# EDGAR Filing Document

**Accession Number:** 0000934563
**File Stem:** 0001104659-25-084450
**Filing Date:** 2025-8
**Character Count:** 2083585
**Document Hash:** 618653a65d8ed13a1af8ed067eea97d7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-084450.hdr.sgml**: 20260320

**ACCESSION NUMBER**: 0001104659-25-084450

**CONFORMED SUBMISSION TYPE**: 485APOS

**PUBLIC DOCUMENT COUNT**: 147

**FILED AS OF DATE**: 20250828

**DATE AS OF CHANGE**: 20251117

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** HC CAPITAL TRUST
- **CENTRAL INDEX KEY:** 0000934563

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** 485APOS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08918
- **FILM NUMBER:** 251268999

**BUSINESS ADDRESS:**
- **STREET 1:** 300 BARR HARBOR DRIVE, 5TH FLOOR
- **CITY:** WEST CONSHOHOCKEN
- **STATE:** PA
- **ZIP:** 19428
- **BUSINESS PHONE:** 610-828-7200

**MAIL ADDRESS:**
- **STREET 1:** 300 BARR HARBOR DRIVE, 5TH FLOOR
- **CITY:** WEST CONSHOHOCKEN
- **STATE:** PA
- **ZIP:** 19428

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** HIRTLE CALLAGHAN TRUST
- **DATE OF NAME CHANGE:** 20100305

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** HC CAPITAL TRUST
- **DATE OF NAME CHANGE:** 20100305

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** HIRTLE CALLAGHAN TRUST
- **DATE OF NAME CHANGE:** 19941222
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** HC CAPITAL TRUST
- **CENTRAL INDEX KEY:** 0000934563

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** 485APOS
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 033-87762
- **FILM NUMBER:** 251268998

**BUSINESS ADDRESS:**
- **STREET 1:** 300 BARR HARBOR DRIVE, 5TH FLOOR
- **CITY:** WEST CONSHOHOCKEN
- **STATE:** PA
- **ZIP:** 19428
- **BUSINESS PHONE:** 610-828-7200

**MAIL ADDRESS:**
- **STREET 1:** 300 BARR HARBOR DRIVE, 5TH FLOOR
- **CITY:** WEST CONSHOHOCKEN
- **STATE:** PA
- **ZIP:** 19428

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** HIRTLE CALLAGHAN TRUST
- **DATE OF NAME CHANGE:** 20100305

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** HC CAPITAL TRUST
- **DATE OF NAME CHANGE:** 20100305

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** HIRTLE CALLAGHAN TRUST
- **DATE OF NAME CHANGE:** 19941222

## Series and Classes Contracts Data

### The Intermediate Term Municipal Bond Portfolio (Series ID: S000009376)

| Class ID   | Class Name                                     | Ticker Symbol   |
|:---|:---|:---|
| C000025691 | The Intermediate Term Municipal Bond Portfolio | HCIMX           |

### The U.S. Equity Portfolio (Series ID: S000009379)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000025694 | The U.S. Equity Portfolio | HCEGX           |

### The International Equity Portfolio (Series ID: S000009381)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000025696 | The International Equity Portfolio | HCIEX           |

### The Core Fixed Income Portfolio (Series ID: S000009382)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000025697 | The Core Fixed Income Portfolio | HCIIX           |

### The Corporate Opportunities Portfolio (Series ID: S000009383)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000025698 | The Corporate Opportunities Portfolio | HCHYX           |

### The Short-Term Municipal Bond Portfolio (Series ID: S000009384)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000025699 | The Short-Term Municipal Bond Portfolio | HCSBX           |

### The Institutional U.S. Equity Portfolio (Series ID: S000021773)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000062556 | The Institutional U.S. Equity Portfolio | HCIGX           |

### The Institutional International Equity Portfolio (Series ID: S000022550)

| Class ID   | Class Name                                       | Ticker Symbol   |
|:---|:---|:---|
| C000065218 | The Institutional International Equity Portfolio | HCINX           |

### The Emerging Markets Portfolio (Series ID: S000022579)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000065289 | The Emerging Markets Portfolio | HCEMX           |

### The U.S. Government Fixed Income Securities Portfolio (Series ID: S000029852)

| Class ID   | Class Name                                            | Ticker Symbol   |
|:---|:---|:---|
| C000091786 | The U.S. Government Fixed Income Securities Portfolio | HCUSX           |

### The U.S. Corporate Fixed Income Securities Portfolio (Series ID: S000029853)

| Class ID   | Class Name                                           | Ticker Symbol   |
|:---|:---|:---|
| C000091788 | The U.S. Corporate Fixed Income Securities Portfolio | HCXSX           |

### The U.S. Mortgage/Asset Backed Fixed Income Securities Portfolio (Series ID: S000029854)

| Class ID   | Class Name                                                       | Ticker Symbol   |
|:---|:---|:---|
| C000091790 | The U.S. Mortgage/Asset Backed Fixed Income Securities Portfolio | HCASX           |

### The ESG Growth Portfolio (Series ID: S000049974)

| Class ID   | Class Name               | Ticker Symbol   |
|:---|:---|:---|
| C000157800 | The ESG Growth Portfolio | HCESX           |

### The Catholic SRI Growth Portfolio (Series ID: S000052277)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000164403 | The Catholic SRI Growth Portfolio | HCSRX           |

As filed with the Securities and Exchange Commission on August 28, 2025

1933 Act Registration No. 033-87762

1940 Act Registration No. 811-08918

**SECURITIES AND EXCHANGE COMMISSION**

Washington, D.C. 20549

**FORM N-1A**

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 [X] <br> Pre-Effective Amendment No. [ ] <br> Post-Effective Amendment No. 102 [X]

and/or

REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 [X] <br> Amendment No. 103 [X]

**HC Capital Trust**

(Exact Name of Registrant as Specified in Charter)

**Five Tower Bridge, 300 Barr Harbor, 5<sup>th</sup> Floor**

**West Conshohocken, PA 19428-2970**

(Address of Principal Executive Offices) (Zip Code)

Registrant's Telephone Number, including Area Code:

**610-828-7200**

*Copies of communications to:*

Michael P. O'Hare, Partner Stradley Ronon Stevens & Young, LLP 2005 Market Street, Suite 2600 Philadelphia, PA 19103-7018 (With Copy To): Marguerite C. Bateman, Shareholder VedderPrice 1401 New York Avenue, Suite 500 Washington, District of Columbia 20005

(Name and Address of Agent for Service)

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

---

| | |
|:---|:---|
| [ ] | Immediately upon filing pursuant to paragraph (b) |
| [ ] | On (date) pursuant to paragraph (b) |
| [ ] | 60 days after filing pursuant to paragraph (a) (1) |
| [x ] | On November 1, 2025 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.

![](tm2523042d1_proimg001.jpg)

**Prospectus**

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **<u>Ticker Symbol</u>** |
| The U.S. Equity Portfolio | &nbsp;&nbsp;&nbsp; HCEGX |
| The Institutional U.S. Equity Portfolio | &nbsp;&nbsp;&nbsp; HCIGX |
| The ESG Growth Portfolio | &nbsp;&nbsp;&nbsp; HCESX |
| The Catholic SRI Growth Portfolio | &nbsp;&nbsp;&nbsp; HCSRX |
| The International Equity Portfolio | &nbsp;&nbsp;&nbsp; HCIEX |
| The Institutional International Equity Portfolio | &nbsp;&nbsp;&nbsp; HCINX |
| The Emerging Markets Portfolio | &nbsp;&nbsp;&nbsp; HCEMX |
| The Core Fixed Income Portfolio | &nbsp;&nbsp;&nbsp; HCIIX |
| The Corporate Opportunities Portfolio | &nbsp;&nbsp;&nbsp; HCHYX |
| The U.S. Government Fixed Income Securities Portfolio | &nbsp;&nbsp;&nbsp; HCUSX |
| The U.S. Corporate Fixed Income Securities Portfolio | &nbsp;&nbsp;&nbsp; HCXSX |
| The U.S. Mortgage/Asset Backed Fixed Income Securities Portfolio | &nbsp;&nbsp;&nbsp; HCASX |
| The Short-Term Municipal Bond Portfolio | &nbsp;&nbsp;&nbsp; HCSBX |
| The Intermediate Term Municipal Bond Portfolio | &nbsp;&nbsp;&nbsp; HCIMX |

---

 **November 1, 2025**

The Securities and Exchange Commission has not approved or disapproved the shares

described in this Prospectus or determined whether this Prospectus is accurate or complete.

Any representation to the contrary is a criminal offense.

Mutual Funds are:

**NOT FDIC INSURED** 

May Lose Value No Bank Guarantee

**Table of Contents**

------

---

| | |
|:---|:---|
| **<u>Summary Section</u>** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **The Equity Portfolios** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [**The U.S. Equity Portfolio**](#a001) | &nbsp;&nbsp; [**2**](#a001) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [**The Institutional U.S. Equity Portfolio**](#a002) | &nbsp;&nbsp; [**9**](#a002) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [**The ESG Growth Portfolio**](#a003) | &nbsp;&nbsp; [**17**](#a003) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [**The Catholic SRI Growth Portfolio**](#a004) | &nbsp;&nbsp; [**26**](#a004) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [**The International Equity Portfolio**](#a005) | &nbsp;&nbsp; [**34**](#a005) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [**The Institutional International Equity Portfolio**](#a006) | &nbsp;&nbsp; [**41**](#a006) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [**The Emerging Markets Portfolio**](#a007) | &nbsp;&nbsp; [**48**](#a007) |
| &nbsp;&nbsp;&nbsp;&nbsp; **The Income Portfolios** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [**The Core Fixed Income Portfolio**](#a008) | &nbsp;&nbsp; [**55**](#a008) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [**The Corporate Opportunities Portfolio**](#a009) | &nbsp;&nbsp; [**62**](#a009) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [**The U.S. Government Fixed Income Securities Portfolio**](#a010) | &nbsp;&nbsp; [**70**](#a010) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [**The U.S. Corporate Fixed Income Securities Portfolio**](#a011) | &nbsp;&nbsp; [**77**](#a011) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [**The U.S. Mortgage/Asset Backed Fixed Income Securities Portfolio**](#a012) | &nbsp;&nbsp; [**84**](#a012) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [**The Short-Term Municipal Bond Portfolio**](#a013) | &nbsp;&nbsp; [**91**](#a013) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [**The Intermediate Term Municipal Bond Portfolio**](#a014) | &nbsp;&nbsp; [**96**](#a014) |
| &nbsp;&nbsp;&nbsp;&nbsp; [**Summary of Other Important Information Regarding Portfolio Shares**](#a015) | &nbsp;&nbsp; [**103**](#a015) |
| [**More Information About Fund Investments and Risks**](#a016) | &nbsp;&nbsp; [**104**](#a016) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [**Disclosure of Portfolio Holdings**](#a017) | &nbsp;&nbsp; [**134**](#a017) |
| [**Additional Information**](#a018) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [**Fund Management**](#a019) | &nbsp;&nbsp; [**135**](#a019) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [**Shareholder Information: Purchases and Redemptions**](#a020) | &nbsp;&nbsp; [**138**](#a020) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [**Shareholder Reports and Inquiries**](#a021) | &nbsp;&nbsp; [**141**](#a021) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [**Dividends and Distributions**](#a022) | &nbsp;&nbsp; [**141**](#a022) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [**Federal Taxes**](#a023) | &nbsp;&nbsp; [**141**](#a023) |
| [**Financial Highlights**](#a024) | &nbsp;&nbsp; [**144**](#a024) |
| [**Specialist Manager Guide**](#a025) | &nbsp;&nbsp; [**150**](#a025) |
| **For More Information** | **Back Cover** |

---

 ***The U.S. Equity Portfolio***

**Investment Objective**

The investment objective of The U.S. Equity Portfolio is to provide capital appreciation, with income as a secondary consideration.

**Fees and Expenses**

The fee and expense tables below describe the fees and expenses that you may pay if you buy and hold shares of the Portfolio.

**Shareholder Fees**

(fees paid directly from your investment)

Maximum Sales Charges None <br> Maximum Redemption Fee None

**Annual Operating Expenses**

(expenses that you pay each year as a percentage of the value of your investment)

---

| | |
|:---|:---|
|  Management Fees (based on asset allocations among Specialist Managers as of June 30, [2024], see "Advisory Services – Specialist Managers") | &nbsp;&nbsp; [0.07]% |
|  Other Expenses | &nbsp;&nbsp; [0.11]% |
|  Total Annual Portfolio Operating Expenses\* | &nbsp;&nbsp; [0.18]% |

---

\* Total Annual Fund Operating Expenses have been restated to reflect current expenses as of June 30, [2024].

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

---

| | |
|:---|:---|
| **1 Year** | $[18] |
| **3 Years** | $[58] |
| **5 Years** | $[101] |
| **10 Years** | $[230] |

---

**Portfolio Turnover**

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

**Principal Investment Strategies**

The Portfolio is a diversified investment company that is designed to provide broad exposure to the U.S. equity market. Under normal circumstances, the Portfolio seeks to achieve its objective by investing primarily (i.e., at least 80% of its net assets) in U.S. equity securities. In the unlikely event that a change in this investment policy is adopted by the Board of Trustees, shareholders will receive at least 60 days prior written notice before such change is implemented. The Portfolio will invest in equity securities of issuers of any capitalization. The Portfolio may invest up to 20% of the total assets of the actively managed portion of the Portfolio in income-producing securities other than common stock, such as bonds, including those that are convertible into common stock. These income- producing securities may be of any quality or maturity. Up to 20% of the total assets of the total Portfolio may also be invested in securities issued by non-U.S. companies. The Portfolio may invest in securities issued by other investment companies, including ETFs, that invest in equity securities. Although some of the equity securities in which the Portfolio will invest are expected to be dividend paying issues, income is a secondary consideration in the stock selection process. Consistent with their respective investment styles, the Portfolio's Specialist Managers may use option or futures contracts in order to hedge against investment risks, seek to efficiently obtain or adjust exposure to certain securities or groups of securities, or otherwise to increase returns. The Portfolio may also write (sell) call options and put options, in order to receive premiums, on individual securities, U.S. stock market indexes, and/or on substitutes for such indexes, which may include futures contracts or ETFs. The Portfolio normally writes covered call and put options which have an initial maturity of up to nine months and that are "out of the money" at the time of initiation such that the call options sold generally will be above the current price level of the index when written and the exercise price of put options sold generally will be below the current price level of the index when written. In accordance with applicable interpretations of the SEC, certain derivative

***The U.S. Equity Portfolio (continued)***

instruments may be counted as equity securities for purposes of the Portfolio's policies regarding investments in equity securities, to the extent that such derivative instruments have economic characteristics similar to those of equity securities.

The Portfolio may be managed using an "active" investment approach and/or a "passive" investment approach designed to approximate as closely as practicable, before expenses, the performance of either the Portfolio's benchmark index or, from time to time, one or more identifiable subsets or other portions of that index. The relative weighting of these two approaches may vary anywhere from 0% to 100% of the Portfolio's assets at any given time.

The Portfolio is authorized to operate on a multi-manager basis. This means that a single Portfolio may be managed by more than one investment subadviser ("Specialist Manager"). The multi-manager structure is generally designed to provide investors access to broadly diversified investment styles. The Trust seeks to engage skilled Specialist Managers to provide a broad exposure to the relevant asset class and returns in excess of the Portfolio's benchmark over time.

***The U.S. Equity Portfolio (continued)***

**Principal Investment Risks**

Investing in the Portfolio involves risks common to any investment in securities. There is no guarantee that the Portfolio will achieve its investment objective and, as is the case with any investment, you may lose money on your investment in the Portfolio. All mutual funds, including the Portfolio, are subject to **Management Risk –** the risk that the investment strategies employed in the investment selection process may not result in an increase in the value of your investment or in overall performance equal to other investments and **Market Risk –** the risk that the value of the securities held by a portfolio may decline in response to general market and economic conditions, or conditions that affect specific market sectors or individual companies.

There are also risks associated with the overall structure of the Portfolio. These include:

&nbsp;&nbsp;&nbsp;&nbsp;• **Multi-Manager Risk –** the Portfolio's multi-manager structure involves the risk that the Specialist Managers serving the Portfolio do not achieve favorable investment results relative to other investments or that the Portfolio's assets are not effectively allocated among Specialist Managers in a manner that enhances the Portfolio's total return or reduces the volatility that might be expected of any one management style. Additionally, the multi-manager structure may, under certain circumstances, cause the Portfolio to incur higher trading costs than might occur in a fund served by a single investment adviser.

&nbsp;&nbsp;&nbsp;&nbsp;• **Passive Investing Risk –** the Portfolio may employ a passive investment approach, which attempts to approximate as closely as practicable, before expenses, the performance of either the Portfolio's benchmark index, or one or more identifiable subsets or other portions of that index as deemed appropriate by the Adviser, regardless of the current or projected performance of a specific security or a particular industry or market sector. Maintaining investments in securities regardless of market conditions or the performance of individual securities could cause the Portfolio's return to be lower than if the Portfolio employed an active strategy. In addition, the Portfolio's return may not match or achieve a high degree of correlation with the return of the target investment pool due to operating expenses, transaction costs, and cash flows.

Additionally, the range of securities in which the Portfolio may invest, and the several investment strategies that may be used in seeking to achieve the Portfolio's objective, involve additional risks. These are summarized below.

&nbsp;&nbsp;&nbsp;&nbsp;• **Equity Risks.** Investment in equity securities involves the following risks:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Equity Market Risk –** The market value of an equity security and the equity markets in general can be volatile.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Small/Mid Cap Risk –** Small and mid-capitalization companies may be more vulnerable to adverse business or economic developments than larger capitalization
companies. Securities issued by these companies may

be less liquid and/or more volatile than securities of larger companies or the overall securities markets. Small and mid-cap companies may be adversely affected during periods when investors prefer to hold securities of large capitalization companies.

&nbsp;&nbsp;&nbsp;&nbsp;• **Investment in Other Investment Companies Risk –** As with other investments, investments in other investment companies are subject to market and selection risk. To the extent that the Portfolio acquires shares of investment companies, shareholders bear both their proportionate share of expenses in the Portfolio (including management and advisory fees) and, indirectly, the expenses of the acquired investment companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Exchange-Traded Funds Risk** – In addition to the risks of investing in other investment companies generally, an investment in securities issued by an ETF may be subject to the following risks: (1) shares of the ETF may trade at a discount to its net asset value; (2) an active trading market for the ETF's shares may not develop; (3) the exchange on which the ETF is listed may, under certain circumstances, suspend trading of the ETF's shares; and (4) to the extent that an ETF is acquired in order to track a specific asset or index, the ETF may fail to effectively accomplish that goal.

&nbsp;&nbsp;&nbsp;&nbsp;• **Foreign Investment Risk.** Investment in foreign securities involves the following risks:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Foreign Securities Risk –** Investments in securities issued by non-U.S. companies and/or non-U.S. governments and their agencies, may be adversely affected by the lack of timely or reliable financial information, political, social and/or economic developments abroad and differences between U.S. and foreign regulatory requirements and market practices. Securities denominated in foreign currencies are subject to the risk that the value of the foreign currency will decline in relation to the U.S. dollar and transaction expenses related to foreign securities, including custody fees, are generally more costly than transaction expenses for domestic securities.

***The U.S. Equity Portfolio (continued)***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Foreign Currency Risk –** Securities denominated in foreign currencies are subject to the risk that the value of the foreign currency will decline in relation to the U.S. dollar. Currency exchange rates can be volatile and can be affected by, among other factors, the general economics of a country, or the actions of the U.S. or foreign governments or central banks. In addition, transaction expenses related to foreign securities, including custody fees, are generally more costly than transaction expenses for domestic securities.

&nbsp;&nbsp;&nbsp;&nbsp;• **Fixed Income Risk.** Investments in fixed income securities may involve the following risks, depending on the instrument involved:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Credit Risk –** An investment in the Portfolio also involves the risk that the issuer of a fixed income security that the Portfolio holds will fail to make timely payments of interest or principal, or go bankrupt, or that the value of the securities will decline because of a market perception that the issuer may not make payments on time, thus potentially reducing the Portfolio's return. Changes in economic conditions are likely to cause issuers of these fixed income securities to be unable to meet their obligations. The lower the rating of a debt security, the higher its credit risk. In addition, the securities of many U.S. Government agencies, authorities or instrumentalities in which the Portfolio may invest are neither issued nor guaranteed by the U.S. Government, and may be supported only by the ability of the issuer to borrow from the U.S. Treasury or by the credit of the issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Interest Rate Risk –** The value of fixed income securities held in the Portfolio, including U.S. Government securities, may decline with changes in interest rates. Prices of fixed income securities with longer effective maturities are more sensitive to interest rate changes than those with shorter effective maturities. U.S. Government securities can exhibit price movements resulting from changes in interest rates. During low interest rate environments, the risk that interest rates will rise is increased. Such increases may expose fixed income markets to heightened volatility and reduced liquidity for certain fixed income investments, particularly those with longer maturities. These risks are greater when a low interest rate environment has existed for an extended period of time.

&nbsp;&nbsp;&nbsp;&nbsp;• **Risks Associated with Investments in Derivatives.** The Portfolio is permitted to invest in derivative instruments, including options, futures and options on futures. Investment in derivatives depends largely on the

performance of an underlying reference instrument or rate and the Specialist Manager's ability to predict correctly the direction of securities prices, interest rates, currency exchange rates and/or other economic factors. Derivatives involve additional costs and often have risks similar to an investment in the reference instrument in addition to other risks, such as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **General Derivative Risks –** Derivatives may be volatile and may involve significant risks. The Portfolio's exposure to derivatives involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other investments. The underlying security, measure or other instrument on which a derivative is based, or the derivative itself, may not perform as expected. Normally derivatives involve leverage, which means that their use can significantly magnify the effect of price movements of the underlying securities or reference measures, disproportionately increasing the Portfolio's losses and reducing the Portfolio's opportunities for gains. Some derivatives have the potential for unlimited loss, including a loss that may be greater than the amount invested. Derivatives also present default risks if the counterparty to a derivatives contract fails to fulfill its obligations to the Portfolio. Certain derivatives held by the Portfolio may be illiquid, including non-exchange-traded or over-the-counter derivatives that are linked to illiquid instruments or illiquid markets, making it difficult to close out an unfavorable position. Derivatives also may be more difficult to purchase, sell or value than other instruments. Derivatives risk may be more significant when derivatives are used to enhance return or as a substitute for a cash investment position, rather than solely to hedge the risk of a position held by the Portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Counterparty Risk –** The Portfolio will be subject to counterparty credit risk with respect to derivative contracts entered into by the Portfolio or held by special purpose or structured vehicles in which the Portfolio invests, including other investment companies. If a counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties, the Portfolio may experience significant delays in obtaining any recovery in a bankruptcy or other reorganization proceeding. The Portfolio may obtain only a limited recovery or may obtain no recovery in such circumstances.

***The U.S. Equity Portfolio (continued)***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Derivatives Tax Risk –** Compared to other types of investments, derivatives may be harder to value and may also be less tax efficient. In addition, changes in government regulation of derivative instruments could affect the character, timing and amount of the Portfolio's taxable income or gains, and may limit or prevent the Portfolio from using certain types of derivative instruments as a part of its investment strategy, which could make the investment strategy more costly to implement or require the Portfolio to change its investment strategy. These rules may: (i) affect whether gains and losses recognized by the Portfolio are treated as ordinary or capital or as short-term or long-term, (ii) accelerate the recognition of income or gains to the Portfolio, (iii) defer losses to the Portfolio, and (iv) cause adjustments in the holding periods of the Portfolio's securities. To the extent that the Portfolio uses derivatives for hedging or to gain or limit exposure to a particular market or market segment, there may be imperfect correlation between the value of the derivative instrument and the value of the instrument being hedged or the relevant market or market segment, in which case the Portfolio may not realize the intended benefits. The Portfolio's use of derivatives may be limited by the requirements for taxation of the Portfolio as a regulated investment company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Options Risk –** purchasing and writing put and call options are highly specialized activities and entail greater-than-ordinary investment risks. Investments in options are considered speculative. An option is an agreement that, for a premium payment or fee, gives the option holder (the purchaser) the right but not the obligation to buy (a "call option") or sell (a "put option") the underlying security or futures contract (or settle for cash an amount based on an underlying asset, rate or index) at a specified price (the "exercise price") during a period of time or on a specified date. When the Portfolio writes (sells) an option, it profits if the option expires unexercised, because it retains the premium the buyer of the option paid. However, if the Portfolio writes a call option, it incurs the risk that the market price of the underlying security or futures contract could increase above the option's exercise price. If this

occurs, the option could be exercised and the Portfolio would be forced to sell the underlying security or futures contract at a lower price than its current market value. If the Portfolio writes a put option, it incurs the risk that the market value of the underlying security or futures contract could decrease below the option's exercise price. If this occurs, the option could be exercised and the Portfolio would be forced to buy the underlying security or futures contract at a higher price than its current market value. When the Portfolio purchases an option, it will lose the premium paid for the option if the price of the underlying security or futures contract decreases or remains the same (in the case of a call option) or increases or remains the same (in the case of a put option). If an option purchased by the Portfolio were permitted to expire without being sold or exercised, its premium would represent a loss to the Portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Options Writing Strategy Risk –** if the underlying index appreciates or depreciates sufficiently over the period to offset the new premium received from the written option on that index, a net loss will result. An index substitute reflects the underlying risks of the index and index substitute options are subject to the same risks as index options. In addition, the value of the index substitute is subject to change as the values of the component securities fluctuate. The performance of the index substitute may not exactly match the performance of the index.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Futures Risk –** there can be no assurance that price movements in the futures markets will correlate with the prices of the underlying securities positions. Additionally, price distortions could result if investors in the futures markets opt to make or take delivery of the underlying securities rather than engage in closing transactions because such trend might result in a reduction in the liquidity of the futures market. Further, an increase in the participation of speculators in the futures market could cause temporary price distortions.

