is a limited liability company, duly organized and validly existing under the laws of Commonwealth of Massachusetts, with the power to own and possess its assets and carry on its business as it is now being conducted;

&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 execution, delivery and performance by the Sub-Advisor of this Agreement are within the Sub-Advisor's powers and have been duly authorized by all necessary action and no action by or in respect of, or filing with, any governmental body, agency or official is required on the part of the Sub-Advisor for the execution, delivery and performance by the Sub-Advisor of this Agreement, and the execution, delivery and performance by the Sub-Advisor of this Agreement do not contravene or constitute a default under (i) any provision of applicable law, rule or regulation; (ii) the Sub-Advisor's governing instruments; or (iii) any agreement, judgment, injunction, order, decree or other instrument binding upon the Sub-Advisor.; 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) The Form ADV of the Sub-Advisor previously provided to the Advisor is a true and complete copy of the form as currently filed with the SEC and the information contained therein is accurate and complete in all material respects and does not omit to state any material fact necessary in order to make the statements made, in light of the circumstances under which they are made, not misleading. The Sub-Advisor will

promptly provide the Advisor and the Trust with a complete copy of all subsequent amendments to its Form ADV.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Representations and Warranties of the Advisor</u>. The Advisor represents and warrants to the Sub-Advisor and the Trust 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) The Advisor is registered as an investment adviser under 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;(b) The Advisor is a limited liability company duly organized and validly existing under the laws of the State of Delaware, with the power to own and possess its assets and carry on its business as it is now being conducted;

&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 execution, delivery and performance by the Advisor of this Agreement are within the Advisor's powers and have been duly authorized by all necessary action on the part of its Board of Directors, and no action by or in respect of, or filing with, any governmental body, agency or official is required on the part of the Advisor for the execution, delivery and performance by the Advisor of this Agreement, and the execution, delivery and performance by the Advisor of this Agreement do not contravene or constitute a default under (i) any provision of applicable law, rule or regulation; (ii) the Advisor's governing instruments; or (iii) any agreement, judgment, injunction, order, decree or other instrument binding upon the Advisor;

&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 Advisor acknowledges that it received a copy of the Sub-Advisor's Form ADV prior to the execution of this Agreement, which was provided by the Sub-Advisor;

&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 Advisor and the Trust have duly entered into the Advisory Agreement pursuant to which the Trust authorized the Advisor to enter into this Agreement;

&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 Advisor and the Trust have policies and procedures designed to detect and deter disruptive trading practices, including "market timing," and the Advisor and the Trust each agree that they will continue to enforce and abide by such policies and procedures, as amended from time to time, and comply with all existing and future laws relating to such matters or to the purchase and sale of interests in the Funds generally; 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;(g) Each Fund is (i) a "qualified institutional buyer" as defined in paragraph (a) of Rule 144A under the Securities Act by reason of the fact that it is an investment company registered under the 1940 Act with in the aggregate at least $100 million in securities owned and invested on a discretionary basis, calculated as provided in Rule 144A, and (ii) an "accredited investor" as defined in Regulation D under the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Survival of Representations and Warranties; Duty to Update Information</u>. All representations and warranties made by the Sub-Advisor and the Advisor pursuant to Sections 7 and 8 of this Agreement, respectively, shall survive for the duration of this Agreement and the parties hereto shall promptly notify each other in writing upon becoming aware that any of the foregoing representations and warranties are no longer true.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Liability and Indemnification</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Liability</u>. The duties of the Sub-Advisor shall be confined to those expressly set forth herein, with respect to the Sub-Advisor Assets. Neither the Sub-Advisor nor any of its officers, employees, agents or affiliates shall not be liable for any loss arising out of any portfolio investment or disposition hereunder, except a loss resulting from willful misfeasance, bad faith or negligence in the performance of its duties, or by reason of reckless disregard of its obligations and duties hereunder, except as may otherwise be provided under provisions of applicable state law that cannot be waived or modified hereby. Under no circumstances shall the Sub-Advisor be liable for any loss arising out of any act or omission taken by another sub-advisor, or any other third party, in respect of any portion of the Trust's assets not managed by the Sub-Advisor pursuant to this Agreement. Under no circumstances shall either party hereto be liable to the other for special, punitive or consequential damages, arising under or in connection with this Agreement, even if previously informed of the possibility of such damages.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Indemnification</u>. The Sub-Advisor shall indemnify the Advisor, the Trust and each Fund, and their respective affiliates and controlling persons (the "Fund Indemnified Persons") for any liability and expenses, including reasonable attorneys' fees, which a Fund Indemnified Person sustains as a result of the Sub-Advisor's breach of this Agreement or its representations and warranties herein, willful misfeasance, bad faith, negligence, reckless disregard of its duties hereunder, or violation of applicable law; provided, however, that the Fund Indemnified Persons shall not be indemnified for any liability or expenses to the extent such liability or expenses result from the Advisor's breach of this Agreement or its representations and warranties herein, willful misfeasance, bad faith, negligence, reckless disregard of its duties hereunder, or violation of applicable law.

The Advisor shall indemnify the Sub-Advisor, its affiliates and its controlling persons (the "Sub-Advisor Indemnified Persons") for any liability and expenses, including reasonable attorneys' fees, which a Sub-Advisor Indemnified Person sustains as a result of the Advisor's breach of this Agreement or its representations and warranties herein, willful misfeasance, bad faith, negligence, reckless disregard of its duties hereunder, or violation of applicable law; provided, however, that the Sub-Advisor Indemnified Persons shall not be indemnified for any liability or expenses to the extent such liability or expenses result from the Sub-Advisor's breach of this Agreement or its representations and warranties herein, willful misfeasance, bad faith, negligence, reckless disregard of its duties hereunder, or violation of applicable law.

Promptly after receipt by an Fund Indemnified Person, on the one hand, or any Sub-Advisor Indemnified Person, on the other hand (in such capacity, such party is hereinafter referred to as the "Indemnified Person"), of notice of the commencement of any action or proceeding by a third party a claim in respect of which is to be made against the Advisor or Sub-Advisor, as applicable (in such capacity, the "Indemnitor"), such Indemnified Person shall notify the Indemnitor in writing of the commencement thereof; provided that failure of the Indemnified Person to give the Indemnitor prompt notice as

provided herein shall not relieve the Indemnitor of any of its obligations hereunder, except to the extent that the Indemnitor is materially prejudiced by such failure. Such Indemnified Person shall be entitled to participate in any such action or proceeding with its own counsel at its own expense, but the Indemnitor shall have full control of such action or proceeding and the defense thereof; provided, however, that if the Indemnitor is fully capable of and has not asserted any objection or defense to satisfying its obligations under this Section 10 (as reasonably determined by such Indemnified Person, it being agreed that the Indemnitor shall provide such information as such Indemnified Person may reasonably request in order to make such determination), then such Indemnified Person shall not settle or compromise any claim asserted in such action or proceeding in respect of which a claim is to be made against the Indemnitor pursuant to this Section 10 without the prior written consent of the Indemnitor, which consent shall not be unreasonably delayed or withheld.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Duration and Termination</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Duration</u>. This Agreement, unless sooner terminated as provided herein, shall for the Fund(s) listed on <u>Exhibit A</u> attached hereto remain in effect from the date of execution (the "Effective Date"), until two years from the Effective Date, and thereafter, for periods of one year, so long as such continuance thereafter is specifically approved at least annually (i) by the vote of a majority of those Trustees of the Trust who are not interested persons of any party to this Agreement, cast in person at a meeting called for the purpose of voting on such approval, and (ii) by the Trustees of the Trust, or by the vote of a majority of the outstanding voting securities of each Fund (except as such vote may be unnecessary pursuant to relief granted by an exemptive order from the SEC). The foregoing requirement that continuance of this Agreement be "specifically approved at least annually" shall be construed in a manner consistent with the 1940 Act and the rules and regulations thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Termination</u>. This Agreement may be terminated as to any Fund at any time, without the payment of any penalty by: (i) the vote of a majority of the Trustees of the Trust, the vote of a majority of the outstanding voting securities of the Fund, or the Advisor, or (ii) the Sub-Advisor on not less than ninety (90) days written notice to the Advisor and the Trust. This Agreement may also be terminated as to any Fund at any time by any party hereto immediately upon written notice to the other parties in the event of a breach of any provision to this Agreement by any of the parties.

This Agreement shall not be assigned and shall terminate automatically in the event of its assignment, except as provided otherwise by any rule, exemptive order issued by the SEC, or No-Action Letter provided or pursuant to the 1940 Act, or upon the termination of the Advisory Agreement. In the event that there is a proposed change in control of the Sub-Advisor that results in an assignment of the Agreement, which would act to terminate this Agreement, the Sub-Advisor agrees to assume all reasonable costs and expenses (including the costs of mailing) associated with the preparation of an information statement, as required by the exemptive order issued by the SEC to the Trust and the Advisor with respect to the appointment of sub-advisors absent shareholder approval.

This Agreement shall extend to and bind the heirs, executors, administrators and successors of the parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Amendment</u>. This Agreement may be amended by mutual consent of the parties, provided that the terms of any material amendment shall be approved by: (a) the Trust's Board of Trustees or by a vote of the majority of a Fund's outstanding securities, and (b) the vote of a majority of those Trustees of the Trust who are not interested persons of any party to this Agreement cast in accordance with the requirements of the 1940 Act and the rules and regulations thereunder or in accordance with such regulatory guidance, interpretations or exemptive relief issued by the SEC or its staff from time to time. <u>Exhibit A</u> hereto may be amended at any time to add additional Funds as agreed by the Advisor and the Sub-Advisor and approved by the Trust's Board of Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Confidentiality</u>. Any information or recommendations supplied by either the Advisor or the Sub-Advisor, that are not otherwise in the public domain or previously known to the other party in connection with the performance of its obligations and duties hereunder, including portfolio holdings of the Trust, financial information or other information relating to a party to this Agreement, are to be regarded as confidential ("Confidential Information") and held in the strictest confidence. Except as may be required by applicable law or rule or as requested by regulatory authorities having jurisdiction over a party to this Agreement, Confidential Information may be used only by the party to which said information has been communicated and such other persons as that party believes are necessary to carry out the purposes of this Agreement, including the custodian, and such persons as the Advisor may designate in connection with the Sub-Advisor Assets. The Advisor may disclose information relating to its fee arrangement with the Sub-Advisor, Sub-Advisor performance information, and similar information, to investors in the Funds, clients and prospective clients. Nothing in this Agreement shall be construed to prevent the Sub-Advisor from giving other entities investment advice about, or trading on their behalf, in the securities of a Fund or the Advisor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. <u>Use of Sub-Advisor's Name</u>. During the term of this Agreement, the Advisor shall have permission to use the Sub-Advisor's name in the marketing of the Fund, and agrees to furnish the Sub-Advisor at its principal office all prospectuses, proxy statements and reports to shareholders prepared for distribution to shareholders of the Fund or the public, which refer to the Sub-Advisor in any way.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. <u>Notice</u>. 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. Delivery of any such notice, advice or report shall also be deemed sufficient if emailed by the party giving notice to the other party at the last known email address, provided that delivery thereof is subsequently verified by the party giving notice through telephone, read receipt, or a reply thereto.

&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>If to the Advisor</u>:

Mercer Investments LLC

99 High Street

Boston, MA 02110

Attention: Global Chief Investments Counsel

Email: colin.dean@mercer.com

&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>If to the Sub-Advisor</u>:

Polen Capital Credit, LLC

1075 Main Street, Suite 300

Waltham, MA 02451

Attention: Client Service

Email: clients@polencapital.com

with a copy to:

Polen Capital Credit, LLC

1075 Main Street, Suite 300

Waltham, MA 02451

Attention: Legal Department

Email: walthamlegal@polencapital.com

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. <u>Third-Party Beneficiaries</u>. The parties hereto acknowledge and agree that the Trust and the Fund(s) are third-party beneficiaries as to the covenants, obligations, representations, and warranties undertaken by the Sub-Advisor under this Agreement and as to the rights and privileges to which the Advisor is entitled pursuant to this Agreement, and that the Trust and the Fund(s) are entitled to all of the rights and privileges associated with such third-party-beneficiary status. This Agreement does not, and is not intended to, create any other third-party beneficiary, or otherwise confer any rights, privileges, claims or remedies upon any shareholder or other person other than the Trust, the Fund(s), and the parties and their respective successors and permitted assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. <u>Governing Law and Forum Selection</u>. This Agreement shall be governed by the internal laws of the State of New York without regard to conflict of law principles; provided, however that nothing herein shall be construed as being inconsistent with the 1940 Act, the Advisers Act, the rules and regulations thereunder, or such regulatory guidance, interpretations or exemptive relief issued by the SEC or its staff from time to time. Any legal suit, action or proceeding related to, arising out of, or concerning this Agreement shall be brought only in the U.S. District Court for the Southern District of New York, or if such action may not be brought in that court, then such action shall be brought in the New York Supreme Court (the "Designated Courts"). Each party (a) consents to jurisdiction in the Designated Courts; (b) waives any objection to venue in either Designated Court, and (c) waives any objection that either Designated Court is an inconvenient forum. For any action commenced in the New York Supreme Court, application shall be submitted to the Commercial Division.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. <u>Entire Agreement</u>. 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. <u>Severability</u>. If any provision of this Agreement shall be held or made invalid by a court decision, statute, rule or otherwise, the remainder of this Agreement shall not be affected thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. <u>Certain Definitions</u>. For the purposes of this Agreement and except as otherwise provided herein, "interested person," "affiliated person," "affiliates," "controlling persons" and "assignment" shall have their respective meanings as set forth in the 1940 Act, subject, however, to such exemptions as may be granted by the SEC, and the term "Fund" or "Funds" shall refer to those Fund(s) for which the Sub-Advisor provides investment management services and as are listed on <u>Exhibit A</u> to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21. <u>Captions</u>. The captions herein are included for convenience of reference only and shall be ignored in the construction or interpretation hereof.

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first written above.

ADVISOR<br> MERCER INVESTMENTS LLC

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| By: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Erin Lefkowitz |

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Name: <u>Erin Lefkowitz</u> <br> Title: <u>Vice President</u>

SUB-ADVISOR POLEN CAPITAL CREDIT, LLC

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| By: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Joshua L. McCarthy |

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Name: Joshua L. McCarthy <br> Title: General Counsel & Chief Compliance Officer

## Ex-99.(D)(21)

**Exhibit 99.(d)(21)**

**SUB-ADVISORY AGREEMENT**

**AGREEMENT** made as of the 25th day of October, 2024 by and between Mercer Investments LLC, a Delaware limited liability company (the "Advisor"), and Pzena Investment Management, LLC, a Delaware limited liability company (the "Sub-Advisor").

**WHEREAS,** the Advisor and the Sub-Advisor are registered investment advisers under the Investment Advisers Act of 1940, as amended (the "Advisers Act"), and engage in the business of providing investment management services; and

**WHEREAS,** the Advisor has been retained to act as investment adviser pursuant to an Investment Management Agreement, dated July 1, 2014 and as amended from time to time (the "Advisory Agreement"), with Mercer Funds (the "Trust"), a Delaware statutory trust registered with the U.S. Securities and Exchange Commission (the "SEC") as an open-end management investment company under the Investment Company Act of 1940, as amended (the "1940 Act"), which consists of several separate series of shares, each having its own investment objectives and policies, and which is authorized to create additional series in the future; and

**WHEREAS,** the Advisory Agreement permits the Advisor, subject to the supervision and direction of the Trust's Board of Trustees, to delegate certain of its duties under the Advisory Agreement to other investment advisers, subject to the requirements of the 1940 Act; and

**WHEREAS,** the Advisor desires to retain the Sub-Advisor to assist the Advisor in the provision of a continuous investment program for that portion of one or more of the Trust's series' (each a "Fund") assets which the Advisor will assign to the Sub-Advisor (the "Sub-Advisor Assets"), and the Sub-Advisor is willing to render such services, subject to the terms and conditions set forth in this Agreement.

**NOW, THEREFORE,** in consideration of mutual covenants recited below, the parties agree and promise as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Appointment as Sub-Advisor</u>. The Advisor hereby appoints the Sub-Advisor to act as investment adviser for and to manage the Sub-Advisor Assets, subject to the supervision of the Advisor and the Board of Trustees of the Trust, and subject to the terms of this Agreement; and the Sub-Advisor hereby accepts such appointment. In such capacity, the Sub-Advisor shall be responsible for the investment management of the Sub-Advisor Assets. The Sub-Advisor agrees to exercise the same degree of skill, care and diligence in performing its services under this Agreement as the Sub-Advisor exercises in performing similar services with respect to other fiduciary accounts for which the Sub-Advisor has investment responsibilities, and that a prudent manager would exercise under the circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Duties of the Sub-Advisor</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Investments</u>. The Sub-Advisor is hereby authorized and directed, and hereby agrees, subject to the stated investment objectives, policies and restrictions of each Fund as set forth in such Fund's prospectus and statement of additional information

as currently in effect and as amended from time to time (collectively referred to as the "Prospectus") and subject to the directions of the Advisor and the Trust's Board of Trustees, to purchase, hold and sell investments for the Sub-Advisor Assets and to monitor such investments on an ongoing basis. In providing these services, the Sub-Advisor will conduct an ongoing program of investment, evaluation and, if appropriate, sale and reinvestment of the Sub-Advisor Assets. The Advisor agrees to provide the Sub-Advisor information concerning (i) a Fund; (ii) its assets available or to become available for investment; and (iii) the conditions of a Fund's or the Trust's affairs as relevant to the Sub-Advisor.

&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>Compliance with Applicable Laws, Governing Documents and Trust Compliance Procedures</u>. In the performance of its duties and obligations under this Agreement, the Sub-Advisor shall, with respect to Sub-Advisor Assets, (i) act in conformity with: (A) the Trust's Agreement and Declaration of Trust (the "Declaration of Trust") and By-Laws; (B) the Prospectus; (C) the policies and procedures for compliance by the Trust with the Federal Securities Laws (as that term is defined in Rule 38a-1 under the 1940 Act) provided to the Sub-Advisor (together, the "Trust Compliance Procedures"); and (D) the instructions and directions received in writing from the Advisor or the Trustees of the Trust and the Sub-Advisor shall be permitted to act in conformity with any instruction or direction it reasonably believes to be from an authorized representative of the Advisor or the Trustees; and (ii) conform to and comply with the requirements of the 1940 Act, the Advisers Act, and all other federal laws applicable to registered investment companies' and Sub-Advisors' duties under this Agreement. The Advisor will provide the Sub-Advisor with any materials or information that the Sub-Advisor may reasonably request to enable it to perform its duties and obligations under this Agreement.

The Advisor will provide the Sub-Advisor with reasonable advance notice, in writing, of: (i) any change in a Fund's investment objectives, policies and restrictions as stated in the Prospectus; (ii) any material change to the Trust's Declaration of Trust or By-Laws; or (iii) any material change in the Trust Compliance Procedures; and the Sub-Advisor, in the performance of its duties and obligations under this Agreement, shall manage the Sub-Advisor Assets consistently with such changes, provided the Sub-Advisor has received such prior notice of the effectiveness of such changes from the Trust or the Advisor. In addition to such notice, the Advisor shall provide to the Sub-Advisor a copy of a modified Prospectus and copies of the revised Trust Compliance Procedures, as applicable, reflecting such changes. The Sub-Advisor hereby agrees to provide to the Advisor in a timely manner, in writing, such information relating to the Sub-Advisor and its relationship to, and actions for, a Fund as may be required to be contained in the Prospectus or in the Trust's registration statement on Form N-1A, or otherwise as reasonably requested by the Advisor. The Sub-Advisor further agrees to notify the Advisor immediately of any statement, known by the Sub-Advisor and relating to the Sub-Advisor and its relationship to, and actions for, a Fund, that is contained in the Prospectus or in the Trust's registration statement on Form N-1A and becomes untrue in any material respect.

In order to assist the Trust and the Trust's Chief Compliance Officer (the "Trust CCO") to satisfy the requirements contained in Rule 38a-1 under the 1940 Act, the Sub-Advisor shall provide to the Trust CCO: (i) direct access to the Sub-Advisor's chief compliance officer (the "Sub-Advisor CCO"), as reasonably requested by the Trust CCO; (ii) quarterly reports confirming that the Sub-Advisor has complied with the Trust Compliance Procedures in managing the Sub-Advisor Assets; and (iii) quarterly certifications that there were no Material Compliance Matters (as that term is defined by Rule 38a-1(e)(2)) that arose under the Trust Compliance Procedures that related to the Sub-Advisor's management of the Sub-Advisor Assets.

&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>Sub-Advisor Compliance Policies and Procedures</u>. The Sub-Advisor shall promptly provide the Trust CCO with copies of: (i) the Sub-Advisor's policies and procedures for compliance by the Sub-Advisor with the Federal Securities Laws (together, the "Sub-Advisor Compliance Procedures"), and (ii) any material changes to the Sub-Advisor Compliance Procedures. The Sub-Advisor shall cooperate fully with the Trust CCO so as to facilitate the Trust CCO's performance of the Trust CCO's responsibilities under Rule 38a-1 to review, evaluate and report to the Trust's Board of Trustees on the operation of the Sub-Advisor Compliance Procedures, and shall promptly report to the Trust CCO any Material Compliance Matter arising under the Sub-Advisor Compliance Procedures involving the Sub-Advisor Assets. The Sub-Advisor shall provide to the Trust CCO: (i) quarterly reports confirming the Sub-Advisor's compliance with the Sub-Advisor Compliance Procedures in managing the Sub-Advisor Assets, and (ii) certifications that there were no Material Compliance Matters involving the Sub-Advisor that arose under the Sub-Advisor Compliance Procedures that affected the Sub-Advisor Assets. At least annually, the Sub-Advisor shall provide a certification to the Trust CCO to the effect that the Sub-Advisor has in place and has implemented policies and procedures that are reasonably designed to ensure compliance by the Sub-Advisor with the Federal Securities Laws.

&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>Voting of Proxies</u>. Unless otherwise instructed by the Advisor or the Trust, the Sub-Advisor shall have the power, discretion and responsibility to vote, either in person or by proxy, all securities in which the Sub-Advisor Assets may be invested from time to time, and shall not be required to seek instructions from the Advisor, the Trust or a Fund. The Sub-Advisor shall also provide its Proxy Voting Policy (the "Proxy Policy"), and, if requested by the Advisor, a summary of such Proxy Policy suitable for including in the Prospectus, and will provide the Advisor with any material amendment to the Proxy Policy within a reasonable time after such amendment has taken effect. If both the Sub-Advisor and another person managing assets of a Fund have invested in the same security, the Sub-Advisor and such other entity will each have the power to vote its pro rata share of the security. Advisor acknowledges and agrees that Sub-Advisor shall not have any responsibility to initiate, consider or participate in any bankruptcy, class action or other litigation against or involving any issue of securities held in or formerly held in the Sub-Advisor Assets or to take any action on behalf of the Advisor, Trust or the Funds with respect to any such actions or litigation. Notwithstanding this, to the extent there is any such bankruptcy, class action or other litigation against or involving any issue of securities held in the Sub-Advisor Assets, the Sub-Advisor agrees to provide any assistance reasonably requested by the Advisor.

&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>Agent</u>. Subject to any other written instructions of the Advisor or the Trust, the Sub-Advisor is hereby appointed the Advisor's and the Trust's agent and attorney-in-fact for the limited purposes of executing account documentation, agreements, contracts and other documents as the Sub-Advisor shall be requested by brokers, dealers, counterparties and other persons in connection with its management of the Sub-Advisor Assets, provided that, the Sub-Advisor's actions in executing such documents shall comply with federal regulations, all other federal laws applicable to registered investment companies and the Sub-Advisor's duties and obligations under this Agreement and the Trust's governing documents. Such documents and agreements shall limit the counterparty's recourse to the Sub-Advisor Assets.

&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>Brokerage</u>. The Sub-Advisor will place orders pursuant to the Sub-Advisor's investment determinations for a Fund either directly with an issuer or with any broker or dealer selected by the Sub-Advisor, pursuant to this paragraph. In executing portfolio transactions and selecting brokers or dealers, the Sub-Advisor will use its best efforts to seek, on behalf of a Fund, the best overall execution available. In assessing the best overall terms available for any transaction, the Sub-Advisor 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 or dealer to execute a particular transaction, the Sub-Advisor may also consider the brokerage and research services (as those terms are defined in Section 28(e) of the Securities Exchange Act of 1934, as amended (the "1934 Act")) provided to a Fund and/or other accounts over which the Sub-Advisor may exercise investment discretion. The Sub-Advisor is authorized to pay to a broker or dealer who provides such brokerage and research services a commission for executing a portfolio transaction for any of the Funds that 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-Advisor 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-Advisor to a Fund. Such authorization is subject to termination at any time by the Board of Trustees of the Trust for any reason.

In addition, the Sub-Advisor is authorized to allocate purchase and sale orders for portfolio securities to brokers or dealers that are affiliated with the Advisor, the Sub-Advisor, the Trust's principal underwriter, or other sub-advisors (if applicable) only if the Sub-Advisor believes that the quality of the transaction and the commission are comparable to what they would be with other qualified firms, and provided that the transactions are consistent with the Trust's Rule 17e-1 and Rule 10f-3 procedures. The Advisor will identify all brokers and dealers affiliated with the Trust, the Advisor, and the Trust's principal underwriter (and the other sub-advisors of the Fund, to the extent such information is necessary for the Sub-Advisor to comply with applicable federal securities laws), other than those whose sole business is the distribution of mutual fund shares, who effect securities transactions for customers. The Advisor shall promptly furnish a written notice to the Sub-Advisor if the information so provided is no longer accurate.

In connection with its management of the Sub-Advisor Assets and consistent with its fiduciary obligation to the Sub-Advisor Assets and other clients, the Sub-Advisor, to the extent permitted by applicable laws and regulations, may, but shall be under no obligation to, aggregate the securities or futures contracts to be sold or purchased in order to obtain the most favorable price or lower brokerage commissions and efficient execution. In such event, allocation of the securities or futures contracts so purchased or sold, as well as the expenses incurred in the transaction, will be made by the Sub-Advisor in the manner the Sub-Advisor considers to be, over time, the most equitable and consistent with its fiduciary obligations to the Sub-Advisor's Assets and to such other 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;(g) <u>Securities Transactions</u>. In no instance will any Fund's portfolio securities be purchased from or sold to the Advisor, the Sub-Advisor, the Trust's principal underwriter, or any affiliated person the Trust, the Advisor, the Sub-Advisor or the Trust's principal underwriter, acting as principal in the transaction, except to the extent permitted by the 1940 Act and the rules thereunder, including Rule 17a-7, and any applicable exemptive order issued by the SEC or No-Action Letters issued by the SEC staff.

The Sub-Advisor acknowledges that the Advisor and the Trust may rely on Rule 17a-7, Rule 17a-10, Rule 10f-3, Rule 12d3-1 and Rule 17e-1 under the 1940 Act, and the Sub-Advisor hereby agrees that it shall not consult with any other sub-advisor to the Fund with respect to transactions in securities for the Sub-Advisor Assets or any other transactions of Fund assets.

The Sub-Advisor is authorized to engage in transactions in which the Sub-Advisor, or an affiliate of the Sub-Advisor, acts as a broker for both the Fund and for another party on the other side of the transaction ("agency cross transactions"). The Sub-Advisor shall effect any such agency cross transactions in compliance with Rule 206(3)-2 under the Advisers Act and any other applicable provisions of the federal securities laws and shall provide the Advisor with periodic reports describing such agency cross transactions. By execution of this Agreement, the Advisor authorizes the Sub-Advisor or its affiliates to engage in agency cross transactions, as described above. The Advisor may revoke its consent at any time by written notice to the Sub-Advisor.

The Sub-Advisor hereby represents that it has implemented policies and procedures that will prevent the disclosure by it, its employees or its agents of the Trust's portfolio holdings to any person or entity other than the Advisor, the Trust's custodian, or other persons expressly designated by the Advisor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Code of Ethics</u>. The Sub-Advisor hereby represents that it has adopted policies and procedures and a code of ethics that meet the requirements of Rule 17j-1 under the 1940 Act and Rule 204A-1 under the Advisers Act. Copies of such policies and procedures and code of ethics and any changes or supplements thereto shall be delivered to the Advisor and the Trust, and any material violation of such policies, and procedures and code of ethics by personnel of the Sub-Advisor, the sanctions imposed in response thereto, and any issues arising under such policies, and procedures and code of

ethics shall be reported to the Advisor and the Trust at the times and in the format reasonably requested by the Advisor and the Board of Trustees.

&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>Books and Records</u>. The Sub-Advisor shall maintain separate detailed records of all matters pertaining to the Sub-Advisor Assets, including, without limitation, brokerage and other records of all securities transactions. Any records required to be maintained and preserved pursuant to the provisions of Rule 31a-1 and Rule 31a-2 promulgated under the 1940 Act that are prepared or maintained by the Sub-Advisor on behalf of the Trust are the property of the Trust and will be surrendered promptly to the Trust upon request. The Sub-Advisor further agrees to preserve for the periods prescribed in Rule 31a-2 under the 1940 Act the records required to be maintained under Rule 31a-1 under the 1940 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;(j) <u>Information Concerning Sub-Advisor Assets and the Sub-Advisor</u>. From time to time as the Advisor, and any consultants designated by the Advisor, or the Trust may request, the Sub-Advisor will furnish the requesting party reports on portfolio transactions and reports on Sub-Advisor Assets held in the portfolio, all in such detail as the Advisor, its consultant(s) or the Trust may reasonably request. The Sub-Advisor will provide the Advisor with information (including information that is required to be disclosed in the Prospectus) with respect to the portfolio managers responsible for Sub-Advisor Assets, any changes in the portfolio managers responsible for Sub-Advisor Assets, any changes in the ownership or management of the Sub-Advisor, or of material changes in the control of the Sub-Advisor. The Sub-Advisor will promptly notify the Advisor of any pending investigation, material litigation, administrative proceeding or any other significant regulatory inquiry. Upon reasonable request, the Sub-Advisor will make available its officers and employees to meet with the Trust's Board of Trustees to review the Sub-Advisor Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>Valuation of Sub-Advisor Assets</u>. The Sub-Advisor or its valuation delegate (as contemplated by the Trust's Valuation Procedures) agree to monitor the Sub-Advisor Assets and to promptly notify the Advisor on any day that the Sub-Advisor or its valuation delegate determine that the price of any security or other investment held in the Sub-Advisor Assets may not accurately reflect the fair value thereof. As requested by the Advisor or its Valuation Committee (as described in the Trust's Valuation Procedures) (the "Valuation Committee"), the Sub-Advisor and its valuation delegate hereby agree to provide additional assistance to the Advisor or its Valuation Committee and the Trust's pricing agents in valuing Sub-Advisor Assets held in the portfolio. The Sub-Advisor agrees that it will act, at all times, in accordance with the Trust's Valuation Procedures, and will provide such certifications or sub-certifications relating to its compliance with the Trust's Valuation Procedures as reasonably may be requested, from time to time, by the Advisor, its Valuation Committee or the Trust.

The Sub-Advisor also will provide such information or perform such additional acts as are customarily performed by a Sub-Advisor and may be required for a Fund or the Advisor to comply with their respective obligations under applicable federal securities laws, including, without limitation, the 1940 Act, the Advisers Act, the 1934

Act, the Securities Act of 1933, as amended (the "Securities Act"), and any rule or regulation thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) <u>Custody Arrangements</u>. The Sub-Advisor, on each business day, shall provide the Advisor, its consultant(s) and the Trust's custodian such information as the Advisor and the Trust's custodian may reasonably request relating to all transactions concerning the Sub-Advisor Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) <u>Historical Performance Information</u>. To the extent agreed upon by the parties, the Sub-Advisor will provide the Trust with historical performance information on similarly managed investment companies or for other accounts to be included in the Prospectus or for any other uses permitted by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) <u>Regulatory Examinations</u>. The Sub-Advisor will cooperate promptly and fully with the Advisor and/or the Trust in responding to any regulatory or compliance examinations or inspections (including information requests) relating to the Trust, the Fund or the Advisor brought by any governmental or regulatory authorities having appropriate jurisdiction (including, but not limited to, the SEC).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Independent Contractor</u>. In the performance of its duties hereunder, the Sub-Advisor is and shall be an independent contractor and, unless otherwise expressly provided herein or otherwise authorized in writing, shall have no authority to act for or represent a Fund, the Trust or the Advisor in any way or otherwise be deemed an agent of a Fund, the Trust or the Advisor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Services to Other Clients</u>. Nothing herein contained shall limit the freedom of the Sub-Advisor or any affiliated person of the Sub-Advisor to render investment advisory, supervisory and other services to other investment companies, to act as investment adviser or investment counselor to other persons, firms or corporations, or to engage in other business activities. It is understood that the Sub-Advisor may give advice and take action for its other clients that may differ from advice given, or the timing or nature of action taken, for a Fund. The Sub-Advisor is not obligated to initiate transactions for a Fund in any security that the Sub-Advisor, its principals, affiliates or employees may purchase or sell for its or their own accounts or other clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Expenses</u>. During the term of this Agreement, the Sub-Advisor will pay all expenses incurred by it in connection with its activities under this Agreement, other than the costs of securities, commodities and other investments (including brokerage commissions and other transaction charges, if any) purchased or otherwise acquired, or sold or otherwise disposed of, for a Fund. The Sub-Advisor, at its sole expense, shall employ or associate itself with such persons as it believes to be particularly fitted to assist it in the execution of its duties under this Agreement. The Trust or the Advisor, as the case may be, shall reimburse the Sub-Advisor for any expenses as may be reasonably incurred by the Sub-Advisor, at the request of and on behalf of a Fund or the Advisor. The Sub-Advisor shall keep and supply to the Trust and the Advisor reasonable records of all such expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Compensation</u>. For the services provided and the expenses assumed with respect to a Fund pursuant to this Agreement, the Sub-Advisor will be entitled to the fee listed for the Fund(s) on <u>Exhibit A</u>. Such fees will be computed in accordance with <u>Exhibit A</u>.

If this Agreement is terminated prior to the end of any calendar quarter, the fee shall be prorated for the portion of any quarter in which this Agreement is in effect according to the proportion which the number of calendar days, during which this Agreement is in effect, bears to the number of calendar days in the quarter, and shall be payable within ten (10) days after the date of termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Representations and Warranties of the Sub-Advisor</u>. The Sub-Advisor represents and warrants to the Advisor and the Trust 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) The Sub-Advisor is registered as an investment adviser under 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;(b) The Sub-Advisor is a limited liability company, duly organized and validly existing under the laws of Delaware, with the power to own and possess its assets and carry on its business as it is now being conducted;

&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 execution, delivery and performance by the Sub-Advisor of this Agreement are within the Sub-Advisor's powers and have been duly authorized by all necessary action on the part of its Board of Managers and no action by or in respect of, or filing with, any governmental body, agency or official is required on the part of the Sub-Advisor for the execution, delivery and performance by the Sub-Advisor of this Agreement, and the execution, delivery and performance by the Sub-Advisor of this Agreement do not contravene or constitute a default under (i) any provision of applicable law, rule or regulation; (ii) the Sub-Advisor's governing instruments; or (iii) any agreement, judgment, injunction, order, decree or other instrument binding upon the Sub-Advisor.; 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) The Form ADV of the Sub-Advisor previously provided to the Advisor is a true and complete copy of the form as currently filed with the SEC and the information contained therein is accurate and complete in all material respects and does not omit to state any material fact necessary in order to make the statements made, in light of the circumstances under which they are made, not misleading. The Sub-Advisor will promptly provide the Advisor and the Trust with a complete copy of all subsequent amendments to its Form ADV.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Representations and Warranties of the Advisor</u>. The Advisor represents and warrants to the Sub-Advisor and the Trust 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) The Advisor is registered as an investment adviser under 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;(b) The Advisor is a limited liability company duly organized and validly existing under the laws of the State of Delaware, with the power to own and possess its assets and carry on its business as it is now being conducted;

&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 execution, delivery and performance by the Advisor of this Agreement are within the Advisor's powers and have been duly authorized by all necessary action on the part of its Board of Directors, and no action by or in respect of, or filing with, any governmental body, agency or official is required on the part of the Advisor for the execution, delivery and performance by the Advisor of this Agreement, and the execution, delivery and performance by the Advisor of this Agreement do not contravene or constitute a default under (i) any provision of applicable law, rule or regulation; (ii) the Advisor's governing instruments; or (iii) any agreement, judgment, injunction, order, decree or other instrument binding upon the Advisor;

&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 Advisor acknowledges that it received a copy of the Sub-Advisor's Form ADV prior to the execution of this Agreement, which was provided by the Sub-Advisor and consents to the Sub-Advisor's use of electronic mail to satisfy its disclosure delivery requirements under the federal securities law, including the Sub-Advisor's obligation to deliver its Form ADV;

&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 Advisor and the Trust have duly entered into the Advisory Agreement pursuant to which the Trust authorized the Advisor to enter into this Agreement; 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 Advisor and the Trust have policies and procedures designed to detect and deter disruptive trading practices, including "market timing," and the Advisor and the Trust each agree that they will continue to enforce and abide by such policies and procedures, as amended from time to time, and comply with all existing and future laws relating to such matters or to the purchase and sale of interests in the Funds generally.

&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. <u>Survival of Representations and Warranties; Duty to Update Information</u>. All representations and warranties made by the Sub-Advisor and the Advisor pursuant to Sections 7 and 8 of this Agreement, respectively, shall survive for the duration of this Agreement and the parties hereto shall promptly notify each other in writing upon becoming aware that any of the foregoing representations and warranties are no longer true.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Liability and Indemnification</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Liability</u>. The duties of the Sub-Advisor shall be confined to those expressly set forth herein, with respect to the Sub-Advisor Assets. The Sub-Advisor shall not be liable for any loss arising out of any portfolio investment or disposition hereunder, except a loss resulting from willful misfeasance, bad faith or negligence in the performance of its duties, or by reason of reckless disregard of its obligations and duties hereunder, except as may otherwise be provided under provisions of applicable state law that cannot be waived or modified hereby. Under no circumstances shall the Sub-Advisor be liable for any loss arising out of any act or omission taken by another sub-advisor, or any other third party, in respect of any portion of the Trust's assets not managed by the Sub-Advisor pursuant to this Agreement. Under no circumstances shall either party hereto be liable to the other for special, punitive or consequential damages, arising under or in connection with this Agreement, even if previously informed of the possibility of such damages.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Indemnification</u>. The Sub-Advisor shall indemnify the Advisor, the Trust and each Fund, and their respective affiliates and controlling persons (the "Fund Indemnified Persons") for any liability and expenses, including reasonable attorneys' fees, which a Fund Indemnified Person sustains as a result of the Sub-Advisor's breach of this Agreement or its representations and warranties herein, willful misfeasance, bad faith, negligence, reckless disregard of its duties hereunder, or violation of applicable law; provided, however, that the Fund Indemnified Persons shall not be indemnified for any liability or expenses to the extent such liability or expenses result from the Advisor's breach of this Agreement or its representations and warranties herein, willful misfeasance, bad faith, negligence, reckless disregard of its duties hereunder, or violation of applicable law.

The Advisor shall indemnify the Sub-Advisor, its affiliates and its controlling persons (the "Sub-Advisor Indemnified Persons") for any liability and expenses, including reasonable attorneys' fees, which a Sub-Advisor Indemnified Person sustains as a result of the Advisor's breach of this Agreement or its representations and warranties herein, willful misfeasance, bad faith, negligence, reckless disregard of its duties hereunder, or violation of applicable law; provided, however, that the Sub-Advisor Indemnified Persons shall not be indemnified for any liability or expenses to the extent such liability or expenses result from the Sub-Advisor's breach of this Agreement or its representations and warranties herein, willful misfeasance, bad faith, negligence, reckless disregard of its duties hereunder, or violation of applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Duration and Termination</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Duration</u>. This Agreement, unless sooner terminated as provided herein, shall for the Fund(s) listed on <u>Exhibit A</u> attached hereto remain in effect from the date of execution (the "Effective Date"), until two years from the Effective Date, and thereafter, for periods of one year, so long as such continuance thereafter is specifically approved at least annually (i) by the vote of a majority of those Trustees of the Trust who are not interested persons of any party to this Agreement, cast in person at a meeting called for the purpose of voting on such approval, and (ii) by the Trustees of the Trust, or by the vote of a majority of the outstanding voting securities of each Fund (except as such vote may be unnecessary pursuant to relief granted by an exemptive order from the SEC). The foregoing requirement that continuance of this Agreement be "specifically approved at least annually" shall be construed in a manner consistent with the 1940 Act and the rules and regulations thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Termination</u>. This Agreement may be terminated as to any Fund at any time, without the payment of any penalty by: (i) the vote of a majority of the Trustees of the Trust, the vote of a majority of the outstanding voting securities of the Fund, or the Advisor, or (ii) the Sub-Advisor on not less than ninety (90) days written notice to the Advisor and the Trust. This Agreement may also be terminated as to any Fund at any time by any party hereto immediately upon written notice to the other parties in the event of a breach of any provision to this Agreement by any of the parties.

This Agreement shall not be assigned and shall terminate automatically in the event of its assignment, except as provided otherwise by any rule, exemptive order issued by the SEC, or No-Action Letter provided or pursuant to the 1940 Act, or upon the termination of the Advisory Agreement. In the event that there is a proposed change in control of the Sub-Advisor that results in an assignment of the Agreement, or the Sub-Advisor resigns, both of which would act to terminate this Agreement, the Sub-Advisor agrees to assume all reasonable costs and expenses (including the costs of mailing) associated with the preparation of an information statement, as required by the exemptive order issued by the SEC to the Trust and the Advisor with respect to the appointment of sub-advisors absent shareholder approval.

This Agreement shall extend to and bind the heirs, executors, administrators and successors of the parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Amendment</u>. This Agreement may be amended by mutual consent of the parties, provided that the terms of any material amendment shall be approved by: (a) the Trust's Board of Trustees or by a vote of the majority of a Fund's outstanding securities, and (b) the vote of a majority of those Trustees of the Trust who are not interested persons of any party to this Agreement cast in accordance with the requirements of the 1940 Act and the rules and regulations thereunder or in accordance with such regulatory guidance, interpretations or exemptive relief issued by the SEC or its staff from time to time. <u>Exhibit A</u> hereto may be amended at any time to add additional Funds as agreed by the Advisor and the Sub-Advisor and approved by the Trust's Board of Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Confidentiality</u>. Any information or recommendations supplied by either the Advisor or the Sub-Advisor, that are not otherwise in the public domain or previously known to the other party in connection with the performance of its obligations and duties hereunder, including portfolio holdings of the Trust, financial information or other information relating to a party to this Agreement, are to be regarded as confidential ("Confidential Information") and held in the strictest confidence. Except as may be required by applicable law or rule or as requested by regulatory authorities having jurisdiction over a party to this Agreement, Confidential Information may be used only by the party to which said information has been communicated and such other persons as that party believes are necessary to carry out the purposes of this Agreement, including the custodian, and such persons as the Advisor may designate in connection with the Sub-Advisor Assets. The Advisor may disclose information relating to its fee arrangement with the Sub-Advisor, Sub-Advisor performance information, and similar information, to investors in the Funds, clients and prospective clients. Nothing in this Agreement shall be construed to prevent the Sub-Advisor from giving other entities investment advice about, or trading on their behalf, in the securities of a Fund or the Advisor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. <u>Use of Sub-Advisor's Name</u>. During the term of this Agreement, the Advisor shall have permission to use the Sub-Advisor's name in the marketing of the Fund, and agrees to furnish the Sub-Advisor at its principal office all prospectuses, proxy statements and reports to shareholders prepared for distribution to shareholders of the Fund or the public, which refer to the Sub-Advisor in any way.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. <u>Notice</u>. 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. Delivery of any such notice, advice or report shall also be deemed sufficient if emailed by the party giving notice to the other party at the last known email address, provided that delivery thereof is subsequently verified by the party giving notice through telephone, read receipt, or a reply thereto.

&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>If to the Advisor</u>:

Mercer Investments LLC

99 High Street

Boston, MA 02110

Attention: Global Chief Investments Counsel

Email: colin.dean@mercer.com

&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>If to the Sub-Advisor</u>:

Pzena Investment Management, LLC

320 Park Avenue

8<sup>th</sup> Floor

New York, NY 10022

Attention: Legal & Compliance

Email: legal&compliancce@pzena.com

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. <u>Third-Party Beneficiaries</u>. The parties hereto acknowledge and agree that the Trust and the Fund(s) are third-party beneficiaries as to the covenants, obligations, representations, and warranties undertaken by the Sub-Advisor under this Agreement and as to the rights and privileges to which the Advisor is entitled pursuant to this Agreement, and that the Trust and the Fund(s) are entitled to all of the rights and privileges associated with such third-party-beneficiary status. This Agreement does not, and is not intended to, create any other third-party beneficiary, or otherwise confer any rights, privileges, claims or remedies upon any shareholder or other person other than the Trust, the Fund(s), and the parties and their respective successors and permitted assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. <u>Governing Law and Forum Selection</u>. This Agreement shall be governed by the internal laws of the State of New York without regard to conflict of law principles; provided, however that nothing herein shall be construed as being inconsistent with the 1940 Act, the Advisers Act, the rules and regulations thereunder, or such regulatory guidance, interpretations or exemptive relief issued by the SEC or its staff from time to time. Any legal suit, action or proceeding related to, arising out of, or concerning this Agreement shall be brought only in the U.S. District Court for the Southern District of New York, or if such action may not be brought in that court, then such action shall be brought in the New York Supreme Court (the "Designated Courts"). Each party (a) consents to jurisdiction in the Designated Courts; (b) waives any

objection to venue in either Designated Court, and (c) waives any objection that either Designated Court is an inconvenient forum. For any action commenced in the New York Supreme Court, application shall be submitted to the Commercial Division.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. <u>Entire Agreement</u>. 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. <u>Severability</u>. If any provision of this Agreement shall be held or made invalid by a court decision, statute, rule or otherwise, the remainder of this Agreement shall not be affected thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. <u>Certain Definitions</u>. For the purposes of this Agreement and except as otherwise provided herein, "interested person," "affiliated person," "affiliates," "controlling persons" and "assignment" shall have their respective meanings as set forth in the 1940 Act, subject, however, to such exemptions as may be granted by the SEC, and the term "Fund" or "Funds" shall refer to those Fund(s) for which the Sub-Advisor provides investment management services and as are listed on <u>Exhibit A</u> to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21. <u>Captions</u>. The captions herein are included for convenience of reference only and shall be ignored in the construction or interpretation hereof.

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first written above.

ADVISOR<br> MERCER INVESTMENTS LLC

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|:---|:---|
| By: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Larry Vasquez |

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Name: <u>Larry Vasquez</u> <br> Title: <u>Vice President</u>

SUB-ADVISOR<br> PZENA INVESTMENT MANAGEMENT, LLC

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|:---|:---|
| By: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Allison Fisch |

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Name: <u>Allison Fisch</u> <br> Title: <u>Managing Principal, President and Portfolio Manager</u>

## Ex-99.(D)(23)

**Exhibit 99.(d)(23)**

**SUB-ADVISORY AGREEMENT**

**AGREEMENT** made as of the 25th day of October, 2024 by and between Mercer Investments LLC, a Delaware limited liability company (the "Advisor"), and Robeco Institutional Asset Management US Inc., a Delaware corporation (the "Sub-Advisor").

**WHEREAS,** the Advisor and the Sub-Advisor are registered investment advisers under the Investment Advisers Act of 1940, as amended (the "Advisers Act"), and engage in the business of providing investment management services; and

**WHEREAS,** the Advisor has been retained to act as investment adviser pursuant to an Investment Management Agreement, dated July 1, 2014 and as amended from time to time (the "Advisory Agreement"), with Mercer Funds (the "Trust"), a Delaware statutory trust registered with the U.S. Securities and Exchange Commission (the "SEC") as an open-end management investment company under the Investment Company Act of 1940, as amended (the "1940 Act"), which consists of several separate series of shares, each having its own investment objectives and policies, and which is authorized to create additional series in the future; and

**WHEREAS,** the Advisory Agreement permits the Advisor, subject to the supervision and direction of the Trust's Board of Trustees, to delegate certain of its duties under the Advisory Agreement to other investment advisers, subject to the requirements of the 1940 Act; and

**WHEREAS,** the Advisor desires to retain the Sub-Advisor to assist the Advisor in the provision of a continuous investment program for that portion of one or more of the Trust's series' (each a "Fund") assets which the Advisor will assign to the Sub-Advisor (the "Sub-Advisor Assets"), and the Sub-Advisor is willing to render such services, subject to the terms and conditions set forth in this Agreement.

**NOW, THEREFORE,** in consideration of mutual covenants recited below, the parties agree and promise as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Appointment as Sub-Advisor</u>. The Advisor hereby appoints the Sub-Advisor to act as investment adviser for and to manage the Sub-Advisor Assets, subject to the supervision of the Advisor and the Board of Trustees of the Trust, and subject to the terms of this Agreement; and the Sub-Advisor hereby accepts such appointment. In such capacity, the Sub-Advisor shall be responsible for the investment management of the Sub-Advisor Assets. The Sub-Advisor agrees to exercise the same degree of skill, care and diligence in performing its services under this Agreement as the Sub-Advisor exercises in performing similar services with respect to other fiduciary accounts for which the Sub-Advisor has investment responsibilities, and that a prudent manager would exercise under the circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Duties of the Sub-Advisor</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Investments</u>. The Sub-Advisor is hereby authorized and directed, and hereby agrees, subject to the stated investment objectives, policies and restrictions of each Fund as set forth in such Fund's prospectus and statement of additional information

as currently in effect and as amended from time to time (collectively referred to as the "Prospectus") and subject to the directions of the Advisor and the Trust's Board of Trustees, to purchase, hold and sell investments for the Sub-Advisor Assets and to monitor such investments on an ongoing basis. In providing these services, the Sub-Advisor will conduct an ongoing program of investment, evaluation and, if appropriate, sale and reinvestment of the Sub-Advisor Assets. The Advisor agrees to provide the Sub-Advisor information concerning (i) a Fund; (ii) its assets available or to become available for investment; and (iii) the conditions of a Fund's or the Trust's affairs as relevant to the Sub-Advisor.

&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>Compliance with Applicable Laws, Governing Documents and Trust Compliance Procedures</u>. In the performance of its duties and obligations under this Agreement, the Sub-Advisor shall, with respect to Sub-Advisor Assets, (i) act in conformity with: (A) the Trust's Agreement and Declaration of Trust (the "Declaration of Trust") and By-Laws; (B) the Prospectus; (C) the policies and procedures for compliance by the Trust with the Federal Securities Laws (as that term is defined in Rule 38a-1 under the 1940 Act) provided to the Sub-Advisor (together, the "Trust Compliance Procedures"); and (D) the instructions and directions received in writing from the Advisor or the Trustees of the Trust (including, but not limited to, the investment guidelines applicable to the Sub-Advisor Assets as agreed to in writing by the parties and as may be amended in writing between the parties from time to time (the "Investment Guidelines")); and (ii) conform to and comply with the requirements of the 1940 Act, the Advisers Act, and all other federal laws applicable to registered investment companies' and Sub-Advisors' duties under this Agreement. The Advisor will provide the Sub-Advisor with any materials or information that the Sub-Advisor may reasonably request to enable it to perform its duties and obligations under this Agreement.

The Advisor will provide the Sub-Advisor with reasonable advance notice, in writing, of: (i) any change in a Fund's investment objectives, policies and restrictions as stated in the Prospectus; (ii) any material change to the Trust's Declaration of Trust or By-Laws; or (iii) any material change in the Trust Compliance Procedures; and the Sub-Advisor, in the performance of its duties and obligations under this Agreement, shall manage the Sub-Advisor Assets consistently with such changes, provided the Sub-Advisor has received such prior notice of the effectiveness of such changes from the Trust or the Advisor. In addition to such notice, the Advisor shall provide to the Sub-Advisor a copy of a modified Prospectus and copies of the revised Trust Compliance Procedures, as applicable, reflecting such changes. The Sub-Advisor hereby agrees to provide to the Advisor in a timely manner, in writing, such information relating to the Sub-Advisor and its relationship to, and actions for, a Fund as may be required to be contained in the Prospectus or in the Trust's registration statement on Form N-1A, or otherwise as reasonably requested by the Advisor. The Sub-Advisor further agrees to notify the Advisor immediately of any statement, known by the Sub-Advisor and relating to the Sub-Advisor and its relationship to, and actions for, a Fund, that is contained in the Prospectus or in the Trust's registration statement on Form N-1A and becomes untrue in any material respect.

In order to assist the Trust and the Trust's Chief Compliance Officer (the "Trust CCO") to satisfy the requirements contained in Rule 38a-1 under the 1940 Act, the Sub-Advisor shall provide to the Trust CCO: (i) direct access to the Sub-Advisor's chief compliance officer (the "Sub-Advisor CCO"), as reasonably requested by the Trust CCO; (ii) quarterly reports confirming that the Sub-Advisor has complied with the Trust Compliance Procedures in managing the Sub-Advisor Assets; and (iii) quarterly certifications that there were no Material Compliance Matters (as that term is defined by Rule 38a-1(e)(2)) that arose under the Trust Compliance Procedures that related to the Sub-Advisor's management of the Sub-Advisor Assets.

&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>Sub-Advisor Compliance Policies and Procedures</u>. The Sub-Advisor shall promptly provide the Trust CCO with copies for his/her review of: (i) the Sub-Advisor's policies and procedures for compliance by the Sub-Advisor with the Federal Securities Laws (together, the "Sub-Advisor Compliance Procedures"), and (ii) any material changes to the Sub-Advisor Compliance Procedures. The Sub-Advisor shall cooperate fully with the Trust CCO so as to facilitate the Trust CCO's performance of the Trust CCO's responsibilities under Rule 38a-1 to review, evaluate and report to the Trust's Board of Trustees on the operation of the Sub-Advisor Compliance Procedures, and shall promptly report to the Trust CCO any Material Compliance Matter arising under the Sub-Advisor Compliance Procedures involving the Sub-Advisor Assets. The Sub-Advisor shall provide to the Trust CCO: (i) quarterly reports confirming the Sub-Advisor's compliance with the Sub-Advisor Compliance Procedures in managing the Sub-Advisor Assets, and (ii) certifications that there were no Material Compliance Matters involving the Sub-Advisor that arose under the Sub-Advisor Compliance Procedures that affected the Sub-Advisor Assets. At least annually, the Sub-Advisor shall provide a certification to the Trust CCO to the effect that the Sub-Advisor has in place and has implemented policies and procedures that are reasonably designed to ensure compliance by the Sub-Advisor with the Federal Securities Laws.

&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>Voting of Proxies</u>. Unless otherwise instructed by the Advisor or the Trust, the Sub-Advisor shall have the power, discretion and responsibility to vote, either in person or by proxy, all securities in which the Sub-Advisor Assets may be invested from time to time, and shall not be required to seek instructions from the Advisor, the Trust or a Fund. The Sub-Advisor shall also provide its Proxy Voting Policy (the "Proxy Policy"), and, if requested by the Advisor, a summary of such Proxy Policy suitable for including in the Prospectus, and will provide the Advisor with any material amendment to the Proxy Policy within a reasonable time after such amendment has taken effect. If both the Sub-Advisor and another person managing assets of a Fund have invested in the same security, the Sub-Advisor and such other entity will each have the power to vote its pro rata share of the security. The Sub-Advisor will vote in accordance with its own Proxy Voting Policy that has previously been shared and acknowledged by the Advisor. The Advisor consents to the Sub-Advisor voting the proxies of shares it holds for the Advisor in accordance with the Sub-Advisor's Proxy Voting 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;(e) <u>Agent</u>. Subject to any other written instructions of the Advisor or the Trust, the Sub-Advisor is hereby appointed the Advisor's and the Trust's agent and attorney-in-fact for the limited purposes of executing account documentation,

agreements, contracts and other documents as the Sub-Advisor shall be requested by brokers, dealers, counterparties and other persons in connection with its management of the Sub-Advisor Assets, provided that, the Sub-Advisor's actions in executing such documents shall comply with federal regulations, all other federal laws applicable to registered investment companies and the Sub-Advisor's duties and obligations under this Agreement and the Trust's governing documents. Such documents and agreements shall limit the counterparty's recourse to the Sub-Advisor Assets.

&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>Brokerage</u>. The Sub-Advisor will place orders pursuant to the Sub-Advisor's investment determinations for a Fund either directly with an issuer or with any broker or dealer selected by the Sub-Advisor, pursuant to this paragraph. In executing portfolio transactions and selecting brokers or dealers, the Sub-Advisor will use its best efforts to seek, on behalf of a Fund, the best overall execution available. In assessing the best overall terms available for any transaction, the Sub-Advisor 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 or dealer to execute a particular transaction, the Sub-Advisor may also consider the brokerage and research services (as those terms are defined in Section 28(e) of the Securities Exchange Act of 1934, as amended (the "1934 Act")) provided to a Fund and/or other accounts over which the Sub-Advisor may exercise investment discretion. The Sub-Advisor is authorized to pay to a broker or dealer who provides such brokerage and research services a commission for executing a portfolio transaction for any of the Funds that 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-Advisor 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-Advisor to a Fund. Such authorization is subject to termination at any time by the Board of Trustees of the Trust for any reason.

In addition, the Sub-Advisor is authorized to allocate purchase and sale orders for portfolio securities to brokers or dealers that are affiliated with the Advisor, the Sub-Advisor, the Trust's principal underwriter, or other sub-advisors (if applicable) only if the Sub-Advisor believes that the quality of the transaction and the commission are comparable to what they would be with other qualified firms, and provided that the transactions are consistent with the Trust's Rule 17e-1 and Rule 10f-3 procedures. The Advisor will identify all brokers and dealers affiliated with the Trust, the Advisor, and the Trust's principal underwriter (and the other sub-advisors of the Fund, to the extent such information is necessary for the Sub-Advisor to comply with applicable federal securities laws), other than those whose sole business is the distribution of mutual fund shares, who effect securities transactions for customers. The Advisor shall promptly furnish a written notice to the Sub-Advisor if the information so provided is no longer accurate.

In connection with its management of the Sub-Advisor Assets and consistent with its fiduciary obligation to the Sub-Advisor Assets and other clients, the Sub-Advisor, to

the extent permitted by applicable laws and regulations, may, but shall be under no obligation to, aggregate the securities or futures contracts to be sold or purchased in order to obtain the most favorable price or lower brokerage commissions and efficient execution. In such event, allocation of the securities or futures contracts so purchased or sold, as well as the expenses incurred in the transaction, will be made by the Sub-Advisor in the manner the Sub-Advisor considers to be, over time, the most equitable and consistent with its fiduciary obligations to the Sub-Advisor's Assets and to such other 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;(g) <u>Securities Transactions</u>. In no instance will any Fund's portfolio securities be purchased from or sold to the Advisor, the Sub-Advisor, the Trust's principal underwriter, or any affiliated person the Trust, the Advisor, the Sub-Advisor or the Trust's principal underwriter, acting as principal in the transaction, except to the extent permitted by the 1940 Act and the rules thereunder, including Rule 17a-7, and any applicable exemptive order issued by the SEC or No-Action Letters issued by the SEC staff.

The Sub-Advisor acknowledges that the Advisor and the Trust may rely on Rule 17a-7, Rule 17a-10, Rule 10f-3, Rule 12d3-1 and Rule 17e-1 under the 1940 Act, and the Sub-Advisor hereby agrees that it shall not consult with any other sub-advisor to the Fund with respect to transactions in securities for the Sub-Advisor Assets or any other transactions of Fund assets.

The Sub-Advisor is authorized to engage in transactions in which the Sub-Advisor, or an affiliate of the Sub-Advisor, acts as a broker for both the Fund and for another party on the other side of the transaction ("agency cross transactions"). The Sub-Advisor shall effect any such agency cross transactions in compliance with Rule 206(3)-2 under the Advisers Act and any other applicable provisions of the federal securities laws and shall provide the Advisor with periodic reports describing such agency cross transactions. By execution of this Agreement, the Advisor authorizes the Sub-Advisor or its affiliates to engage in agency cross transactions, as described above. The Advisor may revoke its consent at any time by written notice to the Sub-Advisor.

The Sub-Advisor hereby represents that it has implemented policies and procedures that will prevent the disclosure by it, its employees or its agents of the Trust's portfolio holdings to any person or entity other than the Advisor, the Trust's custodian, or other persons expressly designated by the Advisor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Code of Ethics</u>. The Sub-Advisor hereby represents that it has adopted policies and procedures and a code of ethics that meet the requirements of Rule 17j-1 under the 1940 Act and Rule 204A-1 under the Advisers Act. Copies of such policies and procedures shall be made available for inspection and review, including by remote review and the code of ethics and any changes or supplements to the code of ethics shall be delivered to the Advisor and the Trust. Any material violation of such policies, and procedures and code of ethics by personnel of the Sub-Advisor, the sanctions imposed in response thereto, and any issues arising under such policies, and procedures and code of ethics involving personnel or staff of the Sub-Advisor who have a role or function with

respect to a Fund shall be reported to the Advisor and the Trust at the times and in the format reasonably requested by the Advisor and the Board of Trustees.

&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>Books and Records</u>. The Sub-Advisor shall maintain separate detailed records of all matters pertaining to the Sub-Advisor Assets, including, without limitation, brokerage and other records of all securities transactions. Any records required to be maintained and preserved pursuant to the provisions of Rule 31a-1 and Rule 31a-2 promulgated under the 1940 Act that are prepared or maintained by the Sub-Advisor on behalf of the Trust are the property of the Trust and will be surrendered promptly to the Trust upon request. The Sub-Advisor further agrees to preserve for the periods prescribed in Rule 31a-2 under the 1940 Act the records required to be maintained under Rule 31a-1 under the 1940 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;(j) <u>Information Concerning Sub-Advisor Assets and the Sub-Advisor</u>. From time to time as the Advisor, and any consultants designated by the Advisor, or the Trust may request, the Sub-Advisor will furnish the requesting party reports on portfolio transactions and reports on Sub-Advisor Assets held in the portfolio, all in such detail as the Advisor, its consultant(s) or the Trust may reasonably request. The Sub-Advisor will provide the Advisor with information (including information that is required to be disclosed in the Prospectus) with respect to the portfolio managers responsible for Sub-Advisor Assets, any changes in the portfolio managers responsible for Sub-Advisor Assets, any changes in the ownership or management of the Sub-Advisor, or of material changes in the control of the Sub-Advisor. The Sub-Advisor will promptly notify the Advisor of any pending investigation, material litigation, administrative proceeding or any other significant regulatory inquiry. Upon reasonable request, the Sub-Advisor will make available its officers and employees to meet with the Trust's Board of Trustees to review the Sub-Advisor Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>Valuation of Sub-Advisor Assets</u>. The Sub-Advisor or its valuation delegate (as contemplated by the Trust's Valuation Procedures) agree to monitor the Sub-Advisor Assets and to promptly notify the Advisor on any day that the Sub-Advisor or its valuation delegate determine that the price of any security or other investment held in the Sub-Advisor Assets may not accurately reflect the fair value thereof. As requested by the Advisor or its Valuation Committee, the Sub-Advisor and its valuation delegate hereby agree to provide additional assistance to the Advisor or its Valuation Committee and the Trust's pricing agents in valuing Sub-Advisor Assets held in the portfolio. Such assistance may include fair value pricing of portfolio securities, as requested by the Advisor. The Advisor acknowledges and agrees that the Sub-Advisor is not the pricing agent for the Fund and does not have responsibility for determining the market value of any asset in the Fund. In connection with its role as Sub-Advisor and with respect to the Sub-Advisor Assets, the Sub-Advisor agrees that it will act, at all times, in accordance with the Trust's Valuation Procedures as presented to the Sub-Advisor and will provide such certifications or sub-certifications relating to its compliance with the Trust's Valuation Procedures as reasonably may be requested, from time to time, by the Advisor or the Trust. The parties acknowledge that the Sub-Advisor and the custodian or recordkeeping agent of the Trust may use different pricing vendors, which may result in valuation discrepancies with respect to (i) the Sub-Advisor Assets and (ii) assets (which

may be the same as assets held as part of the Sub-Advisor Assets) managed by the Sub-Advisor but held for accounts other than the Trust.

The Sub-Advisor also will provide such information or perform such additional acts as are customarily performed by a Sub-Advisor and may be required for a Fund or the Advisor to comply with their respective obligations under applicable federal securities laws, including, without limitation, the 1940 Act, the Advisers Act, the 1934 Act, the Securities Act of 1933, as amended (the "Securities Act"), and any rule or regulation thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) <u>Custody Arrangements</u>. The Sub-Advisor, on each business day, shall provide the Advisor, its consultant(s) and the Trust's custodian such information as the Advisor and the Trust's custodian may reasonably request relating to all transactions concerning the Sub-Advisor Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) <u>Historical Performance Information</u>. To the extent agreed upon by the parties, the Sub-Advisor will provide the Trust with historical performance information on similarly managed investment companies or for other accounts to be included in the Prospectus or for any other uses permitted by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) <u>Regulatory Examinations</u>. The Sub-Advisor will cooperate promptly and fully with the Advisor and/or the Trust in responding to any regulatory or compliance examinations or inspections (including information requests) relating to the Trust, the Fund or the Advisor brought by any governmental or regulatory authorities having appropriate jurisdiction (including, but not limited to, the SEC).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) <u>Tax Services</u>. The Advisor shall remain responsible for the management of its affairs for tax and accounting purposes. The Sub-Advisor shall not provide the Advisor with tax advice or accounting advice or services. Subject to any specific requirements set out in the Investment Guidelines and consistent with any applicable requirements of the 1940 Act and rules thereunder, the Sub-Advisor shall have no responsibility to take into account the Advisor or Fund's tax status in providing the services under this Agreement. The Advisor will reclaim any taxes, stamp duties and similar levies, including but not limited to dividend and other withholding taxes himself or instruct the Custodian to reclaim such dividend and withholding taxes on its behalf. The Advisor shall promptly provide to the Sub-Advisor all information or documents that are requested by any tax authority of the Sub-Advisor in respect of the Advisor or Fund. The Sub-Advisor is under no obligation to report to the Advisor on the tax consequences of buying or selling assets in the Portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Independent Contractor</u>. In the performance of its duties hereunder, the Sub-Advisor is and shall be an independent contractor and, unless otherwise expressly provided herein or otherwise authorized in writing, shall have no authority to act for or represent a Fund, the Trust or the Advisor in any way or otherwise be deemed an agent of a Fund, the Trust or the Advisor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Services to Other Clients</u>. Nothing herein contained shall limit the freedom of the Sub-Advisor or any affiliated person of the Sub-Advisor to render investment advisory, supervisory and other services to other investment companies, to act as investment adviser or investment counselor to other persons, firms or corporations, or to engage in other business activities. It is understood that the Sub-Advisor may give advice and take action for its other clients that may differ from advice given, or the timing or nature of action taken, for a Fund. The Sub-Advisor is not obligated to initiate transactions for a Fund in any security that the Sub-Advisor, its principals, affiliates or employees may purchase or sell for its or their own accounts or other clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Expenses</u>. During the term of this Agreement, the Sub-Advisor will pay all expenses incurred by it in connection with its activities under this Agreement, other than the costs of securities, commodities and other investments (including, as applicable, brokerage commissions and other transaction charges, any stamp duties, financial transaction taxes or similar levies incurred in connection with the management of the Fund) purchased or otherwise acquired, or sold or otherwise disposed of, for a Fund. The Sub-Advisor, at its sole expense, shall employ or associate itself with such persons as it believes to be particularly fitted to assist it in the execution of its duties under this Agreement. The Trust or the Advisor, as the case may be, shall reimburse the Sub-Advisor for any expenses as may be reasonably incurred by the Sub-Advisor, at the request of and on behalf of a Fund or the Advisor. The Sub-Advisor shall keep and supply to the Trust and the Advisor reasonable records of all such expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Compensation</u>. For the services provided and the expenses assumed with respect to a Fund pursuant to this Agreement, the Sub-Advisor will be entitled to the fee listed for the Fund(s) on <u>Exhibit A</u>. Such fees will be computed in accordance with <u>Exhibit A</u>.

If this Agreement is terminated prior to the end of any calendar quarter, the fee shall be prorated for the portion of any quarter in which this Agreement is in effect according to the proportion which the number of calendar days, during which this Agreement is in effect, bears to the number of calendar days in the quarter, and shall be payable within ten (10) days after the date of termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Representations and Warranties of the Sub-Advisor</u>. The Sub-Advisor represents and warrants to the Advisor and the Trust 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) The Sub-Advisor is registered as an investment adviser under 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;(b) The Sub-Advisor is a corporation, duly organized and validly existing under the laws of Delaware, with the power to own and possess its assets and carry on its business as it is now being conducted;

&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 execution, delivery and performance by the Sub-Advisor of this Agreement are within the Sub-Advisor's powers and have been duly authorized by all necessary action on the part of its Board of Directors and no action by or in respect of, or filing with, any governmental body, agency or official is required on the part of the Sub-Advisor for the execution, delivery and performance by the Sub-Advisor of this

Agreement, and the execution, delivery and performance by the Sub-Advisor of this Agreement do not contravene or constitute a default under (i) any provision of applicable law, rule or regulation; (ii) the Sub-Advisor's governing instruments; or (iii) any agreement, judgment, injunction, order, decree or other instrument binding upon the Sub-Advisor.; 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) The Form ADV of the Sub-Advisor previously provided to the Advisor is a true and complete copy of the form as currently filed with the SEC and the information contained therein is accurate and complete in all material respects and does not omit to state any material fact necessary in order to make the statements made, in light of the circumstances under which they are made, not misleading. The Sub-Advisor will promptly provide the Advisor and the Trust with a complete copy of all subsequent amendments to its Form ADV.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Representations and Warranties of the Advisor</u>. The Advisor represents and warrants to the Sub-Advisor and the Trust 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) The Advisor is registered as an investment adviser under 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;(b) The Advisor is a limited liability company duly organized and validly existing under the laws of the State of Delaware, with the power to own and possess its assets and carry on its business as it is now being conducted;

&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 execution, delivery and performance by the Advisor of this Agreement are within the Advisor's powers and have been duly authorized by all necessary action on the part of its Board of Directors, and no action by or in respect of, or filing with, any governmental body, agency or official is required on the part of the Advisor for the execution, delivery and performance by the Advisor of this Agreement, and the execution, delivery and performance by the Advisor of this Agreement do not contravene or constitute a default under (i) any provision of applicable law, rule or regulation; (ii) the Advisor's governing instruments; or (iii) any agreement, judgment, injunction, order, decree or other instrument binding upon the Advisor;

&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 Advisor acknowledges that it received a copy of the Sub-Advisor's Form ADV prior to the execution of this Agreement, which was provided by the Sub-Advisor;

&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 Advisor and the Trust have duly entered into the Advisory Agreement pursuant to which the Trust authorized the Advisor to enter into this Agreement; 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 Advisor and the Trust have policies and procedures designed to detect and deter disruptive trading practices, including "market timing," and the Advisor and the Trust each agree that they will continue to enforce and abide by such policies and procedures, as amended from time to time, and comply with all existing and future laws relating to such matters or to the purchase and sale of interests in the Funds generally.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Survival of Representations and Warranties; Duty to Update Information</u>. All representations and warranties made by the Sub-Advisor and the Advisor pursuant to

Sections 7 and 8 of this Agreement, respectively, shall survive for the duration of this Agreement and the parties hereto shall promptly notify each other in writing upon becoming aware that any of the foregoing representations and warranties are no longer true.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Liability and Indemnification</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Liability</u>. The duties of the Sub-Advisor shall be confined to those expressly set forth herein, with respect to the Sub-Advisor Assets. The Sub-Advisor shall not be liable for any loss arising out of any portfolio investment or disposition hereunder, except a loss resulting from willful misfeasance, bad faith or negligence in the performance of its duties, or by reason of reckless disregard of its obligations and duties hereunder, except as may otherwise be provided under provisions of applicable state law that cannot be waived or modified hereby. Under no circumstances shall the Sub-Advisor be liable for any loss arising out of any act or omission taken by another sub-advisor, or any other third party, in respect of any portion of the Trust's assets not managed by the Sub-Advisor pursuant to this Agreement. Under no circumstances shall either party hereto be liable to the other for special, punitive or consequential damages, arising under or in connection with this Agreement, even if previously informed of the possibility of such damages.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Indemnification</u>. The Sub-Advisor shall indemnify the Advisor, the Trust and each Fund, and their respective affiliates and controlling persons (the "Fund Indemnified Persons") for any liability and expenses, including reasonable attorneys' fees, which a Fund Indemnified Person sustains as a result of the Sub-Advisor's breach of this Agreement or its representations and warranties herein, willful misfeasance, bad faith, negligence, reckless disregard of its duties hereunder, or violation of applicable law; provided, however, that the Fund Indemnified Persons shall not be indemnified for any liability or expenses to the extent such liability or expenses result from the Advisor's breach of this Agreement or its representations and warranties herein, willful misfeasance, bad faith, negligence, reckless disregard of its duties hereunder, or violation of applicable law.

The Advisor shall indemnify the Sub-Advisor, its affiliates and its controlling persons (the "Sub-Advisor Indemnified Persons") for any liability and expenses, including reasonable attorneys' fees, which a Sub-Advisor Indemnified Person sustains as a result of the Advisor's breach of this Agreement or its representations and warranties herein, willful misfeasance, bad faith, negligence, reckless disregard of its duties hereunder, or violation of applicable law; provided, however, that the Sub-Advisor Indemnified Persons shall not be indemnified for any liability or expenses to the extent such liability or expenses result from the Sub-Advisor's breach of this Agreement or its representations and warranties herein, willful misfeasance, bad faith, negligence, reckless disregard of its duties hereunder, or violation of applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Duration and Termination</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Duration</u>. This Agreement, unless sooner terminated as provided herein, shall for the Fund(s) listed on <u>Exhibit A</u> attached hereto remain in effect from the date of execution (the "Effective Date"), until two years from the Effective Date, and thereafter, for periods of one year, so long as such continuance thereafter is specifically approved at least annually (i) by the vote of a majority of those Trustees of the Trust who are not interested persons of any party to this Agreement, cast in person at a meeting called for the purpose of voting on such approval, and (ii) by the Trustees of the Trust, or by the vote of a majority of the outstanding voting securities of each Fund (except as such vote may be unnecessary pursuant to relief granted by an exemptive order from the SEC). The foregoing requirement that continuance of this Agreement be "specifically approved at least annually" shall be construed in a manner consistent with the 1940 Act and the rules and regulations thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Termination</u>. This Agreement may be terminated as to any Fund at any time, without the payment of any penalty by: (i) the vote of a majority of the Trustees of the Trust, the vote of a majority of the outstanding voting securities of the Fund, or the Advisor, or (ii) the Sub-Advisor on not less than ninety (90) days written notice to the Advisor and the Trust. This Agreement may also be terminated as to any Fund at any time by any party hereto immediately upon written notice to the other parties in the event of a breach of any provision to this Agreement by any of the parties.

This Agreement shall not be assigned and shall terminate automatically in the event of its assignment, except as provided otherwise by any rule, exemptive order issued by the SEC, or No-Action Letter provided or pursuant to the 1940 Act, or upon the termination of the Advisory Agreement. In the event that there is a proposed change in control of the Sub-Advisor that results in an assignment of the Agreement, or the Sub-Advisor resigns, both of which would act to terminate this Agreement, the Sub-Advisor agrees to assume all reasonable costs and expenses (including the costs of mailing) associated with the preparation of an information statement, as required by the exemptive order issued by the SEC to the Trust and the Advisor with respect to the appointment of sub-advisors absent shareholder approval.

This Agreement shall extend to and bind the heirs, executors, administrators and successors of the parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Amendment</u>. This Agreement may be amended by mutual consent of the parties, provided that the terms of any material amendment shall be approved by: (a) the Trust's Board of Trustees or by a vote of the majority of a Fund's outstanding securities, and (b) the vote of a majority of those Trustees of the Trust who are not interested persons of any party to this Agreement cast in accordance with the requirements of the 1940 Act and the rules and regulations thereunder or in accordance with such regulatory guidance, interpretations or exemptive relief issued by the SEC or its staff from time to time. <u>Exhibit A</u> hereto may be amended at any time to add additional Funds as agreed by the Advisor and the Sub-Advisor and approved by the Trust's Board of Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Confidentiality</u>. Any information or recommendations supplied by either the Advisor or the Sub-Advisor, that are not otherwise in the public domain or previously known to the other party in connection with the performance of its obligations and duties hereunder, including portfolio holdings of the Trust, financial information or other information relating to a party to this Agreement, are to be regarded as confidential ("Confidential Information") and held in the strictest confidence. Except as may be required by applicable law or rule or as requested by regulatory authorities having jurisdiction over a party to this Agreement, Confidential Information may be used only by the party to which said information has been communicated and such other persons as that party believes are necessary to carry out the purposes of this Agreement, including the custodian, and such persons as the Advisor may designate in connection with the Sub-Advisor Assets. The Advisor may disclose information relating to its fee arrangement with the Sub-Advisor, Sub-Advisor performance information, and similar information, to investors in the Funds, clients and prospective clients. Nothing in this Agreement shall be construed to prevent the Sub-Advisor from giving other entities investment advice about, or trading on their behalf, in the securities of a Fund or the Advisor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. <u>Use of Sub-Advisor's Name</u>. During the term of this Agreement, the Advisor shall have permission to use the Sub-Advisor's name in the marketing of the Fund, and agrees to furnish the Sub-Advisor at its principal office all prospectuses, proxy statements and reports to shareholders prepared for distribution to shareholders of the Fund or the public, which refer to the Sub-Advisor in any way.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. <u>Notice</u>. 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. Delivery of any such notice, advice or report shall also be deemed sufficient if emailed by the party giving notice to the other party at the last known email address, provided that delivery thereof is subsequently verified by the party giving notice through telephone, read receipt, or a reply thereto.

&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>If to the Advisor</u>:

Mercer Investments LLC

99 High Street

Boston, MA 02110

Attention: Global Chief Investments Counsel

Email: colin.dean@mercer.com

&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>If to the Sub-Advisor</u>:

Robeco Institutional Asset Management US, Inc.

230 Park Avenue, Suite 3330

New York, NY 10169

Attention: Head of Institutional Sales – North America

E-mail: jc.briones@robeco.com

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. <u>Third-Party Beneficiaries</u>. The parties hereto acknowledge and agree that the Trust and the Fund(s) are third-party beneficiaries as to the covenants, obligations, representations, and warranties undertaken by the Sub-Advisor under this Agreement and as to the rights and privileges to which the Advisor is entitled pursuant to this Agreement, and that the Trust and the Fund(s) are entitled to all of the rights and privileges associated with such third-party-beneficiary status. This Agreement does not, and is not intended to, create any other third-party beneficiary, or otherwise confer any rights, privileges, claims or remedies upon any shareholder or other person other than the Trust, the Fund(s), and the parties and their respective successors and permitted assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. <u>Governing Law and Forum Selection</u>. This Agreement shall be governed by the internal laws of the State of New York without regard to conflict of law principles; provided, however that nothing herein shall be construed as being inconsistent with the 1940 Act, the Advisers Act, the rules and regulations thereunder, or such regulatory guidance, interpretations or exemptive relief issued by the SEC or its staff from time to time. Any legal suit, action or proceeding related to, arising out of, or concerning this Agreement shall be brought only in the U.S. District Court for the Southern District of New York, or if such action may not be brought in that court, then such action shall be brought in the New York Supreme Court (the "Designated Courts"). Each party (a) consents to jurisdiction in the Designated Courts; (b) waives any objection to venue in either Designated Court, and (c) waives any objection that either Designated Court is an inconvenient forum. For any action commenced in the New York Supreme Court, application shall be submitted to the Commercial Division.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. <u>Entire Agreement</u>. 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. <u>Severability</u>. If any provision of this Agreement shall be held or made invalid by a court decision, statute, rule or otherwise, the remainder of this Agreement shall not be affected thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. <u>Certain Definitions</u>. For the purposes of this Agreement and except as otherwise provided herein, "interested person," "affiliated person," "affiliates," "controlling persons" and "assignment" shall have their respective meanings as set forth in the 1940 Act, subject, however, to such exemptions as may be granted by the SEC, and the term "Fund" or "Funds" shall refer to those Fund(s) for which the Sub-Advisor provides investment management services and as are listed on <u>Exhibit A</u> to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21. <u>Captions</u>. The captions herein are included for convenience of reference only and shall be ignored in the construction or interpretation hereof.

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first written above.

ADVISOR MERCER INVESTMENTS LLC

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| | |
|:---|:---|
| By: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Larry Vasquez |

---

Name: <u>Larry Vasquez</u>

Title: <u>Vice President</u>

SUB-ADVISOR<br> Robeco Institutional Asset Management US Inc.

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| | |
|:---|:---|
| By: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Andrew Cunningham |

---

Name: <u>Andrew Cunningham</u>

Title: <u>CCO/Head of US Legal</u>

---

| | |
|:---|:---|
| By: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Marcus Steinbusch |

---

<u>Name:</u> <u>Marcus Steinbusch</u>

<u>Title:</u> <u>Head of Group Fiscal Affairs</u>

## Ex-99.(D)(24)(I)

**Exhibit 99.(d)(24)(i)**

AMENDMENT TO SUB-ADVISORY AGREEMENT

THIS AMENDMENT ("Amendment") to the Sub-Advisory Agreement ("Agreement") dated August 1, 2024 by and between Mercer Investments LLC, a Delaware limited liability company (the "Advisor"), and Skerryvore Asset Management Ltd (formerly known as BennBridge Ltd), a limited company incorporated under the laws of England and Wales (the "Sub-Advisor"), is made effective as of the 1st day of July, 2025.

<u>RECITALS</u>

WHEREAS, the Advisor has been retained to act as investment adviser pursuant to an Investment Management Agreement, dated July 1, 2014, as amended from time to time (the "Advisory Agreement"), with Mercer Funds (the "Trust"), a Delaware statutory trust registered with the U.S. Securities and Exchange Commission as an open-end management investment company under the Investment Company Act of 1940, as amended (the "1940 Act"), which consists of several separate series of shares, each having its own investment objectives and policies, and which is authorized to create additional series in the future;

WHEREAS, the Advisory Agreement permits the Advisor, subject to the supervision and direction of the Trust's Board of Trustees, to delegate certain of its duties under the Advisory Agreement to other investment advisers, subject to the requirements of the 1940 Act;

WHEREAS, the Sub-Advisor currently manages an allocated portion of the assets of Mercer Emerging Markets Equity Fund, a series of the Trust, under the Agreement;

WHEREAS, the Agreement provides that the parties may mutually agree to supplement or amend any provision of the Agreement; and

WHEREAS, the Sub-Advisor and the Advisor intend to amend the Agreement to reflect a change in the Sub-Advisor's name.

<u>AGREEMENT</u>

NOW THEREFORE, in consideration of the promises and mutual agreements set forth herein, the parties hereby agree to amend the Agreement, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. All references to "BennBridge Ltd" are changed to "Skerryvore Asset Management
Ltd".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Advisor and the Sub-Advisor each acknowledge that all of their respective representations and
warranties contained in the Agreement are true and correct as of the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. All other terms and provisions of the Agreement shall remain in full force and effect, except as
modified hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. This Amendment may be executed in one or more counterparts, each of which shall be deemed to be
an original, but all of which together shall constitute one and the same instrument.

*(Signature Page Follows)*

IN WITNESS WHEREOF, the parties hereto have executed this Amendment as of the day and year first written above.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **ADVISOR**<br> MERCER INVESTMENTS LLC | **ADVISOR**<br> MERCER INVESTMENTS LLC | **ADVISOR**<br> MERCER INVESTMENTS LLC | **SUB-ADVISOR**<br> SKERRYVORE ASSET MANAGEMENT <br> LTD (f/k/a BennBridge Ltd) | **SUB-ADVISOR**<br> SKERRYVORE ASSET MANAGEMENT <br> LTD (f/k/a BennBridge Ltd) | **SUB-ADVISOR**<br> SKERRYVORE ASSET MANAGEMENT <br> LTD (f/k/a BennBridge Ltd) |
| By: | /s/ Larry Vasquez | /s/ Larry Vasquez | By: | /s/ Ashleigh Simms | /s/ Ashleigh Simms |
|  | Name: | Larry Vasquez | Name: | Name: | Ashleigh Simms |
|  | Title: | Vice President | Title: | Title: | Chief Compliance Officer |

---

## Ex-99.(D)(26)

**Exhibit 99.(d)(26)**

**SUB-ADVISORY AGREEMENT**

**AGREEMENT** made as of the 15th day of April, 2025 by and between Mercer Investments LLC, a Delaware limited liability company (the "Advisor"), and Wellington Management Company LLP, a limited liability partnership organized under the laws of the State of Delaware the "Sub-Advisor").

**WHEREAS,** the Advisor and the Sub-Advisor are registered investment advisers under the Investment Advisers Act of 1940, as amended (the "Advisers Act"), and engage in the business of providing investment management services; and

**WHEREAS,** the Advisor has been retained to act as investment adviser pursuant to an Investment Management Agreement, dated July 1, 2014 and as amended from time to time (the "Advisory Agreement"), with Mercer Funds (the "Trust"), a Delaware statutory trust registered with the U.S. Securities and Exchange Commission (the "SEC") as an open-end management investment company under the Investment Company Act of 1940, as amended (the "1940 Act"), which consists of several separate series of shares, each having its own investment objectives and policies, and which is authorized to create additional series in the future; and

**WHEREAS,** the Advisory Agreement permits the Advisor, subject to the supervision and direction of the Trust's Board of Trustees, to delegate certain of its duties under the Advisory Agreement to other investment advisers, subject to the requirements of the 1940 Act; and

**WHEREAS,** the Advisor desires to retain the Sub-Advisor to assist the Advisor in the provision of a continuous investment program for that portion of one or more of the Trust's series' (each a "Fund") assets which the Advisor will assign to the Sub-Advisor (the "Sub-Advisor Assets"), and the Sub-Advisor is willing to render such services, subject to the terms and conditions set forth in this Agreement.

**NOW, THEREFORE,** in consideration of mutual covenants recited below, the parties agree and promise as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Appointment as Sub-Advisor</u>. The Advisor hereby appoints the Sub-Advisor to act as investment adviser for and to manage the Sub-Advisor Assets, subject to the supervision of the Advisor and the Board of Trustees of the Trust, and subject to the terms of this Agreement; and the Sub-Advisor hereby accepts such appointment. In such capacity, the Sub-Advisor shall be responsible for the investment management of the Sub-Advisor Assets. The Sub-Advisor agrees to exercise the same degree of skill, care and diligence in performing its services under this Agreement as the Sub-Advisor exercises in performing similar services with respect to other fiduciary accounts for which the Sub-Advisor has investment responsibilities, and that a prudent manager would exercise under the circumstances. The Sub-Advisor may utilize the services of its affiliates to assist it with providing its services under this Agreement (including affiliates outside of the United States), provided that the Sub-Advisor will remain responsible for the performance of its obligations under the Agreement and will be responsible for paying any fees charged and reimbursing any expenses incurred by such delegated affiliates in connection with the provision

of any such services. Notwithstanding the foregoing, the Sub-Advisor will not delegate its discretionary authority to any of its affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Duties of the Sub-Advisor</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Investments</u>. The Sub-Advisor is hereby authorized and directed, and hereby agrees, subject to the stated investment objectives, policies and restrictions of each Fund as set forth in such Fund's prospectus and statement of additional information as currently in effect and as amended from time to time (collectively referred to as the "Prospectus") and subject to the directions of the Advisor and the Trust's Board of Trustees, to purchase, hold and sell investments for the Sub-Advisor Assets and to monitor such investments on an ongoing basis. In providing these services, the Sub-Advisor will conduct an ongoing program of investment, evaluation and, if appropriate, sale and reinvestment of the Sub-Advisor Assets. The Advisor agrees to provide the Sub-Advisor information concerning (i) a Fund; (ii) its assets available or to become available for investment; and (iii) the conditions of a Fund's or the Trust's affairs as relevant to the Sub-Advisor.

&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>Compliance with Applicable Laws, Governing Documents and Trust Compliance Procedures</u>. In the performance of its duties and obligations under this Agreement, the Sub-Advisor shall, with respect to Sub-Advisor Assets, (i) act in conformity with: (A) the Trust's Agreement and Declaration of Trust (the "Declaration of Trust") and By-Laws; (B) the Prospectus; (C) the policies and procedures for compliance by the Trust with the Federal Securities Laws (as that term is defined in Rule 38a-1 under the 1940 Act) provided to the Sub-Advisor (together, the "Trust Compliance Procedures"); and (D) the instructions and directions received in writing from the Advisor or the Trustees of the Trust; and (ii) conform to and comply with the requirements of the 1940 Act, the Advisers Act, and all other federal laws applicable to registered investment companies' and Sub-Advisors' duties under this Agreement. The Advisor will provide the Sub-Advisor with any materials or information that the Sub-Advisor may reasonably request to enable it to perform its duties and obligations under this Agreement.

The Advisor will provide the Sub-Advisor with reasonable advance notice, in writing, of: (i) any change in a Fund's investment objectives, policies and restrictions as stated in the Prospectus; (ii) any material change to the Trust's Declaration of Trust or By-Laws; or (iii) any material change in the Trust Compliance Procedures; and the Sub-Advisor, in the performance of its duties and obligations under this Agreement, shall manage the Sub-Advisor Assets consistently with such changes, provided the Sub-Advisor has received such prior notice of the effectiveness of such changes from the Trust or the Advisor. In addition to such notice, the Advisor shall provide to the Sub-Advisor a copy of a modified Prospectus and copies of the revised Trust Compliance Procedures, as applicable, reflecting such changes. The Sub-Advisor hereby agrees to provide to the Advisor in a timely manner, in writing, such information relating to the Sub-Advisor and its relationship to, and actions for, a Fund as may be required to be contained in the Prospectus or in the Trust's registration statement on Form N-1A, or otherwise as reasonably requested by the Advisor. The Sub-Advisor further agrees to notify the Advisor immediately of any statement, known by the Sub-Advisor and relating to the Sub-Advisor

and its relationship to, and actions for, a Fund, that is contained in the Prospectus or in the Trust's registration statement on Form N-1A and becomes untrue in any material respect.

In order to assist the Trust and the Trust's Chief Compliance Officer (the "Trust CCO") to satisfy the requirements contained in Rule 38a-1 under the 1940 Act, the Sub-Advisor shall provide to the Trust CCO: (i) direct access to the Sub-Advisor's chief compliance officer (the "Sub-Advisor CCO"), as reasonably requested by the Trust CCO; (ii) quarterly reports with respect to the Sub-Advisor's compliance with the Trust Compliance Procedures in managing the Sub-Advisor Assets; and (iii) quarterly certifications with respect to the existence of any Material Compliance Matters (as that term is defined by Rule 38a-1(e)(2)) that arose under the Trust Compliance Procedures that related to the Sub-Advisor's management of the Sub-Advisor Assets.

&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>Sub-Advisor Compliance Policies and Procedures</u>. The Sub-Advisor shall promptly provide the Trust CCO with copies of: (i) the Sub-Advisor's policies and procedures for compliance by the Sub-Advisor with the Federal Securities Laws (together, the "Sub-Advisor Compliance Procedures"), and (ii) any material changes to the Sub-Advisor Compliance Procedures. The Sub-Advisor shall cooperate fully with the Trust CCO so as to facilitate the Trust CCO's performance of the Trust CCO's responsibilities under Rule 38a-1 to review, evaluate and report to the Trust's Board of Trustees on the operation of the Sub-Advisor Compliance Procedures, and shall promptly report to the Trust CCO any Material Compliance Matter arising under the Sub-Advisor Compliance Procedures involving the Sub-Advisor Assets. The Sub-Advisor shall provide to the Trust CCO: (i) quarterly reports with respect to the Sub-Advisor's compliance with the Sub-Advisor Compliance Procedures in managing the Sub-Advisor Assets, and (ii) certifications with respect to the existence of any Material Compliance Matters involving the Sub-Advisor that arose under the Sub-Advisor Compliance Procedures that affected the Sub-Advisor Assets. At least annually, the Sub-Advisor shall provide a certification to the Trust CCO to the effect that the Sub-Advisor has in place and has implemented policies and procedures that are reasonably designed to ensure compliance by the Sub-Advisor with the Federal Securities Laws.

&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>Voting of Proxies</u>. Unless otherwise instructed by the Advisor or the Trust, the Sub-Advisor shall have the power, discretion and responsibility to vote, either in person or by proxy, all securities in which the Sub-Advisor Assets may be invested from time to time, and shall not be required to seek instructions from the Advisor, the Trust or a Fund. The Sub-Advisor shall also provide its Proxy Voting Policy (the "Proxy Policy"), and, if requested by the Advisor, a summary of such Proxy Policy suitable for including in the Prospectus, and will provide the Advisor with any material amendment to the Proxy Policy within a reasonable time after such amendment has taken effect. If both the Sub-Advisor and another person managing assets of a Fund have invested in the same security, the Sub-Advisor and such other entity will each have the power to vote its pro rata share of the 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;(e) <u>Agent</u>. Subject to any other written instructions of the Advisor or the Trust, the Sub-Advisor is hereby appointed the Advisor's and the Trust's agent and attorney-in-fact for the limited purposes of executing account documentation, agreements, contracts

and other documents as the Sub-Advisor shall be requested by brokers, dealers, counterparties and other persons in connection with its management of the Sub-Advisor Assets, provided that, the Sub-Advisor's actions in executing such documents shall comply with federal regulations, all other federal laws applicable to registered investment companies and the Sub-Advisor's duties and obligations under this Agreement and the Trust's governing documents.

&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>Brokerage</u>. The Sub-Advisor will place orders pursuant to the Sub-Advisor's investment determinations for a Fund either directly with an issuer or with any broker or dealer selected by the Sub-Advisor, pursuant to this paragraph. In executing portfolio transactions and selecting brokers or dealers, the Sub-Advisor will use its best efforts to seek, on behalf of a Fund, the best overall execution available. In assessing the best overall terms available for any transaction, the Sub-Advisor 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 or dealer to execute a particular transaction, the Sub-Advisor may also consider the brokerage and research services (as those terms are defined in Section 28(e) of the Securities Exchange Act of 1934, as amended (the "1934 Act")) provided to a Fund and/or other accounts over which the Sub-Advisor may exercise investment discretion. The Sub-Advisor is authorized to pay to a broker or dealer who provides such brokerage and research services a commission for executing a portfolio transaction for any of the Funds that 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-Advisor 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-Advisor to a Fund. Such authorization is subject to termination at any time by the Board of Trustees of the Trust for any reason.

In addition, the Sub-Advisor is authorized to allocate purchase and sale orders for portfolio securities to brokers or dealers that are affiliated with the Advisor, the Sub-Advisor, the Trust's principal underwriter, or other sub-advisors (if applicable) only if the Sub-Advisor believes that the quality of the transaction and the commission are comparable to what they would be with other qualified firms, and provided that the transactions are consistent with the Trust's Rule 17e-1 and Rule 10f-3 procedures. The Advisor will identify all brokers and dealers affiliated with the Trust, the Advisor, and the Trust's principal underwriter (and the other sub-advisors of the Fund, to the extent such information is necessary for the Sub-Advisor to comply with applicable federal securities laws), other than those whose sole business is the distribution of mutual fund shares, who effect securities transactions for customers. The Advisor shall promptly furnish a written notice to the Sub-Advisor if the information so provided is no longer accurate.

In connection with its management of the Sub-Advisor Assets and consistent with its fiduciary obligation to the Sub-Advisor Assets and other clients, the Sub-Advisor, to the extent permitted by applicable laws and regulations, may, but shall be under no obligation to, aggregate the securities or futures contracts to be sold or purchased in order

to obtain the most favorable price or lower brokerage commissions and efficient execution. In such event, allocation of the securities or futures contracts so purchased or sold, as well as the expenses incurred in the transaction, will be made by the Sub-Advisor in the manner the Sub-Advisor considers to be, over time, the most equitable and consistent with its fiduciary obligations to the Sub-Advisor's Assets and to such other 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;(g) <u>Securities Transactions</u>. In no instance will any Fund's portfolio securities be purchased from or sold to the Advisor, the Sub-Advisor, the Trust's principal underwriter, or any affiliated person the Trust, the Advisor, the Sub-Advisor or the Trust's principal underwriter, acting as principal in the transaction, except to the extent permitted by the SEC and the 1940 Act and the rules thereunder, including Rule 17a-7, and any applicable exemptive order issued by the SEC or No-Action Letters issued by the SEC staff.

The Sub-Advisor acknowledges that the Advisor and the Trust may rely on Rule 17a-7, Rule 17a-10, Rule 10f-3, Rule 12d3-1 and Rule 17e-1 under the 1940 Act, and the Sub-Advisor hereby agrees that it shall not consult with any other sub-advisor to the Fund with respect to transactions in securities for the Sub-Advisor Assets or any other transactions of Fund assets.

The Sub-Advisor is authorized to engage in transactions in which the Sub-Advisor, or an affiliate of the Sub-Advisor, acts as a broker for both the Fund and for another party on the other side of the transaction ("agency cross transactions"). The Sub-Advisor shall effect any such agency cross transactions in compliance with Rule 206(3)-2 under the Advisers Act and any other applicable provisions of the federal securities laws and shall provide the Advisor with periodic reports describing such agency cross transactions. By execution of this Agreement, the Advisor authorizes the Sub-Advisor or its affiliates to engage in agency cross transactions, as described above. The Advisor may revoke its consent at any time by written notice to the Sub-Advisor.

The Sub-Advisor hereby represents that it has implemented policies and procedures that will prevent the disclosure by it, its employees or its agents of the Trust's portfolio holdings to any person or entity other than the Advisor, the Trust's custodian, or other persons expressly designated by the Advisor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Code of Ethics</u>. The Sub-Advisor hereby represents that it has adopted policies and procedures and a code of ethics that meet the requirements of Rule 17j-1 under the 1940 Act and Rule 204A-1 under the Advisers Act. Copies of such policies and procedures and code of ethics and any changes or supplements thereto shall be delivered to the Advisor and the Trust, and any material violation of such policies, and procedures and code of ethics by personnel of the Sub-Advisor, the sanctions imposed in response thereto, and any issues arising under such policies, and procedures and code of ethics shall be reported to the Advisor and the Trust at the times and in the format reasonably requested by the Advisor and the Board of Trustees.

&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>Books and Records</u>. The Sub-Advisor shall maintain separate detailed records of all matters pertaining to the Sub-Advisor Assets, including, without limitation,

brokerage and other records of all securities transactions. Any records required to be maintained and preserved pursuant to the provisions of Rule 31a-1 and Rule 31a-2 promulgated under the 1940 Act that are prepared or maintained by the Sub-Advisor on behalf of the Trust are the property of the Trust and will be surrendered promptly to the Trust upon request. The Sub-Advisor further agrees to preserve for the periods prescribed in Rule 31a-2 under the 1940 Act the records required to be maintained under Rule 31a-1 under the 1940 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;(j) <u>Information Concerning Sub-Advisor Assets and the Sub-Advisor</u>. From time to time as the Advisor, and any consultants designated by the Advisor, or the Trust may request, the Sub-Advisor will furnish the requesting party reports on portfolio transactions and reports on Sub-Advisor Assets held in the portfolio, all in such detail as the Advisor, its consultant(s) or the Trust may reasonably request. The Sub-Advisor will provide the Advisor with information (including information that is required to be disclosed in the Prospectus) with respect to the portfolio managers responsible for Sub-Advisor Assets, any changes in the portfolio managers responsible for Sub-Advisor Assets, any changes in the ownership or management of the Sub-Advisor, or of material changes in the control of the Sub-Advisor. The Sub-Advisor will promptly notify the Advisor of any pending investigation, material litigation, administrative proceeding or any other significant regulatory inquiry. Upon reasonable request, the Sub-Advisor will make available its officers and employees to meet with the Trust's Board of Trustees to review the Sub-Advisor Assets.

The Sub-Advisor represents that it will notify the Advisor of any additions to or withdrawals of partners of the Sub-Advisor within a reasonable time after such additions or withdrawals are made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>Valuation of Sub-Advisor Assets</u>. The Sub-Advisor or its valuation delegate (as contemplated by the Trust's Valuation Procedures) agree to monitor the Sub-Advisor Assets and to promptly notify the Advisor on any day that the Sub-Advisor or its valuation delegate determine that the price of any security or other investment held in the Sub-Advisor Assets may not accurately reflect the fair value thereof. As requested by the Advisor or its Valuation Committee, the Sub-Advisor and its valuation delegate hereby agree to provide additional assistance to the Advisor or its Valuation Committee and the Trust's pricing agents in valuing Sub-Advisor Assets held in the portfolio. The Sub-Advisor agrees that it will act, at all times, in accordance with the Trust's Valuation Procedures, and will provide such certifications or sub-certifications relating to its compliance with the Trust's Valuation Procedures as reasonably may be requested, from time to time, by the Advisor, its Valuation Committee or the Trust.

The Sub-Advisor also will provide such information or perform such additional acts as are customarily performed by a Sub-Advisor and may be required for a Fund or the Advisor to comply with their respective obligations under applicable federal securities laws, including, without limitation, the 1940 Act, the Advisers Act, the 1934 Act, the Securities Act of 1933, as amended (the "Securities Act"), and any rule or regulation thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) <u>Custody Arrangements</u>. The Sub-Advisor, on each business day, shall provide the Advisor, its consultant(s) and the Trust's custodian such information as the Advisor and the Trust's custodian may reasonably request relating to all transactions concerning the Sub-Advisor Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) <u>Historical Performance Information</u>. To the extent agreed upon by the parties, the Sub-Advisor will provide the Trust with historical performance information on similarly managed investment companies or for other accounts to be included in the Prospectus or for any other uses permitted by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) <u>Regulatory Examinations</u>. The Sub-Advisor will cooperate promptly and fully with the Advisor and/or the Trust in responding to any regulatory or compliance examinations or inspections (including information requests) relating to the Trust, the Fund or the Advisor brought by any governmental or regulatory authorities having appropriate jurisdiction (including, but not limited to, the SEC).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Independent Contractor</u>. In the performance of its duties hereunder, the Sub-Advisor is and shall be an independent contractor and, unless otherwise expressly provided herein or otherwise authorized in writing, shall have no authority to act for or represent a Fund, the Trust or the Advisor in any way or otherwise be deemed an agent of a Fund, the Trust or the Advisor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Services to Other Clients</u>. Nothing herein contained shall limit the freedom of the Sub-Advisor or any affiliated person of the Sub-Advisor to render investment advisory, supervisory and other services to other investment companies, to act as investment adviser or investment counselor to other persons, firms or corporations, or to engage in other business activities. It is understood that the Sub-Advisor may give advice and take action for its other clients that may differ from advice given, or the timing or nature of action taken, for a Fund. The Sub-Advisor is not obligated to initiate transactions for a Fund in any security that the Sub- Advisor, its principals, affiliates or employees may purchase or sell for its or their own accounts or other clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Expenses</u>. During the term of this Agreement, the Sub-Advisor will pay all expenses incurred by it in connection with its activities under this Agreement, other than the costs of securities, commodities and other investments (including brokerage commissions and other transaction charges, if any) purchased or otherwise acquired, or sold or otherwise disposed of, for a Fund. The Sub-Advisor, at its sole expense, shall employ or associate itself with such persons as it believes to be particularly fitted to assist it in the execution of its duties under this Agreement. The Trust or the Advisor, as the case may be, shall reimburse the Sub-Advisor for any expenses as may be reasonably incurred by the Sub-Advisor, at the request of and on behalf of a Fund or the Advisor. The Sub-Advisor shall keep and supply to the Trust and the Advisor reasonable records of all such expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Compensation</u>. For the services provided and the expenses assumed with respect to a Fund pursuant to this Agreement, the Sub-Advisor will be entitled to the fee listed for the Fund(s) on <u>Exhibit A</u>. Such fees will be computed in accordance with <u>Exhibit A</u>.

If this Agreement is terminated prior to the end of any calendar quarter, the fee shall be prorated for the portion of any quarter in which this Agreement is in effect according to the proportion which the number of calendar days, during which this Agreement is in effect, bears to the number of calendar days in the quarter, and shall be payable within ten (10) days after the date of termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Representations and Warranties of the Sub-Advisor</u>. The Sub-Advisor represents and warrants to the Advisor and the Trust 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) The Sub-Advisor is registered as an investment adviser under 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;(b) The Sub-Advisor is a limited liability partnership, duly organized and validly existing under the laws of the State of Delaware, with the power to own and possess its assets and carry on its business as it is now being conducted;

&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 execution, delivery and performance by the Sub-Advisor of this Agreement are within the Sub-Advisor's powers and have been duly authorized by all necessary action on the part of its Executive Committee and no action by or in respect of, or filing with, any governmental body, agency or official is required on the part of the Sub-Advisor for the execution, delivery and performance by the Sub-Advisor of this Agreement, and the execution, delivery and performance by the Sub-Advisor of this Agreement do not contravene or constitute a default under (i) any provision of applicable law, rule or regulation; (ii) the Sub-Advisor's governing instruments; or (iii) any agreement, judgment, injunction, order, decree or other instrument binding upon the Sub-Advisor.; 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) The Form ADV of the Sub-Advisor previously provided to the Advisor is a true and complete copy of the form as currently filed with the SEC and the information contained therein is accurate and complete in all material respects and does not omit to state any material fact necessary in order to make the statements made, in light of the circumstances under which they are made, not misleading. The Sub-Advisor will promptly provide the Advisor and the Trust with a complete copy of all subsequent amendments to its Form ADV.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Representations and Warranties of the Advisor</u>. The Advisor represents and warrants to the Sub-Advisor and the Trust 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) The Advisor is registered as an investment adviser under 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;(b) The Advisor is a limited liability company duly organized and validly existing under the laws of the State of Delaware, with the power to own and possess its assets and carry on its business as it is now being conducted;

&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 execution, delivery and performance by the Advisor of this Agreement are within the Advisor's powers and have been duly authorized by all necessary action on the part of its Board of Directors, and no action by or in respect of, or filing with, any governmental body, agency or official is required on the part of the Advisor for the

execution, delivery and performance by the Advisor of this Agreement, and the execution, delivery and performance by the Advisor of this Agreement do not contravene or constitute a default under (i) any provision of applicable law, rule or regulation; (ii) the Advisor's governing instruments; or (iii) any agreement, judgment, injunction, order, decree or other instrument binding upon the Advisor;

&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 Advisor acknowledges that it received a copy of the Sub-Advisor's Form ADV prior to the execution of this Agreement, which was provided by the Sub-Advisor;

&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 Advisor and the Trust have duly entered into the Advisory Agreement pursuant to which the Trust authorized the Advisor to enter into this Agreement; 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 Advisor and the Trust have policies and procedures designed to detect and deter disruptive trading practices, including "market timing," and the Advisor and the Trust each agree that they will continue to enforce and abide by such policies and procedures, as amended from time to time, and comply with all existing and future laws relating to such matters or to the purchase and sale of interests in the Funds generally.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Survival of Representations and Warranties; Duty to Update Information</u>. All representations and warranties made by the Sub-Advisor and the Advisor pursuant to Sections 7 and 8 of this Agreement, respectively, shall survive for the duration of this Agreement and the parties hereto shall promptly notify each other in writing upon becoming aware that any of the foregoing representations and warranties are no longer true.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Liability and Indemnification</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Liability</u>. The duties of the Sub-Advisor shall be confined to those expressly set forth herein, with respect to the Sub-Advisor Assets. The Sub-Advisor shall not be liable for any loss arising out of its performance under this Agreement, except a loss resulting from willful misfeasance, bad faith or negligence in the performance of its duties, or by reason of reckless disregard of its obligations and duties hereunder, except as may otherwise be provided under provisions of applicable state law that cannot be waived or modified hereby. Under no circumstances shall the Sub-Advisor be liable for any loss arising out of any act or omission taken by another sub-advisor, or any other third party, in respect of any portion of the Trust's assets not managed by the Sub-Advisor pursuant to this Agreement. Under no circumstances shall either party hereto be liable to the other for special, punitive or consequential damages, arising under or in connection with this Agreement, even if previously informed of the possibility of such damages.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Indemnification</u>. The Sub-Advisor shall indemnify the Advisor, the Trust and each Fund, and their respective affiliates and controlling persons (the "Fund Indemnified Persons") for any liability and expenses, including reasonable attorneys' fees, which a Fund Indemnified Person sustains as a result of the Sub-Advisor's breach of this Agreement or its representations and warranties herein, willful misfeasance, bad faith, negligence, reckless disregard of its duties hereunder, or violation of applicable law; provided, however, that the Fund Indemnified Persons shall not be indemnified for any

liability or expenses to the extent such liability or expenses result from the Advisor's breach of this Agreement or its representations and warranties herein, willful misfeasance, bad faith, negligence, reckless disregard of its duties hereunder, or violation of applicable law.

The Advisor shall indemnify the Sub-Advisor, its affiliates and its controlling persons (the "Sub-Advisor Indemnified Persons") for any liability and expenses, including reasonable attorneys' fees, which a Sub-Advisor Indemnified Person sustains as a result of the Advisor's breach of this Agreement or its representations and warranties herein, willful misfeasance, bad faith, negligence, reckless disregard of its duties hereunder or violation of applicable law; provided, however, that the Sub-Advisor Indemnified Persons shall not be indemnified for any liability or expenses to the extent such liability or expenses result from the Sub-Advisor's breach of this Agreement or its representations and warranties herein, willful misfeasance, bad faith, negligence, reckless disregard of its duties hereunder, or violation of applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Duration and Termination</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Duration</u>. This Agreement, unless sooner terminated as provided herein, shall for the Fund(s) listed on <u>Exhibit A</u> attached hereto remain in effect from the date of execution (the "Effective Date"), until two years from the Effective Date, and thereafter, for periods of one year, so long as such continuance thereafter is specifically approved at least annually (i) by the vote of a majority of those Trustees of the Trust who are not interested persons of any party to this Agreement, cast in person at a meeting called for the purpose of voting on such approval, and (ii) by the Trustees of the Trust, or by the vote of a majority of the outstanding voting securities of each Fund (except as such vote may be unnecessary pursuant to relief granted by an exemptive order from the SEC). The foregoing requirement that continuance of this Agreement be "specifically approved at least annually" shall be construed in a manner consistent with the 1940 Act and the rules and regulations thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Termination</u>. This Agreement may be terminated as to any Fund at any time, without the payment of any penalty by: (i) the vote of a majority of the Trustees of the Trust, the vote of a majority of the outstanding voting securities of the Fund, or the Advisor, or (ii) the Sub-Advisor on not less than ninety (90) days written notice to the Advisor and the Trust. This Agreement may also be terminated as to any Fund at any time by any party hereto immediately upon written notice to the other parties in the event of a breach of any provision to this Agreement by any of the parties.

This Agreement shall not be assigned and shall terminate automatically in the event of its assignment, except as provided otherwise by any rule, exemptive order issued by the SEC, or No-Action Letter provided or pursuant to the 1940 Act, or upon the termination of the Advisory Agreement. In the event that there is a proposed change in control of the Sub-Advisor that results in an assignment of the Agreement, or the Sub-Advisor resigns, both of which would act to terminate this Agreement, the Sub-Advisor agrees to assume all reasonable costs and expenses (including the costs of mailing) associated with the preparation of an information statement, as required by the exemptive order issued by the

SEC to the Trust and the Advisor with respect to the appointment of sub-advisors absent shareholder approval.

This Agreement shall extend to and bind the heirs, executors, administrators and successors of the parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Amendment</u>. This Agreement may be amended by mutual consent of the parties, provided that the terms of any material amendment shall be approved by: (a) the Trust's Board of Trustees or by a vote of the majority of a Fund's outstanding securities, and (b) the vote of a majority of those Trustees of the Trust who are not interested persons of any party to this Agreement cast in accordance with the requirements of the 1940 Act and the rules and regulations thereunder or in accordance with such regulatory guidance, interpretations or exemptive relief issued by the SEC or its staff from time to time. <u>Exhibit A</u> hereto may be amended at any time to add additional Funds as agreed by the Advisor and the Sub-Advisor and approved by the Trust's Board of Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Confidentiality</u>. Any information or recommendations supplied by either the Advisor or the Sub-Advisor, that are not otherwise in the public domain or previously known to the other party in connection with the performance of its obligations and duties hereunder, including portfolio holdings of the Trust, financial information or other information relating to a party to this Agreement, are to be regarded as confidential ("Confidential Information") and held in the strictest confidence. Except as may be required by applicable law or rule or as requested by regulatory authorities having jurisdiction over a party to this Agreement, Confidential Information may be used only by the party to which said information has been communicated and such other persons as that party believes are necessary to carry out the purposes of this Agreement, including the custodian, and such persons as the Advisor may designate in connection with the Sub-Advisor Assets. The Advisor may disclose information relating to its fee arrangement with the Sub-Advisor, Sub-Advisor performance information, and similar information, to investors in the Funds, clients and prospective clients. Nothing in this Agreement shall be construed to prevent the Sub-Advisor from giving other entities investment advice about, or trading on their behalf, in the securities of a Fund or the Advisor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. <u>Use of Sub-Advisor's Name</u>. During the term of this Agreement, the Advisor shall have permission to use the Sub-Advisor's name in the marketing of the Fund, and agrees to furnish the Sub-Advisor at its principal office all prospectuses, proxy statements and reports to shareholders prepared for distribution to shareholders of the Fund or the public, which refer to the Sub-Advisor in any way.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. <u>Notice</u>. 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. Delivery of any such notice, advice or report shall also be deemed sufficient if emailed by the party giving notice to the other party at the last known email address, provided that delivery thereof is subsequently verified by the party giving notice through telephone, read receipt, or a reply thereto.

&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>If to the Advisor</u>:

Mercer Investments LLC

99 High Street

Boston, MA 02110

Attention: Global Chief Investments Counsel

Email: colin.dean@mercer.com

&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>If to the Sub-Advisor</u>:

Wellington Management Company LLP

280 Congress Street

Boston, Massachusetts 02210

Attention: Legal and Compliance

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. <u>Third-Party Beneficiaries</u>. The parties hereto acknowledge and agree that the Trust and the Fund(s) are third-party beneficiaries as to the covenants, obligations, representations, and warranties undertaken by the Sub-Advisor under this Agreement and as to the rights and privileges to which the Advisor is entitled pursuant to this Agreement, and that the Trust and the Fund(s) are entitled to all of the rights and privileges associated with such third-party-beneficiary status. This Agreement does not, and is not intended to, create any other third-party beneficiary, or otherwise confer any rights, privileges, claims or remedies upon any shareholder or other person other than the Trust, the Fund(s), and the parties and their respective successors and permitted assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. <u>Governing Law and Forum Selection</u>. This Agreement shall be governed by the internal laws of the State of New York without regard to conflict of law principles; provided, however that nothing herein shall be construed as being inconsistent with the 1940 Act, the Advisers Act, the rules and regulations thereunder, or such regulatory guidance, interpretations or exemptive relief issued by the SEC or its staff from time to time. Any legal suit, action or proceeding related to, arising out of, or concerning this Agreement shall be brought only in the U.S. District Court for the Southern District of New York, or if such action may not be brought in that court, then such action shall be brought in the New York Supreme Court (the "Designated Courts"). Each party (a) consents to jurisdiction in the Designated Courts; (b) waives any objection to venue in either Designated Court, and (c) waives any objection that either Designated Court is an inconvenient forum. For any action commenced in the New York Supreme Court, application shall be submitted to the Commercial Division.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. <u>Class Actions and Other Legal Proceedings</u>. The Sub-Advisor will not compile or file claims or take any related actions on behalf of the Advisor in any class action, bankruptcy, or other legal proceeding related to the Sub-Advisor Assets. Notwithstanding this, to the extent there is any such class action, bankruptcy, or other legal proceeding against or involving any issue of securities held in the Sub-Advisor Assets, the Sub-Advisor agrees to provide any assistance reasonably requested by the Advisor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. <u>Entire Agreement</u>. 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. <u>Force Majeure</u>. No party to this Agreement will be liable for any failure or delay in performing any of its obligations under or pursuant to the Agreement, and any such failure or delay in performing its obligations will not constitute a breach of the Agreement, if such failure or delay is due to any cause whatsoever outside its reasonable control. Any such non-performing party will be entitled to a reasonable extension of the time for performing such obligations. Events outside a party's reasonable control include any event or circumstance that the party is unable to avoid, mitigate, or remedy using reasonable skill and care that would be expected of a prudent person under similar circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21. <u>Severability</u>. If any provision of this Agreement shall be held or made invalid by a court decision, statute, rule or otherwise, the remainder of this Agreement shall not be affected thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22. <u>Certain Definitions</u>. For the purposes of this Agreement and except as otherwise provided herein, "interested person," "affiliated person," "affiliates," "controlling persons" and "assignment" shall have their respective meanings as set forth in the 1940 Act, subject, however, to such exemptions as may be granted by the SEC, and the term "Fund" or "Funds" shall refer to those Fund(s) for which the Sub-Advisor provides investment management services and as are listed on <u>Exhibit A</u> to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23. <u>Captions</u>. The captions herein are included for convenience of reference only and shall be ignored in the construction or interpretation hereof.

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first written above.

ADVISOR MERCER INVESTMENTS LLC

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| By: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Erin Lefkowitz |

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Name: <u>Erin Lefkowitz</u>

Title: <u>Vice President</u>

<br> SUB-ADVISOR WELLINGTON MANAGEMENT COMPANY LLP <br>

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|:---|:---|
| By: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Desmond Havlicek |

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Name: <u>Desmond Havlicek</u>

Title: <u>Senior Managing Director</u>

## Ex-99.(E)(1)(Iv)

**Exhibit 99.(e)(1)(iv)**

AMENDMENT #3 TO DISTRIBUTION AGREEMENT

THIS AMENDMENT #3 ("Amendment") to the Distribution Agreement (the "Agreement"), dated as of September 30, 2021 and as further amended from time to time, by and between Mercer Funds, a Delaware statutory trust (the "Trust"), and MGI Funds Distributors, LLC, a Delaware limited liability company (the "Distributor"), is made effective as of the 3<sup>rd</sup> day of March 2025.

<u>RECITALS</u>

WHEREAS, Mercer Global Low Volatility Equity Fund (the "Global Low Volatility Fund" and together with the other series of the Trust, the "Funds") liquidated effective March 3, 2025;

WHEREAS, the Agreement provides that the parties may mutually agree to supplement or amend any provision of the Agreement; and

WHEREAS, the parties desire to amend Exhibit A to the Agreement to remove the Global Low Volatility Fund as a result of its liquidation.

<u>AGREEMENT</u>

NOW THEREFORE, in consideration of the promises and mutual agreements set forth herein, the parties hereby agree to amend the Agreement, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Exhibit A of the Agreement is hereby deleted
in its entirety and replaced with the Exhibit A attached to this Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Trust and the Distributor each acknowledge
that all of their respective representations and warranties contained in the Agreement are true and correct as of the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. All other terms and provisions of the Agreement
shall remain in full force and effect, except as modified hereby.

Mercer Funds MGI Funds Distributors, LLC <br>

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| | | | |
|:---|:---|:---|:---|
| By: | /s/ Larry Vasquez | By: | /s/ Teresa Cowan |

---

Name: Larry Vasquez Name: Teresa Cowan <br> Title: Vice President Title: President

**<u>EXHIBIT A</u>**

THIS EXHIBIT A, effective as of March 3, 2025, is Exhibit A to that certain Distribution Agreement, dated as of September 30, 2021, and as further amended from time to time, between MGI Funds Distributors, LLC and Mercer Funds.

**<u>Fund Names</u>**

Mercer US Small/Mid Cap Equity Fund<br> Mercer Non-US Core Equity Fund<br> Mercer Emerging Markets Equity Fund<br> Mercer Core Fixed Income Fund<br> Mercer Opportunistic Fixed Income<br> Mercer Short Duration Fixed Income Fund

## Ex-99.(H)(2)(Iii)

**Exhibit 99.(h)(2)(iii)**

**SECOND AMENDED AND RESTATED**<br> **SHAREHOLDER ADMINISTRATIVE SERVICES AGREEMENT**<br> **BETWEEN** <br> **MERCER FUNDS**<br> **AND**<br> **MERCER INVESTMENT MANAGEMENT, INC.**

**AGREEMENT** made as of April 1, 2019, between the Mercer Funds, a Delaware statutory trust (the "Trust"), on behalf of those classes (the "Classes") of the series of the Trust (each a "Fund," and together, the "Funds") listed in Exhibit A of this Agreement, as amended from time to time, and Mercer Investment Management, Inc. ("Mercer"). This Agreement supersedes the prior Amended and Restated Administrative Service Agreement between the Trust and Mercer.

In consideration of the mutual promises herein made, the parties hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Mercer agrees, during the term of this Agreement, to be responsible for providing or procuring, as applicable, certain non-distribution related shareholder administrative services (together, the "Shareholder Administrative Services") to the shareholders of the Classes of the Funds ("Shareholders"), including the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) attending to shareholder correspondence, requests and inquiries, and other communications with Shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) assisting with exchanges and with the processing of purchases and redemptions of shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) preparing and disseminating information and documents for use by Shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) assisting Shareholders with purchase, exchange and redemption requests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) receiving, aggregating and processing purchase and redemption orders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) providing and maintaining retirement plan records;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) communicating periodically with Shareholders and answering questions and handling correspondence from Shareholders about their accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) acting as the sole shareholder of record and nominee for Shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) maintaining account records and providing Shareholders with account statements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) processing dividend payments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) issuing shareholder reports and transaction confirmations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) providing sub-accounting services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) forwarding shareholder communications to Shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) receiving, tabulating and transmitting proxies executed by Shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) disseminating information about the Funds to Shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) providing general account administration activities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) monitoring and overseeing non-advisory relationships with entities providing services to the Classes, including the transfer agent and those financial intermediaries that provide non-distribution related sub-transfer agency, administrative, sub-accounting and other similar types of non-distribution related Shareholder Administrative Services to Shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) As compensation for the Shareholder Administrative Services provided by and/or procured by Mercer, the Classes agree, during the term of this Agreement, to pay to Mercer, a monthly fee equal, on an annual basis, to the respective percentages of the daily net assets of the respective Classes of each Fund as set forth in Exhibit A hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The Shareholder Administrative Services provided by Mercer to the Shareholders under this Agreement are separate from, and unrelated to, the administrative services provided by State Street Bank and Trust Company ("SSBTC") to the Trust pursuant to an Administration Agreement between the Trust and SSBTC, dated August 12, 2005, as amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) This Agreement shall remain in full force and effect through April 1, 2020 and thereafter, from year to year, to the extent continuance is approved annually by the Board of Trustees of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) This Agreement may be terminated by the Trust, at any time, on sixty (60) days' written notice without payment of penalty, provided that such termination by the Trust shall be directed or approved by the vote of a majority of the Trustees of the Trust in office at the time or by the vote of a majority of the outstanding voting securities of the Trust (as defined by the 1940 Act). This Agreement may be assigned with the prior written consent of the parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) In the absence of willful misfeasance, bad faith or gross negligence on the part of Mercer, or of reckless disregard of its duties and obligations hereunder, Mercer shall not be subject to liability for any act or omission in the course of, or connected with, rendering the Shareholder Administrative Services hereunder.

**IN WITNESS WHEREOF**, the parties hereto have caused this Agreement to be duly executed and delivered by their authorized officers as of the date first written above.

MERCER FUNDS <br>

---

| | |
|:---|:---|
| By: | /s/ Stephen Gouthro |

---

Name: Stephen Gouthro <br> Title: Vice President, Treasurer and<br> Chief Financial Officer

<br> MERCER INVEST MANAGEMENT, INC. <br>

---

| | |
|:---|:---|
| By: | &nbsp;&nbsp;&nbsp;&nbsp;/s/ Rich Joseph |

---

Name: Rich Joseph <br> Title: Vice President

**<u>Exhibit A<sup>\*</sup></u>**

as amended effective March 3, 2025

Mercer US Small/Mid Cap Equity Fund<br> Adviser Class Shares: 0.15 of 1%<br> Class I Shares: 0.15 of 1%<br> Class Y-2 Shares: 0.15 of 1%

Mercer Non-US Core Equity Fund<br> Adviser Class Shares: 0.15 of 1%<br> Class I Shares: 0.15 of 1%<br> Class Y-2 Shares: 0.15 of 1%

Mercer Emerging Markets Equity Fund<br> Adviser Class Shares: 0.15 of 1%<br> Class I Shares: 0.15 of 1%<br> Class Y-2 Shares: 0.15 of 1%

Mercer Core Fixed Income Fund<br> Adviser Class Shares: 0.15 of 1%<br> Class I Shares: 0.15 of 1%<br> Class Y-2 Shares: 0.15 of 1%

Mercer Opportunistic Fixed Income Fund<br> Adviser Class Shares: 0.15 of 1%<br> Class I Shares: 0.15 of 1%<br> Class Y-2 Shares: 0.15 of 1%

Mercer Short Duration Fixed Income Fund<br> Adviser Class Shares: 0.15 of 1%<br> Class I Shares: 0.15 of 1%<br> Class Y-2 Shares: 0.15 of 1%

\* Class Y-3 Shares do not pay any Shareholder Administrative Services Fees.

## Ex-99.(H)(5)

**Exhibit 99.(h)(5)**

**Mercer Funds**

99 High Street<br> Boston, MA 02110

August 1, 2025

Mercer Investments LLC<br> 99 High Street<br> Boston, MA 02110

Ladies and Gentlemen:

Each of the funds listed on <u>Schedule A</u> hereto (each a "Fund" and, collectively, the "Funds") is a series of the Mercer Funds, a Delaware statutory trust (the "Trust"). The Trust wishes, pursuant to the terms of this Agreement, to set forth the understanding between the Trust and Mercer Investments LLC (formerly known as Mercer Investment Management, Inc.) (the "Advisor") with respect to the agreement of the Advisor to waive certain investment management fees payable to it by the Funds as follows:

**<u>RECITALS</u>**

**WHEREAS**, the Advisor has been retained to act as investment manager pursuant to an Investment Management Agreement, dated July 1, 2014, as amended from time to time, entered into by the Advisor with the Trust, on behalf of the Funds (the "Management Agreement");

**WHEREAS**, the Management Agreement permits the Advisor, subject to the supervision and control of the Trust's Board of Trustees, to select new or additional subadvisors for each Fund (the "Subadvisors"), subject to the requirements of the Investment Company Act of 1940, as amended (the "1940 Act");

**WHEREAS**, the Advisor has undertaken to pay the Subadvisors for the services provided to the Funds for the management of their allocated portions of the Funds for which they provide subadvisory services; and

**WHEREAS**, the Advisor desires to waive the management fees payable to it under the Management Agreement, subject to such terms as set forth herein.

**<u>AGREEMENT</u>**

**NOW THEREFORE**, in consideration of the promises and mutual agreements set forth herein, the Advisor hereby agrees as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Advisor agrees that it will waive any portion of the investment management fee to which it is entitled under the Management Agreement with respect to a Fund that exceeds the aggregate amount of the subadvisory fees that the Advisor is required to pay to the Fund's Subadvisors for the management of their allocated portions

of the subject Fund. This waiver shall apply on a Fund-by-Fund basis and amounts waived with respect to one Fund shall have no bearing on whether amounts shall be waived with respect to another Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. For the avoidance of any doubt, none of the investment management fees waived by the Advisor pursuant to this Agreement are subject to reimbursement by the Funds to the Advisor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. This Agreement is effective as of the date above and will remain in effect through July 31, 2026, and will continue in effect thereafter for subsequent one-year periods unless sooner terminated as provided for in Paragraph 4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. This Agreement shall terminate automatically upon the termination of the Management Agreement with respect to a Fund. This Agreement may be terminated by the Trust for any reason at any time. This Agreement may not be terminated by the Advisor during any one-year contractual term without the consent of the Board of Trustees of the Trust. The Advisor may terminate this Agreement without the consent of the Board of Trustees of the Trust by providing prior written notice of such termination to the Trust at least sixty (60) days' prior to the end of the one-year period for a Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The Advisor agrees and understands that it shall look only to the assets of the applicable Fund for performance of this Agreement and for payment of any claim it may have hereunder, and neither any other series of the Trust, nor any of the Trust's Trustees, officers, employees, agents, or shareholders, whether past, present or future, shall be personally liable therefore.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. This Agreement shall be governed by, and construed and enforced in accordance with, the internal laws of the State of New York, except: (a) Paragraph 5 shall be governed by, construed and enforced in accordance with, the laws of the State of Delaware; and (b) insofar as the 1940 Act, or other federal laws and regulations may be controlling. Any amendment to this Agreement shall be in writing signed by the parties hereto.

If you are in agreement with the foregoing, please sign the form of acceptance on the enclosed counterpart hereof and return the same to us.

---

| |
|:---|
| Very truly yours, |
| MERCER FUNDS |

---

---

| | |
|:---|:---|
| By: | &nbsp;&nbsp;&nbsp;&nbsp;/s/ Barry Vallan |

---

Name: Barry Vallan <br> Title: Vice President, Treasurer and<br> Chief Financial Officer

The foregoing Agreement is hereby

Accepted and made Effective as of August 1, 2025

MERCER INVESTMENTS LLC

---

| | |
|:---|:---|
| By: | /s/ Larry Vasquez |

---

Name: Larry Vasquez <br> Title: Vice President

**<u>Schedule A</u>**

Effective August 1, 2025

Mercer US Small/Mid Cap Equity Fund<br> Mercer Non-US Core Equity Fund<br> Mercer Emerging Markets Equity Fund<br> Mercer Core Fixed Income Fund<br> Mercer Opportunistic Fixed Income Fund<br> Mercer Short Duration Fixed Income Fund

## Ex-99.(H)(5)(I)

**Exhibit 99.(h)(5)(i)**

**Mercer Funds**

99 High Street<br> Boston, MA 02110

August 1, 2025

Mercer Investments LLC<br> 99 High Street<br> Boston, MA 02110

Re: <u>Supplemental Expense Limitation Agreement</u>

Ladies and Gentlemen:

Mercer Short Duration Fixed Income Fund (the "Fund") is a separate investment series of the Mercer Funds, a Delaware statutory trust (the "Trust") which consists of multiple investment series. The Trust wishes, pursuant to the terms of this Agreement, to set forth the understanding between the Trust and Mercer Investments LLC (the "Adviser") with respect to the agreement of the Adviser to waive certain fees payable to it by the Fund and to reimburse certain expenses of the Fund as follows:

**<u>RECITALS</u>**

**WHEREAS**, the Adviser has been retained to act as investment manager pursuant to an Investment Management Agreement, dated July 1, 2014, as amended from time to time, entered into by the Adviser with the Trust, on behalf of the Fund (the "Management Agreement"); and

**WHEREAS**, the Management Agreement permits the Adviser, subject to the supervision and control of the Trust's Board of Trustees, to select new or additional subadvisers for the Fund (the "Subadvisers"), subject to the requirements of the Investment Company Act of 1940, as amended (the "1940 Act"); and

**WHEREAS**, the Adviser has undertaken to pay the Subadvisers for the services provided to the Fund for the management of its allocated portions of the Fund for which they provide subadvisory services; and

**WHEREAS**, the Adviser and the Trust have entered into that certain Expense Limitation Agreement of even date herewith (the "Fee Waiver Agreement"), pursuant to which the Adviser has agreed that it will waive any portion of the investment management fee to which it is entitled under the Management Agreement with respect to the Fund that exceeds the aggregate amount of the subadvisory fees that the Adviser is required to pay to the Fund's Subadvisers for the management of their allocated portions of the Fund; and

**WHEREAS**, the Adviser and the Trust have determined in connection with the Adviser's management of the Fund that it is appropriate and in the best interests of the Fund and its shareholders to maintain the net annual operating expenses of each respective class of shares of the Fund at the levels specified in <u>Schedule A</u> hereto:

**<u>AGREEMENT</u>**

**NOW THEREFORE**, in consideration of the promises and mutual agreements set forth herein, the Adviser hereby agrees as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Adviser agrees that: (1) it will waive any portion of the investment management fee to which it is entitled under the Management Agreement with respect to the Fund that exceeds the aggregate amount of the subadvisory fees that the Adviser is required to pay to the Fund's Subadvisers for the management of their allocated portions of the Fund, as set forth in the Fee Waiver Agreement, and (2) the Adviser further agrees to reduce any other fees payable to it by the Fund and/or make payments to the Fund to the extent necessary to limit the ordinary operating expenses incurred by the Fund (excluding, as applicable, acquired fund fees and expenses, interest, taxes, 12b-1 fees, non-12b-1 shareholder administrative services fees, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the Fund's business) to the amounts specified in <u>Schedule A</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. For the avoidance of any doubt, none of the investment management fees or other types of fees and expenses waived and/or reimbursed by the Adviser pursuant to this Agreement are subject to reimbursement by the Fund to the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. This Agreement is effective as of the date above and will remain in effect through July 31, 2026, and will continue in effect thereafter for subsequent one-year periods unless sooner terminated as provided for in Paragraph 4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. This Agreement shall terminate automatically upon the termination of the Management Agreement with respect to the Fund. This Agreement may be terminated by the Trust for any reason at any time. This Agreement may not be terminated by the Adviser during any one-year contractual term without the consent of the Board of Trustees of the Trust. The Adviser may terminate this Agreement without the consent of the Board of Trustees of the Trust by providing prior written notice of such termination to the Trust at least sixty (60) days' prior to the end of the one-year period for the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The Adviser agrees and understands that it shall look only to the assets of the Fund for performance of this Agreement and for payment of any claim it may have hereunder, and neither any other series of the Trust, nor any of the Trust's Trustees, officers, employees, agents, or shareholders, whether past, present or future, shall be personally liable therefore.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. This Agreement shall be governed by, and construed and enforced in accordance with, the internal laws of the State of New York, except: (a) Paragraph 5 shall be governed by, construed and enforced in accordance with, the laws of the State of Delaware; and (b) insofar as the 1940 Act, or other federal laws and regulations may be controlling. Any amendment to this Agreement shall be in writing signed by the parties hereto.

If you are in agreement with the foregoing, please acknowledge your acceptance by signing below.

---

| |
|:---|
| Very truly yours, |
| MERCER FUNDS |

---

---

| | |
|:---|:---|
| By: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Erin Lefkowitz |

---

Name: Erin Lefkowitz

Title: Vice President

The foregoing Agreement is hereby

Accepted as of August 1, 2025

MERCER INVESTMENTS LLC

---

| | |
|:---|:---|
| By: | /s/ Erin Lefkowitz |

---

Name: Erin Lefkowitz <br> Title: Vice President

**<u>SCHEDULE A</u>**

**MERCER SHORT DURATION FIXED INCOME FUND**

**OPERATING EXPENSE LIMITS**

---

| | |
|:---|:---|
| **SHARE CLASS** | **MAXIMUM ANNUAL OPERATING**<br> **EXPENSE LIMIT** |
| &nbsp;&nbsp;Adviser Class | 0.70% |
| &nbsp;&nbsp;Class I | 0.45% |
| &nbsp;&nbsp;Class Y-2 | 0.35% |
| &nbsp;&nbsp;Class Y-3 | 0.20% |

---

## Ex-99.(H)(6)(Iii)

**Exhibit 99.(h)(6)(iii)**

**MERCER FUNDS**

**SHAREHOLDER ADMINISTRATIVE SERVICES PLAN**

**WHEREAS**, the Mercer Funds (the "Trust") is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company; and

**WHEREAS**, shares of beneficial interest of the Trust are currently divided into separate series (each a "Fund" and collectively the "Funds") listed in the attached Appendix A, as amended from time to time; and

**WHEREAS**, the shares of beneficial interest of each Fund are further divided into separate classes of shares (the "Classes") with respect to each Fund, including those listed in the attached Appendix A, as amended from time to time; and

**WHEREAS**, the Trust, on behalf of the Funds, desires to arrange for the provision of certain non-distribution related shareholder administrative services to the holders of the Classes of the Funds listed on Appendix A under the terms and conditions described herein;

**NOW, THEREFORE**, the Trust hereby adopts this Shareholder Administrative Services Plan (the "Plan") on behalf of the Classes of shares of the Funds listed on Appendix A, subject to the following terms and conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Each of the Classes of shares listed on Appendix A is authorized to pay fees (collectively, the "Fee") to those parties that provide, or that arrange for the provision of, certain types of non-distribution related shareholder administrative services (the "Shareholder Administrative Services") that are provided to the shareholders of the Classes of the Funds listed on Appendix A ("Shareholders"). The Fee may be paid to MGI Funds Distributors, LLC (the "Distributor"), Mercer Investment Management, Inc. ("MIM") or their affiliates (collectively, "MIM Entities"), or to such banks, broker-dealers, trust companies, insurance companies, financial planners, retirement plan administrators, mutual fund supermarkets, and other similar types of third-party financial industry service providers (the "Administrative Services Providers") that provide Shareholder Administrative Services to the Shareholders, provided that such Shareholder Administrative Services are not duplicative of the services otherwise already being provided to the Shareholders by other parties. For providing such services, the Fee shall be at the annual rate of the average daily net asset value of the subject Classes of shares of the Funds as set forth in Appendix A, as amended from time to time, but shall not be in an amount or at a rate exceeding 0.25% on an annual basis of the average daily net asset value of the subject Classes of shares of the Funds. Such Fee shall be calculated daily and paid monthly or at such other intervals as the Board of Trustees of the Trust shall determine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Fee may be used to pay: (i) MIM Entities and (ii) those Administrative Services Providers who enter into agreements with the Distributor, with MIM and/or with the Funds to provide Shareholder Administrative Services to the shareholders of the

Classes. For purposes of the Plan, the Shareholder Administrative Services shall be deemed to include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) attending to shareholder correspondence, requests and inquiries, and other communications with Shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) assisting with exchanges and with the processing of purchases and redemptions of shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) preparing and disseminating information and documents for use by Shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) assisting Shareholders with purchase, exchange and redemption requests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) receiving, aggregating and processing purchase and redemption orders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) providing and maintaining retirement plan records;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) communicating periodically with Shareholders and answering questions and handling correspondence from shareholders about their accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) acting as the sole shareholder of record and nominee for Shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) maintaining account records and providing Shareholders with account statements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) processing dividend payments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) issuing shareholder reports and transaction confirmations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) providing sub-accounting services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) forwarding shareholder communications to Shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) receiving, tabulating and transmitting proxies executed by Shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) disseminating information about the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) providing general account administration activities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) providing monitoring and oversight of non-advisory relationships with entities providing services to the Classes, including the transfer agent and those Administrative Service Providers that provide non-distribution related sub-transfer agency, administrative, sub-accounting and other similar types of non-distribution related shareholder administrative services to shareholders in the Classes.

Other expenses of an Administrative Services Provider related to Shareholder Administrative Services, including telephone and other communications expenses, may be included in the information regarding amounts expended for such activities. An Administrative Services Provider is authorized to pay its affiliates and independent third party service providers for performing Shareholder Administrative Services consistent with this Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The Plan shall not take effect with respect to the Classes of shares of a Fund until the Plan has been approved by votes of a majority of both (a) the Trustees of the Trust, and (b) those Trustees of the Trust who are not "interested persons" of the Trust (as defined in the 1940 Act) and have no direct or indirect financial interest in the operation of this Plan or any agreements related thereto (the "Plan Trustees"), cast in person at a meeting (or meetings) called for the purpose of voting on the Plan. For purposes of the Plan, a non-affiliated service provider is a service provider that is not affiliated with the Trust, the Trust's investment advisor, any sub-advisor, or the Trust's distributor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The Plan shall continue in full force and effect as to the subject Classes of shares of a Fund for so long as such continuance is specifically approved at least annually in the manner provided for approval of the Plan in Paragraph 3 hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Any person authorized to direct the disposition of monies paid or payable by the Funds pursuant to the Plan shall provide to the Trustees, and the Trustees shall review, at least quarterly, a written report of the amounts so expended and the purposes for which such expenditures were made. Administrative Services Providers shall provide to the Distributor or MIM, for provision to the Trustees, and the Trustees shall review such reports and information as the Trustees may require.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. This Plan may be terminated with respect to the Classes of shares of a Fund at any time, without penalty, by vote of a majority of the Trustees and a majority of the Plan Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. As used in this Plan, the term "majority of the outstanding voting securities" shall have the same meaning as such term has in the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. The Trust shall preserve copies of this Plan (including any amendments thereto) and all reports made pursuant to Paragraph 5 hereof for a period of not less than six years from the date of this Plan, any such agreement or any such report, as the case may be, the first two years in an easily accessible place.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. The Trustees and the holders of the Classes shall not be liable for any obligations of the Trust or any Fund under this Plan, and any MIM Entity and an Administrative Services Provider or any other person, in asserting any rights or claims under this Plan, shall look only to the assets and property of the Trust or such Fund in settlement of such right or claim, and not to such Trustees or Shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. The Plan may be amended at any time with respect to the Classes provided that no material amendment to the Plan shall be made unless such amendment is approved in the manner provided for approval in Paragraph 3 hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. The Shareholder Administrative Services provided for herein are deemed to be non-distribution related services and are not primarily intended to result in the sale of shares of the Classes within the meaning of Rule 12b-1 under the 1940 Act.

**IN WITNESS WHEREOF**, the Trust has executed this Shareholder Administrative Services Plan shares on the day and year set forth below.

Date: April 1, 2019

---

| | | | |
|:---|:---|:---|:---|
| ATTEST: | ATTEST: | MERCER FUNDS | MERCER FUNDS |
| By: | /s/ Evelyn De Simone | By: | /s/ Stephen Gouthro |
| Name: | Evelyn De Simone | Name: | Stephen Gouthro |
| Title: | Senior Paralegal and Legal Product Specialist | Title: | Vice President, Treasurer and Chief Financial Officer |

---

**<u>Appendix A</u><sup>\*</sup>**

**Mercer US Small/Mid Cap Equity Fund**

Adviser Class Shares: up to 0.25 of 1%

Class I Shares: up to 0.25 of 1%

Class Y-2 Shares: up to 0.15 of 1%

**Mercer Non-US Core Equity Fund**

Adviser Class Shares: up to 0.25 of 1%

Class I Shares: up to 0.25 of 1%

Class Y-2 Shares: up to 0.15 of 1%

**Mercer Emerging Markets Equity Fund**

Adviser Class Shares: up to 0.25 of 1%

Class I Shares: up to 0.25 of 1%

Class Y-2 Shares: up to 0.15 of 1%

**Mercer Core Fixed Income Fund**

Adviser Class Shares: up to 0.25 of 1%

Class I Shares: up to 0.25 of 1%

Class Y-2 Shares: up to 0.15 of 1%

**Mercer Opportunistic Fixed Income Fund**

Adviser Class Shares: up to 0.25 of 1%

Class I Shares: up to 0.25 of 1%

Class Y-2 Shares: up to 0.15 of 1%

**Mercer Short Duration Fixed Income Fund**

Adviser Class Shares: up to 0.25 of 1%

Class I Shares: up to 0.25 of 1%

Class Y-2 Shares: up to 0.15 of 1%

\*Class Y-3 Shares do not pay any Shareholder Administrative Services Fees.

Last Amended effective March 3, 2025

## Ex-99.(H)(8)(Iii)

**Exhibit 99.(h)(8)(iii)**

**AMENDMENT TO<br> DYNAMIC CASH ALLOCATION SERVICES AGREEMENT**

This amendment to the Dynamic Cash Allocation Services Agreement is made as of March 3, 2025 by and between each Mercer registered investment company listed on <u>Attachment C</u> to this Amendment (each, a "Fund" and collectively, the "Funds") on behalf of its respective series, if any (each a "Portfolio), Mercer Investments LLC, and State Street Bank and Trust Company ("State Street"). Capitalized terms used in this Amendment without definition shall have the respective meanings given to such terms in the Dynamic Cash Allocation Services Agreement referred to below.

WHEREAS, the Funds, Mercer Investments LLC, and State Street entered into a Dynamic Cash Allocation Services Agreement dated as of April 17, 2020 and effective as of April 1, 2020 (as amended, restated, supplemented or otherwise modified and in effect from time to time, the "Agreement"); and

WHEREAS, the parties desire to amend the Agreement, as more particularly set forth herein.

NOW THEREFORE, in consideration of the foregoing and the mutual covenants and agreements hereinafter contained, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereby agree to amend the Agreement, pursuant to the terms thereof, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Amendments. The Agreement is hereby amended as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) New <u>Attachment C</u> (*Funds and Allocation Deadlines*), which is attached hereto and incorporated herein, is hereby added to the agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Miscellaneous.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as expressly amended by this Amendment, all provisions of the Agreement shall remain in full force and effect.

(b) This Amendment may be executed in counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. Counterparts may be executed in either original or electronically transmitted form (e.g., faxes or emailed portable document format (PDF) form), and the parties hereby adopt as original any signatures received via electronically transmitted form.

*[Signature page follows.]*

IN WITNESS WHEREOF, each of the parties has caused this Amendment to be executed in its name and behalf by its duly authorized representative as of the date first above written.

---

| | |
|:---|:---|
| MERCER INVESTMENTS, LLC | MERCER INVESTMENTS, LLC |
| By: | /s/ Barry Vallan |
| Name: Barry Vallan | Name: Barry Vallan |
| Title: Principal | Title: Principal |
| MERCER FUNDS | MERCER FUNDS |
| By: | /s/ Barry Vallan |
| Name: Barry Vallan | Name: Barry Vallan |
| Title: Assistant Treasurer | Title: Assistant Treasurer |
| STATE STREET BANK AND TRUST COMPANY | STATE STREET BANK AND TRUST COMPANY |
| By: | /s/ James Hill |
| Name: James Hill | Name: James Hill |
| Title: Managing Director | Title: Managing Director |

---

**<u>Attachment C<br> Funds and Allocation Deadlines</u>**

---

| | | |
|:---|:---|:---|
| **Fund** | **Allocation Deadline** | **Allocation Deadline** |
| **Fund** | <u>Standard (6:55AM EST)</u> | Non-standard |
| MERCER CORE FIXED INCOME FUND | 6:55AM EST |  |
| MERCER EMERGING MARKETS EQUITY FUND | 6:55AM EST |  |
| MERCER NON US CORE EQUITY FUND | 6:55AM EST |  |
| MERCER OPPORTUNISTIC FIXED INCOME FUND | 6:55AM EST |  |
| MERCER US SMALL MID CAP EQUITY FUND | 6:55AM EST |  |
| MERCER SHORT DURATION FIXED INCOME FUND | 6:55AM EST |  |

---

## Ex-99.(I)(1)

**Exhibit 99.(I)(1)**

DECHERT LLP<br> 1900 K Street, N.W.<br> Washington, D.C. 20006<br> (202) 261-3300

July 25, 2025

Mercer Funds<br> 99 High Street<br> Boston, Massachusetts 02110

Ladies and Gentlemen:

We have acted as counsel for Mercer Funds (the "Trust") and are familiar with the Trust's registration statement under the Investment Company Act of 1940, as amended, and with the registration statement relating to its shares under the Securities Act of 1933, as amended (collectively, the "Registration Statement"). The Trust is organized as a statutory trust under the laws of the State of Delaware.

This opinion is limited to the Delaware Statutory Trust Act statute, and we express no opinion with respect to the laws of any other jurisdiction or to any other laws of the State of Delaware. Further, we express no opinion as to compliance with any state or federal securities laws, including the securities laws of the State of Delaware.

We have examined and relied upon originals or copies, certified or otherwise identified to our satisfaction, of: (i) the Trust's Amended and Restated Declaration of Trust ("Declaration of Trust") as currently in effect; (ii) the Trust's Amended and Restated By-Laws as currently in effect; (iii) Post-Effective Amendment No. 55 to the Registration Statement, and (iv) such other materials relating to the authorization and issuance of shares of beneficial interest of the Trust, and such other documents and matters as we have deemed necessary to enable us to give this opinion.

Based upon the foregoing, we are of the opinion that the Trust's shares to be sold pursuant to Post-Effective Amendment No. 55 to the Registration Statement, when it is effective with the Securities and Exchange Commission, will have been validly authorized and, when sold in accordance with the terms of such Registration Statement and the requirements of applicable federal and state law and delivered by the Trust against receipt of the net asset value of the shares of the Trust, as described in Post-Effective Amendment No. 55 to the Registration Statement, will have been legally and validly issued and, subject to the qualifications set forth in the Declaration of Trust, will be fully paid and nonassessable by the Trust. In this regard, we note that, pursuant to Section 5 of Article IV of the Declaration of Trust, the Trustees have the power to cause any shareholder to pay directly, in advance or arrears, for charges of the Trust's custodian or transfer, dividend disbursing, shareholder servicing or similar agent for services provided to such shareholder, an amount fixed from time to time by the Board of Trustees, by setting off such amount due from such shareholder from the amount of (i) declared but unpaid dividends or distributions owed such shareholder, or (ii) proceeds from the redemption by the Trust of shares from such shareholder.

We hereby consent to the filing of this opinion as an exhibit to Post-Effective Amendment No. 55 to the Registration Statement, to be filed with the Securities and

Exchange Commission in connection with the continuous offering of the Trust's shares of beneficial interest, as indicated above, and to references to our firm, as counsel to the Trust, in the Trust's Statement of Additional Information to be dated as of the effective date of Post-Effective Amendment No. 55 to the Registration Statement and in any revised or amended versions thereof, until such time as we revoke such consent.

---

| |
|:---|
| Very truly yours, |
| /s/ Dechert LLP |

---

## Ex-99.(J)(1)

**Exhibit 99.(J)(1)**

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

We consent to the incorporation by reference in this Post-Effective Amendment to Registration Statement No. 333-123467 on Form N-1A of our report dated May 23, 2025, relating to the financial statements and financial highlights of Mercer US Small/Mid Cap Equity Fund, Mercer Emerging Markets Equity Fund, Mercer Non-US Core Equity Fund, Mercer Core Fixed Income Fund, Mercer Opportunistic Fixed Income Fund, and Mercer Short Duration Fixed Income Fund, each a series of Mercer Funds, appearing in the Form N-CSR of Mercer Funds for the year ended March 31, 2025, and to the references to us under the headings "Financial Highlights" in the Prospectus and "Independent Registered Public Accounting Firm" and "Financial Statements" in the Statement of Additional Information, which are part of such Registration Statement.

/s/ DELOITTE & TOUCHE LLP

Boston, Massachusetts

July 25, 2025

## Ex-99.(J)(3)

**Exhibit 99.(J)(3)**

**POWER OF ATTORNEY**

KNOW ALL MEN BY THESE PRESENTS, that the undersigned, being the President and Chief Executive Officer of MERCER FUNDS (the "Trust"), a Delaware statutory trust, and the Trust, which has filed with the U.S. Securities and Exchange Commission (the "SEC"), pursuant to the provisions of the Securities Act of 1933, as amended, and the Investment Company Act of 1940, as amended, a Registration Statement of the Trust and amendments thereto for the registration of the Trust under said Acts, hereby constitutes and appoints Caroline Hulme and Stephanie Capistron and each of them, with power to act without the other, as his or her attorney, with full power of substitution and resubstitution, for and in his or her name, place and stead, in any and all capacities, to approve and sign such Registration Statement and any and all amendments thereto, and to file the same, with all exhibits thereto and other documents in connection therewith, with the SEC, hereby granting unto said attorneys, and each of them, full power and authority to do and perform all and every act and thing requisite to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming that which said attorneys, or any one of them, may lawfully do or cause to be done by virtue hereof.

IN WITNESS WHEREOF, the undersigned has herewith set her name as of this 15th day of July, 2025.

---

| |
|:---|
| /s/ Stephen M. Gouthro |
| Stephen M. Gouthro |

---

**POWER OF ATTORNEY**

KNOW ALL MEN BY THESE PRESENTS, that the undersigned, being the Vice President, Treasurer and Chief Financial Officer of MERCER FUNDS (the "Trust"), a Delaware statutory trust, and the Trust, which has filed with the U.S. Securities and Exchange Commission (the "SEC"), pursuant to the provisions of the Securities Act of 1933, as amended, and the Investment Company Act of 1940, as amended, a Registration Statement of the Trust and amendments thereto for the registration of the Trust under said Acts, hereby constitutes and appoints Caroline Hulme and Stephanie Capistron, and each of them, with power to act without the other, as his or her attorney, with full power of substitution and resubstitution, for and in his or her name, place and stead, in any and all capacities, to approve and sign such Registration Statement and any and all amendments thereto, and to file the same, with all exhibits thereto and other documents in connection therewith, with the SEC, hereby granting unto said attorneys, and each of them, full power and authority to do and perform all and every act and thing requisite to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming that which said attorneys, or any one of them, may lawfully do or cause to be done by virtue hereof.

IN WITNESS WHEREOF, the undersigned has herewith set her name as of this 15th day of July, 2025.

---

| |
|:---|
| /s/ Barry Vallan |
| Barry Vallan |

---

## Ex-99.(M)(1)(Iii)

**Exhibit 99.(m)(1)(iii)** 

**MERCER FUNDS**

**ADVISER CLASS SHARES**

**AMENDED AND RESTATED DISTRIBUTION AND SHAREHOLDER SERVICES PLAN**

Effective as of April 1, 2019, this Amended and Restated Distribution and Shareholder Services Plan for Adviser Class shares (the "Plan") amends and restates the previously effective Marketing and Shareholder Services Plan for Class S Shares of the Mercer Funds (the "Trust").

**WHEREAS**, the Trust is registered under the Investment Company Act of 1940, as amended ("1940 Act"), as an open-end management investment company;

**WHEREAS**, shares of beneficial interest of the Trust are currently divided into separate series (each a "Fund" and collectively the "Funds"), listed in the attached Appendix A, as amended from time to time;

**WHEREAS**, the shares of beneficial interest of each Fund are further divided into separate classes of shares with respect to each Fund;

**WHEREAS**, effective as of April 1, 2019, the Class S shares of the Trust were re-designated as Adviser Class shares in connection with the restructuring of the share class arrangements of the Trust;

**WHEREAS**, the members of the Board of Trustees of the Trust (the "Board of Trustees"), in the exercise of their reasonable business judgment and in light of their fiduciary duties, have determined that there is a reasonable likelihood that the Plan will benefit the Funds and Fund shareholders; and

**WHEREAS**, the Trust, on behalf of the Funds, desires to arrange for the provision of certain distribution and shareholder services to the holders of the Adviser Class shares of the Funds under the terms and conditions described herein.