*There is no guarantee that the Portfolio will meet its goals. It is possible to lose money by investing in the Portfolio.*

***The U.S. Equity Portfolio (continued)***

**Performance Bar Chart and Table**

 **Performance.** The chart and table below show how The U.S. Equity Portfolio has performed, and how its performance has varied, from year to year. The bar chart shows returns on a before-tax basis and gives some indication of risk by showing changes in the Portfolio's yearly performance for each of the last ten full calendar years. The table accompanying the bar chart compares the Portfolio's performance over time on a before and after-tax basis to that of a broad based market index. As of April 17, 2024, the Portfolio changed its investment strategies and certain investment policies. In view of these changes, the Portfolio's performance record prior to this period might be less pertinent for investors considering whether to purchase shares of the Portfolio. Of course, past performance, before and after taxes, does not indicate how the Portfolio will perform in the future.

**Year-by-Year Total Returns as of 12/31\***

![](bc_usequityportfolio-bw.jpg)

\* Results shown on a calendar year basis; the Portfolio's fiscal year, however, is June 30.

The Portfolio's before-tax return for the period from January 1, 2025 through September 30, 2025 (non-annualized) was [ ]%.

---

| | |
|:---|:---|
| Best quarter: | 24.33% |
| Worst quarter: 2<sup>nd</sup> Qtr. 2022 | -18.57% |

---

**Average Annual Total Returns**

(for the periods ended 12/31/24)

---

| | | | |
|:---|:---|:---|:---|
|  | One<br> Year | Five<br> Year | Ten<br> Year |
| **The U.S. Equity Portfolio** |  |  |  |
|  – Before Taxes | 25.34% | 14.54% | 14.23% |
|  – After Taxes on Distributions | 24.90% | 13.12% | 12.27% |
|  – After Taxes on Distributions and Sale of Portfolio Shares | 15.29% | 11.35% | 11.12% |
| **MSCI USA Index** <br> (reflects no deduction for fees, expenses or taxes)  | 25.08% | 14.56% | 13.08% |

---

After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-advantaged arrangements, such as qualified retirement plans.

***The U.S. Equity Portfolio (continued)***

**Investment Adviser** 

HC Capital Solutions is the Portfolio's investment adviser.

*Portfolio Managers:*

Brad Conger, CFA has managed the Portfolio since August, 2013. Matthew Mead, CFA and Akhil Jain have managed the Portfolio since October, 2019. Paul Shaffer, CFA has managed the Portfolio since March, 2024.

**Investment Subadvisers**

Mellon Investments Corporation ("Mellon") and Parametric Portfolio Associates LLC ("Parametric") are the Specialist Managers for the Portfolio.

*Portfolio Managers:*

<u>Mellon</u>: Marlene Walker Smith, David France, CFA, Todd Frysinger, CFA, Vlasta Sheremeta, CFA and Michael Stoll have co-managed the portion of the Portfolio allocated to Mellon since October, 2020.

<u>Parametric (Liquidity Strategy)</u>: Clint Talmo, CFA and Jason Nelson, CFA have managed the portion of the Portfolio allocated to Parametric's Liquidity Strategy since March, 2015. Tyler Nowicki, CFA has managed the portion of the Portfolio allocated to Parametric's Liquidity Strategy since October 2018 and has been a part of the management team for the portfolio since March 2015.

<u>Parametric (Options Overlay Strategy)</u>: Clint Talmo, CFA, Jason Nelson, CFA and Tyler Nowicki have co-managed the portion of the Portfolio allocated to Parametric's Options Overlay Strategy since February, 2021.

<u>Parametric (Targeted Strategy)</u>: Clint Talmo, CFA and Jason Nelson, CFA have managed the portion of the Portfolio allocated to Parametric's Targeted Strategy since June, 2016. Tyler Nowicki, CFA has managed the portion of the Portfolio allocated to Parametric's Targeted Strategy since October 2018 and has been a part of the management team for the portfolio since June 2016.

<u>Parametric (Tax-Managed Custom Core Strategy)</u>: Gordon Wotherspoon and Xiaozhen Li have managed the portion of the Portfolio allocated to Parametric's Tax-Managed Custom Core Strategy since July 2024.

**Tax Information**

The Portfolio intends to make distributions each year. The Portfolio's distributions are taxable, and will be taxed as ordinary income, capital gains or some combination of both, unless you are investing through a tax-advantaged arrangement, such as a 401(k) plan or an individual retirement account. Such tax-advantaged arrangements may be taxed later upon withdrawal of monies from those arrangements.

For more information on purchasing and selling shares of the Portfolio and financial intermediary compensation, please see "Summary of Other Important Information Regarding Portfolio Shares."

***The Institutional U.S. Equity Portfolio***

**Investment Objective**

The investment objective of The Institutional U.S. Equity Portfolio is to provide capital appreciation, with income as a secondary consideration.

**Fees and Expenses**

The fee and expense tables below describe the fees and expenses that you may pay if you buy and hold shares of the Portfolio.

**Shareholder Fees**

(fees paid directly from your investment)

Maximum Sales Charges None <br> Maximum Redemption Fee None

**Annual Operating Expenses**

(expenses that you pay each year as a percentage of the value of your investment)

---

| | |
|:---|:---|
|  Management Fees (based on asset allocations among Specialist Managers as of June 30, [2024], see "Advisory Services – Specialist Managers") | [0.13]% |
| Other Expenses | [0.09]% |
| Acquired Fund Fees and Expenses | [0.02]% |
| Total Annual Portfolio Operating Expenses\* | [0.24]% |

---

\* Total Annual Fund Operating Expenses have been restated to reflect current expenses as of June 30, [2024].

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

---

| | |
|:---|:---|
|  **1 Year** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $[25] |
|  **3 Years** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $[77] |
|  **5 Years** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $[135] |
|  **10 Years** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $[306] |

---

**Portfolio Turnover**

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

**Principal Investment Strategies**

The Portfolio is a diversified investment company that is designed to provide broad exposure to the U.S. equity market. Under normal circumstances, the Portfolio seeks to achieve its objective by investing primarily (i.e., at least 80% of its net assets) in U.S. equity securities. In the unlikely event that a change in this investment policy is adopted by the Board of Trustees, shareholders will receive at least 60 days prior written notice before such change is implemented. The Portfolio will invest in equity securities of issuers of any capitalization. The Portfolio will also invest in equity and debt securities issued by U.S. and non-U.S. real estate-related companies. Companies known as real estate investment trusts (REITs) and other real estate operating companies whose value is derived from ownership, development and management of underlying real estate properties are considered to be real estate-related companies. With respect to such real estate-related investments, the Portfolio's permissible investments include equity and equity-related securities of real estate-related companies, including common stock, preferred stock, convertible securities, warrants, options, depositary receipts and other similar equity equivalents. The Portfolio may invest up to 20% of the total assets of the actively managed portion of the Portfolio in income-producing securities other than common stock, such as bonds, including those that are convertible into common stock, and other fixed income securities, including mortgage-backed securities and high yield debt ("junk bonds"). These income-producing securities may be of any quality or maturity. Up to 20% of the total assets of the total Portfolio may also be invested in securities issued by non-U.S. companies. The Portfolio may invest in securities issued by other investment companies, including ETFs, that invest in equity securities. Although some of the equity securities in which the Portfolio will invest are expected to be dividend paying issues, income is a secondary consideration in the stock selection process. Consistent with their respective investment styles, the Portfolio's Specialist Managers may use option or futures contracts in order to hedge against investment risks, seek to efficiently obtain or adjust exposure to certain securities or groups of securities, or otherwise to increase returns. The Portfolio may also write (sell) call options and put options, in order to receive premiums, on individual securities, U.S. stock market indexes, and/or on

***The Institutional U.S. Equity Portfolio (continued)***

substitutes for such indexes, which may include futures contracts or ETFs. The Portfolio normally writes covered call and put options which have an initial maturity of up to nine months and that are "out of the money" at the time of initiation such that the call options sold generally will be above the current price level of the index when written and the exercise price of put options sold generally will be below the current price level of the index when written. The Portfolio's Specialist Managers may also use swaps. In accordance with applicable interpretations of the SEC, certain derivative instruments may be counted as equity securities for purposes of the Portfolio's policies regarding investments in equity securities, to the extent that such derivative instruments have economic characteristics similar to those of equity securities.

The Portfolio may be managed using an "active" investment approach and/or a "passive" investment approach designed to approximate as closely as practicable, before expenses, the performance of either the Portfolio's benchmark index or, from time to time, one or more identifiable subsets or other portions of that index. The relative weighting of these two approaches may vary anywhere from 0% to 100% of the Portfolio's assets at any given time.

The Portfolio is authorized to operate on a multi-manager basis. This means that a single Portfolio may be managed by more than one Specialist Manager. The multi-manager structure is generally designed to provide investors access to broadly diversified investment styles. The Trust seeks to engage skilled Specialist Managers to provide a broad exposure to the relevant asset class and returns in excess of the Portfolio's benchmark over time.

***The Institutional U.S. Equity Portfolio (continued)***

**Principal Investment Risks**

Investing in the Portfolio involves risks common to any investment in securities. There is no guarantee that the Portfolio will achieve its investment objective and, as is the case with any investment, you may lose money on your investment in the Portfolio. All mutual funds, including the Portfolio, are subject to **Management Risk** – the risk that the investment strategies employed in the investment selection process may not result in an increase in the value of your investment or in overall performance equal to other investments and **Market Risk** – the risk that the value of the securities held by a portfolio may decline in response to general market and economic conditions, or conditions that affect specific market sectors or individual companies.

There are also risks associated with the overall structure of the Portfolio. These include:

&nbsp;&nbsp;&nbsp;&nbsp;• **Multi-Manager Risk** – the Portfolio's multi-manager structure involves the risk that the Specialist Managers serving the Portfolio do not achieve favorable investment results relative to other investments or that the Portfolio's assets are not effectively allocated among Specialist Managers in a manner that enhances the Portfolio's total return or reduces the volatility that might be expected of any one management style. Additionally, the multi-manager structure may, under certain circumstances, cause the Portfolio to incur higher trading costs than might occur in a fund served by a single investment adviser.

&nbsp;&nbsp;&nbsp;&nbsp;• **Passive Investing Risk** – the Portfolio may employ a passive investment approach, which attempts to approximate as closely as practicable, before expenses, the performance of either the Portfolio's benchmark index, or one or more identifiable subsets or other portions of that index as deemed appropriate by the Adviser, regardless of the current or projected performance of a specific security or a particular industry or market sector. Maintaining investments in securities regardless of market conditions or the performance of individual securities could cause the Portfolio's return to be lower than if the Portfolio employed an active strategy. In addition, the Portfolio's return may not match or achieve a high degree of correlation with the return of the target investment pool due to operating expenses, transaction costs, and cash flows.

Additionally, the range of securities in which the Portfolio may invest, and the several investment strategies that may be used in seeking to achieve the Portfolio's objective, involve additional risks. These are summarized below.

&nbsp;&nbsp;&nbsp;&nbsp;• **Equity Risks.** Investment in equity securities involves the following risks:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Equity Market Risk** – The market value of an equity security and the equity markets in general can be volatile.

&nbsp;&nbsp;&nbsp;&nbsp;• **Small/Mid Cap Risk** – Small and mid-capitalization companies may be more
vulnerable to adverse business or economic developments than larger capitalization companies. Securities issued by these companies
may be less liquid and/or more volatile than securities of larger companies or the overall securities markets.

Small and mid-cap companies may be adversely affected during periods when investors prefer to hold securities of large capitalization companies.

• **Investment in Other Investment Companies Risk** – As with other investments,
investments in other investment companies are subject to market and selection risk. To the extent that the Portfolio acquires shares
of investment companies, shareholders bear both their proportionate share of expenses in the Portfolio (including management and
advisory fees) and, indirectly, the expenses of the acquired investment companies.

&nbsp;&nbsp;&nbsp;&nbsp;• **Exchange-Traded Funds Risk** – In addition to the risks of investing in other
investment companies generally, an investment in securities issued by an ETF may be subject to the following risks: (1) shares
of the ETF may trade at a discount to its net asset value; (2) an active trading market for the ETF's shares may not
develop; (3) the exchange on which the ETF is listed may, under certain circumstances, suspend trading of the ETF's
shares; and (4) to the extent that an ETF is acquired in order to track a specific asset or index, the ETF may fail to effectively
accomplish that goal.

&nbsp;&nbsp;&nbsp;&nbsp;• **Foreign Investment Risk.** Investment in foreign securities involves the following risks:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Foreign Securities Risk –** Investments in securities issued by non-U.S. companies and/or non-U.S. governments and their agencies, may be adversely affected by the lack of timely or reliable financial information, political, social and/or economic developments abroad and differences between U.S. and foreign regulatory requirements and market practices. Securities denominated in foreign currencies are subject to the risk that the value of the foreign currency will decline in relation to the U.S. dollar and transaction expenses related to foreign securities, including custody fees, are generally more costly than transaction expenses for domestic securities.

&nbsp;&nbsp;&nbsp;&nbsp;• **Foreign Currency Risk** – Securities denominated in foreign currencies are
subject to the risk that the value of the foreign currency will decline in relation to the U.S. dollar. Currency exchange rates
can be volatile and can be affected by, among other factors, the general economics of a country, or the actions of the U.S. or

***The Institutional U.S. Equity Portfolio (continued)***

foreign governments or central banks. In addition, transaction expenses related to foreign securities, including custody fees, are generally more costly than transaction expenses for domestic securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Emerging Markets Risk** – Risks associated with foreign investments may be intensified in the case of investments in emerging market countries, whose political, legal and economic systems are less developed and less stable than those of more developed nations. Such investments are often less liquid and/or more volatile than securities issued by companies located in developed nations, such as the United States, Canada and those included in the Morgan Stanley Capital International Europe, Australasia and Far East ("MSCI EAFE") Index. Certain types of securities, including emerging market securities, are subject to the risk that the securities may not be sold at the quoted market price within a reasonable period of time.

&nbsp;&nbsp;&nbsp;&nbsp;• **Fixed Income Risk.** Investments in fixed income securities may involve the following risks, depending on the instrument involved:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Credit Risk** – An investment in the Portfolio also involves the risk that the issuer of a fixed income security that the Portfolio holds will fail to make timely payments of interest or principal, or go bankrupt, or that the value of the securities will decline because of a market perception that the issuer may not make payments on time, thus potentially reducing the Portfolio's return. Changes in economic conditions are likely to cause issuers of these fixed income securities to be unable to meet their obligations. The lower the rating of a debt security, the higher its credit risk. In addition, the securities of many U.S. Government agencies, authorities or instrumentalities in which the Portfolio may invest are neither issued nor guaranteed by the U.S. Government, and may be supported only by the ability of the issuer to borrow from the U.S. Treasury or by the credit of the issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Interest Rate Risk** – The value of fixed income securities held in the Portfolio, including U.S. Government securities, may decline with changes in interest rates. Prices of fixed income securities with longer effective maturities are more sensitive to interest rate changes than those with shorter effective maturities. U.S. Government securities can exhibit price movements resulting from changes in interest rates. During low interest rate environments, the risk that interest rates will rise is increased. Such increases may expose fixed income markets to heightened volatility and reduced liquidity for certain fixed income investments, particularly those with longer maturities.

These risks are greater when a low interest rate environment has existed for an extended period of time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Asset-Backed/Mortgage-Backed Security Risk –** The market value and yield of asset-backed and mortgage-backed securities can vary due to market interest rate fluctuations and early prepayments of underlying instruments. Although these securities may offer yields higher than those available from other types of securities, these securities may be less effective than other types of securities as a means of "locking in" attractive long-term rates because of the prepayment feature. During periods of difficult or frozen credit markets, significant changes in interest rates, or deteriorating economic conditions, such securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid. Mortgage-backed securities may be particularly susceptible to Prepayment Risk.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Extension Risk** – Fixed income securities held by the Portfolio are subject to the risk that payment on the loans underlying the securities held by the Portfolio will be made more slowly when interest rates are rising. This could cause the market value of the securities to decline.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Call/Prepayment Risk** – When interest rates are declining, issuers of fixed income securities held by the Portfolio may prepay principal earlier than scheduled. As a result of this risk, the Portfolio may have to reinvest these prepayments at those lower rates, thus reducing its income. Mortgage-backed and asset-backed securities are especially sensitive to prepayment.

&nbsp;&nbsp;&nbsp;&nbsp;• **High Yield Bond Risk** – High yield bonds, commonly referred to as "junk
bonds," are considered speculative under traditional investment standards. Prices of these securities will rise and fall
primarily in response to changes in the issuer's financial health, although changes in market interest rates also will affect
prices. High yield bonds may also experience reduced liquidity, and sudden and substantial decreases in price, during certain market
conditions.

• **Real Estate Investing Risk.** 

&nbsp;&nbsp;&nbsp;&nbsp;• **Real Estate Markets and REIT Risk** – Certain investments in the Portfolio
will be closely linked to the performance of the real estate markets. Property values may fall due to increasing vacancies or declining
rents resulting from unanticipated economic, legal, cultural or technological developments. REIT prices may also fall because of
the failure of borrowers to pay their loans and/or poor management. The value of real estate (and real estate securities) may also
be affected by

***The Institutional U.S. Equity Portfolio (continued)***

increases in property taxes and changes in tax laws and interest rates. The value of securities of companies that service the real estate industry may also be affected by such risks. To the extent that the Portfolio invests in REITs and real estate partnerships, shareholders bear both their proportionate share of expenses in the Portfolio (including management and advisory fees) and, indirectly, the expenses of the acquired REITs and real estate partnerships. Investments in REITs and real estate partnerships (if any) may cause a greater portion of the Portfolio's distributions to be taxable as ordinary income.

&nbsp;&nbsp;&nbsp;&nbsp;• **Risks Associated with Investments in Derivatives.** The Portfolio is permitted to invest in derivative instruments, including options, futures and options on futures. Investment in derivatives depends largely on the performance of an underlying reference instrument or rate and the Specialist Manager's ability to predict correctly the direction of securities prices, interest rates, currency exchange rates and/or other economic factors. Derivatives involve additional costs and often have risks similar to an investment in the reference instrument in addition to other risks, such as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **General Derivative Risks** – Derivatives may be volatile and may involve significant risks. The Portfolio's exposure to derivatives involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other investments. The underlying security, measure or other instrument on which a derivative is based, or the derivative itself, may not perform as expected. Normally derivatives involve leverage, which means that their use can significantly magnify the effect of price movements of the underlying securities or reference measures, disproportionately increasing the Portfolio's losses and reducing the Portfolio's opportunities for gains. Some derivatives have the potential for unlimited loss, including a loss that may be greater than the amount invested. Derivatives also present default risks if the counterparty to a derivatives contract fails to fulfill its obligations to the Portfolio. Certain derivatives held by the Portfolio may be illiquid, including non-exchange-traded or over-the-counter derivatives that are linked to illiquid instruments or illiquid markets, making it difficult to close out an unfavorable position. Derivatives also may be more difficult to purchase, sell or value than other instruments. Derivatives risk may be more significant when derivatives are used to enhance return or as a substitute for a cash investment position, rather than solely to hedge the risk of a position held by the Portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Counterparty Risk** – The Portfolio will be subject to counterparty credit risk with respect to derivative contracts entered into by the Portfolio or held by special

purpose or structured vehicles in which the Portfolio invests, including other investment companies. If a counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties, the Portfolio may experience significant delays in obtaining any recovery in a bankruptcy or other reorganization proceeding. The Portfolio may obtain only a limited recovery or may obtain no recovery in such circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;• **Derivatives Tax Risk –** Compared to other types of investments, derivatives
may be harder to value and may also be less tax efficient. In addition, changes in government regulation of derivative instruments
could affect the character, timing and amount of the Portfolio's taxable income or gains, and may limit or prevent the Portfolio
from using certain types of derivative instruments as a part of its investment strategy, which could make the investment strategy
more costly to implement or require the Portfolio to change its investment strategy. These rules may: (i) affect whether
gains and losses recognized by the Portfolio are treated as ordinary or capital or as short-term or long-term, (ii) accelerate
the recognition of income or gains to the Portfolio, (iii) defer losses to the Portfolio, and (iv) cause adjustments
in the holding periods of the Portfolio's securities. To the extent that the Portfolio uses derivatives for hedging or to
gain or limit exposure to a particular market or market segment, there may be imperfect correlation between the value of the derivative
instrument and the value of the instrument being hedged or the relevant market or market segment, in which case the Portfolio may
not realize the intended benefits. The Portfolio's use of derivatives may be limited by the requirements for taxation of
the Portfolio as a regulated investment company.

&nbsp;&nbsp;&nbsp;&nbsp;• **Options Risk** – purchasing and writing put and call options are highly specialized
activities and entail greater-than-ordinary investment risks. Investments in options are considered speculative. An option is an
agreement that, for a premium payment or fee, gives the option holder (the purchaser) the right but not the obligation to buy (a
 "call option") or sell (a "put option") the underlying security or futures contract (or settle for cash
an amount based on an underlying asset, rate or index) at a specified price (the "exercise price") during a period
of time or on a specified date. When the Portfolio writes (sells) an option, it profits if the option expires unexercised, because
it retains the premium the buyer of the option paid. However, if the Portfolio writes a call option, it incurs the risk that the
market price of the underlying security or futures contract could increase above the option's exercise price. If this occurs,
the option could be exercised and the Portfolio

***The Institutional U.S. Equity Portfolio (continued)***

would be forced to sell the underlying security or futures contract at a lower price than its current market value. If the Portfolio writes a put option, it incurs the risk that the market value of the underlying security or futures contract could decrease below the option's exercise price. If this occurs, the option could be exercised and the Portfolio would be forced to buy the underlying security or futures contract at a higher price than its current market value. When the Portfolio purchases an option, it will lose the premium paid for the option if the price of the underlying security or futures contract decreases or remains the same (in the case of a call option) or increases or remains the same (in the case of a put option). If an option purchased by the Portfolio were permitted to expire without being sold or exercised, its premium would represent a loss to the Portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Options Writing Strategy Risk** – if the underlying index appreciates or depreciates sufficiently over the period to offset the new premium received from the written option on that index, a net loss will result. An index substitute reflects the underlying risks of the index and index substitute options are subject to the same risks as index options. In addition, the value of the index substitute is subject to change as the values of the component securities fluctuate. The performance of the index substitute may not exactly match the performance of the index.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Futures Risk** – there can be no assurance that price movements in the futures markets will correlate with the prices of the underlying securities positions. Additionally, price distortions could result if investors in the futures markets opt to make or take delivery of the underlying securities rather than engage in closing

transactions because such trend might result in a reduction in the liquidity of the futures market. Further, an increase in the participation of speculators in the futures market could cause temporary price distortions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Swaps Risks** – The use of swaps is a highly specialized activity which involves investment techniques, risk analyses and tax planning different from those associated with ordinary portfolio securities transactions. Swap transactions can result in sizeable realized and unrealized capital gains and losses relative to the gains and losses from the Portfolio's direct investments in securities and short sales. Transactions in swaps can involve greater risks than if the Portfolio had invested in securities directly since, in addition to general market risks, swaps may be leveraged and are also subject to liquidity risk, counterparty risk, credit risk and valuation risk. Regulators also may impose limits on an entity's or group of entities' positions in certain swaps.

&nbsp;&nbsp;&nbsp;&nbsp;**•** **Other Risks** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Liquidity Risk** – At times, certain securities may be difficult or impossible to sell at the price that would normally prevail in the market. The seller may have to lower the price, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on Portfolio management or performance. This includes the risk of missing out on an investment opportunity because the assets necessary to take advantage of it are tied up in less advantageous investments.

*There is no guarantee that the Portfolio will meet its goals. It is possible to lose money by investing in the Portfolio.*

***The Institutional U.S. Equity Portfolio (continued)***

**Performance Bar Chart and Table**

**Performance.** The chart and table below show how The Institutional U.S. Equity Portfolio has performed, and how its performance has varied, from year to year. The bar chart shows returns on a before-tax basis and gives some indication of risk by showing changes in the Portfolio's yearly performance for each of the last ten full calendar years. The table accompanying the bar chart compares the Portfolio's performance over time on a before and after-tax basis to that of a broad based market index. Of course, past performance, before and after taxes, does not indicate how the Portfolio will perform in the future.

**Year-by-Year Total Returns as of 12/31\***

![](bc_institutionalusequity-bw.jpg)

\* Results shown on a calendar year basis; the Portfolio's fiscal year, however, is June 30.

The Portfolio's before-tax return for the period from January 1, 2025 through September 30, 2025 (non-annualized) was [ ]%.

---

| | | |
|:---|:---|:---|
| Best quarter: | 2nd Qtr. 2020 | 24.10% |
| Worst quarter: | 1st Qtr. 2020 | -17.84% |

---

**Average Annual Total Returns**

(for the periods ended 12/31/24)

---

| | | | |
|:---|:---|:---|:---|
|  | One<br> Year | Five<br> Year | Ten<br> Year |
| **The Institutional U.S. Equity Portfolio** |  |  |  |
|  – Before Taxes | 22.07% | 13.69% | 13.88% |
|  – After Taxes on Distributions | 15.47% | 9.52% | 10.11% |
|  – After Taxes on Distributions and Sale of Portfolio Shares | 15.79% | 9.91% | 10.24% |
| **MSCI USA Index (reflects no deduction for fees, expenses or taxes)** | 25.08% | 14.56% | 13.08% |

---

After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-advantaged arrangements, such as qualified retirement plans.

***The Institutional U.S. Equity Portfolio (continued)***

**Investment Adviser**

HC Capital Solutions is the Portfolio's investment adviser.

*Portfolio Managers:*

Brad Conger, CFA has managed the Portfolio since August, 2013. Matthew Mead, CFA and Akhil Jain have managed the Portfolio since October, 2019. Paul Shaffer, CFA has managed the Portfolio since March, 2024.

**Investment Subadvisers**

Mellon Investments Corporation ("Mellon"), Parametric Portfolio Associates LLC ("Parametric"), RhumbLine Advisers Limited Partnership ("RhumbLine") and Wellington Management Company LLP ("Wellington Management") are the Specialist Managers for the Portfolio.

*Portfolio Managers:*

<u>Mellon</u>: Marlene Walker Smith, David France, CFA, Todd Frysinger, CFA, Vlasta Sheremeta, CFA and Michael Stoll have co-managed the portion of the Portfolio allocated to Mellon since October, 2020.

<u>Parametric (Liquidity Strategy)</u>: Clint Talmo, CFA and Jason Nelson, CFA have managed the portion of the Portfolio allocated to Parametric's Liquidity Strategy since March, 2015. Tyler Nowicki, CFA has managed the portion of the Portfolio allocated to Parametric's Liquidity Strategy since October 2018 and has been a part of the management team for the portfolio since March 2015.

<u>Parametric (Options Overlay Strategy)</u>: Clint Talmo, CFA, Jason Nelson, CFA and Tyler Nowicki, CFA have co-managed the portion of the Portfolio allocated to Parametric's Options Overlay Strategy since February, 2021.

<u>Parametric (Targeted Strategy)</u>: Clint Talmo, CFA and Jason Nelson, CFA have managed the portion of the Portfolio allocated to Parametric's Targeted Strategy since June, 2016. Tyler Nowicki, CFA has managed the portion of the Portfolio allocated to Parametric's Targeted Strategy since October 2018 and has been a part of the management team for the portfolio since June 2016. Jennifer Mihara and Gordon Wotherspoon have managed a separate portion of the Portfolio allocated to Parametric's Targeted Strategy since March, 2025.

<u>RhumbLine</u>: Alexander Ryer, CFA, Julie Lee, Jeffery Kusmierz, Antonio Ballestas and Andrew Zagarri, CFA, have managed the portion of the Portfolio allocated to RhumbLine since August, 2022.

<u>Wellington Management</u>: Bradford D. Stoesser has managed the portion of the Portfolio allocated to Wellington Management since February, 2020.

**Tax Information**

The Portfolio intends to make distributions each year. The Portfolio's distributions are taxable, and will be taxed as ordinary income, capital gains or some combination of both, unless you are investing through a tax-advantaged arrangement, such as a 401(k) plan or an individual retirement account. Such tax-advantaged arrangements may be taxed later upon withdrawal of monies from those arrangements.

For more information on purchasing and selling shares of the Portfolio and financial intermediary compensation, please see "Summary of Other Important Information Regarding Portfolio Shares."

***The ESG Growth Portfolio***

**Investment Objective**

The ESG Growth Portfolio seeks to maximize total return while emphasizing environmental, social and governance ("ESG") focused investments.

**Fees and Expenses**

The fee and expense tables below describe the fees and expenses that you may pay if you buy and hold shares of the Portfolio.

**Shareholder Fees**

(fees paid directly from your investment)

Maximum Sales Charges None <br> Maximum Redemption Fee None

**Annual Operating Expenses**

(expenses that you pay each year as a percentage of the value of your investment)

---

| | |
|:---|:---|
|  Management Fees (based on asset allocations among Specialist Managers as of June 30, [2024], see "Advisory Services – Specialist Managers") | [0.10]% |
|  Other Expenses | [0.15]% |
|  Total Annual Portfolio Operating Expenses\* | [0.25]% |

---

\* Total Annual Fund Operating Expenses have been restated to reflect current expenses as of June 30, [2024].

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

---

| | |
|:---|:---|
|  **1 Year** | &nbsp;&nbsp; $[26] |
|  **3 Years** | &nbsp;&nbsp; $[80] |
|  **5 Years** | &nbsp;&nbsp; $[141] |
|  **10 Years** | &nbsp;&nbsp; $[318] |

---

**Portfolio Turnover**

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

**Principal Investment Strategies**

Under normal circumstances, the Portfolio seeks to achieve its total return objective, which includes a combination of capital appreciation and income, by investing primarily in equity securities. The Portfolio is permitted to invest in any equity security, which includes securities issued by other investment companies, including ETFs and securities issued by one or more of the other portfolios of HC Capital Trust. The Portfolio may invest in companies of any market capitalization. Further, under the supervision of the Adviser, environmental, social and governance criteria ("ESG Factors) will be integrated into the Portfolio's security selection process. In some cases, this will be accomplished through the application of non-financial criteria ("ESG Screens"). The ESG Screens used by the Portfolio are determined with the use of third party data, primarily provided by MSCI, and ESG rating agencies which take into account a company's performance around environmental, social and corporate governance practices. These may include (but are not limited to) such themes as climate change, resource efficiency, labor standards, product and service safety, community engagement, board policies, and corporate structure. The Portfolio seeks to avoid investment in securities issued by companies that have not demonstrated a commitment to ESG issues as measured by the ESG Screens. Additionally, the Portfolio's ESG Screens may not necessarily be applied to investments in derivatives, certain fixed income investments and other investments where, in the Adviser's opinion, ESG Factors are not applicable or it is not possible to implement them. The ESG Screens will be applied by the Specialist Managers that manage the Portfolio under the direction of the Adviser. The ESG Screens used by each Specialist Manager may differ from one another.

The Portfolio may also invest without limitation in fixed income securities of all types and without regard to maturity, duration or investment ratings. Fixed income investments may include corporate debt, including high yield or "junk bonds," structured notes,

***The ESG Growth Portfolio (continued)***

asset backed securities and similar synthetic securities, U.S. treasuries and short-term money market instruments or other cash equivalents.

The Portfolio is permitted to invest in securities issued by companies domiciled anywhere in the world and denominated in any currency, without limitation. The Portfolio may also invest in securities, including privately placed and structured securities, for which there may be limited markets/thinly traded issues. Additionally, in seeking to achieve its objective, the Portfolio is permitted to invest in derivative instruments, including options, futures and options on futures, swaps, structured notes and currency forwards. The Portfolio may also write (sell) call options and put options, in order to receive premiums, on individual securities, U.S. stock market indexes, and/or on substitutes for such indexes, which may include futures contracts or ETFs. The Portfolio normally writes covered call and put options which have an initial maturity of up to nine months and that are "out of the money" at the time of initiation such that the call options sold generally will be above the current price level of the index when written and the exercise price of put options sold generally will be below the current price level of the index when written. In accordance with applicable interpretations of the SEC, certain derivative instruments may be counted as equity securities for purposes of the Portfolio's policies regarding investments in equity securities, to the extent that such derivative instruments have economic characteristics similar to those of equity securities.

The Portfolio may be managed using an "active" investment approach and/or a "passive" investment approach designed to approximate as closely as practicable, before expenses, the performance of either the Portfolio's benchmark index or, from time to time, one or more identifiable subsets or other portions of that index. The relative weighting of these two approaches may vary anywhere from 0% to 100% of the Portfolio's assets at any given time.

The Portfolio is authorized to operate on a multi-manager basis. This means that a single Portfolio may be managed by more than one Specialist Manager. The multi-manager structure is generally designed to provide investors access to broadly diversified investment styles. The Trust seeks to engage skilled Specialist Managers to provide a broad exposure to the relevant asset class and returns in excess of the Portfolio's benchmark over time.

***The ESG Growth Portfolio (continued)***

**Principal Investment Risks**

Investing in the Portfolio involves risks common to any investment in securities. There is no guarantee that the Portfolio will achieve its investment objective and, as is the case with any investment, you may lose money on your investment in the Portfolio. All mutual funds, including the Portfolio, are subject to **Management Risk** – the risk that the investment strategies employed in the investment selection process may not result in an increase in the value of your investment or in overall performance equal to other investments and **Market Risk** – the risk that the value of the securities held by a portfolio may decline in response to general market and economic conditions, or conditions that affect specific market sectors or individual companies.

There are also risks associated with the overall structure of the Portfolio. These include:

&nbsp;&nbsp;&nbsp;&nbsp;• **Multi-Manager Risk –** The Portfolio's multi-manager structure involves the risk that the Specialist Managers serving the Portfolio do not achieve favorable investment results relative to other investments or that the Portfolio's assets are not effectively allocated among Specialist Managers in a manner that enhances the Portfolio's total return or reduces the volatility that might be expected of any one management style. Additionally, the multi-manager structure may, under certain circumstances, cause the Portfolio to incur higher trading costs than might occur in a fund served by a single investment adviser.

&nbsp;&nbsp;&nbsp;&nbsp;• **Passive Investing Risk –** The Portfolio may employ a passive investment approach, which attempts to approximate as closely as practicable, before expenses, the performance of either the Portfolio's benchmark index, or one or more identifiable subsets or other portions of that index as deemed appropriate by the Adviser, regardless of the current or projected performance of a specific security or a particular industry or market sector. Maintaining investments in securities regardless of market conditions or the performance of individual securities could cause the Portfolio's return to be lower than if the Portfolio employed an active strategy. In addition, the Portfolio's return may not match or achieve a high degree of correlation with the return of the target investment pool due to operating expenses, transaction costs, and cash flows.

Additionally, the broad range of securities in which the Portfolio may invest, and the several investment strategies that may be used in seeking to achieve the Portfolio's objective, involve additional risks. These are summarized below.

&nbsp;&nbsp;&nbsp;&nbsp;• **Equity Risks.** Investment in equity securities involves the following risks:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Equity Market Risk –** The market value of an equity security and the equity markets in general can be volatile.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Small/Mid Cap Risk –** Small and mid-cap companies may be more vulnerable to adverse business or economic developments. Securities issued by these companies may be less liquid and/or more volatile than securities of larger companies or the overall securities markets. Small and mid-cap companies may be adversely affected during periods when investors prefer to hold securities of large capitalization companies.

&nbsp;&nbsp;&nbsp;&nbsp;• **Investment in Other Investment Companies Risk –** To the extent that the Portfolio acquires securities issued by other investment companies, shareholders bear both their proportionate share of expenses in the Portfolio (including management and advisory fees) and, indirectly, the expenses of the acquired investment companies. Securities issued by other investment companies, including ETFs, are also equity securities and, as such, are subject to Market Risk and Management Risk.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Exchange-Traded Funds Risk** – In addition to the risks of investing in other investment companies generally, an investment in securities issued by an ETF may be subject to the following risks: (1) shares of the ETF may trade at a discount to its net asset value; (2) an active trading market for the ETF's shares may not develop; (3) the exchange on which the ETF is listed may, under certain circumstances, suspend trading of the ETF's shares; and (4) to the extent that an ETF is acquired in order to track a specific asset or index, the ETF may fail to effectively accomplish that goal.

&nbsp;&nbsp;&nbsp;&nbsp;• **ESG Investing Risk.** The Portfolio seeks to avoid investment in securities issued by companies that have not demonstrated a commitment to ESG issues. The Portfolio's use of ESG Factors in making investment decisions may include the following risks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Risk of Excluding Performing Companies –** The Portfolio's ESG policy may cause it to perform differently than funds that do not have an ESG focus. The Portfolio's ESG focus may result in the Portfolio foregoing opportunities to buy or sell certain securities when it might otherwise be advantageous to do so.

***The ESG Growth Portfolio (continued)***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Information Risk –** The ESG Screens used by the Portfolio are determined in part through the use of third party data and ESG rating agencies. Information relating to the ESG performance of the companies in which the Portfolio may invest may not be complete, accurate or readily available. This fact may negatively impact the effectiveness of the ESG Screens.

&nbsp;&nbsp;&nbsp;&nbsp;• **Foreign Investment Risk. –** Investment in foreign securities involves the following risks:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Foreign Securities Risk –** Investments in securities issued by non-U.S. companies and/or non-U.S. governments and their agencies, may be adversely affected by the lack of timely or reliable financial information, political, social and/or economic developments abroad and differences between U.S. and foreign regulatory requirements and market practices. Securities denominated in foreign currencies are subject to the risk that the value of the foreign currency will decline in relation to the U.S. dollar and transaction expenses related to foreign securities, including custody fees, are generally more costly than transaction expenses for domestic securities. Additionally, risks associated with foreign investments may be intensified in the case of investments in emerging market countries, whose political, legal and economic systems are less developed and less stable than those of more developed nations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Emerging Markets Risk –** Risks associated with foreign investments may be intensified in the case of investments in emerging market countries, whose political, legal and economic systems are less developed and less stable than those of more developed nations. Such investments are often less liquid and/or more volatile than securities issued by companies located in developed nations, such as the United States, Canada and those included in the MSCI EAFE Index. Certain types of securities, including emerging market securities, are subject to the risk that the securities may not be sold at the quoted market price within a reasonable period of time. The Portfolio generally considers "emerging markets" countries to be those included in the MSCI Emerging Markets Index.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Foreign Currency Risk –** Securities denominated in foreign currencies are subject to the risk that the value of the foreign currency will decline in relation to the U.S. dollar. Currency exchange rates can be volatile and can be affected by, among other factors, the general economics of a country, or the actions of the U.S. or foreign governments or central banks. In addition, transaction expenses related to foreign securities,

including custody fees, are generally more costly than transaction expenses for domestic securities.

&nbsp;&nbsp;&nbsp;&nbsp;• **Fixed Income Risk.** Investments in fixed income securities may involve the following risks, depending on the instrument involved:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Interest Rate Risk –** The value of fixed income securities held in the Portfolio, including U.S. Government securities, may decline with changes in interest rates. Prices of fixed income securities with longer effective maturities are more sensitive to interest rate changes than those with shorter effective maturities. U.S. Government securities can exhibit price movements resulting from changes in interest rates. During low interest rate environments, the risk that interest rates will rise is increased. Such increases may expose fixed income markets to heightened volatility and reduced liquidity for certain fixed income investments, particularly those with longer maturities. These risks are greater when a low interest rate environment has existed for an extended period of time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Call/Prepayment Risk –** When interest rates are declining, issuers of fixed income securities held by the Portfolio may prepay principal earlier than scheduled. As a result of this risk, the Portfolio may have to reinvest these prepayments at those lower rates, thus reducing its income.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Extension Risk –** Fixed income securities held by the Portfolio are subject to the risk that payment on the loans underlying the securities held by the Portfolio will be made more slowly when interest rates are rising. This could cause the market value of the securities to decline.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Credit Risk –** An investment in the Portfolio also involves the risk that the issuer of a fixed income security that the Portfolio holds will fail to make timely payments of interest or principal, or go bankrupt, or that the value of the securities will decline because of a market perception that the issuer may not make payments on time, thus potentially reducing the Portfolio's return. Changes in economic conditions are likely to cause issuers of these fixed income securities to be unable to meet their obligations. The lower the rating of a debt security, the higher its credit risk. In addition, the securities of many U.S. Government agencies, authorities or instrumentalities in which the Portfolio may invest are neither issued nor guaranteed by the U.S. Government, and may be supported only by the ability of the issuer to borrow from the U.S. Treasury or by the credit of the issuer.

***The ESG Growth Portfolio (continued)***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **High Yield Bond Risk –** High yield bonds, commonly referred to as "junk bonds," are considered speculative under traditional investment standards. Prices of these securities will rise and fall primarily in response to changes in the issuer's financial health, although changes in market interest rates also will affect prices. High yield bonds may also experience reduced liquidity, and sudden and substantial decreases in price, during certain market conditions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Asset-Backed/Mortgage-Backed Securities Risk –** The market value and yield of asset-backed and mortgage-backed securities can vary due to market interest rate fluctuations and early prepayments of underlying instruments. Although these securities may offer yields higher than those available from other types of securities, these securities may be less effective than other types of securities as a means of "locking in" attractive long-term rates because of the prepayment feature. During periods of difficult or frozen credit markets, significant changes in interest rates, or deteriorating economic conditions, such securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid. Mortgage-backed securities may be particularly susceptible to Prepayment Risk.

&nbsp;&nbsp;&nbsp;&nbsp;• **Thinly traded Securities.** The Portfolio may invest in securities, including privately placed and structured securities, for which there may be limited markets/thinly traded issues. Investment in these securities involve the following risks:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Liquidity Risk –** At times, certain securities may be difficult or impossible to sell at the price that would normally prevail in the market. The seller may have to lower the price, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on Portfolio management or performance. This includes the risk of missing out on an investment opportunity because the assets necessary to take advantage of it are tied up in less advantageous investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Valuation Risk –** When market quotations are not readily available or are deemed to be unreliable, the Portfolio values its investments at fair value as determined in good faith pursuant to policies and procedures approved by the Board of Trustees. Fair value pricing may require subjective determinations about the value of a security or other asset. As a result,

there can be no assurance that fair value pricing will result in adjustments to the prices of securities or other assets, or that fair value pricing will reflect actual market value, and it is possible that the fair value determined for a security or other asset will be materially different from quoted or published prices, from the prices used by others for the same security or other asset and/or from the value that actually could be or is realized upon the sale of that security or other asset.

&nbsp;&nbsp;&nbsp;&nbsp;• **Risks Associated with Investments in Derivatives.** The Portfolio is permitted to invest in derivative instruments, including options, futures, options on futures and swaps. Investment in derivatives depends largely on the performance of an underlying reference instrument or rate and the Specialist Manager's ability to predict correctly the direction of securities prices, interest rates, currency exchange rates and/or other economic factors. Derivatives involve additional costs and often have risks similar to an investment in the reference instrument in addition to other risks, such as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **General Derivative Risks –** Derivatives may be volatile and may involve significant risks. The Portfolio's exposure to derivatives involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other investments. The underlying security, measure or other instrument on which a derivative is based, or the derivative itself, may not perform as expected. Normally derivatives involve leverage, which means that their use can significantly magnify the effect of price movements of the underlying securities or reference measures, disproportionately increasing the Portfolio's losses and reducing the Portfolio's opportunities for gains. Some derivatives have the potential for unlimited loss, including a loss that may be greater than the amount invested. Derivatives also present default risks if the counterparty to a derivatives contract fails to fulfill its obligations to the Portfolio. Certain derivatives held by the Portfolio may be illiquid, including non-exchange-traded or over-the-counter derivatives that are linked to illiquid instruments or illiquid markets, making it difficult to close out an unfavorable position. Derivatives also may be more difficult to purchase, sell or value than other instruments. Derivatives risk may be more significant when derivatives are used to enhance return or as a substitute for a cash investment position, rather than solely to hedge the risk of a position held by the Portfolio.

***The ESG Growth Portfolio (continued)***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Counterparty Risk –** The Portfolio will be subject to counterparty credit risk with respect to derivative contracts entered into by the Portfolio or held by special purpose or structured vehicles in which the Portfolio invests, including other investment companies. If a counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties, the Portfolio may experience significant delays in obtaining any recovery in a bankruptcy or other reorganization proceeding. The Portfolio may obtain only a limited recovery or may obtain no recovery in such circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Derivatives Tax Risk –** Compared to other types of investments, derivatives may be harder to value and may also be less tax efficient. In addition, changes in government regulation of derivative instruments could affect the character, timing and amount of the Portfolio's taxable income or gains, and may limit or prevent the Portfolio from using certain types of derivative instruments as a part of its investment strategy, which could make the investment strategy more costly to implement or require the Portfolio to change its investment strategy. These rules may: (i) affect whether gains and losses recognized by the Portfolio are treated as ordinary or capital or as short-term or long-term, (ii) accelerate the recognition of income or gains to the Portfolio, (iii) defer losses to the Portfolio, and (iv) cause adjustments in the holding periods of the Portfolio's securities. To the extent that the Portfolio uses derivatives for hedging or to gain or limit exposure to a particular market or market segment, there may be imperfect correlation between the value of the derivative instrument and the value of the instrument being hedged or the relevant market or market segment, in which case the Portfolio may not realize the intended benefits. The Portfolio's use of derivatives may be limited by the requirements for taxation of the Portfolio as a regulated investment company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Options Risk –** purchasing and writing put and call options are highly specialized activities and entail greater-than-ordinary investment risks. Investments in options are considered speculative. An option is an agreement that, for a premium payment or fee, gives the option holder (the purchaser) the right but not the obligation to buy (a "call option") or sell (a "put option") the underlying security or futures contract (or settle for cash an amount based on an underlying asset, rate or index) at a specified price (the "exercise price") during a period of time or on a specified date. When the Portfolio writes (sells) an option, it profits if the option

expires unexercised, because it retains the premium the buyer of the option paid. However, if the Portfolio writes a call option, it incurs the risk that the market price of the underlying security or futures contract could increase above the option's exercise price. If this occurs, the option could be exercised and the Portfolio would be forced to sell the underlying security or futures contract at a lower price than its current market value. If the Portfolio writes a put option, it incurs the risk that the market value of the underlying security or futures contract could decrease below the option's exercise price. If this occurs, the option could be exercised and the Portfolio would be forced to buy the underlying security or futures contract at a higher price than its current market value. When the Portfolio purchases an option, it will lose the premium paid for the option if the price of the underlying security or futures contract decreases or remains the same (in the case of a call option) or increases or remains the same (in the case of a put option). If an option purchased by the Portfolio were permitted to expire without being sold or exercised, its premium would represent a loss to the Portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Swaps Risks** – The use of swaps is a highly specialized activity which involves investment techniques, risk analyses and tax planning different from those associated with ordinary portfolio securities transactions. Swap transactions can result in sizeable realized and unrealized capital gains and losses relative to the gains and losses from the Portfolio's direct investments in securities and short sales. Transactions in swaps can involve greater risks than if the Portfolio had invested in securities directly since, in addition to general market risks, swaps may be leveraged and are also subject to liquidity risk, counterparty risk, credit risk and valuation risk. Regulators also may impose limits on an entity's or group of entities' positions in certain swaps.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Options Writing Strategy Risk –** if the underlying index appreciates or depreciates sufficiently over the period to offset the new premium received from the written option on that index, a net loss will result. An index substitute reflects the underlying risks of the index and index substitute options are subject to the same risks as index options. In addition, the value of the index substitute is subject to change as the values of the component securities fluctuate. The performance of the index substitute may not exactly match the performance of the index.

***The ESG Growth Portfolio (continued)***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Risks Associated with Investments in Futures**. The Portfolio is permitted to invest in futures. Investment in futures depends largely on the
 performance of an underlying reference instrument or rate and the Specialist Manager's ability to predict correctly the direction
 of securities prices, interest rates, currency exchange rates and/or other economic factors. Futures involve additional costs and
 often have risks similar to an investment in the reference instrument in addition to other risks. The value of futures may rise
or fall more rapidly than other investments and there is a risk that the Portfolio may lose more than the original amount invested
in futures. Futures also involve the risk that other parties to the futures contract may fail to meet their obligations, which
could cause losses to the Portfolio. If a counterparty becomes bankrupt or otherwise fails

to perform its obligations due to financial difficulties, the Portfolio may experience significant delays in obtaining any recovery in a bankruptcy or other reorganization proceeding. The Portfolio may obtain only a limited recovery or may obtain no recovery in such circumstances. Compared to other types of investments, futures may be harder to value and may also be less tax efficient. To the extent that the Portfolio uses futures to gain or limit exposure to a particular market or market segment, there may be imperfect correlation between the value of the futures instrument and the value of the instrument being hedged or the relevant market or market segment, in which case the Portfolio may not realize the intended benefits. The Portfolio's use of futures may be limited by the requirements for taxation of the Portfolio as a regulated investment company.

*There is no guarantee that the Portfolio will meet its goals. It is possible to lose money by investing in the Portfolio.*

***The ESG Growth Portfolio (continued)***

**Performance Bar Chart and Table**

**Performance.** The chart and table below show how The ESG Growth Portfolio has performed, and how its performance has varied, from year to year. The bar chart shows returns on a before-tax basis and gives some indication of risk by showing changes in the Portfolio's yearly performance for each full calendar year since the Portfolio's inception on July 14, 2015. The table accompanying the bar chart compares the Portfolio's performance over time on a before and after-tax basis to that of a broad based market index. Of course, past performance, before and after taxes, does not indicate how the Portfolio will perform in the future.

**Year-by-Year Total Returns as of 12/31\***

![](bc_esggrw-bw.jpg)

\* Results shown on a calendar year basis; the Portfolio's fiscal year, however, is June 30.

The Portfolio's before-tax return for the period from January 1, 2025 through September 30, 2025 (non-annualized) was [ ]%.

---

| | |
|:---|:---|
| Best quarter: | 20.32% |
| Worst quarter: 1<sup>st</sup> Qtr. 2020 | -20.53% |

---

**Average Annual Total Returns**

(for the periods ended 12/31/24)

---

| | | | |
|:---|:---|:---|:---|
|  | One<br> Year | Five<br> Year | Since<br> July 14,<br> 2015 |
| **The ESG Growth Portfolio** |  |  |  |
|  – Before Taxes | 17.79% | 10.65% | 9.14% |
|  – After Taxes on Distributions | 17.36% | 9.96% | 8.27% |
|  – After Taxes on Distributions and Sale of Portfolio Shares | 10.82% | 8.33% | 7.23% |
| **MSCI World Index** (reflects no deduction for fees, expenses or taxes) | 19.19% | 11.70% | 10.64% |

---

After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-advantaged arrangements, such as qualified retirement plans.