**NOW, THEREFORE**, the Trust hereby adopts this Plan on behalf of the Adviser Class shares of the Funds in accordance with Rule 12b-1 under the 1940 Act, subject to the following terms and conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Each Fund shall pay to MGI Funds Distributors, LLC (the "Distributor"), Mercer Investment Management, Inc. ("MIM") or their affiliates a fee in an amount or at a rate not to exceed 0.25% on an annual basis of the average daily net asset value of the Adviser Class shares of the Fund for services and activities that are primarily intended to result in the sale of Adviser Class shares (the "Fee"). Such Fee shall be calculated daily and paid monthly or at such other intervals as the Board of Trustees shall determine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Distributor and MIM shall use the Fee paid to them pursuant to Paragraph 1 hereof for sales, marketing and promotional activities ("Marketing Services"), which may be used, among other things, for the preparation and distribution of advertisements, sales literature and prospectuses and reports used for sales purposes, as well as compensation related to sales and marketing personnel and payments to dealers and others for Marketing Services. The Fee may also be used to compensate dealers and others that have entered into an agreement with the Distributor or MIM for Marketing Services that include attracting shareholders to Adviser Class shares of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The Fee described in Paragraph 1 may also be used to pay authorized persons (the "Authorized Service Providers") who enter into agreements with the Distributor or MIM to provide services to Adviser Class shareholders of the Funds. For purposes of the Plan, "service activities" shall include any personal services or account maintenance services, which may include but are not limited to: assisting beneficial shareholders with purchase, exchange and redemption requests; activities in connection with the provision of personal, continuing services to investors in each Fund; receiving, aggregating and processing purchase and redemption orders; providing and maintaining retirement plan records; communicating periodically with shareholders and answering questions and handling correspondence from shareholders about their accounts; acting as the sole shareholder of record and nominee for shareholders; maintaining account records and providing beneficial owners with account statements; processing dividend payments; issuing shareholder reports and transaction confirmations; providing sub-accounting services for Adviser Class shares of a Fund held beneficially; forwarding shareholder communications to beneficial owners; receiving, tabulating and transmitting proxies executed by beneficial owners; disseminating information about a Fund; and general account administration activities. Other expenses of an Authorized Service Provider related to its "service activities," including telephone and other communications expenses, may be included in the information regarding amounts expended for such activities. To the extent that an Authorized Service Provider that is subject to the Conduct Rules of the Financial Industry Regulatory Authority ("FINRA") receives the Fee for providing "personal service and/or the maintenance of shareholder accounts" as contemplated by the Conduct Rules of FINRA, such payment may be deemed to be a "service fee" as such term is defined in FINRA Conduct Rule 2341(b)(9). An Authorized Service Provider is authorized to pay its affiliates and independent third party service providers for performing service activities consistent with this Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The Plan shall not take effect with respect to the Adviser Class shares of a Fund until the Plan, together with any related agreements, has been approved by votes of a majority of both (a) the Trustees of the Trust, and (b) those Trustees of the Trust who are not "interested persons" of the Trust (as defined in the 1940 Act) and have no direct or indirect financial interest in the operation of this Plan or any agreements related thereto (the "Plan Trustees"), cast in person at a meeting (or meetings) called for the purpose of voting on the Plan and such related agreements, except that a meeting at which a related agreement between a Fund and a non-affiliated service provider is approved need not be an in-person meeting. For purposes of the Plan, a non-affiliated service provider is a

service provider that is not affiliated with the Trust, the Trust's investment advisor, any sub-advisor, or the Distributor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The Plan shall continue in full force and effect as to the Adviser Class shares of a Fund for so long as such continuance is specifically approved at least annually in the manner provided for approval of the Plan in Paragraph 4 hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Any person authorized to direct the disposition of monies paid or payable by the Funds pursuant to the Plan or a related agreement shall provide to the Trustees, and the Trustees shall review, at least quarterly, a written report of the amounts so expended and the purposes for which such expenditures were made. Authorized Service Providers shall provide to the Distributor or MIM, for provision to the Trustees, and the Trustees shall review such reports and information as the Trustees may require, which may be specified in the related agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. All agreements with any person relating to implementation of the Plan shall be in writing, and any agreements related to the Plan shall provide, with respect to a Fund, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) such agreement may be terminated at any time, without payment of any penalty, by vote of a majority of the Plan Trustees or by vote of a majority of the outstanding Adviser Class shares of the Fund, on or not more than 60 days' written notice to any other party to the agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) such agreement shall terminate automatically in the event of its assignment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. This Plan, or any agreements entered into pursuant to this Plan, may be terminated with respect to the Adviser Class shares of a Fund at any time, without penalty, by vote of a majority of the Trustees and a majority of the Plan Trustees, or by vote of a majority of the outstanding voting securities of the Adviser Class shares of the affected Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. While this Plan is in effect, the Board of Trustees shall satisfy the fund governance standards as defined under Rule 0-1(a)(7) under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. As used in this Plan, the terms "majority of the outstanding voting securities" and "assignment" shall have the same meanings as those terms have in the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. The Trust shall preserve copies of this Plan (including any amendments thereto) and any related agreements and all reports made pursuant to Paragraph 6 hereof for a period of not less than six years from the date of this Plan, any such agreement or any such report, as the case may be, the first two years in an easily accessible place.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. The Trustees and the holders of the Adviser Class shares of each Fund shall not be liable for any obligations of the Trust or any Fund under this Plan, and an Authorized Service Provider or any other person, in asserting any rights or claims under

this Plan, shall look only to the assets and property of the Trust or such Fund in settlement of such right or claim, and not to such Trustees or holders of Adviser Class shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. The Plan may be amended at any time with respect to the Adviser Class shares of a Fund provided that no amendment to increase materially the amount of the Fee provided for in Paragraph 1 hereof without shareholder approval and no material amendment to the Plan shall be made unless such amendment is approved in the manner provided for approval in Paragraph 4 hereof.

**IN WITNESS WHEREOF**, the Trust has executed this Amended and Restated Distribution and Shareholder Services Plan on the day and year set forth below.

Date: April 1, 2019

---

| | | | |
|:---|:---|:---|:---|
| ATTEST: | ATTEST: | MERCER FUNDS | MERCER FUNDS |
| By: | /s/ Evelyn De Simone | By: | /s/ Stephen Gouthro |
| Name: | Evelyn De Simone | Name: | Stephen Gouthro |
| Title: | Senior Paralegal and Legal Product Specialist | Title: | Vice President, Treasurer and Chief Financial Officer |

---

<u>APPENDIX A</u>

Mercer US Small/Mid Cap Equity Fund

Mercer Non-US Core Equity Fund

Mercer Emerging Markets Equity Fund

Mercer Core Fixed Income Fund

Mercer Opportunistic Fixed Income Fund

Mercer Short Duration Fixed Income Fund

Last Amended effective as of March 3, 2025

## Ex-99.(P)(1)

**Exhibit 99.(p)(1)**

![](x3_c113438x199x1.jpg)

Code of Ethics

SUMMARY

The Board of Trustees (the "Board") of the Mercer Funds (each a "Fund" and, collectively, the "Funds"), including a majority of those Trustees who are not "interested persons" as defined in the Investment Company Act of 1940, as amended (the "1940 Act") of the Funds, (the "Independent Trustees") has adopted this Code of Ethics (the "Code") pursuant to Rule 17j-1. This Code is designed to provide the Funds with a high level of confidence that the activities of covered persons and service providers do not conflict with the interests of the Funds or their shareholders.

The Funds are committed to maintaining the highest ethical standards. An important element of the Funds' commitment is their philosophy of always putting shareholder interests ahead of the interests of the Funds' officers, trustees and service providers. This means that covered persons of the Funds must conduct their personal securities transactions in a manner that is consistent with this Code and in such a manner as to avoid any actual or potential conflict of interest or abuse of their positions of trust and responsibility. It also means that covered persons must ensure that their decisions are not based on information they have obtained as a result of their position with the Funds.

SCOPE

This policy applies to the Mercer Funds.

Policy statement

It is unlawful for a covered person in connection with his or her purchase or sale, directly or indirectly, of a reportable security held or to be acquired by the Fund:

&nbsp;&nbsp;&nbsp;&nbsp;• To employ any device, scheme or artifice to defraud the Fund;

• 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;

• To engage in any act, practice or course of business that operates or would
 operate as a fraud or deceit on the Fund; or

• To engage in any manipulative practice with respect to the Fund.

---

| | |
|:---|:---|
| ![](footer.jpg) | <br> This policy supersedes and replaces any previous Mercer policies on this subject. Mercer reserves the right to modify, suspend or terminate this policy at any time.<br>|

---

---

| | |
|:---|:---|
| **COMPLIANCE POLICY: Code of Ethics**<br>June 17, 2019 | ![](x3_c113438x200x1.jpg) |

---

Procedures

**Who is covered by the Code?**

This Code governs personal investment activities by officers and trustees of the Funds (each a "covered person," and, collectively, "covered persons"). It also applies to each Fund's investment adviser and subadviser(s) and their employees. Upon the determination that a person is a covered person, the Funds' Chief Compliance Officer (the "CCO") will provide the covered person with a copy of this Code and inform them of their reporting obligations under the Code. Covered persons who are subject to a separate code of ethics that is compliant with Rule 17j-1 under the 1940 Act are exempt from this Code.

**What securities are covered by the Code?**

For purposes of the Code, reportable security means a security as defined in section 2(a)(36) of the 1940 Act, except that it does not include:

&nbsp;&nbsp;&nbsp;&nbsp;• 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; and

• Shares issued by open-end mutual funds.

Reportable security generally includes any type of equity or debt security (such as common and preferred stocks, and corporate bonds or notes) and any instrument representing, or any rights relating to, a security (such as certificates of participation, depository receipts, put and call options, warrants, convertible securities and securities indices).

**What accounts are covered by the Code?**

For purposes of this Code, an account includes all securities accounts in which a covered person has a beneficial interest or over which a covered person has investment discretion or other control or influence. They include accounts held at a broker-dealer, transfer agent, investment adviser or other financial services firm. They also include IRAs, 401(k) accounts held at Marsh & McLennan Companies, Inc. ("MMC") or another employer and brokerage accounts established by MMC on behalf of a covered person for purposes of holding MMC equity received in connection with a bonus deferral, long-term-incentive award, or other incentive program. They do not include accounts over which a covered person has no direct or indirect influence or control.

---

| | |
|:---|:---|
| ![](footer.jpg) | <br> INTERNAL USE ONLY<br> This policy supersedes and replaces any previous Mercer policies on this subject. Mercer reserves the right to modify, suspend or terminate this policy at any time.<br>|

---

---

| | |
|:---|:---|
| **COMPLIANCE POLICY: Code of Ethics**<br>June 17, 2019 | ![](x3_c113438x200x1.jpg) |

---

**Pre-approval of Initial Public Offerings and Limited Offerings**

Covered persons must obtain approval from the CCO before directly or indirectly acquiring beneficial ownership<sup>1</sup> in any securities in an initial public offering or in a limited offering.<sup>2</sup> Once pre-approval has been granted, the pre-approved transaction must be executed within twenty-four hours.

**Reporting requirements**

Covered persons must report the information set forth below to the CCO. The CCO will identify covered persons who are required to make these reports and inform those covered persons of their reporting obligations under the Code. In addition, the CCO will review on a regular basis the reports filed pursuant to the Code.

Initial holdings report

Covered persons must disclose the following information to the CCO within 10 calendar days of becoming a covered person:

&nbsp;&nbsp;&nbsp;&nbsp;• The title, number of shares and principal amount of each reportable
 security in which the covered person had any direct or indirect beneficial ownership when the person became a covered person;
 and

• The name of any broker, dealer or bank with which the covered person maintained
 an account in which any securities were held for the direct or indirect benefit of the covered person as of the date the person
 became a covered person.

Initial holdings reports must be submitted using the form provided by the CCO, must be dated and must contain information that is current as of a date no more than 45 calendar days prior to becoming a covered person.

Annual holdings report

Annually, covered persons disclose the following information to the CCO:

&nbsp;&nbsp;&nbsp;&nbsp;• The title, number of shares and principal amount of each reportable
 security in which the covered person had any direct or indirect beneficial ownership; and

• The name of any broker, dealer or bank with which the covered person maintained
 an account in which any securities were held for the direct or indirect benefit of the covered person.

 

<sup>1</sup> Beneficial ownership is interpreted in the same manner as it would be under Rule 16a-1(a)(2) of the Securities Exchange Act of 1934 in determining whether a person is the beneficial owner of a security for purposes of section 16 of the Securities Exchange Act of 1934 and the rules and regulations thereunder.

<sup>2</sup> A limited offering means an offering that is exempt from registration under the Securities Act of 1933 pursuant to Section 4(2) or Section 4(6) or pursuant to Rule 504, Rule 505, or Rule 506 under the Securities Act of 1933.

---

| | |
|:---|:---|
| ![](footer.jpg) | <br> INTERNAL USE ONLY<br> This policy supersedes and replaces any previous Mercer policies on this subject. Mercer reserves the right to modify, suspend or terminate this policy at any time.<br>|

---

---

| | |
|:---|:---|
| **COMPLIANCE POLICY: Code of Ethics**<br>June 17, 2019 | ![](x3_c113438x200x1.jpg) |

---

Annual holdings reports must be submitted using the form provided by the CCO, must be dated and must contain information that is current as of a date no more than 45 calendar days prior to the submission of the report.

Quarterly transactions reports

Covered persons must disclose the following information to the CCO within 10 calendar days after the end of a calendar quarter with respect to any transaction during the quarter in a reportable security in which the covered person had any direct or indirect beneficial ownership:

&nbsp;&nbsp;&nbsp;&nbsp;• The date of the transaction, the title, the interest rate and
 maturity date (if applicable), the number of shares and the principal amount of each reportable security involved;

• The nature of the transaction (i.e., purchase, sale or any other type of acquisition
 or disposition);

• The price of the reportable security at which the transaction was effected;
 and

• The name of the broker, dealer or bank with or through which the transaction
 was effected

Covered persons must disclose the following information to the CCO within 10 days after the end of a calendar quarter with respect to any account established by the covered person in which any securities were held during the quarter for the direct or indirect benefit of the covered person:

&nbsp;&nbsp;&nbsp;&nbsp;• The name of the broker, dealer or bank with whom the covered person established
 the account; and

• The date the account was established,

Quarterly transaction reports must be submitted using the form provided by the CCO and must be dated. Covered persons are deemed to have complied with the transaction reporting requirements of this section if the CCO receives duplicate statements and confirmations directly from their brokers.

Exceptions from reporting requirements

Covered persons do not need to report transactions effected for, and reportable securities held in, any account over which the person has no direct or indirect influence or control.

Independent Trustees need not make:

&nbsp;&nbsp;&nbsp;&nbsp;• An initial holdings report;

• An annual holdings report; or

• A quarterly transaction report, unless the Independent Trustee knew or, in
 the ordinary course of fulfilling his or her official duties as a Trustee, should have known that during the 15-day period
 immediately before or after the Trustee's transaction in a reportable security, a Fund purchased or sold the reportable
 security, or a Fund or its investment adviser or subadviser considered purchasing or selling the reportable security.

**Approval Requirements; Application to the Funds' Subadvisers**

This Code and any material changes to it must be approved by the Board, including a majority of the Independent Trustees. In addition, before initially retaining any subadviser, the Board, including a majority of the Independent Trustees, must also approve the code of ethics of such subadviser and must approve any material change to such codes of ethics within six months after the adoption of the material change.

---

| | |
|:---|:---|
| ![](footer.jpg) | <br> INTERNAL USE ONLY<br> This policy supersedes and replaces any previous Mercer policies on this subject. Mercer reserves the right to modify, suspend or terminate this policy at any time.<br>|

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| **COMPLIANCE POLICY: Code of Ethics**<br>June 17, 2019 | ![](x3_c113438x200x1.jpg) |

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Each such approval must be based on a determination that the code of ethics in question contains provisions reasonably necessary to prevent covered persons from engaging in any conduct prohibited by Rule 17j-1. Before approving this Code, or a subadviser's code of ethics or any material amendments thereto, the Board must have received a certification from the relevant entity that it has adopted procedures reasonably necessary to prevent covered persons from violating such entity's code of ethics.

Mercer and each subadviser are responsible for enforcing their own respective codes of ethics and reporting to the CCO on a timely basis any violations of the code of ethics and resulting sanctions. In addition, each year, Mercer and each subadviser must provide the Board with:

&nbsp;&nbsp;&nbsp;&nbsp;• A written report that describes any issues arising under its code
 of ethics or procedures since the last report to the Board, including, but not limited to, information about material violations
 of the code or procedures and sanctions imposed in response to the material violations; and

• A certification that it has adopted procedures reasonably necessary to prevent
 covered persons from violating the code.

**Administration**

Federal law requires that a code of ethics must not only be adopted but must also be enforced with reasonable diligence. The CCO will keep records of any violation of the Code and of the actions taken as a result of such violations.

Review

The CCO will review on a regular basis the reports filed pursuant to the Code. In this regard, the CCO will give special attention to evidence, if any, of potential violations of the antifraud provisions of the federal securities laws or the procedural requirements or ethical standards set forth in the Code.

Violations

When potential violations of the Code come to the attention of the CCO, the CCO will investigate the matter. Upon completion of the investigation, if necessary, the matter will be reviewed with the Board, and a determination will be made as to whether any sanction should be imposed as detailed below.

Violations of this Code may result in the imposition of such sanctions as the Board deems appropriate under the circumstances, which may include, but are not limited to, removal from office. The Board may take into account any factors that it determines to be appropriate in imposing sanctions. Such factors may include, but are not limited to, your history of compliance, the nature of the violation, whether the violation was intentional or inadvertent and any harm suffered by a client. Violations of this Code also may result in criminal prosecution or civil action.

Annual reports to the Board

No less frequently than annually, the CCO will provide the Board with a written report that:

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|:---|:---|
| ![](footer.jpg) | <br> INTERNAL USE ONLY<br> This policy supersedes and replaces any previous Mercer policies on this subject. Mercer reserves the right to modify, suspend or terminate this policy at any time.<br>|

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|:---|:---|
| **COMPLIANCE POLICY: Code of Ethics**<br>June 17, 2019 | ![](x3_c113438x200x1.jpg) |

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&nbsp;&nbsp;&nbsp;&nbsp;• Describes any issues arising under the Code since the last report
 to the Board, including, but not limited to, information about material violations of the Code and sanctions imposed in response
 to the material violations; and

• Certifies that the Funds have adopted procedures reasonably necessary to prevent
 covered persons from violating the code.

Maintenance of Records

The Funds, Mercer and the Funds' subadvisers must, at their respective principal places of business, maintain records in the manner and to the extent set forth below, and must make these records available to the Securities and Exchange Commission (the "SEC") or any representative of the SEC at any time and from time to time for reasonable periodic, special or other examination:

&nbsp;&nbsp;&nbsp;&nbsp;• A copy of each Code for the organization that is in effect, or at any time within the past seven years
 was in effect, must be maintained in an easily accessible place;

• A record of any violation of the Code, and of any action taken as a result of the violation, must be maintained in an
 easily accessible place for at least seven years after the end of the fiscal year in which the violation occurs;

• A copy of each report made by a covered person required herein must be maintained for at least seven years after the end
 of the fiscal year in which the report is made or the information is provided, the first two years in an easily accessible
 place;

• A record of all persons, currently or within the past seven years, who are or were required to make reports as required
 herein, or who are or were responsible for reviewing these reports, must be maintained in an easily accessible place; and

• A copy of each report as required herein must be maintained for at least seven years after the end of the fiscal year
 in which it is made, the first two years in an easily accessible place.

Exemptions

The CCO may grant exemptions from the requirements of this Code in appropriate circumstances upon written request from a covered person. The decision to grant a request for exemption is solely within the discretion of the CCO.

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Any questions regarding this policy and these procedures should be raised with the CCO. ■

Last Amended: June 17, 2019 <br> Last Reviewed: October 29, 2021

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|:---|:---|
| ![](footer.jpg) | <br> INTERNAL USE ONLY<br> This policy supersedes and replaces any previous Mercer policies on this subject. Mercer reserves the right to modify, suspend or terminate this policy at any time.<br>|

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## Ex-99.(P)(2)

**Exhibit 99.(p)(2)**

![](x3_c113438x205x1.jpg)

PERSONAL INVESTING

SUMMARY

All Mercer colleagues are subject to the Marsh & McLennan Companies ("MMC") Code of Conduct – <u>The Greater Good</u>. The Greater Good sets out standards for colleagues dealing with potentially complex ethical decisions. It also provides basic information to colleagues regarding MMC's procedures for reporting conflicts of interest and raising other issues of concern.

MMC has supplemented The Greater Good with specific restrictions on all colleagues who engage in personal investment activities. As described in the MMC <u>Trading Securities Ethically</u> policy, colleagues are subject to certain restrictions when trading MMC securities and are prohibited from, among other things, engaging in "insider trading" (i.e., trading securities when in possession of material non-public information about those securities or the companies that issue those securities).

In addition to The Greater Good and Trading Securities Ethically policy, certain Mercer colleagues are subject to restrictions and reporting obligations under federal securities laws applicable to investment advisers registered with the U.S. Securities and Exchange Commission ("SEC"). In addition to these policies, this Personal Investing policy is designed to enable Mercer Investments LLC ("Mercer") to comply with Rule 204A-1 under the Investment Advisers Act of 1940 ("Rule 204A-1"), which requires investment advisers, such as Mercer, to adopt a code of ethics that includes certain minimum standards of business conduct, as well as reporting of certain brokerage accounts, personal securities transactions and securities holdings. This policy also conforms to the requirements of Rule 17j-1 under the Investment Company Act of 1940 ("Rule 17j-1"), which applies to Mercer when it serves as an investment adviser to SEC-registered investment companies. Lastly, this policy is designed to comply with federal securities laws which prohibit the trading of securities while in the possession of material non-public information about such securities and/or otherwise communicating such information.

SCOPE

This policy applies to all directors, officers and employees of Mercer, as well as outside consultants and temporary employees in certain circumstances described below.

Policy statement

Mercer expects colleagues to adhere to the following principles related to personal investing:

&nbsp;&nbsp;&nbsp;&nbsp;• Client interests come first. Colleagues must
scrupulously avoid serving personal interests ahead of the interests of Mercer's clients.

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| ![](footer.jpg) | &nbsp;&nbsp; <br> This policy supersedes and replaces any previous Mercer policies on this subject. Mercer reserves the right to modify, suspend or terminate this policy at any time. |

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| **COMPLIANCE POLICY: PERSONAL INVESTING**<br> MARCH 29, 2019 | ![](header.jpg) |

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&nbsp;&nbsp;&nbsp;&nbsp;• Avoid taking advantage. Colleagues may not make personal investment decisions based on knowledge of a client's holdings
or transactions. The most common example of this is "front running," or knowingly engaging in a personal transaction
ahead of a client with the expectation that the client's transaction will cause a favorable move in the market.

&nbsp;&nbsp;&nbsp;&nbsp;• Avoid conflicts of interest. All personal investing, including personal securities transactions, should be conducted in such
manner so as to avoid any actual or potential conflict of interest or any abuse of a colleague's position of trust and responsibility.

&nbsp;&nbsp;&nbsp;&nbsp;• Compliance with applicable law. Colleagues must comply with Rule 204A-1, Rule 17j-1 and other federal securities laws that
govern Mercer's business.

&nbsp;&nbsp;&nbsp;&nbsp;• Strict prohibition on insider trading (i.e. trading while in possession of material nonpublic information).

&nbsp;&nbsp;&nbsp;&nbsp;• In connection with personal investing, it is unlawful for colleagues:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;─ To employ any device, scheme or artifice to defraud a client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;─ To make any untrue statement of a
material fact to a client or omit to state a material fact necessary in order to make the statements made to a client, in light
of the circumstances under which they are made, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;─ To engage in any act, practice or course of business that operates or would operate as a fraud or deceit on a client; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;─ To engage in any manipulative practice with respect to a client.

Mercer has many important assets, perhaps the most valuable of which is its established and unquestioned reputation for integrity. An important element of Mercer's commitment to integrity is its philosophy of always putting Mercer's clients' interests ahead of its own. This requires that colleagues manage or avoid actual, perceived or potential conflict of interest with a client. It also requires that colleagues use the knowledge and/or opportunities gained at Mercer in a manner that is consistent with Mercer's fiduciary duty to its clients. This policy is designed to provide a framework for colleagues to conduct personal investment activities in a manner that is consistent with placing the interest of Mercer's clients first.

COLLEAGUE RESPONSIBILITIES

**WHICH COLLEAGUES ARE COVERED BY THIS POLICY?**

This policy governs personal investment activities of all Mercer "supervised persons," which includes directors and officers of Mercer (or other persons occupying a similar status or performing similar functions); employees of Mercer; outside consultants and temporary employees; and any other person who provides advice on behalf of Mercer and is subject to Mercer's supervision and control.

Certain restrictions and reporting obligations described below apply only to Mercer colleagues who have been designated as "access persons" by Mercer's compliance department. The following colleagues are considered "access persons" for purposes of this policy:

&nbsp;&nbsp;&nbsp;&nbsp;• Any supervised person: (A) who has access to non-public information regarding any clients' purchase or sale of securities,
or nonpublic information regarding the portfolio holdings of any investment fund

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| | &nbsp;&nbsp;2 |
| ![](footer.jpg) | &nbsp;&nbsp; INTERNAL USE ONLY<br> This policy supersedes and replaces any previous Mercer policies on this subject. Mercer reserves the right to modify, suspend or terminate this policy at any time. |

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| **COMPLIANCE POLICY: PERSONAL INVESTING**<br> MARCH 29, 2019 | ![](header.jpg) |

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|:---|:---|
|  | managed by Mercer; or (B) who is involved in making securities recommendations to clients or investment funds, or who has access to such recommendations that are nonpublic; and |
| • | Outside consultants and other temporary colleagues hired for a period of 30 days or more and other Mercer colleagues who have access to non-public information regarding the investment advice provided to clients or investment funds, or who are involved in making securities recommendations for clients or investment funds, or have access to such recommendations that are non-public. |

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Upon the determination that a colleague must comply with this policy, Legal & Compliance ("L&C") will provide the colleague with a copy of this policy and inform them of their reporting obligations.

**WHAT DO COLLEAGUES NEED TO DO?**

All colleagues who are supervised persons are required to certify that they have read and understand this policy, including amendments thereto, and recognize that they are subject to its provisions. This certification is due within 10 calendar days of becoming a supervised person. In addition, colleagues must certify annually that they have read and understand this policy and that they have complied with its requirements during the prior year, including disclosing all transactions, holdings and/or accounts that they were required to disclose. Colleagues who are access persons must comply with the Personal Investing Reporting Requirements described below.

PROHIBITION ON INSIDER TRADING

No Mercer colleague may trade, either personally or on behalf of others (such as investment funds and private accounts managed by Mercer), while in the possession of material, nonpublic information, nor may any Mercer colleague communicate material, nonpublic information to others except as permitted by law.

&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. 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.

Material information also may 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 may be material.

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|:---|:---|
| | &nbsp;&nbsp;3 |
| ![](footer.jpg) | &nbsp;&nbsp; INTERNAL USE ONLY<br> This policy supersedes and replaces any previous Mercer policies on this subject. Mercer reserves the right to modify, suspend or terminate this policy at any time. |

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|:---|:---|
| **COMPLIANCE POLICY: PERSONAL INVESTING**<br> MARCH 29, 2019 | ![](header.jpg) |

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Material nonpublic information relates not only to issuers of securities but also to Mercer's securities recommendations and client securities holdings and transactions.

&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 a public filing with the SEC or some other government agency, news wire releases, widely available broadcasts on television or radio, publication in widely available newspapers or news websites or other publication of general circulation and after sufficient time has passed so that the information has been disseminated widely. You must notify L&C immediately if you have any questions regarding whether information should be considered non-public.

&nbsp;&nbsp;&nbsp;&nbsp;***3.***  ***Identifying Inside Information*** 

Before executing any trade for yourself or others, including investment funds or private accounts managed by Mercer ("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;• Report the information and proposed trade immediately to L&C.

&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 Mercer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Do not communicate the information inside or outside Mercer, other than to L&C.

&nbsp;&nbsp;&nbsp;&nbsp;***4.***  ***Contacts with Public Companies*** 

Contacts with public companies may represent an important part of our 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, in the course of these contacts, a supervised person of Mercer or other person subject to this policy becomes aware of material, nonpublic information. To protect yourself, your clients and Mercer, you should contact L&C immediately if you believe that you may have received material, nonpublic information.

&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 movement 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

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| | &nbsp;&nbsp;4 |
| ![](footer.jpg) | &nbsp;&nbsp; INTERNAL USE ONLY<br> This policy supersedes and replaces any previous Mercer policies on this subject. Mercer reserves the right to modify, suspend or terminate this policy at any time. |

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| **COMPLIANCE POLICY: PERSONAL INVESTING**<br> MARCH 29, 2019 | ![](header.jpg) |

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regarding a tender offer received from the tender offeror, the target company or anyone acting on behalf of either.

While it is unlikely colleagues would obtain such information given Mercer's business, Supervised persons of Mercer and others subject to this policy should exercise extreme caution any time they become aware of nonpublic information relating to a tender offer.

PERSONAL INVESTING – REPORTING REQUIREMENTS

All colleagues designated as access persons must disclose to L&C:

&nbsp;&nbsp;&nbsp;&nbsp;• All reportable accounts and all reportable securities, as defined below. These holding reports are due within 10 calendar days
of becoming a Mercer access person and annually thereafter. The information that is reported must be current as of a date no more
than 45 calendar days prior to the date of the report.

&nbsp;&nbsp;&nbsp;&nbsp;• On a quarterly basis, all transactions in reportable securities and any new reportable accounts. This report is due within
30 days after the end of each calendar quarter.

**WHAT SECURITIES AND ACCOUNTS ARE REPORTABLE?**

Only securities and accounts in which the colleague has beneficial ownership are reportable. "Beneficial ownership" is interpreted in the same manner as it would be under Rule 16a-1(a)(2) under the Securities Exchange Act of 1934 in determining whether a person is the beneficial owner of a security for purposes of Section 16 of such Act and the rules and regulations thereunder, including but not limited to, securities or accounts owned by a colleague as well as those owned by any member of a colleague's immediate family that share the colleague's household. If a colleague is unclear about whether he or she has beneficial ownership over an account or a security for purposes of this policy, he or she should consult with L&C.

"Reportable securities" are securities that are beneficially owned by an access person, including stocks, bonds, and other instruments that might not ordinarily be thought of as securities, such as:

&nbsp;&nbsp;&nbsp;&nbsp;• Exchange-traded funds;

&nbsp;&nbsp;&nbsp;&nbsp;• Any form of limited partnerships;

&nbsp;&nbsp;&nbsp;&nbsp;• Private investment funds, hedge funds and investment clubs (these require pre-approval prior to acquiring interests therein);

&nbsp;&nbsp;&nbsp;&nbsp;• Foreign unit trusts;

&nbsp;&nbsp;&nbsp;&nbsp;• Options on securities;

&nbsp;&nbsp;&nbsp;&nbsp;• Closed-end funds; and

&nbsp;&nbsp;&nbsp;&nbsp;• Open-end mutual funds that are managed or advised by Mercer.

The following securities are **NOT** reportable securities:

&nbsp;&nbsp;&nbsp;&nbsp;• Direct obligations of the United States government (note that securities issued by agencies or instrumentalities of the U.S.
government are reportable);

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| | &nbsp;&nbsp;5 |
| ![](footer.jpg) | &nbsp;&nbsp; INTERNAL USE ONLY<br> This policy supersedes and replaces any previous Mercer policies on this subject. Mercer reserves the right to modify, suspend or terminate this policy at any time. |

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| **COMPLIANCE POLICY: PERSONAL INVESTING**<br> MARCH 29, 2019 | ![](header.jpg) |

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&nbsp;&nbsp;&nbsp;&nbsp;• Bankers' acceptances;

&nbsp;&nbsp;&nbsp;&nbsp;• Bank certificates of deposit;

&nbsp;&nbsp;&nbsp;&nbsp;• Commercial paper;

&nbsp;&nbsp;&nbsp;&nbsp;• High quality short-term debt instruments, including repurchase agreements;

&nbsp;&nbsp;&nbsp;&nbsp;• Shares of open-end mutual funds that are not managed or advised by Mercer; and

&nbsp;&nbsp;&nbsp;&nbsp;• Shares issued by unit investment trusts that are invested exclusively in one or more open-end funds that are not managed or
advised by Mercer.

"Reportable accounts" include all accounts in which any reportable securities can be held even if no reportable securities are currently held in that account. They include:

&nbsp;&nbsp;&nbsp;&nbsp;• Accounts held at a broker-dealer, bank, transfer agent, investment adviser or other financial services firm.

&nbsp;&nbsp;&nbsp;&nbsp;• IRAs, certain HSA accounts, and 401(k) accounts held at MMC or another employer.

&nbsp;&nbsp;&nbsp;&nbsp;• Brokerage accounts established by MMC on behalf of a colleague for purposes of holding MMC equity received in connection with
a bonus deferral, long-term-incentive award, or other incentive program; and

&nbsp;&nbsp;&nbsp;&nbsp;• Any account in which the colleague has a beneficial interest.

Please note that 529 plans are not considered reportable accounts.

Any questions about which accounts and securities are reportable should be directed to L&C.

**HOW DO COLLEAGUES REPORT?**

The reporting of accounts and securities must occur through <u>Mercer's Schwab CT</u> system, including certifications, initial holdings reports and quarterly transaction reports.

Holdings reports must include, at a minimum, the title and type of security, the exchange ticker symbol or CUSIP number, number of shares and principal amount of each reportable security, the name of any broker, dealer or bank and the date the report is submitted.

To satisfy the initial and annual holdings reports, colleague may provide duplicate copies of their account statements provided it includes all required reporting information. Such statement must include information that is current as of a date no more than 45 calendar days prior to the date of the report.

Quarterly transaction reports must include, at a minimum, the date of the transaction, the title, the exchange ticker symbol or CUSIP number, interest rate and maturity date, number of shares and principal amount of each reportable security; the nature of the transaction (i.e., purchase, sale or other type of acquisition or disposition); 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. Quarterly reports are due within 30 days after the end of each calendar quarter for all reportable accounts.

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| | &nbsp;&nbsp;6 |
| ![](footer.jpg) | &nbsp;&nbsp; INTERNAL USE ONLY<br> This policy supersedes and replaces any previous Mercer policies on this subject. Mercer reserves the right to modify, suspend or terminate this policy at any time. |

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| **COMPLIANCE POLICY: PERSONAL INVESTING**<br> MARCH 29, 2019 | ![](header.jpg) |

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To satisfy the quarterly transaction reporting requirement, colleagues must direct their brokers to provide duplicate copies of confirmations of transactions in reportable securities and duplicate copies of all periodic statements related to their account(s) to Mercer. Such instructions must be made promptly (within 10 days) upon becoming an access person and as new accounts are established. Upon request, L&C will facilitate the process for obtaining duplicate confirmations and statements.

Colleagues that are unable to arrange for duplicate confirmations and account statements to be sent to Mercer in a timely manner, must immediately notify L&C and request an exemption from the requirement to provide confirmations and periodic account statements. If L&C grants the request, the colleague must submit a quarterly report on the form provided by L&C. Colleagues must report any securities transactions that are not reported on a brokerage or other account statement using the form provided by L&C.

Initial and annual holdings reports and quarterly transactions reports are not required for accounts over which a colleague has no direct or indirect influence or control. A colleague's direct or indirect influence or control over an account is a facts and circumstances evaluation. For instance, accounts that are managed on a discretionary basis by a third party discretionary manager would not, by itself, establish a basis that such colleague has no direct or indirect influence or control over the account. Accounts that are set up as discretionary or where a trustee has management authority over the account require reporting if the colleague is able to:

&nbsp;&nbsp;&nbsp;&nbsp;• Suggest purchases or sales of investments to the trustee or third-party discretionary manager;

&nbsp;&nbsp;&nbsp;&nbsp;• Direct purchases or sales of investments; or

&nbsp;&nbsp;&nbsp;&nbsp;• Consult with the trustee or third-party discretionary manager as to the particular allocation of investments to be made in
the account.

Colleagues must consult L&C to evaluate whether a colleague may have direct or indirect influence or control. If an exemption from reporting is granted, Colleagues may be required to complete initial and periodic certifications related to the exemption. Further, L&C may impose special reporting requirements related to such exempted accounts. It is important to note that where a colleague has demonstrated they have no direct or indirect influence or control over an account and are exempted from the holdings and quarterly transaction reports with respect to such account, such accounts must nevertheless be reported in <u>Schwab CT</u>; it is important for Mercer and L&C to be informed of these accounts for purposes of monitoring compliance with this policy and federal securities regulations.

PRE-APPROVAL OF CERTAIN TRANSACTIONS

Colleagues must obtain prior written approval from L&C before acquiring direct or indirect beneficial ownership (through purchase or otherwise) of (i) a security in an initial public offering, or (ii) a security in a limited offering (generally meaning a private placement, such as a hedge fund or private equity fund). To initiate pre-approval, colleagues must provide to L&C full details of the proposed transaction and include a written certification that the investment opportunity did not arise by virtue of the colleague's activities on

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| | &nbsp;&nbsp;7 |
| ![](footer.jpg) | &nbsp;&nbsp; INTERNAL USE ONLY<br> This policy supersedes and replaces any previous Mercer policies on this subject. Mercer reserves the right to modify, suspend or terminate this policy at any time. |

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| **COMPLIANCE POLICY: PERSONAL INVESTING**<br> MARCH 29, 2019 | ![](header.jpg) |

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behalf of the client. If the transaction is approved, it will be subject to continuous monitoring for possible future conflicts.

Colleagues may be subject to additional policies and procedures through other regulated MMC companies. For instance, those colleagues that hold securities licenses through a broker dealer are subject to the broker dealer's policies and procedures. Such policies and procedures may have separate and distinct requirements that should be reviewed prior to engaging in personal investing activities.

RESTRICTED TRADING PERIODS

To help avoid even the appearance that colleagues might be trading on the basis of nonpublic information, Mercer may impose periodic trading prohibitions on specified colleagues such as through the adoption of a restricted list or pre-clearance list. For example, Mercer may impose trading prohibitions on investment management colleagues for specified periods before and after a client or manager transition. L&C will notify affected colleagues of any such situational restricted trading periods.

POLICY COMPLIANCE

L&C will review on a regular basis the reports filed pursuant to this policy. In this regard, L&C will give special attention to evidence, if any, of potential violations of the antifraud provisions of the federal securities laws or the procedural requirements or ethical standards set forth in this policy.

In addition, colleagues must report violations of this policy to L&C immediately. Colleagues must recognize that this policy is a condition of employment with Mercer. Violations will be addressed by senior management. Since many provisions of this policy also reflect provisions of the U.S. securities laws, colleagues should be aware that violations could also lead to regulatory enforcement action resulting in suspension or expulsion from the securities business, fines, penalties, or imprisonment.

If it is determined that a colleague has violated this policy, L&C will report the violation to senior management. Senior management, in consultation with L&C, will determine the appropriate sanctions. Sanctions may range from a verbal or written reprimand to suspension or termination of employment. They may also include fines and the disgorgement of profits or other benefit realized.

**POLICY RECORDS**

L&C shall maintain and cause to be maintained in a readily accessible place the following records:

&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;• A record of any violation of Mercer'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;

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| | &nbsp;&nbsp;8 |
| ![](footer.jpg) | &nbsp;&nbsp; INTERNAL USE ONLY<br> This policy supersedes and replaces any previous Mercer policies on this subject. Mercer reserves the right to modify, suspend or terminate this policy at any time. |

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| **COMPLIANCE POLICY: PERSONAL INVESTING**<br> MARCH 29, 2019 | ![](header.jpg) |

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&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 Mercer;

&nbsp;&nbsp;&nbsp;&nbsp;• 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;• A list of all persons who are, or within the preceding five years have been, access persons;

&nbsp;&nbsp;&nbsp;&nbsp;• A record of any decision and reasons supporting such decision to approve a supervised person's acquisition of securities in
any IPOs or limited offerings within the past five years after the end of the fiscal year in which such approval is granted.

POLICY REVIEW AND APPROVAL

L&C shall periodically review the Policy and related policies and update as necessary.

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Please contact your <u>L&C</u> representative if you have questions. ■

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| | &nbsp;&nbsp;9 |
| ![](footer.jpg) | &nbsp;&nbsp; INTERNAL USE ONLY<br> This policy supersedes and replaces any previous Mercer policies on this subject. Mercer reserves the right to modify, suspend or terminate this policy at any time. |

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[MarshMcLennan LOGO]

**THE GREATER GOOD**

**Our Code of Conduct**

Marsh GuyCarpenter Mercer OliverWyman

**Table of Contents**

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| | |
|:---|:---|
| **Message from the CEO** | **1** |
| **Our Values and Commitments** | **2** |
| **We Build Trust by Doing the Right Thing** | **3** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We act with integrity | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Leaders have additional responsibilities | 5 |
| **We Build Trust with Colleagues** | **7** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We treat others with respect | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We provide a safe and healthy workplace | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We respect privacy and protect personal and confidential information | 8 |
| **We Build Trust with Clients** | **10** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We treat clients fairly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We protect client information | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We comply with the special requirements of government clients | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We compete ethically | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We do not bribe | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We put clients' interests first | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 |
| **We Build Trust in the Company** | **19** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We know our business partners | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We work to prevent money laundering and financial crimes | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We build strong relationships with our suppliers | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We manage conflicts of interest with integrity | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are transparent about potential personal conflicts of interest | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We use good judgement when giving or accepting gifts or entertainment | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We do not trade on or disclose inside information | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We safeguard Company technology and information | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We maintain accurate business records and sound internal controls | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We communicate honestly and professionally with investors and the public | 27 |
| **We Build Trust with Communities** | **32** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We build trust by acting responsibly | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We make an impact | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We engage appropriately in the political process | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We play by the rules | 34 |
| **Index** | **36** |

---

i

**<u>Message from the CEO</u>**

**DEAR COLLEAGUES,**

*The Greater Good,* our code of conduct, spells out our values as an organization and obligations as individuals. It's Marsh McLennan's one code of personal and professional behavior for everyone, everywhere we do business.

Our workplace and the work we do in the world is built on trust. As individuals and as an enterprise, we earn trust by doing the right thing for our clients, colleagues and communities. That's what we mean by the greater good.

I encourage you to read and regularly refer to *The Greater Good.* Being familiar with the principles it illustrates will help all of us to continue to serve our clients, colleagues and communities with integrity.

**John Q. Doyle**<br> President and CEO<br> Marsh McLennan

Three pillars of *The Greater Good*:

1. WIN WITH INTEGRITY

We compete vigorously and fairly. Work that might harm the reputation of the firm is simply not worth it.

2. YOU ARE NEVER ALONE

The only mistake you can make is the mistake that you make alone. When in doubt, reach out. To your manager. To Compliance. To HR. To a colleague. We are all in this together.

3. SPEAK UP

If something doesn't feel right, speak up. You have a right—and an obligation—to raise your concerns.

***The Greater Good*** \| Message from the CEO<sub>1</sub>

**<u>Our Values and Commitments</u>**

**The Greater Good is foundational** to how we conduct business at Marsh McLennan.

**Our commitments**

We are

**COMMITTED PARTNERS**

We work with curiosity, care and integrity to understand clients' unique needs and enable their ultimate success.

We apply

**UNIQUE EXPERTISE**

We bring a distinct combination of capabilities – from data-driven insights to deep industry knowledge and experience – clarifying the view of present and future risks and opportunities.

We deliver

**ACTIONABLE SOLUTIONS**

We provide practical solutions to organizations' most pressing challenges, delivering results that help businesses and communities thrive.

At the core of each of these commitments is our Code of Conduct, *The Greater Good.* We expect every colleague to act with integrity, to raise your hand when you are unsure of what to do and to speak up when you witness conduct that may not align with the values of *The Greater Good.*

***The Greater Good*** \| Our Values and Commitments<sub>2</sub>

**<u>We Build Trust by Doing the Right Thing</u>**

**We act with integrity.**

Each one of us must take individual responsibility for acting with integrity at all times, even when this means making difficult choices. This is the bedrock principle of acting for *The Greater Good*.

**MAKE SURE YOU**

🗹 Follow all laws and regulations that apply to your work.

🗹 Take all required training to understand your responsibilities.

🗹 Understand and adhere to the letter and spirit of this Code and Company policy.

🗹 Act honestly in all your business dealings.

🗹 Speak up if you have a concern about any work-related behavior that may be a violation of the law, this Code or Company policy. Raise concerns with your managers at any level, or with Legal and Compliance or Human Resources, or through the Ethics & Compliance Line.

🗹 Cooperate in internal and external audits and investigations by fully and truthfully providing information and by preserving all materials that might be relevant.

**AS YOU MAKE A BUSINESS DECISION, ASK YOURSELF**

Is it legal, ethical and socially responsible?

Is it consistent with the spirit of the Code and Company policy?

Is it based on a thorough understanding of the risks involved?

Will it maintain trust with clients, shareholders, regulators and colleagues?

Would it maintain our good reputation if the behavior were to become known internally or publicly?

**If the answer to any of these questions is no, stop and speak up.**

**SPEAKING UP**

You and your colleagues are certain to encounter difficult choices, and everyone makes mistakes from time to time. At Marsh McLennan, we are dedicated to choosing our actions with care and fixing mistakes promptly. You are never alone. Do not hesitate to raise concerns or seek guidance. Your fast action helps all of us retain and build trust. The Company will act promptly to investigate allegations of violations of this Code or the law.

***The Greater Good*** \| We Build Trust by Doing the Right Thing<sub>3</sub>

As an alternative to raising concerns with or seeking guidance from a manager, Legal and Compliance or Human Resources, you may use the Ethics & Compliance Line. The Ethics & Compliance Line gives you the option of raising a concern or seeking guidance online or with a phone call. If you wish, you may remain anonymous (except in a small number of countries where the law does not allow an anonymous call).

Please go to <u>EthicsComplianceLine.com</u> for detailed instructions.

**NO RETALIATION**

We will not tolerate retaliation against any colleague who raises a good-faith concern about a potential violation of the law, this Code or Company policy. Examples of retaliation may include termination, a reduction in pay, a negative change in job responsibilities, intimidation or any other material change in a colleague's conditions of employment. Reporting a concern does not relieve a colleague of accountability for misconduct.

**ACCOUNTABILITY**

This Code applies to all directors, officers, employees, contingent workers and temporary employees ("colleagues") of the Company and its subsidiaries worldwide. We also hold our agents, subcontractors and suppliers to high standards of integrity by requiring them to comply with relevant aspects of our compliance policies. No colleague may use a third party to do something prohibited by this Code. Colleagues who violate the law, this Code or Company policy are subject to disciplinary action in accordance with local laws and internal procedure.

Marsh McLennan will waive application of the policies in this Code only if the Company decides that it is justified by the circumstances. A waiver will be granted only under limited circumstances.

Only the Audit Committee of the Marsh McLennan Board of Directors may approve a waiver of this Code for the Company's directors and senior executive officers. Waivers must be properly disclosed as required under applicable laws or regulations.

**IF LAWS CONFLICT**

Because we operate in many countries, laws will sometimes conflict with each other or with this Code or Company policy. If you encounter such a conflict, consult with Legal before deciding how to act.

**WATCH OUT FOR**

We will inevitably face difficult situations in our work. Under the heading "Watch Out For," most of the sections of this Code list temptations, pressures or "red flags." These things to "Watch Out For" should alert you to the potential problems inherent in the choices you are facing and signal the need to speak up or seek guidance. For example, WATCH OUT FOR:

🛆 Temptations to compromise integrity for revenue.

***The Greater Good*** \| We Build Trust by Doing the Right Thing<sub>4</sub>

🛆 Pressures to get things done before knowing the risks involved or what the law, this Code or Company policy require.

🛆 Excuses for sacrificing integrity, such as, "Our competitors do it."

🛆 Assumptions that someone else will address a problem or that management already knows about it.

When you come across a red flag, speak up. Talk to a manager, Legal and Compliance or Human Resources, or submit a report through the Ethics & Compliance Line.

**RELATED POLICIES AND GUIDANCE**

Colleagues can visit <u>The Greater Good</u> website to find Compliance policies and materials listed under the "Policy Hub" heading.

**Leaders have additional responsibilities.**

If you manage others, you must lead by example. Hold yourself to the highest standards of conduct and make those standards clear to those who report to you. Create an atmosphere that inspires open and honest communication. Take an active role in understanding the risks inherent in your colleagues' work and give effective guidance when needed.

**MAKE SURE YOU**

🗹 Communicate the letter and spirit of this Code to those who report to you and to your other colleagues. Make sure that your teams understand Company policies and procedures.

🗹 Take an active role in assuring the quality of the work product of your teams and the fairness and honesty of their communications with clients, colleagues and other business partners.

🗹 Use adherence to this Code and Company policy as a factor when you evaluate and recommend compensation for your teams.

🗹 Communicate to your teams that your door is always open for them to report a mistake, raise a concern or discuss a difficult business choice. At the same time, make it clear that they are free to report concerns through other channels as well.

🗹 Respond quickly and effectively to concerns colleagues raise.

🗹 Take prompt remedial action when mistakes or misconduct are discovered or brought to your attention.

🗹 Notify Legal and Compliance when you encounter a potential violation of the law, this Code or Company policy.

***The Greater Good*** \| We Build Trust by Doing the Right Thing<sub>5</sub>

🗹 Make appropriate disclosure to clients and other business partners when mistakes occur or when conflicts of interest arise, after consulting with a manager or with Legal and Compliance.

**Q & A**

**Q:** My manager recently notified me that something I was doing was in violation of the Code. I had no idea I was doing something wrong. Can I be held accountable even though I was unaware of the rule?

**A:** Yes, you can be held accountable. You are expected to read, understand and follow the principles in the Code and all Company policies. Whenever you encounter something in the Code or a policy that seems unclear or difficult to carry out, you must seek guidance from a manager or Legal and Compliance or Human Resources. Our reputation for integrity is our most valuable asset. To protect that asset, it is essential that you follow the principles set out in the Code and the policies.

**Q:** I have a problem: I believe a colleague is doing something in violation of the Code, but I'm reluctant to say anything about it to my manager because my colleague and my manager are friends. I'm also worried I will be branded an "informer" by my colleagues. What should I do?

**A:** You have a duty and obligation to speak up when you are aware of a violation of the Code. This may be one of the times when it would be appropriate to raise the concern with someone other than your manager. You can make a confidential call (or send a confidential email) to our Ethics & Compliance Line. Go to <u>EthicsComplianceLine.com</u> for instructions. You may keep your call or message anonymous if you wish (except in a small number of countries where anonymity is not permitted by law). Remember: The Company will not tolerate retaliation in any form against a colleague who speaks up in good faith.

**Q:** I'm a manager. If I observe misconduct in an area not within my responsibility, should I raise a concern?

**A:** Yes. All Company colleagues must speak up if they have a concern about any work-related behavior that may be a violation of the law, the Code or Company policy. All colleagues, including managers, may raise concerns with their managers at any level with Legal and Compliance or Human Resources or through the Ethics & Compliance Line.

**Q:** My manager says that we should always bring our concerns directly to her and has suggested she will "make problems" for anyone who reports "over her head." Is that OK?

**A:** No. She is in violation of Company policy if she is trying to prevent you from using other reporting channels. While it is often best to raise an issue with your manager first, you may sometimes be unable to do so, or believe doing so is inappropriate. You are free to communicate the concern to another manager, Legal and Compliance or Human Resources, or by using our Ethics & Compliance Line. If your manager disciplines you, assigns you unpleasant work or otherwise treats you differently because you chose to report through another channel, then she may be in violation of our anti-retaliation policy and you should report that behavior.

***The Greater Good*** \| We Build Trust by Doing the Right Thing<sub>6</sub>

**<u>We Build Trust with Colleagues</u>**

**We treat others with respect.**

Marsh McLennan is committed to maintaining an inclusive, equal-opportunity culture that empowers all colleagues and business partners. We believe that every colleague's unique contribution is fundamental to the overall success of the Company.

**MAKE SURE YOU**

🗹 Treat others respectfully and professionally, always.

🗹 Promote inclusion in hiring and other employment decisions.

🗹 Report comments, jokes, behavior or communications that may be offensive.

---

| | |
|:---|:---|
| 🗹 | Do not discriminate against or harass a colleague based on the following or other characteristics protected by applicable law: diversity of age, background, disability, ethnic origin, family duties, gender orientation or expression, marital status, nationality, parental status, personal or social status, political affiliation, race, religion and beliefs, sex/gender, sexual orientation or expression, skin color. |

---

🗹 Do not sexually harass a colleague. Sexual harassment includes sexual advances, inappropriate references to sex or gender, inappropriate touching of a sexual nature, conduct of a sexual nature or other offensive conduct or language.

🗹 Do not verbally abuse, threaten, taunt, intimidate or bully a colleague.

**WATCH OUT FOR**

🛆 Comments, jokes or materials, including emails, that others might find offensive.

**RELATED POLICIES AND GUIDANCE**

🗏 <u>Inclusion – Home</u>

**We provide a safe and healthy workplace.**

Marsh McLennan is committed to providing a safe and healthy workplace for colleagues and visitors to our facilities. Each of us is responsible for acting in a way that protects ourselves and others.

**MAKE SURE YOU**

🗹 Observe the safety, security and health rules and practices that apply to your role.

***The Greater Good*** \| We Build Trust with Colleagues<sub>7</sub>

🗹 Do not touch anyone in a violent or unwelcome manner in the workplace or while conducting Company business.

🗹 Never sell, possess or use illegal drugs in the workplace or while conducting Company business.

🗹 Do not come to work or conduct Company business while intoxicated or under the influence of illegal drugs.

🗹 Immediately address and report risks to safety and security and any workplace accident or injury to a member of management, Human Resources or Global Security.

**WATCH OUT FOR**

🛆 Unsafe practices or work conditions, such as using handheld devices while driving.

🛆 Lax enforcement of security standards, such as facility entry procedures and password protocols.

**RELATED POLICIES AND GUIDANCE**

🗏 <u>Workplace Violence Prevention Policy</u>

🗏 <u>Global Security at Marsh McLennan</u>

**We respect privacy and protect personal and confidential information.**

Colleagues place their trust in each other. We safeguard our colleagues' personal and confidential information. This includes information we collect and process for Human Resources, recruiting, compensation, training, managing individual performance, administering benefits and providing occupational health and safety.

**MAKE SURE YOU**

🗹 Understand and adhere to the law and Company policy on the use, protection and retention of information about colleagues.

---

| | |
|:---|:---|
| 🗹 | Learn about the types of information given heightened protection by the law and Company policy (such as personal information, including personal identification numbers, bank account numbers and health data) and protect them through appropriate means (such as encryption or other types of access restrictions). |

---

🗹 Consult Legal and Compliance or Human Resources if a law enforcement or regulatory authority or any other person outside the Company requests colleague information.

🗹 Immediately report any loss or inadvertent disclosure of colleague information to your local IT Help Desk, or to Legal and Compliance.

***The Greater Good*** \| We Build Trust with Colleagues<sub>8</sub>

**WATCH OUT FOR**

🛆 Unintentional exposure of confidential colleague information in public settings, such as during phone calls or while working on your laptop.

**RELATED POLICIES AND GUIDANCE**

🗏 <u>Handling Information Appropriately Policy</u>

**Q & A**

**Q:** While on a business trip, a colleague repeatedly asked me out for drinks and commented several times on my appearance in a way that disturbed me. Is this an issue, since we weren't in the office when it happened?

**A:** This type of conduct is not tolerated in any work-related situation, including business trips. You should report the problem to Human Resources or a manager. Also, if you feel comfortable doing so, you could tell your colleague you find his or her actions inappropriate and unwelcome.

**Q:** One of my coworkers sends emails containing sex jokes and comments that make fun of certain nationalities. They make me uncomfortable, but no one else has spoken up about them. What should I do?

**A:** You should speak up immediately to a manager or to Human Resources, as sending such jokes may violate Company standards on harassment and discrimination and our policies about the use of Company systems. By doing nothing, you could be condoning discrimination or tolerating beliefs that can seriously erode the team environment we have all worked hard to create.

**Q:** I think a colleague who works near me has been coming to work drunk. What should I do?

**A:** This may be a performance or a safety issue, and could impact the reputation of the organization. The best thing that you can do for everyone, including your coworker, is to report your concern to your manager or to Human Resources.

**Q:** I saw two colleagues in another area having an argument, and one threatened the other with violence. A friend of mine from that area says that's just how they deal with each other on that team. I'm uncomfortable speaking up, but the emotions seemed pretty real to me. Should I report the threat or not?

**A:** Report the threat immediately to your manager or to Human Resources. When safety is at issue, err on the side of caution.

**Q:** My best friend happens to work in the Company's payroll department and has access to colleagues' personal information. I'm planning a party and would like to send invitations to the homes of several coworkers. Can I ask her to get me their addresses?

**A:** No. This is a violation of privacy and could result in disciplinary action for both you and your friend. You should look up the addresses on the internet or ask the coworkers directly.

***The Greater Good*** \| We Build Trust with Colleagues<sub>9</sub>

**<u>We Build Trust with Clients</u>**

**We treat clients fairly.**

We work to understand and meet our clients' business needs, while always remaining true to our own ethical standards. We tell the truth about our services, capabilities and compensation. We do not make promises we cannot keep. In short, we treat our clients as we would want to be treated.

**MAKE SURE YOU**

🗹 Treat each client fairly and honestly.

🗹 Document the terms of client relationships and engagements according to your business procedures.

🗹 Develop and deliver products and services according to your business procedures, including appropriate reviews to ensure high quality.

🗹 Promptly raise any concern about a potential error, omission, missed deadline or defect in quality with a manager or Legal.

🗹 Report actual or potential legal claims, lawsuits and errors and omissions to Legal by using your "Report to Counsel" form.

🗹 Promptly raise any potential conflict of interest between clients, or between a client and the Company, with a manager or with Legal and Compliance.

🗹 Comply with all licensing and other legal requirements that apply to your work.

🗹 Never follow a client's request to do something unethical or unlawful. If you are uncertain of the right course, consult a manager or Legal and Compliance.

**WATCH OUT FOR**

🛆 Any request by an employee of a client for an arrangement that personally benefits the employee rather than the client itself.

🛆 Any client's request for an arrangement that is not clearly legal or that could harm the Company's reputation.

🛆 Pressures from colleagues or managers to cut corners on quality or delivery standards.

🛆 Temptations to tell clients what you think they want to hear rather than the truth. If a situation is unclear, present a fair and accurate picture to the client as a basis for decision.

🛆 Any request by a client or third party to share our revenues if doing so would violate local licensing or other laws or regulations.

***The Greater Good*** \| We Build Trust with Clients<sub>10</sub>

🛆 Comments or behavior from clients that may be considered offensive or disrespectful to others.

**RELATED POLICIES AND GUIDANCE**

🗏 <u>Resolving Conflicts of Interest Policy</u>

🗏 <u>Giving and Receiving: Gifts, Entertainment and Contributions Policy</u>

**We protect client information.**

Clients place their trust in us. In the course of developing a client's business or providing services to our clients, we are routinely provided with confidential, personal, proprietary, non-public or trade-secret information. When this occurs, we securely maintain and safeguard this information so that it is not improperly used or disclosed.

**MAKE SURE YOU**

🗹 Understand and adhere to the law, Company policy and client agreements on the use, protection and retention of information from or about clients.

---

| | |
|:---|:---|
| 🗹 | Learn about the types of information given heightened protection by the law and Company policy, such as personal information (including Social Security numbers, bank account numbers and health data), and protect them through appropriate means such as encryption or other types of access restrictions. |

---

---

| | |
|:---|:---|
| 🗹 | Use and disclose client information only for legitimate business purposes in accordance with the client contract and the Company's Handling Information Appropriately policy Immediately consult Legal and Compliance if a law enforcement or regulatory authority or any other person outside the Company requests client information or documents. |

---

🗹 Only share client information within the Company if you have made sure it is permissible and will be appropriately protected.

🗹 Follow our Handling Information Appropriately policy to protect client information, Company information and equipment (laptops, phones, tablets, etc.).

🗹 Protect your passwords and secure portable devices while traveling.

🗹 Immediately report all incidents involving the suspected or actual loss, theft, unauthorized disclosure or inappropriate use of client information to your local IT help desk or to Legal and Compliance.

***The Greater Good*** \| We Build Trust with Clients<sub>11</sub>

**WATCH OUT FOR**

🛆 Requests by clients for information about other clients.

🛆 Unintentional exposure of client information in public settings, such as on phone calls or while working on your laptop.

**RELATED POLICIES AND GUIDANCE**

🗏 <u>Handling Information Appropriately Policy</u>

**We comply with the special requirements of government clients.**

The Company is committed to meeting the many special legal, regulatory and contractual requirements that apply to government-related work around the world. These requirements may apply to bidding, invoicing, employment practices, contract performance, gifts and entertainment and other matters. The Company may also be obligated to impose these requirements on any agents or subcontractors we bring in to help with the work. Legal and Compliance can help you understand these rules and establish processes to ensure they are followed.

**MAKE SURE YOU**

🗹 Determine in every case whether the client you are working with is owned or controlled by a government.

🗹 Follow all laws, regulations, contractual provisions and other rules applicable to the business relationship between the Company and each government client you work with.

🗹 Understand the rules about gifts, entertainment, travel and lodging of each government client you work with, as they may differ from other clients'.

🗹 Clearly communicate any special requirements of government clients to all colleagues, agents, subcontractors and other business partners involved in the work.

🗹 Understand and adhere to Company policies and guidance in this area, including <u>Giving and Receiving: Gifts, Entertainment and Contributions</u> and <u>Working with Third Party Providers, Governments and Vendors</u>.

**WATCH OUT FOR**

🛆 Businesses such as transportation providers, energy companies, financial institutions, telecommunications providers and others which may be owned or controlled by a government, in whole or in part, and subject to special rules.

🛆 Laws, regulations or rules governing the Company's relationship with a government client, which sometimes are not readily accessible. Whenever possible, ask the government client to inform you of requirements of this kind.

***The Greater Good*** \| We Build Trust with Clients<sub>12</sub>

🛆 The temptation to provide otherwise reasonable entertainment to a government client—such as a business meal—before learning that client's rules on entertainment. Some government clients have rules that prohibit or limit all entertainment.

**RELATED POLICIES AND GUIDANCE**

🗏 <u>Giving and Receiving: Gifts, Entertainment and Contributions Policy</u>

🗏 <u>Working with Third Party Providers, Governments and Vendors Policy</u>

**We compete ethically.**

Marsh McLennan is committed to competing vigorously and fairly for business by providing superior products and services—not by engaging in improper or anti-competitive practices. We comply with all laws related to competition, antitrust and obtaining competitive information in the countries in which we do business.

**MAKE SURE YOU**

**Do not engage in anti-competitive behavior, particularly including:**

🗹 Collusion—when companies secretly communicate or agree on how they will compete. This may include agreements or exchanges of information on pricing, terms, wages or allocations of clients or market segments.

🗹 Bid-rigging—when competitors manipulate bidding to undermine fair competition. This may include comparing bids, agreeing not to bid or knowingly submitting noncompetitive bids.

🗹 Tying—when a company with significant market power forces customers to buy products or services they do not want in order to receive those that they do want.

🗹 "No Poach" Agreements—when competitors agree not to pursue each other's employees.

**Also refrain from:**

🗹 Discussing or agreeing with competitors on inappropriate matters, including fee and commission levels, strategic plans and how we win business.

🗹 Obtaining competitively sensitive information from a competitor.

🗹 Coordinating employee compensation with a competitor.

🗹 Sharing the Company's competitively sensitive information with a competitor.

🗹 Sharing competitively sensitive information of clients or third parties with their competitors.

***The Greater Good*** \| We Build Trust with Clients<sub>13</sub>

🗹 Inappropriately coordinating or discouraging bidding among insurance and reinsurance markets for a client's business.

🗹 Facilitating collusion among companies competing for a client's business.

**WATCH OUT FOR**

🛆 Formal or informal agreements with competitors about whether and how we compete for clients (e.g., an understanding not to pursue each other's clients).

🛆 Collecting data from inappropriate sources (such as competitors, new hires or candidates for employment). This can be, or appear to be, an improper exchange of competitively sensitive information.

🛆 Participation in a trade, industry or professional group that becomes a forum for reaching unlawful agreements or improperly exchanging competitively sensitive information.

**RELATED POLICIES AND GUIDANCE**

🗏 <u>Competing Ethically Policy</u>

🗏 <u>Resolving Conflicts of Interest Policy</u>

**We do not bribe.**

Improper influence may take many forms. Cash, gifts, meals, travel, entertainment, loans, charitable contributions, political contributions or offers of employment may all be used inappropriately in attempts to influence business decisions or government action. Regardless of the form, we do not bribe or use any other means to improperly influence the decisions of clients, potential clients or government employees. We do not offer or provide bribes directly or through a third party. We do not bribe even where it might be a generally accepted practice, when competitors do so or for any other reason.

**MAKE SURE YOU**

🗹 Do not give or offer anything of value to a client, prospective client or government employee unless it is legal, reasonable and free of any intent or understanding that it will influence a business decision or government action.

🗹 Follow our rigorous due diligence processes when engaging agents who represent us or third parties who introduce clients to us, and oversee their activity for the duration of any agreement.

🗹 Raise a concern if you know or suspect that a colleague, third party or other agent of the Company may be attempting to improperly influence a decision of a client, potential client or government employee.

***The Greater Good*** \| We Build Trust with Clients<sub>14</sub>

🗹 Never record, or allow a colleague to record, a transaction in a way that disguises its true nature, such as booking the cost of entertaining a client as a "consulting fee" or a "training expense." Carefully review the accuracy of the expense reports you approve.

**WATCH OUT FOR**

🛆 Requests for payments to a country or a party unrelated to a transaction, or for payments in cash.

🛆 Third parties or agents who are deemed valuable for their personal ties rather than for their services, or who request compensation out of proportion to the value of their services.

🛆 Requests to engage third parties or agents without a written contract, or without completing the documentation required by the Company's due diligence process.

🛆 Requests from colleagues not to record agreements or payments.

🛆 Client requirements to engage specific third parties.

🛆 Client requests for favors, such as job interviews or internships for family members.

🛆 Entertainment or meals that could be seen as lavish or inappropriate.

🛆 The appearance of impropriety, especially when dealing with government employees.

**RELATED POLICIES AND GUIDANCE**

🗏 <u>Giving and Receiving: Gifts, Entertainment and Contributions Policy</u>

🗏 <u>Working with Third Party Providers, Governments and Vendors Policy</u>

**We put clients' interests first.**

We are often called upon to help clients choose between business partners. Some of our most important services involve helping our clients select (re)insurance markets and investment service providers for pension and benefit plan assets. Within the bounds of applicable law, regulation and Company policy, we always put our clients' interests first when helping them choose business partners of any kind.

**MAKE SURE YOU**

🗹 Help clients choose business partners based on the quality of their products and services and the competitiveness of their prices and other terms and conditions.

🗹 Help clients choose business partners who are well qualified and financially responsible and avoid business partners who have engaged in unlawful or unethical conduct, or who could damage client reputations.

---

| | |
|:---|:---|
| ***The Greater Good*** \| We Build Trust with Clients | 15 |

---

🗹 Disclose to your manager any actual or potential conflict of interest, or any personal relationship with a prospective business partner if you are involved in choosing the business partner.

🗹 Avoid any gift, entertainment or favor from a business partner or potential business partner which might create the appearance of personal benefit to you from the choice of business partner.

**WATCH OUT FOR**

🛆 Any relationship between the Company and a business partner, or between a colleague and a business partner, that could be perceived as a conflict of interest. If any such relationship exists, discuss it with a manager or Legal and Compliance.

**RELATED POLICIES AND GUIDANCE**

🗏 <u>Resolving Conflicts of Interest Policy</u>

🗏 <u>Business procedures for compensation disclosure</u>

**Q & A**

**Q:** One of my clients is asking me to go way outside the scope of our engagement agreement. They're a very important client, and I want to keep them happy. What should I do?

**A:** Significant changes in the scope of work should be documented and approved by the client. Of course, if the requests are for something illegal or inappropriate, you must not help, even if it "keeps them happy."

**Q:** I'm on a tight deadline preparing a report for a client. The report includes some information we collected. I've reviewed most of it, and it seems fine. Can I just assume the rest of it is OK so I have a chance of meeting the deadline?

**A:** Your reputation and ours are tied to everything we deliver to clients. When you inform them that the information you're providing is accurate, you must be certain that it is. Failing to do so could lead to harm for both you and the Company.

**Q:** I've discovered that I made an error in billing my time to a client. It's a minor error, given the scope of the project, and it will make us look bad if I point it out. Can I just adjust future billings accordingly?

**A:** You should notify the Finance Department and the client and agree how to correct the error. This is the right thing to do, complies with Company policies and may in fact build trust because of our honesty.

**Q:** I walked past a coworker's desk this morning. She was in a meeting in the conference room, but highly confidential information about one of her clients was open on her desk. This isn't the first time she's done that. What should I do?

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| ***The Greater Good*** \| We Build Trust with Clients | 16 |

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**A:** You should talk to her or your manager about it. Safeguarding confidential information is everybody's responsibility.

**Q:** My client has asked me for information about one of her competitors, who happens to be another client of the Company. What should I tell her?

**A:** You must politely but firmly say we cannot discuss anything about one client with another client. Beware of the temptation to discuss things you believe are widely known. Put yourself in the shoes of the Company's other client and ask yourself whether it would build trust with that client if he or she became aware you had been discussing the client's business with a competitor.

**Q:** I'm in a meeting with government clients, which is running longer than planned, and they've missed their flight back home. There are no more flights for a number of hours. Can I buy them dinner since we're still working in the Company's offices?

**A:** When dealing with government clients, you must become familiar with all special rules relating to our service for those clients. This includes any special rules the client may have, or the law may require, about providing meals or other gifts, entertainment or hospitality. If you find yourself in a situation like the one in the question and you don't know what the rules are, ask the client directly whether providing the meal is permissible. In any event, use good judgment, and if you choose to provide a modest meal, report it promptly afterward to Compliance in accordance with our Giving and Receiving: <u>Gifts, Entertainment and Contributions Policy</u>.

**Q:** An acquaintance at a competitor just phoned me to ask that I meet him for drinks to discuss "opportunities to support each other." Is it OK for me to go if I go just to listen?

**A:** Before agreeing to meet, you should talk to Legal and Compliance, who can give you guidance on the subject areas that would be prohibited under competition laws. While competitors generally cooperate in ways that are legal, you need to be aware of the possibility the competitor will direct the conversation into areas that are not permissible.

**Q:** I used to work for a competitor. My team members have asked me to brief them on my former company's proposal strategies. Is this OK?

**A:** If the proposal strategies are not a matter of public record, you may be improperly divulging the competitor's confidential proprietary information. In order to understand the boundaries between what you can and cannot talk about, contact Legal and Compliance to discuss the matter.

**Q:** We are considering the use of a prominent businessman as a consultant to help us open a new market for our services in a particular country. The agent is asking for a budget of a few thousand Euros to ensure that all the proper officials think highly of us. He says this is the way business is done in his country. Should I agree?

**A:** No. It is clear the agent intends to make improper payments that violate the Code and our <u>Giving and Receiving: Gifts, Entertainment and Contributions Policy</u>—and, probably, the law. You cannot allow this to occur, and you cannot turn a blind eye simply because the improper acts would be done by an agent rather than by you or a Company colleague.

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| ***The Greater Good*** \| We Build Trust with Clients | 17 |

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**Q:** I sent a visa application to an embassy. It has been there for a long time and I now need to travel to that country. I have been told that the embassy may expedite my application if I pay one of its employees a modest amount. Can I go ahead with such payment?

**A:** No. The payment is to an individual, not to the embassy. This is a "facilitating" payment, which is not acceptable under the Code and illegal in almost all of the countries in which we operate. However, if there is an expediting fee that is a standard way the embassy operates, and the fee goes to the embassy, not to an individual employee, it might be acceptable to pay—check with Legal and Compliance.

**Q:** I have a client in another country whose insurance manager is about to come to my city for three days of business meetings with me and the insurance companies who underwrite the client's coverages. The manager has asked me to arrange for our Company to organize and pay for a day of sightseeing for him during his trip. Is this something I should discuss with Legal and Compliance?

**A:** Yes. Striking the right balance between business meetings and entertainment often requires a careful understanding of the anticorruption laws applicable to our Company. Legal and Compliance can assist you in understanding what the limits are so you can plan a client visit that will both enhance the client relationship and comply with the law.

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| ***The Greater Good*** \| We Build Trust with Clients | 18 |

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**<u>We Build Trust in the Company</u>**

**We know our business partners.**

Marsh McLennan is committed to compliance with trade sanctions, anti-terrorist financing, export controls, anti-human trafficking and anti-boycott laws. These laws designate countries, companies and persons with which we may not do business. Be aware of the possibility that a client, prospect or other business partner could be located in a sanctioned country or could itself be a sanctioned entity.

**MAKE SURE YOU**

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|:---|:---|
| 🗹 | Enter all required information into the systems provided by your business for onboarding and managing clients, suppliers and third parties before you begin work on a new matter or engage a new business partner. These systems screen business partners and protect the Company from violating trade sanctions laws. |

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🗹 Do not engage in "facilitation"—for example, helping someone else do an act you are not permitted to do yourself. If you are not legally allowed to perform an action yourself, you are also prohibited from helping someone else perform the action.

🗹 Seek advice from Legal and Compliance when you find any conflict between the sanctions laws of different countries.

**WATCH OUT FOR**

🛆 Third parties acting on behalf of sanctioned countries, companies or persons.

🛆 Any money or other assets in our Company's possession in which a sanctioned country, company or person may have an interest.

**RELATED POLICIES AND GUIDANCE**

🗏 <u>Understanding Trade Sanctions and Anti-Money Laundering Policy</u>

**We work to prevent money laundering and financial crimes.**

Marsh McLennan is committed to compliance with anti-money laundering laws. Money laundering is conduct designed to conceal the origin or nature of the proceeds of criminal activity. You must follow the anti-money laundering requirements of your business, including know-your-client procedures, and restrictions on forms of payment. Learn about and keep alert for possible money laundering "red flags." If a red flag should appear in the course of a transaction, before you go further, speak with your manager or Legal and Compliance.

**MAKE SURE YOU**

🗹 Follow your business's know-your-client business procedures.

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| ***The Greater Good*** \| We Build Trust in the Company | 19 |

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🗹 Follow your business procedures relating to acceptable forms of payment in situations where you are involved with receiving or handling funds. Some forms of payment, such as cash or third-party checks, present heightened money laundering risks.

🗹 Follow applicable laws on filing suspicious activity reports, by notifying Legal and Compliance about activity that could be a sign of money laundering.

🗹 Never tell or "tip off" a client about money laundering suspicions you may have. In some countries, "tipping off" is a criminal offense.

**WATCH OUT FOR**

**A client or prospect who:**

🛆 Has been the subject of financial crime or money laundering allegations;

🛆 Has an ownership structure that obscures its true owners;

🛆 Refuses to properly document a transaction or relationship; or

🛆 Makes or requests payment in cash, to or from a third party or to or from a country not related to the transaction.

**Also look for:**

🛆 Transactions that seem to lack a business purpose or consistency with a party's business strategy.

🛆 Duplicate payments or overpayments that are not easily explained as simple mistakes.

**RELATED POLICIES AND GUIDANCE**

🗏 <u>Understanding Trade Sanctions and Anti-Money Laundering Policy</u>

**We build strong relationships with our suppliers.**

Engaging suppliers and subcontractors who provide the Company with superior service on reasonable terms is important to our success.

**MAKE SURE YOU**

🗹 Choose suppliers, third-party providers and contractors based on the quality of their products and services and the competitiveness of their prices and other terms and conditions.

🗹 Choose suppliers and third-party providers who are well qualified and financially responsible, and avoid suppliers who have engaged in unlawful or unethical conduct, who do not meet our data-protection standards or who could damage our reputation.

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| ***The Greater Good*** \| We Build Trust in the Company | 20 |

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🗹 Disclose to your manager any actual or potential conflict of interest or any personal relationship with a prospective supplier if you are involved in choosing the supplier.

🗹 Avoid any gift, entertainment or other favor from a supplier or potential supplier that might create the appearance of improper influence or a personal benefit to you from the choice of supplier.

**WATCH OUT FOR**

🛆 Any relationship or dealings between you and a supplier that could be perceived as a conflict of interest.

🛆 Pressures to choose a supplier that does not offer competitive products, services, prices or terms only because it is also a client or prospective client of the Company.

🛆 Supplier practices that could jeopardize our reputation, such as violations of human rights, environmental regulations or data-protection regulations.

**RELATED POLICIES AND GUIDANCE**

🗏 <u>Working with Third Party Providers, Governments and Vendors Policy</u>

🗏 <u>Giving and Receiving: Gifts, Entertainment and Contributions Policy</u>

🗏 <u>Resolving Conflicts of Interest Policy</u>

🗏 <u>Vendor Management Program</u>

**We manage conflicts of interest with integrity.**

Given our broad client base and diverse business offerings, we will face situations where the interests of one client may conflict with the interests of another, or even with the interests of the Company itself. We will identify such situations promptly, resolve them with integrity and treat our clients fairly.

**MAKE SURE YOU**

🗹 Follow your business's screening procedures by properly entering account-opening and new-opportunity information into your client management system. Update the information as required.

🗹 Identify potential business conflicts of interest promptly.

**Work with Legal and Compliance to determine an appropriate course of action to manage the conflict. Potential resolutions for a conflict are:**

🗹 Disclosing the relationships to the relevant parties;

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| ***The Greater Good*** \| We Build Trust in the Company | 21 |

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🗹 Obtaining consent from the party at risk;

🗹 Establishing information barriers (ethical walls); or

🗹 Declining the engagement.

**WATCH OUT FOR**

🛆 Situations where a revenue opportunity for the Company is not in the best interests of a client.

🛆 Situations where one client is in litigation with another client.

🛆 Services that could involve one business investigating, offering an opinion on or questioning the work of a sister company.

**RELATED POLICIES AND GUIDANCE**

🗏 <u>Resolving Conflicts of Interest Policy</u>

**We are transparent about potential personal conflicts of interest.**

Each of us owes a duty of loyalty to the Company and its shareholders. We must avoid or disclose conflicts of interest between the Company and ourselves. We may only accept a directorship or other position with a for-profit or nonprofit business or organization outside the Company if it would not impair our ability to fulfill our duties to Marsh McLennan.

**MAKE SURE YOU**

🗹 Avoid conflicts of interest whenever possible and, if you find yourself facing a potential conflict of interest, disclose it to your manager and Legal and Compliance.

**Do not do any outside work or accept any outside employment, leadership or directorship positions that could harm the Company, such as:**

🗹 Work for a competitor;

🗹 Outside work that would interfere with your work for the Company; or

🗹 Outside work that could embarrass the Company or give the appearance of a conflict.

**Also make sure you:**

🗹 Do not pursue business opportunities for yourself that would be appropriate opportunities for the Company.

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| ***The Greater Good*** \| We Build Trust in the Company | 22 |

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| 🗹 | Avoid any investments that are material to you (or greater than 1% of such company's publicly traded securities) in any company that competes or does business with our Company without prior written approval of your manager. |

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**WATCH OUT FOR**

**Common conflicts of interest, such as:**

🛆 Proposing a close friend or relative as a supplier or contractor without disclosing the relationship;

🛆 Proposing a company in which you have a financial interest as a supplier or contractor without disclosing the relationship;

🛆 Doing work in your personal capacity for a supplier or client;

🛆 Allowing a supplier or contractor to do work for you in your personal capacity, whether paid or unpaid;

🛆 Receiving gifts, entertainment or other favors from a supplier or contractor that could create the appearance of improper influence.

**RELATED POLICIES AND GUIDANCE**

🗏 <u>Giving and Receiving: Gifts, Entertainment and Contributions Policy</u>

🗏 <u>Working with Third Party Providers, Governments and Vendors Policy</u>

🗏 <u>Resolving Conflicts of Interest policy</u>

**We use good judgement when giving or accepting gifts or entertainment.**

In the right circumstances, a modest gift may be a thoughtful "thank you," or a meal may be an appropriate setting for a business discussion that strengthens a client relationship. When not used with care, however, gifts and entertainment may create the appearance of improper influence, may breach client standards and may even violate the law.

**MAKE SURE YOU**

🗹 Do not give or accept any gift or entertainment unless it is legal, reasonable and free of any intent, understanding or appearance that it will improperly influence a business decision.

🗹 Only give or accept gifts valued below your business unit's limits.

🗹 Avoid entertainment in venues involving adult entertainment even if you are not officially doing Company business.

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| ***The Greater Good*** \| We Build Trust in the Company | 23 |

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🗹 Do not give or offer any gift or entertainment to a government employee without consulting the <u>Giving and Receiving: Gifts, Entertainment and Contributions Policy</u>.

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| 🗹 | Seek guidance from Legal and Compliance if you are in doubt concerning any aspect of the <u>Giving and Receiving: Gifts, Entertainment and Contributions Policy</u>, such as not being sure whether you are dealing with a government employee, or not being sure whether a gift or entertainment is legal or reasonable. |

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**WATCH OUT FOR**

🛆 Situations that could embarrass you or the Company.

🛆 Client rules or standards that are stricter than normal for their industry.

🛆 Clients that appear to be privately held but are actually considered government entities, such as certain national airlines, banks, insurers and energy companies.

🛆 Gifts, entertainment or other favors that may be reasonable for a privately owned client but not for a government client.

**RELATED POLICIES AND GUIDANCE**

🗏 <u>Giving and Receiving: Gifts, Entertainment and Contributions Policy</u>

🗏 <u>Working with Third Party Providers, Governments and Vendors Policy</u>

**We do not trade on or disclose inside information.**

We are committed to keeping information related to our Company and our clients confidential. Each of us is prohibited from trading securities or from "tipping" others to trade securities of Marsh McLennan or other companies while in possession of material information before it becomes available to ordinary investors. Material information is the kind of information a reasonable investor would consider in deciding whether to buy or sell a security. Material information could relate to the company, a client or a supplier, and could include news about: financial performance; strategic plans; business initiatives; mergers or acquisitions; litigation; significant cybersecurity breaches or plans by Marsh McLennan to repurchase shares or change its dividend policy.

**MAKE SURE YOU**

🗹 Do not buy or sell securities of Marsh McLennan or any other company when you have material nonpublic information about Marsh McLennan or that company.

🗹 Do not communicate material nonpublic information to any other person.

🗹 Do not engage in short sales or derivative transactions related to Marsh McLennan securities.

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| ***The Greater Good*** \| We Build Trust in the Company | 24 |

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🗹 Do not trade during "blackout periods" if you have been notified you are subject to such trading restrictions. Contact Legal if you have any questions about whether trading is appropriate.

**WATCH OUT FOR**

🛆 Requests by friends or family for information about Marsh McLennan, our clients or any other company with which we do business. Even casual conversations could be viewed as illegal "tipping" of inside information.

**RELATED POLICIES AND GUIDANCE**

🗏 <u>Trading Securities Policy</u>

**We safeguard Company technology and information.**

We are entrusted with Company technology and information and are personally responsible for protecting them and using them with care. Company technology includes facilities, equipment and information systems. Company information includes intellectual property, personal information and confidential information, in electronic or paper format.

**MAKE SURE YOU**

🗹 Use and disclose Company information only for legitimate business purposes.

🗹 Properly label Company information to indicate how it should be handled, distributed and, when appropriate, discarded.

🗹 Protect intellectual property and confidential Company information by sharing it only with authorized parties.

🗹 Store or communicate Company information only in or through approved Company technology systems.

🗹 Make only occasional personal use of Company technology.

🗹 Do not use Company technology systems to create, store or send content others might find offensive.

🗹 Respect the copyrights, trademarks and license agreements of others when dealing with printed or electronic materials, software or other media content.

🗹 Avoid any use of Company technology that could harm those assets or cause loss to the Company.

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| ***The Greater Good*** \| We Build Trust in the Company | 25 |

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**WATCH OUT FOR**

🛆 Sharing of passwords.

🛆 Devices left unsecured when not in use.

🛆 Downloading from the internet or uploading from a USB drive any files that could introduce viruses to or otherwise harm our technology.

🛆 Use of unapproved software or applications.

🛆 Discussions of confidential information within earshot of unauthorized persons.

🛆 Transmissions of confidential, restricted or sensitive information to unattended fax machines or printers.

**RELATED POLICIES AND GUIDANCE**

🗏 <u>Handling Information Appropriately Policy</u>

**We maintain accurate business records and sound internal controls.**

As a publicly traded company, Marsh McLennan depends on complete and accurate business records to fulfill its responsibilities to shareholders, clients, suppliers, regulators and others. We create business records—including travel and entertainment records, emails, memos, presentations, reports and accounting records —that are complete, fair and accurate, and maintain them in accordance with our system of internal controls.

**MAKE SURE YOU**

🗹 Create accounting and business records that accurately reflect the truth of the underlying event or transaction.

🗹 Record transactions as prescribed by policies and procedures.

🗹 Write carefully and clearly in all your business communications, including emails.

🗹 Write with the understanding that someday your business communications may become public documents.

🗹 Sign only documents—including contracts—you have reviewed, are authorized to sign and believe are accurate and truthful.

🗹 Retain, protect and dispose of records according to our <u>Handling Information Appropriately Policy</u>. Records subject to legal-hold notices, document-preservation requests or regulatory requirements may be subject to additional protections.

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| ***The Greater Good*** \| We Build Trust in the Company | 26 |

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🗹 Understand and comply with legal-hold notices and other document-preservation requests.

**WATCH OUT FOR**

🛆 Estimates or assumptions that are reported as facts. If you include estimates or assumptions in business records, ensure that such estimates or assumptions are properly supported by appropriate documentation.

🛆 Exaggeration, derogatory language and other expressions that could be taken out of context.

🛆 Communications related to your work on social media or other sites. These may be considered business records and subject to the <u>Company's Handling Information Appropriately Policy</u> and other requirements.

🛆 Documents subject to a legal hold or similar preservation requirement. These records—whether in paper or electronic form—should not be destroyed, discarded, altered or hidden.

**RELATED POLICIES AND GUIDANCE**

🗏 <u>Handling Information Appropriately Policy</u>

🗏 <u>Social Media Guidelines</u>

**We communicate honestly and professionally with investors and the public.**

We are committed to honest, professional and legal communications to investors and the public. We take care in all our communications, internal or external, formal or informal.

**MAKE SURE YOU**

🗹 Follow guidelines issued by Public Affairs concerning posting about the Company on external electronic forums and social media sites.

🗹 Do not speak to the media on issues involving the Company without prior authorization from your Media Relations department or Public Affairs.

🗹 Refer any inquiries from shareholders or financial analysts to Investor Relations.

🗹 Receive approval from your Media Relations department and your manager before making public speeches, writing articles for professional journals or engaging in other public communication when you are identified with the Company.

🗹 Get approval from your Internal Communications department before distributing any communication intended for a broad employee audience. Communications intended for cross-business distribution require approval from Internal Communications.

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| ***The Greater Good*** \| We Build Trust in the Company | 27 |

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**WATCH OUT FOR**

🛆 Any suggestion that you speak for the Company in your personal communications, including in emails, blogs, message boards and social media sites.

🛆 Temptations to use your Company title or affiliation outside your Company work—such as in charitable or community work—without making clear that the use is for identification only and you are not representing the Company.

🛆 Conversations with reporters who ask you for information about the Company without first consulting with your business's Media Relations department or Public Affairs.

**RELATED POLICIES AND GUIDANCE**

🗏 <u>Handling Information Appropriately Policy</u>

🗏 <u>Social Media Guidelines</u>

**Q & A**

**Q:** We have a large potential deal with a new client in the energy industry. The client is based in a country that has a reputation for supporting terrorism, and I have been told to wait to sign the contract until we have conducted due diligence. This doesn't seem to be very business-friendly. What should I do?

**A:** It is an essential part of your job to identify and manage the risks associated with the transactions you do. While it may take more time, in the long run, conducting due diligence in situations like this one is the right way to protect the Company.

**Q:** One of my clients made a large up-front payment for work. After doing a small fraction of the work, the client cancelled the project and requested the refund be paid to a third party. Could this be related to money laundering? What should I do?

**A:** Over-payments and payments to third parties may be signs of money laundering. Money laundering involves a series of transactions designed to obscure the source of funds. This arrangement could be designed to have the Company pay a third party the client does not wish to pay directly. Contact Legal and Compliance before proceeding with the transaction.

**Q:** My college roommate was just promoted to vice president at one of our suppliers, and he's offered to fly me to Monte Carlo for a weekend at his company's expense to "catch up" and maybe talk about the relationship between our companies. May I accept?

**A:** No. The lavish nature of the entertainment at a minimum creates the appearance of a personal benefit to you, which could be perceived as biasing your judgment in favor of the supplier. Any benefit that creates the appearance of influence violates our <u>Giving and Receiving: Gifts, Entertainment and Contributions Policy</u>.

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| ***The Greater Good*** \| We Build Trust in the Company | 28 |

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**Q:** We've been hired to evaluate part of a client's operations that employs a Marsh McLennan sister company as a key service provider. Our analysis may need to include an assessment of the work performed by our sister company. What should we do?

**A:** This is a significant conflict of interest. Work with Compliance and those in charge of the client relationship in both businesses to make sure you handle this professionally. At a minimum, you will need to inform the client about the fact that your company and the sister company are both affiliated with Marsh McLennan.

**Q:** My wife runs a training consulting firm. Can she submit a proposal to become a vendor of Marsh McLennan?

**A:** She is welcome to submit a proposal. To be sure to avoid any conflict of interest, you should disclose this relationship to your manager, refer the request to Procurement and refrain from participating in this matter. The most important action with any potential conflict of interest is to disclose it so it can be properly managed.

**Q:** A supplier invited me to a charitable golf tournament and my Compliance Officer approved my attendance. At the tournament, I won a set of clubs valued at $2,000 in a door-prize raffle. Is it OK to accept them?

**A:** Not necessarily. A prize received in a contest or a raffle is a gift. A $2,000 gift is likely extravagant and accepting it would almost certainly violate our <u>Giving and Receiving: Gifts, Entertainment and Contributions Policy</u>.

**Q:** I've developed a close relationship with one of my clients. At holiday time, I'd like to send him a gift basket including a few bottles of good wine. Is this OK?

**A:** Maybe. First, check your client's Code of Conduct. Many of our clients prohibit employees from receiving gifts of value. If it passes the client's test, review our <u>Giving and Receiving: Gifts, Entertainment and Contributions Policy</u> as well as your business policy. Generally, any gift you give must be: less than your business's policy threshold; not cash or cash-equivalent; legal; reasonable under the circumstances; free of any intention to improperly influence business decisions and unlikely to create the appearance of influence.

**Q:** I am aware of a significant new development in our business that I think is going to send the value of the Company's stock skyward. I know that I can't buy stock with this information, but I can recommend that my friend invest in our Company, right?

**A:** No. You cannot trade in Company stock with this information, as it is "material nonpublic information." Trading in Company stock while in possession of this type of information is insider trading and against Company policy and the law. However, you are also forbidden by Company policy and the law from making any recommendations to others to buy or sell Company stock based on this type of information, even if you do not share that information when making the recommendation. Doing so would be considered "tipping" and could subject both you and your friend to civil and criminal penalties.

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| ***The Greater Good*** \| We Build Trust in the Company | 29 |

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**Q:** I have discovered through my work with the Company that one of our clients is planning a partnership with a small, publicly traded company. It seems like a great time to invest in the smaller firm, and they're not one of our clients. May I do so?

**A:** No. You are in possession of "material nonpublic information" and must not trade on it. If and when the information about the partnership becomes public, you may make the purchase, but not before.

**Q:** I was attending a meeting with several other Company employees at a hotel. At lunchtime, they all left their laptops in the conference room. I was nervous about it, but I did the same. Was this all right?

**A:** No. The laptops and the information in them are Company assets. The laptops must be protected from loss or theft and the information must be protected from unauthorized disclosure. You and your colleagues should have taken additional steps to protect the laptops, such as locking the conference room or bringing your laptops with you to lunch. This will be a recurring issue when you are out of the office on business. Avoid leaving laptops and other portable equipment in plain sight in unoccupied cars or hotel rooms. If feasible, use a locked compartment in the car or the safe in the hotel room when you cannot bring your laptop with you.

**Q:** I received a phone call from a person claiming to be a representative of one of our business partners. He asked if I could send him some files for a project I'm working on. What should I do?

**A:** You should confirm that the person requesting the information is who he says he is and that he is authorized under our contract to receive the information. If you are able to confirm this, make sure that each page of the document is clearly marked with the proper classification and that the file is transmitted securely in accordance with its classification.

**Q:** I occasionally record sales figures early or expenses late. That's OK, isn't it? It's not like I'm making the numbers up.

**A:** Company policy and the law require us to record all transactions truthfully, accurately and in a timely way. Recording transactions in the wrong time period misrepresents our financial results.

**Q:** A friend of mine says that I could get into trouble for posting things about the Company on my Facebook page. Only my "friends" see my posts, and I'm not posting anything related to financials, so I don't think it's an issue. Who's right?

**A:** Your friend is correct. Facebook is a public site, even if your personal page is not, and information that could affect public perceptions about the Company or the Company's reputation can be passed quickly and easily from your "friends" to other parties. You should exercise caution when posting to blogs or social media sites anything that concerns your employment with the Company.

**Q:** A reporter for the *Financial Times* contacted me and asked me to elaborate on the Company's position on a current piece of legislation. My manager and I had just talked about the new law earlier that morning, and I've got a pretty good handle on it. Can I answer the reporter's questions?

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| ***The Greater Good*** \| We Build Trust in the Company | 30 |

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**A:** No. All requests from the media should be referred to your Media Relations department or Corporate Communications—even if you think you know what they will say.

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| ***The Greater Good*** \| We Build Trust in the Company | 31 |

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**<u>We Build Trust with Communities</u>**

**We build trust by acting responsibly.**

*We manage business conflicts of interest with fairness and integrity*

We are committed to sustainable development goals around: affordable healthcare; human dignity; gender equality; energy security and access to reliable and sustainable energy supplies; inclusive economic growth and job creation; and climate change mitigation and resilience to climate-related natural disasters—and we are committed to the promotion of public-private partnerships to achieve these goals.

**MAKE SURE YOU**

🗹 Abide by the *Marsh McLennan Client Engagement Principles*.

🗹 Do your part to reduce your use of energy, minimize printing and the use of paper, and recycle whenever possible.

🗹 Speak up with any suggested environmental or social actions or practices for our colleagues, clients and communities.

**WATCH OUT FOR**

🛆 Business practices that pose an environmental hazard or unnecessarily use natural resources.

**RELATED POLICIES AND GUIDANCE**

🗏 <u>Marsh McLennan Client Engagement Principles</u>

🗏 <u>Sustainability at Marsh McLennan</u>

**We make an impact.**

Our colleagues live in thousands of communities in more than 100 countries. We are committed to the communities we call home. We demonstrate our social impact through employee volunteering and partnerships with organizations whose programs and services help build resilient communities. In order to maximize the impact of our charitable efforts, and to make sure the money we spend advances the common good, the Company has processes for proposing and approving charitable contributions and individual fundraising.

**MAKE SURE YOU**

🗹 Follow the Company's policies for making charitable contributions. Each contribution must be approved in advance pursuant to your business's procedures.

 ****

---

| | |
|:---|:---|
| ***The Greater Good*** \| We Build Trust with Communities | 32 |

---

🗹 Follow the Company's fundraising guidelines when organizing a charitable organization's fundraising event.

**WATCH OUT FOR**

🛆 Requests from clients to give to charitable causes. These requests must be approved according to Company processes, like all other charitable contributions. If a client asks you to contribute from your own funds, consult your manager or Legal and Compliance.

**RELATED POLICIES AND GUIDANCE**

🗏 <u>Giving and Receiving: Gifts, Entertainment and Contributions Policy</u>

🗏 <u>Global Fundraising Guidelines</u>

🗏 <u>Social Impact at Marsh McLennan</u>

🗏 <u>Working with Third Party Providers, Governments and Vendors Policy</u>

**We engage appropriately in the political process.**

As a responsible corporate citizen, Marsh McLennan may engage in political activities. At all times, these activities will comply with local and national laws. In the US, the Company has a political action committee (Marsh McLennan PAC), which may make contributions to US federal candidates, campaigns, political parties or political committees.

**MAKE SURE YOU**

🗹 Receive approval from the CEO of your business, in consultation with Public Affairs, before engaging in political activities on behalf of the Company.

🗹 Do not make any political contributions on behalf of the Company.

🗹 Avoid any suggestion that your personal views and activities are those of the Company.

🗹 Do not use Company resources or facilities to support your personal political activities.

🗹 Understand the rules governing contributions to our Political Action Committee. The Company does not require contributions, and any coercion or pressure to contribute is prohibited.

**WATCH OUT FOR**

🛆 Interactions with government officials or regulators that could be seen as lobbying. Any lobbying activities must be discussed in advance with Government Relations.

 ****

---

| | |
|:---|:---|
| ***The Greater Good*** \| We Build Trust with Communities | 33 |

---

**RELATED POLICIES AND GUIDANCE**

🗏 <u>Giving and Receiving: Gifts, Entertainment and Contributions Policy</u>

🗏 <u>Global Fundraising Guidelines</u>

🗏 <u>Social Impact at Marsh McLennan</u>

🗏 <u>Working with Third Party Providers, Governments and Vendors Policy</u>

**We play by the rules.**

We are a publicly traded US corporation governed by an independent Board of Directors. We are committed to best practices in corporate governance. We have approval policies and procedures in place to protect the Company, our colleagues, our clients and our shareholders. It is each colleague's responsibility to know our procedures and adhere to them.

**MAKE SURE YOU**

🗹 Know the approval procedures for your business and Marsh McLennan and obtain all required approvals in a timely way.

🗹 Consult with Legal and Compliance whenever you are unsure about the correct procedure.

**WATCH OUT FOR**

🛆 Decision-making that prioritizes short-term results over good governance.

**RELATED POLICIES AND GUIDANCE**

🗏 <u>Marsh McLennan Approval Procedures</u>

🗏 <u>Marsh McLennan Corporate Governance Guidelines</u>

**Q & A**

**Q:** A colleague who reports to me runs a small nonprofit organization in addition to her responsibilities for the Company. I've noticed she often uses her office phone to make calls concerning her nonprofit organization. Is that acceptable?

**A:** As a manager, you have a number of responsibilities in this situation. First, you should make sure your colleague has had her position with the nonprofit approved in accordance with the Company's policy on *Resolving Conflicts of Interest*. Second, you should speak up if your colleague's outside responsibilities are interfering with her ability to fulfill her responsibilities to the Company. Third, you should remind your colleague to avoid any suggestion that the Company endorses her nonprofit. Finally, you should remind your colleague to minimize her use of the Company's phones or email, including her use for the nonprofit.

 ****

---

| | |
|:---|:---|
| ***The Greater Good*** \| We Build Trust with Communities | 34 |

---

**Q:** I am running for a position on my local town council. I want to send out an email to some of my colleagues about a fundraising event that I am hosting over the weekend. Is this OK?

**A:** No. Although occasional use of email for personal purposes is generally permitted, using any Company property or resources, including email addresses, for political purposes, fundraising or other solicitation is prohibited.

 ****

---

| | |
|:---|:---|
| ***The Greater Good*** \| We Build Trust with Communities | 35 |

---

**<u>Index</u>**

---

| | |
|:---|:---|
| Accountability | Insider Trading |
| Accounting | Integrity |
| Agents | Intellectual Property |
| Alcohol and Drugs | Investigations 9 |
| Antitrust | Investor Communication |
| Audit | Leaders' Responsibilities |
| Bribes | Licensing |
| Business Records | Material Information |
| Cash transactions | Media Relations |
| Charitable contributions | Money Laundering |
| Client relationship | Outside Employment |
| Communications | Personal Benefit |
| Communities | Political Contributions |
| Company Assets | Privacy |
| Compensation | Protecting Client Information |
| Competition Laws | Protecting Colleague Information |
| Competitor | Records Retention |
| Confidential Information | Regulations |
| Conflicts of Interest, | Raising a Concern |
| Copyrights | Reputation |
| Disclosure | Respect |
| Discrimination | Retaliation |
| Entertainment, | Securities |
| Environment | Sexual Harassment |
| Ethics & Compliance Line | Social Media |
| Fair Competition | Subcontractors |
| Family | Suppliers |
| Financial Crimes | Trade Sanctions |
| Funds | Trademarks |
| Gifts | Transparency |
| Government Clients | Travel |
| Government Official | Values 6 |
| Harassment | Violence Prevention |
| Health | Waivers |
| Inclusion |  |
| Inside Information |  |

---

 ****

---

| | |
|:---|:---|
| ***The Greater Good*** \| Index | 36 |

---

**This Code is not an employment contract or a guarantee of future employment. It does not provide any additional rights to any employee or other person or entity. The Company may amend the Code at any time.**© 2021-2025 by Marsh & McLennan Companies, Inc. All rights reserved.

No part of this book may be reproduced in any form without written permission of the copyright owner. First published in the United States of America by Marsh & McLennan Companies, Inc.

1166 Avenue of the Americas<br> New York, NY 10036<br> 212 345 5000<br> www.marshmclennan.com

For more information on *The Greater Good*,<br> www.marshmclennan.com/about/integrity

 ****

---

| | |
|:---|:---|
| ***The Greater Good*** \| Index | 37 |

---

## Ex-99.(P)(3)

**Exhibit 99.(P)(3)**

---

| | | |
|:---|:---|:---|
| **Code of Ethics** | ![](x1_c113438x506x1.jpg) | ![](x1_c113438x506x1.jpg) |
|  |  | **POLICY** |

---

**Applicable Entities / Rules**

---

| | |
|:---|:---|
| &nbsp;&nbsp;*Applicable Entities:* | &nbsp;&nbsp;Enterprise-wide policy, including American Century Investment Management, Inc., Registered Investment Companies, Schedule A, American Century Investment Services, Inc., American Century Services, LLC |
| &nbsp;&nbsp;*Statutory/Regulatory:* | &nbsp;&nbsp;Investment Company Act § 17(j), Rule 17j-1; Investment Advisers Act § 204A, 206, Rule 204A-1 and 204-2(12) |
| &nbsp;&nbsp;*Effective Date(s):* | &nbsp;&nbsp;October 29, 1999, Last Revised July 1, 2025 |
| &nbsp;&nbsp;***Policy or Summary:*** | &nbsp;&nbsp;**Policy** |
| &nbsp;&nbsp;***Related Summary:*** | &nbsp;&nbsp;**Code of Ethics Policies and Procedures** |
| &nbsp;&nbsp;*Related Documents:* | &nbsp;&nbsp;Business Code of Conduct; Insider Trading Policy |

---

**Table of Contents**

---

| | | |
|:---|:---|:---|
| Snapshot of the Policy | Snapshot of the Policy | 2 |
| Requirements for All Employees | Requirements for All Employees | 2 |
| Requirements for Access, Investment and Portfolio Persons | Requirements for Access, Investment and Portfolio Persons | 2 |
| Trading Prohibitions for Investment and Portfolio Persons | Trading Prohibitions for Investment and Portfolio Persons | 2 |
| I. | Purpose of Code | 3 |
| II. | Why Do We Have a Code of Ethics? | 4 |
| III. | Does the Code of Ethics Apply to You? | 5 |
| IV. | Restrictions on Personal Investing Activities | 6 |
| V. | Reporting Requirements | 11 |
| VI. | Can there be any exceptions to the restrictions? | 15 |
| VII. | Confidential Information | 16 |
| VIII. | Conflicts of Interest | 17 |
| IX. | What happens if you violate the rules in the Code of Ethics? | 17 |
| X. | ACI's Quarterly Report to Fund Directors/Trustees | 18 |
| APPENDIX 1: DEFINITIONS | APPENDIX 1: DEFINITIONS | 19 |
| APPENDIX 2: WHAT IS "BENEFICIAL OWNERSHIP"? | APPENDIX 2: WHAT IS "BENEFICIAL OWNERSHIP"? | 23 |
| APPENDIX 3: CODE-EXEMPT AND PROHIBITED SECURITIES | APPENDIX 3: CODE-EXEMPT AND PROHIBITED SECURITIES | 26 |
| APPENDIX 4: HOW THE PRECLEARANCE PROCESS WORKS | APPENDIX 4: HOW THE PRECLEARANCE PROCESS WORKS | 28 |
| APPENDIX 5: ACCOUNT REPORTING INSTRUCTIONS | APPENDIX 5: ACCOUNT REPORTING INSTRUCTIONS | 31 |
| APPENDIX 6: REQUESTING A Day 15 Sell EXEMPTION (Portfolio Persons Only) | APPENDIX 6: REQUESTING A Day 15 Sell EXEMPTION (Portfolio Persons Only) | 33 |
| SCHEDULE A: BOARD APPROVAL DATES | SCHEDULE A: BOARD APPROVAL DATES | 35 |
| SCHEDULE B: SUBADVISED FUNDS | SCHEDULE B: SUBADVISED FUNDS | 36 |
| SCHEDULE C: BROKERS | SCHEDULE C: BROKERS | 37 |

---

Policy updated: July 1, 2025 <br> COMPANY CONFIDENTIAL -©2025 American Century Proprietary Holdings, Inc. 1

---

| | | |
|:---|:---|:---|
| **Code of Ethics** | ![](x1_c113438x506x1.jpg) | ![](x1_c113438x506x1.jpg) |
|  |  | **POLICY** |

---

PROHIBITED BROKERS 37 <br> APPROVED ELECTRONIC BROKERS 37

**Snapshot of the Policy**

The Code of Ethics is a comprehensive policy which provides the standards for personal investing by American Century Investments (ACI) employees. Each employee has a Code of Ethics classification based on their job responsibilities and the ability to access nonpublic information about ACI client portfolios' security holdings and trading activities. The restrictions on personal investing contained in the Code vary by classification. The Code of Ethics also applies to accounts and securities that ACI employees beneficially own (i.e., owned by immediate family sharing your household, your domestic partner, or accounts for which you have trading authority or power of attorney, etc.).

It is important that you understand the Code and the restrictions on personal investing. These restrictions may include preclearance of trades and reporting of transactions and holdings, including for exchange traded funds (ETFs) and reportable mutual funds. This page contains a summary of the Code requirements. Please review the full text of the Code to fully understand your responsibilities. Contact Compliance if you have questions about the policy and how it applies to your situation. ComplianceAlpha is the primary tool for performing your duties under the Code. All reporting and preclearance activities are performed in ComplianceAlpha.

**Requirements for All Employees**

*Non-Access Persons, Access Persons, Investment Persons, and Portfolio Persons must*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Place our client's
 interest first

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Comply with federal
 securities laws

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Report violations
 to Compliance

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Acknowledge that
 you have read and understand the Code of Ethics

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Link reportable brokerage
 accounts and reportable mutual fund accounts in ComplianceAlpha

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Comply with short-term
 trading restrictions for ACI client portfolios

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Obtain written approval
 to enter into an arrangement or agreement that could create a conflict of interest with
 ACI activities (i.e. serving on the board of directors of a publicly traded company)

**Requirements for Access, Investment and Portfolio Persons**

*Access Persons, Investment Persons, Portfolio Persons must*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Disclose holdings
 within 10 days of designation and annually, thereafter

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Disclose personal
 security transactions on a quarterly basis

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Disclose conflicts
 of interest annually

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Obtain approval (preclearance)
 to trade in reportable securities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Obtain approval to
 transact in an affiliated, self-indexed ETF if you are a member of the Global Analytics
 team or the Index Governance Committee (including non-voting members)

**Trading Prohibitions for Investment and Portfolio Persons**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Investment Persons
 and Portfolio Persons cannot participate in an Initial Public Offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Investment Persons
 and Portfolio Persons cannot profit on short-term reportable security trades within 60
 calendar days.

Policy updated: July 1, 2025 <br> COMPANY CONFIDENTIAL -©2025 American Century Proprietary Holdings, Inc. 2

---

| | | |
|:---|:---|:---|
| **Code of Ethics** | ![](x1_c113438x506x1.jpg) | ![](x1_c113438x506x1.jpg) |
|  |  | **POLICY** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Portfolio Persons
 cannot trade in a security, or a related security, within seven days before and after
 transactions of a client portfolio you manage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Portfolio Persons
 cannot sell a security, or a related security which is held by your assigned client portfolio
 or buy a security held as a short position in your assigned funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Portfolio Persons
 that manage a Semi-Transparent Active Exchange Traded Fund (STA ETF) are required to
 obtain pre-approval prior to trading in shares of the STA ETF. They are restricted from
 selling shares of a STA ETF that they manage within 30 days after purchase.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. Purpose of Code

The Code of Ethics guides the personal investment activities of American Century Investments (ACI) employees (including full and part-time employees, contract and temporary employees, officers and directors), and members of their immediate family.<sup>1</sup> The Code of Ethics aids in the elimination and detection of personal securities transactions by employees that might be viewed as fraudulent or might conflict with the interests of our client portfolios. Such transactions may include, without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the misuse of client
 trading information for personal benefit (including so-called "front-running"),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the misappropriation
 of investment opportunities that may be appropriate for client portfolios, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· excessive personal
 trading that may affect our ability to provide services to our clients.

Violations of this Code must be promptly reported to the Chief Compliance Officer.

<sup>1</sup> The directors or trustees of Fund Clients who are not "interested persons" (the "Independent Directors") are covered under a separate Code applicable only to them.

Policy updated: July 1, 2025 <br> COMPANY CONFIDENTIAL -©2025 American Century Proprietary Holdings, Inc. 3

---

| | | |
|:---|:---|:---|
| **Code of Ethics** | ![](x1_c113438x506x1.jpg) | ![](x1_c113438x506x1.jpg) |
|  |  | **POLICY** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;II. Why Do We Have a Code of Ethics?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Investors have placed their trust in ACI** 

As an investment adviser, ACI is entrusted with the assets of our clients for investment purposes. Our employees' personal trading activities and the administration of the Code are governed by these general fiduciary principles:

&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 interests of
 our clients must be placed before our own.

&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 personal securities
 transactions must be conducted consistent with this Code and in a manner as to avoid
 even the appearance of a conflict of interest.

Complying with these principles is how we earn and keep our clients' trust. To protect this trust, we will hold ourselves to the highest ethical standards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **ACI wants to give you flexible investing options** 

Management believes that ACI's own mutual funds, ETFs and other pooled investment vehicles provide a broad range of investment alternatives in virtually every segment of the securities market. We encourage ACI employees to use these vehicles for their personal investments. We do not encourage active trading by our employees. We recognize, however, that individual needs differ and that there are other attractive investment opportunities. As a result, this Code is intended to give you and your family flexibility to invest, without jeopardizing relationships with our clients.

Our employees are able to undertake personal transactions in stocks and other individual securities subject to the terms of this Code. All employees are required to report their personal transactions in securities owned by them and in beneficially owned securities under this Code. Additionally, Portfolio, Investment and Access Persons are required to receive preclearance of transactions and further limitations are placed on the transactions of Portfolio and Investment Persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Regulations require that we have a Code of Ethics** 

The Investment Company Act of 1940 and the Investment Advisers Act of 1940, and other governmental regulations, require that we have safeguards in place to prevent personal investment activities that might take inappropriate advantage of our fiduciary position. These safeguards are embodied in this Code of Ethics.<sup>2</sup>

<sup>2</sup> Rule 17j-1 under the Investment Company Act of 1940 and Rule 204A-1 under the Investment Advisers Act of 1940 serve as a basis for much of what is contained in this Code of Ethics.

Policy updated: July 1, 2025 <br> COMPANY CONFIDENTIAL -©2025 American Century Proprietary Holdings, Inc. 4

---

| | | |
|:---|:---|:---|
| **Code of Ethics** | ![](x1_c113438x506x1.jpg) | ![](x1_c113438x506x1.jpg) |
|  |  | **POLICY** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;III. Does the Code of Ethics Apply to You?

*Yes!* All ACI employees and contract personnel must observe the principles contained in this Code of Ethics. This Code applies to your personal investments, as well as those for which you are a beneficial owner. However, there are different requirements for different categories of employees. The category in which you have been placed generally depends on your job function, although circumstances may prompt us to place you in a different category. The range of categories is as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;*Fewest Restrictions* | &nbsp;&nbsp;![](x1_c113438x510x1.jpg) | &nbsp;&nbsp;*Most Restrictions* |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Non-Access Person** | **Access Person** | **Investment Person** | **Portfolio Person** |

---

The standard profile for each of the categories is described below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Portfolio Persons** 

Portfolio Persons include portfolio managers and equity investment analysts and any other Investment Persons (as defined below) with authority to enter purchase/sale orders on behalf of client portfolios.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Investment Persons** 

Investment Persons 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;• any persons that are
 involved in or have access to client portfolio securities trading, securities recommendations,
 or portfolio holdings or are involved in making securities recommendations that are nonpublic,
 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 officers and directors
 of an investment adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Access Persons** 

Access Persons are persons who, in connection with their regular function and duties, consistently obtain information regarding current purchase and sale recommendations and daily transaction and holdings information concerning client portfolios. Examples of persons that may be considered Access Persons 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;• persons who are directly
 involved in the execution, clearance, and settlement of purchases and sales of securities
 (e.g. certain investment operations personnel),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• persons whose function
 requires them to evaluate trading activity on a real-time basis (e.g. attorneys, accountants,
 portfolio compliance personnel),

Policy updated: July 1, 2025 <br> COMPANY CONFIDENTIAL -©2025 American Century Proprietary Holdings, Inc. 5

---

| | | |
|:---|:---|:---|
| **Code of Ethics** | ![](x1_c113438x506x1.jpg) | ![](x1_c113438x506x1.jpg) |
|  |  | **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;• persons who assist in
 the design, implementation, and maintenance of investment management technology systems
 (e.g. certain I/T personnel, including contractors),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• support staff and supervisors
 of the above if they are required to obtain such information as a part of their regular
 function and duties,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• officers or "interested"
 director of our Fund Clients, 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;• members of the Index
 Governance Committee for affiliated ETFs (including non-voting members).

Single, infrequent, or inadvertent instances of access to current recommendations or real-time trading information or the opportunity to obtain such information through casual observance or bundled data security access may not be sufficient to qualify you as an Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.** **Non-Access Persons** 

If you are an ACI officer, director, or employee and you do not fit into any of the above categories, you are a Non-Access Person. Contractors and temporary employees may be considered Non-Access Persons depending on your role. While your trading is not subject to preclearance and other restrictions applicable to Portfolio, Investment, and Access Persons, you are still subject to the remaining provisions of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IV. Restrictions on Personal Investing Activities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Principles of Personal Investing** 

All ACI employees, officers, and directors, and members of your immediate family, must comply with the federal securities laws and other governmental rules and regulations, and maintain ACI's high ethical standards when making personal securities transactions. You must not misuse nonpublic information about client security holdings or contemplated, pending, or completed portfolio transactions for your personal benefit or the benefit of others. Likewise, you may not cause a client portfolio to take action, or fail to take action, for your personal benefit.

In addition, investment opportunities appropriate for client portfolios should not be retained for the personal benefit of yourself or others. Investment opportunities arising as a result of ACI investment management activities must first be considered for inclusion in our client portfolios.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Trading on Inside Information** 

Federal law prohibits trading on material nonpublic information. Examples of potentially material nonpublic information include confidential received by employees regarding

Policy updated: July 1, 2025 <br> COMPANY CONFIDENTIAL -©2025 American Century Proprietary Holdings, Inc. 6

---

| | | |
|:---|:---|:---|
| **Code of Ethics** | ![](x1_c113438x506x1.jpg) | ![](x1_c113438x506x1.jpg) |
|  |  | **POLICY** |

---

securities that are current or potential portfolio investments. You are expected to abide by the highest ethical and legal standards in conducting your personal investment activities.

As set forth in ACI's Insider Trading Policy, under certain circumstances, an employee may be granted permission to serve as a director, trustee or officer of an outside private or public company. If approved to join the board of directors of such company, the employee is required to abide by ACI's Code of Ethics and related policies, as well as such company's code of ethics or similar rules, including any requirement to abide by trading windows. In such case, the employee must obtain preclearance approval from Compliance prior to trading the outside company's stock.

For more information regarding what to do when you believe you are in possession of material nonpublic information, please consult ACI's **Insider Trading Policy.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Trading in ACI Open-End Mutual Funds** 

Excessive, short-term trading of ACI open-end mutual funds and other abusive trading practices (such as time zone arbitrage) may disrupt portfolio management strategies and harm fund performance. These practices can cause funds to maintain higher-than-normal cash balances and incur increased trading costs. Short-term and other abusive trading strategies can also cause unjust dilution of shareholder value if such trading is based on information not accurately reflected in the price of the fund.

You may not engage in short-term trading or other abusive trading strategies with respect to any ACI open-end mutual fund client portfolio. For purposes of this Code, "ACI open-end mutual fund client portfolios" include any open-end mutual fund or variable annuity, advised or subadvised by ACI.<sup>3</sup>

*Seven-Day Holding Period*. You will be deemed to have engaged in short-term trading if you have purchased shares or otherwise invested in a variable-priced (non-money market) ACI open-end mutual fund client portfolio and redeem shares or otherwise withdraw assets from that portfolio within seven days. In other words, if you make an investment in an ACI open-end mutual fund client portfolio, you may not redeem shares from that fund before the completion of the seventh day following the purchase date.

*Limited Trading Within 30 Days*. We realize that abusive trading is not limited to a seven-day window. As a result, we may deem the sale of all or a substantial portion of an employee's purchase in an ACI open-end mutual fund client portfolio to be abusive if the sale is made within 30 days, and it happens more than once every rolling twelve months.

These trading restrictions are applicable to any account for which you have the authority to direct trades or of which you are a beneficial owner, including brokerage accounts, ACI Personal Financial Solutions (PFS) accounts, retirement plans, subadvised accounts, or accounts held through an intermediary.

<sup>3</sup> See <u>Schedule A</u> for a list of Fund Clients. See <u>Schedule B</u> for a list of <u>subadvised funds</u>.

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*Transactions NOT Subject to Limitations*. Automatic investments such as AMIs, dividend reinvestments, employer plan contributions, and payroll deductions are not considered transactions for purposes of the holding requirements. Redemptions in variable-priced funds that allow check writing privileges or trusts used as cash instruments in the retirement plan will not be considered redemptions for purposes of the holding requirements.

*Information to be Provided*. You may be required to provide certain information regarding mutual fund accounts beneficially owned by you and transactions in reportable mutual funds. See the Reporting Requirements for your applicable Code of Ethics classification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.** **Preclearance of Personal Securities Transactions** <br> **[Portfolio, Investment, and Access Persons]** 

Preclearance of personal securities transactions allows ACI to prevent certain trades that may conflict with client trading activities. The nature of securities markets makes it impossible to predict all conflicts. As a consequence, even trades that are precleared can result in potential conflicts between your trades and those affected for client portfolios. You are responsible for avoiding such conflicts with any client portfolios for which you make investment recommendations. You have an obligation to ACI and its clients to avoid even a perception of a conflict of interest with respect to personal trading activities.

All Portfolio, Investment, and Access Persons must comply with the following preclearance procedures prior to entering into (i) the purchase or sale of a security for your own account or (ii) the purchase or sale of a security for an account for which you are a beneficial owner.<sup>4</sup>

All preclearance request should be submitted in ComplianceAlpha. Refer to "Appendix 4: How the preclearance process works." for more information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Is the security a "Code-Exempt Security" or a "Prohibited
 Security" listed in Appendix 3?

If the security is listed on the Code-Exempt Security list, you may execute the transaction without preclearance.

If the security is listed on the Prohibited Security list, you may not execute the transaction.

If the security is not on either list, then you must obtain preclearance (Proceed to Step 2).

<sup>4</sup> See <u>Appendix 2</u> for an explanation of beneficial ownership.

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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;2. Submit a Preclearance Request in ComplianceAlpha. You will be
 required to enter the following information, correctly **:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Security name and/or
 security identifier (Ticker symbol, CUSIP, 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Broker and account number
 used for 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Transaction type

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Quantity (number of
 shares or par value) (optional)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 (optional)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Dollar value

&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 request will be reviewed through our preclearance process.
 You will receive an e-mail informing you of your approval or denial.

&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. If you receive preclearance
 for the transaction,<sup>5</sup> you may execute the approved transaction the day your
 preclearance is granted and the following business day (the "Preclearance Period").
 For example, if preclearance is granted at 3:00 p.m. on Wednesday, you have until the
 close of the market on Thursday to execute the trade. If you do not execute the approved
 transaction within the Preclearance Period, you must repeat the preclearance procedure
 prior to executing the transaction.

ACI reserves the right to restrict the purchase or sale by Portfolio, Investment, and Access Persons of any security at any time. Such restrictions are imposed through the use of a Restricted List that will cause ComplianceAlpha to deny the approval of preclearance to transact in the security. Securities may be restricted for a variety of reasons including without limitation the possession of material nonpublic information by ACI or its employees.

<u>Private Investments.</u>

Before you personally acquire any securities in a private placement, private equity fund, venture capital fund or any other private fund (including any private fund managed by American Century Private Investment), you must first request and obtain preclearance by entering your request in ComplianceAlpha to acquire such securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E.** **Additional Trading Restrictions** <br> **[Portfolio and Investment Persons]** 

<sup>5</sup> See Appendix 4 for a description of the preclearance process.

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Participation in the investment management of a client portfolio or participation on a Committee that reviews certain types of information potentially increases the risk of a conflict of interest between an employee's personal trading and the use of client information. The following additional trading restrictions mitigate this risk. Preclearance should be submitted in ComplianceAlpha following the instructions in 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;1. <u>Initial Public Offerings.</u> You may not acquire securities
 issued in an initial public offering.

&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>60-Day Rule (Short-Term Trading Profits).</u> You may not profit
 from any purchase and sale, or sale and purchase, of the same (or equivalent) securities
 other than code-exempt securities within sixty (60) calendar days.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**F.** **Seven-Day Blackout Period** <br> **[Portfolio Persons]** 

Portfolio Persons should avoid even the appearance of a conflict of interest between your own personal security transactions and those of client portfolios to which you are assigned ("Client Portfolios"), including trading in securities that are traded in a Client Portfolio before or after your personal transaction. If you are a Portfolio Person, you may not purchase or sell a security, or a related security, other than a code exempt security during the seven (7) calendar days after it has been traded in a Client Portfolio through the trade-order system You may also be prohibited from trading that security before it is traded in a Client Portfolio depending on the circumstances surrounding both trades.

If you transact in a security of an issuer that is later traded in a Client Portfolio within seven days, your personal transaction will be reviewed by the Code of Ethics Review Committee to determine whether a violation has occurred and if any appropriate action should be taken (e.g. disgorgement of any personal profits). This possible prohibition should never impact whether the security should be traded in the Client Portfolio as that decision should always be made in the best interests of the Client Portfolio and independent of the Portfolio Person's earlier transaction in a security of the same issuer during the blackout period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**G.** **Securities Held in Your Funds** 

**[Portfolio Persons]**

Personally investing in the same securities held by the client portfolios you are assigned to may result in a conflict of interest. To mitigate this risk, you may not sell a security, or a related security in which your client portfolio has a long position or purchase a security, or a related security, in which your client portfolio has a short position without an exemption from this Code.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**H.** **Trading in Semi-Transparent Active ETFs (STA ETF)** 

**[Portfolio Persons]**

Trading shares of an ACI STA ETF while in possession of information regarding STA ETF security transactions not fully disseminated in the market is prohibited. As a result, you are required to obtain preclearance to transact in the STA ETFs for which you have portfolio manager or trade order authority assigned through the order-trade system. You will only be allowed to execute the trade on the day following your approved preclearance. In addition, you are limited from selling shares of the STA ETF for 30 calendar days after your last purchase.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I.** **Trading in Affiliated Self-Indexed ETFs** 

**[Certain Members of the Global Analytics Team and the Index Governance Committee]**

Trading shares of an ACI Self-Indexed ETF while in possession of nonpublic information about the index is prohibited. If you are member of the Global Analytics Team responsible for creating indexes or the Index Governance Committee (including non-voting members), you are required to preclear your transactions in an affiliated Self-Indexed ETF. You will only be allowed to execute the trade on the sixth business day after your preclearance request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;V. Reporting Requirements

You are required to file complete, accurate, and timely reports of all required information under this Code. All reported information is subject to review for indications of abusive trading, misappropriation of information, or failure to adhere to the requirements of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Reporting Requirements Applicable to All Employees** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Code Acknowledgement

Upon employment, any amendment of the Code, and not less than annually thereafter, you will be required to acknowledge that you have received, read, and will comply with this Code. Compliance will notify you when you must provide this information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Brokerage Accounts and Duplicate Confirmations

You are required to report <u>ALL</u> reportable brokerage accounts in ComplianceAlpha. Reportable brokerage accounts include both brokerage accounts maintained by you and brokerage accounts maintained by a person whose trades you must report because you are a beneficial owner. (Refer to Appendix 5 Account Reporting Instructions). Compliance will use your account information to obtain trade confirmations for the activity in your account.

To aid with required recordkeeping requirements and streamline operations, employees may be required to hold all reportable brokerage accounts at a firm

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that provides electronic trade confirmations to ComplianceAlpha. Through reporting your account information, you are consenting to receipt by Compliance of electronic trade confirmations.

&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. Reporting of American Century Managed Mutual Fund 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a)** **Employee-owned ACI Personal Financial Solutions (PFS) and ACI Retirement Plans** 

You are not required to report ACI PFS and ACI Retirement Plan accounts held under your own Social Security number. Trading in these accounts will be monitored based on information contained on our transfer agency and retirement plan systems.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)** **Beneficially-Owned ACI PFS Accounts** (**Portfolio and Investment Persons Only)** 

You must report all ACI PFS open-end mutual fund accounts that are owned by your immediate family members and other accounts you beneficially-own.

Compliance will obtain trading activity in these accounts which will be monitored for short-term and abusive 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;**c)** **Certain third-party accounts invested in funds managed by ACI** 

You are required to report other accounts invested in funds managed by ACI such as those invested in (i) any subadvised fund (see Schedule B of this Code for a list of subadvised funds); and (ii) non-ACI retirement plan, unit investment trust, variable annuity, or similar accounts in which you own or beneficially own<u> </u>reportable mutual funds.

In addition, you must provide either account statements or confirmations of all trading activity in reportable third-party accounts to Compliance within 30 calendar days of the end of each calendar quarter.

Refer to Appendix 5: Account Reporting Instructions for the process to report your accounts in the ComplianceAlpha.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Additional Reporting Requirements [Portfolio, Investment, and Access Persons]** 

&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. Holdings Report

Within ten (10) calendar days of becoming a Portfolio, Investment, or Access Person, and annually, thereafter, you must submit a Holdings Report. You will be sent an email from ComplianceAlpha with a link to the compliance system where

Policy updated: July 1, 2025 <br> COMPANY CONFIDENTIAL -©2025 American Century Proprietary Holdings, Inc. 12

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you will complete your report. The information submitted must be current as of a date no more than 45 calendar days before the report is filed and 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A list of all securities,
 other than certain code-exempt securities<sup>6</sup>, that you own or in which you have
 a beneficial ownership interest. This listing must include the financial institution,
 account number, security identifier and description, number of shares, currency, and
 principal amount of each covered security. If you are using an Approved Electronic Broker
 (AEB) through the Direct or Aggregation Feed on ComplianceAlpha, your holdings will be
 imported into ComplianceAlpha for you once your accounts are connected to the Direct
 or Aggregation Feed. If your holdings do not import from your broker feed by the due
 date of your Initial Holdings Certification, you will be required to attach a copy of
 your most recent statements to your Initial Holdings Certification in ComplianceAlpha.
 For securities held in accounts listed as Manual in ComplianceAlpha, you will be required
 to import or manually add your holdings prior to the reporting deadline.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Portfolio and Investment
 Persons must also provide a list of all reportable mutual fund holdings owned or in which
 they have a beneficial ownership interest. This list must include investments held through
 ACI PFS in accounts that are beneficially-owned, investments in any subadvised fund,
 holdings in a reportable brokerage account, and holdings in non-ACI retirement plans,
 unit investment trusts, variable annuity, or similar accounts. ACI PFS reportable mutual
 fund holdings held under an employee's tax payer identification number are not
 required to be listed in ComplianceAlpha. Compliance will obtain the information from
 ACI PFS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 summary of your relationships
 that may conflict with the interests of ACI, such as outside employment, relationships
 with competitors, suppliers, vendors, independent contractors or consultants of ACI,
 or relationships with directors or trustees in outside organizations other than community
 charitable activities, education activities, or dissimilar family business. Additional
 information regarding conflicts of interest can be found in the Business Code of Conduct.

&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. Quarterly Transactions Report

Within 30 calendar days of the end of each calendar quarter, all Portfolio, Investment, and Access Persons must submit a Quarterly Transactions Report. Compliance will notify you of the dates and requirements for filing the report. A report of the transactions for which we have received your trade confirmations

<sup>6</sup> See Appendix 3 for a listing of code-exempt securities that must be reported.

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during the quarter will be provided for your review in ComplianceAlpha. It is your responsibility to review the completeness and accuracy of this report, provide any necessary changes, and certify its contents when submitted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 Quarterly Transactions Report must contain the following
 information about each personal securities transaction undertaken during the quarter
 other than those in certain code exempt 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The financial institution's
 name and account number in which the transaction was 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The date of the transaction,
 the security identifier and description and number of shares or the 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;&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,
 that is, purchase, sale, or any other type of acquisition or disposition; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The transaction price,
 currency, and amount.

In addition, information regarding accuracy and completeness of your reportable brokerage and other accounts should be verified at this time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Portfolio and Investment Persons are also required to report
 transactions in reportable mutual funds held through a brokerage account. The Quarterly
 Transactions Report for such persons must contain the following information about each
 transaction during the quarter:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The date of the transaction,
 the fund identifier and description and number of shares or units of each trade involved;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The nature of the transaction,
 that is, purchase, sale, or any other type of acquisition or disposition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The transaction price,
 and amount; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The financial institution's
 name and account number in which the trade was executed.

Transactions of reportable mutual funds that do not need to be reported by Portfolio and Investment Persons on the Quarterly Transaction Report 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reinvested dividends;

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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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Transactions in ACI
 open-end mutual funds through the ACI retirement plan 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Transactions in ACI
 open-end mutual funds held through ACI PFS accounts under your Social Security 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Transactions in ACI
 open-end mutual funds in beneficially-owned ACI PFS accounts if the account has been
 linked to ComplianceAlpha through the Aggregation Feed; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Transactions in reportable
 third-party accounts for which the account statements or confirmations are provided to
 Compliance within 30 days of the end of the calendar quarter in which the transactions
 took place.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VI. Can there be any exceptions to the restrictions?

*Yes.* The Chief Compliance Officer or their designee may grant limited exemptions to specific provisions of the Code on a case-by-case basis. Exemptions are requested in ComplianceAlpha (see Appendix 6: Requesting an Exemption).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Factors Considered** 

In considering your request, the Chief Compliance Officer or their designee may grant your exemption request if they are satisfied 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;• Your request addresses
 an undue personal hardship imposed on you by the Code of Ethics;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Your situation is not
 in conflict with the Code; 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;• Your exemption, if granted,
 would be consistent with the achievement of the objectives of the Code of Ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Exemption Reporting** 

All exemptions must be reported to the Boards of Directors/Trustees of our Fund Clients at the next regular meeting following the initial grant of the exemption. Subsequent grants of an exemption of a type previously reported to the Boards may be affected without reporting. The Boards of Directors/Trustees may choose to delegate the task of receiving and reviewing reports to a committee comprised of Independent Directors/Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Day 15 De Minimis Sell Exemption (Portfolio Persons Only)** 

An exemption may be requested when a Portfolio Person's de minimis sell preclearance request has been denied. The Chief Compliance Officer or their designee will review the

Policy updated: July 1, 2025 <br> COMPANY CONFIDENTIAL -©2025 American Century Proprietary Holdings, Inc. 15

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request and determine if the exemption is warranted. If approval is granted, Compliance will designate the date on which the sale can take place which will be the 15<sup>th</sup> day following the approval.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.** **Non-volitional Transaction Exemption** 

Certain non-volitional purchase and sale transactions are exempt from the preclearance requirements of the Code. These transactions include stock splits, stock dividends, exchanges and conversions, mandatory tenders, pro rata distributions to all holders of a class of securities, receipt of securities as gifts, the giving of securities, inheritances, margin/ maintenance calls (where the securities to be sold are not directed by the covered person), dividend reinvestment plans, and employer sponsored payroll deduction plans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E.** **Blind Trust/Managed Account Exemption** 

An exemption from the preclearance and reporting requirements of the Code may be requested for securities that are held in a blind or quasi-blind trust arrangement or a managed (discretionary) account. For the exemption to be available, you or a member of your immediate family must not have authority to advise or direct securities transactions of the trust or managed account. You must provide a copy of the trust document or management agreement when requesting the exemption. The request will only be granted once the covered person and/or the investment adviser for the trust or managed account certify that the covered person or members of their immediate family will not advise or direct transactions. Your account must be reported in ComplianceAlpha and ACI may require that statements or trade confirmations be received for the trust or managed account. The employee and/or adviser may be requested by Compliance to re-certify the trust arrangement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VII. Confidential Information

All information about clients' securities transactions and portfolio holdings is confidential. You must not disclose, except as required by the duties of your employment, actual or contemplated securities transactions, portfolio holdings, portfolio characteristics or other nonpublic information about Clients, or the contents of any written or oral communication, study, report or opinion concerning any security. Employees should consult the Portfolio Holdings and Characteristics Disclosure and the Confidential Information Asset Security policies before disseminating information to individuals that otherwise do not have access to the information. Employees should not disseminate information about clients' securities transactions and portfolio holdings to employees or contract personnel that are Non-Access Persons or elicit material nonpublic information from any independent directors/trustee of a managed fund who also serves as a director trustee, officer, consultant, or employee of, or has similar affiliation with, another business entity that issues publicly traded securities. This does not apply to information which has already been publicly disclosed.

Policy updated: July 1, 2025 <br> COMPANY CONFIDENTIAL -©2025 American Century Proprietary Holdings, Inc. 16

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VIII. Conflicts of Interest

You must receive prior written approval from ACI's General Counsel or their designee, as appropriate, to do any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Negotiate or enter into
 any agreement on a client's behalf with any business concern doing or seeking to
 do business with the client if you, or a person related to you, has a substantial interest
 in the business concern;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Enter into an agreement,
 negotiate or otherwise do business on the client's behalf with a personal friend
 or a person related to you; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Serve on the board of
 directors of, or act as consultant to, any publicly traded corporation. Please note that
 ACI's Business Code of Conduct and Insider Trading Policy also contain limitations
 on outside employment and directorships.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IX. What happens if you violate the rules in the Code of Ethics?

If you violate the requirements of the Code of Ethics, you may be subject to serious penalties. Violations of the Code and proposed sanctions are documented by Compliance and submitted to the Code of Ethics Review Committee. The Committee consists of representatives of the investment adviser and the Compliance and Legal departments of ACI. The Committee is responsible for determining the materiality of Code violations and appropriate sanctions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Materiality of Violation** 

In determining the materiality of a violation, the Committee considers:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Evidence of violation
 of law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Indicia of fraud, neglect,
 or indifference to Code provisions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Frequency of violations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Monetary value of the
 violation in question; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level of influence of
 the violator.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Penalty Factors** 

In assessing the appropriate penalties, the Committee will consider the foregoing in addition to any other factors they deem applicable, such as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Extent of harm to client
 interests;

Policy updated: July 1, 2025 <br> COMPANY CONFIDENTIAL -©2025 American Century Proprietary Holdings, Inc. 17

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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;• Extent of unjust enrichment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Tenure and prior record
 of the violator;

&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 degree to which there
 is a personal benefit from unique knowledge obtained through employment with ACI;

&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 level of accurate,
 honest and timely cooperation from the covered person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any mitigating circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **The penalties which may be imposed include, but are not limited to:** 

&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. Non-material violation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) Warning (notice sent to manager) and/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;b) Attendance at a Code of Ethics training session and/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;c) Suspension of trading privileges.

&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. Penalties for material or more frequent non-material violations
 will be based on the circumstances of the violation. These penalties could include, but
 are not limited to

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) Suspension of trading privileges and/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;b) Suspension of trading privileges for one-year if, for any reason,
 you've had three non-material trading violations in a six-month period. The six-month
 period will not include months for which you served a suspension.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) Suspension or termination of employment.

In addition, you may be required to surrender any profit realized from any transaction(s) in violation of this Code of Ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;X. ACI's Quarterly Report to Fund Directors/Trustees

ACI will prepare a quarterly report to the Board of Directors/Trustees of each Fund Client of any material violation of this Code of Ethics.

Policy updated: July 1, 2025 <br> COMPANY CONFIDENTIAL -©2025 American Century Proprietary Holdings, Inc. 18

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**APPENDIX 1: DEFINITIONS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **"Automatic Investment Plan"** 

"Automatic investment plan" means a program in which regular periodic purchases, exchanges or redemptions are made automatically in or from investment accounts in accordance with a predetermined schedule and allocation including dividend reinvestment plans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **"Beneficial Ownership" or "Beneficially Owned"** 

See "Appendix 2: What is Beneficial Ownership?"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **"Code-Exempt Security"** 

A "code-exempt security" is a security in which you may invest without preclearing the transaction with ACI. The list of code-exempt securities appears in Appendix 3. Code-exempt securities may require reporting of transactions and holdings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **"Federal Securities Law"** 

"Federal securities law" means the Securities Act of 1933, the Securities Act of 1934, the Sarbanes-Oxley Act of 2002, the Investment Company Act of 1940, the Investment Advisers Act of 1940, Title V of the Gramm-Leach-Bliley Act, any rules adopted by the Commission under any of these statutes, the Bank Secrecy Act as it applies to funds and investment advisers, and any rules adopted by the Commission or the Department of Treasury.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **"Fund Clients"** 

Fund clients includes each Fund Client listed on Schedule A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.** **"Initial Public Offering"** 

"Initial public offering" means an offering of securities for which a registration statement has not previously been filed with the SEC and for which there is no active public market.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.** **"Investment Adviser"** 

"Investment adviser" includes each investment adviser listed on Schedule A

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.** **"Member of Your Immediate Family"** 

A "member of your immediate family" means any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Your spouse or domestic
 partner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Your minor children;
 or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A relative who shares
 your home.

Policy updated: July 1, 2025 <br> COMPANY CONFIDENTIAL -©2025 American Century Proprietary Holdings, Inc. 19

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For the purpose of determining whether any of the foregoing relationships exist, a legally adopted child of a person is considered a child of such person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.** **"Private Placement"** 

"Private placement" means an offering of securities in which the issuer relies on an exemption from the registration provisions of the Federal Securities Laws, and usually involves a limited number of sophisticated investors and a restriction on resale of the securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.** **"Prohibited Security"** 

**"**Prohibited Security" is a security for which trading has been prohibited for Portfolio, Investment and Access Persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.** **"Related Security"** 

A security made available by the same issuer (i.e. stocks, preferred stocks, depository receipts, bonds, rights, warrants); or an underlying asset of a derivative (futures, SWAPs, etc.).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.** **"Reportable Brokerage Accounts"** 

A "reportable brokerage account" includes any account in which securities are held for the direct or indirect benefit of any person subject to this Code of Ethics, including managed or discretionary accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.** **"Reportable Mutual Fund"** 

A "reportable mutual fund" includes any mutual fund issued by a Fund Client (as listed on Schedule A) and any subadvised funds (as listed on Schedule B).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.** **"Security"** 

A "security" includes a large number of investment vehicles. However, for purposes of this Code of Ethics, "security" (or "securities") includes but is not limited to any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Note;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Stock, (including stock
 acquired in private placements and restricted stock in nonpublic companies received through
 an employee stock ownership program);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Treasury stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Bond;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Debenture;

Policy updated: July 1, 2025 <br> COMPANY CONFIDENTIAL -©2025 American Century Proprietary Holdings, Inc. 20

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Derivative;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exchange traded fund
 (ETFs) or similar vehicles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Unit Investment Trusts
 (UIT);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares of open-end mutual
 funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares of closed-end
 mutual funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Evidence of indebtedness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Certificate of interest
 or participation in any profit-sharing agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Collateral-trust certificate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Preorganization certificate
 or subscription;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Transferable share;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Investment contract;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Voting-trust certificate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Certificate of deposit
 for a security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Interests in private
 investment funds including private equity funds, venture capital funds, or hedge funds,
 or unregistered collective investment vehicles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fractional undivided
 interest in oil, gas or other mineral rights;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any put, call, straddle,
 option, future, or privilege on any security or other financial instrument (including
 a certificate of deposit) or on any group or index of securities (including any interest
 therein or based on the value thereof), including stock options received from an employer
 or through a retirement plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any put, call, straddle,
 option, future, or privilege entered into on a national securities exchange relating
 to foreign currency;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In general, any interest
 or instrument commonly known as a "security;" or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any certificate of interest
 or participation in, temporary or interim certificate for, receipt for, guarantee of,
 future on or warrant or right to subscribe to or purchase, any of the foregoing.

Policy updated: July 1, 2025 <br> COMPANY CONFIDENTIAL -©2025 American Century Proprietary Holdings, Inc. 21

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.** **"Subadvised Fund"** 

A "subadvised fund" means any mutual fund or portfolio listed on Schedule B.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.** **"Supervised Person"** 

A "supervised person" means 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 an investment adviser and is subject to the supervision and control of the investment adviser.

Policy updated: July 1, 2025 <br> COMPANY CONFIDENTIAL -©2025 American Century Proprietary Holdings, Inc. 22

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**APPENDIX 2: WHAT IS "BENEFICIAL OWNERSHIP"?**

A "beneficial owner" of a security is any person who, directly or indirectly, through any contract, arrangement, understanding, relationship, or otherwise, has or shares in the opportunity, directly or indirectly, to profit or share in any profit derived from a purchase or sale of the security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Are securities held by immediate family members or domestic partners "beneficially owned" by me?** 

*Yes.* As a general rule, you are regarded as the beneficial owner of securities held in the name of

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A member of your immediate
 family  **** ** OR

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any other person IF you
 obtain from such securities benefits substantially similar to those of ownership. For
 example, if you receive or benefit from some of the income from the securities held by
 your spouse, or domestic partner, you are the beneficial owner; OR

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You hold an option or
 other contractual rights to obtain title to the securities now or in the future.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Must I report accounts for which I am listed as a joint owner or have power of attorney?** 

*Yes.* As a general rule, you are regarded as an owner of any accounts for which you or your immediate family member are listed as a joint owner or have power of attorney.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Am I deemed to beneficially own securities in accounts owned by a relative not living in my household for whom I am listed as beneficiary upon death?** 

*Probably not.* Unless you or your immediate family member have power of attorney to transact in such accounts or are listed as a joint owner, you likely do not beneficially own the account or securities contained in the account until ownership has been passed to you.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Are securities held by a company I own an interest in also "beneficially owned" by me?** 

*Probably not.* Owning the securities of a company does not mean you "beneficially own" the securities that the company itself owns. *However,* you will be deemed to "beneficially own" the securities owned by the company if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You directly or beneficially
 own a controlling interest in or otherwise control the company; OR

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The company is merely
 a medium through which you, members of your immediate family, or others in a small group
 invest or trade in securities  **** ** and the company has no other substantial
 business.

Policy updated: July 1, 2025 <br> COMPANY CONFIDENTIAL -©2025 American Century Proprietary Holdings, Inc. 23

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Are securities held in trust "beneficially owned" by me?** 

*Maybe.* You are deemed to "beneficially own" securities held in trust if you or a member of your immediate family are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A trustee; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Have a vested interest
 in the income or corpus of the trust; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A settlor or grantor
 of the trust and have the power to revoke the trust without obtaining the consent of
 all the beneficiaries.

A blind trust exemption from the preclearance and reporting requirements of the Code may be requested if you or members or your immediate family do not have authority to advise or direct securities transactions of the trust. The accounts require reporting in ComplianceAlpha.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.** **Are securities in pension or retirement plans "beneficially owned" by me?** 

*Maybe.* Beneficial ownership does not include indirect interest by any person in portfolio securities held by a pension or retirement plan of a company whose employees generally are the beneficiaries of the plan.

However, your participation in a pension or retirement plan is considered beneficial ownership of the portfolio securities if you can withdraw and trade the securities without withdrawing from the plan or you can direct the trading of the securities within the plan (IRAs, 401(k)s, etc.).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.** **Examples of Beneficial Ownership** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Securities Held by Family Members or Domestic Partners

*Example 1:* Tom and Mary are married. Although Mary has an independent source of income from a family inheritance and segregates her funds from those of her husband, Mary contributes to the maintenance of the family home. Tom and Mary have engaged in joint estate planning and have the same financial adviser. Since Tom and Mary's resources are clearly significantly directed towards their common property, they shall be deemed to be the beneficial owners of each other's securities.

*Example 2:* Mike's adult son David lives in Mike's home. David is self-supporting and contributes to household expenses. Mike is a beneficial owner of David's securities.

*Example 3:* Joe's mother Margaret lives alone and is financially independent. Joe has power of attorney over his mother's estate, pays all her bills and manages her investment affairs. Joe borrows freely from Margaret without being required to pay back funds with interest, if at all. Joe takes out personal loans from Margaret's bank in Margaret's name, the interest from such loans being paid from Margaret's account. Joe is a beneficial owner of Margaret's estate.

Policy updated: July 1, 2025 <br> COMPANY CONFIDENTIAL -©2025 American Century Proprietary Holdings, Inc. 24

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*Example 4:* Bob and Nancy are in a relationship. The house they share is still in Nancy's name only. They have separate checking accounts with an informal understanding that both individuals contribute to the mortgage payments and other common expenses. Nancy is the beneficial owner of Bob's securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Securities Held by a Company

*Example 5:* ABC Company is a holding company with five shareholders owning equal shares in the company. Although ABC Company has no business of its own, it has several wholly-owned subsidiaries that invest in securities. Stan is a shareholder of ABC Company. Stan has a beneficial interest in the securities owned by ABC Company's subsidiaries.

*Example 6:* XYZ Company is a large manufacturing company with many shareholders. Stan is a shareholder of XYZ Company. As a part of its cash management function, XYZ Company invests in securities. Neither Stan nor any members of his immediate family are employed by XYZ Company. Stan does not beneficially own the securities held by XYZ Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Securities Held in Trust

*Example 7:* John is trustee of a trust created for his two minor children. When both of John's children reach 21, each shall receive an equal share of the corpus of the trust. John is a beneficial owner of any securities owned by the trust.

*Example 8:* Jane placed securities<u> </u>held by her in a trust for the benefit of her church. Jane can revoke the trust during her lifetime. Jane is a beneficial owner of any securities owned by the trust.

*Example 9:* Jim is trustee of an irrevocable trust for his 21-year-old daughter (who does not share his home). The daughter is entitled to the income of the trust until she is 25 years old and is then entitled to the corpus. If the daughter dies before reaching 25, Jim is entitled to the corpus. Jim is a beneficial owner of any securities owned by the trust.

*Example 10:* Joan's father (who does not share her home) placed securities in an irrevocable trust for Joan's minor children. Neither Joan nor any member of her immediate family is the trustee of the trust. Joan is a beneficial owner of the securities owned by the trust. She may, however, be eligible for the blind trust exemption to the preclearance and reporting of the trust securities.

Policy updated: July 1, 2025 <br> COMPANY CONFIDENTIAL -©2025 American Century Proprietary Holdings, Inc. 25

---

| | | |
|:---|:---|:---|
| **Code of Ethics** | ![](x1_c113438x506x1.jpg) | ![](x1_c113438x506x1.jpg) |
|  |  | **POLICY** |

---

**APPENDIX 3: CODE-EXEMPT AND PROHIBITED SECURITIES**

Because they do not pose a likelihood for abuse, code-exempt securities are exempt from the Code's preclearance requirements. However, confirmations of transactions in reportable brokerage accounts are required in all cases and some code-exempt securities must also be disclosed on your Quarterly Transactions, Initial, and Annual Holdings Reports. Certain securities have been prohibited. Portfolio, Investment and Access Persons are not allowed to trade in a Prohibited Security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Code-Exempt Securities Not Subject to Disclosure on your Quarterly Transactions, Initial and Annual Holdings Reports:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• American Century Investments
 stock and stock options

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Open-end mutual funds
 that are not considered a reportable mutual fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reportable mutual funds
 (Access Persons only);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reportable mutual fund
 shares purchased through an automatic investment plan (including reinvested dividends);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Money market mutual funds;

&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;• U.S. government Treasury
 and Government National Mortgage Association securities;

&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;• Bankers acceptances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• High quality short-term
 debt instruments, including repurchase agreements. A "high quality short-term debt
 instrument" means 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Code-Exempt Securities Subject to Disclosure on your Quarterly Transactions, Initial and Annual Holdings Reports:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reportable mutual fund
 shares purchased other than through an automatic investment plan (Portfolio and Investment
 Persons only)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exchange Traded Products\*,
 Closed-End Funds and Unit Investment Trusts

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Securities which are
 acquired through an employer-sponsored automatic payroll deduction plan (only the acquisition
 of the security is exempt, NOT the sale)

Policy updated: July 1, 2025 <br> COMPANY CONFIDENTIAL -©2025 American Century Proprietary Holdings, Inc. 26

---

| | | |
|:---|:---|:---|
| **Code of Ethics** | ![](x1_c113438x506x1.jpg) | ![](x1_c113438x506x1.jpg) |
|  |  | **POLICY** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Securities other than
 open-end mutual funds purchased through dividend reinvestment programs (only the re-investment
 of dividends in the security is exempt, NOT the sale or other purchases)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Futures contracts on
 the following:

– Futures on U.S. Treasuries.

Large Cap Indices including, but not limited to Standard & Poor's 500 or 100 Index, NASDAQ 100 Index, DOW 30 Industrials, FTSE All World Index, MSCI Indices (ACWI, EAFE, World), Russell 2000 and 3000, Wilshire 5000 . Futures contracts on non-Large Cap Indices and for other financial instruments are not code-exempt. Please contact Compliance to confirm that an index not listed is exempt from preclearance.

Commodity futures contracts for agricultural products (corn, soybeans, wheat, etc.) only. Futures contracts on precious metals or energy resources are ***not*** Code-exempt.

\*ACI STA ETF transactions require preclearance by the Portfolio Persons who have been granted portfolio manager or trade order access in the order-trade system (See Restrictions on Personal Investing Section H). [Portfolio Persons only]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **Prohibited Securities (Portfolio, Investment, Access Persons)** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Options Contract
 (Calls, Covered Calls, Puts, Naked Calls or Puts)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Single Stock ETFs

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Contracts for Difference
 (CFDs)

We may modify this list of securities at any time. Please contact Compliance to request the most current list.

Policy updated: July 1, 2025 <br> COMPANY CONFIDENTIAL -©2025 American Century Proprietary Holdings, Inc. 27

---

| | | |
|:---|:---|:---|
| **Code of Ethics** | ![](x1_c113438x506x1.jpg) | ![](x1_c113438x506x1.jpg) |
|  |  | **POLICY** |

---

**APPENDIX 4: HOW THE PRECLEARANCE PROCESS WORKS**

Preclearance Requests are submitted in ComplianceAlpha (<u>https://www.compliancealpha.com/auth/login</u>). To submit a request:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. From the ComplianceAlpha Dashboard, click on the "Submit
 Trade Request" link under Quick Links.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Click "Trade", the select the appropriate template:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Preclearance Request

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Municipal Bond Preclearance Request

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Corporate Bond Preclearance Request

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Convertible Corporate Bond Preclearance Request

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Private Placement Preclearance Request (for private placements,
 private equity funds, hedge fund, private companies, limited liability companies)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. ACI STA ETF (Portfolio Persons assigned to an ACI STA ETF only)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. Self-Indexed ETF (members of the Index Governance Committee and
 certain members of Global Analytics Team who are responsible for creating indexes only)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Once the preclearance process is complete, you will receive an
 email indicating if the request is approved or denied.

After you've entered a Preclearance Request on ComplianceAlpha, your equity transaction is subject to the following tests.

---

| | |
|:---|:---|
| **Step 1:** | **Restricted Security List** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Is the security on any
 Restricted Security list?

*If "YES",* the system will send a message to you DENYING the personal trade request.

*If "NO",* then your request is subject to Step 2.

---

| | |
|:---|:---|
| **Step 2:** | ***De Minimis* Transaction Test (per security per day)** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Is the security issuer's
 market capitalization less than $1 billion and the value of the employee's requests
 in the security equal to or less than $5,000 per day?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Is the security issuer's
 market capitalization between $1billion and $7.5 billion and the value of the employee's
 requests in the security equal to or less than $10,000 per day?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Is the security issuer's
 market capitalization greater than $7.5 billion and the value of the employee's
 requests in the security equal to or less than $25,000 per day?

*If the answer to any of these questions is "NO",* then your request is subject to Step 3.

Policy updated: July 1, 2025 <br> COMPANY CONFIDENTIAL -©2025 American Century Proprietary Holdings, Inc. 28

---

| | | |
|:---|:---|:---|
| **Code of Ethics** | ![](x1_c113438x506x1.jpg) | ![](x1_c113438x506x1.jpg) |
|  |  | **POLICY** |

---

---

| | |
|:---|:---|
| **Step 3:** | **Client Trades Test** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Have there been any transactions
 in the past 72 hours or is there an open order for that security for any Client?

*If "YES",* the system will send a message to you DENYING the personal trade request.

*If "NO",* then your request is Approved. You will receive an email with the approval and trading window.

**The preclearance request process can be changed at any time to ensure that the goals of this Code of Ethics are met.**

Policy updated: July 1, 2025 <br> COMPANY CONFIDENTIAL -©2025 American Century Proprietary Holdings, Inc. 29

---

| | | |
|:---|:---|:---|
| **Code of Ethics** | ![](x1_c113438x506x1.jpg) | ![](x1_c113438x506x1.jpg) |
|  |  | **POLICY** |

---

**Preclearance Process Flowchart**

**[Preclearance Flowchart Redacted]**

\*De Minimis

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Is the market cap = to $1B and the per day trade value </=
 to $5,000 for the security and related securities?</TD

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Is the market cap between $1B and $7.5B and the per day trade
 value = to $10,000 for the security and related securities; or</TD

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Is the market cap >/= to $7.5B and the per day trade value = to $25,000 for the security and related securities?</TD

Policy updated: July 1, 2025 <br> COMPANY CONFIDENTIAL -©2025 American Century Proprietary Holdings, Inc. 30

---

| | | |
|:---|:---|:---|
| **Code of Ethics** | ![](x1_c113438x506x1.jpg) | ![](x1_c113438x506x1.jpg) |
|  |  | **POLICY** |

---

**APPENDIX 5: ACCOUNT REPORTING INSTRUCTIONS**

**Reportable brokerage accounts**

All employees are required to link their reportable accounts in ComplianceAlpha. ACI has contracted with frequently used brokers to obtain secure electronic trade confirmations and position files for your trading activity and holdings information, listed on Schedule C Approved Electronic Brokers (AEB). Using an AEB is the preferred method for linking your accounts to ComplianceAlpha. However, if you choose to use a broker that is not an AEB, you will be required to link your accounts through ComplianceAlpha's Aggregation Feed. This process requires you to securely provide your log-in credentials so that ComplianceAlpha can obtain your trading and position information. Your log-in information will not be available to Compliance or ComplianceAlpha support staff. By linking your accounts to ComplianceAlpha, you are consenting for Compliance to obtain electronic trade confirmations and position information for your account.