***The ESG Growth Portfolio (continued)***

**Investment Adviser**

HC Capital Solutions (the "Adviser") is the Portfolio's investment adviser.

*Portfolio Managers:*

Brad Conger, CFA has managed the Portfolio since its inception in July 2015. Matthew Mead, CFA and Akhil Jain have managed the Portfolio since October, 2019. Paul Shaffer, CFA has managed the Portfolio since March, 2024.

**Investment Subadvisers**

Agincourt Capital Management, LLC ("Agincourt"), Mellon Investments Corporation ("Mellon") and Parametric Portfolio Associates LLC ("Parametric") are the Specialist Managers for the Portfolio.

*Portfolio Managers:*

<u>Agincourt</u>: L. Duncan Buoyer, CFA and B. Scott Marshall, CFA have co-managed the portion of the Portfolio allocated to Agincourt since its inception.

<u>Mellon</u>: Marlene Walker Smith, David France, CFA, Todd Frysinger, CFA, Vlasta Sheremeta, CFA and Michael Stoll have co-managed the portion of the Portfolio allocated to Mellon since October, 2020.

<u>Parametric (Liquidity Strategy)</u>: Clint Talmo, CFA and Jason Nelson, CFA have managed the portion of the Portfolio allocated to Parametric's Liquidity Strategy since July, 2015. Tyler Nowicki, CFA has managed the portion of the Portfolio allocated to Parametric's Liquidity Strategy since October 2018 and has been a part of the management team for the portfolio since March 2015.

<u>Parametric (Targeted Strategy)</u>: Clint Talmo, CFA and Jason Nelson, CFA have managed the portion of the Portfolio allocated to Parametric's Targeted Strategy since June, 2016. Tyler Nowicki, CFA has managed the portion of the Portfolio allocated to Parametric's Targeted Strategy since October 2018 and has been a part of the management team for the portfolio since June 2016.

**Tax Information**

The Portfolio intends to make distributions each year. The Portfolio's distributions are taxable, and will be taxed as ordinary income, capital gains or some combination of both, unless you are investing through a tax-advantaged arrangement, such as a 401(k) plan or an individual retirement account. Such tax-advantaged arrangements may be taxed later upon withdrawal of monies from those arrangements.

For more information on purchasing and selling shares of the Portfolio and financial intermediary compensation, please see "Summary of Other Important Information Regarding Portfolio Shares."

***The Catholic SRI Growth Portfolio***

**Investment Objective**

The Catholic SRI Growth Portfolio seeks to maximize total return subject to emphasizing socially responsible investments.

**Fees and Expenses**

The fee and expense tables below describe the fees and expenses that you may pay if you buy and hold shares of the Portfolio.

**Shareholder Fees**

(fees paid directly from your investment)

Maximum Sales Charges None <br> Maximum Redemption Fee None

**Annual Operating Expenses**

(expenses that you pay each year as a percentage of the value of your investment)

---

| | |
|:---|:---|
|  Management Fees (based on asset allocations among Specialist Managers as of June 30, [2024], see "Advisory Services – Specialist Managers") | [0.10]% |
|  Other Expenses | [0.37]% |
|  Total Annual Portfolio Operating Expenses\* | [0.47]% |

---

\* Total Annual Fund Operating Expenses have been restated to reflect current expenses as of June 30, [2024].

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

---

| | |
|:---|:---|
|  **1 Year** | $[48] |
|  **3 Years** | $[151] |
|  **5 Years** | $[263] |
|  **10 Years** | $[591] |

---

**Portfolio Turnover**

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

**Principal Investment Strategies**

Under normal circumstances, the Portfolio seeks to achieve its objective, which includes a combination of capital appreciation and income, by investing primarily in equity securities while retaining the flexibility to invest in fixed income securities. In addition to equity and fixed income securities, the Portfolio may invest in other instruments, including, but not limited to, derivatives. The Portfolio is permitted to invest in any equity security, which includes securities issued by other investment companies, including exchange traded funds ("ETFs") and securities issued by one or more of the other portfolios of HC Capital Trust. The Portfolio may invest in companies of any market capitalization.

Further, under the supervision of the Adviser, the Portfolio screens out securities with exposure to a range of social and moral concerns during its security selection process. These concerns include protecting human life; promoting human dignity; reducing arms production; pursuing economic justice; protecting the environment; and encouraging corporate responsibility. This screening will be accomplished with reference to the principles contained in the United States Conference of Catholic Bishops' ("USCCB") Socially Responsible Investing Guidelines ("Social Guidelines"). Potential investments for the Portfolio are selected for financial soundness and all such investments are evaluated according to the Portfolio's social criteria.

The Portfolio may also invest without limitation in fixed income securities of all types and without regard to duration or investment ratings. Fixed income investments may include corporate debt, including high yield or "junk bonds," structured notes, asset backed securities and similar synthetic securities, U.S. treasuries and short-term money market instruments or other cash equivalents.

The Portfolio is permitted to invest in securities issued by companies domiciled anywhere in the world and denominated in any currency, without limitation. The Portfolio may also invest in securities, including privately placed and structured securities, for which there

***The Catholic SRI Growth Portfolio (continued)***

may be limited markets/thinly traded issues. Additionally, in seeking to achieve its objective, the Portfolio is permitted to invest in derivative instruments, including options, futures and options on futures, swaps, structured notes and currency forwards. The Portfolio may also write (sell) call options and put options, in order to receive premiums, on individual securities, U.S. stock market indexes, and/or on substitutes for such indexes, which may include futures contracts or ETFs. The Portfolio normally writes covered call and put options which have an initial maturity of up to nine months and that are "out of the money" at the time of initiation such that the call options sold generally will be above the current price level of the index when written and the exercise price of put options sold generally will be below the current price level of the index when written. In accordance with applicable interpretations of the SEC, certain derivative instruments may be counted as equity securities for purposes of the Portfolio's policies regarding investments in equity securities, to the extent that such derivative instruments have economic characteristics similar to those of equity securities.

The Portfolio may be managed using an "active" investment approach and/or a "passive" investment approach designed to approximate as closely as practicable, before expenses, the performance of either the Portfolio's benchmark index or, from time to time, one or more identifiable subsets or other portions of that index. The relative weighting of these two approaches may vary anywhere from 0% to 100% of the Portfolio's assets at any given time.

The Portfolio is not authorized or sponsored by the Roman Catholic Church or the USCCB. Consistent with its investment policies, the Portfolio may purchase and sell securities without regard to the effect on portfolio turnover.

The Portfolio is authorized to operate on a multi-manager basis. This means that a single Portfolio may be managed by more than one Specialist Manager. The multi-manager structure is generally designed to provide investors access to broadly diversified investment styles. The Trust seeks to engage skilled Specialist Managers to provide a broad exposure to the relevant asset class and returns in line with the Portfolio's benchmark over time.

***The Catholic SRI Growth Portfolio (continued)***

**Principal Investment Risks**

Investing in the Portfolio involves risks common to any investment in securities. There is no guarantee that the Portfolio will achieve its investment objective and, as is the case with any investment, you may lose money on your investment in the Portfolio. All mutual funds, including the Portfolio, are subject to **Management Risk** – the risk that the investment strategies employed in the investment selection process may not result in an increase in the value of your investment or in overall performance equal to other investments and **Market Risk** – the risk that the value of the securities held by a portfolio may decline in response to general market and economic conditions, or conditions that affect specific market sectors or individual companies.

There are also risks associated with the overall structure of the Portfolio. These include:

&nbsp;&nbsp;&nbsp;&nbsp;• **Multi-Manager Risk –** The Portfolio's multi-manager structure involves the risk that the Specialist Managers serving the Portfolio do not achieve favorable investment results relative to other investments or that the Portfolio's assets are not effectively allocated among Specialist Managers in a manner that enhances the Portfolio's total return or reduces the volatility that might be expected of any one management style. Additionally, the multi-manager structure may, under certain circumstances, cause the Portfolio to incur higher trading costs than might occur in a fund served by a single investment adviser.

&nbsp;&nbsp;&nbsp;&nbsp;• **Passive Investing Risk –** the Portfolio may employ a passive investment approach, which attempts to approximate as closely as practicable, before expenses, the performance of either the Portfolio's benchmark index, or one or more identifiable subsets or other portions of that index as deemed appropriate by the Adviser, regardless of the current or projected performance of a specific security or a particular industry or market sector. Maintaining investments in securities regardless of market conditions or the performance of individual securities could cause the Portfolio's return to be lower than if the Portfolio employed an active strategy. In addition, the Portfolio's return may not match or achieve a high degree of correlation with the return of the target investment pool due to operating expenses, transaction costs, and cash flows.

Additionally, the broad range of securities in which the Portfolio may invest, and the several investment strategies that may be used in seeking to achieve the Portfolio's objective, involve additional risks. These are summarized below.

&nbsp;&nbsp;&nbsp;&nbsp;• **Equity Risks.** Investment in equity securities involves the following risks:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Equity Market Risk –** The market value of an equity security and the equity markets in general can be volatile.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Small/Mid Cap Risk –** Small and mid-cap companies may be more vulnerable to adverse business or economic developments. Securities issued by these companies may be less liquid and/or more volatile than securities of larger companies or the overall securities markets. Small and mid-cap companies may be

adversely affected during periods when investors prefer to hold securities of large capitalization companies.

&nbsp;&nbsp;&nbsp;&nbsp;• **Investment in Other Investment Companies Risk –** To the extent that the Portfolio acquires securities issued by other investment companies, shareholders bear both their proportionate share of expenses in the Portfolio (including management and advisory fees) and, indirectly, the expenses of the acquired investment companies. Securities issued by other investment companies, including ETFs, are also equity securities and, as such, are subject to Market Risk and Management Risk.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Exchange-Traded Funds Risk** – In addition to the risks of investing in other investment companies generally, an investment in securities issued by an ETF may be subject to the following risks: (1) shares of the ETF may trade at a discount to its net asset value; (2) an active trading market for the ETF's shares may not develop; (3) the exchange on which the ETF is listed may, under certain circumstances, suspend trading of the ETF's shares; and (4) to the extent that an ETF is acquired in order to track a specific asset or index, the ETF may fail to effectively accomplish that goal.

&nbsp;&nbsp;&nbsp;&nbsp;• **Socially Responsible Investing Risk.** The Portfolio considers the Social Guidelines in its investment process and may choose not to purchase, or may sell, otherwise profitable investments in companies which have been identified as being in conflict with the Social Guidelines. This means that the Portfolio may underperform other similar funds that do not consider the Social Guidelines when making investment decisions.

&nbsp;&nbsp;&nbsp;&nbsp;• **Foreign Investment Risk.** Investment in foreign securities involves the following risks:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Foreign Securities Risk –** Investments in securities issued by non-U.S. companies and/or non-U.S. governments and their agencies, may be adversely affected by the lack of timely or reliable financial information, political, social and/or economic developments abroad and differences between U.S. and foreign regulatory requirements and market practices. Securities denominated in foreign currencies are subject to the risk that the value of the foreign currency will decline in relation to the U.S. dollar and transaction expenses related to foreign securities, including custody fees, are generally more costly than transaction

***The Catholic SRI Growth Portfolio (continued)***

expenses for domestic securities. Additionally, risks associated with foreign investments may be intensified in the case of investments in emerging market countries, whose political, legal and economic systems are less developed and less stable than those of more developed nations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Emerging Markets Risk –** Risks associated with foreign investments may be intensified in the case of investments in emerging market countries, whose political, legal and economic systems are less developed and less stable than those of more developed nations. Such investments are often less liquid and/or more volatile than securities issued by companies located in developed nations, such as the United States, Canada and those included in the MSCI EAFE Index. Certain types of securities, including emerging market securities, are subject to the risk that the securities may not be sold at the quoted market price within a reasonable period of time. The Portfolio generally considers "emerging markets" countries to be those included in the MSCI Emerging Markets Index.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Foreign Currency Risk –** Securities denominated in foreign currencies are subject to the risk that the value of the foreign currency will decline in relation to the U.S. dollar. Currency exchange rates can be volatile and can be affected by, among other factors, the general economics of a country, or the actions of the U.S. or foreign governments or central banks. In addition, transaction expenses related to foreign securities, including custody fees, are generally more costly than transaction expenses for domestic securities.

&nbsp;&nbsp;&nbsp;&nbsp;• **Fixed Income Risk.** Investments in fixed income securities may involve the following risks, depending on the instrument involved:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Interest Rate Risk –** The value of fixed income securities held in the Portfolio, including U.S. Government securities, may decline with changes in interest rates. Prices of fixed income securities with longer effective maturities are more sensitive to interest rate changes than those with shorter effective maturities. U.S. Government securities can exhibit price movements resulting from changes in interest rates. During low interest rate environments, the risk that interest rates will rise is increased. Such increases may expose fixed income markets to heightened volatility and reduced liquidity for certain fixed income investments, particularly those with longer maturities. These risks are greater when a low interest rate environment has existed for an extended period of time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Call/Prepayment Risk –** When interest rates are declining, issuers of fixed income securities held by the

Portfolio may prepay principal earlier than scheduled. As a result of this risk, the Portfolio may have to reinvest these prepayments at those lower rates, thus reducing its income.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Extension Risk –** Fixed income securities held by the Portfolio are subject to the risk that payment on the loans underlying the securities held by the Portfolio will be made more slowly when interest rates are rising. This could cause the market value of the securities to decline.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Credit Risk –** An investment in the Portfolio also involves the risk that the issuer of a fixed income security that the Portfolio holds will fail to make timely payments of interest or principal, or go bankrupt, or that the value of the securities will decline because of a market perception that the issuer may not make payments on time, thus potentially reducing the Portfolio's return. Changes in economic conditions are likely to cause issuers of these fixed income securities to be unable to meet their obligations. The lower the rating of a debt security, the higher its credit risk. In addition, the securities of many U.S. Government agencies, authorities or instrumentalities in which the Portfolio may invest are neither issued nor guaranteed by the U.S. Government, and may be supported only by the ability of the issuer to borrow from the U.S. Treasury or by the credit of the issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **High Yield Bond Risk –** High yield bonds, commonly referred to as "junk bonds," are considered speculative under traditional investment standards. Prices of these securities will rise and fall primarily in response to changes in the issuer's financial health, although changes in market interest rates also will affect prices. High yield bonds may also experience reduced liquidity, and sudden and substantial decreases in price, during certain market conditions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Asset-Backed/Mortgage-Backed Securities Risk –** The market value and yield of asset-backed and mortgage-backed securities can vary due to market interest rate fluctuations and early prepayments of underlying instruments. Although these securities may offer yields higher than those available from other types of securities, these securities may be less effective than other types of securities as a means of "locking in" attractive long-term rates because of the prepayment feature. During periods of difficult or frozen credit markets, significant changes in interest rates, or deteriorating economic conditions, such securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid. Mortgage-backed securities may be particularly susceptible to Prepayment Risk.

***The Catholic SRI Growth Portfolio (continued)***

&nbsp;&nbsp;&nbsp;&nbsp;• **Thinly traded Securities.** The Portfolio may invest in securities, including privately placed and structured securities and derivatives, for which there may be limited markets/thinly traded issues. Investment in these securities involve the following risks:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Liquidity Risk –** At times, certain securities may be difficult or impossible to sell at the price that would normally prevail in the market. The seller may have to lower the price, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on Portfolio management or performance. This includes the risk of missing out on an investment opportunity because the assets necessary to take advantage of it are tied up in less advantageous investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Valuation Risk –** When market quotations are not readily available or are deemed to be unreliable, the Portfolio values its investments at fair value as determined in good faith pursuant to policies and procedures approved by the Board of Trustees. Fair value pricing may require subjective determinations about the value of a security or other asset. As a result, there can be no assurance that fair value pricing will result in adjustments to the prices of securities or other assets, or that fair value pricing will reflect actual market value, and it is possible that the fair value determined for a security or other asset will be materially different from quoted or published prices, from the prices used by others for the same security or other asset and/or from the value that actually could be or is realized upon the sale of that security or other asset.

&nbsp;&nbsp;&nbsp;&nbsp;• **Risks Associated with Investments in Derivatives.** The Portfolio is permitted to invest in derivative instruments, including options, futures, options on futures and swaps. Investment in derivatives depends largely on the performance of an underlying reference instrument or rate and the Specialist Manager's ability to predict correctly the direction of securities prices, interest rates, currency exchange rates and/or other economic factors. Derivatives involve additional costs and often have risks similar to an investment in the reference instrument in addition to other risks, such as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **General Derivative Risks –** Derivatives may be volatile and may involve significant risks. The Portfolio's exposure to derivatives involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other investments. The underlying security, measure or other instrument on which a derivative is based, or the derivative itself, may not perform as expected. Normally derivatives involve leverage, which means that their use can significantly magnify the effect of

price movements of the underlying securities or reference measures, disproportionately increasing the Portfolio's losses and reducing the Portfolio's opportunities for gains. Some derivatives have the potential for unlimited loss, including a loss that may be greater than the amount invested. Derivatives also present default risks if the counterparty to a derivatives contract fails to fulfill its obligations to the Portfolio. Certain derivatives held by the Portfolio may be illiquid, including non-exchange-traded or over-the-counter derivatives that are linked to illiquid instruments or illiquid markets, making it difficult to close out an unfavorable position. Derivatives also may be more difficult to purchase, sell or value than other instruments. Derivatives risk may be more significant when derivatives are used to enhance return or as a substitute for a cash investment position, rather than solely to hedge the risk of a position held by the Portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Counterparty Risk –** The Portfolio will be subject to counterparty credit risk with respect to derivative contracts entered into by the Portfolio or held by special purpose or structured vehicles in which the Portfolio invests, including other investment companies. If a counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties, the Portfolio may experience significant delays in obtaining any recovery in a bankruptcy or other reorganization proceeding. The Portfolio may obtain only a limited recovery or may obtain no recovery in such circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Derivatives Tax Risk –** Compared to other types of investments, derivatives may be harder to value and may also be less tax efficient. In addition, changes in government regulation of derivative instruments could affect the character, timing and amount of the Portfolio's taxable income or gains, and may limit or prevent the Portfolio from using certain types of derivative instruments as a part of its investment strategy, which could make the investment strategy more costly to implement or require the Portfolio to change its investment strategy. These rules may: (i) affect whether gains and losses recognized by the Portfolio are treated as ordinary or capital or as short-term or long-term, (ii) accelerate the recognition of income or gains to the Portfolio, (iii) defer losses to the Portfolio, and (iv) cause adjustments in the holding periods of the Portfolio's securities. To the extent that the Portfolio uses derivatives for hedging or to gain or limit exposure to a particular market or market segment, there may be imperfect correlation between the value of the derivative instrument and the value of the instrument being hedged or the relevant market or market segment, in which case the Portfolio may not

***The Catholic SRI Growth Portfolio (continued)***

realize the intended benefits. The Portfolio's use of derivatives may be limited by the requirements for taxation of the Portfolio as a regulated investment company.

&nbsp;&nbsp;&nbsp;&nbsp;• **Options Risk –** purchasing and writing put and call options are highly specialized
activities and entail greater-than-ordinary investment risks. Investments in options are considered speculative. An option is an
agreement that, for a premium payment or fee, gives the option holder (the purchaser) the right but not the obligation to buy (a
 "call option") or sell (a "put option") the underlying security or futures contract (or settle for cash
an amount based on an underlying asset, rate or index) at a specified price (the "exercise price") during a period
of time or on a specified date. When the Portfolio writes (sells) an option, it profits if the option expires unexercised, because
it retains the premium the buyer of the option paid. However, if the Portfolio writes a call option, it incurs the risk that the
market price of the underlying security or futures contract could increase above the option's exercise price. If this occurs,
the option could be exercised and the Portfolio would be forced to sell the underlying security or futures contract at a lower
price than its current market value. If the Portfolio writes a put option, it incurs the risk that the market value of the underlying
security or futures contract could decrease below the option's exercise price. If this occurs, the option could be exercised
and the Portfolio would be forced to buy the underlying security or futures contract at a higher price than its current market
value. When the Portfolio purchases an option, it will lose the premium paid for the option if the price of the underlying security
or futures contract decreases or remains the same (in the case of a call option) or increases or remains the same (in the case
of a put option). If an option purchased by the Portfolio were permitted to expire without being sold or exercised, its premium
would represent a loss to the Portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;• **Swaps Risks** – The use of swaps is a highly specialized activity which involves
investment techniques, risk analyses and tax planning different from those associated with ordinary portfolio securities transactions.
Swap transactions can result in sizeable realized and unrealized capital gains and losses relative to the gains and losses from
the Portfolio's direct investments in securities and short sales. Transactions in swaps can involve greater risks than if
the Portfolio had invested in securities directly since, in addition to general market risks, swaps may be leveraged and are also
subject to liquidity risk, counterparty risk, credit risk and valuation risk. Regulators also may impose

limits on an entity's or group of entities' positions in certain swaps.

&nbsp;&nbsp;&nbsp;&nbsp;• **Options Writing Strategy Risk –** if the underlying index appreciates or depreciates
sufficiently over the period to offset the new premium received from the written option on that index, a net loss will result.
An index substitute reflects the underlying risks of the index and index substitute options are subject to the same risks as index
options. In addition, the value of the index substitute is subject to change as the values of the component securities fluctuate.
The performance of the index substitute may not exactly match the performance of the index.

&nbsp;&nbsp;&nbsp;&nbsp;• **Risks Associated with Investments in Futures.** The Portfolio is permitted to invest
in futures. Investment in futures depends largely on the performance of an underlying reference instrument or rate and the Specialist
Manager's ability to predict correctly the direction of securities prices, interest rates, currency exchange rates and/or
other economic factors. Futures involve additional costs and often have risks similar to an investment in the reference instrument
in addition to other risks.

The value of futures may rise or fall more rapidly than other investments and there is a risk that the Portfolio may lose more than the original amount invested in futures. Futures also involve the risk that other parties to the derivative contract may fail to meet their obligations, which could cause losses to the Portfolio. If a counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties, the Portfolio may experience significant delays in obtaining any recovery in a bankruptcy or other reorganization proceeding. The Portfolio may obtain only a limited recovery or may obtain no recovery in such circumstances. Compared to other types of investments, futures may be harder to value and may also be less tax efficient. To the extent that the Portfolio uses futures to gain or limit exposure to a particular market or market segment, there may be imperfect correlation between the value of the futures instrument and the value of the instrument being hedged or the relevant market or market segment, in which case the Portfolio may not realize the intended benefits. The Portfolio's use of futures may be limited by the requirements for taxation of the Portfolio as a regulated investment company.

*There is no guarantee that the Portfolio will meet its goals. It is possible to lose money by investing in the Portfolio.*

***The Catholic SRI Growth Portfolio (continued)***

**Performance Bar Chart and Table**

**Performance.** The chart and table below show how The Catholic SRI Growth Portfolio has performed, and how its performance has varied, from year to year. The bar chart shows returns on a before-tax basis and gives some indication of risk by showing changes in the Portfolio's yearly performance for each full calendar year since the Portfolio's inception on January 12, 2016. The table accompanying the bar chart compares the Portfolio's performance over time on a before and after-tax basis to that of a broad based market index. Of course, past performance, before and after taxes, does not indicate how the Portfolio will perform in the future.

**Year-by-Year Total Returns as of 12/31\***

![](bc_catholic-bw.jpg)

\* Results shown on a calendar year basis; the Portfolio's fiscal year, however, is June 30.

The Portfolio's before-tax return for the period from January 1, 2025 through September 30, 2025 (non-annualized) was [ ]%.

---

| | | |
|:---|:---|:---|
| Best quarter: | 2nd Qtr. 2020 | 20.82% |
| Worst quarter: | 1st Qtr. 2020 | -21.96% |

---

**Average Annual Total Returns**

(for the periods ended 12/31/24)

---

| | | | |
|:---|:---|:---|:---|
|  | One<br> Year | Five<br> Year | Since<br> January 12,<br> 2016 |
| **The Catholic SRI Growth Portfolio** |  |  |  |
| – Before Taxes | 19.95% | 11.64% | 11.97% |
| – After Taxes on Distributions | 19.54% | 9.44% | 9.89% |
| – After Taxes on Distributions and Sale of Portfolio Shares | 12.08% | 8.92% | 9.27% |
| **MSCI World Index** (reflects no deduction for fees, expenses or taxes) | 19.19% | 11.70% | 12.62% |

---

After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-advantaged arrangements, such as qualified retirement plans.

***The Catholic SRI Growth Portfolio (continued)***

**Investment Adviser**

HC Capital Solutions (the "Adviser") is the Portfolio's investment adviser.

*Portfolio Managers:*

Brad Conger, CFA has managed the Portfolio since its inception in January 2016. Matthew Mead, CFA and Akhil Jain have managed the Portfolio since October, 2019. Paul Shaffer, CFA has managed the Portfolio since March, 2024.

**Investment Subadvisers**

Agincourt Capital Management, LLC ("Agincourt"), Mellon Investments Corporation ("Mellon") and Parametric Portfolio Associates LLC ("Parametric") are the Specialist Managers for the Portfolio.

*Portfolio Managers:*

<u>Agincourt</u>: L. Duncan Buoyer, CFA and B. Scott Marshall, CFA have co-managed the portion of the Portfolio allocated to Agincourt since its inception.

<u>Mellon</u>: Marlene Walker Smith, David France, CFA, Todd Frysinger, CFA, Vlasta Sheremeta, CFA and Michael Stoll have co-managed the portion of the Portfolio allocated to Mellon since October, 2020.

<u>Parametric (Liquidity Strategy)</u>: Clint Talmo, CFA and Jason Nelson, CFA have managed the portion of the Portfolio allocated to Parametric's Liquidity Strategy since January, 2016. Tyler Nowicki, CFA has managed the portion of the Portfolio allocated to Parametric's Liquidity Strategy since October 2018 and has been a part of the management team for the portfolio since March 2015.

<u>Parametric (Targeted Strategy)</u>: Clint Talmo, CFA, and Jason Nelson, CFA have managed the portion of the Portfolio allocated to Parametric's Targeted Strategy since June, 2016. Tyler Nowicki, CFA has managed the portion of the Portfolio allocated to Parametric's Targeted Strategy since October 2018 and has been a part of the management team for the portfolio since June 2016.

**Tax Information**

The Portfolio intends to make distributions each year. The Portfolio's distributions are taxable, and will be taxed as ordinary income, capital gains or some combination of both, unless you are investing through a tax-advantaged arrangement, such as a 401(k) plan or an individual retirement account. Such tax-advantaged arrangements may be taxed later upon withdrawal of monies from those arrangements.

For more information on purchasing and selling shares of the Portfolio and financial intermediary compensation, please see "Summary of Other Important Information Regarding Portfolio Shares."

***The International Equity Portfolio***

**Investment Objective**

The investment objective of The International Equity Portfolio is to maximize total return.

**Fees and Expenses**

The fee and expense tables below describe the fees and expenses that you may pay if you buy and hold shares of the Portfolio.

**Shareholder Fees**

(fees paid directly from your investment)

Maximum Sales Charges None <br> Maximum Redemption Fee None

**Annual Operating Expenses**

(expenses that you pay each year as a percentage of the value of your investment)

---

| | |
|:---|:---|
|  Management Fees (based on asset allocations among Specialist Managers as of June 30, [2024], see "Advisory Services – Specialist Managers") | [0.11]% |
|  Other Expenses | [0.13]% |
|  Acquired Fund Fees and Expenses | [0.01]% |
|  Total Annual Portfolio Operating Expenses\* | [0.25]% |

---

\* Total Annual Fund Operating Expenses have been restated to reflect current expenses as of June 30, [2024].

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

---

| | |
|:---|:---|
| **1 Year** | $[26] |
| **3 Years** | $[80] |
| **5 Years** | $[141] |
| **10 Years** | $[318] |

---

**Portfolio Turnover**

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

**Principal Investment Strategies**

Under normal circumstances, the Portfolio invests primarily (i.e., at least 80% of its net assets) in equity securities. In the unlikely event that a change in this investment policy is adopted by the Board of Trustees, shareholders will receive at least 60 days prior written notice before such change is implemented. Under normal circumstances, the Portfolio will provide exposure to investments that are economically tied to at least three different countries, including the U.S., and at least 40% of the Portfolio's net assets will provide exposure to investments that are economically tied to non-U.S. countries. Although the Portfolio, a diversified investment company, may invest anywhere in the world, the Portfolio is expected to invest primarily in the equity markets included in the MSCI EAFE Index. The Portfolio may also invest in companies of any market capitalization. The Portfolio may invest in securities issued by other investment companies, including ETFs, that invest in equity securities of issuers located in non-U.S. countries. Also, consistent with their respective investment styles, the Portfolio's Specialist Managers may use instruments such as option or futures contracts in order to hedge against investment risks, seek to efficiently obtain or adjust exposure to certain securities or groups of securities, or otherwise to increase returns. The Portfolio may also write (sell) call options and put options, in order to receive premiums, on individual securities, stock market indexes, and/or on substitutes for such indexes, which may include futures contracts or ETFs. The Portfolio normally writes covered call and put options which have an initial maturity of up to nine months and that are "out of the money" at the time of initiation such that the call options sold generally will be above the current price level of the index when written and the exercise price of put options sold generally will be below the current price level of the index when written. The Portfolio may also use currency forwards in connection with the purchase and sale of securities denominated in foreign currencies and to hedge against fluctuations in the relative value of the currencies in which securities held by the Portfolio are denominated. In accordance with applicable interpretations of the SEC, certain derivative instruments may be counted as equity securities for purposes of the Portfolio's policies

***The International Equity Portfolio (continued)***

regarding investments in equity securities, to the extent that such derivative instruments have economic characteristics similar to those of equity securities.

The Portfolio may be managed using an "active" investment approach and/or a "passive" investment approach designed to approximate as closely as practicable, before expenses, the performance of either the Portfolio's benchmark index or, from time to time, one or more identifiable subsets or other portions of that index. The relative weighting of these two approaches may vary anywhere from 0% to 100% of the Portfolio's assets at any given time. The Portfolio is authorized to operate on a multi-manager basis. This means that a single Portfolio may be managed by more than one Specialist Manager. The multi-manager structure is generally designed to provide investors access to broadly diversified investment styles. The Trust seeks to engage skilled Specialist Managers to provide a broad exposure to the relevant asset class and returns in excess of the Portfolio's benchmark over time.

***The International Equity Portfolio (continued)***

**Principal Investment Risks**

Investing in the Portfolio involves risks common to any investment in securities. There is no guarantee that the Portfolio will achieve its investment objective and, as is the case with any investment, you may lose money on your investment in the Portfolio. All mutual funds, including the Portfolio, are subject to **Management Risk** – the risk that the investment strategies employed in the investment selection process may not result in an increase in the value of your investment or in overall performance equal to other investments and **Market Risk** – the risk that the value of the securities held by a portfolio may decline in response to general market and economic conditions, or conditions that affect specific market sectors or individual companies.

There are also risks associated with the overall structure of the Portfolio. These include:

&nbsp;&nbsp;&nbsp;&nbsp;• **Multi-Manager Risk –** the Portfolio's multi-manager structure involves the risk that the Specialist Managers serving the Portfolio do not achieve favorable investment results relative to other investments or that the Portfolio's assets are not effectively allocated among Specialist Managers in a manner that enhances the Portfolio's total return or reduces the volatility that might be expected of any one management style. Additionally, the multi-manager structure may, under certain circumstances, cause the Portfolio to incur higher trading costs than might occur in a fund served by a single investment adviser.

&nbsp;&nbsp;&nbsp;&nbsp;• **Passive Investing Risk –** the Portfolio may employ a passive investment approach, which attempts to approximate as closely as practicable, before expenses, the performance of either the Portfolio's benchmark index, or one or more identifiable subsets or other portions of that index as deemed appropriate by the Adviser, regardless of the current or projected performance of a specific security or a particular industry or market sector. Maintaining investments in securities regardless of market conditions or the performance of individual securities could cause the Portfolio's return to be lower than if the Portfolio employed an active strategy. In addition, the Portfolio's return may not match or achieve a high degree of correlation with the return of the target investment pool due to operating expenses, transaction costs, and cash flows.

Additionally, the range of securities in which the Portfolio may invest, and the several investment strategies that may be used in seeking to achieve the Portfolio's objective, involve additional risks. These are summarized below.

&nbsp;&nbsp;&nbsp;&nbsp;• **Equity Risks.** Investment in equity securities involves the following risks:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Equity Market Risk –** The market value of an equity security and the equity markets in general can be volatile.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Small/Mid Cap Risk –** Small and mid-capitalization companies may be more vulnerable to adverse business

or economic developments than larger capitalization companies. Securities issued by these companies may be less liquid and/or more volatile than securities of larger companies or the overall securities markets. Small and mid-cap companies may be adversely affected during periods when investors prefer to hold securities of large capitalization companies.

&nbsp;&nbsp;&nbsp;&nbsp;• **Investment in Other Investment Companies Risk –** As with other investments, investments in other investment companies are subject to market and selection risk. To the extent that the Portfolio acquires shares of investment companies, shareholders bear both their proportionate share of expenses in the Portfolio (including management and advisory fees) and, indirectly, the expenses of the acquired investment companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Exchange-Traded Funds Risk** – In addition to the risks of investing in other investment companies generally, an investment in securities issued by an ETF may be subject to the following risks: (1) shares of the ETF may trade at a discount to its net asset value; (2) an active trading market for the ETF's shares may not develop; (3) the exchange on which the ETF is listed may, under certain circumstances, suspend trading of the ETF's shares; and (4) to the extent that an ETF is acquired in order to track a specific asset or index, the ETF may fail to effectively accomplish that goal.

&nbsp;&nbsp;&nbsp;&nbsp;• **Foreign Investment Risk.** Investment in foreign securities involves the following risks:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Foreign Securities Risk –** Investments in securities issued by non-U.S. companies and/or non-U.S. governments and their agencies, may be adversely affected by the lack of timely or reliable financial information, political, social and/or economic developments abroad and differences between U.S. and foreign regulatory requirements and market practices. Securities denominated in foreign currencies are subject to the risk that the value of the foreign currency will decline in relation to the U.S. dollar and transaction expenses related to foreign securities, including custody fees, are generally more costly than transaction expenses for domestic securities.

***The International Equity Portfolio (continued)***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Foreign Currency Risk –** Securities denominated in foreign currencies are subject to the risk that the value of the foreign currency will decline in relation to the U.S. dollar. Currency exchange rates can be volatile and can be affected by, among other factors, the general economics of a country, or the actions of the U.S. or foreign governments or central banks. In addition, transaction expenses related to foreign securities, including custody fees, are generally more costly than transaction expenses for domestic securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Emerging Markets Risk –** Risks associated with foreign investments may be intensified in the case of investments in emerging market countries, whose political, legal and economic systems are less developed and less stable than those of more developed nations. Such investments are often less liquid and/or more volatile than securities issued by companies located in developed nations, such as the United States, Canada and those included in the MSCI EAFE Index. Certain types of securities, including emerging market securities, are subject to the risk that the securities may not be sold at the quoted market price within a reasonable period of time.

&nbsp;&nbsp;&nbsp;&nbsp;• **Risks Associated with Investments in Derivatives.** The Portfolio is permitted to invest in derivative instruments, including options, futures and options on futures, swaps, structured notes and currency forwards. Investment in derivatives depends largely on the performance of an underlying reference instrument or rate and the Specialist Manager's ability to predict correctly the direction of securities prices, interest rates, currency exchange rates and/or other economic factors. Derivatives involve additional costs and often have risks similar to an investment in the reference instrument in addition to other risks, such as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **General Derivative Risks –** Derivatives may be volatile and may involve significant risks. The Portfolio's exposure to derivatives involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other investments. The underlying security, measure or other instrument on which a derivative is based, or the derivative itself, may not perform as expected. Normally derivatives involve leverage, which means that their use can significantly magnify the effect of price movements of the underlying securities or reference measures, disproportionately increasing the Portfolio's losses and reducing the Portfolio's opportunities for gains. Some derivatives have the potential for unlimited loss, including a loss that may be greater than the amount invested. Derivatives also

present default risks if the counterparty to a derivatives contract fails to fulfill its obligations to the Portfolio. Certain derivatives held by the Portfolio may be illiquid, including non-exchange-traded or over-the-counter derivatives that are linked to illiquid instruments or illiquid markets, making it difficult to close out an unfavorable position. Derivatives also may be more difficult to purchase, sell or value than other instruments. Derivatives risk may be more significant when derivatives are used to enhance return or as a substitute for a cash investment position, rather than solely to hedge the risk of a position held by the Portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Counterparty Risk –** The Portfolio will be subject to counterparty credit risk with respect to derivative contracts entered into by the Portfolio or held by special purpose or structured vehicles in which the Portfolio invests, including other investment companies. If a counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties, the Portfolio may experience significant delays in obtaining any recovery in a bankruptcy or other reorganization proceeding. The Portfolio may obtain only a limited recovery or may obtain no recovery in such circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Derivatives Tax Risk –** Compared to other types of investments, derivatives may be harder to value and may also be less tax efficient. In addition, changes in government regulation of derivative instruments could affect the character, timing and amount of the Portfolio's taxable income or gains, and may limit or prevent the Portfolio from using certain types of derivative instruments as a part of its investment strategy, which could make the investment strategy more costly to implement or require the Portfolio to change its investment strategy. These rules may: (i) affect whether gains and losses recognized by the Portfolio are treated as ordinary or capital or as short-term or long-term, (ii) accelerate the recognition of income or gains to the Portfolio, (iii) defer losses to the Portfolio, and (iv) cause adjustments in the holding periods of the Portfolio's securities. To the extent that the Portfolio uses derivatives for hedging or to gain or limit exposure to a particular market or market segment, there may be imperfect correlation between the value of the derivative instrument and the value of the instrument being hedged or the relevant market or market segment, in which case the Portfolio may not realize the intended benefits. The Portfolio's use of derivatives may be limited by the requirements for taxation of the Portfolio as a regulated investment company.

***The International Equity Portfolio (continued)***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Options Risk –** purchasing and writing put and call options are highly specialized activities and entail greater-than-ordinary investment risks. Investments in options are considered speculative. An option is an agreement that, for a premium payment or fee, gives the option holder (the purchaser) the right but not the obligation to buy (a "call option") or sell (a "put option") the underlying security or futures contract (or settle for cash an amount based on an underlying asset, rate or index) at a specified price (the "exercise price") during a period of time or on a specified date.

When the Portfolio writes (sells) an option, it profits if the option expires unexercised, because it retains the premium the buyer of the option paid. However, if the Portfolio writes a call option, it incurs the risk that the market price of the underlying security or futures contract could increase above the option's exercise price. If this occurs, the option could be exercised and the Portfolio would be forced to sell the underlying security or futures contract at a lower price than its current market value. If the Portfolio writes a put option, it incurs the risk that the market value of the underlying security or futures contract could decrease below the option's exercise price. If this occurs, the option could be exercised and the Portfolio would be forced to buy the underlying security or futures contract at a higher price than its current market value. When the Portfolio purchases an option, it will lose the premium paid for the option if the price of the underlying security or futures contract decreases or remains the same (in the case of a call option) or increases or remains the same (in the case of a put option). If an option purchased by the Portfolio were permitted to expire without being sold or exercised, its premium would represent a loss to the Portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Options Writing Strategy Risk –** if the underlying index appreciates or depreciates sufficiently over the

period to offset the new premium received from the written option on that index, a net loss will result. An index substitute reflects the underlying risks of the index and index substitute options are subject to the same risks as index options. In addition, the value of the index substitute is subject to change as the values of the component securities fluctuate. The performance of the index substitute may not exactly match the performance of the index.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Swaps Risks** – The use of swaps is a highly specialized activity which involves investment techniques, risk analyses and tax planning different from those associated with ordinary portfolio securities transactions. Swap transactions can result in sizeable realized and unrealized capital gains and losses relative to the gains and losses from the Portfolio's direct investments in securities and short sales. Transactions in swaps can involve greater risks than if the Portfolio had invested in securities directly since, in addition to general market risks, swaps may be leveraged and are also subject to liquidity risk, counterparty risk, credit risk and valuation risk. Regulators also may impose limits on an entity's or group of entities' positions in certain swaps.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Futures Risk –** there can be no assurance that price movements in the futures markets will correlate with the prices of the underlying securities positions. Additionally, price distortions could result if investors in the futures markets opt to make or take delivery of the underlying securities rather than engage in closing transactions because such trend might result in a reduction in the liquidity of the futures market. Further, an increase in the participation of speculators in the futures market could cause temporary price distortions.

*There is no guarantee that the Portfolio will meet its goals. It is possible to lose money by investing in the Portfolio.*

***The International Equity Portfolio (continued)***

**Performance Bar Chart and Table**

**Performance.** The chart and table below show how The International Equity Portfolio has performed, and how its performance has varied, from year to year. The bar chart shows returns on a before-tax basis and gives some indication of risk by showing changes in the Portfolio's yearly performance for each of the last ten full calendar years. The table accompanying the bar chart compares the Portfolio's performance over time on a before and after-tax basis to that of a broad based market index. Of course, past performance, before and after taxes, does not indicate how the Portfolio will perform in the future.

**Year-by-Year Total Returns as of 12/31\***

![](bc_interna-bw.jpg)

\* Results shown on a calendar year basis; the Portfolio's fiscal year, however, is June 30.

The Portfolio's before-tax return for the period from January 1, 2025 through September 30, 2025 (non-annualized) was [ ]%.

---

| | | |
|:---|:---|:---|
| Best quarter: | 4th Qtr. 2022 | &nbsp;&nbsp; 18.33% |
| Worst quarter: | 1st Qtr. 2020 | &nbsp;&nbsp; -23.30% |

---

**Average Annual Total Returns**

(for the periods ended 12/31/24)

---

| | | | |
|:---|:---|:---|:---|
|  | One<br> Year | Five<br> Year | Ten<br> Year |
| **The International Equity Portfolio** |  |  |  |
|  – Before Taxes | 3.38% | 5.17% | 5.26% |
|  – After Taxes on Distributions | 2.90% | 4.61% | 4.45% |
|  – After Taxes on Distributions and Sale of Portfolio Shares | 2.69% | 4.14% | 4.13% |
| **MSCI EAFE Index** (reflects no deduction for fees, expenses or taxes) | 4.35% | 5.24% | 5.71% |

---

After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-advantaged arrangements, such as qualified retirement plans.

***The International Equity Portfolio (continued)***

**Investment Adviser**

HC Capital Solutions is the Portfolio's investment adviser.

*Portfolio Managers:*

Brad Conger, CFA has managed the Portfolio since August, 2013. Matthew Mead, CFA and Akhil Jain have managed the Portfolio since October, 2019. Paul Shaffer, CFA has managed the Portfolio since March, 2024.

**Investment Subadvisers**

City of London Investment Management Company Limited ("CLIM"), Mellon Investments Corporation ("Mellon") and Parametric Portfolio Associates LLC ("Parametric") are the Specialist Managers for the Portfolio.

*Portfolio Managers:*

<u>CLIM</u>: Michael Edmonds, CFA, James Millward and Michael Sugrue have managed the portion of the Portfolio allocated to CLIM since January, 2015.

<u>Mellon ("Emerging Markets Strategy")</u>: Marlene Walker Smith, David France, CFA, Todd Frysinger, CFA, Vlasta Sheremeta, CFA and Michael Stoll have co-managed the portion of the Portfolio allocated to Mellon's Emerging Markets Strategy since October, 2020.

<u>Mellon ("Developed Factor Strategy"</u>): Marlene Walker Smith, David France, CFA, Todd Frysinger, CFA, Vlasta Sheremeta, CFA and Michael Stoll have co-managed the portion of the Portfolio allocated to Mellon's Developed Factor Strategy since October, 2020.

<u>Mellon ("Developed Index Strategy")</u>: Marlene Walker Smith, David France, CFA, Todd Frysinger, CFA, Vlasta Sheremeta, CFA and Michael Stoll have co-managed the portion of the Portfolio allocated to Mellon's Developed Index Strategy since October, 2020.

<u>Parametric (Liquidity Strategy)</u>: Clint Talmo, CFA and Jason Nelson, CFA have managed the portion of the Portfolio allocated to Parametric's Liquidity Strategy since March, 2015. Tyler Nowicki, CFA has managed the portion of the Portfolio allocated to Parametric's Liquidity Strategy since October 2018 and has been a part of the management team for the portfolio since March 2015.

<u>Parametric (Options Overlay Strategy)</u>: Clint Talmo, CFA, Jason Nelson, CFA and Tyler Nowicki, CFA have co-managed the portion of the Portfolio allocated to Parametric's Options Overlay Strategy since February, 2021.

<u>Parametric (Targeted Strategy)</u>: Clint Talmo, CFA and Jason Nelson, CFA have managed the portion of the Portfolio allocated to Parametric's Targeted Strategy since June, 2016. Tyler Nowicki, CFA has managed the portion of the Portfolio allocated to Parametric's Targeted Strategy since October 2018 and has been a part of the management team for the portfolio since June 2016.

<u>Parametric (Tax-Managed Custom Core Strategy)</u>: Gordon Wotherspoon and Xiaozhen Li have managed the portion of the Portfolio allocated to Parametric's Tax-Managed Custom Core Strategy since July 2024.

**Tax Information**

The Portfolio intends to make distributions each year. The Portfolio's distributions are taxable, and will be taxed as ordinary income, capital gains or some combination of both, unless you are investing through a tax-advantaged arrangement, such as a 401(k) plan or an individual retirement account. Such tax-advantaged arrangements may be taxed later upon withdrawal of monies from those arrangements.

For more information on purchasing and selling shares of the Portfolio and financial intermediary compensation, please see "Summary of Other Important Information Regarding Portfolio Shares."

***The Institutional International Equity Portfolio***

**Investment Objective**

The investment objective of The Institutional International Equity Portfolio is to maximize total return.

**Fees and Expenses**

The fee and expense tables below describe the fees and expenses that you may pay if you buy and hold shares of the Portfolio.

**Shareholder Fees**

(fees paid directly from your investment)

Maximum Sales Charges None <br> Maximum Redemption Fee None

**Annual Operating Expenses**

(expenses that you pay each year as a percentage of the value of your investment)

---

| | |
|:---|:---|
|  Management Fees (based on asset allocations among Specialist Managers as of June 30, [2024], see "Advisory Services – Specialist Managers") | &nbsp;&nbsp; [0.15]% |
|  Other Expenses | &nbsp;&nbsp; [0.12]% |
|  Acquired Fund Fees and Expenses | &nbsp;&nbsp; [0.27]% |
|  Total Annual Portfolio Operating Expenses\* | &nbsp;&nbsp; [0.54]% |

---

\* Total Annual Fund Operating Expenses have been restated to reflect current expenses as of June 30, [2024]

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

---

| | |
|:---|:---|
|  **1 Year** | &nbsp;&nbsp; $[55] |
|  **3 Years** | &nbsp;&nbsp; $[173] |
|  **5 Years** | &nbsp;&nbsp; $[302] |
|  **10 Years** | &nbsp;&nbsp; $[677] |

---

**Portfolio Turnover**

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

**Principal Investment Strategies**

Under normal circumstances, the Portfolio invests primarily (i.e., at least 80% of its net assets) in equity securities. In the unlikely event that a change in this investment policy is adopted by the Board of Trustees, shareholders will receive at least 60 days prior written notice before such change is implemented. Under normal circumstances, the Portfolio will provide exposure to investments that are economically tied to at least three different countries, including the U.S., and at least 40% of the Portfolio's net assets will provide exposure to investments that are economically tied to non-U.S. countries. Although the Portfolio, a diversified investment company, may invest anywhere in the world, the Portfolio is expected to invest primarily in the equity markets included in the MSCI EAFE Index. The Portfolio may also invest in companies of any market capitalization. The Portfolio may invest in securities issued by other investment companies, including ETFs and closed-end funds, that invest in equity securities of issuers located in non-U.S. countries. Also, consistent with their respective investment styles, the Portfolio's Specialist Managers may use instruments such as option or futures contracts in order to hedge against investment risks, seek to efficiently obtain or adjust exposure to certain securities or groups of securities, or otherwise to increase returns. The Portfolio may also write (sell) call options and put options, in order to receive premiums, on individual securities, stock market indexes, and/or on substitutes for such indexes, which may include futures contracts or ETFs. The Portfolio normally writes covered call and put options which have an initial maturity of up to nine months and that are "out of the money" at the time of initiation such that the call options sold generally will be above the current price level of the index when written and the exercise price of put options sold generally will be below the current price level of the index when written. The Portfolio may also use currency forwards in connection with the purchase and sale of securities denominated in a foreign currency and to hedge against fluctuations in the relative value of the currencies in which securities held by the Portfolio are denominated. In accordance with applicable interpretations of the SEC, certain derivative instruments may be counted as equity securities for purposes of the Portfolio's policies regarding investments in equity securities, to the extent that such derivative instruments have economic characteristics similar to those of equity securities.

***The Institutional International Equity Portfolio (continued)***

The Portfolio may be managed using an "active" investment approach and/or a "passive" investment approach designed to approximate as closely as practicable, before expenses, the performance of either the Portfolio's benchmark index or, from time to time, one or more identifiable subsets or other portions of that index. The relative weighting of these two approaches may vary anywhere from 0% to 100% of the Portfolio's assets at any given time.

The Portfolio is authorized to operate on a multi-manager basis. This means that a single Portfolio may be managed by more than one Specialist Manager. The multi-manager structure is generally designed to provide investors access to broadly diversified investment styles. The Trust seeks to engage skilled Specialist Managers to provide a broad exposure to the relevant asset class and returns in excess of the Portfolio's benchmark over time.

***The Institutional International Equity Portfolio (continued)***

**Principal Investment Risks**

Investing in the Portfolio involves risks common to any investment in securities. There is no guarantee that the Portfolio will achieve its investment objective and, as is the case with any investment, you may lose money on your investment in the Portfolio. All mutual funds, including the Portfolio, are subject to **Management Risk** – the risk that the investment strategies employed in the investment selection process may not result in an increase in the value of your investment or in overall performance equal to other investments and **Market Risk** – the risk that the value of the securities held by a portfolio may decline in response to general market and economic conditions, or conditions that affect specific market sectors or individual companies.