Certain brokers may not be used due to their inability to consistently provide electronic transactions and holdings information. Please review Schedule C for a list of Prohibited Brokers.

Finally, account information, trading history, and position information may be provided manually. This option is not available for most brokerage accounts and is only available for special circumstances, such as a spouse's stock purchase plan, a trust account, or international brokers for which an Account Exemption must be requested (see Appendix 6: Requesting an exemption).

Follow these steps to link your accounts to ComplianceAlpha:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Log-in to ComplianceAlpha
 at <u>https://www.compliancealpha.com/auth/login</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. From the Employee Dashboard, click on "Create Brokerage
 Account".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Use the **Direct Feed** tile to link Approved Electronic Brokers
 (listed on Schedule C of this policy).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Select your broker.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Provide your account details (Account Name, Account #s); Click
 "Next"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Provide Date Opened, Account Owner Type, and Investment Discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Use the **Aggregation Feed** tile to link accounts for brokers
 that are not an AEB. Before using the Aggregation Feed, ensure that your account cannot
 be linked through the Direct Feed (step 3). The Aggregation Feed requires that you and
 your family member's account log-in credentials are provided to link your account
 to ComplianceAlpha.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Click on your broker or click "Search Here" to find
 your broker.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Provide your broker account's Username and Password. Your
 information is immediately encrypted and passed along to the broker feed provider to
 connect your account and pull back your holdings and transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Use the **Manual** tile for accounts that cannot be linked
 through the Direct Feed or Aggregation Feed. Note, you may be required to move these
 accounts to a firm that can be accessed through a Direct Feed or Aggregation Feed unless
 you have a special circumstance to maintain the

Policy updated: July 1, 2025 <br> COMPANY CONFIDENTIAL -©2025 American Century Proprietary Holdings, Inc. 31

---

| | | |
|:---|:---|:---|
| **Code of Ethics** | ![](x1_c113438x506x1.jpg) | ![](x1_c113438x506x1.jpg) |
|  |  | **POLICY** |

---

account through a manual feed. If you are required to move the account, it must be completed within 90 days of your hire date. See "Appendix 6: Requesting an exemption" to request an Account Exemption.

**Beneficially-owned ACI PFS Accounts (Portfolio and Investment Persons only)**

You are required to report your beneficially-owned accounts in ACI open-end mutual funds held at ACI PFS. Use the **Aggregation Feed** tile to link ACI PFS accounts that are beneficially-owned. The Aggregation Feed requires that you and your family member's account log-in credentials are provided to link your account to ComplianceAlpha.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Click on your broker or click "Search Here" to find
 your American Century Investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Provide your broker account's Username and Password. Your
 information is immediately encrypted and passed along to the broker feed provider to
 connect your account and pull back your holdings and transactions. Compliance and ComplianceAlpha
 do not have access to the log-in credentials.

Policy updated: July 1, 2025 <br> COMPANY CONFIDENTIAL -©2025 American Century Proprietary Holdings, Inc. 32

---

| | | |
|:---|:---|:---|
| **Code of Ethics** | ![](x1_c113438x506x1.jpg) | ![](x1_c113438x506x1.jpg) |
|  |  | **POLICY** |

---

**APPENDIX 6: REQUESTING A Day 15 Sell EXEMPTION (Portfolio Persons Only)**

The Code of Ethics policy allows for limited exemptions. Exemption requests are submitted by emailing Compliance or in ComplianceAlpha using the following process:

**Trading Exemptions:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Log-in to ComplianceAlpha at <u>https://www.compliancealpha.com/auth/login</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. From the Employee Dashboard, click on the "Submit Trade
 Request" link under Quick Links or click on the Green Action Button and click "Create
 Request or Disclosure".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Select "Trade" at "What type of request or disclosure
 would you like to set up?" Select "Sell Exemption – Day 15 Exemption"
 form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Complete the required fields on the request form and submit the
 form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Compliance will review your request. If your request is approved,
 Compliance will assign a one-day trading window which will be 15 days from the date the
 exemption was approved. You will be notified by email of the approval or denial.

**Account Exemptions:**

A Managed Account or Blind Trust account exemption may be requested for accounts for which you or your immediate family members do not have discretionary trading authority. The accounts must be reported in ComplianceAlpha. You must provide a copy of your managed account or discretionary account agreement.

An Account Exemption Request may be requested to continue to hold an account which cannot be linked to ComplianceAlpha through the Direct Feed or Aggregation Link (i.e. Manual Accounts). A special circumstance must be in place for the Account Exemption to be approved.

Exemption requests may be emailed to Code of Ethics or submitted in ComplianceAlpha using the following process:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Log-in to ComplianceAlpha at <u>https://www.compliancealpha.com/auth/login</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. From the Employee Dashboard, click on the green action button.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Click "Create Request or Disclosure".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Click on "Other"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Select the appropriate template (Managed/Trust Account or Account
 Exemption) and click continue.

Policy updated: July 1, 2025 <br> COMPANY CONFIDENTIAL -©2025 American Century Proprietary Holdings, Inc. 33

---

| | | |
|:---|:---|:---|
| **Code of Ethics** | ![](x1_c113438x506x1.jpg) | ![](x1_c113438x506x1.jpg) |
|  |  | **POLICY** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Complete the requested information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Attaching supporting documentation as required (i.e. Management
 Agreement or Discretionary Account Agreement).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Click Submit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Compliance will review the request and determine if the exemption
 can be approved. You will be notified of the completion of the review through an email.

Policy updated: July 1, 2025 <br> COMPANY CONFIDENTIAL -©2025 American Century Proprietary Holdings, Inc. 34

---

| | | |
|:---|:---|:---|
| **Code of Ethics** | ![](x1_c113438x506x1.jpg) | ![](x1_c113438x506x1.jpg) |
|  |  | **POLICY** |

---

**SCHEDULE A: BOARD APPROVAL DATES**

This Code of Ethics was most recently approved by the Board of Directors/Trustees of the following Companies as of the dates indicated:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Investment Adviser** | &nbsp;&nbsp;**Most Recent Approval Date** |
| &nbsp;&nbsp;American Century Investment Management, Inc. | &nbsp;&nbsp;January 1, 2018 |
| &nbsp;&nbsp;**Principal Underwriter** | &nbsp;&nbsp;**Most Recent Approval Date** |
| &nbsp;&nbsp;American Century Investment Services, Inc. | &nbsp;&nbsp;January 1, 2018 |
| &nbsp;&nbsp;**Fund Clients** | &nbsp;&nbsp;**Most Recent Approval Date** |
| &nbsp;&nbsp;American Century Asset Allocation Portfolios, Inc. | &nbsp;&nbsp;December 1, 2017 |
| &nbsp;&nbsp;American Century California Tax-Free and Municipal Funds | &nbsp;&nbsp;December 14, 2017 |
| &nbsp;&nbsp;American Century Capital Portfolios, Inc. | &nbsp;&nbsp;December 1, 2017 |
| &nbsp;&nbsp;American Century ETF Trust | &nbsp;&nbsp;December 20, 2017 |
| &nbsp;&nbsp;American Century Government Income Trust | &nbsp;&nbsp;December 14, 2017 |
| &nbsp;&nbsp;American Century Growth Funds, Inc. | &nbsp;&nbsp;December 1, 2017 |
| &nbsp;&nbsp;American Century International Bond Funds | &nbsp;&nbsp;December 14, 2017 |
| &nbsp;&nbsp;American Century Investment Trust | &nbsp;&nbsp;December 14, 2017 |
| &nbsp;&nbsp;American Century Municipal Trust | &nbsp;&nbsp;December 14, 2017 |
| &nbsp;&nbsp;American Century Mutual Funds, Inc. | &nbsp;&nbsp;December 1, 2017 |
| &nbsp;&nbsp;American Century Quantitative Equity Funds, Inc. | &nbsp;&nbsp;December 14, 2017 |
| &nbsp;&nbsp;American Century Strategic Asset Allocations, Inc. | &nbsp;&nbsp;December 1, 2017 |
| &nbsp;&nbsp;American Century Target Maturities Trust | &nbsp;&nbsp;December 14, 2017 |
| &nbsp;&nbsp;American Century World Mutual Funds, Inc. | &nbsp;&nbsp;December 1, 2017 |

---

Policy updated: July 1, 2025 <br> COMPANY CONFIDENTIAL -©2025 American Century Proprietary Holdings, Inc. 35

---

| | | |
|:---|:---|:---|
| **Code of Ethics** | ![](x1_c113438x506x1.jpg) | ![](x1_c113438x506x1.jpg) |
|  |  | **POLICY** |

---

**SCHEDULE B: SUBADVISED FUNDS**

***(Last updated July 1, 2025)***

The following funds are subject to the Code of Ethics, as well as any other funds for which American Century Investment Management, Inc. serves as an investment adviser. This list of affiliated funds will be updated on a regular basis.

<u>[Fund List Redacted]</u>

Policy updated: July 1, 2025 <br> COMPANY CONFIDENTIAL -©2025 American Century Proprietary Holdings, Inc. 36

---

| | | |
|:---|:---|:---|
| **Code of Ethics** | ![](x1_c113438x506x1.jpg) | ![](x1_c113438x506x1.jpg) |
|  |  | **POLICY** |

---

**SCHEDULE C: BROKERS**

***(Last updated July 1, 2025)***

Compliance has contracted with Approved Electronic Brokers to obtain a secure electronic transfer of transactions and holdings information for the brokers listed on the Approved Electronic Broker list. Additionally, employees can link their accounts using ComplianceAlpha's aggregation feed if the broker is not listed on our Prohibited Broker list.

Due to the inability to obtain electronic trade confirmations and holdings from some brokers, maintaining a broker account is prohibited with the firms listed under Prohibited Brokers.

**PROHIBITED BROKERS**

The use of the following brokers is prohibited due to the broker's inability to provide electronic trade confirmations and holdings.

WeBull

**APPROVED ELECTRONIC BROKERS**

The following brokers have entered into an agreement with ACI to provide trade confirmations electronically.

Alliance Bernstein<br> American Century Brokerage (through Pershing)<br> American Century Private Client Group (through Pershing)<br> Ameriprise Financial<br> Benjamin F. Edwards (through Pershing)<br> Cetera (through Pershing)<br> Charles Schwab - Investments<br> Chase – Investments<br> Citi Private Wealth<br> Citibank - Investments<br> Deutsche Bank<br> DriveWealth (Health Savings Account through WealthCare Savers)<br> Edward Jones<br> E\*TRADE at Morgan Stanley<br> Fidelity Investments<br> Fidelity International (UK)<br> First Republic<br> Goldman Sachs Wealth Management<br> GW & Wade Asset Management (through National Financial Services)<br> Interactive Brokers<br> JP Morgan Private Client<br> Lion Street (through Pershing)

Policy updated: July 1, 2025 <br> COMPANY CONFIDENTIAL -©2025 American Century Proprietary Holdings, Inc. 37

---

| | | |
|:---|:---|:---|
| **Code of Ethics** | ![](x1_c113438x506x1.jpg) | ![](x1_c113438x506x1.jpg) |
|  |  | **POLICY** |

---

LPL Financial<br> MML Investors (through National Financial Services)<br> Merrill Lynch – MyMerrill Investments<br> Morgan Stanley - ClientServ<br> Northern Trust Securities<br> Northwestern Mutual<br> Oppenheimer & Co.<br> Raymond James<br> Robinhood<br> Royal Bank of Canada Wealth Management (RBC)<br> RBC Dominion Securities (Wealth Management) - Canada<br> Roundtable (through National Financial Services)<br> SEI Investments<br> Stifel Nicholas<br> UBS<br> US Trust<br> Vanguard Investments<br> Wells Fargo Advisors<br> Zerodha

Policy updated: July 1, 2025 <br> COMPANY CONFIDENTIAL -©2025 American Century Proprietary Holdings, Inc. 38

## Ex-99.(P)(4)

**Exhibit 99.(P)(4)**

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.

• 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;&nbsp;&nbsp;&nbsp;&nbsp;· Personal Trading Policy

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Political Contributions
 Policy

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Outside Business Activity
 Policy

&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;· Shares of individual companies
 (common, preferred, ADRs, GDRs, IDRs, etc.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Exchange traded funds ("ETFs")
 and similar instruments that track Single-Name Securities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Corporate bonds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Convertible bonds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Rights

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Warrants

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Bank debt

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Business Development Company
 ("BDC")

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Real Estate Investment Trust
 ("REIT")

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Special Purpose Acquisition
 Company ("SPAC")

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Structured Products (e.g.,
 CLOs, MBS, etc.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Initial Public Offerings

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

Ares Global Ethics and Compliance Manual — June 2025 — Page 3

&nbsp;&nbsp;&nbsp;&nbsp;• interests
 in Ares-sponsored private investment vehicles; these would be reportable except that Ares
 maintains the investor lists and transaction records for these investments (note: this does
 not include <u>Ares-Related Securities</u>)

**Private Placement** means a capital raising event that involves the sale of Securities directly to a private investor, rather than as part of a public offering, and includes any offering that is exempt from registration under the Securities Act of 1933, as amended, including, without limitation, pursuant to Section 4(a)(2) (or Rules 504, 505, 506 promulgated thereunder). Includes but is not limited to hedge funds, private equity funds, investment partnerships, fund of funds, Initial Coin Offerings, legal entities raising capital, and private REITs.

**Beneficial Interest** in a Security refers to a direct or indirect pecuniary interest. A Covered Person can have a Beneficial Interest in a Security in cases where sole or shared voting or investment power exists by reason of any contract, arrangement, understanding or relationship, even if the Security is held by another person.

**Covered Account** means any account(s) maintained with any broker, dealer, bank or other financial institution that holds or may hold any Covered Securities in which a Covered Person and/or Covered Family Members have a Beneficial Interest.

**Managed Account** means an account managed by an unaffiliated and strictly autonomous investment manager or third-party and over which a Covered Person or Covered Family Member has no direct or indirect influence or control.

**Ares-Related Security means any 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;&nbsp;&nbsp;&nbsp;&nbsp;· Transaction
 in Ares-Related Securities. See Ares-Related Securities section below for more information.

&nbsp;&nbsp;&nbsp;&nbsp;&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;&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;&nbsp;&nbsp;&nbsp;&nbsp;· Hosting
 fundraising or other events for a political incumbent, candidate, or organization;

&nbsp;&nbsp;&nbsp;&nbsp;&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;&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;&nbsp;&nbsp;&nbsp;&nbsp;· Issuing
 endorsements that will be used in solicitation or other volunteer or fundraising activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Payment
 of debt incurred in connection with an election for federal, state or local office; or

&nbsp;&nbsp;&nbsp;&nbsp;&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;&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;&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;&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;&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;&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:

• full-
 or part-time service as an officer, director, partner, manager, consultant, trustee, advisory
 board member, or employee of another business organization (including acting as a director
 of a publicly traded company)

• service
 on a creditors committee for a business

• any
 agreement to be employed, or to accept directly or indirectly compensation in any form (such
 as a commission, salary, fee, bonus, contingent compensation, etc.)

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**<br>**Except with the approval of the CCO and General Counsel, Covered Persons are not permitted to serve as an officer,**<br>**Interest in Transactions or Portfolio Positions**<br>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.<br>**Loans**<br>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 | **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.**<br>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.<br>**Diversion of Business or Investment Opportunities**<br>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

• an
 officer, employee, or agent of a government, quasi-government entity or public international
 organization

• 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

• 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.

• a
 political party, or any official of the same

• a
 candidate for political office

• a
 third party acting on behalf of a government official

• 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

Ares Global Ethics and Compliance Manual — June 2025 — Page 10

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.

**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

• soliciting
 Business Gifts or favors of any kind that might create an actual or perceived conflict of
 interest or impropriety

• giving
 any gifts to anyone employed by a local, state, or federal regulator or self-regulatory organization
 in the U.S.

• 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*** 

• 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

• items
 commemorating a business transaction, such as paperweights or plaques and are worth no more
 than US$100/UK£100 or local market equivalent

• 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

• 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*** 

• 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*** 

• 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

• Permissible
 under all applicable laws and regulations

• 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.(P)(5)

**Exhibit 99.(P)(5)**

![](x1_c113438x556x1.jpg)

**ARISTOTLE PACIFIC CAPITAL, LLC<br> APC ASSET DEVELOPMENT I, LP<br> APC ASSET DEVELOPMENT II, LP**

**CODE OF ETHICS**

*Updated 10/01/2024*

**Table of Contents**

---

| | | | |
|:---|:---|:---|:---|
| **1.** | &nbsp;&nbsp;&nbsp;**Standards of Business Conduct** | &nbsp;&nbsp;&nbsp;**Standards of Business Conduct** | **4** |
| **2.** | &nbsp;&nbsp;&nbsp;**Definitions** | &nbsp;&nbsp;&nbsp;**Definitions** | **5** |
|  | A. | Access Persons are any of the Firm's Supervised Persons who: | 5 |
|  | B. | Automatic Investment Plan means any program in which regular periodic | 5 |
|  | C. | Beneficial Ownership generally means having a direct or indirect pecuniary | 5 |
|  | D. | Chief Compliance Officer | 5 |
|  | E. | Covered Associate | 5 |
|  | G. | Federal Securities Laws | 6 |
|  | H. | Initial Public Offering | 6 |
|  | I. | Limited Offering and Private Placements | 6 |
|  | J. | Purchase or Sale of a Security | 6 |
|  | K. | Reportable Fund | 6 |
|  | L. | Reportable Security | 6 |
|  | M. | Security Held or to be Acquired | 6 |
|  | N. | Supervised Person | 7 |
|  | O. | StarCompliance | 7 |
| **3.** | &nbsp;&nbsp;&nbsp;**Compliance with Governing Laws, Regulations and Procedures** | &nbsp;&nbsp;&nbsp;**Compliance with Governing Laws, Regulations and Procedures** | **7** |
| **4.** | &nbsp;&nbsp;&nbsp;**Substantive Restrictions** | &nbsp;&nbsp;&nbsp;**Substantive Restrictions** | **7** |
|  | A. | Corporate Bonds | 7 |
|  | B. | Knowledge of Transactions in Client Accounts | 8 |
|  | C. | Restricted List | 8 |
|  | D. | IPO and Limited Offering Restrictions | 8 |
|  | E. | Other Trading Restrictions | 8 |
|  | F. | Gift and Entertainment Policy | 8 |
|  | G. | Political Contributions | 9 |
|  | H. | Conflicts of Interest | 9 |
|  | I. | Fair Treatment | 9 |
|  | J. | Outside Business Activities | 10 |
|  | K. | Service as Outside Director, Trustee or Executor | 10 |
|  | L. | Forfeitures | 10 |
|  | M. | Reporting Violations | 10 |
|  | N. | Waivers | 10 |
|  | O. | Brokerage Accounts | 10 |
| **5.** | &nbsp;&nbsp;&nbsp;**Pre-clearance and Reporting Procedures** | &nbsp;&nbsp;&nbsp;**Pre-clearance and Reporting Procedures** | **11** |
|  | A. | Pre-clearance | 11 |
|  | B. | Pre-clearance Exceptions | 11 |
|  | C. | Required Reports | 12 |
|  | D. | Exceptions to Reporting Requirements | 13 |
|  | E. | Duplicate Statements and Trade Confirmations | 14 |
|  | F. | Prohibition on Self Pre-clearance | 14 |
| **6.** | &nbsp;&nbsp;&nbsp;**Code Notification and Access Person Certifications** | &nbsp;&nbsp;&nbsp;**Code Notification and Access Person Certifications** | **14** |
| **7.** | &nbsp;&nbsp;&nbsp;**Review of Required Code Reports** | &nbsp;&nbsp;&nbsp;**Review of Required Code Reports** | **14** |
| **8.** | &nbsp;&nbsp;&nbsp;**Recordkeeping and Review** | &nbsp;&nbsp;&nbsp;**Recordkeeping and Review** | **15** |
| **9.** | &nbsp;&nbsp;&nbsp;**Review of the Code** | &nbsp;&nbsp;&nbsp;**Review of the Code** | **15** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | A. | Disciplinary Actions | 15 |
|  | B. | Procedural Non-compliance | 15 |
|  | C. | Violations of Trading Non-compliance | 15 |
| **EXHIBITS A-L** | **EXHIBITS A-L** | **EXHIBITS A-L** | **16** |

---

This Code of Ethics ("Code") is adopted in compliance with the requirements of U.S. securities laws applicable to registered investment advisers and registered investment companies. Registered investment advisers are required by Rule 204A-1 under the Investment Advisers Act of 1940, as amended ("Advisers Act"), to adopt a code of ethics which, among other things, sets forth the standards of business conduct required of their Access Persons, reflects the fiduciary obligations of the Adviser and its Access Persons and requires those Access Persons to comply with the Federal Securities Laws. Similarly, each registered investment company and its adviser and principal underwriter must adopt a code of ethics pursuant to Rule 17j-1 under the Investment Company Act of 1940, as amended ("Company Act"). In conformity with this rule, this Code is adopted by each of Aristotle Pacific Capital, LLC, APC Asset Development I, LP and APC Asset Development II, LP (collectively referred to herein as "Aristotle Pacific" or the "Adviser"), in its role as investment adviser to separately managed accounts, as a discretionary investment adviser to private investment vehicles ("Private Funds"), as a discretionary adviser or sub-adviser to open-ended mutual funds ("Mutual Funds") and exchange traded funds ("ETFs") registered under the Investment Company Act of 1940, Collective Investment Trusts (CITs) and securitized asset pools (otherwise known as collateralized loan obligations "CLOs") (collectively, "Clients"), as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;1. Standards of Business Conduct

We seek to foster a reputation for integrity and professionalism. That reputation is a vital business asset. The confidence and trust placed in us by our Clients is something we value and endeavor to protect. To further that goal, we have adopted this Code and implemented policies and procedures to prevent fraudulent, deceptive and manipulative practices and to ensure compliance with the Federal Securities Laws and the fiduciary duties owed to our Clients.

We are fiduciaries to our Clients. As such, we have affirmative duties of care, honesty, loyalty and good faith to act in the best interests of our Clients. Our Clients' interests are paramount to and come before our personal interests. Our Supervised Persons, as defined in this Code, are also expected to behave as fiduciaries with respect to our Clients. This means that each must render disinterested advice, protect Client assets (including nonpublic information about a Client or a Client's account) and act always in the best interest of our Clients. We must also strive to identify and avoid conflicts of interest, however such conflicts may arise.

Access Persons and Supervised Persons of Aristotle Pacific must not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· employ any device, scheme or artifice to defraud a Client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· make to a Client or an investor or prospective investor in any account or investment vehicle managed by Aristotle Pacific any
untrue statement of a material fact or omit to state to a Client or any investor or prospective investor in any account or investment
vehicle managed by Aristotle Pacific a material fact necessary in order to make the statements made, in light of the circumstances
under which they are made, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· engage in any act, practice, or course of business which operates or would operate as a fraud or deceit upon a Client or any
investor or prospective investor in any account or investment vehicle managed by Aristotle Pacific;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· engage in any manipulative practice with respect to a Client or any investor or prospective investor in any account or investment
vehicle managed by Aristotle Pacific;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· use their positions, or any investment opportunities presented by virtue of their positions, to

personal advantage or to the detriment of a Client; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· conduct personal trading activities in contravention of this Code or applicable legal principles or in such a manner as may
be inconsistent with the duties owed to Clients as a fiduciary.

To assure compliance with these restrictions and the Federal Securities Laws, as defined in this Code, we have adopted, and agreed to be governed by, the provisions of this Code in addition to the procedures contained in the applicable Compliance Manual and the CFA Institute Code of Ethics and Standards of Professional Conduct.<sup>1</sup> However, Access Persons and Supervised Persons are expected to comply not merely with the "letter of the law," but with the spirit of the laws, this Code and applicable Compliance Manual.

Should you have any doubt as to whether this Code applies to you, you should contact the Chief Compliance Officer (CCO).

&nbsp;&nbsp;&nbsp;&nbsp;2. Definitions

As used in the Code, the following terms have the following meanings:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Access Persons are any of the Firm's Supervised Persons who:

&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. Have access to nonpublic information regarding any clients' purchase or sale of securities, or nonpublic information
regarding the portfolio holdings of any reportable fund;

&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. 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Is a director, officer, or partner of the firm; and/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;4. Is any other person who the CCO determines to be an Access Person.

For purposes of this Code, Aristotle Pacific has determined that all full-time employees are Access Persons. The CCO will inform all Access Persons of their status as such and will maintain a list of Access Persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Automatic Investment Plan** means any 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, but not limited to, any dividend reinvestment plan
(DRIP).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Beneficial Ownership** generally
means having a direct or indirect pecuniary interest in a security and is legally defined to be beneficial ownership
as used in Rule 16a-1(a)(2) under Section 16 of the Securities Exchange Act of 1934, as amended ("Exchange Act"). However,
any transactions or holdings reports required by Section 4.C of this Code may contain a statement that the report will not be construed
as an admission that the person making the report has any direct or indirect beneficial ownership in the security or securities
to which the report relates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.** **Chief Compliance Officer** or **CCO** means
the Adviser's Chief Compliance Officer, as designated on Form ADV, Part 1, Schedule A, or the CCO's designee, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E.** **Covered Associate** as defined by Rule 206(4)-5(Pay to
Play rule) 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;1. Any general partner, managing member or executive officer, or other individual

<sup>1</sup> Applicable compliance manuals include, among others, the Adviser's policies and procedures adopted pursuant to Advisers Act Rule 206(4)-7. Access Persons and Supervised Persons are required to comply with relevant compliance procedures, whether or not listed.

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;2. Any employee who solicits a government entity for the investment adviser and any person who supervises, directly or indirectly,
such employee; 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. Any political action committee controlled by the investment adviser or by any person described in paragraphs (f)(2)(i) and
(f)(2)(ii) of this section.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**F.** A **Domestic Partner** is an unmarried person
who shares common living quarters with an employee and lives in a committed, intimate relationship that is not legally defined
as marriage by the state in which the partners reside.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**G.** **Federal Securities Laws** means: (1) the Securities
Act of 1933, as amended ("Securities Act"); (2) the Exchange Act; (3) the Sarbanes-Oxley Act of 2002; (4) the Advisers
Act; (5) title V of the Gramm-Leach-Bliley Act; (6) any rules adopted by the SEC under the foregoing statutes; (8) the Bank Secrecy
Act, as it applies to investment advisers; and (9) any rules adopted under relevant provisions of the Bank Secrecy Act 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;**H.** **Initial Public Offering** or **IPO** means 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 Exchange Act Sections 13 or 15(d).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I.** **Limited Offering and Private Placements** means
an offering that is exempt from registration under the Securities Act Sections 4(2) or 4(6) or pursuant to Securities Act Rules
504, 505 or 506. Limited Offerings of securities issued by Aristotle Pacific or any Private Fund are included in the term Limited
Offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**J.** **Purchase or Sale of a Security** includes, among
other things, the writing of an option to purchase or sell a security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**K.** **Reportable Fund** means: (1) any registered investment
company advised or sub-advised by Aristotle Pacific; or (2) any registered investment company whose investment adviser or principal
underwriter controls, is controlled by or is under common control with any Aristotle Pacific entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**L.** **Reportable Security** means any security as defined
in Advisers Act Section 202(a)(18) and Company Act Section 2(a)(36) <u>except</u> (1) direct obligations of the Government of the
United States; (2) bankers' acceptances, bank certificates of deposit, commercial paper and high quality short-term debt
instruments, including repurchase agreements; (3) shares issued by money market funds; (4) shares issued by open-end funds; and
(5) shares issued by unit investment trusts that are invested exclusively in one or more open-end funds, none of which are Reportable
Funds. For purposes of this Code, the term Reportable Security, which provides a broader exemption than the term "Covered
Security",<sup>2</sup> is used for compliance
with both Rule 204A-1 and Rule 17j-1, except as otherwise noted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**M.** **Security Held or to be Acquired** means any Reportable
Security which, within a (1) day, (i) is or has been held by a Client, or (ii) is being or has been considered by a Client or the
Adviser for purchase by a Client. This definition also includes any option to purchase or sell any security convertible into or
exchangeable for a Reportable Security.

<sup>2</sup> Covered Security under Rule 17j-1 means any security as defined in Company Act Section 2(a)(36) except (1) direct obligations of the Government of the United States; (2) bankers' acceptances, bank certificates of deposit, commercial paper and high quality short-term debt instruments, including repurchase agreements; and (3) shares issued by open-end registered investment companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**N.** **Supervised Person** 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;1. Any director, officer, or partner of the firm (including any other person of a similar status or performing a similar role);
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. Any employee of the firm; 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;3. any other persons who provide advice on behalf of the adviser and are subject to the adviser's supervision and control;
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;4. Any other person who the CCO deems to be a Supervised Person.

Contractors and consultants may, in certain circumstances, be deemed to be Supervised Persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**O.** **StarCompliance** is the electronic system which
receives and processes reportable personal transactions and certifications under this Code.

&nbsp;&nbsp;&nbsp;&nbsp;3. Compliance with Governing Laws,
 Regulations and Procedures

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** All
 Access Persons shall comply with all applicable federal and state laws and rules and
 regulations of any governmental agency or self-regulatory organization governing his
 or her activities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** Each
 Access Person, at the time of hire, will receive information on how to access the Code
 and the related procedures therein. Further, each Access Person must complete and submit
 a statement on an annual basis that he or she has reviewed the Code. Each Access Person
 shall have and maintain knowledge of and shall comply with the provisions of this Code
 and any procedures that are subsequently amended or adopted hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** All
 Access Persons shall comply with all the laws and regulations concerning insider trading
 and with the Adviser's prohibition against insider trading as specified below under
 Substantive Restrictions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.** All
 Access Persons shall comply with limitations on political activity as specified under
 the substantive restrictions below and shall notify Compliance of any political contributions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E.** Any
 Access Person having supervisory responsibility shall exercise reasonable supervision
 over other Access Persons subject to his or her control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**F.** Any
 Access Person encountering evidence that appears to be a violation of applicable statutes
 or regulations or provisions of this Code shall report such evidence to the CCO or such
 other person as appointed in procedures adopted hereunder. Any such action by the Access
 Person responsible for the reporting shall remain confidential, unless the Access Person
 waives confidentiality or federal or state law or authorities compel disclosure. The
 failure to report such evidence may result in disciplinary proceedings or further action
 as deemed appropriate by the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;4. Substantive Restrictions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Corporate Bonds.** Employees of Aristotle Pacific are prohibited from purchasing individual
 corporate bonds. Employees of Aristotle Pacific may sell existing corporate bond holdings
 by following the pre-clearance instructions in section 5.A. below. This restriction does
 not apply to accounts that are managed by a third-party. This restriction does not apply
 to employees of other Aristotle affiliates who are Access Persons of Aristotle Pacific.
 Contact Compliance if you are unsure if this restriction applies to you.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Knowledge of Transactions in Client Accounts.** No Access Person shall buy or sell a Reportable
 Security if the Access Person has actual knowledge that the Reportable Security is being
 considered for purchase or sale or is being purchased or sold for a Client account on
 the same day.

An investment professional who recommends a security for purchase or sale in a Client account is presumed to have actual knowledge.

Investment professionals are portfolio managers, research analysts, traders or others who have responsibility for making either securities recommendations or investment decisions for Client accounts.

A relaxation of, or exemption from, these procedures may only be granted by Compliance after a personal trading request and authorization form has been reviewed. The price paid or received by a Client account for any Reportable Security should not be affected by a buying or selling interest on the part of an Access Person, or otherwise result in an inappropriate advantage to the Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Restricted List.** No Access Persons may transact in securities issued by a company on
 the Restricted List for which Aristotle Pacific is in possession of inside information
 unless such purchase or sale is approved pursuant to Aristotle Pacific's policies
 and procedures on Insider Trading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.** **IPO and Limited Offering Restrictions.** Access Persons may not acquire any securities
 issued as part of an IPO or a Limited Offering, absent prior CCO approval using the form
 attached as **Exhibit A** or through StarCompliance. Any such approval 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 such person because of his or
 her position with Aristotle Pacific. The pre-approved transaction must be executed during
 the IPO allocation period. Once the IPO allocation period ends, a new trade request must
 be made for any trades in the secondary market.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E.** **Other Trading Restrictions.** Access Persons may not: (1) hold more than 5% of the
 outstanding securities of a single company without the approval of the CCO; or (2) engage
 in frequent trading in securities (e.g., day trading).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**F.** **Gift and Entertainment Policy.** Access Persons must not give or accept gifts and
 entertainment from any entity doing business with or on behalf of the Adviser, Private
 Fund or Mutual Funds in contravention of the Gift and Entertainment Policy outlined below.
 Gifts and entertainment of an extraordinary or extravagant nature to an employee should
 be declined or returned in order not to compromise the reputation of the employee or
 the firm. Gifts of nominal value or those that are customary in the industry such as
 meals or entertainment may be appropriate but may need to be reviewed by Compliance.
 Any form of a loan by an employee to a client or by a client to an employee is not allowed
 as a matter of firm policy and good business practice.

Access Persons must report gifts given or received in excess of $50 and entertainment received in excess of $100 to Compliance by completing the Gift or Entertainment Reporting Form, through StarCompliance, attached as **Exhibit H and Exhibit K** respectively**.** Gifts of de minimis value (e.g. pens, notepads or modest desk ornaments) or promotional items of nominal value that display the firm's logo (e.g., umbrellas, tote bags or shirts) are not subject to reporting under this policy as long as its value is below $50.

Access Persons must obtain approval from Compliance to give or accept gifts in excess of $250 (either one single gift, or in aggregate, within one calendar year) to or from any individual or entity. Access Persons must seek approval by completing the Gift Reporting Form through StarCompliance.

Limits may be lower as required by certain third parties, such as clients or business partners, among others. In such cases, the lower limit will apply. Registered reps may have additional limitations on the amount given per person per calendar year. Access Persons must be aware of and shall comply with such lower limits.

A relaxation of, or exemption from, these procedures may only be granted by Compliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**G.** **Political Contributions.** All Access Persons must disclose all political contributions.
 Political contributions by Access Persons are subject to the following limits:

&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) All contributions must be reported to Compliance. Contributions in excess of the amounts stated below must be pre-approved
by Compliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) $350 in an election in which an Access Person can vote 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) $150 in an election in which an Access Person cannot vote

&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 CCO may permit higher contribution amounts, depending on the circumstances. The contribution must be pre-cleared and reported
to Compliance.

&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) Limits may be lower as required by state or local law, in such cases the lower requirements will apply.

&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) Exceptions to the above approval criteria may be granted only in limited circumstances at the discretion of the CCO after examination
of the specific 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;(5) Contributions in excess of the limits above will be evaluated with the consideration of the Covered Associate 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;(6) Using the firm's name or funds to support political candidates or issues, or elected or appointed government officials
is prohibited.

&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) Please refer to the policies and procedures related to political contributions in the adviser's Compliance Manual. A
Political Contribution Pre-clearance Request Form can be found in **Exhibit G and** reported through StarCompliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**H.** **Conflicts of Interest.** Access Persons must provide disinterested advice and any relevant
 potential personal or business conflicts of interest must be disclosed to the CCO and,
 where appropriate, "Information Wall" procedures may be utilized to avoid
 potential conflicts of interest. Access Persons must avoid engaging in any activity which
 might reflect poorly upon themselves or Aristotle Pacific or which would impair their
 ability to discharge their duties with respect to Aristotle Pacific and Aristotle Pacific's
 Clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I.** **Fair Treatment.** Access Persons must avoid taking any action which would favor one
 Client or group of Clients over another in violation of our fiduciary duties and applicable
 law. Access Persons must comply with relevant provisions of our compliance manuals designed
 to detect, prevent or mitigate such conflicts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**J.** **Outside Business Activities.** Must be reviewed and approved by Compliance, 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;· being employed or compensated by any other entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· engaging in any other business including part-time, evening or weekend employment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· serving as an officer, director, partner, etc., in any other entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· ownership interest in any non-publicly traded company or other private investments; 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 public speaking or writing activities.

Written approval for any of the above activities is to be obtained by an employee before undertaking any such activity so that a determination may be made that the activities do not interfere with any of the employee's responsibilities at the firm and any conflicts of interests in such activities may be addressed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**K.** **Service as Outside Director, Trustee or Executor.** Access Persons shall not serve on
 the boards of directors of publicly traded companies, or in any similar capacity, absent
 the prior approval of such service by the CCO following the receipt of a written request
 for such approval attached here as **Exhibit I** and reported through StarCompliance.
 In the event such a request is approved, information barrier procedures may be utilized
 to avoid potential conflicts of interest. Other than by virtue of their position with
 Aristotle Pacific or with respect to a family member, no Access Person may serve as a
 trustee, executor or fiduciary. Similarly, Access Persons may not serve on a creditor's
 committee. In appropriate circumstances the CCO may grant exemptions from this provision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**L.** **Forfeitures.** If there is a violation of paragraphs A, B, C or D above, the CCO may determine
 whether any profits should be forfeited and may be paid to one or more Clients for the
 benefit of the Client(s). The CCO will determine whether gifts accepted in violation
 of paragraph E need to be forfeited, if practicable, and/or dealt with in any manner
 determined appropriate and in the best interests of our Clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**M.** **Reporting Violations.** Any Supervised Person who believes that a violation of this Code
 has taken place must promptly report that violation to the CCO. To the extent that such
 reports are provided to a designee, the designee shall provide periodic updates to the
 CCO with respect to violations reported. Supervised Persons may make these reports anonymously
 and no adverse action shall be taken against any such person making such a report in
 good faith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**N.** **Waivers.** CCO may grant waivers of any substantive restriction in appropriate circumstances
 (*e.g*., personal hardship) and will maintain records necessary to justify such
 waivers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**O.** **Brokerage Accounts.** Access Persons must disclose all brokerage accounts that he/she
 has direct or indirect beneficial ownership or discretionary authority to Compliance
 and instruct their brokers to provide timely duplicate account statements or electronic
 holdings and transaction data (through StarCompliance) to Compliance. Access Persons
 must submit holdings and transaction reports for Reportable Securities and Reportable
 Funds in which the access person has, or acquires, any direct or indirect beneficial
 ownership. An Access Person is presumed to be a beneficial owner of Reportable Securities
 and/or Reportable Funds that are held by his or her immediate family members sharing
 the Access Person's household and any Domestic Partner's accounts.

Aristotle Pacific employees must maintain reportable accounts with approved brokers. The approved brokers are listed as **Exhibit J** and may be subject to change. (Consult

with Compliance for any updates to the list.) The approved brokers support electronic feeds directly to StarCompliance. Employees that maintain accounts with brokers not on the approved broker list that fail to provide their statements in a timely manner as specified in Section 5.C of this Code may be requested to transfer their account to an approved broker. Limited exemptions to this rule may be granted at Compliance's discretion.

For third party managed accounts, employees are required to provide sufficient documentation to show the account is solely managed by a third party and the employee does not maintain trading discretion. Accounts that have been approved by Compliance as third party managed are not subject to the preclearance, restricted list or reporting requirements.

A sample duplicate account statement and confirmations request letter is included as **Exhibit E**.

&nbsp;&nbsp;&nbsp;&nbsp;5. Pre-clearance and Reporting
 Procedures

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Pre-clearance.

&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) Each Access Person shall obtain prior written approval from Compliance in the form attached as **Exhibit A** (through StarCompliance)
for personal securities transactions in the following Reportable Securities and Reportable 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;&nbsp;&nbsp;&nbsp;&nbsp;(a) Fixed income securities, <u>except</u> for 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;&nbsp;&nbsp;&nbsp;&nbsp;(b) Mutual Funds and ETFs sub-advised by Aristotle Pacific

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) Equity securities held in an Aristotle Pacific Client 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;(d) Single issuer ETFs if the underlying security is on the restricted list or held in an Aristotle Pacific Client 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) Access Persons may not acquire any securities issued as part of an IPO, Limited Offering, private placement, or private partnership
absent prior approval in the form attached as **Exhibit A** (through StarCompliance).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Pre-clearance Exceptions.** Pre-clearance requirements do not apply to:

&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) Purchases or sales effected in any account over which the Access Person has no direct or indirect influence or control;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Purchases or sales of open-end funds. Access Persons are reminded that "front- running" Client transactions or
trading on the basis of material, nonpublic inside or confidential information violates not only this Code, but our insider trading
policies and procedures as well as other securities laws and, if proven, can be punishable by fines and other penalties;<sup>3</sup>

&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 which are non-volitional on the part of either the Access Person or 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;(4) Transactions in securities which are not Reportable Securities;

<sup>3</sup> Purchases or sales of ETFs are still subject to the Reporting Requirements set forth in Section 4.C., 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;(5) Purchases which are part of an Automatic Investment Plan or DRIP;

&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) 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; and

Access Persons should consult Compliance if there are any questions about whether one of the exemptions listed above applies to a given transaction. Aristotle Pacific may, from time to time and in the sole discretion of the CCO, maintain a "Restricted List" of securities in which Access Persons may not trade.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Required Reports.** 

&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) **Initial and Annual Holdings Reports**. Each Access Person must submit to the CCO for review the Initial Holdings Report
(example attached as **Exhibit B** or such other form designated by the CCO, including through StarCompliance): (i) not later
than ten (10) days after becoming an Access Person, reflecting the Access Person's holdings as of a date not more than 45
days prior to becoming an Access Person; and (ii) annually (attached as **Exhibit C (** through StarCompliance), on a date selected
by the CCO, as of a date not more than 45 days prior to the date the report was submitted.

&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) Holdings Reports 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the title and type of security and as applicable, the exchange ticker symbol or CUSIP number, number of shares, and principal
amount of each Reportable Security in which the Access Person has any direct or indirect beneficial ownership;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 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. (Note that even those accounts that hold only non-Reportable Securities must
be included); 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;(c) the date the Access Person submits the report.

&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) Brokerage statements containing all required information may be substituted for the Holdings Report Form if submitted timely.
To the extent that a brokerage statement or confirmation lacks some of the information otherwise required to be reported, you may
submit a holdings report containing the missing information as a supplement to the statement or confirmation.

&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) **Quarterly Reports**. Within 30 days after the end of each calendar quarter, each Access Person must submit a report to
Compliance for review covering all transactions within the quarter in non-excepted Reportable Securities
in the form attached as **Exhibit D** (through 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;(5) Transactions reports 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the date of the transaction, the title and, as applicable, the exchange, ticker symbol or CUSIP number, interest rate and maturity
date, number

of shares, and principal amount of each Reportable Security involved;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the nature of the transaction (*i.e.*, purchase, sale or any other type of acquisition or disposition);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the price of the security at which the transaction was effected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the name of the broker, dealer or bank with or through which the transaction was effected; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the date the Access Person submits the report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) Brokerage account statements or electronic holdings and transaction data (through StarCompliance) containing all required information
may be substituted for the transaction report form if submitted timely. To the extent that a brokerage statement or confirmation
lacks some of the information otherwise required to be reported, you may submit a transactions report containing the missing information
as a supplement to the statement or confirmation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.** **Exceptions to Reporting Requirements.** The reporting requirements of Section 5.C. apply
 to all transactions in Reportable Securities other than:

&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) transactions with respect to securities held in accounts over which the Access Person had no direct or indirect influence or
control; 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;(7) transactions effected pursuant to an Automatic Investment Plan or DRIP.

In the event the discretion over the account changes such that the Access Person has direct or indirect influence or control, the Access Person must promptly report to the CCO and begin providing periodic (monthly or quarterly) account statements. An Access Person will generally be deemed to have direct or indirect influence or control over any account in which he or she:

1) Directs the purchases and/or sales of investments;

2) Suggests purchases and/or sales of investments to the trustee or third-party discretionary manager; or

3) Consults with a trustee or third-party discretionary manager as to the particular allocation of investments to be made in the account and the manager acts upon such consultation.

Please note that granting a third-party discretionary investment authority over an account does not, by itself, exempt an account from the reporting requirements. Similarly, trusts over which an Access Person is the grantor or beneficiary may also be subject to the reporting requirements, regardless of whether a trustee has management authority.

Aristotle Pacific will conduct additional due diligence to determine whether an Access Person may have any direct or indirect influence or control over the investment decisions of such accounts, which may include:

1) Evaluating the relationship between the Access Person and the person managing the account; <br> 2) Requesting completion of periodic certifications by the Access Person or third-party managers regarding the Access Person's influence over the account;

3) Requesting periodic completion of holdings or transaction reports to identify transactions that would have been prohibited pursuant to this Code, absent reliance on the reporting exemption; or

4) Periodically request statements for accounts managed by third-parties where there is no identified direct or indirect influence or control over the investment decisions in an account.

If an Access Person is unsure as to whether an account is qualified for the exemption, he/she should consult with the CCO. In the event it is determined that the Access Person may have direct or indirect influence or control over investment decisions, the Access Person will be required to pre-clear trades for all Reportable Securities and Reportable Funds in the account as well as provide account statements as required with any reportable account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E.** **Duplicate Statements and Trade Confirmations.** Each Access Person, with respect to each
 brokerage account in which such Access Person has any direct or indirect beneficial interest,
 when possible, should allow Aristotle to receive account information via StarCompliance.
 If StarCompliance electronic access is not available, the Access Person may choose to
 arrange that the broker shall mail directly to Compliance at the same time they are mailed
 or furnished to such Access Person (1) duplicate copies of broker trade confirmations
 covering each transaction in a Reportable Security and each Reportable Fund in such account
 and (2) copies of periodic statements with respect to the account, provided, however,
 that such duplicate copies need not be filed for transactions involving Non-Reportable
 Securities. This requirement also may be waived by the CCO in situations when the CCO
 determines that duplicate copies are unnecessary. A sample duplicate account statement
 and confirmation request letter is attached here at **Exhibit E.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**F.** **Prohibition on Self Pre-clearance.** No Access Person shall pre-clear his/her own trades,
 review their own reports or approve their own exemptions from this Code. When the CCO
 requires a personal pre-clearance, or a review is needed of any reports or exceptions,
 a senior compliance person will perform such reviews. In certain circumstances, senior
 members of the risk or compliance team may be consulted.

&nbsp;&nbsp;&nbsp;&nbsp;6. Code Notification and Access
 Person Certifications

The CCO shall provide notice to all Access Persons of their status under this Code and shall deliver a copy of the Code to each person upon becoming an Access Person as well as annually. Additionally, each Access Person will be provided a copy of any Code amendments. After reading the Code or amendment and the CFA Institute Code of Ethics and Standards of Professional Conduct, each Access Person shall make the certification contained in **Exhibit F** through StarCompliance. Initial certifications are due within 10 days of becoming an Access Person and annual certifications are due within 30 days after the end of each calendar year. Certifications with respect to amendments to the Code must be returned to the CCO within a reasonably prompt time. To the extent that any Code related training sessions or seminars are held, the CCO shall keep records of such sessions and the Access Persons attending. (A copy of the CFA Institute Code of Ethics and Standards of Professional Conduct is included in **Exhibit L.)**

&nbsp;&nbsp;&nbsp;&nbsp;7. Review of Required Code Reports

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** Reports required to be submitted pursuant to the Code will be reviewed by Compliance on a periodic
basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** Any material violation or potential material violation of the Code must be promptly

reported to the CCO. The CCO will investigate any such violation or potential violation and report violations the determined to be "material" to the Executive Management, as appropriate, with a recommendation to take action against any individual who is determined to have violated the Code, as is necessary and appropriate to cure the violation and prevent future violations. Other violations shall be handled by the CCO in a manner the CCO deems to be appropriate. Sanctions for violations of the Code may include verbal or written warnings and censures, monetary sanctions, disgorgement or dismissal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** The
 CCO will keep a written record of all investigations in connection with any Code violations
 including any action taken as a result of the violation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.** Additionally,
 where a particular Client has been harmed by the action, disgorgement may be paid directly
 to the Client; otherwise, monetary sanctions shall be paid to an appropriate charity
 determined by Executive Management.

&nbsp;&nbsp;&nbsp;&nbsp;8. Recordkeeping and Review

This Code, a record of all certifications of Access Persons' receipt of the Code or any amendments thereto, any written approval for a Reportable Securities transaction given pursuant to Section 5.A. of the Code, a copy of each report by all Access Persons, a record of any violation of the Code and any action taken as a result of the violation, any written report hereunder by the CCO, and lists of all persons required to make and/or review reports under the Code shall be preserved with the Adviser's records, for the periods and in the manner required by Advisers Act Rule 204-2. To the extent appropriate and permissible, the CCO may choose to keep such records electronically.

&nbsp;&nbsp;&nbsp;&nbsp;9. Review of the Code

The CCO shall review this Code and its operation annually and may determine to make amendments to the Code as a result of that review. Material and non-material amendments to this Code should be made and distributed as described in Section 6. Code Notifications and Access Person Certifications.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Disciplinary Actions.** Any violation of this Code, for any reason or any degree of severity
 (whether or not the Access Person intended to violate the Code), may be grounds for disciplinary
 action, including dismissal.

The Adviser may take one or more of the following disciplinary actions including but not limited to: issuing a letter of instruction; requiring a meeting with the CCO; issuing a violation report; issuing a letter of reprimand; requiring disgorgement of profits; requiring trade(s) to be broken at the Access Person's expense; requiring corrective action, suspension, or dismissal and the reporting of the violation to the appropriate regulatory authorities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Procedural Non-compliance.** Non-compliance with the procedural requirements of this Code
 (i.e. failure to submit holdings reports in a timely manner) will be documented. Repeated
 failure to disclose or repeated non-compliance (i.e. three similar failures to comply
 in one year) will be considered a violation and may result in disciplinary action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Violations of Trading Non-compliance.** Failure to comply, whether intentional or not,
 with the pre-clearance requirements and/or substantive prohibitions of this Code with
 respect to trading activity may result in disciplinary action as identified above in
 Section 9.A. Additionally, if a violation occurs which creates an actual conflict of
 interest with a Client account, the Adviser reserves the right to treat such violation
 as one that warrants disciplinary action.

<u>EXHIBIT A</u>

**Sample Personal Trading Request and Authorization Form**

![](x1_c113438x571x1.jpg)

Page 1 (of 1)

<u>EXHIBIT B</u>

<u>Sample Initial Compliance Attestation</u>

**This form must be completed and submitted within 10 days of becoming an Access Person. The due date is listed on the certification request alert and your StarCompliance Homepage. Please ensure all broker accounts, private investments, and political contributions are included. If not, such information should be added via the appropriate request tab or notify a member of the Compliance team to disclose. Any technical questions should be sent to** **<u>aristotle@fairviewinvest.com</u>** or **<u>starcompliance@aristotlecap.com</u>**

**<u>INITIAL COMPLIANCE CERTIFICATION</u>**

**Initial Code of Ethics Receipt**

**The below links provide access to the Code of Ethics ("Code"). Please select the link, open the document and review the current version of the Code. Once completed, please attest that you have read and understand the Code.**

**Please note, once you have clicked on the below link, a new window should open where you can access the Code. Once you have reviewed the document, you can close that window and return to this certification.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Aristotle Pacific Capital, LLC -**  **<u>Code of Ethics</u>** 

**I hereby acknowledge receipt of the current Code, including any applicable amendments. I hereby certify that I**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Recently have read/re-read the Code (including any amendments thereto);** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Understand the Code; and** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Recognize that I am subject to its provisions.** 

**I also hereby certify that I have complied with and will continue to comply with the requirements of the Code and that I have disclosed or reported all personal securities transactions required to be disclosed or reported pursuant to the Code. Moreover, I agree to promptly report to the Chief Compliance Officer any violation or possible violation of the Code of which I become aware. I understand that violation of the Code will be grounds for disciplinary action or dismissal and may also be a violation of federal and/or state securities laws.**

**\*** **Printed Electronic Signature**

![](x1_c113438x572x1.jpg)

**Initial Compliance Manual Receipt**

**The below links provide access to the Compliance Manual for each entity where you have reporting requirements. Please select each link, open the document and review the version of the respective Manual. Once completed, please attest that you have read and understand each Manual.**

**Please note, once you have clicked on the appropriate Manual(s), a new window should open where you can access each Manual. Once you have reviewed the Manual, you can close that window and return to this certification.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Aristotle Pacific Capital, LLC -**  **<u>Compliance Manual</u>** 

Page 1 (of 6)

**I hereby acknowledge receipt of the current Compliance Manual(s), including any applicable amendments. I hereby certify that I**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Recently have read/re-read the Compliance Manual(s) (including any amendments thereto);** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Understand the Compliance Manual(s); and** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Recognize that I am subject to its provisions.** 

**I also hereby certify that I have complied with and will continue to comply with the requirements of the Compliance Manual(s) and that I have disclosed or reported all personal securities transactions required to be disclosed or reported pursuant to the Compliance Manual(s). Moreover, I agree to promptly report to the Chief Compliance Officer or designee any violation or possible violation of the Compliance Manual(s) of which I become aware. I understand that violation of the Compliance Manual(s) will be grounds for disciplinary action or dismissal and may also be a violation of federal and/or state securities laws.**

**\*** **Printed Electronic Signature**

![](x1_c113438x572x1.jpg)

**Initial Holdings / Broker Accounts Report**

**Account types are defined as:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•  **<u>REPORTABLE ACCOUNTS</u>: A reportable account is one in which you, or an immediate family member, effects or directs the trading of reportable securities, such as stocks, ETFs and mutual funds advised or sub-advised by Aristotle.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•  **<u>DISCRETIONARY ACCOUNTS</u>: A discretionary account is one in which you, or an immediate family member, has delegated control over the account to an outside manager, including managed accounts and trusts. Statements are required for discretionary accounts when you or an immediate family member exercises direct or indirect control over the account. Generally, an access person, or his or her immediate family, will be deemed to have direct or indirect control over any account in which he or she: (a) directs the purchase or sales of investments; (b) suggests purchases or sales of investments to the trustee or third-party discretionary manager; or (c) consults with a trustee or third-party discretionary manager as to the particular allocation of investments to be made in the account and the manager acts upon such consultation. An additional form must be completed for discretionary accounts.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•  **<u>NON-REPORTABLE ACCOUNTS</u>: Non-reportable accounts include: (1) accounts that cannot hold any other type of security except mutual funds (unless they are Aristotle advised or sub-advised mutual funds); (2) 529 savings accounts; and (3) insurance policies or annuities where neither you nor any immediate family member has the ability to exercise direct or indirect control.** 

**\*** **Do you, or an immediate family member, have direct or indirect beneficial ownership in any investment accounts? For purposes of this report, "immediate family member" shall include an access person's: (a) Spouse or domestic partner; (b) Children under the age of 18; and (c) Any relative residing in the same household as the access person.**

---

| | |
|:---|:---|
| ⚪ | Yes |

---

---

| | |
|:---|:---|
| ⚪ | No |

---

**Initial Private Investments or Limited Offerings Report**

**In compliance with the Firm's Compliance Manual, all Private Investments and/or Limited Offerings must be reported to the Firm. If you have Private Investments or Limited Offerings, please select 'Yes' for the following question. Additionally, by attesting to this certification with a printed electronic signature, you are certifying that you have accurately reported all Private Investments and/or Limited Offerings in which you or an immediate family member has a beneficial interest. In the event additional Private Investments or Limited Offerings need to be reported, please contact your Chief Compliance Officer.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•  **<u>PRIVATE INVESTMENTS AND/OR LIMITED OFFERINGS</u>: A Private Investment or Limited Offering means an offering that is exempt from registration under the Securities Act of 1933, such as an investment in a limited partnership or limited liability company.** 

**\*** **Per above description, do you or an immediate family member have any beneficial interest in a Private Investment and/or Limited Offering?**

Page 2 (of 6)

---

| | |
|:---|:---|
| ⚪ | Yes |

---

---

| | |
|:---|:---|
| ⚪ | No |

---

**I hereby certify that the Private Investments and/or Limited Offerings reported above constitute all the Private Investments and/or Limited Offerings in which I (or an immediate family member) have a direct or indirect beneficial interest as required to be reported by the Firm's Compliance Manual and Code of Ethics. I also confirm that if any changes have been made to my Private Investments and/or Limited Offerings, I will disclose those changes accordingly to the Firm's compliance team.**

**The following Printed Electronic Signature attestation will serve as certification for each entity listed below:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Aristotle Pacific Capital, LLC** 

**\*** **Printed Electronic Signature**

![](x1_c113438x572x1.jpg)

**Cybersecurity Policy Attestation**

**The below links provide access to the Cybersecurity Policies & Procedures (the "Cybersecurity Policies"). Please select the link, open the document and review the current version of the Cybersecurity Policy. Once completed, please attest that you have read and understand the Cybersecurity Policies.**

**Please note, once you have clicked on the below link, a new window should open where you can access the Cybersecurity Policies. Once you have reviewed the document, you can close that window and return to this certification.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•  **<u>Aristotle Cybersecurity Policies and Procedures</u>** 

**I hereby acknowledge receipt of the current Cybersecurity Policies including any applicable amendments. I hereby certify that I**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Recently have read/re-read the Cybersecurity Policies including any amendments thereto;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Understand the Cybersecurity Policies;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Recognize that I am subject to its provisions as an access person and by the access and use of the Firm's computer systems and network; and** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **I have complied with and will continue to comply with the requirements of the Cybersecurity Policies. Moreover, I agree to promptly report to my supervisor or a member Computer Incident Response Team any violation or possible violation of the Cybersecurity Policies, including but not limited to the compromise of any network password, any known threats to the network and any jeopardized or actual loss of company data, including client information. I understand that violation of the Cybersecurity Policies will be grounds for disciplinary action or potential dismissal and may also be a violation of federal and/or state securities laws.** 

**The following Printed Electronic Signature attestation will serve as certification for each entity listed below:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Aristotle Pacific Capital, LLC** 

**\*** **Printed Electronic Signature**

![](x1_c113438x572x1.jpg)

Page 3 (of 6)

**Insider Trading Attestation**

------

**The undersigned access person hereby certifies that he/she has received, read and understands the policies and procedures set forth in the current Compliance Manual regarding insider trading and the handling of material, non-public information. The undersigned understands that there are several ways he/she may receive material, non-public information and that this information must not be disclosed to anyone or used for personal gain or the gain of others. The following are examples, and are not meant to be an inclusive list of potential sources of material, non-public information:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Business relationships (such as analysts/brokers);** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Social networks, including online;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Living arrangements (such as roommates or close neighbors);** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Business networks (such as trade associations, professional associations) or** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Family members.** 

**The undersigned should immediately alert the CCO if he/she believes he/she has come into possession of material, non-public information or if he/she has a concern that a business or personal relationship or arrangement could result in the receipt of material, non-public information.**

**I hereby certify that I have complied with and will continue to comply with the Insider Trading policies and procedures set forth in the Firm's Compliance Manual.**

**The following Printed Electronic Signature attestation will serve as certification for each entity listed below:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Aristotle Pacific Capital, LLC** 

**\*** **Printed Electronic Signature**

![](x1_c113438x572x1.jpg)

**Outside Business Activity Report**

------

**Any employment or other outside activity by an employee may result in possible conflicts of interests for the employee or for the Firm and therefore should be reviewed and approved by the CCO or designee. Employees are generally not allowed to serve on the board of directors of any publicly traded companies absent the prior authorization of the CCO or designee. Other outside activities, which must be reviewed and approved, include:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Being employed or compensated by any other entity;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Engaging in any other business including part-time, evening or weekend employment;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Serving as an officer, director, partner, etc., in any other entity;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Ownership interest in any non-publicly traded company or other private investments; or,** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Any public speaking or writing activities.** 

Page 4 (of 6)

**Written approval for any of the above activities is to be obtained by an employee before undertaking any such activity so that a determination may be made that the activities do not interfere with any of the employee's responsibilities at the Firm and any conflicts of interests in such activities may be addressed. An employee seeking approval shall provide the following information to the CCO or designee:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **The name and address of the outside business organization;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **A description of the business of the organization;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Compensation, if any, to be received;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **A description of the activities to be performed; and** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **The amount of time per month that will be spent on the outside activity. Because employee involvement in charitable, non-public organization, civic and trade association activities is encouraged, such outside activities will generally be approved unless a clear conflict of interest exists. Employees must update annually any requests for approval of an outside activity.** 

**Outside Business Activity Attestation**

**\*** **Do you participate, engage, and/or serve in any activities outside our firm?**

---

| | |
|:---|:---|
| ⚪ | Yes |

---

---

| | |
|:---|:---|
| ⚪ | No |

---

**I hereby certify that I have accurately disclosed all Outside Activities as required to be reported by the Firm's Code of Ethics. I also certify that if any changes have been made to my Outside Business Activities, I will disclose those changes accordingly to the Firm's compliance team.**

**The following Printed Electronic Signature attestation will serve as certification for each entity listed below:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Aristotle Pacific Capital, LLC** 

**\*** **Printed Electronic Signature**

![](x1_c113438x572x1.jpg)

**Political Contribution Report**

------

**You are permitted to pursue legitimate political activities and to make political contributions to the extent permitted under U.S. law. However, you are prohibited from making contributions to U.S. state or local officials or candidates for state or local office if those contributions are intended to influence the award or retention of municipal finance business or any other business.**

**As a covered person of Aristotle, you are generally permitted to contribute:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **up to $350 to an official per election (with primary and general elections counting separately), if you are entitled to vote for the official at the time of the contribution, and;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **up to $150 to an official per election (with primary and general elections counting separately), if you are not entitled to vote for the official at the time of the contribution.** 

Page 5 (of 6)

**You may not circumvent these rules by having your spouse or other member of your household make a contribution on your behalf. For new employees, please disclose any political contributions made within the last two years of new hire date.**

**IMPORTANT INFORMATION: Do not make the political contribution unless you are advised that the pre-clearance has been approved. You may not circumvent these rules by having your spouse or other member of your household make a contribution on your behalf.**

**\*** **Please select one of the options that accurately describes your political contributions listed above.**

⚪ I have made political contributions in the last 2 years

⚪ I have not made any political contributions within the last 2 years

**Social Media Attestation**

**\*** **As applicable, please indicate whether or not you use Social Media for business related purposes:**

⚪ I do not use Social Media for business related purposes.

---

| | |
|:---|:---|
| ⚪ | I use Social Media for Aristotle business related purposes and my business activities on behalf of the Firm using Social Media are according to the policies and procedures as set forth in the Firm's Compliance Manual. I agree to have my Social Media account reviewed and archived for compliance review purposes. |

---

**I hereby certify that I have complied with and will continue to comply with the Social Media policies and procedures set forth in the Firm's Compliance Manual.**

**The following Printed Electronic Signature attestation will serve as certification for each entity listed below:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Aristotle Pacific Capital, LLC** 

**\*** **Printed Electronic Signature**

![](x1_c113438x572x1.jpg)

**Privacy Policy Attestation**

**I hereby certify that I have read and understand the Privacy Policy in its entirety and will comply with its requirements.**

**The following Printed Electronic Signature attestation will serve as certification for each entity listed below:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Aristotle Pacific Capital, LLC** 

**\*** **Printed Electronic Signature**

![](x1_c113438x572x1.jpg)

Page 6 (of 6)

<u>EXHIBIT C</u>

<u>Sample Annual Compliance Attestation</u>

**This form must be completed and submitted by the due date listed on the Certification Request Alert as well as the Outstanding Certifications List. Please ensure all broker accounts, private investments, and political contributions are included. If not, such information should be added via the appropriate request tab or notify a member of the Compliance team to disclose. Any technical questions should be sent to** **<u>aristotle@fairviewinvest.com</u>** **or** **<u>starcompliance@aristotlecap.com</u>**

**<u>ANNUAL COMPLIANCE CERTIFICATIONS</u>**

**Code of Ethics Receipt**

**The below links provide access to the Code of Ethics ("Code"). Please select the link, open the document and review the current version of the Code. Once completed, please attest that you have read and understand the Code.**

**Please note, once you have clicked on the below link, a new window should open where you can access the Code. Once you have reviewed the document, you can close that window and return to this certification.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Aristotle Pacific Capital, LLC -**  **<u>Code of Ethics</u>** 

**I hereby acknowledge receipt of the current Code, including any applicable amendments. I hereby certify that I**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Recently have read/re-read the Code (including any amendments thereto);** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Understand the Code; and** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Recognize that I am subject to its provisions.** 

**I also hereby certify that I have complied with and will continue to comply with the requirements of the Code and that I have disclosed or reported all personal securities transactions required to be disclosed or reported pursuant to the Code. Moreover, I agree to promptly report to the Chief Compliance Officer any violation or possible violation of the Code of which I become aware. I understand that violation of the Code will be grounds for disciplinary action or dismissal and may also be a violation of federal and/or state securities laws.**

**\*** **Printed Electronic Signature**

![](x1_c113438x572x1.jpg)

**Compliance Manual Receipt**

**The below links provide access to the Compliance Manual(s) for each entity where you have reporting requirements. Please select each link, open the document, and review the updated version of the respective Manual. Once completed, please attest that you have read and understand each Manual.**

**Please note, once you have clicked on the appropriate Manual(s), a new window should open where you can access each Manual. Once you have reviewed the Manual, you can close that window and return to this certification.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Aristotle Pacific Capital, LLC -**  **<u>Compliance Manual</u>** 

Page 1 (of 5)

**I hereby acknowledge receipt of the current Compliance Manual(s), including any applicable amendments. I hereby certify that I**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Recently have read/re-read the Compliance Manual(s) (including any amendments thereto);** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Understand the Compliance Manual(s); and** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Recognize that I am subject to its provisions.** 

**I also hereby certify that I have complied with and will continue to comply with the requirements of the Compliance Manual(s) and that I have disclosed or reported all personal securities transactions required to be disclosed or reported pursuant to the Compliance Manual(s). Moreover, I agree to promptly report to the Chief Compliance Officer or designee any violation or possible violation of the Compliance Manual(s) of which I become aware. I understand that violation of the Compliance Manual(s) will be grounds for disciplinary action or dismissal and may also be a violation of federal and/or state securities laws.**

**\*** **Printed Electronic Signature**

![](x1_c113438x572x1.jpg)

**Accounts**

You do not currently have any broker accounts to display.

**Private Investments**

**Included below is a list of Private Investments you hold at the end of this period**

No Investments

**Annual Holdings Attestation**

**This Certification includes all of the accounts you have reported to date. If there are any other accounts not listed below that are held for the direct or indirect benefit of you or an immediate family member, as of the reporting period, please attach the account statement to this Certification in the section below.**

**For purposes of this report, "immediate family member" shall include an access person's:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Spouse or domestic partner;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Children under the age of 18; and** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Any relative residing in the same household as the access person.** 

**By signing this Certification, you are certifying that the accounts listed below constitute all the accounts in which you (or an immediate family member) have a direct or indirect beneficial interest and in the event StarCompliance is not receiving an electronic feed for your broker accounts, you have arranged to have account statements uploaded to StarCompliance or are providing documentation of your reportable transactions and year-end holdings.**

**Account statements containing all required information may be used to comply with the Firm's requirements for personal securities reporting if submitted timely. To the extent that an account statement lacks some of the information otherwise required to be reported, a year-end holdings and annual transaction report containing the missing information may be attached as a supplement to the statement.**

**I hereby certify that the accounts listed above constitute all the accounts in which I (or an immediate family member) have a direct or indirect beneficial interest as required to be reported by the Firm's Compliance Manual and Code of Ethics. I also confirm that if any changes have been made to my accounts, I will disclose those changes accordingly to the Firm's compliance team.**

**The following Printed Electronic Signature attestation will serve as certification for each entity listed below:**

Page 2 (of 5)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Aristotle Pacific Capital, LLC** 

**\*** **Printed Electronic Signature**

![](x1_c113438x572x1.jpg)

**Social Media Attestation**

**\*** **As applicable, please indicate whether or not you use Social Media for business related purposes:**

⚪ I do not use Social Media for business related purposes.

---

| | |
|:---|:---|
| ⚪ | I use Social Media for Aristotle business related purposes and my business activities on behalf of the Firm using Social Media are according to the policies and procedures as set forth in the Firm's Compliance Manual. I agree to have my Social Media account reviewed and archived for compliance review purposes. |

---

**I hereby certify that I have complied with and will continue to comply with the Social Media policies and procedures set forth in the Firm's Compliance Manual.**

**The following Printed Electronic Signature attestation will serve as certification for each entity listed below:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Aristotle Pacific Capital, LLC** 

**\*** **Printed Electronic Signature**

![](x1_c113438x572x1.jpg)

**Privacy Policy Attestation**

**I hereby certify that I have read and understand the Privacy Policy in its entirety and will comply with its requirements.**

**The following Printed Electronic Signature attestation will serve as certification for each entity listed below:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Aristotle Pacific Capital, LLC** 

**\*** **Printed Electronic Signature**

------

![](x1_c113438x572x1.jpg)

Page 3 (of 5)

**Insider Trading Attestation**

**The undersigned access person hereby certifies that the he/she has received, read and understands the policies and procedures set forth in the current Compliance Manual regarding insider trading and the handling of material, non-public information. The undersigned understands that there are several ways he/she may receive material, non-public information and that this information must not be disclosed to anyone or used for personal gain or the gain of others. The following are examples, and are not meant to be an inclusive list of potential sources of material, non-public information:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Business relationships (such as analysts/brokers);** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Social networks, including online;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Living arrangements (such as roommates or close neighbors);** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Business networks (such as trade associations, professional associations) or** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Family members.** 

**The undersigned should immediately alert the CCO if he/she believes he/she has come into possession of material, non-public information or if he/she has a concern that a business or personal relationship or arrangement could result in the receipt of material, non-public information.**

**I hereby certify that I have complied with and will continue to comply with the Insider Trading policies and procedures set forth in the Firm's Compliance Manual.**

**The following Printed Electronic Signature attestation will serve as certification for each entity listed below:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Aristotle Pacific Capital, LLC** 

**\*** **Printed Electronic Signature**

![](x1_c113438x572x1.jpg)

**CyberSecurity Policy Attestation**

**The below links provide access to the Cybersecurity Policies & Procedures. Please select the link, open the document and review the current version of the Cybersecurity Policy. Once completed, please attest that you have read and understand the Cybersecurity Policies & Procedures.**

**Please note, once you have clicked on the below link, a new window should open where you can access the Cybersecurity Policies & Procedures. Once you have reviewed the document, you can close that window and return to this certification.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•  **<u>Aristotle Cybersecurity Policies and Procedures</u>** 

**I hereby acknowledge receipt of the current Cybersecurity Policies & Procedures including any applicable amendments. I hereby certify that I**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Recently have read/re-read the Cybersecurity Policies & Procedures (the "Cybersecurity Policies") including any amendments thereto;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Understand the Cybersecurity Policies;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Recognize that I am subject to its provisions as an access person and by the access and use of the Firm's computer systems and network; and** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **I have complied with and will continue to comply with the requirements of the Cybersecurity Policies. Moreover, I agree to promptly report to my supervisor or a member Computer Incident Response Team any violation or possible violation of the Cybersecurity Policies, including but not limited to the compromise of any network password, any known threats to the network and any jeopardized or actual loss of company data, including client information. I understand that violation of the Cybersecurity Policies will be grounds for disciplinary action or potential dismissal and may also be a violation of federal and/or state securities laws.** 

Page 4 (of 5)

**The following Printed Electronic Signature attestation will serve as certification for each entity listed below:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Aristotle Pacific Capital, LLC** 

**\*** **Printed Electronic Signature**

![](x1_c113438x572x1.jpg)

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<u>EXHIBIT D</u>

<u>Sample Quarterly Compliance Attestation</u>

**This form must be completed and submitted by the due date listed on the Certification Request Alert as well as the Outstanding Certifications List. Please ensure all broker accounts, private investments, political contributions and gifts are included. If not, such information should be added via the appropriate request tab or notify a member of the Compliance team to disclose. Any technical questions should be sent to** **<u>aristotle@fairviewinvest.com</u>** **or** **<u>starcompliance@aristotlecap.com</u>**

**<u>QUARTERLY CODE OF ETHICS CERTIFICATION</u>**

**Account Type Definitions**

**This Certification includes all of the accounts you have reported to date. If there are any other accounts not listed below that are held for the direct or indirect benefit of you or an immediate family member, as of the quarter end, please attach the account statement to this Certification in the section below.**

**For purposes of this report, "immediate family member" shall include an access person's:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **(a) spouse or domestic partner;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **(b) children under the age of 18; and** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **(c) any relative residing in the same household as the access person.** 

**By signing this Certification, you are certifying that the accounts listed below constitute all the accounts in which you (or an immediate family member) have a direct or indirect beneficial interest and in the event StarCompliance is not receiving an electronic feed for your broker accounts, you have arranged to have account statements uploaded to StarCompliance or are providing documentation of your reportable quarterly transactions.**

**Account statements containing all required information will be used to comply with the Firm's requirements for personal securities reporting and should be submitted timely. To the extent that an account statement lacks some of the information otherwise required to be reported, a transaction report containing the missing information may be submitted as a supplement to the statement.**

**Account types are defined as:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•  **<u>REPORTABLE ACCOUNTS</u>: A reportable account is one in which you, or an immediate family member, effects or directs the trading of reportable securities, such as stock, ETFs and mutual funds advised or sub-advised by Aristotle.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•  **<u>DISCRETIONARY ACCOUNTS:</u> A Discretionary Account is one in which you, or an immediate family member, have delegated control over the account to an outside manager, including managed accounts and trusts. Statements are required for Discretionary Accounts when you or an immediate family member exercises direct or indirect control over the account. Generally, an access person, or his or her immediate family, will be deemed to have direct or indirect control over any account in which he or she: (a) directs the purchase or sales of investments; (b) suggests purchases or sales of investments to the trustee or third-party discretionary manager; or (c) consults with a trustee or third-party discretionary manager as to the particular allocation of investments to be made in the account and the manager acts upon such consultation. An additional form must be completed for Discretionary Accounts.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•  **<u>NON-REPORTABLE ACCOUNTS</u>: Non-reportable accounts include: (1) accounts that cannot hold any other type of security except mutual funds (unless they are Aristotle advised or sub-advised mutual funds); (2) 529 savings accounts; and (3) insurance policies or annuities where neither you nor any immediate family member have the ability to exercise direct or indirect control.** 

**Accounts**

You do not currently have any broker accounts to display.

Page 1 (of 4)

**Quarterly Account Attestation**

**\*** **Per the account type definitions, please select one of the below options that accurately describes your account(s) listed above.**

⚪ The accounts are reported accurately

⚪ One or more of the accounts are reported inaccurately

⚪ I do not have any accounts

**\*** **Did you open or close any accounts during the quarter?**

---

| | |
|:---|:---|
| ⚪ | Yes |

---

---

| | |
|:---|:---|
| ⚪ | No |

---

**\*** **Please provide additional details on the account(s) that were opened or closed.**

![](x1_c113438x584x1.jpg)

**\*** **Please only consider answering "Yes" to the next question if you currently have a discretionary account. A discretionary account is one in which you, or an immediate family member, have delegated control over the account to an outside manager, including managed accounts and trusts. If you respond "Yes" provide details in the space provided below.**

**Did you or an immediate family member directly or indirectly exercise influence or control over any transactions that occurred in your Discretionary Account(s) during this quarter?**

---

| | |
|:---|:---|
| ⚪ | Yes |

---

---

| | |
|:---|:---|
| ⚪ | No |

---

**\*** **Please provide additional details about providing influence or control of security transactions within your Discretionary Account(s).**

![](x1_c113438x584x1.jpg)

**Private Investments**

**Included below is a list of Private Investments you hold at the end of this period**

No Investments

**Private Investment Attestation**

**\*** **As defined in the Firm's Code of Ethics, please select one of the options that accurately describes your Private Investments listed above.**

⚪ The Private Investments are reported correctly

⚪ One or more of the Private Investments are reported incorrectly or missing

Page 2 (of 4)

⚪ I do not have any Private Investments

**Outside Activities**

**Positions Outside Of Company**

No Outside Activity Declarations for this period.

**Access Person Officer/Director Positions Outside Of Principal Firm**

No Outside Activity Declarations for this period.

**Significant Ownership**

No Outside Activity Declarations for this period.

**Outside Activity Attestation**

**\*** **I understand that, prior to accepting a board position on any publicly traded company, I must obtain preclearance from the CCO. As defined in the Firm's Code of Ethics, please select one of the options that accurately describes your Outside Business Activity listed above.**

⚪ I have disclosed all outside business activities

⚪ One or more outside business activities needs to be disclosed

⚪ I do not have any outside business activities

**Political Activities**

**Quarterly Combined Report**

**Employee Name:** APCReview

**Office:** APC- Newport Beach, CA

**Period:** Quarterly Code of Ethics Report for Q1/2022

**Line Of Business:** Aristotle Pacific Capital, LLC

**Included below is a list of donations you have reported to political entities during this period**

No Political Activity Donations for this period.

**Included below is a list of donations you have reported to public officials during this period**

No Political Activity Donations for this period.

**Political Activities Attestation**

**\*** **As defined in the Firm's Code of Ethics, please indicate if you made any political contributions during the quarter.**

⚪ I made a political contribution during the quarter

Page 3 (of 4)

⚪ I have not made any political contributions during the quarter

**\*** **Please provide commentary on any new political contributions.**

![](x1_c113438x584x1.jpg)

**Gifts**

You do not currently have any gift declarations to display.

**Gifts Attestation**

**\*** **As defined in the firm's Code of Ethics, please select one of the options that accurately describes your gifts listed above.**

⚪ The gifts are reported correctly

⚪ One or more of the gifts are reported incorrectly

⚪ I have not given or received any gifts

**\*** **In the table above, are any gifts missing?**

---

| | |
|:---|:---|
| ⚪ | Yes |

---

---

| | |
|:---|:---|
| ⚪ | No |

---

**Quarterly Code of Ethics Attestation**

**By completing the following Printed Electronic Signature, you are certifying that to the best of your knowledge, the above information is correct.**

**Additionally, you are certifying that you have complied with and will continue to comply with the requirements of the Code of Ethics and that you have disclosed or reported all personal securities transactions required to be disclosed or reported pursuant to the Code of Ethics. Moreover, you agree to promptly report to the Chief Compliance Officer or designee any violation or possible violation of the Code of Ethics of which you become aware. You understand that violation of the Code of Ethics will be grounds for disciplinary action or dismissal and may also be a violation of federal and/or state securities laws.**

**The following Printed Electronic Signature attestation will serve as certification for each entity listed below:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Aristotle Pacific Capital, LLC** 

**\*** **Printed Electronic Signature**

![](x1_c113438x572x1.jpg)

Page 4 (of 4)

<u>EXHIBIT E</u>

<u>Sample Form of Brokerage Letter</u>

<u>(For use when data feed is not available from the custodian)</u>

[Date]<br> [Broker Name]<br> [Address]

Re: Account No.   Account Name  

Dear [Broker Name],

As of [Date], please send to Aristotle Capital Management, LLC, a duplicate confirmation of each transaction in the above-named account and a duplicate monthly brokerage account statement for the above-named account.

Please mail the confirmations and account statements to:

Aristotle Pacific Capital, LLC<br> c/o 1330 St. Mary's Street<br> Suite 400<br> Raleigh, NC 27605<br> Attention: Chief Compliance Officer

Thank you for your prompt attention to this matter.

Sincerely,

[Access Person]

cc: Chief Compliance Officer

Page 1 (of 1)

<u>EXHIBIT F</u>

<u>Sample Code of Ethics Receipt Attestation</u>

**<u>RECEIPT OF THE CODE OF ETHICS</u>**

**This form must be completed by each Access Person within 10 days of becoming an Access Person; and upon receipt of any amendment to the Code of Ethics.**

**The below links provide access to the Code of Ethics. Please select the link, open the document and review the current version of the Code of Ethics. Once completed, please attest that you have read and understand the Code of Ethics.**

***Please note, once you click the below link, a new window should open where you can access the Code of Ethics. Once you have reviewed the document, you can close that window and return to this certification.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•  **<u>Code of Ethics</u>** 

**I hereby acknowledge receipt of the current Code of Ethics (the "Code"), including any applicable amendments. I hereby certify that I**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **Recently have read/re-read the Code (including any amendments thereto);** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **Understand the Code; and** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **Recognize that I am subject to its provisions.** 

**I also hereby certify that I have complied with and will continue to comply with the requirements of the Code and that I have disclosed or reported all personal securities transactions required to be disclosed or reported pursuant to the Code. Moreover, I agree to promptly report to the Chief Compliance Officer any violation or possible violation of the Code of which I become aware. I understand that violation of the Code will be grounds for disciplinary action or dismissal and may also be a violation of federal and/or state securities laws.**

**\*** **Electronic Signature**

![](x1_c113438x572x1.jpg)

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<u>EXHIBIT G</u>

<u>Political Contribution Pre-clearance Request</u>

![](x1_c113438x589x1.jpg)

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<u>EXHIBIT H</u>

<u>Gift Reporting Form</u>

![](x1_c113438x590x1.jpg)

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<u>EXHIBIT I</u>

<u>Outside Activity Reporting Form</u>

![](x1_c113438x591x1.jpg)

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<u>Exhibit J</u>

<u>Approved Brokers</u>

&nbsp;&nbsp;&nbsp;&nbsp;1. Alliance Bernstein

&nbsp;&nbsp;&nbsp;&nbsp;2. Ameriprise Financial Services Inc

&nbsp;&nbsp;&nbsp;&nbsp;3. AXA Advisors

&nbsp;&nbsp;&nbsp;&nbsp;4. Bessemer Trust

&nbsp;&nbsp;&nbsp;&nbsp;5. Betterment

&nbsp;&nbsp;&nbsp;&nbsp;6. BNY Mellon

&nbsp;&nbsp;&nbsp;&nbsp;7. BNY Mellon Pershings

&nbsp;&nbsp;&nbsp;&nbsp;8. Charles Schwab & Co

&nbsp;&nbsp;&nbsp;&nbsp;9. Chase Investment Services Corp

&nbsp;&nbsp;&nbsp;&nbsp;10. Citi Personal Wealth Management

&nbsp;&nbsp;&nbsp;&nbsp;11. Citi Private Bank

&nbsp;&nbsp;&nbsp;&nbsp;12. City National Bank

&nbsp;&nbsp;&nbsp;&nbsp;13. Coastal Wealth (through NFS)

&nbsp;&nbsp;&nbsp;&nbsp;14. Commonwealth (through Pershing)

&nbsp;&nbsp;&nbsp;&nbsp;15. Davenport Company LLC

&nbsp;&nbsp;&nbsp;&nbsp;16. DST

&nbsp;&nbsp;&nbsp;&nbsp;17. E\*Trade Global

&nbsp;&nbsp;&nbsp;&nbsp;18. Edward Jones

&nbsp;&nbsp;&nbsp;&nbsp;19. Ellevest

&nbsp;&nbsp;&nbsp;&nbsp;20. Fidelity DBS

&nbsp;&nbsp;&nbsp;&nbsp;21. First Clearing

&nbsp;&nbsp;&nbsp;&nbsp;22. First Republic Bank

&nbsp;&nbsp;&nbsp;&nbsp;23. First Tennessee (NFS)

&nbsp;&nbsp;&nbsp;&nbsp;24. Folio

&nbsp;&nbsp;&nbsp;&nbsp;25. Gilder, Gagnon, Howe & Co.

&nbsp;&nbsp;&nbsp;&nbsp;26. Goldman Sachs

&nbsp;&nbsp;&nbsp;&nbsp;27. Interactive Brokers

&nbsp;&nbsp;&nbsp;&nbsp;28. Janney Montgomery Scott

&nbsp;&nbsp;&nbsp;&nbsp;29. J.P. Morgan Private Bank

&nbsp;&nbsp;&nbsp;&nbsp;30. J.P. Morgan Securities

&nbsp;&nbsp;&nbsp;&nbsp;31. Keel Point

&nbsp;&nbsp;&nbsp;&nbsp;32. Kestra Financial

&nbsp;&nbsp;&nbsp;&nbsp;33. LPL Financial

&nbsp;&nbsp;&nbsp;&nbsp;34. Merrill Lynch

&nbsp;&nbsp;&nbsp;&nbsp;35. Morgan Stanley Smith Barney

&nbsp;&nbsp;&nbsp;&nbsp;36. National Bank Wealth Management

&nbsp;&nbsp;&nbsp;&nbsp;37. National Financial

&nbsp;&nbsp;&nbsp;&nbsp;38. National Securities Corporation (through National Financial)

&nbsp;&nbsp;&nbsp;&nbsp;39. Neuberger Berman

&nbsp;&nbsp;&nbsp;&nbsp;40. New York Life

&nbsp;&nbsp;&nbsp;&nbsp;41. Northern Trust

&nbsp;&nbsp;&nbsp;&nbsp;42. Northwestern Mutual Investment Services

&nbsp;&nbsp;&nbsp;&nbsp;43. Oppenheimer & Co

&nbsp;&nbsp;&nbsp;&nbsp;44. Options Express

&nbsp;&nbsp;&nbsp;&nbsp;45. Pacific Premier Trading

&nbsp;&nbsp;&nbsp;&nbsp;46. Pershing/GACT

&nbsp;&nbsp;&nbsp;&nbsp;47. Pershing (PAS)

&nbsp;&nbsp;&nbsp;&nbsp;48. Prudential

&nbsp;&nbsp;&nbsp;&nbsp;49. Questrade

&nbsp;&nbsp;&nbsp;&nbsp;50. Raymond James

&nbsp;&nbsp;&nbsp;&nbsp;51. R W Baird

&nbsp;&nbsp;&nbsp;&nbsp;52. RBC Wealth Management

&nbsp;&nbsp;&nbsp;&nbsp;53. Robin Hood

&nbsp;&nbsp;&nbsp;&nbsp;54. Sanford C. Bernstein

&nbsp;&nbsp;&nbsp;&nbsp;55. Securities America (through National Financial)

&nbsp;&nbsp;&nbsp;&nbsp;56. SEI

&nbsp;&nbsp;&nbsp;&nbsp;57. Stifel

&nbsp;&nbsp;&nbsp;&nbsp;58. Summit Equities

&nbsp;&nbsp;&nbsp;&nbsp;59. T. Rowe Price

&nbsp;&nbsp;&nbsp;&nbsp;60. TD Ameritrade

&nbsp;&nbsp;&nbsp;&nbsp;61. TD Private Client Wealth (direct or through Pershing)

&nbsp;&nbsp;&nbsp;&nbsp;62. TD Wealth Canada

&nbsp;&nbsp;&nbsp;&nbsp;63. UBS Wealth Management

&nbsp;&nbsp;&nbsp;&nbsp;64. US Bank

&nbsp;&nbsp;&nbsp;&nbsp;65. US Trust

&nbsp;&nbsp;&nbsp;&nbsp;66. Vanguard

&nbsp;&nbsp;&nbsp;&nbsp;67. Wealthfront Advisers

&nbsp;&nbsp;&nbsp;&nbsp;68. Wells Fargo Advisors

&nbsp;&nbsp;&nbsp;&nbsp;69. Wells Fargo Advisors (Non-member firms)

&nbsp;&nbsp;&nbsp;&nbsp;70. Western International Securities

&nbsp;&nbsp;&nbsp;&nbsp;71. William Blair

&nbsp;&nbsp;&nbsp;&nbsp;72. William Jones

&nbsp;&nbsp;&nbsp;&nbsp;73. Wunderlich Securities

This listing is subject to change. Please consult with Compliance for the most updated list of Approved Brokers.

Page 1 (of 1)

<u>Exhibit K</u>

<u>Entertainment Reporting Form</u>

![](x1_c113438x593x1.jpg)

**Exhibit L**

![](x1_c113438x594x1.jpg)

**CODE OF ETHICS<br> AND STANDARDS OF<br> PROFESSIONAL CONDUCT**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.** **PREAMBLE** 

The CFA Institute Code of Ethics and Standards of Professional Conduct are fundamental to the values of CFA Institute and essential to achieving its mission to continue to lead the investment profession globally by promoting the highest standards of ethics, education, and professional excellence for the ultimate benefit of society. High ethical standards are critical to maintaining the public's trust in financial markets and in the investment profession. Since their creation in the 1960s, the Code and Standards have promoted the integrity of CFA Institute members and served as a model for measuring the ethics of investment professionals globally, regardless of job function, cultural differences, or local laws and regulations. All CFA Institute members (including holders of the Chartered Financial Analyst<sup>®</sup> [CFA] designation) and CFA<sup>®</sup> candidates have the personal responsibility to embrace and uphold the provisions of the Code and Standards and are encouraged to notify their employer of this responsibility. Violations may result in disciplinary sanctions by CFA Institute. Sanctions can include revocation of membership, revocation of candidacy in the CFA Program, and revocation of the right to use the CFA designation.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.** **THE CODE OF ETHICS** 

Members of CFA Institute (including CFA charterholders) and candidates for the CFA designation ("Members and Candidates") must:

&nbsp;&nbsp;&nbsp;&nbsp;• Act with integrity, competence, diligence, and respect and in an ethical manner with the public,
clients, prospective clients, employers, employees, colleagues in
the investment profession, and other participants in the global capital markets.

• Place the integrity of the investment profession and the interests of clients above their own
personal interests.

• Use reasonable care and exercise independent professional judgment when conducting investment
analysis, making investment recommendations, taking investment actions, and engaging in other professional activities.

&nbsp;&nbsp;&nbsp;&nbsp;• Practice
 and encourage others to practice in a professional and ethical manner that will reflect
 credit on themselves and the profession.

&nbsp;&nbsp;&nbsp;&nbsp;• Promote the integrity and viability of the global capital markets for the ultimate benefit of society.

&nbsp;&nbsp;&nbsp;&nbsp;• Maintain and improve their professional competence and strive to maintain and improve the competence
of other investment professionals.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.** **STANDARDS OF PROFESSIONAL CONDUCT** 

&nbsp;&nbsp;&nbsp;&nbsp;**I.** **PROFESSIONALISM** 

&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Knowledge of the Law.** Members and Candidates must understand
and comply with all applicable laws, rules, and regulations (including the CFA Institute Code of Ethics and Standards of Professional
Conduct) of any government, regulatory organization, licensing agency, or professional association governing their professional
activities. In the event of conflict, Members and Candidates must comply with the more strict law, rule, or regulation. Members
and Candidates must not knowingly participate or assist in and must dissociate from any violation of such laws, rules, or regulations.

&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Independence and Objectivity.** Members
and Candidates must use reasonable care and judgment to achieve and maintain independence and objectivity in their professional
activities. Members and Candidates must not offer, solicit, or accept any gift, benefit, compensation, or consideration that reasonably
could be expected to compromise their own or another's independence
and objectivity.

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

&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Misrepresentation.** Members
and Candidates must not knowingly make any misrepresentations relating to investment analysis, recommendations, actions, or other
professional activities.

&nbsp;&nbsp;&nbsp;&nbsp;**D.** **Misconduct.** Members and
Candidates must not engage in any professional conduct involving dishonesty, fraud, or deceit or commit any act that reflects adversely
on their professional reputation, integrity, or competence.

&nbsp;&nbsp;&nbsp;&nbsp;**E.** **Competence.** Members and
Candidates must act with and maintain the competence necessary to fulfill their professional responsibilities.

&nbsp;&nbsp;&nbsp;&nbsp;**II.** **INTEGRITY OF CAPITAL MARKETS** 

&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Material Nonpublic Information.** Members
and Candidates who possess material nonpublic information that could affect the value of an investment must not act or cause others
to act on the information.© 2024 CFA Institute www.cfainstitute.org

&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Market Manipulation.** Members
and Candidates must not engage in practices that distort prices or artificially inflate trading volume with the intent to mislead
market participants.

&nbsp;&nbsp;&nbsp;&nbsp;**III.** **DUTIES TO CLIENTS** 

&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Loyalty, Prudence, and Care.** Members
and Candidates have a duty of loyalty to their clients and must act with reasonable care and exercise prudent judgment. Members
and Candidates must act for the benefit of their clients and place their clients' interests before their employer's
or their own interests.

&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Fair Dealing.** Members
and Candidates must deal fairly and objectively with all clients when providing investment analysis, making investment recommendations,
taking investment action, or engaging in other professional activities.

&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Suitability.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** When Members and Candidates are in an advisory relationship with
a client, they must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a.** Make a reasonable inquiry into a client's or prospective client's
investment experience, risk and return objectives, and financial constraints prior to making any investment recommendation or taking
investment action and must reassess and update this information regularly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b.** Determine that an investment is suitable to the client's financial
situation and consistent with the client's written objectives, mandates, and constraints before making an investment recommendation
or taking investment action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**c.** Judge the suitability of investments in the context of the client's
total portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** When Members and Candidates are responsible for managing a portfolio
to a specific mandate, strategy, or style, they must make only investment recommendations
or take only investment actions that are consistent with the stated objectives and constraints of the portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;**D.** **Performance Presentation.** When
communicating investment performance information, Members and Candidates must make reasonable efforts to ensure that it is fair,
accurate, and complete.

&nbsp;&nbsp;&nbsp;&nbsp;**E.** **Preservation of Confidentiality.** Members
and Candidates must keep information about current, former, and prospective clients confidential unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** The information concerns illegal activities on the part of the client
or prospective client,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** Disclosure is required by law, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** The client or prospective client permits disclosure of the information.

&nbsp;&nbsp;&nbsp;&nbsp;**IV.** **DUTIES TO EMPLOYERS** 

&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Loyalty.** In matters related
to their employment, Members and Candidates must act for the benefit of their employer and not deprive their employer of the advantage
of their skills and abilities, divulge confidential information, or otherwise cause harm to their employer.

&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Additional Compensation Arrangements.** Members and Candidates
must not accept gifts, benefits, compensation, or consideration that competes with or might reasonably be expected to create a
conflict of interest with their employer's interest unless they obtain written consent from all parties involved.

&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Responsibilities of Supervisors.** Members and Candidates must
make reasonable efforts to ensure that anyone subject to their supervision or authority complies with applicable laws, rules,
regulations, and the Code and Standards.

&nbsp;&nbsp;&nbsp;&nbsp;**V.** **INVESTMENT ANALYSIS, RECOMMENDATIONS, AND ACTIONS** 

&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Diligence and Reasonable Basis.** Members and Candidates
must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** Exercise diligence, independence, and thoroughness in analyzing
investments, making investment recommendations, and taking investment actions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** Have a reasonable and adequate basis, supported by appropriate research
and investigation, for any investment analysis, recommendation, or action.

&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Communication with Clients and Prospective Clients.** Members
and Candidates must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** Disclose to clients and prospective clients the nature of the services
provided, along with information about the costs to the client associated with those services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** Disclose to clients and prospective clients the basic format and general principles of the
 investment processes they use to analyze investments, select securities, and construct portfolios and must promptly disclose any changes
that might materially affect those processes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** Disclose to clients and prospective clients significant limitations
and risks associated with the investment process.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** Use reasonable judgment in identifying which factors are important
to their investment analyses, recommendations, or actions and include those factors in communications with clients and prospective
clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** Distinguish between fact and opinion in the presentation of investment
analysis and recommendations.

&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Record Retention.** Members
and Candidates must develop and maintain appropriate records to support their investment analyses, recommendations, actions, and other
investment-related communications with clients and prospective clients.

&nbsp;&nbsp;&nbsp;&nbsp;**VI.** **CONFLICTS OF INTEREST** 

&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Avoid or Disclose Conflicts.** Members
and Candidates must avoid or make full and fair disclosure of all matters that could reasonably be expected to impair their independence
and objectivity and interfere with respective duties to their clients, prospective clients, and employer. Members and Candidates
must ensure that such disclosures are prominent, are delivered in plain language, and communicate the relevant information effectively.

&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Priority of Transactions.** Investment
transactions for clients and employers must have priority over investment transactions in which a Member or Candidate is the beneficial
owner.

&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Referral Fees.** Members
and Candidates must disclose to their employer, clients, and prospective clients, as appropriate, any compensation, consideration,
or benefit received from or paid to others for the recommendation of products or services.

&nbsp;&nbsp;&nbsp;&nbsp;**VII.** **RESPONSIBILITIES AS A CFA INSTITUTE MEMBER OR CFA CANDIDATE** 

&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Conduct as Participants in CFA Institute Programs.** Members
and Candidates must not engage in any conduct that compromises the reputation or integrity of CFA Institute or the CFA designation
or the integrity, validity, or security of CFA Institute programs.

&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Reference to CFA Institute, the CFA Designation, and the CFA Program.** When referring to CFA Institute, CFA Institute membership, the CFA designation, or candidacy
in the CFA Program, Members and Candidates must not misrepresent or exaggerate the meaning or implications of membership in CFA
Institute, holding the CFA designation, or candidacy in the CFA Program.

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| | |
|:---|:---|
| ![](x1_c113438x596x1.jpg) | www.cfainstitute.org |

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## Ex-99.(P)(6)

**Exhibit 99.(P)(6)**

**CODE OF ETHICS<br> April 1, 2025**

**Table of Contents**

1. GENERAL FIDUCIARY PRINCIPLES -1-

2. ADMINISTRATION AND INTERPRETATION -1-

3. PERSONNEL COVERED BY THE CODE OF ETHICS – COVERED PERSONS -1-

4. RESTRICTIONS ON DISCLOSURE OF CONFIDENTIAL INFORMATION -2-

5. COMPLIANCE WITH LAWS AND REGULATIONS -3-

6. ADDITIONAL FIDUCIARY OBLIGATIONS -6-

7. GIFT POLICY -7-

8. OUTSIDE BUSINESS ACTIVITIES -9-

9. PERSONAL SECURITIES TRADING BY ACCESS PERSONS -10-

10. ACKNOWLEDGEMENTS -18-

11. DUTY TO REPORT VIOLATIONS -19-

12. ACCOUNTABILITY FOR VIOLATIONS OF THIS CODE -19-

13. RECORD KEEPING -19-

14. AMENDMENTS AND REPORTING -20-

-i-

**ARROWSTREET CAPITAL, LIMITED PARTNERSHIP <br> CODE OF ETHICS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **General Fiduciary Principles** 

Our position as a fiduciary to our clients imposes fundamental standards of conduct on our firm and our personnel. Our fiduciary duties of loyalty and care require that we always act in good faith and in the best interests of our clients, that we place client interests first and avoid conflicts of interest through effective management (or elimination) between personal and firm or client matters. We must also treat our clients fairly and equitably, and we do not systematically favor the interests of one client over another.

We seek to foster a reputation of integrity and professionalism. The confidence and trust placed in our firm by clients must be respected, valued and protected. This Code of Ethics (Code) establishes ethical standards and requirements for personal activities and the protection of firm and client information that are intended to ensure compliance with these standards.

In addition, there are various state and federal laws, rules and regulations applicable to our business that are intended to prevent firm personnel from taking unfair advantage of clients and participants in the securities markets. This Code incorporates these legal requirements, so that any violation of these legal requirements would also result in the violation of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Administration and Interpretation

The Code is administered by Regulatory Compliance under the general supervision of the firm's Chief Compliance Officer (CCO). The CCO is responsible for the administration, application and interpretation of the Code. The CCO may delegate responsibility for administering aspects of the Code to one or more members of Regulatory Compliance or, with respect to specified approvals, the Chief Executive Officer and/or the Chief Investment Officer.

Any provision of this Code may be waived by the CCO, in whole or in part, if such waiver is consistent with the intent and spirit of this Code, our fiduciary duty and obligations and applicable law.

Because a written code cannot answer all questions raised in the context of business relationships, each Covered Person (as defined below) must take responsibility for recognizing and responding appropriately to specific situations as they arise. It is essential that you understand and comply with the general principles noted above in both letter ***and in spirit***, as no set of rules can anticipate every possible problem or conflict situation (actual, potential or perceived). Failure to comply with the general principles and provisions of the Code may result in disciplinary action, including termination of employment. If you have any question about the requirements of this Code or the appropriateness of a relationship or action, you must consult with the CCO in advance.

We use a third-party software package provided by StarCompliance to assist with the administration of various aspects of the Code, such as individual compliance certifications, monitoring of personal trading activity and facilitating political contribution and outside business activity pre-clearance requests. The employee website to log in to StarCompliance is https://arrowstreet.starcompliance.com/. Please contact CodeofEthics@arrowstreetcapital.com if you have any questions regarding the use of StarCompliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Personnel Covered by the Code of Ethics – Covered Persons

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 <u>Covered Persons</u>. This Code applies to the following persons (collectively referred to as "Covered Persons"):

&nbsp;&nbsp;&nbsp;&nbsp;&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 officers, directors, employees (full-time, part-time and seasonal), partners and/or members of Arrowstreet Capital, Limited Partnership;

![](x1_c113438x598x1.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&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 officers, directors, employees, partners and/or members of any "corporate affiliate" of Arrowstreet Capital, Limited Partnership as defined and identified below; 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;(c) select consultants engaged by Arrowstreet Capital, Limited Partnership or its affiliates that are made subject to this Code by determination of the CCO, which are referred to as "Designated Consultants."

A "corporate affiliate" of the firm for purposes of this Code means any direct or indirect parent company of the firm and any direct or indirect subsidiary of the firm or any such parent company (excluding any sponsored commingled investment vehicle offered by the firm to institutional investors and for which the firm is the investment adviser/sub- investment adviser or portfolio manager (which we refer to as an "Arrowstreet Sponsored Fund") and any company formed for the purpose of managing an Arrowstreet Sponsored Fund). Currently, our corporate affiliates are Arrowstreet Capital GP LLC, Arrowstreet Capital Holding LLC, Arrowstreet Capital Europe Limited and Arrowstreet Capital Canada Corporation. References to "we," "us," "our," or the firm should be considered as references to Arrowstreet Capital, Limited Partnership and its corporate affiliates as the context requires.

In determining whether a consultant is a Designated Consultant, the CCO shall take into consideration the relevant facts and circumstances of the consulting engagement, including (i) the duration of consulting services and term of the consulting contract; (ii) the services to be performed by the consultant; (iii) the consultant's access to firm and/or client proprietary, confidential or sensitive information and data, including trade data and trading systems; and (iv) the terms of any other agreements between the firm and the consultant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 <u>Access Persons</u>. Certain sections of this Code, such as Section 9 relating to personal trading, apply only to "Access Persons" and not to all Covered Persons. Access Persons are Covered Persons that, in connection with their regular functions or duties, make, participate in, or have (or may have) access to information regarding the purchase or sale of securities by client portfolios (including Arrowstreet Sponsored Funds), investment recommendations, client flows or the portfolio holdings of clients (collectively, Trade Information). All employees of Arrowstreet (full-time, part-time and seasonal), and all Designated Consultants, are deemed to be Access Persons under the Code. In addition, and to the extent applicable, Regulatory Compliance will notify any additional individuals who are identified as Access Persons (and, if applicable, for what period they are considered Access Persons).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 <u>Non-Access Persons</u>. Generally, a non-executive director of the firm does not meet the definition of Access Person solely by virtue of such person's status as a non-executive director. Non-executive directors of the firm (including any non-executive director that is also an equity holder of the firm) will not be considered an Access Person except where such non-executive director in fact makes, participates in, or has access to Trade Information. In such case, the non-executive director shall be treated as an Access Person for such period as the CCO determines.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Restrictions on Disclosure of Confidential Information

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 <u>Within Arrowstreet</u>. Covered Person access to confidential information of the firm, its employees and its clients (including Trade Information) shall be on a need-to-know basis during such period the person is performing their assigned duties. Such confidential information may be used only in connection with providing services to the firm and/or its clients and may not be used or exploited for any personal benefit or the benefit of any unaffiliated third-party. Covered Persons are reminded that non-executive directors of the firm are not considered Access Persons and therefore Trade Information should not be disclosed to, or discussed with, non-executive directors. In addition, all information provided to Regulatory Compliance pursuant to this Code shall be kept confidential and shared only on a need-to-know basis. You must always comply with applicable confidentiality agreements in your employment documentation. The provisions of this Section 4.1 are always subject to Section 4.4 below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 <u>Outside Arrowstreet</u>. Covered Persons must not disclose confidential information (including Trade Information) of the firm or its clients to any person outside the firm except in accordance with our internal policies and operating practices governing the disclosure of such information or with the prior approval of the CCO, General

![](x1_c113438x598x1.jpg)

Counsel, Chief Executive Officer or Chief Investment Officer. Disclosure of nonpublic information may also be restricted as described in the section on insider trading below. You must always comply with applicable confidentiality agreements in your employment documentation. The provisions of this Section 4.2 are always subject to Section 4.4 ("Maintenance of Whistleblower Protection") below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 <u>Other Confidentiality Matters</u>. Firm business is to be conducted on firm-provided systems. Other than in the ordinary course of a Covered Person's duties, Covered Persons may not send confidential information of the firm, its employees or its clients (including, but not limited to, Trade Information) to non-Arrowstreet personal email accounts (e.g., personal, academic or other external email accounts) without prior approval of the CCO. Covered Persons may also not do any of the following at any time:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· You may not communicate electronically any confidential information of the
firm, its employees or its clients (including, but not limited to, Trade Information) outside of Arrowstreet-provided systems (e.g.,
firm email, firm chat system and where applicable based upon role and responsibilities, Bloomberg chat, Global Relay application
and / or, xMatters) without prior approval of the CCO, as detailed further within the Compliance Manual. Similarly, you should
avoid using firm provided systems (including firm email) for personal 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;&nbsp;&nbsp;&nbsp;&nbsp;· You may not take pictures, videos, audio recordings or screen shots of any
confidential information of the firm, its employees or its clients (including, but not limited to, Trade Information) using any
personal device without prior approval of the CCO. Such restrictions include, but are not limited to, information that is included
in drawings or writings or presented on whiteboards or computer screens, 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;&nbsp;&nbsp;&nbsp;&nbsp;· You may not access, store or transfer any confidential information of the
firm, its employees or its clients (including Trade Information) on hard drives, networks, storage devices (e.g., thumb drive)
or "cloud" based storage (e.g., drop box, carbonite) that are not provided or otherwise approved by the firm without
prior approval of the CCO. You should also seek to avoid transporting physical copies of documents with client, employee or firm
data externally; where necessary, you are reminded to exercise caution and ensure all firm, client and employee data remains protected
and is disposed of properly (e.g. shredding). Similarly, unless otherwise related to your employment with the firm, you may not
use firm provided hardware/software to access personal data and/or transfer personal data to firm systems.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4 <u>Maintenance of Whistleblower Protection</u>. Notwithstanding Sections 4.1, 4.2, or 4.3 or any other provision herein or in any other firm manual, policy or other firm document applicable to Covered Persons, no confidentiality or other obligation owed by a Covered Person to the firm prohibits a Covered Person from reporting or otherwise communicating possible violations of law or regulation to any governmental agency or entity under any whistleblower protection provision of U.S. federal or state law or regulation (including Section 21F of the Securities Exchange Act of 1934 or Section 806 of the Sarbanes-Oxley Act 2002) or requires a Covered Person to notify the firm of any such report. In making any such report, however, a Covered Person is not authorized to disclose communications with internal or external counsel to the firm that were made for the purpose of receiving legal advice, that contain legal advice or that are protected by the attorney work product or similar privilege.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Compliance with Laws and Regulations

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 <u>General</u>. Every Covered Person must comply with and must endeavor to ensure that our firm complies with, all applicable laws and regulations. These may include, among others: Investment Advisers Act (relating to the overall investment advisory business); Investment Company Act (relating to, among other things, advisory services provided to U.S. registered mutual funds); Securities Act and Securities Exchange Act (relating to, among other things, the offer and sale of securities in Arrowstreet Sponsored Funds and SEC reporting requirements); Commodity Exchange Act (relating to, among other things, the advising and trading in futures, options on futures and swaps); Gramm-Leach-Bliley Act (relating to, among other things, privacy of client information) and Dodd-Frank

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REG S-ID; Bank Secrecy Act (relating to, among other things, money laundering and transactions in currency); Foreign Corrupt Practices Act (relating to, among other things, making payments to foreign officials); rules and regulations of the Commodity Futures Exchange Commission (CFTC) and the National Futures Association (NFA); and securities laws and regulations of states and foreign jurisdictions to the extent applicable or made by contract, to us. Every Covered Person is expected to use good judgment and common sense in seeking to comply with applicable laws, rules and regulations and to ask for advice from Regulatory Compliance when uncertain about what is required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 <u>Insider Trading.</u> It is against the law and firm policy for any Covered Person to trade any security, either for a personal portfolio or on behalf of a client or others while aware of material, non-public (inside) information relating to the security or the issuer; and in breach of a duty of trust or confidence owed directly or indirectly to the issuer of that security or its shareholders or to any other person who is the source of the inside information. It may also be illegal, and it is a violation of firm policy, to communicate inside information to someone else in breach of a duty of trust or confidence (known as tipping) or to receive inside information and subsequently trade while in possession of such information (known as tippee liability).

&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) *Material Information.* Material information is information that a reasonable investor would consider important in making an investment decision about an issuer or a security. Generally, this is information the disclosure of which will have a substantial effect on the price of the securities. Examples of material information could include revisions to previously published earnings estimates, merger or other significant transaction proposals, significant new products or technological discoveries, litigation, extraordinary turnover in management, impending financial or liquidity problems, and significant orders to buy or sell securities. Pre-publication information regarding reports in the financial press may be material. Other types of information may also be material and as such no complete list can be given.

&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) *Non-Public Information*. Information is "non-public" or "inside information" until it has been made available to investors generally (e.g. through the wire services or other media, or an SEC filing) and the market has had time to digest it. The amount of time required depends on the amount of attention paid to the issuer in the markets, varying, for example, from a couple of hours for the largest companies to several days in the case of thinly traded issues.

&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) *A Duty of Trust or Confidence*. In addition to the sort of "insider" relationships – such as acting as a director of or adviser to an issuer – that impose this obligation, a "duty of trust or confidence" also exists in other circumstances such as 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) whenever a person agrees to maintain information in confidence;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) whenever one enters a relationship the nature of which implies a duty to maintain the information in confidence; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) whenever the person communicating the inside information and the person to whom it is communicated have a practice of sharing confidences, such that the recipient of the information knows or reasonably should know that the person communicating the inside information expects that the recipient will maintain its confidentiality. This may apply to family relationships as well as business relationships.

Ordinary investment management industry contacts by Covered Persons not involving the factors described above or other special circumstances should not result in a duty of trust or confidence. However, difficult legal issues may arise when, during these contacts, Covered Persons become aware of material, nonpublic information. This could happen, for example, if an insider of an issuer prematurely discloses material confidential information to an analyst, broker or other industry participant with whom we work, or an investor relations representative makes a selective disclosure of news to a handful of investors or other third parties, and in any of these cases that information somehow makes its way into our hands. Similar disclosure issues can arise in connection with your personal relationships in your household or with friends and extended family. If you believe you may have learned material inside information from any source, you must immediately consult the CCO or General Counsel.

![](x1_c113438x598x1.jpg)

&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) *Tender Offers*. Information about a pending tender offer raises concerns, in part because such activity often produces extraordinary movements in the target company's securities and in part because an SEC rule expressly prohibits trading and "tipping" while in possession of material, nonpublic information regarding a tender offer.

&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) *Penalties*. Insider trading or improperly communicating inside information to others may result in severe penalties, including large personal fines and/or imprisonment. In addition, such actions may expose the firm to fines as well as serious legal and regulatory sanctions. We view any violation of these prohibitions very seriously and would consider it grounds for disciplinary action, including termination of employment.

&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) *Judgments and Concerns about Inside Information*. Judgments in this area tend to be made with hindsight. It is particularly unwise to make them on your own, without the input of a disinterested person. Anyone who is unsure whether the insider trading prohibitions apply to a particular situation must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) report the circumstances immediately to the CCO or General Counsel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) refrain from any trading activity in the respective security on behalf of clients or personally; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) not communicate the applicable information to anyone inside or outside of the firm apart from the CCO or General Counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 <u>Market Manipulation</u>. No Covered Person may engage in any activity the purpose of which is to interfere with the integrity of the marketplace. Among other things, intentionally manipulating the market is a violation of the federal securities laws and of the firm's policies and standards of conduct. The term "manipulation" generally refers to any intentional or deliberate act or practice in the marketplace that is intended to mislead investors in a security by artificially controlling or affecting the price of such security in the marketplace. For example, manipulation may involve efforts to stimulate artificially public demand 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) portfolio pumping (submitting orders to purchase securities in a client portfolio near the close of trading on the last day of a period for which performance will be reported (*e.g.*, quarter- end));

&nbsp;&nbsp;&nbsp;&nbsp;&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) window dressing (adding or eliminating securities holdings of a client on or around the date for which the client's holdings will be reported solely in order to make the client's holdings appear more favorable to the client (*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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) front running (transacting in a security for one's own portfolio, or the portfolio of client, while taking advantage of advance knowledge of another client's pending transactions (such as client flows or a client portfolio's trade program));

&nbsp;&nbsp;&nbsp;&nbsp;&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) spreading false or misleading rumors;

&nbsp;&nbsp;&nbsp;&nbsp;&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) disseminating false or misleading information into the marketplace that could reasonably be expected to cause the price of a security to increase or decrease;

![](x1_c113438x598x1.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) matching 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) pumping and dumping (promoting a stock and selling once the stock price has risen following a surge of interest);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) painting the tape (buying and selling a security to create the appearance of high trading volume (causing the price of the security to move in a desired direction)); 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;(k) cornering and squeezing (attempting to 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 an instrument for investment purposes and incidentally affecting the price is unlawful. Covered Persons with any questions whether any transaction may constitute market manipulation must promptly contact the CCO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Additional Fiduciary Obligations

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 <u>In General</u>. As fiduciaries, Covered Persons must place client interests first, avoiding conflicts of interest between personal and client and/or firm matters, even if not expressly prohibited by law. No Covered Person may:

&nbsp;&nbsp;&nbsp;&nbsp;&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) employ any device, scheme or artifice to defraud a client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) make any untrue statement of material fact or material omission in communications to 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;(c) engage in any act, practice or course of business that operates or would operate as a fraud or deceit upon a client; 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;(d) engage in any manipulative practice with respect to a client.

The scope of these prohibitions is very broad. It covers taking advantage of client transactions (including client flows) or information for the benefit of another client or for a personal or firm proprietary portfolio (if applicable), including such practices as "scalping," "front running," and (with respect to investment companies advised by us) "market timing." In addition, one may not take advantage, for the benefit of another client or for a personal or firm proprietary portfolio (if applicable), of an investment opportunity that is presented because of client activity and, therefore, properly belongs to the client. In addition, the firm and every Covered Person are prohibited from knowingly purchasing or selling a security or other asset from or to a client portfolio for its, his or her own portfolio. Investment opportunities (including allocation of partially filled block trades) must be allocated fairly between client portfolios (including Arrowstreet Sponsored Funds). All Covered Persons are required to disclose to Regulatory Compliance any situation that creates an actual or potential conflict between their interests and those of the firm or our clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 <u>CFA Institute Responsibilities for Investment Personnel</u>. Many of our investment and other professionals are members of the CFA Institute and are Chartered Financial Analyst® (CFA®) charterholders (or candidates to be CFA charterholders). As such, there are additional responsibilities incumbent upon such individuals to comply with the CFA Institute's Code of Ethics. The following rules and responsibilities apply to Covered Persons who are CFA charterholders, candidates to be CFA charterholders and all other research and investment personnel:

&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) *Suitability*. Our fiduciary duty includes the duty to ensure that the investment advice we provide is suitable for a particular client. When accepting a new client, a reasonable inquiry must be made into the client's investment experience, risk and return objectives, and financial constraints to the extent appropriate to do so.

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These issues must also be reassessed regularly considering material changes relative to the client and their investment objectives. Our investment process must ensure that each investment decision is consistent with the client's written objectives, mandates, strategies, and constraints as set forth in the client portfolio's investment guidelines.

&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) *Performance Presentation*. When communicating investment performance information, investment personnel must make reasonable efforts to ensure that it is fair, accurate and complete and, where applicable, in compliance with Global Investment Performance Standards (GIPS).

&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) *Investment Analysis*. Investment personnel must exercise diligence, independence and thoroughness in analyzing investments, making investment recommendations and taking investment actions. They must also have a reasonable basis, supported by appropriate research, for any investment analysis, recommendation or action.

Investment personnel must communicate to clients and prospective clients the general principles of the investment processes used to analyze investments, select securities and construct portfolios, and must promptly disclose any changes that might materially affect those strategies. Investment personnel and marketing representatives should endeavor to provide as much transparency about the investment process and changes to that process as possible without compromising the need to maintain as proprietary many elements of the investment process. When in doubt, the Chief Investment Officer and/or the Head of Research or the Head of Portfolio Management should be consulted before new or unapproved investment-related information is divulged on an external basis. It is also necessary to distinguish between fact and opinion in the presentation of investment analysis and recommendations. Records to support investment analysis, recommendations, actions and other investment-related communications with clients and prospective clients must be maintained (see Record Keeping Policy for further 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;(d) *Disclosure of Referral Fees*. It is our policy not to pay referral fees or commissions to firm personnel who solicit clients on behalf of 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;(e) *Responsibilities of Supervisors*. Investment personnel must make reasonable efforts to detect and prevent violations of applicable laws, rules, regulations, and the CFA Institute's Code of Ethics.

&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) *Additional Responsibilities for CFA® Charterholders*. CFA charterholders must not engage in any conduct that compromises the reputation or integrity of the CFA Institute or the CFA designation or the integrity, validity, or security of the CFA examinations. When referring to the CFA Institute, the CFA designation and the CFA program, members and candidates must not misrepresent or exaggerate the meaning or implications of membership in CFA Institute, holding the CFA designation, or candidacy in the CFA Program.

&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) *Additional Responsibilities for Investment Personnel who are National Futures Association Members.* Many of our investment and other professionals are members of the National Futures Association (NFA) as an Associated Person (AP). As such, there are additional responsibilities incumbent upon such individuals to comply with NFA rules and regulations. For more information, please refer to our CFTC/NFA Compliance Manual.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Gift Policy

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 <u>Gifts are Generally Prohibited</u>*.* Giving or receiving Gifts (as defined below) while conducting firm business may give rise to actual or perceived conflicts of interest which could compromise (or call into question) a person's ability to make objective and fair business decisions in the best interests of our firm and our clients. Accordingly, our policy is that no Covered Person, while acting for or on behalf of the firm or any client (or otherwise representing the firm in any capacity), shall give or receive any Gift to any person or entity (including any client, consultant, or other third-party provider of goods and services to the firm or our corporate affiliates or related commingled fund vehicles, or any service provider under consideration for engagement) except to the extent permitted under this Section 7, and, in all circumstances, any Gift given or received must meet 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;(a) the Gift is not prohibited by law (e.g., bribe, kick-back or other similar payment);

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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;(b) the Gift is not in the form of cash or a cash equivalent (such as gift cards or gift certificates);

&nbsp;&nbsp;&nbsp;&nbsp;&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 Gift is not considered entertainment (e.g., an invitation or ticket to a sporting event, concert, show, certain after work events, or other similar event or activity); 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) the Gift is not prohibited by the policies of the giver or recipient.

A "Gift" is anything of value given or received in relation to our business and specifically does not include execution or research related services from brokers or other service providers as an incident to doing business (the receipt of these items is covered by our Soft Dollar and Broker Incidentals Policy and Counterparty Quotations Policy). A Gift can take various forms and includes gratuities, favors, preferential treatment or special arrangements (including entertainment, such as meals, events or activities (regardless of whether the Covered Person "pays their own way")).

**As a best practice, Covered Persons are strongly encouraged to consult with Regulatory Compliance in advance of giving or accepting any Gift that could be construed to violate this Section 7.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 <u>Exceptions to General Gift Prohibition</u> *.* The following Gifts are allowed 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;(a) <u>Receipt</u> of the following Gifts which are not so frequent, so costly or so expensive as to raise any questions of impropriety:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) logo bearing corporate promotional items (such as calendars, pens, mugs or the like) intended for business advertising;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) perishable items, such as food or beverages, so long as such items are made available for firm-wide consumption;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) meals outside our offices provided by any client, prospective client or investment consultant to members of Business Development/Client Relationship Management (or any member of any other group participating in such business matters, such as members of Portfolio Management or Research), where such meals are conducted at business appropriate venues for legitimate business purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) items of small value (e.g., meals in connection with business meetings not covered in (iii) above) which do not exceed $100 in market value per Covered Person in the aggregate from any single source, in any one calendar year, for any individual Covered 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) invitations to educational or business-related seminars, conferences, webinars, speeches, presentations, roundtables and the like (including if such event includes a meal or reception ancillary to the event).

&nbsp;&nbsp;&nbsp;&nbsp;&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>Giving</u> the following Gifts which are not so frequent, so costly or so expensive as to raise any questions of impropriety:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) meals in our office to any person for legitimate business purposes; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) meals outside our offices to any client, prospective client or investment consultant by members of Business Development/Client Relationship Management (or any member of any other group participating in such business matters, such as members of Portfolio Management or Research), where such meals are conducted at business appropriate venues for legitimate business purposes (including, but not limited to, as it relates to the firm's client conference).

&nbsp;&nbsp;&nbsp;&nbsp;&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) Any other giving or receiving of Gifts approved in writing by the CCO where the giving

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or receipt of such Gift is consistent with the intent of this Section 7.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3 <u>Gifts to Taft-Hartley and Public Plan Clients and Prospects</u>. No Gift in any amount may be provided to representatives of governmental or union pension plans or other governmental clients or prospects without the prior approval of the CCO. Many U.S. and non-U.S. federal, state and local governments, as well as U.S. Department of Labor rules applicable to unions, restrict gratuities to, and entertainment of, representatives benefit plan representatives. The rules vary in different jurisdictions; in some instances, the dollar thresholds above which gratuities or entertainment are unlawful may be quite low.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4 <u>Gift Reporting</u>. Covered Persons are required to report to Regulatory Compliance the giving or receiving of any Gift within 30 calendar days of the end of each calendar quarter (other than permitted Gifts described in Section 7.2(a) and (b) above) on the Covered Person's gifts and entertainment certification via StarCompliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.5 <u>Foreign Corrupt Practices Act</u>. The U.S. Foreign Corrupt Practices Act (FCPA) makes it unlawful for any U.S. company - as well as any of its officers, directors, employees, agents or stockholders acting on its behalf - to offer, pay, promise or authorize any bribe, kickback or similar improper payment to any foreign official, foreign political party or official or candidate for foreign political office to assist the U.S. company in obtaining, retaining or directing business. Violators are subject to severe civil and criminal penalties, up to and including imprisonment. Other countries have similar laws, including the UK Bribery Act.

The FCPA not only prohibits direct payments to a foreign official, but also prohibits U.S. companies from making payments to third parties - such as a foreign partner, sales agent or other intermediary - with knowledge that all or a portion of the payment will be passed on to a foreign official. The FCPA's definition of "knowledge" is broader than actual knowledge. A company is deemed to know that an agent or other intermediary will make an improper payment if it is aware of, but consciously disregards, a "high probability" that such a payment will be made. The purpose of this standard is to prevent companies from adopting a "head in the sand" approach to the activities of their foreign agents and partners. Accordingly, before the firm retains any agent or intermediary who may be involved in soliciting a potential investment from, or other transaction with, a foreign government or government entity, written approval must be obtained in advance from the CCO.

Our policy is to comply with the FCPA and all other applicable laws against bribery and other improper payments. No payment on behalf of the firm shall be approved or made with the intention or understanding that any part of such payment is to be used for any purpose other than that prescribed by the documents supporting such payment. It is strictly prohibited for any person, directly or indirectly, to offer to make any bribes, kickbacks, rebates or other payments to any company, financial institution, person or governmental official to obtain favorable treatment in receiving or maintaining business (it being understood that giving meals to any foreign official, foreign political party or official or candidate for foreign political office in the context of business development or client relationship activities where such meals are conducted at business appropriate venues for legitimate business purposes and which are not so frequent, so costly or so expensive as to raise any questions of impropriety should be compliant with these rules).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.6 <u>Charitable Giving</u>*.* Covered Persons are advised that donations to certain organizations (many of which appear to be charitable organizations, but in fact may engage in lobbying efforts which is the case for a 501(c)(4) entity) may result in a violation of the firm's Political Activity Compliance Policy. Covered Persons are advised to closely review the firm's Political Activity Compliance Policy and to reach out to Regulatory Compliance prior to making any charitable donations or contributions to any entity or organization that is not a recognized 501(c)(3) entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Outside Business Activities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 <u>Access Persons</u>. Every Access Person must receive approval from Regulatory Compliance <u>prior to</u> engaging in any "outside business activity." An outside business activity for purposes of the Code refers to (i) any

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business or other activity outside the scope of such person's position with the firm for which compensation is received (either through active or passive involvement) except as it relates to activities associated with ownership and management of real estate where such property is residential in nature, includes no more than three units and the Access Person does not spend more than five hours per month supporting or otherwise managing such activity; or (ii) any activity involving investment advice or other securities-related functions, regardless of whether compensation is to be received, for any person or entity, other than to a Member of the Family (or any trust or other investment vehicle established and controlled by any such person). Outside business activities within the meaning of this policy may 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;(a) teaching;

&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) consulting;

&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) business association with any person not associated with 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;(d) service on the board of directors or as trustee of any organization;

&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) professional practices; 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) presentations at seminars and conferences.

Access Persons must seek pre-approval for an outside business activity from both their people leader and Regulatory Compliance through submitting an approval request via StarCompliance. Any such request will be reviewed for potential conflicts of interest and for potential conflicts with other internal firm policies and practices. Regulatory Compliance maintains discretion to approve, restrict or disapprove such requests for any reason. Regulatory Compliance may also revoke approval of an outside business activity at any time. Such analysis will consider existing business relationships of the firm, including those designated as "sensitive" by Regulatory Compliance, which may include, for example, auditors, middle office service provider, brokers, dealers and counterparties. Outside business activities by Covered Persons are required to be certified annually via StarCompliance.

Compensation received by Access Persons for certain types of outside business activities may be required to be paid to the firm.

Access Persons are prohibited from serving as an officer, director, advisor or consultant to a publicly traded company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 <u>Non-Access Persons</u>. Every non-Access Person (which will typically be limited to our non- executive directors) must receive approval from the CCO or Chief Executive Officer <u>prior to</u> engaging in any outside business activity in accordance with agreed upon procedures. Such analysis will consider existing business relationships, including those designated as "sensitive" by Regulatory Compliance; for example, auditors, middle office service provider, brokers, dealers and counterparties. Although non-Access Persons are not prohibited from serving as an officer, director, employee or consultant of a publicly traded company, if such activity is approved, in addition to any additional restrictions Regulatory Compliance may impose in order to mitigate potential conflicts of interest, such person shall recuse himself or herself from any matter (whether arising as a firm matter or public company matter) in which such non-Access Person may be conflicted as a result of such service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Personal Securities Trading by Access Persons

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1 <u>In General</u>*.* As detailed below, references to Access Person within this Section 9 apply to both Access Persons and Members of the Family. Access Persons are required to obtain preclearance of transactions in "Securities" that they "Beneficially Own," as described below. They are also required to provide the firm with reports of such Securities transactions and holdings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2 <u>Definitions</u>*.* The following definitions apply to this Section 9:

&nbsp;&nbsp;&nbsp;&nbsp;&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) *Beneficial Ownership* means a direct or indirect pecuniary (financial) interest held by the

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Access Person. Indirect interests include the pecuniary interest of any Member of the Family (defined below) of the Access Person, certain family trusts, family custodial accounts, entities controlled by the Access Person, portfolios from which the Access Person may receive a performance fee, and other circumstances in which the Access Person may profit, directly or indirectly through any contract, arrangement, understanding, relationship, or otherwise, from transactions in the respective Securities, as defined further in SEC Rule 16a-1(a)(2). Beneficial Ownership also includes any revocable or irrevocable trust where an Access Person is the grantor or settlor and the beneficiaries of which are (in whole or in part) Members of the Family of the Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Covered Account* means a brokerage or other similar financial account that holds, or could hold, Securities and in which an Access Person has Beneficial Ownership. Typically, this includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Traditional brokerage accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) "Robo" advisor 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Traditional and Roth Individual Retirement Accounts (IRA);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) Employee Stock Purchase Plans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) Dividend Reinvestment Plans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) Certain 401(k) / 403(b) retirement plans; 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) Retirement Savings Plans (RSP) / Registered Retirement Savings Plans (RRSP).

&nbsp;&nbsp;&nbsp;&nbsp;&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) *Supported Electronic Broker* means an institution where an Access Person maintains a Covered Account that can electronically feed holdings and transaction information with respect to such Covered Account into StarCompliance and which is approved by the firm for this purpose. The firm reserves the right to limit or change the list of institutions approved for such purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&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) *Member of the Family* of an Access Person means (i) the Access Person's spouse, domestic partner or other similar relationship including where the parties are not legally wed, (ii) the Access Person's children under the age of 18 and any other child who lives in the same household or for whose support the Access Person contributes, and (iii) any of the following who live in the Access Person's household: 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. Although extremely rare, it may be possible for Access Persons to exclude accounts held personally or by immediate family members sharing the same household if the Access Person does not have any direct or indirect influence or control over the accounts; any such exclusions must be approved in advance by the CCO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) *Approved ETF List* means the list of exchange traded funds maintained by Regulatory Compliance that are permitted for investment pursuant to the provisions of this Section 9. The Approved ETF List is posted on the Regulatory Compliance page of the firm's SharePoint site and is subject to change at any time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) *Restricted Funds List* means the list of commingled investment funds (e.g., certain U.S. and non-U.S. mutual funds or other similar investment vehicles) maintained by Regulatory Compliance that are restricted from investment pursuant to the provisions of this Section 9. The Restricted Funds List is posted on the Regulatory Compliance page of the firm's SharePoint site and is subject to change at any time. Such funds may include U.S. and non-U.S. mutual funds or other similar investment vehicles.

&nbsp;&nbsp;&nbsp;&nbsp;&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) *Security* means any note, stock, commingled investment fund (including exchange-traded fund (including those on the Approved ETF List), closed-end investment fund and fund on the Restricted Funds List), security future, bond, debenture, investment contract, voting-trust certificate, certificate of deposit for a security, any put, call, straddle, option, or privilege on any security or on any group or index of securities, or any put, call, straddle, option, or privilege entered into on a national securities exchange relating to foreign currency,

![](x1_c113438x598x1.jpg)

investments in virtual currency or cryptocurrency coins or tokens that are being offered as part of an initial coin offering ("ICO") or obtained through participation in an ICO, non-fungible tokens, or, in general, any interest or instrument described in Section 2(a)(36) of the Investment Company Act or commonly known as a "security," <u>except that</u> "Security" does not 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;(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;&nbsp;&nbsp;&nbsp;&nbsp;(ii) foreign currencies traded for exchange conversions and deliverable forward foreign currency contracts (e.g., converting US
Dollars to a foreign currency for personal use or presently purchasing a currency for future delivery of a different currency);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) cryptocurrency solely in the form of a coin or token so long as such cryptocurrency was created outside the context of an ICO
and is maintained in a cryptocurrency wallet or in an online account maintained on a "crypto only" platform (e.g.,
Venmo, Coinbase or Binance);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) 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;&nbsp;&nbsp;&nbsp;&nbsp;(v) shares issued by money market investment companies that are registered under the U.S. Investment Company Act of 1940;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 open-end investment companies that are registered under the U.S. Investment Company Act of 1940 and which
are not on the Restricted Funds List, provided that if an exchange traded fund share class within an open-end investment company
is held, such exchange traded fund must appear on the Approved ETF List.; 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) units of unit investment trusts and which are not on the Restricted Funds List.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3 <u>Preclearance Requirement</u>. Except as provided in Section 9.3(c), each Access Person must obtain written preclearance from Regulatory Compliance before any person effects any transaction in a Security of which the Access Person has (or because of which transaction they acquire) Beneficial Ownership. For this purpose, "transaction" means any acquisition or disposition of Beneficial Ownership, which includes but is not necessarily limited to purchases, sales, pledges, gifts, and writing options with respect to the Security. It should be noted that preclearance for a transaction in a Security is rarely granted, except under the circumstances described below or in Section 9.3(b) and (c).

Access Persons may not engage in any personal trading (including exempt transactions) until all Covered Accounts are maintained with Supported Electronic Brokers and are being reported via StarCompliance, or such requirement has been waived by the CCO, in accordance with Section 9.4(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) *Automatically Ineligible*. Except as provided in Section 9.3(d) below regarding the ability to request preclearance for certain transactions, transactions in the following are presumptively considered automatically ineligible for preclearance as they may conflict with, or give the appearance of conflicting with, client interests:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) publicly traded equity and/or debt securities (including derivative securities thereof) of publicly
traded issuers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) Exchange traded funds or exchange traded fund share classes within open-end investment companies
that are not on the firm's Approved ETF List (which is available on the firm's SharePoint site and is updated from
time to time);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Commingled investment funds that are on the firm's Restricted Funds List (which is available
on the firm's SharePoint site and is updated from time to time);

![](x1_c113438x598x1.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) derivative instruments (including futures and swaps) that are likely to be traded on behalf of
client accounts; 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;(v) non-deliverable currency contracts and other speculative transactions in currencies.

&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) *Likely Eligible*. Transactions in Securities other than those described in Section 9.3(a) above are considered likely eligible for preclearance as they may not present the same potential conflicts of interest and other concerns that arise in transactions identified in Section 9.3(a) above. Similarly, investments by a Member of the Family in employer sponsored investment vehicles, regardless of investment strategy, may not present the same potential for conflicts of interest; accordingly, Access Persons, or Members of the Family of an Access Person, wishing to invest in these types of Securities are more likely to obtain preclearance (on an individual transaction or, in certain limited circumstances, a program basis). Access Persons should be aware that the sale or other disposition of any Securities received in respect of a Security for which preclearance was granted (e.g., a distribution of securities in lieu of cash to investors in connection with a private fund portfolio company liquidity event) shall, for the avoidance of doubt, be subject to the firm's preclearance 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;(c) *Exceptions to Preclearance Requirement*. Preclearance is not required for the following transactions, however, such items are still subject to the reporting requirements set forth under Section 9.4 below, regardless of whether preclearance was required:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 receipt of Securities as a gift, inheritance or bequest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) The purchase or sale of brokered CDs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) The purchase or sale of shares of any exchange traded fund listed on the firm's Approved
ETF List (which is available on the firm's SharePoint site and is updated from time to time);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The purchase or sale of shares or units of any fund listed on the Canadian Approved Funds List
(available on the firm's SharePoint site and subject to change from time to time);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) The exercise of involuntary corporate actions involving a Security, such
as receipt of a stock dividend, stock split, spin out shares, exchange offers, tenders, and the like;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) The receipt of employee stock options, restricted stock or other similar
instrument (and any subsequent vesting associated therewith);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) The exercise of employee stock options (for avoidance of doubt, this does not
apply to an "exercise and sell", "sell to cover" or cashless exercise of any such employee stock option,
all of which require preclearance);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) The purchase of Securities pursuant to certain automatic investment plans
(e.g. dividend reinvestment plans);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) The purchase or sale of certain Securities in an account managed by a third-party
investment adviser, bank or trust company so long as preclearance is obtained from Regulatory Compliance for the establishment
of, and for any material change in, such account, noting the scope of exceptions from preclearance requirements will vary based
on type of account. Specifically:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) As it relates to accounts managed by a discretionary investment adviser that
meet all of the following conditions, transactions in exchange traded funds (regardless of the inclusion or exclusion of the exchange
traded fund on the Approved ETF List) and transactions in shares issued by

![](x1_c113438x598x1.jpg)

open-end investment companies that are registered under the U.S. Investment Company Act of 1940 are exempt from preclearance so long as preclearance for the establishment of, and for any material change in, such account is received from Regulatory Compliance and the following conditions are met:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 Access Person has granted the investment adviser full and exclusive discretionary
investment authority over the account and neither the Access Person nor any Member of the Family of the Access Person maintains,
or may appear to maintain, direct or indirect influence or control; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Neither the Access Person nor any Member of the Family of the Access Person
is affiliated with the investment adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) As it relates to accounts managed by a third-party investment adviser, bank
or trust company that meet the all of the following conditions (noting that accounts that typically meet such conditions often
leverage automated investment services (e.g. "Robo" accounts)), all Security transactions are exempt from preclearance
requirements so long as preclearance for the establishment of, and for any material change in, such account is received from Regulatory
Compliance and the following conditions are met:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Neither the Access Person nor any Member of the Family of the Access Person
maintains, or may appear to maintain, direct or indirect influence or control, as is typically evidenced by the account investing
assets on a commingled basis with other clients of the investment 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Neither the Access Person nor any Member of the Family of the Access Person
has any direct or indirect investment or trade authority; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Neither the Access Person nor any Member of the Family of the Access Person
is affiliated with the investment manager.

Prior to any such account to be excluded from preclearance requirements, the Access Person and/or the third-party, as determined by Regulatory Compliance, must certify to compliance with the above-noted conditions. The firm reserves the right to request updated certifications on a periodic basis. The Access Person's failure to obtain such certifications in a timely manner may result in the preclearance of the account being rescinded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) The purchase or sale of Securities in an account in the name of an Access
Person or for which an Access Person has Beneficial Ownership (A) that was not established by the Access Person or a Member of
the Family of the Access Person and (B) over which the Access Person (or any Member of the Family of the Access Person) has no
direct or indirect influence or control;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) The purchase or sale of shares or units of any investment option effected
through the firm's 401(k) 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) The purchase or sale of shares or units of any Arrowstreet Sponsored Fund.

![](x1_c113438x598x1.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) The purchase or sale of shares or interests in collective investment trusts
sponsored by U.S. banks through a 401(k) plan of the employer of the Access Person or the Member of the Family of the Access Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) A non-volitional disposition of Securities through routine account administration without specific
instruction, such as the automatic liquidation of fractional shares (e.g., in connection with closing a Covered Account or account
transfer), or the automatic sale or removal of shares in a Covered Account to cover account advisory fees, 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) A disposition/abandonment of Securities that are worthless;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) The purchase or sale of Securities by Members of the Family of seasonal employees which are short
term by nature (e.g. college interns or co-ops), provided such Members of the Family otherwise certify in writing that they will
not consult with the seasonal employee regarding investments made or investments being considered; 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) *Requesting Preclearance.* Access Persons must request preclearance for a securities transaction via StarCompliance*.* Regulatory Compliance will promptly notify Access Persons of preclearance approval or denial in writing via StarCompliance or electronic mail.

As it relates to preclearance requests to sell long securities positions or to purchase securities to close-out short positions, a preclearance request must be submitted via StarCompliance. Regulatory Compliance will review each preclearance request and notify the Access Person of preclearance approval or denial via StarCompliance or electronic mail, typically within three business days. If preclearance is granted, the Access Person will be permitted to sell such precleared securities positions on either (i) the 30th calendar day following the date which preclearance was granted (if the 30th calendar day is not a business day, the next business day thereafter); or (ii) such other later date as approved by Regulatory Compliance at the time preclearance was granted.

All precleared securities transactions must be effected in accordance with specific terms of the preclearance. For example, preclearance approvals are typically only valid for a specified trade day or trading period and for a specified number of shares (subject to involuntary corporate actions, such as a stock split). Failure to adhere to the terms of the preclearance (including not effecting the precleared transaction) will generally be considered a 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;(e) *Grounds for Denying Preclearance*. Regulatory Compliance may deny or impose conditions on preclearance of any proposed transaction in Securities if, in the opinion of the CCO, such transaction would be, or would appear to be, inconsistent with the firm's legal or fiduciary obligations. Regulatory Compliance is entitled to take any relevant consideration into account in determining whether to grant or deny preclearance. Regulatory Compliance may revoke a preclearance at any time after it is granted and before the transaction is effected. Reasons for denying preclearance may be confidential to the firm, and no reason need be stated.

&nbsp;&nbsp;&nbsp;&nbsp;&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) *Preclearance Service Charge – Select Private Investments*. The firm reserves the right to assess Access Persons a $1,000 service charge for preclearance requests relating to the purchase of highly complex investments and/or for a significant number of private investment preclearance requests from any one Access Person in a single calendar year (e.g. more than five requests per Access Person, per calendar year). The service charge will not apply to Securities for which preclearance was previously granted to such Access Person, certain follow-on investments in connection with a previously precleared transaction, or with respect to preclearance requests to sell existing positions.

&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) *Short Term Trading*. No Access Person may effect opposite way transactions (i.e. buying and selling or short selling and buying) within a 60-calendar day window in any Security of which they have Beneficial Ownership; provided, however, that this Section 9.3(g) shall <u>not</u> be applicable with respect to transactions exempt from preclearance under Section 9.3(c).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) *Personal Risk*. Our compliance procedures may add to your personal risks involved in

![](x1_c113438x598x1.jpg)

trading generally. For example, our policies may negatively impact your liquidity needs or your ability to execute short sales or derivative instruments by impeding quick trading decisions often required when trading these instruments. It is important that each Access Person is aware that any financial losses incurred as a result of denial of preclearance or other aspects of our compliance policy will not be reimbursed by the firm.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.4 <u>Access Person Account and Transaction and Holdings Reporting Requirements</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) *Covered Account Reporting Requirements; Supported Electronic Broker Feeds.* Except to the extent described in Section 9.4(b) below, all Covered Accounts must be reported via StarCompliance within 10 calendar days of the establishment of such account or acquiring Beneficial Ownership of such account. In addition, all Covered Accounts must be maintained with Supported Electronic Brokers; <u>provided</u> that (i) new employees will have 60 calendar days following their start date to transition any Covered Account that is not with a Supported Electronic Broker to a Supported Electronic Broker; and (ii) in the event of a material hardship or any other fact or circumstance that would prevent the establishment or maintenance of a Covered Account with a Supported Electronic Broker, the CCO may waive such requirement*.* Access Persons may not engage in any personal trading (including exempt transactions that do not need to be precleared or reported) until all Covered Accounts are maintained with Supported Electronic Brokers and are being reported via StarCompliance, or such requirement has been waived by the CCO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Exception to Covered Account Reporting Requirements*. The following Covered Accounts are exempt from the reporting requirements in Section 9.4(a) above:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) an account in the name of an Access Person or for which an Access Person has Beneficial Ownership (i) that was not established by the Access Person or a Member of the Family of the Access Person, and (ii) over which the Access Person (or any Member of the Family of the Access Person) has no direct or indirect influence or control; provided that in each case, except in cases where the Access Person had no knowledge of the existence of the account or of the Access Person's interest in the account, the exclusion of such account has been approved by Regulatory Compliance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) Covered Accounts that are held by seasonal employees which are short term by nature who are employed by the firm for less than 12 weeks (generally this exception will be limited to college interns only, and will not apply to college co-ops which are typically of a longer duration);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) Covered Accounts that are held by Members of the Family of seasonal employees which are short term by nature (e.g., interns or co-ops), provided such Members of the Family otherwise certify in writing that they will not consult with the seasonal employee regarding investments made or investments being considered;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) an account established as a qualified tuition program pursuant to Section 529 of the Internal Revenue Code (529 Plans) if the firm does not manage, distribute, market, or underwrite the 529 Plan or the investments and strategies underlying the 529 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) an account holding investments in connection with the firm's 401(k) plan, whereby reporting of Securities is otherwise provided directly to the Regulatory Compliance team;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) an account holding solely investments in Arrowstreet Sponsored Funds, whereby reporting of such Securities is otherwise reported to the Regulatory Compliance team; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) an account that, by its terms, does not have the ability to hold Securities such as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) 401(k) or 403(b) accounts that may <u>only</u> hold U.S. registered open-ended
mutual funds (e.g., where the account does not have a self-directed brokerage option, or any other option to purchase 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) an account maintained at a mutual fund company (where <u>only</u> open-ended
U.S. registered mutual funds may be held);

![](x1_c113438x598x1.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) cryptocurrency coins or tokens (e.g., crypto wallets, or online accounts
maintained on "crypto only" platforms such as Venmo, Coinbase or Binance); 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) accounts that may <u>only</u> hold fixed annuity contracts or fixed index
annuity contracts (if such fixed index annuity includes a minimum rate of return/protection of principal against downside risk).

&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) *Initial and Annual Holdings Reports*. Access Persons must certify holdings via StarCompliance within the timeframe and frequency required by Regulatory Compliance. For a certification of initial holdings, this deadline is within 10 calendar days of becoming an Access Person, and for an annual holdings certification, this deadline is within the earlier of the internally communicated deadline or 45 calendar days of December 31 each year. Such certification must include the following information with respect to each Security held by such Access Person, it being understood that such information is generally expected to be provided via Supported Electronic Broker feed(s) to StarCompliance, 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;(i) the title and exchange ticker symbol or CUSIP number, type of security and number of shares or principal amount of each Security in which the Access Person had any Beneficial Ownership;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the name of any broker, dealer or bank with whom the Access Person maintained an account in which any Securities were held in which the Access Person has Beneficial Ownership; 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;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the date that the report is submitted by the Access Person.

Access Persons holding interests in private funds must certify to 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;(i) the name of the fund;

&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) the units/shares/interest held in such fund; 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;(iii) the value of such interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Quarterly Transaction and Broker Account Reports.* No later than the
earlier of the internally communicated deadline or 30 calendar days after the end of each calendar quarter, each Access Person
shall (except as provided in Section 9.4(b) above) report to Regulatory Compliance the following information, as required in the
Quarterly Report of Transactions in StarCompliance, as applicable, it being understood that such information is generally expected
to be provided via Supported Electronic Broker feed(s) to StarCompliance , 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;(i) With respect to each transaction of any type during the quarter in a Security in which the Access Person had 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) 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 or the 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the nature of the transaction (i.e., purchase, sale or other type of acquisition
or disposition);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 price of the Security at which the transaction was effected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 name of the broker, dealer or bank with or through which the transaction
was effected; and

![](x1_c113438x598x1.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 date that the report is submitted by the Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Except as provided in 9.4(b) above, with respect to each account maintained by the Access Person in which any Securities were held or able to be held during the quarter 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the name of the account holder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) account type;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 date the account was established; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) the date that the report is submitted by the Access Person.

For clarity, notwithstanding that certain transactions are exempt from preclearance under Section 9.3, all accounts that hold, or could hold, Securities must be reported unless explicitly exempted from reporting requirements in Section 9.4(b) above.

Access Persons reporting Securities transactions electronically via StarCompliance need only certify that no other Securities transactions took place during the quarter, provided that such electronic reporting (i) is provided by the deadline required for the quarterly report in which the transactions or brokerage accounts must be reported; and (ii) includes all information required under Section 9.4(d) of this Code.

Access Persons reporting Securities transactions via paper confirmations and periodic statements must ensure that they manually add these transactions and periodic statements to their account(s) on StarCompliance by the required deadlines noted above. Failure to do so in a timely manner may result in a violation 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;(e) *Review of Reports*. Regulatory Compliance will review transactions and holdings reports (or data feeds) received within a reasonable time after receipt and will carry out periodic testing procedures designed to provide reasonable assurance that the transactions and holdings reported are not in violation of this Code. Such procedures will not only review compliance with internal policies but will also review whether personal trades were made at the detriment of client trading activities. Regulatory Compliance is responsible for communicating all potential issues noted to the CCO for further investigation and resolution.

&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) *Personal Trading Rules Subject to Change.* Our personal trading rules are subject to change at any time. Any such change may result in significant restrictions on the buying or selling securities or other instruments by Access Persons and may result in existing positions becoming illiquid. Specifically, Access Persons should be aware that the Restricted Funds List and Approved ETF List are also subject to change at any time. While it is expected that any existing investments in a Security or other instrument held by an Access Person that may subsequently become restricted under this policy would be "grandfathered" (e.g., in the case of new commingled investment funds being added to the Restricted Funds List), additional trading restrictions will likely apply, including restrictions on the ability to add to, or divest of, such positions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. Acknowledgements.

Regulatory Compliance will furnish copies of this Code and all amendments hereto to all Covered Persons (including posting on the Regulatory Compliance page of the firm's SharePoint site). At least annually (and connection with any material amendment), each Covered Person is required to certify via StarCompliance that they have read and understood the Code and that they have complied (or, with respect to any amendment, will comply) with the Code for

![](x1_c113438x598x1.jpg)

the applicable period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. Duty to Report Violations.

Each Covered Person should ask questions, seek guidance, and express any concerns regarding compliance with this Code or any of our other policies. Anyone who believes that any Covered Person has engaged or is engaging in conduct that violates applicable law or this Code must promptly report that information to the CCO or to the General Counsel, who in turn must report it to the CCO. The CCO will be responsible for notifying the Chief Executive Officer and/or the Board of Directors, as applicable, and furnishing any information appropriate to address any violation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. Accountability for Violations of this Code.

Failure to comply with the standards required by this Code will be managed in accordance with the firm's Code of Ethics escalation policy in effect from time to time, which may result in disciplinary action that may include, without limitation, additional required training, reprimands, warnings, probation or suspension without pay, demotions, reductions in salary and/or bonus payments, selling of positions, disgorgement of profits, discharge or removal, and restitution. Certain violations may be referred to public authorities for investigation or prosecution. Moreover, any supervisor who directs or approves of any conduct in violation of this Code, or who has knowledge of such conduct and does not promptly report it, also will be subject to disciplinary action, up to and including discharge.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. Record Keeping.

We will maintain the following records concerning the administration 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;&nbsp;&nbsp;&nbsp;&nbsp;(a) In an easily accessible place, a copy of this Code of Ethics (and any prior Code of Ethics that was in effect during the past six years);

&nbsp;&nbsp;&nbsp;&nbsp;&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) A record of any violation of this Code and of any action taken as a result of such violation, for a period of six years following the end of the fiscal year in which the violation occurs;

&nbsp;&nbsp;&nbsp;&nbsp;&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) A copy of each report (or brokerage confirmation or statement in lieu of a report) submitted under Section 9 of this Code (whether electronically or in tangible form) for a period of six years from the end of the fiscal year in which the report was submitted, provided that for the first two years such reports must be maintained and preserved in an easily accessible place (and, to the extent required by law, such records shall be maintained electronically in an accessible computer database);

&nbsp;&nbsp;&nbsp;&nbsp;&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) A list of all persons who are, or within the past six years were, required to make or required to review, reports pursuant to Section 9 of this Code of Ethics;

&nbsp;&nbsp;&nbsp;&nbsp;&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) A copy of each report or questionnaire response provided to the board of any investment company client as described in Section 14, for a period of six years following the end of the fiscal year in which the report is made, provided that for the first two years such record will be preserved in an easily accessible place; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) A written record of any decision, and the reasons supporting any decision, to approve the trade by an Access Person of any security for a period of six years following the end of the fiscal year in which the preclearance approval is granted.

A record of the written acknowledgment of the receipt of this Code and of any amendment hereto provided by each person who is or was a Covered Person at any time during the prior six years.

All such records shall be maintained in an easily accessible place which shall, for at least the first two years be our principal office. Electronic records will be maintained on servers accessible by that office.

![](x1_c113438x598x1.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. Amendments and Reporting.

All amendments to this Code are subject to the approval of the CCO. Amendments considered to be material by the CCO shall be submitted to the Operating Committee for approval. The CCO shall report (i) material amendments to the Code to the Chair of the Audit and Risk Committee of the Board of Directors; and (ii) material violations of the Code to the Board of Directors.

**\* \* \***

## Ex-99.(P)(7)

---

| | |
|:---|:---|
| ![](x1_c113438x619x1.jpg) | **Exhibit 99.(P)(7)** |

---

Code of ethics policy

------

**Contents**

---

| | |
|:---|:---|
| **Purpose** | **02** |
| **How this policy embodies 'our shared beliefs'** | **02** |
| **Ethical principles** | **02** |
| **Conflicts of interest** | **03** |
| **Policy** | **04** |
| **Monitoring** | **05** |
| **Record keeping** | **05** |
| **Appendix - Global regulatory requirements** | **06** |
| **Scope** | **08** |
| **Index of updates** | **09** |

---

**Policy maintainance and approval**

The policy is maintained by the Compliance Department.

The policy is reviewed on an at least annual basis by the Compliance Policy Review Group, on behalf of the Operational Compliance Committee (OCC).

Any material changes to the policy are approved by the Group Compliance Committee (GCC) on behalf of the relevant entities.

The policy can be shared externally.

**Date of last CPRG review: December 2024**

Reason for review: Annual review Policy owner: Adam McIntosh

Any queries regarding the policy should be referred to the policy owner.

Code of ethics policy 2024

**Purpose**

At Baillie Gifford, we fulfil our fiduciary duty to clients as investment managers and advisers. We commit to prioritising their interests, treating them fairly, and delivering positive outcomes. We avoid any conflicts where our interests might take precedence over theirs, guided by our Code of Ethics ('Code').

Our compliance culture and ethics are crucial to both clients and regulators. Clients view the Code as a reflection of our Firm's culture and often inquire about code violations to gauge this culture.

Regulators emphasise 'culture' and 'conduct,' seeing culture as the business's DNA that shapes behaviour and ethics. We have built our reputation through individual conduct, acting with integrity and in our clients' interests.

The Code, enforced across all regulated entities and approved by our Group Compliance Committee, ensures regulatory compliance\*. It includes:

&nbsp;&nbsp;&nbsp;&nbsp;• Ethical principles aligned with global conduct regulations.

• Conflicts of Interest guidance.

• Policy requirements, such as personal account dealing, inducements,
 and outside business interests.

**How this policy embodies 'our shared beliefs'**

Our clients come first

We act with integrity, judging our actions and intentions through the eyes of our clients. We strive for excellence across all areas of the Firm and every contribution plays a role in developed trusted long-term partnerships with our clients.

**Ethical principles**

All Partners and staff must adhere to the Firm's guiding ethical principles, which align with regulatory conduct rules and codes of conduct from various professional organisations of which you may be a member.

In both personal and business life, we face ethical issues that require careful consideration. When making decisions, we must consider their impact on clients, ensure the decision-making process is fair and thorough, involve all relevant stakeholders, and identify any competing or conflicting interests.

The Ethical Principles are designed to prompt these considerations and help ensure that we put our clients interests first. They are as follows:

**Fairness**

Act fairly when dealing with clients and counterparties of Baillie Gifford by being impartial, objective, and honest. Examples of unfair conduct include:

&nbsp;&nbsp;&nbsp;&nbsp;• Misleading a client about the risks of
 an investment.

• Misleading a client about the likely performance
 of a product by providing inappropriate projections of future returns.

• Failing to acknowledge or resolve mistakes
 in dealing with clients.

**Honest and integrity**

Act honestly and with integrity in your role, avoiding actions that could harm Baillie Gifford's reputation or are deceitful, oppressive, or improper. Use fair methods to win or retain business. Avoid offering lavish gifts, frequent hospitality, or engaging in 'pay to play' practices. Baillie Gifford is committed to conducting business fairly and has zero tolerance for bribery. Examples of conduct breaching honesty and integrity include:

&nbsp;&nbsp;&nbsp;&nbsp;• Falsifying documents.

&nbsp;&nbsp;&nbsp;&nbsp;• Providing false information to clients,
 regulators, auditors, or third parties.

&nbsp;&nbsp;&nbsp;&nbsp;• Mismarking investment values.

&nbsp;&nbsp;&nbsp;&nbsp;• Misleading others about accepted risks.

&nbsp;&nbsp;&nbsp;&nbsp;• Failing to disclose personal dealings, gifts, political contributions,
 or outside interests as required by the Code of Ethics.

**Adherence to law and regulation**

Follow applicable laws, regulations, and professional standards in your activities, applying them to the best of your knowledge and ability. Be open and cooperative with Baillie Gifford's regulators. Familiarise yourself with and adhere to policies within the Personal Responsibilities section of the Group Compliance Manual. Examples of conduct that might breach openness and cooperation with regulators include:

&nbsp;&nbsp;&nbsp;&nbsp;• Providing false or inaccurate information to regulators.