There are also risks associated with the overall structure of the Portfolio. These include:

&nbsp;&nbsp;&nbsp;&nbsp;• **Multi-Manager Risk –** the Portfolio's multi-manager structure involves the risk that the Specialist Managers serving the Portfolio do not achieve favorable investment results relative to other investments or that the Portfolio's assets are not effectively allocated among Specialist Managers in a manner that enhances the Portfolio's total return or reduces the volatility that might be expected of any one management style. Additionally, the multi-manager structure may, under certain circumstances, cause the Portfolio to incur higher trading costs than might occur in a fund served by a single investment adviser.

&nbsp;&nbsp;&nbsp;&nbsp;• **Passive Investing Risk –** the Portfolio may employ a passive investment approach, which attempts to approximate as closely as practicable, before expenses, the performance of either the Portfolio's benchmark index, or one or more identifiable subsets or other portions of that index as deemed appropriate by the Adviser, regardless of the current or projected performance of a specific security or a particular industry or market sector. Maintaining investments in securities regardless of market conditions or the performance of individual securities could cause the Portfolio's return to be lower than if the Portfolio employed an active strategy. In addition, the Portfolio's return may not match or achieve a high degree of correlation with the return of the target investment pool due to operating expenses, transaction costs, and cash flows.

Additionally, the range of securities in which the Portfolio may invest, and the several investment strategies that may be used in seeking to achieve the Portfolio's objective, involve additional risks. These are summarized below.

&nbsp;&nbsp;&nbsp;&nbsp;• **Equity Risks.** Investment in equity securities involves the following risks:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Equity Market Risk –** The market value of an equity security and the equity markets in general can be volatile.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Small/Mid Cap Risk –** Small and mid-capitalization companies may be more vulnerable to adverse business

or economic developments than larger capitalization companies. Securities issued by these companies may be less liquid and/or more volatile than securities of larger companies or the overall securities markets. Small and mid-cap companies may be adversely affected during periods when investors prefer to hold securities of large capitalization companies.

&nbsp;&nbsp;&nbsp;&nbsp;• **Investment in Other Investment Companies Risk –** As with other investments, investments in other investment companies are subject to market and selection risk. To the extent that the Portfolio acquires shares of investment companies, shareholders bear both their proportionate share of expenses in the Portfolio (including management and advisory fees) and, indirectly, the expenses of the acquired investment companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Exchange-Traded Funds Risk** – In addition to the risks of investing in other investment companies generally, an investment in securities issued by an ETF may be subject to the following risks: (1) shares of the ETF may trade at a discount to its net asset value; (2) an active trading market for the ETF's shares may not develop; (3) the exchange on which the ETF is listed may, under certain circumstances, suspend trading of the ETF's shares; and (4) to the extent that an ETF is acquired in order to track a specific asset or index, the ETF may fail to effectively accomplish that goal.

&nbsp;&nbsp;&nbsp;&nbsp;• **Foreign Investment Risk.** Investment in foreign securities involves the following risks:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Foreign Securities Risk –** Investments in securities issued by non-U.S. companies and/or non-U.S. governments and their agencies, may be adversely affected by the lack of timely or reliable financial information, political, social and/or economic developments abroad and differences between U.S. and foreign regulatory requirements and market practices. Securities denominated in foreign currencies are subject to the risk that the value of the foreign currency will decline in relation to the U.S. dollar and transaction expenses related to foreign securities, including custody fees, are generally more costly than transaction expenses for domestic securities.

***The Institutional International Equity Portfolio (continued)***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Foreign Currency Risk –** Securities denominated in foreign currencies are subject to the risk that the value of the foreign currency will decline in relation to the U.S. dollar. Currency exchange rates can be volatile and can be affected by, among other factors, the general economics of a country, or the actions of the U.S. or foreign governments or central banks. In addition, transaction expenses related to foreign securities, including custody fees, are generally more costly than transaction expenses for domestic securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Emerging Markets Risk –** Risks associated with foreign investments may be intensified in the case of investments in emerging market countries, whose political, legal and economic systems are less developed and less stable than those of more developed nations. Such investments are often less liquid and/or more volatile than securities issued by companies located in developed nations, such as the United States, Canada and those included in the MSCI EAFE Index. Certain types of securities, including emerging market securities, are subject to the risk that the securities may not be sold at the quoted market price within a reasonable period of time.

&nbsp;&nbsp;&nbsp;&nbsp;• **Risks Associated with Investments in Derivatives.** The Portfolio is permitted to invest in derivative instruments, including options, futures and options on futures, swaps, structured notes and currency forwards. Investment in derivatives depends largely on the performance of an underlying reference instrument or rate and the Specialist Manager's ability to predict correctly the direction of securities prices, interest rates, currency exchange rates and/or other economic factors. Derivatives involve additional costs and often have risks similar to an investment in the reference instrument in addition to other risks, such as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **General Derivative Risks –** Derivatives may be volatile and may involve significant risks. The Portfolio's exposure to derivatives involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other investments. The underlying security, measure or other instrument on which a derivative is based, or the derivative itself, may not perform as expected. Normally derivatives involve leverage, which means that their use can significantly magnify the effect of price movements of the underlying securities or reference measures, disproportionately increasing the Portfolio's losses and reducing the Portfolio's opportunities for gains. Some derivatives have the potential for unlimited loss, including a loss that

may be greater than the amount invested. Derivatives also present default risks if the counterparty to a derivatives contract fails to fulfill its obligations to the Portfolio. Certain derivatives held by the Portfolio may be illiquid, including non-exchange-traded or over-the-counter derivatives that are linked to illiquid instruments or illiquid markets, making it difficult to close out an unfavorable position. Derivatives also may be more difficult to purchase, sell or value than other instruments. Derivatives risk may be more significant when derivatives are used to enhance return or as a substitute for a cash investment position, rather than solely to hedge the risk of a position held by the Portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Counterparty Risk –** The Portfolio will be subject to counterparty credit risk with respect to derivative contracts entered into by the Portfolio or held by special purpose or structured vehicles in which the Portfolio invests, including other investment companies. If a counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties, the Portfolio may experience significant delays in obtaining any recovery in a bankruptcy or other reorganization proceeding. The Portfolio may obtain only a limited recovery or may obtain no recovery in such circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Derivatives Tax Risk –** Compared to other types of investments, derivatives may be harder to value and may also be less tax efficient. In addition, changes in government regulation of derivative instruments could affect the character, timing and amount of the Portfolio's taxable income or gains, and may limit or prevent the Portfolio from using certain types of derivative instruments as a part of its investment strategy, which could make the investment strategy more costly to implement or require the Portfolio to change its investment strategy. These rules may: (i) affect whether gains and losses recognized by the Portfolio are treated as ordinary or capital or as short-term or long-term, (ii) accelerate the recognition of income or gains to the Portfolio, (iii) defer losses to the Portfolio, and (iv) cause adjustments in the holding periods of the Portfolio's securities. To the extent that the Portfolio uses derivatives for hedging or to gain or limit exposure to a particular market or market segment, there may be imperfect correlation between the value of the derivative instrument and the value of the instrument being hedged or the relevant market or market segment, in which case the Portfolio may not realize the intended benefits. The Portfolio's use of derivatives may be limited by the requirements for taxation of the Portfolio as a regulated investment company.

***The Institutional International Equity Portfolio (continued)***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Options Risk –** purchasing and writing put and call options are highly specialized activities and entail greater-than-ordinary investment risks. Investments in options are considered speculative. An option is an agreement that, for a premium payment or fee, gives the option holder (the purchaser) the right but not the obligation to buy (a "call option") or sell (a "put option") the underlying security or futures contract (or settle for cash an amount based on an underlying asset, rate or index) at a specified price (the "exercise price") during a period of time or on a specified date.

When the Portfolio writes (sells) an option, it profits if the option expires unexercised, because it retains the premium the buyer of the option paid. However, if the Portfolio writes a call option, it incurs the risk that the market price of the underlying security or futures contract could increase above the option's exercise price. If this occurs, the option could be exercised and the Portfolio would be forced to sell the underlying security or futures contract at a lower price than its current market value. If the Portfolio writes a put option, it incurs the risk that the market value of the underlying security or futures contract could decrease below the option's exercise price. If this occurs, the option could be exercised and the Portfolio would be forced to buy the underlying security or futures contract at a higher price than its current market value. When the Portfolio purchases an option, it will lose the premium paid for the option if the price of the underlying security or futures contract decreases or remains the same (in the case of a call option) or increases or remains the same (in the case of a put option). If an option purchased by the Portfolio were permitted to expire without being sold or exercised, its premium would represent a loss to the Portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Options Writing Strategy Risk –** if the underlying index appreciates or depreciates sufficiently over the

period to offset the new premium received from the written option on that index, a net loss will result. An index substitute reflects the underlying risks of the index and index substitute options are subject to the same risks as index options. In addition, the value of the index substitute is subject to change as the values of the component securities fluctuate. The performance of the index substitute may not exactly match the performance of the index.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Swaps Risks** – The use of swaps is a highly specialized activity which involves investment techniques, risk analyses and tax planning different from those associated with ordinary portfolio securities transactions. Swap transactions can result in sizeable realized and unrealized capital gains and losses relative to the gains and losses from the Portfolio's direct investments in securities and short sales. Transactions in swaps can involve greater risks than if the Portfolio had invested in securities directly since, in addition to general market risks, swaps may be leveraged and are also subject to liquidity risk, counterparty risk, credit risk and valuation risk. Regulators also may impose limits on an entity's or group of entities' positions in certain swaps.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Futures Risk –** there can be no assurance that price movements in the futures markets will correlate with the prices of the underlying securities positions. Additionally, price distortions could result if investors in the futures markets opt to make or take delivery of the underlying securities rather than engage in closing transactions because such trend might result in a reduction in the liquidity of the futures market. Further, an increase in the participation of speculators in the futures market could cause temporary price distortions.

*There is no guarantee that the Portfolio will meet its goals. It is possible to lose money by investing in the Portfolio.*

***The Institutional International Equity Portfolio (continued)***

**Performance Bar Chart and Table**

**Performance.** The chart and table below show how The Institutional International Equity Portfolio has performed, and how its performance has varied, from year to year. The bar chart shows returns on a before-tax basis and gives some indication of risk by showing changes in the Portfolio's yearly performance for each full calendar year since the Portfolio's inception on November 20, 2009. The table accompanying the bar chart compares the Portfolio's performance over time on a before and after-tax basis to that of a broad based market index. Of course, past performance, before and after taxes, does not indicate how the Portfolio will perform in the future.

**Year-by-Year Total Returns as of 12/31\***

![](bc_institutionalinternat-bw.jpg)

\* Results shown on a calendar year basis; the Portfolio's fiscal year, however, is June 30.

The Portfolio's before-tax return for the period from January 1, 2025 through September 30, 2025 (non-annualized) was [ ]%.

---

| | | |
|:---|:---|:---|
| Best quarter: | 4th Qtr. 2022 | &nbsp;&nbsp; 18.31% |
| Worst quarter: | 1st Qtr. 2020 | &nbsp;&nbsp; -25.17% |

---

**Average Annual Total Returns**

(for the periods ended 12/31/24)

---

| | | | |
|:---|:---|:---|:---|
|  | One<br> Year | Five<br> Year | Ten<br> Year |
| **The Institutional International Equity Portfolio** |  |  |  |
|  – Before Taxes | 3.83% | 4.07% | 4.79% |
|  – After Taxes on Distributions | 1.86% | 2.93% | 3.55% |
|  – After Taxes on Distributions and Sale of Portfolio Shares | 2.64% | 2.99% | 3.54% |
| **MSCI EAFE Index** (reflects no deduction for fees, expenses or taxes) | 4.35% | 5.24% | 5.71% |

---

After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-advantaged arrangements, such as qualified retirement plans.

***The Institutional International Equity Portfolio (continued)***

**Investment Adviser**

HC Capital Solutions is the Portfolio's investment adviser.

*Portfolio Managers:*

Brad Conger, CFA has managed the Portfolio since August, 2013. Matthew Mead, CFA and Akhil Jain have managed the Portfolio since October, 2019. Paul Shaffer, CFA has managed the Portfolio since March, 2024.

**Investment Subadvisers**

City of London Investment Management Company Limited ("CLIM"), Mellon Investments Corporation ("Mellon"), Parametric Portfolio Associates LLC ("Parametric") and RhumbLine Advisers Limited Partnership ("RhumbLine") are the Specialist Managers for the Portfolio.

*Portfolio Managers:*

<u>CLIM</u>: Michael Edmonds, CFA, James Millward and Michael Sugrue have managed the portion of the Portfolio allocated to CLIM since January, 2015.

<u>Mellon ("Emerging Markets Strategy")</u>: Marlene Walker Smith, David France, CFA, Todd Frysinger, CFA, Vlasta Sheremeta, CFA and Michael Stoll have co-managed the portion of the Portfolio allocated to Mellon's Emerging Markets Strategy since October, 2020.

<u>Mellon ("Developed Factor Strategy")</u>: Marlene Walker Smith, David France, CFA, Todd Frysinger, CFA, Vlasta Sheremeta, CFA and Michael Stoll have co-managed the portion of the Portfolio allocated to Mellon's Developed Factor Strategy since October, 2020.

<u>Mellon ("Developed Index Strategy")</u>: Marlene Walker Smith, David France, CFA, Todd Frysinger, CFA, Vlasta Sheremeta, CFA and Michael Stoll have co-managed the portion of the Portfolio allocated to Mellon's Developed Index Strategy since October, 2020.

<u>Parametric (Liquidity Strategy)</u>: Clint Talmo, CFA and Jason Nelson, CFA have managed the portion of the Portfolio allocated to Parametric's Liquidity Strategy since March, 2015. Tyler Nowicki, CFA has managed the portion of the Portfolio allocated to Parametric's Liquidity Strategy since October 2018 and has been a part of the management team for the portfolio since March 2015.

<u>Parametric (Options Overlay Strategy)</u>: Clint Talmo, CFA, Jason Nelson, CFA and Tyler Nowicki have co-managed the portion of the Portfolio allocated to Parametric's Options Overlay Strategy since February, 2021.

<u>Parametric (Targeted Strategy)</u>: Clint Talmo, CFA and Jason Nelson, CFA have managed the portion of the Portfolio allocated to Parametric's Targeted Strategy since June, 2016. Tyler Nowicki, CFA has managed the portion of the Portfolio allocated to Parametric's Targeted Strategy since October 2018 and has been a part of the management team for the portfolio since June 2016. Jennifer Mihara and Gordon Wotherspoon have managed a separate portion of the Portfolio allocated to Parametric's Targeted Strategy since May, 2025.

<u>RhumbLine</u>: Alexander Ryer, CFA, Julie Lee, Jeffery Kusmierz, Antonio Ballestas and Andrew Zagarri, CFA, have managed the portion of the Portfolio allocated to RhumbLine since August, 2022.

**Tax Information**

The Portfolio intends to make distributions each year. The Portfolio's distributions are taxable, and will be taxed as ordinary income, capital gains or some combination of both, unless you are investing through a tax-advantaged arrangement, such as a 401(k) plan or an individual retirement account. Such tax-advantaged arrangements may be taxed later upon withdrawal of monies from those arrangements.

For more information on purchasing and selling shares of the Portfolio and financial intermediary compensation, please see "Summary of Other Important Information Regarding Portfolio Shares."

***The Emerging Markets Portfolio***

**Investment Objective** 

The investment objective of The Emerging Markets Portfolio is to provide maximum total return, primarily through capital appreciation.

**Fees and Expenses** 

The fee and expense tables below describe the fees and expenses that you may pay if you buy and hold shares of the Portfolio.

**Shareholder Fees** 

(fees paid directly from your investment)

Maximum Sales Charges None <br> Maximum Redemption Fee None

**Annual Operating Expenses** 

(expenses that you pay each year as a percentage of the value of your investment)

---

| | |
|:---|:---|
|  Management Fees (based on asset allocations among Specialist Managers as of June 30, [2024], see "Advisory Services – Specialist Managers") | [0.17]% |
| Other Expenses | [0.23]% |
| Acquired Fund Fees and Expenses | [0.03]% |
| Total Annual Portfolio Operating Expenses\* | [0.43]% |

---

\* Total Annual Fund Operating Expenses have been restated to reflect current expenses as of June 30, [2024].

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

---

| | |
|:---|:---|
|  **1 Year** | $[44] |
|  **3 Years** | $[138] |
|  **5 Years** | $[241] |
|  **10 Years** | $[542] |

---

**Portfolio Turnover** 

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

**Principal Investment Strategies** 

Under normal circumstances, the Portfolio seeks to achieve its objective by investing primarily (i.e., at least 80% of its net assets) in securities of issuers domiciled or, in the view of the Specialist Manager, deemed to be doing material amounts of business (for example, deriving at least 50% of their revenue) in countries determined by the Specialist Manager to have a developing or emerging economy or securities market. In the unlikely event that a change in this investment policy is adopted by the Board of Trustees, shareholders will receive at least 60 days prior written notice before such change is implemented. Typically 80% of the Portfolio's net assets will be invested in equity securities, equity swaps, structured equity notes, equity linked notes and depositary receipts of issuers domiciled or, in the view of the Specialist Manager, deemed to be doing material amounts of business in emerging market countries. The Portfolio, a diversified investment company, invests primarily in the Morgan Stanley Capital International<sup>®</sup> Emerging Markets Index ("MSCI EM Index") countries. As the MSCI EM Index introduces new emerging market countries, the Portfolio may include those countries among the countries in which it may invest. In determining securities in which to invest, the Portfolio's management team will evaluate the countries' economic and political climates with prospects for sustained macro and micro economic growth. The Portfolio may invest more in China than certain other emerging markets countries. The Portfolio's management team will take into account traditional securities valuation methods, including (but not limited to) an analysis of price in relation to assets, earnings, cash flows, projected earnings growth, inflation and interest rates. Liquidity and transaction costs will also be considered. The Portfolio may also invest in companies of any market capitalization. The Portfolio may invest in securities issued by other investment companies, including ETFs, that invest in securities issued by companies domiciled or deemed to be doing material amounts of business in countries that have a developing or emerging economy or securities market. Also, consistent with their respective investment styles, the Portfolio's Specialist Managers may use instruments such as option or futures contracts in order to hedge against investment risks, seek to efficiently obtain

***The Emerging Markets Portfolio (continued)***

or adjust exposure to certain securities or groups of securities, or otherwise to increase returns. The Portfolio may also write (sell) call options and put options, in order to receive premiums, on individual securities, stock market indexes, and/or on substitutes for such indexes, which may include futures contracts or ETFs. The Portfolio normally writes covered call and put options which have an initial maturity of up to nine months and that are "out of the money" at the time of initiation such that the call options sold generally will be above the current price level of the index when written and the exercise price of put options sold generally will be below the current price level of the index when written. In accordance with applicable interpretations of the SEC, certain derivative instruments may be counted as equity securities for purposes of the Portfolio's policies regarding investments in equity securities, to the extent that such derivative instruments have economic characteristics similar to those of equity securities.

The Portfolio may be managed using an "active" investment approach and/or a "passive" investment approach designed to approximate as closely as practicable, before expenses, the performance of either the Portfolio's benchmark index or, from time to time, one or more identifiable subsets or other portions of that index. The relative weighting of these two approaches may vary anywhere from 0% to 100% of the Portfolio's assets at any given time.

The Portfolio is authorized to operate on a multi-manager basis. This means that a single Portfolio may be managed by more than one Specialist Manager. The multi-manager structure is generally designed to provide investors access to broadly diversified investment styles. The Trust seeks to engage skilled Specialist Managers to provide a broad exposure to the relevant asset class and returns in excess of the Portfolio's benchmark over time.

***The Emerging Markets Portfolio (continued)***

**Principal Investment Risks** 

Investing in the Portfolio involves risks common to any investment in securities. There is no guarantee that the Portfolio will achieve its investment objective and, as is the case with any investment, you may lose money on your investment in the Portfolio. All mutual funds, including the Portfolio, are subject to **Management Risk** – the risk that the investment strategies employed in the investment selection process may not result in an increase in the value of your investment or in overall performance equal to other investments and **Market Risk** – the risk that the value of the securities held by a portfolio may decline in response to general market and economic conditions, or conditions that affect specific market sectors or individual companies.

There are also risks associated with the overall structure of the Portfolio. These include:

&nbsp;&nbsp;&nbsp;&nbsp;• **Multi-Manager Risk –** the Portfolio's multi-manager structure involves the risk that the Specialist Managers serving the Portfolio do not achieve favorable investment results relative to other investments or that the Portfolio's assets are not effectively allocated among Specialist Managers in a manner that enhances the Portfolio's total return or reduces the volatility that might be expected of any one management style. Additionally, the multi-manager structure may, under certain circumstances, cause the Portfolio to incur higher trading costs than might occur in a fund served by a single investment adviser.

&nbsp;&nbsp;&nbsp;&nbsp;• **Passive Investing Risk –** the Portfolio may employ a passive investment approach, which attempts to approximate as closely as practicable, before expenses, the performance of either the Portfolio's benchmark index, or one or more identifiable subsets or other portions of that index as deemed appropriate by the Adviser, regardless of the current or projected performance of a specific security or a particular industry or market sector. Maintaining investments in securities regardless of market conditions or the performance of individual securities could cause the Portfolio's return to be lower than if the Portfolio employed an active strategy. In addition, the Portfolio's return may not match or achieve a high degree of correlation with the return of the target investment pool due to operating expenses, transaction costs, and cash flows.

Additionally, the range of securities in which the Portfolio may invest, and the several investment strategies that may be used in seeking to achieve the Portfolio's objective, involve additional risks. These are summarized below.

&nbsp;&nbsp;&nbsp;&nbsp;• **Equity Risks.** Investment in equity securities involves the following risks:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Equity Market Risk –** The market value of an equity security and the equity markets in general can be volatile.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Small/Mid Cap Risk –** Small and mid-cap companies may be more vulnerable to adverse business or

economic developments than larger capitalization companies. Securities issued by these companies may be less liquid and/or more volatile than securities of larger companies or the overall securities markets. Small and mid-cap companies may be adversely affected during periods when investors prefer to hold securities of large capitalization companies.

&nbsp;&nbsp;&nbsp;&nbsp;• **Investment in Other Investment Companies Risk –** As with other investments, investments in other investment companies are subject to market and selection risk. To the extent that the Portfolio acquires shares of investment companies, shareholders bear both their proportionate share of expenses in the Portfolio (including management and advisory fees) and, indirectly, the expenses of the acquired investment companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Exchange-Traded Funds Risk** – In addition to the risks of investing in other investment companies generally, an investment in securities issued by an ETF may be subject to the following risks: (1) shares of the ETF may trade at a discount to its net asset value; (2) an active trading market for the ETF's shares may not develop; (3) the exchange on which the ETF is listed may, under certain circumstances, suspend trading of the ETF's shares; and (4) to the extent that an ETF is acquired in order to track a specific asset or index, the ETF may fail to effectively accomplish that goal.

&nbsp;&nbsp;&nbsp;&nbsp;• **Foreign Investment Risk.** Investment in foreign securities involves the following risks:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Emerging Markets Risk –** Risks associated with foreign investments may be intensified in the case of investments in emerging market countries, whose political, legal and economic systems are less developed and less stable than those of more developed nations. Such investments are often less liquid and/or more volatile than securities issued by companies located in developed nations, such as the United States, Canada and those included in the MSCI EAFE Index. Certain types of securities, including emerging market securities, are subject to the risk that the securities may not be sold at the quoted market price within a reasonable period of time.

***The Emerging Markets Portfolio (continued)***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **China Risk.** In addition to the risks listed above under "Emerging Market Securities," investing in China presents additional risks including confiscatory taxation, nationalization, exchange control regulations (including currency blockage) and differing legal standards. The Chinese government could, at any time, alter or discontinue economic reform programs implemented since 1978. Chinese authorities may intervene in the China securities market and halt or suspend trading of securities for short or even longer periods of time. Recently, the China securities market has experienced considerable volatility and been subject to relatively frequent and extensive trading halts and suspensions. These trading halts and suspensions have, among other things, contributed to uncertainty in the markets and reduced the liquidity of the securities subject to such trading halts and suspensions, which could include securities held by a Portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Foreign Securities Risk –** Investments in securities issued by non-U.S. companies and/or non-U.S. governments and their agencies, may be adversely affected by the lack of timely or reliable financial information, political, social and/or economic developments abroad and differences between U.S. and foreign regulatory requirements and market practices. Securities denominated in foreign currencies are subject to the risk that the value of the foreign currency will decline in relation to the U.S. dollar and transaction expenses related to foreign securities, including custody fees, are generally more costly than transaction expenses for domestic securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Foreign Currency Risk –** Securities denominated in foreign currencies are subject to the risk that the value of the foreign currency will decline in relation to the U.S. dollar. Currency exchange rates can be volatile and can be affected by, among other factors, the general economics of a country, or the actions of the U.S. or foreign governments or central banks. In addition, transaction expenses related to foreign securities, including custody fees, are generally more costly than transaction expenses for domestic securities.

&nbsp;&nbsp;&nbsp;&nbsp;• **Risks Associated with Investments in Derivatives.** The Portfolio is permitted to invest in derivative instruments, including options, futures and options on futures, swaps, structured notes and currency forwards. Investment in derivatives depends largely on the performance of an underlying reference instrument or rate and the Specialist Manager's ability to predict correctly the direction of securities prices, interest rates, currency exchange rates and/or other economic factors. Derivatives involve additional costs and often have risks similar to an investment in the reference instrument in addition to other risks, such as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **General Derivative Risks –** Derivatives may be volatile and may involve significant risks. The Portfolio's exposure to derivatives involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other investments. The underlying security, measure or other instrument on which a derivative is based, or the derivative itself, may not perform as expected. Normally derivatives involve leverage, which means that their use can significantly magnify the effect of price movements of the underlying securities or reference measures, disproportionately increasing the Portfolio's losses and reducing the Portfolio's opportunities for gains. Some derivatives have the potential for unlimited loss, including a loss that may be greater than the amount invested. Derivatives also present default risks if the counterparty to a derivatives contract fails to fulfill its obligations to the Portfolio. Certain derivatives held by the Portfolio may be illiquid, including non-exchange-traded or over-the-counter derivatives that are linked to illiquid instruments or illiquid markets, making it difficult to close out an unfavorable position. Derivatives also may be more difficult to purchase, sell or value than other instruments. Derivatives risk may be more significant when derivatives are used to enhance return or as a substitute for a cash investment position, rather than solely to hedge the risk of a position held by the Portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Counterparty Risk –** The Portfolio will be subject to counterparty credit risk with respect to derivative contracts entered into by the Portfolio or held by special purpose or structured vehicles in which the Portfolio invests, including other investment companies. If a counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties, the Portfolio may experience significant delays in obtaining any recovery in a bankruptcy or other reorganization proceeding. The Portfolio may obtain only a limited recovery or may obtain no recovery in such circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;• **Derivatives Tax Risk –** Compared to other types of investments, derivatives
may be harder to value and may also be less tax efficient. In addition, changes in government regulation of derivative instruments
could affect the character, timing and amount of the Portfolio's taxable income or gains, and may limit or prevent the Portfolio
from using certain types of derivative instruments as a part of its investment strategy, which could make the investment strategy
more costly to implement or require the Portfolio to change its investment strategy. These rules may: (i) affect whether
gains and losses recognized by the Portfolio are treated as ordinary or capital or as short-term or long-term, (ii) accelerate
the recognition of

***The Emerging Markets Portfolio (continued)***

income or gains to the Portfolio, (iii) defer losses to the Portfolio, and (iv) cause adjustments in the holding periods of the Portfolio's securities. To the extent that the Portfolio uses derivatives for hedging or to gain or limit exposure to a particular market or market segment, there may be imperfect correlation between the value of the derivative instrument and the value of the instrument being hedged or the relevant market or market segment, in which case the Portfolio may not realize the intended benefits. The Portfolio's use of derivatives may be limited by the requirements for taxation of the Portfolio as a regulated investment company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Options Risk –** purchasing and writing put and call options are highly specialized activities and entail greater-than-ordinary investment risks. Investments in options are considered speculative. An option is an agreement that, for a premium payment or fee, gives the option holder (the purchaser) the right but not the obligation to buy (a "call option") or sell (a "put option") the underlying security or futures contract (or settle for cash an amount based on an underlying asset, rate or index) at a specified price (the "exercise price") during a period of time or on a specified date. When the Portfolio writes (sells) an option, it profits if the option expires unexercised, because it retains the premium the buyer of the option paid. However, if the Portfolio writes a call option, it incurs the risk that the market price of the underlying security or futures contract could increase above the option's exercise price. If this occurs, the option could be

exercised and the Portfolio would be forced to sell the underlying security or futures contract at a lower price than its current market value. If the Portfolio writes a put option, it incurs the risk that the market value of the underlying security or futures contract could decrease below the option's exercise price. If this occurs, the option could be exercised and the Portfolio would be forced to buy the underlying security or futures contract at a higher price than its current market value. When the Portfolio purchases an option, it will lose the premium paid for the option if the price of the underlying security or futures contract decreases or remains the same (in the case of a call option) or increases or remains the same (in the case of a put option). If an option purchased by the Portfolio were permitted to expire without being sold or exercised, its premium would represent a loss to the Portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Options Writing Strategy Risk –** if the underlying index appreciates or depreciates sufficiently over the period to offset the new premium received from the written option on that index, a net loss will result. An index substitute reflects the underlying risks of the index and index substitute options are subject to the same risks as index options. In addition, the value of the index substitute is subject to change as the values of the component securities fluctuate. The performance of the index substitute may not exactly match the performance of the index.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Futures Risk –** there can be no assurance that price movements in the futures markets will correlate with the prices of the underlying securities positions. Additionally, price distortions could result if investors in the futures markets opt to make or take delivery of the underlying securities rather than engage in closing transactions because such trend might result in a reduction in the liquidity of the futures market. Further, an increase in the participation of speculators in the futures market could cause temporary price distortions.

*There is no guarantee that the Portfolio will meet its goals. It is possible to lose money by investing in the Portfolio.*

***The Emerging Markets Portfolio (continued)***

**Performance Bar Chart and Table**

**Performance.** The chart and table below show how The Emerging Markets Portfolio has performed, and how its performance has varied, from year to year. The bar chart shows returns on a before-tax basis and gives some indication of risk by showing changes in the Portfolio's yearly performance for each of the last ten full calendar years. The table accompanying the bar chart compares the Portfolio's performance over time on a before and after-tax basis to that of a broad based market index. Of course, past performance, before and after taxes, does not indicate how the Portfolio will perform in the future.

**Year-by-Year Total Returns as of 12/31\***

![](bc_emerging-bw.jpg)

\* Results shown on a calendar year basis; the Portfolio's fiscal year, however, is June 30.

The Portfolio's before-tax return for the period from January 1, 2025 through September 30, 2025 (non-annualized) was [ ]%.

---

| | | |
|:---|:---|:---|
| Best quarter: | 2nd Qtr. 2020 | &nbsp;&nbsp;18.11% |
| Worst quarter: | 1st Qtr. 2020 | &nbsp;&nbsp;-23.62% |

---

**Average Annual Total Returns** 

(for the periods ended 12/31/24)

---

| | | | |
|:---|:---|:---|:---|
|  | One<br> Year | Five<br> Year | Ten<br> Year |
| **The Emerging Markets Portfolio** |  |  |  |
|  –Before Taxes | 6.91% | 1.52% | 2.91% |
|  –After Taxes on Distributions | 5.98% | 1.04% | 2.42% |
| –After Taxes on Distributions and Sale of Portfolio Shares | 4.60% | 1.26% | 2.33% |
| **MSCI Emerging Markets Index** (reflects no deduction for fees, expenses or taxes) | 8.05% | 2.10% | 4.04% |

---

After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-advantaged arrangements, such as qualified retirement plans.

***The Emerging Markets Portfolio (continued)***

**Investment Adviser** 

HC Capital Solutions is the Portfolio's investment adviser.

*Portfolio Managers:* 

Brad Conger, CFA has managed the Portfolio since August, 2013. Matthew Mead, CFA and Akhil Jain have managed the Portfolio since October, 2019. Paul Shaffer, CFA has managed the Portfolio since March, 2024.

**Investment Subadvisers** 

City of London Investment Management Company Limited ("CLIM"), Mellon Investments Corporation ("Mellon"), Parametric Portfolio Associates LLC ("Parametric") and RhumbLine Advisers Limited Partnership ("RhumbLine") are the Specialist Managers for the Portfolio.

*Portfolio Managers:*

<u>CLIM</u>: Oliver Marschner has led the team responsible for managing the portion of the Portfolio allocated to CLIM since January 2024.

<u>Mellon</u>: Marlene Walker Smith, David France, CFA, Todd Frysinger, CFA, Vlasta Sheremeta, CFA and Michael Stoll have co-managed the portion of the Portfolio allocated to Mellon since October, 2020.

<u>Parametric (Liquidity Strategy)</u>: Clint Talmo, CFA and Jason Nelson, CFA have managed the portion of the Portfolio allocated to Parametric's Liquidity Strategy since March, 2015. Tyler Nowicki, CFA has managed the portion of the Portfolio allocated to Parametric's Liquidity Strategy since October 2018 and has been a part of the management team for the portfolio since March 2015.

<u>Parametric (Options Overlay Strategy):</u> Clint Talmo, CFA, Jason Nelson, CFA and Tyler Nowicki, CFA have co-managed the portion of the Portfolio allocated to Parametric's Options Overlay Strategy since February, 2021.

<u>Parametric (Targeted Strategy)</u>: Clint Talmo, CFA and Jason Nelson, CFA have managed the portion of the Portfolio allocated to Parametric's Targeted Strategy since June, 2016. Tyler Nowicki, CFA has managed the portion of the Portfolio allocated to Parametric's <u>Targeted</u> Strategy since October 2018 and has been a part of the management team for the portfolio since June 2016.

<u>Parametric (Tax-Managed Custom Core Strategy)</u>: Jennifer Mihara has managed the portion of the Portfolio allocated to Parametric's Tax-Managed Custom Core Strategy since July 2024.

<u>RhumbLine</u>: Alexander Ryer, CFA, Julie Lee, Jeffery Kusmierz, Antonio Ballestas and Andrew Zagarri, CFA, have managed the portion of the Portfolio allocated to RhumbLine since December, 2024.

**Tax Information** 

The Portfolio intends to make distributions each year. The Portfolio's distributions are taxable, and will be taxed as ordinary income, capital gains or some combination of both, unless you are investing through a tax-advantaged arrangement, such as a 401(k) plan or an individual retirement account. Such tax-advantaged arrangements may be taxed later upon withdrawal of monies from those arrangements.

For more information on purchasing and selling shares of the Portfolio and financial intermediary compensation, please see "Summary of Other Important Information Regarding Portfolio Shares."

***The Core Fixed Income Portfolio***

**Investment Objective** 

The investment objective of The Core Fixed Income Portfolio is to provide a high level of current income consistent with the preservation of capital.

**Fees and Expenses** 

The fee and expense tables below describe the fees and expenses that you may pay if you buy and hold shares of the Portfolio.

**Shareholder Fees** 

(fees paid directly from your investment)

Maximum Sales Charges None <br> Maximum Redemption Fee None

**Annual Operating Expenses** 

(expenses that you pay each year as a percentage of the value of your investment)

---

| | |
|:---|:---|
|  Management Fees (based on asset allocations among Specialist Managers as of June 30, [2024], see "Advisory Services – Specialist Managers") | [0.07]% |
|  Other Expenses | [0.22]% |
|  Acquired Fund Fees and Expenses | [0.02]% |
|  Total Annual Portfolio Operating Expenses\* | [0.31]% |

---

\* Total Annual Fund Operating Expenses have been restated to reflect current expenses as of June 30, [2024].

**<u>Example:</u>** This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes the reinvestment of all dividends and distributions in shares of the Portfolio and that your investment has a 5% return each year and that the Portfolio's Total Annual Operating Expenses remain the same. Although your actual cost may be higher or lower, based on these assumptions, your cost would be:

---

| | |
|:---|:---|
|  **1 Year** | $[32] |
|  **3 Years** | $[100] |
|  **5 Years** | $[174] |
|  **10 Years** | $[393] |

---

**Portfolio Turnover** 

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

**Principal Investment Strategies** 

Under normal circumstances, the Portfolio invests primarily (i.e., at least 80% of its net assets) in fixed income securities. In the unlikely event that a change in this investment policy is adopted by the Board of Trustees, shareholders will receive at least 60 days prior written notice before such change is implemented. The Portfolio, under normal circumstances, invests predominantly in fixed income securities that, at the time of purchase, are rated in one of four highest rating categories assigned by one of the major independent rating agencies ("Baa" or higher by Moody's Investors Service, "BBB" or higher by S&P Global Ratings) or are, in the view of the Specialist Manager, deemed to be of comparable quality. Securities in the fourth highest rating category may have speculative characteristics. From time to time, a substantial portion of the Portfolio, a diversified investment company, may be invested in any of the following: (1) investment grade mortgage-backed or asset-backed securities; (2) securities issued or fully guaranteed by the U.S. Government, Federal Agencies, or sponsored agencies; (3) investment grade fixed income securities issued by U.S. corporations; or (4) municipal bonds (i.e., debt securities issued by municipalities and related entities). Under normal conditions, the Portfolio may invest up to 20% of its assets in high yield securities ("junk bonds") as well as cash or money market instruments in order to maintain liquidity, or in the event that the Specialist Manager determines that securities meeting the Portfolio's investment objective and policies are not otherwise readily available for purchase. The Portfolio may invest in securities issued by other investment companies, including ETFs, that invest in fixed income securities. Consistent with its investment policies, the Portfolio may purchase and sell securities without regard to the effect on portfolio turnover. Securities purchased for the Portfolio will have varying maturities, but under normal circumstances the Portfolio will have an effective dollar weighted average portfolio maturity that is within the range of the average portfolio maturity in the Bloomberg U.S. Aggregate Bond Index, which range, as of June 30, 2025, was between [1 and 98] years. The weighted average maturity of the

***The Core Fixed Income Portfolio (continued)***

Bloomberg U.S. Aggregate Bond Index as of June 30, 2025 was [8.43] years. The Portfolio may engage in transactions involving instruments such as option or futures contracts, in order to hedge against investment risks, seek to efficiently obtain or adjust exposure to certain securities or groups of securities, or otherwise to increase returns. The Portfolio may also write (sell) call options and put options, in order to receive premiums, on individual securities, market indexes, and/or on substitutes for such indexes, which may include futures contracts or ETFs. The Portfolio normally writes covered call and put options which have an initial maturity of up to nine months and that are "out of the money" at the time of initiation such that the call options sold generally will be above the current price level of the index when written and the exercise price of put options sold generally will be below the current price level of the index when written. In accordance with applicable interpretations of the SEC, certain derivative instruments may be counted as fixed income securities for purposes of the Portfolio's policies regarding investments in fixed income securities, to the extent that such derivative instruments have economic characteristics similar to those of fixed income securities.

The Portfolio is authorized to operate on a multi-manager basis. This means that a single Portfolio may be managed by more than one Specialist Manager. The multi-manager structure is generally designed to provide investors access to broadly diversified investment styles. The Trust seeks to engage skilled Specialist Managers to provide a broad exposure to the relevant asset class and returns in excess of the Portfolio's benchmark over time.

***The Core Fixed Income Portfolio (continued)***

**Principal Investment Risks** 

Investing in the Portfolio involves risks common to any investment in securities. There is no guarantee that the Portfolio will achieve its investment objective and, as is the case with any investment, you may lose money on your investment in the Portfolio. All mutual funds, including the Portfolio, are subject to **Management Risk** – the risk that the investment strategies employed in the investment selection process may not result in an increase in the value of your investment or in overall performance equal to other investments and **Market Risk** – the risk that the value of the securities held by a portfolio may decline in response to general market and economic conditions, or conditions that affect specific market sectors or individual companies.

There are also risks associated with the overall structure of the Portfolio. These include:

&nbsp;&nbsp;&nbsp;&nbsp;• **Multi-Manager Risk –** the Portfolio's multi-manager structure involves the risk that the Specialist Managers serving the Portfolio do not achieve favorable investment results relative to other investments or that the Portfolio's assets are not effectively allocated among Specialist Managers in a manner that enhances the Portfolio's total return or reduces the volatility that might be expected of any one management style. Additionally, the multi-manager structure may, under certain circumstances, cause the Portfolio to incur higher trading costs than might occur in a fund served by a single investment adviser.

&nbsp;&nbsp;&nbsp;&nbsp;• **Passive Investing Risk –** the Portfolio may employ a passive investment approach, which attempts to approximate as closely as practicable, before expenses, the performance of either the Portfolio's benchmark index, or one or more identifiable subsets or other portions of that index as deemed appropriate by the Adviser, regardless of the current or projected performance of a specific security or a particular industry or market sector. Maintaining investments in securities regardless of market conditions or the performance of individual securities could cause the Portfolio's return to be lower than if the Portfolio employed an active strategy. In addition, the Portfolio's return may not match or achieve a high degree of correlation with the return of the target investment pool due to operating expenses, transaction costs, and cash flows.

Additionally, the range of securities in which the Portfolio may invest, and the several investment strategies that may be used in seeking to achieve the Portfolio's objective, involve additional risks. These are summarized below.

&nbsp;&nbsp;&nbsp;&nbsp;• **Fixed Income Risk.** Investments in fixed income securities may involve the following risks, depending on the instrument involved:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Credit Risk –** An investment in the Portfolio also involves the risk that the issuer of a fixed income security that the Portfolio holds will fail to make timely payments of interest or principal, or go bankrupt, or that the value of the securities will decline because of a market perception that the issuer may not make payments on time, thus potentially reducing the Portfolio's return. Changes in economic conditions are likely to cause issuers of these fixed income securities

to be unable to meet their obligations. The lower the rating of a debt security, the higher its credit risk. In addition, the securities of many U.S. Government agencies, authorities or instrumentalities in which the Portfolio may invest are neither issued nor guaranteed by the U.S. Government, and may be supported only by the ability of the issuer to borrow from the U.S. Treasury or by the credit of the issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Interest Rate Risk –** The value of fixed income securities held in the Portfolio, including U.S. Government securities, may decline with changes in interest rates. Prices of fixed income securities with longer effective maturities are more sensitive to interest rate changes than those with shorter effective maturities. U.S. Government securities can exhibit price movements resulting from changes in interest rates. During low interest rate environments, the risk that interest rates will rise is increased. Such increases may expose fixed income markets to heightened volatility and reduced liquidity for certain fixed income investments, particularly those with longer maturities. These risks are greater when a low interest rate environment has existed for an extended period of time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Asset-Backed/Mortgage-Backed Security Risk –** The market value and yield of asset-backed and mortgage-backed securities can vary due to market interest rate fluctuations and early prepayments of underlying instruments. Although these securities may offer yields higher than those available from other types of securities, these securities may be less effective than other types of securities as a means of "locking in" attractive long-term rates because of the prepayment feature. During periods of difficult or frozen credit markets, significant changes in interest rates, or deteriorating economic conditions, such securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid. Mortgage-backed securities may be particularly susceptible to Prepayment Risk.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Call/Prepayment Risk –** When interest rates are declining, issuers of securities held by the Portfolio may prepay principal earlier than scheduled. As a result of this risk, the Portfolio may have to reinvest these prepayments at those lower rates, thus reducing its

***The Core Fixed Income Portfolio (continued)***

income. Mortgage-backed and asset-backed securities are especially sensitive to prepayment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Extension Risk –** These securities are also subject to the risk that payment on the loans underlying the securities held by the Portfolio will be made more slowly when interest rates are rising. This could cause the market value of the securities to decline.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Liquidity Risk –** At times, certain securities may be difficult or impossible to sell at the price that would normally prevail in the market. The seller may have to lower the price, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on Portfolio management or performance. This includes the risk of missing out on an investment opportunity because the assets necessary to take advantage of it are tied up in less advantageous investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Municipal Bond Risk –** The risk of a municipal obligation generally depends on the financial and credit status of the issuer. Constitutional amendments, legislative enactments, executive orders, administrative regulations, voter initiatives, and the issuer's regional economic conditions may affect the municipal security's value, interest payments, repayment of principal and the Portfolio's ability to sell the security. Failure of a municipal security issuer to comply with applicable tax requirements may make income paid thereon taxable, resulting in a decline in the security's value. In addition, there could be changes in applicable tax laws or tax treatments that reduce or eliminate the current federal income tax exemption on municipal securities or otherwise adversely affect the current federal or state tax status of municipal securities. Portfolio dividends derived from certain "private activity" municipal securities generally will constitute an item of tax preference includable in alternative minimum taxable income for both corporate and non-corporate taxpayers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **High Yield Bond Risk –** High yield bonds, commonly referred to as "junk bonds," are considered speculative under traditional investment standards. Prices of these securities will rise and fall primarily in response to changes in the issuer's financial health, although changes in market interest rates also will affect prices. High yield bonds may also experience reduced liquidity, and sudden and substantial decreases in price, during certain market conditions.

&nbsp;&nbsp;&nbsp;&nbsp;• **Investment in Other Investment Companies Risk –** As with other investments, investments in other investment companies are subject to market and selection risk. To the extent that the Portfolio acquires shares of investment companies, shareholders bear both their proportionate share

of expenses in the Portfolio (including management and advisory fees) and, indirectly, the expenses of the acquired investment companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Exchange-Traded Funds Risk** – In addition to the risks of investing in other investment companies generally, an investment in securities issued by an ETF may be subject to the following risks: (1) shares of the ETF may trade at a discount to its net asset value; (2) an active trading market for the ETF's shares may not develop; (3) the exchange on which the ETF is listed may, under certain circumstances, suspend trading of the ETF's shares; and (4) to the extent that an ETF is acquired in order to track a specific asset or index, the ETF may fail to effectively accomplish that goal.

&nbsp;&nbsp;&nbsp;&nbsp;• **Risks Associated with Investments in Derivatives.** The Portfolio is permitted to invest in derivative instruments, including options, futures and options on futures, swaps, structured notes and currency forwards. Investment in derivatives depends largely on the performance of an underlying reference instrument or rate and the Specialist Manager's ability to predict correctly the direction of securities prices, interest rates, currency exchange rates and/or other economic factors. Derivatives involve additional costs and often have risks similar to an investment in the reference instrument in addition to other risks, such as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **General Derivative Risks –** Derivatives may be volatile and may involve significant risks. The Portfolio's exposure to derivatives involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other investments. The underlying security, measure or other instrument on which a derivative is based, or the derivative itself, may not perform as expected. Normally derivatives involve leverage, which means that their use can significantly magnify the effect of price movements of the underlying securities or reference measures, disproportionately increasing the Portfolio's losses and reducing the Portfolio's opportunities for gains. Some derivatives have the potential for unlimited loss, including a loss that may be greater than the amount invested. Derivatives also present default risks if the counterparty to a derivatives contract fails to fulfill its obligations to the Portfolio. Certain derivatives held by the Portfolio may be illiquid, including non-exchange-traded or over-the-counter derivatives that are linked to illiquid instruments or illiquid markets, making it difficult to close out an unfavorable position. Derivatives also may be more difficult to purchase, sell or value than other instruments. Derivatives risk may be more significant when derivatives are used to enhance return or as a substitute for a cash investment position, rather than

***The Core Fixed Income Portfolio (continued)***

solely to hedge the risk of a position held by the Portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Counterparty Risk –** The Portfolio will be subject to counterparty credit risk with respect to derivative contracts entered into by the Portfolio or held by special purpose or structured vehicles in which the Portfolio invests, including other investment companies. If a counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties, the Portfolio may experience significant delays in obtaining any recovery in a bankruptcy or other reorganization proceeding. The Portfolio may obtain only a limited recovery or may obtain no recovery in such circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Derivatives Tax Risk –** Compared to other types of investments, derivatives may be harder to value and may also be less tax efficient. In addition, changes in government regulation of derivative instruments could affect the character, timing and amount of the Portfolio's taxable income or gains, and may limit or prevent the Portfolio from using certain types of derivative instruments as a part of its investment strategy, which could make the investment strategy more costly to implement or require the Portfolio to change its investment strategy. These rules may: (i) affect whether gains and losses recognized by the Portfolio are treated as ordinary or capital or as short-term or long-term, (ii) accelerate the recognition of income or gains to the Portfolio, (iii) defer losses to the Portfolio, and (iv) cause adjustments in the holding periods of the Portfolio's securities. To the extent that the Portfolio uses derivatives for hedging or to gain or limit exposure to a particular market or market segment, there may be imperfect correlation between the value of the derivative instrument and the value of the instrument being hedged or the relevant market or market segment, in which case the Portfolio may not realize the intended benefits. The Portfolio's use of derivatives may be limited by the requirements for taxation of the Portfolio as a regulated investment company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Options Risk –** purchasing and writing put and call options are highly specialized activities and entail greater-than-ordinary investment risks. Investments in options are considered speculative. An option is an agreement that, for a premium payment or fee, gives the option holder (the purchaser) the right but not the obligation to buy (a "call option") or sell (a "put option") the underlying security or futures contract (or settle for cash an amount based on an underlying asset,

rate or index) at a specified price (the "exercise price") during a period of time or on a specified date. When the Portfolio writes (sells) an option, it profits if the option expires unexercised, because it retains the premium the buyer of the option paid. However, if the Portfolio writes a call option, it incurs the risk that the market price of the underlying security or futures contract could increase above the option's exercise price. If this occurs, the option could be exercised and the Portfolio would be forced to sell the underlying security or futures contract at a lower price than its current market value. If the Portfolio writes a put option, it incurs the risk that the market value of the underlying security or futures contract could decrease below the option's exercise price. If this occurs, the option could be exercised and the Portfolio would be forced to buy the underlying security or futures contract at a higher price than its current market value. When the Portfolio purchases an option, it will lose the premium paid for the option if the price of the underlying security or futures contract decreases or remains the same (in the case of a call option) or increases or remains the same (in the case of a put option). If an option purchased by the Portfolio were permitted to expire without being sold or exercised, its premium would represent a loss to the Portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Options Writing Strategy Risk –** if the underlying index appreciates or depreciates sufficiently over the period to offset the new premium received from the written option on that index, a net loss will result. An index substitute reflects the underlying risks of the index and index substitute options are subject to the same risks as index options. In addition, the value of the index substitute is subject to change as the values of the component securities fluctuate. The performance of the index substitute may not exactly match the performance of the index.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Futures Risk –** there can be no assurance that price movements in the futures markets will correlate with the prices of the underlying securities positions. Additionally, price distortions could result if investors in the futures markets opt to make or take delivery of the underlying securities rather than engage in closing transactions because such trend might result in a reduction in the liquidity of the futures market. Further, an increase in the participation of speculators in the futures market could cause temporary price distortions.