&nbsp;&nbsp;&nbsp;&nbsp;• Failing to supply requested documents or information within the required
 time.

&nbsp;&nbsp;&nbsp;&nbsp;• Not attending interviews or answering questions from regulators.

\*The appendix to this policy outlines the global regulatory requirements that apply to the Firm.

Code of ethics policy 2024

**Market conduct**

When executing transactions, engaging in market dealings or communicating with counterparties, uphold market integrity and adhere to good practices and conduct expected of market participants. Comply with relevant market codes and exchange rules. Examples of poor market conduct include:

&nbsp;&nbsp;&nbsp;&nbsp;• Insider dealing.

&nbsp;&nbsp;&nbsp;&nbsp;• Unlawful disclosure of material non-public information.

&nbsp;&nbsp;&nbsp;&nbsp;• Market manipulation through inappropriate trading activities.

&nbsp;&nbsp;&nbsp;&nbsp;• Market manipulation through inappropriate communication activities.

&nbsp;&nbsp;&nbsp;&nbsp;• Using non-recorded electronic communication devices and/or applications
 for regulatory business activities.

**Loyalty to clients**

Put our clients' interests ahead of your own and manage any conflicts of interest fairly and effectively. Avoid conflicts when possible, and manage and disclose them according to Baillie Gifford's conflict procedures. Use Baillie Gifford's investment recommendations and proprietary information exclusively for clients. Examples of disloyalty to clients include:

&nbsp;&nbsp;&nbsp;&nbsp;• Prioritising Baillie Gifford profits over client interests.

&nbsp;&nbsp;&nbsp;&nbsp;• Misuse of proprietary information for personal gain.

&nbsp;&nbsp;&nbsp;&nbsp;• Not informing clients about potential conflicts of interest that could
 affect investment decisions.

**Maintaining confidentiality**

Respect client confidentiality by not using or disclosing information about current, former, or prospective clients for unethical or illegal purposes. Share confidential client data with outside parties only when absolutely necessary, and obtain authorisation if required. If unsure, consult the Information Security policy which outlines data security classifications and handling rules. Examples of conduct which would breach confidentiality include:

&nbsp;&nbsp;&nbsp;&nbsp;• Unauthorised sharing of client information with a third party.

&nbsp;&nbsp;&nbsp;&nbsp;• Improper use of client data for personal gain.

&nbsp;&nbsp;&nbsp;&nbsp;• Negligent data handling leading to unauthorised access to sensitive
 information, compromising client privacy and trust.

**Transparency**

If you suspect a conflict of interest or believe there might be a perception of one, disclose the details to your Head of Department, the Compliance Department, or the relevant chairperson. Examples of conduct which would be untransparent include:

&nbsp;&nbsp;&nbsp;&nbsp;• Personally owning shares in a company and not disclosing this potential
 conflict to a group of decision-makers discussing a potential transaction in shares of the
 company on behalf of clients.

&nbsp;&nbsp;&nbsp;&nbsp;• Not fully disclosing all personal shareholdings in an initial or annual
 Code of Ethics declaration.

&nbsp;&nbsp;&nbsp;&nbsp;• Not fully disclosing all information requested by the Compliance Department
 or a regulator.

**Conflicts of interest**

Conflicts can arise between Baillie Gifford, its Partners and employees, and a client. Conflicts can also arise between multiple clients. Situations giving rise to a conflict include:

&nbsp;&nbsp;&nbsp;&nbsp;• Individuals making financial gains or avoiding losses at the client's
 expense.

&nbsp;&nbsp;&nbsp;&nbsp;• Having personal interest in the outcome of services or transactions
 that differs from the client's interest.

&nbsp;&nbsp;&nbsp;&nbsp;• Financial or other incentive which favours one client over another.

&nbsp;&nbsp;&nbsp;&nbsp;• Individual is in the same business as the client; and

&nbsp;&nbsp;&nbsp;&nbsp;• Inducements from individuals in relation to client services (monetary,
 goods, or services).

You have a responsibility to identify potential conflicts from both a personal and Firm activity perspective.

This is supported through adherence to this Code and can be ensured by your vigilant identification, management or avoidance, and disclosure of conflicts of interest.

If you identify a new potential or unavoidable conflict at either a personal or Firm level, you have a duty to disclose to the Compliance department via the Conduct & Market Oversight team, using the following e-mail address: CodeofEthicsQueries@bailliegifford.com (secure mailbox).

**Policy**

The following policy points are supplemented by a series of underlying supporting documents which also include guidance on how to use the Firm's Code of Ethics System.

**General**

Upon starting your employment and annually thereafter, you must:

&nbsp;&nbsp;&nbsp;&nbsp;• Read and understand the Code thoroughly.

&nbsp;&nbsp;&nbsp;&nbsp;• Submit a Code of Ethics declaration, disclosing your personal account
 broker accounts, shareholdings, outside business interests, political contributions from
 the last two years, and certify your understanding.

Code of ethics policy 2024

Note: Additional disclosure requirements for specific roles are detailed in the PA dealing supporting document and entity-specific compliance policies.

On an ongoing basis, you must:

&nbsp;&nbsp;&nbsp;&nbsp;• Follow the Firm's guiding ethical principles.

&nbsp;&nbsp;&nbsp;&nbsp;• Take responsibility for personal compliance risks related to the Code
 of Ethics.

&nbsp;&nbsp;&nbsp;&nbsp;• Use the Firm's Code of Ethics System to obtain pre-clearance for personal activities (where required) and
log compliance records.

&nbsp;&nbsp;&nbsp;&nbsp;• Understand that the Compliance Department is available for advice
 but prioritises client and Firm matters over personal issues of staff.

In addition:

&nbsp;&nbsp;&nbsp;&nbsp;• The Head of Compliance (whom failing, a delegate) can clarify the
 Code's meaning and provide waivers in exceptional cases, except where it would breach
 regulatory requirements.

&nbsp;&nbsp;&nbsp;&nbsp;• A material violation of the Code may result in disciplinary action,
 remuneration clawback, or reporting a Conduct Rule breach to the UK Financial Conduct Authority
 and other applicable regulators.

Report any potential violations immediately to the Conduct & Market Oversight team at CodeofEthicsQueries@bailliegifford.com (secure mailbox).

**Personal account dealing**

Baillie Gifford prioritises clients' interests, ensuring they receive the best possible trade execution. To uphold this standard, you must avoid actions that could disadvantage clients through personal account (PA) dealing. The Firm permits PA dealing under specific restrictions, allowing you and your connected persons to conduct investment transactions within these guidelines. You must also ensure that PA dealing does not detract from your primary job responsibilities.

Note: "Connected persons" and a list of applicable securities are fully defined within the PA Dealing supporting document.

PA dealing is prohibited where:

&nbsp;&nbsp;&nbsp;&nbsp;• You know Baillie Gifford is actively considering an investment opportunity.

&nbsp;&nbsp;&nbsp;&nbsp;• Baillie Gifford is trading applicable securities for clients.

&nbsp;&nbsp;&nbsp;&nbsp;• You or Baillie Gifford possess material non-public information.

&nbsp;&nbsp;&nbsp;&nbsp;• It involves misuse or improper disclosure of confidential or proprietary
 information related to clients or trading.

In addition:

&nbsp;&nbsp;&nbsp;&nbsp;• Do not advise, recommend or procure others to enter transactions prohibited
 under our PA dealing requirements. This includes disclosure of information or opinion which
 is likely to result in such transactions.

&nbsp;&nbsp;&nbsp;&nbsp;• Do not enter a PA deal or insurance contract to hedge against deferred
 remuneration risks

&nbsp;&nbsp;&nbsp;&nbsp;• Obtain pre-clearance using the System before PA dealing in applicable
 securities. After pre-clearance, instruct the PA deal with your broker by the close of business
 the next working day.

&nbsp;&nbsp;&nbsp;&nbsp;• Avoid buying and selling, or selling and buying, the same or equivalent
 securities within 60 days.

&nbsp;&nbsp;&nbsp;&nbsp;• If you have specific knowledge of a pending Investment Trust share
 buy-back, refrain from PA dealing in that Investment Trust until completion.

&nbsp;&nbsp;&nbsp;&nbsp;• Profits from PA dealing in violation of the Code may be subject to
 disgorgement.

Specific to the Investment department:

&nbsp;&nbsp;&nbsp;&nbsp;• Investment team members cannot PA deal within seven days before or
 after clients in a strategy they are involved in have traded the same security. If unaware
 of pending client activity when requesting pre-clearance, you will not violate the Code.

&nbsp;&nbsp;&nbsp;&nbsp;• Inform decision-making groups if you own shares in a company under
 discussion and consider withdrawing from discussions if there is an unmanageable conflict
 of interest. Compliance can provide advice and record-keeping support case-by-case.

**Inducements**

&nbsp;&nbsp;&nbsp;&nbsp;• Do not accept gifts, favours, entertainment, hospitality, or other
 inducements of material value that could influence your decision-making or make you feel
 obligated to someone or their company.

&nbsp;&nbsp;&nbsp;&nbsp;• Similarly, do not offer such inducements that could influence the
 recipient's decision-making or make them feel obligated to you or Baillie Gifford.

&nbsp;&nbsp;&nbsp;&nbsp;• Soliciting gifts, hospitality, entertainment, or anything of value
 is prohibited.

&nbsp;&nbsp;&nbsp;&nbsp;• Giving or receiving cash gifts is also prohibited, and no cash donations
 should be made in connection with clients or prospective clients.

&nbsp;&nbsp;&nbsp;&nbsp;• All staff must consider political contributions from a conflict of
 interest and transparency perspective.

There are specific US "pay-to-play" requirements that introduce pre-clearance requirements, detailed in the Inducements supporting document.

Code of ethics policy 2024

&nbsp;&nbsp;&nbsp;&nbsp;• Giving or receiving gifts is acceptable if the gift is below approximately
 £50 (or equivalent in another currency) in value and does not occur frequently. Options
 for scenarios where the value is greater are detailed in the Inducements supporting document,
 along with record-keeping requirements.

&nbsp;&nbsp;&nbsp;&nbsp;• Exercise discretion in the value and frequency of business lunches,
 dinners, and entertainment or hospitality you give or receive. Further details are included
 in the Inducements supporting document.

&nbsp;&nbsp;&nbsp;&nbsp;• Some clients have specific Code of Ethics requirements that may exceed
 our own. Consider these additional requirements when giving gifts or entertainment.

**Outside business interests**

&nbsp;&nbsp;&nbsp;&nbsp;• Be able to identify, disclose to Compliance and manage any outside
 activities or personal associations that could negatively
impact your job performance, conflict with Baillie Gifford's interests and/or harm client relationships. If you have any concerns,
seek advice from Compliance.

&nbsp;&nbsp;&nbsp;&nbsp;• Disclose proposed external positions promptly to Compliance, and in
 some cases, obtain pre-clearance based on the relevance to Baillie Gifford's business,
 your role, and your regulatory registrations. Further details are included in the Outside
 Business Interests supporting document.

&nbsp;&nbsp;&nbsp;&nbsp;• The Compliance Conduct & Market Oversight team, using the Code
 of Ethics System, handles all outside business interest disclosures and shares relevant information
 with the Human Resources, Group Governance Services, and Anti-Financial Crime Departments.
 If needed, the team will secure approval from the Head of Compliance (whom failing, a delegate)
 and the Chief Compliance Officer of any relevant Baillie Gifford entity, confirming receipt
 or requesting further information. Partners or Chief Executive Officers of Baillie Gifford
 subsidiary companies must also obtain approval from a Managing Partner for external appointments.

**Monitoring**

The Group Compliance Monitoring Team is responsible for the compliance monitoring plan which, using a risk-based approach, seeks to provide assurance on our regulated activities. Where our risk assessment indicates monitoring is required, the Group Compliance Monitoring Team monitor for compliance with this policy. Where appropriate, a report of the results of this monitoring will be provided to the Group Compliance Committee or relevant board and the results of this monitoring will be taken into consideration when assessing the ongoing knowledge and competence of affected individuals.

**Record keeping**

The Code of Ethics System is the repository for Code of Ethics activity records.

The Incident Management System is the repository for Code of Ethics violation records. This may prompt the creation and retention of records by the Conduct Assurance Group if a material violation is identified which prompts a conduct rule breach assessment.

All Code of Ethics activity and violation records are maintained in accordance with the Records Management Policy in the Group Compliance Manual.

Code of ethics policy 2024

**Appendix - Global regulatory requirements**

---

| | | |
|:---|:---|:---|
| **Regulator** | **Country** | **Applicable regulation(s)** |
| Financial Conduct Authority | UK | Requirement to have a code of ethics: COBS 11.7 & 11.7A<br>PA dealing requirements: COBS 11.7 & 11.7A<br>Inducement requirements: COBS 2.3 & 2.3A<br>Conflicts requirements: SYSC 10 |
| Securities and Exchange Commission | US | Requirement to have a code of ethics: Rule 204A-1 under the Advisers Act<br>PA dealing requirements: Rule 204A-1(b) under the Advisers Act<br>Inducement requirements: Rule 206(4)-5 and Pay-to-Play requirements<br>Conflicts requirements: Section 206 of the Advisers Act; Rule 17j-1 under the Investment Company Act. |
| Financial Industry Regulatory Authority | US | Key requirement is FINRA Conduct Rule 3280 on private securities transactions. |
| Central Bank of Ireland\*<br>\*European Union regulatory framework (also applies to BGE branches and registered offices in other European jurisdictions)<br>| Ireland | Requirement to have a code of ethics: article 16(2) MiFID<br>PA dealing requirements: article 13 of the UCITS implementing Directive & article 16(2) of MiFID<br>Inducement requirements: article 24(9) of MiFID, articles 22(3), 29(2) and 29(3) of the IDD<br>Conflicts requirements: recitals 45-47 to the MiFID Org Regulation & 23(2) and (3) of MiFID and article 28(2) and (3) of the IDD |
| Australian Securities & Investments Commission | Australia | General requirement to not to engage in unconscionable conduct: s.991A CA and s.12CA – 12CC ASIC Act |
| Ontario Securities Commission | Canada | All requirements covered by rule NI 31-103 part 11.1 |
| Asset Management Association of China | China | Voluntary codes: the Asset Management Association of China is a self- regulatory organisation of the asset management industry which promotes safeguarding investor rights, upholding market integrity, and fostering fair practices. |
| Securities and Futures Commission | Hong Kong | Requirement to have a code of ethics: para 4.3 of the Code of Conduct for persons Licensed by or Registered with the Securities and Futures Commission; section V.4 (Compliance) of the Management, Supervision and Internal Control Guidelines for Persons Licensed by or Registered with the SFC<br>PA dealing requirements: para 12.2 of the Code of Conduct for persons Licensed by or Registered with the Securities and Futures Commission; section III.2 (Personnel and training) and para A4 of the Appendix of the Management, Supervision and Internal Control Guidelines for Persons Licensed by or Registered with the SFC;<br>Inducement requirements: para A5 of the Appendix of the Management, Supervision and Internal Control Guidelines for Persons Licensed by or Registered with the SFC; Prevention of Bribery Ordinance (Cap.201)<br>Conflicts requirements: GP6 and section 10 of the Code of Conduct for persons Licensed by or Registered with the Securities and Futures Commission; section VII.4 (Operational Controls) of the Management, Supervision and Internal Control Guidelines for Persons Licensed by or Registered with the SFC |

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Code of ethics policy 2024

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| | | |
|:---|:---|:---|
| Financial Sector Conduct Authority | South Africa | General Code of Conduct for Authorised Financial Services Providers and Representatives |
| Financial Services Commission | South Korea | Inducement requirements: The Improper Solicitation and Graft Act (i.e. Anti-Graft Law) |
| Monetary Authority of Singapore | Singapore | Requirement to have a code of ethics: section 2.2 of Guidelines on Risk Management Practices - Internal Controls; The IMAS Code of Ethics and Standards of Professional Conduct (industry guidance only)<br>PA dealing requirements: section 4 of the Securities and Futures (Licensing and Conduct of Business) Regulations; section 2 of the Securities and Futures Act 2001 (i.e. the definition of "specified products", "securities", "securities based derivatives contract"); para 2.2.2 of Guidelines on Risk Management Practices – Internal Controls<br>Inducement requirements: Prevention of Corruption Act; para 2.2.2 of Guidelines on Risk Management Practices - Internal Controls<br>Conflicts requirements: para 2.2.4 of Guidelines on Risk Management Practices – Internal Controls; para 4.1.3 of Guidelines on Licensing and Conduct of Business for Fund Management Companies |

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Code of ethics policy 2024

**Employment scope**

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| | | |
|:---|:---|:---|
| **Employee type** | **Definition** | **In scope** |
| Employee | Employee | • |
| Partner | Partner | • |
| Fixed term | Employee | • |
| Temporary and agency staff | Contingent worker | • |
| Interns and summer students | Employee | • |
| Secondees | Employee | • |
| Individuals providing services via personal service companies | Contingent worker | • |
| Contractors (with or without systems access) | Contingent worker | • |
| Independent non-executive directors of BG entities | Contingent worker | |
| Non-executive directors of MUBG | Contingent worker | |
| Staff pension scheme trustees | Contingent worker | |

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**Entity scope**

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| | | |
|:---|:---|:---|
| **Entities** | **Acronym** | **In scope** |
| Baillie Gifford & Co | BG&CO | • |
| Baillie Gifford & Co Ltd | BG&CoLtd | • |
| Baillie Gifford Overseas Ltd | BGO | • |
| Mitsubishi UFJ Baillie Gifford Asset Management Limited | MUBG | • |
| Baillie Gifford International LLC | BGI | • |
| Baillie Gifford Funds Services LLC | BGFS | • |
| Baillie Gifford Asia (Hong Kong) Ltd | BGA(HK) | • |
| Baillie Gifford Investment Management (Europe) Ltd | BGE | • |
| Baillie Gifford Investment Management (Shanghai) Ltd | BGIMS | • |
| Baillie Gifford Overseas Investment Fund Management (Shanghai) Ltd | BGQS | • |
| Baillie Gifford Asia (Singapore) Private Limited | BGAS | • |

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**Regulatory scope**

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| | | |
|:---|:---|:---|
| **Regulatory authority** | **Acronym** | **In scope** |
| Asset Management Association of China | AMAC | • |
| Australian Securities & Investment Commission | ASIC | • |
| Central Bank of Ireland | CBI | • |
| Dutch Authority for The Financial Markets | AFM | • |
| Federal Financial Supervisory Authority | BaFIN | • |
| Financial Conduct Authority | FCA | • |
| Financial Industry Regulatory Authority | FINRA | • |
| Financial Sector Conduct Authority | FSCA | • |
| Financial Services Commission | FSC | • |
| Ontario Securities Commission | OSC | • |
| Securities & Exchange Commission | SEC | • |
| Securities & Futures Commission | SFC | • |
| Swiss Financial Market Supervisory Authority | FINMA | • |
| Monetary Authority of Singapore | MAS | • |

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Code of ethics policy 2024

**Index of updates**

---

| | | | |
|:---|:---|:---|:---|
| **Date** | **Reason for change** | **Material change** | **Regulatory requirement** |
| May 2018 | 4.5.1. Separate broker notification letter for BGFS representatives no longer required.<br>4.5.1. New paragraph added about broker confirmations.<br>4.8. Minor updates to description of unlisted investments in the summary table.<br>Minor housekeeping changes throughout the policy to change all references to holdings reports to Code of Ethics Declarations. | Yes | Yes |
| August 2018 | Minor updates to summary table in section 4.8 to include references to cryptocurrencies and structured deposits. | No | No |
| September 2018 | Removal of references to Baillie Gifford Life Limited. This entity is no longer carrying out insurance business and has applied for the cancellation of all its regulatory permissions. | No | No |
| October 2018 | New Guidance for partners and staff considering external appointments section added to the Conflicts of Interest chapter of the Code of Ethics Policy, plus a link to the guidance note. Not a material change as this is the publication of guidance and not a Code of Ethics Policy change. Summary table in section 4.8 updated to consolidate the two rows relating to exchange traded funds into one row. | No | No |
| November 2018 | Housekeeping update to the PA dealing policy following changes to the workplace pension arrangements. | No | No |
| January 2019 | Additional client requirement added to the list of clients with specific requirements link in section 5.1.15. | No | No |
|  | Change of job title for Lindsay Gold from Head of Compliance to Compliance Director (Page 5). | No | No |
|  | Reference to CFTC added in Section 6.0. | No | Yes |
|  | Changes to ensure BGE is covered by the policy. | No | No |
| March 2019 | Updates to summary table in section 4.8 to reflect the 3 security types added. Certificate of Deposit, Fixed Term Deposit and Fixed Term Bond. | No | No |
| April 2019 | Changed Lindsay Gold's title from Head of Compliance to Compliance Director and changed Monitoring, Ethics Conduct and Assurance team name to Monitoring and Ethics team. | No | No |
| July 2019 | Update political contributions sections to confirm that pre-clearance can be obtained from US based Compliance Counsel and the Code of Ethics team, rather than the Compliance Director. | No | No |
| September 2019 | Updates made to reference the new FCA Conduct Rules introduced under SMCR and make enhancements to the Outside Business Interests section. | Yes | Yes |
| September 2019 | OBI section of the policy updates to include a new table of examples and a new streamlined process which consolidates the pre-existing Code of Ethics policy and the HR OBI and Employment Policy which has since been decommissioned. | Yes | No |
| September 2019 | Whistleblowing Policy removed (now standalone), BGA(HK) semi-annual declaration process referenced and various housekeeping amendments. | No | No |
| December 2020 | Housekeeping changes to change 'unlisted investments' to 'private companies' and clarifying personal associations | No | No |
| January 2021 | Alastair Maclean replaces Lindsay Gold, as Director, Group Compliance and Legal. | No | Yes |

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Code of ethics policy 2024

---

| | | |
|:---|:---|:---|
| May 2021 | Addition of section 3.4.3 Disclosure Procedures for External Board/Committee Appointments. | No |
|  | Minor housekeeping updates to clarify the policy which included: adding ETFs to the section in 4.3; FX and cryptocurrency in 4.4.2.1; Automatic sales for fees in 4.4.2.2; updating various links throughout the policy; updating the Group Compliance and Legal Director title throughout. |  |
| August 2021 | Housekeeping changes: No change to process, tidying up policy wording and making it clearer. | No |
| January 2022 | References to: 1) Compliance Monitoring and Ethics Team updated to Compliance Code of Ethics Team; and 2) Head of Compliance Monitoring and Ethics updated to Head of Group Compliance Staff Regulatory Responsibilities. | No |
| March 2022 | Post-Brexit updates made for UK/EU MiFID references throughout the policy. Name change for the Policies Training & Reporting team to Events & Global Registrations team. | No |
| May 2022 | Following a query from an Investment Trust Board, we have decided to tighten up the language around PA dealing during BG Investment Trust share buy-backs. New section 4.4.5. added. | No<br>|
|  | Various minor housekeeping updates. | No |
| October 2022 | Additional language added to clarify the definition of 'immediate family member' and 'known close associate' regarding the subject of Politically Exposed Appointments in section 3.4.1 Types of Outside Business Interests. | No |
| January 2023 | Incorporate South Korea's Anti-Graft Rule in section 5.5. | Yes |
| April 2023 | Various minor housekeeping updates. Events & Global Registrations team changed to Global Regulatory Registrations and Reporting team. | No |
| April 2023 | Update to 'covered securities' sections 4.3 and 4.8 to cover: stock tokens and terminology around ETPs and ETFs. | No |
| April 2023 | Minor update to section 3.4.4 Personal Associations. Additional sentence added to clarify the existing conflicts disclosure requirement that any relevant personal associations within BG that could give rise to a potential conflict of interest, should be disclosed to Compliance. | No |
| April 2023 | Agreed at the Policy Review Sub Group to remove references to the Compliance Committee from the Interpretation and Waiver section. | No |
| April 2023 | Code of Ethics Policy reviewed from a Consumer Duty perspective and minor wording changes made to the Purpose and Guiding Ethical Principles sections. | Yes |
| April 2023 | Agreed at the Policy Review Sub Group to remove references to specific regulators in order to simplify/make this a Group Policy. | No |
| May 2023 | Reference to Compliance Counsel updated to North American Compliance Team in section 5.1.6. | No |
| August 2023 | Clarified staff in scope of conduct rules in section 2.1. | No |
| September 2023 | Clarification added for Outside Business Interests disclosure | No |
| March 2024 | Annual policy review – slight change to who will discuss business related external positions outside the firm.<br>Rationale is that in practice, it is better to ensure it's not the responsibility of one individual (a chair) in case they are absent. In addition, there can be overlap between an ELG member and the individuals head of department.<br>| No |
| March 2024 | Annual Policy Review – changed references from joint Senior Partners to managing Partners. | No |

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Code of ethics policy 2024

---

| | | |
|:---|:---|:---|
| March 2024 | Annual Policy Review - References to Head of Group Compliance Staff Regulatory Responsibilities updated to Head of Group Ethics, Compliance Training and Technology. | No |
| March 2024 | Various housekeeping changes/additional points of clarity in relation to business lunches/dinners, gifts and entertainment. This follows recommendations from Compliance Monitoring. None of these changes are material. | No |
| May 2024 | Minor non-material changes have been made to the Political Contributions section of the Group Code of Ethics. Existing detailed guidance on rules and requirements for US Political Contributions has been updated and removed from the Group policy into a separate jurisdictional section of the Group Compliance Manual for BGO and BGI. | No |
| July 2024 | Changes have been made to the Outside Business Interests section (3.4.2) of the Group Code of Ethics. New Singapore specific guidance on rules and requirements for BGAS representatives added. | Yes |
| July 2024 | References to: 1) Compliance Code of Ethics team updated to Conduct & Market Oversight team; and 2) Head of Group Ethics, Compliance Training and Technology updated to Senior Manager, Conduct & Market Oversight. | No |
| July 2024 | Changes have been made to the Reporting requirements (4.7.4) section of the Group Code of Ethics. New Singapore specific guidance on rules and requirements for BGAS representatives added. | Yes |
| July 2024 | New Singapore specific guidance on rules and requirements for BGAS representatives added as a new section 5.6. | Yes |
| July 2024 | Changes have been made to the Entity scope and Regulatory scope sections of the Group Code of Ethics to include Baillie Gifford Asia (Singapore) Private Limited (BGAS) and Monetary Authority of Singapore (MAS). | Yes |
| July 2024 | Change has been made to the summary table of security types and pre-clearance and reporting requirements (4.8). 'Corporate Bonds' changed to 'Corporate Debt Instruments'. | No |
| December 2024 | Annual Policy Review – Policy restructured to remove procedural parts and focus on key policy requirements linked to PA dealing, inducements and conflicts of interest. New supporting documents are being published to ensure procedural content is still available to members of staff. | No |

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| ![](x1_c113438x619x1.jpg) |  |
| **Calton Square, 1 Greenside Row, Edinburgh EH1<br> 3AN Telephone +44 (0)131 275 2000 /<br> bailliegifford.com** | CS2195088 Code of Ethics 1224<br> Copyright© Baillie Gifford & Co 2024. All rights reserved.<br>|

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## Ex-99.(P)(8)

**Exhibit 99.(P)(8)**

Code of Ethics: Personal Transactions

------

—

Background

Investment advisers are fiduciaries that owe their undivided loyalty to their clients. 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 each registered investment adviser to adopt and implement a written code of ethics that contains provisions regarding:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The adviser's fiduciary duty to its clients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Compliance with all applicable Federal Securities Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Reporting and review of personal Securities transactions
and holdings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Reporting of violations of the code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The distribution of the code to all Supervised Persons.

Risks

In developing these policies and procedures, Crescent considered the material risks associated with administering the *Code of Ethics*. This analysis includes risks such as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Supervised Persons do not understand the fiduciary
duty that they, and Crescent, owe to Clients and Investors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Supervised Persons and/or Crescent fail to identify
and comply with all applicable Federal Securities Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Supervised Persons do not report personal Securities
transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Supervised Persons trade personal accounts ahead of
Client accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Supervised Persons allocate profitable trades to personal
accounts or unprofitable trades to Client accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Violations of the Federal Securities Laws, the *Code of Ethics*, or the policies and procedures set forth in this Manual, are not reported to the CCO and/or appropriate supervisory
personnel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Crescent does not provide its *Code of Ethics* and any amendments to all Supervised Persons; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Crescent does not retain Supervised Persons'
written acknowledgements that they received the *Code of Ethics* and any amendments.

Crescent has established the following guidelines to mitigate these risks.

Policies and Procedures

Fiduciary Standards and Compliance with the Federal Securities Laws

This *Code of Ethics* is based on the principle that the officers, directors and employees of Crescent owe a fiduciary duty to Crescent's Clients and Investors. In consideration of this fiduciary duty, Supervised Persons should conduct themselves in all circumstances in accordance with the following general principles:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· You must at all times place the interests of Crescent's
clients before your own interests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· You must conduct all of your personal investment transactions
consistent with this *Code of Ethics* and in such a manner that avoids any actual or potential conflict of interest or any
abuse of your position of trust and responsibility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· You must adhere to the fundamental standard that investment
advisory personnel should not take inappropriate advantage of their positions for their personal benefit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· You must adhere to the principle that information concerning
the identity of security holding and financial circumstance of Clients and Investors is confidential.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· You must comply with those applicable federal securities
laws and Firm policies that are issued from time to time and are applicable to your group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Communications with clients or prospective clients
should be candid and thorough. They should be true and complete and not mislead or misrepresent. This applies to all marketing
and promotional materials.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Independence in investment-decision making should be
paramount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Decisions affecting clients are to be made with the
goal of providing equitable and fair treatment among clients.

**The effectiveness of Crescent's policies regarding ethics depends on the judgment and integrity of its employees rather than on any set of written rules.**

Although determining what behavior is necessary or appropriate sometimes is difficult when adhering to these general principles, this *Code of Ethics* contains several guidelines for proper conduct. Crescent values its reputation for integrity and professionalism. Crescent's reputation is its most valuable asset. The actions of Supervised Persons should be consistent with and in furtherance of this reputation.

Accordingly, you must be sensitive to the general principles involved and to the purposes of the *Code of Ethics*, in addition to the specific guidelines and examples set forth below. If you are uncertain about whether a real or apparent conflict exists between your interests and those of Crescent's clients in any particular situation, you should consult the CCO immediately. Violations of this *Code of Ethics* constitute grounds for disciplinary actions, including dismissal.

Because no set of rules can anticipate every possible situation, it is essential that you follow these rules not just in letter, but in spirit as well. Any activity that comprises or may appear to compromise Crescent's integrity, even if it does not expressly violate a rule, has the potential to harm Crescent's reputation and may result in scrutiny and disciplinary action.

No person designated under this Code of Ethics to give approvals may approve their own requests.

Each Supervised Person shall receive this *Code of Ethics* and any amendments thereto.

Personal Securities Transactions

Laws and ethical standards impose on Crescent, its employees and its directors, duties to avoid conflicts of interest between their personal investment transactions and transactions Crescent makes on behalf of its clients. In view of the sensitivity of this issue, avoiding even the appearance of impropriety is important. The following personal investment transaction policies are designed to reduce the possibilities of such conflicts and inappropriate appearances, while at the same time preserving reasonable flexibility and privacy in personal securities transactions.

Any questions about this Personal Securities Transactions policy should be addressed to the CCO unless otherwise indicated.

Who Is Covered

Except as otherwise noted, Crescent's restrictions on personal investment transactions apply to all Access Persons. Every Supervised Person should consider himself or herself an Access Person unless otherwise specifically exempted by the CCO. Additionally, 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. The CCO will notify such person when Crescent considers them an Access Person.

Accounts Covered

This policy covers <u>all accounts</u> in which an Access Person may conduct Securities transactions, including any account and securities in which the Access Person may have a "beneficial interest."

SEC rules defines a person to have a "beneficial interest" in Securities held in the name of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· a husband, wife, or domestic partner,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· a minor child,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· a relative or significant other sharing the same house,
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· anyone else if the Access Person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o obtains benefits substantially equivalent to ownership
of the Securities,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o can obtain ownership of the Securities immediately
or within 60 days, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o can vote or dispose of the Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Outside Fiduciary Accounts; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Accounts that hold only third-party, open-end mutual
funds.

An example of an Access Person having a "beneficial interest" includes trades in a relative's brokerage account if the Access Person is authorized to trade for that brokerage account, regardless of whether the Access Person actually does trade. Whether you have beneficial interest in the Securities of a 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 interest, you must contact the CCO, whose decision be dispositive.

Under the definition of "beneficial interest," persons other than Crescent Supervised Persons may have to comply with this *Code of Ethics* including, but not limited to spouses, domestic partners, and significant others sharing the same households. The pertinent Crescent Access Person must make sure that the outside person is familiar with the requirements of this *Code of Ethics*. Violations by the outside person constitute violations by the related Crescent Access Person. If you want the outside person to receive a copy of this *Code of Ethics* or to attend a *Code of Ethics* orientation, contact Compliance.

If you act as a fiduciary with respect to funds and accounts managed outside of Crescent (e.g., if you act as the executor of an estate for which you make investment decision), you will have a beneficial interest 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 set forth below. You should review the Outside Business Activities section of this *Code of Ethics*, including the restrictions on your ability to act as a fiduciary outside of Crescent.

Note that while the trades in a Non-Discretionary Account do not have to be reported, the existence of the Non-Discretionary Account must be reported to Compliance. Access Persons will be required to provide satisfactory evidence of its non-discretionary nature as described in the Exempt Securities chart below.

Account Opening, Changes or Closings

Because Crescent must receive confirmation and broker statements for all accounts of an Access Person and any account in which an Access Person has a beneficial interest as defined above, Crescent must be made aware immediately of all account opening, changes, or closures.

Opening an Account

New Access Persons or Access Persons wishing to open a new brokerage account may do so, but must immediately:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Notify Compliance by uploading the account information
on Star Compliance; Access persons may maintain a brokerage account only with brokers who directly or through a clearing broker
provide an electronic feed of account transactions and statements into Star Compliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· If your broker requires delivery instructions (a letter
from Crescent to receive duplicate confirms and statements) please contact Compliance.

Changes to an Account

If the information of a brokerage account changes (for example, a change to the name on the account, the account number, or similar change), the Access Person must notify Compliance immediately by updating the account information on Star Compliance to ensure that duplicate confirmations and broker statements continue to be sent electronically to Crescent.

Closing an Account

Once an account has been closed, the Access Person must immediately notify Compliance and provide adequate evidence of account closure, typically notice directly from brokerage firm.

Preclearance Procedures

General Principles Regarding Securities Transactions

**Each Access Person must obtain preclearance approval for any personal investment transaction in a Security if such Access Person has, or as a result of the transaction acquires, any direct or indirect beneficial ownership in the Security.**

Access Persons must seek preclearance and obtain approval for all non-exempt Securities transactions by logging on to Star Compliance (<u>https://crescent.starcompliance.com/Auth/Login</u>) and filing a Personal Transaction Authorization Form ("PTAF") for publicly traded securities or a Private Placement Request Form for private placements. Access Persons will be required to supply certain key information and to make certain certifications prior to each time you trade a Security, such as that you have no knowledge that the Security is under active consideration for purchase or sale by Crescent for its clients.

**Access Persons may NOT transact in any non-exempt Security until AFTER Star Compliance (or the CCO or other Compliance Officer) delivers written approval to trade (typically via email).**

**Each approval to transact a non-exempt Security (other than a Private Placement, discussed below) is valid ONLY on the day the approval is given plus the business day following the day that you obtain preclearance approval. If the transaction is not completed within this time period, Access Persons must submit a new PTAF and obtain a new preclearance approval, including one for any unexecuted portion of the transaction, or you must cancel the unexecuted portion of the transaction.**

The defined approval window may significantly impede the use of limit orders, which if used must be structured in adherence with the preclearance time limits. <u>Post approval is not permitted under this *Code of Ethics*</u>. If Crescent determines that an Access Person completed a trade before approval or after the clearance expires, you will be considered to be in violation of the *Code of Ethics*.

Note that decisions on preclearance requests ordinarily will be given on the day you request it if it is received before the daily processing cutoffs of 6:30AM, 9:30AM, and 12PM Los Angeles Time and 9:30AM, 12:30PM, and 3PM New York time. However, circumstances may delay such decisions and under no circumstance may an Access Person transact in a non-exempt Security without written approval, even after filing a preclearance request.

A request to transact in a private placement is initiated on Star Compliance by accessing the PTAF, which will redirect the user to the Private Placement Request Form when a "yes" response is entered to the question, "Is this trade request for a Private/Limited Offer?" Once the Private Placement Request Form is completed and submitted, you will receive notice of approval or denial in writing usually within one day. If approval is granted, that approval remains valid until the transaction is completed. Because private placements typically are not transacted through or held in a brokerage account, after the completion of a private placement transaction, an Access Person must ensure that the holding is accurately reflected in their holdings report on Star Compliance.

&nbsp;&nbsp;&nbsp;&nbsp;· Exceptions

Preclearance is not necessary for Exempt Securities and Non-Discretionary Accounts. Note that while preclearance is not required for Non-Discretionary Accounts, certain Non-Discretionary Accounts are subject to certain of the reporting requirements specified below. Separate certification procedures will apply for Securities executed on behalf of Outside Fiduciary Accounts in lieu of preclearance.

Additional, transactions in a Crescent private fund need not be pre-cleared or reported on Star Compliance.

Trading Restrictions

This policy governs your investments in Securities. No Access Person may purchase or sell, directly or indirectly, for his or her own account, or any account in which he or she may have beneficial interest including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Any Security that Crescent is buying or selling for
its clients, until such buying or selling is completed or cancelled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Any Security that to his or her knowledge is under
active consideration for purchase or sale by Crescent for its clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Any Security subject to a restriction on personal investment
transactions adopted by Crescent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Any Crescent Capital BDC, Inc. ("CCAP")
or Crescent Private Income Corp. ("CPCI") security except in strict compliance with all of the requirements herein
including the Additional Requirements for Trading in the Securities of Crescent Capital BDC, Inc., infra at p. 8.

Remember these are limits on what you can do directly or indirectly, for your own account or for any account in which you may have a "beneficial interest." Except as otherwise noted below, the trading restrictions do not apply to Outside Fiduciary Accounts.

For any securities transaction in which an Access Person has a direct or indirect beneficial ownership interest, he or she may not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Enter into an uncovered short sale.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Write an uncovered option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Acquire any non-exempt Security in an IPO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Transact in Securities offered in a hedge fund, other
Private Placements, or other Limited Offering (other than those sponsored by Crescent) without the prior approval.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o A request for approval to purchase a private placement
is made by submitting a Private Placement Request Form to Compliance via Star Compliance as discussed above. When considering approval,
the CCO will take into consideration whether the investment opportunity you have been offered should be reserved for Crescent's
clients and whether the opportunity is being offered to you by virtue of your position with Crescent. If you or your department
wants to purchase on behalf of a Firm client the Security of an issuer or its affiliate where you have a beneficial interest (including
through an Outside Fiduciary Account) in the Securities of that issuer through Private Placements,
you must first disclose your interest to the CCO. In such an event, the CCO will independently review the proposed investment decision.
Written records of any such circumstance will be maintained by the CCO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o A request for transfer of interest in Firm sponsored
Private Placements, other than estate planning or those that are court-mandated, require preapproval from the CCO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o A request for sale is made by submitting in the same
manner as a request to purchase.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Purchase or sell any Security that is subject to a
Firm wide restriction or a department restriction by his or her department. An exemption to trading a restricted list security
may be granted under certain conditions, such as when the request occurs outside of a restricted time window person or is confirmed
not to violate an Information Barrier, or when the purchase will not violate agreements with issuers or not exceed regulations
relating to quantities of the Security that may be held by Crescent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Trade excessively in violation of the prospectuses
to mutual funds advised or sub-advised by Crescent.

Additional Requirements for Trading in the Securities of CCAP

Open Trading Windows

Before purchasing or selling, either personally or on behalf of others, any of the common stock or other outstanding securities of CCAP, Access Persons must seek preclearance as described above under "Preclearance Procedures." Approval will only be granted during an open window period for trading in the securities of CCAP (an "Open Trading Window"). Compliance will send email notices to all Crescent employees upon the commencement and end of any Open Trading Window. An Open Trading Window will commence no earlier than 48 hours after the release of CCAP's quarterly or annual earnings, and will end on the earlier of: 1) two weeks after the commencement of the Open Trading Window; or 2) on such

other date as is determined by the CCAP CCO (the "Open Trading Window"). However, there is no guarantee that an Open Trading Window will commence in any particular quarter, and Open Trading Windows may be brief and infrequent, depending upon the circumstances.

Trading during Open Trading Windows should not be considered a "safe harbor," and all Insiders should use good judgment at all times. If an Insider is in possession of material nonpublic information, even during an Open Trading Window, then the Insider should not trade in CCAP securities until the information has been made publicly available or is no longer material.

Transactions Pursuant to Approved 10b5-1 Trading Plans

The prohibitions on trading CCAP set forth above do not apply to transactions under a pre-existing written plan, contract, instruction or arrangement (a "Rule 10b5-1 Plan") pursuant to Rule 10b5-1 under the Securities Exchange Act of 1934 ("Exchange Act") that: (i) has been reviewed and approved by the CCO or another member of the Compliance Department; (ii) was entered into in good faith by the Access Person during an Open Trading Window, at a time when the person was not in possession of material nonpublic information about CCAP, and could have otherwise engaged in a transaction in CCAP securities pursuant to the terms of this Policy; and (iii) (A) explicitly specifies the amount of securities to be purchased or sold and the price at which and the date on which the securities are to be purchased or sold; (B) includes a written formula or algorithm, or computer program, or other objective parameters, for determining the amount of securities to be purchased or sold and the price at which and the date on which the securities are to be purchased or sold; or (C) gives a third party the discretionary authority to execute such purchases and sales, outside the influence or control of the Access Person, so long as such third party does not possess any material nonpublic information about CCAP.

Additional Requirements for Trading in the Securities of CPCI

Shares of common stock of CPCI are offered monthly at a price equal to the then-current net asset value per share, as described in CPCI's current prospectus. CPCI expects to offer to repurchase its common stock on a quarterly basis. Otherwise there is currently no market for CPCI common stock, no such market may develop in the future. Before purchasing or selling, either personally or on behalf of others, any of the common stock or other outstanding securities of CPCI, Access Persons must obtain preclearance from the Compliance department. Please contact the Compliance department if you intend to purchase or sell CPCI securities.

Additional Restrictions on Trading in CCAP Securities

Access Persons are prohibited from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· buying or selling options, including puts or calls,
or other derivative securities (other than derivative securities issued by the Corporation, such as convertible notes) based on
CCAP or CPCI securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· engaging in the short sale of CCAP or CPCI securities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· pledging CCAP or CPCI securities as collateral for
a loan; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· entering into hedging or monetization transactions
or similar arrangements with respect to CCAP or CPCI securities.

CCAP and CPCI Section 16 Reporting Requirements

Access Persons who are officers or directors of CCAP or CPCI are subject to various reporting requirements under Section 16 of the Exchange Act, with respect to their ownership of and transactions in CCAP or CPCI securities. Please refer to "Section 16 Reporting Policies and Procedures" in the CCAP or CPCI Compliance Manuals for additional information.

Additional Restrictions for Investment Personnel

Investment Personnel are subject to the additional trading restrictions listed below unless they have received specific confirmation to the contrary from the CCO. Note that an individual's status or duties may change, which could result in him or her becoming subject to the same trading restrictions as the Investment Personnel. If you have any questions resulting from such a change, you should contact Compliance.

Investment Personnel should seek to avoid frequent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Profit from the purchase and sale, or sale and purchase,
of the same (or equivalent) Securities other than Exempt Securities within 60 calendar days. This applies to any Security, whether
or not it is held in any client portfolio at Crescent. A LIFO system will be used to match transactions (meaning most recent purchases
will be matched against a given sale or that the most recent sales will be matched against a given purchase). You also should note
that this policy may effectively limit the utility of options trading and short sales of Securities and could make legitimate hedging
activities less available. Any profits realized on such short-term trades may be subject to disgorgement at the discretion of the
CCO.

Additionally, no Portfolio Manager may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Purchase or sell any Security for his or her own account
or any Outside Fiduciary Account for a period of 10 calendar days BEFORE that Security is bought or sold on behalf of any Firm
client for which the portfolio manager serves as portfolio manager. Violation of this prohibition will require reversal of the
transaction, and any resulting profits will be subject to disgorgement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Purchase any Security for his or her own account or
any Outside Fiduciary Account for a period of 10 calendar days AFTER that Security is sold on behalf of any Firm client for which
the Portfolio Manager serves as portfolio manager.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Sell any Security for his or her own account or any
Outside Fiduciary Account for a period of 10 calendar days AFTER that Security is bought on behalf of any Firm client for which
the Portfolio Manager serves as portfolio manager.

Any profits required to be disgorged will be given to a charity under Crescent's direction.

Securities or Transactions Exempt from Personal Investment Transactions Policy

Personal investment transactions in Exempt Securities are still subject to Crescent's policy on inside information and may be subject to reporting requirements as described below.

Exempt Securities Chart

The following table summarizes the preclearance and reporting requirements for Securities or transactions that are exempt from some aspects of the personal investment transactions policy.

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Type of Exempt Securities or<br> Transactions | &nbsp;&nbsp;Preclearance | &nbsp;&nbsp;Reporting of<br> transactions on<br> Quarterly Reports | &nbsp;&nbsp;Reporting of<br> transactions<br> on Initial and<br> Annual Report |
| &nbsp;&nbsp;Government Securities (defined only as direct obligations of the federal, state or local government including agencies). | &nbsp;&nbsp;No | &nbsp;&nbsp;No | &nbsp;&nbsp;No |
| &nbsp;&nbsp;Bank Certificates of Deposit. | &nbsp;&nbsp;No | &nbsp;&nbsp;No | &nbsp;&nbsp;No |
| &nbsp;&nbsp;Bankers' Acceptances. | &nbsp;&nbsp;No | &nbsp;&nbsp;No | &nbsp;&nbsp;No |
| &nbsp;&nbsp;High quality short-term debt instruments (investment grade, maturity not greater than 13 months) including commercial paper, repurchase agreements, variable rate municipal bonds and other securities that are cash equivalents determined by the CCO. | &nbsp;&nbsp;No | &nbsp;&nbsp;No | &nbsp;&nbsp;No |
| &nbsp;&nbsp; Shares in money market mutual funds.<br> Note that other types of securities that are sold as money market equivalents are subject to all aspects of the policy unless an exemption is granted by Compliance. | &nbsp;&nbsp; No<br>| &nbsp;&nbsp;No | &nbsp;&nbsp;No |
| &nbsp;&nbsp;Mutual Fund Shares in open-end investment companies. | &nbsp;&nbsp;No | &nbsp;&nbsp;No | &nbsp;&nbsp;No |

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Type of Exempt Securities or<br> Transactions | &nbsp;&nbsp;Preclearance | &nbsp;&nbsp;Reporting of<br> transactions on<br> Quarterly Reports | &nbsp;&nbsp;Reporting of<br> transactions<br> on Initial and<br> Annual Report |
| &nbsp;&nbsp; Exchange Traded Funds (ETF)<br> (excluding Single-Stock ETF, which must be pre-cleared and reported) | &nbsp;&nbsp;No | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;Shares issued by unit investment trusts that are invested exclusively in one or more mutual funds not advised by Crescent. | &nbsp;&nbsp;No | &nbsp;&nbsp;No | &nbsp;&nbsp;No |
| &nbsp;&nbsp;Stock index futures and nonfinancial commodities (e.g., pork belly contracts). | &nbsp;&nbsp;No | &nbsp;&nbsp;No | &nbsp;&nbsp;No |
| &nbsp;&nbsp; Securities purchased on behalf of an Access Person in a Non-Discretionary Account.<br> (i) which you, your spouse, your domestic partner, or your significant other established, | &nbsp;&nbsp; No preclearance of trades required but when the account is opened it must be reported and acceptable evidence of its non-discretionary nature must be provided to Compliance. | &nbsp;&nbsp;Yes, but only report the existence of the brokerage account and not the trades done in it. | &nbsp;&nbsp;Yes, but only report the existence of the brokerage account and not the trades done in it. |
| &nbsp;&nbsp;(ii) which you, your spouse, your domestic partner, or your significant other did not establish. | &nbsp;&nbsp;No | &nbsp;&nbsp;No | &nbsp;&nbsp;No |

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Type of Exempt Securities or<br> Transactions | &nbsp;&nbsp;Preclearance | &nbsp;&nbsp;Reporting of<br> transactions on<br> Quarterly Reports | &nbsp;&nbsp;Reporting of<br> transactions<br> on Initial and<br> Annual Report |
| &nbsp;&nbsp;Securities purchased or sold through an Auto-Trade | &nbsp;&nbsp;No | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;Security purchases effected upon the exercise of rights issued by the issuer pro rata to all holders of a class of its securities, to the extent that such rights were acquired from such issuer, and sales of such rights were so acquired. | &nbsp;&nbsp;No | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;Interests in Firm-sponsored limited partnerships or other Firm-sponsored private placements. | &nbsp;&nbsp;No, unless a transfer. | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;Securities acquired in connection with the exercise of an option. | &nbsp;&nbsp;No, unless cash is received in connection with exercise of the option (a simultaneous sale of the security upon exercise of the option). | &nbsp;&nbsp;Yes, security received must be reported. | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;Rule 10b5-1 Plans must be approved prior to being entered into. Once approval for the Rule 10b5-1 Plan is received, transactions pursuant to the plan will not require preclearance. | &nbsp;&nbsp;Yes, prior to approval of the Rule 10b5-1 Plan. | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes |

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Reporting of Transactions

Access Persons must file all reports online via Star Compliance in a complete and accurate manner to ensure their accuracy and completeness. Transactions include purchases, sales and corporate actions such as mergers, spin-offs and dividend issuance. Your failure to do so may result in your trade requests being denied.

You are charged with the responsibility for the timely submission of reports. Any effort by Crescent to facilitate reporting process does not change or alter that responsibility.

Initial Holdings Reports

All Access Persons are required to file an Initial Holdings Report listing all Securities (other than holdings in Non-Discretionary Accounts) and all accounts in which the person has a beneficial interest within 10 calendar days of becoming an Access Person. All information in Initial Holdings Reports must be current as of a date not more than 45 days prior to the date the person became an Access Person.

Quarterly Reports

All Access Persons must submit quarterly reports of personal investment transactions not later than the 30<sup>th</sup> calendar day of January, April, July, and October. Please note that if the 30<sup>th</sup> calendar day falls on a weekend or holiday, there is <u>no extension</u> for filling your reports on the next business day. Transactions include purchases, sales and corporate actions such as mergers, spin-offs, stock splits and stock dividend issuance. No reporting of cash dividends is required. Every Access Person must file a quarterly report when due even if such person made no purchases or sales of Securities during the period covered by the report.

Annual Holdings Reports

All Access Persons are required to submit each year on or before January 30<sup>th</sup> an Annual Holdings Report that provides a listing of all accounts and Securities that the person has a beneficial interest in as of December 31 of the preceding year (other than holdings in Non-Discretionary Accounts). Please note that if the 30<sup>th</sup> calendar day falls on a weekend or holiday, there is <u>no extension</u> for filling your report on the next business day. See the chart above for the list of Exempt Securities that do not have to be reported. All information in Annual Holdings Reports must be current as of a date not more than 45 calendar days prior to the date the report is submitted.

Annual Compliance Certification

All Access Persons are required to submit via Star Compliance an Annual Compliance Certification containing a certification regarding compliance with the *Code of Ethics* on or before January 30 of the subsequent year.

**If you are an Access Person, you must timely submit (<u>no extension available</u>):**

---

| | |
|:---|:---|
| &nbsp;&nbsp;Report Name | &nbsp;&nbsp;When Due |
| &nbsp;&nbsp;Initial Holdings Report | &nbsp;&nbsp;Within 10 calendar days of becoming an **Access Person** |

---

<u>Quarterly Reports</u> <u>Within the 30<sup>th</sup> calendar days of January, April, July, October</u> <br> <u>Annual Holdings Report</u> <u>By January 30 of each year</u> <br> <u>Annual Compliance Certification</u> <u>By January 30 of each subsequent year</u>

Other Employee Conduct

Personal Financial Responsibility

Properly managing your personal finances is important, particularly in matters of credit. Imprudent personal financial management may affect job performance and lead to consequences that are more serious for employees in positions of trust.

Personal Loans

You are not permitted to borrow from clients or from providers of goods or services with whom Crescent deals, 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 Crescent

Employees must not take for their own advantage a business opportunity that rightfully belongs to Crescent. Whenever Crescent has been actively soliciting a business opportunity, or the opportunity has been offered to it, or Crescent's funds, facilities, or personnel have been used in pursuing the opportunity, that opportunity rightfully belongs to Crescent 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 real or personal property interest or
right when Crescent 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 Crescent, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· diverting business or personnel from Crescent.

Disclosure of a Direct or Indirect Interest in a Transaction

If you or any family member have any interest in a transaction (whether the transaction is on behalf of a client or on behalf of Crescent), that interest must be disclosed, in writing, to the CCO. Disclosure will allow assessment of potential conflicts of interest and how they should be addressed. You do not need to report any interest that is otherwise reported in accordance with the Personal Securities Transactions policy. For example, conducting business with a vendor or service provider who is related to you or your family, or with a vendor or service provider for which a parent, spouse, or child is an officer should be disclosed.

Corporate Property or Services

Employees are not permitted to act as principal for either themselves or their immediate families in the supply of goods, properties, or services to Crescent, unless approved, in writing, by the CCO. The purchase or acceptance of corporate property or use of the services of other employees in the course of their duties at Crescent for personal purposes also is prohibited.

Use of Crescent Stationery

Using official corporate stationery for either personal correspondence or other non-job-related purposes is inappropriate.

Giving Advice to Clients

Crescent cannot practice law or provide legal advice. You should avoid statements that might be interpreted as legal advice. You should refer questions in this area to the CCO. You also may not give 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.

Exemptive Relief

The CCO will review and consider any proper request of an Access Person for relief or exemption from any remedy, restriction, limitation or procedure contained in this *Code of Ethics* that is claimed to cause a hardship for such an Access Person or that may involve an unforeseen or involuntary situation where no abuse is involved. Exemptions of any nature may be given on a specific basis or a class basis determined by the CCO. The CCO also may grant exemption from Access Person status to any person or class of persons it determines does not warrant such status. Under appropriate circumstances, the CCO may authorize a personal transaction involving a security subject to actual or prospective purchase or sale for clients, where the personal transaction would be very unlikely to affect a highly institutional market, where a Crescent officer or employee is not in possession of inside information, or for other reasons sufficient to satisfy the CCO that the transaction does not represent a conflict of interest, involve the misuse of inside information or convey the appearance of impropriety. The CCO shall meet on an ad hoc basis, as deemed necessary upon written request by an Access Person, stating the basis for his or her request for relief. A grant of exemptive relief is in the sole discretion of the CCO.

Reporting Illegal or Suspicious Activity - "Whistleblower Policy"

Crescent is committed to high ethical standards and compliance with the law in all of its operations. Crescent 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. Crescent's policy is to create an environment in which its employees can report these issues in good faith without fear of reprisal.

Crescent's practice is that all employees report illegal activity or activities that do not comply with Crescent's formal written policies and procedures, including our *Code of Ethics*, to assist Crescent in detecting and putting an end to fraud and unlawful conduct. To

that end, Crescent has adopted the Whistleblower procedures below. Reports under the Whistleblower procedures will not be anonymous, but these reports by a reporting employee will be held confidentially by Crescent except in extraordinary and limited circumstances.

Crescent expects employees to exercise the Whistleblower Policy responsibly. If an employee believes 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 issues or concerns with his or her manager or, if appropriate, other line management senior to their manager. However, instances may occur when this recourse fails or you have legitimate reasons to choose not to notify management. Examples include, but are not limited to, circumstances in which the report involves your manager or the manager fails to respond. In such cases, Crescent has established a system for employees to report illegal activities or non-compliance with Crescent's formal written policies and procedures.

An employee who has a 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 employee believes that they are fully disclosing truthful information.

Reports may be oral, by telephone or interview, or in writing by letter, memorandum, or e-mail. The employee making the report must identify himself or herself. The employee also should clearly identify that they are making a report pursuant to this Reporting of Illegal or Suspicious Activity Policy. The employee should make the report to the CCO or other Compliance Officer as circumstances may dictate.

A Crescent officer or manager may conduct the investigation, in consultation with the CCO. Alternatively, depending on the nature of the matters covered, the CCO may conduct the investigation or direct it be conducted by an external party. In all cases, the investigation will be conducted diligently and any appropriate action shall be taken.

Crescent understands the importance of maintaining confidentiality of the reporting employee to make the Whistleblower right effective. Therefore, Crescent will keep the identity of the employee making the report 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 determined by the CCO. Any disclosure shall be limited to the minimum required. The employee making the report will be advised if confidentiality cannot be maintained.

The CCO will follow up on the investigation to make sure that it is completed, that any non-compliance issues are addressed, and that no acts of retribution or retaliation occur against the person(s) reporting violations or cooperating in an investigation in good faith.

The CCO will report to Crescent's Managing Partners concerning the findings of any investigation they determine involved a significant non-compliance issue.

If an employee elects not to report suspected unlawful activity to Crescent, the employee may make a report anonymously by calling a designated hotline at (866) 737-3559 or submitting a report online at <u>https://www.clearviewconnects.com</u> (the hotline and website are maintained by an independent provider that will maintain the anonymity of the reporting person); or (ii) contact the California Office of the Attorney General's whistleblower hotline at (800) 952-5225. In the case of the latter, the Attorney General shall refer calls received on its whistleblower hotline to the appropriate governmental authority for review and possible investigation.

Note that submitting a report known to be false is a violation of this Reporting of Illegal or Suspicious Activity Policy.

**Code of Ethics: Insider Trading**

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Background

Section 204A of the Advisers Act requires every investment adviser to establish, maintain, and enforce written policies and procedures reasonably designed, taking into consideration the nature of such investment adviser's business, to prevent the misuse of Material Non-Public Information by such investment adviser or any associated person. Federal Securities Laws have been interpreted to prohibit the following activities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Trading by an insider while in possession of Material
Non-Public Information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Trading by a non-insider while in possession of Material
Non-Public Information, where the information was disclosed to the non-insider in violation of an insider's duty to keep
it confidential;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Trading by a non-insider who obtained Material Non-Public
Information through unlawful means such as computer hacking; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Communicating Material Non-Public Information to others
in breach of a fiduciary duty.

What Information is Material?

Information is considered material if a reasonable investor would consider the information as important in making their investment decision or the disclosure of the information is reasonably certain to have a substantial effect on the market price of the security. Many types of information may be considered material, including, without limitation, knowledge of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Dividend or earnings announcements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Asset write-downs or write-offs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Additions to reserves for bad debts or contingent liabilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Expansion or curtailment of company or major division
operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Merger, joint venture announcements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· New product/service announcements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Discovery or research developments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Criminal, civil and government investigations and indictments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Pending labor disputes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Debt service or liquidity problems;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Bankruptcy or insolvency;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Tender offers and stock repurchase plans; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Recapitalization plans.

Information provided by a company could be material because of its expected effect on a particular class of securities, all of a company's securities, the securities of another company, or the securities of several companies. The prohibition against misusing Material Non-Public Information applies to all types of financial instruments including, but not limited to, stocks, bonds, warrants, options, futures, forwards, swaps, commercial paper, and government-issued securities. Material information need not relate to a company's business. For example, information about the contents of an upcoming newspaper column may affect the price of a security, and therefore be considered material. Advance notice of forthcoming secondary market transactions could also be material.

Supervised Persons should consult with the General Counsel ("GC") or other member of Crescent Legal ("Legal") or a member of Compliance, if there is any question as to whether non-public information is material.

What Information is Non-Public?

Once information has been effectively distributed to the investing public, it is no longer non-public. However, the distribution of Material Non-Public Information must occur through commonly recognized channels for the classification to change. In addition, there must be adequate time for the public to receive and digest the information. Non-public information does not change to public information solely by selective dissemination. The confirmation by an insider of unconfirmed rumors, even if the information in question was reported as rumors in a public form, may be non-public information. Examples of the ways in which non-public information might be transmitted include, but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· In person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· In writing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· By telephone;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· During a presentation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· By email, instant messaging, or Bloomberg messaging;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· By text message or through Twitter; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· On a social networking site such as Facebook or LinkedIn.

Supervised Persons must be aware that even where there is no expectation of confidentiality, a person may become an insider upon receiving Material Non-Public Information. Supervised Persons should consult with Legal or Compliance if there is any question as to whether material information is non-public.

Penalties for Trading on Material Non-Public Information

Severe penalties exist for firms and individuals that engage in Insider Trading, including civil injunctions, disgorgement of profits and jail sentences. Further, fines for Insider Trading may be levied against individuals and companies in amounts up to three times the profit gained or loss avoided. Crescent will self-supervise employees trading on insider trading.

Risks

In developing these policies and procedures, Crescent considered the material risks associated with insider trading. This analysis includes risks such as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Supervised Persons place trades in personal and/or
Client accounts based on Material Non-Public Information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Supervised Persons pass Material Non-Public Information
on to others;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Supervised Persons are not aware of what constitutes
Material Non-Public Information;

Crescent has established the following guidelines to mitigate these risks.

Policies and Procedures

Supervised Persons are strictly forbidden from engaging in Insider Trading, either personally or on behalf of Crescent's Clients. Crescent's Insider Trading Policies and Procedures apply to all Supervised Persons, as well as any transactions in any securities by family members, trusts, or corporations, directly or indirectly controlled by such persons. The policy also applies to transactions by corporations in which the Supervised Person is an officer, director, or 10% or greater stockholder, as well as transactions by partnerships of which the Supervised Person is a partner unless the Supervised Person has no direct or indirect control over the partnership.

Procedures for Recipients of Material Non-Public Information

If a Supervised Person has questions as to whether they are in possession of Material Non-Public Information, they should speak to no one about the matter except to inform Legal or Compliance as soon as possible. Legal or Compliance will conduct research to determine if the information is likely to be considered material, and whether the information has been publicly disseminated.

Given the severe consequences to reputation and the penalties imposed on individuals and firms engaging in Insider Trading, a Supervised Person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Must immediately report the potential receipt of Material
Non-Public Information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Must not trade the securities of any company about
which they may possess Material Non-Public Information, or derivatives related to the issuer in question;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Must not discuss any potentially Material Non-Public
Information with colleagues, except as specifically required by their position; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Must not conduct research, trading, or other investment
activities regarding a security for which they may have Material Non-Public Information until Legal or Compliance prescribes an
appropriate course of action.

If Legal or Compliance determines that the information is material and non-public, Legal or Compliance will include any affected securities on the Crescent Restricted List, including a description of the information, its source and date received. The Restricted List will be promptly circulated to the relevant Product Groups upon any changes and the Crescent Restricted List will be updated in StarCompliance and Everest for monitoring purposes. Crescent Product Groups and their Supervised Persons will not place any trades in securities for which they have Material Non-Public Information. Depending on the relevant facts and circumstances, Legal or Compliance may also take some or all of the following steps:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Review the emails of the affected Supervised Persons
more frequently;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Forbid other Supervised Persons from seeking to obtain
the information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Conduct key word searches of all Supervised Persons'
emails for the information in question.

Trading in affected securities may resume when Legal or Compliance determines that the information has become public and/or immaterial. At such time, Legal or Compliance will remove it from the Crescent Restricted List and indicate the date that trading was allowed

to resume, the reason for the resumption. Please see the *Information Barriers* policy below for further details.

Selective Disclosure

Non-public information about Crescent's investment strategies, trading, and Client holdings may not be shared with third parties except as is necessary to implement investment decisions and conduct other legitimate business. Supervised Persons must never disclose proposed or pending trades or other sensitive information to any third party without the prior approval of Legal or Compliance. Federal Securities Laws may prohibit the dissemination of such information, and doing so may be considered a violation of the fiduciary duty that Crescent owes to its Clients.

Relationships with Potential Insiders

Crescent's Clients, Investors, third-party research providers, portfolio companies, and advisory board members may possess Material Non-Public Information. Access to such information could come as a result of, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Being employed by an issuer (or sitting on the issuer's
board of directors);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Working for an investment bank, consulting firm, supplier,
or customer of an issuer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Accessing an Alpha-capture system that receives information
from insiders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Sitting on an issuer's creditors committee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Serving as an elected official, or otherwise being
involved in non-public political processes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Meetings or idea dinners with investment bankers or
other connected individuals;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Personal relationships with connected individuals;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· A significant other's involvement in any of the
preceding activities.

Individuals with access to Material Non-Public Information may have an incentive to disclose the information to Crescent due to the potential for personal gain. Supervised Persons should be extremely cautious about investment recommendations or information about issuers received from Clients, Investors, third-party research providers, and advisory board members. Supervised Persons should inquire about the basis for any such recommendations or information, and should consult with Legal or Compliance if there is any appearance that the recommendations or information is based on Material Non-Public Information.

If a Supervised Person expects that discussions with an outsider might involve the transmission of Material Non-Public Information, the Supervised Person should disclose whether Crescent is an insider, and should seek a representation regarding the counterparty's status as a potential insider. When practicable, the Supervised Person should communicate the disclosure and representation by email. The Supervised Persons should consult with Legal or Compliance if there is any question about the appropriate types of information that can be provided to or received from an outside individual or entity.

Intentional Receipt of Non-Public Information about Issuers

In certain circumstances, Crescent may intentionally obtain non-public information about issuers. For example, the Company might be provided with non-public information in connection with certain types of debt investments. Because the Firm's receipt of non-public information about an issuer may limit our ability to trade in the issuer's public securities, Crescent must carefully consider the benefits and limitations before receiving non-public information.

Confidentiality and Non-Disclosure Agreements

Only the authorized signatories within each Crescent Product Group are permitted to sign confidentiality agreements on Crescent's behalf in connection with the potential receipt of non-public information. Each executed confidentiality agreement must include the Compliance Group copied on the communication. Legal or Compliance will include the name of any affected securities to the Crescent Restricted List.

Virtual Data Sites

When a Supervised Person wishes to access non-public documents or databases on the private side of a virtual data site (e.g., DebtDomain, SyndTrak, Intralinks), they must promptly notify Legal or Compliance to ensure that any affected securities are included on the Crescent Restricted Lists. Supervised Persons should transmit such information using the Information Barrier Workflow under the Legal Portal located on Crescent*Connect* at https://crescentcap.sharepoint.com/sites/legal/SitePages/Home.aspx

Information Barriers

Crescent has implemented Information Barrier procedures designed to "quarantine" or "isolate" one or more Product Groups from one another. While the Crescent Credit Solutions, Direct Lending, and Special Situations Product Groups primarily transact in private securities, the Capital Markets Product Group is most likely to transact in public securities and, therefore, Crescent has implemented physical controls by locating the members on a separate floor of Crescent's principal office building. Furthermore, each Product Group maintains a separate secured drive on the Crescent network to ensure that investment research is shared only with the members of that relevant Product Group. Crescent has also implemented Information Barrier procedures designed to "quarantine" or "isolate" material nonpublic information held by its Product Groups from other investment advisers within the Sun Life organization (e.g., SLC Management, BentallGreenOak, InfraRed Capital Partners and Advisors Asset Management).

Promptly upon receiving material nonpublic information or executing a nondisclosure agreement for such information, a Supervised Person should notify Legal and Compliance of their receipt of deal-specific information by completing the Information Barrier Workflow found on Crescent*Connect*. (See, link in the paragraph above.)

The Capital Markets Restricted List and Private Product Groups Restricted List are maintained separately and distributed only to members of the relevant Product Group. Additionally, a global Crescent Restricted List is compiled and uploaded to StarCompliance and Everest upon any changes.

Supervised Persons must be mindful not to conduct conversations regarding inside information in public areas where it may be overheard.

Pre-Set 10b5-1Trading Plans

Rule 10b5-1 under the Exchange Act may permit pre-planned trading in Securities about which an individual or entity possesses Material Non-Public Information. By documenting a Rule 10b5-1 Plan prior to the receipt of Material Non-Public Information, Crescent or its Supervised Persons may be able to show that trades were not made based on the Material Non-Public Information. A Rule 10b5-1 Plan must be established in good faith prior to the receipt of Material Non-Public Information, must define specific trading parameters that will be followed consistently, and must be implemented by a third party.

Neither Crescent nor any Supervised Person may establish or trade on a Rule 10b5-1 Plan without written pre-approval from the CCO.

Rumors

Creating or passing false rumors with the intent to manipulate securities prices or markets may violate the antifraud provisions of Federal Securities Laws. Such conduct is contradictory to Crescent's *Code of Ethics*, as well as the Company's expectations regarding appropriate behavior of its Supervised Persons. Supervised Persons are prohibited from knowingly circulating false rumors or sensational information that might reasonably be expected to affect market conditions for one or more securities, sectors, or markets, or improperly influencing any person or entity.

This policy is not intended to discourage or prohibit appropriate communications between Supervised Persons of Crescent and other market participants and trading counterparties. Supervised Persons should consult with Legal or Compliance regarding questions about the appropriateness of any communications.

Expert Networks

Crescent's Supervised Persons may consult with paid industry experts as part of the Company's research process. Crescent typically contacts such consultants through Gerson Lehrman Group (GLG) and AlphaSights, and/or other sources.

Supervised Persons who wish to speak with a paid industry expert must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Provide biographical information about the expert to
the CCO;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Provide a description of the topics to be discussed
with the expert to the CCO;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Obtain written pre-clearance from the CCO;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Tell the expert at the beginning of the meeting about
the topics that are likely to be discussed and confirm that the expert is allowed to discuss such topics;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Tell the expert at the beginning of the meeting that
Crescent does not want to receive any information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o about the expert's employer or affiliated entities,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o about prior employers, or affiliated entities, of the
expert during the past six months;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o that the expert is prohibited from disclosing; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o that may be Material Non-Public Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Ask the expert whether he or she is permitted by his
or her employer to engage in paid consultations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Immediately report the receipt of any potentially Material
Non-Public Information to the CCO.

Crescent anticipates that the CCO will not approve any conversations about an issuer with an expert who worked for the issuer during the past 12 months.

Before approving the use of an expert network provider such as GLG and AlphaSights, the CCO will obtain and review the relevant company's policies prohibiting experts from disclosing Material Non-Public Information. The CCO may also periodically chaperone meetings with paid industry experts in order to understand the types of information that are discussed, review sampled email correspondence involving paid industry experts, monitor the frequency with which various experts are being used, and/or compare particularly profitable trading to Crescent's past contacts with industry experts.

Code of Ethics: Gifts and Entertainment

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Background

Supervised Persons may generally give and receive gifts and entertainment, so long as such gifts and entertainment are not lavish or excessive, and do not give the appearance of being designed to improperly influence the recipient.

Risks

In developing these policies and procedures, Crescent considered the risk that Supervised Persons would be improperly influenced by excessive gifts or entertainment. Crescent also considered the risk that Supervised Persons would try to use gifts or entertainment to exert improper influence on another individual or entity. Crescent established the following guidelines to mitigate these risks.

Policies and Procedures

Guiding Principles

Crescent holds its Supervised Persons to high ethical standards and strictly prohibits any giving or receipt of things of value that are designed to improperly influence the recipient. Anti-bribery and anti-corruption statutes in the U.S. and the U.K. are broadly written, so Supervised Persons should consult with the CCO if there is even an appearance of impropriety associated with the giving or receipt of anything of value.

Specific Policies and Procedures

*Supervised Persons' Receipt of Entertainment* – Supervised Persons may attend business meals, sporting events and other entertainment events at the expense of a giver, provided that the entertainment is not lavish or extravagant in nature and the business partner providing the business entertainment attends the event. <u>If the estimated cost or value of the Supervised Person's portion of the entertainment is greater than $250, then the Supervised Person must report his/her attendance to the Compliance Group within 30 calendar days of receipt.</u> The Gift and Entertainment Request/Report Form is available on the Crescent's Connect Compliance page to both request and report gifts and entertainment as required by the procedures. <u>Supervised Persons must obtain pre-approval from Compliance to receive business entertainment with an estimated value greater than $750 per person.</u>

*Supervised Persons' Receipt of Gifts* – Supervised Persons must report their receipt of gifts over $100 to the Compliance Group within 30 calendar days of receipt. Supervised Persons should not circumvent the reporting policy by accepting numerous gifts below the de minimis threshold. The CCO may determine that a gift over $100 is excessive and require the Supervised Person to return the gift or take other appropriate steps to avoid the appearance of a conflict of interest.

Crescent expects that it will bear the costs of employee 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 Crescent they should be treated as a gift to the employee for purposes of this policy and must be pre-approved by Compliance.

Shared gifts such as holiday baskets or lunches delivered to Crescent's offices, which are received on behalf of the Company and do not have any estimated per person cost greater than $100, do not require reporting. Also, promotional items valued at less than $100 that clearly display the giver's company logo also need not be reported. Examples of promotional gifts include mugs, hats and umbrellas. No employee may accept a gift in cash or cash equivalents such as gift cards.

*Crescent's Gift and Entertainment Giving Policy* – Crescent and its Supervised Persons are prohibited from giving gifts or entertainment that may appear lavish or excessive, and with respect to any Client, Investor, prospect, or individual or entity that Crescent does, or is seeking to do, business with must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· report within 30 days the giving of any gift greater
than $100;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· obtain pre-approval for gifts greater than $750 in
value;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· obtain pre-approval for entertainment exceeding $750
per person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· obtain pre-approval for any gift and entertainment:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o in excess of $250 in aggregate per year to a labor
union or a union official or ERISA plan fiduciary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o to a domestic federal, state or local government officer,
employee or other instrumentality, including but not limited to any such entity requiring lobbyist registration or reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o to a non-U.S. government officer, employee or other
instrumentality,

**IMPORTANT NOTE:** Supervised Persons who are **Registered Representatives with a registered broker dealer** must comply with the more restrictive gifts and entertainment limitations imposed by FINRA Rules as well as all of the broker dealer's Written Supervisory Procedures when engaging in marketing activities relating to a Crescent Private Fund or other security.

Supervised Persons shall seek and obtain such approvals and makes such report reports using the Gift and Entertainment Request/Report Form available on Crescent's Home Page under Forms and Documents – Legal and Compliance.

A Crescent representative <u>must attend the business entertainment</u> provided; otherwise it will be considered a gift to the recipient.

**Gifts and Entertainment Given to Union Officials** – U.S. Department of Labor ("DOL") regulations require Crescent to report (within 90 days of fiscal year end) the aggregated value of all gifts <u>and</u> entertainment in excess of $250 per fiscal year

provided by Crescent or one of its Supervised Persons to a labor union or a union official on DOL Form LM-10. Consequently, Supervised Persons shall promptly, and in all events no later than 30 calendar days, report to Compliance (on the Gift and Entertainment Request/Report Form) all gifts and entertainment provided to labor unions or union officials.

**Gifts and Entertainment Given to ERISA Plan Fiduciaries** – Crescent is prohibited from giving gifts or entertainment with an aggregate value exceeding $250 per year to any ERISA plan fiduciary. Consequently, a Supervised Person must obtain Compliance approval before providing any gifts and entertainment in excess of $250 per year to an ERISA plan fiduciary.

**Gifts and Entertainment in Connection with Lobbying Activities** – Because of the strict limits on and reporting requirements applicable to gifts and entertainment involving state officials and other persons covered by state lobbying laws, Crescent prohibits the giving of gifts or entertainment, including campaign contributions, to any such person. Supervised Persons involved in lobbying activities should carefully review the California Lobbying Procedures contained herein under Marketing and Advertising.

**Gifts and Entertainment Given to Foreign Governments and "Government Instrumentalities"** – The Foreign Corrupt Practices Act ("FCPA") prohibits the direct or indirect giving of, or a promise to give, "things of value" in order to corruptly obtain a business benefit from an officer, employee, or other "instrumentality" of a foreign government. Companies owned, even partly, by a foreign government may be considered an "instrumentality" of that government. In particular, government investments in foreign financial institutions may make the FCPA applicable to those institutions. Individuals acting in an official capacity on behalf of a foreign government or a foreign political party may also be "instrumentalities" of a foreign government.

The FCPA includes provisions that may permit the giving of gifts and entertainment under certain circumstances, including certain gifts and entertainment that are lawful under the written laws and regulations of the recipient's country, as well as bona-fide travel costs for certain legitimate business purposes. However, the availability of these exceptions is limited and is dependent on the relevant facts and circumstances.

Civil and criminal penalties for violating the FCPA can be severe. Crescent and its Supervised Persons must comply with the spirit and the letter of the FCPA at all times. Supervised Persons must obtain written pre-clearance from the CCO prior to giving anything of value that might be subject to the FCPA. Supervised Persons must pre-clear any gift or entertainment in connection with this policy.

Restrictions on Accepting Any Gifts, Entertainment or Other Benefits from Crescent Due to Conflicts of Interest

This guidance is intended for situations where any gifts, entertainment or other benefits are provided or offered to you by Crescent. If you have immediate family members who are either a Client, Investor or potential Investor or an elected official, appointed official or employed by a government entity, you are subject to the restrictions below on accepting any gifts, entertainment, or other benefits (not related to your status as an employee of Crescent (e.g. salary and employment benefits)). This will help to avoid any potential conflict of interest between Crescent and its governmental entity clients or potential clients. To the extent there are any questions or situations that require further evaluation, please discuss with Compliance.

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| | |
|:---|:---|
| &nbsp;&nbsp;**Don'ts** | &nbsp;&nbsp;**Dos** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·  Do not accept any gifts or entertainment even if it is within the prescribed thresholds<br>·  Do not accept any other benefits (not related to your status as an employee of Crescent (e.g., salary and employment benefits)) which your immediate family member will enjoy or participate in<br>·  Do not participate in any raffles or prizes (i.e., airline mile awards, tickets to a sports game, etc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·  Report to Compliance immediately about any potential conflicts of interest<br>·  Report to Compliance if there is any change to the immediate family member's role |

---

Exceptions to Gift Policy - Gift requirements (whether the gift is given or received) do not apply to personal gifts to or from immediate family members (parents, children, grandparents, siblings, spouse, in-laws) who also happen to be Clients, Investors, or persons with whom the Firm conducts business where the gift is unrelated to the Firm's business. The Firm will not reimburse an employee for such personal gifts.

Additionally, the policy does not apply to occasional personal gifts to others (such as a wedding gift or a congratulatory gift for the birth of a child) where a non-business interpersonal relationship exists. Typically, the Firm will not reimburse an employee for such a gift, but there may be circumstances under which reimbursement is appropriate. If an employee desires to give such a gift and intends to seek reimbursement from the Firm, the employee *must seek and obtain* Compliance approval prior to making the gift.

Code of Ethics: Political and Charitable Contributions

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Background

Individuals may have important personal reasons for seeking public office, supporting candidates for public office, or making charitable contributions. However, such activities could pose risks to an investment adviser. For example, federal and state "pay-to-play" laws have the potential to significantly limit an adviser's ability to manage assets and provide other services to government-related clients or investors.

Rule 206(4)-5 (the "Pay-to-Play Rule") limits political contributions to state and local government officials, candidates, and political parties by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Registered investment advisers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Advisers that would be required to register with the
SEC but for the "foreign private advisor" exemption provided by Section 203(b)(3) of the Advisers Act, or that are
exempt reporting advisers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Firms that solicit clients or investors on behalf of
the types of advisers described above; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· "Covered associates" (as defined below)
of the entities listed above.

The Pay-to-Play Rule defines "contributions" broadly as any gift, subscription, loan, advance, or deposit of money or anything of value made for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The purpose of influencing any election for Federal,
State or local office;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Payment of debt incurred in connection with any such
election; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Transition or inaugural expenses of the successful
candidate for State or local office.

The SEC's enforcement staff has interpreted contributions to include substantive donations of an adviser's communications networks and other resources. Rule 206(4)-5 also includes a provision that prohibits any indirect action that would be prohibited if the same action were done directly.

Restrictions on the Receipt of Advisory Fees

The Pay-to-Play Rule prohibits the receipt of compensation from a government entity for advisory services for <u>two years</u> following a contribution to any official of that "government entity."<sup>1</sup> This prohibition also applies to "covered associates" of the adviser, including a person who becomes a covered associate within two years after the contribution was made.

<sup>1</sup> A government entity means any state or political subdivision of a state, including (i) any agency, authority, or instrumentality of the state or political subdivision, (ii) a pool of assets sponsored or established by the state or political subdivision or agency, (iii) a plan or program of a government entity; and (iv) officers, agents or employees of the state or political subdivision or agency or instrumentality thereof, acting in their official capacity.

A "covered associate" of an adviser is defined to include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Any general partner, managing member or executive officer,
or other individual with a similar status or function;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Any employee that solicits a government entity for
the adviser, as well as any direct or indirect supervisor of that employee; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Any political action committee controlled by the adviser
or by any person that meets the definition of a "covered associate."

However, there is an exception available for de minimis contributions from a covered associate (i.e., a natural person only) of $150 per election, or $350 per election if the covered associate is eligible to vote in the election.

A narrow exception also is available for a covered associate who inadvertently contributes to an official for whom they are *not* entitled vote, but timely obtains a return of the contribution. For this exception to be available, all of the following must exist:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The contribution must have been made to an official
for whom the covered associate is *not* entitled to vote. The exemption is not available if the covered associate may vote
for the official.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The covered associate's aggregate contributions
to the official may not have exceeded $350 per election.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Crescent must have discovered of the prohibited contribution
within four months of the date it was made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The covered associate must obtain a return of the prohibited
contribution within 60 days after Crescent learns of the contribution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Crescent has not relied on the exception more than
three times (for so long as Crescent has more than 50 employees; if 50 or fewer employees, then two times) per 12-month period
and not more than once for each covered associate irrespective of the time period.

The restrictions on contributions and payments imposed by Rule 206(4)-5 can apply to the activities of individuals for the two years before they became covered associates of an investment adviser. However, for covered associates who are not involved in soliciting clients or investors, the look-back period is six months instead of two years.

Restrictions on Payments for the Solicitation of Clients or Investors

The Pay-to-Play Rule prohibits the compensation of any person to solicit a government entity unless the solicitor is an officer or employee of the adviser, or unless the recipient of the compensation (i.e., solicitation fee) is another registered investment adviser or a registered broker/dealer.

However, a registered investment adviser will be ineligible to receive compensation for soliciting government entities if the adviser or its covered associates made, coordinated, or solicited contributions or payments to the government entity during the prior two years.

Restrictions on the Coordination or Solicitation of Contributions

The Pay-to-Play Rule prohibits an adviser and its covered associates from coordinating or soliciting any contribution or payment to an official of the government entity, or a related local or state political party where the adviser is providing or seeking to provide investment advisory services to the government entity.

Recordkeeping Obligations

The Advisers Act imposes recordkeeping requirements on registered investment advisers that have any clients or investors in private funds that fall within Rule 206(4)-5's definition of a "government entity." Among other things, advisers with "government entity" clients or investors must keep records showing political contributions by "covered associates" and a listing of all "government entity" clients and investors.

Guidance Regarding Bona-Fide Charitable Contributions

Charitable donations to legitimate not-for-profit organizations, even at the request of an official of a government entity, do not implicate Rule 206(4)-5.

Applicability of Rule 206(4)-5 to Different Types of Advisory Products and Services Being Offered

The Pay-to-Play Rule applies equally to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Advisers that provide advisory services to a government
entity (including, among other things, through the management of a separate account or through an investment in a pooled private
fund); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Advisers that manage a registered investment company
(such as a mutual fund) that is an investment option of a plan or program of a government entity.

Risks

In developing these policies and procedures, Crescent considered the material risks associated with Supervised Persons' political contributions. This analysis includes risks such as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Supervised Persons make political contributions that
limit Crescent's ability to attract or retain government-related Clients or Investors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Crescent hires or promotes an individual into a role
that meets the definition of a "covered associate" without considering the individual's past political contributions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Crescent inadvertently violates "pay-to-play"
regulations, or other applicable laws, because it is unaware of Supervised Persons' political contributions, or of any solicitation
or coordination of political contributions by others;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Crescent or its Supervised Persons make charitable
contributions that pose actual or apparent conflicts of interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Crescent obtains referrals for government entity Clients
or Investors from individuals or entities that are not eligible "regulated persons," or that have made disqualifying
contributions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Supervised Persons hold public offices that pose actual
or apparent conflicts of interest.

Policies and Procedures

Political Contributions

Contributions to politically connected individuals or entities made by Crescent or Supervised Persons with the intention of influencing such individuals or entities for business purposes are strictly prohibited. All Supervised Persons are subject to the *Political Contributions* policy; however, not all Supervised Persons are presumed to be covered associates as defined by Rule 206(4)-5. The Compliance Group will maintain a list of Crescent's covered associates.

A Supervised Person who wants to make a political contribution to any government entity, official, candidate, political party, or political action committee must seek pre-clearance by completing and submitting to Compliance a Political Contribution Request Form (located on the Crescent Home Page under Forms & Document – Legal & Compliance). Pre-clearance is required before you may contribute of anything of value such as cash donations, volunteering your or a family member's time to aid a political campaign, political party committee, political action committee, or political organization as well as a substantive donation of Crescent's resources, such as the use of conference rooms or communication systems. If pre-clearance is granted, it is valid only for seven days before and after the intended contribution date indicated by the Supervised Person on the Political Contribution Request Form, unless a different period is approved in writing by the CCO as for example in the case of volunteering one's time. The CCO will consider whether the proposed contribution is consistent with restrictions imposed by Rule 206(4)-5 and

applicable state laws, and to the extent practicable, will seek to protect the confidentiality of all information regarding each proposed contribution.

The political contribution pre-clearance requirements stated above apply equally to any family member, regardless of age, of a Supervised Person living in the same house as the Supervised Person. It is the responsibility of each Supervised Person to ensure such family members are aware of Crescent's political contribution policy and that every such contribution of anything of value by such family member is properly pre-cleared with Compliance.

As part of the new employee onboarding process Human Resources collects information relating to each employee's past political contributions, specifically contributions made during the six months prior to hire for Supervised Persons who will have no involvement in the solicitation of Clients or Investors, and during the prior two years for those who will have such involvement. Human Resources will promptly provide the details of any such contributions to the CCO for review and any necessary action.

Any political contribution by Crescent, rather than its Supervised Persons, must be pre-cleared by the CCO. The Compliance Group will maintain a chronological list of contributions in accordance with the requirements of the Pay-to-Play Rule, as well as a list of all Clients and Investors that meet the definition of a "government entity" for purposes of Rule 206(4)-5.

The General Counsel is responsible for reviewing the CCO's political contribution activities.

Solicitation Arrangements

Crescent will only compensate third parties for referrals of Clients or Investors that are affiliated with government entities if the solicitor is an eligible "regulated person," as defined by Rule 206(4)-5 under the Advisers Act, and if the solicitor and its covered associates have not made any disqualifying contributions during the past two years.

Legal and the CCO are responsible for reviewing the eligibility of all solicitation arrangements that involve, or are expected to involve, government entities.

Public Office

Supervised Persons must obtain written pre-approval from the CCO prior to running for any public office. Supervised Persons may not hold a public office if it presents any actual or apparent conflict of interest with Crescent's business activities.

Outside Business Activities

If a Supervised Person is associated with an outside business, such as by serving as an officer or director, the Supervised Person should recuse himself or herself from any decisions regarding that entity's political contributions. If the Supervised Person believes that the outside business' political contributions could give even the appearance of being

related to Crescent's advisory activities or marketing initiatives, the Supervised Person must discuss the matter with the CCO. Any outside business activities by the CCO will be reviewed by the General Counsel.

Code of Ethics: Outside Business Activities

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Background

<u>U</u>nder certain circumstances and on a case-by-case basis, Crescent may grant permission to Supervised Persons to engage in outside business activities with public or private corporations, partnerships, not-for-profit institutions, and other entities. Crescent may also grant permission to Supervised Persons to participate in investment clubs. However, such activities can expose the participant to Material Non-Public Information and can otherwise create a variety of conflicts of interest.

Supervised Persons may be subject to compliance risks or conflicts of interest in connection with information or relationships associated with prior employment with other companies.

Risks

In developing these policies and procedures, Crescent considered the risks posed by service with outside organizations and investment clubs, including potential conflicts of interest and access to Material Non-Public Information. Crescent also considered the risks posed by Supervised Persons' past business relationships. Crescent has established the following guidelines to mitigate these risks.

Policies and Procedures

Outside Business Activities, Directorships and Investment Clubs

Supervised Persons are prohibited from engaging in outside business activities, serving on boards of directors, making investment decisions on behalf of non-Clients without prior approval from the CCO. However, if position is in connection with a portfolio investment (e.g., accepting a board position in a "venture capital operating company") notification of the outside activity is sufficient. Approval will be granted on a case-by-case basis, subject to careful consideration of potential conflicts of interest, disclosure obligations, and any other relevant regulatory issues.

No Supervised Person may utilize property of Crescent, or utilize the services of Crescent or its employees, for his or her personal benefit or the benefit of another person or entity, without approval of the CCO. For this purpose, "property" means both tangible and intangible property, including funds, premises, equipment, supplies, information, business plans, business opportunities, confidential research, intellectual property, proprietary processes, and ideas for new research or services.

A Supervised Person may not participate in any business opportunity that comes to his or her attention as a result of his or her association with Crescent and in which he or she knows that Crescent might be expected to participate or have an interest, without:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Disclosing in writing all necessary facts to the CCO;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Offering the particular opportunity to Crescent; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Obtaining written authorization to participate from
the CCO.

Any personal or family interest in any of Crescent's business activities or transactions must be immediately disclosed to the CCO. For example, if a transaction by Crescent may benefit that Supervised Person or a family member, either directly or indirectly, then the Supervised Person must immediately disclose this possibility to the CCO.

No Supervised Person may borrow from or become indebted to any person, business or company having business dealings or a relationship with Crescent, except with respect to customary personal loans (such as home mortgage loans, automobile loans, and lines of credit), unless the arrangement is disclosed in writing and receives prior approval from the CCO. No Supervised Person may use Crescent's name, position in a particular market, or goodwill to receive any benefit on loan transactions without the prior express written consent of the CCO.

A Supervised Person who is granted approval to engage in an outside business activity must not transmit Material Non-Public Information between Crescent and the outside entity. If participation in the outside business activity results in the Supervised Person's receipt of Material Non-Public Information the Supervised Person must discuss the scope and nature of the information flow with Legal or CCO. Similarly, if a Supervised Person receives approval to engage in an outside business activity and subsequently becomes aware of a material conflict of interest that was not disclosed when the approval was granted, the conflict must be promptly brought to the attention of the CCO.

Prior Employment Arrangements

Supervised Persons are expected to act with professionalism, to avoid any improper disclosure of proprietary information, and to satisfy all other obligations owed to Crescent and to any prior employers. Supervised Persons should discuss any concerns regarding their prior employment with the CCO. Such concerns may include, but are not limited to, possession of Material Non-Public Information from a prior employer, a non-solicitation and/or non-compete clause in the Supervised Persons' previous employment agreement, and any prior political contributions made by the Supervised Person.

Outside Business Activity, Directorship and Investment Club Log

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| &nbsp;&nbsp;**Supervised Person<br> Name** | &nbsp;&nbsp;**Requested Activity** | &nbsp;&nbsp;**Approval<br> Granted?** <br> **(Y or N)** | &nbsp;&nbsp;**Date** | &nbsp;&nbsp;**Comments** <br> **(Including Applicable Conflicts of<br> Interest and any Mitigating Factors)** |

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Code of Ethics: Complaints

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Background

From time-to-time, Crescent may receive complaints from Clients or Investors regarding Crescent's investment advisory services or related matters. Crescent will strive to respond promptly and appropriately to all such complaints, and in the case of an error, Crescent will consider whether and what corrective actions it may need to take in order to prevent or reduce the risk of a recurrence.

Risks

In developing these policies and procedures, Crescent considered the material risks associated with its response to Client and Investor complaints. This analysis includes risks such as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Complaints are not reported to supervisory personnel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Oral complaints are not addressed with the same level
of diligence as written complaints;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Complaints are not addressed appropriately or in a
timely manner; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Crescent does not document Client or Investor complaints,
or its response to such complaints.

Crescent has established the following guidelines to mitigate these risks.

Policies and Procedures

Any statement transmitted verbally or in writing that alleges Crescent has not fulfilled its responsibilities is a complaint. General expressions of dissatisfaction with performance are not. Supervised Persons should consult with the CCO if there is any question as to whether a communication is a complaint.

All Supervised Persons must promptly report any complaints to the General Counsel and/or CCO. Failure to report a complaint will be cause for corrective action, up to and including termination of such Supervised Person.

The General Counsel and/or CCO will investigate and respond to all Client and Investor complaints in a timely manner, will describe all complaints using the attached *Complaint Log*, and will retain copies of all documentation associated with each complaint in a Complaint File. The General Counsel and/or CCO may consult with Outside Counsel or

other third party consultants regarding the appropriate resolution of a complaint. Offers of settlement may only be made with the written approval of the General Counsel.

## Ex-99.(P)(9)

**Exhibit 99.(P)(9)**

Code of Ethics

*December 2024*

**INTRODUCTION**

GW&K Investment Management, LLC's ("GW&K" or the "Company" or the "Firm") Code of Ethics (the "Code") (i) establishes standards of business conduct and parameters for personal securities transactions that reflect the fiduciary duty of GW&K to its advisory Clients; (ii) institutes policies and procedures designed to detect and prevent activities that may undermine this fiduciary duty or create conflicts of interest; (iii) requires individuals subject to the Code to comply with applicable Federal Securities Laws; and (iv) has been adopted in compliance with Rule 204A-1 under the Investment Advisers Act of 1940 and Rule 17j-1 under the Investment Company Act of 1940. Accordingly, no Access Person (as defined in Section I below), shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Employ any device, scheme or artifice to defraud;

2. Make any untrue statement of material fact or omit to state a material fact necessary in order to make the statements made, in light of the circumstances under which they are made, not misleading;

3. Engage in any act, practice or course of business which operates or would operate as a fraud or deceit upon any person; or

4. Engage in any manipulative practice.

Adherence to the Code is a basic condition of employment at GW&K. Failure to adhere to the Code may result in disciplinary action, including termination of employment. Any person having questions about the meaning or applicability of the Code should contact GW&K's Legal & Compliance Department.

**<u>I. Definitions</u>**

"**1940 Act**" - The Investment Company Act of 1940.

"**Access Person**" - Any partner or employee (collectively referred to as "employee") of GW&K who (a) has access to non-public information about the purchase or sale of securities in GW&K Client accounts or non-public information about the holdings of Client accounts or Affiliated Funds, or (b) is involved with making securities recommendations for Client accounts or has access to such recommendations. All GW&K employees are considered Access Persons for purposes of the Code. Access Persons may include part-time employees, consultants and temporary personnel as designated by the Chief Compliance Officer.

"**Affiliated Fund**" - Any pooled investment vehicle, such as a mutual fund or an exchange traded fund for which GW&K or an AMG affiliate serves as investment adviser or sub-adviser. A list of Affiliated Funds is maintained on the Legal & Compliance page of GW&K's Portal and also within GW&K's Code of Ethics software platform ("Code system").

"**Affiliated Managers Group, Inc. ("AMG")**" -

GW&K is an affiliate of Affiliated Managers Group, Inc., a publicly traded global asset management company (NYSE: AMG). GW&K operates independently and autonomously, with AMG holding a majority interest in the Firm as GW&K's institutional partner.

"**Advisers Act**" - The Investment Advisers Act of 1940.

"**Beneficial Ownership"** - Any instance where an Access Person or any related Covered Person can directly or indirectly derive financial interest from the ownership, purchase, or sale of a security.

It is considered Beneficial Ownership when securities are:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Owned by an Access Person or Covered Person solely in their name or jointly with another individual;

· Owned through an account or investment vehicle for benefit of an Access Person or Covered Person (i.e. IRA, trust, partnership, etc.); or

· Owned directly, indirectly or jointly.

"**Business Entertainment**" - An occasion where an Access Person entertains or is entertained by someone with whom GW&K has a business relationship or is looking to establish a business relationship. Entertainment may include meals, sporting, theater or music, charitable, or other ticketed events. Any item of value given or received that does not meet the definition of Business Entertainment will be considered a Gift under the Code.

"**Considered for Transaction**" - A security is being considered for purchase or sale when a recommendation to purchase or sell the security in Client accounts has been communicated by a GW&K research analyst to a GW&K portfolio manager or to a GW&K portfolio management team.

"**Client**"- Any person or entity that has an investment advisory or sub-advisory investment management agreement with GW&K, or any person or entity for which GW&K provides investment management services through a Separately Managed Account ("SMA") Program or similar arrangement.

"**Covered Persons**" – Immediate family members that are related by blood, marriage, adoption, domestic partnership or civil union **and** living in the same household as the Access Person. Examples include any child, stepchild, grandchild, parent, stepparent, grandparent, spouse, partner, sibling, mother-, father-, son-, daughter-, brother- or sister-in-law, or any person related by adoption who lives in the same household with the Access Person.

"**Covered Security"** - Any stocks, bonds, convertibles, Affiliated Funds, closed-end funds and exchange traded funds ("ETFs"), and any other instrument identified as a security under the Advisers Act. Private Placements, Private Funds or other Limited Offerings are also considered Covered Securities for purposes of this Policy. Covered Securities do not include shares of registered open-end mutual funds (other than Affiliated Funds), direct obligations of the Government of the United States, bankers' acceptances, bank certificates of deposit, cash, direct investments in cryptocurrencies (please note – Initial Coin Offerings and any security that invests in or tracks cryptocurrencies are required to be pre-cleared and reported, all ETFs, including those ETFs that invest in or track cryptocurrencies are required to be reported to the GW&K Legal & Compliance Department), commercial paper, and other money market instruments.

**"Derivative"** – A contract between two or more parties whose value is reliant upon or based on an underlying financial asset(s). Examples of derivatives for the purpose of the Code include but are not limited to futures, forwards, options, swaps, rights and warrants.

**"Discretionary Third-Party Managed Account"** - An account: (a) for which an Access Person or Covered Person has granted a trustee or a discretionary third-party manager investment authority over the account; and (b) over which the Access Person or Covered Person has no direct or indirect influence or control with respect to purchases or sales of securities or allocations of investments.

"**Federal Securities Laws**" - 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 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.

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"**Gift**" - Any present, favor, or gratuity to or from someone with whom GW&K has a business relationship or is seeking to establish a business relationship. Gifts do not include promotional items of nominal value with business logos (items such as pens, tee shirts, golf balls, hats, coffee mugs, umbrellas, etc.)

"**Investment Control**" - Any instance where an Access Person or other Covered Person(s) can directly or indirectly initiate the purchase or sale of a Covered Security.

**"Private Placement", "Private Fund" or "Limited Offering"** – A securities offering that is exempt from registration under the Securities Act of 1933 pursuant to section 4(2) or section 4(6) or pursuant to rules 504, 505 or 506 under the Securities Act of 1933. Examples of private placements generally include hedge funds, private real estate investment funds, direct investment or participation in private companies, Initial Coin Offerings. Access Persons and Covered Persons may not invest or participate in a private placement unless approved by the GW&K Legal & Compliance Department.

"**Maintenance Trade**"- A client account trade that is part of GW&K's normal course operational or client-specific account activity. Maintenance Trades include, but are not necessarily limited to, orders related to new account investing, capital additions or withdrawals, account liquidation, or tax loss trading, etc*.* Orders executed as part of a portfolio management decision across an entire strategy (or strategies) are NOT Maintenance Trades.

"**Outside Business Activity**" - Any business or activity carried out by an employee that is outside of the employee's regular course or scope of employment with GW&K.

"**Reportable Account**" - Any account where an Access Person or Covered Person(s) have, or is capable of having, Investment Control of Covered Securities.

"**SEC**" - U.S. Securities and Exchange Commission.

**<u>II. Standard of Conduct and General Prohibitions</u>**

**A. Standard of Conduct**

GW&K employees and others subject to this Code are expected to have high ethical standards, put client interests above their own and not take advantage of the management of client assets for personal benefit. The Code sets out a number of specific restrictions on personal investing designed to capture fiduciary duty and mitigate conflicts of interest; however, no set of rules and restrictions can anticipate every situation. Any activity or transaction that violates GW&K's duty to its clients or contrary to GW&K's employment principles is prohibited, regardless of whether it meets the technical rules found within the Code. In addition, all persons subject to this Code are required to comply with Federal Securities Laws.

**B. General Prohibitions**

No Access Person or other Covered Person is permitted to benefit in their personal investment account(s) from proprietary investment research nor transactions executed by GW&K on behalf of its Clients. Accordingly, no Access Person or other Covered Person shall buy or sell, directly or indirectly, any Covered Security that is (a) being Considered for Transaction or is (b) being purchased or sold in Client accounts, with the exception of Maintenance Trades.

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In addition, the following activities are prohibited:

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| 1. | Acquiring securities in any initial public offering ("IPOs") (generally defined to include purchasing on the day of issuance). |
| *2.* | Trading any securities while in possession of material non-public information relating to such securities. |
|  | *Both GW&K and AMG maintain policies and procedures related to Insider Trading that all Access Persons and Covered Persons are required to follow in addition to the Code. For additional information, please review both policies which are available within GW&K's Portal and within the Code system or contact the Legal & Compliance Department.* |
| 3. | Trading securities on margin. |
| 4. | Trading Derivatives. |
| 5. | Engaging in short selling. |
| 6. | Placing Good 'til canceled ("GTC") orders (unless the GTC is cancelled at end of trade day). |
| 7. | Trading a Covered Security within 2 trading days before, the same day, or 2 trading days after it is traded in GW&K Client accounts, except where only Maintenance Trades occur. The GW&K Legal & Compliance Department may allow for an exception to this restriction where the security's market capitalization is above $10 Billion. |
| 8. | Investing in a Private Placement, Private Fund or other Limited Offering without prior approval from the Legal & Compliance Department. |
| 9. | Taking a profit from any covered trading activity within a 30-day calendar window. Gains are to be calculated based on a last in, first out ("LIFO") method for purposes of this requirement. This short-term trading requirement does not apply to securities transactions that are exempt from the Code's pre-clearance requirements with the exception of Exchange Traded Funds (ETFs may also not be sold for a profit within a 30-day calendar window). |
| 10. | Using any technique, strategy or product to circumvent a restriction in the Code. |

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**<u>III. Pre-clearance Requirements, Restricted Securities, and Exemptions</u>**

**A. Pre-clearance Requirements**

No Access Person or Covered Person may purchase, sell, or otherwise assume or dispose Beneficial Ownership of any Covered Security without pre-clearance approval.

To facilitate applicable trade pre-clearance and reporting obligations, oversight of personal securities transactions, and certain other administrative functions in support of the Code, GW&K utilizes a third-party vendor system ("Code system"). Each Access Person is provided with credentials to login to the Code system. Unless a security type is specifically identified as exempt from pre-clearance requirements, transactions in all Covered Securities must be pre-cleared via online request within the Code system prior to execution.

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Approved pre-clearances are valid only for the same trading day. Any unexecuted approved transactions must be re-submitted for pre-clearance.

**AMG Stock and other AMG Issued Securities** – In addition to these standard pre-clearance requirements, any trades in AMG stock (ticker: AMG) or other AMG Issued Securities must also be pre-cleared by AMG. Access Persons shall coordinate this pre-clearance with GW&K's Legal & Compliance Department. Please see the AMG Insider Trading Policies and Procedures, which can be found on GW&K's Portal and in the GW&K Code system.

***Cautionary note for all personal investing*** 

Access Persons and Covered Persons may not be able to sell personal investments in individual securities or affiliated pooled investment vehicles for extended periods of time due to GW&K client investment activity or for other stated Policy reasons. As such, liquidity, tax planning, market and similar risks associated with transacting in securities that are or may be held in client accounts should be considered when investing in personal trading accounts. Exemptions to the Code are expected to be rare. See section VI. of the Code for more exemption related information.

**B. Restricted Securities** 

GW&K maintains a restricted list comprised of securities Considered for Transaction for clients, as well as other securities when warranted as determined by the GW&K Legal & Compliance Department, in order to help Access Persons and Covered Persons maintain compliance with the Code. Access Persons and Covered Persons are prohibited from trading any security that is on the restricted list. However, it is expected that Access Persons and Covered Persons will not knowingly or willfully execute personal securities transactions that violate either explicit parameters or principles of the Code if, due to technical issue or any other reason, a pre-clearance request for a security that should be restricted is approved.

**C. Exemptions from Pre-clearance Requirements**

The following activities are exempt from pre-clearance requirements:

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| 1. | Transactions in Discretionary Third-Party Managed Accounts. Please see Section IV for additional information regarding such accounts. |
| 2. | Trades in unaffiliated Exchange Traded Funds ("ETFs") (Affiliated Funds require pre-clearance approval). |
|  | *NOTE: All ETF transactions are subject to the 30-day short-term trading requirement as described in Section II. B(9) and reporting requirements of the Code.* |
| 3. | Trades that are part of an automatic investment plan, such as a dividend reinvestment plan, where specific transactions are executed as part of a pre-determined schedule or criteria. |
| 4. | Trades that are part of non-voluntary corporate actions or that are otherwise executed outside the control of Access Persons or Covered Persons. |

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**D. Exemptions from Pre-clearance and Reporting Requirements**

Investments in the following are exempt from pre-clearance and reporting requirements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Investments in unaffiliated open-ended mutual funds (Affiliated Funds require pre-clearance approval and reporting.

2. Investments in Direct Obligations of the Government of the United States.

3. Cash

4. Direct investments in cryptocurrencies (with the exception of Initial Coin Offerings and most securities that invests in or track cryptocurrencies which must be pre-cleared and reported to the GW&K Legal & Compliance Department)

5. Banker's Acceptances.

6. Bank Certificates of Deposits.

7. Commercial Paper.

8. Money Market Funds.

9. Trades involving Affiliated Funds within the GW&K 401k Plan do not require pre-clearance or reporting as GW&K receives separate reporting from Empower Retirement, LLC, GW&K's 401k service partner.

**<u>IV. Discretionary Third-Party Managed Accounts</u>**

Access Persons and Covered Persons may maintain Discretionary Third-Party Managed Accounts subject to the disclosure and reporting requirements described below, provided they comply with all requirements of this Code, such accounts are exempt from the pre-clearance requirements outlined in Section III above.

<u>Disclosure Requirements for Discretionary Third-Party Managed Accounts.</u> All Access Persons and Covered Persons who maintain Discretionary Third-Party Managed Accounts must disclose such accounts within the Code system. Such disclosure must include the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Account owner name

· Account number

· Name and contact information of the trustee or discretionary third-party manager

· The trustee's or discretionary third-party manager's firm

· Description of the Access Person's relationship to the trustee or discretionary third-party manager, including any affiliation or family relationship that may exist between the Access Person and the person or firm managing the account

Additionally, Access Persons must attest upon inception of the account and then on a periodic basis thereafter that they or associated Covered Persons do not have direct or indirect influence or control of the account, including with respect to the purchase or sale of securities, or allocation of investments.

<u>Reporting Requirements for Discretionary Third-Party Managed Accounts.</u> GW&K's Legal & Compliance Department will require the provision of account statements for all Discretionary Third-

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Party Managed Accounts annually; however, additional statements may also be required to facilitate Compliance's oversight and monitoring of such accounts.

In addition, the Legal & Compliance Department will periodically request attestation from the trustee or discretionary third-party manager of each Discretionary Third-Party Managed Account to confirm the account continues to be discretionary and that there have been no instances where the Access Person had direct or indirect influence or control of the account.

Accounts maintained at GW&K Investment Management are not subject to the requirements outlined above if such accounts are managed in line with the applicable Firm investment strategy as applied to Client accounts in that strategy.

**<u>V. Reporting of Personal Covered Securities Transactions and Post-Trade Review</u>**

All Access Persons are required to provide periodic transaction reports to the Legal & Compliance Department for Covered Accounts. Where applicable and appropriate, the Legal & Compliance Department may assist in meeting this obligation by facilitating electronic data feeds from brokers, creating automated reports, or other means to help alleviate the administrative burden. However, in any instances where such processes are not available, Access Persons are responsible for providing the required information.

<u>Reportable Accounts and Initial Holdings Report.</u> No later than 10 days after a person becomes an Access Person, summary information of all Reportable Accounts including the type of account (e.g. Brokerage, IRA, Trust, etc.), the brokerage firm where the account is maintained, the date the Reportable Account was established, and an initial holdings report, current as of no more than 45 days of when a person becomes an Access Person must be provided to the Legal & Compliance Department.

*NOTE: Any account that can hold Covered Securities, which is under Investment Control of the Access Person or Covered Persons, is required to be disclosed, even if no reportable securities are held at the time of the holdings report.*

The following information shall be included in the initial holdings report:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Account name (as identified by the Access Person) and the name of the broker where the account is maintained

· Security name/description

· Security ticker symbol or CUSIP number

· Number of shares (or principal amount)

The Code system is used to facilitate disclosure of reportable investment accounts and initial holdings reports.

**New Reportable Accounts established by Access Persons after an initial holdings report are required to be disclosed to and reviewed by the Legal & Compliance Department promptly, and before any transactions in Covered Securities occur.** 

<u>Duplicate Brokerage Confirmations and Statements</u>. Access Persons and Covered Persons are required to direct their brokers to provide duplicate copies of confirmations of all personal securities transactions and copies of periodic statements for each Reportable Account to GW&K. In many cases, the Legal & Compliance Department can coordinate the receipt of this information directly from brokers via the Code system.

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<u>Quarterly Transaction Report.</u> No later than 30 days after the end of each calendar quarter, every Access Person must file a report with the Legal & Compliance Department describing all transactions in Covered Securities (including those in Affiliated Funds) during that period. This Quarterly Transaction Report is required to include the following information for each trade:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Trade date

· Security name/description

· Security ticker symbol or CUSIP

· Type of transaction (buy, sell, etc.)

· Number of shares or principal amount

· Price at which the transaction was executed

· Executing broker

Quarterly Transaction Reports are to be completed in the GW&K Code system.

*NOTE: Access Persons may be excused from submitting transaction reports that would duplicate information contained in trade confirmations or account statements that GW&K holds in its records, provided GW&K has received those confirmations or statements no later than 30 days after the close of the calendar quarter in which the transaction takes place.*

<u>Annual Holdings Report.</u> All Access Persons must file a report with the Legal & Compliance Department that identifies all holdings in Covered Securities as of December 31 of the prior year by January 30<sup>th</sup> of each year.

The Annual Holdings Report is required to include the following information for all Reportable Accounts with Covered Securities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Account Name (as identified by the Access Person) and the name of the broker where the account is maintained

· Security name/description

· Security ticker symbol or CUSIP number

· Number of shares or principal amount held as of December 31.

Annual Holdings Reports are to be completed in the GW&K Code system.

In addition, Discretionary Third-Party Managed Accounts are subject to the reporting requirements outlined in Section IV.

**Post-Trade Review** - The Legal & Compliance Department will periodically review and monitor the personal investment activity of all Access Persons and Covered Persons, including reports or brokerage confirmations and statements filed in accordance with the Code.

**<u>VI. Exemptions from the Code</u>**

The Legal & Compliance Department may grant an exemption from the Code, including pre-clearance or other trading restrictions, certain reporting requirements and other Code related matters 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 interest. Such requests for exemption are expected to be infrequent and

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approvals are expected to be rare. All requests must be submitted in writing to the Legal & Compliance Department and the reason(s) for the exemption must be stated.

**<u>VII. Gifts and Business Entertainment</u>** 

Access Persons may not give or accept any Gift or Business Entertainment that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· is in cash or a non-cash equivalent (such as gift cards);

· is excessive, lavish, or otherwise outside of industry custom and practice;

· creates a real or perceived conflict of interest or is intended to influence business decisions; or

· is unethical or illegal

In general, Access Persons may not give or accept Gifts of more than *de minimis* value (anything of more than $100 in value as a single Gift or an annual cumulative value of $500). This limit does not apply to (i) ordinary Business Entertainment where the donor is present as a host so long as it is not so frequent to give the appearance of impropriety; or (ii) a typical holiday Gift such as a food item received by an Access Person but shared with other GW&K employees.

Each Access Person must report all Gifts and Business Entertainment of $50 or more to the Legal & Compliance Department for Gifts given or received in connection with the Access Person's employment. The Legal & Compliance Department maintains records of reportable Gifts given or received by Access Persons.

<u>AMG Distributors, Inc. ("AMGDI") Registered Representatives</u>

In addition to requirements under the Code, GW&K employees who are Registered Representatives of AMGDI are required to also comply with the Gifts and non-cash compensation policies maintained in AMGDI's Supervisory Procedures Manual.

**<u>VIII. Political Contributions</u>**

All GW&K employees are prohibited from making Gifts or contributions in the name of, or on behalf, of GW&K to any political committee, candidate or party. Employees are also subject to pre-clearance requirements and contribution limits for personal political contributions as part of Firm policies and procedures. Employees should refer to GW&K's Political Contributions and Other Restricted Payments Policy which can be found in the GW&K Compliance Manual and on GW&K's Portal.

**<u>IX. Insider Trading Policies and Procedures</u>**

All GW&K Access Persons are subject to GW&K's Insider Trading Policy and AMG's Insider Trading Policy and Procedures, which can be found on GW&K's Portal and within GW&K's Code system. Access Persons are required to certify at least annually that they have received, read and understood these policies as well as adhered to the guidelines and restrictions therein.

**<u>X. Outside Business Activities</u>**

It is prohibited for any GW&K employee to engage in any Outside Business Activity, or be employed or compensated by any other person, or serve as an officer, director, partner or employee of another business organization or have any direct or indirect financial interest in any other organization engaged

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*December 2024*

in any securities, financial or kindred business unless such person has made a disclosure and received approval from their manager(s), and the Human Resources and Legal & Compliance Departments.

All employees are required to disclose their Outside Business Activities in the Code system. GW&K's Legal & Compliance Department will review all disclosures of Outside Business Activities to ensure there are no material conflicts of interest with GW&K clients, the Firm and with the disclosing employee's role and responsibilities at GW&K. Examples of Outside Business Activities required to be disclosed include, but are not limited to, serving on the board of directors for publicly traded companies, non-profit, endowment or charitable foundations, even if not a for-profit business and without compensation, or any activities where the employee receives compensation.

**<u>XI. Reporting Potential Violations, Investigation, Penalties for Violations, and Whistleblower Rules</u>**

**A. Reporting Potential Violations**

If any Access Person or other Covered Persons has any doubts as to the appropriateness of any activity, believe that they have violated the Code, or become aware of a violation of the Code by another individual(s), they should consult with the Chief Compliance Officer, a member of the Legal & Compliance Department, or member of the Management Committee. This includes reporting any concerns regarding any potential violations of any applicable law, rule or policy, or any other potential wrongdoing, by GW&K, any of our employees, or any of our service providers.

All are encouraged to report actual or possible violations to the Chief Compliance Officer or other members of the Legal & Compliance Department upon discovery. It is a violation of this Code to deliberately fail to report a violation by you, or deliberately withhold relevant or material information concerning a violation of this Code. If an Access Person believes the Chief Compliance Officer is acting in potential violation of the Code, the matter is to be reported to any member of GWK's Executive or Management Committees.

Good faith reporting of suspected violations of Firm Policies, including this Code, by others shall not subject the reporting person to penalty, reprisal, or retaliation by GW&K or any of its employees. Please also see subsection D below for additional information on Whistleblower Rules.

"Violations" should be interpreted broadly, and may include, but are not limited to, such items as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· noncompliance with laws, rules, and regulations applicable to the business of GW&K;

· fraud or illegal acts involving any aspect of GW&K's business;

· material misstatements in regulatory filings, internal books and records, Clients records, or reports;

· activity that is harmful to Clients, including any fund shareholders; and

· deviations from required internal controls, policies and procedures that safeguard Clients and GW&K.

All reports will be taken seriously, investigated promptly and appropriately, and treated with the appropriate confidentiality as determined by GW&K in light of the circumstances.

**B. Investigation**

The Legal & Compliance Department will investigate all potential violations of Firm policies, including the Code. In cases where the investigation is initiated by the reporting of a potential violation by an

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Code of Ethics

*December 2024*

employee, the Legal & Compliance Department may update the Access Person or other Covered Persons on the status of the investigation as appropriate. In addition, the reporting individual may request an update at any time. Such investigative procedures may include notification to the Firm's Executive and Management Committees of the violation or possible violation, and discussion of the violation or possible violation with the relevant parties to determine whether the procedures set forth in the Code were followed. Each investigation will be documented, including the name(s) of the relevant party(ies), the date of the investigation and identification of the violation or possible violation. The file kept on such investigation shall include all relevant records. The determination as to whether a violation has occurred will be subject to review by the Legal & Compliance Department. The Chief Compliance Officer or other members of the Legal & Compliance Department will report findings as necessary to the Executive or Management Committees.

**C. Penalties for Violations**

Penalties for violations of U.S. Federal Securities Laws or Firm policies can be severe for individuals involved and their employers. A person can be subject to penalties even if they do not personally benefit from the violation. Penalties for such violations will be determined on a case-by-case basis in the discretion of the Legal & Compliance Department with input from members of the Executive or Management Committee as appropriate. While each violation is reviewed individually, certain considerations are regularly evaluated such as the nature of the violation (whether it was a failure to follow procedure such as pre-clearance, or whether there was an actual non-compliant transaction that occurred), whether there appeared to be intent to violate or circumvent the Code or other Firm policy, and whether the individual has had previous violations. The penalties may include, but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;· Issuance of a disciplinary memorandum or letter of reprimand;

· Requiring disgorgement of profits generated from non-compliant trades;

· Requiring trades to be reversed or other corrective actions at Access Person's expense;

· Suspension of personal trading privileges;

· Requiring the consolidation of Reportable Accounts with certain brokers;

· Suspension or termination of employment; and

· Reporting to the appropriate regulatory authorities if applicable.

**D. Whistleblower Rules**

Nothing in this Code or in any other agreements you may have with GW&K is intended to or shall preclude or impede you from cooperating with any governmental or regulatory entity or agency in any investigation, or from communicating any suspected wrongdoing or violation of law to any such entity or agency, including, but not limited to, reporting pursuant to the "whistleblower rules" promulgated by the SEC (Securities Exchange Act Rules 21F-1, et seq.).

Retaliation of any type against an Access Person who reports a suspected violation or assists in the investigation of such conduct (even if the conduct is not found to be a violation) is strictly prohibited and constitutes a further violation of the Code and these procedures.

All Access Persons are encouraged (and have the responsibility) to ask questions and seek guidance from the Chief Compliance Officer, other members of the Legal & Compliance Department or senior management with respect to any action or transaction that may constitute a violation and to refrain from any action or transaction which might lead to the appearance of a violation.

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Code of Ethics

*December 2024*

**<u>XII. Recordkeeping Requirements</u>**

In accordance with Rule 17j-1 under the Investment Company Act of 1940 and Rule 204-2 under the Investment Advisers Act of 1940, the following records will be maintained by GW&K, at its principal place of business:

(i) a copy of the Code and all written acknowledgements of the receipt of the Code and any amendments thereto for each Access Person within the past five years;

(ii) a record of any violation of the Code and of any action taken as a result of such violation shall be preserved for a period of not less than five years following the end of the fiscal year in which the violation occurs;

(iii) a copy of each report made by an Access Person must be maintained for at least five years after the end of the fiscal year in which the report is made or the information is provided;

(iv) a record of all Access Persons, currently or within the past five years, who are or were required to make reports under the Code, or who are or were responsible for reviewing such reports pursuant to this Code; and

(v) a record of any decision, and the reasons supporting the decision, to approve the acquisition of securities in Limited Offerings by Access Persons, for at least five years after the end of the fiscal year in which the approval is granted.

**<u>XIII. Distribution and Certification</u>**

Each Access Person is to (i) receive a copy of this Code at the time of employment, annually thereafter, and anytime amendments are made to the Code; and (ii) periodically certify in writing that they have received, read and understood the Code and any amendments; and (iii) will adhere to the guidelines, restrictions, and responsibilities therein.

**<u>XIV. Oversight and Documentation</u>**

GW&K's Legal & Compliance Department is responsible for the administration and oversight of the Policy and assessing compliance with this Policy and the effectiveness of its implementation. Members of GW&K's Legal & Compliance Department will also provide periodic training to GW&K's Access Persons regarding the requirements of the Policy.

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## Ex-99.(P)(10)

**Exhibit 99.(P)(10)**

![](x1_c113438x683x1.jpg)

Income Research + Management

Employee Code of Ethics for Personal<br> Investments and Insider Trading Policy

April 2025

**<u>**Table of Contents**</u>**

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| | | |
|:---|:---|:---|
| **INTRODUCTION** | **INTRODUCTION** |  |
| Am I subject to these rules? | Am I subject to these rules? | 1 |
| **RULES FOR EVERYONE** | **RULES FOR EVERYONE** |  |
| 1. | Acknowledging your acceptance of the rules | 2 |
| 2. | Complying with Federal Securities Laws | 2 |
| 3. | Reporting violations to IR+M Compliance | 2 |
| 4. | Pre-clearing political contributions and payments to foreign officials | 2 |
| 5. | Disclosing all Covered Accounts and holdings in Covered Securities | 3 |
| 6. | Disclosing new accounts and transactions in Covered Securities | 3 |
| 7. | Opening new Covered Accounts while at IR+M | 4 |
| 8. | Pre-Clearing trades in Covered Securities | 5 |
| 9. | Pre-clearing gifts and entertainment | 7 |
| 10. | Getting approval to trade in Covered Accounts owned by others | 8 |
| 11. | Complying with the 60-day rule | 9 |
| 12. | Pre-clearing outside activities | 11 |
| 13. | Complying with IR+M Policy on Insider Trading | 11 |
| 14. | Limitations on disclosure to IR+M Non-Access Shareholders | 11 |
| **ADDITIONAL RULE FOR PORTFOLIO MANAGERS ONLY** | **ADDITIONAL RULE FOR PORTFOLIO MANAGERS ONLY** |  |
| 1. | Failing to recommend a trade for a Portfolio | 13 |
| **HOW WE ENFORCE THESE POLICIES** | **HOW WE ENFORCE THESE POLICIES** | 14 |

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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 Person</u>***." A Covered Person includes:

● You

● Your spouse, or a domestic partner<sup>1</sup> who shares your household

● 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

● 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **<u>TO DO</u>**:<br>**If you are a *new* Employee:**<br>● Submit the *Code* Acknowledgment Form within 10-days of your hire<br>**If you are a *current* Employee:**<br>● 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> **<u>TO DO:</u>**<br>● 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.* 

&nbsp;&nbsp; **<u>TO DO:</u>**<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>

**5.**  **<u>Disclose Covered Accounts and holdings in Covered Securities</u>** 

<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.

All Employees must disclose information about their Covered Accounts and Covered Securities.

A "***<u>Covered Account</u>***" is:

● Any security account that holds, or has the potential to hold, securities; <u>and</u> 

● 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:

● Any type of equity or debt security

● Any rights to acquire, dispose of or otherwise relating to the security

● Put and call options

● Warrants and convertible securities

● Any other derivative instrument based on a security

● 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:

● Direct obligations of the United States government

● Money market instruments (i.e., bankers' acceptances, bank CDs, commercial paper, high quality short-term debt instruments, and repurchase agreements)

● Shares of money market funds

● Shares of mutual funds not advised or sub-advised by IR+M

● Transactions in units of a Unit Investment Trust if invested exclusively in unaffiliated Funds

● Transactions in ETFs not sub-advised by IR+M

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> **<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;●  Arrange for duplicate copies of all your trade confirmations and monthly Covered Account statements to be sent to IR+M Compliance<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●  Complete and submit an **<u>Initial Holdings Report</u>** showing all of your and your Covered Persons' Covered Accounts and holdings of Covered Securities. If you don't have anything to report, please use the Initial Holdings Report to tell us so.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●  The information contained in the Initial Holdings Report must be no older than 45 days from your date of hire or of being notified that the Code applies to you. <br>**Current Employees:**<br>Annually, complete and submit an **<u>Annual Holdings Report</u>** by a date specified by IR+M Compliance. The Annual Holdings Report will require you to show all of your and your Covered Persons' Covered Accounts and holdings of Covered Securities. If you don't have anything to report, please use the Annual Holdings Report to tell us so. The information contained in the Annual Holdings Report must be no older than 45 days from the date the report was submitted.<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.

&nbsp;&nbsp; <br> **<u>TO DO:</u>**<br>Complete a **<u>Quarterly Transaction Report</u>** by the earlier of the date specified by IR+M Compliance or no later than 30 days after the end of each calendar quarter. The Quarterly Transaction Report will ask if you or your Covered Persons opened a new Covered Account during the quarter and/or transacted in Covered Securities. If you or your Covered Persons did not open a new Covered Account or transacted in Covered Securities, please use the Quarterly Holdings Report 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.

&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;●  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 on the next Quarterly Transaction Report<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***<u>Exceptions</u>***<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 <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; (employee stock purchase plan) in which a related Covered Person is the participant<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 Account <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●  Provide a current statement for each external Covered Account<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●  For DPPs, and ESPPs (if applicable) provide the investment schedule to 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:

● Don't have any Inside Information on the security you want to trade

● Are not using knowledge of actual or potential Portfolio trades to benefit yourself or others

● Believe the trade is available to other investors on the same terms

● 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 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<br>

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| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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;●  Unless an exception applies or IR+M Compliance determines otherwise, 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  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **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 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **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<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;●  Notify Compliance of any accounts that are professionally managed by a third party.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **<u>TO DO:</u>**<br>To avoid errors and possible sanctions, use these step-by-step instructions to apply for pre-clearance:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.<br> Sign-on to Compliance Science's Personal Trading Control Center ("PTCC")<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.<br> In your Employee Work Center, click "Trade Request" under the "Pre-clearance" tab<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.<br> Read the instructions<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.<br> Enter the transaction type (buy or sell)<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.<br> Enter the approximate quantity of the transaction<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.<br> Look-up and enter the Covered Security you want to trade<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.<br> If your transaction is not a market buy or sell and something like a limit order, please provide information about the trade in the "Additional Info" box. Use this box to provide any other relevant information about the trade<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.<br> Submit your request and await approval / denial from IR+M Compliance<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.<br> Check the status of your order at the end of the day and cancel any orders that have not been filled<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 preclearance 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **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>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **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>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **<u>TO DO:</u>**<br>To avoid errors and possible sanctions, use these step-by-step instructions to apply for pre-clearance:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.<br> Sign-on to Compliance Science's PTCC<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.<br> In your Employee Work Center, click "Gifts & Entertainment Request" under the "Pre-clearance" tab<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.<br> Read the instructions<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.<br> Enter the appropriate information to the best of your ability<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.<br> Submit your request and await approval / denial from IR+M Compliance<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).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;●  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>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 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:

● Serving as a director, trustee, or board member of an unaffiliated company or organization

● 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

● Becoming involved in consultations or negotiations for corporate financing, acquisitions, or other transactions for outside companies or organizations

● Any employment for compensation at an outside entity

&nbsp;&nbsp; **<u>TO DO:</u>**<br> Request approval from IR+M Compliance 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>**."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***Material***<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>

&nbsp;&nbsp; ***Nonpublic***<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:

● 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

● In a discussion with an issuer, you may learn information about the issuer that is Inside Information

● 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?**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **<u>TO DO</u>:**<br>**1.**<br> **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.**<br> **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.**<br> **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.**<br> **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;&nbsp;&nbsp;&nbsp;&nbsp; <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.**<br> **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, taxi cabs, 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.

&nbsp;&nbsp; **<u>TO DO</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:

● A written warning

● A written note to your HR Personnel File

● Revocation of personal trading activity

● Imposition of fines

● Suspension of employment

● Demotion

● Termination of employment

● Referral to civil or criminal authorities

**<u>Fines</u>**

In light of the above listed sanctions, IR+M Compliance may assess the following minimum fines for the following violations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **<u>Personal Transaction Violations</u>**<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>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **<u>Pre-clearance Violations</u>**<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>

&nbsp;&nbsp; **<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.**

&nbsp;&nbsp; **<u>Exceptions</u>**<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.(P)(11)

**Exhibit 99.(P)(11)**

**LOOMIS, SAYLES & CO., L.P.**

**LOOMIS SAYLES INVESTMENTS LIMITED**

**LOOMIS SAYLES INVESTMENTS ASIA PTE. LTD.**

**<u>Code of Ethics</u>**

&nbsp;&nbsp; <br> **Policy on Personal Trading and Related Activities**<br> **by Loomis Sayles Personnel**<br>

EFFECTIVE:

January 14, 2000

AS AMENDED:

October 18, 2024

**Table of Contents**

---

| | |
|:---|:---|
| **Code of Ethics** | 3 |
| 1. INTRODUCTION | 3 |
| 2. STATEMENT OF GENERAL PRINCIPLES | 3 |
| 3. A FEW KEY TERMS | 4 |
| 3.1. Covered Security | 4 |
| 3.2. Beneficial Ownership | 6 |
| 3.3. Investment Control | 7 |
| 3.4. Maintaining Personal Accounts | 7 |
| 4. SUBSTANTIVE RESTRICTIONS ON PERSONAL TRADING | 8 |
| 4.1. Pre-clearance | 8 |
| 4.2. Good Until Canceled and Limit Orders | 10 |
| 4.3. Short Term Trading Profits | 10 |
| 4.4. Restrictions on Round Trip Transactions in Loomis Advised Funds | 11 |
| 4.5. Derivatives | 11 |
| 4.6. Short Sales | 12 |
| 4.7. Competing with Client Trades | 12 |
| 4.8. Large Cap/De Minimis Exemption | 13 |
| 4.9. Investment Person Seven-Day Blackout Rule | 13 |
| 4.10. Research Recommendations | 14 |
| 4.11. Initial Public Offerings | 15 |
| 4.12. Private Placement Transactions | 15 |
| 4.13. Insider Trading | 16 |
| 4.14. Restricted and Concentration List | 17 |
| 4.15. Loomis Sayles Hedge Funds | 18 |
| 4.16. Exemptions Granted by the Chief Compliance Officer | 18 |
| 5. PROHIBITED OR RESTRICTED ACTIVITIES | 19 |
| 5.1. Public Company Board Service and Other Affiliations | 19 |
| 5.2. Participation in Investment Clubs and Private Pooled Vehicles | 19 |
| 6. REPORTING REQUIREMENTS | 20 |
| 6.1. Initial Holdings Reporting, Account Disclosure and Acknowledgement of Code | 20 |
| 6.2. Brokerage Confirmations and Brokerage Account Statements | 21 |
| 6.3. Quarterly Transaction Reporting, Account Disclosure and Related Person of a Public Company Certification | 21 |
| 6.4. Annual Reporting | 22 |
| 6.5. Review of Reports by Chief Compliance Officer | 23 |
| 6.6. Internal Reporting of Violations to the Chief Compliance Officer | 23 |
| 6.7. Register of Interests in Securities | 24 |
| 6.8. Mandatory Notification to the MAS for Loomis Asia's Directors and Appointed Representatives | 24 |
| 7. SANCTIONS | 25 |
| 8. RECORDKEEPING REQUIREMENTS | 26 |
| 9. MISCELLANEOUS | 26 |
| 9.1. Confidentiality | 26 |
| 9.2. Disclosure of Client Trading Knowledge | 27 |
| 9.3. Notice to Access Persons, Investment Persons and Research Analysts as to Code Status | 27 |
| 9.4. Notice to Personal Trading Compliance of Engagement of Independent Contractors | 27 |
| 9.5. Exemptions to the Application of the Code | 28 |
| 9.6. Questions and Educational Materials | 28 |

---

**<u>Code of Ethics</u>**

&nbsp;&nbsp; <br> **Policy on Personal Trading and<br> Related Activities**<br>

&nbsp;&nbsp;&nbsp;&nbsp;1. INTRODUCTION

This Code of Ethics ("Code") has been adopted by Loomis, Sayles & Co., L.P. ("Loomis US"), Loomis Sayles Investments Limited ("Loomis UK") and Loomis Sayles Investments Asia Pte. Ltd. ("Loomis Asia") (collectively ("Loomis Sayles") to govern certain conduct of Loomis Sayles' **Supervised Persons** and personal trading in securities and related activities of those individuals who have been deemed **Access Persons** thereunder, and under certain circumstances, those **Access Persons'** family members and others in a similar relationship to them.

The policies in this Code reflect Loomis Sayles' desire to detect and prevent not only situations involving actual or potential conflicts of interest with client investments or unethical conduct, but also those situations involving even the appearance of these.

&nbsp;&nbsp;&nbsp;&nbsp;2. STATEMENT OF GENERAL PRINCIPLES

It is the policy of Loomis Sayles that no **Access Person** or **Supervised Person** as such terms are defined under the Code, (please note that Loomis Sayles treats all employees as **Access Persons**) shall engage in any act, practice or course of conduct that would violate the Code, the fiduciary duty owed by Loomis Sayles and its personnel to Loomis Sayles' clients, Rule 204A-1 under the Investment Advisers Act of 1940, as amended (the "Advisers Act"), the Employee Retirement Income Security Act of 1974, as amended ("ERISA"), or the provisions of Section 17(j) of the Investment Company Act of 1940, as amended (the "Investment Company Act"), and Rule 17j-1 there under. It is required that all **Access Persons** must comply with all applicable laws, rules and regulations including, but not limited to the **Federal Securities Laws**. The Investment Management Association of Singapore's ("IMAS'") Code of Ethics & Standards of Professional Conduct provides that Loomis Asia (as a member of IMAS) should have in place appropriate policies and internal controls governing personal dealing and appropriate structures in place to carry out monitoring and to ensure compliance. Therefore, all employees of Loomis Asia must also comply with the Securities and Futures Act, Chapter 289 of Singapore (the "Securities and Futures Act"), the Financial Advisers Act, Chapter 110 of Singapore (the "Financial Advisers Act"), and all other applicable Singapore laws, rules and regulations.

Under the requirements of the Financial Conduct Authority (FCA), there are Conduct Rules within the Senior Managers and Certification Regime (SM&CR) with which all employees of Loomis UK must comply. These rules are designed to improve the levels of responsibility and accountability, honesty and integrity, and to act at all times with due care, skill and diligence.

The Code is designed to comply with all of the above regulations.

The fundamental position of Loomis Sayles is, and has been, that it must at all times place the interests of its clients first. Accordingly, your personal financial transactions (and in some cases, those of your family members and others in a similar relationship to you) and related

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 your position of trust and responsibility.

Without limiting in any manner the fiduciary duty owed by Loomis Sayles to its clients, it should be noted that Loomis Sayles considers it proper that purchases and sales be made by **Access Persons** in the marketplace of securities owned by Loomis Sayles' clients, <u>provided</u> that such securities transactions comply with the spirit of, and the specific restrictions and limitations set forth in the Code. In making personal investment decisions, however, you must exercise extreme care to ensure that the provisions of the Code are not violated and under no circumstances, may an **Access Person** use the knowledge of **Covered Securities** purchased or sold by any client of Loomis Sayles or **Covered Securities** being considered for purchase or sale by any client of Loomis Sayles to profit personally, directly or indirectly, by the market effect of such transactions.

Improper trading activity can constitute a violation of the Code. The Code can also be violated by an **Access Person's** failure to file required reports, by making inaccurate or misleading reports or statements concerning trading activity, or by opening an account with a non-**Select Broker** without proper approval as set forth in the Code.

It is not intended that these policies will specifically address every situation involving personal trading. These policies will be interpreted and applied, and exceptions and amendments will be made, by Loomis Sayles in a manner considered fair and equitable, but in all cases with the view of placing Loomis Sayles' clients' interests paramount. It also bears emphasis that technical compliance with the procedures, prohibitions and limitations of this Code will not automatically insulate you from scrutiny of, and sanctions for, securities transactions which indicate an abuse of Loomis Sayles' fiduciary duty to any of its clients.

You are encouraged to bring any questions you may have about the Code to **Personal Trading Compliance**.

**Personal Trading Compliance**, the **Chief Compliance Officer** and the Loomis Sayles Ethics Committee will review the terms and provisions of the Code at least annually, and make amendments as necessary. Any amendments to the Code will be provided to you.

&nbsp;&nbsp;&nbsp;&nbsp;3. A FEW KEY TERMS

**Boldfaced** terms have special meaning in this Code. The application of a particular Code requirement to you may hinge on the elements of the definition of these terms. See the **Glossary** at the end of this Code for definitions of these terms. In order to have a basic understanding of the Code, however, you must have an understanding of the terms "**Covered Security**", "**Beneficial Ownership**" and "**Investment Control**" as used in the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1. Covered Security

This Code generally relates to transactions in and ownership of an investment that is a **Covered Security (defined under Sec. 2(a)(36) of the Investment Company Act 1940)**. Currently, this means any type of equity or debt security (such as common and preferred stocks, and corporate and government bonds or notes), any equivalent (such as ADRs, GDR's, etc.), any derivative, instrument representing, or any rights relating to, a **Covered Security**, and any closely related security (such as certificates of participation, depository receipts, collateral–trust certificates, put and call options, warrants, and related convertible or exchangeable securities and securities indices). Shares of closed-end funds, municipal obligations and securities issued by agencies and

instrumentalities of the U.S. government (e.g. GNMA obligations) are also considered **Covered Securities** under the Code.

Additionally, the shares of any investment company registered under the Investment Company Act and the shares of any collective investment vehicle ("CIV"), (e.g. SICAVs, OEICs, UCITs, etc.) that is advised, sub-advised, or distributed by Loomis Sayles, Natixis, or a Natixis affiliate ("**Reportable Funds**") are deemed to be **Covered Securities** for purposes of certain provisions of the Code. **Reportable Funds** include open-end and closed-end funds and CIVs that are advised, sub-advised, or distributed by Loomis Sayles, Natixis, or a Natixis affiliate, but exclude money market funds. A current list of **Reportable Funds** is attached as <u>Exhibit One</u> and will be maintained on the firm's intranet site under the Legal and Compliance page.

*Explanatory Note: While the definition of **Reportable Funds** encompasses funds or CIVs that are advised, sub-advised and/or distributed by Natixis and its affiliates, only those funds or CIVs advised or sub-advised by Loomis Sayles **("Loomis Advised Fund")** are subject to certain trading restrictions of the Code (specifically, the Short-Term Trading Profit and Round Trip Transaction restrictions). Please refer to Section 4.3 and 4.4 of the Code for further explanation of these trading restrictions. Additionally, <u>Exhibit One</u> distinguishes between those funds and CIVs that are only subject to reporting requirements under the Code (all **Reportable Funds**), and those that are subject to **<u>both</u>** the reporting requirements and the aforementioned trading restrictions (Loomis Advised Funds).*

Shares of exchange traded funds ("ETFs") and closed-end funds are deemed to be **Covered**<u> </u>**Securities** for the purposes of certain provisions of the Code. Broad based open-ended ETFs with either a market capitalization exceeding U.S. $1 billion **OR** an average daily trading volume exceeding 1 million shares (over a 90 day period); options on such ETFs, options on the indices of such ETFs; and ETFs that invest 80% of their assets in securities that are not subject to the pre-clearance requirements of the Code, are exempt from certain provisions of the Code ("**Exempt ETFs**"). A current list of **Exempt ETFs** is attached as <u>Exhibit Two</u> and will be maintained on the firm's intranet site under the Legal and Compliance page.

*Explanatory Note: Broad based open-ended ETFs are determined by **Personal Trading Compliance** using Bloomberg data.*

All **Access Persons** are expected to comply with the spirit of the Code, as well as the specific rules contained in the Code. Therefore, while the lists of **Reportable Funds** and **Exempt ETFs** are subject to change, it is ultimately the responsibility of all **Access Persons** to review these lists which can be found in <u>Exhibit(s) One and Two</u>, prior to making an investment in a **Reportable Fund** or ETF.

It should be noted that private placements, hedge funds and investment pools are deemed to be **Covered Securities** for purposes of the Code whether or not advised, sub-advised, or distributed by Loomis Sayles or a Natixis investment adviser. Investments in such securities are discussed under sections 4.12 and 5.2.

Please see <u>Exhibit Three</u> for the application of the Code to a specific **Covered Security** or instrument, including exemptions from pre-clearance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2. Beneficial Ownership

The Code governs any **Covered Security** in which an Access Person has any direct or indirect "**Beneficial Ownership**." **Beneficial Ownership** for purposes of the Code means a direct or indirect "pecuniary interest" that is held or shared by you directly or indirectly (through any contract, arrangement, understanding, relationship or otherwise) in a **Covered Security**. The term "pecuniary interest" in turn generally means your opportunity directly or indirectly to receive or share in any <u>profit</u> derived from a transaction in a **Covered Security,** whether or not the **Covered Security** or the relevant account is in your name and regardless of the type of account (i.e. brokerage account, direct account, or retirement plan account). Although this concept is subject to a variety of U.S. Securities and Exchange Commission ("SEC") rules and interpretations, you should know that you are <u>presumed</u> under the Code to have an indirect pecuniary interest as a result of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· ownership of a **Covered Security** by your spouse or minor children;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· ownership of a **Covered Security** by a live-in partner who shares your household and combines his/her financial resources
in a manner similar to that of married persons;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· ownership of a **Covered Security** by your other family members
sharing your household (including an adult child (even if that child is currently living away at a college/university), a stepchild,
a grandchild, a parent, stepparent, grandparent, sibling, mother- or father-in-law, sister- or brother-in-law, and son- or daughter-in-law);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· your share ownership, partnership interest or similar interest in **Covered Securities** held by a corporation, general
or limited partnership or similar entity you control;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· your right to receive dividends or interest from a **Covered Security** even if that right is separate or separable from
the underlying securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· your interest in a **Covered Security** held for the benefit of you alone or for you and others in a trust or similar arrangement
(including any present or future right to income or principal); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· your right to acquire a **Covered Security** through the exercise or conversion of a "derivative **Covered Security**."

In addition, life events such as marriage, death of a family member (i.e., inheritance), etc. may result in your acquiring **Beneficial Ownership** and/or **Investment Control** over accounts previously belonging to others. Therefore, any **Covered Security**, including **Reportable Funds,** along with any account that holds or can hold a **Covered Security**, including **Reportable Funds**, in which you have a **Beneficial Ownership** and/or **Investment Control,** as described in Section 3.2 and Section 3.3 of the Code, resulting from marriage or other life event must be reported to **Personal Trading Compliance** promptly, and no later than the next applicable quarterly reporting period.

*Explanatory Note: All accounts that hold or can hold a Covered Security in which an **Access Person** has **Beneficial Ownership** are subject to the Code (such accounts include, but are not limited to, personal brokerage accounts, mutual fund accounts, accounts of your spouse, accounts of minor children living in your household, Family of Fund accounts, transfer agent accounts holding mutual*

*funds or book entry shares, IRAs, 401Ks, trusts, DRIPs, ESOPs, etc.).*

Please see <u>Exhibit Four</u> for specific examples of the types of interests and accounts subject to the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3. Investment Control

The Code governs any **Covered Security** in which an **Access Person** has direct or indirect "**Investment Control**." The term **Investment Control** encompasses any influence (i.e., power to manage, trade, or give instructions concerning the investment disposition of assets in the account or to approve or disapprove transactions in the account), whether sole or shared, direct or indirect, you exercise over the account or **Covered Security**.

You should know that you are <u>presumed</u> under the Code to have **Investment Control** as a result of having:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Investment Control** (sole or shared) over your personal brokerage account(s);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Investment Control** (sole or shared) over an account(s) in the name of your spouse or minor children, unless, you have
renounced an interest in your spouse's assets (subject to the approval of the **Chief Compliance Officer**);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Investment Control** (sole or shared) over an account(s) in the name of any family member, friend or acquaintance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Involvement in an Investment Club;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Trustee power over an account(s); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The existence and/or exercise of a power of attorney over an account.

Please see <u>Exhibit Four</u> for specific examples of the types of interests and accounts subject to the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4. Maintaining Personal Accounts

All **Access Persons** that reside within the U.S.("Loomis US Access Persons"), who have personal accounts that hold or can hold **Covered Securities** in which they have direct or indirect **Investment Control** <u>and</u> **Beneficial Ownership** are required to maintain such accounts at one of the following firms: Ameriprise, Baird, Bank of America/Merrill Lynch, Charles Schwab, Citi Personal Wealth Management, Fidelity Investments, Interactive Brokers, JP Morgan Chase & Co., Morgan Stanley Smith Barney, UBS, Vanguard, or Wells Fargo (collectively, the "**Select Brokers**"). Additionally, an **Access Person** may only purchase and hold shares of **Reportable Funds** through either: a **Select Broker**; directly from the **Reportable Fund's** through its transfer agent, or through one or more of Loomis Sayles' retirement plans, unless an exception to the Select Broker requirement, as described below, is granted.

Accounts in which the Loomis US **Access Person** only has either **Investment Control** or **Beneficial Ownership**; certain retirement accounts with the Loomis US **Access Person's** prior

employer; accounts managed by an outside adviser in which the Loomis US **Access Person** exercises no investment discretion; accounts in which the Loomis US **Access Person**'**s** spouse is employed by another investment firm and must abide by that firm's Code of Ethics; and/or the retirement accounts of a Loomis US **Access Person's** spouse may be maintained with a firm other than the **Select Brokers** upon the prior written approval of **Personal Trading Compliance** or the **Chief Compliance Officer.** In these cases, Loomis US **Access Persons** are responsible for ensuring that **Personal Trading Compliance** receives duplicate confirms as and when transactions are executed in such accounts, and statements on a monthly basis, if available, or at least quarterly for non-Select Brokers. In addition, **Personal Trading Complianc**e or the **Chief Compliance Officer** may grant exemptions to the **Select Broker** requirement for accounts not used for general trading purposes such as ESOPs, DRIPs, securities held physically or in book entry form, family of fund accounts or situations in which the Loomis US **Access Person** has a reasonable hardship for not maintaining their accounts with a **Select Broker**.

**Access Persons** with a residence outside the U.S., are exempt from maintaining their personal accounts at a **Select Broker**. However, such **Access Persons** are responsible for ensuring that **Personal Trading Compliance** receives duplicate confirms as and when transactions are executed in such accounts, and statements on a monthly basis, if available, or at least quarterly.

**All Access Persons must receive pre-clearance approval from Personal Trading Compliance prior to the opening of any new personal accounts that can hold Covered Securities in which the Access Person has direct or indirect Investment Control or Beneficial Ownership. This includes Select Broker accounts. In addition, the opening of all reportable accounts must also be reported to Personal Trading Compliance as set forth in Section 6.2 and Section 6.3 of the Code.**

Finally, Access Persons must inform the **Select Broker** or other financial institution of his/her association with Loomis Sayles during the account opening process.

*Explanatory Note: While certain accounts may be granted an exemption from certain provisions of the Code, inclusive of the **Select Broker** requirement, they are still subject to the reporting requirements of the Code and may be subject to the pre-clearance requirements of the Code (e.g. joint accounts) as set forth in Section 4.1 of the Code. The terms of a specific exemption will be outlined in an exemption memorandum which is issued to the **Access Person** by **Personal Trading Compliance.** An **Access Person**'**s** failure to abide by the terms and conditions of an account exemption issued by **Personal Trading Compliance** could result in a violation of the Code.*

&nbsp;&nbsp;&nbsp;&nbsp;4. SUBSTANTIVE RESTRICTIONS ON PERSONAL TRADING

The following are substantive prohibitions and restrictions on **Access Persons'** personal trading and related activities. In general, the prohibitions set forth below relating to trading activities apply to accounts holding **Covered Securities** in which an **Access Person** has **Beneficial Ownership** <u>and</u> **Investment Control**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1. Pre-clearance

Each **Access Person** must pre-clear through the FIS Employee Compliance Management system ("ECM") all **Volitional** transactions in **Covered Securities** (i.e. transactions in which the

**Access Person** has determined the timing as to when the purchase or sale transaction will occur and amount of shares to be purchased or sold) in which he or she has **Investment Control** <u>and</u> in which he or she has or would acquire **Beneficial Ownership**. Exceptions to the pre-clearance requirement include, but are not limited to: Open-ended mutual funds and CIVs meeting the criteria described below, **Exempt ETFs** listed in <u>Exhibit Two</u>, and US Government Agency bonds (i.e. GNMA, FNMA, FHLMC), as set forth in <u>Exhibit(s) Three and Five</u>.

*Explanatory Note: A CIV is exempt from pre-clearance under the following conditions: issues shares that shareholders have the right to redeem on demand; calculates an NAV on a daily basis in a manner consistent with the principles of Section 2(a)(41) of the 1940 Act and Rule 2a-4 thereunder; issues and redeems shares at the NAV next determined after receipt of the relevant purchase or redemption order consistent with the "forward pricing" principles of Rule 22c-1 under the 1940 Act; and there is no secondary market for the shares of the CIV.*

*Explanatory Note: Futures, options and swap transactions in* **Covered *Securities*** *must be manually pre-cleared by **Personal Trading Compliance** since ECM cannot handle such transactions. Initial public offerings, private placement transactions, including hedge funds whether or not they are advised, sub-advised, or distributed by Loomis Sayles or a Natixis investment adviser, participation in investment clubs and private pooled vehicles require special pre-clearance as detailed under Sections 4.11, 4.12 and 5.2 of the Code.*

*Explanatory Note: Broad based open-ended ETFs with either a market capitalization exceeding $1billion **OR** an average daily trading volume exceeding 1 million shares (over a 90 day period); options on such ETFs, options on the indices of such ETFs; and ETFs that invest 80% of their assets in securities that are not subject to the pre-clearance requirements of the Code, are exempt from the pre-clearance and trading restrictions set forth in Sections 4.1, 4.3, 4.5, 4.6, 4.7, 4.9, and 4.10 of the Code. A list of the **Exempt ETFs** is provided in <u>Exhibit Two</u> of the Code. All closed end-funds, closed-end ETFs, sector based/narrowly defined ETFs and broad based open-ended ETFs with a market capitalization below U.S. $1 billion AND an average daily trading volume below 1 million shares (over a 90 day period) are subject to the pre-clearance and trading restrictions detailed under Section 4 of the Code.*

***All closed-end funds and ETFs, including those Exempt ETFs and their associated options as described above, are subject to the reporting requirements detailed in Section 6 of the Code.***

Any transaction approved pursuant to the pre-clearance request procedures **<u>must be executed by the end of the trading day on which it is approved</u>** unless **Personal Trading Compliance** extends the pre-clearance for an additional trading day. If the **Access Person's** trade has not been executed by the end of the same trading day (or the next trading day in the case of an extension), the pre-clearance will lapse and the **Access Person** may not trade without again seeking and obtaining pre-clearance of the intended trade.

For **Access Persons** with a U.S. residence, pre-clearance requests can only be submitted through ECM and/or to **Personal Trading Compliance** Monday – Friday from 9:30am-4:00pm

Eastern Standard Time. **Access Persons** with a residence outside the U.S. will be given separate pre-clearance guidelines instructing them on the availability of ECM and **Personal Trading Compliance** support hours.

If after pre-clearance is given and before it has lapsed, an **Access Person** becomes aware that a **Covered Security** as to which he or she obtained pre-clearance has become the subject of a buy or sell order, or is being considered for purchase or sale for a client account, the **Access Person** who obtained the pre-clearance must consider the pre-clearance revoked **<u>and must notify Personal Trading Compliance immediately</u>.** If the transaction has already been executed before the **Access Person** becomes aware of such facts, no violation will be considered to have occurred as a result of the **Access Person's** transaction.

If an **Access Person** has actual knowledge that a requested transaction is nevertheless in violation of this Code or any provision thereof, approval of the request will not protect the **Access Person's** transaction from being considered in violation of the Code. The **Chief Compliance Officer** or **Personal Trading Compliance** may deny or revoke pre-clearance for any reason that is deemed to be consistent with the spirit of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2. Good Until Canceled and Limit Orders

No **Access Person** shall place a "good until canceled," "limit" or equivalent order with his/her broker except that an **Access Person** may utilize a "day order with a limit" so long as the transaction is consistent with provisions of this Code, including the pre-clearance procedures. All orders must expire at the end of the trading day on which they are pre-cleared unless otherwise extended by **Personal Trading Compliance.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3. Short Term Trading Profits

No **Access Person** may profit from the **Volitional** purchase and sale, **or** conversely the **Volitional** sale and purchase, of the same or equivalent **Covered Security (**including **Loomis Advised Funds)** within 60 calendar days (unless the sale involved shares of a **Covered Security** that were acquired more than 60 days prior). Hardship exceptions may be requested (in advance) from **Personal Trading Compliance**.

An **Access Person** may sell a **Covered Security** (including **Loomis Advised Funds**) or cover an existing short position at a loss within 60 calendar days. Such requests must be submitted through the ECM System and to **Personal Trading Compliance** for approval because the ECM System does not have the capability to determine whether the **Covered Security** will be sold at a gain or a loss.

*Explanatory Note: For purposes of calculating the 60 day holding period, the trade date of a given purchase or sale is deemed to be day zero. 60 full days must pass before an **Access Person** can trade that same **Covered Security** for a profit and therefore, allowing the **Access Person** to do so on the 61st day.*

*Explanatory Note: The Short Term Trading Profits provision is applicable to transactions that are executed across all of an **Access Person's** accounts. For example, if an **Access Person** sold shares of ABC in his/her Fidelity brokerage account today, that **Access Person** would not be allowed to buy shares of ABC in his/her Charles Schwab IRA account at a lower price within 60 days following the sale.*

*Explanatory Note: Please refer to <u>Exhibit One</u> for a current list of **Loomis Advised Funds**. Please also note that all closed-end funds are subject to the trading restrictions of Section 4.3 of the Code.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4. Restrictions on Round Trip Transactions in Loomis Advised Funds

In addition to the 60 day holding period requirement for purchases and sales of **Loomis Advised Funds,** an **Access Person** is prohibited from purchasing, selling and then re-purchasing shares of the same **Loomis Advised Fund** within a 90 day period ("Round Trip Restriction"). The Round Trip Restriction does not limit the number of times an **Access Person** can purchase a **Loomis Advised Fund** or sell a **Loomis Advised Fund** during a 90 day period. In fact, subject to the holding period requirement described above, an **Access Person** can purchase a **Loomis Advised Fund** (through one or multiple transactions) and can liquidate their position in that fund (through one or several transactions) during a 90 day period. However, an **Access Person** cannot then reacquire a position in the same **Loomis Advised Fund** previously sold within the same 90 day period.

The Round Trip Restriction will only apply to **Volitional** transactions in **Loomis Advised Funds**. Therefore, shares of **Loomis Advised Funds** acquired through a dividend reinvestment or dollar cost averaging program, and automatic monthly contributions to the firm's 401K plan will not be considered when applying the Round Trip Restriction.

Finally, all **Volitional** purchase and sale transactions of **Loomis Advised Funds,** in any share class and in <u>any</u> employee account (i.e., direct account with the **Loomis Advised Fund**, Select Broker account, 401K account, etc.) will be matched for purposes of applying the Round Trip Restriction.

*Explanatory Note: Only **Loomis Advised Funds** are subject to Section 4.4 of the Code. Please refer to <u>Exhibit One</u> for a current list of **Loomis Advised Funds**.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5. Derivatives

No **Access Person** shall use derivatives, including but not limited, to options, futures, swaps or warrants on a **Covered Security** to evade the restrictions of the Code. In other words, no **Access Person** may use derivative transactions with respect to a **Covered Security** if the Code would prohibit the **Access Person** from taking the same position directly in the underlying **Covered Security**.

*Explanatory Note: When transacting in derivatives, **Access Persons** must pre-clear the derivative and the underlying security in ECM as well as receive manual approval from **Personal Trading Compliance** before executing their transaction. Please note that options on Exempt ETFs and the underlying index of the ETF, as well as futures on currencies, commodities, cash instruments (such as loans or deposits), stock indexes and interest rates do not require pre-clearance, but do require reporting. For more detailed information, please see Section 4.1 of the Code.*

*Explanatory Note: Futures and Options on virtual currency (e.g., Bitcoin, Ethereum) are exempt from pre-clearance and the Code's trading restrictions, similar to futures and*

*options on other currencies, but they are subject to the Code's reporting requirements. Futures and Options on an Initial Coin Offering require pre-clearance, reporting and are subject to the Code's trading restrictions.*

*Explanatory Note: Entering into Financial Spread Betting or Contract for Difference transactions, the act of taking a bet on the price movement of a security or underlying index is strictly prohibited under the Code.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6. Short Sales

No **Access Person** may purchase a put option, sell a call option, sell a **Covered Security** short or otherwise take a short position in a **Covered Security** then being held long in a Loomis Sayles client account, unless, in the cases of the purchase of a put or sale of a call option, the option is on a broad based index.

*Explanatory Note: If an **Access Person** seeks pre-clearance to purchase a put option or sell a call option to hedge an existing long position in the same underlying securities, **Personal Trading Compliance** will compare the value of the underlying long position to the option to determine whether the **Access Person's** net position would be long or short. If short, the option transaction will be denied.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.7. Competing with Client Trades

Loomis Asia is required to give priority to Loomis Sayles' client orders. Loomis Asia cannot purchase or sell securities that are permitted to be traded on the Singapore Exchange Securities Trading Limited (the "SGX-ST") or on the securities market of any recognized market operator in Singapore if it were to act as a principal or on behalf of a person associated with or connected to Loomis Asia, where a client of Loomis Sayles who is not associated with or connected to Loomis Asia has instructed Loomis Asia to purchase or sell securities of the same class and Loomis Asia has not complied with the instruction. In addition, Loomis Asia must also accord priority to transactions for the purchase or sale of securities or to investments made on behalf of clients, over those made for the following persons: (i) Loomis Asia; (ii) Loomis Asia's associated persons; (iii) Loomis Asia's officers; (iv) Loomis Asia's employees; (v) Loomis Asia's representatives; (vi) any person whom Loomis Asia knows to be an associated person of the persons in (iii), (iv) or (v). However, neither Loomis Asia nor its employees will act in a principal capacity.

Except as set forth in Section 4.8, an **Access Person** may not, directly or indirectly, purchase or sell a **Covered Security** (**Reportable Funds** are not subject to this rule.) when the **Access Person** knows, or reasonably should have known, that such **Covered Securities** transaction competes in the market with any actual or considered **Covered Securities** transaction for any client of Loomis Sayles, or otherwise acts to harm any Loomis Sayles client's **Covered Securities** transactions.

Generally pre-clearance will be <u>denied</u> if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· a **Covered Security** or a closely related **Covered Security** is the subject of a pending "buy"
or "sell" order for a Loomis Sayles client until that buy or sell order is executed or withdrawn.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the **Covered Security** is being considered for purchase or sale for a Loomis Sayles

client, until that security is no longer under consideration for purchase or sale.

The ECM System has the information necessary to deny pre-clearance if any of these situations apply. Therefore, if you receive an approval in ECM, you may assume the **Covered Security** is not being considered for purchase or sale for a client account <u>unless</u> you have actual knowledge to the contrary, in which case the pre-clearance you received is null and void. For **Covered Securities** requiring manual pre-clearance (i.e. futures, options and other derivative transactions in **Covered Securities**), the applicability of such restrictions will be determined by **Personal Trading Compliance** upon the receipt of the pre-clearance request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.8. Large Cap/De Minimis Exemption

An **Access Person** who wishes to make a trade in a **Covered Security** that would otherwise be denied pre-clearance solely because the **Covered Security** is under consideration or pending execution for a client, as provided in Section 4.7, will nevertheless receive approval when submitted for pre-clearance provided that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the issuer of the **Covered Security** in which the **Access Person** wishes to transact has a market capitalization
exceeding U.S. $5 billion (a "Large Cap Security"); <u>AND</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the <u>aggregate</u> amount of the **Access Person's** transactions in that Large Cap Security on that day across
all personal accounts does not exceed $10,000 USD.

Such transactions will be subject to all other provisions of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.9. Investment Person Seven-Day Blackout Rule

No **Investment Person** shall, directly or indirectly, purchase or sell any **Covered Security** (**Reportable Funds** are not subject to this rule) within a period of seven (7) calendar days (trade date being day zero) <u>before</u> and <u>after</u> the date that a Loomis Sayles client, with respect to which he or she has the ability to influence investment decisions or has prior investment knowledge regarding associated client activity, has purchased or sold such **Covered Security** or a closely related **Covered Security**. It is ultimately the **Investment Person's** responsibility to understand the rules and restrictions of the Code and to know what **Covered Securities** are being traded in his/her client(s) account(s) or any account(s) with which he/she is associated.

*Explanatory Note: The "seven days before" element of this restriction is based on the premise that an **Investment Person** who has the ability to influence investment decisions or has prior investment knowledge regarding associated client activity can normally be expected to know, upon execution of his or her personal trade, whether any client as to which he or she is associated, has traded, or will be trading in the same or closely related **Covered Security** within seven days of his or her personal trade. Furthermore, an **Investment Person** who has the ability to influence investment decisions has a fiduciary obligation to recommend and/or affect suitable and attractive trades for clients regardless of whether such trades may cause a prior personal trade to be considered an apparent violation of this restriction. It would constitute a breach of fiduciary duty and a violation of this Code to delay or fail to make any such recommendation or transaction in a client account in order to avoid a conflict with this restriction.*

*It is understood that there may be particular circumstances (i.e. news on an issuer, a client initiated liquidation, subscription or rebalancing) that may occur after an **Investment Person's** personal trade which gives rise to an opportunity or necessity for an associated client to trade in that **Covered Security** which did not exist or was not anticipated by that person at the time of that person's personal trade. **Personal Trading Compliance** will review all extenuating circumstances which may warrant the waiving of any remedial actions in a particular situation involving an inadvertent violation of this restriction. In such cases, an exception to the Investment Person Seven-Day Blackout Rule will be granted upon approval by the **Chief Compliance Officer**.*

*The **Chief Compliance Officer**, or designee thereof, may grant a waiver of the Investment Person Seven-Day Blackout Rule if the **Investment Person's** proposed transaction is conflicting with client "cash flow" trading in the same security (i.e., purchases of a broad number of portfolio securities in order to invest a capital addition to the account or sales of a broad number of securities in order to generate proceeds to satisfy a capital withdrawal from the account). Such "cash flow" transactions are deemed to be non-volitional at the security level since they do not change the weighting of the security being purchased or sold in the client's portfolio.*

*Explanatory Note: The trade date of an **Investment Person**'s purchase or sale is deemed to be day zero. Any associated client trade activity executed, in either that **Covered Security** or a closely related **Covered Security**, 7 full calendar days before or after an **Access Person**'s trade will be considered a violation of the Investment Person Seven-Day Blackout Rule. For example, if a client account purchased shares of company ABC on May 4th, any **Access Person** who is associated with that client account cannot trade ABC in a personal account until May 12th without causing a potential conflict with the Investment Person Seven-Day Blackout Rule.*

*Explanatory Note: While the **Investment Person** Seven-Day Blackout Rule is designed to address conflicts between Investment Persons and their clients, it is the fiduciary obligation of all **Access Persons** to not effect trades in their personal account if they have prior knowledge of client trading or pending trading activity in the same or equivalent securities. The personal trade activity of all **Access Persons** is monitored by **Personal Trading Compliance** for potential conflicts with client trading activity.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.10. Research Recommendations

The Loomis Sayles Fixed Income **Research Analysts** issue "Buy," "Sell," and "Hold" recommendations on the fixed income securities that they cover. The Equity products have their own **Research Analysts** that provide recommendations to their respective investment teams. Collectively the fixed income and equity recommendations and equity price targets are hereinafter referred to as "Recommendations".

**Recommendations** are intended to be used for the benefit of the firm's clients. It is also understood **Access Persons** may use **Recommendations** as a factor in the investment decisions

they make in their personal and other brokerage accounts that are covered by the Code. The fact that **Recommendations** may be used by the firm's investment teams for client purposes and **Access Persons** may use them for personal reasons creates a potential for conflicts of interests. Therefore, the following rules apply to **Recommendations**:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· During the three (3) business day period <u>before</u> a **Research Analyst** issues a recommendation on a **Covered Security,** that the **Research Analyst** has reason to believe that his/her **Recommendation** is likely to result in client trading in the **Covered Security**, the **Research Analyst** may not purchase or sell said **Covered Security** for any of his/her personal brokerage accounts or other accounts covered by the Code.

*Explanatory Note: It is understood that there may be particular circumstances such as a news release, change of circumstance or similar event that may occur after a **Research Analyst's** personal trade which gives rise to a need, or makes it appropriate, for the **Research Analyst** to issue a **Recommendation** on said **Covered Security.** A **Research Analyst** has an affirmative duty to make unbiased **Recommendations** and issue reports, both with respect to their timing and substance, without regard to his or her personal interest in the **Covered Security**. It would constitute a breach of a **Research Analyst's** fiduciary duty and a violation of this Code to delay or fail to issue a **Recommendation** in order to avoid a conflict with this restriction.*

***Personal Trading Compliance*** *will review any extenuating circumstances which may warrant the waiving of any remedial sanctions in a particular situation involving an inadvertent violation of this restriction.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Access Persons** are prohibited from using a **Recommendation** for purposes of transacting in the **Covered Security** covered by the **Recommendation** in their personal accounts and other accounts covered by the Code until such time Loomis Sayles' clients have completed their transactions in said securities in order to give priority to Loomis Sayles' clients' best interests.

*Explanatory Note:* **Personal Trading Compliance** utilizes various automated reports to monitor **Access Persons'** trading in **Covered Securities** relative to **Recommendations** and associated client transactions. It also has various tools to determine whether a **Recommendation** has been reviewed by an **Access Person**. An **Access Person's** trading in a **Covered Security** following a **Recommendation** and subsequent client trading in the same security and in the same direction will be deemed a violation of the Code unless **Personal Trading Compliance** determines otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.11. Initial Public Offerings

Investing in **Initial Public Offerings** of **Covered Securities** is prohibited unless such opportunities are connected with your prior employment compensation (i.e. options, grants, etc.) or your spouse's employment compensation. No **Access Person** may, directly or indirectly, purchase any securities sold in an **Initial Public Offering** without obtaining prior written approval from the **Chief Compliance Officer**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.12. Private Placement Transactions

No **Access Person** may, directly or indirectly, purchase any **Covered Security** offered and sold pursuant to a **Private Placement Transaction**, including hedge funds and Initial Coin Offerings ("ICO"), including Coins and Tokens offered through an ICO structure, without obtaining the advance written approval of **Personal Trading Compliance,** the **Chief Compliance Officer** <u>and</u> the applicable **Access Person's** supervisor or other appropriate member of senior management. In addition to addressing potential conflicts of interest between the **Access Person's Private Placement Transaction** and the firm's clients' best interests, the pre-clearance of **Private Placements** is designed to determine whether the **Access Person** may come into possession of material non-public information ("MNPI") on a publically traded company as a result of the **Private Placement**.

A **Private Placement Transaction** approval must be obtained by completing an automated Private Placement Pre-clearance Form which can be found on the Legal and Compliance Intranet Homepage under 'Personal Trading Compliance Forms'.

*Explanatory Note: If you have been authorized to acquire a **Covered Security** in a **Private Placement<u> </u>**Transaction**,** you must disclose to **Personal Trading Compliance** if you are involved in a client's subsequent consideration of an investment in the issuer of the **Private Placement**, even if that investment involves a different type or class of **Covered Security**. In such circumstances, the decision to purchase securities of the issuer for a client must be independently reviewed by an **Investment Person** with no personal interest in the issuer.*

The purchase of additional shares, (including mandatory capital calls), or the subsequent sale (partial or full) of a previously approved **Private Placement**, must receive pre-clearance approval from the **Chief Compliance Officer**. In addition, **<u>all</u>** transactions in **Private Placements** must be reported quarterly and annually as detailed in Section 6 of the Code.

*Explanatory Note: To submit a pre-clearance request for subsequent trade activity in a **Private Placement**, **Access Persons** must complete the automated Private Placement Pre-clearance Form which will be reviewed by **Personal Trading Compliance** to ensure there are no conflicts with any underlying Code provisions including the Short-Term Trading Rule.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.13. Insider Trading

At the start of an **Access Person's** engagement with Loomis Sayles, and annually thereafter, each **Access Person** must acknowledge his/her understanding of and compliance with the Loomis Sayles Insider Trading Policies and Procedures. The firm's policy is to refrain from trading or recommending trading when in the possession of MNPI.

Some examples of MNPI may include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Earnings estimates or dividend changes

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Positive or negative forthcoming news about an issuer

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Supplier discontinuances

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Mergers or acquisitions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Regulatory Actions

If an **Access Person** receives or believes that he/she may have received MNPI with respect to a company, the Access Person <u>must</u> contact the **Chief Compliance Officer** or General Counsel immediately, and <u>must not</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· purchase or sell that security in question, including any derivatives of that security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· recommend the purchase or sale of that security, including any derivatives of that security; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· relate the information to anyone other than the **Chief Compliance Officer** or General Counsel of Loomis Sayles.

If it has been determined that an **Access Person** has obtained MNPI on a particular company, its securities will generally be placed on the firm's Restricted List thereby restricting trading by the firm's client accounts and **Access Persons**, unless a firewall can be put in place in accordance with Loomis Sayles' Insider Trading Policies and Procedures.

In addition, under the Securities and Futures Act, Chapter 289 of Singapore (the "SFA"), Loomis Asia is required under the Notice on Reporting of Misconduct of Representatives by Holders of Capital Markets Services License and Exempt Financial Institutions to report to the Monetary Authority of Singapore ("MAS") upon discovery of, inter alia, any involvement of its representatives in market misconduct or insider trading.

The Market Abuse Regulation ("MAR") requires that firms and individuals report suspicious transactions and orders (STORs), as defined in Article 16 of MAR, as well as attempted market abuse, to the FCA, without delay. The STOR report should be submitted via the FCA's Connect system.

Separately, **Access Persons** must inform **Personal Trading Compliance** if a spouse, partner and/or immediate family member **("Related Person")** is an officer and/or director of a publicly traded company in order to enable **Personal Trading Compliance** to implement special pre-clearance procedures for said Access Persons in order to prevent insider trading in the **Related Person's** company's securities.

*Explanatory Note: An **Access Person** may not trade in the securities of a company with which a **Related Person** is associated without receiving prior approval from **Personal Trading Compliance** in order to ensure that the **Access Person** is not trading while in possession of material non-public information relating to the company.*

**Access Persons** should refer to the Loomis Sayles Insider Trading Policies and Procedures which are available on the Legal and Compliance homepage of the firm's Intranet, for complete guidance on dealing with MNPI.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.14. Restricted and Concentration List

The Loomis Sayles Restricted and Concentration List ("Restricted List") is designed to restrict Loomis Sayles and/or **Access Persons** from trading in or recommending, the securities of companies on the Restricted List for client and/or **Access Persons** personal accounts. Companies

may be added to the Restricted List if Loomis Sayles comes into possession of MNPI about a company. A company's securities can also be added to the Restricted List due to the size of the aggregate position Loomis Sayles' clients may have in the company. Finally, there may be regulatory and/or client contractual restrictions that may prevent Loomis Sayles from purchasing securities of its affiliates, and as a result, the securities of all publicly traded affiliates of Loomis Sayles will be added to the Restricted List. No conclusion should be drawn from the addition of an issuer to the Restricted List. **The Restricted List is confidential, proprietary information which must not be distributed outside of the firm.**

At times, an **Access Person** may have possession of MNPI on a specific company as a result of his/her being behind a firewall. In such cases, **Personal Trading Compliance** will create a specialized Restricted List in ECM for the **Access Person** behind the wall in order to prevent trading in the company's securities until such time as the **Chief Compliance Officer** has deemed the information in the Access Person's possession to be in the public domain or no longer material.

If a security is added to either the Loomis Sayles firm-wide Restricted List or an individual or group **Access Person** Restricted List, **Access Persons** will be restricted from purchasing or selling all securities related to that issuer until such time as the security is removed from the applicable Restricted List. The ECM System has the information necessary to deny pre-clearance if these situations apply.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.15. Loomis Sayles Hedge Funds

From time to time Loomis Sayles may manage hedge funds, and **Access Persons** of Loomis Sayles, including the hedge fund's investment team and supervisors thereof may make personal investments in such hedge funds. At times, especially during the early stages of a new hedge fund, there may be a limited number of outside investors (i.e., clients and non-employee individual investors) in such funds. In order to mitigate the appearance that investing personally in a hedge fund can potentially be used as a way to benefit from certain trading practices that would otherwise be prohibited by the Code if **Access Persons** engaged in such trading practices in their personal accounts, investment team members of a hedge fund they manage are individually required to limit their personal investments in such funds to no more than 20% of the hedge funds' total assets. In addition, the supervisor of a hedge fund investment team must limit his/her personal investment in such hedge fund to no more than 25% of the hedge fund's total assets.

By limiting the personal interests in the hedge fund by their investment teams and their supervisors in this manner, all of the portfolio trading activity of the Loomis Sayles hedge funds is deemed to be exempt from the pre-clearance and trading restrictions of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.16. Exemptions Granted by the Chief Compliance Officer

Subject to applicable law, **Personal Trading Compliance** or the **Chief Compliance Officer** may from time to time grant exemptions, other than or in addition to those described in <u>Exhibit Five</u>, from the trading restrictions, pre-clearance requirements or other provisions of the Code with respect to particular individuals such as non-employee directors, consultants, temporary employees, interns or independent contractors, and types of transactions or **Covered Securities**, where, in the opinion of the **Chief Compliance Officer**, such an exemption is appropriate in light of all the surrounding circumstances.

In situations where the **CCO** or **Personal Trading Compliance** may have a familial

relationship with an **Access Person** covered by the Code, the **CCO** or **Personal Trading Compliance** member will abstain in the review and potential approval of any investment related activity for that **Access Person, and such review and approval will be conducted by a Personal Trading Compliance professional that does not have a familial relationship with the Access Person**.

&nbsp;&nbsp;&nbsp;&nbsp;5. PROHIBITED OR RESTRICTED ACTIVITIES

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1. Public Company Board Service and Other Affiliations

To avoid conflicts of interest, MNPI and other compliance and business issues, Loomis Sayles prohibits **Access Persons** from serving as officers or members of the board of any publicly traded entity. This prohibition does not apply to service as an officer or board member of any parent or subsidiary of Loomis Sayles.

In addition, in order to identify potential conflicts of interests, compliance and business issues, before accepting any service, employment, engagement, connection, association, or affiliation in or within any enterprise, business or otherwise, (herein after, collectively **"**Outside Activity(ies)**"**), an **Access Person** must obtain the advance written approval of **Personal Trading Compliance,** the **Chief Compliance Officer** <u>and</u> the applicable **Access Person's** supervisor or other appropriate member of senior management.

To pre-approve an Outside Activity the Access Person must complete the Outside Activity Form, that can be found within the 'Important Links' section of the ECM Homepage. In determining whether to approve such Outside Activity, **Personal Trading Compliance** and the **Chief Compliance Officer** will consider whether such service will involve an actual or perceived conflict of interest with client trading, place impediments on Loomis Sayles' ability to trade on behalf of clients or otherwise materially interfere with the effective discharge of Loomis Sayles' or the **Access Person's** duties to clients. Loomis Asia Compliance will also be involved in this review process to be alerted on activities that require prompt notifications to MAS.

*Explanatory Note: Examples of Outside Activities include, but are not limited to, family businesses, acting as an officer, partner or trustee of an organization or trust, political positions, second jobs, professional associations, etc. Outside Activities that are not covered by the Code are activities that involve a charity or foundation, as long as you do not provide investment or financial advice to the organization. Examples would include: volunteer work, homeowners' organizations (such as condos or coop boards), or other civic activities.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2. Participation in Investment Clubs and Private Pooled Vehicles

No **Access Person** shall participate in an investment club or invest in a hedge fund, or similar private organized investment pool (but not an SEC registered open-end mutual fund) without the express permission of **Personal Trading Compliance,** the **Chief Compliance Officer** <u>and</u> the applicable **Access Person's** supervisor or other appropriate member of senior management, whether or not the investment vehicle is advised, sub-advised or distributed by Loomis Sayles or a Natixis investment adviser.

&nbsp;&nbsp;&nbsp;&nbsp;6. REPORTING REQUIREMENTS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1. Initial Holdings Reporting, Account Disclosure and Acknowledgement of Code

Within 10 days after becoming an **Access Person,** each **Access Person** must file with **Personal Trading Compliance**, a report of all **Covered Securities** holdings (including holdings of **Reportable Funds**) in which such **Access Person** has **Beneficial Ownership** <u>or</u> **Investment Control**. The information contained therein must be current as of a date not more than 45 days prior to the individual becoming an **Access Person**.

Additionally, within 10 days of becoming an **Access Person**, such **Access Person** must report all brokerage or other accounts that hold or can hold **Covered Securities** in which the **Access Person** has **Beneficial Ownership** <u>or</u> **Investment Control**. The information must be as of the date the person became an **Access Person**. An **Access Person** can satisfy these reporting requirements by providing **Personal Trading Compliance** with a current copy of his or her brokerage account or other account statements, which hold or can hold **Covered Securities**. An automated Initial Code of Ethics Certification and Disclosure Form can be found on the Legal and Compliance Intranet Homepage under 'Personal Trading Compliance Forms'. This form must be completed and submitted to **Personal Trading Compliance** by the **Access Person** within 10 days of becoming an **Access Person**. The content of the Initial Holdings information must include, at a minimum, the title and type of security, the ticker symbol or CUSIP or ISIN, number of shares, and principal amount of each Covered Security (including Reportable Funds) and the name of any broker, dealer or bank with which the securities are held. With the exception of the Access Persons of Loomis Asia and Loomis UK, newly hired **Access Persons** must close existing non-Select brokerage accounts and transfer the assets to a **Select Broker** within 30 days of their start date at Loomis Sayles, unless the **Access Person** receives written approval from **Personal Trading Compliance** or the **Chief Compliance Officer** to maintain his/her account(s) at a non**-**Select Broker.

*Explanatory Note: Loomis Sayles treats all of its employees and certain consultants as **Access Persons**. Therefore, you are deemed to be an **Access Person** as of the first day you begin working for the firm.*

*Explanatory Note: Types of accounts in which **Access Persons** are required to report include, but are not limited to: personal brokerage accounts, mutual fund accounts, accounts of your spouse, accounts of your partner, accounts of minor children living in your household, accounts of your adult children (18 years or older) living at college / university, Family of Fund accounts, transfer agent accounts holding mutual funds or book entry shares, pension accounts, cash management accounts (e.g. checking, savings, ATM or other banking accounts that allow transactions and holdings in Covered Securities), microsavings and mobile based application accounts, IRAs, 401Ks, trusts, DRIPs, ESOPs etc. that either hold or can hold Covered Securities (including Reportable Funds). In addition, physically held shares of **Covered Securities** must also be reported. An **Access Person** should contact **Personal Trading Compliance** if they are unsure as to whether an account or personal investment is subject to reporting under the Code so the account or investment can be properly reviewed.*

At the time of the initial disclosure period, each **Access Person** must also submit information pertaining to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· His/her participation in any Outside Activity as described in Section 5.1 of the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· His/her participation in an Investment Club as described in Section 5.2 of the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Holdings in **Private Placements** including hedge funds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· A **Related Person** that is an officer and/or director of a publicly traded company; if any.

Upon becoming an **Access Person,** each **Access Person** will receive a copy of the Code, along with the Loomis Sayles Insider Trading Policies and Procedures and Loomis Sayles Gifts, Business Entertainment and Political Contributions Policies and Procedures. Within the 10 day initial disclosure period and annually thereafter, each **Access Person** must acknowledge that he or she has received, read and understands the aforementioned policies and recognize that he or she is subject hereto, and certify that he or she will comply with the requirements of each.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2. Brokerage Confirmations and Brokerage Account Statements

Each **Access Person** must notify **Personal Trading Compliance <u>immediately</u>** upon the opening of an account that holds or may hold **Covered Securities** (including **Reportable Funds**), <u>in which such **Access Person** has **Beneficial Ownership** or **Investment Control.**</u> In addition, if an account has been granted an exemption to the **Select Broker** requirement and/or the account is unable to be added to the applicable **Select Broker's** daily electronic broker feed, which supplies ECM with daily executed confirms and positions, **Personal Trading Compliance** will instruct the broker dealer of the account to provide it with duplicate copies of the account's confirmations and statements. If the broker dealer cannot provide **Personal Trading Compliance** with confirms and statements, the **Access Person** is responsible for providing **Personal Trading Compliance** with copies of such confirms as and when transactions are executed in the account, and statements on a monthly basis, if available, but no less than quarterly. Upon the opening of an account, an automated Personal Account Reporting Form must be completed and submitted to **Personal Trading Compliance**. This form can be found on the Legal and Compliance Intranet Homepage under 'Personal Trading Compliance Forms'.

*Explanatory Note: If the opening of an account is not reported immediately to **Personal Trading Compliance**, but is reported during the corresponding quarterly certification period, and there has not been any trade activity in the account, then the **Access Person** will be deemed to have not violated its reporting obligations under this Section of the Code.*

*Explanatory Note: For those accounts that are maintained at a **Select Broker** and are eligible for the broker's daily electronic confirm and position feed, **Access Persons** do not need to provide duplicate confirms and statements to **Personal Trading Compliance**. However, it is the **Access Person's** responsibility to accurately review and certify their quarterly transactions and annual holdings information in ECM, and to promptly notify **Personal Trading Compliance** if there are any discrepancies.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3. Quarterly Transaction Reporting, Account Disclosure and Related Person of a Public Company Certification

Utilizing ECM, each **Access Person** must file a report of all **Volitional** transactions in **Covered Securities** (including **Volitional** transactions in **Reportable Funds**) made during each calendar quarterly period in which such **Access Person** has, or by reason of such transaction acquires or disposes of, any **Beneficial Ownership** of a **Covered Security** (even if such **Access Person** has no direct or indirect **Investment Control** over such **Covered Security**), or as to which the **Access Person** has any direct or indirect **Investment Control** (even if such **Access Person** has no **Beneficial Ownership** in such **Covered Security**). **Non-volitional** transactions in **Covered Securities** (including **Reportable Funds**) such as automatic monthly payroll deductions, changes to future contributions within the Loomis Sayles Retirement Plans, dividend reinvestment programs, dollar cost averaging programs, and transactions made within the Guided Choice Program are still subject to the Code's annual reporting requirements. If no transactions in any **Covered Securities,** required to be reported, were effected during a quarterly period by an **Access Person**, such **Access Person** shall nevertheless submit a report through ECM within the time frame specified below stating that no reportable securities transactions were affected. The following information will be available in electronic format for **Access Persons** to verify on their Quarterly Transaction report:

The date of the transaction, the title of the security, ticker symbol, CUSIP or ISIN, number of shares, and principal amount of each reportable security, nature of the transaction (i.e., purchase, sale or any other type of acquisition or disposition), the price of the transaction, and the name of the broker, dealer or bank with which the transaction was effected. **However, the Access Person is responsible for confirming the accuracy of this information and informing Personal Trading Compliance if his or her reporting information is inaccurate or incomplete.**

With the exception of those accounts described in <u>Exhibit Four,</u> **Access Persons** are also required to report each account that may hold or holds **Covered Securities** (including accounts that hold or may hold **Reportable Funds**) in which such **Access Person** has **Beneficial Ownership** or **Investment Control** that have been opened or closed during the reporting period. In addition, life events such as marriage, death of a family member (i.e., inheritance), etc. may result in your acquiring **Beneficial Ownership** and/or **Investment Control** over accounts previously belonging to others. Therefore, any **Covered Security**, including **Reportable Funds,** along with any account that holds or can hold a **Covered Security,** including **Reportable Funds,** in which you have a **Beneficial Ownership** and/or **Investment Control,** as described in Section 3.2 and Section 3.3 of the Code, resulting from marriage or other life event must be reported to **Personal Trading Compliance** promptly, and no later than the next applicable quarterly reporting period.

Finally **Access Persons** must report any **Related Person** that is an officer and/or director of a publicly traded company and that they do not serve as an officer or member of the board of any publicly traded company.

Every quarterly report must be submitted no later than thirty (30) calendar days after the close of each calendar quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4. Annual Reporting

On an annual basis, as of a date specified by **Personal Trading Compliance,** each **Access Person** must file with **Personal Trading Compliance** a dated annual certification which identifies all holdings in **Covered Securities** (including **Reportable Funds**) in which such **Access Person** has **Beneficial Ownership** and/or **Investment Control**. This reporting requirement also applies to shares of **Covered Securities**, including shares of **Reportable Funds** that were acquired during the year in **Non-volitional** transactions. Additionally, each **Access Person** must identify all personal

accounts which hold or may hold **Covered Securities** (including **Reportable Funds),** in which such **Access Person** has **Beneficial Ownership** and/or **Investment Control**. The information in the Annual Package shall reflect holdings in the **Access Person's** account(s) that are current as of a date specified by **Personal Trading Compliance**. The following information will be available in electronic format for **Access Persons** to verify on the Annual Holdings report:

The title of the security, the ticker symbol, CUSIP or ISIN, number of shares, and principal amount of each **Covered Security** (including **Reportable Funds**) and the name of any broker, dealer or bank with which the securities are held. **However, the Access Person is responsible for confirming the accuracy of this information and informing Personal Trading Compliance if his or her reporting information is inaccurate or incomplete.**

Furthermore, on an annual basis, each **Access Person** must acknowledge and certify that during the past year he/she has received, read, understood and complied with the Code, Insider Trading Policies and Procedures, and the Policies and Procedures on Gifts, Business Entertainment, and Political Contributions, except as otherwise disclosed in writing to **Personal Trading Compliance** or the **Chief Compliance Officer**. Finally, as part of the annual certification, each **Access Person** must acknowledge and confirm any Outside Activities in which he or she currently participates and any Related Person that is an officer and/or director of a publicly traded company.

All material changes to the Code will be promptly distributed to Access Persons, and also be distributed to **Supervised Persons** on a quarterly basis. On an annual basis, Supervised Persons will be asked to acknowledge his/her receipt, understanding of and compliance with the Code.

Every annual report must be submitted no later than (45) calendar days after the date specified by **Personal Trading Compliance**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5. Review of Reports by Chief Compliance Officer

The **Chief Compliance Officer** shall establish procedures as the **Chief Compliance Officer** may from time to time determine appropriate for the review of the information required to be compiled under this Code regarding transactions by **Access Persons** and to report any violations thereof to all necessary parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.6. Internal Reporting of Violations to the Chief Compliance Officer

Prompt internal reporting of any violation of the Code to the **Chief Compliance Officer** or **Personal Trading Compliance** is required under Rule 204A-1 and FCA (MAR and COBS). While the daily monitoring process undertaken by **Personal Trading Compliance** is designed to identify any violations of the Code, and handle any such violations promptly, **Access Persons** and **Supervised Persons** are required to promptly report any violations they learn of resulting from either their own conduct or those of other **Access Persons** or **Supervised Persons** to the **Chief Compliance Officer** or **Personal Trading Compliance**. It is incumbent upon Loomis Sayles to create an environment that encourages and protects **Access Persons** or **Supervised Persons** who report violations. In doing so, individuals have the right to remain anonymous in reporting violations. Furthermore, any form of retaliation against an individual who reports a violation could constitute a further violation of the Code, as deemed appropriate by the **Chief Compliance Officer**. All **Access Persons** and **Supervised Persons** should therefore feel safe to speak freely in reporting any violations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.7. Register of Interests in Securities

Pursuant to regulations 4 and 4A of the Securities and Futures (Licensing and Conduct of Business) Regulations, all employees of Loomis Asia who have been appointed as representatives under the Securities and Futures Act are required to maintain a register of their interests in securities which are listed for quotation, or quoted on the Singapore Exchange Securities Trading Limited or any recognized market operator recognized by the Monetary Authority of Singapore under the Securities and Futures Act. For purposes of the register of interests in securities, "securities" includes any type of equity or debt security, any equivalent, any derivative, instrument representing, or any rights relating to a security, and any closely related security, as well as units in any open-ended funds, closed-end funds and business trusts. In addition, all employees are deemed to have an "interest" in securities if he/she has **Beneficial Ownership** or **Investment Control** (whether formal or informal, expressed or implied) over those securities. Section 4 of the SFA also sets out instances under which a person is deemed to have an "interest" in securities (for instance, where a person has an interest in securities through a corporation in which such person has a controlling interest. If you are unsure whether your personal trading activity needs to be entered into your register of interests in securities, please consult **Personal Trading Compliance**.

Representatives of Loomis Asia must enter into their register of interests in securities, within 7 days after the date that they acquire any interest in securities, particulars of the securities in which they have an interest and particulars of their interests in those securities. Where there is a change in any interest in securities, representatives must enter in their register, within 7 days after the date of the change, particulars of the change (including the date of the change and the circumstances by reason of which the change occurred). Representatives of Loomis Asia maintain records of their holdings and transactions in securities on an Automated System (ECM). Such records must be produced for the MAS' inspection upon request.

Loomis Asia separately maintains a nil register of interest in securities for the entity which does not hold any such interest.

The register of interests in securities is kept in Loomis Asia's office (as notified to MAS) and Loomis US. Each entry in the register must be retained in an easily accessible form for a period of not less than 5 years after the date on which the entry was first made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.8. Mandatory Notification to the MAS for Loomis Asia's Directors and Appointed Representatives

Pursuant to the license conditions set out upon being granted the Capital Markets Services License to conduct the regulated activity of Fund Management and Dealing in Capital Markets Products in Singapore, Loomis Asia's Directors and Chief Executive Officer ("CEO") are required to inform MAS via email or other means directed, of any change in business interests and substantial shareholdings promptly (i.e., 5% or more ownership of the outstanding voting securities in any entity).

*Notification of Substantial Shareholdings*

For Loomis Asia's Appointed Representatives, Directors and CEO, substantial shareholdings need to be recorded in ECM in a timely fashion upon the acquisition date of a 5% position, and thereafter for any 1% change in a 5% position. For Loomis Asia's Directors and CEO who are not an Appointed Representatives, notification of substantial shareholdings to MAS is required and usually made via email unless otherwise directed to be made in other means.

Appointed Representatives, the CEO and Directors of Loomis Asia are responsible for notifying **Personal Trading Compliance** within 14 calendar days upon acquiring a 5% position and any 1% changes thereto for review and mitigation of potential conflict of interests arising of such substantial shareholdings. Loomis Asia Compliance will also rely on ad hoc reviews, monthly certifications and quarterly checklists to identify reportable holdings.

*Notification of Business interests*

Business interests refer to any role with any business entity arising from pre-approved Outside Activities or internal roles within Loomis's corporate and affiliated entities usually held by senior officers and directors. Loomis Asia's Appointed Representatives, Directors and CEO must notify **Personal Trading Compliance** within 14 calendar days from the effective date of any changes to their business interests. Changes in business interests of Loomis Asia's Directors or CEO would be separately notified to MAS via email or other means directed.

For internal roles within Loomis's corporate and affiliated entities held by certain Loomis Asia's directors, Loomis Asia's Compliance will work with the Legal and Compliance of Loomis US to periodically obtain updates on potential changes to the internal roles for prompt notification to MAS.

&nbsp;&nbsp;&nbsp;&nbsp;7. SANCTIONS

Any violation of the substantive or procedural requirements of this Code will result in the imposition of a sanction as set forth in the firm's then current Sanctions Policy that is maintained on the ECM Homepage, or as the Ethics Committee may deem appropriate under the circumstances of the particular violation. These sanctions may include, but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· a letter of caution or warning (i.e. Procedures Notice);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· payment of a fine,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· requiring the employee to reverse a trade and realize losses or disgorge any profits;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· restitution to an affected client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· suspension of personal trading privileges;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· actions affecting employment status, such as suspension of employment without pay, demotion or termination of employment; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· referral to the SEC, FCA or MAS and other civil authorities or criminal authorities.

Serious violations, including those involving deception, dishonesty or knowing breaches of law or fiduciary duty, will result in one or more of the most severe sanctions regardless of the violator's history of prior compliance.

*Explanatory Note: Any violation of the Code, following a "first offense" whether or not for the same type of violation, will be treated as a subsequent offense.*

Fines, penalties and disgorged profits will be donated to a charity selected by the Loomis Sayles Charitable Giving Committee.

&nbsp;&nbsp;&nbsp;&nbsp;8. RECORDKEEPING REQUIREMENTS

Loomis Sayles shall maintain and preserve records, in an easily accessible place, relating to the Code of the type and in the manner and form and for the time period prescribed from time to time by applicable law. Currently, Loomis Sayles is required by law to maintain and preserve:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· in an easily accessible place, a copy of this Code (and any prior Code of Ethics that was in effect at any time during the
past five years) for a period of five years;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· in an easily accessible place a record of any violation of the Code and of any action taken as a result of such violation for
a period of five years following the end of the fiscal year in which the violation occurs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· a copy of each report (or information provided in lieu of a report including any manual pre-clearance forms and information
relied upon or used for reporting) submitted under the Code for a period of five years, provided that for the first two years such
copy must be preserved in an easily accessible place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· copies of **Access Persons'** and **Supervised Persons'** written acknowledgment of initial receipt of the
Code and his/her annual acknowledgement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· in an easily accessible place, a record of the names of all **Access Persons** within the past five years, even if some
of them are no longer **Access Persons**, the holdings and transactions reports made by these Access Persons, and records of
all Access Persons' personal securities reports (and duplicate brokerage confirmations or account statements in lieu of these
reports);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· a copy of each report provided to any Investment Company as required by paragraph (c)(2)(ii) of Rule 17j-1 under the 1940 Act
or any successor provision for a period of five years following the end of the fiscal year in which such report is made, provided
that for the first two years such record shall be preserved in an easily accessible place; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· a written record of any decision and the reasons supporting any decision, to approve the purchase by an **Access Person** of any **Covered Security** in an **Initial Public Offering or Private Placement Transaction** or other limited offering
for a period of five years following the end of the fiscal year in which the approval is granted.

*Explanatory Note: Under Rule 204-2, the standard retention period required for all documents and records listed above is five years, from the end of the calendar year in which the record was created, in an easily accessible place, the first two years in an appropriate office of **Personal Trading Compliance**. Under the IMAS Code of Ethics & Standards of Professional Conduct, Loomis Asia is required to keep records related to its policies and internal controls governing personal dealing, including any violations and the resultant investigations and actions taken where appropriate, for a period of six years. Under MAR, the FCA requires all records be retained for 5 years.*

&nbsp;&nbsp;&nbsp;&nbsp;9. MISCELLANEOUS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1. Confidentiality

Loomis Sayles will keep information obtained from any **Access Person** hereunder in strict confidence. Notwithstanding the forgoing, reports of **Covered Securities** transactions and violations hereunder will be made available to the SEC, FCA, MAS or any other regulatory or self-regulatory organizations to the extent required by law**,** rule or regulation, and in certain circumstances, may in Loomis Sayles' discretion be made available to other civil and criminal authorities. In addition, information regarding violations of the Code may be provided to clients or former clients of Loomis Sayles that have been directly or indirectly affected by such violations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2. Disclosure of Client Trading Knowledge

No **Access Person** may, directly or indirectly, communicate to any person who is not an **Access Person** or other approved agent of Loomis Sayles (e.g., legal counsel) any non-public information relating to any client of Loomis Sayles or any assets held in the account of a client, including, without limitation, the purchase or sale or considered purchase or sale of a **Covered Security** on behalf of any client of Loomis Sayles, except to the extent necessary to comply with applicable law or to effectuate traditional asset management/operations activities on behalf of the client of Loomis Sayles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3. Notice to Access Persons, Investment Persons and Research Analysts as to Code Status

**Personal Trading Compliance** will initially determine an employee's status as an **Access Person, Research Analyst** or **Investment Person** and the client accounts to which **Investment Persons** should be associated, and will inform such persons of their respective reporting and duties under the Code.

All **Access Persons** and/or the applicable supervisors thereof, have an obligation to inform **Personal Trading Compliance** if an **Access Person's** responsibilities change during the **Access Person's** tenure at Loomis Sayles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.4. Notice to Personal Trading Compliance of Engagement of Independent Contractors

Any **Access Person** that engages as a non-employee service provider ("NESP"), such as a consultant, temporary employee, intern or independent contractor shall notify **Personal Trading Compliance** of this engagement, and provide to **Personal Trading Compliance** the information necessary to make a determination as to how the Code shall apply to such NESP, if at all.

NESPs are generally not subject to pre-clearance, trading restrictions and certain reporting provisions of the Code. However, NESP's must receive, review and acknowledge a Code of Ethics Compliance Statement that further describes his/her Code requirements and fiduciary duties while engaged with Loomis Sayles.

At times, NESP's are contracted to various departments at Loomis Sayles where they may be involved or be privy to the investment process for client accounts or the Loomis Sayles recommendation process. Prior to their engagement, the Loomis Sayles Human Resources Department will notify **Personal Trading Compliance** of these NESP's and depending on the facts and circumstances, the NESP will be communicated what provisions of the Code will apply to them during their engagement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.5. Exemptions to the Application of the Code

Under limited circumstances, the **Chief Compliance Officer** may deem it admissible to allow non-Loomis Sayles employees access to certain client information, which will designate those individuals as Access Persons under the Code. Since there are significant variations in terms of: (i) the nature of the types of services, (ii) types of access being provided; and the length of time during which such persons provide services to Loomis Sayles or require access to client data, the **Chief Compliance Officer** may deem it appropriate to apply a limited set of Code requirements to those individuals. In such instances, the **Chief Compliance Officer** or **Personal Trading Compliance** will train those individuals of the relevant key concepts of the Code, and require them to periodically certify having received, read, understood and complied with those requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.6. Questions and Educational Materials

**Access Persons** are encouraged to bring to **Personal Trading Compliance** any questions you may have about interpreting or complying with the Code about **Covered Securities**, accounts that hold or may hold **Covered Securities** or personal trading activities of you, your family, or household members, your legal and ethical responsibilities, or similar matters that may involve the Code.

**Personal Trading Compliance** will from time to time circulate educational materials or bulletins or conduct training sessions designed to assist you in understanding and carrying out your duties under the Code. On an annual basis, each **Access Person** is required to successfully complete the Code of Ethics and Fiduciary Duty Tutorial designed to educate **Access Persons** on their responsibilities under the Code and other Loomis Sayles policies and procedures that generally apply to all employees.

**GLOSSARY OF TERMS**

The **boldface** terms used throughout this policy have the following meanings:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. "**Access Person**" means an "access person" as defined from time to time in Rule 17j-1 under the
1940 Act or any applicable successor provision. Currently, this means any director, or officer of Loomis Sayles, or any **Advisory Person** (as defined below) of Loomis Sayles, but does not include any director who is not an officer or employee of Loomis Sayles
or its corporate general partner and who meets all of the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. He or she, in connection with his or her regular functions or duties, does not make, participate in or obtain information regarding
the purchase or sale of Covered Securities by a registered investment company, and whose functions do not relate to the making
of recommendations with respect to such purchases or sales;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. He or she does not have access to nonpublic information regarding any clients' purchase or sale of securities, or nonpublic
information regarding the portfolio holdings of any **Reportable Fund**; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. He or she is not involved in making securities recommendations to clients, and does not have access to such recommendations
that are nonpublic.

Loomis Sayles treats all employees as **Access Persons**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. "**Advisory Person**" means an "advisory person" and "advisory representative" as defined
from time to time in Rule 17j-1 under the 1940 Act and Rule 204-2(a)(12) under the Advisers Act, respectively, or any applicable
successor provision. Currently, this means (i) every employee of Loomis Sayles (or of any company in a **Control** relationship
to Loomis Sayles), who, in connection with his or her regular functions or duties, makes, participates in, or obtains information
regarding the purchase or sale of a **Covered Security** by Loomis Sayles on behalf of clients, or whose functions relate to
the making of any recommendations with respect to such purchases or sales; and (ii) every natural person in a **Control** relationship
to Loomis Sayles who obtains information concerning recommendations made to a client with regard to the purchase or sale of a **Covered Security. Advisory Person** also includes: (a) any other employee designated by **Personal Trading Compliance** or the **Chief Compliance Officer** as an **Advisory Person** under this Code; (b) any consultant, temporary employee, intern or independent
contractor (or similar person) engaged by Loomis Sayles designated as such by **Personal Trading Compliance** or the **Chief Compliance Officer** as a result of such person's access to information about the purchase or sale of **Covered Securities** by Loomis Sayles on behalf of clients (by being present in Loomis Sayles offices, having access to computer data or otherwise).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. "**Beneficial Ownership** "**  is defined in Section 3.2 of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. "**Chief Compliance Officer**" refers to the officer or employee of Loomis Sayles designated from time
to time by Loomis Sayles to receive and review reports of

purchases and sales by **Access Persons**, and to address issues of personal trading. "**Personal Trading Compliance**" means the employee or employees of Loomis Sayles designated from time to time by the General Counsel of Loomis Sayles to receive and review reports of purchases and sales, and to address issues of personal trading, by the **Chief Compliance Officer**, and to act for the **Chief Compliance Officer** in the absence of the **Chief Compliance Officer**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. "**Covered Security**" is defined in Section 3.1 of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. **"Exempt ETF"** is defined in Section 3.1 of the Code and a list of such funds is found in Exhibit Two.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. "**Federal Securities Laws**" refers to 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 SEC under any of these statutes, the Bank Secrecy Act as it applies to funds and investment advisers,
and any rules adopted there under by the SEC or the U.S. Department of the Treasury, and any amendments to the above mentioned
statutes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. "**Investment Control**" is defined in Section 3.3 of the Code. This means "control" as defined
from time to time in Rule 17j-1 under the 1940 Act and Rule 204-2(a)(12) under the Advisers Act or any applicable successor provision.
Currently, this means the power to directly or indirectly influence, manage, trade, or give instructions concerning the investment
disposition of assets in an account or to approve or disapprove transactions in an account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. "**Initial Public Offering**" means an "initial public offering" as defined from time to time in
Rule 17j-l under the 1940 Act or any applicable successor provision. Currently, this means any offering of securities registered
under the Securities Act of 1933 the issuer of which immediately before the offering, was not subject to the reporting requirements
of Section 13 or 15(d) of the Securities Exchange Act of 1934.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. "**Investment Company**" means any **Investment Company** registered as such under the 1940 Act and for which
Loomis Sayles serves as investment adviser or subadviser or which an affiliate of Loomis Sayles serves as an investment adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. "**Investment Person**" means all **Portfolio Managers** of Loomis Sayles and other **Advisory Persons** who assist the **Portfolio Managers** in making and implementing investment decisions for an **Investment Company** or other
client of Loomis Sayles, including, but not limited to, designated **Research Analysts** and traders of Loomis Sayles. A person
is considered an **Investment Person** only as to those client accounts or types of client accounts as to which he or she is
designated by **Personal Trading Compliance** or the **Chief Compliance Officer** as such. As to other accounts, he or she
is simply an **Access Person**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. **"Loomis Advised Fund"** is any Reportable Fund advised or sub-advised by Loomis Sayles. A list of these funds
can be found in <u>Exhibit One</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. "**Non-volitional**" transactions are any transaction in which the employee has not

determined the timing as to when the purchase or sale will occur and the amount of shares to be purchased or sold, i.e. changes to future contributions within the Loomis Sayles Retirement Plans, dividend reinvestment programs, dollar cost averaging program, automatic monthly payroll deductions, and any transactions made within the Guided Choice Program. **Non-volitional** transactions are not subject to the pre-clearance or quarterly reporting requirements under the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. "**Portfolio Manager**" means any individual employed by Loomis Sayles who has been designated as a **Portfolio Manager** by Loomis Sayles. A person is considered a **Portfolio Manager** only as to those client accounts as to which he
or she is designated by the **Chief Compliance Officer** as such. As to other client accounts, he or she is simply an **Access Person**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. "**Private Placement Transaction**" means a "limited offering" as defined from time to time in Rule
17j-l under the 1940 Act or any applicable successor provision. Currently, this means an offering exempt from registration under
the Securities Act of 1933 pursuant to Section 4(2) or 4(6) or Rule 504, 505 or 506 under that Act, including hedge funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. "**Recommendation**" means any change to a security's price target or other type of recommendation in
the case of an equity **Covered Security,** or any initial rating or rating change in the case of a fixed income **Covered Security** in either case issued by a **Research Analyst**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. "**Related Person**" means a spouse/partner and/or immediately family member of an Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. "**Reportable Fund**" is defined in Section 3.1 of the Code, and a list of such funds is found in <u>Exhibit One</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. "**Research Analyst**" means any individual employed by Loomis Sayles who has been designated as a **Research Analyst** or **Research Associate** by Loomis Sayles. A person is considered a **Research Analyst** only as to those **Covered Securities** which he or she is assigned to cover and about which he or she issues research reports to other **Investment Persons** or otherwise makes recommendations to Investment Persons beyond publishing their research. As to other securities, he or she
is simply an **Access Person**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. "**Select Broker**" is defined in Section 3.4 of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21. "**Supervised Person**" is defined in Section 202(a)(25) of the Advisers Act and currently includes any partner,
officer, director (or other person occupying a similar status or performing similar functions), or employee of Loomis Sayles, or
other person who provides investment advice on behalf of Loomis Sayles and is subject to the supervision and control of Loomis
Sayles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22. "**Volitional**" transactions are any transactions in which the employee has determined the timing as to when
the purchase or sale transaction will occur and amount of shares to be purchased or sold. **Volitional** transactions are subject
to the pre-clearance and reporting requirements under the Code.

## Ex-99.(P)(12)

**Exhibit 99.(P)(12)**

**LSV ASSET MANAGEMENT**

**CODE OF ETHICS**

**AND**

**PERSONAL TRADING POLICY**

**April 4, 2025**

1 <br> LSV Asset Management Code of Ethics and Personal Trading Policy

&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;II. CODE OF CONDUCT

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• All
 Staff Members are to maintain the highest standard of professional conduct.

2 <br> LSV Asset Management Code of Ethics and Personal Trading Policy

&nbsp;&nbsp;&nbsp;&nbsp;&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;&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;&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;&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;&nbsp;&nbsp;&nbsp;&nbsp;• All
 Staff Members must comply fully with all applicable Federal securities laws and regulatory
 requirements.

&nbsp;&nbsp;&nbsp;&nbsp;III. DEFINITIONS

&nbsp;&nbsp;&nbsp;&nbsp;A. Access
 Person – A Staff Member who meets any of the
 following criteria :

&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;• is
 involved in making securities recommendations to Advisory Clients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• has
 access to securities recommendations that are nonpublic;

&nbsp;&nbsp;&nbsp;&nbsp;&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;&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;&nbsp;&nbsp;&nbsp;&nbsp;• is
 a director, officer, or active partner of LSV.

&nbsp;&nbsp;&nbsp;&nbsp;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").

&nbsp;&nbsp;&nbsp;&nbsp;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;&nbsp;&nbsp;&nbsp;&nbsp;• Equity
 and equity-like securities, including initial public offerings ("IPOs")

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fixed
 income securities (excluding the short-term instruments listed below)\*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Affiliated
 Funds (includes all LSV Funds, including funds sub-advised by LSV, and SEI Funds)\*\*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exchange-traded
 funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Convertible
 bonds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Derivatives

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cypto
 assets

3 <br> LSV Asset Management Code of Ethics and Personal Trading Policy

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Private
 placements<sup>1</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&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).

&nbsp;&nbsp;&nbsp;&nbsp;D. Pre-Clearance
 Security – <u>INCLUDES</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Equities
 (from any country)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Initial
 public offerings (IPOs)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Private
 placements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any
 equity-linked derivative securities (warrants, rights, options, futures, swaps, etc.
 on individual equities)

&nbsp;&nbsp;&nbsp;&nbsp;&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.

&nbsp;&nbsp;&nbsp;&nbsp;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.

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

<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).

4 <br> LSV Asset Management Code of Ethics and Personal Trading Policy

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.

&nbsp;&nbsp;&nbsp;&nbsp;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.

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

5 <br> LSV Asset Management Code of Ethics and Personal Trading Policy

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.

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;&nbsp;&nbsp;&nbsp;&nbsp;• Purchases
 or sales of instruments that are not Pre-Clearance Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&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;&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;&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;&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;&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;&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;&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.

6 <br> LSV Asset Management Code of Ethics and Personal Trading Policy

&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;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.

7 <br> LSV Asset Management Code of Ethics and Personal Trading Policy

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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;IX. RECORDKEEPING

LSV shall preserve in an easily accessible place:

&nbsp;&nbsp;&nbsp;&nbsp;&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;&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;&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;&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;&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;&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;&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.

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

8 <br> LSV Asset Management Code of Ethics and Personal Trading Policy

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.

<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.

9 <br> LSV Asset Management Code of Ethics and Personal Trading Policy

<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.

10 <br> LSV Asset Management Code of Ethics and Personal Trading Policy

**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.

11 <br> LSV Asset Management Code of Ethics and Personal Trading Policy

## Ex-99.(P)(13)

**Exhibit 99.(P)(13)**

![](c113438x743x1.jpg)

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| | | | |
|:---|:---|:---|:---|
| **Global Wealth and Asset Management and General Account Investments Code of Ethics** | **Global Wealth and Asset Management and General Account Investments Code of Ethics** | **Global Wealth and Asset Management and General Account Investments Code of Ethics** | **Global Wealth and Asset Management and General Account Investments Code of Ethics** |
| **Policy Sponsor**<br> GWAM CCO/Global Ethics Office | **Policy Sponsor**<br> GWAM CCO/Global Ethics Office | **Segment (s)**<br> GWAM | **Legal Entities**<br> GWAM Advisers |
| **Committee or Executive Approval**<br> GWAM CCO | **Committee or Executive Approval**<br> GWAM CCO | **Committee or Executive Approval**<br> GWAM CCO | **Committee or Executive Approval**<br> GWAM CCO |
| **Review Cycle**<br> 1 Year | **Last Update**<br> October 2024 | **Related Documents**<br> Global Entertainment and Gift Policy Pay to Play Policy | **Related Documents**<br> 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.<br>*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.* | 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.<br>*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.* | 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.<br>*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.* | 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.<br>*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.* |

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**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

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 <br> Financial Corporation

<u>**Table of Contents**</u>

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 7

3.1 ACCESS CLASSIFICATION LEVELS - SCHEMATIC 8

4. GENERAL PRINCIPLES OF BUSINESS CONDUCT 8

4.1 GENERAL PRINCIPLES OF BUSINESS CONDUCT 8

4.2 PERSONAL TRADING CONFLICTS OF INTEREST 10

4.3 CONFIDENTIAL INVESTMENT INFORMATION 10

4.4 MNPI RELATED TO MANULIFE SECURITIES AND MANULIFE AFFILIATED FUNDS 10

4.4.1 DISCLOSURE OF PORTFOLIO HOLDINGS PROCEDURES – JOHN HANCOCK FUNDS 11

4.5 FALSE RUMOURS 12

4.6 SUPERVISORY OVERSIGHT 12

4.7 SPECIAL REQUIREMENTS FOR REAL ASSETS 12

4.8 SHARED BUSINESS ENTERTAINMENT AND GIFTS 12

4.9 PAY TO PLAY 14

4.10 OUTSIDE BUSINESS ACTIVITIES 14

4.11 REPORTING VIOLATIONS OF THE CODE 14

4.12 INITIAL CODE CERTIFICATION 16

4.13 QUARTERLY CODE CERTIFICATION 16

4.14 ANNUAL CODE CERTIFICATION 16

5. PERSONAL TRADING RULES 16

5.1 NO LIABILITY FOR LOSSES 16

5.2 WHAT SECURITIES ARE SUBJECT TO THE PERSONAL TRADING RULES? 16

5.3 REQUIREMENT TO REPORT SECURITIES ACCOUNTS 18

5.3.1 MANAGED ACCOUNTS 18

5.3.2 MANAGED ACCOUNT QUALIFICATION PROCESS 20

5.4 DUPLICATE TRANSACTION CONFIRMATIONS AND STATEMENTS 20

5.5 U.S.-BASED PREFERRED BROKERAGE ACCOUNT REQUIREMENT 20

5.6 INITIAL HOLDINGS REPORT AND CERTIFICATION 20

5.7 QUARTERLY TRANSACTIONS REPORT AND CERTIFICATION 20

5.8 REPORTING OF SECURITIES AS GIFTS, DONATIONS, AND INHERITANCES 22

5.9 ANNUAL HOLDINGS REPORT AND CERTIFICATION 22

5.10 ACCESS PERSON'S RESPONSIBILITY REGARDING TRANSACTIONS AND HOLDINGS DATA 22

5.11 PRE-CLEARANCE APPROVAL REQUIREMENT 22

5.12 TERMS OF PRE-CLEARANCE 24

5.12.1 SAME DAY APPROVAL WINDOW 24

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| | | |
|:---|:---|:---|
| 5.12.2 | RESTRICTION ON SECURITIES UNDER ACTIVE CONSIDERATION | 24 |
| 5.12.3 | LIMIT ORDERS AND SPECIAL ORDERS | 24 |
| 5.12.4 | MIM PUBLIC MARKETS INVESTMENT TEAM HOLD UNTIL SOLD RULE | 24 |
| 5.12.5 | INITIAL PUBLIC OFFERINGS & INITIAL COIN OFFERINGS & PRIVATE PLACEMENTS | 24 |
| 5.12.6 | INITIAL PUBLIC OFFERINGS, INITIAL COIN OFFERINGS & PRIVATE PLACEMENT APPROVALS | 25 |
| 5.13 | INVESTMENT CLUBS | 26 |
| 5.14 | OWNERSHIP BAN: SECURITIES OF JOHN HANCOCK FUNDS SUB-ADVISERS | 26 |
| 5.15 | RESTRICTIONS ON MANULIFE SECURITIES | 26 |
| 5.15.1 | REQUIREMENT TO PRE-CLEAR SALES OF MFC SHARES IN THE GSOP PROGRAM | 26 |
| 5.16 | SHORT TERM PROFIT BAN ("60 DAY RULE") | 26 |
| 5.17 | SAME DAY FIRM TRADE RULE | 28 |
| 5.17.1 | MARKET CAP SECURITIES EXCEPTION | 28 |
| 5.18 | EXCESSIVE TRADING IS DISCOURAGED | 28 |
| 5.19 | INFORMATION BARRIERS | 28 |
| 6. | ADDITIONAL PERSONAL TRADING RULES FOR FRONT-OFFICE ACCESS PERSONS | 29 |
| 6.1 | 15 DAY FIRM TRADE RULE | 30 |
| 6.1.1 | MARKET CAP SECURITIES EXCEPTION | 30 |
| 6.1.2 | DE MINIMIS TRADING EXCEPTION | 30 |
| 6.2 | INITIAL PUBLIC OFFERING BAN | 30 |
| 6.3 | ADDITIONAL RESTRICTIONS – HONG KONG-BASED ACCESS PERSONS ONLY | 30 |
| 7. | ADDITIONAL PERSONAL TRADING RULES FOR MIM PUBLIC MARKETS FRONT-OFFICE ACCESS PERSONS | 31 |
| 7.1 | MIM PUBLIC MARKETS INVESTMENT TEAM HOLD UNTIL SOLD RULE | 32 |
| 8. | ADMINISTRATION OF THE CODE | 32 |
| 8.1 | PENALTIES FOR CODE VIOLATIONS | 32 |
| 8.2 | EXEMPTIONS AND APPEALS | 32 |
| 8.3 | CODE AMENDMENTS | 32 |
| 8.4 | PRIVACY | 33 |
| 8.5 | CODE ADMINISTRATION | 34 |
| 8.5.1 | CONTACT | 34 |
| 8.6 | RECORDKEEPING | 34 |
| Appendix A | Appendix A | 35 |
| Appendix B | Appendix B | 40 |
| Appendix C | Appendix C | 42 |

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| | |
|:---|:---|
| **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. <sup>1</sup> |
|  | 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: |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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*. <sup>2</sup>

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| | |
|:---|:---|
| **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. |

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<sup>1</sup> 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 administered on CQS's instance of StarCompliance.

<sup>2</sup> 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.

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|:---|:---|
| **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: | *Associates* are categorized into one of the following Access Classification Levels for purposes of applying the rules in this Code: |

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;ACCESS<br> CLASSIFICATION LEVELS | &nbsp;&nbsp;DEFINITION | &nbsp;&nbsp;APPLICABLE<br> SECTION(S) OF RULES<br> IN THIS CODE |
| &nbsp;&nbsp;Non-*Access Person* | &nbsp;&nbsp;*Associates* (as defined in Section 2.1) who are not deemed to be an *Access Person*. | &nbsp;&nbsp;Section 4 |
| &nbsp;&nbsp;Regular *Access Person* | &nbsp;&nbsp;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.).<br>Examples: Sales, Marketing, Product, Client Service, IT, Finance, Operations, Legal, Compliance, Risk, Audit and certain related support staff. | &nbsp;&nbsp;Section 4<br>Section 5 |
| &nbsp;&nbsp;General Account/*Manulife* Investment Management Private Markets ("MIM Private Markets") Front- Office *Access Person* | &nbsp;&nbsp;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.<br>Examples: Portfolio Management, Analysts, Traders, Credit, ALM, Real Estate, Commercial Mortgages and certain related support staff | &nbsp;&nbsp; Section 4<br>Section 5<br>Section 6<br>|
| &nbsp;&nbsp;*Manulife* Investment Management Public Markets ("MIM Public Markets") Front-Office *Access Person* | &nbsp;&nbsp;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.<br>Examples: Portfolio Managers, Analysts, Traders and certain related support staff | &nbsp;&nbsp;Section 4<br>Section 5<br>Section 6<br>Section 7 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.1** **ACCESS CLASSIFICATION LEVELS - SCHEMATIC** 

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| | | | | |
|:---|:---|:---|:---|:---|
| ACCESS<br> CLASSIFICATION<br> LEVELS | GENERAL<br> PRINCIPLES OF<br> BUSINESS<br> CONDUCT<br> (SECTION 4) | PERSONAL<br> TRADING RULES <br> (SECTION 5) | ADDITIONAL <br> PERSONAL <br> TRADING RULES <br> (SECTION 6) | ADDITIONAL<br> PERSONAL <br> TRADING RULES <br> (SECTION 7) |
| &nbsp;&nbsp;Non-*Access Person* | ![](c113438x751x1.jpg) |  |  |  |
| &nbsp;&nbsp;Regular *Access Person* | ![](c113438x751x1.jpg) | ![](c113438x751x1.jpg) |  |  |
| &nbsp;&nbsp;GA/MIM Private Markets Front- Office *Access Person* | ![](c113438x751x1.jpg) | ![](c113438x751x1.jpg) | ![](c113438x751x1.jpg) |  |
| &nbsp;&nbsp;MIM Public Markets Front-Office *Access Person* | ![](c113438x751x1.jpg) | ![](c113438x751x1.jpg) | ![](c113438x751x1.jpg) | ![](c113438x751x1.jpg) |

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|:---|:---|
| **4.** | **GENERAL PRINCIPLES OF BUSINESS CONDUCT** |
|  | *Applicable to All Access Classification Levels* |
|  | The rules in this Section are applicable to all Access Classification Levels: |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Non- *Access Person* 

· Regular *Access Person* 

· GA/MIM Private Markets Front-Office *Access Person* 

· MIM Public Markets Front-Office *Access Person* 

 

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| | |
|:---|:---|
| **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 |

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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 business and every *Associate*:

&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*.

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| | |
|:---|:---|
| **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. |

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| | |
|:---|:---|
| **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 circumstances 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 |

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| | |
|:---|:---|
|  | 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 Law*s 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: |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· 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.

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| | |
|:---|:---|
| **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: |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· 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."

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| | |
|:---|:---|
|  | 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 includes 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 *Chief 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. |

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Additionally, unethical, unprofessional, illegal, fraudulent or other questionable behavior may also be anonymously reported by visiting the confidential Manulife Ethics Hotline at <u>www.ManulifeEthics.com</u>.

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|:---|:---|
| **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: *<sup>3</sup>* |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Regular *Access Person* 

· General Account/MIM Private Markets Front-Office *Access Person* 

· MIM Public Markets Front-Office *Access Person* 

 

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|:---|:---|
| **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*: |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· *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;

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<sup>3</sup> 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 administered by the Manulife Wealth (MW) Compliance Team:

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&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.

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|:---|:---|
| **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: |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· 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)

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| | |
|:---|:---|
|  | 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 |

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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.

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| | |
|:---|:---|
| **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*. <sup>4</sup> |
| **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 |

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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

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<sup>4</sup> 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.

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| | |
|:---|:---|
|  | 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 effected, 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 31st 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 |

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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.

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|:---|:---|
|  | 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: |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· 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*.

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| | |
|:---|:---|
| **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 <u>only</u> 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): |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· General Account/MIM Private Markets Front-Office *Access Person* 

· MIM Public Markets Front-Office *Access Person* 

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| | |
|:---|:---|
| **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. |

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| | |
|:---|:---|
| **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 <u>only</u> 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* <u>are</u> 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 <u>not</u> 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: |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· 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*.

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|:---|:---|
|  | 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: |

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| | |
|:---|:---|
| **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. | 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. | 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.): | 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.): |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· General Account/MIM Private Markets Front-Office *Access Person* 

· MIM Public Markets Front-Office *Access Person* 

 

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|:---|:---|
| **5.18** | **EXCESSIVE TRADING IS DISCOURAGED** |
|  | While active personal trading may not in and of itself raise issues under the *Securities Law*s, 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*. |

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|:---|:---|
| **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". |

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|:---|:---|
| **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* |

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The rules in this Section are applicable to the following Access Classification Levels:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· General Account/MIM Private Markets Front-Office *Access Person* 

· MIM Public Markets Front-Office *Access Person* 

 

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| | |
|:---|:---|
| **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*. |

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|:---|:---|
| **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: |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· MIM Public Markets Front-Office *Access Person.* 

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| | |
|:---|:---|
| **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). |
| &nbsp;&nbsp;**8.** | **ADMINISTRATION OF THE CODE** |
| **8.1** | **PENALTIES FOR CODE VIOLATIONS** |
|  | Penalties for violating the *Securities Law*s 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 Law*s. *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. |

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|:---|:---|
| **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. |

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| | |
|:---|:---|
| **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 - <u>INVDIVCodeofEthics@manulife.com</u> |
| **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 ethics, 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. |

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Appendix A

Definitions of Italicized Code of Ethics Terms

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| | |
|:---|:---|
| 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*.<br>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. |

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| | |
|:---|:---|
| 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 |

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| | |
|:---|:---|
|  | 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.<br> 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. |

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| | |
|:---|:---|
| 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 |

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| | |
|:---|:---|
|  | 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 *associate*d 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.<br>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). |

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| | |
|:---|:---|
| 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<br> (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) |

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| | |
|:---|:---|
|  | 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. |

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| | |
|:---|:---|
| 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 Law*s 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 |

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| | |
|:---|:---|
|  | 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. |

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Appendix B

<sup>5</sup>Legal Entity Adoption of the Code

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| | | |
|:---|:---|:---|
| 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 |

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<sup>5</sup> 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.

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| | | |
|:---|:---|:---|
| Manulife Overseas Investment Fund Management (Shanghai) Limited Company | China | April 6, 2020 |
| Manulife US Real Estate Management Pte, Ltd. (Definition of *Associate*<br> 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 |

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Appendix C

Securities Reporting & Pre-Clearance Summary Chart

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| | | | |
|:---|:---|:---|:---|
| **Only applicable to** *Access Persons* **in the following Access Classification Levels:**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Regular *Access Person*<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· General Account/MIM Private Markets Front-Office<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Access Person*<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· MIM Public Markets Front-Office *Access Person* | *Reportable*<br> *Security?*<br> **Initial and Annual**<br> **Holdings Reports** | <br> *Reportable*<br> *Security?*<br> **Quarterly**<br> **Transaction**<br> **Reports** | <br>*Pre-Clearable*<br> *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).<br>| 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* | **Government** *Securities* | **Government** *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** | **Money Market Instruments/Commodities/Currency** | **Money Market Instruments/Commodities/Currency** | **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 |

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| | | | |
|:---|:---|:---|:---|
| **Only applicable to** *Access Persons* **in the following Access Classification Levels:**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Regular *Access Person*<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· General Account/MIM Private Markets Front-Office<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Access Person*<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· MIM Public Markets Front-Office *Access Person* | *Reportable*<br> *Security?*<br> **Initial and Annual**<br> **Holdings Reports** | *Reportable*<br> *Security?*<br> **Quarterly**<br> **Transaction**<br> **Reports** | <br>*Pre-Clearable*<br> *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,** *Private Placements / Limited Offerings* | **IPOs / ICOs,** *Private Placements / Limited Offerings* | **IPOs / ICOs,** *Private Placements / Limited Offerings* |
| IPOs & ICOs<br> (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* | **Issuer Event Transactions /** *Automatic Investment Plans* | **Issuer Event Transactions /** *Automatic Investment Plans* | **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) | Yes | Yes | No |
| 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.<br> 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. |

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| | | | |
|:---|:---|:---|:---|
| *Automatic Investment Plans*<br> (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)<br> (for *Mutual Funds* AIPs Refer to below) | Yes.<br>You must add up all of the Plan transactions for the year and reflect the activity on the Annual Holdings Report | No.<br>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. |

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| | | | |
|:---|:---|:---|:---|
| **Only applicable to** *Access Persons* **in the following Access Classification Levels:**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Regular *Access Person*<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· General Account/MIM Private Markets Front-Office<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Access Person*<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· MIM Public Markets Front-Office *Access Person* | *Reportable*<br> *Security?*<br> **Initial and Annual**<br> **Holdings Reports** | <br> *Reportable*<br> *Security?*<br> **Quarterly**<br> **Transaction**<br> **Reports** | <br>*Pre-Clearable*<br> *Security?* |
|  <br> 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). | <br> Does the *Access Person* need to report the following types of *Securities* holdings? | <br> 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* | **Issuer Event Transactions /** *Automatic Investment Plans* | **Issuer Event Transactions /** *Automatic Investment Plans* | **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* | **Investment Company** *Securities* | **Investment Company** *Securities* | **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 |

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| | | | |
|:---|:---|:---|:---|
| *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 |

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| | | | |
|:---|:---|:---|:---|
| **Only applicable to** *Access Persons* **in the following Access Classification Levels:**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Regular *Access Person*<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· General Account/MIM Private Markets Front-Office<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Access Person*<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· MIM Public Markets Front-Office *Access Person* | *Reportable*<br> *Security?*<br> **Initial and Annual**<br> **Holdings Reports** | <br> *Reportable*<br> *Security?*<br> **Quarterly**<br> **Transaction**<br> **Reports** | <br>*Pre-Clearable*<br> *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*? |
| **Employee Compensation Instruments** | **Employee Compensation Instruments** | **Employee Compensation Instruments** | **Employee Compensation Instruments** |
| MFC Shares in the MFC Global Share Ownership Plan (GSOP) | Yes | Automated Purchases—No<br>Sales—Yes | Automated Purchases—No<br>Sales—Yes<br>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 |

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| | | | |
|:---|:---|:---|:---|
| 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<br>**<u>Sale of Vested</u> <u>Shares:</u>**<br> Yes—if employee directs sale, No—if employer automatically sells vested without direction from employee) |

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| | | | |
|:---|:---|:---|:---|
| **Only applicable to** *Access Persons* **in the following Access Classification Levels:**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Regular *Access Person*<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· General Account/MIM Private Markets Front-Office<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Access Person*<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· MIM Public Markets Front-Office *Access Person* | *Reportable*<br> *Security?*<br> **Initial and Annual**<br> **Holdings Reports** | *Reportable*<br> *Security?*<br> **Quarterly**<br> **Transaction**<br> **Reports** | <br>*Pre-Clearable*<br> *Security?* |
| <br> 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). | <br> Does the *Access Person* need to report the following types of *Securities* holdings? | <br> 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 / Blind Trusts / Managed Accounts** | **Gifts / Blind Trusts / Managed Accounts** | **Gifts / Blind Trusts / Managed Accounts** |
| Gifts, Inheritances, or Donations of *Reportable Securities* (received or given) | Yes | Yes | *Securities* Gifts & Inheritances Received – No<br>*Securities* Given or Donated - Yes |

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| | | | |
|:---|:---|:---|:---|
| *No Direct or 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\*<br>\*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*. |

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## Ex-99.(P)(14)

**Exhibit 99.(P)(14)**

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MFS<sup>®</sup> Code of Ethics<br> Policy <br>April 2, 2025 Personal Investing

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| | |
|:---|:---|
| Applies to<br>All MFS full-time, part-time and temporary employees globally<br>All MFS contractors, interns and co-ops who have been notified by Compliance that they are subject to this policy<br>All MFS entities<br>Questions?<br>iComply@mfs.com<br>Compliance Helpline, x54290<br>Ryan Erickson, x54430<br>Elysa Aswad, x54535<br>Carrie Arnott, x55971<br>Joe Peterson, x57574<br>For more information on administration such as regulatory authority, supervision, interpretation and escalation, monitoring, related policies, amendment or recordkeeping please <u>click this link</u>. | <br>The inherent nature of MFS' services in selecting and trading securities has the potential to create a real or apparent conflict of interest with your personal investing activities. As a result, every individual subject to this policy has a fiduciary duty to avoid taking personal advantage of any knowledge of our clients' investment activities.<br>Following the letter and spirit of the rules in this policy is central to meeting client expectations and ensuring that we remain a trusted and respected firm. |

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Personal Investing \| Page 1

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Rules That Apply to Everyone

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Your fiduciary duty

Always place client interests ahead of your own. You must never:

&nbsp;&nbsp;&nbsp;&nbsp;■ Take advantage of your position at MFS to misappropriate investment opportunities from MFS clients.

■ Seek to defraud an MFS client or do anything that could have the effect of creating fraud or manipulation.

■ Mislead a client.

Account reporting obligations

Make sure you understand which accounts are reportable accounts. To determine whether an account is reportable, ask the following questions:

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| | | |
|:---|:---|:---|
| 1 | Is the account one of the following? | Is the account one of the following? |
|  | ŭ | A brokerage account. |
|  | ŭ | Any other type of account (such as employee stock option or stock purchase plans or UK Stocks and Shares ISA accounts) in which you have the ability to hold or trade reportable securities (see the list of reportable securities on page 8). |
|  | ŭ | Any account, including MFS-sponsored retirement or benefit plans, that holds a reportable fund (see definition of reportable fund on page 9 and a list of these funds on iComply). |
| 2 | Is any of the following true? | Is any of the following true? |
|  | ŭ | You beneficially own the account. |
|  | ŭ | The account is beneficially owned by your spouse or domestic partner. |
|  | ŭ | The account is beneficially owned by another member of your household such as a parent, sibling or child for whom you provide financial support, such as sharing of household expenses. |
|  | ŭ | The account is beneficially owned by anyone who you claim as a tax deduction. |
|  | ŭ | The account is controlled (such as via trading authority or power of attorney) by you or another member of your household (other than to fulfill duties of employment) for whom you provide financial support, such as sharing of household expenses. |

---

If you answered "yes" to both questions, the account is reportable.

---

| |
|:---|
| &nbsp;&nbsp;**HELPFUL TO KNOW** |
| &nbsp;&nbsp;&nbsp; <br> **Beneficial ownership**<br>The concept of beneficial ownership is broader than that of outright ownership. Anyone who is in a position to benefit from the gains or income from, or who controls, an account or investment is considered to have beneficial ownership. This means that this policy applies not only to you, but to others that share beneficial ownership in these accounts or securities. See examples on page 7. Frequently Asked Questions on the topic can be found <u>here</u>.<br>|

---

Ensure that MFS receives account statements for all your reportable accounts. Depending on the type of account or your location, you may need to provide them to Compliance directly.

Promptly report any newly opened reportable account or any existing account that has become reportable (including those at an approved broker). This includes accounts that become reportable accounts through life events, such as marriage, divorce, power of attorney or inheritance.

------

ADDITIONAL REQUIREMENT FOR US EMPLOYEES

*Does not include interns, contractors, co-ops, or temporary employees*

Maintain your reportable accounts at an approved broker. When you join MFS, if you have accounts at non- approved brokers you must close them or move them to an approved broker (list available on iComply).

In rare cases, if you file a request that includes valid reasons for an exception, we may permit you to maintain a reportable account at a broker not on the approved broker list (for instance, if you have a fully discretionary account).

------

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| |
|:---|
| &nbsp;&nbsp;**HELPFUL TO KNOW** |
| &nbsp;&nbsp;&nbsp; <br> **Mobile Investing Apps**<br>Many brokerage firms offer apps for mobile devices that allow you to quickly invest in reportable securities. Be aware that these apps are brokerage accounts that are covered by this policy, and all of its rules apply to those accounts as they would to any other brokerage account. Be aware of these rules and be sure to speak with your family or household members about the applicability of this policy when using such apps.<br>|

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Personal Investing \| Page 2

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| |
|:---|
| &nbsp;&nbsp;**HELPFUL TO KNOW** |
| &nbsp;&nbsp;&nbsp;&nbsp; <br> **Discretionary accounts and automatic investment plans**<br>Discretionary accounts (accounts that are managed for you by a third-party registered investment adviser or bank or trust company) and transactions made under an automatic investment plan (such as an Employee Stock Ownership Plan) are reportable, but with approval from Compliance they are:<br>■ exempt from quarterly transaction and annual holdings certifications (though you must still provide account statements).<br>■ exempt from the Access Person and Research Analyst/Institutional Portfolio Manager/Portfolio Manager trading rules (such as the rules concerning pre- clearance and the 60-day holding period, pp. 5–6), but you still must obtain pre-approval before your advisor participates in an IPO or private placement.<br>■ exempt from certain "Ethical Personal Investing" trading rules such as excessive trading and trading of MFS funds (pp. 3–4).<br>Request approval for these accounts using the Account Exception form found in iComply.<br>|

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Securities reporting obligations

Make sure you understand which securities are reportable securities. This includes most stocks, bonds, MFS funds, exchange-traded funds (ETFs), futures, options, structured products, private placements and other unregistered securities even if they are not held in a reportable account. See the table on page 8.

Report all applicable accounts, transactions and holdings timely. Use the iComply system and submit all reports by these deadlines:

&nbsp;&nbsp;&nbsp;&nbsp;■ Initial Accounts & Holdings reports: Submit within 10 calendar days of hire or upon an access level change. Information about these holdings must be no more than 45 days old when submitted.

■ Quarterly Personal Transaction Report: Submit within 30 days of the end of each calendar quarter.

■ Annual Holdings Report: Submit within 30 days of the end of each calendar year.

Note that you must submit each report even if no transactions or other changes occurred during the time period.

The Quarterly Personal Transaction Reports do not need to include:

&nbsp;&nbsp;&nbsp;&nbsp;■ Transactions or holdings in non-reportable securities.

■ Transactions or holdings in discretionary accounts for which there is an approval on file with Compliance.

■ Involuntary transactions, such as automatic investment plans, dividend reinvestments, etc. The Annual Holdings Report, however, must reflect these transactions.

ADDITIONAL REQUIREMENTS FOR APPOINTED REPRESENTATIVES IN SINGAPORE

Provide a copy of the contract note for any trade of any security, including reportable securities and non-reportable securities, to Singapore Compliance, within 7 days of the trade. Check with Singapore Compliance on the information you must provide.

Ethical Personal Investing

Never trade securities based on the improper use of information, and never help anyone else to do so. This includes any trade based on:

&nbsp;&nbsp;&nbsp;&nbsp;■ Information about the investments of any MFS client, including front-running and tailgating (trading just before or just after a similar trade for a client account).

■ Confidential information or inside information (information about the issuer of a security, or the security itself, that is both material and non-public).

Do not buy or sell options on Reportable Securities. This includes options on equities (but not employee stock options), ETFs and indexes. This rule does not apply to those securities listed in the Exempt Securities box below.

Do not sell securities short. This rule does not apply to those securities listed in the Exempt Securities box below.

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| |
|:---|
| &nbsp;&nbsp;**IMPORTANT TO KNOW** |
| &nbsp;&nbsp;&nbsp; <br> Securities exempt from options and short selling rules<br>■ Options on, or ETFs that track, the following indexes: S&P 500; NASDAQ 100; Russell 2000; S&P Europe 350; FTSE 100; FTSE Mid 250; Hang Seng 100; Nikkei 225; S&P ASX 200; S&P TSX; STOXX Europe 600<br>■ Options (but not ETFs) based on non-reportable securities (*e.g.* commodities, currencies, US Treasuries)<br>Consult with Compliance when uncertain. Compliance may update this list with approval from the Employee Conduct Oversight Committee and maintain a current list on iComply.<br>|

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Personal Investing \| Page 3

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Do not trade excessively. At MFS, personal trading is a privilege, not a right. It should never interfere with your job performance. MFS may limit the number of trades you are allowed during a given period, or may discipline you for trading excessively. In addition, frequent trading in MFS funds may trigger other penalties, as described in the relevant fund prospectuses.

Do not accept investment discretion over accounts that are not yours. In limited circumstances, and with advance approval from Compliance, you may be allowed to assume power of attorney relating to financial or investment matters for another person or entity.

If you become an executor or trustee of an estate and it involves control over a securities account, you must notify Compliance upon assuming the role, and you must meet any reporting or pre-clearance obligations that apply.

Do not participate in any investment contest or club. This applies whether or not any compensation or prize is awarded.

Do not trade securities that MFS has restricted. Follow MFS' instructions when you are notified of a restriction in designated securities.

Only make investments in MFS open-end funds or funds sub- advised by MFS through these methods:

&nbsp;&nbsp;&nbsp;&nbsp;■ Directly through MFS Service Center (for US open-end funds) or State Street (Lux) (for Meridian Funds)

■ Through an MFS Approved Broker (US employees)

■ Non-US employees may invest through a financial institution of their choice

■ Through an MFS-sponsored benefit plan account

■ Accounts for which you have received an exception from Compliance, such as a fully discretionary account

Note that investments in non-MFS accounts are publicly available share classes only. You must also follow all rules of the relevant prospectus and all rules in this policy, such as reporting and statements.

Do not participate in initial public offerings (IPOs) or other limited offerings of securities except with advance approval from MFS. This rule includes initial, secondary and follow-on offerings of equity securities and closed-end funds and new issues of corporate debt securities.

To request approval for an IPO or secondary offering, enter an Initial Public Offering Request using the form found on iComply. Note that approval is not typically granted, and when granted often involves strict limits.

Never use a derivative, or any other instrument or technique, to get around a rule. If an investment transaction is prohibited, then you are also prohibited from effectively accomplishing the same thing by using futures, options, ETFs or any other type of financial instrument.

Do not invest in Contracts for Difference or engage in spread betting on financial markets. This includes any wagering on market spreads or behaviors and any off-exchange trading.

Do not invest in exchange traded funds based on exposure to a single security or issuer ("single-stock ETFs"). These products offer leveraged, inverse, or other complex exposure and are often designed to provide returns over short periods of time.

Do not trade on margin and do not use good 'til canceled limit orders. This rule does not apply to securities that are not subject to pre- clearance or to accounts where a registered investment adviser has investment discretion.

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| |
|:---|
| &nbsp;&nbsp;**HELPFUL TO KNOW** |
| &nbsp;&nbsp;&nbsp; <br> **Changes in job status and life events**<br>When changing jobs within MFS, ensure that you understand the rules that apply to you. Confirm with your new manager and Compliance what your access level is and what restrictions and requirements apply to you.<br>When going on leave, you must continue to comply with this policy unless otherwise approved by Compliance. When you return from leave you must complete any outstanding obligations.<br>Be cognizant of reporting obligations under this policy when life events occur such as marriage, divorce or inheritance of an account. Consult with Compliance when uncertain.<br>|

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| |
|:---|
| &nbsp;&nbsp;**HELPFUL TO KNOW** |
| &nbsp;&nbsp;&nbsp; <br> **Virtual Currency/Cryptocurrency Accounts and Cryptocurrencies**<br>■ Virtual currency/cryptocurrency accounts do not require reporting<br>■ Cryptocurrencies, as well as options and futures on cryptocurrencies, do not require pre-clearance nor reporting<br>■ Cryptocurrency investment trusts require both pre-clearance and reporting. They are also subject to the 60-day profit rule among other rules<br>■ Cryptocurrency ETFs do not require pre-clearance, but are subject to reporting<br>■ Initial Coin Offerings are considered as private placements, requiring compliance pre-approval and reporting<br>|

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Personal Investing \| Page 4

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Rules that Apply Only to Access Persons

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Pre-clearing personal trades

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| |
|:---|
| &nbsp;&nbsp;**WHICH ACCESS LEVEL ARE YOU?** |
| &nbsp;&nbsp;&nbsp; <br> **Access Persons** Most MFS personnel, including all officers and directors, are designated as Access Persons. You should consider yourself an Access Person unless it has been communicated to you by Compliance that you are not.<br>**Research Analysts, Institutional Portfolio Managers and Portfolio Managers** In addition to the rules for Access Persons, these individuals are subject to additional rules, as noted on the following pages.<br>*Compliance may designate other personnel as Access Persons. This may include consultants, contractors or interns who provide services to MFS, and employees of Sun Life Financial Inc.*<br>|

---

Make sure you understand which securities require pre-clearance. Note that there are some differences between which securities require pre-clearance and which must be reported.

See the table on page 8 of this policy.

Pre-clear all personal trades in applicable securities. Request pre- clearance on the day you want to execute the trade by entering your request in the iComply system. Remember that you must pre-clear trades for all of your reportable accounts (such as those of a spouse or domestic partner) as well as for securities not held in an account.

Once you have requested pre-clearance, wait for a response. Do NOT place any trade order until you have received notice of approval for that trade. Note that pre-clearance requests can be denied at any time and for any reason.

Pre-clearance approvals expire at the end of the trading day on which they are issued, trades must be executed on the same day pre-clearance approval is granted.

Obtain advance approval for any private investments or other unregistered securities. This includes private placements (investments in private companies), private investment in public equity securities (PIPES), hedge funds or other private funds, "crowdfunding" or "crowdsourcing" investments, peer-to-peer lending, pooled vehicles (such as partnerships), Initial Coin Offerings (ICO's), Security Tokens and other similar investments.

Before investing, enter a Private Placement/Unregistered Securities Approval Request found on iComply, and do not act until you have received approval.

Limits to personal investment practices

Do not buy and then sell (or sell and then buy) at a profit the same or equivalent reportable security within 60 calendar days. MFS may interpret this rule very broadly. For example, it may look at transactions across all of your reportable accounts and may match trades that are not of the same size, security type or tax lot. Any gains realized in connection with these transactions must be surrendered.

Note that this rule does not apply to securities that are not subject to pre-clearance, to accounts where a registered investment adviser has investment discretion, or to involuntary transactions. *Japan-based personnel: See rule with higher standard below.*

ADDITIONAL REQUIREMENTS FOR JAPAN-BASED PERSONNEL

Do not buy and then sell (or sell and then buy) the same or equivalent reportable security within six months.

Never trade personally in any security you have researched in the prior 30 days or are scheduled to research in the future.

Personal Investing \| Page 5

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ADDITIONAL REQUIREMENTS FOR RESEARCH ANALYSTS

*including, Research Associates, Institutional Portfolio Managers and Portfolio Managers who may write research notes*

Never trade (or transfer ownership of) reportable securities personally while in possession of material information about an issuer you have researched or been assigned to research unless you have already communicated the information in a research note. *Japan-based personnel: See rule with higher standard below.*

Understand and fulfill your duties with regard to research recommendations. You have an affirmative duty to provide unbiased and timely research recommendations in a research note. You must:

&nbsp;&nbsp;&nbsp;&nbsp;■ Disclose trading opportunities for client accounts prior to trading personally in any securities of that issuer.

■ Provide a research recommendation if a security is suitable for the client accounts even if you have already traded the security personally or if making such a recommendation would create the appearance of a conflict of interest. Notify Compliance promptly of any apparent conflicts, but do not refrain from making a research recommendation.

ADDITIONAL REQUIREMENTS FOR PORTFOLIO MANAGERS

*including Research Analysts and Institutional Portfolio Managers assigned to a fund as a portfolio manager*

Never personally trade (or transfer ownership of) a reportable security within seven calendar days before or after a trade in any security or derivative of the same issuer in any client account that you manage. In practice, this means:

&nbsp;&nbsp;&nbsp;&nbsp;■ Contacting Compliance promptly when deciding to make a portfolio trade in any security you have personally traded within the past seven calendar days (but do not refrain from making a trade that is suitable for a client account even if you have traded the security personally).

■ Refraining from personally trading any reportable securities you think any of your client accounts might wish to trade within the next seven calendar days.

■ Delaying personal trades in any reportable securities your client accounts have traded until the eighth calendar day after the most recent trade by a client account (or longer, to be certain of avoiding any appearance of conflict of interest).

Note that this rule does not apply to securities that are not subject to pre-clearance, to accounts where a registered investment adviser has investment discretion or to involuntary transactions.

Never buy and then sell (or sell and then buy), within 14 calendar days, any shares of a fund you manage.

Contact Compliance before any fund you manage invests in any securities of an issuer whose private securities you own or if the private entity enters into a material transaction with a public issuer. You will need to disclose your private interest and assist Compliance in performing review.

Personal Investing \| Page 6

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Additional Information for all Personnel Subject to this Policy

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| | |
|:---|:---|
| &nbsp;&nbsp;**BENEFICIAL OWNERSHIP: PRACTICAL EXAMPLES** | &nbsp;&nbsp;**BENEFICIAL OWNERSHIP: PRACTICAL EXAMPLES** |
| &nbsp;&nbsp;&nbsp; <br> **Accounts of parents or children**<br>■ You share a household with one or both parents, but you do not provide any financial support to the parent(s): You are not a beneficial owner of the parents' accounts and securities.<br>■ You share a household with one or more of your children, whether minor or adult, and you provide financial support to the child: You are a beneficial owner of the child's accounts and securities.<br>■ You have a child who lives elsewhere whom you claim as a dependent for tax purposes: You are a beneficial owner of the child's accounts and securities.<br>**Accounts of domestic partners or roommates**<br>■ You are a joint owner or named beneficiary on an account of which a domestic partner is an owner: You are a beneficial owner of the domestic partner's accounts and securities.<br>■ You provide financial support to a domestic partner, either directly or by paying any portion of household costs: You are a beneficial owner of the domestic partner's accounts and securities.<br>■ You have a roommate: Generally, roommates are presumed to be temporary and to have no beneficial interest in one another's accounts and securities.<br>**UGMA/UTMA accounts**<br>■ Either you or your spouse is the custodian of a Uniform Gift/ Trust to Minor Account (UGMA/UTMA) for a minor, and one or both of you is a parent of the minor: You are a beneficial owner of the account. (If someone else is the custodian, you are not a beneficial owner.)<br>■ Either you or your spouse is the beneficiary of an UGMA/UTMA account and is of majority age (for instance, 18 years or older in Massachusetts): You are a beneficial owner of the account. | &nbsp;&nbsp;&nbsp; <br> **Transfer on death (TOD) accounts**<br>■ You automatically become the registered owner upon the death of the prior account owner: You are a beneficial owner as of the date the account is re- registered in your name, but not before.<br>**Trusts**<br>■ You are a trustee for an account whose beneficiaries are not immediate family members: Beneficial ownership is determined on a case-by-case basis, including whether it constitutes an outside business activity (see the Outside Activities & Affiliations Policy).<br>■ You are a trustee for an account and you or a family member is a beneficiary: You are a beneficial owner of the account.<br>■ You are a beneficiary of the account and can make investment decisions without consulting a trustee: You are a beneficial owner of the account.<br>■ You are a beneficiary of the account but have no investment control: You are a beneficial owner as of the date the trust is distributed, but not before.<br>■ You are the settlor of a revocable trust: You are a beneficial owner of the account.<br>■ Your spouse or domestic partner is a trustee and a beneficiary: Beneficial ownership is determined on a case-by-case basis.<br>**Investment powers over an account**<br>■ You have power of attorney over an account: You are a beneficial owner as of the date you assume control of the trading or investment decisions on the account, but not before.<br>■ You have investment discretion over an account that holds, or could hold, reportable securities: You are a beneficial owner of the account, regardless of the location, account type or the registered owner(s) (other than to fulfill duties of employment).<br>■ You are serving in a role that allows or requires you to delegate investment discretion to an independent third party: Beneficial ownership is determined on a case-by-case basis.<br>|

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| |
|:---|
| &nbsp;&nbsp;**HELPFUL TO KNOW** |
| &nbsp;&nbsp;&nbsp; <br> **How we enforce this policy**<br>Compliance is responsible for interpreting and enforcing this policy. Exceptions may only be granted by Compliance. In that capacity, Compliance reviews and monitors transactions and reports and also investigates potential violations.<br>The Employee Conduct Oversight Committee reviews potential violations, and where it determines that a violation has occurred, it usually imposes a penalty. These may range from a violation notice to a requirement to surrender profits to a termination of employment, among other possibilities.<br>|

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Personal Investing \| Page 7

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Additional Information for all Personnel Subject to this Policy

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| | | |
|:---|:---|:---|
| Security types and transactions that must be reported and/or pre-cleared | Report<br> All personnel | Pre-clear<br> Access persons only |
| *Note: Securities terminology varies widely in global markets. If a security type is not listed here or you are unsure how a security is treated under this policy, please contact Compliance directly.* | *Note: Securities terminology varies widely in global markets. If a security type is not listed here or you are unsure how a security is treated under this policy, please contact Compliance directly.* | *Note: Securities terminology varies widely in global markets. If a security type is not listed here or you are unsure how a security is treated under this policy, please contact Compliance directly.* |
| Funds |  |  |
| Money market funds (MFS or other) | No | No |
| Open-end funds and other pooled products that are advised or sub-advised by MFS (and are not money market funds) | Yes | No |
| Open-end funds that are *not* advised or sub-advised by MFS | No | No |
| 529 Plans holding MFS advised or sub-advised funds | Yes | No |
| Closed-end funds (including venture capital trusts, investment trusts and MFS closed-end funds) | Yes | Yes |
| Exchange-traded funds (ETFs), including MFS ETFs, and exchange-traded notes (ETNs), including options, futures, structured notes and other derivatives related to these exchange-traded securities | Yes | No |
| Private funds | Yes | Yes |
| Equities |  |  |
| Sun Life Financial Inc. (publicly traded shares) | Yes | Yes |
| Equity securities, including real estate investment trusts (REITS), and including options, futures, structured notes or other derivatives on equities | Yes | Yes |
| Fixed income |  |  |
| Corporate and municipal bond securities, including options, futures or other derivatives | Yes | Yes |
| US Treasury securities and other obligations backed by the full faith and credit of the US government | No | No |
| Government agency debt obligations that are not backed by the full faith and credit of the issuing government (for example, in the US Fannie Mae, Freddie Mac, Federal Home Loan Banks, Federal Farm Credit Banks and Tennessee Valley Authority) | Yes | Yes |
| Government securities issued by Australia, Canada, Japan, Singapore, France, Germany, Italy, The Netherlands, Spain and the UK | Yes | No |
| All other government securities issued from countries not shown above, and options, futures or other derivatives on these securities. | Yes | Yes |
| Money market instruments, such as certificates of deposit and commercial paper | No | No |
| Other types of assets |  |  |
| Initial and subsequent investments (including capital calls) in any private placement or other unregistered securities (including real estate limited partnerships or cooperatives) | Yes | Yes |
| Private MFS stock and private shares of Sun Life of Canada (US) Financial Services Holdings, Inc. | No | No |
| Limited offerings, IPOs, secondary offerings | Yes | Yes |
| Derivatives (such as options, futures or swaps) on security indexes | Yes | No |
| Derivatives (such as options, futures or swaps) on commodities and currencies, including virtual currencies | Only if notified by Compliance | Only if notified by Compliance |
| Virtual Currency/Cryptocurrencies (including options and futures on cryptocurrencies) | No | No |
| Other types of transactions |  |  |
| Involuntary transactions (see definition below) | No | No |
| Gifts of securities, including charitable donations, transfers of ownership, and inheritances | Yes | No |

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Personal Investing \| Page 8

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Terms with special meanings**<br>Within this policy, the following terms carry the specific meanings indicated below.<br>**contract for difference** A contract for difference (CFD) is a contract between an investor and an investment bank or a spread-betting firm. At the end of the contract, the parties exchange the difference between the opening and closing prices of a specified financial instrument, including shares or commodities.<br>**involuntary transaction** Transactions that are not under your direct or indirect influence or control, such as inheritances, gifts received, automatic investment plans, dividends and dividend reinvestments, corporate actions (such as stock splits, reverse splits, mergers, consolidations, spin-offs and reorganizations), exercise of a conversion or redemption right or automatic expiration of an option. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> **reportable funds** Any fund for which MFS acts as investment advisor, sub-advisor, or principal underwriter including MFS retail funds, MFS Variable Insurance Trust and MFS Meridian funds. See the iComply system Policies & Procedures page for a current list of reportable funds. |

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Personal Investing \| Page 9

## Ex-99.(P)(15)

**Exhibit 99.(P)(15)**

**Code of Ethics**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. <u>Conflicts of Interest and Employee Conduct</u>**

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| | |
|:---|:---|
| **<u>Adopted</u>:** | **June 21, 1996** |
| **<u>Amended</u>:** | **January 2, 2024** |
|  | **February 1, 2019** |
|  | **November 13, 2017** |
|  | **October 21, 2016** |
|  | **November 12, 2014** |
|  | **January 2, 2008** |
|  | **July 30, 2004** |

---

**Purpose** **:**

The Code of Ethics has been established to communicate policies of professional conduct and ethical behavior applicable to all officers, directors and employees ("Employees") of Merganser Capital Management, LLC ("Merganser" or "Company").

**Background** **:**

No set of rules or policies can presume to fully define "professional behavior" or "ethical conduct." These terms, by definition, are broad concepts and subject to interpretation and personal bias. Nevertheless, a written set of policies will help to minimize misunderstandings about what is considered appropriate conduct by the Company. Also, in matters of personal behavior, there is no substitute for common sense. If there are doubts or questions about the appropriateness of a certain action, either do not pursue this course of action or seek guidance from the CCO.

**Policy** **:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **Application** 

The Code of Ethics applies to all employees and extends to activities within and outside their duties at Merganser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **Legal and Ethical Violations** 

Employees shall not knowingly participate in or assist any acts in violation of any applicable law, rule, or regulation of any government, governmental agency, or regulatory organization governing the investment advisory industry.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **Conflicts of Interest** 

Employees shall not enter into or engage in a security transaction or business activity or relationship, which may result in any financial or other conflict of interest between themselves, clients or Merganser. Employees shall also disclose to Merganser all

matters that could reasonably be expected to interfere with their duty to Merganser, or with their ability to render unbiased and objective advice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **Affiliate Information Access** 

A "Chinese Wall" shall be in place so that Merganser will not provide access to its direct and indirect affiliates (i.e., Providence Equity Partners and its subsidiaries) of any client portfolio transactions. The "Chinese Wall" shall also prevent Merganser staff from access to its direct and indirect affiliate's portfolio transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. **Priority of Transactions** 

Employees shall conduct themselves in such a manner that transactions for clients and Merganser have priority over transactions in securities or other investments of which they are beneficial owners, and so that transactions in securities or other investments in which they have such beneficial ownership do not operate adversely to clients' and Merganser's interests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. **Use of Material Nonpublic Information** 

Merganser forbids Employees from trading, either personally or on behalf of others (such as private accounts managed by Merganser), on material nonpublic information or communicating material nonpublic information to others in violation of the law. This conduct is frequently referred to as "insider trading."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. **Duty to the Company** 

Employees shall not undertake independent practice, which could result in compensation or other benefit in competition with Merganser unless they have received written consent from both Merganser's CCO and the person, or entity for which they undertake independent employment or services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. **Preservation of Confidentiality** 

Employees shall preserve the confidentiality of information communicated by a client concerning matters within the scope of the confidential relationship, unless they receive information concerning illegal activities on the part of the client. Information relating to illegal activities should be communicated as soon as practicable to the CCO or designee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. **CFA Institute Code of Ethics and Standards of Professional Conduct** 

Employees shall abide by the CFA Institute Professional Standards and Code of Ethics (see Appendix A for reference).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. **Implementation** 

The CCO is responsible for the implementation of the Code of Ethics, and reports to the COO. She is required to formally meet with the CEO once a year to review the status of compliance with this policy but may meet with the CEO at any time to seek guidance or to discuss matters requiring immediate attention.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. **Acknowledgement** 

All Employees must read and acknowledge receipt (via MCO) of a copy of this Code of Ethics. Questions regarding the policy or its implementation should be reviewed with the CCO or designee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. <u>Insider Trading</u>**

---

| | |
|:---|:---|
| **<u>Adopted</u>:** | **June 21, 1996** |
| **<u>Amended</u>:** | **January 3, 2017** |
|  | **November 12, 2014** |
|  | **January 2, 2008** |
|  | **July 30, 2004** |

---

**Purpose** **:**

The purpose of this Policy is to ensure that Merganser's employees do not violate the laws governing the use of insider information.

**Background:**

Merganser's reputation and the respect of those with whom it deals are among its most important assets. The purpose of these procedures is to establish what is considered insider information, what Merganser employees may and may not due when in possession of this information and establish the penalties for "insider trading."

**Policy:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Trading by an Insider: Employees may not trade securities personally or on behalf of others (e.g., private accounts managed
 by Merganser) while in possession of material nonpublic information.

2. Trading by a Non-Insider: Employees may not trade securities personally or on behalf of others (e.g., private accounts
 managed by Merganser) where the information was disclosed to them by an insider in violation of the insider's duty to
 keep the information confidential or was misappropriated.

3. Employees may not communicate material nonpublic information to others in violation of the law.

4. Employees may not trade Client Securities. Client securities include a security issued by a client once an Investment
 Management Agreement ("IMA") is executed. Existing holdings will be grandfathered. Disposition will require a
 "Pre-Clearance."

5. Employees must receive pre-clearance to trade fixed income securities (excluding US Treasuries). The CCO must approve
 the request before the employee may initiate any such transactions. The COO of Merganser must approve any request from the
 CCO.

**Definitions and Limitations** **:**

The term "insider trading" is not defined in the federal securities law, but generally is used to refer to the use of material nonpublic information to trade in securities (whether or not one is an "insider") or to communications of material nonpublic information to others.

<u>Who is considered an "insider?"</u>

The concept of "insider" is broad. It includes officers, directors, and employees of a company. In addition, a person can be a "temporary insider" if he or she enters into a special confidential relationship in the conduct of a company's affairs and as a result is given access to information solely for the company's purposes. A temporary insider can include, among others, a company's attorneys, accountants, consultants, bank lending officers, and the employees of such organizations. In addition, Merganser may become a temporary insider of a company it advises or for which it performs other services. According to the Supreme Court, Merganser must expect the outsider to keep the disclosed nonpublic information confidential and the relationship must at least imply such a duty before the outsider will be considered an insider.

<u>What is "nonpublic information"?</u>

Information is "nonpublic" until it has been effectively communicated to the marketplace. One must be able to point to some fact to show that the information is generally public. For example, information found in a report filed with the SEC, or appearing in Dow Jones, Reuters Economic Services, The Wall Street Journal or other publications of general circulation would be considered public.

<u>What is "material information"?</u>

Trading on inside information is not a basis for liability unless the information is material. "Material information" generally is defined as information for which there is a substantial likelihood that a reasonable investor would consider it important in making his or her investment decisions, or information that is reasonably certain to have a substantial effect on the price of a company's securities. Information that officers, directors, and employees should consider material includes, but is not limited to: dividend changes, earnings estimates, changes in previously released earnings estimates, significant merger or acquisition proposals or agreements, major litigation, liquidation problems, and extraordinary management developments.

Material information does not have to relate to a company's business. For example, in <u>Carpenter v. U.S.</u>, 108 U.S. 316 (1987), the Supreme Court considered as material certain information about the contents of a forthcoming newspaper column that was expected to affect the market price of a security. In that case, a Wall Street Journal reporter was found criminally liable for disclosing to others the dates that reports on various companies would appear in the Journal and whether those reports would be favorable or not.

<u>Misappropriation Theory</u>

Unlike the Classical Theory of insider trading explained above (i.e., a corporate insider or temporary insider trading shares of his/her corporation based on material nonpublic information derived from that confidential relationship), the Misappropriation Theory focuses on outsiders who do not owe a duty to the issuer or its shareholders.

A corporate "outsider" is liable for insider trading when he/she (1) misappropriates confidential information (2) to trade securities (3) in breach of a fiduciary duty owed to the *source* of the information. For example, in *O'Hagan*, an attorney traded in the stock of a potential takeover target that he learned of via confidential information obtained by his law firm who was representing the target. Because he owed a fiduciary duty to his law firm and used his law firm's confidential information to trade, he misappropriated the information.

<u>Tipper-Tippee Liability</u>

Similarly, corporate insiders who "tip" others to trade on insider information may be guilty of insider trading. A "tipper" (i.e., the corporate insider) is an individual who has breached his/her fiduciary duty by revealing material nonpublic information for personal benefit to the tipper. Conversely, a "tippee" (i.e., the outsider) is an individual who knows/should know of that breach, receives the information, and subsequently uses it to make a trade or tip another individual for personal benefit.

Case law defining "personal benefit" has evolved in recent years and has been a focal point of insider trading law. Courts initially look to whether the individual will directly or indirectly benefit from his/her disclosure of the information. In *Dirks*, the Supreme Court held that a personal benefit is a "gift of confidential information to a trading relative or friend."<sup>1</sup> However, the Second Circuit later declined to adopt the *Dirks* standard and instead held that "the personal benefit received in exchange for confidential information must be of some consequence."<sup>2</sup> "[T]here has to be proof of "a meaningfully close personal relationship that generates an exchange that is objective, consequential, and represents at least a potential gain of pecuniary or similarly valuable nature."<sup>3</sup>

**Procedure(s)** **:**

The following procedures have been established to aid the officers, directors, and employees of Merganser in avoiding insider trading, and to aid Merganser in preventing, detecting and imposing sanctions against insider trading. Every officer, director and employee of Merganser must follow these procedures or risk serious sanctions, including dismissal, substantial personal liability and criminal penalties.

<sup>1</sup> *Dirks v. SEC*, 463 U.S. 646 (1983).

<sup>2</sup> *U.S. v. Newman*, 773 F.3d 438 (2d Cir. 2014).

<sup>3</sup> *Id*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Before trading for yourself or others, including accounts you may manage in a fiduciary capacity, in the securities of a company
about which you may have potential inside information, ask yourself the following questions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Is the information material?

&nbsp;&nbsp;&nbsp;&nbsp;&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. Is this information that the investor would consider important in making his or her investment decisions?

&nbsp;&nbsp;&nbsp;&nbsp;&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. Is this information that would substantially affect the market price of the securities if generally disclosed?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Is the information nonpublic?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. To whom has this information been 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;&nbsp;&nbsp;&nbsp;&nbsp;f. Has the information been effectively communicated to the marketplace by being published in Reuters, The Wall Street Journal
or other publications of general circulation?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. If, after the consideration of the above, you believe that the information is material and nonpublic, or if you have questions
as to whether the information is material and nonpublic, you should take the following steps:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Report the matter immediately to the CCO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Do not purchase or sell the securities on behalf of yourself or others, including investment companies or private accounts
managed by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&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. Do not communicate the information inside or outside the Company, other than to the CCO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. After the CCO has reviewed the information **,** you will either be instructed to continue the prohibitions against
trading and communication or you will be allowed to trade and communicate the information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Employees who trade on, or communicate to others, may be subjected to severe penalties. Both the employee and Merganser
may be penalized severely for insider trading. The penalties 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;&nbsp;&nbsp;&nbsp;&nbsp;a. Civil injunctions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Treble damages and 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;c. Jail sentences.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Fines for the person who committed the violation of up to three times the profit gained or loss avoided, whether or not the
person actually benefited, 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;e. Fines for the employer or other controlling person up to three times the amount of the profit gained or loss avoided.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. In addition, any violation of the policy statement can be expected to result in serious sanctions by Merganser, including dismissal
of the persons involved.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Employees should restrict access to material nonpublic information including persons within Merganser. In addition, care should
be taken to ensure such information is secure. For example, files containing material nonpublic information should be sealed; access
to computer files containing material nonpublic information should be restricted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. The prevention of insider trading violations requires constant attention. Your suggestions may contribute in a critical way
to the effectiveness of these procedures. If you become aware of any situation that may possibly result in an insider trading violation,
you should report the situation to the CCO immediately. Such a situation could involve an indiscreet member of management or the
staff, or it could relate to the manner in which written communications of material nonpublic information are disseminated or otherwise
handled by employees. Your suggestions for improving these procedures are always welcome and will be considered in your overall
job evaluation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. <u>Employee Securities Reporting</u>**

---

| | |
|:---|:---|
| **<u>Adopted</u>:** | **June 21, 1996** |
| **<u>Amended</u>:** | **January 2, 2025** |
|  | **November 13, 2017** |
|  | **October 21, 2016** |
|  | **November 12, 2014** |
|  | **October 18, 2013** |
|  | **January 2, 2013** |
|  | **January 2, 2008** |
|  | **July 30, 2004** |

---

**Purpose** **:**

The purpose of this policy is to ensure that Merganser's employees report their security transactions and holdings as required by Rule 204A-1 of the Investment Advisors Act of 1940, and Rule 17j-1 of the Investment Company Act of 1940.

**Background** **:**

17 § CFR 275.204A-1 of the IAA ("Rule 204A-1") requires investment advisers to adopt codes of ethics. The rule requires advisers' personnel to report their personal securities holdings and transactions, obtain pre-approval of transactions in certain investments, and to keep records of these reports.

Rule 204A-1 of the IAA, Rule 17j-1 of the ICA, and the Merganser Code of Ethics require that all Merganser employees annually, and upon being hired, report securities held by them, their families (including the spouse, minor children and adults living in the same household as the officer, director or employee), and trusts of which they are trustees or in which they have a beneficial interest at the end of each year.

It is not necessary to report positions in: shares of open-end mutual funds where Merganser is not an advisor or sub-advisor, bank certificates of deposit, and securities of the Government of the United States and its agencies. Exchange Traded Funds (ETFs) must be reported.

**Policy** **:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. All new employees must file an initial securities holdings report with the CCO or designee within 10 days of their start
date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. All employees must file an annual securities holding report with the CCO or designee within 10 business days of the
end of the year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. All employees must file a quarterly securities transaction report with the CCO or designee within 10 business days after
the end of the calendar quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The CCO or designee will review, initial and date all employee initial, annual holdings reports as well as the quarterly transaction
reports. The COO will review, initial and date all reports submitted by the CCO. The CCO will review, initial and date reports
submitted by a person designated to review employee reports. This process may be performed electronically via MCO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. All employees of Merganser are required to file a request for pre-clearance of IPOs, private placements, and fixed income securities with the CCO. The CCO must approve the request before the employee may initiate
any transactions in IPOs, private placements, and fixed income securities. The COO of Merganser
must approve any request from the CCO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Compliance will maintain the employees' securities reports in accordance with its recordkeeping policies and procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Employees must report violations of this policy to the CCO or designee. If reported to a designee, the designee will notify
the CCO of the violation. Violations by the CCO will be reported to the COO and CEO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Merganser will not take any retaliatory action against any employee for reporting violations.

**Definitions and Limitations** **:** 

Rule 204A-1 of the IAA and Rule 17j-1 of the ICA are the basis for these procedures.

<u>Employees required to file</u>

An access person is an employee who has access to non-public information regarding any client's trading or any reportable fund's holdings, who is involved in making securities recommendations to clients, or who has access to non-public securities recommendations. All of Merganser's employees are presumed to be access persons and will be required to comply with these reporting requirements. Employees claiming an exemption to the requirements must advise the CCO in writing. The CCO, in consultation with management as needed, determines if a person does not meet the criteria to be deemed an access person.

<u>Reports to be filed</u>

Rule 204A-1 of the IAA and Rule 17j-1 of ICA require all access persons to report their securities transactions and holdings. The requirements include an initial and annual list of holdings, a quarterly transaction report, and pre-approval of certain transactions.

<u>Employee relationships requiring and exempt from reporting</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Employees must file reports if they have a direct or indirect beneficial interest in securities. This interest is presumed to
include immediate family members sharing the same household, including spouse, child, stepchild, grandchild, parent, stepparent,
grandparent, siblings, and in-laws. It also includes serving as a trustee or in any other fiduciary capacity, when the employee
has trading authority over another person's account, and when the employee is a beneficiary of a trust and has input on
security transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Employees are exempt from reporting securities held in accounts over which they have no direct or indirect influence or control.
To qualify for an exemption, employees must advise the CCO in writing. The CCO determines if an account meets the criteria to
be deemed exempt from reporting.

<u>Exemptions from reporting requirements</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Transactions effected pursuant to an automatic investment plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Securities held in accounts over which the employee has no direct or indirect influence or control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Securities of the Government of the United States and its agencies, bank accounts, including certificates of deposit, money
market instruments, Israeli savings bonds, and shares of open-end mutual funds where Merganser is not an advisor or sub-advisor.
Exchange Traded Funds (ETFs) must be reported. All other securities must be reported.

**Procedure(s)** **:**

The CCO or designee will review all reports. If there are any questions about the reports, the CCO or designee will review the report with the employee and take appropriate action. Any violations will be reported to the CCO. The CCO or designee will initial and date all reports including any supporting documents. This process may be performed electronically via MCO. A log of reports received will be maintained in MCO.

The COO will review the CCO's reports. The CCO will review reports from non-employees. Any questions regarding this policy and the procedures should be directed to the CCO or designee.

<u>Initial Employee Securities Holdings Report</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The CCO or designee will review with each new employee the requirement to file an initial list of holdings for all accounts the
employee has an interest in. (*See* definition:

---

| | |
|:---|:---|
|  | Employee relationships requiring reporting.) The report must be filed within ten (10) days of hire, and the list of securities must be current within 45 days of hire. |
| 2. | The *Employee Initial and Annual Securities Holdings Certification* must be completed (via MCO) regardless of how the holdings are reported. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The *Employee Initial and Annual Securities Holdings Report* must include a description of the security, the type
of security, quantity, registration of the account and the broker/dealer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. A separate report must be filed for each account, and the relationship of the employee to the account owner noted on the report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. In lieu of listing the holdings, the requirement may be completed by furnishing the most recent broker/dealer statement containing
a list of holdings.

<u>Annual Employee Securities Holding Report</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. On or about last day of the calendar year, the CCO or designee will e-mail all Merganser employees (via MCO) notifying them
that they must file an Annual Securities Holdings Report. The report must include a description of the security, the type of security,
quantity, registration of the account and the broker/dealer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The *Employee Initial and Annual Securities Holdings Certification* must be completed (via MCO) regardless of how the
holdings are reported.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The *Employee Initial and Annual Securities Holdings Report* must include a description of the security, the type of security,
quantity, registration of the account and the broker/dealer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. A separate report must be filed for each account, and the relationship of the employee to the account owner noted on the report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. In lieu of listing the holdings, the requirement may be completed by furnishing a year-end broker/dealer statement containing
a list of holdings.

<u>Quarterly Employee Securities Transaction Report</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Each Access Person shall direct any broker/dealer at which he/she maintains an account, to provide on a timely basis, duplicate
confirmations of all personal securities transactions and periodic statements for all securities accounts to the CCO. In addition,
each Access Person shall direct any other institution at which he/she maintains accounts holding reportable securities, to provide
on a timely basis, duplicate confirmations of all personal securities transactions and periodic statements for all securities accounts
to the CCO. The Compliance Department shall date stamp all duplicate copies of personal securities transactions and account statements
upon receipt. The CCO shall

review all reports submitted (via MCO) by Access Persons to ensure that all reporting requirements are complied with. The COO will review the CCO's reports. The CCO will review reports from non-employees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. On or about last day of each calendar quarter, the CCO or designee will e-mail (via MCO) all Merganser employees notifying
them that they must file a report listing those accounts that they have instructed to send duplicate confirmations to Merganser.
In doing so, the employee must certify that the list is complete. Access Persons who do not require duplicate statements must still
attest their status.

<u>Pre-Clearance of "IPO", Private Placement, and/or Fixed Income Transactions</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Employees of Merganser are required to secure permission (i.e., Pre-Clearance) before executing a transaction in any initial
public offering ("IPO"), private placement or fixed income security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. A separate Pre-Clearance Request must be filed in MCO for each transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The request must be approved prior to executing any transaction requiring a pre-clearance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The CCO or designee must approve the request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The COO will approve or deny requests by the CCO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. The Employee Pre-Clearance of IPO, Private Placement and Fixed Income securities request will be retained by Compliance. Employees
should keep a copy of the form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Employees must submit a copy of the trade confirmation to the CCO or designee. Trade confirmations received via MCO automated
feeds are sufficient.

## Ex-99.(P)(16)

**Exhibit 99.(P)(16)**

U.S. Compliance \| Business Confidential \| For internal use only

![](x1_c113438x814x1.jpg)

Ninety One North America, Inc.

U.S. Code of Ethics

Effective November 1, 2024

i

Ninety One North America, Inc. – U.S. Code of Ethics

U.S. Compliance \| Business Confidential \| For internal use only

This U.S. Code of Ethics is confidential. You may not distribute this U.S. Code of Ethics or any portion of it to anyone not employed by Ninety One North America, Inc. or its advisory affiliates without the express permission of the Chief Compliance Officer.

<u>Approval Mechanism</u>

Responsible <br> Officer <u>Scope</u> <u>Approver</u> <u>Date of Approval </u> <u>Effective Date</u> <br> <u>Dana Troetel</u> <u>Ninety One North America, Inc. </u> <u>U.S. Chief Compliance Officer</u> <u>November 2024</u> <u>November 2024</u>

Date of next review: November 2025

ii

Ninety One North America, Inc. – U.S. Code of Ethics

---

| | | |
|:---|:---|:---|
|  | **CONTENTS** |  |
| 1. | INTRODUCTION | 1 |
| 2. | sCOPE AND APPLICATION OF THIS Code of Ethics | 1 |
| 3. | WHAT TO DO WHEN IN DOUBT? | 2 |
| 4. | Fiduciary principles | 3 |
| 5. | Business COnduct Standards | 4 |
| 6. | AnTIFraud provisions - general | 5 |
| 7. | Confidential INFORMATION | 6 |
| 8. | PROTECTION OF MATERIAL NONPUBLIC INFORMATION | 8 |
| 9. | REGULATION S-P/PRIVACY NOTICE | 12 |
| 10. | Conflicts of Interests | 12 |
| 11. | Disclosure of MATERIAL Outside BUSINESS ACTIVITIES | 13 |
| 12. | Gifts and entertainment | 13 |
| 13. | Personal account dealing | 14 |
| 14. | Acknowledgment of the code of Ethics | 16 |
| 15. | Interpretations and Exceptions | 16 |

---

iii

Ninety One North America, Inc. – U.S. Code of Ethics

&nbsp;&nbsp;&nbsp;&nbsp;1. INTRODUCTION

This U.S. Code of Ethics (the **"Code of Ethics"**) for Ninety One North America, Inc. (**"Ninety One NA"**) sets forth the standards for business conduct and guidelines required by Rule 204A-1 for investment advisers registered under the Investment Advisers Act of 1940, as amended (the "**Advisers Act**"). The Code of Ethics is also intended to comply with Rule 17j-1 under the Investment Company Act of 1940, as amended (the "**1940 Act**," and together with the Advisers Act, the "**Rules**") which applies to Ninety One NA because we serve as an investment adviser to registered investment companies (each, a "**Registered Fund**"). Rule 17j-1 specifically requires us to adopt a Code of Ethics that contains provisions reasonably necessary to prevent an Access Person (as defined herein) from engaging in fraudulent conduct and any unlawful actions, including insider trading.

This Code of Ethics applies in addition to the Ninety One NA's Compliance Manual (the **"Compliance Manual"**), Ninety One's global policies and the Do the Right Thing document. Together, these underscore Ninety One NA's commitment that in all our dealings, we will act with fairness, decency and integrity, and adhere to the highest standards of ethics. The success of this commitment depends on the conduct of each Ninety One NA employee.

**<u>All capitalized terms not otherwise defined herein have the meanings ascribed to them in the Glossary.</u>**

Ninety One NA has adopted this Code of Ethics which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Aims to place the interest of Ninety
One NA's clients over the interests of any Supervised Person ;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Imposes standards of business conduct
for all Supervised Persons;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Requires Supervised Persons to comply
with the Federal Securities Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Regulates an Access Person's
personal securities transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Mandates periodic reporting and
review of personal securities transactions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Requires Supervised Persons to report
violations of the Code of Ethics and determines consequences for the failure to comply.

&nbsp;&nbsp;&nbsp;&nbsp;2. sCOPE AND APPLICATION OF THIS Code of Ethics

Ninety One NA must comply with the requirements set forth under the Advisers Act, the rules thereunder, and relevant provisions of other U.S. laws, if applicable, such as regulations pursuant to Employee Retirement Income Security Act of 1974 ("**ERISA**"), the 1940 Act, Commodity Futures Trading Commission ("**CFTC**") and the Financial Industry Regulatory Authority, Inc. ("**FINRA**") and, if relied upon, Securities

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Exchange Commission (**"SEC"**) guidance, including exemptive, no-action and interpretive positions, such as SEC Risk Alerts. All of Ninety One NA's Supervised Persons are expected to read, understand and comply fully with all requirements herein. The personal account reporting or pre-clearance mandates apply to Access Persons. On an annual basis, Supervised Persons are required to acknowledge receipt of the Code of Ethics and represent in writing that they have read and understood it.

In particular, Ninety One NA expects all Supervised Persons to conduct themselves in a manner consistent with the principles, requirements and procedures set forth in this Code of Ethics and to act with fairness, integrity and adhere to the highest standards of ethics, avoiding any activity, interest, or external association that could impair or give the appearance of impairing the Supervised Persons ability to perform their work objectively. Ninety One NA expects all Supervised Persons to exercise sound judgment in the performance of their duties and must never improperly use their position with Ninety One NA for personal or private gain to themselves, their family or any other person.

Ninety One NA's reputation for integrity is its most important asset. Every Supervised Person has a responsibility for knowing and following the Code of Ethics . Each Supervised Person in a supervisory role (each, a "**Supervisor**") is also responsible for those individuals under his/her supervision. Supervisors are responsible for instituting reasonable measures to ensure that employees understand them, are kept up-to-date of any changes, and comply with them. The Chief Compliance Officer ("**CCO**") has the responsibility for creating and disseminating Ninety One NA's compliance policies and procedures to the various business units and teams, as well as monitoring and testing these policies and procedures.

**Please note that this Code of Ethics does not address Ninety One UK's compliance with any Financial Conduct Authority ("FCA") rules, regulations or policies as a separate manual exists for such purposes.** In addition, there are a number of global policies that are applicable to Ninety One NA and its Supervised Persons, who are expected to read and comply with such policies. In case of discrepancies between local and global laws, generally, the more restrictive law should get precedence. Supervised Persons should bring any possible regulatory conflict promptly to the CCO's attention.

&nbsp;&nbsp;&nbsp;&nbsp;3. WHAT TO DO WHEN IN DOUBT?

**When in doubt, ask before you act. The Code of Ethics cannot cover every possible situation that may arise in the course of conducting business in the United States or managing the assets of clients. You may be unsure about application of the policies and procedures in a particular situation. Do <u>not</u> try to resolve difficult questions yourself. Instead, please contact the CCO or Compliance, which includes both the US-based Compliance team and global compliance teams ("Compliance"). In addition, all**

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**Supervised Person should contact the CCO if there is any reason to believe that a violation of the requirements set forth in the Code of Ethics has occurred or is about to occur. Our integrity is of the utmost importance and critical to our long-term success.**

Technical compliance with the requirements set forth in the Code of Ethics will not insulate anyone from scrutiny for any actions that create the appearance of a violation. Supervised Persons are expected to also abide by the spirit of the requirements set forth in the Code of Ethics. Ninety One NA may impose penalties for breaches of the Code of Ethics. Depending on the nature of the breach, penalties may include a breach memo to the Supervised Person's file, a formal letter of censure, disgorgement of profits, civil or criminal fines and penalties, referrals to regulatory or self-regulatory bodies, including and up to termination of employment.

&nbsp;&nbsp;&nbsp;&nbsp;4. Fiduciary principles

The Advisers Act requires the registration of certain investment advisers and imposes detailed requirements on the activities of registered investment advisers.

<u>Fiduciary Duty</u>

Under the laws and regulations governing advisers, the SEC has consistently taken the view that an adviser owes a "fiduciary duty'' to its clients. It is the policy of Ninety One NA to act in a manner consistent with this position. Consistent with this obligation to act in the best interest of its clients, the interests of Ninety One NA clients take priority over the investment or business interests of Ninety One NA, its affiliates and its personnel. An investment fiduciary duty encompasses both the Duty of Care and the Duty of Loyalty as described below.

***Duty of Care.*** This duty includes, without limitation, at least three duties:

● *A duty to provide advice that is in the best interest of the client*. An adviser must have a reasonable understanding of its client's investment profile or investment mandate and have a reasonable belief that advice is in the best interest of the client. A critical component of this duty means an adviser must have a reasonable understanding of the client's objectives after reasonably inquiring into such objectives. An adviser's advice needs to be suitable for the client.

● *A duty to seek best execution*. An adviser must seek to obtain the execution of transactions for each of its clients such that the total cost of proceeds in each transaction are most favorable under the circumstances. The goal must be to maximize value for the client under the circumstances occurring at the time of transaction. Price is often a determinate factor, but an adviser also needs to consider whether the transaction represents the best qualitative execution.

● *A duty to provide advice and monitoring over the course of the relationship*. An adviser must

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provide advice and monitoring at a frequency that is in the best interest of the client, taking into account the scope of the agreed relationship.

***Duty of Loyalty***: An adviser must not place its own interests ahead of its client's interests. To meet its duty of loyalty, an adviser must either eliminate or provide full and fair disclosure of all conflicts of interest which might incline an investment adviser—consciously or unconsciously—to render advice which is not disinterested. Such that a client can provide informed consent to the conflict.

&nbsp;&nbsp;&nbsp;&nbsp;5. Business COnduct Standards

Supervised Persons are required to satisfy the fiduciary duty placed on advisers including, but not limited to, the following standards of contact:

● *Place the Interest of Client Accounts First*: Ninety One NA has the fiduciary duty to act at all times in the interests of its clients first. As fiduciaries, Supervised Persons must rigorously avoid servicing their own personal interests ahead of the interests of its clients. Supervised Persons may not cause a client to take action, or not to take action, for their personal benefit rather than for the client's benefit.

● *Do Not Engage in Fraudulent Activity*: Information obtained in course of business activities for Ninety One NA, which is not otherwise generally available to the public, is proprietary and strictly confidential. In particular, no Supervised Person shall (i) misuse material non-public information whether obtained in the course of business activities for Ninety One NA or otherwise; (ii) employ any device, scheme or artifice to defraud Ninety One NA's clients; (iii) make any untrue statement of a material fact to Ninety One NA's existing and potential clients; (iv) engage in any act, practice or course of business which operates to defraud or deceive clients or potential clients of Ninety One NA; (v) engage in any manipulative practice with respect to Ninety One NA's existing and potential clients or (vi) misappropriate any assets or investment opportunities of a client.

● *Behavior.* Supervised Persons should conduct all business done on behalf of Ninety One NA in a professional, fair and legal manner and obey all applicable anti-bribery laws and adhere to all anti-bribery compliance policies. Supervised Persons must only use Ninety One NA's approved systems and facilities for business purposes.

● *Communication.* Communicate on behalf of Ninety One NA in a professional manner and ensure such communications are clear, fair, balanced and accurate to the best of your knowledge.

● *Training.* Attend all applicable training and education programs.

● *Confidentiality and Inside Information.* Maintain the confidentiality of all information about Ninety One NA, its affiliates, its clients and other companies that you create, control or have access to. Do not trade or recommend securities (or encourage others to do so) on the basis of "inside information."

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● *Reporting.* Report promptly any suspected violation of Ninety One NA policies or illegal conduct. For the avoidance of doubt, you may report such violation or conduct according to the Ninety One Whistleblowing Policy or to any state or federal regulator.

&nbsp;&nbsp;&nbsp;&nbsp;6. AnTIFraud provisions - general

Ninety One NA is also subject to antifraud provisions. The Rules prohibits misstatements or misleading omissions of material facts and other fraudulent acts and practices in connection with the conduct of an investment advisory business.

Section 206 of the Advisers Act makes it unlawful for advisers to, directly or indirectly:

● Employ any device, scheme or artifice to defraud any client or prospective client;

● Engage in any transaction, practice, or course of business that operates as a fraud or deceit upon any client or prospective client;

● Act as a principal for its own account, knowingly to sell any security to or purchase any security from a client, or acting as broker for a person other than such client, knowingly to effect any sale or purchase of any security for the account of any such client, without disclosing to such client in writing before the completion of such transaction the capacity in which he is acting and obtaining consent of the client to such transaction; or

● Engage in any act, practice or course of business that is fraudulent, deceptive or manipulative.

Below are some activities that have been found to violate Section 206 of the Advisers Act, although this is not an exhaustive list:

● Failing to make full and fair disclosures, in particular with respect to conflicts of interests;

● "Front-running" (i.e., purchasing or selling a security for an account for the adviser or an affiliate or Supervised Person of an adviser prior to its purchase for a client account);

● "Trading with" clients – misusing Confidential Client Information for an access person's own gain;

● Misrepresenting pricing methodology and/or deliberately mispricing client holdings;

● Favoring certain clients or favoring accounts in which the adviser has a proprietary interest when allocating initial public offerings or other limited investment opportunities;

● Failing to disclose the financial interest of the adviser or its affiliates in issuers whose securities are recommended to clients;

● Misappropriating funds under management;

● Failure to disclose "double fees'' received from clients' assets invested in a fund also advised by

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the adviser;

● Miscalculating fees or "massaging" valuations;

● Making any materially misleading statement or omission in Form ADV or otherwise;

● Not having a compliance risk inventory and a policy on conflicts of interest and the means to address them, and not following these.

Supervised Persons are reminded that Federal Securities Laws have antifraud provisions, most notably, Section 10(b) of the Exchange Act and Rule 10b-5 thereunder. As a general matter, it is a violation of Federal Securities Laws and the policies of Ninety One NA for any of its Supervised Persons to engage in any act, practice or course of business that violates any of the Federal Securities Laws designated to prevent fraudulent, deceptive, or manipulative acts.

&nbsp;&nbsp;&nbsp;&nbsp;7. Confidential INFORMATION

Supervised Persons must maintain the confidentiality of sensitive information ("**Confidential Information**") entrusted to them by Ninety One NA or its affiliates or their respective clients, and must not disclose such information to any persons except when disclosure is authorized by Ninety One NA or mandated by law other than to (1) other of Ninety One NA's or its affiliates' Supervised Persons who have an "need to know" in connection with their duties, or (2) persons outside Ninety One NA (such as attorneys, accountants or other advisers) who need to know in connection with a specific mandate or engagement from Ninety One NA or its affiliates or who otherwise have a valid business or legal reason for receiving it and have executed appropriate confidentiality agreements. Confidential Information includes all non-public information that is not known to the general public.

The obligation to preserve Confidential Information continues even after a Supervised Person's employment with Ninety One NA ends.

Please note that Confidential information includes (i) Proprietary Information, (ii)Confidential Client Information and (iii) Other Confidential Information.

<u>Handling Confidential Information</u>

Special precautions must be taken when handling Confidential Information*.* Supervised Persons should adhere to the following guidelines in situations involving Confidential Information (other than inside information for which there are special rules more fully described below):

● *Usage*. Confidential Information is available or used, if at all, on a need-to-know basis. No one may provide Confidential Information to any person without observing the provisions of this Policy and an exception may require prior written approval from Legal or Compliance.

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● *Public Spaces*. Confidential Information should not be discussed in public spaces where Confidential Information could be observed or overheard or in the office (such as elevators or hallways) in the presence of unauthorized individuals. To the extent practical, access to office areas should be limited. **  Avoid use of speaker phones when unauthorized persons may overhear conversations. Care should be taken when using portable computers and similar devices in public places.

● *Documents*. If word-processed documents, faxes, electronic mail, spreadsheets or other such materials containing Confidential Information are printed or transmitted, the hard copy should be immediately retrieved from the printer or fax machine. *Papers related to non-public matters should be appropriately safeguarded.* Exercise care when sending or discussing Confidential Information on voicemail, electronic mail, cell or cordless phones, fax machines or message services. Make sure to use correct electronic mail addresses or telephone extension numbers and, when applicable, use project and code names.

● *Controls and Storage*. Appropriate controls for the reception and oversight of visitors to sensitive areas should be implemented and maintained. Documents containing Confidential Information that are computer-generated and/or computer-stored must be protected against hacking, deletion, alteration and corruption. E-mail messages and attachments containing material non-public information should be treated with similar discretion and awareness of the recipients.

● *Workspace*. Exercise care to avoid placing documents containing Confidential Information in areas where they may be read by unauthorized persons and any such documents should be stored in secure locations when they are not in use. Secure copies of Confidential Information in accordance with our record retention requirements when no longer needed for a project. Ensure that all Confidential Information, in any format, is properly secured and stored at your work station before leaving for the day.

● *NDAs.* Special confidentiality arrangements may be required for certain parties, including prospective or existing clients, prospective or existing service providers governmental agencies and trade associations, that are seeking access to material non-public information.

<u>Post-Employment Use of Confidential Information</u>

Supervised Persons must not misuse, disclose, provide or take Confidential Information when seeking employment or after termination. Ninety One NA reserves the right to review all materials that an Supervised Person plans to take with him or her when leaving and to impose conditions as are proper and reasonable to protect such information. Ninety One NA will seek appropriate injunctive or legal relief if warranted.

Ninety One NA may impose disciplinary measures for any breach at the discretion of Ninety One NA.

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**Please note that this section is supplemented by Ninety One's *Market Conduct Policy* and *Secure and Acceptable Usage Policy* .**

&nbsp;&nbsp;&nbsp;&nbsp;8. PROTECTION OF MATERIAL NONPUBLIC INFORMATION

From time to time, Supervised Persons may become recipients of material, nonpublic information ("**MNPI**"). Ninety One NA and its affiliates have established policies and procedures reasonably designed to prevent the misuse of MNPI.

<u>Definition and Application of MNPI and Tipping</u>

MNPI and the terms "insider trading" and "tipping" are not defined in the Federal Securities Laws but were developed through case law under the Exchange Act and Rule 10b-5 thereunder. Other provisions of the Exchange Act and the Advisers Act and the rules thereunder also address the misuse of MNPI; in particular, Section 204A and Rule 204A-1 of the Advisers Act.

The law concerning MNPI, insider trading and tipping is dynamic, and the SEC enforces cases on a regular basis. U.S. authorities do not hesitate to sue persons outside the United States and are often able to detect and take action within hours.

Broadly, the law prohibits any misuse of MNPI, including:

● Trading or tipping by an insider while in possession of MNPI;

● Trading or tipping by a non-insider, while in possession of MNPI, where the information was either disclosed to the non-insider in breach of an insider's duty to keep it confidential or was misappropriated; or

● Communicating MNPI to others.

Concerns about the misuse of inside information may arise primarily in two ways. First, a Supervised Person may come into possession of MNPI about another company, such as an issuer in which he or she (or his or her personnel) will invest either for clients or his or her own account. If a Supervised Person has or believes to have such MNPI, he or she must notify the CCO or Compliance immediately and must not act on that that information.

The SEC has stated that the term MNPI may include information about an adviser's recommendations and client securities holding and transactions, which is Confidential Client Information. It is our policy that all such Confidential Client Information is to be kept in strict confidence by those who receive it and may be divulged only within Ninety One NA on a need to know basis in connection with the performance of services to Ninety One NA's clients.

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<u>Who is an Insider?</u>

The concept of "insider" is broad. It includes officers, directors and employees of a company. Ninety One NA may be deemed an insider when it comes into possession of inside information through its various business activities or through a Supervised Person who has been tipped off outside Ninety One NA's activities. Ninety One NA will remain an insider as long as it has inside information. A person can be a "temporary insider" if he or she enters into a confidential relationship in the conduct of Ninety One NA's affairs and, as a result, is given access to information solely for Ninety One NA'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, for example, could become a temporary insider to a company because of such employee's relationship to the company (e.g., by having contact with company executives while researching the company). Such company must expect Ninety One NA as the adviser to keep the disclosed MNPI confidential, and the relationship must at least imply such a duty before Ninety One NA will be considered an insider or temporary insider.

It may also be the case that a connected person of an access person may have MNPI and be deemed to be an insider. Supervised Persons are cautioned in such situations in order to avoid liability for tipping or misappropriating MNPI and must notify the CCO immediately if they believe to have been tipped off with MNPI.

<u>What is "Material" Information?</u>

"**Material"** information is generally 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. The information is deemed to "alter the total mix of information available." Such information includes, but is not limited to:

● dividend changes, profit forecasts, earnings, estimates, changes in previously released earnings and estimates, significant merger or acquisition proposals or agreements;

● major litigation;

● liquidation problems and knowledge of an impending default; or

● knowledge of an impending change in a rating by a rating agency and/or extraordinary management developments.

<u>What is "Non-Public" Information?</u>

Information is "**non-public**" until it has been effectively communicated to the marketplace. One must be

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able to point to a fact to show that the information is generally public and not "just released within a few moments." For example, information in a report filed with the SEC, disclosed in an earnings call with stockholders or analysts or appearing in *Dow Jones, Reuters, The Wall Street Journal* or other publications of general circulation would be considered public.

<u>What is Tipping?</u>

"**Tipping**" is giving or making available MNPI to anyone who might be expected to trade while in possession of that MNPI. A Supervised Person may become a "tippee" by acquiring MNPI from a tipper, which would then require such Supervised Person to follow the procedures below for reporting and limiting use of the MNPI.

<u>Penalties and Consequences of Misusing MNPI</u>

The improper use or unauthorized disclosure of MNPI by any employee, including trading while in possession of the MNPI, can inflict great damage on Ninety One NA, its clients, affiliates and employees. At a minimum, the misuse of MNPI can create a negative impression in the eyes of clients, regulators, the public and the business community. Penalties for trading on or communicating MNPI are severe. For both individuals involved in such unlawful conduct *and* their employers the penalties 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. Penalties include civil injunctions, treble damages, disgorgements of profits, jail sentences or fines for the person who committed the violation of up to three times the profit gained or loss avoided, whether or not the person actually benefited. Fines for the employer and other controlling persons can total up to the greater of $1,000,000 or three times the amount of the profit gained or loss avoided. Any violation of this policy can be expected to result on serious sanctions by Ninety One NA, including dismissal of the person(s) involved.

It is the duty of every Supervised Person to remain constantly alert to possible violations of this policy regarding the use of dissemination of inside information. Employees who suspect such improper use by any other person must immediately notify the CCO or Compliance.

<u>Guidelines on the Treatment of MNPI</u>

● *Learning of MNPI*: It is not illegal to learn MNPI. It is, however, illegal to trade on such MNPI or to pass it on to others who have no legitimate business reason for receiving such MNPI.

● *Steps to Follow When You Think You Have MNPI*: If, after consideration of the above, a Supervised Person believes that they have learned MNPI, or if a Supervised Person has questions as to whether the information is MNPI, you should contact Compliance immediately and not disclose the potential MNPI to anyone else. **Supervised Persons are prohibited from trading on or disclosing the potential MNPI without first consulting the CCO or the Compliance team to** 

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**confirm whether the information is, in fact, MNPI**.

● *Investigation of Trading Activities*: From time to time, various stock exchanges, FINRA and the SEC may request information from Ninety One NA concerning trading in the specific securities that may coincide with market news. Requests from a stock exchange or regulator for this type of information should be referred directly to the CCO.

<u>Procedures to Detect and Prevent Insider Trading</u>

To prevent insider trading, Ninety One NA, either directly or through its affiliates, utilizes a number of procedures, including:

● Providing annual compliance training to familiarize Access Persons with Ninety One NA's insider trading procedures.

● Answering questions regarding Ninety One NA's insider trading procedures.

● Resolving whether information received by a Supervised Person is material and non-public.

● Reviewing and updating Ninety One NA's insider trading procedures.

● When it has been determined that a Supervised Person has material, non-public information: (i) implementing measures to prevent dissemination of such MNPI; (ii) if necessary, restricting employees from trading the securities and (iii) maintaining Restricted Lists.

● Requiring prior written approval before a Supervised Person may serve on board of directors or other governing board of a publicly traded company.

● Maintaining a log in a manner consistent with Ninety One's policies and procedures, of all incidents brought to Compliance's attention when potential MNPI was received by an employee. Such a log shall remain confidential.

To detect insider trading, Compliance will (i) periodically review the personal trading activity of Access Persons and (ii) review trading activity of Ninety One NA's accounts.

<u>The Use of Expert Networks</u>

The use of Expert Networks may result in an employee obtaining MNPI. Ninety One NA has instituted Expert Network procedures to prevent the misuse of MNPI. These procedures apply to all employees who utilize Expert Networks. The Expert Network procedures include conducting due diligence on the proposed Expert Network, calendaring of Expert Network calls and requiring employees to attend Expert Network training.

**Please note that this section is supplemented by Ninety One's *Market Conduct Policy.***

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&nbsp;&nbsp;&nbsp;&nbsp;9. REGULATION S-P/PRIVACY NOTICE

The Gramm-Leach-Bliley Act ("**GLBA**") requires all financial institutions, defined to include advisers, investment companies and broker-dealers, to establish procedures and systems to ensure privacy of client and financial information. The privacy requirements set forth herein apply only to individual, non-entity clients, including U.S. individuals who invest in the Funds.

Further, outside business providers, including Ninety One NA's attorney's, auditors and administrators, including discretionary SMA providers, may be given access to Nonpublic Personal Information ("**NPPI**") concerning U.S. individual investors necessary to effect, administer, or enforce a transaction authorized by clients or in connection with the provision of services to Ninety One NA and the Funds. It is Ninety One NA's reasonable belief that such service providers are capable of maintaining and have in place appropriate safeguards to protect client information.

**Please note that this section is supplemented by Ninety One's *Secure and Acceptable Usage Policy*.**

&nbsp;&nbsp;&nbsp;&nbsp;10. Conflicts of Interests

Conflicts of interest may exist between Ninety One NA or Supervised Persons, on the one hand, and its clients, on the other. Conflicts of interests may also exist between clients. An adviser must identify its material conflicts, the effect(s) that they have on the adviser, Supervised Persons and its clients and the means to mitigate or resolve them.

Examples of conflicts of interest and means to address them include the following (although we note that this is not an exhaustive list of conflicts of interest, in general, or the conflicts facing Ninety One NA or Supervised Persons, more specifically):

● If an adviser receives compensation, directly or indirectly, from a source other than the client for recommending a security, the adviser must disclose the nature and extent of the compensation in Form ADV;

● If an adviser or an affiliate of the adviser has an interest (e.g., selling commissions) in an investment being recommended, the extent of the adviser's interest must be disclosed in Form ADV;

● If an adviser recommends that clients effect transactions through the Adviser's broker-dealer affiliate, the extent of all adverse interests, including the amount of any compensation the adviser or affiliated broker dealer will receive in connection with the transactions, should be disclosed in Form ADV;

● If an adviser or an affiliate will be buying or selling the same securities as a client, the client should

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be informed of this fact and also whether the adviser (or the affiliate) is or may be taking a position inconsistent with the client's position; or

● An adviser or related party compensates a third party for referring a client, the material terms of the arrangement must be disclosed to, and acknowledged by, the client.

Supervised Persons are responsible for and have a duty to identify and escalate to line management and Compliance any potential or actual conflicts of interest of which they become aware.

Any new actual or potential conflict may be escalated by line management or Compliance to the Global Conflicts Committee for discussion as to the related risk, possible remediation measures, and any other actions required to mitigate or manage the conflict.

**Please note that this section is supplemented by Ninety One's *Conflicts of Interest Policy.***

&nbsp;&nbsp;&nbsp;&nbsp;11. Disclosure of MATERIAL Outside BUSINESS ACTIVITIES

A Supervised Person may not maintain a Material Outside Business Activity without the prior written approval of such Supervised Person's Supervisor and Compliance. Each Supervised Person must also submit an annual declaration of his or her Material Outside Business Interests.

**Please note that this section is supplemented by Ninety One's *Outside Business Activity Policy.***

&nbsp;&nbsp;&nbsp;&nbsp;12. Gifts and entertainment

Supervised Persons should not accept gifts, favors, entertainment, special accommodations, loans of money or property or other things of value that could or could appear to influence the Supervised Person's decision-making or make or appear to make the Supervised Person feel beholden to a person or firm.

Similarly, Supervised Persons should not offer gifts, favors, entertainment, special accommodations, loans of money or property 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 Ninety One NA or its Supervised Persons. Specific procedures, including pre-clearance requirements, for gifts and entertainment are included in the US Compliance Manual.

In general, Supervised Persons should consider that even the appearance of impropriety or a conflict of interest may rise to the level of illegality. In addition, certain violations may occur even without any intent to influence and cannot be cured by disclosure. Therefore, Supervised Persons must following the procedures in the US Compliance Manual and seek guidance from Compliance when in doubt.

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**Please note that this section is supplemented by Ninety One's *Third Party Benefits Policy* and Ninety One NA's *Compliance Manual.***

&nbsp;&nbsp;&nbsp;&nbsp;13. Personal account dealing

Supervised Persons' personal securities transactions must be conducted in such a manner to avoid any actual, potential or perceived conflicts of interest or any abuse of an individual's position of trust and responsibility. All employees are deemed Access Persons.

As a general matter, it is a violation of Federal Securities Laws and the policies of Ninety One NA for any of its Supervised Persons to engage in any fraudulent, deceptive, or manipulative act, practice or course of business in connection with the purchase and sale of any Securities for a Supervised Person Account. Two common examples of such prohibited activities are

● *Front-Running*: This is the practice of trading on the basis of the anticipated market effect of trades for Client Accounts and examples include (i) having knowledge of a prospective purchase of security for a Client Account and acquiring direct or indirect ownership of such security prior to the Client and (ii) having knowledge of a prospective sale of a security for a Client Account and selling (either short or long) the security in advance of such sale.

● *Trading Client Accounts to Benefit Access Persons*: The practice of trading a Client Account for the purpose of benefiting an Access Person's Account is prohibited by the Federal Securities Laws.

<u>Reporting</u>

Access Person are required to report all Reportable Securities and Reportable Funds. Access Person are under a duty to provide initial, quarterly and annual reports as described below unless specifically exempted by the CCO. Employees provide such required reports through StarCompliance, an online system that is used to maintain records of personal trading accounts and administer periodic certifications.

Access Persons that join Ninety One NA after November 1, 2023 must utilize only those broker accounts that are supported by a StarCompliance broker feed. A list of brokers supported by StarCompliance may be found in the PAD Policy. Exceptions may be provided in certain circumstances, subject to the approval of the CCO.

Holdings and Transaction Reports are required on a periodic basis. Some of these reports are automated with the use of broker feeds.

<u>Pre-Clearance</u>

Access Persons must pre-clear all trades in their Access Person Accounts including, without limitation,

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Ninety One North America, Inc. – U.S. Code of Ethics

transactions in Initial Public Offerings and private placements in the manner described in the PAD Policy. These pre-clearance requirements do not apply (i) to the receipts of gifts and bequests of securities (i.e., those which are not entirely controlled by the owner of the Access Person Account) or (ii) to Non-reportable Securities.

A blackout period applies to Access Persons' Accounts related to certain trades (the "**10-Day Restrictive Rule**"), in which Supervised Persons are restricted from trading a security within 10 days, on either side, of a client trade involving the same security. In addition to the 10-Day Restrictive Rule, several other restrictions apply:

● Ninety One plc and Ninety One Ltd – Full and Staff Restricted Lists;

● Ninety One plc and Ninety One Ltd – "Closed Period" Restriction; and

● Trading on MNPI.

Access Person Accounts are not allowed to profit from the purchase and sale of the same security or to have a "round trip" purchase and sale of the same security within three months (each, a "**Short Term Trade**"). Compliance may, at its sole discretion, agree to permit a Short Term Trade, but the granting of such permission is expected to be limited and profits realized on such Short Term Trade may be required to be disgorged. Note that the three-month holding period starts with the most recent purchase of the same security, (e.g., if you purchase 100 shares of Stock A on March 1, then purchase additional 100 shares of Stock A on August 1, you must now hold all 200 shares of Stock A for three months from August 1).

Ninety One NA reserves the right to require an Access Person to liquidate or otherwise close-out a position in an Access Person Account at the Access Person's expense if it is determined that any of his or her investments violate the provisions of the Code of Ethics. Even though a particular transaction may not be explicitly prohibited by the Code of Ethics, Ninety One NA reserves the right to restrict trading in any financial instrument and/or require an Access Person to liquidate any position held in any Access Person Account (whether at a profit or loss) and disgorge any profit earned.

<u>Escalation & Breaches</u>

Account statements, confirmations, pre-clearance requests and reports required to be submitted pursuant to the Code of Ethics are monitored and reviewed for compliance. Any breaches are escalated to the CCO.

Ninety One NA is required by law to keep a record of all violations of this Code of Ethics, including the failure by an Access Person to submit a transaction or holding report required by this of Ethics in a timely fashion. If you become aware of any violations or potential violations of any of the provision of the Code of Ethics you must report such violations or potential violations promptly to the CCO. Failure to report any violations of the Code of Ethics that you are aware of in a prompt manner will be considered itself a violation of the Code of Ethics and subject to remedial action at the discretion of Board. If in doubt about the legality or ethics of any conduct, please contact the CCO to request guidance. If you have witnessed

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the violation of Federal Securities Laws, you may be eligible to participate in the SEC's whistleblowing program as outlined in the Compliance Manual.

**Please note that this section is supplemented by Ninety One's *Personal Account Dealing (PAD) Policy*.**

&nbsp;&nbsp;&nbsp;&nbsp;14. Acknowledgment of the code of Ethics

Annually, Supervised Persons will be required to acknowledge receipt of the Code of Ethics and represent in writing that they have read and understood it and will adhere to it. Understanding and complying with the Code of Ethics and truthfully completing the written acknowledgment are the obligation of all Ninety One NA Supervised Persons.

&nbsp;&nbsp;&nbsp;&nbsp;15. Interpretations and Exceptions

The CCO (or his or her designee) shall have the right to make final and binding interpretations of this Code of Ethics and may grant an exception to certain of the above restrictions, as long as no abuse or potential abuse is involved. Each Supervised Person must obtain written approval from Compliance before taking action regarding such exception.

If you have any questions about this Code of Ethics or any matter discussed herein, please contact Compliance as follows:

● Dana Troetel: dana.troetel@ninetyone.com

● Alex Meigh: alex.meigh@ninetyone.com

● Cathrine Djelevic: catherine.djelevic@ninetyone.com

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Effective November 1, 2024

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---

| | |
|:---|:---|
| &nbsp;&nbsp; **GlossarY** <br>|  |
| &nbsp;&nbsp;**TERM** | &nbsp;&nbsp; **Definition**<br>|
| &nbsp;&nbsp;ACCESS PERSON | &nbsp;&nbsp; Any Supervised Person of an adviser who:<br>(i) has access to nonpublic information regarding any advisory clients' purchase or sale of securities, or nonpublic information regarding the portfolio holdings of a reportable fund or<br> (ii) is involved in making securities recommendations to advisory clients, or who has access to such recommendations that are nonpublic. |
| &nbsp;&nbsp;Access Person Account | &nbsp;&nbsp; Any account in which an Access Person has a direct or indirect Beneficial Ownership Interest in the Securities held in the account unless such an account is specifically excluded from this Code of Ethics' requirements by the CCO. An Access Person Account does not include any account over which the Access Person has no direct or indirect influence or control or in which transactions are effected without the Access Person's prior notifications. Generally, it includes but is not limited to:<br> 1) each Access Person's personal account; and<br> 2) any account of any immediate family member sharing a household with the Access Person; or<br> 3) any other account including a trust or partnership, over which the Access Person or her or his family member exercises investment discretion.<br>|
| &nbsp;&nbsp;Automatic Investment Plan | &nbsp;&nbsp;Program in which regular periodic purchases (or withdrawals) are made automatically to (or from) investment accounts in accordance with a predetermined schedule and allocation. An automatic investment plan includes a dividend reinvestment plan. |
| &nbsp;&nbsp;Beneficial Ownership Interest | &nbsp;&nbsp; Any interest in securities where a person directly or indirectly, though any contract, arrangement, understanding, relationship or otherwise have or share a direct or indirect "pecuniary interest' in such securities. While the definition of "Pecuniary Interest" is complex, a Supervised Person generally has a pecuniary interest in securities if such Supervised Person has the opportunity, directly or indirectly, to profit or share in any profit derived from a transaction in the securities.<br>|
| &nbsp;&nbsp;Client Account | &nbsp;&nbsp; A Managed Account, LLC or other commingled fund or mutual fund managed by Ninety One NA in its capacity as an adviser or as a sub-advisor.<br>|
| &nbsp;&nbsp;Confidential information | &nbsp;&nbsp; *PROPRIETARY INFORMATION*: information that is internal to Ninety One NA about its internal workings, its asset management operations, its internal operations and its financial information. This includes information not known to the public that may have intrinsic value or that may provide Ninety One NA with a competitive advantage. Proprietary Information includes information that is obtained, developed or utilized during the ordinary course of employment, whether by the Supervised Person or someone else, such as professional service providers (e.g., lawyers, accountants, consultants or auditors). |

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| | |
|:---|:---|
|  | &nbsp;&nbsp; <br> Examples of Proprietary Information include intellectual property and proprietary processes, materials supplied to vendors or third-party suppliers that are not available to the public, minutes of meetings and conference calls. It also includes all non-public information that might be of use to competitors, or harmful to Ninety One NA or its affiliates or their respective customers, if disclosed. It also includes Ninety One NA's 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 Proprietary Information may be present in various media and forms, including written documents, computer files, diskettes, videotapes, audiotapes and oral communications.<br>*CONFIDENTIAL CLIENT INFORMATION*: includes the names of clients, contract details, client positions, orders being worked for client and advice or recommendations prepared for used for clients. This also includes non-public information regarding potential clients.<br>*OTHER CONFIDENTIAL INFORMATION*: any other information not known to the public that is not classified as client or proprietary information.<br>|
| &nbsp;&nbsp;Expert Network | &nbsp;&nbsp; An expert network is a service provider that connects its clients with experts who have experience in specific industries or fields. These experts provide insights that can help investment research.<br>|
| &nbsp;&nbsp;Federal Securities Laws | &nbsp;&nbsp;The Securities Act, the Exchange Act, the Sarbanes-Oxley Act of 2002, the Investment Company Act, the Advisers Act, Title V of the GLBA (as defined below), any rules adopted by the SEC under 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 Treasury |
| &nbsp;&nbsp;holdings and transaction reports | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; An Access Person is required to submit holdings in which the Access Person has any direct or indirect Beneficial Ownership Interest (i) within 10 days of becoming Access Person (an "**Initial Holdings Report**"), (ii) within 30 days of the end of each quarter, a report of all Reportable Securities transactions (a "**Quarterly Transaction Report**") and (iii) annually during the annual declaration period (an "**Annual Holdings Report**") as follows:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●  Access Persons are required to promptly disclose new holdings in Reportable Securities if acquired prior to submitting the Annual Holdings Report; and<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●  Holdings reports must be current as of a date no more than 45 days prior to the date that person became an Access Person (for Initial Holdings Report) or 45 days prior to the date the holdings report is submitted (for Annual Holdings Report).<br> Initial Holdings Reports and Annual Holdings Reports must contain, at a minimum, |

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| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> the following information:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●  The title and type of Covered Security, and as applicable the exchange ticker symbol or CUSIP number;<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●  Number of shares, and principal amount of each Covered Security in which the Access Person has any direct or indirect Beneficial Ownership Interest;<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●  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<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●  The date the Access Person submits the report.<br> Quarterly Transaction Reports must contain, at the minimum, the following information (if applicable) regarding each transaction in a Reportable Security in which the Access Person has a Beneficial Ownership Interest:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●  The date of the transaction;<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●  The title, and as applicable, the exchange ticker symbol or CUSIP number;<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●  Interest rate and maturity rate;<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●  Number of shares, and principal amount of each Covered Security involved;<br> &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);<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●  The price of the Covered Security at which the transaction was effected;<br> &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<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●  The date the Access Person submits the report.<br> An Access Person is <u>not</u> required to submit:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●  Any transaction or holding report with respect to securities held in accounts over which the Access Person has no direct or indirect influence or control;<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●  A transaction report with respect to transactions effects pursuant to an Automatic Investment Plan;<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●  Any transactions in mutual funds (unless included in the Reportable Fund list below); or<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●  Any accounts which only have the ability to invest in mutual funds (unless the account invests in a Reportable Fund).<br>|
| &nbsp;&nbsp;Initial Public Offering | &nbsp;&nbsp;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 Section 13 or 15(d) of the Exchange Act. |
| &nbsp;&nbsp;Material OUtside Business ACTIVITY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Are outside business activities that:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●  That might lead to a potential or actual conflict between the interests of a staff member and/or those of Ninety One and/or those of a client of Ninety One;<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●  The existence of which could detrimentally affect the reputation or standing of Ninety One; |

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| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●  Which may interfere with or hinder the proper performance of a staff member's work obligations; or<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●  That results in a staff member being remunerated or compensated for their time spent or services offered/rendered, regardless of the nature of the OBA.<br>|
| &nbsp;&nbsp; Reportable funds<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ninety One NA serves as investment adviser to the following mutual funds:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●  Ninety One Global Franchise Fund<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●  Ninety One Emerging Markets Equity Fund<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●  Ninety One Global Environment Fund<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●  Ninety One International Franchise Fund<br>Transactions in Reportable Funds must be reported in the quarterly transaction reports, although pre-clearance is not required. Holdings in Reportable Funds must be reported in the annual certification.<br>|
| &nbsp;&nbsp;Reportable securities | &nbsp;&nbsp;This includes all securities, except (i) holdings in direct obligations of the Government of the United States, (ii) money market instruments or shares of money market funds and (iii) holdings in US mutual funds, other than shares of Reportable Funds. |
| &nbsp;&nbsp;Restricted List | &nbsp;&nbsp;A list of issuers and/or Securities about which Ninety One NA may have received material non-public information. The Restricted List is maintained and monitored to ensure that no Access Person is trading or transacting in Restricted Securities and to ensure that issuers and/or Securities are added and removed in a systematic manner. Once an issuer is on the Restricted List, no trading in client or personal accounts may take place until the company has been removed from the list. |
| &nbsp;&nbsp;Restricted Securities | &nbsp;&nbsp; Those Securities that are restricted from being purchased or sold by Access Persons for a particular period of time.<br>|
| &nbsp;&nbsp;Security | &nbsp;&nbsp; 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 an 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 related to foreign currency or, in general, any interest or instrument commonly known as "security" or any certificate of interest or participation in, temporary or interim certificate for, receipt for, guarantee of, of warrant or right to subscribe to or purchase, any security of the foregoing.<br>|
| &nbsp;&nbsp;Supervised Person | &nbsp;&nbsp; All of Ninety One NA's officers, directors, partners and employees (or other persons occupying a similar status or performing a similar function, such as consultants, |

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Ninety One North America, Inc. – U.S. Code of Ethics

temporary employees and interns).

Effective November 1, 2024

## Ex-99.(P)(17)

**Exhibit 99.(P)(17)**

![](x2_c113438x3x1.jpg)

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| | |
|:---|:---|
|  | Code of Ethics |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>**Policy**<br>*PIMCO's Code of Ethics sets out standards of conduct to help you avoid potential conflicts of interest that may arise from your personal securities transactions and outside business activities.* <br>**All employees must read and understand the Code.**<br>**Effective Date:** May 2009<br>**Last Revision:** July 2025<br>|  |

---

**TABLE OF CONTENTS**

---

| | | | |
|:---|:---|:---|:---|
| I. | **PIMCO Code of Ethics Overview** | **PIMCO Code of Ethics Overview** | 3 |
|  | A. | What are the Objectives of the Code? | 3 |
|  | B. | Who is Subject to the Code? | 3 |
|  | C. | What are the Basic Requirements under the Code? | 3 |
|  | D. | What are the Consequences for Violations of this Code? | 3 |
|  | E. | Duty to Report Violations | 3 |
|  | F. | Right to communicate Directly with Governmental, Regulatory or Self-Regulatory Bodies | 3 |
| II. | **Rules for all Employees** | **Rules for all Employees** | 4 |
|  | A. | What is Required? | 4 |
|  | B. | What is Prohibited? | 6 |
| III. | **Additional Requirements for Applicable Portfolio Persons** | **Additional Requirements for Applicable Portfolio Persons** | 7 |
|  | A. | All Portfolio Persons | 7 |
|  | B. | Real Estate Portfolio Person Obligations | 7 |
|  | C. | Cryptocurrency Portfolio Person Obligations | 8 |
| IV. | **Additional Requirements for Reporting Persons Under Section 16** | **Additional Requirements for Reporting Persons Under Section 16** | 9 |
| V. | **Code Administration** | **Code Administration** | 9 |
|  | A. | Authority to Grant Waivers of the Requirements of the Code | 9 |
|  | B. | Non-Employee Personnel | 9 |
|  | C. | Annual Report to Boards of Funds that PIMCO Advises or Sub-Advises | 9 |
|  | D. | Maintenance of Records | 9 |
| **Appendix I** - Pre-clearance, Reporting, and 30 Calendar Day Rule Requirements and Exclusions by Asset Type | **Appendix I** - Pre-clearance, Reporting, and 30 Calendar Day Rule Requirements and Exclusions by Asset Type | **Appendix I** - Pre-clearance, Reporting, and 30 Calendar Day Rule Requirements and Exclusions by Asset Type | 10 |
| **Appendix II** - Options Trading: Pre-Clearance and 30 Calendar Day Rule | **Appendix II** - Options Trading: Pre-Clearance and 30 Calendar Day Rule | **Appendix II** - Options Trading: Pre-Clearance and 30 Calendar Day Rule | 12 |
| **GLOSSARY** | **GLOSSARY** | **GLOSSARY** | 12 |

---

**CODE OF ETHICS \| July 2025**<sub>2</sub>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. PIMCO Code of Ethics Overview

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. What are the Objectives of the Code?

This Code of Ethics ("Code") establishes standards of conduct to help Employees avoid potential conflicts that may arise from their Personal Securities Transactions and outside business activities.<sup>1</sup>

Pacific Investment Management Company LLC ("PIMCO") is committed to fostering a culture of honesty and high ethical standards. This Code is designed to assist Employees in adhering to the high ethical standards that PIMCO follows in conducting its business. The following general fiduciary principles must govern your activities:

&nbsp;&nbsp;&nbsp;&nbsp;· **You have a duty to place the interests of clients first.** 

&nbsp;&nbsp;&nbsp;&nbsp;· **You must disclose, avoid, or mitigate any actual or potential conflict of interest.** 

&nbsp;&nbsp;&nbsp;&nbsp;· **You must not take inappropriate advantage of your position at PIMCO.** 

&nbsp;&nbsp;&nbsp;&nbsp;· **You must comply with associated PIMCO policies and procedures and applicable Securities and Commodities Laws.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Who is Subject to the Code?

The Code applies to PIMCO's directors, officers and employees (each, an "Employee" and collectively, "Employees").<sup>2</sup> The Code also applies to certain non-Employee personnel, as referenced in Section V.B., and certain activities of an Employee's Immediate Family Members.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. What are the Basic Requirements under the Code?

&nbsp;&nbsp;&nbsp;&nbsp;· Acknowledging receipt of the Code and ongoing compliance with the Code

&nbsp;&nbsp;&nbsp;&nbsp;· Reporting Personal Securities Accounts and holdings

&nbsp;&nbsp;&nbsp;&nbsp;· Maintaining Personal Securities Accounts at Approved Brokers<sup>3</sup>

&nbsp;&nbsp;&nbsp;&nbsp;· Pre-clearing and obtaining approval for Personal Securities Transactions

&nbsp;&nbsp;&nbsp;&nbsp;· Disclosing Personal Securities Transactions

&nbsp;&nbsp;&nbsp;&nbsp;· Obtaining approval of activities outside of PIMCO

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. What are the Consequences for Violations of this Code?

Violations of the Code may be subject to remedial actions, pursuant to the Compliance Policy Violations Remedial Guide, which may include termination of employment or any other sanction or remedial action required or permitted by law or regulation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. Duty to Report Violations

Employees must promptly report any known violations of this Code, whether their own or another Employee's. Reports concerning another Employee's violations may be made anonymously and confidentially to a Compliance Officer in accordance with the **Policy for Reporting Suspicious Activities and Concerns**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. Right to communicate Directly with Governmental, Regulatory or Self-Regulatory Bodies

This Code will not be interpreted or applied in any manner that would violate any Employee's legal rights as an employee under applicable law. For example, nothing in this Code or its Appendices attached hereto prohibits or in any way restricts any Employee from reporting possible violations of law or regulation to, otherwise communicating directly with, cooperating with or providing information to any governmental or regulatory body or any self-regulatory organization or making other disclosures that are protected under applicable law or regulations of the Securities and Exchange Commission or any other governmental or regulatory body or self-regulatory organization. An Employee does not need prior PIMCO authorization before taking any such action and an Employee is not required to inform PIMCO if he or she chooses to take such action.

\* \* \*

**The Code includes additional requirements that may restrict your personal securities transactions or other activities in addition to those summarized above. Please review the entire Code. If you have any questions, please ask your local Compliance Officer.**

<sup>1</sup> All capitalized terms have the meaning set forth in the Glossary unless otherwise specified herein.

<sup>2</sup> Employees of PIMCO-named subsidiaries and affiliates are subject to this Code unless their local employer has its own code of ethics to which they are subject. A Compliance Officer, in consultation with the Global Chief Compliance Officer, may determine that certain requirements under the Code are inapplicable for Employees who are on formal leave of absence or garden leave.

<sup>3</sup> This is required of Employees of Applicable PIMCO Companies. Reference the PIMCO Approved Brokers list on PIMCO's intranet for the list of Applicable PIMCO Companies.

**CODE OF ETHICS \| July 2025**<sub>3</sub>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;II. RULES FOR ALL EMPLOYEES

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. What is Required?

&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. Acknowledging Receipt of the Code and Ongoing Compliance with the Code

PIMCO will provide Employees with a copy of this Code and any amendments. Employees are required to periodically certify their receipt of this Code and any amendments, as well as their ongoing compliance with this Code. Required certifications must be completed within the specified deadline, unless otherwise approved by a Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Reporting Personal Securities Transactions and Holdings

Employees must report each of their own and their Immediate Family Member's Personal Securities Accounts<sup>4</sup> and promptly update information regarding these accounts in the event of changes.

Within 10 calendar days of hire or otherwise becoming subject to the Code, Employees must submit via the personal trading system (accessible through the PIMCO Intranet) an initial report of Personal Securities Accounts and all reportable holdings in Financial Instruments and Private Placements, unless subject to an exclusion in Appendix I.

Employees are required to certify on a quarterly basis within 30 calendar days following quarter end that they have reported their own and their Immediate Family Members' Personal Securities Accounts to Compliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Maintaining Personal Securities Accounts at Approved Brokers

Employees of Applicable PIMCO Companies<sup>5</sup> and their Immediate Family Members must maintain their Personal Securities Accounts with an Approved Broker, unless an exemption is granted by a Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Pre-Clearing and Obtaining Approval for Personal Securities Transactions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>General Pre-Clearance and Approval Requirement</u> 

Employees must pre-clear and receive prior approval for their own and their Immediate Family Members' Personal Securities Transactions, including Initial Public Offerings and Private Placements, unless the transaction is subject to an exclusion in Appendix I.

**<u>Pre-Clearance and Approval Process</u>**

**Step 1:** Input the details of the proposed transaction into the personal trading system (accessible through the PIMCO Intranet) and follow the instructions.

**Step 2:** You will be notified whether the proposed transaction is approved or denied.

**Time Limits:** If the proposed transaction is approved, the approval is valid for the day on which the approval was granted and the following business day, unless you are notified differently by a Compliance Officer. If a Good-until Cancel or Limit Order is not fully executed or filled by the end of the following business day (midnight local time), you must repeat the pre-clearance process.

<u>If the transaction is not executed within the required timeframe or if you seek to transact in a larger amount than the original pre-clearance request, you MUST repeat the pre-clearance process prior to proceeding with the transaction.</u>

------

<sup>4</sup> For the avoidance of doubt, Non-Discretionary Accounts and accounts on automated asset allocation platforms must be disclosed and a managed account certification or robo-advised certification, respectively, must be completed in the personal trading system.

<sup>5</sup> Reference the PIMCO Approved Brokers list on PIMCO's intranet for the list of Applicable PIMCO Companies.

**CODE OF ETHICS \| July 2025**<sub>4</sub>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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>Exclusions from Pre-Clearance Requirement for Non-Discretionary Accounts and Certain Automated Transactions</u> 

Personal Securities Transactions in Non-Discretionary Accounts and certain automated transactions where neither the Employee nor an Immediate Family Member exercises any investment discretion are excluded from the pre-clearance and approval requirement, including: (i) transactions pursuant to an Automatic Investment Plan (including the Allianz Employee Stock Purchase Plan) and (ii) transactions in Personal Securities Accounts held on automated asset allocation platforms.

For the avoidance of doubt, directed sales or any transaction overriding an Automatic Investment Plan's predetermined schedule and allocation must be pre-cleared and approved.<sup>6</sup> Additionally, voluntary corporate actions must be pre-cleared and approved.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Disclosing Personal Securities Transactions** 

Employees must report all transactions in their own and their Immediate Family Member's Personal Securities Accounts (including Private Placements), unless the transaction is subject to an exclusion in Appendix I.

Compliance will receive automated reports for transactions executed in Personal Securities Accounts held at Approved Brokers.

If an Employee or Immediate Family Member maintains (i) Personal Securities Accounts with broker-dealers that are not on the list of Approved Brokers, or (ii) a Beneficial Interest in a Financial Instrument not held in a Personal Securities Account, the Employee must submit quarterly and annual reports via the personal trading system within 30 days of quarter end, unless otherwise approved by a Compliance Officer.

Real Estate Portfolio Persons and Cryptocurrency Portfolio Persons have specific reporting responsibilities described in Section III.B and III.C, respectively.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.** **Obtaining Approval for Activities Outside of PIMCO** 

Without prior written approval from PIMCO's General Counsel, the Global Chief Compliance Officer, or their delegate, Employees must not engage in certain activities outside of PIMCO, regardless of whether compensation is received, including: (i) service on a board of directors, including in an advisory capacity, (ii) full- or part-time employment or service for a business organization or non-profit organization other than PIMCO or related to your activities on behalf of PIMCO, (iii) providing financial advice to a private, educational, or charitable organization, (iv) writing a book or periodical for publication<sup>7</sup>, and (v) serving as an employee, independent contractor, sole proprietor, officer, director or partner or accepting compensation in any form other than from PIMCO or one of its affiliates.

A designated Compliance Officer may approve an outside activity if they determine that an Employee's service or activities outside of PIMCO would not be inconsistent with the interests of PIMCO and its clients. Factors that may be considered include any remuneration received or proposed to be received as part of the activity, whether the activity or expected time spent is consistent with your duties to PIMCO and its clients, and any other factors deemed relevant in the Compliance Officer's discretion. Compliance may also stipulate that approval of your participation in the outside activity is subject to specified conditions. Requests to serve on the board of a publicly traded entity will generally be denied.

If approval is granted, Employees are responsible for notifying Compliance immediately if any conflict or potential conflict arises in the course of the outside activity or if the nature of the activity materially changes.<br>

<sup>6</sup> An employee may adjust future percentage investment allocations in the Allianz Employee Stock Purchase Plan without pre-clearance and approval.

<sup>7</sup> Finance-related books or periodicals will be subject to additional review, including by PIMCO's Content Committee.

**CODE OF ETHICS \| July 2025**<sub>5</sub>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. What is Prohibited?

&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. Insider Trading

The fiduciary principles of this Code and applicable Securities and Commodities laws prohibit Employees from trading on the basis of material, non-public information ("MNPI") received from any source or communicating this information to others. This insider trading prohibition applies notwithstanding any applicable pre-clearance exclusions (e.g., in the case of MNPI received with respect to open-end mutual funds advised or sub-advised by PIMCO or its affiliates).<sup>8</sup> If you are unsure about whether information is material or non-public, please consult a Compliance Officer and the **PIMCO MNPI Policy prior to conducting any trading**.

Personal trading requests to purchase or sell any security on the Firmwide Trade Restricted Securities List, or any other applicable Restricted List to which the Employee is subject, will be denied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Excessive Trading and Market Timing of Mutal Fund Shares

Any excessive or inappropriate trading that, in PIMCO's view, interfered with job performance or compromises the duty that PIMCO owes to its clients, is not permitted.

In addition, Employees investing in open-end mutual funds are subject to the terms and restrictions in the respective fund's prospectus, including any restrictions on excessive trading and market timing. Trading shares of an open-end mutual fund in a manner inconsistent with the fund's prospectus is prohibited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Certain Trading for a Personal Account in the Same Financial Instrument or Related Financial Instrument as Firm Trading

Employees and their Immediate Family Members are generally prohibited from transacting in a Financial Instrument or a Related Financial Instrument if the gross aggregate market value exposure of the Employee's and all of the Employee's Immediate Family Members' transactions in that Financial Instrument over a 30-calendar day period across all of the Employee's and their Immediate Family Members' Personal Securities Accounts exceeds $250,000 for securities in the S&P 500<sup>®</sup> Index or $25,000 for securities of all other issuers, <u>and</u> either (i)-there is a pending client order in the Financial Instrument or Related Financial Instrument, or (ii) a client has purchased or sold the Financial Instrument or a Related Financial Instrument on that day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Trading in an Applicable Blackout Period

Employees and their Immediate Family Members may not trade in shares of Allianz SE<sup>9</sup> or shares of a PIMCO-advised or sub-advised closed-end fund during a designated blackout period. A list of applicable blackout periods is accessible through the PIMCO Intranet.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Short-Term Trading

If a Personal Securities Transaction is subject to pre-clearance and approval, then Employees and their Immediate Family Members may not engage in any purchase followed by a sale, or any sale followed by a purchase, of the same Financial Instrument within 30 calendar days across all of their Personal Securities Accounts ("30 Day Calendar Rule"), unless subject to an exclusion in Appendix I or otherwise approved by Legal and Compliance.

The date of the first transaction is considered day one, and Employees may not execute a transaction in the opposite direction until day 31.<sup>10</sup> This prohibition applies on a last in/first out basis, even if the purchase and sell transactions occur in different accounts.

If a transaction violates the 30 Calendar Day Rule, Employees may be required to reverse the transaction and absorb any losses or disgorge profits greater than or equal to $25 associated with the short-term trade.

Employees who are reporting persons under Section 16 of the Securities Exchange Act of 1934 should refer to Section IV for additional information.

<sup>8</sup> Non-public information regarding a mutual fund is considered MNPI if such information could materially impact the fund's net asset value.

<sup>9</sup> This restriction also applies to the exercise of cash-settled options or any kind of rights granted under compensation or incentive programs that completely or in part refer to Allianz SE.

<sup>10</sup> Options must have an expiration date that is at least 31 days from the initial purchase or sale date. For avoidance of doubt, employees may trade a different options contract (i.e., different expiration or strike) within 30 calendar days.

**CODE OF ETHICS \| July 2025**<sub>6</sub>

&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.** **IPOs, ICOs, SPACs** 

Pre-clearance requests involving Initial Public Offerings, initial coin offerings, and SPACs generally will be denied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.** **Futures** 

Investments in Futures, including options on Futures are prohibited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;III. ADDITIONAL REQUIREMENTS FOR APPLICABLE PORTFOLIO PERSONS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. All
Portfolio Persons<sup>11</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Pre-Clearance and Approval of non-G-7 Government Securities

Portfolio Persons are required to pre-clear and receive prior approval for purchases and sales of direct obligations of national governments, excluding the G-7<sup>12</sup>, and European Union.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. General Blackout Period Restrictions for Portfolio Persons

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Prior to a Client Transaction</u> 

A Portfolio Person and their Immediate Family Members may not transact in a Financial Instrument prior to, and including, seven calendar days before: (i) the Portfolio Person transacts in the same Financial Instrument or a Related Financial Instrument for a client; or (ii) another Portfolio Person's transaction in the same Financial Instrument for a client, if the Portfolio Person knows of such other Portfolio Person's intention to do so.

The blackout period restriction shall apply unless a Compliance Officer provides specific written approval outside of the personal trading system.

**Rules for Research Analysts.** A research analyst and their Immediate Family Members may not transact in the same Financial Instrument, any other Financial Instrument issued by the same issuer, or a Related Financial Instrument that the research analyst is analyzing for a client account (whether such analysis was requested by another person or was undertaken on the research analyst's own initiative). This prohibition remains in effect until the research analyst is notified in writing that the Financial Instrument has been selected or rejected for purchase or sale for a client account or until the research analyst obtains permission to transact in the same Financial Instrument, any other Financial Instrument issued by the same issuer or a Related Financial Instrument from a Managing Director supervisor and a Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Following a Client Transaction</u> 

A Portfolio Person and their Immediate Family Members may not transact in a Financial Instrument within three calendar days after: (i) the Portfolio Person transacts in the same Financial Instrument or a Related Financial Instrument for a client; or (ii) another Portfolio Person has transacted in such Financial Instrument or a Related Financial Instrument for a client, if the Portfolio Person knows of such other Portfolio Person's intention to do so.

The blackout period restriction shall apply unless a Compliance Officer provides specific written approval outside of the personal trading system.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Real
Estate Portfolio Person Obligations<sup>13</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Additional Requirements for Reporting and Pre-Clearance of Real Estate Investments

Real Estate Portfolio Persons and their Immediate Family Members must report Real Estate Investments and obtain pre-clearance and prior approval of transactions in Real Estate Investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Exceptions to Reporting and Pre-Clearance of Real Estate Investment Transactions** 

Real Estate Portfolio Persons are not required to report, pre-clear and obtain prior approval for transactions in Real Estate Investments that are not for investment purposes, this includes transactions involving residential

<sup>11</sup> These requirements do not apply to Cryptocurrency Portfolio Persons in Operations.

<sup>12</sup> G-7 countries are Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States.

<sup>13</sup> For purposes of this Section III.B, the term Financial Instrument as it applies to Personal Securities Transactions of Portfolio Persons shall include Real Estate Investment Transactions.

**CODE OF ETHICS \| July 2025**<sub>7</sub>

properties for personal use (e.g., a primary residence or a vacation home)<sup>14</sup>, as well as loans, advances or gifts to Immediate Family Members to assist in their purchase or maintenance of such properties, are not subject to the pre-clearance or reporting requirements.

In addition, transactions involving one- to four-unit residential properties purchased for investment purposes are not subject to pre-clearance, provided such transactions would not (i) constitute a Security (e.g., an interest in an entity of which you are not a general partner, managing member, or equivalent), or (ii) violate any of your responsibilities under the Code. Such transactions are subject to the reporting requirements, however.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Cryptocurrency Portfolio Person Obligations

The following additional requirements apply to Cryptocurrency Portfolio Persons and their Immediate Family Members.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Additional Requirements for Reporting of Cryptocurrency Accounts

Cryptocurrency Portfolio Persons and their Immediate Family Members must report all Cryptocurrency accounts within the personal trading system and provide quarterly and annual statements of transactions and holdings reports to Compliance within 30 calendar days following each quarter end.<sup>15</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Additional Pre-Clearance Requirements** 

Cryptocurrency Portfolio Persons must pre-clear within the personal trade surveillance system and receive approval for all of their own and their Immediate Family Members' transactions in Applicable Cryptocurrency (including purchases, sales, and conversions between Applicable Cryptocurrency and another asset).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Prohibition on Short-Term Trading of Cryptocurrency** 

Cryptocurrency Portfolio Persons and their Immediate Family Members are prohibited from executing opposite-way transactions within 30-calendar days in Applicable Cryptocurrency (purchase and sale, sale and purchase, or equivalent conversions). See Section II.B.5 for further details regarding the short-term trading prohibition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Firm Trading and Blackout Period Restrictions for Personal Transactions in Cryptocurrency** 

Cryptocurrency Portfolio Persons and their Immediate Family Members must not transact in any Applicable Cryptocurrency:

&nbsp;&nbsp;&nbsp;&nbsp;· the same day of a PIMCO client trade in an Applicable Cryptocurrency;

&nbsp;&nbsp;&nbsp;&nbsp;· Prior to, and including, seven calendar days before: (i) the Portfolio Person transacts in the
Applicable Cryptocurrency for a PIMCO client account; or (ii) another Portfolio Person has transacted in the Applicable Cryptocurrency
for a PIMCO client account, if the Portfolio Person knows of such other Portfolio Person's intention to do so; and

&nbsp;&nbsp;&nbsp;&nbsp;· Within three calendar days after: (i) the Portfolio Person transacts in the Applicable Cryptocurrency
for a PIMCO client account or (ii) another Portfolio Person has transacted in the Applicable Cryptocurrency for a PIMCO client
account, if the Portfolio Person knows of such other Portfolio Person's intention to do so.

The blackout period restriction shall apply unless a Compliance Officer provides specific written approval outside of the personal trading system.

See Section III.A.2, for further details regarding blackout period prohibitions.

<sup>14</sup> Personal use means you will occupy the property for more than two weeks a year or for more than 10 percent of the days that it is available for rent.

<sup>15</sup> A Cryptocurrency Portfolio Persons is responsible for ensuring that all of their Cryptocurrency Accounts are held with a provider that can generate a transactions history report for submission to Compliance.

**CODE OF ETHICS \| July 2025**<sub>8</sub>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IV. ADDITIONAL REQUIREMENTS FOR REPORTING PERSONS UNDER SECTION 16

Employees are responsible for determining whether they are subject to Section 16 requirements and arranging appropriate filings.

Employees who are reporting persons under Section 16 of the Securities Exchange Act of 1934 are subject to a 6-month holding period with respect to applicable PIMCO-advised or sub-advised closed-end funds and are subject to certain additional requirements (including that they may not short applicable PIMCO-advised or sub-advised closed-end funds and must pre-clear and obtain prior approval for transferring holdings in PIMCO-advised or sub-advised closed-end funds). Please consult a Compliance Officer for more information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;V. CODE ADMINISTRATION

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Authority to Grant Waivers of the Requirements of the Code

A Compliance Officer, in consultation with PIMCO's General Counsel or the Global Chief Compliance Officer, has the authority to exempt any Employee or any Personal Investment Transaction from any or all of the provisions of this Code if the Compliance Officer determines that such exemption would not be against the interests of any client and is consistent with applicable laws and regulations, including Rule 204A-1 under the Advisers Act and Rule 17j-1 under the Investment Company Act. The Compliance Officer will prepare and file a written memorandum of any exemption granted, describing the circumstances and reasons for the exemption.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Non-Employee Personnel

Certain contractors, advisors, long-term consultants, temporary employees, interns and other individuals associated with PIMCO ("non-employee personnel") will be subject to this Code based on the individual's role and responsibilities, among other factors, as determined by Legal and Compliance in consultation with Human Resources and the hiring manager, as appropriate. Non-employee personnel will be notified in the event that they will be subject to the Code. Where determined to be applicable, the obligations of Employees as set forth in this Code shall apply to non-employee personnel, except Section II.A.3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Annual Report to Boards of Funds that PIMCO Advises or Sub-Advises

PIMCO will furnish a written report annually to the directors or trustees of each fund that PIMCO advises or sub-advises. Each report will describe any issues arising under this Code, or under procedures implemented by PIMCO to prevent violations of this Code, since PIMCO's last report, including, but not limited to, information about material violations of this Code, procedures and sanctions imposed in response to such material violations, and certify that PIMCO has adopted procedures reasonably necessary to prevent its Employees from violating this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Maintenance of Records

Records will be maintained in accordance with PIMCO's Records Management Policy and applicable law.

\* \* \*

**CODE OF ETHICS \| July 2025**<sub>9</sub>

**Appendix I - Pre-clearance, Reporting, and 30 Calendar Day Rule Requirements and Exclusions by Asset Type**

All Financial Instruments are subject to pre-clearance and approval unless specifically excluded below. Please contact your local Compliance Officer with questions.<br>

---

| | | | |
|:---|:---|:---|:---|
| **Asset Type** | **Do Transactions Require** <br> **Pre-clearance and Approval?** | **Is Reporting of Securities** <br> **Required?**<sup>1</sup> | **Are Transactions Subject to the 30**<br> **Calendar Day Rule?** |
| **Equities** | **Equities** | **Equities** | **Equities** |
| Shares of common or preferred stock | **Yes** | **Yes** | **Yes** |
| Initial Public Offerings (IPOs)<sup>(2)</sup> | **Yes** | **Yes** | **Yes** |
| American Depository Receipts (ADRs) | **Yes** | **Yes** | **Yes** |
| Options & Warrants on equity securities | **Yes** | **Yes** | **Yes** |
| **Bonds** | **Bonds** | **Bonds** | **Bonds** |
| Corporate or Municipal Bonds | **Yes** | **Yes** | **Yes** |
| Bonds convertible into common stock | **Yes** | **Yes** | **Yes** |
| Direct obligations of non-G-7<sup>(3)</sup> national governments for **Portfolio Persons** | **Yes** | **Yes** | **Yes** |
| Direct obligations of US Government or other G-7,<sup>(3)</sup> and European Union national governments for **Portfolio Persons** | No | **Yes** | No |
| Direct obligations of U.S Government or other national government for **non-Portfolio Persons** | No | **Yes** | No |
| Derivatives on any bonds | **Yes** | **Yes** | **Yes** |
| **Exchange Traded Funds** | **Exchange Traded Funds** | **Exchange Traded Funds** | **Exchange Traded Funds** |
| ETFs advised or sub-advised by PIMCO, and single-stock ETFs<sup>(4)</sup> | **Yes** | **Yes** | **Yes** |
| Single-cryptocurrency ETFs for **Cryptocurrency Portfolio Persons**<sup>(5)</sup> | **Yes** | **Yes** | **Yes** |
| Single-cryptocurrency ETFs for **non-Cryptocurrency Portfolio Persons** | No | **Yes** | No |
| Derivatives on ETFs | **Yes** | **Yes** | **Yes** |
| All other ETFs | No | **Yes** | No |
| **Mutual Funds and Closed-End Funds** | **Mutual Funds and Closed-End Funds** | **Mutual Funds and Closed-End Funds** | **Mutual Funds and Closed-End Funds** |
| Open-end mutual funds advised or sub-advised by PIMCO or an Allianz affiliated entity or unit investment trusts that are exclusively invested in one or more open-end mutual funds that is advised or sub-advised by PIMCO or an Allianz affiliated entity | No | **Yes** | No |
| Unit investment trusts that are invested exclusively in one or more open-end mutual funds that are **NOT** advised or sub-advised by PIMCO or an Allianz affiliated entity | No | **No** | No |
| Open-end mutual funds **NOT** advised or sub-advised by PIMCO or an Allianz affiliated entity | No | No | No |
| Closed-end mutual funds advised or sub-advised by PIMCO | **Yes** | **Yes** | **Yes** |
| Closed-end mutual funds **NOT** advised or sub-advised by PIMCO | **Yes** | **Yes** | **Yes** |
| Interval funds advised or sub-advised by PIMCO or an Allianz affiliated entity | **Yes** | **Yes** | Yes |
| Interval funds **NOT** advised or sub-advised by PIMCO or an Allianz affiliated entity | No | **Yes** | No |
| **Currencies & Commodities** | **Currencies & Commodities** | **Currencies & Commodities** | **Currencies & Commodities** |
| Currencies for investment purposes | **Yes** | **Yes** | **Yes** |
| Currency futures<sup>(6)</sup>, forwards, swaps, or options thereon | **Yes** | **Yes** | **Yes** |
| Forex Spot **NOT** for investment purposes (e.g., to settle an investment transaction) | No | No | No |
| Physical Currencies (e.g., traveling abroad) | No | No | No |

---

**CODE OF ETHICS \| July 2025**<sub>10</sub>

---

| | | | |
|:---|:---|:---|:---|
| **Asset Type** | **Do Transactions Require** <br> **Pre-clearance and Approval?** | **Is Reporting of Securities** <br> **Required? <sup>1</sup>** | **Are Transactions Subject to the 30**<br> **Calendar Day Rule?** |
| **Currencies & Commodities (cont.)** | **Currencies & Commodities (cont.)** | **Currencies & Commodities (cont.)** | **Currencies & Commodities (cont.)** |
| **Commodities for investment purposes** | **Yes** | **Yes** | **Yes** |
| **Commodity futures<sup>(6)</sup>, forwards, swaps, or options thereon** | **Yes** | **Yes** | **Yes** |
| **Physical Commodities NOT for investment purposes (e.g., for personal use)** | **No** | **No** | **No** |
| **Cryptocurrencies (direct transactions) for non-Cryptocurrency Portfolio Persons** | **No** | **No** | **No** |
| **Cryptocurrencies (direct transactions) for Cryptocurrency Portfolio Persons <sup>(5)</sup>** | **Yes** | **Yes** | **Yes** |
| **Initial coin offerings (ICOs) <sup>(7)</sup>** | **Yes** | **Yes** | **Yes** |
| **Derivatives on cryptocurrencies** | **Yes** | **Yes** | **Yes** |
| **Other** | **Other** | **Other** | **Other** |
| **Private placements, hedge funds, private equity, or any other private offering** | **Yes** | **Yes** | **No** |
| **Cash equivalents <sup>(8)</sup>** | **No** | **No** | **No** |
| **Real Estate Physical Property (Commercial or 5 or more residential units) for investment purposes for non-Real Estate Portfolio Persons** | **No** | **No** | **No** |
| **Real Estate Physical Property (Commercial or 5 or more residential units) for investment purposes for Real Estate Portfolio Persons** | **Yes** | **Yes** | **No** |
| **Real Estate Physical Property (1-4 residential units) for investment purposes for Real Estate Portfolio Persons** | **No** | **Yes** | **No** |
| **Real Estate Property (personal use)** | **No** | **No** | **No** |
| **Any Financial Instrument not referenced above** | **Yes** | **Yes** | **Yes** |

---

---

| | | | |
|:---|:---|:---|:---|
| **PIMCO/Allianz Retirement and Investment Account Requirements** | **PIMCO/Allianz Retirement and Investment Account Requirements** | **PIMCO/Allianz Retirement and Investment Account Requirements** | **PIMCO/Allianz Retirement and Investment Account Requirements** |
| **Account Type** | **Do Transactions Require** **<br> Pre-clearance and Approval?** | **Is Reporting of the Account** **<br> and Securities Required?** | **Are Transactions Subject to the 30** **<br> Calendar Day Rule?** |
| **PIMCO/Allianz Retirement and Investment Accounts** | **PIMCO/Allianz Retirement and Investment Accounts** | **PIMCO/Allianz Retirement and Investment Accounts** | **PIMCO/Allianz Retirement and Investment Accounts** |
| Charles Schwab Personal Choice Retirement Account within the Allianz 401k | **Yes** | **Yes** | **Yes** |
| Allianz Employee Stock Purchase Plan (ESPP) | **Yes** | **Yes** | **Yes** |
| Allianz Executive Deferred Compensation Plan (EDCP) | **Yes** | **Yes** | **Yes** |
| 529 Plan through PIMCO Benefits | No | **Yes** | No |
| PIMCO Direct Investment Accounts | No | **Yes** | No |
| Fund Invest Accounts through Charles Schwab and Fidelity | No | **Yes** | No |
| State Street Global Investor Series | No | **Yes** | No |

---

<sup>(1)</sup> If an investment account has the ability to invest in a reportable security within its investment options, the account is reportable to Compliance via the personal trading system.

<sup>(2)</sup> As a general matter, most pre-clearance requests involving IPOs will be denied.

<sup>(3)</sup> G-7 countries are Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States.

<sup>(4)</sup> As a general matter, most pre-clearance requests involving single-stock ETFs will be denied.

<sup>(5)</sup> Cryptocurrency Portfolio Persons are required to report their and Immediate Family Members' Personal Securities Accounts that hold Applicable Cryptocurrency, pre-clear transactions in Applicable Cryptocurrency, including single-cryptocurrency ETFs on Applicable Cryptocurrency, and abide by the 30 calendar day rule for Applicable Cryptocurrency. Applicable Cryptocurrency is cryptocurrency that PIMCO is trading on behalf of clients. Cryptocurrency transactions include purchases, sales, and conversions between an Applicable Cryptocurrency and another asset.

<sup>(6)</sup> Futures, including options on futures are prohibited.

**CODE OF ETHICS \| July 2025**<sub>11</sub>

---

| | |
|:---|:---|
| <sup>(7)</sup> | Initial coin offerings (ICOs) are prohibited for all employees and their Immediate Family Members. |
| |  |
| <sup>(8)</sup> | Cash equivalents include bank certificates of deposit ("CDs"), bankers acceptances, commercial paper and other high quality, non-sovereign short-term debt instruments (with an original maturity less than one year), including repurchase agreements. |

---

**Appendix II - Options Trading: Pre-Clearance and 30 Calendar Day Rule**

The following chart provides specific guidance on pre-clearance and short-term trading prohibitions for options trading.

---

| | | |
|:---|:---|:---|
| **Option Trading** | **Pre-clearance Required** | **Subject to Short Term Trading Restriction**<br> **("30 Calendar Day Rule")** |
| Purchasing/Selling an Option<sup>16</sup> | Yes | Yes<br> The option's expiration date must be greater than 30 days from the date of the option transaction.<br>An options contract cannot be bought and sold, or sold and bought, within 30 calendar days.<br>For avoidance of doubt, employees may trade a different options contract (i.e., different expiration or strike) within 30 calendar days.<br>|
| Involuntary Option Assignment/Exercise of Existing Option Position | No<br> Purchase or sale of underlying Security not directed by the Employee<br>| No<br> The acquisition/disposition of a security resulting from an existing option position via an involuntary assignment/exercise is not subject to the 30 Calendar Day Rule<br>|
| Directing an Option Exercise of Existing Options Position | Yes<br> To exercise an option, the purchase or sale of the underlying security must be pre-cleared before directing the option exercise | Yes<br> After the receipt or disposal of the underlying security due to a directed option exercise, employees are prohibited from executing an opposite way transaction in the underlying security for 30 calendar days<br>|
| Rolling<sup>17</sup> an Option on All Other Underlying Securities | Yes<br> Pre-clearance of both legs of the transaction is required to roll the option<br>| Yes<br> Other options are not allowed to roll within 30 calendar days (i.e., they are subject to the 30 Calendar Day Rule)<br>|

---

<sup>16</sup> Voluntary corporate actions require pre-clearance.

<sup>17</sup> The simultaneous closing and opening of an option to extend the expiration or maturity of the initial position to the next available contract period immediately following such expiration or maturity.

**CODE OF ETHICS \| July 2025**<sub>12</sub>

**GLOSSARY**

The following definitions apply to the capitalized terms used in the Code:

**Applicable Cryptocurrency** – means cryptocurrency that PIMCO is trading on behalf of clients.

**Approved Broker** – means a broker-dealer approved by the Compliance Officer. The list of Approved Brokers for each PIMCO location is accessible through the PIMCO Intranet or can be obtained from the Compliance Officer.

**Automatic Investment Plan** – means a program in which regular periodic purchases (or withdrawals) are made automatically in (or from) investment accounts in accordance with a predetermined schedule and allocation. An Automatic Investment Plan includes a dividend reinvestment plan.

**Beneficial Interest** – means when a person has or shares direct or indirect pecuniary interest in accounts or in reportable Financial Instruments. Pecuniary interest means that a person has the ability to profit, directly or indirectly, or share in any profit from a transaction. Indirect pecuniary interest extends to, unless specifically excepted by a Compliance Officer, an interest in a Financial Instrument held by: (1) a joint account to which you are a party; (2) a partnership in which you are a general partner; (3) a partnership in which you or an Immediate Family Member holds a controlling interest and with respect to which Financial Instrument you or an Immediate Family Member has investment discretion; (4) a limited liability company in which you are a managing member; (5) a limited liability company in which you or an Immediate Family Member holds a controlling interest and with respect to which Financial Instrument you or an Immediate Family Member has investment discretion; (6) a trust in which you or an Immediate Family Member has a vested interest or serves as a trustee with investment discretion; (7) a closely-held corporation in which you or an Immediate Family Member holds a controlling interest and with respect to which Financial Instrument you or an Immediate Family Member has investment discretion; or (8) any account (including retirement, pension, deferred compensation or similar account) in which you or an Immediate Family has a substantial economic interest. A pecuniary interest (thus, Beneficial Interest) may arise with respect to any Financial Instrument including without limitation those (such as private equity and hedge fund investments) obtained through Private Placements.

**Cryptocurrency Account** – solely for the purposes of the Cryptocurrency Portfolio Person addendum, means any Personal Securities Account that holds or is expected to hold Applicable Cryptocurrency.

**Cryptocurrency Portfolio Person** – means any person who directly supports or directs trading in Applicable Cryptocurrency on behalf of PIMCO clients.

**Cryptocurrency** – means any virtual or digital representation of value, token or other asset in which encryption techniques are used to regulate the generation of such assets and to verify the transfer of assets, which is not a Security or otherwise characterized as a security under the relevant law.

**Derivative** – means (1) any Futures (as defined below); and (2) a forward contract, a "swap", a "cap", a "collar", a "floor" and an over-the-counter option (other than an option on a foreign currency, an option on a basket of currencies, an option on a Security or an option on an index of Securities, which are included in the definition of "Security"). Questions regarding whether a particular instrument or transaction is a Derivative for purposes of this policy should be directed to the Compliance Officer or his or her designee. For avoidance of doubt, a derivative on a Cryptocurrency is considered to be a "Derivative" for purposes of the Code.

**Financial Instrument** – means a Security, Derivative, commodity or currency as investment, but does not include Cryptocurrencies. For the avoidance of doubt, futures contracts on Cryptocurrencies are "Financial Instruments" for purposes of the Code.

**Futures** – means a futures contract and an option on a futures contract traded on a U.S. or non-U.S. board of trade, such as the Chicago Board of Trade or the London International Financial Futures Exchange.

**CODE OF ETHICS \| July 2025**<sub>13</sub>

**Immediate Family Member**– generally means: (1) an Employee's spouse; (2) 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, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, sister-in-law, legal guardian, adoptive relative, or domestic partner; (3) any person sharing the same household with the Employee (which does not include temporary house guests) that holds an account in which the Employee is a joint owner or listed as a beneficiary; or (4) any person sharing the same household with the Employee in which the Employee contributes to the maintenance of the household and material financial support of such person.

**Initial Public Offering** – means an offering of securities registered under the Securities Act of 1933, the issuer of which, immediately before the registration, was not subject to the reporting requirements of Sections 13 or 15(d) of the Securities Exchange Act of 1934. This also includes any non-US equity security offered publicly for the first time in any jurisdiction. Initial Public Offerings excludes fixed-income, preferred, business development companies, registered investment companies, commodity pools and convertible securities offerings.

**Non-Discretionary Account** – means any account managed by a broker dealer, futures commission merchant, or trustee as to which neither the Employee nor an Immediate Family Member: (1) exercises investment discretion; and (2) receives notice of specific transactions prior to execution.

**Personal Securities Account** – means (1) any account (including any custody account, safekeeping account, retirement account such as an IRA or 401(k) plan, and any account maintained by an entity that may act as a broker or principal) in which an Employee has any direct or indirect Beneficial Interest, including Personal Securities Accounts and trusts for the benefit of such persons; and (2) any account maintained for a financial dependent. Thus, the term "Personal Securities Accounts" also includes, among others:

&nbsp;&nbsp;&nbsp;&nbsp;(i) Trusts for which the Employee acts as trustee, executor or custodian;

&nbsp;&nbsp;&nbsp;&nbsp;(ii) Accounts of or for the benefit of a person who receives financial support from the Employee;

&nbsp;&nbsp;&nbsp;&nbsp;(iii) Accounts of or for the benefit of an Immediate Family Member; and

&nbsp;&nbsp;&nbsp;&nbsp;(iv) Accounts in which the Employee is a joint owner or has trading authority.

For the avoidance of doubt, the term "Personal Securities Account" does not include: (1) an account on the U.S. Department of the Treasury's TreasuryDirect system, so long as the securities purchased through and/or held in such account may only be, or were, purchased through a non-competitive bid process; or (2) any account limited to direct holdings of Cryptocurrencies. For avoidance of doubt, an account that holds Derivatives on Cryptocurrencies would constitute a "Personal Securities Account" for purposes of the Code, and is subject to the requirements of Section II.A.2 above.

**Personal Securities Transaction** – means transactions in Securities (whether publicly offered or a Private Placement), Derivatives, currencies for investment purposes and commodities for investment purposes, but does not include direct transactions in a Cryptocurrency, except for Cryptocurrency Portfolio Persons as noted in Appendix IV. For the avoidance of doubt, "Personal Securities Transaction" includes Derivatives on a Cryptocurrency.

**Portfolio Person** – means an Employee who: (1) provides information or advice with respect to the purchase or sale of a Financial Instrument, such as a research analyst; or (2) helps execute a portfolio manager's investment decisions. This includes Portfolio Managers, Economists, Traders, Portfolio Associates/Trade Assistants, Research Analysts, Portfolio Risk Management, members of Capital Markets team, and Asset Management team.

**Private Placement** – means an offering that is exempt from registration under the Securities Act of 1933 pursuant to Section 4(a)(2) or Section 4(a)(5) or pursuant to SEC Rules 504, 505 or 506 under the Securities Act of 1933, including hedge funds or private equity funds or similar laws of non-U.S. jurisdictions.

**CODE OF ETHICS \| July 2025**<sub>14</sub>

**Real Estate Portfolio Person** – means a Portfolio Person, employees of PIMCO Prime Real Estate LLC, or any other Employee designated by a Compliance Officer, with respect to PIMCO advised private funds that executes transactions in Real Estate Investment.

**Real Estate Investments**– means investments involving real estate for an investment purposes and not for personal use (such as, without limitation, purchases, sales, financings or other forms of investments in office, multifamily, retail, commercial, industrial or hospitality properties or interest in real estate services or service providers), either directly or through investments in funds (other than registered investment companies or publicly traded Securities that are otherwise subject to the Code of Ethics), joint ventures, partnerships, limited liability companies, mortgage or mezzanine loans or other Securities (other than publicly traded Securities that are otherwise subject to the Code of Ethics).

**Related Financial Instrument** – means any Derivative directly tied to the same underlying Financial Instrument, including, but not limited to, any swap, option or warrant to purchase or sell that same underlying Financial Instrument, and any Derivative convertible into or exchangeable for that same underlying Financial Instrument. For example, the purchase and exercise of an option to acquire a Security is subject to the same restrictions that would apply to the purchase of the Security itself.

**Securities and Commodities Laws** – means the securities and/or commodities laws of any jurisdiction applicable to any Employee, including for any employee located in the U.S. or employed by PIMCO, the following laws: Securities Act of 1933, the Securities Exchange Act of 1934, the Sarbanes-Oxley Act of 2002, the Investment Company Act of 1940, the Investment Advisers Act of 1940, Title V of the Gramm-Leach-Bliley Act, any rules adopted by the U.S. Securities and Exchange Commission under any of these statutes, the Bank Secrecy Act as it applies to funds, broker-dealers and investment advisers, and any rules adopted thereunder by the U.S. Securities and Exchange Commission or the U.S. Department of the Treasury, the Commodity Exchange Act, any rules adopted by the U.S. Commodity Futures Trading Commission under this statute, and applicable rules adopted by the National Futures Association.

**Security** – means any note, stock, treasury stock, security future, security-based swap, bond, debenture, evidence of indebtedness, certificate of indebtedness, certificate of interest or participation in any profit-sharing agreement, collateral-trust certificate, preorganization certificate or subscription, transferable share, investment contract (e.g., investment in a business), voting-trust certificate, certificate of deposit for a security, fractional undivided interest in oil, gas or other mineral rights, any put, call, straddle, option, or privilege on any security, (including a certificate of deposit) or on any group or index of securities (including any interest therein or based on the value thereof), or any put, call, straddle, option, or privilege entered into on a national securities exchange relating to foreign currency, or in general, any interest of instrument commonly known as a "security", or any certificate of interest or participation in, temporary or interim certificate for, receipt for, guaranty of, or warrant or right to subscribe to or purchase any of the foregoing.

---

| | |
|:---|:---|
| **CODE OF ETHICS \| July 2025** | **15** |

---

## Ex-99.(P)(18)

**Exhibit 99.(P)(18)**

![](x1_c113438x839x1.jpg)

**MORGAN STANLEY INVESTMENT MANAGEMENT**<br> **PUBLIC SIDE CODE OF ETHICS AND PERSONAL TRADING GUIDELINES**<br> **December 12, 2024**

**TABLE OF CONTENTS**

**I.** **INTRODUCTION** **3** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **General** 3

**B.** **Standards of Business Conduct** 3

**C.** **Mandatory Training Requirements** 4

**D.** **Overview of Code Requirements** 5

**E.** **Personal Conflicts** 5

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**II.** **TYPES OF ACCOUNTS/ACCOUNT OPENING REQUIREMENTS** **6** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Personal Securities Accounts** 6

**B.** **Fully Managed Account\*** 6

**C.** **Other Morgan Stanley Sponsored Accounts** 7

**D.** **Non-Morgan Stanley Accounts** 7

**E.** **Individual Savings Accounts ("ISAs") for Employees of MSIM Ltd. and EVAIL** 7

**F.** **Mutual Fund Accounts** 8

**G.** **Automatic Investment Plan** 8

**H.** **Investment Clubs** 8

**I.** **Cryptocurrencies** 8

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**III.** **PRE-CLEARANCE REQUIREMENTS FOR PERSONAL SECURITIES TRANSACTIONS** **9** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **General** 9

**B.** **Initiating a Transaction** 9

**C.** **Pre-Clearance Valid for One Day Only** 9

**D.** **Restrictions and Requirements for Investment Personnel** 10

**E.** **Restrictions and Requirements that apply to Eaton Vance Affiliated Entities** 10

**F.** **Restrictions and Requirements for PPA Model Personnel** 11

**G.** **Omni and Those Who Have Access to Flex One** 11

**H.** **Employees Designated to be "Above the Wall"** 12

**I.** **Transacting in Morgan Stanley Securities** 12

**J.** **Trading Derivatives** 12

**K.** **Other Restrictions** 13

**L.** **Other Activities Requiring Pre-Clearance** 13

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**IV.** **HOLDING REQUIREMENTS** **14** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Proprietary and Sub-advised Mutual Funds and Exchange-Traded Funds** 14

**B.** **Covered Securities** 14

**C.** **Holding Requirements Specific to MSIMJ Employees** 14

**D.** **Holding Requirements Specific to HK Type 9 License Holder Employees** 14

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**V.** **REPORTING REQUIREMENTS** **15** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Initial Reporting and Holdings Certification** 15

**B.** **Quarterly Reporting and Certification** 15

**C.** **Annual Reporting and Holdings Certification** 16

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VI.** **OUTSIDE BUSINESS ACTIVITIES AND PRIVATE INVESTMENTS** **18** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Approval to Engage in an Outside Business Activity** 18

**B.** **Approval to Invest in a Private Investment** 18

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VII.** **REVIEW, INTERPRETATIONS AND EXCEPTIONS** **19** 

**VIII.** **ENFORCEMENT AND SANCTIONS** **19** 

**IX.** **RELATED POLICIES** **20** 

**X.** **RECORDKEEPING** **20** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Firm Requirements** 20

**B.** **MSIM Maintenance of Records Relevant to this Code** 21

---

| | |
|:---|:---|
| **SCHEDULE A** | **22** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**XI.** **DEFINITIONS** **25** 

---

| | |
|:---|:---|
| **SCHEDULE B** | **31** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. INTRODUCTION

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. General

The Morgan Stanley Investment Management ("MSIM") Public Side Code of Ethics (the "Code") is intended to fulfill MSIM's requirements under Rule 204A-1 of the Investment Advisers Act of 1940, as amended (the "Advisers Act") and Rule 17j-1 under the Investment Company Act of 1940, as amended (the "Company Act"). The Code is reasonably designed to prevent legal, business and ethical conflicts, to guard against the misuse of confidential information, and to avoid even the appearance of impropriety that may arise in connection with your personal trading and Outside Business Activities as a MSIM Employee. It is very important for you to read the "Definitions" section to understand the scope of this Code, including the individuals, accounts, securities and transactions it covers. You are required to acknowledge receipt and your understanding of this Code at the start of your employment at MSIM or when you become a Covered Person, as defined below, and annually thereafter.

![](x1_c113438x841x1.jpg)

**Who is Subject to This Code?**

**ALL MSIM Public Side Employees** and all others deemed Covered Persons in the definitions section of this policy by Compliance. Private Side Employees and AIP Private Markets employees should consult the <u>IM Private Side Supplement</u> <u>to the</u> <u>Global Employee Trading and Investing Policy</u> and the IM Private Side <u>Code of Ethics</u>.

In addition to this Code, there are separate Funds Code of Ethics applicable to each of the Morgan Stanley, Eaton Vance, Calvert Mutual Funds and MSIM China Co. Ltd.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Standards of Business Conduct

MSIM seeks to comply with the Federal securities laws and regulations applicable to its business. The Code is designed to assist you in fulfilling your regulatory and fiduciary duties as an MSIM Employee as they relate to your personal securities transactions.

<u>Fiduciary Duties</u>

You have a duty to act in utmost good faith with respect to each Client, particularly where the interests of MSIM may be in conflict with those of a Client. MSIM has a duty to deal fairly and act in the best interests of its Clients at all times. The following fiduciary principles govern your activities and the interpretation / administration of these rules:

● The interests of Clients must always be placed first.

● All personal securities transactions must be conducted in compliance with the rules contained in this Code and in such manner as to avoid any actual or potential conflict of interest or any abuse of your position of trust and responsibility.

● You should never use your position with MSIM, or information acquired through your employment, in your personal trading in a manner that may create a conflict—or the appearance of a conflict—between your personal interests and the interests of MSIM and / or its Clients. If such a conflict or potential conflict arises, you must report it immediately to your local Compliance group.

In connection with providing investment advisory services to Clients, this includes avoiding any

activity which directly or indirectly:

● Defrauds a Client in any manner.

● Misleads a Client, including any statement that omits material facts.

● Operates or would operate as a fraud or deceit of a Client.

● Functions as a manipulative practice with respect to a Client or securities.

<u>Personal Securities Transactions and Relationship to MSIM Clients</u>

MSIM prohibits you from engaging in personal trading in a manner that would distract you from your daily responsibilities. MSIM strongly encourages you to invest for the long term and discourages short-term, speculative trading. You are cautioned that short- term strategies may attract a higher level of scrutiny. Excessive or inappropriate trading that interferes with job performance or that compromises the duty that MSIM owes to its Clients will not be tolerated.

These standards do not identify all possible conflicts of interest, and literal compliance with each of the specific provisions of this Code will not shield you from liability for personal trading or other conduct that is designed to circumvent its restrictions or violates a fiduciary duty to Clients.

If you become aware that you or someone else may have violated any aspect of this Code, you must report the suspected violation to Compliance, or your Designated Manager immediately.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Mandatory Training Requirements

The training of all Covered Persons is one of the various ways that Morgan Stanley exhibits its commitment to maintaining integrity and operating with the highest ethical standards on regulatory and Firm issues at a global, divisional and regional level. Completion of required training is an ongoing focus of the regulators and important to mitigate risk across all areas. In addition, all Covered Persons are responsible for understanding and abiding by all policies, procedures, industry standards, best practices and regulatory requirements discussed and outlined within their assigned Training Requirements.

Covered Persons who fail to complete all or part of their Training Requirements or are repeatedly tardy in their completion may be subject to disciplinary action, up to and including termination of employment. Disciplinary actions can be issued orally or in writing and may include, but are not limited to:

● Notifying an employee's Manager of the delinquency in writing or via the Performance Management Dashboard;

● Issuance of a Letter of Warning / Education to the employee and employee's Manager;

● Record delinquency in the Compliance Incident Tracking of Employees database; or

---

| |
|:---|
| **Mandatory Training Requirements** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any late training may result in a **violation.** Please note that the trainings listed below have a shorter due date than others and are due within 10 calendar days of hire/becoming a Covered Person. |

---

---

| | |
|:---|:---|
| **Training Name** | **Description** |
| &nbsp;&nbsp;Morgan Stanley Investment Management Initial Disclosure Form | &nbsp;&nbsp;Used to report internal accounts with Morgan Stanley and E\*TRADE, DRIPS, Stock Purchase Plans, Physical Stock and Bond Certificates, Company Stock in External 401k, ESPP and ESOP |
| &nbsp;&nbsp;Outside Business Interests - New Hires | &nbsp;&nbsp;Part of the Code of Conduct New Hire Curriculum which provides an overview on how to report: outside securities accounts, outside business activities, and private investments |

---

● Suspension or termination of employment

Non-completion of the Code of Conduct or the Code training and applicable certifications and supplements can result in additional disciplinary actions prior to suspension or termination of employment, such as, restriction of trading privileges and reduction of discretionary bonus. In addition, non-completion of mandatory training by contingent workers may result in termination of their engagement with Morgan Stanley.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Overview of Code Requirements

Compliance with the Code is a matter of understanding its basic requirements and making sure the steps you take regarding activities covered by the Code are in accordance with the letter and spirit of the Code. Generally, you have the following obligations:

![](x1_c113438x843x1.jpg)

You must examine the specific provisions of the Code for more details on each of these activities. Please contact Compliance if you have any questions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. Personal Conflicts

As per the Firm's <u>Code of Conduct</u>, *personal conflicts* can arise from your outside activities or investments, or those of your family. You must avoid any investment, activity or relationship that could, or could appear to, impair your judgment or interfere with your responsibilities to Morgan Stanley (the "Firm") and our Clients.

If you become aware of an actual or potential conflict, you must act in accordance with applicable regulatory requirements and our policies. You also must notify your supervisor, the Conflicts Management Officer (CMO) for your business unit in your region, a member of LCD or the Firm's Global Conflicts Office (GCO)—including if an actual or potential conflict arises from an investment or activity that was previously approved through the <u>Outside Business Interests (OBI) System</u>. Consult the <u>Conflicts of Interest InfoPage</u> for additional information.

---

| | |
|:---|:---|
|  | **Examples of Potential Personal Conflicts include, but are not limited to:** |
| ■ | Having a personal or family interest in a transaction involving Morgan Stanley. |
| ■ | Competing with Morgan Stanley for the purchase or sale of services. |
| ■ | Taking advantage of outside business opportunities that arise because of your position at Morgan Stanley. |
| ■ | Accepting special benefits offered based on your relationship with Morgan Stanley (such as discount prices, more favorable loan terms or investment opportunities), unless the terms are offered to a broad group of individuals (for example, discounted banking services offered to all Firm employees at the same location). |
| ■ | Engaging in personal financial arrangements or certain other personal relationships with other Morgan Stanley employees. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;II. TYPES OF ACCOUNTS/ACCOUNT OPENING REQUIREMENTS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Personal Securities Accounts

Generally, you and your Immediate Family must maintain all Personal Securities Accounts that may invest in Covered Securities at a Morgan Stanley Broker or <u>Preferred Brokers</u>, as applicable to the respective jurisdiction.

*Requirements may vary in non-U.S. offices.* New Employees or newly designated Covered Persons must disclose their Personal Securities Account(s) and accounts of their Immediate Family within 10 calendar days of hire and transfer their Personal Securities Account(s) to a Morgan Stanley Broker or Preferred Brokers, as applicable in non-US jurisdictions, at their own expense, within 60 calendar days of Compliance's review. Failure to do so may be considered a significant violation of this Code.

*<u>Opening a Morgan Stanley Brokerage Account</u>.* When opening a Personal Securities Account, you must notify the Broker that you are an Employee and that the relevant account must be coded as an Employee or Employee-related account. U.S. Employees can open a new account by typing <u>myfinances/</u> into their web browser. Employees do not need prior approval to open accounts with a Morgan Stanley Broker.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Fully Managed Account\*

Fully Managed Accounts are generally permitted to be maintained outside of the Firm. For Fully Managed Accounts maintained outside of the Firm, Employees must provide Employee Investing and Activities Compliance ("EIAC") with a copy of the executed management agreement or equivalent documents, with the respective account numbers, which EIAC will review for the relevant provisions. For certain brokers, the management agreement is not required (e.g., robo advisors). If the account is managed by a firm other than Morgan Stanley, you must submit a request in the OBI System and EIAC will arrange for duplicate copies of the statements to be sent to the Firm.

With prior approval, you may open a Fully Managed Account for yourself or an Immediate Family member if the account meets the standards set forth below. In certain circumstances and with approval from Compliance, you may appoint non-Morgan Stanley managers (e.g., trust companies,

banks or registered investment advisers) to manage your account.

To establish a Fully Managed Account, you must grant the manager complete investment discretion over your account. Pre-clearance is not required for trades in this account; however, you may not participate, directly or indirectly, in individual investment decisions or be made aware of such decisions before transactions are executed. This restriction does not preclude you from establishing investment guidelines for the manager, such as indicating industries in which you desire to invest, the types of securities you want to purchase or your overall investment objectives. However, those guidelines may not be changed so frequently as to give the appearance that you are directing account investments.

\*Pursuant to local regulation, Employees of MSIM Private Limited and IM Public Side Employees of the Global In-house Centers as listed in <u>Schedule B</u> are prohibited from opening Fully Managed Accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Other Morgan Stanley Sponsored
 Accounts

You do not have to pre-clear participation in Morgan Stanley Sponsored Accounts (e.g., Morgan Stanley 401 (k), Employee Incentive Compensation Plan, etc.) with Compliance. However, you must disclose participation in these and similar plans during the annual certification process. Changes made to existing investments in the Morgan Stanley 401(k) Plan that result in funds being moved in or out of the Morgan Stanley Stock Fund are subject to applicable window periods, and if you are an Access Person, to pre-clearance in accordance with Section III.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Non-Morgan Stanley Accounts

Exceptions to the requirement to maintain Personal Securities Accounts at a Morgan Stanley Broker are rare and require Compliance approval. If your request is approved, you will be required to ensure that missing statements are uploaded directly into the OBI System upon Compliance's request. Requirements may vary in non-U.S. offices.

If you open an account other than with a Morgan Stanley Broker (inclusive of E\*TRADE) without obtaining the required Compliance pre-approval, you must immediately disclose it to Compliance through the OBI System. You may be required to close such account.

Maintaining a non-Morgan Stanley 401(k) plan or similar account that permits you to trade Covered Securities must be approved by Compliance. Similar plans that do not have brokerage capabilities, but hold Covered Securities, must be disclosed initially during the <u>Initial Disclosure Process</u> and as part of the annual certification process.

Any approval to open or maintain a Held-Away Spousal Account, is subject to you, as the employee, providing or arranging to provide relevant account information and duplicate account statements. In addition, at such time as your spouse or domestic partner is no longer employed by another financial institution, you must promptly transfer the account to Morgan Stanley or E\*TRADE and update the relevant OBI disclosure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. Individual Savings Accounts
 ("ISAs") for Employees of MSIM Ltd. and EVAIL

Fully Managed Accounts for ISAs (i.e., an independent manager makes the investment decisions) and non-discretionary ISAs (including single company ISAs) where you make investment decisions, may only be established and maintained as long as the account is pre-approved by

Compliance through the OBI System. In addition, for non-discretionary ISAs you must obtain pre-clearance approval for each transaction you wish to undertake via the Trade Pre-Clearance ("<u>TPC</u>") system. Duplicate statements must be supplied to Compliance and applicable quarterly and yearly reporting requirements must be met. For the avoidance of doubt, Fully Managed Accounts for ISAs do not require pre-clearance approval for each transaction undertaken by the independent investment manager. However, yearly reporting requirements apply.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. Mutual Fund Accounts

You and your Immediate Family may open an account for the purpose of transacting in affiliated open-end Mutual Funds, including Sub-Advised and Proprietary Mutual Funds (i.e., an account directly with a fund transfer agent) without prior approval from Compliance. You must report participation in these accounts initially via the <u>Initial Disclosure Process</u> or during the next quarterly certification cycle and as part of the annual certification process. Accounts invested only in non-affiliated open-end Mutual Funds do not require disclosure in the OBI System as long as the account does not have the ability to trade in Covered Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. Automatic Investment Plans

With prior approval, you may open an account directly with an issuer to purchase its shares, such as a dividend reinvestment plan, ("DRIP") or Direct Purchase Plan ("DPP") by submitting a pre-clearance request via the TPC system for the initial purchase.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. Investment Clubs

You may not participate in or solicit transactions on behalf of investment clubs in which members pool their funds to make investments in securities or other financial products.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. Cryptocurrencies

You are generally not required to disclose accounts for Cryptocurrency (wallets/accounts) if they do not have brokerage capability (i.e., cannot hold Covered Securities) and are not linked to an account with brokerage capability (whether or not such capability is utilized).

&nbsp;&nbsp;**Automatic Investment Plans**

Employees are not required to pre-clear automatic investments made as part of an established DRIP or DPP; however, any future, off-scheduled, self-directed transactions (buys and sells) require pre-clearance.

You must report DRIP or DPP holdings to Compliance initially via the Initial Disclosure Process or during the next quarterly certification cycle and as part of the annual certification process. Please note that these accounts do not require OBI disclosure.

While trading Cryptocurrencies does not require disclosure or pre-clearance, trading in Cryptocurrency ETFs is subject to pre-clearance, holding and disclosure requirements. Any other type of participation in Cryptocurrency activities (e.g., mining, staking participating in Initial Coin Offerings ("ICOs"), etc.) requires disclosure and pre-approval through the OBI System. Please note that Private Investments or Outside Business Activities related to cryptocurrency exchanges or other related ventures are generally not permitted (please see the <u>Global Employee Trading, Investing and Outside Business Activities Policy</u>).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;III. PRE-CLEARANCE REQUIREMENTS FOR PERSONAL SECURITIES TRANSACTIONS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. General

You and your Immediate Family are required to pre-clear and receive prior approval for all personal securities transactions in Covered Securities (including the gifting of Covered Securities) unless your personal securities transaction is subject to an exemption under this Code. Should an Employee be made aware of a proposed transaction in a Fully Managed Account or have personally directed or asked another person to direct a trade in a Fully Managed Account, the Employee is required to pre-clear that trade prior to execution. See the Securities Transaction Matrix in <u>Schedule A</u> for additional information regarding the requirements for pre-clearance. In keeping with the general principles and objectives of the Code, Compliance, in its sole discretion, may refuse to grant approval of a personal securities transaction, without specifying a reason for the refusal.

**How to Preclear a Trade and Other Helpful Hints**

● Open the TPC system (type "IMTPC/" into your browser.

● Select the correct account, transaction type (buy/sell) and quantity.

● Pre-clear all Covered Securities unless an exemption applies.

● All ETFs are subject to the 30-calendar day holding period requirements.

● Only those ETFs deemed Exempt by Compliance are not subject to pre-clearance requirements but must meet the holding requirement.

● Execute only after receiving an APPROVAL e-mail from the system.

● You can only execute within your approval window.

● Contact Compliance with questions prior to trading.

Personal trade requests will be denied if there is an order for a Client in the same or related security at the time the personal trade request is submitted. Exceptions may be granted if the Covered Security is being purchased or sold for a passively-managed index fund or index portfolio.

Any transaction that is prohibited by the Code may be required to be reversed and any profits (or any differential between the sale price of the personal security transaction and the subsequent purchase or sale price by a Client during the relevant period) are subject to disgorgement. See "Enforcement and Sanctions".

Please consult with your local Compliance if you have any questions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Initiating a Trade

Transactions requiring pre-clearance may not be executed prior to receiving an "Approval" e-mail from the TPC system. Approval is obtained by entering your trade request into the <u>TPC</u> system. Upon completion of the necessary compliance checks, you will receive a system generated e-mail notification advising whether your request has been approved or rejected and the time frame in which you are permitted to execute your trade. You must wait for notification from the TPC system advising that your trade request has been approved before executing the trade.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Pre-Clearance Valid for
 the Same Day Market Session Only

Except for PPA Model Personnel, who are instead subject to Section III. F "Restrictions and requirements for PPA Model Personnel", all Covered Persons are required to pre-clear Covered Securities through the TPC system during the open market session you intend to execute the trade. If your request is approved, such approval is valid only during the market session for which it is granted

and expires at market session close that same day. Any transaction not completed (whether in whole or in part) during that market session will require a new approval. This means that you are not permitted to enter "good-till-canceled" orders. Only market orders and limit orders for the day are permitted. Open orders, such as limit orders and stop-loss orders, must be pre-cleared each day until the transaction is effected. In the case of trades in international markets where the market has already closed when approval is granted, transactions must be executed by the next close of trading in that market.

**Note: PPA Model Personnel; see Section III.F "Restrictions and Requirements for PPA Model Personnel" and for Omni Personnel and those who have access to Flex One; Section III.G "Restrictions and Requirements for Omni Personnel and those who have access to Flex One" below).**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Restrictions and Requirements
 for Investment Personnel

No purchase or sale transaction may be made in any Covered Security or a related investment (i.e., derivatives) by Investment Personnel or other Employees who have knowledge of client trading (excluding PPA Model Personnel; see Section III.F "Restrictions and Requirements for PPA Model Personnel" and Section III.G "Restrictions and Requirements for Omni Personnel and those who have access to Flex One" below) for a period of five (5) calendar days before or five (5) calendar days after the Investment Personnel purchases or sells the security on behalf of a Client. Exceptions from the Blackout Period may be granted if the Covered Security was traded for an index fund or index portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. Restrictions and Requirements
 that apply to Eaton Vance Affiliated Entities

<u>Research Recommendations or Conclusions</u>

Where research recommendations or conclusions are involved, Investment Personnel must adhere to the following.

If within the five (5) calendar days prior to and including the day you seek pre-clearance and approval to enter into a personal securities transaction for a security:

● that security or a related financial instrument has been added to or removed from the Analyst Select Portfolio (a paper portfolio (non-cash) that enables analysts to express their opinions on their coverage sector or a specific stock within the coverage sector), or an existing position in the Analyst Select Portfolio has been increased or decreased;

● the weighted price potential ("WPP") of that security (as determined by a Research Analyst) or a related financial instrument has been changed (the amount of the change in order to trigger the restrictions set forth herein as determined from time to time) on the relevant system; or

● for purposes of CRM, that security (or its issuer) has been designated as "eligible" or "ineligible" or its designation as a "eligible" or ineligible has changed, then you CANNOT trade the security and your pre-clearance request will be denied.

<u>Blackout Period related to the Rebalance and Reconstitution of a Calvert Indexes</u>

If you are an Employee with knowledge of the decisions of the CRM Research, Review and Recommendation Committee or the actions taken by the CRM Index Committee (or any new or

successor committees that CRM may form to perform similar functions) as determined by the CRM Chief Compliance Officer or her designee, for the 5 calendar days prior to and including the day that the relevant Calvert Index is rebalanced or reconstituted, you may NOT enter into a Personal Securities Transaction in your personal account. A Compliance Officer will notify you if you are subject to this blackout period.

<u>Additional Requirements Pertaining to Research Analysts in the Eaton Vance Affiliated Entities</u>

Research Analysts and their Immediate Family are subject to the requirements and restrictions listed below.

*Personal Securities Transactions for Securities in Your Coverage Area.* You and your Immediate Family may not enter into a personal securities transaction in any security for which you have coverage responsibility:

● If you are in the process of making a new recommendation, have changed a recommendation or conclusion for the security or a related financial instrument, but have not yet communicated it to the Investment Personnel in your department; or

● Until the 5<sup>th</sup> calendar day after you have communicated your new or changed recommendation or research conclusion throughout the relevant investment group.

You may then proceed according to the requirements set forth above under sub-sections A, B and C above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. Restrictions and Requirements
 for PPA Model Personnel

PPA Model Personnel are required to request approval in the TPC system for Covered Securities one (1) calendar day prior to the intended transaction and are required to execute the trade the following business day. Additionally, PPA Model Personnel may be temporarily restricted from all personal securities trading or from transacting in specific securities during significant model portfolio rebalance and index reconstitution events. PPA Model Personnel will be notified of all such personal trading Blackout Periods and Restricted Lists in writing by local Compliance.

Please consult your local Compliance if you have questions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. Omni and Those Who Have Access
 to Flex One

Investment Personnel who trade for Omni or those who have access to the Flex One system, are required to receive approval from their Designated Manager, via e-mail, for any personal securities trades one (1) calendar day prior to the intended transaction. Upon receipt of their Designated Managers approval, the employee is then required to request approval, the following trade date, via the TPC system and must wait until they receive notification from the TPC system, prior to executing. Final approval is valid for that day only.

Please consult your local Compliance if you have questions.

&nbsp;&nbsp;**Who are PPA Model Personnel?**

**Employees supporting Equity business, involved in portfolio management, trading, research and strategy; Employees with access to pre-execution model portfolio transactions.**

**<u>Pre-Clearance Timeline for PPA Model Personnel</u>:**

**On day one, enter pre-clearance request into TPC system.**

**On day one, the request is routed to your DM.**

**On day one, DM approves and you receive approval e-mail advising that you are approved to trade the NEXT business day.**

**On day two (the next business day after DM approval is received) you may execute trade.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. Employees Designated to be
 "Above the Wall"

MSIM Employees in the Legal and Compliance Division, Internal Audit Division, the Global Risk & Analysis Super Department, Tax, Global Conflicts Office and Environmental and Social Risk Management Team are designated to be "Above the Wall" ("ATW") and their personal securities transactions are subject to additional pre-clearance checks with the Control Group. Other Employees may also be subject to the ATW checks as deemed necessary by the Control Group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. Transacting in Morgan Stanley
 Securities

Transacting in, including the gifting of, Morgan Stanley securities and options is subject to the <u>Global Employee Trading, Investing and Outside Business Activities Policy (see section 7)</u> and must take place during the designated window periods. Consult MS Today or <u>MSIM Code of Ethics Employee Jive site</u> for the window period announcement prior to trading.

![](x1_c113438x850x1.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J. Trading Derivatives

**MSIM Employees who work in the PPA business are prohibited from trading ALL Derivatives.**

The following is a list of permitted options trading (for non-PPA Employees) that must be pre-cleared by your local Compliance and submitted through the TPC system:

<u>Call Options</u>

*Listed Call Options.* You may purchase a listed call option if the call option has a "period to expiration" of at least 30 calendar days from the date of purchase and you hold the call option for at least 30 calendar days prior to sale. If you choose to exercise the option, you must also hold the underlying security delivered pursuant to the exercise for 30 calendar days after the date of option exercise.

*Covered Calls*. **You may also sell (or "write") a call option only if you have held the underlying security (in the corresponding amount) for at least 30 calendar days.**

<u>Put Options</u>

*Listed Put Options.* You may purchase a listed put option if the put option has a "period to expiration" of at least 30 calendar days from the date of purchase and you hold the put option for at least 30 calendar days prior to sale. If you purchase a put option on a security you already own, you may exercise the put once you have held the underlying security for 30 calendar days. If you purchase a put on a security that you do not own, you may not exercise the put; and must sell the option prior to its expiration date.

For MSIM Employees, you may not trade futures, forward contracts, including currency forwards, physical commodities and related derivatives, over-the-counter warrants or swaps. You are prohibited from selling ("writing") a put. The prohibition on commodities trading applies to trades directly on commodities markets rather than holding the physical commodity (e.g., gold bullion).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;K. Other Restrictions

<u>Primary and Secondary Public Offerings</u>

You and your Immediate Family are generally prohibited from purchasing any equity security in an initial or secondary/follow on public offering. In addition, unless otherwise notified by Compliance, you may not purchase an equity security that is part of a primary or secondary public offering that the Firm is underwriting or selling until the distribution has been completed. This restriction does not apply to rights issuances to which Personal Securities Accounts would be entitled with regard to their existing holdings. Note that this restriction also applies to your Immediate Family, **regardless** of whether the securities are purchased into an Personal Securities Account.

Purchases of new issue debt are permitted, provided such purchases are pre-cleared by Compliance and meet other relevant requirements of the Code.

<u>Short Sales</u>

You and your Immediate Family may not engage in short selling of Covered Securities.

<u>Restricted List</u>

You and your Immediate Family may not transact in Covered Securities that appear on the Firmwide Restricted List or the MSIM Restricted List. You must check the <u>Restricted Lists</u> prior to submitting a TPC request and executing the trade.

<u>Cross Trades</u>

MSIM Employees and their Immediate Family are not allowed to engage in cross trades or pre-arranged trades between their Personal Securities Accounts, MSIM funds and MSIM Client accounts.

<u>Changes to Normal Settlement Cycles</u>

Hong Kong Type 9 License Holders are not permitted to make changes to normal settlement cycle or delay settlement for any trades in Personal Securities Accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;L. Other
 Activities Requiring Pre-Clearance

---

| | |
|:---|:---|
| **Activity** | **Resources/Additional Information** |
| &nbsp;&nbsp;**Outside Business Activities** | &nbsp;&nbsp;Please see Section VI "Outside Business Activities and Private Investments" of this Code. |
| &nbsp;&nbsp;**Outside Brokerage Accounts** | &nbsp;&nbsp;Please see Section II "Types of Accounts and Account Opening Requirements" of this Code. |
| &nbsp;&nbsp;**Transactions in Private Investments** | &nbsp;&nbsp;Please see Section VI "Outside Business Activities and Private Investments" of this Code. |
| &nbsp;&nbsp;**Political Contributions** | &nbsp;&nbsp;Please consult the Firm <u>Policy on U.S. Political Contributions and</u> <u>Activities</u>. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IV. HOLDING REQUIREMENTS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Proprietary and Sub-advised
 Mutual Funds and Exchange-Traded Funds

You may not redeem or exchange Proprietary or <u>Sub-advised Mutual Funds</u> or Exchange- Traded Funds until at least 30 calendar days from the purchase trade date.

Employees are subject to the terms and restrictions of an open-end fund's prospectus, including restrictions such fund may impose on excessive trading. You may not engage in trading of shares of an open-end fund that is inconsistent with the prospectus of that fund. Where a proprietary or sub-advised fund's prospectus has a holding period that is less than 30 calendar days, Employees are required to hold shares for at least 30 calendar days before selling.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Covered Securities

You may not sell a Covered Security until you have held it for at least 30 calendar days. For calculation purposes, the trade date counts as day one and the position may be closed on the 31<sup>st</sup> calendar day or thereafter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Holding Requirements Specific
 to MSIMJ Employees

When selling equity (i.e., domestic and foreign equity shares and rights as well as corporate bonds, etc. that can be converted into shares such as corporate bonds with share warrants or share options), Covered Persons at MSIMJ must hold such instruments for at least six months. This includes transactions in Morgan Stanley Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Holding Requirements Specific
 to HK Type 9 License Holder Employees

All personal account investments (including Exempt Securities) made by Hong Kong Type 9 License Holders are required to be held for a minimum of 30 calendar days.

&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;&nbsp;&nbsp;&nbsp;&nbsp;A. Initial Reporting and Holdings
 Certification

When you commence employment with MSIM or otherwise become a Covered Person, you must complete the <u>Initial Disclosure Process</u> (the "Initial Report") no later than 10 calendar days after you become a Covered Person. The information you provide must not be more than 45 calendar days old from the day you became a Covered Person and must include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 title and type, and, as applicable, the exchange ticker symbol or CUSIP number, number
 of shares and the (current) principal amount of any Covered Security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 name of any broker-dealer, bank or financial institution where you maintain an account
 in which any securities are held; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The date you submitted
 the Initial Report.

&nbsp;&nbsp;**New Hire Checklist**

**<u>As a new hire, you have 10 calendar days to</u>:**

● Complete your Initial Disclosure Process.

● Disclose your Outside Business Interests/Accounts, Private Investments.

**<u>Within 30 calendar days of hire you mus</u>**<u>t</u>:

● Complete your new hire trainings.

**<u>Within 60 calendar days of Compliance's review you must</u>:**

● Transfer and close any non-approved personal securities account .

All new Covered Persons will receive training on the principles and procedures of the Code. As a Covered Person, you must also certify that you have reviewed, understand and agree to abide by the terms of this Code, including but not limited to, the disclosure of outside accounts, Outside Business Activities and Private Investments that are required to be logged in the OBI System within 10 calendar days and the transfer or closure of the account within 60 calendar days of Compliance's review.

If you have any questions, contact your local Compliance group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Quarterly Reporting and
 Certification

You must submit a Quarterly Transactions Report to Compliance no later than 30 calendar days after the end of each calendar quarter, or in accordance with regulatory requirements applicable to your region. You do not have to submit a Quarterly Transactions Report if it would duplicate information provided in broker account statements that Compliance already receives or may access.

The Quarterly Transactions Report must contain the information set forth below.

● For transactions in a Personal Securities Account during the previous quarter you must provide:

&nbsp;&nbsp;**Quarterly Requirements**

Each quarter you will receive a Quarterly Transactions Report. You are only required to submit the report if one of the conditions is met.

The report is required to be submitted no later than 30 calendar days after the end of each calendar quarter.

○ The date of the transaction, the title, and, as applicable, the exchange ticker symbol or CUSIP number, interest rate and maturity date, number of shares and principal amount of any Covered Security;

○ The nature of the transaction (i.e., purchase, sale or other type of acquisition or disposition);

○ 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 you submitted the Quarterly Transaction Report.

● For any new account, including accounts for your Immediate Family, established by you during the previous quarter in which any securities are held for your direct or indirect benefit, you must provide:

○ The name of the broker-dealer, bank or financial institution with which you established the account;

○ The date the account was established; and

○ The date you submitted the Quarterly Transaction Report.

A reminder to complete the Quarterly Transaction Report will be provided to you by Compliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Annual Reporting and Holdings
 Certification

You must update, as applicable, and certify to the following information on an annual basis (the "Annual Report"):

● A list of your current brokerage account(s), including those for your Immediate Family;

● A list of all securities and current principal amount Beneficially Owned by you in these account(s);

● A list of all your approved Outside Business Activities, and Private Investments;

● A list of all other additional reportable investments you hold outside of Morgan Stanley (such as DRIPs, other 401(k) accounts and any Covered Securities held in certificate form);

● A list of financial institutions (broker dealers, banks, transfer agents, etc.) with which you maintain an account in which any securities are held; and

---

| |
|:---|
| &nbsp;&nbsp;**Annual Requirements** |
| &nbsp;&nbsp; <br> Each year, Covered Persons will receive an Annual Certification for Employees ("ACE") where you are required to confirm that the information the Firm has in its records is both accurate and complete.<br>As part of ACE, you will be required to read and understand both the Code of Conduct and the MSIM Code of Ethics.<br>ACE includes sections regarding Morgan Stanley Accounts, Morgan Stanley Sponsored Plans, Outside Business Interests and Additional Reportable Investments.<br>**You are required to complete this certification on or before it's due date.**<br>|

---

● That you have not made, directly or indirectly, any individual investment decision related to any Fully Managed Account(s), nor have you directed another person to make such investments without first pre-clearing those transactions in accordance with Section III.

The information in the Annual Report must be current as of 45 calendar days before the report is submitted.

You must also certify that you have reviewed and agree to abide by the requirements of the Code and that you are in compliance with the Code.

The link to the Annual Report will be provided to you by Compliance.

Hong Kong Type 9 License Holders are required to submit their holdings annually and semi-annually in October and April each year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VI. OUTSIDE BUSINESS ACTIVITIES AND PRIVATE INVESTMENTS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Approval to Engage in an
 Outside Business Activity

You may not engage in any Outside Business Activity, <u>regardless of whether or not</u> <u>you receive compensation</u> or are asked to engage in such activity by the Firm, without prior approval first from your Designated Manager and then from Compliance. If you receive approval, it is your responsibility to notify Compliance immediately if any conflict or potential conflict of interest arises in the course of the Outside Business Activity or if the nature of the activity changes, materially.

Examples of an Outside Business Activity, <u>as per the Global Employee Trading, Investing and Outside Business Activities Policy</u>, include providing consulting services, organizing a company, giving a formal lecture or publishing a book or article, accepting compensation from any person or organization other than the Firm, serving as an officer, employee, director, partner, member, or advisory board member of a company or organization not affiliated with the Firm, whether or not related to the financial services industry (including charitable organizations or activities for which you do not receive compensation), setting up a holding company for investments, investing in rental properties or acting as power of attorney and receiving compensation for such role. Generally, Compliance will not approve any Outside Business Activity related to the securities or financial services industry other than activities that reflect the interests of the industry as a whole and that are not in competition with those of the Firm.

**Special Considerations <br> Related to your Outside <br> Business Disclosures**

● Disclose existing OBI's within 10 calendar days of hire.

● All times thereafter, you must receive pre-approval through OBI System before participating.

● New accounts due to marriage, inheritance etc. are required to be disclosed within 10 calendar days of the event.

● As part of the Annual Certification process, you are required to review/edit each disclosure for completeness and accuracy.

● U.S. Registered Employees only, real estate investments that generate rental income require disclosure in OBI, unless the property is also used by you as a primary, secondary or vacation residence.

● Non-U.S. Registered Employees are not required to disclose real estate investment that generate rental income.

In the case of employees of Morgan Stanley AIP GP LP ("AIP"), where serving on an advisory board for a company in which AIP invests is part of the AIP employee's roles and responsibilities as an employee of AIP, such service shall not be considered an Outside Business Activity and approval via the OBI System is not required. The relevant senior business managers are responsible for approving Employees to serve on advisory boards, documenting such approvals, maintaining a list of such Employees, and reviewing the list in consultation with the relevant Compliance officers at least annually.

A request to serve on the board of any company, particularly the board of a public company, will be granted in very limited instances only. If you receive approval, your directorship may be subject to the implementation of information barrier procedures to isolate you from making investment decisions for Clients concerning the company in question, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Approval to Invest in a
 Private Investment

You may not invest in a third-party Private Investment without prior approval from Compliance. Private Investments include investments in privately held corporations, limited partnerships, tax shelter programs, hedge funds and holding companies (e.g., LLC, LP, S-Corp, C-Corp, etc.). Approval is required for third-party private investments held in a Morgan Stanley account through the OBI System. Disclosure in the OBI System is not required for Morgan Stanley proprietary funds

(funds structured by Morgan Stanley or its affiliates that are offered to MS Employees and/or Clients).

Singapore-licensed Employees are prohibited from conducting (by way of Outside Business Activity or Private Investment) the following non-financial advisory activities:

<u>Being engaged in any of the following:</u>

● Carrying on or being involved in the business of money lending

● Organizing, promoting or conducting any casino marketing arrangement in or with respect to any casino

● Acting as an associate of an international market agent

● Being engaged in the business of an international market agent

● Being an applicant for an international market agent license

● Carrying on the business of an estate agent, or acting/representing as an estate agent

● Acting or holding himself out as a salesperson for any licensed estate agent

● Marketing any investment that is not an investment product

<u>Being invested in, or holding any interest in the following:</u>

● Any moneylending business

● Any business of an international market agent

● Any business of an estate agent

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VII. REVIEW, INTERPRETATIONS AND EXCEPTIONS

Compliance is responsible for administering the Code and reviewing your Initial, Quarterly and Annual Reports. Compliance has the authority to make final decisions regarding Code policies and may grant an exception to a policy as long as it determines that no abuse or potential abuse is involved. Exceptions are granted only in rare and unusual circumstances, such as financial hardship. You must contact Compliance with any questions regarding the applicability, meaning or administration of the Code, including requests for an exception, <u>in advance</u> of any contemplated transaction. If Compliance determines that an exception would not be against the interests of any Client and is consistent with applicable laws and regulations, including Rule 204A-1 under the Advisers Act and Rule 17j-1 under the Investment Company Act, Compliance may approve an exception and will document the exception, including the circumstances and rationale.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VIII. ENFORCEMENT AND SANCTIONS

Violations of the Code must be reported promptly to Compliance and, as appropriate, senior management. On a quarterly basis, violations of the Code are reported to the applicable funds' board of directors. Compliance may issue letters of warning/education or impose sanctions as appropriate, including notifying your Designated Manager, issuing a reprimand (orally or in writing), restricting your trading privileges, reducing your discretionary bonus, if any, requiring reversal of a trade made in violation of the Code or other applicable policies, or taking other disciplinary action, including, but not limited to, suspension or termination of your employment. **Violations are considered on a cumulative basis**.

The foregoing sanctions are intended to be guidelines only. Compliance, in its discretion, may recommend alternative actions if deemed warranted by the facts and circumstances of each situation. MSIM management, including the Head of MSIM Compliance, is authorized to determine the choice of actions to be taken in specific cases.

Sanctions may vary based on applicable law and regulatory requirements in your jurisdiction.

In addition, pursuant to the terms of Section 9 of the Investment Company Act of 1940, as amended, no director, officer or Employee of MSIM may become, or continue to remain, an officer, director or Employee of MSIM without an exemptive order issued by the U.S. Securities and Exchange Commission, if such director, officer or Employee:

● Within the past ten years has been convicted of any felony or misdemeanor (i) involving the purchase or sale of any security; or (ii) arising out of his or her conduct as an underwriter, broker, dealer, investment adviser, municipal securities dealer, government securities broker, government securities dealer, transfer agent, or entity or person required to be registered under the U.S. Commodity Exchange Act, or as an affiliated person, salesman or employee of any investment company, bank, insurance company or entity or person required to be registered under the U.S. Commodity Exchange Act; or

● Is or becomes permanently or temporarily enjoined by any court from: (i) acting as an underwriter, broker, dealer, investment adviser, municipal securities dealer, government securities broker, government securities dealer, transfer agent, or entity or person required to be registered under the U.S. Commodity Exchange Act, or as an affiliated person, salesman or employee of any investment company, bank, insurance company or entity or person required to be registered under the U.S. Commodity Exchange Act; or (ii) engaging in or continuing any conduct or practice in connection with any such activity or in connection with the purchase or sale of any security.

You are obligated to immediately report any conviction or injunction described here to Compliance.

In addition to the above, you may also be subject to similar fit and proper/conduct related requirements to the extent you are employed or licensed in non-US jurisdictions. Please reach out to your local Compliance coverage if you are unclear about the requirements that apply to you.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IX. RELATED POLICIES

In addition to this Code, you are also subject to the policies and procedures documented in the Compliance Manual applicable to your region; the <u>Global Employee Trading Investing</u> <u>and Outside Business Activities Policy;</u> the <u>Morgan Stanley Code of Conduct; the Global</u> <u>Confidential and Material Non-Public Information Policy;</u> the <u>Policy on U.S. Political</u> <u>Contributions and Activities;</u> and the <u>MSIM Global Gifts, Entertainment and Charitable Giving Policy</u> (requirements may vary in non-U.S. offices).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;X. RECORDKEEPING

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Firm Requirements

Records are retained in accordance with the Firm's <u>Global Information</u> <u>Management Policy</u>, which establishes general Firm-wide standards and procedures regarding the retention, handling, and destruction of official books and records and other information of legal or operational significance.

The <u>Global Information Management Policy</u> incorporates the Firm's <u>Master Retention Schedule</u>, which lists various record classes and associated retention periods on a global basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. MSIM Maintenance of Records
 Relevant to this Code

Compliance shall maintain records relevant to this Code as may be necessary under the provisions of this Code.

Previous versions include: August 16, 2002, February 24, 2004, June 15, 2004, December 31, 2004, December 15, 2006, May 12, 2008, August 19, 2010, September 17, 2010, February 15, 2011, March 1, 2011, September 28, 2011, June 29, 2012, September 16, 2013, October 10, 2014, March 26, 2016, December 7, 2017, December 12, 2018, December 12, 2019, December 11, 2020, January 1, 2022, December 15, 2022 and December 12, 2023.

**SCHEDULE A<br> SECURITIES TRANSACTION MATRIX**

---

| | | | |
|:---|:---|:---|:---|
| **TYPE OF SECURITY** | **Pre-Clearance Required** | **Reporting<br> Required** | **30 Calendar Days**<br> **Holding Period<br> Required** |
| **Covered Securities** | **Covered Securities** | **Covered Securities** | **Covered Securities** |
| <u>**<u>Pooled Investment Vehicles:</u>**</u> | <u>**<u>Pooled Investment Vehicles:</u>**</u> | <u>**<u>Pooled Investment Vehicles:</u>**</u> | <u>**<u>Pooled Investment Vehicles:</u>**</u> |
| Closed-End Funds | Yes | Yes | Yes |
| Proprietary or Sub-advised Mutual Fund | No | Yes | Yes |
| Unit Investment Trusts | No | Yes | No |
| Exempt ETFs<sup>1</sup> | No | Yes | Yes |
| Exchange-Traded Funds (ETFs) (not listed in the Exempt ETF List) | Yes | Yes | Yes |
| Crypto Currency ETFs | Yes | Yes | Yes |
| Single Named ETFs | Yes | Yes | Yes |
| Exchange-Traded Notes (ETNs) | Yes | Yes | Yes |
| Hedge Funds | Yes | Yes | Yes |
| <u>**<u>Equities:</u>**</u> | <u>**<u>Equities:</u>**</u> | <u>**<u>Equities:</u>**</u> | <u>**<u>Equities:</u>**</u> |
| Morgan Stanley Securities<sup>2</sup> | Yes | Yes | Yes |
| Common Stocks | Yes | Yes | Yes |
| Listed Depository Receipts e.g. ADRs, Ads, GDRs | Yes | Yes | Yes |
| DRIPs<sup>3</sup> | Yes | Yes | Yes |
| Corporate Non-Voluntary Actions (e.g., Stock Splits, Mergers, Spin-off etc.) | No | Yes | No |
| Rights | Yes | Yes | Yes |
| Stock Dividend | No | Yes | No |
| Warrants (Listed and Exercised) | Yes | Yes | Yes |
| Preferred Stock | Yes | Yes | Yes |
| Listed Real Estate Investment Trusts (REITs) | Yes | Yes | Yes |
| Initial Public Offerings (equity IPOs) and Secondary/Follow on offerings | PROHIBITED | PROHIBITED | PROHIBITED |

---

<sup>1</sup> Employees must refer to a list of Exempt List of ETFs which may be found <u>here</u>.

<sup>2</sup> Employees may transact in Morgan Stanley securities only during designated window periods. Pre-clearance of transactions in Morgan Stanley securities is required for all Access Persons. Non-Access Person are exempt from pre-clearance.

<sup>3</sup> Automatic purchases for dividend reinvestment plan are not subject to pre-approval requirements. The initial set up/purchase requires preclearance.

---

| | | | |
|:---|:---|:---|:---|
| **TYPE OF SECURITY** | **Pre-Clearance Required** | **Reporting Required** | **30 Calendar Days**<br> **Holding Period<br> Required** |
| Private Investments in Public Equity Securities (PIPES) | PROHIBITED | PROHIBITED | PROHIBITED |
| **<u>Derivatives</u> (Employees who work in the PPA businesses are prohibited from trading ALL derivatives):** | **<u>Derivatives</u> (Employees who work in the PPA businesses are prohibited from trading ALL derivatives):** | **<u>Derivatives</u> (Employees who work in the PPA businesses are prohibited from trading ALL derivatives):** | **<u>Derivatives</u> (Employees who work in the PPA businesses are prohibited from trading ALL derivatives):** |
| Morgan Stanley (stock options) | Yes | Yes | Yes |
| Common Stock Options | Yes | Yes | Yes |
| Forward Contracts (including currency forwards) | PROHIBITED | PROHIBITED | PROHIBITED |
| Commodities Contracts | PROHIBITED | PROHIBITED | PROHIBITED |
| OTC warrants or swaps | PROHIBITED | PROHIBITED | PROHIBITED |
| Futures | PROHIBITED | PROHIBITED | PROHIBITED |
| <u>**<u>Fixed Income Instruments:</u>**</u> | <u>**<u>Fixed Income Instruments:</u>**</u> | <u>**<u>Fixed Income Instruments:</u>**</u> | <u>**<u>Fixed Income Instruments:</u>**</u> |
| Asset Backed Securities | Yes | Yes | Yes |
| Fannie Mae | Yes | Yes | Yes |
| Freddie Mac | Yes | Yes | Yes |
| Corporate Bond | Yes | Yes | Yes |
| Convertible Bonds (converted) | Yes | Yes | Yes |
| Municipal Bonds | Yes | Yes | Yes |
| New Issues (fixed income) | Yes | Yes | Yes |
| Government Sponsored Entities (GSE) / Agency Bonds | Yes | Yes | Yes |
| Structured Notes | Yes | Yes | Yes |
| High Yield Sovereign Debt (as rated by S&P) | Yes | Yes | Yes |
| High Yield Securities<sup>4</sup> | PROHIBITED | PROHIBITED | PROHIBITED |
| <u>**<u>Private Investment and Outside Activities:</u>**</u> | <u>**<u>Private Investment and Outside Activities:</u>**</u> | <u>**<u>Private Investment and Outside Activities:</u>**</u> | <u>**<u>Private Investment and Outside Activities:</u>**</u> |
| Private Investments (e.g. limited partnerships) | Yes | Yes | N/A |
| Outside Activities | Yes | Yes | N/A |
| Investment Clubs | PROHIBITED | PROHIBITED | PROHIBITED |
| **<u>Exempt Securities</u> (The following are exempt from pre-clearance, reporting and holding requirements, except that for Hong Kong SFC Type 9 licensed employees a 30-calendar day holding period is required for all personal account investments in securities including exempt securities)<u>:</u>** | **<u>Exempt Securities</u> (The following are exempt from pre-clearance, reporting and holding requirements, except that for Hong Kong SFC Type 9 licensed employees a 30-calendar day holding period is required for all personal account investments in securities including exempt securities)<u>:</u>** | **<u>Exempt Securities</u> (The following are exempt from pre-clearance, reporting and holding requirements, except that for Hong Kong SFC Type 9 licensed employees a 30-calendar day holding period is required for all personal account investments in securities including exempt securities)<u>:</u>** | **<u>Exempt Securities</u> (The following are exempt from pre-clearance, reporting and holding requirements, except that for Hong Kong SFC Type 9 licensed employees a 30-calendar day holding period is required for all personal account investments in securities including exempt securities)<u>:</u>** |
| Mutual Funds (open-end) not advised or sub-advised by MSIM | Brokerage CDs | GNMA | Bankers' Acceptances |
| Direct Obligations of the US and Foreign Governments (US Treasury/Investment Grade Sovereign Debt<sup>5)</sup> | Money Market Funds (Inclusive of Morgan Stanley Money Market Funds) | Commercial Paper | Investment Grade<br> Short-Term Debt<br> Instruments<sup>6</sup> |
|  | Regulated Collective Investment Schemes | Physical Commodities | Currencies |

---

<sup>4</sup> Securities rated below investment grade by S&P.

<sup>5</sup> Sovereign debt security rated below investment grade will be subject to pre-clearance and 30-day holding period requirement. Ratings from other rating agencies besides S&P should not be used to determine whether pre-clearance is required.

<sup>6</sup> For these purposes, repurchase agreements and any instrument that has a maturity at issuance of fewer than 366 days that is rated as investment grade by a nationally recognized statistical rating organization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;XI. DEFINITIONS

These definitions are here to help you understand the application of the Code to various activities undertaken by you and other persons related to you who may be covered by the Code. The definitions are an integral part of the Code and a proper understanding of them is essential. Refer back to these definitions as you read the Code.

**"Access Persons**" (for purposes of transacting in Morgan Stanley securities) is defined in the <u>Global Employee Trading, Investing and Outside Business Activities Policy</u> and means those individuals or divisions that, as part of their job function may receive or have access to Morgan Stanley-related material non-public information that is recurring or cyclical in nature.

**"Beneficially Owned"** generally means an interest where you or a member of your Immediate Family, directly or indirectly: (i) have investment discretion or the ability (including joint ability or discretion) to purchase or sell securities or direct the disposition of securities; (ii) have voting power over securities, or the right to direct the voting of securities; or (iii) have a direct or indirect financial interest in securities (or other benefit substantially equivalent to ownership of securities). For purposes of this Code, "beneficial ownership" shall be interpreted in the same manner as it would be under Section 16 of the Securities and Exchange Act, as amended, and the rules and regulations thereunder.

**"Blackout Period"** for purposes of this Code, means a temporary period of time as determined by Compliance during which you may be restricted from all personal securities trading or a temporary or indefinite restriction on transactions in certain specific Covered Securities based upon your job responsibilities.

**"Chief Compliance Officer" or "CCO"** refers to the Chief Compliance Officer of the following, as relevant: Atlanta Capital Management Company LLC; Boston Management and Research; Calvert Research and Management; Eaton Vance Advisers International Ltd.; Eaton Vance Management; Morgan Stanley Investment Management Inc.; or Parametric Portfolio Associates LLC.

**"Client"** means shareholders or limited partners of registered and unregistered investment companies and other investment vehicles, institutional, high net worth and retail separate account clients, employee benefit trusts and all other types of clients advised by MSIM.

**"Closed-End Fund"** means any fund with a fixed number of shares and which does not issue and redeem shares on a continuous basis. While Closed-End Funds are often listed and trade on stock exchanges, they are not "Exchange traded funds" as defined below in the Covered Securities definition.

**"Compliance"** means your applicable local Compliance group (e.g., Atlanta, Boston, Dublin, London, Minneapolis, Mumbai, New York, Seattle, Singapore, Tokyo, and Washington, D.C.).

**"Control Group"** is a team within Legal and Compliance that is responsible for maintaining the Firm's Information Barriers (often referred to as "the Wall"). The Control Group serves as a buffer between the Firm's various business units, controlling and coordinating communications between these areas, as well as conducting global surveillance to ensure that applicable laws and rules are followed.

**"Covered Persons"** means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· All
 MSIM Employees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· All
 directors and officers of MSIM;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Any
 person (such as certain consultants, leased workers or temporary workers) who provides
 investment advice to clients on behalf of MSIM, is subject to the supervision and control
 of MSIM or who has access to nonpublic information regarding any Client's purchase
 or sale of securities, or portfolio holdings, or who is involved in making securities
 recommendations to Clients, or who has access to such recommendations that are nonpublic.
 Contingents that are hired for positions lasting more than one year or are otherwise
 classified as a Covered Person by their assignment contacts/managers or Compliance may
 be required to transfer brokerage accounts to a Morgan Stanley Broker or Firm approved
 third party broker as applicable to the respective jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Any
 person with responsibilities related to MSIM or who supports MSIM as a business and has
 frequent interaction with Covered Persons or Investment Personnel, as determined by Compliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Any
 other persons falling within the definition of "Access Person" under Rule
 17j-1 of the Company Act or Rule 204A-1 under the Advisers Act (such as those supervised
 persons who have access to nonpublic information regarding the portfolio holdings of
 a client fund) and such other persons that may be so deemed by Compliance from time to
 time.

The definition of "Covered Person" may vary by location. Contact Compliance if you have any question as to your status as a Covered Person.

**"Covered Securities"** includes generally:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· All
 equity or debt securities (excluding high yield securities, which are prohibited), including
 but not limited to, derivatives of securities (such as options on securities, on indexes
 and on currencies, warrants and American depositary receipts);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Asset-backed
 securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Closed-End
 Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Commodities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Corporate
 and municipal bonds, and similar instruments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Exchange-Traded
 Funds including single stock Exchange-Traded Funds, Exchange- Traded Notes and Crypto
 Currency Exchange-Traded Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Futures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Initial
 Coin Offerings and Secondary Coin Offerings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Investments
 in all kinds of limited partnerships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Investments
 in real estate investment trusts (REITs);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Investments
 in private investment funds, hedge funds, private equity funds, and venture capital funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Open-end
 mutual funds and Exchange-Traded Funds for which MSIM or Eaton Vance Management or an
 Eaton Vance Affiliated Entity acts as adviser or sub-adviser (including those funds that
 consist of Exempt Securities as listed in <u>Schedule A</u> and excluding money market funds);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Preferred
 securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Securities
 indices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Structured
 Notes, such as equity-linked or credit- linked notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Unit
 investment trusts.

Covered Securities does not include "Exempt Securities," as defined below. Refer to <u>Schedule A</u> for application of the Code to various security types.

**"Cryptocurrency"** means any virtual or digital representation of value, token or other asset in which encryption techniques are used to regulate the generation of such assets and to verify the transfer of assets, which is not a security or otherwise characterized as a security under the relevant law. This includes initial coin offerings ("ICOs") and secondary coin offerings ("SCOs").

**"Derivative"** means (1) any Futures and (2) a forward contract, a "swap", a "cap", a "collar", a "floor" and an over-the-counter option. Questions regarding whether a particular instrument or transaction is a Derivatives for purposes of this Code should be directed to your local Compliance group. For avoidance of doubt, a Derivative on a Cryptocurrency is considered to be a "Derivative" for purposes of this.

**"Designated Manager"** means manager designated by your business unit or department to supervise your personal trading and investing activities.

**"Eaton Vance Affiliated Entity"** means each of the following: Atlanta Capital Management LLC ("ACM"); Boston Management and Research; Calvert Research and Management ("CRM"); Eaton Vance Advisers International Ltd.; Eaton Vance Management; Eaton Vance Management (International) Limited; Parametric Portfolio Associates LLC. ("PPA").

**"Employee"** means all MSIM employees globally on the Public Side of the Morgan Stanley Investment Management Division business and, as appropriate, their Immediate Family.

"**Exempt Exchange-Traded Funds ("ETFs")"** for purposes of this Code, means exchanged-traded funds that the IM Compliance Department has found to be sufficiently broad-based in the scope of their investment strategy and holdings to not to require pre-clearance. See <u>Schedule A</u> for a link to the current list of Broad-Based ETFs that are exempt from pre-clearance but are subject to disclosure and 30 calendar day holding period requirements.

**"Exempt Securities"** are securities that are not subject to the pre-clearance, holding or reporting requirements. Examples of Exempt Securities include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Bankers'
 acceptances, bank certificates of deposit and commercial paper;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Investment
 grade, short-term debt instruments, including repurchase agreements (which for these
 purposes are repurchase agreements and any instrument that has a maturity at issuance
 of fewer than 366 days that is rated in one of the two highest categories by a nationally
 recognized statistical rating organization);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Direct
 obligations of the U.S. Government (including securities that are backed by the full
 faith and credit of the U.S. Government for the timely payment of principal and interest)
 and equivalent securities issued by non-U.S. governments, such as:

&nbsp;&nbsp;&nbsp;&nbsp;○ Ginnie Maes,

&nbsp;&nbsp;&nbsp;&nbsp;○ U.S. savings bonds, and U.S. Treasuries; and

&nbsp;&nbsp;&nbsp;&nbsp;○ Securities issued by non-U.S. governments e.g., premium bonds, indexed- linked savings certificates, fixed income savings certificates, guaranteed equity bonds, capital bonds, children's bonus bonds, fixed rate savings bonds, income bonds and pensioner's guaranteed income bonds issued and sold directly to the public through

the National Savings and Investments agency of the United Kingdom's Chancellor of the Exchequer. *Note: Non-U.S. government debt securities must be rated AA or higher. Otherwise, they will be subject to pre-clearance and 30-day holding period requirement);*

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Shares
 held in money market funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Variable
 insurance products that invest in funds for which MSIM does not act as adviser or sub-adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Open-end
 mutual funds or equivalent in other jurisdictions (e.g., UCITS, SICAVs, UK Authorized
 Unit Trusts, open-end investment companies ("OEICS")) for which MSIM does
 not act as adviser or sub-adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Currencies
 (including Spot FX);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Holding
 physical commodities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· 529
 Plans provided that the plan is not invested in MSIM Sub-Advised or Proprietary Funds

Refer to <u>Schedule A</u> for application of the Code to various security types and additional requirements for Morgan Stanley Asia Limited Employees who hold a Hong Kong Type 9 license.

**"Firm"** means Morgan Stanley, MSIM's parent company.

**"Fully Managed Account"** means an account (including fully managed Individual Savings Accounts ("ISAs") and an account managed on a discretionary basis by a professional financial adviser or investment adviser (e.g., a robo adviser)) for which an MSIM Employee or Immediate Family has authorized a professional financial advisor or investment manager, in its sole discretion, to acquire and dispose of assets held in the account. Neither the MSIM Employee nor the Immediate Family may make, directly or indirectly, any investment decision, be made aware of any such decisions before transactions are executed by the advisor or manager, or otherwise direct the advisor or manager to effect any transactions in the account. A Fully Managed Account is not considered a Personal Securities Account.

**"Hong Kong Type 9 License Holder"** means MSIM Public Side Investment Personnel housed in Hong Kong entity Morgan Stanley Asia Limited who holds a Hong Kong Type 9 license.

**"Immediate Family"** pursuant to this Code includes a Covered Persons spouse or domestic partner, dependents and all other persons for whom the Covered Person, their spouse, or domestic partner contributes substantial financial support. This does not include an unrelated person who shares the same residence with the employee provided that the unrelated person and employee are financially independent of one another.

**"Initial Public Offering" ("IPO")** means an offering of securities registered under the Securities Act of 1933, the issuer of which, immediately before the registration, was not subject to the reporting requirements of Sections 13 or 15(d) of the Securities and Exchange Act of 1934. As used in this Code, the term "Initial Public Offering" shall also mean a one- time offering of stock to the public by the issuer of such stock which is not an initial public offering.

**"Investment Personnel"** means MSIM Employees and any other Covered Persons who (i) obtain or have access to information concerning investment recommendations made to any Client; (ii) any persons designated as Investment Personnel by Compliance; (iii) who, with respect to a Client: (a) provides information or advice with respect to the purchase or sale of a financial instrument for the

Client (e.g., portfolio manager, or, in some cases a Research Analyst) or (b) helps execute the investment decisions of a portfolio manager, or, where applicable, Research Analyst on behalf of a Client.

**"Morgan Stanley Broker"** means a broker-dealer affiliated with Morgan Stanley, including E\*TRADE.

**"Morgan Stanley Investment Management"** or **"MSIM"** for purposes of this Code means the companies and businesses comprising the Public Side of Morgan Stanley's Investment Management Division, but excluding the Private Side companies and businesses.

**"Morgan Stanley Securities"** means equity, preferred and debt securities issued by Morgan Stanley, including the Morgan Stanley Stock Fund, but excludes structured products, such as equity-linked or credit- linked notes.

**"Mutual Funds"** means (i) all open-end mutual funds; and (ii) similar pooled investment vehicles established in non-U.S. jurisdictions, such as registered investment trusts in Japan. For purposes of the Code, Mutual Fund does not include shares of open-end money market mutual funds (unless otherwise advised by Compliance).

**"Omni Personnel and Those Who Have Access to Flex One"** means designated Omni Investment Personnel who are involved in the portfolio management, trading, and research & strategy, as well as others who may have access to Flex One transactions and may have additional pre-clearance requirements as determined by Compliance.

**"Outside Business Activity"** means any organized or business activity conducted by a MSIM Employee outside of MSIM. This includes, but is not limited to, participation on a board of directors or advisory board, including that of a charitable organization, working part-time outside of MSIM, establishing a holding company for investments, establishing an LLC that invests in rental properties, or forming a limited partnership.

**"Personal Securities Accounts"** are any accounts in your own name <u>and</u> other accounts you could be expected to influence or control, in whole or in part, directly or indirectly, whether for securities or other financial instruments, and that can hold Covered Securities, whether or not such capability is utilized. Personal Securities Accounts include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Accounts
 owned by you;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Accounts
 owned by your Immediate Family (as defined above);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Accounts
 where you obtain benefits substantially equivalent to ownership of securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Accounts
 that you or the persons described above could be expected to influence or control, such
 as:

&nbsp;&nbsp;&nbsp;&nbsp;○ Joint accounts;

&nbsp;&nbsp;&nbsp;&nbsp;○ Family accounts;

&nbsp;&nbsp;&nbsp;&nbsp;○ Retirement accounts;

&nbsp;&nbsp;&nbsp;&nbsp;○ Corporate accounts;

&nbsp;&nbsp;&nbsp;&nbsp;○ Trust accounts for which you act as trustee where you have the power to effect investment decisions or that you otherwise guide or influence;

&nbsp;&nbsp;&nbsp;&nbsp;○ Arrangements similar to trust accounts that benefit you directly;

&nbsp;&nbsp;&nbsp;&nbsp;○ Accounts for which you act as custodian; and

&nbsp;&nbsp;&nbsp;&nbsp;○ Partnership accounts.

**"PPA Model Personnel"** means designated PPA Investment Personnel who are involved in portfolio management, trading, and research & strategy, as well as other departments who may have

access to pre-execution model portfolio transaction information and may have additional pre-clearance requirements as determined by Compliance. PPA Model Personnel includes, but is not limited to, employees who were Seattle Investment Personnel prior to January 1, 2022.

**"Portfolio Managers"** means MSIM Employees who are primarily responsible for the day- to-day management of a Client portfolio.

**"Preferred Broker"** means a Firm-approved third-party broker for Personal Securities Accounts.

**"Private Investment"** means a securities offering that is exempt from registration under certain provisions of the U.S. securities laws and/or similar laws of non-U.S. jurisdictions. It includes investments in hedge funds, private equity funds, limited partnerships, real estate, peer to peer lending clubs and private businesses.

**"Proprietary or Sub-advised Mutual Fund"** means any open-end Mutual Fund for which MSIM acts as investment adviser or sub-adviser.

"**Proprietary or Sub-advised Exchange-Traded Funds**" means any Exchange-Traded Fund for which MSIM acts as the investment adviser or sub-adviser.

**"Public Side"** means the MSIM businesses and entities and their Employees who work in the public securities markets (e.g., equities, fixed income and money markets).

**"Research Analysts"** are MSIM Employees who (1) perform financial, qualitative and/or quantitative analysis of financial instruments or their issuers that result in a recommendation or conclusion to Investment Personnel regarding investments for a Client; or (2) is involved in the construction or rebalancing of an index (as applicable); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) are assigned to make investment recommendations to, or for the benefit of, any Client portfolio; or (4) anyone deemed by Compliance to have access to investment recommendations.

**"Restricted Lists"** means any list of issuers or securities maintained by Morgan Stanley where trading in Personal Securities Accounts is restricted due to Firm policies or regulation.

**SCHEDULE B**

**INVESTMENT MANAGEMENT**

**(Excluding Private Side)**

**<u>Registered Investment Advisers</u>**

Morgan Stanley Investment Management Inc.\*

Morgan Stanley AIP GP LP\*

Morgan Stanley Investment Management Limited (MSIM Ltd.)

Morgan Stanley Investment Management Company

Eaton Vance Management (EVM)\*

Boston Management and Research (BMR)

Eaton Vance Advisers International Ltd. (EVAIL)

Parametric Portfolio Associates LLC (PPA)\*

Atlanta Capital Management Company, LLC (ACM)

Calvert Research and Management (CRM)

**<u>Registered Commodity Pool Operator/Commodity Trading Advisor</u>**

Ceres Managed Futures LLC

**<u>Investment Advisers that are not registered</u>**

MSIM Fund Management (Ireland) Limited

Morgan Stanley Investment Management (ACD) Limited

Morgan Stanley Investment Management Private Limited (MSIM Private Limited) (with respect to Public Side Investment Management Employees only)

Morgan Stanley Investment Management (Australia) Pty Limited

Morgan Stanley Asia Limited (MSAL) (with respect to Public Side Investment Management Employees only)

Morgan Stanley Investment Management (Japan) Co., Ltd. (MSIMJ)

Private Investment Partners, Inc.

Morgan Stanley Investment Management (China) Co. Ltd.

**<u>Broker-Dealer</u>**

Morgan Stanley Distribution Inc.

Eaton Vance Distributors, Inc. (EVD)

\*The entity is also a registered Commodity Trading Advisor and/or a registered Commodity Pool Operator.

**<u>Transfer Agent</u>**

Morgan Stanley Services Company Inc.

**<u>Global In-house Centers (India)</u>**

Morgan Stanley Advantage Services Pvt. Ltd. (with respect to Public Side Investment Management Employees only)

**<u>Others:</u>**

Eaton Vance Management International Limited (EVMI)

Eaton Vance Asia Pacific Ltd. (EVAPac)

Eaton Vance Trust Company (EVTC)

MSIP Seoul Branch ("MSK") (with respect to Public Side Invest)

## Ex-99.(P)(19)

![](x1_c113438x870x2.jpg)

**Exhibit 99.(P)(19)**

![](x1_c113438x870x1.jpg)

---

| | |
|:---|:---|
|  | **Insider Trading &** <br> **Information Barrier**<br> **Standards** |
| Applies to:<br> All employees (full-time and part-time), globally, that work for, or support, Prudential's general account, institutional asset management, investment adviser, and broker dealer businesses (CIO, PGIM and PIMS).<br>All contractors, interns, temporary employees, and others who have been notified by compliance are subject to this policy.<br>Questions?<br> For any questions, please contact your local compliance officer.<br>These Standards complement other important Prudential policies that address ethics and conflicts, such as Prudential's Code of Conduct – Making the Right Choices, Conflicts of Interest Policy, Global Insider Trading Policy, and Code of Ethics – Personal Securities Investing Standards. |  |

---

---

| | |
|:---|:---|
| **Overview** | **4** |
| &nbsp;&nbsp;&nbsp;**Key Points** | **4** |
| &nbsp;&nbsp;&nbsp;**Who is covered under these Standards?** | **4** |
| &nbsp;&nbsp;&nbsp;**Escalation Requirements** | **5** |
| &nbsp;&nbsp;&nbsp;**Key Definitions** | **5** |
| **Training and Confirmations/Attestation** | **7** |
| &nbsp;&nbsp;&nbsp;**A. Training** | **7** |
| &nbsp;&nbsp;&nbsp;**B. Annual Confirmations/Attestation** | **7** |
| **Communications** | **7** |
| &nbsp;&nbsp;&nbsp;**A. Determinations of Materiality; Materiality Guidelines** | **7** |
| &nbsp;&nbsp;&nbsp;**B. Designation of Investment Sectors** | **7** |
| &nbsp;&nbsp;&nbsp;**C. Restricted Communications** | **8** |
| &nbsp;&nbsp;&nbsp;**D. Permitted Cross-Wall Communications** | **8** |
| &nbsp;&nbsp;&nbsp;**E. Confidentiality Agreements** | **9** |
| **Access Restrictions** | **9** |
| &nbsp;&nbsp;&nbsp;**A. External Meetings** | **9** |
| &nbsp;&nbsp;&nbsp;**B. Internal Meetings** | **10** |
| &nbsp;&nbsp;&nbsp;**C. Records** | **10** |
| &nbsp;&nbsp;&nbsp;**D. Office Space** | **10** |
| &nbsp;&nbsp;&nbsp;**E. Trading Rooms** | **10** |
| **Special Employee Classifications/Exceptions** | **10** |
| &nbsp;&nbsp;&nbsp;**A. Above the Wall** | **10** |
| &nbsp;&nbsp;&nbsp;**B. Shared Sales Personnel** | **11** |
| &nbsp;&nbsp;&nbsp;**C. Additional Limited Exceptions** | **11** |
| **Approvals and Breaches** | **12** |
| **Compliance Monitoring** | **13** |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**A. Restricted Lists** | **13** |
| &nbsp;&nbsp;&nbsp;**B. Private Investment Sectors** | **13** |
| &nbsp;&nbsp;&nbsp;**C. Monitoring of Investment Sectors that Trade in Public Markets** |  |
| **Miscellaneous** | **14** |
| &nbsp;&nbsp;&nbsp;**A. New Investment Sector Senior Officers and Investment Sectors** | **14** |
| &nbsp;&nbsp;&nbsp;**B. Records** | **14** |
| &nbsp;&nbsp;&nbsp;**C. Business Continuation Events** | **14** |
| &nbsp;&nbsp;&nbsp;**Exhibit A** | **15** |
| &nbsp;&nbsp;&nbsp;**Exhibit B** | **16** |

---

**Overview** 

**Key Points**

We are entrusted with our clients' investment assets and as such, Prudential Financial, Inc. and its subsidiaries (collectively "Prudential," "PFI" or the "Company") aspire to the highest standard of business ethics. Our Code of Conduct (Making the Right Choices) and Code of Ethics - Personal Securities Investing Standards require that our businesses that routinely have access to material non-public information ("MNPI"), also known as inside information, about Issuers or securities have reasonably designed policies and procedures to preserve the confidentiality of MNPI and limit its communication to other areas of the Company.

Our Insider Trading and Information Barriers Standards ("Standards") allow us to properly protect MNPI and to comply with laws and regulations governing insider trading. These Standards are designed to manage the conflicts of interest arising by one Investment Sector receiving MNPI which would adversely impact the investment activity of other Investment Sectors.

These Standards provide a framework to ensure we meet our obligation regarding MNPI including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· providing ongoing employee training;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· maintaining information barrier controls, physical and technological segregation, between investment
sectors to limit the inadvertent dissemination of MNPI (See Exhibit A for list of Investment Sectors with distinct information
barriers);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· sharing MNPI only on a need-to-know basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· maintaining Restricted Lists, and prohibiting client and personal trading in securities (and
related financial instruments) of Identified Issuers; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· establishing compliance monitoring procedures.

You may not communicate any Confidential Information or MNPI of any Identified Issuer in your Investment Sector to anyone outside of your Investment Sector, unless you have received prior written approval of a Compliance Officer. Also, you may not elicit Confidential Information or MNPI from anyone including employees of another Investment Sector.

If you obtain MNPI from any source with respect to an Issuer, you must immediately notify your Investment Sector Compliance department.

**Who is covered under these Standards?**

Except as otherwise noted, these Standards apply globally to all directors, officers, and employees (including applicable contractors, interns, temporary employees, and others who have been notified by compliance) of/or supporting certain Prudential asset management, investment adviser and/or broker dealer businesses, including Prudential Chief Investment Office ("CIO"), PGIM, and Prudential Investment Management Services ("PIMS"), throughout the Company regardless of geographic location ("Employees").

For the purposes of this policy, "PGIM" refers to all PGIM affiliated investment advisers, business units

Prudential Financial, Inc.- Compliance Approval Required Prior to External Dissemination – revised 03/31/2025

and their associated functional areas.

You are required to become familiar with and to comply with these Standards and to attest at least annually your understanding of and compliance with these Standards. Violations of these Standards will be considered serious matters and may lead to disciplinary actions, up to and including termination of employment in appropriate cases, to the extent consistent with local law.

Any questions with respect to these Standards should be referred to Compliance or the Law Department.

**Escalation Requirements**

Failure to comply with any of the requirements (or report potential violations) of these Standards may result in violations of securities laws and regulations. Prudential takes such violations very seriously. Any potential violation of the provisions of these Standards will be investigated by Law & Compliance. If a determination is made that a violation has occurred, we may impose appropriate sanctions, up to and including termination of employment or referral to regulatory, civil, or criminal authorities.

To report suspected violations of these Standards, you should contact Compliance. If you feel uncomfortable reporting directly to Compliance, you may also report suspected violations to our Ethics Help Line (1-800-752-7024<sup>1</sup>) or Website <u>https://prudential.ethicspoint.com</u>. Prudential will not tolerate any discrimination, harassment, or retaliation against anyone who makes a good faith report or assists in an investigation.

You may voluntarily communicate with or provide information to government agencies regarding potential violations of the law without providing notice to, or obtaining approval, from Prudential. Nothing in these Standards is intended to, or should be interpreted, to preclude anyone from exercising these rights.

**Key Definitions**

**Above the Wall:** For purposes of these Standards, means certain investment sector senior officers, and certain support functions that meet each of the requirements set forth below and are considered to be "above" any established information barriers. Anyone with this classification is subject to all of the Investment Sectors Restricted Lists and must adhere to all access and communication restrictions.

**Chief Compliance Officer (CCO), Compliance Officer:** For purposes of these Standards, means either the Prudential Chief Legal and Compliance Officer, the PGIM Chief Legal and Compliance Officer, or the relevant Investment Sector Chief Compliance Officer or a designee of any of the above.

**Confidential Information:** Information that the company has a contractual, legal or regulatory obligation to protect or for which unauthorized use or disclosure could negatively impact Prudential's customers or employees, business operations, reputation, or competitive advantage.

**Company**: Prudential Financial, Inc. and its subsidiaries, otherwise known as "Prudential."

<sup>1</sup> International numbers are listed on the Ethics website and Prudential's Code of Conduct: Making the Right Choices

Prudential Financial, Inc.- Compliance Approval Required Prior to External Dissemination – revised 03/31/2025

**Identified Issuers:** For purposes of these Standards, an issuer is deemed "identified" for purposes of these Standards whenever the information in question either includes the issuer's name or other facts from which a knowledgeable investment analyst could infer its identity, and there is a potential for MNPI.

**Information Barrier:** Controls (physical, procedural, and/or technology) that prevent the flow of MNPI between different investment sectors. in accordance with applicable global regulatory requirements, guidance and industry best practices.

**Insider:** Includes both traditional insiders and temporary insiders. A traditional insider is generally any officer, director, partner, controlling shareholder, manager, or employee of a company who obtains MNPI about an issuer by virtue of their position or relationship with the company. A temporary insider is any person who receives MNPI about an issuer while performing services for them (e.g., accountants, lawyers, consultants, or underwriters)

**Investment Sectors:** For purposes of these Standards, means each distinct business group listed in Exhibit A that has its own investment and/or trading team that has been designated or grouped separately from other investment units.

**Isolated Information Barrier:** For purposes of these Standards, means barriers around groups or subgroups of employees of one or more Investment Sectors with respect to potential receipt or sharing of MNPI that has been approved by Prudential's Chief Legal & Compliance Officer or the PGIM Chief Legal and Compliance Officer.

**Material Information:** Information that a reasonable person, considering all the surrounding facts and circumstances, would consider important in deciding to buy, sell or hold a security. Both positive and negative information can be material. A change in facts and circumstances may change the nature of the information from non-material to material. Multiple data points of non-material information may in aggregate alter the "total mix" of available information regarding an issuer to be considered material.

**Material Non-public Information ("MNPI"):** Information that is not available to the general public that a reasonable person, considering all the surrounding facts and circumstances, would find important in deciding whether or when to buy, sell, or hold a security. MNPI can be obtained from a number of sources.

**Non-public:** Information that has not been disclosed to the general public. Information is considered public if it is widely disseminated (for example, public filings, newswire services, etc.) By contrast, information would likely not be considered widely disseminated if it is available only to a company's employees, or if it is only available to a select group of analysts, brokers, and institutional investors.

**Restricted List:** A list of Identified Issuers with respect to which Investment Sectors have MNPI. Investment Sectors and their employees may have or be subject to other Restricted Lists that are outside the scope of these Standards. You are prohibited from purchasing or selling securities of Identified Issuers on your respective business unit's Restricted List(s).

**Shared Sales Personnel:** Collaborate on sourcing clients, onboarding clients, and may participate in client calls, meetings, and presentations. Such personnel's personal trading will be subject to the respective Investment Sector Restricted Lists they support. Exhibit B lists the Shared Sales Personnel and

Prudential Financial, Inc.- Compliance Approval Required Prior to External Dissemination – revised 03/31/2025

the Investment Sectors that they support.

**Training and Confirmations/Attestation** 

**A. Training**

**Initial Training** 

If you are classified as an Investment Sector employee, you must complete training on these Standards within 30 days of joining the Investment Sector.

If you are transferring from another Investment Sector you will need to consult with your respective Investment Sector Compliance Department to determine if any additional controls are needed if you are aware of any potential MNPI as a result of your prior role. (e.g., trading restrictions, isolated information barriers, etc.)

**Periodic Training** 

Each Investment Sector employee will participate in periodic training on these Standards.

**B. Annual Confirmations/Attestation** 

At least annually, you must confirm/attest that you have read, understand, and will comply with these Standards.

**Communications** 

**A. Determinations of Materiality; Materiality Guidelines** 

You should consider if the non-public information is material to the Identified Issuer or another related issuer (e.g., its affiliates, competitors, target of a merger or acquisition), or security or its equivalent (e.g. derivative) if the dissemination of such information could significantly impact the price of value of a security. Generally, you should consider any information that a reasonable person would consider important in deciding to buy, sell or hold a security to be material.

If you have any questions about the materiality of particular non-public information, please contact your Investment Sector Compliance Officers or the Law Department.

**B. Designation of Investment Sectors**

For purposes of these Standards, our investment business units have been designated as, or grouped, into distinct Investment Sectors, listed in Exhibit A. These Investment Sectors are presumed to have access to the same information about Identified Issuers and accordingly share the same Restricted Lists. Notwithstanding the aforementioned presumption, employees are reminded

Prudential Financial, Inc.- Compliance Approval Required Prior to External Dissemination – revised 03/31/2025

that they are only permitted to share MNPI with other employees, even of the same Investment Sector, on a need-to-know basis.

Each Investment Sector and its investment units and their employees are considered "walled off" from other Investment Sectors and are subject to access and communication restrictions about Identified Issuers as set forth in these Standards.

Investment Sectors and their employees are prohibited from trading securities of Identified Issuers on the Restricted List(s) to which they are subject, including for client, proprietary, or personal accounts.

**C. Restricted Communications** 

You may not communicate to employee(s) in another Investment Sector any information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· about an Identified Issuer whose name appears on your Investment Sector's
Restricted List(s);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· that may indirectly disclose any Identified Issuer in which you have MNPI;
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any specific Confidential Information of an Identified Issuer, a client,
or prospective client of the Investment Sector.

In addition, you may not communicate with employees of another Investment Sector for the purpose of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· eliciting MNPI or Confidential Information with respect to any Issuer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· determining whether they have MNPI with respect to any particular Issuers
or securities; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· determining whether the names of particular Issuers appear on another Investment
Sector's Restricted List.

These restrictions apply to all communications (oral, written, and digital) and must follow the Prudential Digital Communications and Acceptable Use Policy and Standards.

**D. Permitted Cross-Wall Communications**

**Adviser/Client Relationships**

Business units from different Investment Sectors may establish a client and adviser relationship by entering into an investment management agreement. Communications between Investment Sectors that are limited to the client-advisory relationship are permitted and do not require Compliance preapproval (specific to the client's portfolio(s)). These client advisory communications with affiliates should apply the same standards as third-party client advisory communications, such as avoiding selective disclosures and not disclosing MNPI.

Prudential Financial, Inc.- Compliance Approval Required Prior to External Dissemination – revised 03/31/2025

**Pre-Approved by Compliance**

Prior to communicating with a member of another Investment Sector, you must receive pre-approval from Compliance to determine if the topic of discussion relates to Issuers, Confidential Information or MNPI.

Compliance Officers may approve certain communications otherwise prohibited above (Restricted Communications) as they deem appropriate. Such exceptions are subject to certain conditions imposed by Compliance, which may include:

&nbsp;&nbsp;&nbsp;&nbsp;· monitoring of communications by Compliance Officers or the Law Department;

&nbsp;&nbsp;&nbsp;&nbsp;· limiting the subjects to be addressed in oral communications;

&nbsp;&nbsp;&nbsp;&nbsp;· pre-clearing written communications; and

&nbsp;&nbsp;&nbsp;&nbsp;· requiring use of code names.

Investment Sector Compliance will maintain a log of approved cross-wall communications that involve Confidential Information or MNPI.

**E.** **Confidentiality Agreements** 

These Standards do not affect any party's rights or obligations under confidentiality agreements or laws or regulations restricting the internal or external communication of issuer-related information by Prudential employees.

When an Investment Sector or any of its sub-divisions enters into a confidentiality agreement, governing information to be received from a third party in connection with an actual or potential investment, the employee signing the agreement is responsible for determining whether they will likely receive MNPI and notifying Compliance of the potential receipt of MNPI and notifying Investment Sector Compliance if/when they receive MNPI. Compliance will update the Investment Sector's Restricted List(s) as necessary.

You must take precautions to ensure that Confidential Information, regardless of materiality, is not shared with individuals who do not need to know the information to perform their job role or function. In some cases, the terms of the confidentiality agreement may not permit the sharing of such information to other business units or Investment Sectors. Please consult the Law Department, as needed, in assessing the terms of any confidentiality agreement.

**Access Restrictions** 

&nbsp;&nbsp;&nbsp;&nbsp;**A.** **External Meetings** 

You should consult with your Investment Sector Compliance Officer before participating in external meetings that may provide access to Confidential Information about any Identified Issuer. Accessing such information can result in possible receipt of MNPI (e.g., confidential borrower information as loan syndicate members or creditors committee members).

Prudential Financial, Inc.- Compliance Approval Required Prior to External Dissemination – revised 03/31/2025

&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Internal Meetings** 

When making presentations at any internal meetings (includes all formats – in person, teleconference, or videoconferencing) where employees of another Investment Sector are in attendance you must adhere to the requirements listed above in Restricted Communications. Unless you are designated Above the Wall (See Exhibit A) or have received prior written approval from your Compliance Officer, you may not attend or participate in portions of any meetings, (including Board of Directors, Investment Committee, Capital and Financial Controls Committee, Risk Management, PGIM Investment Committee, etc.) during which employees of another Investment Sector are expected to discuss or present materials that include MNPI of an Identified Issuer.

&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Records** 

Without the prior written approval of a Compliance Officer, you may not have access to any records (paper, electronic, databases, etc.) that contain MNPI for another Investment Sector (this includes board or committee memoranda, portfolio reports, Restricted Lists, trading records, non-public quality ratings assigned to issuers).

&nbsp;&nbsp;&nbsp;&nbsp;**D.** **Office Space** 

All office space occupied by Investment Sector employees must have appropriate controls to limit access to other Investment Sectors.

You are not permitted to enter the office space of another Investment Sector, unless you are classified as Above the Wall, have prior written approval of a Compliance Officer, or a Compliance-approved escort.

Compliance Officers may approve the location of non-investment personnel, who do not routinely access MNPI, on the same floor, provided there are reasonable controls. Such controls are determined by specific facts and circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;**E.** **Trading Rooms** 

You may not enter a trading room space maintained by another Investment Sector without a Compliance- approved escort.

**Special Employee Classifications/Exceptions**

&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Above the Wall** 

Certain Investment Sector Senior Officers and support functions (See Exhibit A) may need access across investment sectors to make strategic decisions or perform their job responsibilities. Employees designated as Above the Wall are not subject to the access and communication restrictions list above in these Standards.

**Above the Wall Information Barrier Requirements**

To be considered "above the wall", you must meet each of the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· You are not a named portfolio manager and do not make security-specific trading or

Prudential Financial, Inc.- Compliance Approval Required Prior to External Dissemination – revised 03/31/2025

investment decisions for the Company or our clients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· You must receive and disseminate non-public information only on a need-to-know basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· You must receive prior approval from a Compliance Officer before disclosing MNPI to an Investment
Sector which is not already in receipt of the information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Your personal trading is subject to the Restricted Lists of all of the Investment Sectors.

&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Shared Sales Personnel** 

Investment Sectors may share sales personnel who may collaborate on sourcing clients, onboarding clients, and may participate in client calls, meetings, and presentations.

If Shared Sales Personnel obtain MNPI from an Investment Sector they support, they are required to escalate this to Compliance immediately. Compliance will determine whether additional controls will be implemented, including (but not limited to) additional client and personal trading restrictions, and/or the implementation of an Isolated Information Barrier.

Shared Sales Personnel need Compliance Officer approval to be granted any electronic or physical access to the Investment Sectors that they support, and their personal trading will be subject to any applicable Restricted List(s) for the relevant Investment Sectors.

&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Additional Limited Exceptions** 

In certain circumstances, the PGIM Chief Legal and Compliance Officer, may classify certain individuals as being "above" an information barrier and therefore not subject to the access and communication restrictions set forth in these Standards. Investment unit Compliance will advise such individuals in writing of their status and of any other necessary specific restrictions.

Employees provided this limited exception are prohibited from disclosing non-public information about an Identified Issuer to any Investment Sector employee who does not already have access to the information without prior approval from a Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I.** **Investment Sector Sub-Division Barrier** 

The PGIM Chief Legal and Compliance Officer or an Investment Sector Chief Compliance Officer may designate a sub-division of the respective Investment Sector as a separate sub-division information barrier (the "Sub-division Barrier") for the purpose of receiving and containing MNPI separate from the rest of the Investment Sector.

The Sub-division Barrier should have sufficient managerial, physical, and technological separation from the rest of the Investment Sector and have additional controls as determined by Compliance. With reasonable controls, the receipt of MNPI by the members of the Sub-division Barrier would not restrict the Investment Sector unless the MNPI was intentionally or inadvertently shared.

Investment Sector Compliance is responsible for documenting the approval, maintaining the

Prudential Financial, Inc.- Compliance Approval Required Prior to External Dissemination – revised 03/31/2025

applicable controls and escalating and addressing any breaches of the Investment Sector Sub-Division Barrier(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**II.** **Cross Investment Sector Project Groups** 

In limited circumstances, the PGIM Chief Legal and Compliance Officer, or their designee, may approve certain cross-investment barrier project groups that may include individuals from different investment sectors to work together on specific business projects and would not be subject to access and communication restrictions set forth in these Standards in regard to the specific business project (e.g., forming a new fund; corporate strategic initiatives) on a temporary basis.

These employees are prohibited from disclosing non-public information about an Identified Issuer(s) to any employee that is not a member of the project group without prior approval from a Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**III.** **Isolated Information Barriers** 

Prudential's Chief Legal & Compliance Officer or the PGIM Chief Legal and Compliance Officer, may approve Isolated Information Barriers around one or a group of employees of one or more Investment Sectors with respect to potential receipt or sharing of MNPI.

Investment Sector Compliance is responsible for documenting the approval, maintaining the applicable controls and escalating and addressing any breaches of the Isolated Information Barrier.

**Approvals and Breaches** 

&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Approval** 

PGIM's Chief Legal and Compliance Officer is authorized to approve exceptions to and modifications of these Standards. Any requests should be documented and set forth the basis and rationale and any conditions to which the approval is subject.

&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Information Barrier Breaches** 

Investment Sector Compliance will document any Information Barrier Breaches.

If a breach of an information barrier results in MNPI about an Identified Issuer being passed to another Investment Sector or within an Investment Sector but outside a sub-information barrier, the incident must be escalated to each Investment Sector's Chief Compliance Officer or their designee.

Unless an Isolated Information Barrier is established, the Identified Issuer must be immediately added to each related Investment Sector's Restricted List and will remain on the list until an

Prudential Financial, Inc.- Compliance Approval Required Prior to External Dissemination – revised 03/31/2025

assessment is made that the Investment Sector is no longer in receipt of MNPI.

**Compliance Monitoring**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Restricted Lists** 

Each Investment Sector Compliance team maintains a list of all Identified Issuers with respect to which Investment Sector Compliance was notified that its Investment Sector has MNPI.

You may not purchase or sell, for any account, securities of any Identified Issuer (including or any derivative contracts in respect of such securities) whose name appears on any applicable Restricted List, unless applicable law permits, and the compliance department approves. Subject to applicable law, exceptions to the above may be made if the purchase or sale is from or to the Identified Issuer, its' underwriter for or a counterparty who also has access to the same MNPI.

Trading restrictions also apply to affiliated or unaffiliated funds (e.g., CLOs) if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the underlying holdings include the Identified Issuer(s) of the Investment Sector; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· a reasonable investor would consider such composition of Identified Issuer(s) as material in making an investment decision.

**Additions**

If you obtain MNPI, from any source, with respect to an issuer, you must immediately notify your compliance department. Compliance will place the issuer's name on the appropriate Investment Sector's Restricted List(s) unless otherwise addressed (e.g., creation of Isolated Information Barriers). Trading restrictions will apply to related issuers (e.g. parents and subsidiaries) unless it can be determined that the MNPI is not material to those related issuers.

**Removals** 

Once Compliance reasonably concludes that no employee of an Investment Sector possesses MNPI with respect to an Identified Issuer, they may remove such Identified Issuer from the applicable Restricted List(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Private Investment Sectors** 

For Investment Sectors that generally transact in private transactions with a party that has the same access to the MNPI, Compliance may limit the trading restriction to their employees' personal trading account.

Compliance Officer approval is required when trading securities, instruments, or their equivalent with a party that does not have access to the same MNPI.

Prudential Financial, Inc.- Compliance Approval Required Prior to External Dissemination – revised 03/31/2025

**Miscellaneous**

&nbsp;&nbsp;&nbsp;&nbsp;**A.** **New Investment Sector Senior Officers and Investment Sectors** 

Exhibits A and B to these Standards may be amended with the approval of the PGIM Chief Legal and Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Records** 

PGIM Central Compliance shall maintain a central file of any written approvals, exceptions, confirmations, determinations, memoranda and communications required by this Statement of Standards.

&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Business Continuation Events** 

During business continuation events, Investment Sectors are permitted to operate in the same space subject to appropriate reasonable controls given the specific circumstances.

If the arrangement is expected to be less than 30 days, an Isolated Information Barrier Exception is not necessary.

Impacted employees will be required to certify/attest that MNPI was not shared or misused.

Prudential Financial, Inc.- Compliance Approval Required Prior to External Dissemination – revised 03/31/2025

**Exhibit A**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investment Sectors<br> (also known as Information Barrier Groups)** | **Investment Sectors<br> (also known as Information Barrier Groups)** | **Investment Sectors<br> (also known as Information Barrier Groups)** | **Investment Sectors<br> (also known as Information Barrier Groups)** | **Investment Sectors<br> (also known as Information Barrier Groups)** | **Investment Sectors<br> (also known as Information Barrier Groups)** | **Investment Sectors<br> (also known as Information Barrier Groups)** | **Investment Sectors<br> (also known as Information Barrier Groups)** | **Investment Sectors<br> (also known as Information Barrier Groups)** | **Investment Sectors<br> (also known as Information Barrier Groups)** |
| &nbsp;&nbsp;**Employees/Groups Designated as "Above the Wall"** | &nbsp;&nbsp;**Employees/Groups Designated as "Above the Wall"** | &nbsp;&nbsp;**Employees/Groups Designated as "Above the Wall"** | &nbsp;&nbsp;**Employees/Groups Designated as "Above the Wall"** | &nbsp;&nbsp;**Employees/Groups Designated as "Above the Wall"** | &nbsp;&nbsp;**Employees/Groups Designated as "Above the Wall"** | &nbsp;&nbsp;**Employees/Groups Designated as "Above the Wall"** | &nbsp;&nbsp;**Employees/Groups Designated as "Above the Wall"** | &nbsp;&nbsp;**Employees/Groups Designated as "Above the Wall"** | &nbsp;&nbsp;**Employees/Groups Designated as "Above the Wall"** |
| &nbsp;&nbsp;Prudential Chief Investment Officer, Prudential Global Investment Strategy Managing Director, Prudential Head of Global Hedge Management, Prudential Chief of Global Portfolio Management, President & CEO of PGIM, Chief Operating Officer of PGIM, Chief Marketing Officer of PGIM, CEO of PGIM Multi-Asset Solutions, PGIM Chief Innovation Officer, CEO of PGIM Private Alternatives, President and CEO of PGIM Fixed Income, Chief Business Officer of PGIM Fixed Income, CEO and President of PGIM Investments, CEO President of PGIM Quantitative Solutions, and CEO of Jennison Associates<br>PGIM Compliance, PGIM Law, PGIM Finance, PGIM Risk Management, Enterprise Risk Management (Investment Risk and Market Risk), PGIM Institutional Relationship Group, PGIM Internal Audit (IA PGIM coverage), and PGIM Executive Support | &nbsp;&nbsp;Prudential Chief Investment Officer, Prudential Global Investment Strategy Managing Director, Prudential Head of Global Hedge Management, Prudential Chief of Global Portfolio Management, President & CEO of PGIM, Chief Operating Officer of PGIM, Chief Marketing Officer of PGIM, CEO of PGIM Multi-Asset Solutions, PGIM Chief Innovation Officer, CEO of PGIM Private Alternatives, President and CEO of PGIM Fixed Income, Chief Business Officer of PGIM Fixed Income, CEO and President of PGIM Investments, CEO President of PGIM Quantitative Solutions, and CEO of Jennison Associates<br>PGIM Compliance, PGIM Law, PGIM Finance, PGIM Risk Management, Enterprise Risk Management (Investment Risk and Market Risk), PGIM Institutional Relationship Group, PGIM Internal Audit (IA PGIM coverage), and PGIM Executive Support | &nbsp;&nbsp;Prudential Chief Investment Officer, Prudential Global Investment Strategy Managing Director, Prudential Head of Global Hedge Management, Prudential Chief of Global Portfolio Management, President & CEO of PGIM, Chief Operating Officer of PGIM, Chief Marketing Officer of PGIM, CEO of PGIM Multi-Asset Solutions, PGIM Chief Innovation Officer, CEO of PGIM Private Alternatives, President and CEO of PGIM Fixed Income, Chief Business Officer of PGIM Fixed Income, CEO and President of PGIM Investments, CEO President of PGIM Quantitative Solutions, and CEO of Jennison Associates<br>PGIM Compliance, PGIM Law, PGIM Finance, PGIM Risk Management, Enterprise Risk Management (Investment Risk and Market Risk), PGIM Institutional Relationship Group, PGIM Internal Audit (IA PGIM coverage), and PGIM Executive Support | &nbsp;&nbsp;Prudential Chief Investment Officer, Prudential Global Investment Strategy Managing Director, Prudential Head of Global Hedge Management, Prudential Chief of Global Portfolio Management, President & CEO of PGIM, Chief Operating Officer of PGIM, Chief Marketing Officer of PGIM, CEO of PGIM Multi-Asset Solutions, PGIM Chief Innovation Officer, CEO of PGIM Private Alternatives, President and CEO of PGIM Fixed Income, Chief Business Officer of PGIM Fixed Income, CEO and President of PGIM Investments, CEO President of PGIM Quantitative Solutions, and CEO of Jennison Associates<br>PGIM Compliance, PGIM Law, PGIM Finance, PGIM Risk Management, Enterprise Risk Management (Investment Risk and Market Risk), PGIM Institutional Relationship Group, PGIM Internal Audit (IA PGIM coverage), and PGIM Executive Support | &nbsp;&nbsp;Prudential Chief Investment Officer, Prudential Global Investment Strategy Managing Director, Prudential Head of Global Hedge Management, Prudential Chief of Global Portfolio Management, President & CEO of PGIM, Chief Operating Officer of PGIM, Chief Marketing Officer of PGIM, CEO of PGIM Multi-Asset Solutions, PGIM Chief Innovation Officer, CEO of PGIM Private Alternatives, President and CEO of PGIM Fixed Income, Chief Business Officer of PGIM Fixed Income, CEO and President of PGIM Investments, CEO President of PGIM Quantitative Solutions, and CEO of Jennison Associates<br>PGIM Compliance, PGIM Law, PGIM Finance, PGIM Risk Management, Enterprise Risk Management (Investment Risk and Market Risk), PGIM Institutional Relationship Group, PGIM Internal Audit (IA PGIM coverage), and PGIM Executive Support | &nbsp;&nbsp;Prudential Chief Investment Officer, Prudential Global Investment Strategy Managing Director, Prudential Head of Global Hedge Management, Prudential Chief of Global Portfolio Management, President & CEO of PGIM, Chief Operating Officer of PGIM, Chief Marketing Officer of PGIM, CEO of PGIM Multi-Asset Solutions, PGIM Chief Innovation Officer, CEO of PGIM Private Alternatives, President and CEO of PGIM Fixed Income, Chief Business Officer of PGIM Fixed Income, CEO and President of PGIM Investments, CEO President of PGIM Quantitative Solutions, and CEO of Jennison Associates<br>PGIM Compliance, PGIM Law, PGIM Finance, PGIM Risk Management, Enterprise Risk Management (Investment Risk and Market Risk), PGIM Institutional Relationship Group, PGIM Internal Audit (IA PGIM coverage), and PGIM Executive Support | &nbsp;&nbsp;Prudential Chief Investment Officer, Prudential Global Investment Strategy Managing Director, Prudential Head of Global Hedge Management, Prudential Chief of Global Portfolio Management, President & CEO of PGIM, Chief Operating Officer of PGIM, Chief Marketing Officer of PGIM, CEO of PGIM Multi-Asset Solutions, PGIM Chief Innovation Officer, CEO of PGIM Private Alternatives, President and CEO of PGIM Fixed Income, Chief Business Officer of PGIM Fixed Income, CEO and President of PGIM Investments, CEO President of PGIM Quantitative Solutions, and CEO of Jennison Associates<br>PGIM Compliance, PGIM Law, PGIM Finance, PGIM Risk Management, Enterprise Risk Management (Investment Risk and Market Risk), PGIM Institutional Relationship Group, PGIM Internal Audit (IA PGIM coverage), and PGIM Executive Support | &nbsp;&nbsp;Prudential Chief Investment Officer, Prudential Global Investment Strategy Managing Director, Prudential Head of Global Hedge Management, Prudential Chief of Global Portfolio Management, President & CEO of PGIM, Chief Operating Officer of PGIM, Chief Marketing Officer of PGIM, CEO of PGIM Multi-Asset Solutions, PGIM Chief Innovation Officer, CEO of PGIM Private Alternatives, President and CEO of PGIM Fixed Income, Chief Business Officer of PGIM Fixed Income, CEO and President of PGIM Investments, CEO President of PGIM Quantitative Solutions, and CEO of Jennison Associates<br>PGIM Compliance, PGIM Law, PGIM Finance, PGIM Risk Management, Enterprise Risk Management (Investment Risk and Market Risk), PGIM Institutional Relationship Group, PGIM Internal Audit (IA PGIM coverage), and PGIM Executive Support | &nbsp;&nbsp;Prudential Chief Investment Officer, Prudential Global Investment Strategy Managing Director, Prudential Head of Global Hedge Management, Prudential Chief of Global Portfolio Management, President & CEO of PGIM, Chief Operating Officer of PGIM, Chief Marketing Officer of PGIM, CEO of PGIM Multi-Asset Solutions, PGIM Chief Innovation Officer, CEO of PGIM Private Alternatives, President and CEO of PGIM Fixed Income, Chief Business Officer of PGIM Fixed Income, CEO and President of PGIM Investments, CEO President of PGIM Quantitative Solutions, and CEO of Jennison Associates<br>PGIM Compliance, PGIM Law, PGIM Finance, PGIM Risk Management, Enterprise Risk Management (Investment Risk and Market Risk), PGIM Institutional Relationship Group, PGIM Internal Audit (IA PGIM coverage), and PGIM Executive Support | &nbsp;&nbsp;Prudential Chief Investment Officer, Prudential Global Investment Strategy Managing Director, Prudential Head of Global Hedge Management, Prudential Chief of Global Portfolio Management, President & CEO of PGIM, Chief Operating Officer of PGIM, Chief Marketing Officer of PGIM, CEO of PGIM Multi-Asset Solutions, PGIM Chief Innovation Officer, CEO of PGIM Private Alternatives, President and CEO of PGIM Fixed Income, Chief Business Officer of PGIM Fixed Income, CEO and President of PGIM Investments, CEO President of PGIM Quantitative Solutions, and CEO of Jennison Associates<br>PGIM Compliance, PGIM Law, PGIM Finance, PGIM Risk Management, Enterprise Risk Management (Investment Risk and Market Risk), PGIM Institutional Relationship Group, PGIM Internal Audit (IA PGIM coverage), and PGIM Executive Support |
| &nbsp;&nbsp;PGIM Investments<br> Investment Sector | &nbsp;&nbsp;PGIM Fixed<br> Income (FI)<br> Investment<br> Sector\* | &nbsp;&nbsp;Jennison<br> Associates<br> LLC<br> Investment<br> Sector | &nbsp;&nbsp;PGIM<br> Quantitative <br> Solutions<br> Investment<br> Sector | &nbsp;&nbsp;PGIM<br> Private<br> Capital<br> Investment<br> Sector | &nbsp;&nbsp;Deerpath<br> Capital<br> Investment<br> Sector | &nbsp;&nbsp;PGIM Real<br> Estate<br> Investment<br> Sector | &nbsp;&nbsp;Montana<br> Capital<br> Partners<br> Investment<br> Sector | &nbsp;&nbsp;Chief<br> Investment<br> Office<br> Investment<br> Sector | &nbsp;&nbsp;PGIM Multi-<br> Asset<br> Solutions<br> Investment<br> Sector |
| &nbsp;&nbsp;**PGIM** <br> **Investments** <br> (all units and locations, and investment sector support functions deemed to be BU employees)<br>**PGIM Custom Harvest LLC**<br>**PGIM DC Solutions**<br>**Strategic Investment Group (SIRG)**<br>| &nbsp;&nbsp;**PGIM Fixed Income**<br> (all units and locations, and investment sector support functions deemed to be BU employees<br>**PGIM Japan Co. Ltd** <br> Sub-Division Barrier Within FI:<br> \* **Capital Markets Group - Fixed Income Employees (also known as the PGIM FI Private Credit Team)** | &nbsp;&nbsp;**Jennison Associates LLC**<br> (all units and locations, and investment sector support functions deemed to be BU employees) | &nbsp;&nbsp;**PGIM Quantitative Solutions**<br> (all units and locations, and investment sector support functions deemed to be BU employees) | &nbsp;&nbsp;**PGIM Private Capital**<br> (all units and locations, and investment sector support functions deemed to be BU employees) | &nbsp;&nbsp;**Deerpath Capital**<br> (all units and locations, and investment sector support functions deemed to be BU employees) | &nbsp;&nbsp;**All PGIM Real Estate**<br> (all units and locations, including <br> GRES and investment sector support functions deemed to be BU employees)<br>**Impact & Responsible Investing** | &nbsp;&nbsp;**Montana Capital Partners**<br> (all units and locations, and investment sector support functions deemed to be BU employees) | &nbsp;&nbsp;**Chief Investment Office, including Global Hedge Management** <br>**Prudential Select Strategies**<br>| &nbsp;&nbsp;**PGIM Multi-Asset Solutions**<br> (all units and locations, and investment sector support functions deemed to be BU employees) |
|  | &nbsp;&nbsp;**PGIM Fixed Income**<br> (all units and locations, and investment sector support functions deemed to be BU employees<br>**PGIM Japan Co. Ltd** <br> Sub-Division Barrier Within FI:<br> \* **Capital Markets Group - Fixed Income Employees (also known as the PGIM FI Private Credit Team)** |  |  |  |  |  |  |  |  |

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Prudential Financial, Inc.- Compliance Approval Required Prior to External Dissemination – revised 03/31/2025

**Exhibit B**

**Shared Sales Personnel** 

Shared Sales Personnel <u>Investment Sectors Supported</u>   <br> <u>PGIM Private Alternatives Sales Personnel</u> <u>PGIM Real Estate <br> PGIM Private Capital <br> Deerpath Capital <br> Montana Capital Partners</u>  

**INVESTMENT ADVISER CODE OF ETHICS**

INTRODUCTION

Rule 204A-1 under the Advisers Act requires each federally registered investment adviser to adopt a written code of ethics (the "Code") designed to prevent fraud by reinforcing the principles that govern the conduct of investment advisory firms and their personnel. In addition, the Code must set forth specific requirements relating to personal securities trading activity including reporting transactions and holdings.

Generally, the Code applies to directors, officers and employees acting in an investment advisory capacity who are known as Supervised Persons and, in some cases, also as Access Persons of the adviser. Supervised Persons covered by more than one code of ethics meeting the requirements of Rule 204A-1 will be subject to the code of the primary entity with which the Supervised Person is associated. Employees identified as Supervised and Access Persons must comply with the Code. Compliance is responsible for notifying each individual who is subject to the Code. Supervised Persons must be provided and must acknowledge receipt of this Code and any amendments to the Code. They must also comply with the federal securities laws.

GENERAL ETHICAL STANDARDS

Prudential holds its employees to the highest ethical standards. Maintaining high standards requires a total commitment to sound ethical principles and Prudential's values. It also requires nurturing a business culture that supports decisions and actions based on what is right, not simply what is expedient.

It is the responsibility of management to make the Company's ethical standards clear. At every level, employees must set the right example in their daily conduct. Prudential expects employees to be honest and forthright and to use good judgment. We expect them to deal fairly with customers, suppliers, competitors, and one another. We expect them to avoid taking unfair advantage of others through manipulation, concealment, abuse of confidential information or misrepresentation. Moreover, employees must understand the expectations of the Company and apply these guidelines to analogous situations or seek guidance if they have questions about conduct in given circumstances.

It is each employee's responsibility to ensure that we:

⮚ Nurture a company culture that is highly moral and make decisions based on what is right.

⮚ Build lasting customer relationships by offering only those products and services that are appropriate to customers' needs and provide fair value.

⮚ Maintain an environment where employees conduct themselves with courage, integrity, honesty and fair dealing at all times.

⮚ Ensure no individual's personal success or business group's bottom line is more important than preserving the name and goodwill of Prudential.

⮚ Regularly monitor and work to improve our ethical work environment.

Because Ethics is not a science, there may be gray areas. We encourage individuals to ask for help in making the right decisions. Business Management, Business Ethics Officers, and our

Prudential Financial, Inc.- Compliance Approval Required Prior to External Dissemination<br> revised 01/31/2025

Human Resources, Law and Compliance and Enterprise Ethics professionals are all available for guidance at any time.

INVESTMENT ADVISER FIDUCIARY STANDARDS

Investment advisers 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.

Whenever a Prudential adviser acts in a fiduciary capacity, it will endeavor to consistently put the client's interest ahead of the firm's interests. It will disclose actual and potential meaningful conflicts of interest. It will manage actual conflicts in accordance with applicable legal standards. If applicable legal standards do not permit management of a conflict, the adviser will avoid the conflict. Adviser personnel will not engage in fraudulent, deceptive or manipulative conduct. Advisers will act with appropriate care, skill and diligence.

Advisory personnel are required to know when an adviser is acting as a fiduciary with respect to the work they are doing. In such cases, advisory personnel are expected to comply with all fiduciary standards applicable to the firm in performing their duties. In addition, they must also put the client's interest ahead of their own personal interest. An employee's fiduciary duty is a personal obligation. While advisory personnel may rely upon subordinates to perform many tasks that are part of their responsibilities, they are personally responsible for fiduciary obligations even if carried out through subordinates. Employees should be aware that failure to adhere to the standards under this Code might lead to disciplinary action up to and including termination of employment.

OTHER IMPORTANT POLICIES

This Code complements other important Prudential Policies that address ethics and conflicts, such as:

● Prudential's Code of Conduct – Making the Right Choices - applies to all Prudential employees, including those affiliated with an investment adviser.

• Code of Ethics – Personal Investing Standards. All investment advisory personnel are subject to the Code of Ethics – Personal Investing Standards and must comply with all requirements therein unless otherwise notified by Compliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Global Insider Trading Policy. All employees
of Prudential are subject to the Global Insider Trading Policy and must comply with applicable requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Insider Trading and Information Barrier Standards. All Supervised and Access Persons receive training on their obligations and must comply with any information barrier restrictions
applicable to their business unit or job function.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Compliance Policies and Procedures** – all investment advisory personnel must comply with their applicable business unit policies and procedures.

REPORTING VIOLATIONS OF THE CODE

Failure to comply with any of the requirements (or report potential violations) of this Code and the other important policies listed above may result in violations of securities laws and regulations. Prudential takes such violations very seriously. Any potential violation of the provisions of this Code will be investigated by Law & Compliance. If a determination is made that a violation has occurred, we may impose appropriate sanctions, up to and including termination of employment or referral to regulatory, civil, or criminal authorities.

Prudential Financial, Inc.- Compliance Approval Required Prior to External Dissemination<br> revised 01/31/2025

To report suspected violations, you should contact Compliance. If you feel uncomfortable reporting directly to Compliance, you may also report suspected violations to our Ethics Help Line (1-800-752-70241) or Website https://prudential.ethicspoint.com. Prudential will not tolerate any discrimination, harassment, or retaliation against anyone who makes a good faith report or assists in an investigation.

You may voluntarily communicate with or provide information to government agencies regarding potential violations of the law without providing notice to, or obtaining approval, from Prudential. Nothing in these Standards is intended to, or should be interpreted, to preclude anyone from exercising these rights.

Prudential Financial, Inc.- Compliance Approval Required Prior to External Dissemination<br> revised 01/31/2025

![](x1_c113438x870x1.jpg)

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| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corruption Policy, Information Barrier Standards, and Global Insider Trading Policy. |
| Applies to:<br> All employees (full-time and part-time), globally, that work for, support, or are a registered representative of any of Prudential's asset management, investment adviser, and broker dealer businesses (CIO, PAD, PGIM, PIMS, and PruCo)<br>All contractors, interns, temporary employees, and others who have been notified by compliance are subject to this policy.<br>Questions?<br>CONTACT: <u>PST.Help@prudential.com</u><br>This policy complements other important Prudential policies that address ethics and conflicts, such as Prudential's Code of Conduct – Making the Right Choices, Conflicts of Interest Policy, Global Anti-Bribery and Anti- |  |

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Prudential Financial, Inc.- Compliance Approval Required Prior to External Dissemination<br> revised 01/31/2025

![](x1_c113438x890x1.jpg)

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| | |
|:---|:---|
| **Code of Ethics Personal** | **December 17, 2024** |
| **Investing Standards** |  |

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Prudential Financial, Inc.- Compliance Approval Required Prior to External Dissemination

Prudential Financial, Inc.- Compliance Approval Required Prior to External Dissemination<br> revised 01/31/2025

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| | |
|:---|:---|
| **Overview** | 4.0 |
| &nbsp;&nbsp;&nbsp;Key Points | 4.0 |
| &nbsp;&nbsp;&nbsp;Who is covered under these standards? | 4.0 |
| &nbsp;&nbsp;&nbsp;Roles and Responsibilities | 4.0 |
| &nbsp;&nbsp;&nbsp;Employee Classifications | 5.0 |
| &nbsp;&nbsp;&nbsp;Escalation Requirements | 5.0 |
| &nbsp;&nbsp;&nbsp;Key Definitions | 5.0 |
| **Policy Requirements** | 6.0 |
| **Personal Trading** | 6.0 |
| &nbsp;&nbsp;&nbsp;Key Principles | 6.0 |
| **Trading Restrictions** | 6.0 |
| &nbsp;&nbsp;&nbsp;Material Nonpublic Information (MNPI) | 6.0 |
| &nbsp;&nbsp;&nbsp;Investing in Prudential Funds | 7.0 |
| &nbsp;&nbsp;&nbsp;Private Placements & Private Securities Transactions | 7.0 |
| &nbsp;&nbsp;&nbsp;Initial Public Offerings (IPOs) | 7.0 |
| &nbsp;&nbsp;&nbsp;Trading in Prudential Securities | 7.0 |
| &nbsp;&nbsp;&nbsp;Gifts of Prudential Securities | 7.0 |
| &nbsp;&nbsp;&nbsp;Board Memberships and Joint Ventures | 7.0 |
| &nbsp;&nbsp;&nbsp;Short Sales | 7.0 |
| **Associated, Access, & Investment Persons Account Reporting** | 8.0 |
| **What Must be Reported?** | 8.0 |
| &nbsp;&nbsp;&nbsp;Initial Investment Securities Account Disclosures | 8.0 |
| &nbsp;&nbsp;&nbsp;Initial Holdings Disclosures | 8.0 |
| &nbsp;&nbsp;&nbsp;Authorized Brokers for US Reportable Accounts | 8.0 |
| &nbsp;&nbsp;&nbsp;Non-US Reportable Accounts | 9.0 |
| &nbsp;&nbsp;&nbsp;Cryptocurrency | 9.0 |
| **Ongoing Disclosure, Reporting, & Attestation Responsibilities** | 9.0 |
| **Preclearance Process for Personal Trading** | 10.0 |
| &nbsp;&nbsp;&nbsp;What Trades Must Be Precleared? | 10.0 |
| &nbsp;&nbsp;&nbsp;What Trades are Not Required to be Precleared? | 10.0 |
| &nbsp;&nbsp;&nbsp;Options & Futures | 11.0 |
| &nbsp;&nbsp;&nbsp;How does the Preclearance Process Work? | 11.0 |
| &nbsp;&nbsp;&nbsp;Two-Day Approval Window | 12.0 |

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| | |
|:---|:---|
| **Trading Restrictions** | 12.0 |
| &nbsp;&nbsp;&nbsp;Excessive Trading | 12.0 |
| &nbsp;&nbsp;&nbsp;Restricted Securities | 12.0 |
| &nbsp;&nbsp;&nbsp;Blackout Periods | 12.0 |
| &nbsp;&nbsp;&nbsp;Short-Swing Profits & Minimum Holding Periods | 13.0 |
| &nbsp;&nbsp;&nbsp;Exceptions (Blackout Periods, Short Swing Profits and Minimum Holding Period,) | 13.0 |
| &nbsp;&nbsp;&nbsp;Additional Restrictions for NFA Associated Persons | 14.0 |
| &nbsp;&nbsp;&nbsp;Additional Restrictions for PGIM Fixed Income Employees | 14.0 |
| &nbsp;&nbsp;&nbsp;Additional Restrictions for PGIM Real Estate – Prudential Retirement Real Estate Fund ("PRREF") | 14.0 |
| &nbsp;&nbsp;&nbsp;Investment Clubs | 14.0 |
| &nbsp;&nbsp;&nbsp;Spread Betting | 15.0 |
| **Additional Requirements for Designated Persons** | 15.0 |
| &nbsp;&nbsp;&nbsp;Trading Limited During Open Window | 15.0 |
| &nbsp;&nbsp;&nbsp;Preclearance Required for Senior Vice Presidents and Above | 15.0 |
| **Exceptions** | 15.0 |
| &nbsp;&nbsp;&nbsp;Excluded Transactions | 15.0 |
| &nbsp;&nbsp;&nbsp;Discretionary Managed Accounts | 16.0 |
| &nbsp;&nbsp;&nbsp;Exemptions While on Leave | 16.0 |
| **Non-Compliance** | 16.0 |
| **Recordkeeping** | 17.0 |
| **Exhibit A – Key Definitions** | 18.0 |
| **Exhibit B – Summary of Code Requirements by Employee Classification** | 21.0 |
| **Exhibit C – Beneficial Interest** | 23.0 |
| **Exhibit D – Jurisdictional Guidance** | 24.0 |
| **References** | 24.0 |

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Overview

**Key Points**

We are entrusted with our clients' investment assets and as such, Prudential Financial, Inc. and its subsidiaries (collectively "Prudential," "PFI" or the "Company") aspire to the highest standard of business ethics. Per our Code of Conduct, "Making the Right Choices," we have an obligation to place our clients' interests before our own and manage conflicts of interest fairly. In addition to Making the Right Choices, our Code of Ethics - Personal Investing Standards (the "Code") provides a framework to make sure we meet that obligation with our personal investments.

While the Code sets out several requirements, prohibitions, and conditions, it does not cover every possible scenario and cannot be a replacement for your good judgment. If the Code is unclear, consult with Compliance and evaluate your proposed course of conduct against our principles and core values:

✔ We do the right thing by placing the interests of our clients first.

✔ We avoid, mitigate and/or disclose relevant conflicts of interest.

✔ We are committed to doing business in the right way, and comply with applicable laws, rules, and regulations.

✔ We make and keep promises, which includes holding each other accountable by reporting any violations.

The Code is designed to comply with laws, rules, and regulations of the various jurisdictions where Prudential operates. You should consult with your Local Business Compliance Officer to confirm if there are any additional personal investing policies and procedures that are specific to your business.

**Who is covered under these standards?**

Except as otherwise noted, the Code applies globally to all directors, officers, and employees (including contractors, interns, temporary employees, and others who have been notified by compliance they are subject to this policy) of/or supporting Prudential asset management, investment adviser and/or broker-dealer businesses, including the Prudential Chief Investment Office ("CIO"), Prudential Annuities Distributors ("PAD"), PGIM, Prudential Investment Management Services ("PIMS"), and Prudential Financial Planning Services ("PruCo"), throughout the enterprise regardless of geographic location ("Employees").

For the purposes of these standards, "PGIM" refers to all PGIM affiliated registered investment advisers, business units and their associated functional areas including AST Investment Services, PGIM Custom Harvest, PGIM DC Solutions, PGIM Global Services, PGIM Fixed Income, PGIM Institutional Advisory Services, PGIM Institutional Relationship Group, PGIM Investments, PGIM Multi-Asset Solutions, PGIM Quantitative Solutions, and PGIM Private Alternatives.

**Roles and Responsibilities**

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| | | |
|:---|:---|:---|
| **Employees** | **Compliance** | **Ethics Committee** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·  Upon hire, annually and any time material changes are made you will attest and agree to comply with the requirements of the Code. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·  Administers and monitors adherence to the Code, including providing training, reviewing employees' disclosures and transactions, and identifying potential violations.<br>·  Maintains and oversees the maintenance of certain records in accordance with applicable legal and regulatory requirements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·  Reviews the Code on a periodic basis in line with business changes and changes to regulation.<br>·  Provides oversight of the Code, including by reviewing exceptions and addressing incidents and violations. Sanctions may include verbal reminders, educational letters, disciplinary letters, monetary penalties, suspension without pay, personal trading ban, reduction in PTO days, or other disciplinary action up to and including termination of employment. |

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**Employee Classifications**

Employee monitoring classifications are listed below. For ease of reference, the term Employee will be used throughout this document and multiple classifications may apply depending on your role.

Please see Exhibit A – Key Definitions for a full list of classifications.

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Supervised<br> Persons** | &nbsp;&nbsp;**Associated<br> Persons** | &nbsp;&nbsp;**Access Persons** | &nbsp;&nbsp;**Investment<br> Persons** | &nbsp;&nbsp;**Designated Persons** |
| &nbsp;&nbsp;Employees of a Prudential registered investment adviser, and other individuals who provide investment advice on behalf of the adviser and are subject to the adviser's supervision and control. | &nbsp;&nbsp;Employees who are associated with any Prudential broker- dealer. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Employees who are associated with any Prudential broker-dealer and/or Employees who work for, or support, investment advisory activities and may have access to nonpublic:<br> ·  advisory client trading information,<br> ·  advisory client investment recommendations, or<br> ·  portfolio holdings. | &nbsp;&nbsp;Employees who make or participate in making recommendations regarding the purchase or sale of securities for client accounts (e.g., portfolio managers and research analysts). | &nbsp;&nbsp;Employees who, during the normal course of their employment, have routine access to Material Nonpublic Information about Prudential.<br>Material Nonpublic Information may consist of financial or non-financial information about Prudential as a whole or one or more Divisions or Segments.<br>*Please refer to Prudential's Global Insider Trading Policy for specific requirements.* |

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**Escalation Requirements**

Failure to comply with any of the requirements of the Code or report potential violations may result in violations of securities regulations. Prudential takes violations very seriously. Any potential violation of the provisions of the Code will be investigated by Compliance and may be reported to the Ethics Committee.

If a determination is made that a violation has occurred, we may impose appropriate sanctions, including but not limited to one or more of the following: a written warning, profit surrender, personal trading ban, and termination of employment or referral to regulatory, civil, or criminal authorities.

To report suspected violations of the Code, you should contact Compliance. If you feel uncomfortable reporting directly to Compliance, you may also report suspected violations to our Ethics Help Line (1-800-752-7024) or website <u>https://prudential.ethicspoint.com</u>.

We will not tolerate any discrimination, harassment, or retaliation against anyone who makes a good faith report or assists in an investigation.

You may voluntarily communicate with or provide information to government agencies regarding potential violations of the law without providing notice to, or obtaining approval, from Prudential. Nothing in this Code is intended to, or should be interpreted, to preclude anyone from exercising these rights.

**Key Definitions**

See Exhibit A.

Policy Requirements

Personal Trading

**Key Principles**

Your personal trading and investments may present an actual, potential, or apparent conflict of interest or other risk that could harm Prudential, our shareholders, or our clients. To help us identify and manage these conflicts and risks, depending on your employee classification (described above) you may be required to:

⮚ disclose Investment Securities Accounts and investment holdings where you have a Beneficial Interest (including those where you have influence or control),

⮚ receive pre-approval for certain personal trading activities, and

⮚ conduct approved securities transactions in accordance with the requirements of the Code.

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:

⮚ You may not trade based on Material Nonpublic Information (MNPI) or Inside Information

⮚ You may not profit, or cause others to profit, based on your knowledge of completed or contemplated client transactions.

⮚ You may not improperly benefit by causing a client to act, or fail to act, in making investment decisions.

⮚ You may not trade in any manner that conflicts with the interests of our clients, the parameters set by the Code, or the restrictions imposed by our Restricted Lists.

⮚ You may not use a derivative (futures, options, and other types) or any other instrument or means to circumvent the Code if a direct investment in the underlying security is prohibited.

Trading Restrictions

**Material Nonpublic Information (MNPI)**

You may not buy or sell any security while in possession of MNPI. You may not recommend, advise, or encourage any other person to engage in such activity.

You may not use your knowledge of transactions in funds or other accounts advised by any Prudential entity to profit from the market effect of these transactions.

**Investing in Prudential Funds**

Prudential serves as the adviser to a variety of investment products including open-end mutual funds, exchange traded products and investment trusts. While you must disclose accounts that hold Prudential- affiliated open-end funds, you do not need to preclear transactions in such funds.

Be aware these funds may have restrictions on frequent trading and other restrictions as described in its fund prospectus.

**Private Placements & Private Securities Transactions**

You must obtain approval before investing in a private placement securities offering. Compliance approval may be granted after a review of the facts and circumstances, including whether:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ an investment in the securities is likely to result
in future conflicts with client accounts (e.g., upon a future public offering), and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ you are being offered the opportunity due to your employment at or association with
Prudential

Contact Compliance for assistance with these requests.

**Initial Public Offerings (IPOs)**

You may not participate in IPOs. Compliance will consider exceptions under limited circumstances.

**Trading in Prudential Securities**

Prudential Financial, Inc. (PFI) is a publicly traded company. You may not trade or cause someone else to trade in Prudential securities while in the possession of Material Nonpublic Information (MNPI) or Inside Information.

You may not engage in transactions in PFI securities if they are speculative or short-term in nature. Speculative trading includes short sales, transactions in "put" or "call" options or similar derivative transactions. For more information, see the Global Insider Trading Policy.

**Gifts of Prudential Securities**

Employees with Section 16-related filing obligations regarding securities of PFI or PGIM Closed-End Funds must preclear all gifts of such securities.

**Board Memberships and Joint Ventures**

You should be mindful that purchasing and/or selling shares of publicly traded companies when either you or your Immediate Family Member serves on that company's Board of Directors may require additional reporting and/or prior approval by that company. Please contact the Compliance Department of that company for guidance.

Employees serving on the Board of Directors for Prudential-affiliated joint ventures may be subject to trading restrictions on shares issued by the joint venture's partner(s). Please contact the Local Business Unit Compliance for guidance.

**Short Sales**

You may not short PFI related securities under any circumstances.

Additionally, Investment Persons may not short sell any security which is owned by any portfolio managed by the business unit that they support except for short sales "against the box." A short sale "against the box" refers to a short sale when the seller owns an equivalent amount of the same securities.

Associated, Access, & Investment Persons Account Reporting

What Must be Reported?

**Initial Investment Securities Account Disclosures**

![](x1_c113438x897x1.jpg)If you are classified as either an Associated, Access, or Investment Person, within 10 calendar days of your start date, you must report all Investment Securities Accounts in which you have a Beneficial Interest (see definition above). Additionally, you must disclose any account that holds or can hold Prudential products (e.g., mutual funds, hedge funds or sub-advised products).

**Initial Holdings Disclosures**

If you are classified as an Access or Investment person, within 10 calendar days of your start date, you must disclose all holdings in Covered Securities in which you have a Beneficial Interest.

Additionally, you must disclose any holdings in Prudential-managed products, including mutual funds, commingled pools, hedge funds or sub-advised products.

Holdings information must be current as of 45 days prior to your start date. See pages 10-11 below and Exhibit B for a detailed list of Covered and Non-Covered Securities.

**Authorized Brokers for US Reportable Accounts**

US-based reportable Investment Securities Accounts must be held at one or more of the firms on the Authorized Brokers List.

New employees must transfer all reportable accounts to an Authorized Broker within 45 days from the start of their employment.

![](x1_c113438x897x2.jpg)This requirement does not apply to managed accounts that are exempt from certain provisions of the Code, employee stock purchase and stock option plans and other accounts (including health savings accounts, 529 plans, pension, retirement, and compensation accounts).

If you are granted an exception to hold your Investment Securities Accounts with a firm not on the Authorized Brokers List, you must manually enter all Covered Securities transactions into the STAR system as soon as possible, but no later than 10 days after the quarter ends. Additionally, you must periodically certify the accuracy of manually entered transactions.

**Non-US Reportable Accounts**

For non-US reportable Investment Securities Accounts, you must promptly disclose any newly opened accounts in which you have a Beneficial Interest.

You must ensure that Compliance receives duplicate statements and trade confirmations/contract notes in one of the three ways listed below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Electronic feeds – You are encouraged to deal through brokers
that provide Compliance with trade confirmations and holdings via electronic feed to the STAR system. This provides Compliance
with the most timely and accurate personal trading information. All brokers on the Authorized List provide us with an electronic
feed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Broker Delivery of Duplicate Confirmations and Statements –
In applicable jurisdictions, you should allow your brokers to provide delivery of duplicate confirmations and statements directly
to your local compliance team.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. You Upload Trade Information – If neither of the above options
is possible, you are required to enter your trade details into STAR and upload the trade information (e.g., confirmation/contract
notes, etc.) within 10 business days of executing a precleared trade. Additionally, you will be required to attest to your trades
quarterly and upload statements quarterly.

Due to applicable laws, if you are located outside of the United States, you may not be required to disclose or report information regarding accounts for a spouse, dependent family member and/or minor child.

Please see Appendix D for jurisdiction-specific guidance, if your jurisdiction is not listed, contact your local Compliance for clarification.

**Cryptocurrency**

You are not required to disclose accounts for cryptocurrency (or other digital assets) if they do not have brokerage capabilities and are not linked to an account with brokerage capabilities (whether or not such capabilities are utilized).

If you need help confirming whether your cryptocurrency account has a brokerage component, contact local Compliance for assistance.

Ongoing Disclosure, Reporting, & Attestation Responsibilities

The table below summarizes ongoing disclosure, reporting and attestation responsibilities for those accounts in which you have a Beneficial Interest, depending on your Employee Classification.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Ongoing Responsibilities** | **Associated Persons** | **Access & Investment Persons** |
| &nbsp;&nbsp;Within 30 days – Disclose any newly opened accounts | Required | Required |
| &nbsp;&nbsp;Within 30 days – Disclose the holdings contained in newly opened accounts | Not Required | Required |
| &nbsp;&nbsp;Annually attest that you have disclosed all accounts | Required | Required |
| &nbsp;&nbsp;Annually attest that you have disclosed all required holdings | Not Required | Required |
| &nbsp;&nbsp;Quarterly Exception Account Attestation (for Investment Securities Accounts without direct electronic feed) | Required | Required |

---

In addition to the above, you may be required to complete other periodic attestations to meet jurisdictional and regulatory requirements.

Additional Requirements for Access and Investment Persons

Preclearance Process for Personal Trading

![](x1_c113438x899x1.jpg)The requirements in the Code are designed to mitigate or eliminate any potential or apparent conflict that may occur between your personal account dealing and client security dealing. The following requirements apply to your personal dealing in Covered Securities in Investment Securities Accounts for which you have a Beneficial Interest (See Exhibit C – Beneficial Interest).

**What Trades Must Be Precleared?**

If you are classified as an Access or Investment Person, you must receive approval before buying, selling, gifting and transferring ownership of stocks, bonds, options, other publicly traded securities, and private placements (Covered Securities) in any reportable Investment Securities Account, unless included in the list below (Non-Covered Securities).

**What Trades are Not Required to be Precleared?**

You <u>are not</u> required to preclear the following (unless the business that you work for, or support centrally or directly, is specifically listed below):

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Non-Covered Securities** | &nbsp;&nbsp;**Must Preclear** | &nbsp;&nbsp;**Prohibited from<br> trading** |
| &nbsp;&nbsp; **Select Broad Based Equity ETFs and related Options** Select equity index funds that are not specific to a sector and track an index with a minimum of 100 constituents that compliance has determined to be sufficient. See the document library in STAR for the current Approved List | &nbsp;&nbsp;SIRG Custom Harvest |  |
| &nbsp;&nbsp; **Broad Based ETFs and related Options** ETFs that are not specific to a sector and track an index with a minimum of 100 constituents that compliance has determined to be sufficient. See the document library in STAR for the current Approved List. | &nbsp;&nbsp;Fixed Income, SIRG, Custom Harvest |  |
| &nbsp;&nbsp;**Other ETFs** | &nbsp;&nbsp; Fixed Income, PQS, PGIM Investments, PGIM Custom Harvest, PGIM DC Solutions and GRES |  |
| &nbsp;&nbsp; **Futures options and futures on additional Broad Based Indices**. (for example**,** FTSE 100, FTSE 250, MSCI EAFE, MSCI EM, NASDAQ 100, Nikkei 225, NSE S&P CNX, Russell 1000, Russell 2000, Russell 3000, S&P 100, S&P 500, S&P Europe 350, and S&P MidCap 400) | &nbsp;&nbsp;Fixed Income | &nbsp;&nbsp;NFA Associated Persons are prohibited from trading in futures |
| &nbsp;&nbsp;**Options, futures, and other ETFs based on one or more instruments that are not covered securities** (e.g., commodities, currencies, and U.S. Treasuries | &nbsp;&nbsp;Fixed Income | &nbsp;&nbsp;NFA Associated Persons are prohibited from trading in futures |
| &nbsp;&nbsp; **All debt issuances including bills, notes, bonds, and direct obligations of the U.S. Government** including U.S. Treasury bills, notes, and bonds | &nbsp;&nbsp;Fixed Income (except for U.S. Savings Bonds) |  |
| &nbsp;&nbsp;**Currencies** | &nbsp;&nbsp;Fixed Income |  |
| &nbsp;&nbsp;**Sovereign debt derivatives** |  | &nbsp;&nbsp;Fixed Income |

---

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Must Preclear** | &nbsp;&nbsp;**Prohibited from<br> trading** |
| &nbsp;&nbsp;**Non-Covered Securities**<br>&nbsp;&nbsp;**Bankers' acceptances and Bank Certificates of Deposit** |  |  |
| &nbsp;&nbsp;**Commercial paper** |  |  |
| &nbsp;&nbsp; **High quality short-term debt instruments** (rated in one of the two highest categories by an NRSRO & maturity of less than 366 days), including repurchase agreements. |  |  |
| &nbsp;&nbsp;**Cryptocurrencies that are not securities** |  |  |
| &nbsp;&nbsp;**Money market funds and Open-end mutual funds** |  |  |
| &nbsp;&nbsp;**Unaffiliated annuities and life insurance contracts** |  |  |
| &nbsp;&nbsp;**529 plans** |  |  |
| &nbsp;&nbsp;**Unit Investment Trusts** |  |  |
| &nbsp;&nbsp;**Prudential related securities** | &nbsp;&nbsp;Designated Persons at SVP level (or equivalent) and above. |  |

---

Where specific business units are identified above, the additional requirements (preclear or prohibited investments) extend to any employees who provide direct or central support to those business units.

While the above securities, commodities, currencies, and instruments are exempt from the specific preclearance requirements and investment restrictions set out in the Code, you should consider any potential conflicts of interest before trading.

**Options & Futures**

The purchase, sale and exercise of options and futures are generally subject to the same restrictions as applicable to the underlying security.

If a transaction in the underlying security does not require preclearance (e.g., certain ETFs, national government obligations, unit investment trusts), then an options or futures transaction on the underlying instrument does not require preclearance.

Preclearance is not required when you write (sell) an option, and the option is exercised without any action on your part.

You 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.

**How does the Preclearance Process Work?**

You must preclear any trades in Covered Securities in an Investment Securities Account for which you have a Beneficial Interest.

---

| | |
|:---|:---|
| &nbsp;&nbsp; **U.S Based Employees** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Non-U.S. based Employees** |
| &nbsp;&nbsp; Employees preclear using STAR unless the transaction meets one of the provisions noted above.<br>| &nbsp;&nbsp; Employees preclear using STAR when available.<br>Please note local law or administrative issues may limit the availability of STAR. In these cases, employee personal trading activity is approved, monitored, and tracked locally.<br>Please consult your Local Business Unit Compliance Officer for details. |

---

Most requests are approved or denied immediately, but some may take longer to evaluate. Please note, a reason for denial may not be provided if it could result in the release of Confidential Information.

**Two-Day Approval Window**

Approvals and denials are communicated via email. If your requested transaction is approved and you choose to transact, you have until the end of the next calendar day to execute your transaction. If one of your approved days is on a weekend or market holiday, your approval does not carry over to the next business day. A new preclearance request will be required after the two calendar days have passed.

If the transaction is not placed and executed within the approved timeframe, you will need to submit a new trade request in STAR. Limit orders are allowed only if they are set to expire within the preclearance approval window.

If you engage in multi-day limit orders, you must obtain preclearance approval for the days 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.

Trading Restrictions

**Excessive Trading**

You may not engage in an excessive volume of trading in your personal accounts. High volumes of personal trading may raise concerns that your energies and interests are not aligned with client interests or our long-term investment philosophy and could potentially impact your ability to conduct assigned responsibilities. You and your supervisor may be notified when personal trading appears excessive (75 or more transactions per quarter).

**Restricted Securities**

You are prohibited from purchasing or selling securities of issuers on your respective business unit's Restricted List(s).

The Local Business Unit Compliance Officers are responsible for maintaining these Restricted Lists and/or Watch Lists pursuant to their standard operating procedures. Restricted Lists and Watch Lists are confidential and may not be shared across different investment sectors.

Employees who acquired restricted securities prior to becoming subject to the Code or prior to the security being placed on the unit's Restricted List or Watch List, must obtain written exception from their Local Business Unit Compliance Officer prior to the sale of such security.

**Blackout Periods**

You will not be granted preclearance to transact in a Covered Security when there is a pending buy or sell order for a client in that same security. Additionally:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Access Persons will not be granted preclearance
to trade in a Covered Security on the same day a client trade occurs in the same security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Investment Persons will not be granted preclearance to trade in a Covered Security
within seven (7) calendar days after a client trade
occurs in the same security.

In addition, the Law Department may issue a trading restriction that applies to all or a certain subset of Employees on any Prudential-issued security or any security of a third-party issuer. The Law Department will notify impacted Employees directly with instructions regarding the trading restriction.

**Short-Swing Profits & Minimum Holding Periods**

Investment Persons are prohibited from profiting from a purchase and sale, or sale and purchase, of the same Covered Security within any sixty-calendar day period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Transactions resulting in a loss are not subject to this prohibition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ For Investment Persons in SIRG, this prohibition
is limited to the purchase and sale of the same or equivalent exchange traded funds.

In keeping with the spirit of this restriction, Investment Persons should not engage in options or other derivative strategies that lead to the exercise or assignment of Covered Securities that would result in a prohibited transaction (i.e., writing a short call or buying a long put with an expiration date of less than sixty days). Any violation of this prohibition will result in disgorgement of profit.

Minimum holding periods are applicable for any purchase and subsequent sale, or any sale then subsequent purchase (for short sales), of the same Covered Security.

**Minimum holding periods for Covered Securities are as follows:**

---

| | |
|:---|:---|
| **Profile** | **Holding Period** |
| &nbsp;&nbsp;&nbsp;**Investment Person** | &nbsp;&nbsp;Two months (60 calendar days) |
| &nbsp;&nbsp;&nbsp;**Employees located in Japan** | &nbsp;&nbsp; **PGIM Fixed Income:** Six months (180 calendar days)<br> **PGIM Real Estate:** Three months (90 calendar days) |

---

With respect to derivatives, any transaction to close out a derivative position cannot be executed until the end of the holding period. The holding period starts the day after execution of your trade. Calculations are made using the "first-in, first-out" (FIFO) method unless a different method is required in your local jurisdiction. Any exceptions to the above will be made only after compliance review and written approval.

**Exceptions (Blackout Periods, Short Swing Profits and Minimum Holding Period,)**

Exceptions may be granted to the Minimum Holding Periods, Blackout Periods and Short Swing Profits Rule when the transaction is in a discretionary managed account, non-volitional, or below a certain de minimis threshold.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **De minimis Amounts**<br> De minimis amounts are based on USD and are calculated to the equivalent local currency when trading in non-US markets; aggregated over 30 days | &nbsp;&nbsp; **De minimis Amounts**<br> De minimis amounts are based on USD and are calculated to the equivalent local currency when trading in non-US markets; aggregated over 30 days | &nbsp;&nbsp; **De minimis Amounts**<br> De minimis amounts are based on USD and are calculated to the equivalent local currency when trading in non-US markets; aggregated over 30 days |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Blackout Period & Minimum Holding Period** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Blackout Period & Minimum Holding Period** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Short Swing Profits Rule** |
| &nbsp;&nbsp;Equities | &nbsp;&nbsp;Fixed Income | &nbsp;&nbsp;All Securities (Equities, ETFs, Debt, etc.) |
| &nbsp;&nbsp;$50,000 or less | &nbsp;&nbsp;$100,000 or less | &nbsp;&nbsp;$5,000 or less |
| &nbsp;&nbsp;**Minimum** Holding are any trades, or series of trades effected over t**he minimum period** | &nbsp;&nbsp;**Minimum** Holding are any trades, or series of trades effected over t**he minimum period** | &nbsp;&nbsp;Round-trip transactions over the minimum period (Buy and Sell or Sell and Buy) |

---

Transactions in Covered Securities involving no more than the amount listed in the table above will not violate the Code. Compliance has discretion up to the nearest round lot.

**Additional Options Trading Restrictions for PGIM Employees**

Trading options on a security held by any portfolio managed by your business unit is at the discretion of the respective Business Unit Compliance Officer.

If you are part of (or support) a PGIM business, you may not write uncovered call options or buy uncovered put options on a security owned by any portfolio managed by that business.

Investment Persons should keep in mind that the short-term trading profit rule might affect their ability to close out an option position at a profit as noted above in Short-Swing Profits.

**Additional Restrictions for NFA Associated Persons**

Employees who are Associated Persons with the National Futures Association, including those in PGIM, Inc., PGIM Investments and PGIM Quantitative Solutions LLC are prohibited from trading futures in their personal Investment Securities Accounts and are prohibited from maintaining a personal futures trading account.

**Additional Restrictions for PGIM Fixed Income Employees**

Employees in PGIM Fixed Income, and those that support PGIM Fixed Income, are prohibited from personally investing in sovereign debt derivatives of any kind including swaps, futures, options, or any other sovereign debt derivatives.

**Additional Restrictions for PGIM Real Estate – Prudential Retirement Real Estate Fund ("PRREF")**

Employees in PGIM Real Estate, and those that support PGIM Real Estate, are prohibited from trading any real estate-related securities (including real estate investment trusts (REITs) and real estate operating companies (REOCs)).

PGIM Real Estate Employees, as well as certain other individuals who have been specifically notified, collectively called "PRREF Covered Individuals," are subject to special restrictions and requirements including:

⮚ the PRREF trading window and blackout period procedures, and

⮚ only permitted to execute PRREF transactions during the respective open trading window

Controls have been established to prevent prohibited transactions during closed trading windows. If a blocking system fails, you are still responsible for adherence to the Code. PGIM Real Estate compliance staff will send PRREF trading window and blackout period notices to all PRREF Covered Persons

Certain limited transactions are permissible during blackout periods. Please contact your Compliance Officer for additional information regarding blackout period exclusions.

**Investment Clubs**

All employees are prohibited from participating 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 you may not use spread betting accounts to circumvent the Code.

Spread betting on non-financial products, such as sporting events, is not covered by the Code.

Additional Requirements for Designated Persons

**Trading Limited During Open Window**

If you are identified as a Designated Person outlined in Prudential's Global Insider Trading Policy, you may only trade PFI stock during an open Trading Window, or such other periods of time as determined at the discretion of the Law Department. The current Prudential Trading Window Calendar can be located in the Document Library in STAR.

**Preclearance Required for Senior Vice Presidents and Above**

Employee who are a level 1-4 or 56A (e.g., Senior Vice Presidents and above), must always preclear all PFI stock trades. Compliance & Legal will determine whether there is potential Material Nonpublic Information ("MNPI") risk before you receive approval.

All employees are prohibited from trading PFI securities when in possession of MNPI regardless of pre- approval. Please contact Compliance with any questions.

Automatic investment plans, default activities, stock awards and grants are exempt from preclearance.

Exceptions

**Excluded Transactions**

The following transactions are excluded from the above trading restrictions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Purchases or sales that are not voluntary, including tender offers and broker-initiated
transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Purchases or sales that are part of an automatic
investment plan or discretionary managed account which have been approved by Compliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ The acquisition of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ securities because of a corporate action

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ securities because of a gift or inheritance

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ securities through an employer retirement plan such as a 401(k) plan or stock
purchase plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ transfers in-kind of Covered Securities.

**Discretionary Managed Accounts**

Discretionary Accounts are managed for you by a registered investment adviser or bank/trust company over which you have no direct or indirect influence or control. These accounts need to be reported, and with approval from Compliance they are exempt from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Quarterly transaction and annual holdings certifications

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Access & Investment Person personal investing
rules (such as pre-clearance requirements and minimum holding periods).

To receive approval, submit documentation to Compliance demonstrating that all trading in the account is under the sole discretion of your adviser or other designee. Discretionary accounts still require disclosure in STAR (or other approved process, for non-U.S. based employees) and transactions in private placements and limited offerings still require preclearance approval.

Additionally, annually you will attest and acknowledge that you:

⮚ had no direct or indirect influence or control over the trading decisions in your discretionary account(s), and.

⮚ did not suggest trades to the manager or in any way direct the manager to make any particular trades in securities for the discretionary account(s).

You are required to inform Compliance immediately if you terminate any approved advisory relationship or make management changes.

**Exemptions While on Leave**

All personal trade monitoring requirements outlined in the Code remain in effect while you are on leave of absence, disability, or vacation.

In certain circumstances, when you have no access to Prudential or its systems while on extended leave, you may request a temporary suspension from certain requirements. Please work with the appropriate Business Unit Compliance Officer (and management) to obtain an exemption.

Your Business Unit Compliance Officer may grant an exemption only when it would not violate laws or regulations. Until you receive confirmation of an exemption, all requirements remain in effect.

Non-Compliance

You are required to promptly report non-compliance of the Code to your business unit Chief Compliance Officer or their designee.

Incidences of non-compliance reported or detected through internal monitoring will be reported to the Ethics Committee. This Committee will review all incidents and determine any sanctions or other disciplinary actions that may be deemed appropriate.

Depending on the facts and circumstances of the incident, sanctions may include verbal reminders, educational letters, disciplinary letters, monetary penalties, suspension without pay, personal trading ban, reduction in PTO days, or other disciplinary action up to and including termination of employment. In accordance with FINRA Rule 3110, certain transactions by Registered Representatives prompting an investigation may require notification to the Self Reporting Organization.

Recordkeeping

Prudential's registered investment advisers are required under the Investment Advisers Act of 1940 and the Investment Company Act of 1940 to keep records of certain transactions in which Access and Investment Persons have a direct or indirect beneficial interest.

Compliance maintains all records relating to compliance with the Code such as preclearance requests, exception reports, memoranda relating to non-compliant transactions, records of violations and any actions taken as a result thereof, acknowledgements, and the names of Access Persons.

These records are maintained in accordance with applicable law and Prudential's Recordkeeping Standards.

Exhibit A – Key Definitions

**Access Person:** Any Employee who has access to nonpublic information regarding any client's purchase or sale of securities or non-public information regarding the portfolio holdings of any client account or anyone identified by Compliance who should be held to the Code because of the activities conducted by their business unit.

**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.

**Associated Person:** Any officer, director or branch manager (or any person occupying a similar status or performing similar functions), any person directly or indirectly controlling, controlled by, or under common control with the broker-dealer, any Employee of the broker- dealer or individuals performing covered functions under the Operations Professional rule 1230 (b)(6), except someone whose functions are solely clerical or ministerial. This includes all Employees and support personnel who are registered with a FINRA member broker-dealer firm. For the purposes of the Code Associated Persons may be classified as either Associated, Access or an Investment Person.

**Authorized Broker-Dealer and Authorized Futures Commission Merchants (FCMs\*):**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Charles Schwab\* · JP Morgan/Chase · Rockefeller Capital Management

· E\*TRADE/Morgan Stanley\* · LPL · UBS\*

· Edward Jones · Merrill Lynch · Vanguard

· Fidelity · Raymond James · Wells Fargo

U.S.-based reportable Investment Securities Accounts must be held at one of the above firms. Employees with non-U.S. reportable Investment Securities Accounts are encouraged to use firms that will provide an electronic feed to STAR.

**Automatic Investment Plan:** Regular periodic purchases (or withdrawals) that are made automatically in (or from) Investment Securities 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:** You have Beneficial Interest of any account or securities in which you have a direct or indirect financial interest. This includes accounts or securities held in your own name or the name of your spouse or equivalent domestic partner, your minor children, and relatives living with you and to whom you provide or receive financial support or whose investments for which you have discretion, influence, or control. This could include accounts or securities of individuals with whom you share living expenses, bank accounts, rent or mortgage payments, ownership of a home, or any other material financial support. See Exhibit C for more information.

**CCO:** Business Unit Chief Compliance Officer or their designee.

**Company:** Prudential Financial, Inc. and its subsidiaries, otherwise known as **"Prudential."**

**Covered Securities:** In general, any securities (and derivatives thereof), including but not limited to individual stocks and bonds, exchange-traded products (ETFs and ETNs), closed-end funds, private placements, and limited offerings. See Exhibit B for a detailed list of Covered and Non-Covered securities.

**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. See the Global Insider Trading Policy for more information.

**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.

**Employees or You:** All employees of Prudential, as well as certain others as identified by Compliance.

**Ethics Committee:** Governance committee composed of senior leaders throughout Prudential. The Committee meets quarterly, or more often as needed, to review potential violations of the Code.

**FCA:** Financial Conduct Authority – a U.K. regulator.

**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.

**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:** An Access Person who also makes or participates in making, decisions regarding the trading of securities in any client account, has access to such decisions or assists in the trade process. Investment Persons generally can include PMs, research analysts, traders, trade operations, compliance, investments, product development and certain ELT members.

**Investment Securities Accounts:** Any accounts in which you have a Beneficial Interest (defined above) and other accounts you could be expected to influence or control, in whole or in part, directly or indirectly, whether for securities or other financial instruments, and that can hold Covered Securities (defined above), whether or not such capability is utilized.

**Immediate Family Member:** Relatives who you share the same household with, and you provide, or receive, material financial support including child, stepchild, grandchild, parent, stepparent, grandparent, spouse, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law, etc.

**Material Nonpublic Information ("MNPI"):** Information that is not 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.

**Monitored Persons:** The term Monitored Persons refers collectively to Supervised Persons, Access Persons, Investment Persons, Associated Persons, and Designated Persons. This term is used by Compliance for back-end monitoring purposes.

**NFA Associated Person:** An individual who solicits orders, customers, or customer funds (or who supervises persons so engaged) on behalf of a commodity trading advisor (CTA) or commodity pool operator (CPO).

**Non-Volitional:** Investment Securities Account activity related to: i) transactions in approved Discretionary Managed Accounts; ii) transactions in pre-approved dividend reinvestment plans; iii) transactions resulting from automatic rebalancing plans; and v) receipt of employee stock or option bonus awards.

**NRSRO:** An SEC-registered Nationally Recognized Statistical Rating Organization (NRSRO). Such entities assess the creditworthiness of an obligor as an entity or with respect to specific securities or money market instruments.

**Private Placement:** 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.

**Private Securities Transaction:** Any securities transaction outside the regular course or scope of an associated person's employment with a member, including but not limited to, new offerings of securities which are not registered with the Securities and Exchange Commission, but not including transactions in investment company and variable insurance and annuity securities. You are prohibited from investing in these transactions including Crowdfunding investments that are private placements without prior approval from their Local Compliance Officer, and as applicable, Broker- Dealer Compliance Officer based on a determination that no conflict of interest is involved.

**Prudential or the Company:** Prudential, its affiliates, and its subsidiaries.

**Prudential Affiliated Funds:** Proprietary funds advised by Prudential, or a non-proprietary fund sub-advised by Prudential, and any fund whose investment adviser or principal underwriter is controlled by or under common control with Prudential.

**Prudential Securities Trading Window:** The period of time commencing at the opening of business on the date that is two full trading days after an earnings release and ending at the close of business on the date that is two weeks prior to the end of each quarter, or such other period of time as determined at the discretion of the Law Department).

**Star Compliance (STAR):** The monitoring system utilized for all personal compliance disclosures including Personal Account Dealing.

**Supervised Persons:** Individuals who are officers, directors, and employees of a registered investment adviser, as well as certain other individuals who provide advice on behalf of the adviser and are subject to the adviser's supervision and control.

**SEC:** U.S Securities and Exchange Commission – a U.S. regulator.

**Uncovered Option:** An option strategy where the options contract writer (i.e., the seller) does not hold the underlying asset to cover the contract in case of assignment (as opposed to a covered option). Nor does the seller hold any option of the same class on the same underlying asset that could protect against potential losses (options spread).

**U.S. Government Entity:** Any U.S. state or local government; any agency, authority, or instrumentality of a state or local government; any pool of assets sponsored by a state or local government (such as a defined benefit pension plan, separate account or general fund); and any participant-directed government plan (such as 529, 403(b), or 457 plans).

Exhibit B – Summary of Code Requirements by Employee Classification

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Summary of Code Requirements by Employee Classification** | &nbsp;&nbsp;**Summary of Code Requirements by Employee Classification** | &nbsp;&nbsp;**Summary of Code Requirements by Employee Classification** | &nbsp;&nbsp;**Summary of Code Requirements by Employee Classification** | &nbsp;&nbsp;**Summary of Code Requirements by Employee Classification** |
|  | &nbsp;&nbsp;**Supervised** | &nbsp;&nbsp;**Associated** | &nbsp;&nbsp;**Access** | &nbsp;&nbsp;**Investment** |
| &nbsp;&nbsp;**Acknowledgement Requirements**<br> Complete new hire and other periodic certifications, attestations, and acknowledgments. | &nbsp;&nbsp;Required | &nbsp;&nbsp;Required | &nbsp;&nbsp;Required | &nbsp;&nbsp;Required |
| &nbsp;&nbsp;**Account Reporting Requirements** | &nbsp;&nbsp;**Account Reporting Requirements** | &nbsp;&nbsp;**Account Reporting Requirements** | &nbsp;&nbsp;**Account Reporting Requirements** | &nbsp;&nbsp;**Account Reporting Requirements** |
| &nbsp;&nbsp;Report all Investment Securities Accounts and future accounts where you have a beneficial interest. | &nbsp;&nbsp;Not Required | &nbsp;&nbsp;Required | &nbsp;&nbsp;Required | &nbsp;&nbsp;Required |
| &nbsp;&nbsp;Report transactions and holdings for all securities and future accounts where you have a beneficial interest. | &nbsp;&nbsp;Not Required | &nbsp;&nbsp;Required<br> *(transaction reporting only*) | &nbsp;&nbsp;Required | &nbsp;&nbsp;Required |
| &nbsp;&nbsp;Maintain Investment Securities Accounts at Authorized Broker- Dealers and Authorized Futures Commission Merchants | &nbsp;&nbsp;Not Required | &nbsp;&nbsp;Required | &nbsp;&nbsp;Required | &nbsp;&nbsp;Required |
| &nbsp;&nbsp;Report Affiliated Open-End Mutual Fund Accounts and Prudential Sponsored Insurance/Annuity Products | &nbsp;&nbsp;Not Required | &nbsp;&nbsp;Required | &nbsp;&nbsp;Required | &nbsp;&nbsp;Required |
| &nbsp;&nbsp;Report Retirement Accounts (e.g., 401K) that can hold individual securities or Prudential Affiliated Funds *(Retirement accounts that do not hold securities, or Prudential affiliated funds do not have to be reported*) | &nbsp;&nbsp;Not Required | &nbsp;&nbsp;Required | &nbsp;&nbsp;Required | &nbsp;&nbsp;Required |
| &nbsp;&nbsp;Discretionary Managed Accounts | &nbsp;&nbsp;Not Required | &nbsp;&nbsp;Required | &nbsp;&nbsp;Required | &nbsp;&nbsp;Required |
| &nbsp;&nbsp;**Investment Restrictions** | &nbsp;&nbsp;**Investment Restrictions** | &nbsp;&nbsp;**Investment Restrictions** | &nbsp;&nbsp;**Investment Restrictions** | &nbsp;&nbsp;**Investment Restrictions** |
| &nbsp;&nbsp;Initial Public Offerings (IPOs) | &nbsp;&nbsp;Prohibited | &nbsp;&nbsp;Prohibited | &nbsp;&nbsp;Prohibited | &nbsp;&nbsp;Prohibited |
| &nbsp;&nbsp;Investment Clubs | &nbsp;&nbsp;Permitted | &nbsp;&nbsp;Prohibited | &nbsp;&nbsp;Prohibited | &nbsp;&nbsp;Prohibited |
| &nbsp;&nbsp;Blackout Period | &nbsp;&nbsp;Does not apply | &nbsp;&nbsp;Does not apply | &nbsp;&nbsp;Required One-Day<br> *Certain Exclusions by Business Unit* | &nbsp;&nbsp;Required Seven-Day<br> *Certain Exclusions by Business Unit* |
| &nbsp;&nbsp;Minimum Holdings Periods and Short Swing Profit Rule | &nbsp;&nbsp;Does not apply | &nbsp;&nbsp;Does not apply | &nbsp;&nbsp;Does Not Apply | &nbsp;&nbsp;Required<br> *Certain Exceptions for SIRG* |
| &nbsp;&nbsp;**Preclearance Requirements** | &nbsp;&nbsp;**Preclearance Requirements** | &nbsp;&nbsp;**Preclearance Requirements** | &nbsp;&nbsp;**Preclearance Requirements** | &nbsp;&nbsp;**Preclearance Requirements** |
| &nbsp;&nbsp;Covered Securities (including ETFs) | &nbsp;&nbsp;Not Required | &nbsp;&nbsp;Not Required | &nbsp;&nbsp;Required *Certain Exceptions See Preclearance*<br> *Section in the Code.*<br> *Pruco Access Persons may have*<br> *additional exclusions* | &nbsp;&nbsp;Required<br> *Certain Exceptions* – *See Preclearance Section in the Code*. |
| &nbsp;&nbsp;Private Placements | &nbsp;&nbsp;Depends – *contact your local*<br> *compliance officer* | &nbsp;&nbsp;Required | &nbsp;&nbsp;Required | &nbsp;&nbsp;Required |
| &nbsp;&nbsp;Closed End Mutual Funds | &nbsp;&nbsp;Not Required | &nbsp;&nbsp;Not Required | &nbsp;&nbsp;Required | &nbsp;&nbsp;Required |
| &nbsp;&nbsp;Open End Mutual Funds | &nbsp;&nbsp;Not Required | &nbsp;&nbsp;Not Required | &nbsp;&nbsp;Not Required | &nbsp;&nbsp;Not Required |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Summary of Code Requirements by Employee Classification** | &nbsp;&nbsp;**Summary of Code Requirements by Employee Classification** | &nbsp;&nbsp;**Summary of Code Requirements by Employee Classification** | &nbsp;&nbsp;**Summary of Code Requirements by Employee Classification** | &nbsp;&nbsp;**Summary of Code Requirements by Employee Classification** |
|  | &nbsp;&nbsp;**Supervised** | &nbsp;&nbsp;**Associated** | &nbsp;&nbsp;**Access** | &nbsp;&nbsp;**Investment** |
| &nbsp;&nbsp;**Preclearance Requirements** | &nbsp;&nbsp;**Preclearance Requirements** | &nbsp;&nbsp;**Preclearance Requirements** | &nbsp;&nbsp;**Preclearance Requirements** | &nbsp;&nbsp;**Preclearance Requirements** |
| &nbsp;&nbsp;Prudential Employee Savings Plan (PESP) | &nbsp;&nbsp;Not <br> Required | &nbsp;&nbsp;Not Required | &nbsp;&nbsp;Not Required | &nbsp;&nbsp;Not Required |
| &nbsp;&nbsp;Deferred Compensation Plan | &nbsp;&nbsp;Not<br> Required | &nbsp;&nbsp;Not Required | &nbsp;&nbsp;Not Required | &nbsp;&nbsp;Not Required |
| &nbsp;&nbsp;Non-Brokerage Health Savings Account (HSA) | &nbsp;&nbsp;Not<br> Required | &nbsp;&nbsp;Not Required | &nbsp;&nbsp;Not Required | &nbsp;&nbsp;Not Required |
| &nbsp;&nbsp;Discretionary Managed Accounts | &nbsp;&nbsp;Not<br> Required | &nbsp;&nbsp;Not Required | &nbsp;&nbsp;Not Required | &nbsp;&nbsp;Not Required |

---

Exhibit C – Beneficial Interest

**Beneficial Interest:** The Code applies to all accounts and securities in which you have a Beneficial Interest (as defined above in Exhibit A – Key Definitions). This means that if you can profit, directly or indirectly, or share in any profit from a transaction, you have a Beneficial Interest. If you are unsure if an account or investment falls under your beneficial interest, contact Compliance for further guidance.

**Employees Located Outside of the U.S.:** If you are located outside of the United States, you may not be required to disclose or report information regarding accounts for which a spouse, dependent family member and/or minor child has a beneficial interest. Please contact your Local Business Unit Compliance Officer for clarification.

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Beneficial Interest** | &nbsp;&nbsp; **Not Beneficial Interest** |
| &nbsp;&nbsp; <br> You have a spouse, domestic partner, or similar cohabitation arrangement: If you contribute to the maintenance of a household and the financial support of a partner or vice versa, your partner's accounts and securities you have beneficial interest and are required to disclose.<br>| &nbsp;&nbsp; <br> You have a roommate and do not share bank and investment accounts or provide material financial support to one another. Roommates are presumed to be temporary and therefore you do not have beneficial interest in one another's accounts and securities and are not required to disclose.<br>|
| &nbsp;&nbsp; <br> Your parents live with you: If you provide financial support to your parents, your parents' accounts, and securities you have beneficial interest and are required to disclose.<br>| |
| &nbsp;&nbsp; <br> Your child has an investment account (e.g., UGMA/UTMA**)** If you (or your spouse) are the custodian for the minor child, the child's accounts give you beneficial interest and you are required to disclose.<br>| &nbsp;&nbsp; <br> Your child has an investment account (e.g., UGMA/UTMA) If someone other than you (or your spouse) is the custodian for your minor child's account, the account does not give you beneficial interest and you are not required to disclose.<br>|
| &nbsp;&nbsp; <br> You have an adult child living in your home: If you provide financial support to your child**,** your child's accounts and securities give you beneficial interest and you are required to disclose.<br>| &nbsp;&nbsp; <br> You have power of attorney: If you have been granted power of attorney over an account, you do not have beneficial interest <u>until the time</u> that the power of attorney has been activated. Prior to activation, you do not have to disclose; post activation you do.<br>|
| &nbsp;&nbsp; <br> You have a college-age child: If your child is in college and you still claim the child as a dependent for tax purposes, you have beneficial interest of their accounts and securities and are required to disclose.<br>| |
| &nbsp;&nbsp; <br> You are the executor, trustee and/or the beneficiary of a trust: Due to the complexity and variety of trust agreements, these situations require case-by-case review by Compliance.<br>| |

---

Exhibit D – Jurisdictional Guidance

This table provides a summary of the application of the Code based on employee location. Contact your local Business Unit Compliance Officer if you have any questions.

---

| | |
|:---|:---|
| &nbsp;&nbsp; Jurisdictional Area | &nbsp;&nbsp; Code |
| &nbsp;&nbsp; United States | &nbsp;&nbsp; Applies in Full |
| &nbsp;&nbsp; United Kingdom | &nbsp;&nbsp; Applies in Full |
| &nbsp;&nbsp; Netherlands | &nbsp;&nbsp; Applies in Full |
| &nbsp;&nbsp; Mexico | &nbsp;&nbsp; Applies in Full |
| &nbsp;&nbsp; Japan | &nbsp;&nbsp;Applies in Full - in addition, local regulations may require more restrictive requirements – contact your local compliance department if you have any questions. |
| &nbsp;&nbsp; Ireland | &nbsp;&nbsp; Applies in Full |

---

References

The Code complements and should be read in conjunction with other Global Enterprise Policies that address ethics and conflicts, such as Making the Right Choices, Conflicts of Interest Policy, Global Anti- Bribery and Anti-Corruption Policy, and the Global Insider Trading Policy.

The Code is designed to comply with laws, rules, and regulations applicable to Prudential's business across the globe, including but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Section 206 of the US Investment Advisers Act of 1940

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Section 17(j) of the US Investment Company Act of 1940

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ SEC Rule 17j-1, Personal Investment Activities of Investment Company Personnel

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ SEC Rule 204-2, Books and Records To Be Maintained by Investment Advisers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ SEC Rule 204A-1, Investment Adviser Codes of Ethics

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ FINRA Rule 3210, Accounts At Other Broker-Dealers and Financial Institutions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ FINRA Rule 3280, Private Securities Transactions of an Associate Person

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ FCA COBS 11.7 and 11.7A, Personal Account Dealing

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Hong Kong SFC Code of Conduct for Persons Licensed by or Registered with the
SFC Section 12.2

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ IMAS Code of Ethics & Standards of Professional Conduct 2.12, Personal Conduct
and Training

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ NYSE Listing Rules 303A.10, Code of Business Conduct and Ethics Requirements

## Ex-99.(P)(20)

**Exhibit 99.(P)(20)**

**ANNEX A**

**Polen Capital Management, LLC <br> Polen Capital Credit, LLC**

**Polen Capital UK LLP**

**Polen Capital HK Limited**

**<u>Code of Ethics</u>**

While Polen Capital Management, LLC ("<u>Polen Capital</u>"), Polen Capital Credit, LLC ("<u>Polen Credit</u>"), Polen Capital UK LLP ("<u>Polen UK</u>"), and Polen Capital HK Limited ("Polen HK" and collectively, the "<u>Firm</u>")<sup>1</sup> are confident of its employees' integrity and good faith, there are certain instances where associated persons possess knowledge regarding present or future transactions or have the ability to influence portfolio transactions made by the Firm on behalf of its clients in securities in which they also personally invest. In these situations, personal interest may conflict with that of the Firm's clients.

In recognition of the above, the Firm has adopted this Code of Ethics pursuant to Rule 204A-1 promulgated by the Securities and Exchange Commission ("<u>SEC</u>") under the Investment Advisers Act of 1940, as amended. The Code of Ethics establishes standards and procedures for the detection and prevention of inappropriate personal securities transactions by persons having knowledge of the investments and investment intentions of the Firm's clients, and addresses other situations involving a potential conflict of interest between the Firm (and/or its Employees) and its clients. All Employees are required to act in conformity with this Code of Ethics at all times.

Additionally, as Polen Capital and Polen Credit each serve as an investment adviser to certain U.S. registered investment companies or mutual funds, the Firm has designed this Code of Ethics to comply with SEC Rule 17j-1 under the Investment Company Act. In the event of a material change to the Reporting Obligation section of the Code of Ethics, the Chief Compliance Officer shall inform the applicable mutual fund's CCO so that the board of such mutual fund can approve such change no later than six months after it is adopted.

**Statement of General Principles**

The Firm's reputation for integrity and ethics is one of our most important assets. To safeguard this reputation, the Firm believes that it is essential not only for the Firm and all of its Employees to comply with relevant federal and state securities laws and regulations, but also to maintain the highest standards of personal and professional conduct at all times. This Code of Ethics is designed to ensure that our conduct is consistent with these values, with our fiduciary obligations to our clients, and with industry and regulatory standards for investment advisers. The Code of Ethics is fully supported by the Firm's senior management and is routinely reinforced through active business and compliance communications as well as periodic education and training measures.

<sup>1</sup> Polen Credit is the wholly-owned subsidiary of Polen Capital. Polen UK is likewise a subsidiary of Polen Capital. Polen HK is the wholly-owned subsidiary of Polen UK. Because of these affiliations together with the integration of various functions between the organizations (including, without limitation, the flow and accessibility of certain confidential information between Employees of each organization), the Firm has adopted this singular Code of Ethics to govern the actions of the Employees for each of the respective organizations.

In recognition of the trust and confidence placed in the Firm by its clients and to stress its belief that its operations are directed to the benefit of its clients, the Firm has developed and adopted the following general principles to guide its supervised persons:

The interests of the Firm's clients are paramount, and all associated persons of the Firm must conduct themselves in such a manner that the interests of the clients take precedence over all others.

All personal securities transactions by supervised persons of the Firm must be placed in such a way as to avoid any actual or potential conflict between the interest of the Firm's clients and the interest of any supervised person of the Firm.

All supervised persons of the Firm must avoid actions or activities that either allow personal benefit or profit from their position with regard to the Firm's clients or otherwise create the appearance of any impropriety.

All supervised persons will remain compliant with federal securities laws and regulations.

Each supervised person shall maintain the confidentiality of any information gained by reason of his or her employment, and shall not use such information in a manner detrimental to the Firm or its clients.

Any potential or actual violation of this Code of Ethics must be promptly reported to the Chief Compliance Officer (or his designee).

Although the Code of Ethics sets forth rules with respect to many situations, all supervised persons should recognize that the Code of Ethics cannot address every possible circumstance that could give rise to a conflict of interest, a potential conflict, or an appearance of impropriety. Moreover, the investment industry is constantly undergoing significant changes, making the ways in which the Firm conducts business more complex. Because rapid changes in the industry constantly present new ethical and legal issues, the provisions set forth herein should not be considered the absolute last word under every circumstance.

**Accordingly whether or not a specific provision of the Code of Ethics applies, all supervised persons must conduct their activities in accordance with the general principles set forth above, and in a manner that is designed to avoid any actual or potential conflict of interest or any abuse of an individual's position of trust and responsibility, as literal compliance with these specific rules will not shield a supervised person from liability for personal trading or other conduct that nonetheless violates a fiduciary duty to the Firm's clients.**

In all cases, doubtful situations should be resolved in favor of the Firm's clients.

Supervised persons should, accordingly, be alert for potential for conflicts of interest, and consult with the CCO (or his designee) whenever questions arise concerning the application of the Code of Ethics to a particular situation. Honesty at all times and in all things is an essential part of your responsibility to the Firm.

**Definitions**

This Code of Ethics requires supervised persons, called "access persons," to report their personal securities transactions and holdings. An access person is 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. Particularly given the extensive sharing of information across multiple departments, the Firm's supervised persons (as well as its access persons) include each of its officers and employees, as well as any other persons who provide advice on behalf of the Firm and are subject to the Firm's supervision and control.

An access person would be considered to be a beneficial owner of, or have a beneficial interest in, any security in which such person has a direct or indirect monetary interest or is held by such person's spouse, minor children, a relative who shares such person's home, or other persons by reason of any contract, arrangement, understanding or relationship that provides such person with a direct or indirect pecuniary interest. It may be possible for an access person to exclude accounts held personally or by immediate family members sharing the same household from the requirements of the Code of Ethics if the access person does not have any direct or indirect influence or control over the accounts (as further described herein), or can otherwise rebut the presumption of beneficial ownership over such family members' accounts. Access persons should consult with the CCO (or his designee) before excluding any accounts held by immediate family members sharing the same household from the obligations set forth herein.

A "reportable security" is considered to be any security, except that it shall not include (i) securities issued by the Government of the United States or an agency thereof (e.g., U.S. treasury bills and treasury bonds); (ii) money market instruments (*e.g.*, bankers' acceptances, bank certificates of deposit, commercial paper, repurchase agreements and other high quality short-term debt instruments); (iii) shares of money market funds; (iv) transactions and holdings in other open-end mutual funds or pooled vehicles (unless the Firm or a control affiliate acts as the investment adviser or principal underwriter for the fund); and (v) transactions in units of a unit investment trust ("UIT") if the unit investment trust is invested exclusively in unaffiliated mutual funds (collectively, "<u>Exempt Securities</u>").

As a technical manner, shares in UIT exchange-traded funds ("ETFS") are reportable securities, whereas shares in open-end exchange-traded funds are not, in accordance with the exclusion found in Rule 204A-1(e)(10)(iv) under the Advisers Act. However, for simplicity purposes under this Code of Ethics, shares in all ETFs should be treated as reportable securities.

The "purchase or sale of a security" includes, among other things, the writing of an option to purchase or sell a security.

"Employees" include all officers, employees and individual members of Polen Capital; Polen Credit; Polen UK and Polen HK. In addition, for purposes of this Code of Ethics, temporary employees including contractors, temps, and interns (collectively "contractors") will be deemed "Employees" on their 91<sup>st</sup> day of association with the Firm, calculated on a rolling 12-month basis, unless otherwise approved by the CCO (or his designee). For the avoidance of doubt, if based on their duties or job functions, a contractor meets the definition of an access person, they will be required to comply with the personal trading and reporting requirements and will be given a copy of the Code of Ethics.

Finally, the Compliance team maintains certain lists of current and prospective portfolio companies in which personal trading may be restricted, as further described in this Code of Ethics. These include the "Restricted List" and "Special Situations List" (which reflect public and private companies, respectively, in which the Firm may be in receipt of material non-public information) and the Coverage List (which reflects the companies that fall within the current Polen Capital coverage universe and accordingly may be temporarily in a "Blackout Period" due to client trading activity).

**Conflicts of Interest**

It is the policy of the Firm that supervised persons should be free from any direct or indirect interest, activity or entity that could possibly conflict with the interests of the Firm or its clients. Underlying this policy are two principles:

No supervised person should have, or acquire, any direct or indirect interest, activity or association, which influences or interferes with, or which might or could be thought to interfere with or influence the independent exercise of his or her judgment in the best interest of the Firm.

No supervised person should personally profit, or seek to profit, directly or indirectly, from opportunities or business information that are available to, or obtained by, him or her as a result of his or her position with the Firm.

Direct or indirect interests include agency relationships, trusts, corporations, partnerships and interests held by family members.

**General Prohibition on Fraudulent Conduct**

No access person shall, in connection with the purchase or sale of a security, directly or indirectly:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Employ any device, scheme or artifice to defraud any client of the Firm;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Make to the Firm or any client of the Firm any untrue statement of a material
fact or omit to state a material fact necessary in order to make the statements made, in light of the circumstances under which
they are made, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Engage in any act, practice or course of business which would operate as a fraud or deceit upon
any client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Engage in any manipulative practice with respect to any client; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Trade ahead of or in conflict with investment recommendations made by the Firm on behalf of any
client.

**Personal Trading Practices**

The Code of Ethics contains detailed rules concerning personal securities transactions applicable to all Employees of the Firm. Certain laws and ethical standards impose duties on the Firm and its Employees to avoid conflicts of interest between employees' personal securities transactions and transactions by the Firm on behalf of its clients. Although it is not the Firm's intent to discourage trading by its Employees for long-term investment purposes, personal trading in reportable securities, in particular, can create (or simply give the appearance of creating) a conflict of interest in light of the Firm's investment management responsibilities to its clients. Accordingly, the Code of Ethics contains certain preclearance procedures, as well as certain prohibitions, with respect to personal securities transactions by Employees while at the same time preserving reasonable employee flexibility to manage their personal assets.

*Preclearance Procedures for Personal Securities Transactions*

 

In order to avoid conflicts of interest as well as the appearance of any impropriety, all purchases and sales of reportable securities in which an Employee has or will have a beneficial interest require preclearance pursuant to the procedures set forth herein, subject to any exceptions noted herein.

In an effort to implement a robust preclearance procedure, the Firm utilizes an automated employee trade preclearance system via a web-based compliance portal accessible to all Employees that is provided by ACA Group (the "<u>Compliance Vendor</u>"). <u>All Employees must pre-clear any non-exempt personal transactions in **reportable**</u> **<u>securities</u>** <u>through this web-based portal prior to their execution (*unless otherwise approved by the Chief Compliance*</u>*<u>Officer or his designee</u>*<u>)</u>. The Firm has programmed this automated preclearance system to incorporate the ongoing rules and other restrictions with respect to personal trading in reportable securities by Employees that are set forth herein. When in doubt as to whether a particular transaction requires preclearance, you should preclear the transaction or seek clarification from the Compliance team before placing a trade.

Accordingly, <u>prior to the execution of any non-exempt personal transaction in a reportable security</u>, an Employee must complete an online preclearance request via the web-based compliance portal.<sup>2</sup> Depending on the type of reportable security requested to be pre-cleared by the Employee and the then-current facts and circumstances, following completion of the preclearance request by an Employee, the Employee will be promptly notified (via the web-based portal) that the personal transaction has been either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. *Approved*, in which case the Employee may then execute such transaction
in his or her brokerage account(s); or

ii. *Labeled as "Submitted"*, in which case the Employee must
defer execution of the personal trade until the Compliance team has completed an independent review of the appropriateness of such
transaction. By way of example, a preclearance request may be labeled as "*Submitted*" if the Firm has placed
an issuer in which the Employee wishes to trade on its "Coverage List". Following review by the Compliance team (*e.g.*,
to determine whether or not the Firm has placed such issuer in a "Blackout Period"), the transaction then will be either *Approved* (in which case the Employee may then proceed with execution) or *Denied* (with rationale provided, in which
case the Employee may not proceed with execution).

**If a precleared transaction is not executed by the end of the second business day following the date on which preclearance is approved, the preclearance will expire, and the Employee must enter the request again into the web-based portal**. For the avoidance of doubt, if the effectiveness of an approval lapses for any reason, an Employee must submit a new request and receive another approval before such Employee may purchase or sell the reportable security. <u>Post-trade approval is not permitted under the Code of Ethics</u>.

The "gifting" of reportable securities (*e.g.*, as a charitable donation) held by an Employee or in which an Employee has a beneficial interest shall be considered a personal securities transaction of the Employee and accordingly shall be subject to the preclearance requirement as described above.

*Preclearance Exemptions for Certain Transaction Types*

 

You are not required to preclear any of the following types of transactions (even if the Security itself constitutes a reportable security and typically would not be exempt from preclearance):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Purchases and sales of securities that are non-volitional, including (i) purchases or sales upon
the exercise of a put or call option where the purchase or sale is effected based on the terms of the option and without action
by the access person or his or her agent (with it being noted that the initial writing of the option itself must be precleared);
and (ii) automatic dividend reinvestments, 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 (*e.g.*, corporate action events).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Open-end mutual funds or pooled vehicles where the Firm or a control affiliate acts as the investment
adviser or principal underwriter for the fund.

<sup>2</sup> In certain extenuating instances as further described herein, the Firm may permit an Employee to submit a manual preclearance request to the Chief Compliance Officer (or his designee) for review; such circumstances are addressed by the Chief Compliance Officer on a case-by-case basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· ETFs and Exchange-traded Notes (ETNs), excluding single-stock ETFs and ETNs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Publicly-traded closed-end funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Sales as a result of a tender offer made available generally to all shareholders of the issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· State or municipal bonds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Listed index options and futures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Investments in currencies (including options/swaps thereon).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Interests in qualified state college tuition programs ("529 Plans").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Transactions effected pursuant to an automatic investment plan or transactions of reportable securities
in accounts over which the access person had no direct or indirect influence or control, such as an account managed by an investment
adviser on a discretionary basis (each, an " <u>Exempt Account</u> "). Any access person seeking to exempt an account
managed by a third party from this requirement must submit a request in writing to the CCO (or his designee), who will, on a case-by-case
basis, determine whether the plan or account qualifies for an exception. In making this determination, the CCO may ask for supporting
documentation, such as a copy of the automatic investment plan, a copy of the discretionary account management agreement, and/or
a written certification from the unaffiliated investment adviser. Further, the CCO may provide the access person with the exact
wording and a clear definition of "no direct or indirect influence or control" that the Firm consistently applies to
all access persons. Access persons who claim they have no direct or indirect influence or control over an account are also required
to certify to this effect to the Firm on at least an annual basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Under certain circumstances involving instances in which an immediate family member receives or
is offered an opportunity to acquire an equity interest in such person's employer (or an affiliate) as the result of a bona
fide employment relationship (e.g., via an employee stock purchase program). The following principles apply in such circumstances:
(i) transactions that are initiated by the employer of the immediate family member (for example, as part of the immediate family
member's compensation from his/her employer) are exempt from the preclearance requirement; and (ii) transactions that are
initiated by the immediate family member are subject to the preclearance requirement.

*Excessive or "Day" Trading Prohibited*

 

Employees should be aware that the preclearance process, among other things, imposes burdens on the compliance and, in certain cases, investment staff of the Firm. Moreover, Employees are strongly discouraged from excessive or "day" trading in their personal accounts, as they should be devoting substantially all of their time during the workday to performing their job responsibilities on behalf of the Firm. While the Firm has not established a maximum number of trades per month in reportable securities that an Employee is required to preclear, the purchase and sale, or sale and purchase, of a reportable security that is subject to the preclearance requirement (or its equivalent) within 60 calendar days is generally regarded as short-term trading and is not permitted. Furthermore, if the Chief Compliance Officer nonetheless determines that an Employee is making an excessive number of preclearance requests through the web-based compliance portal, he reserves the right to impose such a limitation on personal trading if it is believed to be in the best interest of the Firm and/or its clients. Under no circumstances will the Firm be responsible for any losses suffered by an Employee in their personal accounts as a result of a denial of consent to

trade in reliance on this provision. Each Employee should evaluate this risk before engaging in personal transactions in reportable securities that require preclearance.

*Blackout Period Restrictions*

 

Employees may not purchase or sell a reportable security when the proposed transaction would conflict with trading activity under consideration for a client (*e.g.*, a pending "buy" or "sell" order in such security). The beginning of such a Blackout Period with respect to any reportable security will be determined by the applicable portfolio manager(s) and will generally coincide with the onset of a "quiet period" for purposes of any related client communication. The ending of such a Blackout Period with respect to any reportable security will occur on the *second trading day* following the determination by the applicable portfolio manager(s) that all relevant trading activity on behalf of the Firm's clients has concluded, which will also generally coincide with the conclusion of the applicable "quiet period". A Blackout Period with respect to any reportable security will be programmed into the web-based compliance portal (and, accordingly, any requested trade preclearance with respect to the reportable security of an issuer in a Blackout Period will be denied by the Compliance team).

*Front Running Prohibited*

 

Employees are prohibited from inappropriately using proprietary or confidential information obtained while associated with the Firm for their personal benefit. For example, no Employee shall engage in a personal securities transaction based on advance knowledge that the Firm is executing or will be executing a purchase or sale of the security on behalf of a client. This prohibition will not affect the execution of transactions for the account of a client in which one or more Employees has an economic interest (such as, for example, where an Employee owns shares of an investment fund managed by the Firm), which may be executed by the Firm in accordance with the Firm's trading practices.

*Transactions in Securities on Restricted List and Special Situations List Prohibited*

 

From time to time, employees may come into possession of non-public information about a particular company. The Compliance team may include such companies on the "Restricted List" or (with respect to private issuers with no publicly-traded securities) the "Special Situations List", and impose restrictions on transactions involving securities of those companies in client accounts as well as in the personal accounts of Employees. Employees 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.

Employees should be aware that the Firm may place an issuer on the Restricted List or the Special Situations List at any time without prior notice. Employees who purchase reportable securities of issuers that are later placed on the Restricted List or the Special Situations List, may, unless otherwise permitted by the Chief Compliance Officer (or his designee), be frozen in, or prohibited from trading, such holdings until such time as the issuer has been removed from the Restricted List or the Special Situations List, as applicable. The placement and removal of an issuer from the Restricted List or the Special Situations List will be determined by the Firm in its sole discretion. Under no circumstances will the Firm be responsible for any losses suffered by an Employee in their personal account(s) as a result of either placement of an issuer on the Restricted List or the Special Situations List, as applicable, or the denial of consent to trade. Each Employee should evaluate this risk before engaging in personal transactions in reportable securities.

*Approval required for Purchase or Sale of Fixed Income Securities of High Yield Issuers*

 

Employees may not purchase or sell, directly or indirectly, for his/her own account or any account in which such Employee has a Beneficial Interest, any fixed income securities that are rated Ba1 (by Moody's) or BB+ (by S&P) or below (or securities trading at yields comparable to the high yield market and high yield issuers) without the prior approval of the Chief Compliance Officer (or his designee).

Certain clients of the Firm pursue high yield fixed income strategies. Issuers of such high yield securities are typically more susceptible to a restructuring of their balance sheet, either through bankruptcy, prepackaged bankruptcy, or an out-of-court reorganization. The Firm may determine to purchase, on behalf of its clients, a significant enough position in the securities to enable the Firm to substantially influence or lead such a restructuring process. The purchase or sale of such fixed income securities of such issuers by Employees may potentially conflict with various investment objectives of clients pursuing such a high yield fixed income strategy.

Accordingly, in order to avoid a conflict of interest or the appearance of a conflict of interest, the Firm intends to deny preclearance for any personal trade of high yield fixed income securities. Such preclearance may be denied irrespective of whether or not the Firm has placed at such time a pending "buy" or "sell" order in the same security and irrespective of whether or not any client holds such security in its portfolio at such time. As a result, Employees should have no expectation of purchasing high yield fixed income securities in their personal brokerage accounts.

*Approval Required for Participation in Initial Public Offerings, Private Placements and other Limited Offerings*

 

The Chief Compliance Officer (or his designee) must pre-approve in writing any investment by an access person in an initial public offering ("IPO"), private placement or other limited offering.

In determining whether to give approval with respect to such a transaction, the Chief Compliance Officer will consider, as applicable, whether it is possible (and appropriate) to reserve that investment opportunity for one or more clients, as well as any regulatory concerns related to FINRA's "new issue" rules, including whether the opportunity to invest in the transaction has been offered as a favor or a gift to the Employee (*e.g.*, as a *quid pro quo*) or as compensation for services rendered. Notwithstanding the foregoing, employees may invest in private funds sponsored by Polen Capital or Polen Credit through the regular subscription process and need not seek separate prior approval from the CCO.

*Duty to Disclose*

 

Employees who have a beneficial interest in a particular security or who have decided to execute a personal transaction of a material nature in such a security for any account in which such Employee has a beneficial interest must disclose this information in the course of any communication regarding the security or the issuer with the applicable portfolio manager(s) or other senior investment personnel involved in evaluating such an investment opportunity on behalf of the Firm's clients. This protocol will facilitate a high degree of transparency as well as minimize the risk that the Firm fails to identify a conflict of interest that may create the appearance of impropriety when providing investment advice for its clients.

**Cryptocurrency**

The status of crypto currencies, digital coins or tokens, and related products is still being analyzed by the SEC and other interested parties. Certain types of transactions involving crypto currencies are likely to be reportable under the Code of Ethics (*e.g.*, purchasing interests in an investment trust that mines crypto currencies) and require

preclearance, while other transactions are permitted without otherwise requiring preclearance. In the case of uncertainty, Employees should preclear transactions involving crypto currencies that may constitute a "reportable security" hereunder in order to ensure that they are not inadvertently failing to report a securities transaction under the Code of Ethics (or otherwise consult with the Chief Compliance Officer prior to executing such transaction).

**Reporting Obligation**

*Electronic Data Transmission to Compliance Vendor*

 

With the exception of Exempt Accounts, Employees are required to report to the Firm all accounts in which reportable securities can be purchased or sold and in which an Employee has a beneficial interest. It is imperative that each Employee report such accounts so that the Firm can instruct the broker for such accounts to establish a direct electronic data feed directly with the Compliance Vendor.<sup>3</sup> Such electronic feed will provide the Compliance Vendor with a record of each personal securities transaction by Employees, thereby enabling the Compliance team to verify compliance with the preclearance procedure with respect to personal trading set forth herein.

Employees should use their reasonable efforts to maintain their personal brokerage accounts with brokers that provide an electronic data feed to the Compliance Vendor. If an Employee maintains an account at a brokerage firm that does not provide transaction and holdings information to the Compliance Vendor electronically or is otherwise not on an approved list of brokers maintained by the Compliance team, the Firm, in its sole discretion, may require the Employee to close such brokerage account, and transfer (or otherwise liquidate) any reportable securities held therein to an account established at one of the approved brokers as designated by the Chief Compliance Officer. In extenuating circumstances where the Firm permits an Employee to maintain a brokerage account at a broker (or other third party) that is unable to establish an electronic data feed directly with the Compliance Vendor, the Chief Compliance Officer may require such Employee to attach duplicate brokerage confirmations or monthly statements within the web-based compliance portal provided by the Compliance Vendor so that the Firm can confirm compliance with the provisions of this Code of Ethics. In such instances, the Chief Compliance Officer will also establish with such Employee a manual procedure with respect to the preclearance of any trades of reportable securities within such account.

In order to enable the Firm to verify that an electronic data feed to the Compliance Vendor (or other manual reporting process) is established for all employee brokerage accounts, each Employee, upon commencement of employment with the Firm, is required to report all such accounts to the Chief Compliance Officer. Furthermore, within 15 days of the date on which an account is added or deleted, each Employee is required to update the Chief Compliance Officer with such information. Employees are not otherwise permitted to execute personal transactions in reportable securities in newly-established brokerage accounts until the electronic data feed to the Compliance Vendor has been established (or the Chief Compliance Officer has otherwise approved of a manual trade preclearance process on an interim or permanent basis).

Finally, each Employee will be required to certify annually, via the web-based compliance portal no later than January 30<sup>th</sup> of each year, that the list of brokerage accounts that has been previously reported to the Firm remains complete and accurate.

<sup>3</sup> Notwithstanding the foregoing, the Firm requests that Employees also establish, to the extent possible, electronic data feeds with respect to any Exempt Accounts to better enable the Compliance team to conduct periodic compliance reviews with respect to the holdings within such accounts.

*Report of Personal Holdings Upon Commencement of Employment and Annually Thereafter*

 

A complete report of each access person's reportable securities holdings is required at the time the person becomes an access person (no later than 10 days after the person becomes an access person) and again no later than January 30<sup>th</sup> of each year. Such report should be entered into the web-based compliance portal. The holdings report must be current as of a date not more than 45 days prior to the individual becoming an access person (with respect to the initial report) or the date the report is submitted (with respect to the annual report). Each holdings report must contain, at a minimum:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. 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 reportable security in which the access person has any direct
or indirect pecuniary interest;

&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 which the access person maintains
an account in which any securities are held for the access person's direct or indirect benefit; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The date the access person submits the report.

For the avoidance of doubt, Employees should reflect in such reports any personal holdings in mutual funds or UCITS funds advised by Polen Capital, Polen Credit, Polen UK or Polen HK.

*Quarterly Transaction Report*

 

Quarterly reports are required of all personal transactions of reportable securities by access persons, which are due no later than 30 days after the close of the calendar quarter. Each transaction report, which shall be submitted via the web-based compliance portal, must contain, at a minimum, the following information about each transaction involving a reportable security in which the access person had, or as a result of the transaction acquired, any direct or indirect beneficial ownership:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The date of the transaction, the title, and as applicable the exchange ticker
symbol or CUSIP number, interest rate and maturity date, number of shares, and principal amount of each reportable security involved;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The nature of the transaction (i.e., purchase, sale or any other type of acquisition or disposition);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The price of the security at which the transaction was effected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The name of the broker, dealer or bank with or through which the transaction was effected; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The date the access person submits the report.

For the avoidance of doubt, Employees should reflect in such reports any personal transactions in mutual funds or UCITS funds advised by Polen Capital, Polen Credit, Polen UK or Polen HK.

*Exemptions for Certain Securities and Securities Held in Certain Accounts*

 

Notwithstanding the reporting provisions set forth above, Employees need not provide initial or annual holdings reports or quarterly transaction reports regarding the following types of securities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Holdings of Exempt Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Holdings within an Exempt Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Limited partnership (or other similar) interests in Firm-sponsored private
investment vehicles acquired by an Employee. Given that the Firm and/or an administrator engaged by the Firm separately maintains

investor lists and transaction records for such investments, such transactions do not need to be separately reported via the web-based compliance portal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Holdings within the Firm-sponsored 401(k) plan (to the extent that such
holdings would have otherwise been reported as reportable securities).

**Requirement to Preserve Confidentiality**

Each Employee shall keep confidential during the term of his or her employment or association with the Firm any information concerning the Firm or its clients that is not generally known to the public, including, but not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· 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 the Firm;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the identity of and all information concerning clients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· information prohibited from disclosure by a client's policy on release of portfolio holdings
or similar policy; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· all other information that is determined by the Firm 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 Employee.

No Employee shall use such 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 Employees of the Firm and third parties to whom disclosure is made pursuant to the performance of his or her duties as an Employee of the Firm; as otherwise may be required by law; or when reporting a possible violation of federal law or regulation to any governmental agency or making any disclosures that are otherwise protected under the whistleblower provisions of applicable federal law or regulation. This obligation of confidentiality is in addition to any other Firm policies relating to confidentiality and confidentiality agreements with the Firm to which an Employee is a party.

**Outside Business Activities**

Each Employee is expected to devote his or her full time and ability to the Firm's interests during regular working hours and such additional time as may be properly required in order to perform his or her job responsibilities. Accordingly, the Firm discourages employees from holding outside employment, including any consulting arrangements, as such engagements may detract from an employee's ability to devote the necessary time and attention to his/her work responsibilities at the Firm.

Specifically, an Employee may not engage in outside employment that: (a) interferes, competes, or conflicts with the Firm's interests; (b) encroaches on normal working time or otherwise impairs performance; (c) implies sponsorship or support of an outside organization by the Firm; or (d) reflects directly or indirectly adversely on the Firm. For the avoidance of doubt, this policy also strictly prohibits outside employment in the securities brokerage industry. Furthermore, Employees must abstain from negotiating, approving or voting on any transaction between the Firm and any outside organization with which they are affiliated, whether as a representative of the Firm or the outside organization, except in connection with their providing services to the Firm in the ordinary course of business and on a fully disclosed basis with the approval of the Chief Compliance Officer.

Employees will be required to certify their compliance with this policy on an annual basis through the web-based compliance portal.

**Services as a Board Director, Board Member, Manager, Managing Member or Trustee**

Service as a member on a board of directors or trustees, a manager or a managing member or in a similar capacity exercising control of any business organization (including an advisory board) poses several forms of potential conflicts for employees. These include potentially conflicting fiduciary duties owed to the company and to the Firm's clients, the possible receipt of material, non-public information, and conflicting demands imposed on the time of the Employee. Accordingly, no Employee may serve in such capacity without the prior approval from the Chief Compliance Officer. Approval will generally not be granted unless it is determined that such services would be in, or would not otherwise conflict with, the best interests of the Firm's clients.

If an Employee is serving as a board member, officer, manager, managing member or in a similar control capacity of any organization, the employee should be mindful of his or her responsibilities under the Code of Ethics and his or her agreements with the Firm, and should seek to avoid any appearance of impropriety. In particular, such Employees are reminded of their obligations not to misuse confidential information belonging to the Firm or any client.

From time to time, an Employee may receive approval to serve on the board of directors of a portfolio company in the course of such employee's employment activities with the Firm. Such an employee may not retain any compensation (whether in the form of cash, stock options, shares of restricted stock or other non-cash compensation) received for services on the boards of directors of such issuers, and in such instances, it is the Employee's responsibility to inform the Chief Compliance Officer (or his designee) of his or her receipt of any such compensation and the terms thereof so that the Chief Compliance Officer may assess how the situation should be handled in a manner consistent with the Firm's disclosures (and fiduciary obligations) to its clients. In addition, such employee will be subject to additional procedures designed by the Firm to mitigate any actual or potential conflict of interest with the Firm's clients.

**Review and Enforcement**

The Chief Compliance Officer shall review all reported personal securities transactions to determine whether a violation of this Code of Ethics may have occurred. This includes reviewing for reports or trades reported late, incomplete quarterly/annual reports, and trades conducted in violation of the Code of Ethics, such as preclearance. Before making any determination that a violation has been committed by any person, the Chief Compliance Officer shall give such person an opportunity to supply additional explanatory material.

Review of personal securities holding and transaction reports will also include comparison of such personal trading to any Firm-maintained restricted lists (*e.g.,* Restricted List or Coverage List); assessment as to whether the access person is trading for his or her own account in the same securities such individual is trading for clients, and if so whether the clients are receiving terms as favorable as the access person takes for himself or herself; and periodically analyzing the access person's trading for patterns that may indicate abuse, including market timing.

Compliance with the Code of Ethics is a basic condition of employment. All disciplinary responses to violations of the Code of Ethics shall be administered by the Chief Compliance Officer, in consultation with other senior personnel of the Firm, as appropriate. Such disciplinary response may entail warnings (orally or in writing), additional training sessions regarding the policies and procedures violated, suspension of personal trading privileges, a reversal of any improper transaction, fines, diminution or loss of bonus, demotion, suspension or dismissal. In all

cases, such disciplinary response shall be based on the applicable facts and circumstances, which may include, but are not limited to, the following: (i) the nature of the violation; (ii) whether the failure to obtain preclearance was inadvertent; (iii) whether the Employee had a reasonable basis for believing that preclearance was not necessary with respect to the particular transaction in question; (iv) whether the Employee made a good faith effort to comply with the preclearance requirement; (v) whether the Employee has violated the requirements of the Code of Ethics in the past; (vi) the size of the transaction; (vii) the timing of the transaction, and whether clients were buying, selling, or considering the purchase or sale of such Securities at the time of the Employee's transaction; (viii) whether the Employee's transaction was executed prior to or after transactions by clients; (ix) whether the Employee's transaction was in the same direction as that of clients (*e.g.*, buying when clients were buying), or whether it was in the opposite direction (*e.g.*, selling when clients were buying); (x) the length of time between the Employee's trade and any trade on behalf of a client; (xi) whether there has been unusual market activity in the Security; and (xii) the type of Security and transaction (*e.g.*, fixed income compared with equity securities). In addition, Employees who fail to obtain appropriate preclearance for a personal transaction in Securities may be required to cancel such trade at their own cost and expense.

Violations under the Code of Ethics also may be subject to client reporting obligations. In addition, the Firm may report conduct believed to violate the law or regulations applicable to the Firm or its access persons to the appropriate regulatory authorities.

**Records**

The Firm shall maintain records in the manner and to the extent set forth below and will make them available for examination by representatives of the SEC or other supervisory authority<sup>4</sup>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. A copy of this Code of Ethics and any other code which is, or at any time
within the past five (5) years has been, in effect shall be preserved in an easily accessible place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. A record of any violation of this Code of Ethics and any action taken as
a result of such violation shall be preserved in an easily accessible place for a period of not less than five (5) years following
the end of the fiscal year in which the violation occurs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. A copy of each supervised person's written acknowledgment of receipt
of this Code of Ethics for a period of five (5) years;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. A copy of each report made by an access person pursuant to this Code of
Ethics shall be preserved for a period of not less than five (5) years from the end of the fiscal year in which it is made, the
first (2) two years in an easily accessible place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. A record of any decision within the past five (5) years approving an access
person's acquisition of securities in IPOs and limited offerings; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. A list of all persons who are, or within the past five (5) years have been,
required to make reports pursuant to this Code of Ethics shall be maintained in an easily accessible place.

<sup>4</sup> Under the Advisers Act, many required records must be kept for five years after the end of the fiscal year in which the record was created or last altered. The Hong Kong Securities and Futures Commission requires certain Polen HK records to be kept for seven years or longer. Please see Annex E for details.

In addition, the Firm shall maintain a record of the names of persons who are currently, or within the past five years were, access persons of the Firm.

**Code of Ethics Training; Acknowledgments**

The Firm will provide to each Employee a copy of this Code of Ethics and any amendments. On an annual basis, each Employee must certify that such individual has read, understands, and has complied with the Code. In addition, each time the Code of Ethics is amended, each Employee must certify that such individual has read and understands the Code of Ethics (as amended). The Chief Compliance Officer (or his designee) is responsible for verifying that all Employees acknowledge the Code of Ethics in this manner.

The Chief Compliance Officer is also responsible for providing Employees adequate training on the principles and procedures of this Code of Ethics, such as periodic orientation or training sessions with new and existing staff to remind them of their obligations under the Code.

**Hardship Exemption**

Employees who experience unanticipated difficulties that necessitate the need to liquidate a securities holding or any other act that contradicts the above mentioned policies must seek prior written approval of the CCO (or a designee) before executing any transaction that would violate the above mentioned policies. Exemptions, which will be documented in writing, will be decided on a case-by-case basis and the Firm provides no assurance that an exemption will be granted.

**Compliance Reporting**

On an annual basis in connection with the requirements of Rule 17j-1 promulgated by the Securities and Exchange Commission under the Investment Company Act of 1940, as amended, the Chief Compliance Officer shall provide to the board of trustees or directors of each client that is registered as an investment company under the Investment Company Act of 1940, as amended, a written report that (a) describes any issues arising under the Code of Ethics, including any material violations of the Code of Ethics, as well as any procedures and/or sanctions imposed in response to such material violations, and (b) certifies that Polen Capital or Polen Credit (as applicable) has adopted procedures reasonably necessary to prevent its Employees from violating the Code of Ethics.

**Gifts and Business Entertainment Policy**

The Firm, its supervised persons and members of supervised persons' families should not accept gifts, gratuities or other items of value from or give gifts, gratuities or other items of value to an individual or organization with whom the Firm has a current or potential business relationship directly related to its advisory business ("<u>Business Relationship</u>"), which might in any way create a conflict of interest or appearance of impropriety, or which would be likely to influence decisions made by the supervised person in business transactions involving the Firm. The prohibition does not apply to occasional dinners, sporting, concert or customary entertainment events and other activities, which are part of a business relationship, provided that they fall in line with the guidelines identified below. Further, personal contacts may lead to gifts of a purely nominal value, which are offered on the basis of friendship and may not raise concerns related to conflicts of interest or otherwise influence a supervised person's decisions.

Supervised persons should use good judgment to avoid any gifts, gratuities or other items of value that place the Firm in a difficult, embarrassing or conflict situation with its advisory clients. Supervised persons should discuss any questions they may have regarding gifts, gratuities or other items of value with the Compliance team prior to

accepting such item. Only the Chief Compliance Officer (or an authorized designee) is authorized to grant waivers of this policy.

The following outlines the Firm's policy on giving and receiving gifts and entertainment and is applicable to all officers, members and supervised persons of the Firm. As a general rule, the Firm aggregates all gifts and entertainment given or received on a calendar year basis.

*Gift Giving*

 

**Overall Principles:** It is acceptable for Employees to give gifts or favors of nominal value to individuals or organizations with whom the Firm has established a Business Relationship to the extent that they are appropriate and suitable under the circumstances and meet the standards of ethical business conduct. Likewise, Employees should not offer or provide gifts or favors that may be viewed as overly generous or excessive; aimed at influencing a decision- making individual; or otherwise intended to have the effect of a recipient feeling obligated to provide business or other forms of compensation in return. As an example, providing meals and other forms of entertainment customary within the financial services industry (*e.g.*, one-on-one golf outings or sporting events) to individuals or organizations with whom the firm has a Business Relationship that is reasonable and appropriate in light of the circumstances is permitted.

**In general, gift giving is limited to $100:** Neither you nor members of your immediate family may give any gift, series of gifts or other thing of value ("<u>Gifts</u>") in excess of $100 per year to any client or any one person or entity that does or seeks to do business with or on behalf of the Firm. Furthermore, as a general guideline, if the Gift would not be permitted to be received by an Employee pursuant to this Code of Ethics, then the Employee should not provide such Gift to a third party. In any event, the provision of any Gift that exceeds the $100 threshold set forth above or that otherwise may not be reasonable in light of the facts and circumstances should be first precleared with the Chief Compliance Officer (or his designee) <u>via the web-based compliance portal</u>.

**ERISA-regulated and governmental organizations:** *Notwithstanding the principles and provisions set forth above*, Employees should be aware that many organizations, including certain ERISA-regulated entities (including Taft-Hartley plans) as well as governmental entities and agencies that may also be clients of the Firm, have their own rules prohibiting or limiting the type and amount of Gifts as well as entertainment that their employees can receive (including, for these purposes, reimbursements in connection with attendance at educational and training seminars and similar events).<sup>5</sup> Although the principles set forth above apply in these circumstances as well, if an Employee is uncertain with respect to the rules applicable to a particular organization with whom the Firm has a Business Relationship, the Employee should first consult with the Chief Compliance Officer (or his designee) prior to giving a Gift or entertainment to an employee or other representative of such organization.

**Prohibitions:** You are prohibited from (i) giving cash, making loans and providing personal services or special discounts on behalf of the Firm, even if these fall within the above dollar limits; and (ii) giving a Gift if the Gift could be seen by others as engaging in bribery or a consideration for a business favor.

<sup>5</sup> Technically, there is no *de minimis* exception to the restrictions on a fiduciary's receipt of consideration from a person dealing with an ERISA-regulated entity. However, the DOL has provided guidance that gifts and entertainment provided to a fiduciary from one individual or entity that have an annual value of less than $250 (and that do not violate any plan policy or provision) are considered "insubstantial" and are generally not treated as violations. In addition, ERISA-regulated entities are subject to strict rules with respect to the reimbursement of expenses incurred in attending educational and/or training seminars.

**Charitable Contributions:** You are required to receive advance approval from Compliance before making a charitable contribution on behalf of a client or financial intermediary. Approval is granted only when it is clear that the contribution is being made by the Firm. You are required to notify the CCO (or his designee) about any actual or apparent conflict of interest in connection with any charitable contribution, or with respect to any contribution that could give an appearance of impropriety.

*Gift Receiving*

 

**In general, receipt of gifts is limited to $100:** Neither you nor members of your immediate family may receive any Gift(s) the value of which is estimated to exceed $100 per year from any single Business Relationship. You may accept a token gift only when the value involved is not material and clearly will not place you under any real or perceived obligation to the donor. Gifts are considered material in value if they influence or give the appearance of influencing the recipient. In the event the aggregate fair market value of all Gifts received by you from any single Business Relationship is estimated to exceed $100 per year, you must immediately notify the Compliance team.

**Prohibitions**: (i) You are prohibited from receiving cash, loans or personal services or special discounts unless such personal services or special discounts is pre-approved by Compliance; and (ii) the solicitation of Gifts is prohibited (*i.e., you may not request a Gift, such as tickets to a sporting event, be given to you).*

 

**Travel Expenses:** In general, the Firm must pay for all travel and lodging expenses. For example, when a supervised person is invited to tour a company's facilities or meet with representatives of a company, the Firm, and not the portfolio company, must pay for your travel and lodging expenses. A Business Relationship may pay for travel amenities that are not readily ascertainable or are considered insubstantial (i.e., a shared cab fare). Any exceptions must be approved by the Chief Compliance Officer (or his authorized designee).

**Conferences and Industry Events:** The Firm supervised persons may be requested to speak at industry conferences and events. In some situations, the speech or appearance involves travel, lodging, entertainment or other customary speaker amenities (Business Accommodations). If the Business Relationship offers to pay for all or a portion of the Business Accommodations and the amount exceeds the limits set forth in the Gift and Entertainment Policy, you are required to have the payment pre-approved by Compliance.

*Business Entertainment*

 

In general, entertainment is not considered a Gift so long as such entertainment is business related (*e.g.*, if you are accepting tickets to a sporting event, the offerer must go with you), reasonable in cost, appropriate as to time and place, and neither so frequent nor so costly as to raise any question of impropriety. (Entertainment includes items such as a ticket to a sporting event or the theater, greens fees, an invitation to a reception or cocktail party or other comparable entertainment). For the avoidance of doubt, entertainment that you receive requires the offerer's attendance, and entertainment that you offer requires your attendance, and in either case is subject to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Maximum of $300 value per supervised person, and, if applicable, maximum
of $600 value for the supervised person and the supervised person's guest per single outing. The limits apply to the total
market value cost (not face value) of the outing, including meals, travel (e.g., airfare/hotels/cars), sporting events, limo rides,
etc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Aggregate value per year of all such benefits may not exceed $1,200 per Business Relationship.

Like the requirement set forth above with respect to the giving and receiving of Gifts, any entertainment that exceeds the threshold set forth above or that otherwise may not be reasonable in light of the facts and circumstances should first be precleared with the Chief Compliance Officer (or his designee) via the web-based compliance portal.

*Gifts and Business Entertainment Reporting*

 

For reporting purposes, in general any Gift or entertainment in excess of $50 in value from or given to a single Business Relationship <u>must</u> be reported. However, Gifts or entertainment falling below this threshold may also be deemed inappropriate by the Chief Compliance Officer (or his designee) based on facts and circumstances. Accordingly, Employees are encouraged to report in advance all Gifts or entertainment received from or given to various Business Relationships, irrespective of value or any perceived conflict of interest (with the exception of normal and customary business meals, which are excluded from this reporting requirement). For the avoidance of doubt, each Employee should immediately report, <u>via the web-based compliance portal</u>, any offer of any Gift or entertainment that may, in the reasonable judgment of such Employee, create an appearance of impropriety or a conflict of interest.

In addition, all Employees must submit, via the web-based compliance portal, a quarterly gifts and entertainment report, certifying all Gifts and entertainment received for the previous calendar quarter and that are required to be reported under the Code of Ethics. The Compliance team will maintain a comprehensive record of all reported gifts and entertainment (including any planned business-related entertainment).

The misrepresentation by an Employee of any gift or entertainment, or the failure to pre-clear or report the receipt of any Gift or the participation in entertainment, is a serious breach of the Code of Ethics and grounds for termination. The Firm takes its fiduciary obligations with respect to its clients very seriously, and expects that its Employees do so as well.

## Ex-99.(P)(21)

**Exhibit 99.(P)(21)**

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**Code of Business Conduct and Ethics**

Revised June 2025

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Pzena Investment Management, LLC

<br> Compliance Manual Version 2.2

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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 Version 2.2

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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;&nbsp;About this Code of Business Conduct and Ethics | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purpose | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Employee Provisions | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Implementation | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Definitions | 4 |
| RESPONSIBILITY TO OUR ORGANIZATION | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Conflicts of Interest | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prohibited Transactions with Respect to Non-Company Securities | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Employee Trading Exceptions with Respect to Non-Company Securities | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exempt Transactions | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pre-Clearance Requirement | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reporting Requirements | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Prohibitions | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Company Disclosures | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Review | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reporting Violations | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Background Checks | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sanctions | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Required Records | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Record Retention | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waivers of this Code | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate Opportunities | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Protection and Proper Use of Company Assets | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Client Information | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio Company Information | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Company Information | 16 |
| INSIDER TRADING | 17 |
| FAIR DEALING | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Antitrust Laws | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Conspiracies and Collaborations Among Competitors | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distribution Issues | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Penalties | 19 |
| &nbsp;&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;&nbsp;Equal Employment Opportunity | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-Discrimination Policy | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Anti-Harassment Policy | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Individuals and Conduct Covered | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retaliation | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reporting an Incident of Harassment, Discrimination or Retaliation | 21 |

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<br> Compliance Manual i Version 2.2

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| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Leave Policies | 21 |
| &nbsp;&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;&nbsp;Prohibition on Gifts to Government Officials and Employees | 22 |
| &nbsp;&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;&nbsp;Bribery of Foreign Officials | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amendments and Modifications | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Form ADV Disclosure | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Employee Certification | 23 |

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<br> Compliance Manual ii Version 2.2

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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.

**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

<br> Compliance Manual 1 Version 2.2

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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;&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;&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;&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;&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;&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;&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;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Maintaining, or supervising the maintenance of, all records required
by this Code;

<br> 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;&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;&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;&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;&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;&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;&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;&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;&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.

<br> 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;&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;&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;&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;&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.

<br> 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;&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;&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;&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;&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

<br> Compliance Manual 5 Version 2.2

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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;&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.

&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) 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;&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;&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;&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;&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;&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;&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;

<br> 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;&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;&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;&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;&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;&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;&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;&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;&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;

<br> 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;&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;&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;&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;&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;&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;&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;&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;&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;&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;&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</u> 

<br> Compliance Manual 8 Version 2.2

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<u>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

&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) 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;&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;&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;&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;&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;&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;&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;&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.

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

<br> Compliance Manual 9 Version 2.2

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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;&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;&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;&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;&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;&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;&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;&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;&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;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The date the report is submitted by the Access Person.

<br> 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;&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;&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;&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;&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;&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.

<br> 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;&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;&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

<br> Compliance Manual 12 Version 2.2

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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.

**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.

<br> 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;&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;&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;&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;&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;&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;&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;

<br> Compliance Manual 14 Version 2.2

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

<br> Compliance Manual 15 Version 2.2

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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.

**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.

<br> 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

<br> Compliance Manual 17 Version 2.2

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these agreements are virtually always unlawful. (In other words, no excuse will absolve employees or the Company of liability.)

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;&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;&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;&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;&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;&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

<br> Compliance Manual 18 Version 2.2

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depending on the court), with the intention of sustaining that price long enough to drive competitors out of the market.

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;&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;&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;&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.

<br> 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.

<br> 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.

<br> 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.

**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

<br> Compliance Manual 22 Version 2.2

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|:---|:---|
| ![](x2_c113448x18x1.jpg) | &nbsp;&nbsp;CODE OF BUSINESS CONDUCT AND ETHICS |
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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.

<br> Compliance Manual 23 Version 2.2

## Ex-99.(P)(22)

**Exhibit 99.(P)(22)**

![](x1_c113438x931x1.jpg)

River Road Asset Management LLC

Code of Ethics

Revised February 4, 2025

River Road Asset Management LLC is a registered investment adviser formed in April 2005 and is majority owned by Affiliated Managers Group Inc. Affiliated Managers Group Inc., AMG Funds, and other AMG entities are affiliates of River Road Asset Management LLC. Registration of an investment adviser does not imply a certain level of skill or training.

![](x1_c113438x931x2.jpg)

**Table of Contents**

---

| | |
|:---|:---|
| Background | 2.0 |
| Standards of Conduct | 2.0 |
| &nbsp;&nbsp;&nbsp;Policy | 2.0 |
| &nbsp;&nbsp;&nbsp;Procedure | 2.0 |
| Personal Securities Transactions | 5.0 |
| &nbsp;&nbsp;&nbsp;Background | 5.0 |
| &nbsp;&nbsp;&nbsp;Definitions | 5.0 |
| &nbsp;&nbsp;&nbsp;Policy | 6.0 |
| &nbsp;&nbsp;&nbsp;Procedures | 8.0 |
| Insider Trading | 10.0 |

---

RIVER ROAD CODE OF ETHICS I PAGE 1

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Background

Rule 204A-1 of the Investment Advisers Act of 1940 ("Advisers Act") requires investment advisers to establish, maintain, and enforce a written code of ethics that applies to all "supervised persons."<sup>1</sup> An adviser to registered investment companies is also required to adopt a Code of Ethics regarding personal investment activities under the Investment Company Act of 1940, Rule 17j-1. An investment adviser's Code of Ethics represents an internal control and supervisory review to seek to detect and prevent possible insider trading, conflicts of interests, and regulatory violations.

Each employee, temp-to-hire employee, or intern of River Road Asset Management, LLC ("River Road") is considered a supervised person ("Employee"). Upon hire and on an annual basis thereafter, each Employee must certify in writing or through an online application that they have received and read, understand, and agree to comply with River Road's Code of Ethics. Employees will receive and shall be required to make a similar certification following any amendment to the Code of Ethics.

Standards of Conduct

**Policy**

Employees must exercise good faith in their dealings with both River Road and its clients, consistent with the high degree of trust and confidence that is placed in each Employee by River Road. The need for the stringent application of this principle is heightened by the necessity that River Road, in turn, exercises the highest degree of ethical conduct in its dealings with its clients.

If an Employee discovers that he or she will derive personal gain or benefit from any transaction between River Road and any individual or firm, the Employee must immediately refer the matter and disclose all pertinent facts to River Road's Chief Compliance Officer ("CCO").

River Road's standards of conduct are necessarily strict because they are intended for the benefit and protection of River Road and its Employees. No attempt to delineate guidelines for proper conduct can hope to cover every potential situation that may arise during an Employee's service with River Road. Whenever there is any doubt about the propriety of any action, Employees must discuss the matter with River Road's CCO. Violations of the Code of Ethics are grounds for disciplinary action, up to and including dismissal. The standards of conduct set forth herein must be applied fully and fairly without reliance upon technical distinctions to justify questionable conduct.

**Procedure**

**Conflicts of Interest:** Employees may not engage in personal activities that conflict with the best interests of River Road or with the best interests of River Road's clients. Upon initial hire and annually thereafter, every Employee is required to complete a conflicts of interest questionnaire designed to identify any actual or potential conflicts of interests the Employee may have. If there is any doubt about how to answer the questionnaire, the Employee shall discuss such matters with the CCO or their designee. For the avoidance of doubt, Employees are required to disclose any actual or potential conflicts of interest the Employee may have even if not specifically addressed by a question on the conflict of interest questionnaire.

**Disclosure or Use of Confidential Information**: In the normal course of business, Employees may be given or may acquire information about the business of River Road, its clients, or its affiliates which is not available to the general public. This information is confidential and may include, but is not limited to, financial data, business plans and strategies, regulatory information, and information concerning specific trading decisions. In addition to an Employee's obligations under any other River Road policies or contract with River Road, all Employees are responsible for respecting and maintaining the confidential nature of such information, including taking reasonable care in how and where they discuss, document, store, and dispose of confidential information. Confidential information may only be disclosed within River Road to those who need to know the information to perform their job functions. Nothing in any agreements you may have with River Road or in any River Road policies or handbooks is intended to or shall preclude or impede you from cooperating with any governmental or regulatory entity or agency in any investigation, or from communicating any suspected wrongdoing or violation of law to any such entity or agency, including, but not limited to, reporting pursuant to the "whistleblower rules" promulgated by the Securities and Exchange Commission (Securities Exchange Act Rules 21F-1, et seq.). For the avoidance of doubt, you are not required to give River Road prior notice of, or obtain River Road's prior

<sup>1</sup> *Supervised Person* is defined 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.

RIVER ROAD CODE OF ETHICS I PAGE 2

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written consent in connection with regulatory communications contemplated under the SEC's or other regulatory entity or agency's "whistleblower rules."

**Material, Non-public Information**: Some confidential information is also material, non-public information and subject to the restrictions of federal and state banking and securities laws and regulations as to its communication and use. Material information should be treated as non-public until it is clear the information can be deemed public or ceases to be material, which should be determined in accordance with River Road's Insider Trading Policies and Procedures.

**Outside Business or Other Activities**: Employees must receive pre-approval from the CCO or their designee for the following outside business or other activities:

&nbsp;&nbsp;&nbsp;&nbsp;▪ Performing outside employment or accepting payment for services
rendered to others. This includes engagements for teaching, speaking, and the writing of books and articles. Unless it otherwise
presents an actual or potential conflict of interest, interns are not required to report outside employment or payment for services
rendered.

&nbsp;&nbsp;&nbsp;&nbsp;▪ Apart from your duties as an Employee of River Road, providing
investment advice, guidance or discretion. Examples include, but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Acting as an executor or trustee for a family or non-family member

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Providing investment advice as a member of a non-profit or other
organization's finance committee

&nbsp;&nbsp;&nbsp;&nbsp;▪ Any other activities or ventures (including, but not limited
to, business, personal, charitable, or otherwise) that conflict with or could potentially conflict with or interfere with your
duties at River Road.

Where necessary, the CCO will consult with and/or defer to the CEO for determining whether an activity is approved.

**Political Activity**: To comply with the provisions of Rule 206(4)-5 of the Adviser Act, all Employees must comply with the following policies and procedures:

<u>Prohibited Activity</u>:<u> </u>

River Road Employees are prohibited from making political contributions (defined below) to an incumbent, candidate, or successful candidate for elective office ("Official") of any state or local governments, their agencies and instrumentalities, and all public pension plans and other collective government funds ("Government Entity").

&nbsp;&nbsp;&nbsp;&nbsp;▪ A contribution includes a gift, subscription, loan, advance,
deposit of money, or anything of value made for the purpose of influencing an election. It also includes transition or inaugural
expenses incurred by a successful candidate for state or local office.

&nbsp;&nbsp;&nbsp;&nbsp;▪ A contribution *does not* include a donation of time by
an Employee, so long as River Road has not solicited the Employee's efforts and River Road's resources are not used,
e.g. office space, telephones, etc. An Employee's donation of his or her time generally would not be viewed as a contribution
if such volunteering were to occur during non-work hours or vacation time.

&nbsp;&nbsp;&nbsp;&nbsp;▪ Employees are also prohibited from hosting fundraising meetings
for an Official of a Government Entity or allowing the use of Employee's name on any fundraising literature, including being
listed on an invitation or other marketing and collateral pieces.

A political contribution to a federal government official or candidate for federal office is allowed with pre-approval from CCO or their designee in writing, including via email, before any such contributions are made. If the federal candidate is a state or local government official at the time of running for federal office, the donation is prohibited. However, River Road's Executive Committee reserves the right to prohibit any federal contributions if the Executive Committee finds that it conflicts with the best interests of River Road.

Employees are prohibited from doing any of the above prohibited activities directly or indirectly. For example, an Employee cannot channel political contributions through family, friends, an attorney, or a political action committee.

<u>Immediate family sharing the same household</u>:

Immediate family sharing the same household of an Employee are not prohibited from making political contributions, but the Employee must provide notice to the CCO or their designee in writing, including via email, before any such contributions are made by immediate family sharing the same household. For definitions of immediate family sharing the same household, see Personal Securities Transactions section below.

A Political Contribution Form is available via River Road's online compliance application.

RIVER ROAD CODE OF ETHICS I PAGE 3

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**Borrowing from Clients:** You may not borrow money from a client of River Road unless such borrowing is from a bank or other financial institution made in the ordinary course of business on substantially the same terms, including interest rates and collateral, as those prevailing at the time for comparable transactions with members of the general public.

**Business Transactions for River Road:** You may not represent or exercise authority on behalf of River Road in any transaction with any person, firm, company, or organization with which you have any material connection (including, but not limited to, a directorship, officership, family relationship or significant borrowing relationship) or in which you have a material financial interest. You must report any existing or proposed business relationships with any such person, firm, company, or organization to River Road's CCO or their designee, who will determine with the appropriate levels of management whether such business relationship is "material" for purposes of this prohibition.

**Business Transactions with River Road:** If you are authorized by an outside organization to transact business with River Road on the outside organization's behalf, you must report such authorization to River Road's CCO or their designee.

**Gifts and Entertainment:** 

<u>Gifts Received by Employees</u> 

Employees cannot receive any gift that is more than $50 annually (calendar year basis) per giver (either person or entity) if:

&nbsp;&nbsp;&nbsp;&nbsp;▪ the giver is paid with client commissions or soft dollars ("Client
Assets") or

&nbsp;&nbsp;&nbsp;&nbsp;▪ the giver is a party dealing with one of River Road's ERISA
client plans in connection with a transaction involving that plan's assets.

Where a gift is shared among a group, the estimated amount of the gift can be pro-rated among the recipients.

Employees are prohibited from receiving gifts from companies that River Road invests in or may invest in on behalf of its clients (excluding de minimis gifts, such as a reasonable onsite lunch or snack during an onsite visit).

<u>Gifts Given by Employees</u>

No Employee shall, directly or indirectly, give (or permit anyone else to give) anything of service or value, including gratuities, in excess of $100 annually (calendar year basis) to:

&nbsp;&nbsp;&nbsp;&nbsp;▪ any person who is licensed with FINRA, or

&nbsp;&nbsp;&nbsp;&nbsp;▪ a plan fiduciary of one of River Road's ERISA clients where
the gift relates to the business of recipient's employer.

No Employees shall, directly or indirectly, give (or permit any else to give) any gifts to executives of public companies or their public company board members. This excludes any public companies that are also affiliates or clients of River Road and such gifts are given because of the affiliate or client relationship.

<u>Examples of Gifts</u>

An example of a gift includes but is not limited to the following: gift certificates, event tickets, gift baskets, golf shirts, sleeves of golf balls, etc. Employees are strictly prohibited from giving or receiving cash or cash equivalents (e.g. gift cards) as gifts. No part of this gifting policy is meant to prohibit personal gifts where the relationship is of a personal nature outside of and not arising from employment at River Road.

<u>Entertainment</u>

If an Employee attends an event or dinner with any person or entity, this is not considered a gift but is considered entertainment.

Employees are not allowed to be entertained by:

&nbsp;&nbsp;&nbsp;&nbsp;▪ any person or entity that is paid with Client Assets, or

&nbsp;&nbsp;&nbsp;&nbsp;▪ any person or entity that is a party dealing with one of River
Road's ERISA client plans in connection with a transaction involving the plan's assets.

&nbsp;&nbsp;&nbsp;&nbsp;▪ Any companies that River Road invests in or may invest in on
behalf of its clients

Employees can attend the event or dinner at River Road's or the Employee's expense. This provision does not apply if it is logistically unreasonable for the Employee or River Road to pay for the Employee at such event or dinner. For example, if an Employee attends a conference and is incidentally entertained in the normal course of the conference, this provision does not apply.

RIVER ROAD CODE OF ETHICS I PAGE 4

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<u>Reporting and Logging</u>

Employees are required to report all gifts given or received covered by this policy so they can be tracked by the compliance department to ensure compliance with this policy. The compliance department monitors and logs all gifts in River Road's online compliance application and determines whether the gift can be kept or must be returned.

If there are any questions about Gifts and Entertainment, the Employee shall discuss such matters with the CCO or their designee.

**Improper Payments (Bribes or Kickbacks):** Employees shall not take any action that might result in a violation by River Road of the laws of the United States, the Commonwealth of Kentucky, or any other jurisdiction in which River Road does business. The Foreign Corrupt Practices Act (FCPA) provides that in no event may payment of anything of value be offered, promised or made to any government, government entity, government official, candidate for political office, political party or official of a political party (including any possible intermediary for any of the above), foreign or domestic, which is, or could be construed as being, for the purposes of receiving favorable treatment or influencing any act or decision by any such person, organization or government for the benefit of River Road or any other person.

**Economic Sanctions:** The Office of Foreign Assets Control ("OFAC") of the U.S. Department of the Treasury promulgates regulations dealing with economic sanctions. No Employee on behalf of River Road may intentionally transact business with those countries or specially designated nationals against which economic sanctions have been imposed unless the appropriate license has been obtained from the OFAC allowing such transaction.

**Prohibition on the Use of Information from Your Previous Employer:** Employees are prohibited from bringing any documents, software or other items to River Road that may contain the Employee's previous employer's confidential, trade secret, or proprietary information. This would include such things as computer files, client lists, financial reports, or other materials that belong to your previous employer. If an Employee has any such materials in his or her possession, they should be returned to the former employer immediately unless the Employee (and River Road, as necessary) has received permission from the previous employer to use such materials and the Employee has discussed the issue with River Road's CCO.

**Your Duty to Report Abuses of the Code of Ethics and Standards of Conduct Policy or Other Illegal or Unethical Conduct:** Employees have a special obligation to advise River Road of any suspected abuses of River Road policy, suspected criminal or unethical conduct, or any violation of securities law, anti-trust, health and safety, environmental, government contract compliance, any other laws, or River Road policies. Employees are required to report any of the preceding promptly to the CCO or the Chief Executive Officer. A Confidential Reporting Form (Whistle) is available in River Road's online compliance application for employees to anonymously report any potential violations to the CCO or the Chief Executive Officer. If reported to the Chief Executive Officer, the CCO will also receive notice of such report. For the avoidance of doubt, the Employee is not required to give River Road prior notice of, or obtain River Road's prior consent in connection with regulatory communications contemplated under the SEC's or other regulatory entity or agency's "whistleblower rules." The Employee will not be subjected to any form of retaliation for reporting legitimate suspected abuses.

**Investigations of Reported or Suspected Misconduct:** In the event of an investigation regarding possible wrongdoing, Employees must cooperate fully. Information relating to any investigation, including information provided by the Employee or the fact of the Employee's participation in any investigation, is considered confidential and will only be revealed to individuals not associated with the investigation on a need to know basis. Any request for information or subpoenas involving River Road must be in writing and directed to the CCO who will coordinate with legal counsel.

**Federal Securities Laws:** Employees must comply with applicable Federal Securities Laws.

Personal Securities Transactions

**Background**

Rule 204A-1 of the Advisers Act requires the reporting of personal securities transactions and holdings periodically as provided below and the maintenance of records of personal securities transactions for those supervised persons who are considered "access persons."

**Definitions**

**Access Persons:** River Road considers the following persons to be Access Persons:

RIVER ROAD CODE OF ETHICS I PAGE 5

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&nbsp;&nbsp;&nbsp;&nbsp;▪ All officers and employees of River Road, and

&nbsp;&nbsp;&nbsp;&nbsp;▪ All interns and temp-to-hire employees with access to non-public
information regarding any clients' purchase or sale of securities, or nonpublic information regarding the portfolio holdings
of any Affiliated Fund (defined below).

**Covered Securities:** Covered Securities include **everything not defined below**, including, convertible securities, preferred securities, corporate bonds, single-stock exchange traded funds, and royalty trusts.

**Open Securities:** The following are Open Securities:

1) direct obligations of the Government of the United States,

2) bankers' acceptances, bank certificates of deposit, commercial paper and high quality short-term debt instruments*,* including repurchase agreements,

3) shares issued by money market funds,

4) shares issued by non-affiliated, open-end funds,

5) shares issued by unit investment trusts that are invested exclusively in one or more non-affiliated, open-end funds, and

6) municipal bonds (Note: This is still a reportable security for purposes of holdings report/account list report/transaction report, as more fully explained below)

7) exchange traded funds ("ETF") except those that are defined as Covered Securities above (i.e. single-stock ETFs) (Note: This is still a reportable security for purposes of holdings report/account list report/transaction report, as more fully explained below)

8) closed-end funds (Note: This is still a reportable security for purposes of holdings report/account list report/transaction report, as more fully explained below)

**Affiliated Fund:** An Affiliated Fund is any mutual fund or collective investment trust for which River Road serves as an investment adviser or sub-adviser or any mutual fund or collective investment trust whose investment adviser or principal underwriter controls River Road, is controlled by River Road, or is under common control with River Road. A full list of Affiliated Funds is available from the compliance department upon request.

**Stocks:** Anything generally accepted as a stock, such as common stock, ADR, and ordinary shares of stock on foreign exchanges. River Road typically relies on the classification per the security master of its code of ethics monitoring tool.

**Policy**

River Road's policy allows Access Persons to maintain personal securities accounts provided any personal investing by an Access Person in any accounts in which the Access Person has any direct or indirect beneficial ownership is consistent with River Road's fiduciary duties to its clients, regulatory requirements, and this Code of Ethics. An Access Person is presumed to have beneficial ownership in any personal securities accounts that are held by Access Person's immediate family sharing the same household.

*Immediate family* shall mean any child, stepchild, grandchild, parent, stepparent, grandparent, spouse, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law, and shall include adoptive relationships.

*Sharing the same household* shall mean:

&nbsp;&nbsp;&nbsp;&nbsp;▪ A permanent resident of the home where the Access Person resides.

&nbsp;&nbsp;&nbsp;&nbsp;▪ A temporary resident of the home where the Access Person resides
if that temporary resident stays for 6 consecutive months.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o An Access Person's immediate family that is in college/school
student is still considered a permanent resident of the Access Person's home if they have not "moved out" of
the Access Person's home. For example, even if an Access Person's child lives in a dormitory or a short term lease
arrangement at their school, the child would still be considered a permanent resident of the Access Person's home.

RIVER ROAD CODE OF ETHICS I PAGE 6

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To the extent available, Access Persons consent to brokers transmitting holdings, trading, and other account information for themselves and their immediate family members sharing the same household, to River Road's compliance application or consent to the compliance application accessing such information via other electronic means.

Access Persons' and their minor children (17 years old and under) are subject to the following rules:

1) <u>Covered Securities</u>: <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Access Persons **may not** purchase, short, or execute any
derivative transactions on any Covered Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Sell transactions (or its equivalent) are allowed on Covered
Securities that were owned prior to employment with preclearance of such transactions from the CCO or their designee. A preclearance
may be denied or delayed

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Sell transactions of fractional shares due to stock splits or
similar corporate actions do not require preclearance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Donation, gift, or other transfers of ownership of Covered Securities
by an Access Person is allowed with preclearance of such donation from the CCO or their designee.

2) <u>Stocks:</u> <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Access Persons **may** purchase any Stock that has a market
cap of $20B or larger at the time of purchase with preclearance. A preclearance may be denied or delayed. Access Persons **may not** purchase any Stock that has a market cap less than $20B.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. River Road typically relies on
market cap per the security master of its code of ethics monitoring tool.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Access Persons **may** sell any Stock with preclearance. A
preclearance may be denied or delayed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Sell transactions of fractional shares due to stock splits or
similar corporate actions do not require preclearance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Only long purchases and long sells of a Stock are allowed. No options, derivatives, short sells,
etc are allowed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Access Persons may only make 10 purchases of Stocks on a rolling 90 day period in aggregate across
accounts of the employee and their minor children. Multiple purchases of the same Stock count towards this maximum. Sell transactions
are not limited, but selling a Stock does not increase the number of available purchases.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Access Persons must only use an approved broker listed on the Approved Brokers for Personal Trading
document, provided separately, to buy Stocks.

3) <u>Open Securities and Affiliated Funds</u>: Access Persons **may** purchase, sell, short, cover, donate or execute derivative transactions on Open Securities or Affiliated Funds without preclearance. Except see Minimum Holding Period section below related to Affiliated Funds.

Access Persons may apply for an exception from a trading restriction from the CCO, which application may be granted or denied based on the surrounding facts and circumstances.

The CCO must obtain preapproval from another member of the compliance department when effecting a transaction that requires preclearance.

Immediate family sharing the same households (other than minor children, who are subject to the rules above) are subject to the following rules:

1) <u>Covered Securities and Stocks</u>: <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Immediate family sharing the same household **may** purchase,
sell, short, cover, or execute derivative transactions on Covered Securities or Stocks with preclearance of such transactions from
the CCO or their designee. A preclearance may be denied or delayed. Sell transactions of fractional shares due to stock splits
or similar corporate actions do not require preclearance.

RIVER ROAD CODE OF ETHICS I PAGE 7

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Donation, gift, or other transfers of ownership of Covered Securities
or Stocks by immediate family sharing the same household is allowed with preclearance of such donation from the CCO or their designee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. All transactions in Covered Securities by immediate family sharing
the same household must be made in an account that is in the name of the immediate family member and is not in the name of the
Access Person or is not a joint account with the Access Person. Accounts in the name of an Access Person or joint accounts including
the Access Person are subject to the Access Person rules above.

2) <u>Open Securities and Affiliated Funds</u>: Immediate family sharing the same household **may** purchase, sell, short, cover, donate or perform derivative transactions on Open Securities or Affiliated Funds without any preclearance. Except see Minimum Holding Period section below related to Affiliated Funds.

**Preclearance:** As noted above, Access Persons must request preclearance for their trades or trades of immediate family member sharing the same household by filling out a preclearance transaction form (which may be through an online application), which will then be approved or denied by the compliance department. Preclearance of a trade shall be valid and in effect **only until the end of the same trading day** as the day preclearance is given. If a trade is not made in that timeframe, then a new preclearance must be obtained. Preclearance also expires if and when the person becomes, or should have become, aware of facts or circumstances that would prevent a proposed trade from being precleared. Additionally, the Access Person must trade in accordance with the terms of the preclearance, such as only trading the number of shares that were precleared for.

**Minimum Holding Period:** Access Persons shall not purchase and sell or sell and purchase the same Affiliated Fund within 30 calendar days. Exceptions may be pre-approved on a case-by-case basis by the CCO. In addition to the exclusions listed above, this rule will not be triggered by purchases made pursuant to an automatic investment plan (e.g., purchases made at pre-defined intervals and amounts).

**Miscellaneous:** If an Access Persons comes across a situation that is not specifically addressed by this policy, the Access Person must bring the situation to the CCO or their designee for review. The Executive Committee has the right to limit an Access Person's personal trading if the Executive Committee deems it to be excessive in volume or complexity as to require a level of personal time and attention that interferes with the performance of employment duties. This will be determined by the Executive Committee based upon surrounding facts and circumstances.

**Procedures**

River Road has adopted the following procedures to implement and monitor the firm's policy:

**Holdings Report** 

<u>Requirements</u>: In accordance with Rule 204A-1 under the Investment Advisers Act of 1940, Access Persons shall identify on a form provided by the CCO or their designee (which may be through an online application) all Covered Securities, Stocks, Affiliated Funds, ETFs, closed-end funds, and municipal bonds in which the Access Person has any direct or indirect beneficial ownership, including any of the preceding held in certificate form (excludes securities held in accounts over which the Access Person has no direct or indirect influence or control). Each Holdings Report must contain the following information:

1) The title and type of security

2) The exchange ticker symbol or CUSIP number (as applicable)

3) The number of shares

4) The principal amount of each security

5) The name of any broker, dealer or bank with which the Access Person maintains an account in which securities are held

6) The date the Access Person submits the report

An Access Person can satisfy the initial or annual holdings report requirement by timely filing and dating a copy of each investment account statement that lists all the Access Person's Covered Securities, Stocks, Affiliated Funds, ETFs, closed-end funds, and municipal bonds **but only if** the statement provides all information required in (1) through (6) above. This can also be satisfied by allowing the compliance department to have electronic view-only access to the Employee's account/statements directly via the custodian or broker website. If an Access Person has previously provided statements with all the required information and the CCO or their designee has maintained a copy of the statements, the Access Person can satisfy the initial or annual holdings report requirement by timely confirming the

RIVER ROAD CODE OF ETHICS I PAGE 8

![](x1_c113438x931x2.jpg)

accuracy of the statements (in writing or through an online application). If the statements do not contain all of the required information or if the securities are not held in an account, the Access Person must list out the required information for those securities on the Holdings Report.

<u>Timing</u>: Each Access Person must submit a Holdings Report to the CCO or their designee within 10 days of becoming an Access Person and annually thereafter. The CCO or their designee is responsible for contacting new Access Persons and sending out initial and annual Holdings Report forms to all Access Persons. The information on the Holdings Report or its equivalent must be current as of a date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Not more than 45 days prior to the date the person became an
Access Person, in the case of an initial Holdings Report, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Not more than 45 days prior to the date the report was submitted,
in the case of an annual Holdings Report.

**Investment Account List**

<u>Requirements</u>: Each Access Person shall identify on a form provided by the CCO or their designee (which may be through an online application) a list of all investment accounts over which the Access Person has direct or indirect beneficial ownership, except that the Access Person is not required to list any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Accounts where Covered Securities, Stocks, Affiliated Funds,
ETFs, closed-end funds, and municipal bonds are not available for purchase or sale.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Accounts where Access Person has no direct or indirect influence
or control.

<u>Timing</u>: Each Access Person must submit an Account List to the CCO or their designee within 10 days of becoming an Access Person and annually thereafter. Additionally, after becoming an Access Person, each Access Person must promptly disclose to the CCO or their designee any new investment accounts required to be reported pursuant to this Code of Ethics.

**Brokerage:** No Access Person shall open or maintain personal accounts with the institutional broker representatives through which River Road executes non-directed transactions on behalf of advisory clients.

**Quarterly Investment Account Statements:** It is the responsibility of the Access Person to provide copies of their investment account statements and transaction confirmations or direct their broker to send copies of their investment account statements and transaction confirmations directly to River Road or to where the compliance department designates (which may be satisfied via electronic feed or online access, as available).

The investment account statements and confirmations shall contain all transactions of Access Person, including transactions in Covered Securities, Stocks, Affiliated Funds, ETFs, closed-end funds, and municipal bonds. As necessary, investment account statements and confirmations shall be received no later than 30 days after the end of the applicable calendar quarter. Confirmations do not need to be received for transactions that are effected pursuant to an automatic investment plan.

**Transaction Reports**

<u>Requirements</u>: Each person shall identify on a form provided by the CCO or their designee (which may be through an online application) a quarterly securities transaction report that lists all transactions in Covered Securities, Stocks, Affiliated Funds, ETFs, closed-end funds, and municipal bonds. Each Transaction Report must contain the following information:

1) The date of the transaction

2) The title of the security

3) The exchange ticker symbol or CUSIP number (as applicable)

4) The interest rate and maturity date (as applicable)

5) The number of shares

6) The principal amount of each security involved

7) The nature of the transactions (i.e., purchase, sale or any other type of acquisition or disposition)

8) The price of the security at which the transaction was effected

9) The name of the broker, dealer or bank with or through which the transaction was effected

10) The date the Access Person submits the report

RIVER ROAD CODE OF ETHICS I PAGE 9

![](x1_c113438x931x2.jpg)

<u>Timing</u>: Each Access Person must submit the Transaction Report no later than 30 days after the end of each calendar quarter. The report must cover all transactions during the quarter.

**The following are excluded from Preclearance Rules, Minimum Holding Period Rule, and Transaction Reports:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Purchases or sales effected in any account over which the Access Person has
no direct influence or control, including non-volitional investment programs or rights;

▪ Purchases effected by reinvesting cash dividends pursuant to an automatic
dividend reimbursement program ("DRIP"). This exemption does not apply, however, to optional cash purchase pursuant
to a DRIP;

▪ Purchases of rights issued by an issuer pro rata to all holders of a class
of its securities (if such rights were acquired from such issuer) and the exercise of such rights; and,

&nbsp;&nbsp;&nbsp;&nbsp;▪ Transactions involving the exercise of employee stock options.

**Personal Investments:** You must exercise sound judgment in making personal investments to avoid situations contrary to the best interests of River Road. You must also avoid imprudent and questionable activity.

**Prohibited Dealings:** Trading based upon or communicating "inside information" is prohibited under any and all circumstances. It is prohibited to use the facilities of River Road to secure new issues for any non-clients, directly or indirectly. Access Persons are not permitted to, directly or indirectly, purchase securities from or sell securities to client accounts.

**Initial Public Offerings and Limited Offerings:** Access Persons may not directly or indirectly acquire beneficial ownership in any security in an initial public offering. Access Persons may not directly or indirectly acquire an interest in a limited offering without approval from the CCO. The approval is based, in part, on whether the investment opportunity should be reserved for clients.

&nbsp;&nbsp;&nbsp;&nbsp;▪ **Initial public offering** means an offering of securities
registered under the Securities Act of 1933 (15 U.S.C. 77a), the issuer of which, immediately before the registration, was not
subject to the reporting requirements of sections 13 or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 78o(d)).

&nbsp;&nbsp;&nbsp;&nbsp;▪ **Limited offering** means an offering that is exempt from
registration under the Securities Act of 1933 pursuant to section 4(2) or section 4(6) (15 U.S.C. 77d(2) or 77d(6)) or pursuant
to §§ 230.504, 230.505, or 230.506 of this chapter.

**Investment Person Disclosure:** Access Persons who have been authorized to acquire securities in a private placement or who have beneficial interests prior to employment with River Road are required to disclose the investment when they play a part in any subsequent consideration of client investments in the issuer. In such circumstances, River Road's decision to purchase securities is subject to an independent review by investment personnel with no personal interest in the issuer.

**Conflicts:** Investment personnel, when recommending any security, shall disclose any direct, indirect, or potential conflict of interest related to the issuer of the security being recommended.

**Oversight Review:** The compliance department will review (which includes via automated processes) all Access Persons' transactions and reporting outlined in this document for compliance with the firm's policies, including the Insider Trading Policy, regulatory requirements, and the firm's fiduciary duties to its clients, among other things. The CCO tracks any apparent violations or other issues or items, as necessary, and reports such activity to the Executive Committee typically quarterly. The Executive Committee will determine any corrective action and/or sanctions that should be imposed.

**Records:** River Road shall maintain records in accordance with the Books and Records Policies and Procedures found in River Road's Policies and Procedures Manual.

Insider Trading

The Employee certifies that he/she has read, and will abide by, the Insider Trading Policies and Procedures found in River Road's Policies and Procedures Manual.

RIVER ROAD CODE OF ETHICS I PAGE 10

## Ex-99.(P)(23)

**Exhibit 99.(p)(23)**

![](x3_x113438x708x1.jpg)

Robeco Code of Conduct

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| Document information | Document information |
| Title | Robeco Code of Conduct |
| Author | Compliance |
| Version | 1 |
| Date | 11-12-2023 |
| Status | Final |

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Code of Conduct

Contents

------

**1.** **Introduction** **4** 

**2.** **Who we are** **5** 

**3.** **Our core principles of conduct** **7** 

3.1 We treat our clients and business partners fairly 7

3.2 We act in the interest of Robeco 7

3.3 We treat each other with respect 8

**4.** **How we deal with the principles day by day** **10** 

**5.** **Violations of the Code of Conduct** **12** 

5.1 We all have an important responsibility 12

5.2 Different reporting channels 12

5.3 Conduct management 12

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Code of Conduct

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Introduction

Dear colleagues,

This Code of Conduct is a guide to how we conduct ourselves in our interactions with others. It helps us understand what is appropriate in our daily work. We want to be transparent about our expectations so we all can contribute to the organization we aspire to be. We hold ourselves accountable for both our colleagues and our stakeholders.

Our core values reflect the essence of Robeco and serve as a reference for our daily work. They create and strengthen a clear and shared identity and drive the behavior needed to successfully achieve our strategic ambitions. Robeco has four core values:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Client-centered:** We always act in the best interest of our clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Innovative:** We are inquisitive and goal driven.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Sustainable:** We act responsibly for Robeco, the environment, and our society.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Connective:** We help each other be successful.

Robeco is a performance-driven and result-oriented organization. It is a key part of our identity, our corporate culture and our success. Performance at Robeco is a combination of both financial results *and* the appropriate conduct.

**You are our most valuable asset,** you represent Robeco. Without you, our products will not be sold, our research will not be shared, our technology will not innovate and our company will not excel. Our collective behavior and your personal behavior are what ultimately make or break Robeco.

This Code of Conduct applies to all colleagues within the Robeco group worldwide. 'All colleagues' means all current, former and contingent employees, whether full-time, part-time, permanent, temporary, internships or on secondment. Everyone is and must feel included.

Adhering to the Code of Conduct is also everyone's responsibility at Robeco. Each of us is expected to read and know the Code of Conduct, understand what the Code means in your daily work and be committed to apply the Code in everything you do. You acknowledge that there can be serious consequences for non-compliance with the Code of Conduct for Robeco and yourself. You are encouraged to seek guidance from your manager, a compliance officer, HR business partner or other relevant function if you are unsure how to act in a certain situation.

This includes speaking up and reporting any suspected or actual violations of the Code of Conduct. Such reporting is essential for living up to our core values and maintaining a healthy, safe work environment for everyone within Robeco. Retaliation against those who report violations or raise ethical concerns in good faith is not tolerated.

I rely on you to apply the Code of Conduct whenever you act within or on behalf of Robeco. Because together we can ensure that for our approximately 1000 colleagues, Robeco is a place where people feel welcome, colleagues feel empowered to do their best and we work together toward optimal results for all our stakeholders.

Thank you,

Karin van Baardwijk<br> CEO Robeco

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Code of Conduct

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Who we are

Our foundation

**Mission**

We enable our clients to achieve their financial and sustainability goals by providing superior investment returns and solutions.

**Vision**

Safeguarding economic, environmental and social assets is a prerequisite for a healthy economy and for generating attractive returns in the future. The investment industry's focus is therefore further shifting from solely creating wealth to creating wealth and well-being.

**What we do**

Founded in 1929, Robeco is an international asset manager that uses a combination of fundamental, sustainable and quantitative research. With our headquarters in Rotterdam, we have multiple international offices around the world, from Australia to Asia, the US and Europe. We generate return on investment for our clients which contributes to economic stability in the form of, for example, pension payments or investments in companies that can provide employment. At the same time, our research-first focus prioritizes finding solutions to problems of our time, such as climate change, biodiversity and social equality.

**Leading the way on the sustainability journey**

Robeco was one of the first asset managers to invest in emerging markets, to see the opportunities in and need for sustainable investing and to adopt quantitative investing. The extensive research on this topic has us convinced that a sustainable business is more future proof. Our commitment to sustainability today is a fundamental part of our investment philosophy and our way of working. It is an integral part of who we are and want to be. As a global active asset manager, we enable clients to achieve their financial and sustainability goals, wherever they may be on their sustainability journey.

**Research and innovation**

At Robeco, every investment decision is research driven. As 'The Investment Engineers', our in-house research helps create socioeconomic benefits on top of competitive financial returns. More than two decades of sustainable investment research have equipped us with the tools and the unique expertise needed to define financially material ESG information, incorporate sustainability into a wide range of investment products, and measure outcomes and impact. Our first ESG-aligned fund was launched in 1990, making us among the first asset managers that constructed an effective framework in 2017 to quantify the sustainable impact of companies we invest in.

**A culture of connection**

Everyone at Robeco is equally essential to our operations, but that does not mean we are all the same. Quite the contrary, actually: we actively seek out employees with unique perspectives, qualities and talents to make us stronger as a whole. We know that embracing our differences and creating a culture where every colleague feels equally valued is vital for Robeco to thrive. Our differences can be our gold. But in order to strike it, we must be connected.

To achieve such a culture of connection, we need all of us to be open, stay curious and respect other people, views and perspectives. No one is asking you to change your beliefs, only to listen to others and accept that they can have other views and beliefs than you. That way, every single one of us can feel equally valued here, regardless of what we look like, where we come from or whom we love.

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Code of Conduct

**Leadership at Robeco**

Personal leadership and individual accountability are key to upholding our core values, delivering on our strategic goals and maintaining a healthy integrity culture. To provide guidance on said expectations, we have developed the following leadership priorities:

**Secure base**

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| > | **I** create an environment of trust and support to ensure my colleagues feel valued, included and can thrive |

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> I support colleagues to explore new opportunities, use their full potential, and seek guidance

**Delivering results**

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| > | **I** am focused on achieving and exceeding goals aligned with Robeco's mission, strategy and values |

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> I demonstrate competence and resilience, adapting to challenges and finding effective solutions

**Growth**

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| > | **I** see success, challenge and failure as equal drivers for personal and professional growth |

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> I embrace mutually constructive feedforward and courageous conversations

These leadership priorities guide how we act in our daily practice and how we — colleagues and managers alike — develop in growing further.

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Code of Conduct

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Our core principles of conduct

The core principles of conduct set out below are structured around the different stakeholders that may experience the impact of your conduct in practice:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· our clients and business partners, including suppliers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· our company

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· your colleagues

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· society at large, including regulators, peers, NGOs, and governments

These principles help us to maintain a culture of honesty, integrity and accountability, based on trust and confidence. You are expected to follow these principles in every aspect of your work and all your dealings with clients, colleagues and other stakeholders as a representative of Robeco. We also expect you to perform your duties with due skill, care and diligence.

Many core principles and their surrounding processes are worked out in further detail in Robeco's policies and procedures or external laws and regulations. An overview of links can be found at the end of this document. You are expected to be familiar with the internal policies and procedures that apply to your role or activities within Robeco and adhere to this internal guidance in your daily practice.

Please do not hesitate to actively seek guidance from your manager, a compliance officer, HR business partner or other relevant function if the core principles provide insufficient or unclear guidance in a particular scenario.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.1** **We treat our clients and business partners fairly** 

We put the **interests of our clients first** and are client-centered.

We offer **transparent products** that meet our client's needs, and we strive to **communicate** in an **honest and clear** way about such products.

We use **reasonable care and prudent judgment** when managing client's assets.

We seek to work with clients and business partners who **share our values** and work to the same high standards as ourselves.

We always treat our clients and business partners with **respect** and value a **long-lasting relationship** over a short-term profit.

We treat information about our clients and business partners with utmost care and **confidentiality.**

We identify, assess, manage and mitigate (potential) **conflicts of interests in relation to clients** and business partners and are transparent about such conflicts should they occur.

We are guided by our **clients' preferences** and do not engage in mis-selling or any other violations of consumer protection laws.

We apply **a zero-tolerance approach** to bribery and corruption, and do not give or receive gifts and entertainment if that implies you cannot act independently in your current or future actions on behalf of Robeco.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2** **We act in the interest of Robeco** 

We are committed to live up to **Robeco's core values** in everything we do and strive to always act in **Robeco's interests and to safeguard our reputation.**

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Code of Conduct

We are familiar with **Robeco's internal policies and procedures** and are committed to comply with these in our daily practice.

We promote a healthy **risk culture,** always striving for a sound balance between risk and reward and taking rigorous responsibility for managing risks and compliance in everything we do. We actively contribute to Robeco's **business continuity,** safety at the workplace and protection of **Robeco's property** and tangible and intangible assets.

We protect **personal and other confidential data** from clients, colleagues and business partners by handling data in a lawful manner. We use data only for specified and legitimate purposes and only keep it as long as needed.

We are committed to the **responsible usage of big data analytics and Al** in all our business activities.

We identify, assess, manage and mitigate (potential) **conflicts of interests within Robeco or with personal interests** and are transparent about such conflicts if they occur.

We protect Robeco from being misused to facilitate **financial economic crimes,** tax offences and environmental and social violations by acting in accordance with applicable policies and procedures.

We identify and safeguard **confidential and internal information** and make sure such information is protected, only used for its intended purposes and shared via appropriate channels.

We refrain from any form of **market abuse** (e.g., front running, market manipulation) by carefully adhering to the policies regarding market abuse and private investment transactions. We **speak up** in a timely and constructive manner when witnessing behavior inconsistent with this Code of Conduct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.3** **We treat each other with respect** 

We create and maintain a **safe working environment,** ensuring everyone can thrive and feels valued and included, which enhances employees' engagement, improves the well-being of our colleagues and creates a strong performance culture.

We treat each other with **respect,** do **not tolerate discrimination** of any nature and strive for **equal opportunities** for all employees irrespective of gender, race, color, ethnic or social origin, religion or belief, disability, age or sexual orientation.

We refrain from any form of **misconduct or unacceptable behavior,** such as harassment (sexual or otherwise), intimidation, aggressive behavior and/or violence, bullying or discrimination, in any form, whether oral, written, physical or visual.

We value **diversity, equity and inclusion** and strive for a diverse mix of backgrounds, viewpoints, talents and experiences and an inclusive working environment.

We stimulate **personal and professional growth,** where we give constructive mutual feedforward and learn from mistakes, focus on continuous improvement in everything we do and encourage collaboration and open dialogues.

We make sure **communication** with our colleagues is open, clear and friendly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.4** **We take our responsibility as a sustainable investor and as organization** 

We enable our clients to achieve their **financial and sustainability goals.**<br>

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Code of Conduct

We make sure our sustainability related statements, declarations, actions, or communications **clearly and fairly reflect** the underlying sustainability profile of an entity, a financial product, or our services.

As a sustainable investor, we strive to routinely **integrate ESG factors into** the **decision making** for all our investment processes, to make better informed investment decisions and to be better prepared for the future.

We **integrate sustainability in our business operations** through increasing sustainability awareness across the company, fostering an equal, diversified and empowering workplace,

- stepping up sustainability efforts in our own operations and increasing transparency in reporting.

We respect **global human right standards** in everything we do.

We aim to maintain **respectful and cooperative interactions** with governments, regulators and supervisors.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. How we deal with the principles day by day

You are expected to practice the core principles of conduct in every aspect of your work and all your dealings with clients and other stakeholders as a representative of Robeco. Although the principles seem very clear, in reality, however, things are not always black and white. You may sometimes find yourself in a gray area, where we ask you to rely on your own professional judgement on how to apply the principles. Applying the principles in practice is all about making careful and conscious choices and being able to provide good reasons and arguments for the choices you made.

Another reality is that different people may have different views on what they find acceptable or unacceptable behavior. The rule of thumb is to view the behavior from the perspective of the person on the receiving end. In this case, it does not matter whether the behavior occurs intentionally or unintentionally or is 'just meant as a joke'.

To avoid misunderstandings and create a safe environment where colleagues feel confident in what they can say or do, it is recommended to actively discuss this among your colleagues. We also recommend engaging in dialogues on what a safe work environment means, how colleagues can optimally work together and how colleagues can give and receive feedback in a safe and constructive way. Encouraging and investing in these dialogues will help to foster a safe and strong performance culture.

If you need to deal with a conduct-related dilemma, this checklist may help you to identify the best possible approach in the given situation:

&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Identify the situation** <br>
Describe the situation by identifying the interests of all stakeholders.

&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Take all interests into consideration** <br>
Make sure that you identify the interests of all involved parties to avoid conflicts of interest and to weigh the different interests
against each other. Awareness of the conflicts of interests creates an open and transparent discussion toward a solution.

&nbsp;&nbsp;&nbsp;&nbsp;**3.** **What are the rules?** <br>
Make sure that you are informed about the applicable policies and procedures, so that any decision you take observes both the letter
and the spirit of the rules.

&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Ask for feedback** <br>
Ask the opinion of a colleague or manager. Test your view or decision on an outsider, someone from another department, or even
outside Robeco (friends or family) to see if you can explain it, keeping confidentiality in mind.

&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Determine your approach or decision** <br>
Determine your approach and communicate this with stakeholders if applicable. It will help you to gain insight and learn from each
other's experiences.

&nbsp;&nbsp;&nbsp;&nbsp;**6.** **Evaluate** <br>
Evaluate your decision afterwards with your colleagues over a matter of time.

When experiencing unacceptable behavior, you may choose to speak directly to the person responsible, if that is a viable path. The purpose of the conversation is to give feedback and express your grievance. The desired outcome of the conversation is to avoid unacceptable behavior in the future.

Several persons and functions are available for you to approach if you need help. You can be informed about what Robeco does to promote leadership, a strong culture and positive behavior or to discuss whether specific behavior could qualify as an integrity incident and what would be the preferred reporting channel.

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**Your (matrix) manager** is the first person to reach out to, being responsible for creating a secure base for you and your team. Your manager is expected to create the circumstances for you to develop yourself, contribute to Robeco and its clients as well as to support and advice you in more difficult situations.

You can also turn to your **HR business partner** to discuss what Robeco offers in terms of personal support. The HR business partner can answer any questions regarding the Code of Conduct, and advice and assist you if you encounter behavior that seems to violate this Code.

Furthermore you can approach an **internal confidential advisor** **to** discuss any questions you may have regarding the Code of Conduct or behavior that you experience, in a confidential manner. The internal confidential advisors are trained to listen and advice you on how to deal with sensitive or challenging situations, and what routes you can follow.

Robeco also has an **external confidential counselor** who will listen to, guide and advise you in a confidential atmosphere.

Additionally, your **compliance officer** is always willing to listen to you and discuss any questions you may have regarding the Code of Conduct, how to apply the core principles in practice, as well as explain your options if you experience behavior violating the Code.

It is up to you to decide who you would like to ask for advice in a certain situation. You can take into account the circumstances such as confidentiality, anonymity, professional expertise, knowledge and understanding of the specific (Robeco) context of the situation. All the above mentioned persons and functions have been trained to handle challenging situations and they know how to safeguard confidentiality and the psychological safety of the person who seeks advice or support.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Violations of the Code of Conduct

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.1** **We all have an important responsibility** 

Adherence to the Code of Conduct is essential for all of us. Everyone in Robeco must adhere to the standards set forth in this Code of Conduct. No one is exempt from these requirements, regardless of the position you hold, the location of your job or the number of hours you work.

You are therefore expected to annually confirm in a statement that you are familiar with the Code of Conduct and that you abide to it in practice.

Whenever you witness any suspected or actual violations of the Code of Conduct, you are expected to speak up and report such infringements without delay. Conduct in violation of the Code may jeopardize Robeco's goals and performance and keep us from being the organization we want to be for our colleagues, clients and business partners and all other stakeholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.2** **Different reporting channels** 

Within Robeco, violations of the core principles set out in section 3 are defined as 'integrity incidents'. There are multiple channels available to you, both within and outside Robeco, to report integrity incidents. You are free to select whichever channel you feel most comfortable taking. You can report integrity incidents through the following different channels:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)** **Internal — Robeco.** All integrity incidents can be reported to **your Compliance Officer** (from Robeco's Compliance department), whereby Compliance will analyze the report and ensure appropriate
follow-up.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii)** **Internal — ORIX group.** All integrity incidents can be reported to the **ORIX Hotline.** Any reports to the ORIX Hotline are forwarded to a central desk in ORIX and Robeco's Chief Compliance Officer. The latter
will follow up on the filed incident report within Robeco.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iii)** **External.** All integrity incidents involving unacceptable
 behavior, such as harassment (sexual or otherwise), intimidation, aggressive behavior
 and/or violence, bullying or discrimination, can be reported to Ellen Boere, Robeco's **external confidential counselor** at <u>info@ellenboere.nl</u>.
 The external confidential counselor will treat an Integrity incident fully confidential
 and will inform Robeco annually and anonymous on the number and generic type of reports.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iv)** **External.** Depending on the circumstances, an employee may report an integrity incident directly to an **external competent authority** via applicable whistleblowing procedures.

More information on the different reporting processes can be found in the Incident Management Policy, Integrity Incident E5 Whistleblowing Procedure and on the <u>incident framework page</u> on RobecoWorld.

Robeco has zero tolerance for retaliation against anyone who reports a concern or misconduct in good faith and with the reasonable belief that the information is true. No one has the authority to justify an act of retaliation and any employee who engages in retaliation will be subject to disciplinary action, which may include up to dismissal. You are not to be afraid or reluctant to speak up when appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.3** **Conduct management** 

You are expected to act with the highest sense of integrity and exercise unbiased judgment. Behaving in contravention of the core principles of the Code of Conduct (or other internal or external applicable to conduct rules) may, depending on the severity of the violation, lead to disciplinary measures which may include, but are not limited to:

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Code of Conduct

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) reprimand;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) formal warning;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) demotion or replacement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) reduce deferred parts of remuneration (malus) or claw back variable remuneration; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) termination of employment.

You are also expected to comply with applicable laws. If you violate a criminal law applicable to Robeco's business, the matter may be reported to the appropriate authorities.

**<u>Related documents:</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· <u>AML *€5* Sanctions Policy</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· <u>Business Continuity Policy</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· <u>Complaints El Grievance Handling Policy</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· <u>Conflicts of Interest Policy</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· <u>Data Privacy Policy</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· <u>Gifts CS Entertainment Policy</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· <u>Human Rights Statement</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· <u>Incident Management Policy</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· <u>Integrity Incident £E Whistleblowing Procedure</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· <u>Market Abuse Policy</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· <u>Marketing Materials Policy</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· <u>Media Policy</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· <u>Privacy Statement Employees</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· <u>Private Investment Transaction Policy</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· <u>Incident management webpage on RobecoWorld (including all reporting channels)</u> 

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## Ex-99.(P)(24)

**Exhibit 99.(P)(24)**

Code of Ethics as at July 2025

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![](x1_c113438x942x1.jpg)

Skerryvore Asset Management Ltd

Code of Ethics

As At July 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Scope

This Code of Ethics (the "Code") covers Skerryvore Asset Management Ltd ("Skerryvore"). Skerryvore may be referred herein as the Adviser, Investment Manager or Firm, and is applicable to all Firm employees.

*The content of this Code is proprietary and confidential and should not be reproduced or distributed without<br> the prior written consent of the Firm.*

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Note that for the purposes of this Code, the term "employees" includes Directors, officers, partners, employees, interns and contractors of the Firm.

The term "Access Person" means any employee of the Firm, including part-time employees, consultants, interns or anyone else with access to the Firm's systems for more than 5 days.

This Code applies from the above date and will apply unless and until amended.

*The content of this Code is proprietary and confidential and should not be reproduced or distributed without<br> the prior written consent of the Firm.*

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **Table of Contents**

&nbsp;&nbsp;&nbsp;&nbsp;1. Scope 1

2. **Table of Contents** 3

3. Background 4

4. Statement of Policy 4

5. Standards of Conduct 4

6. Whistleblower Policy 6

7. UK Bribery Act / Foreign
 Corrupt Practices Act 6

8. Insider Dealing 8

9. Confidentiality 8

10. Conflicts of Interest 9

11. Personal Securities Account
 Dealing 9

12. Gifts & Entertainment
 / Hospitality 15

13. Political Contributions 18

14. Outside Business Interests 19

15. Authorised Signatories 22

16. Record Keeping 22

17. Monitoring of this Code 22

18. Version Control Table 23

*The content of this Code is proprietary and confidential and should not be reproduced or distributed without<br> the prior written consent of the Firm.*

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Background

Skerryvore Asset Management Ltd is an investment manager authorised and regulated by the Financial Conduct Authority ("FCA") in the UK and is registered as an investment adviser with the U.S. Securities and Exchange Commission ("SEC"). Skerryvore provides emerging market focussed strategies to institutional clients and funds globally.

Skerryvore is wholly owned by Skerryvore AM LLP, which was established in 2019 as an investment partnership set up to create a business with the independence to pursue and protect its long-term investment philosophy.

The Firm is classified by the FCA as a CPMI (Collective Portfolio Investment Management) firm and operates as a Full-Scope Alternative Investment Fund Manager ("AIFM") managing alternative investment funds ("AIF") and has top-up permissions under MiFID (Markets in Financial Instruments Directive) to undertake non-AIF business such as managed accounts or Undertakings for Collective Investments in Transferable Securities ("UCITS") business (on a delegated basis).

Skerryvore can only conduct regulated business for Professional Clients or Eligible Counterparties, it **does not** have regulatory permissions to deal with Retail Clients.

The "Code of Ethics Rule" of the Investment Advisers Act of 1940 (the "Advisers Act") requires investment advisers registered with the SEC to adopt a written code of ethics. Skerryvore has adopted this code of ethics (the "Code") to establish the Firm's and each Employee's fiduciary duty to the Firm's private funds, investors in its private funds, and separately managed accounts (collectively referred to herein as the "Clients"). The Code also addresses certain possible conflicts of interest and includes the Firm's employee personal trading policy. The Code should be read in conjunction with the Firm's Supervisory Procedures and Compliance Manual (the "Manual").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Statement of Policy

The Firm's policy is to establish a culture of compliance by always seeking to conduct its business in a way that promotes the highest standards of integrity – both at the individual and corporate level.

This Code sets out the standards of business conduct expected of employees and their requirements to comply with the various rules and regulations that apply to the Firm. In addition to this Code, the Firm's employees are also required to comply and adhere to any separate Firm Compliance manual and policies that have been established.

**This Code may be provided to clients, investors or prospective clients and investors as well as other external parties, subject to prior approval from Compliance.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Standards of Conduct

The Firm has a fiduciary duty to clients that requires its employees to act solely for the benefit of those clients. The Firm expects all employees to adhere to the highest standard of professional

*The content of this Code is proprietary and confidential and should not be reproduced or distributed without<br> the prior written consent of the Firm.*

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and ethical conduct. Employees should be aware of situations that may give rise to an actual or perceived conflict with the Firm's clients' interests or have the potential to damage the Firm's reputation.

**Fiduciary Duty** – put simply, this is the obligation to, at all times, place the client's interests first and to eliminate or mitigate any conflicts of interest. As fiduciaries, investment managers, such as the Firm, have an affirmative duty to act in the best interests of their clients and to make full and fair disclosure to clients regarding conflicts of interests.

This Code is designed to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Protect the Firm's clients by deterring misconduct;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Guard against violations of FCA and other applicable "Federal Securities
Laws;"<sup>1</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Educate employees regarding the Firm's expectations and the laws governing
their conduct;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Remind employees 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; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Establish procedures for employees to follow so that the Firm may determine
whether employees are complying with its ethical principles.

This Code is based upon the principle that our executives, officers, and all employees 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 the Firm; 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 the Firm's Chief Compliance Officer to report violations of the Code to the Firm's Enterprise Risk Committee and the Governing Body.

Strict compliance with the provisions of this Code shall be considered a basic condition of employment with the Firm. A material breach of this Code may constitute grounds for disciplinary action and/or termination of employment with the Firm and may be reported to the FCA, SEC and / or other relevant regulatory authorities as required. This may in turn impact the possibility of future employment in the financial services industry either in the UK or elsewhere.

Employees 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 and submitted or created under this Code will be treated as confidential to the extent possible.

<sup>1</sup> Federal Securities Laws means: the Securities Act of 1933, the Securities Exchange Act of 1934, the Sarbanes-Oxley Act of 2002, the Investment Advisers Act of 1940, the Investment Company Act of 1940, Title V of the Gramm-Leach-Bliley Act and any rules adopted by 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 the Department of the U.S. Treasury.

*The content of this Code is proprietary and confidential and should not be reproduced or distributed without<br> the prior written consent of the Firm.*

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Employees should be aware that copies of such reports, statements or confirmations, or summaries of each, may be provided to certain managers or Directors of the Firm, to compliance personnel and/or regulatory authorities upon any appropriate request.

**<u>Chief Compliance Officer</u>**

The Firm has designated a qualified individual to be the Chief Compliance Officer who may delegate the day-to-day management of certain of her compliance duties to another qualified Employee (the "**CCO**"). The Firm's CCO is Ashleigh Simms. In addition, the Adviser has engaged the services of an independent compliance consulting firm, Optima Partners Holdings LLC ("**Optima**"), to assist the CCO with the management of the CCO's compliance duties. If an Employee has a question regarding the requirements of the Manual, he or she must consult the CCO.

In all circumstances requiring pre-approval of an activity under the Code, a member of the Firm's Governing Body will provide pre-approval to the CCO according to the provisions of the Code.

**<u>ACA ComplianceAlpha</u>**

ACA ComplianceAlpha ("ComplianceAlpha") is the primary system utilised to transmit all Code related requests and for required reporting. Firm employee is provided with a unique login username and password to access the ComplianceAlpha system.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Whistleblower Policy

The Firm maintains a separate Whistleblower Policy that applies to all Firm employees, and which is available via the Document Library in ComplianceAlpha.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. UK Bribery Act / Foreign Corrupt Practices Act

During 2011, the UK Bribery Act 2010 (the "Act") became effective in the UK. The Act created four new criminal offences in relation to bribery and corruption, namely:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· An offence of bribing
another person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· An offence of being bribed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· An offence of bribing
a foreign official; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· A strict liability offence
where a commercial organisation fails to prevent bribery.

Bribing another person: this offence is committed if a person offers, promises or gives a financial or other advantage to another person either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· With the intention of
inducing that person to, or rewarding that person for, performing a relevant function or activity improperly; or

*The content of this Code is proprietary and confidential and should not be reproduced or distributed without<br> the prior written consent of the Firm.*

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Knowing that the acceptance
of the advantage would itself constitute the improper performance of a relevant function or activity.

Bribing a foreign public official: this offence is committed where a person offers, promises or gives a financial or other advantage to another with the intention of influencing that person in their capacity as a Foreign Public Official ("FPO") in order to obtain business or an advantage in the conduct of business. A FPO is defined as an individual who:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Holds a legislative,
administration or judicial position of any kind;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Exercises a public function
on behalf of any country or territory outside of the UK, or for any public agency or public enterprise; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Is an official or agent
of a public international organisation.

It is important to note the difference in offence between bribing another person and bribing a FPO in that the offence of bribing a FPO does not require proof of improper performance or an intention to induce improper performance.

Impacts on gifts & hospitality/entertainment: the Act and its related Guidelines recognises that both hospitality and promotional expenditure are established and important parts of doing business, and states that the UK government will not seek to use the Act to prohibit "reasonable and proportionate" entertainment/hospitality and promotional or other similar business expenditure. Nevertheless, the Guidance notes that "hospitality and promotional or other similar expenditure can be employed as bribes."

Where a FPO is involved, an offence does not require any actual proof of impropriety. Accordingly, all employees should proceed with extreme caution in all of their dealings with FPOs, including, for example, sovereign wealth funds.

The key is being comfortable that whatever hospitality or entertainment is provided, it must not be intended to induce a person to breach a duty to act in good faith, impartiality or in conformance with a position of trust (but do not forget the lower threshold that applies when dealing with FPOs).

Facilitation payments: defined as "small bribes paid to facilitate routine Government action." Often seen as a common feature of doing business in some countries, such payments are not exempt from the Act. Employees must **not** make facilitation payments even if such payments are common occurrences.

The Firm does not make contributions to political parties, nor does it make facilitation payments of any kind.

Due to the extra-territorial provisions of the Act, all employees should be aware of their obligations and requirements under the Act, regardless of which office they work in.

**<u>Foreign Corrupt Practices Act</u>**

The U.S. Foreign Corrupt Practices Act ("FCPA") prohibits individuals and companies from corruptly making or authorizing an offer, payment or promise to pay anything of value to a "Foreign Official" for the purpose of influencing an official act or decision to obtain or retain business. The FCPA applies to all Foreign Officials and all employees of state-owned enterprises. The definition

*The content of this Code is proprietary and confidential and should not be reproduced or distributed without<br> the prior written consent of the Firm.*

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of Foreign Official is broadly interpreted by the SEC and the U.S. Department of Justice both of whom enforce the FCPA's prohibitions.

Under the FCPA, both the Firm and its Employees can be criminally liable for payments made to agents or intermediaries "knowing" that some portion of those payments will be passed on to (or offered to) a foreign official. The knowledge element required is not limited to actual knowledge but includes "consciously avoiding" the high probability that a third party representing the Firm will make or offer improper payments to a Foreign Official.

Investment Advisers that engage foreign agents are expected to be attuned to any "red flags" in connection with the relationship, which may include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The foreign country's reputation for corruption;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Requests by a foreign agent for offshore or other
unusual payment methods;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Refusal of a foreign agent to certify that it
will not make payments that would be unlawful under the FCPA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· An apparent lack of qualifications;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Non-existent or non-transparent accounting standards;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Whether the foreign agent comes "required"
by a Foreign Official.

Sanctions for violating the FCPA are severe and may include fines for the Firm and/or Employees and jail terms for Employees.

Employees are prohibited from giving anything of value to a Foreign Official without the CCO's pre-approval.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Insider Dealing

The Firm forbids any employee from trading, either personally or on behalf of others, on material non-public information or communicating material non-public information to others in violation of any law or regulation. This conduct is frequently referred to as "insider dealing" or "insider trading".

The Firm operates a separate Market Abuse Prevention Policy and Procedures document that applies to all Firm employees, and which is available via the Document Library in ComplianceAlpha.

The Market Abuse Prevention Policy includes policies and procedures around the Firm's employees' communications and contact with Value-Added investors, public company officials, and other buy-side firms, to mitigate the exposure to and prevent the misuse of any material non-public information potentially received through these channels.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Confidentiality

Confidentiality is a cornerstone of our duties to our clients and colleagues. Any information acquired in connection with employment by the Firm, including information regarding actual or potential investment decisions, portfolio/fund composition, research, Firm activities, or client interests, amongst others, is confidential and may not be used in any way that might be contrary

*The content of this Code is proprietary and confidential and should not be reproduced or distributed without<br> the prior written consent of the Firm.*

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to or conflict with the interests of our clients, or the Firm. Additionally, certain clients may specifically require that their relationship with the Firm be treated confidentially, and employees are reminded to be sensitive to this.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. Conflicts of Interest

The Firm has an affirmative duty of care, loyalty, honesty and good faith to act in the best interests of its clients. Compliance with this duty can be achieved 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. In addition, the Firm imposes a higher standard by providing that employees must try to avoid situations that have even the appearance of conflict or impropriety. The Firm operates a separate Conflicts of Interest Policy, including the maintenance of relevant Conflicts of Interest registers, that applies to all Firm employees, and which is available via the Document Library in ComplianceAlpha.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. Personal Securities Account Dealing

The Firm understands that it is appropriate for Relevant Persons (see definition below) to participate in the public securities markets as part of their overall personal investment programs. The principles behind the restrictions to personal investing are to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Avoid any conflicts of interest with clients where dealing would put personal interests at an advantage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. To avoid excessive distraction from an individual's commitment to their job.

As in other areas, this should be done in a way that limits potential conflicts with the interests of any Firm client or the Firm. Personal Securities Account Dealing must not unduly impinge on an Access Person's work for, and obligations to, the Firm. As such, the Firm has implemented a Personal Securities Account Dealing Policy ("PAD Policy") which requires all Relevant Persons to obtain approval from the Compliance Department before any personal account trade ("Personal Transaction") is placed.

These procedures and restrictions apply to Personal Transactions effected by or on behalf of Relevant Persons.

**<u>Dealing Contrary to a Client's Interests</u>**

No Relevant Person must deal in an investment at a time or in a manner which they know is likely to have a direct adverse effect on the interests of any one of the Firm's clients.

*The content of this Code is proprietary and confidential and should not be reproduced or distributed without<br> the prior written consent of the Firm.*

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**<u>Definitions</u>**

"Access Person": any employee of the Firm, including part-time employees, consultants, and interns (paid and unpaid) with access to the Firm's systems for more than 5 days.

"Immediate Family":

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· A spouse, civil partner or equivalent of the Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· A dependent child (by birth or adoption) or stepchild of the Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Other relatives sharing the household of the Access Person for at least one
year preceding the transaction date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Any person with whom the Access Person has close links; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Any other person whose relationship with the Access Person means that the
Access Person has a direct or indirect interest in the outcome of the trade transaction.

"Relevant Person": an Access Person or their Immediate Family

"Covered Security": Common and Preferred Shares of equity securities corporate bonds, notes, convertibles, depositary receipts (e.g. ADRs, EDRs, GDRs etc), futures contracts (see exclusions below), limited partnership and limited liability company interests, private investment funds, venture capital trusts ("VCTs"), hedge funds, subscription shares, participation in initial public offerings ("IPOs", see details below), options or warrants to purchase or sell securities; and open-end funds that **are** advised or sub-advised by the Firm.

*<u>The following are specifically excluded from the definition of Covered Security above:</u>*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Direct obligations of any government, state or territory or its agencies,
instrumentalities, municipalities and political subdivisions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Bankers' acceptances, bank certificates of deposit, commercial paper,
and high quality short-term debt obligations, include repurchase agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Shares issued by money market funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Shares of open-end mutual funds or equivalent funds that are not advised or
sub-advised by the Firm;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Exchange Traded Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Cryptoassets; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Broad-based stock index futures and options on such futures.

"Prohibited Security": any transactions in shares of an Emerging Market stock, eligible watchlist stock or any security held in a client portfolio, or derivative(s) thereof. For the avoidance of doubt, should any existing Relevant Person or new Relevant Person who joins the Firm hold a Prohibited Security or a derivative thereof, they are permitted to maintain such position(s) without violating this Code, but are prohibited from further purchases.

"Transactions": for the purposes of the Code means any purchase or sale.

**<u>Restrictions</u>**

*<u>Short-term Trading</u>*

*The content of this Code is proprietary and confidential and should not be reproduced or distributed without<br> the prior written consent of the Firm.*

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Access Persons and Relevant Persons are prohibited from taking a short-term trading profit with respect to Personal Transactions in Covered Securities. For the purposes of the Code the time limit for taking a trading profit is 90 calendar days from the date of purchase (T+90). This may be waived in exceptional circumstance with **prior** approval from Compliance.

*<u>Excessive or Inappropriate Trading</u>*

The Firm understands that it is appropriate for Access Persons and their immediate family members to participate in the public securities markets as part of their overall personal investment programs. As in other areas, this should be done in a way that limits potential conflicts with the interests of any Firm client or the Firm. Further it is important to recognise that otherwise appropriate trading, if excessive (measured in terms of frequency, complexity of trading programs, volume of trades, or other measures as deemed appropriate by Compliance), may compromise the best interests of a client if such excessive trading is conducted during the workday or using Firm resources. Accordingly, if personal trading rises to such a level as to create an environment that is not consistent with the Code, Personal Transactions may not be approved or may be limited by Compliance.

*<u>Short Sales, Options Transactions, Derivatives, and Spread Betting</u>*

The Firm discourages short sales and options transactions. An Access Person may engage in such transactions subject to the pre-approval requirements, but Access Persons should be aware of the risks of making such investments and comply with the Code at all times. Transactions in derivative instruments shall have the same restrictions as the underlying securities. Spread betting on securities and indices is not encouraged, but where an Access Person wishes to undertake these transactions, pre-approval must be obtained from Compliance. Spread betting on non-financial items (e.g. election or sporting results) is allowed without approval under the Code. Short positions should not be inconsistent with the position of the client mandates.

**<u>Pre-Clearance</u>**

Any Personal Transaction in a Covered Security requiring pre-approval per below **must be** submitted to Compliance in advance of any transaction taking place. Approval must be granted by Compliance **before** the Relevant Person executes the transaction. The approval is only valid for 48 business hours (unless Compliance have granted an exemption), following which, should the transaction have not been completed, further approval is required prior to attempting to execute the transaction.

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| | | | |
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| &nbsp;&nbsp;**Type of Investment** | &nbsp;&nbsp;**Declare on** <br> **ComplianceAlpha** | &nbsp;&nbsp;**Pre-approval** <br> **required to** <br> **transact** | &nbsp;&nbsp;**Minimum** <br> **Holding Period** |
| &nbsp;&nbsp;**Common and Preferred Shares of equity securities;** | &nbsp;&nbsp;YES | &nbsp;&nbsp;YES | &nbsp;&nbsp;90 days |

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*The content of this Code is proprietary and confidential and should not be reproduced or distributed without<br> the prior written consent of the Firm.*

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Type of Investment** | &nbsp;&nbsp;**Declare on** <br> **ComplianceAlpha** | &nbsp;&nbsp;**Pre-approval** <br> **required to** <br> **transact** | &nbsp;&nbsp;**Minimum** <br> **Holding Period** |
| &nbsp;&nbsp;**depositary receipts (e.g. ADRs, EDRs, GDRs etc); (or derivatives thereof); futures contracts** |  |  |  |
| &nbsp;&nbsp;**Private investment funds; venture capital trusts (VCTs); hedge funds** | &nbsp;&nbsp;YES | &nbsp;&nbsp;YES | &nbsp;&nbsp;90 days |
| &nbsp;&nbsp;**Limited partnership and limited liability company interests** | &nbsp;&nbsp;YES | &nbsp;&nbsp;YES | &nbsp;&nbsp;90 days |
| &nbsp;&nbsp;**Corporate bonds; notes; convertibles (or derivatives thereof);** | &nbsp;&nbsp;YES | &nbsp;&nbsp;YES | &nbsp;&nbsp;90 days |
| &nbsp;&nbsp;**Shares of open-end mutual funds or equivalent funds that ARE managed/advised or sub-managed/advised by the Firm** | &nbsp;&nbsp;YES | &nbsp;&nbsp;YES | &nbsp;&nbsp;90 days |
| &nbsp;&nbsp;**Initial Public Offerings (IPOs)** | &nbsp;&nbsp;YES | &nbsp;&nbsp;YES | &nbsp;&nbsp;90 days |
| &nbsp;&nbsp;**Funds (Mutual, Index, ETF) NOT advised or sub-advised by the Firm** | &nbsp;&nbsp;YES | &nbsp;&nbsp;NO | &nbsp;&nbsp;90 days |
| &nbsp;&nbsp; **Unit Trust/**<br> **Investment Trust NOT advised or sub-advised by the Firm**<br>| &nbsp;&nbsp;YES | &nbsp;&nbsp;NO | &nbsp;&nbsp;90 days |
| &nbsp;&nbsp;**Automatic dividend reinvestment plan** | &nbsp;&nbsp;YES | &nbsp;&nbsp;NO | &nbsp;&nbsp;90 days |
| &nbsp;&nbsp;**Crypto Assets** | &nbsp;&nbsp;YES | &nbsp;&nbsp;NO | &nbsp;&nbsp;90 days |
| &nbsp;&nbsp;**Bankers' acceptances, bank certificates of deposit; commercial** | &nbsp;&nbsp;NO | &nbsp;&nbsp;NO |  |

---

*The content of this Code is proprietary and confidential and should not be reproduced or distributed without<br> the prior written consent of the Firm.*

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---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Type of Investment** | &nbsp;&nbsp;**Declare on** <br> **ComplianceAlpha** | &nbsp;&nbsp;**Pre-approval** <br> **required to** <br> **transact** | &nbsp;&nbsp;**Minimum** <br> **Holding Period** |
| &nbsp;&nbsp;**paper; and high-quality short-term debt obligations; including repurchase agreements** |  |  |  |
| &nbsp;&nbsp;**Broad-based stock index futures and options on such futures** | &nbsp;&nbsp;NO | &nbsp;&nbsp;NO |  |
| &nbsp;&nbsp;**ISA - Cash** | &nbsp;&nbsp;NO | &nbsp;&nbsp;NO |  |
| &nbsp;&nbsp;**Direct obligations of any government, state or territory or its agencies, instrumentalities, municipalities and political subdivisions** | &nbsp;&nbsp;NO | &nbsp;&nbsp;NO |  |
| &nbsp;&nbsp;**Currency** | &nbsp;&nbsp;NO | &nbsp;&nbsp;NO |  |
| &nbsp;&nbsp;**Discretionary Investment Management Services (NO input at all)** | &nbsp;&nbsp; NO<br>| &nbsp;&nbsp; NO<br>|  |

---

**<u>Procedure for Seeking Pre-Approval</u>**

An Access Person must send an email to the <u>PADealing</u> email distribution list requesting approval, the following information must be included: the name of the Relevant Person looking to execute the Personal Transaction, name of the security, ticker (if available), value of the Personal Transaction and/or number of shares/units and whether the Personal Transaction is a buy or sell.

Compliance or another member of staff authorised to approve Personal Transaction requests will advise by return email if the request has been approved or denied.

If the request has been approved (and it is not guaranteed a response will be provided on the same day the request is received), the Relevant Person must execute the trade within two business days of receiving approval AND enter the request into the Compliance Alpha system. ***E.g. pre-approval is effective until the close of trading on the second business day after approval has been granted (at least two full business days, T+2).***

If any order is not executed within this timeframe, a new request for preclearance must be resubmitted.

*The content of this Code is proprietary and confidential and should not be reproduced or distributed without<br> the prior written consent of the Firm.*

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Once the Relevant Person receives the confirmation note from the broker, this must be uploaded (if not on an automatic feed) to ComplianceAlpha, Compliance will check that the details concur with the PAD request.

**<u>Reporting</u>**

Access Persons must provide Compliance with a list of their personal securities accounts and an initial holdings' report within **10 days of the commencement of their employment.** In addition, Access Persons must provide annual holdings reports and complete a quarterly transaction certification. All holdings, accounts, certifications are submitted using the ComplianceAlpha system that is available to each Firm employee via unique login username and password.

***Personal Securities Accounts***

All Relevant Persons are required to notify Compliance via ComplianceAlpha of any Personal Securities Accounts in which they have a direct or indirect pecuniary interest.

***Broker Confirms and Statements***

Relevant Persons may place transactions with a broker of their choosing. However, the Relevant Person is required to (where possible) arrange for their confirmations and statements to be uploaded automatically to the ComplianceAlpha system, where possible.

***Periodic Reports/Statements/Certifications***

*Initial Holdings Report*

All Relevant Persons are required to submit via ComplianceAlpha an Initial Holdings Report within **10 calendar days** of joining the Firm.

*Quarterly Code of Ethics Report*

A quarterly record of all transactions in non-exempt securities must be submitted by each Relevant Person via ComplianceAlpha within 30 days of each calendar quarter end.

*Annual Holdings Report*

Each Relevant Person must also submit via ComplianceAlpha an Annual Holdings Report, which is an update to the Initial Holdings Report (see above). This report should be current to 31 December of each year. This must be submitted within 30 days of the year end.

*Initial Certification*

The Firm provides all new Access Persons with a copy of this Code. The Firm requires all Access Persons to certify via ComplianceAlpha that they have: (a) received a copy of the Code; (b) read and understood all the provisions of the Code; (c) agreed to comply with the spirit and letter of the Code.

*The content of this Code is proprietary and confidential and should not be reproduced or distributed without<br> the prior written consent of the Firm.*

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*Acknowledgement of Amendments*

The Firm will provide all employees with any material amendments to the Code; and employees will certify via ComplianceAlpha that they have received, read and understood the amendments to the Code.

*Annual Certification*

All employees are required to annually certify that they have read, understood and complied with the Code. Any newly opened Personal Securities Accounts should also be disclosed as part of the Annual Certification.

Furthermore, each Access Person is required to ensure that any Immediate Family member is complying with pre-approval and reporting obligations described above. Non-compliance by an Immediate Family member will have the same ramifications on the Access Person as if it were the Access Person who did not comply.

All certifications will be submitted via ComplianceAlpha.

**<u>Exemptions to the PAD Policy</u>**

An Access Person does not have to request permission or declare transactions to Compliance in relation to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Personal transactions executed under the terms of an independent discretionary
management service whereby the Access Person has **no** input into the transactions executed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. Gifts & Entertainment / Hospitality

It is expected that all employees will exercise good judgment in considering the value, frequency and intent of gifts & entertainment/hospitality ("G&E"). Normal business entertaining is unlikely to conflict with the regulatory requirements, but if employees have any doubts in this regard, they should consult Compliance **before** accepting or offering. Any gift or entertainment which puts the recipient under an obligation to the donor, or which is likely to make a recipient favour a donor in the anticipation of further gifts or entertainment must not be accepted.

In all areas of G&E, the gifts/offers of entertainment are made to the Firm and not the individual and therefore any gifts/entertainment offered to external parties are, by default, made on behalf of the Firm and not the individual as it is the Firm's resources that are being used.

*The content of this Code is proprietary and confidential and should not be reproduced or distributed without<br> the prior written consent of the Firm.*

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**<u>Business Entertainment</u>**

The Firm may host or attend business meals and events, subject to the limits set out below, that have a valid business purpose, provided that they are not as frequent or extravagant as to raise any question of impropriety. Entertainment events have a valid business purpose when they provide an opportunity to discuss meaningful Firm business or other legitimate business topics.

Firm employees should host/attend events only at venues that are business appropriate and consistent with the highest standards of professional propriety. The inclusion of partners/spouses should be discouraged to allow meaningful business discussions to take place and to avoid any confidential information being inadvertently disclosed to 'outsiders'.

The hosting or attendance of entertainment and the provision or acceptance of gifts must be reported to the Compliance Department in accordance with the procedure below. The Compliance Department maintains a record of all such notifications and requests.

**<u>Offering Transportation or Lodging</u>**

Staff members are prohibited from paying any transportation and lodging expenses of existing or prospective investors, brokers, suppliers, vendors in connection with business meetings, meals or entertainment. Any exceptions to this, **must** be approved by two members of the Governing Body, of which one must be the Firm's CCO.

**<u>Accepting Transportation or Lodging</u>**

Any transportation or lodging in connection with any business event attended by employees (including research trips) must be paid for by the Firm, except to the extent that such transportation or lodging is an integral part of a conference sponsored by a service provider. In such cases, the employee must make a good faith effort to obtain an invoice and make arrangements for the Firm to pay his or her proportional share of the expense.

**<u>Staff Entertaining</u>**

Any staff entertainment must be approved in advance by any C-Suite individual. This includes team lunches, drinks, and more formal events such as Christmas parties.

**<u>Approval Thresholds</u>**

*Gifts or entertainment offered to or received from public officials is strictly prohibited.*

*Gifts or entertainment with a value of over £100*

Any gift or entertainment, whether offered or received, with a market value of over £100 (or currency equivalent), whether given or received, should be approved by the Compliance Department in ComplianceAlpha **prior** to receipt or giving of the gift or entertainment.

Notification post-receipt of the gift or entertainment may be appropriate where, for example, a member of staff did not know that the value of the gift or entertainment would exceed £100 before

*The content of this Code is proprietary and confidential and should not be reproduced or distributed without<br> the prior written consent of the Firm.*

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the gift was given/received or the entertainment event was attended. Notification must take place as soon as possible and ideally **within 72 hours** of receipt of gift / the event taking place.

*Gifts or entertainment valued at between £10 and £100*

Gifts or entertainment with a value which is below the £100 threshold but above £10 in value do not require prior approval from the Compliance Department must be notified post-event **within 72 hours** of the event taking place.

*Gifts or entertainment with a value below £10*

Gifts or entertainment with a value of below £10 do not require prior approval or subsequent notification but remain subject to the overriding requirement to avoid creating any obligation on the part of the recipient towards the donor or any conflict.

*Exceptions*

Gifts of cash are strictly prohibited, regardless of value. Gifts amounting to vouchers or cash equivalents, irrespective of value and whether given or received, must, where the employee reasonably knows about the giving or receipt of such gifts, be pre-approved by the Compliance Department. Generally, where possible, vouchers or cash equivalents should be politely declined.

Promotional items of nominal value that are widely distributed and display a gift giver's logo (such as golf balls, shirts, towels and pens) do not fall within the definition of a gift.

There is a general exclusion for personal gifts (such as a wedding gift or a congratulatory gift for the birth of a child), provided that the gift is not in relation to the business of the employer of the recipient.

**<u>Returning of Gifts</u>**

If a staff member does not obtain prior approval before accepting a gift because he or she is unaware of the item's value, or because he is unable to seek such approval before taking possession of the item, the staff member may be asked to return the gift or to donate it to charity at the discretion of the Compliance Department.

**<u>Register</u>**

The Compliance Department maintains a record of all gifts and entertainment given and received by Firm employees.

**<u>Gifts or entertainment offered or received by the Chief Compliance Officer</u>**

A member of the Firm's Governing Body will be responsible for approving any G&E offered or received by the Chief Compliance Officer that exceeds the £100 threshold.

*The content of this Code is proprietary and confidential and should not be reproduced or distributed without<br> the prior written consent of the Firm.*

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**<u>Charitable Donations</u>**

Donations by the Firm or Firm employees to charities with the intention of influencing such charities to become clients or investors are strictly prohibited.

Staff members should notify the Compliance Department 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.

**<u>Procedure</u>**

Requests for approval or notifications in respect of any gift or entertainment should be made via ComplianceAlpha. In all cases, Firm employees should provide, at a minimum:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Details of the gift/benefit/entertainment, including
whether this is being offered by or to the staff member.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The value or cost of the gift or entertainment
(or, if this is unknown, the staff member's best estimate of the cost or value).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The name of the donor/ donee and the firm they
work for.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The business justification for the gift or entertainment;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Any other information the staff member believes
may be relevant in the circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. Political Contributions

The Advisers Act's "Pay to Play Rule" restricts the Firm and its Employees from making U.S. political contributions that may appear to be made for pay to play purposes, regardless of the Employee/contributor's intent. The SEC uses the phrase "pay to play" to refer to arrangements whereby investment advisers make political contributions or related payments to government officials in order to be awarded with, or afforded the opportunity to compete for, contracts to manage the assets of public pension plans and other government accounts.

The Pay to Play Rule generally creates: (i) a two-year time-out from receiving compensation for providing advisory services to a state and local government entity after political contributions have been made to government officials that are involved in awarding advisory contracts to manage the assets of state or local pension funds; (ii) a prohibition on soliciting or coordinating certain political contributions and/or payments; and (iii) a prohibition from paying certain third parties from soliciting state and local government entities.

The Firm does not make financial contributions to political candidates or parties.

**<u>Pay to Play Policy</u>**

The Firm's "Pay to Play Policy" prohibits the Firm and its Employees from making any "contribution" (i) to candidates running for U.S. state or local political office, (ii) to candidates running for U.S. federal office who currently hold a U.S. state or local political office, or (iii) to political parties or political action committees ("PACs") that may contribute to such campaigns (collectively, a "Political Contribution"). "Contribution" is broadly defined and means the giving of

*The content of this Code is proprietary and confidential and should not be reproduced or distributed without<br> the prior written consent of the Firm.*

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"anything of value" in connection with any election for U.S. state, local or federal office (if the candidate running for U.S. federal office currently holds a U.S. state or local political office), including contributions to any candidate for political office, political party or PAC. Anything of value includes providing services to a campaign, political part or PAC.

The Firm will not make Political Contributions or otherwise endorse or support political parties or candidates (including through intermediary organizations such as PACs or campaign funds) with the intent of directly or indirectly influencing any investment management relationship. In addition, under no circumstances may an Employee engage in any of the foregoing activities indirectly, such as by funnelling payments through third parties including, for example, Immediate Family Members (as defined below), attorneys, friends or companies affiliated with the Firm as a means of circumventing the Pay to Play Rule.

<u>New Employee Certification</u>

When an individual is employed by the Firm, the Firm must "look back" to that Employee's prior Political Contributions. If the Employee is involved in soliciting Clients for the Firm, then the Firm is required to look back at the Employee's Political Contributions for two (2) years. If the Employee is not involved in soliciting Clients, then the Firm is only required to look back six (6) months. The CCO will determine whether any such past Political Contribution will affect the Firm's business. Upon joining the Firm, each new Employee must complete a "New Hire Political Contributions Certification" (to be completed in ComplianceAlpha).

<u>Pre-Approval of Political Contributions</u>

The Firm prohibits Employees from making political contributions to local, state or federal officials and/or political parties and affiliates without the CCO's written pre-approval obtained by completing a "Political Contribution Pre-Approval Request Form" via the Compliance Alpha system and submitting to Compliance before making a Political Contribution.

<u>Pay to Play Policy Quarterly Compliance Attestation</u>

Employees are required to complete a Quarterly Compliance Attestation in Compliance Alpha to confirm that they are complying with the Pay to Play Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. Outside Business Interests

The Firm generally discourages Outside Business Interests ("OBI") and other forms of employment as they have the potential to cause conflicts of interest between an employee and the Firm.

The Firm needs to ensure that its employees remain committed to the satisfactory fulfilment of their duties, and do not find themselves in situations where they are unable to perform their role due to conflicting demands on their time, or as a result of conflicts of interest arising by virtue of an OBI or similar situation.

*The content of this Code is proprietary and confidential and should not be reproduced or distributed without<br> the prior written consent of the Firm.*

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As a result, the Firm requires all employees to seek prior approval from the Compliance Department before:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Engaging in any employment outside their employment
with the Firm;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Accepting, taking or acquiring a significant interest
(see below for relevant interests) in any outside business organisation or venture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Becoming a governor, director or officer of, or
an advisor to a company or any other entity, organisation or venture; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Running for or accepting any public office.

In each of the above examples, the requirement to obtain prior approval applies regardless of whether the position in question is paid or unpaid. The requirement also applies irrespective of the nature of the organisation or entity in question (commercial, charitable or otherwise).

**<u>New Joiners</u>**

On joining the Firm, all new employees must notify the Compliance Department of any OBIs that they hold within 10 calendar days of joining. Failure to do so is considered a breach of this policy.

In addition to seeking prior approval before accepting any new positions, new joiners will be required to provide details, of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Any directorships currently held or previously
held during the preceding 10 years;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Details of any share ownership, current or in
the preceding 10 years which exceeded 1% of the capital of the organisation (whether or not combined with a directorship);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Details of any partnership interests, both current
and at any time in the preceding 10 years;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Any consultancy positions, whether paid or unpaid,
both current and at any time in the preceding 10 years;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Any trusteeships, whether paid or unpaid, both
current and at any time in the preceding 10 years; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Any other positions currently held, whether paid
or unpaid.

Notwithstanding the need to ensure Firm employees are able to perform their roles effectively, the Firm is also committed to ensuring that its employees are able to maintain appropriate interests outside of their employment, and as such approval for any such request will not be unreasonably withheld, provided that any outside employment or interest must not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Be carried out on any of the Firm's premises;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Place demands on the employees' time to
such an extent that it interferes with their ability to perform their role effectively and compliantly; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Be likely to create a situation where the interests
of the staff member are in conflict with those of the Firm or its clients.

Circumstances in which approval may be withheld or where the decision may be referred by the Compliance Department to the Firm's Governing Body would include, but are not limited to:

*The content of this Code is proprietary and confidential and should not be reproduced or distributed without<br> the prior written consent of the Firm.*

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Where the business, organisation or venture concerned
is, or is likely to become, a direct competitor of the Firm or a supplier to the Firm;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Where the business, organisation or venture concerned
is such that the employee's involvement may raise questions of propriety or could create the potential for adverse publicity;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Where the employee is proposing to accept a directorship
or similar position with a publicly traded company.

**<u>Family Members</u>**

In certain circumstances, Firm employees are required to notify the Compliance Department of interests held, to the best of their knowledge, by their family members. This includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Any employment with or significant interest in
any firm which supplies goods or services to Skerryvore; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Any employment with or significant interest in
any firm which is a competitor of Skerryvore.

Notwithstanding that such interests must be notified to the Compliance Department, there is no requirement for the employee to seek prior approval or to request that the family member in question refrain from accepting or resign from any such position pending approval. Such situations may be recorded on the Firm's Conflicts of Interest register, see section 9 above.

**<u>Changes to OBIs</u>**

Participation in an OBI requires prompt notification to Compliance at any time an approved OBI undergoes a material change, such as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Increased / decreased time commitment required
by the activity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Greater percentage of total income derived from
the activity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Change in the status or title regarding the activity,
including termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Change in ownership interest.

**<u>Register</u>**

The Compliance Department maintains a record of all OBIs declared by new joiners and approved for existing employees.

**<u>Procedure</u>**

All notifications with regards to OBIs, whether as a new joiner or an existing employee must be made via ComplianceAlpha. Any activities relating to an OBI request **cannot** commence until approval has been granted by the Compliance Department.

*The content of this Code is proprietary and confidential and should not be reproduced or distributed without<br> the prior written consent of the Firm.*

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. Authorised Signatories

Only Directors of the Firm or those individuals listed in any Firm Authorised Signatory List are able to execute documents on behalf of the Firm. The Directors can execute any document on behalf of the Firm, however, only those listed in the Firm's Authorised Signatory Lists can sign documents in accordance with their signing authority detailed within the relevant Authorised Signatory List.

All current Firm Authorised Signatory Lists are maintained by Compliance and those individuals who have been granted authority to execute documents on behalf of the Firm should familiarise themselves with their levels of signing authority and if in doubt, refer to the Authorised Signatory Lists, their Line Manager or Compliance.

Any changes to the Firm's Authorised Signatory Lists will be presented to the Directors for consideration and if agreed, approval.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. Record Keeping

The Firm will maintain the following records in a readily accessible place pertaining to this Code:

&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 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 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 by each individual deemed to be a Firm employee for the past five years. These records must be kept
for five years after the individual ceases to be a Firm employee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Holdings and transactions reports made pursuant
to the Code;

&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 covered securities by Firm employees including IPOs and limited offerings for at least five years
after the end of the fiscal year in which approval was granted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· A list of the names of persons who are currently
deemed to be Firm employees or have been during the past five years; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· A record of persons responsible for reviewing
Access Persons' reports currently or during the last five years.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. Monitoring of this Code

The Firm's Compliance Department will carry out regular monitoring of the requirements of this Code and any issues identified will be investigated.

Any violations of the Code, including any reports, notifications, or declarations submitted after the deadline, will result in the violation being logged on the Firm's Breach & Error register and full details will be provided to the Firm's Governing Body, the Firm's Enterprise Risk Committee, and if deemed necessary, to the Bennelong Audit, Risk & Compliance Committee and/or the Board of Directors.

*The content of this Code is proprietary and confidential and should not be reproduced or distributed without<br> the prior written consent of the Firm.*

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. Version Control Table

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Version** | &nbsp;&nbsp;**Date** | &nbsp;&nbsp;**Author** | &nbsp;&nbsp;**Detail** |
| &nbsp;&nbsp;V1 | &nbsp;&nbsp;July 2023 | &nbsp;&nbsp;A Simms (CCO) &nbsp;&nbsp;All | &nbsp;&nbsp;New Code Document |
| &nbsp;&nbsp;V2 | &nbsp;&nbsp;April 2024 | &nbsp;&nbsp;A Simms (CCO) &nbsp;&nbsp;All | &nbsp;&nbsp;Full review following SEC registration |
| &nbsp;&nbsp;V3 | &nbsp;&nbsp;September 2024 | &nbsp;&nbsp;A Simms (CCO) &nbsp;&nbsp;All | &nbsp;&nbsp;Full review following the change in control completion |
| &nbsp;&nbsp;V4 | &nbsp;&nbsp;July 2025 | &nbsp;&nbsp;A Simms (CCO) &nbsp;&nbsp;All | &nbsp;&nbsp; Full review following change of regulated entity name.<br> Update to Personal Account Dealing section to allow dealing in single named securities bar those held in client portfolios and on the GEM & All-Cap watchlist |

---

*The content of this Code is proprietary and confidential and should not be reproduced or distributed without<br> the prior written consent of the Firm.*

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## Ex-99.(P)(25)

**Exhibit 99.(P)(25)**

**April 21, 2025**

Code of Ethics

**Voya Investment Management LLC**

**Voya Investments, LLC**

**Voya Investment Management Co. LLC**

**Voya Investment Management (UK) Limited**

**Voya Alternative Asset Management LLC**

**Pomona Management LLC**

**Voya Investments Distributor, LLC**

**Voya Realty Group LLC**

**Voya Investment Trust Co.**

This Code of Ethics (the "Code") supersedes all codes of ethics previously included in the Voya Investment Management Compliance Policies and Procedures Manual. Voya Investment Management reserves the right to modify any provision in this Code at any time in the future. Such changes will be distributed by an electronic communication or by other means, as appropriate.

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Code of Ethics

**Table of Contents**

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|:---|:---|:---|
| **1.** | **Adoption of Code of Ethics** | **3** |
| **2.** | **Covered Persons** | **4** |
| **3.** | **Violations of the Code** | **4** |
| **4.** | **Exceptions to the Code** | **4** |
| **5.** | **Statement of Fiduciary Standards** | **4** |
| **6.** | **Duty of Confidentiality** | **5** |
| **7.** | **Duty to Comply with Federal Securities Laws** | **5** |
| **8.** | **Personal Trading Restrictions** | **6** |
| **9.** | **Intraday Trading Prohibition** | **8** |
| **10.** | **Prohibition on Short-Term Trading Profits** | **8** |
| **11.** | **Reporting Obligations** | **8** |
| **12.** | **Transactions in Voya Fund Shares** | **10** |
| **13.** | **Voya IM Gift & Entertainment Policy** | **10** |
| **14.** | **Outside Business Activity** | **12** |
| **Code of Ethics Guide – Securities Transactions Matrix** | **Code of Ethics Guide – Securities Transactions Matrix** | **16** |
| **Leveraged Credit Group Supplemental Code of Ethics** | **Leveraged Credit Group Supplemental Code of Ethics** | **20** |

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Code of Ethics

1. Adoption of Code of Ethics

This Code of Ethics (the "Code") has been adopted by each of the registered investment companies advised by Voya Investments, LLC (or an affiliate) and operating under the Voya funds umbrella (the "Voya funds") and by each of the following Voya Entities (collectively referred to as "Voya Entities"):

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| | |
|:---|:---|
| &nbsp;&nbsp;Voya Alternative Asset Management LLC | Pomona Management LLC |
| &nbsp;&nbsp;Voya Investment Management LLC | Voya Investments Distributor, LLC |
| &nbsp;&nbsp;Voya Investments, LLC | Voya Realty Group LLC |
| &nbsp;&nbsp;Voya Investment Management Co. LLC | Voya Investment Trust Co. |
| &nbsp;&nbsp;Voya Investment Management (UK) Limited |  |

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The provisions of the Code are applicable to all directors, trustees, officers and persons employed or appointed by one or more of the Voya Entities as well as their immediate family members living in such designated person's household<sup>1</sup> (collectively referred to as "Employees") unless otherwise noted. Employees on short-term disability, whose access rights have not been revoked will still be subject to the Code. Employees on long-term disability, whose access rights have been revoked will not be subject to the Code during the leave period.

Temporary contract workers, interns, independent contractors, or independent consultants, as well as certain persons of other affiliated entities are considered "Employees" for purposes of this Code if such person provides investment advice to clients on behalf of the Voya Entities, is subject to the supervision and control of the Voya Entities, 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. The Chief Compliance Officer ("CCO") may exempt such persons from any requirement hereunder if the CCO determines that such exemption would not have a material adverse effect on any client account and for those contingent workers subject to a contractual arrangement with the Voya Entities that addresses insider trading and/or similar potential conflicts of interest.

In addition, the Code is applicable to the trustees/directors of each of the Voya funds (the "Voya funds Directors").

All Employees and the Voya funds Directors (collectively referred to as "Covered Persons") will be provided with a copy of this Code upon employment with the Voya Entities or appointment and notified when any material amendments are made to the Code.

The Code is not intended to supersede or otherwise replace the Voya Code of Business Conduct and Ethics. All of the policies and guidelines contained in the Voya Code of Business Conduct and Ethics shall remain in full force and effect as to Employees.

<sup>1</sup> An "immediate family member" includes any child, stepchild, grandchild, parent, stepparent, grandparent, spouse (including domestic partners), sibling and in-laws, as well as any person sharing the same household with the Employee in which the Employee contributes to the material financial support of such person. A person who holds account(s) in which the Employee is a joint owner, has trading authority, or beneficial ownership would also be considered an immediate family member, regardless of if that person lives in the same household as the Employee.

Beneficial ownership is interpreted in the same manner as it would be under Rule 16a-1(a)(2) under the 1934 Act in determining whether a person is the beneficial owner of a security for purposes of Section 16 of the 1934 Act and the rules and regulations thereunder. Rule 16a-1(2) under the 1934 Act specifies that to have beneficial ownership, a person must have a "direct or indirect pecuniary interest", which is the opportunity to profit directly or indirectly from a transaction in securities. Thus, an Access Person may be deemed to have beneficial ownership of securities held by members of his or her immediate family sharing the same household, or by certain partnerships, trusts, corporations, or other arrangements.

Code of Ethics

2. Covered Persons

**Certification of Compliance.** All Covered Persons are required to certify to the Voya IM Compliance ("Compliance") annually that they have:

&nbsp;&nbsp;&nbsp;&nbsp;■ read and understand the provisions contained in the Code;

■ complied with all the requirements of the Code; and

■ reported all transactional information required by the Code.

Generally, as an Employee of the Company, you may be held personally liable for any improper or illegal acts committed during the course of your employment; non-compliance with this Policy may be deemed to encompass one of these acts. Accordingly, you must read this policy and comply with the spirit and the strict letter of its provisions. Failure to comply may result in the imposition of serious sanctions, which may include, but are not limited to, letter of written reprimand, the disgorgement of profits, cancellation of trades, selling of positions, and suspension of personal trading privileges, dismissal, and referral to law enforcement or regulatory agencies.

Covered Persons are required to certify their receipt and understanding of and compliance with the Code within ten days of becoming a Covered Person. On an annual basis, all Covered Persons are required to re-certify their understanding of and compliance with the Code. Additionally, whenever the Code is materially amended, Covered Persons must certify that they have received the amended Code and that they have read, understand, and will abide by the terms and provisions of the Code. You will be provided with timely notification of these certification requirements and directions on how to complete them by the Code of Ethics Office. Other reporting and certification requirements are set forth in the Gift & Entertainment ("G&E"), Political Contributions, and Personal Securities Transactions sections of this Code.

3. Violations of the Code

Employees are required to report any known or suspected violations of the Code to Compliance immediately. An Employee who violates this Code or fails to report a violation of the Code may be subject to sanctions. For example, if the same security is purchased or sold on the same day by an Employee, the Employee following a violation may be required to disgorge profits to charity. In addition, any Employee that violates the Code's pre-clearance or transaction reporting provisions may also be suspended from further trading for a period.

4. Exceptions to the Code

Exceptions to the Code will only be made under extraordinary circumstances. No exception may be granted for those sections of the Code that are mandated by regulation.

Exceptions may be made only upon prior request, and no exception will be granted subsequent to a violation of the Code. To be granted an exception to the Code, a written request regarding the nature of the exception must be made and submitted to the CCO and approved by her or him and a member of Voya IM's Executive Leadership Team. Exceptions to the Code shall be reported as applicable to the CCO of the Voya funds and the Voya funds Directors.

5. Statement of Fiduciary Standards

A fiduciary is a person or organization that manages money or property for another, usually a client, and, as a result, has a legal duty to act in the best interests of that client. This Code is based on the overriding principle that the Employees have a fiduciary duty to clients, including the Voya funds, while the Voya funds' Directors have a fiduciary duty only to the Voya funds. Our investment advisers owe a fiduciary duty to the Clients for which they serve as an adviser or sub-adviser. Covered Persons of our investment advisers must avoid activities, interests,

Code of Ethics

and relationships that could interfere or appear to interfere with our advisers' fiduciary duties. Accordingly, Covered Persons shall conduct their activities in accordance with the following standards:

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| | | |
|:---|:---|:---|
| **Clients' Interests**<br> **Come First** | **Conflicts of Interest Should be**<br> **Avoided** | **Compromising Situations**<br> **Should be Avoided** |
| &nbsp;&nbsp; In the course of fulfilling their duties and responsibilities, Covered Persons **must at all times place the interests of the clients (or, in the case of the Voya funds Directors,** the Voya funds) first. Covered Persons shall avoid putting their own personal interests ahead of the interests of a client. | &nbsp;&nbsp; Covered Persons must avoid any situations involving an actual or potential conflicts of interest or possible impropriety with respect to their duties and responsibilities to, in the case of an Employee, a Voya Entity or a client of a Voya Entity or in the case of a Voya funds Director, the Voya funds.<br>| &nbsp;&nbsp; Covered Persons shall never take advantage of their position of trust and responsibility. Covered Persons must avoid any situation that might compromise or call into question their exercise of full independent judgment in the best interests of clients.<br>|

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All activities of Covered Persons shall be guided by, and adhere to, these fiduciary standards. The remainder of this Code sets forth specific rules and procedures that are consistent with these fiduciary standards. However, all activities by Employees are required to conform to these standards regardless of whether the activity is specifically covered in this Code. Any violation of the Code by an Employee may include but not be limited to reprimand, suspension, disgorgement of trading profits and termination of employment.

6. Duty of Confidentiality

Covered Persons must keep confidential any non-public information regarding Voya, a Voya Entity, a Voya fund, and any client or any entity whose securities they know or should know are under investment review by a portfolio management team acting on behalf of a Voya Entity. Covered Persons have the highest fiduciary obligation not to reveal confidential information of any nature to any party that does not have an explicitly clear and compelling need to know such information.

All information submitted by a Covered Person to Compliance pursuant to this Code will be treated as confidential information. It may, however, be made available to senior management, governmental and governmental agencies with regulatory authority over the Voya Entities, as well as to the Voya funds Directors, and each of their auditors and legal advisors, as appropriate.

7. Duty to Comply with Federal Securities Laws

Voya Entities' activities are governed by the federal securities laws, including the Investment Advisers Act of 1940, as amended (the "Advisers Act") and the Investment Company Act of 1940 (the "1940 Act"), as amended. Covered Persons are expected to adhere to the federal securities laws, whether or not the activity is specifically covered in this Code.

Code of Ethics

8. Personal Trading Restrictions

The restrictions of this section apply to all Employees covered under the personal trading policies and procedures of Voya Investment Management ("Voya IM"), and to accounts over which they have the authority to make investment decisions, for all transactions involving securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.1.** **Pre-Clearance of Securities Transactions** 

Except for the transactions listed below, approval must be obtained from Compliance before entering an order to buy or sell or transfer securities by gift, engaging in derivative transactions, or selling of shares in connection with margin calls. **An approval to trade is only valid on the business day it is received (*note*: such approvals terminate at close of business day on the date such approval is granted).** If you receive approval and do not complete the trade that same day, you must seek pre-clearance to complete the trade the next (or any subsequent) business day. Except as noted below, approval must be received for every transaction. Pre-clearance approvals for securities *traded on a U.S. exchange or in a U.S. market* are effective until the close of business on the day that your pre-clearance request has been approved. Pre-clearance approvals for securities *traded on a foreign exchange or in a foreign market* are effective until the close of business on the business day following approval of your pre-clearance request. If you want to modify your trade request previously submitted in any way (*e.g.*, date of execution or share quantity), you must submit a new pre-clearance request.

The Voya Entities utilize a vendor system to process personal trading. All pre-clearance requests shall be made via the system, which can be accessed at: StarCompliance.

Employees assigned portfolio management or trading responsibility are prohibited from knowingly buying or selling the same security traded in an associated client account for a period of 15 days (7 days prior to the client trade and 7 days after the client trade).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.2.** **Requirements for Voya Financial securities.** 

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|:---|
| **Employees must obtain pre-clearance for transactions involving Voya Financial securities, including:** |
| Open market purchases and sales; |
| Gifting or making a charitable contribution of your holdings; |
| Transactions in Voya Company Stock Fund in the 401(k) (other than automatic purchases made pursuant to an established payroll-deduction program, or transactions involving automatic and/or pro-rata rebalances); or |
| Sales of performance shares units or restricted stock units. |
| **Employees who wish to transact in Voya securities should consider the following before seeking pre-clearance and transacting:** |
| Voya Securities must be held for a **minimum of 60 calendar days** from the acquisition date, including the Voya Company Stock Fund in Voya 401(k) accounts. |
| **Prohibition of Short Selling and Derivatives of Voya Securities.** Because of the heightened legal risk, the potential misalignment of your interests and those of Voya Financial and its shareholders, and the inappropriateness of engaging in speculative transactions involving Voya Financial securities, you may not engage in: |
| Short sales of Voya Financial common stock. For example, you cannot sell Voya Financial common stock that you do not own, or if you own the stock, you cannot deliver it against such sale, and borrowing shares to complete the sale; or |

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Code of Ethics

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|:---|
| Hedging or other transactions involving options (including exchange-traded options), puts, calls, forward contracts or other derivatives involving Voya Financial securities (excluding stock awards granted under any Voya Financial incentive plan). |
| **Prohibition of Trading in Voya Securities during the "Closed Period."** Employees are prohibited from trading Voya Securities, including the Voya Company Stock Fund in Voya's 401(k) plan, during the "Closed Period for Voya's Financial Instruments" as set forth by Voya Financial. The Voya Closed Periods are set forth on the StarCompliance vendor system utilized to process personal trading requests. |
| ***Warning:*** *Failure to pre-clear will result in sanctions including suspension of personal trading privileges.* |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.3.** **Exceptions to Pre-Clearance of Securities Transactions.** 

The following types of transactions are not subject to the pre-clearance requirements of this Code; however, certain transactions listed below are subject to the reporting and holding period requirements of the Code. Please reference the *Code of Ethics Guide – Securities Transactions Matrix* for details.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Direct obligations of the Government of the United States ("U.S.") and its agencies;

■ Direct obligations of the Government of the United Kingdom;

■ High quality short-term debt instruments, including bankers' acceptances, bank certificates of deposit, commercial paper, money market securities and repurchase agreements;

■ Shares of open-end funds, including shares held in Voya's 401(k) plan (as defined in *Transactions in Voya Fund Shares,* below) *;* 

■ Transactions in accounts over which an Employee has no direct or indirect control or influence (managed or discretionary accounts);

■ Transactions under any incentive compensation plan sponsored by the Voya Entities;

■ Transactions made through an automatic dividend reinvestment plan, automatic payroll deduction or similar program (excluding Self-Directed Brokerage Accounts) where the timing of purchases and sales is controlled by someone other than the Employee;

■ Transactions involving Bitcoins or other cryptocurrencies;

■ Transactions made through a fully discretionary Robo-Advisor program;

■ An exercise of pro-rata rights issued by a company to all the holders of a class of its securities;

■ On any given day, transactions involving 100 shares or less (per account) of common stock issued by companies included in the S&P 500 Index;

■ Transactions involving exchange-traded funds (ETFs) and exchange-traded notes (ETNs) <u>except</u> for single-stock ETFs and ETNs, and ETFs and ETNs advised or sub-advised by the Voya Entities;

■ Transactions involving penny stocks;

■ Transactions involving listed index options, index futures, and other securities with an index as underlying; and

■ Transactions involving closed-end registered funds that are not advised or sub-advised by the Voya Entities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.4.** **Prohibition of Initial Public Offerings and Initial Coin Offerings** **.** Employees are prohibited from acquiring securities in initial public offerings, except for transactions made pursuant to an

Code of Ethics

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| | |
|:---|:---|
|  | employee incentive compensation, retention or other program put in place by a Voya Entity, and initial coin offerings |
| **8.5.** | **Restrictions on Private Placements.** Employees are prohibited from acquiring non-public securities (a private placement) without the prior approval of Compliance. If an Employee is granted approval to make such a personal investment, that Employee will not participate in any consideration of whether clients should invest in the same issuer's public or non-public securities. |
| **8.6.** | **Borrowing Money from Suppliers or Clients.** Employees may not borrow money from any of Voya IM's suppliers, consultants, or clients. However, the receipt of credit on customary terms in connection with the purchase of goods or services is not considered to be borrowing within the foregoing prohibition. In addition, acceptance of loans from other banks or financial institutions on customary terms to finance proper and usual activities, such as home mortgage loans, is permitted except where prohibited by law. |

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9. Intraday Trading Prohibition

Covered persons are prohibited from the purchase and sale, and sale and purchase, of the same security, on the same day (intraday trading). This prohibition does not apply to transactions that are fully exempt from pre-clearance, reporting, and holding period requirements. Exceptions to this prohibition are subject to prior approval by Compliance.

10. Prohibition on Short-Term Trading Profits

The firm discourages its Employees from engaging in short-term trading strategies for their own accounts. Any excessive or inappropriate trading that, in the firm's view, interferes with job performance, or compromises the duty that the firm owes to its Clients, will not be tolerated. Employees must always conduct their personal trading activities lawfully, properly, and responsibly.

Employees may not profit from short-term trading, which is defined as transactions of securities, except as noted below and set forth in the *Code of Ethics Guide – Securities Transactions Matrix*, that are initiated and closed (the purchase and sale, or sale and purchase, of the same (or related) securities) within **30 calendar days.**

For shares of open-end funds, ETFs, or ETNs advised or sub-advised by the Voya Entities (including 401(k) transactions other than those involving the Voya Company Stock Fund) the 30-calendar day holding period is measured from the time of the most recent purchase date of the applicable shares.

Voya Financial securities must be held for 60 calendar days. Exception: You may sell Voya Financial securities within the 60-day holding period as part of the default option to cover taxes due upon the receipt or vesting of equity-based compensation as described in the Voya Financial Personal Trading Policy. Similarly, you may sell all or a portion of your Voya Financial securities deposited into your account as a result of equity-based compensation grants or vesting events within the 60-day holding period.

Profits made in connection with short-term trades may be subject to disgorgement.

11. Reporting Obligations

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|:---|:---|
| **11.1.** | **Disinterested Directors/Trustees** |
|  | Voya funds Directors/Trustees who are not deemed to be "interested persons" (as that term is defined under the 1940 Act) of a Voya fund, its investment adviser, or the investment adviser's affiliates (the "Disinterested Directors") must submit a quarterly report containing the information set forth in 11.2 - 11.5 below, only with respect to those transactions for which such person knew |

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Code of Ethics

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|:---|:---|
|  | or, in the ordinary course of fulfilling his or her official duties as a Disinterested Director, should have known, that during the 15-day period immediately before or after the Disinterested Director's transaction in securities that are otherwise subject to the reporting requirements described herein, an applicable Voya fund had purchased or sold the security at issue or that an investment adviser or sub-adviser for an applicable Voya fund had considered purchasing or selling such security. |
| **11.2.** | **Initial Disclosure of Personal Holdings.** Employees are required to disclose all their personal securities holdings to Compliance within 10 days of commencing employment with a Voya Entity. The holdings report must be current as of a date not more than 45 days prior to the commencement of employment. |
| **11.3.** | **Securities Transaction Records.** Employees should be aware that the Voya Entities maintain a list of designated broker-dealers with whom Employees may maintain a brokerage account. Employees shall notify Compliance if they intend to open, or have opened, a brokerage account. If requested, Employees shall direct their brokers to supply Compliance with duplicate confirmation statements of their securities transactions and copies of all periodic statements for their accounts. Employees must report new authorized brokerage accounts to Compliance within thirty (30) days of funding the account. Note: Employees may not trade in the new account prior to reporting the account. Any brokerage account opened to facilitate cryptocurrency trading is a reportable account under the Code and must be held with an approved designated broker. |
| **11.4.** | **Quarterly Account and Transaction Reports.** Employees are required to submit a report listing their securities transactions made during the previous quarter within 30 days of the end of each calendar quarter. |
| **11.5.** | **Annual Holdings Report.** Employees are required to submit a report listing all securities held as of December 31 of the year reported within 30 days of the end of the calendar year. The holdings reports must be current as of a date not more than 45 days prior to the date the report is submitted. |
| **11.6.** | **Information to be Reported.** Employees are required to provide the following information when submitting reports as required by 11.2. through 11.5., above: |
| **11.7.** | **Initial and Annual Holdings Reports must include the**: |
| ■ | title or description and type of security, the exchange ticker symbol or CUSIP number, the number of shares or principal amount of each security; |
| ■ | broker-dealer or bank where accounts are held; and |
| ■ | date the report is submitted. |
| **11.8.** | **Quarterly Transaction Reports must include the** **:** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ title or description and type of security, the exchange ticker symbol or CUSIP number, the number of shares and principal amount of each security (as well as the interest rate and maturity date, if applicable);

■ trade date and type of transaction (*i.e.*, buy, sell, open, close, etc.):

■ price of the security;

■ broker-dealer or bank account through which the transaction was affected; and

■ date the report is submitted.

All reports, other than the Initial Disclosure of Personal Holdings, shall be made via the vendor system, which can be accessed at: StarCompliance.

Code of Ethics

12. Transactions in Voya Fund Shares

The following restrictions and requirements apply to all purchases and sales of shares of open-end funds advised or sub-advised by the Voya Entities other than money market and short-term bond funds ("Voya Advised Shares") and all holdings of Voya Advised Shares by Covered Persons, including those in which they have a beneficial ownership interest, except as provided below.

These restrictions and requirements do not apply to purchases of Voya Advised Shares through (1) an automatic dividend reinvestment plan; or (2) through any other automatic investment plan, automatic payroll deduction plan, or other automatic plan approved by Compliance.

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|:---|:---|
| **12.1.** | **Compliance with Prospectus** |
|  | All transactions in Voya Advised Shares must be in accordance with the policies and procedures set forth in the Prospectus and Statement of Additional Information for the relevant fund, including but not limited to the fund's policies and procedures relating to short-term trading and forward pricing of securities. |

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|:---|:---|
| **12.2.** | **Additional Restrictions** |
|  | Certain Covered Persons may be considered insiders to a closed-end fund advised or sub- advised by the Voya Entities. In such cases, these persons will be notified of their status as well as advised of additional restrictions imposed on them and their ability to transact in such closed-end fund.<br>Solely to facilitate compliance with timely Form 4 and 5 filing requirements with the Securities and Exchange Commission ("SEC"), all such insiders must submit a written report of any transaction involving the closed-end fund on the trade date of such transaction to Compliance. |

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13. Voya IM Gift & Entertainment Policy

As a general rule, an Employee should not give or accept an inappropriate or significant gift or entertainment to/from a third party that has any business dealings with Voya Financial. The following provides guidelines related to the giving or acceptance of gifts, entertainment or non-cash compensation by Voya IM Employees. All Voya IM Employees who are also Financial Industry Regulatory Authority ("FINRA") registered representatives are, to the extent they are conducting business on behalf of Voya IM, do so under Voya Investments Distributor, LLC ("VID"), a registered broker-dealer with the SEC and a member of FINRA. VID is a subsidiary of Voya IM. (Note: those requirements are described more fully in the VID Written Supervisory Procedures).

This Policy should be read in conjunction with the Voya Financial Gift, Entertainment, and Conflicts of<br> Interest Policy.

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|:---|:---|
| **13.1.** | **Nominal Business Gifts and Business Entertainment** |
|  | Giving or receiving gifts in a business setting may give rise to an appearance of impropriety or raise a potential conflict of interest. It could also, depending on facts and circumstances, qualify as paying or receiving non-cash compensation for a testimonial or endorsement under Rule 206(4)-1. As a general rule, Employees should not give to or accept from a third party (*e.g.*, client, broker, or vendor) any gift or gratuity. However, gifts less than $100 per year per person as well as occasional, normal and customary meals and/or business entertainment (where the person providing the entertainment is present) that on a fair market value basis does not exceed $500 per incident (note: dinner and a show or golf and lunch would be considered one business entertainment event) or $1,500 per year, the cost of which would be paid for by Voya IM as a reasonable business expense if not paid for by the third party, and which is not given or accepted in exchange for a testimonial or endorsement, are permitted. Any G&E in excess of these limits |

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should be declined or returned. If it is not practical to return a gift, provide it the Human Resources for donation. In the case of a perishable item worth more than $100, the gift may be shared with the Covered Person's entire department.

Ultimately, except for personal gifts explained more fully below, G&E must have a clear connection with Voya IM's business and are not permitted if an independent third party might think that the Employee would be influenced in conducting business or might otherwise provide an endorsement of that third party. Any G&E given or received in connection with Voya IM giving or receiving a testimonial or endorsement will qualify as a paid testimonial or endorsement under Rule 206(4)-1. While G&E under $1,000<sup>2</sup> are considered "de minimis" compensation and testimonials/endorsements given for de minimis compensation are exempt from some of the provisions of Rule 206(4)-1, such arrangements with third parties are still subject to adviser oversight and required disclosures. Employees should seek prior approval from Legal and Compliance prior to engaging in a testimonial or endorsement arrangement.

Family members (including domestic partners) of Employees are not permitted to accept fees, G&E, invitations to seminars/conferences, payments or other favors in connection with any business of Voya IM. Any questions should be directed to your supervisor or Compliance Officer, and in the case of FINRA registered representatives conducting business on behalf of VID, your broker-dealer supervisor.

Employees who plan G&E to anyone affiliated with a public entity, including but not limited to state and municipal pension plans, have a special responsibility to both know and adhere to the policy stated above, and to comply fully with additional policies, procedures, and restrictions placed on such Employees by statue statutes, municipal regulations or internal policies. Public entity employees may be under **even more stringent restrictions or outright prohibitions** with regard to receipt of meals and entertainment. Any Voya employee seeking to entertain a public entity employee should first check with Compliance and Legal to see what, if any, additional restrictions may apply. Compliance and Legal can assist in determining what such restrictions are prior to the gifting to and entertaining of such individuals.

Voya IM generally restricts employees from providing gifts and/or entertainment to government officials. However, under certain circumstances, expenditure for meals, entertainment and other normal social amenities for government officials may be permitted, provided it is not extravagant and otherwise complies with the laws and customs of the state or country in which the expenditure is incurred. Similarly, gifts may be given only if the gifts are of reasonable value and conform to laws and normal social customs in the recipient's state or country.

***Any employee seeking to provide gifts, entertainment, or social amenities to a government official should obtain prior authorization from their Executive Leadership Team representative and from Compliance***. This request should be submitted through StarCompliance.

**Gifts**

The following are some guidelines or examples of acceptable gifts. These guidelines also apply when employees are attending conferences sponsored by Clients, prospects, brokers, vendors and other third parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ An acceptable gift may not exceed a face value of $100 per third party, per year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Purely personal gifts are permissible. Personal gifts are gifts that serve a personal (not business) purpose, are paid by the
giver (not the giver's employer) and are between close friends or family members (*e.g.*, gifts that are related to
commonly recognized personal events, such as births, promotion, wedding, or retirement).

<sup>2</sup> For purposes of Rule 206(4)-1.

Code of Ethics

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Discounts or rebates on merchandise or services that do not exceed those available to arm's length clients. The final
total cost or value of goods or services is subject to a $100 limit per third party, per year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Occasional gifts with a modest nominal value and that are widely distributed and include a company logo (*e.g.*, shirts,
caps, pens, books, bags, cups, golf balls, towels, desk ornaments) do not count toward the annual limit as long as they are infrequent
and the reasonably estimated value of the item does not exceed $50. Receipt of such gifts is permitted without any approval or
reporting obligation.

**Business Meals and Entertainment**

The following are some guidelines regarding acceptable business meals and entertainment. These guidelines also apply when employees are attending conferences sponsored by Clients, prospects, brokers, vendors and other third parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Normal, customary, and occasional business meals or entertainment where the meal or entertainment takes place in one event
and the person providing the entertainment is present. A good test is whether Voya IM would consider such an expense reasonable,
if not paid for by a third party. Also, a good rule of thumb is whether an Employee can eat, drink, or enjoy the entertainment
in one sitting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Business
 meals and entertainment should be consistent with FINRA guidance and advice. As such,
 the total fair market value of the event may not exceed $500 per Employee, per event
 (note: dinner and a show or golf and lunch would be considered one event), subject to
 an annual maximum amount of $1,500 per third party.<sup>3</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Entertainment, such as tickets to sporting events, golf fees, or ski lift tickets, will be evaluated based on the published
ticket price. Again, in all cases both the giver and the recipient must be present.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ The cost of local transportation does not count towards the $500 per event/$1,500 annual limit, provided that the mode of transportation
must be reasonable. Any travel and lodging related to the event should be paid for by Voya IM subject to the Voya
Financial Travel and Entertainment Policy .

Any exceptions to the above guidelines must be approved by the Employee's manager and an Executive Leadership Team representative prior to acceptance.

In order to monitor compliance, employees are required to regularly report the receipt of gifts and entertainment (via StarCompliance) and regularly certify that they have complied with the Voya IM Gifts & Entertainment Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. Outside Business Activities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.1.** **Outside Business Interests and Private Investments** 

All Employees are required to devote their full time and efforts to the business of Voya IM. You are not to maintain outside employment activities that compromise job performance or interfere with your regular duties. In addition, no person may make use of either his or her position as an Employee or information acquired during employment or make personal investments in a manner that may create a conflict, or the appearance of a conflict, between the Employee's personal interests and the interests of Voya IM.

<sup>3</sup> Nominal lunches (*e.g.*, snacks, sandwiches) provided by a broker-dealer during business-related meetings on company premises are exempt from reporting.

Code of Ethics

To assist in ensuring that such conflicts of interest are avoided, an Employee must obtain the written approval of the Employee's supervisor **and** Compliance prior to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Serving as a director, officer, general partner or trustee of, or as a consultant to, any business, corporation or partnership,
including family-owned businesses and charitable, non-profit and political organizations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Serving as a registered representative of any broker-dealer other than VID.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Making any monetary investment in any non-publicly traded business, corporation or partnership, including passive investments
in private companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Accepting employment of any kind or engaging in any other business outside of Voya IM.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Acting or representing that the Employee is acting as agent for Voya IM, an Adviser or any other firm in any investment banking
matter or as a consultant or finder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Forming or participating in any stockholders' or creditors' committee that purports to represent security holders
or claimants in connection with a bankruptcy or distressed situation or in becoming actively involved in a proxy contest (see also
Personal Trading Restrictions above).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Receiving compensation of any nature, directly or indirectly, from any person, firm, corporation, estate, trust or association
other than Voya IM, whether as a fee, commission, bonus or other consideration such as stock, options or warrants other than compensation
earned prior to commencement of employment with Voya IM.

Every Employee is required to complete a disclosure form on the StarCompliance site and have such form approved by the Employee's supervisor and Compliance prior to serving in any of the capacities or making any of the investments described heretofore. ***Similarly, each Employee is required to maintain the data initially disclosed on such form and notify Compliance (and the Employee's supervisor) in the event of any change to the information provided after initial approval. From time to time, Employees may be asked to renew their OBA information.***

In addition, an Employee must advise Legal and his or her supervisor if the Employee is or believes that he or she may become a participant, either as a plaintiff, defendant or witness, in any litigation or arbitration that could reasonably relate to the business of Voya IM. Written confirmation of such advice should be obtained from the Employee's supervisor and Legal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.2.** **"Control" Persons of Public Companies** 

Every Employee must disclose to Voya IM if their spouse, domestic partner, or any of their parents, siblings or children, regardless of living in the same household, ("family members") hold a position as a director or executive officer of any public company. Voya IM may, in its sole discretion, place limitations on an Employee's investment activities in the event an Employee's family member holds a position as a director or executive officer of any public company. ***Similarly, each Employee is required to maintain the data initially disclosed on such form and notify Compliance (and the Employee's supervisor) in the event of any change after initial approval.***

From time to time, an Employee of Voya IM may be offered a position as an executive officer or director of a publicly traded company, which, if accepted, would subject the Employee to requirements arising under Section 16 of the 1934 Act ("Section 16"). Prior to accepting the position, the Employee must receive clearance from the CCO and a member of the Voya IM senior management team. If the Employee is permitted to accept the position, the Employee will also be subject to the following procedures:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Trades for client accounts or funds over which the Employee has sole or shared investment discretion must also comply with
the publicly traded company's policies and procedures. It is the

Code of Ethics

responsibility of the Employee to understand and adhere to such company's reporting requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Appropriate disclosure must be provided to affected clients. The disclosure can be provided via offering documents or other
communications sent to affected investors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ **In accordance with Voya IM's policies on confidential information and insider trading, the Employee may not, under any circumstances, trade in the company's securities – whether for personal or client accounts – if the Employee is in possession of material non-public information regarding the company. Likewise, material non-public information regarding the company may not be shared with other Voya IM personnel, other than Legal or Compliance.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.3.** **Political Activity** 

While Voya maintains a political action committee, political contributions from Advisers or their respective Employees<sup>4</sup> may raise various legal and regulatory issues. Most notably, Rule 206(4)- 5 under the Advisers Act prohibits an Adviser from receiving compensation from a government entity for two years if the Adviser or certain Employees contributed money to a government official who is in a position to influence the selection of the Adviser to manage a public fund or provide investment advice to a government entity. Also, some states and municipalities may have laws disqualifying an Adviser from managing assets for various governmental entities if the Adviser or certain of its representatives have made contributions or provided gifts to certain candidates for office. To ensure compliance with these laws and to avoid actual and potential conflicts of interest, Voya IM has adopted the procedures described below, which requires pre-approval by Compliance and the Voya Political Activity Review Committee ("PARC") of political activities. The activities requiring pre-approval and the procedures for obtaining pre-approval are set out below.

<u>Prior</u> to making any personal contribution (whether it be monetary, or event driven, such as hosting a fundraiser) in an individual capacity to an incumbent or candidate, political party committee or political action committee, all Employees of Voya IM must submit a request for approval from Compliance and PARC through the StarCompliance site.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Personal political activities of Employees must be kept separate from employment and any expenses related to these activities
may not be charged to an Adviser; personal political contributions will not be reimbursed. Also, Employees are not to use Voya
IM's facilities (such as telephones and photocopiers) and may not use working hours for political campaign purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ When acting in a volunteer capacity to an incumbent or candidate running for office, you must obtain pre-approval from Compliance.
All requests must be submitted through the StarCompliance site. For volunteer activity,
it is important that your activities cannot be viewed as connected with your position with Voya IM. To the extent that your volunteer
activity involves soliciting or fundraising for political contributions, you will also be required to obtain pre-approval from
Compliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Employees should take extra care when soliciting fellow Employees to ensure that the solicitation never gives the appearance
of being coercive or otherwise related to their employment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Employees who seek or are appointed to any government position, federal, state or local, paid or unpaid, must obtain pre-approval
from Compliance of such activity to ensure compliance with applicable conflict of interest laws. All requests must be submitted
through the StarCompliance site.

<sup>4</sup> As a reminder, all references to Employees also apply to an Employee's immediate family members.

Code of Ethics

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Employees may not engage in any lobbying activities on behalf of Voya IM or any affiliated entity without prior approval from
Compliance. Please contact Compliance if you are not sure whether your activities would be considered lobbying.

The use of an Adviser's funds in connection with an election is generally prohibited by law. In order to avoid any allegations of impropriety, it is Voya IM's policy that its funds may not be contributed to federal, state or local election campaigns. Any exception to this item, such as requests for company support of political events, political candidates and their campaigns, political parties or political action committees, must be pre-approved by Compliance. All requests must be submitted through the StarCompliance site.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Gifts to government officials, including entertainment and meals, are generally prohibited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ State and local laws dealing with campaign fund raising vary from jurisdiction to jurisdiction. Some laws expressly prohibit
government officials from contracting, on behalf of their political organizations, with any firm(s) whose employees have made a
donation to that official's political campaign.

Voya IM Employees are required to complete a Political Contribution/Activity Certification on a quarterly basis. Please note that Compliance will keep necessary records based on the information gathered, in compliance with SEC Rule 204-2.

Code of Ethics

**Code of Ethics Guide – Securities Transactions Matrix**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Type of Security** | **Pre-<br> Clearance<br> Required** | **Reporting<br> Required** | **Intraday<br> Trading <br> Restriction** | **Holding Period** |
| **Covered Securities Transactions for Pre-Clearance** | **Covered Securities Transactions for Pre-Clearance** | **Covered Securities Transactions for Pre-Clearance** | **Covered Securities Transactions for Pre-Clearance** | **Covered Securities Transactions for Pre-Clearance** |
| Stocks (common or preferred) | Yes | Yes | Yes | 30 calendar days |
| Warrants and rights | Yes | Yes | Yes | 30 calendar days |
| Depository receipts (ADRs or GDRs) | Yes | Yes | Yes | 30 calendar days |
| Fixed income securities (excluding direct obligations of the U.S. and UK Government and U.S. agency bonds) | Yes | Yes | Yes | 30 calendar days |
| Closed-end funds advised or sub-advised by the Voya Entities | Yes | Yes | Yes | 30 calendar days |
| Single-stock ETFs and ETNs | Yes | Yes | Yes | 30 calendar days |
| ETFs and ETNs advised or sub-advised by the Voya Entities | Yes | Yes | Yes | 30 calendar days<br> from the time of<br> the most recent<br> purchase date |
| Structured notes | Yes | Yes | Yes | 30 calendar days |
| Derivatives on an individual stock | Yes | Yes | Yes | 30 calendar days |
| Transactions involving Voya securities, including the Voya Company Stock Fund in Voya's 401(k) plan accounts | Yes | Yes | Yes | 60 calendar days |
| Sales of Voya performance shares units (PSU) and restricted stock units (RSU) acquired from a vesting | Yes | Yes | N/A | N/A |
| Sales of restricted stock | Yes | Yes | N/A | N/A |
| Sales of stock acquired via Stock Purchase Plans including sales of Voya stock acquired through Voya's Stock Purchase Plan | Yes | Yes | N/A | N/A |
| **Private Investments and Outside Activities** | **Private Investments and Outside Activities** | **Private Investments and Outside Activities** | **Private Investments and Outside Activities** | **Private Investments and Outside Activities** |
| Private placements | Yes | Yes | N/A | N/A |
| Outside Activities | Yes | Yes | N/A | N/A |

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Code of Ethics

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| | | | | |
|:---|:---|:---|:---|:---|
| **Type of Security** | **Pre-Clearance Required** | **Reporting Required** | **Intraday**<br> **Trading<br> Restriction** | **Holding Period** |
| **Transactions Exempt from Pre-Clearance** | **Transactions Exempt from Pre-Clearance** | **Transactions Exempt from Pre-Clearance** | **Transactions Exempt from Pre-Clearance** | **Transactions Exempt from Pre-Clearance** |
| Direct obligations of the Government of the U.S. and the UK | No | No | No | No |
| U.S. Government agency bonds (*e.g.,* GNMA, FNMA, FHLB, FHLMC) | No | Yes | Yes | 30 calendar days |
|  High quality short-term debt instruments<br>Including: bankers' acceptances, bank certificates of deposit, commercial paper, money market securities and repurchase agreements<br>| No | No | No | No |
| ETFs or ETNs, except single-stock ETFs or ETNs, and ETFs or ETNs that are not advised or sub-advised by the Voya Entities) | No | Yes | Yes | No |
| Open-end funds that are not advised or sub-advised by the Voya Entities | No | No | No<sup>5</sup> | No<sup>5</sup> |
|  Open-end funds advised or sub-advised by the Voya Entities<br><u>Including</u>: funds held within the Voya 401(k)<br>| No | Yes | Yes | 30 calendar days<br> from the time of<br> the most recent<br> purchase date<sup>5</sup> |
| Derivatives on an ETF or ETN (excluding those on single-stock ETFs or ETNs) | No | Yes | Yes | No |
| Managed or discretionary accounts | No | Yes | No | No |
| Incentive compensation plan sponsored by the Voya Entities | No | Yes | N/A | No |

---

<sup>5</sup>Please review the market timing policy described in the prospectus of each fund in which you invest. Each Employee must comply with that fund's specific market timing policy.

Code of Ethics

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| | | | | |
|:---|:---|:---|:---|:---|
| **Type of Security** | **Pre-Clearance Required** | **Reporting Required** | **Intraday**<br> **Trading Restriction** | **Holding Period** |
|  Automatic dividend reinvestment plan, automatic payroll deduction<br><u>Excluding</u>: Self Directed Brokerage<br>| No | Yes | N/A | No |
| Bitcoin or other cryptocurrencies | No | No | No | No |
| Exercise of pro-rata rights issued by a company to all the holders of a class of its securities | No | Yes | N/A | No |
| On any given day, transactions involving 100 shares or less (per account) of common stock issued by companies included in the S&P 500 Index | No | Yes | Yes | 30 calendar days |
| Penny stocks | No | Yes | Yes | 30 calendar days |
| Index options, index futures, and other securities with an index as underlying | No | Yes | Yes | No |
| Closed-end registered funds that are not advised or sub-advised by the Voya Entities (IPO issuances are prohibited) | No | Yes | Yes | 30 calendar days |
| **Prohibited Investments** | **Prohibited Investments** | **Prohibited Investments** | **Prohibited Investments** | **Prohibited Investments** |
| Short sales of Voya Financial common stock | Short sales of Voya Financial common stock | Short sales of Voya Financial common stock | Short sales of Voya Financial common stock | Short sales of Voya Financial common stock |
| Hedging or other transactions involving options (including exchange-traded options), puts, calls, forward contracts or other derivatives involving Voya Financial securities (excluding stock awards granted under any Voya Financial incentive plan) | Hedging or other transactions involving options (including exchange-traded options), puts, calls, forward contracts or other derivatives involving Voya Financial securities (excluding stock awards granted under any Voya Financial incentive plan) | Hedging or other transactions involving options (including exchange-traded options), puts, calls, forward contracts or other derivatives involving Voya Financial securities (excluding stock awards granted under any Voya Financial incentive plan) | Hedging or other transactions involving options (including exchange-traded options), puts, calls, forward contracts or other derivatives involving Voya Financial securities (excluding stock awards granted under any Voya Financial incentive plan) | Hedging or other transactions involving options (including exchange-traded options), puts, calls, forward contracts or other derivatives involving Voya Financial securities (excluding stock awards granted under any Voya Financial incentive plan) |
| Trading in securities issued by Voya during the "Closed Period for Voya Financial Instruments" | Trading in securities issued by Voya during the "Closed Period for Voya Financial Instruments" | Trading in securities issued by Voya during the "Closed Period for Voya Financial Instruments" | Trading in securities issued by Voya during the "Closed Period for Voya Financial Instruments" | Trading in securities issued by Voya during the "Closed Period for Voya Financial Instruments" |
| Initial Public Offerings | Initial Public Offerings | Initial Public Offerings | Initial Public Offerings | Initial Public Offerings |
| Initial Coin Offerings | Initial Coin Offerings | Initial Coin Offerings | Initial Coin Offerings | Initial Coin Offerings |
| Borrowing money from clients/suppliers | Borrowing money from clients/suppliers | Borrowing money from clients/suppliers | Borrowing money from clients/suppliers | Borrowing money from clients/suppliers |

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Code of Ethics

---

| |
|:---|
| **Other Key Reminders** |
| Employees assigned portfolio management or trading responsibility are prohibited from knowingly buying or selling the same security traded in an associated client account for a period of 15 days (7 days prior to the client trade and 7 days after the client trade) |
| Approvals for **U.S. securities** are effective until the close of business on the day that pre-clearance request is approved |
| Approvals for **foreign securities** are effective until the close of business on the business day following pre-clearance approval. |

---

Code of Ethics

Leveraged Credit Group <br> Supplemental Code of Ethics

**Scope**

This Supplemental Code of Ethics (this "Supplemental Code") has been adopted by the Voya Leveraged Credit Group (the "LC Group") of Voya Investment Management Co. LLC ("Voya IM") and applies to all: (a) Voya IM personnel employed within the LC Group and (b) Voya IM personnel serving outside of the Group who have routine access to the trading systems utilized by the LC Group in order to: (1) provide services (e.g., settlements and operational support) to the LC Group; or (2) monitor LC Group trading activity (each, a "Covered Person").

**Relation to Other Voya IM Policies**

This Supplemental Code is intended to supplement existing Voya IM policies. If any aspect of this Supplemental Code conflicts with any other Voya IM policy (as now or hereafter in effect), the provisions of such other policy shall control, *provided that*, Covered Persons will comply with the requirement to pre-clear S&P Small Lot Transactions, as defined and discussed below.

**Responsibilities** 

Each Covered Person must read this Supplemental Code and comply with its terms.

**Personal Trading**

**In General** 

Covered Persons may not purchase, sell, or own any equity or debt interest issued by any entity (or any of such entity's affiliates) if the LC Group is in possession of any current non-public information about such entity or any of its affiliates. For the purposes of this Policy, the LC Group is deemed to be in possession of current non-public information about an entity if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ The LC Group has determined to operate on the private side of the market with regard to such entity;
and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ The LC Group received any non-public information, such as, but not limited to, a "bank book"
or other solicitation to invest in an issuance by such entity or any of its affiliates, within the most recent six months (unless
such non-public information has been made public or is otherwise determined to no longer constitute non-public information).

**Pre-clearance** 

All proposed personal securities transactions by Covered Persons will be checked against the LC Group's records to prevent any violations of the above restriction. For all trades, including S&P Small Lot Transactions (see below), Covered Persons must obtain preclearance as a part of Voya IM's normal pre-clearance procedure for personal securities transactions using the <u>StarCompliance</u> system (or any successor thereto). The required preclearance against the LC Group's records will occur as part of the Voya IM approval process, i.e., the Covered Person does not need to take any additional action in this regard.

Code of Ethics

**S&P 500 Small Lot Transactions** 

Voya IM employees are not required to seek pre-clearance approval on daily transactions involving small lots (100 shares or less) of the common stock of companies in the S&P 500 (an "S&P Small Lot Transaction"). This exception to Voya IM's general rule that all securities transactions must receive pre-clearance does not supersede the LC Group's policy stated above prohibiting transactions in debt or equity securities of companies about which the LC Group is in possession of current material non-public information. Therefore, before undertaking an S&P Small Lot Transaction, Covered Persons must obtain pre-clearance. The pre-clearance procedure for S&P Small Lot Transactions is the same as the normal Voya IM pre-clearance procedure using the StarCompliance (or successor) system.

**Involving Relatives, Friends and Personal Business Associates in Voya IM Business Matters** 

In the course of acting on behalf of and in the best interests of Voya IM and its customers, occasions may arise where a Covered Person (each, a "PR Covered Person") has a personal relationship<sup>1</sup> with a person or entity that could provide services for compensation to Voya IM, is a customer of Voya IM or is an entity in whose loans or securities a Voya IM-managed portfolio has invested. If a PR Covered Person believes that such a situation exists, the PR Covered Person may not make any contact with such person or entity with regards to such situation, nor may the PR Covered Person provide any non-public information to such person or entity. Instead, the PR Covered Person must inform his or her manager and the Group Head of the situation and, if requested by the Group Head, provide appropriate contact information.

The Group Head may authorize contact with such person or entity, but any such contact shall be made by a Covered Person other than the PR Covered Person, as designated by the Group Head. The PR Covered Person shall not have any contact with the person or entity with which PR Covered Person has a personal relationship with regard to the subject matter. In addition, if such a contact is approved, the PR Covered Person shall be relieved of any and all responsibility with regard to the subject matter insofar as it relates to the participation or involvement of such person or entity, or the terms and conditions thereof.

The restriction in this section applies only to situations where there is the expectation that compensation will be paid. It does not apply to situations where advice or services may be provided without compensation or other financial benefit to the person or entity with which the Covered Person has a personal relationship. In all cases, however, the Covered Person may not receive any compensation or other financial benefit.

<sup>1</sup> Personal relationship includes, without limitation, family members and relatives, close personal friends, former employers, etc.

## Ex-99.(P)(26)

**Exhibit 99.(P)(26)**

![](x1_c113438x986x1.jpg)

Code of Ethics

Personal investing

Gifts and entertainment

Outside activities

Client confidentiality

1 December 2023

*The reputation of a thousand years may be determined by the conduct of one hour.*

– Ancient proverb

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| | |
|:---|:---|
|  | A message from our CEO |
| ![](x1_c113438x986x2.jpg) <br>**Jean M. Hynes**<br> Chief Executive Officer | Our ability to thrive as an organization is driven by our shared values, and integrity is at the top of the list. This is reflected in our commitment to the "Client, Firm, Self" framework, through which all of our decisions should be viewed if we are to earn and maintain the trust of our clients.<br>Each and every one of us has a role to play in sustaining our clients' trust. We must test every decision we make, no matter how small, against our fiduciary obligations and our high ethical standards. If there is the slightest doubt about whether a decision is in the best interests of our clients, then bring it to someone's attention — your manager, the Legal and Compliance team, or any of my direct reports. But don't just let it go. This is what it means to be a fiduciary: complete dedication to conscientious stewardship of client assets.<br>To support this mandate, our Code of Ethics sets out standards for our personal conduct, including personal investing, acceptance of gifts and entertainment, outside activities, and client confidentiality. Please take the time to read the Code, familiarize yourself with the rules, and determine what you need to do to comply with them.<br>Remember, too, that while our Code of Ethics is reviewed and updated regularly, no set of rules can address every possible circumstance. And so I ask you to remain vigilant, exercise good judgment, ask for help when you need it, consider not just the letter but the spirit of the laws that govern our industry, and do your part to safeguard our clients' trust.<br>Sincerely,<br>![](x1_c113438x986x3.jpg)<br>Jean M. Hynes<br> Chief Executive Officer |

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Contents

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| | |
|:---|:---|
| **Standards of conduct** | 1 |
| **Who is subject to the Code of Ethics?** | 1 |
| **Personal investing** | 2 |
| Which types of investments and related activities are prohibited? | 2 |
| Which investment accounts must be reported? | 3 |
| What are the reporting responsibilities for all personnel? | 4 |
| What are the preclearance responsibilities for all personnel? | 5 |
| What are the additional requirements for investment professionals? | 6 |
| **Gifts and entertainment** | 7 |
| **Outside activities** | 8 |
| **Client confidentiality** | 8 |
| **How we enforce our Code of Ethics** | 8 |
| **Exceptions from the Code of Ethics** | 9 |
| **Closing** | 9 |

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Wellington Management Code of Ethics 1

Standards of conduct

Our standards of conduct are straightforward and essential. Any transaction or activity that violates either of the standards of conduct below is prohibited, regardless of whether it meets the technical rules found elsewhere in the Code of Ethics.

&nbsp;&nbsp;&nbsp;&nbsp;1. We act as fiduciaries to our clients . Each of us must put our clients' interests above our own and must not take advantage of our management of clients' assets for our own benefit. Our firm's policies and procedures implement these principles with respect to our conduct of the firm's business. This Code of Ethics implements the same principles with respect to our personal conduct. The procedures set forth in the Code govern specific transactions, but each of us must be mindful at all times that our behavior, including our personal investing activity, must meet our fiduciary obligations to our clients.

2. We act with integrity and in accordance with both the letter and the spirit of the law. Our business is highly regulated, and we are committed as a firm to compliance with those regulations. Each of us must also recognize our obligations as individuals to understand and obey the laws that apply to us in the conduct of our duties. They include laws and regulations that apply specifically to investment advisors, as well as more broadly applicable laws ranging from the prohibition against trading on material nonpublic information and other forms of market abuse to anticorruption statutes such as the US Foreign Corrupt Practices Act and the UK Bribery Act. The firm provides training on their requirements. Each of us must take advantage of these resources to ensure that our own conduct complies with the law.

Who is subject to the Code of Ethics?

Our Code of Ethics applies to all employees of Wellington Management and its affiliates around the world. Its restrictions on personal investing also apply to temporary personnel (including co-ops and interns) and consultants whose tenure with Wellington Management exceeds 90 days and who are deemed by the Chief Compliance Officer to have access to nonpublic investment research, client holdings, or trade information.

All Wellington Management personnel receive a copy of the Code of Ethics (and any amendments) and must certify, upon joining the firm and annually thereafter, that they have read and understood it and have complied with its requirements.

**Adherence to the Code of Ethics is a basic condition of employment. Failure to adhere to our Code of Ethics may result in disciplinary action, including termination of employment.**

If you have any doubt as to the appropriateness of any activity, believe that you have violated the Code, or become aware of a violation of the Code by another individual, you should consult the manager of the Code of Ethics Team, Chief Compliance Officer, General Counsel, or Chair of the Ethics Committee. You also have the right to report violations of law or regulation directly to relevant governmental agencies. You do not need the firm's prior authorization to make any such report or disclosures and are not required to notify the firm that you have done so.

For additional information regarding our **Code of Ethics Policy** refer to the **Guide to Our Policy** document available on the firm's Intranet.

Wellington Management Code of Ethics 2

Personal investing

As fiduciaries, each of us must avoid taking personal advantage of our knowledge of investment activity in client accounts. Although our Code of Ethics sets out a number of specific restrictions on personal investing designed to reflect this principle, no set of rules can anticipate every situation. Each of us must adhere to the spirit, and not just the letter, of our Code in meeting this fiduciary obligation to our clients.

Which types of investments and related activities are prohibited?

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| | |
|:---|:---|
| Our Code of Ethics prohibits the following personal investments and investment-related activities: | Our Code of Ethics prohibits the following personal investments and investment-related activities: |
| • | Purchasing or selling the following: |
|  | Initial public offerings (IPOs) of any securities |
|  | Securities of an issuer being bought or sold on behalf of clients until one trading day after such buying or selling is completed or canceled |
|  | Securities of an issuer that is the subject of a new, changed, or reissued but unchanged action recommendation from a global industry research or fixed income credit analyst until two business days following issuance or reissuance of the recommendation |
|  | Securities of an issuer that is mentioned at the Morning Meeting or the Early Morning Meeting until two business days following the meeting |
|  | Securities that are the subject of a firmwide restriction |
|  | Single-stock futures |
|  | Single-Stock ETFs (including Leveraged Single-Stock ETFs, Inverse Single-Stock ETFs, and Hedged Single- Stock ETFs) |
|  | Securities or financial instruments whose performance is derived from the performance of a security covered by our Code of Ethics (e.g. single stock ETFs and single stock futures) |
|  | Options with an expiration date that is within 60 calendar days of the transaction date (excluding shares of exchange-traded funds (ETFs)) |
|  | Securities of broker/dealers (or their affiliates) that the firm has approved for execution of client trades |
|  | Securities of any securities market or exchange on which the firm trades on behalf of clients |
| • | Purchasing an equity security if your aggregate ownership of the equity security exceeds 0.05% of the total shares outstanding of the issuer |

---

• Taking a profit from any trading activity within a 60-calendar day window

• Using a derivative instrument to circumvent a restriction in the Code of Ethics

![](x1_c113438x990x1.jpg)

**Short-term trading**

You are prohibited from taking a profit from any trading activity within a 60-calendar day window on any security that requires preclearance. For example, if you buy shares of stock (or options on such shares) and then sell those shares within 60 days at a profit, an exception will be identified and any gain from the transactions must be surrendered. Gains are calculated based on a last in, first out (LIFO) method for purposes of this restriction. This short-term trading rule does not apply to securities exempt from the Code's preclearance requirements.

Wellington Management Code of Ethics 3

**WHICH INVESTMENT ACCOUNTS MUST BE REPORTED?**

You are required to report any investment account over which you exercise investment discretion or from which any of the following individuals enjoy economic benefits: (i) your spouse, domestic partner, or minor children, and (ii) any other dependents living in your household,

**AND**

that holds or is capable of holding any of the following *covered investments*:

&nbsp;&nbsp;&nbsp;&nbsp;• Shares of stocks, ADRs, or other equity securities (including any security convertible into equity securities)

• Bonds or notes (other than sovereign government bonds issued by Canada, France, Germany, Italy, Japan, the United Kingdom, or the United States, as well as bankers' acceptances, CDs, commercial paper, and high-quality, short-term debt instruments. Also excluded are sovereign government bonds issued by Singapore, Hong Kong and Australia that are only made available to retail investors)

• Interest in a variable annuity product in which the underlying assets are held in a subaccount managed by Wellington Management

• Shares of exchange-traded funds (ETFs)

• Shares of closed-end funds

• Options on securities

• Securities futures

• Interest in private placement securities (other than Wellington Management sponsoredproducts)

• Shares of funds managed by Wellington Management (other than money market funds) Please see

**Appendix A** for a detailed summary of reporting requirements by security type.

For purposes of the Code of Ethics, these investment accounts are referred to as *reportable accounts*. Examples of common account types include brokerage accounts, retirement accounts, employee stock compensation plans, and transfer agent accounts. Reportable accounts also include those from which you or an immediate family member may benefit indirectly, such as a family trust or family partnership, and accounts in which you have a joint ownership interest, such as a joint brokerage account.

**Accounts not requiring reporting**

You do not need to report the following accounts via the Code of Ethics System since the administrator will provide the Code of Ethics Team with access to relevant holdings and transaction information:

&nbsp;&nbsp;&nbsp;&nbsp;• Accounts maintained within the Wellington Retirement and Pension Plan or similar firm-sponsored retirement or benefit plans identified by the Ethics Committee

• Accounts maintained directly with Wellington Trust Company or other Wellington Management Sponsored Products

Although these accounts do not need to be reported, your investment activities in these accounts must comply with the standards of conduct embodied in our Code of Ethics.

Wellington Management Code of Ethics 4

**Managed account exemptions**

An account from which you or immediate family members could benefit financially, but over which neither you nor they have any investment discretion or influence (a *managed account*), may be exempted from the Code of Ethics' personal investing requirements upon written request and approval. An example of a managed account would be a professionally advised account about which you will not be consulted or have any input on specific transactions placed by the investment manager prior to their execution.

**Designated Brokers for US Reportable Accounts**

US-based reportable accounts must be held at one or more of the brokers on the Designated Brokers List. This requirement does not apply to managed accounts that are exempt from certain provisions of the Code of Ethics, employee stock purchase and stock option plans and other accounts (including pension, retirement and compensation accounts) required to be held at a specific broker.

New employees must transfer all reportable accounts to a Designated Broker within 45 days from the start of their employment.

**WHAT ARE THE REPORTING RESPONSIBILITIES FOR ALL PERSONNEL?**

**Initial and annual holdings reports**

You must disclose all reportable accounts and all covered investments you hold within 10 calendar days after you begin employment at or association with Wellington Management. You will be required to review and update your holdings and securities account information annually thereafter.

For initial holdings reports, holdings information must be current as of a date no more than 45 days prior to the date you became covered by the Code of Ethics. *Please note that you cannot make personal trades until you have filed an initial holdings report via the Code of Ethics System on the Intranet.*

![](x1_c113438x992x1.jpg)

Non-volitional transactions include:

Investments made through automatic dividend reinvestment or rebalancing plans and stock purchase plan acquisitions

Transactions that result from corporate actions applicable to all similar security holders (such as splits, tender offers, mergers, and stock dividends)

For subsequent annual reports, holdings information must be current as of a date no more than 45 days prior to the date the report is submitted. *Please note that your annual holdings report must account for both volitional and non-volitional transactions.*

At the time you file your initial and annual reports, you will be asked to confirm that you have read and understood the Code of Ethics and any amendments.

**Quarterly transactions reports**

You must submit a quarterly transaction report no later than 30 calendar days after quarter-end via the Code of Ethics System on the Intranet, even if you did not make any personal trades during that quarter. In the reports, you must either confirm that you did not make any personal trades (except for those resulting from non-volitional events) or provide information regarding all volitional transactions in covered investments.

**Duplicate statements and trade confirmations**

For each of your reportable accounts, you are required to provide duplicate statements and duplicate trade confirmations to Wellington Management.

Wellington Management Code of Ethics 5

**WHAT ARE THE PRECLEARANCE RESPONSIBILITIES FOR ALL PERSONNEL?**

**Preclearance of publicly traded securities**

You must receive clearance before buying or selling stocks, bonds, options, and most other publicly traded securities in any reportable account. A full list of the categories of publicly traded securities requiring preclearance, and of certain exceptions to this requirement, is included in **Appendix A**. Transactions in accounts that are not reportable accounts do not require preclearance or reporting.

Preclearance requests must be submitted online via the Code of Ethics System, which is accessible through the Intranet. If clearance is granted, the approval will be effective for a period of 24 hours. If you preclear a transaction and then place a limit order with your broker, that limit order must either be executed or expire at the end of the 24-hour period. *If you want to execute the order after the 24-hour period expires, you must resubmit your preclearance request.*

**Please note that preclearance approval does not alter your responsibility to ensure that each personal securities transaction complies with the general standards of conduct, the reporting requirements, the restrictions on short-term trading, or the special rules for investment professionals set out in our Code of Ethics.**

**Caution on short sales, margin transactions, and options**

You may engage in short sales and margin transactions and may purchase or sell options (excluding options on ETFs) provided you receive preclearance and meet all other applicable requirements under our Code of Ethics (including the additional rules for investment professionals described on page 7). *Please note, however, that these types of transactions can have unintended consequences.* For example, any sale by your broker to cover a margin call or to buy in a short position will be in violation of the Code unless precleared. Likewise, any volitional sale of securities acquired at the expiration of a long call option will be in violation of the Code unless precleared. You are responsible for ensuring any subsequent volitional actions relating to these types of transactions meet the requirements of the Code.

**Preclearance of private placement securities**

You cannot invest in securities offered to potential investors in a private placement without first obtaining prior approval. Approval may be granted after a review of the facts and circumstances, including whether:

&nbsp;&nbsp;&nbsp;&nbsp;• an investment in the securities is likely to result in future conflicts with client accounts (e.g., upon a future public offering), and

• you are being offered the opportunity due to your employment at or association with Wellington Management.

Investments in our own privately offered investment vehicles (our *Sponsored Products*), including collective investment funds and common trust funds maintained by Wellington Trust Company, **na**, our hedge funds, and our non-US domiciled funds, have been approved under the Code and therefore do not require the submission of a Private Placement Approval Form.

Wellington Management Code of Ethics 6

**WHAT ARE THE ADDITIONAL REQUIREMENTS FOR INVESTMENT PROFESSIONALS?**

If you are a portfolio manager, research analyst, or other investment professional who has portfolio management responsibilities for a client account (e.g., designated portfolio manager, backup portfolio manager, investment team member), or who otherwise has direct authority to make decisions to buy or sell securities in a client account (referred to here as an investment professional), you are required to adhere to additional rules and restrictions on your personal securities transactions. However, as no set of rules can anticipate every situation, you must remember to place our clients' interests first whenever you transact in securities that are also held in client accounts you manage.

The following provisions of the code are intended to allow investment professionals to make long-term investments in securities. However, you may not be able to sell personal investments for extended periods of time and therefore should consider the liquidity, tax planning, market, and similar risks associated with making personal investments in securities of an issuer that are or may be held in client accounts.

&nbsp;&nbsp;&nbsp;&nbsp;• **INVESTMENT PROFESSIONAL BLACKOUT PERIODS** — You cannot buy or sell a security (excluding
 shares of exchange-traded funds (ETFs)) for a period of **14 calendar days before or after** any transaction in the same
 issuer by a client account for which you serve as an investment professional. In addition, you may not sell personal holdings
 in a security of the same issuer that is held by a client account for whichyou serve as an investment professional until the **later of** the following periods: (i) **one calendar year** from the date of your last purchase and (ii) **90 calendar days** after all of your client accounts liquidate all holdings of the same issuer.

If you anticipate receiving a cash flow or redemption request in a client portfolio that will result in the purchase or sale of securities that you also hold in your personal account, you should take care to avoid transactions in those securities in your personal account in the days leading up to the client transactions. However, unanticipated cash flows and redemptions in client accounts and unexpected market events do occur from time to time, and a personal trade made in the prior 14 days should never prevent you from buying or selling a security in a client account if the trade would be in the client's best interest. If you find yourself in that situation and need to buy or sell a security in a client account within the 14 calendar days following your personal transaction in a security of the same issuer, you should attempt to notify the Code of Ethics Team or your local Compliance Officer in advance of placing the trade. If you are unable to reach any of those individuals and the trade is time sensitive, you should proceed with the client trade and notify the Code of Ethics Team promptly after submitting it.

&nbsp;&nbsp;&nbsp;&nbsp;• **SHORT SALES BY AN INVESTMENT PROFESSIONAL** — An investment professional may
 not personally take a short position in a security of an issuer in which he or she holds a long position in a client account.

Wellington Management Code of Ethics 7

Gifts and entertainment

Our guiding principle of "client, firm, self" also governs the receipt of gifts and entertainment from clients, consultants, brokers/dealers, research providers, vendors, companies in which we may invest, and others with whom the firm does business. As fiduciaries to our clients, we must always place our clients' interests first and cannot allow gifts or entertainment opportunities to influence the actions we take on behalf of our clients. In keeping with this standard, you must follow several specific requirements:

**ACCEPTING GIFTS** — You may only accept gifts of nominal value, which include logoed items, flower arrangements, gift baskets, and food, as well as other gifts with an approximate value of less than US$100 or the local equivalent per year from a single source. You may not accept a gift of cash, including a cash equivalent such as a gift card, regardless of the amount. If you receive a gift that violates the Code, you must return the gift or consult with the Chief Compliance Officer to determine appropriate action under the circumstances.

**ACCEPTING BUSINESS MEALS** — Business meals are permitted provided that neither the cost nor the frequency is excessive and there is a legitimate business purpose. If the host is a broker/dealer or research provider, the host must be reimbursed for the full amount of your proportionate share of the total cost of the meal if the approximate value of the meal is more than US$250 or the local equivalent.

**ACCEPTING ENTERTAINMENT OPPORTUNITIES** — The firm recognizes that participation in entertainment opportunities with representatives from organizations with which the firm does business, such as consultants, broker/dealers, research providers, vendors, and companies in which we may invest, can help to further legitimate business interests. However, participation in such entertainment opportunities should be infrequent and is subject to the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;1. A representative of the hosting organization must be present;

2. The primary purpose of the event must be to discuss business or to build a business relationship;

3. You must receive prior approval from your line manager or designee ;

4. If the host is a broker/dealer or research provider, the host must be reimbursed for the full amount of the entertainment opportunity; and

5. For all other entertainment opportunities, the host must be reimbursed for the full face value of any entertainment ticket(s) if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the entertainment opportunity requires a ticket with a face value of more than US$200 or the local equivalent, or is a high-profile event (e.g., a major sporting event),

• you wish to accept more than one ticket, or

• the host has invited numerous Wellington Management representatives.

Please note that even if you pay for the full face value of a ticket, you may attend the event *only if the host is present*.

**LODGING AND AIR TRAVEL** — You may not accept a gift of lodging or air travel in connection with any entertainment opportunity. If you participate in an entertainment opportunity for which lodging or air travel is paid for by the host, you must reimburse the host for the equivalent cost, as determined by Wellington Management's travel manager.

Wellington Management Code of Ethics 8

**SOLICITING GIFTS, ENTERTAINMENT OPPORTUNITIES, OR CONTRIBUTIONS** — In your capacity as an employee of the firm, you may not solicit gifts, entertainment opportunities, or charitable or political contributions for yourself, or on behalf of clients, prospects, or others, from brokers, vendors, clients, or consultants with whom the firm conducts business or from companies in which the firm may invest.

**SOURCING ENTERTAINMENT OPPORTUNITIES** — You may not request tickets to entertainment events from the firm's Trading department or any other Wellington Management department, or employee, nor from any broker, vendor, company in which we may invest, or other organization with which the firm conducts business.

Outside activities

While the firm recognizes that you may engage in business or charitable activities in your personal time, you must take steps to avoid conflicts of interest between your private interests and our clients' interests. As a result, all significant outside business or charitable activities (e.g., additional employment, consulting work, directorships or officerships) must be approved by your manager and by the Chief Compliance Officer, General Counsel, or Chair of the Ethics Committee prior to the acceptance of such a position (or if you are new, upon joining the firm). Approval will be granted only if it is determined that the activity does not present a significant conflict of interest. Directorships in public companies (or companies reasonably expected to become public companies) will generally not be authorized, while service with charitable organizations generally will be permitted.

Client confidentiality

Any nonpublic information concerning our clients that you acquire in connection with your employment at the firm is confidential. This includes information regarding actual or contemplated investment decisions, portfolio composition, research recommendations, and client interests. You should not discuss client business, including the existence of a client relationship, with outsiders unless it is a necessary part of your job responsibilities.

How we enforce our Code of Ethics

Legal and Compliance is responsible for monitoring compliance with the Code of Ethics. Members of Legal and Compliance will periodically request certifications and review holdings and transaction reports for potential violations. They may also request additional information or reports.

It is our collective responsibility to uphold the Code of Ethics. In addition to the formal reporting requirements described in this Code of Ethics, you have a responsibility to report any violations of the Code. If you have any doubt as to the appropriateness of any activity, believe that you have violated the Code, or become aware of a violation of the Code by another individual, you should consult the manager of the Code of Ethics Team, Chief Compliance Officer, General Counsel, or Chair of the Ethics Committee

Wellington Management Code of Ethics 9

Potential violations of the Code of Ethics will be investigated and considered by representatives of Legal and Compliance and/or the Ethics Committee. All violations of the Code of Ethics will be reported to the Chief

Compliance Officer. Violations are taken seriously and may result in sanctions or other consequences, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a warning

• referral to your manager and/or senior management

• reversal of a trade or the return of a gift

• disgorgement of profits or of the value of a gift

• a limitation or restriction on personalinvesting

• termination of employment

• referral to civil or criminal authorities

If you become aware of any potential conflicts of interest that you believe are not addressed by our Code of Ethics or other policies, please contact the Chief Compliance Officer, the General Counsel, or the manager of the Code of Ethics Team.

Exceptions from the Code of Ethics

The Chief Compliance Officer may grant an exception from the Code, including preclearance, other trading restrictions, and certain reporting requirements 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.

Closing

As a firm, we seek excellence in the people we employ, the products and services we offer, the way we meet our ethical and fiduciary responsibilities, and the working environment we create for ourselves. Our Code of Ethics embodies that commitment. Accordingly, each of us must take care that our actions fully meet the high standards of conduct and professional behavior we have adopted. Most importantly, we must all remember "client, firm, self" is our most fundamental guiding principle.

Wellington Management Code of Ethics 10

APPENDIX A

---

| |
|:---|
| **No Preclearance or Reporting Required:** |
| &nbsp;&nbsp;Open-end investment funds not managed by Wellington Management<sup>1</sup>, except for ETFs which require reporting |
| &nbsp;&nbsp;Interests in a variable annuity product in which the underlying assets are held in a fund not managed by Wellington Management |
| &nbsp;&nbsp;Direct obligations of the US government (including debt issued by US Government Agencies), the governments of Canada, France, Germany, Italy, Japan, the United Kingdom, Singapore (SSBs; SG T-Bills), as well as Australian and Hong Kong government bonds issued only to retail investors |
| &nbsp;&nbsp;Cash |
| &nbsp;&nbsp;Money market instruments or other short-term debt instruments rated P-1 or P-2, A-1 or A-2, or their equivalents<sup>2</sup> |
| &nbsp;&nbsp;Bankers' acceptances, CDs, commercial paper |
| &nbsp;&nbsp;Wellington Trust Company Pools, Wellington Sponsored Private Funds (e.g. Wellington Hedge and Private Equity Funds) |
| &nbsp;&nbsp;Securities futures and options on direct obligations of the US government or the governments of Canada, France, Germany, Italy, Japan, the United Kingdom, and associated derivatives |
| &nbsp;&nbsp;Options, forwards, and futures on commodities and foreign exchange, and associated derivatives |
| &nbsp;&nbsp;Transactions in approved managed accounts |

---

---

| |
|:---|
| &nbsp;&nbsp;**Reporting of Securities Transactions Required (no need to preclear and not subject to the 60-day holding period):** |
| Open-end investment funds managed by Wellington<br>Management, including WMF funds and subadvised funds<sup>1</sup> (other than money market funds) |
| &nbsp;&nbsp;Interests in a variable annuity or insurance product in which the underlying assets are held in a fund managed by Wellington Management |
| &nbsp;&nbsp;Futures and options on securities indices |
| &nbsp;&nbsp;Shares of exchange-traded funds (ETFs)<sup>3</sup> |
| &nbsp;&nbsp;Gifts of securities to you or a reportable account |
| &nbsp;&nbsp;Gifts of securities from you or a reportable account |
| &nbsp;&nbsp;Non-volitional transactions (splits, tender offers, mergers, stock dividends, dividend reinvestments, etc.) |

---

---

| |
|:---|
| &nbsp;&nbsp;**Preclearance and Reporting of Securities Transactions Required:** |
| &nbsp;&nbsp;Bonds and notes (including municipal bonds) other than those listed in the no preclearance or reporting section |
| &nbsp;&nbsp;Stock (common and preferred) and other equity securities, including any security convertible into equity securities |
| &nbsp;&nbsp;All closed-end funds (including closed-end funds managed by Wellington and listed closed-end funds) |
| Interest in private placement securities (other than Wellington Management sponsored products)<sup>4</sup> |
| &nbsp;&nbsp;Unit investment trusts |
| &nbsp;&nbsp;American Depositary Receipts |
| &nbsp;&nbsp;Options on securities (but not their non-volitional exercise or expiration), excluding options on ETFs and securities indices |
| &nbsp;&nbsp;Warrants |
| &nbsp;&nbsp;Rights |

---

---

| |
|:---|
| &nbsp;&nbsp;**Prohibited Investments and Activities:** |
| &nbsp;&nbsp;Initial public offerings (IPOs) of any securities |
| &nbsp;&nbsp;Single-stock futures |
| &nbsp;&nbsp;Single-Stock ETFs (including Leveraged Single-Stock ETFs, Inverse Single-Stock ETFs, and Hedged Single-Stock ETFs) |
| &nbsp;&nbsp;Securities or financial instruments whose performance is derived from the performance of a security covered by our Code of Ethics (e.g. single stock ETFs and single stock futures) |
| &nbsp;&nbsp;Options with an expiration date that is within 60 calendar days of the transaction date (excluding shares of exchange-traded funds (ETFs)) |
| &nbsp;&nbsp;Securities of an issuer being bought or sold on behalf of clients until one trading day after such buying or selling is completed or canceled |
| &nbsp;&nbsp;Securities of an issuer that is the subject of a new, changed, or reissued but unchanged action recommendation from a global industry research or fixed income credit analyst until two business days following issuance or reissuance of the recommendation |
| &nbsp;&nbsp;Securities of an issuer that is mentioned at the Morning Meeting or the Early Morning Meeting until two business days following the meeting |
| &nbsp;&nbsp;Securities that are the subject of a firmwide restriction |
| &nbsp;&nbsp;Taking a profit from any trading activity within a 60-calendar day window |
| &nbsp;&nbsp;Securities of broker/dealers (or their affiliates) that the firm has approved for execution of client trades |
| &nbsp;&nbsp;Securities of any securities market or exchange on which the firm trades on behalf of clients |
| &nbsp;&nbsp;Using a derivative instrument to circumvent the requirements of the Code of Ethics |
| &nbsp;&nbsp;Purchasing an equity security if your aggregate ownership of the equity security exceeds 0.05% of the total shares outstanding of the issuer |

---

This appendix is current as of 1 July 2024 and may be amended at the discretion of the Ethics Committee.

<sup>1</sup>A list of funds advised or subadvised by Wellington Management ("Wellington-Managed Funds") is available online via the Code of Ethics System. However, you remain responsible for confirming whether any particular investment represents a Wellington-Managed Fund.

<sup>2</sup> If the instrument is unrated, it must be of equivalent duration and comparable quality.

<sup>3</sup> Excluding Single-Stock ETFs as these are a prohibited investment.

<sup>4</sup> Interest in private placement securities (other than Wellington Management sponsored products) require prior approval. A Private Placement Approval Form must be submitted and approved prior to transacting.

![](x1_c113438x998x1.jpg)

G2529_3

## Ex-99.(P)(27)

**Exhibit 99.(P)(27)**

**Code of Ethics**

In accordance with Rule 204A-1 of the Investment Advisers Act of 1940 and with Rule 17j-1 of the Investment Company Act of 1940, as amended, Westfield Capital Management Company, L.P. ("Westfield") has developed and implemented this Code of Ethics (the "Code") to set forth standards for business conduct and personal activities. The Code serves many purposes. Among them are to:

&nbsp;&nbsp;&nbsp;&nbsp;· educate employees of
 Westfield's expectations and the laws governing their conduct;

&nbsp;&nbsp;&nbsp;&nbsp;· remind employees that
 they are in a position of trust and must act with complete propriety at all times;

&nbsp;&nbsp;&nbsp;&nbsp;· protect the reputation
 of Westfield;

&nbsp;&nbsp;&nbsp;&nbsp;· guard against violations
 of securities laws;

&nbsp;&nbsp;&nbsp;&nbsp;· protect Westfield's
 clients by deterring misconduct; and

&nbsp;&nbsp;&nbsp;&nbsp;· establish procedures
 for employees to follow so Westfield can assess whether employees are complying with
 our ethical principles.

**Key terms used throughout this Code are defined in Appendix A.**

**Persons Covered by the Code**

All permanent Westfield employees are covered under the Code. All employees are deemed an "Access Person". Compliance will deem an Access Person also as an "Investment Person" if the person makes or participates in making investment recommendations for client accounts. Investment Persons may be required to provide additional information for certain personal activities and may be subject to additional transactional restrictions than non-Investment Persons. At any time, employees may check their status by contacting Compliance.

Temporary employees may be subject to either all or certain provisions within the Code. Compliance may also deem a temporary employee an Access Person.

**Waivers to Code**

The Chief Compliance Officer (the "CCO") and the Deputy Chief Compliance Officer (the "Deputy CCO") have the authority to grant written waivers of the provisions of this Code in appropriate instances. However, Westfield expects that waivers will be granted only in rare instances. Compliance will document any waivers granted. No waivers shall be granted on any provisions of the Code that are mandated by the rules and regulations of the U.S. Securities and Exchange Commission (the "SEC").

**Ethical Principles** 

As a fiduciary for its clients, Westfield owes its clients the utmost duty of loyalty, good faith, and fair dealing. As an employee of Westfield, you are obligated to uphold these important duties. Westfield expects every employee to uphold these principles when acting on behalf of the firm or in any capacity that may affect the firm's advisory business.

&nbsp;&nbsp;&nbsp;&nbsp;· Employees must act with
 honesty, integrity, and professionalism in all aspects of our business.

&nbsp;&nbsp;&nbsp;&nbsp;· Employees are to place
 the interests of Westfield's clients first, at all times.

&nbsp;&nbsp;&nbsp;&nbsp;· Employees must not take
 advantage of their positions or of investment opportunities that would otherwise be available
 for Westfield's clients.

&nbsp;&nbsp;&nbsp;&nbsp;· Employees must treat
 all information concerning clients (e.g., trading, holdings, investment recommendations,
 and financial situations) confidential.

&nbsp;&nbsp;&nbsp;&nbsp;· Employees must exercise
 independent, unbiased judgment in the investment decision-making process.

**Standards of Business Conduct**

The following standards govern all conduct, whether or not the conduct is covered by more specific provisions in the Code or other Westfield policies.

Westfield Capital Management Company, L.P.<br> Date Approved: 10/21/2024

**Code of Ethics**

&nbsp;&nbsp;&nbsp;&nbsp;· Employees must comply
 with applicable federal securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;· Employees must not:

* Defraud any Westfield client in any manner.

* Mislead any client, including making a statement that omits material facts or passing along information
that is baseless or suspected to be untrue.

* Engage in any act, practice or course of conduct which operates or would operate as a fraud or deceit
upon any client (e.g., creating the false appearance of active trading in client accounts).

* Engage in any manipulative practice with respect to any client.

* Engage in any manipulative practice with respect to securities, including price or market manipulation.
This includes rumor mongering, which is illegal and can lead to allegations of market manipulation.

&nbsp;&nbsp;&nbsp;&nbsp;· Employees are prohibited
 from inappropriately favoring the interests of one client over another as it would constitute
 a breach of fiduciary duty.

&nbsp;&nbsp;&nbsp;&nbsp;· Employees must not use
 for their own direct or indirect benefit (or the benefit of anyone other than Westfield's
 clients) information about: (a)Westfield's trading or investment recommendations for
 client accounts, (b) our relationships with our clients, or (c) our relationships with
 the brokerage community. Personal securities transactions must be conducted in accordance
 with applicable provisions in the Code.

&nbsp;&nbsp;&nbsp;&nbsp;· Employees must comply
 with the spirit and letter of the Code and other internal policies. Technical compliance
 with the requirements in the Code or other policies does not insulate you from scrutiny
 for any actions that can create the appearance of a violation or the appearance that
 you are circumventing the rules.

&nbsp;&nbsp;&nbsp;&nbsp;· Employees must avoid
 any actual or potential conflicts of interest with Westfield's clients. Employees
 will be required to complete certifications or questionnaires on such matters. It is
 the employee's responsibility to promptly notify Compliance of any changes to their
 responses.

* Employees must ensure that any personal activities (e.g., personal trading) conducted during work hours
do not interfere (or appears to interfere) with their daily work.

* Employees must disclose any family members who have senior level positions at public or private companies.

* Employees must not accept from or give to clients or other business contacts any gifts or business entertainment
that would present an actual or potential conflict of interest or would be viewed as improper. (See Westfield's policy on
Gifts and Business Entertainment)

* Employees may not recommend, implement, or consider any securities transaction for client accounts without
having disclosed any material business or personal relationship (e.g., family member is a senior employee) with or beneficial
ownership or other material interest in the issuer or its affiliates, to Compliance. If Compliance deems the disclosed interest
to present a material conflict, the employee may not participate in any decision-making process regarding that issuer.

Westfield Capital Management Company, L.P.<br> Date Approved: 10/21/2024

**Code of Ethics**

* Employees must act in the best interest of Westfield's clients regarding execution and other costs
paid by clients for brokerage services. This includes disclosing to Compliance any personal investment in any business or personal
(e.g., family member) relationship with brokers utilized by Westfield for client transactions or research services. All employees
must strictly adhere to Westfield's policies and procedures regarding brokerage services, including those on best execution,
research services, and directed brokerage.

* Employees must disclose to Compliance any personal investments or other interests in third-party service
providers if the employees negotiate or make decisions on behalf of the firm with such third-party service providers. If any employee
has such an interest, Compliance may prohibit the person from negotiating or making decisions regarding Westfield's business
with those companies.

* Employees are prohibited from making referrals to clients (e.g., attorneys, accountants) if the employee
will benefit in any way.

<u>Reporting Unethical or Illegal Behavior</u>

If at any time an employee has knowledge of any behavior that might be viewed as unethical, illegal or in violation of internal policies, the employee must report such behavior immediately.

**How to Report**. To promote employee reporting, while protecting the employee and maintaining their identity in confidence, Westfield offers different methods for reporting.

* **Contact the CCO and/or the Deputy CCO**

Employees may report actual or suspected violations by contacting the CCO and/or the Deputy CCO directly (or the Chief Executive Officer if the suspected violation is by the CCO). Employees are not required to report such matters to their managers before contacting the CCO and/or the Deputy CCO.

* **Report via Westfield's Whistleblower Hotline**

Please call (833) 902-0979. Calls are accessible to the CCO and Deputy CCO only. All calls are anonymous. If suspected violation is by the CCO and/or Deputy CCO, employees should contact the CEO directly and not leave a message on the whistleblower hotline.

**What to Report**. Employees should report any: a) noncompliance with applicable laws, rules and regulations, or internal policies such as the Code; b) fraud or illegal acts involving any aspect of the firm's business; c) material misstatements in regulatory filings, internal books and records, client records or reports, and financial statements; d) activity that is harmful to clients; and e) material deviations from required controls and procedures that safeguard clients and the firm.

**Usage of Information Provided**. The CCO and/or the Deputy CCO will take the steps deemed necessary under the circumstances to investigate relevant facts surrounding the information provided, and to take any appropriate corrective measures. Reporting employees typically will not be notified of any actions the firm is taking in response to their comments.

**Guidance**. Employees are encouraged to seek guidance from the CCO and/or the Deputy CCO with respect to any violation and to refrain from any action or transaction that might lead to the appearance of a violation.

**Confidentiality***.* Any report created shall be treated confidentially. Best efforts will be used to ensure that specific details of the report cannot be used to identify the reporting employee.

Westfield Capital Management Company, L.P.<br> Date Approved: 10/21/2024

**Code of Ethics**

**Retaliation.** No employee who in good faith reports a suspected unethical or illegal business practice will be subject to retaliation or discipline for having done so, even if such reports ultimately establish that no violation had occurred.

<u>SEC Whistleblower Program</u>

Westfield encourages employees to report unethical or illegal behavior to the firm first, but employees also have an option of directly reporting actual or suspected violations to the SEC's Whistleblower Office. The SEC offers awards and incentives to individuals who voluntarily provide original information that leads to a successful enforcement. There are very specific criteria and procedures that apply when making such a report to the SEC. Regardless of the employee's reporting method, Westfield will utilize the framework described directly above with regards to reported information.

The SEC encourages individuals to submit information in writing by filling out their questionnaire at <u>https://denebleo.sec.gov/TCRExternal/disclaimer.xhtml</u><u>.</u> Alternatively, you may submit information by mail to the Office of the Whistleblower at 100 F Street, NE, Mail Stop 5971, Washington, D.C. 20549 or by fax to (703) 813-9322.

Employees have the option to directly report actual or suspected violations to the SEC during and after their employment with Westfield.

Westfield Capital Management Company, L.P.<br> Date Approved: 10/21/2024

**Code of Ethics**

<u>Personal Trading</u>

(All references to Access Persons in this section include family members.)

**Preclearance Requirement** 

Access Persons must obtain approval from Compliance prior to entering into any personal securities transactions in a Covered Security for a Covered Account, as defined in Appendix A. Written approval must be received prior to executing any personal security transaction.

With limited exceptions, approvals are valid until 4:00pm on the day they were granted. Approvals for certain transactions (e.g., private offering of securities) may be extended with the CCO's or the Deputy CCO's permission. In such instances, the approval is valid until either the transaction is executed or revoked by Compliance. Access Persons are responsible for notifying Compliance when the transaction has been either completed or cancelled.

Because Westfield primarily supervises domestic growth equities, certain transactions and securities pose minimal conflicts with our clients. As such, the following securities also are exempt from the preclearance requirement. (Reporting requirements still apply). If a security or transaction is not listed directly below or excluded from the Covered Security definition in Appendix A, then it must be precleared.

&nbsp;&nbsp;&nbsp;&nbsp;· ETFs and ETNs that are
 not advised and/or subadvised by Westfield, that are not short the market, a sector,
 industry, etc.

&nbsp;&nbsp;&nbsp;&nbsp;· Closed-end mutual funds

&nbsp;&nbsp;&nbsp;&nbsp;· Gifting or transferring
 shares from one account to another

&nbsp;&nbsp;&nbsp;&nbsp;· Municipal bonds

**Submitting Preclearance Requests**

Preclearance requests for securities transactions should be submitted through the online personal transactions system, StarCompliance (the "personal trading system"). Compliance will set up each Access Person in the system and provide training. It is important that Access Persons not share their passwords with anyone as they are responsible for the information created, modified, and deleted from the system under their login information.

Should an Access Person wish to make a personal security transaction but does not have access to the system, the person must contact a senior member of Compliance for preclearance of the transaction. Compliance will enter the transaction into the system, which will send an approval or denial, via email, to the requestor. It is the Access Person's responsibility to ensure that the trade information contained in the email confirmation is complete and accurate (i.e., transaction type, shares requested, brokerage account, and security name) prior to entering into the transaction.

<u>Private Offerings</u>

Any requests to enter into private offerings of securities must first be discussed with a senior member of Compliance. At a minimum, Compliance will request a copy of the offering documents, if applicable and available, in order to obtain the security/issuer name, investment amount, and target investment date. If the offering documents are not available, Compliance will accept written confirmation from the company. Written confirmation should include the security name, investment amount and target investment date. If the transaction is approved, the employee may then submit the preclearance request. Access Persons must receive a written approval via the personal trading system before entering into the transaction.

Westfield Capital Management Company, L.P.<br> Date Approved: 10/21/2024

**Code of Ethics**

**Reviewing Preclearance Requests**

Preclearance requests are not reviewed until after 9:30am. Preclearance requests submitted prior to 9:30am will be placed in pending status. Preclearance requests that go into pending after 3:00pm will be reviewed on a best efforts basis. If a response is not received by 4:00pm, Access Persons are not permitted to enter into the trade and must re-enter the preclearance request the following day. Employees must ensure to cancel all limit orders that are not fully executed by 4:00pm each day.

Compliance has full authority to:

&nbsp;&nbsp;&nbsp;&nbsp;· revoke a preclearance
 any time after it is granted;

&nbsp;&nbsp;&nbsp;&nbsp;· require an Access Person
 to close out or reverse a transaction; and

&nbsp;&nbsp;&nbsp;&nbsp;· not provide an explanation
 for a preclearance denial or revocation, especially when the reasons are confidential
 in nature.

**Restrictions to Personal Securities Transactions**

The following restrictions and limitations have been placed on personal securities transactions to address actual or possible conflicts arising from personal trading activities.

&nbsp;&nbsp;&nbsp;&nbsp;· **Material, Non-public Information.** Access Persons who possess or have been made aware of material, non-public
 information regarding a security, or the issuer of a security may not engage in any transaction
 of such security or related security. (See Westfield's policy on Insider Trading.)

&nbsp;&nbsp;&nbsp;&nbsp;· **Market Manipulation.** Access Persons may not engage in any transactions intended to raise, lower, or maintain
 the price of any security.

&nbsp;&nbsp;&nbsp;&nbsp;· **Market Timing and Excessive Trading.** Access Persons must not engage in excessive trading or market
 timing activities with respect to any mutual fund. When placing trades in any mutual
 fund, whether the trade is placed directly in a personal account, 401(k) account, deferred
 compensation account, account held with an intermediary or any other account, Access
 Persons must comply with the rules set forth in the fund's prospectus and SAI regarding
 the frequency and timing of such trades.

&nbsp;&nbsp;&nbsp;&nbsp;· **Transactions with Clients.** Access Persons are prohibited from knowingly selling to, or purchasing from,
 a client any security or other property, except publicly traded securities issued by
 such client.

&nbsp;&nbsp;&nbsp;&nbsp;· **Advised and/or Subadvised Funds.** Access Persons are prohibited from trading in ETFs and mutual funds that are
 advised and/or subadvised by Westfield without prior Compliance approval.

&nbsp;&nbsp;&nbsp;&nbsp;· **Transactions Likely to Raise Conflicts with Duties to Clients.** Access Persons may not enter into any
 transactions that: a) may have a negative impact on their attention to their responsibilities
 to the firm or our clients (e.g., trading frequently in personal accounts), or b) overextend
 their financial resources or commit them to financial liability that they are unable
 to meet.

&nbsp;&nbsp;&nbsp;&nbsp;· **Derivatives, Warrants and Rights**. Access Persons are prohibited from trading options, forwards, swaps,
 warrants, rights, and any other similar security in their Covered Accounts.

&nbsp;&nbsp;&nbsp;&nbsp;· **Private and Limited Offerings (e.g., IPOs).** Typically, if client accounts are participating in a private
 or limited offering, Access Persons may not participate in the same offering. With prior
 approval from the CCO and/or DOC, Access Persons may participate alongside client accounts,
 but the client's interest will always come first. This includes Access Persons
 invested in Westfield's LPs (e.g., Micro-Cap Fund).

Westfield Capital Management Company, L.P.<br> Date Approved: 10/21/2024

**Code of Ethics**

&nbsp;&nbsp;&nbsp;&nbsp;· **Short Selling and Short ETFs/ETNs**. Access Persons are prohibited from short selling securities in their
 Covered Accounts.

&nbsp;&nbsp;&nbsp;&nbsp;· **30-Day Holding Period**.
 Covered Security investments made in Covered Accounts must be held for a minimum period
 of 30 calendar days after purchase (day one starts one day after trade date). ETFs and
 ETNs are not subject to the 30-day holding period.

**Investment Team Sales in Covered Securities** 

All analysts (defined as sector and research analysts) that own securities in their covered accounts that overlap with their sector universe <u>and</u> are owned in a Westfield strategy managed by Westfield's Investment Committee **must hold** such security or securities until they have been fully liquidated from all strategies. Once the security is fully liquidated, the analyst may sell their personal shares 5 business days following the last client sale.

All individual portfolio managers that own securities in their covered accounts that overlap with the individual portfolios that they manage, **must hold** such security or securities until they have been fully liquidated from all client accounts under their management. Once the security is fully liquidated; the portfolio manager may sell their personal shares 5 business days following the last client sale.

The above restrictions do not apply to securities that are held due to client restrictions (e.g., tax considerations, retention for proxy voting, etc.). Any exceptions must be approved by the CCO and/or the Deputy CCO. Analysts may continue to trim and/or sell securities for their covered accounts that are **not** in their sector universe. Portfolio managers may continue to trim/sell securities for their covered accounts that are **not** held in the portfolios they manage. Any trims/sales will still follow the above personal securities transaction restrictions, front running, and blackout periods as applicable.

**Front Running and Blackout Periods**

Front running is an illegal practice. Access Persons should not enter into a personal security transaction when the Access Person knows, or has reason to believe, that the security or related security: a) has recently been acted upon, b) may in the near future be recommended for action, or c) may in the near future be acted upon by the firm for client accounts.

* For Covered Securities that have been traded in client accounts, the blackout period begins five business
days before the client trade and ends five business days after the last client trade. If the Covered Security was traded for reasons
outside of an investment recommendation (e.g., cash flow, rebalancing/dispersion, etc.), the blackout period begins when the trades
are placed on the blotter and ends when the trades have been completed. 

* For Covered Securities that have been recommended or are "under consideration," the blackout
period begins five business days before the day a security was recommended or placed under consideration and typically ends five
business days thereafter. Some securities may remain on the restricted list for longer periods of time. Compliance has full discretion
to decide whether a security is restricted and for how long.

* ETFs and ETNs that are not advised and/or subadvised by Westfield are not subject to the blackout periods
discussed in this section.

**New Employees**

All new employees will be required to be in compliance with Westfield's Code within 10 calendar days from their date of hire (e.g., must cover short positions). New employees may also be allowed to continue to hold put and/or call options until they expire. Compliance will review these on a case by case basis.

Westfield Capital Management Company, L.P.<br> Date Approved: 10/21/2024

**Code of Ethics**

New investment team employees will be allowed 10 calendar days to trim/liquidate securities within their sector universe that overlap with a strategy managed by Westfield's Investment Committee. However, all other provisions within the Code must be followed (e.g., must follow preclearance requirements, blackout periods apply).<u> </u>

Initial 401(k) allocations, including open-end mutual Funds sub-advised or advised by Westfield do not require preclearance.

Westfield Capital Management Company, L.P.<br> Date Approved: 10/21/2024

**Code of Ethics**

**Reporting Requirements for Personal Securities Transactions**

Unless noted in *Exemptions* in this section, Access Persons must file the reports described below, even if the person has had no holdings, transactions, or accounts to list in the reports.

Reports are submitted through the personal trading system, which will track the dates and times of submissions. All submissions will remain confidential and will not be accessible by anyone other than Compliance and to the extent necessary to implement and enforce the provisions of the Code or to comply with regulatory or legal requirements.

Access Persons are responsible for reviewing and verifying the information on all of their reports prior to submission. You must promptly speak with Compliance about any errors, omissions, or discrepancies on these reports before they are submitted.

**Initial and Annual Holdings Reports.** Access Persons must submit a report of their holdings in Covered Securities <u>within 10 days</u> after the day they become an Access Person and on an annual basis thereafter. Initial holdings information should be current as of a date no more than 45 days prior to the employee's date of becoming an Access Person. Annual holding reports should be as of December 31<sup>st</sup> and submitted within 30 days after the calendar year-end. For each holding, Access Persons must provide: 1) the title and type of security, 2) as applicable, the exchange ticker symbol or cusip number, 3) the number of shares and principal amount of each reportable security in which the access person has any direct or indirect beneficial ownership, 4) the name of any broker, dealer or bank with which the access person maintains an account in which any securities are held for the access person's direct or indirect benefit, and 5) the date the access person submits the report.

**Quarterly Transaction Reports**. Access Persons are required to report Covered Securities transactions for the most recent calendar quarter. Each transaction should indicate: 1) the date of the transaction, the title, and as applicable the exchange ticker symbol or cusip number, interest rate and maturity date, number of shares, and principal amount of each reportable security involved, 2) the nature of the transaction (i.e., purchase, sale or any other type of acquisition or disposition), 3) the price of the security at which the transaction was effected, 4) the name of broker, dealer or bank with or through which the transaction was effected, and 5) the date the access person submits the report. Quarterly transaction reports are due within 30 days after the calendar quarter end.

**Initial Investment Account Reports.** Access Persons must submit brokerage statements for all accounts held for their direct or indirect benefit <u>within 10 days</u> after the day they become an Access Person. Compliance will review these statements and determine if the accounts would fall under ongoing reporting requirements (i.e., a Covered Account). Statements should be dated no later than 45 days prior to the employee becoming an Access Person.

**Quarterly Investment Account Reports.** Access Persons must certify to a list of their Covered Accounts (as defined in Appendix A). Quarterly account reports are due within 30 days after the calendar quarter end.

Access Persons must notify Compliance of any new and closed Covered Accounts as soon as reasonably possible. Closed accounts will remain active in the personal trading system and will be subject to applicable reporting requirements described above unless Compliance has been notified otherwise.

**Duplicate Statements or Confirms.** Duplicate copies of personal transaction confirmations or account statements are required for Covered Accounts. Copies of such documents must be sent directly to Compliance or through an electronic feed into the personal trading system. Employees with accounts set up to receive electronic feeds in the personal trading system are not required to provide paper copies of confirmations or statements as transactions and positions directly feed into the system. If Compliance does not receive the

Westfield Capital Management Company, L.P.<br> Date Approved: 10/21/2024

**Code of Ethics**

appropriate electronic data or duplicate confirmations and statements, Compliance will request the documents from the Access Person. This requirement does not satisfy the quarterly or annual reporting requirements outlined above.

**Private Investments.** A confirmation of the investment with the invested dollar amount must be submitted to Compliance promptly after the investment is made.

<u>Exemptions</u>

The following transactions are exempt from the preclearance and/or reporting requirements discussed previously. Access Persons should be reminded that these exemptions do not absolve them from violations of other Westfield policies, applicable laws, and regulations, as well as the spirit of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;· **No Knowledge or Control *.*** Transactions where the Access Person has no influence, control or knowledge are
 exempt from preclearance (e.g., corporate or broker actions).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Subject to Compliance
 approval, Access Persons can omit any report with respect to securities held in accounts
 over which the Access Person had no direct or indirect influence or control.

&nbsp;&nbsp;&nbsp;&nbsp;· **Managed Accounts.** Transactions effected in accounts managed by an external financial adviser are exempt
 from preclearance and reporting requirements. Access Persons may speak to their adviser
 about their financial goals and objectives, but they are not permitted to consult with
 their adviser (or be consulted) on any specific security transactions. To qualify for
 this exemption, Access Persons must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Have their financial
 adviser provide an initial written certification to Westfield on the arrangement and/or
 provide a copy of the managed account agreement with their financial adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Complete certifications
 quarterly regarding their influence or control over these accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Annually have
 their financial adviser provide a written certification to Westfield that they did not
 consult with their adviser on any specific security transactions and that the adviser
 did not consult with them on any specific security transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ If requested,
 provide Compliance with copies of holdings and/or transactions made in their account(s).

&nbsp;&nbsp;&nbsp;&nbsp;· **529 Plans or College Savings Plans.** Transactions in 529 Plans or college savings plans are exempt from
 preclearance and reporting requirements. (Does not apply to Coverdell ESAs that are invested
 in Covered Securities.)

&nbsp;&nbsp;&nbsp;&nbsp;· **Automatic Investment Plans. ** ** Transactions effected pursuant to an automatic investment plan are
 exempt from preclearance and reporting requirements.

&nbsp;&nbsp;&nbsp;&nbsp;· **Prior Employer's Profit Sharing or Retirement Plans.** Transactions executed in a prior employer's
 profit sharing or retirement plan are exempt from preclearance and reporting. This exemption
 does not apply to transactions in reportable securities or to any discretionary brokerage
 account option that may be available from a former employer. Such transactions/accounts
 are subject to preclearance and reporting requirements.

&nbsp;&nbsp;&nbsp;&nbsp;· **Other.** Transactions in securities determined by Compliance to present a low potential for
 impropriety or the appearance of impropriety may be exempt from transactional restrictions
 and preclearance/reporting requirements. Compliance will review these on a case-by-case
 basis.

Westfield Capital Management Company, L.P.<br> Date Approved: 10/21/2024

**Code of Ethics**

**Administration**

**Approval and Distribution**

Compliance will distribute the Code (either as a stand-alone document or as part of the firm's Compliance Manual) to all employees during the first week of hire and at least annually thereafter. Employees are required to acknowledge their having received, read, and complied with the Code.

Material amendments or material revisions made to this Code will be approved by the CCO and the Management Committee. Upon approval, the Code will be distributed to all employees shortly thereafter. Immaterial amendments do not require Management Committee approval and will be distributed either with material amendments or during the annual distribution period. Employees may be required to complete appropriate acknowledgements after distribution.

**Training and Education**

Compliance is responsible for coordinating the training and education of employees regarding the Code. All newly hired employees are required to complete a compliance overview session that includes a review of the Code. They are also required to acknowledge that they have attended the new employee training and have received a copy of the Code (as part of the firm's Compliance Manual). Temporary or contract employees will be required to sign a confidentiality agreement and attend a compliance overview session.

Employees are required to attend all training sessions and read any applicable materials that Compliance deems appropriate. On occasion, it may be necessary for certain departments or individuals to receive additional training. Should this be the case, a member of Compliance will coordinate with the appropriate department managers to discuss particular topics and concerns to address at the training session.

**Personal Transactions Monitoring**

On at least a quarterly basis, a member of Compliance will review and monitor required reports for conformity with all applicable provisions outlined in the personal trading section. Each member of the Compliance Department will review and monitor each other's reports as required by the Code.

**Annual Review of Code**

The CCO and/or the Deputy CCO will review, at least annually, the adequacy of the Code and the effectiveness of its implementation. Such results are usually recorded in the firm's annual testing program.

**Reports to Management Committee**

At least annually, the CCO will report material Code matters to Westfield's Management Committee. On occasion, the CCO will also report immaterial items to the Management Committee in order to keep them informed of Code matters.

**Recordkeeping Requirements**

Westfield will maintain the following records in a readily accessible place for a period of not less than seven years.

&nbsp;&nbsp;&nbsp;&nbsp;· A
 copy of each Code that is in effect, or at any time within the past seven years;

&nbsp;&nbsp;&nbsp;&nbsp;· A
 record of any violation of the Code, and of any action taken as a result of the violation,
 for seven years after the end of the fiscal year in which the violation occurred;

&nbsp;&nbsp;&nbsp;&nbsp;· A
 copy of each report and acknowledgement made under the Code for the past seven years
 after the end of the fiscal year in which the report is made or information is provided;

&nbsp;&nbsp;&nbsp;&nbsp;· A
 list of names of persons, currently or within the past seven years, who are or were Access
 Persons or Investment Persons;

Westfield Capital Management Company, L.P.<br> Date Approved: 10/21/2024

**Code of Ethics**

&nbsp;&nbsp;&nbsp;&nbsp;· A
 record of any decision, and the reasons supporting the decision, for approving the acquisition
 of IPOs and limited offerings for at least seven years after the end of the fiscal
 year in which the approval was granted; and

&nbsp;&nbsp;&nbsp;&nbsp;· A
 record of any granted waivers or exceptions, and supporting reasons, to any provisions
 of the Code.

**Violations and Sanctions** 

Westfield treats violations of the Code (including violations of the spirit of the Code) very seriously. If an employee violates either the letter or the spirit of this Code, Westfield may impose disciplinary actions or fines, or it may make a civil or criminal referral to appropriate regulatory entities (Refer to Appendix B for the sanctions table). Code violations become a part of the employee's employment history at Westfield. Multiple violations within a 12-month period will be reported to Human Resources and appropriate supervisors or managers. Employees should always consult with the CCO and/or the Deputy CCO if they are in doubt of any of the requirements or restrictions in the Code.

A senior member of Compliance will notify employees of any discrepancy between their personal activities and the rules outlined in this Code. Each violation and the circumstances surrounding each violation will be reviewed by a senior member of Compliance. Based on the review, a senior member of Compliance will determine whether the policies established in this Code have been violated, and whether any action should be taken. The CCO and/or the Deputy CCO will determine appropriate sanctions (in accordance with Westfield's sanctions guidelines). Once the sanction has been approved, Compliance will notify the employee. Compliance has the discretion of reporting material Code matters to the Operations & Risk Management Committee and/or the Management Committee.

Westfield Capital Management Company, L.P.<br> Date Approved: 10/21/2024

**Code of Ethics**

<u>Appendix A: Glossary of Terms</u>

**Access Person** is any Westfield employee or non-employee who meets at least one of the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;· is an officer, director,
 or partner

&nbsp;&nbsp;&nbsp;&nbsp;· has access to nonpublic
 information about client purchases or sales of securities

&nbsp;&nbsp;&nbsp;&nbsp;· makes or participates
 in making investment recommendations to clients

&nbsp;&nbsp;&nbsp;&nbsp;· has access to client
 investment recommendations that are non-public

&nbsp;&nbsp;&nbsp;&nbsp;· has access to nonpublic
 information regarding the portfolio holdings of affiliated mutual funds

**Beneficial Interest** generally refers to the opportunity, directly or indirectly, to profit or share in any profit.

**Business Day** refers to every official Westfield working day of the week.

**Client Account** refers to any account over which Westfield has been granted authority to purchase and/or sell securities on the client's behalf.

**Covered Account** refers to any investment account over which an Access Person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. has direct or indirect beneficial interest; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. exercises investment control, meaning he or she actually provides
 input into or makes the security buy and/or sell decisions for the account. The account
 does not need to be in an Access Person's name; if an Access Person has either
 joint or sole investment control over an account, it may be considered a Covered Account.

**Covered Security** refers to any security or fund that does not fall under one of the following exceptions:

&nbsp;&nbsp;&nbsp;&nbsp;· Direct obligations of
 the Government of the United States (e.g., treasury bills, treasury bonds, U.S. savings
 bonds);

&nbsp;&nbsp;&nbsp;&nbsp;· Bankers' acceptances,
 bank certificates of deposits, commercial paper, and high-quality short term debt instruments,
 including repurchase agreements;

&nbsp;&nbsp;&nbsp;&nbsp;· Shares issued by money
 market funds;

&nbsp;&nbsp;&nbsp;&nbsp;· Shares issued by open-end
 mutual funds that are not sub-advised or advised by Westfield;

&nbsp;&nbsp;&nbsp;&nbsp;· Shares issued by unit
 investment trusts ("UITs") that are invested exclusively in one or more open-end
 mutual funds, none of which are sub-advised or advised by Westfield.

**Employee** means all Westfield personnel who are not hired on a temporary or contract basis.

**Family member** refers to a spouse, children, step-children, grandchildren, parents, step-parents, grandparents, domestic partners, siblings, parents-in-law, children-in-law, as well as adoptive relationships sharing the same household.

**Investment Person** means any Access Person who makes or participates in making investment recommendations for client accounts.

**Reportable Fund** means any pooled fund, regardless of whether it is offered publicly or privately, for which Westfield serves as adviser or sub-adviser. This includes Westfield limited partnerships.

**Short Selling** means selling a security that is not owned in the account.

Westfield Capital Management Company, L.P.<br> Date Approved: 10/21/2024

**Code of Ethics**

Appendix B: Sanctions Guidelines

Sanctions can be more or less than what is indicated in the table below. Sanctions such as disgorgement of profits (gross of any taxes or transaction costs) and reversal of trades may be considered in addition to or instead of the sanctions indicated in the table below, In recommending sanctions, Compliance will:

&nbsp;&nbsp;&nbsp;&nbsp;· Consider an employee's
 role and responsibilities, past trading history, facts and circumstances around the violation
 and other applicable factors

&nbsp;&nbsp;&nbsp;&nbsp;· Impose the highest of
 all applicable sanctions, if a violation falls within more than one category or if multiple
 violations occur on the same day

&nbsp;&nbsp;&nbsp;&nbsp;· Review violations not
 listed in the table on a case-by-case basis

&nbsp;&nbsp;&nbsp;&nbsp;· Consult with the Management
 Committee or Operations & Risk Management Committee members, if needed

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Violation** | &nbsp;&nbsp;**Management and Investment Committee,<br> Research Analysts, Partners, Traders, Directors** | &nbsp;&nbsp;**All Other Employees** |
| &nbsp;&nbsp;Late Reporting or Certification<br>*All listed fines are per day after due date and per report or certification*<br>| &nbsp;&nbsp;<u>First Offense</u>: $500<br><u>Second Offense</u>: $750 and suspension of personal securities transaction rights (up to 6 months)<br><u>Subsequent Offense</u>: $1,500 and suspension of personal securities transaction rights (up to 12 months)<br>| &nbsp;&nbsp;<u>First Offense</u>: $100<br><u>Second Offense</u>: $200 and suspension of personal securities transaction rights (up to 3 months)<br><u>Subsequent Offense</u>: $300 and suspension of personal securities transaction rights (up to 6 months)<br>|
| &nbsp;&nbsp;Failure to Preclear<br>(includes trading more shares then were precleared) | &nbsp;&nbsp;<u>First Offense</u>: $2,000 per transaction and suspension of personal securities transaction rights for 30 days<br><u>Second Offense</u>: $5,000 per transaction and suspension of personal securities transaction rights for 3 months<br>| &nbsp;&nbsp;<u>First Offense</u>: $500 per transaction<br><u>Second Offense</u>: $1,000 per transaction and suspension of personal securities transaction rights for 30 days<br><u>Subsequent Offense</u>: $2,500 per transaction and suspension of personal securities transaction  |

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Westfield Capital Management Company, L.P.<br> Date Approved: 10/21/2024

**Code of Ethics**

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| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;<u>Subsequent Offense</u>: $10,000 per transaction and suspension of personal securities transaction rights for 12 months | &nbsp;&nbsp;rights for 6 months |
| &nbsp;&nbsp;Market Timing | &nbsp;&nbsp;Termination of employment and civil or criminal referral | &nbsp;&nbsp;Termination of employment and civil or criminal referral |
| &nbsp;&nbsp;Failure to Make Accurate or Complete Reports | &nbsp;&nbsp;Monetary fines starting at $5,000; suspension of personal securities transaction rights; possible termination of employment | &nbsp;&nbsp;Monetary fines starting at $1,000; suspension of personal securities transaction rights; possible termination of employment |
| &nbsp;&nbsp;Front Running | &nbsp;&nbsp;$2,500 per transaction; temporary or permanent suspension of personal securities transaction rights; possible termination of employment | &nbsp;&nbsp;$2,500 per transaction; temporary or permanent suspension of personal securities transaction rights; possible termination of employment |
| &nbsp;&nbsp;30-day Holding Period | &nbsp;&nbsp;<u>First Offense</u>: 2,000 per transaction<br><u>Second Offense</u>: $5,000 per transaction; suspension of personal transaction rights (up to 6 months)<br><u>Subsequent Offense</u>: $7,500 per transaction; suspension of personal securities transaction rights (up to 12 months) | &nbsp;&nbsp;<u>First Offense</u>: $500 per transaction<br><u>Second Offense</u>: $1,000 per transaction; suspension of personal transaction rights (up to 6 months)<br><u>Subsequent Offense</u>: $2,500 per transaction; suspension of personal securities transaction rights (up to 12 months) |

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Westfield Capital Management Company, L.P.<br> Date Approved: 10/21/2024