*There is no guarantee that the Portfolio will meet its goals. It is possible to lose money by investing in the Portfolio.* 

***The Core Fixed Income Portfolio (continued)***

**Performance Bar Chart and Table**

**Performance.** The chart and table below show how The Core Fixed Income Portfolio has performed, and how its performance has varied, from year to year. The bar chart shows returns on a before-tax basis and gives some indication of risk by showing changes in the Portfolio's yearly performance for each of the last ten full calendar years. The table accompanying the bar chart compares the Portfolio's performance over time on a before and after-tax basis to that of a broad based market index. Of course, past performance, before and after taxes, does not indicate how the Portfolio will perform in the future.

**Year-by-Year Total Returns as of 12/31\***![](bc_corefixed-bw.jpg)

\* Results shown on a calendar year basis; the Portfolio's fiscal year, however, is June 30.

The Portfolio's before-tax return for the period from January 1, 2025 through September 30, 2025 (non-annualized) was [ ]%.

---

| | | |
|:---|:---|:---|
| Best quarter: | 4th Qtr. 2023 | &nbsp;&nbsp;5.61% |
| Worst quarter: | 1st Qtr. 2022 | &nbsp;&nbsp;-6.31% |

---

**Average Annual Total Returns** 

(for the periods ended 12/31/24)

---

| | | | |
|:---|:---|:---|:---|
|  | One<br> Year | Five<br> Year | Ten<br> Year |
| **The Core Fixed Income Portfolio** |  |  |  |
|  –Before Taxes | 1.21% | -0.46% | 1.26% |
|  –After Taxes on Distributions | -0.25% | -1.68% | 0.10% |
| –After Taxes on Distributions and Sale of Portfolio Shares | 0.71% | -0.80% | 0.50% |
| **Bloomberg U.S. Aggregate Bond Index** (reflects no deduction for fees, expenses or taxes) | 1.25% | -0.33% | 1.35% |

---

After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-advantaged arrangements, such as qualified retirement plans.

***The Core Fixed Income Portfolio (continued)***

**Investment Adviser** 

HC Capital Solutions is the Portfolio's investment adviser.

*Portfolio Managers:*

Brad Conger, CFA has managed the Portfolio since August, 2013. Matthew Mead, CFA and Akhil Jain have managed the Portfolio since October, 2019. Paul Shaffer, CFA has managed the Portfolio since March, 2024.

**Investment Subadvisers** 

Agincourt Capital Management, LLC ("Agincourt"), Mellon Investments Corporation ("Mellon") and Parametric Portfolio Associates, LLC ("Parametric") are the Specialist Managers for the Portfolio.

*Portfolio Managers:*

<u>Agincourt</u>: L. Duncan Buoyer, CFA and B. Scott Marshall, CFA have co-managed the Portfolio since March, 2015.

<u>Mellon</u>: Gregg Lee, CFA has co-managed the Portfolio since December, 2012. Marlene Walker Smith has also co-managed the Portfolio since June 2025.

<u>Parametric</u>: Clint Talmo, CFA, Jason Nelson, CFA and Tyler Nowicki, CFA have co-managed the portion of the Portfolio allocated to Parametric's Options Overlay Strategy since February, 2021.

**Tax Information** 

The Portfolio intends to make distributions each year. The Portfolio's distributions are taxable, and will be taxed as ordinary income, capital gains or some combination of both, unless you are investing through a tax-advantaged arrangement, such as a 401(k) plan or an individual retirement account. Such tax-advantaged arrangements may be taxed later upon withdrawal of monies from those arrangements.

For more information on purchasing and selling shares of the Portfolio and financial intermediary compensation, please see "Summary of Other Important Information Regarding Portfolio Shares."

***The Corporate Opportunities Portfolio***

**Investment Objective**

The investment objective of The Corporate Opportunities Portfolio is to achieve above-average total return by investing in high yield securities commonly referred to as "junk bonds."

**Fees and Expenses**

The fee and expense tables below describe the fees and expenses that you may pay if you buy and hold shares of the Portfolio.

**Shareholder Fees**

(fees paid directly from your investment)

Maximum Sales Charges None <br> Maximum Redemption Fee None

**Annual Operating Expenses**

(expenses that you pay each year as a percentage of the value of your investment)

---

| | |
|:---|:---|
|  Management Fees (based on asset allocations among Specialist Managers as of June 30, [2024], see "Advisory Services – Specialist Managers") | &nbsp;&nbsp; [0.08]% |
|  Other Expenses | &nbsp;&nbsp; [0.11]% |
|  Acquired Fund Fees and Expenses | &nbsp;&nbsp; [0.87]% |
|  Total Annual Portfolio Operating Expenses\* | &nbsp;&nbsp; [1.06]% |

---

\* Total Annual Fund Operating Expenses have been restated to reflect current expenses as of June 30, [2024].

**<u>Example</u>**: This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes the reinvestment of all dividends and distributions in shares of the Portfolio and that your investment has a 5% return each year and that the Portfolio's Total Annual Operating Expenses remain the same. Although your actual cost may be higher or lower, based on these assumptions, your cost would be:

---

| | |
|:---|:---|
|  **1 Year** | &nbsp;&nbsp; $[108] |
|  **3 Years** | &nbsp;&nbsp; $[337] |
|  **5 Years** | &nbsp;&nbsp; $[585] |
|  **10 Years** | &nbsp;&nbsp; $[1,294] |

---

**Portfolio Turnover**

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

**Principal Investment Strategies**

Under normal circumstances, the Portfolio invests in a mix of equity and fixed income securities issued by corporations. A principal investment strategy of the Portfolio is to invest in high yield securities including "junk bonds." These securities are fixed income securities that are rated below the fourth highest category assigned by one of the major independent rating agencies or are, in the view of the Specialist Manager, deemed to be of comparable quality. Such securities may include: corporate bonds, collateralized loan obligations (CLOs), publicly traded equities, stock index futures, agency and non-agency mortgage-backed securities, collateralized mortgage obligations, commercial mortgage-backed securities and asset-backed securities, REITs, foreign fixed income securities, including emerging market debt, convertible bonds, preferred stocks, treasury inflation protected securities, loan participations, swaps and fixed and floating rate loans. The Portfolio may invest in securities issued by other investment companies, including ETFs and closed-end funds, that invest in fixed income securities. Notwithstanding the above, when such securities are not available at prices that adequately reflect the underlying risks, the Portfolio will hold a mixture of equity and investment-grade fixed income securities that most closely approximates the risks of such high-yield securities. The Portfolio will invest in equity securities of issuers of any capitalization.

The Portfolio may invest in U.S. government securities, including but not limited to treasuries, agencies and commercial paper. The Portfolio may also hold a portion of its assets in cash or money market instruments in order to maintain liquidity or in the event that the Specialist Manager determines that securities meeting the Portfolio's investment objective and policies are not otherwise readily available for purchase.

***The Corporate Opportunities Portfolio (continued)***

Consistent with its investment policies, the Portfolio may purchase and sell high yield securities. Purchases and sales of securities may be effected without regard to the effect on portfolio turnover. Securities purchased for the Portfolio will have varying maturities and may be of any maturity. The Portfolio may engage in transactions involving instruments such as option or futures contracts, in order to hedge against investment risks, seek to efficiently obtain or adjust exposure to certain securities or groups of securities, or otherwise to increase returns. The Portfolio may also write (sell) call options and put options, in order to receive premiums, on individual securities, market indexes, and/or on substitutes for such indexes, which may include futures contracts or ETFs. The Portfolio normally writes covered call and put options which have an initial maturity of up to nine months and that are "out of the money" at the time of initiation such that the call options sold generally will be above the current price level of the index when written and the exercise price of put options sold generally will be below the current price level of the index when written. In accordance with applicable interpretations of the SEC, certain derivative instruments may be counted as fixed income securities for purposes of the Portfolio's policies regarding investments in fixed income securities, to the extent that such derivative instruments have economic characteristics similar to those of fixed income securities.

The performance benchmark for this Portfolio is the Bloomberg U.S. High Yield Ba/B 2% Issuer Capped Index, an unmanaged index of high yield securities that is widely recognized as an indicator of the performance of such securities. The Specialist Managers actively manage the interest rate risk of the fixed income portion of the Portfolio relative to this benchmark.

The Portfolio is authorized to operate on a multi-manager basis. This means that a single Portfolio may be managed by more than one Specialist Manager. The multi-manager structure is generally designed to provide investors access to broadly diversified investment styles. The Trust seeks to engage skilled Specialist Managers to provide a broad exposure to the relevant asset class and returns in excess of the Portfolio's benchmark over time.

***The Corporate Opportunities Portfolio (continued)***

**Principal Investment Risks**

Investing in the Portfolio involves risks common to any investment in securities. There is no guarantee that the Portfolio will achieve its investment objective and, as is the case with any investment, you may lose money on your investment in the Portfolio. All mutual funds, including the Portfolio, are subject to **Management Risk** – the risk that the investment strategies employed in the investment selection process may not result in an increase in the value of your investment or in overall performance equal to other investments and **Market Risk** – the risk that the value of the securities held by a portfolio may decline in response to general market and economic conditions, or conditions that affect specific market sectors or individual companies.

There are also risks associated with the overall structure of the Portfolio. These include:

&nbsp;&nbsp;&nbsp;&nbsp;• **Multi-Manager Risk –** the Portfolio's multi-manager structure involves the risk that the Specialist Managers serving the Portfolio do not achieve favorable investment results relative to other investments or that the Portfolio's assets are not effectively allocated among Specialist Managers in a manner that enhances the Portfolio's total return or reduces the volatility that might be expected of any one management style. Additionally, the multi-manager structure may, under certain circumstances, cause the Portfolio to incur higher trading costs than might occur in a fund served by a single investment adviser.

Additionally, the range of securities in which the Portfolio may invest, and the several investment strategies that may be used in seeking to achieve the Portfolio's objective, involve additional risks. These are summarized below.

&nbsp;&nbsp;&nbsp;&nbsp;• **Fixed Income Risk.** Investments in fixed income securities may involve the following risks, depending on the instrument involved:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Credit Risk –** An investment in the Portfolio also involves the risk that the issuer of a fixed income security that the Portfolio holds will fail to make timely payments of interest or principal, or go bankrupt, or that the value of the securities will decline because of a market perception that the issuer may not make payments on time, thus potentially reducing the Portfolio's return. Changes in economic conditions are likely to cause issuers of these fixed income securities to be unable to meet their obligations. The lower the rating of a debt security, the higher its credit risk. In addition, the securities of many U.S. Government agencies, authorities or instrumentalities in which the Portfolio may invest are neither issued nor guaranteed by the U.S. Government, and may be supported only by the ability of the issuer to borrow from the U.S. Treasury or by the credit of the issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Interest Rate Risk –** The value of fixed income securities held in the Portfolio, including U.S. Government securities, may decline with changes in interest rates. Prices of fixed income securities with longer effective maturities are more sensitive to interest

rate changes than those with shorter effective maturities. U.S. Government securities can exhibit price movements resulting from changes in interest rates. During low interest rate environments, the risk that interest rates will rise is increased. Such increases may expose fixed income markets to heightened volatility and reduced liquidity for certain fixed income investments, particularly those with longer maturities. These risks are greater when a low interest rate environment has existed for an extended period of time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Asset-Backed/Mortgage-Backed Security Risk –** The market value and yield of asset-backed and mortgage-backed securities can vary due to market interest rate fluctuations and early prepayments of underlying instruments. Although these securities may offer yields higher than those available from other types of securities, these securities may be less effective than other types of securities as a means of "locking in" attractive long-term rates because of the prepayment feature. During periods of difficult or frozen credit markets, significant changes in interest rates, or deteriorating economic conditions, such securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid. Mortgage-backed securities may be particularly susceptible to Prepayment Risk.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Call/Prepayment Risk –** When interest rates are declining, issuers of securities held by the Portfolio may prepay principal earlier than scheduled. As a result of this risk, the Portfolio may have to reinvest these prepayments at those lower rates, thus reducing its income. Mortgage-backed and asset-backed securities are especially sensitive to prepayment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Extension Risk –** These securities are also subject to the risk that payment on the loans underlying the securities held by the Portfolio will be made more slowly when interest rates are rising. This could cause the market value of the securities to decline.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Floating Rate Loans Risk –** The risks associated with floating rate loans are similar to the risks of below investment grade securities. Changes in economic conditions are likely to cause issuers of these securities to be unable to meet their obligations. In addition, the

***The Corporate Opportunities Portfolio (continued)***

value of the collateral securing the loan may decline, causing a loan to be substantially unsecured. The sale and purchase of a bank loan are subject to the requirements of the underlying credit agreement governing such bank loan. These requirements may limit the eligible pool of potential bank loan holders by placing conditions or restrictions on sales and purchases of bank loans. Further, bank loans are not traded on an exchange and purchasers and sellers of bank loans rely on market makers, usually the administrative agent for a particular bank loan, to trade bank loans. These factors, in addition to overall market volatility, may negatively impact the liquidity of loans. Difficulty in selling a floating rate loan may result in a loss. Borrowers may pay back principal before the scheduled due date when interest rates decline, which may require the Portfolio to replace a particular loan with a lower-yielding security. There may be less extensive public information available with respect to loans than for rated, registered or exchange listed securities. The Portfolio may assume the credit risk of the primary lender in addition to the borrower, and investments in loan assignments may involve the risks of being a lender. Coupon rates on floating rate loans are tied to a benchmark lending rate such as the Secured Overnight Funding Rate ("SOFR"). The Federal Reserve Bank of New York began publishing the SOFR in April 2018. SOFR, which is a broad measure of the cost of overnight borrowing of cash collateralized by Treasury securities, is intended to serve as a reference rate for U.S. dollar-based debt and derivatives.

&nbsp;&nbsp;&nbsp;&nbsp;• **Loan Participation Risk –** Loan participations typically will result in a
Portfolio having a contractual relationship only with the lender, not with the borrower. In connection with purchasing loan participations,
a Portfolio generally will have no right to enforce compliance by the borrower with the terms of the loan agreement relating to
the loan, nor any rights of set-off against the borrower, and a Portfolio may not benefit directly from any collateral supporting
the loan in which it has purchased the participation. As a result, a Portfolio will assume the credit risk of both the borrower
and the lender that is selling the participation. A Portfolio may have difficulty disposing of loan participations as the market
for such instruments is not highly liquid.

&nbsp;&nbsp;&nbsp;&nbsp;• **Liquidity Risk –** At times, certain securities may be difficult or impossible
to sell at the price that would normally prevail in the market. The seller may have to lower the price, sell other securities instead
or forego an investment opportunity, any of which could have a negative effect on Portfolio management or performance. This includes
the risk of missing out on an

investment opportunity because the assets necessary to take advantage of it are tied up in less advantageous investments.

&nbsp;&nbsp;&nbsp;&nbsp;• **High Yield Bond Risk –** High yield bonds, commonly referred to as "junk
bonds," are considered speculative under traditional investment standards. Prices of these securities will rise and fall
primarily in response to changes in the issuer's financial health, although changes in market interest rates also will affect
prices. High yield bonds may also experience reduced liquidity, and sudden and substantial decreases in price, during certain market
conditions.

&nbsp;&nbsp;&nbsp;&nbsp;• **Investment in Other Investment Companies Risk –** As with other investments, investments in other investment companies are subject to market and selection risk. To the extent that the Portfolio acquires shares of investment companies, shareholders bear both their proportionate share of expenses in the Portfolio (including management and advisory fees) and, indirectly, the expenses of the acquired investment companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Exchange-Traded Funds Risk** – In addition to the risks of investing in other investment companies generally, an investment in securities issued by an ETF may be subject to the following risks: (1) shares of the ETF may trade at a discount to its net asset value; (2) an active trading market for the ETF's shares may not develop; (3) the exchange on which the ETF is listed may, under certain circumstances, suspend trading of the ETF's shares; and (4) to the extent that an ETF is acquired in order to track a specific asset or index, the ETF may fail to effectively accomplish that goal.

&nbsp;&nbsp;&nbsp;&nbsp;• **Equity Market Risk –** The market value of an equity security and the equity markets in general can be volatile.

&nbsp;&nbsp;&nbsp;&nbsp;• **Foreign Investment Risk.** Investment in foreign securities involves the following risks:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Small/Mid Cap Risk –** Small and mid-cap companies may be more vulnerable to adverse business or economic developments than larger capitalization companies. Securities issued by these companies may be less liquid and/or more volatile than securities of larger companies or the overall securities markets. Small and mid-cap companies may be adversely affected during periods when investors prefer to hold securities of large capitalization companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Foreign Securities Risk –** Investments in securities issued by non-U.S. companies and/or non-U.S. governments and their agencies, may be adversely affected by the lack of timely or reliable financial

***The Corporate Opportunities Portfolio (continued)***

information, political, social and/or economic developments abroad and differences between U.S. and foreign regulatory requirements and market practices. Securities denominated in foreign currencies are subject to the risk that the value of the foreign currency will decline in relation to the U.S. dollar and transaction expenses related to foreign securities, including custody fees, are generally more costly than transaction expenses for domestic securities.

&nbsp;&nbsp;&nbsp;&nbsp;• **Emerging Markets Risk –** Risks associated with foreign investments, including
option and futures contracts, may be intensified in the case of investments in emerging market countries, whose political, legal
and economic systems are less developed and less stable than those of more developed nations. Such investments are often less liquid
and/or more volatile than securities issued by companies located in developed nations, such as the United States, Canada and those
included in the MSCI EAFE Index. Certain types of securities, including emerging market securities, are subject to the risk that
the securities may not be sold at the quoted market price within a reasonable period of time.

• **Risks Associated with Investments in Derivatives.** The Portfolio is
permitted to invest in derivative instruments, including options, futures and options on futures, swaps, structured notes and currency
forwards. Investment in derivatives depends largely on the performance of an underlying reference instrument or rate and the Specialist
Manager's ability to predict correctly the direction of securities prices, interest rates, currency exchange rates and/or
other economic factors. Derivatives involve additional costs and often have risks similar to an investment in the reference instrument
in addition to other risks, such as:

&nbsp;&nbsp;&nbsp;&nbsp;• **General Derivative Risks –** Derivatives may be volatile and may involve significant
risks. The Portfolio's exposure to derivatives involves risks different from, or possibly greater than, the risks associated
with investing directly in securities and other investments. The underlying security, measure or other instrument on which a derivative
is based, or the derivative itself, may not perform as expected. Normally derivatives involve leverage, which means that their
use can significantly magnify the effect of price movements of the underlying securities or reference measures, disproportionately
increasing the Portfolio's losses and reducing the Portfolio's opportunities for gains. Some derivatives have the potential
for unlimited loss, including a loss that may be greater than the amount invested. Derivatives also

present default risks if the counterparty to a derivatives contract fails to fulfill its obligations to the Portfolio. Certain derivatives held by the Portfolio may be illiquid, including non-exchange-traded or over-the-counter derivatives that are linked to illiquid instruments or illiquid markets, making it difficult to close out an unfavorable position. Derivatives also may be more difficult to purchase, sell or value than other instruments. Derivatives risk may be more significant when derivatives are used to enhance return or as a substitute for a cash investment position, rather than solely to hedge the risk of a position held by the Portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;• **Counterparty Risk –** The Portfolio will be subject to counterparty credit
risk with respect to derivative contracts entered into by the Portfolio or held by special purpose or structured vehicles in which
the Portfolio invests, including other investment companies. If a counterparty becomes bankrupt or otherwise fails to perform its
obligations due to financial difficulties, the Portfolio may experience significant delays in obtaining any recovery in a bankruptcy
or other reorganization proceeding. The Portfolio may obtain only a limited recovery or may obtain no recovery in such circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;• **Derivatives Tax Risk –** Compared to other types of investments, derivatives
may be harder to value and may also be less tax efficient. In addition, changes in government regulation of derivative instruments
could affect the character, timing and amount of the Portfolio's taxable income or gains, and may limit or prevent the Portfolio
from using certain types of derivative instruments as a part of its investment strategy, which could make the investment strategy
more costly to implement or require the Portfolio to change its investment strategy. These rules may: (i) affect whether
gains and losses recognized by the Portfolio are treated as ordinary or capital or as short-term or long-term, (ii) accelerate
the recognition of income or gains to the Portfolio, (iii) defer losses to the Portfolio, and (iv) cause adjustments
in the holding periods of the Portfolio's securities. To the extent that the Portfolio uses derivatives for hedging or to
gain or limit exposure to a particular market or market segment, there may be imperfect correlation between the value of the derivative
instrument and the value of the instrument being hedged or the relevant market or market segment, in which case the Portfolio may
not realize the intended benefits. The Portfolio's use of derivatives may be limited by the requirements for taxation of
the Portfolio as a regulated investment company.

***The Corporate Opportunities Portfolio (continued)***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Options Risk –** purchasing and writing put and call options are highly specialized activities and entail greater-than-ordinary investment risks. Investments in options are considered speculative. An option is an agreement that, for a premium payment or fee, gives the option holder (the purchaser) the right but not the obligation to buy (a "call option") or sell (a "put option") the underlying security or futures contract (or settle for cash an amount based on an underlying asset, rate or index) at a specified price (the "exercise price") during a period of time or on a specified date. When the Portfolio writes (sells) an option, it profits if the option expires unexercised, because it retains the premium the buyer of the option paid. However, if the Portfolio writes a call option, it incurs the risk that the market price of the underlying security or futures contract could increase above the option's exercise price. If this occurs, the option could be exercised and the Portfolio would be forced to sell the underlying security or futures contract at a lower price than its current market value. If the Portfolio writes a put option, it incurs the risk that the market value of the underlying security or futures contract could decrease below the option's exercise price. If this occurs, the option could be exercised and the Portfolio would be forced to buy the underlying security or futures contract at a higher price than its current market value. When the Portfolio purchases an option, it will lose the premium paid for the option if the price of the underlying security or futures contract decreases or remains the same (in the case of a call option) or increases or remains the same (in the case of a put option). If an option purchased by the Portfolio were permitted to expire without being sold or exercised, its premium would represent a loss to the Portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Options Writing Strategy Risk –** if the underlying index appreciates or depreciates sufficiently over the period to offset the new premium received from the written option on that index, a net loss will result. An index substitute reflects the underlying risks of the index and index substitute options are subject to the

same risks as index options. In addition, the value of the index substitute is subject to change as the values of the component securities fluctuate. The performance of the index substitute may not exactly match the performance of the index.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Swaps Risks** – The use of swaps is a highly specialized activity which involves investment techniques, risk analyses and tax planning different from those associated with ordinary portfolio securities transactions. Swap transactions can result in sizeable realized and unrealized capital gains and losses relative to the gains and losses from the Portfolio's direct investments in securities and short sales. Transactions in swaps can involve greater risks than if the Portfolio had invested in securities directly since, in addition to general market risks, swaps may be leveraged and are also subject to liquidity risk, counterparty risk, credit risk and valuation risk. Regulators also may impose limits on an entity's or group of entities' positions in certain swaps.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Futures Risk –** there can be no assurance that price movements in the futures markets will correlate with the prices of the underlying securities positions. Additionally, price distortions could result if investors in the futures markets opt to make or take delivery of the underlying securities rather than engage in closing transactions because such trend might result in a reduction in the liquidity of the futures market. Further, an increase in the participation of speculators in the futures market could cause temporary price distortions.

&nbsp;&nbsp;&nbsp;&nbsp;• **Other Risks** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **REIT Risk –** REIT prices may fall because of the failure of borrowers to pay their loans and/or poor management. The value of REITs may also be affected by increases in property taxes and changes in tax laws and interest rates.

*There is no guarantee that the Portfolio will meet its goals. It is possible to lose money by investing in the Portfolio.*

***The Corporate Opportunities Portfolio (continued)***

**Performance Bar Chart and Table**

 **Performance.** The chart and table below show how The Corporate Opportunities Portfolio has performed, and how its performance has varied, from year to year. The bar chart shows returns on a before-tax basis and gives some indication of risk by showing changes in the Portfolio's yearly performance for each of the last ten full calendar years. The table accompanying the bar chart compares the Portfolio's performance over time on a before and after-tax basis to that of a broad based market index and an index that more closely reflects the investments of the Portfolio. Of course, past performance, before and after taxes, does not indicate how the Portfolio will perform in the future. In addition, the Portfolio, prior to August 17, 2020 when it changed its name and primary investment strategy, invested primarily in fixed income securities including at least 50% in high yield securities. The Portfolio's performance information prior to August 17, 2020 relates only to the Portfolio's former principal investment strategies.

**Year-by-Year Total Returns as of 12/31\***

![](bc_corporateopportunitie-bw.jpg)

\* Results shown on a calendar year basis; the Portfolio's fiscal year, however, is June 30.

The Portfolio's before-tax return for the period from January 1, 2025 through September 30, 2025 (non-annualized) was [ ]%.

---

| | | |
|:---|:---|:---|
| Best quarter: | 2nd Qtr. 2020 | 7.05% |
| Worst quarter: | 2nd Qtr. 2022 | -7.26% |

---

**Average Annual Total Returns**

(for the periods ended 12/31/24)

---

| | | | |
|:---|:---|:---|:---|
|  | One<br> Year | Five<br> Year | Ten<br> Year |
| **The Corporate Opportunities Portfolio\*** |  |  |  |
|  – Before Taxes | 8.56% | 5.84% | 5.70% |
|  – After Taxes on Distributions | 6.81% | 3.99% | 3.52% |
| – After Taxes on Distributions and Sale of Portfolio Shares | 5.05% | 3.77% | 3.43% |
| **Bloomberg U.S. High Yield Ba/B 2% Issuer Capped Index** (reflects no deduction for fees, expenses or taxes) | 6.77% | 3.90% | 4.97% |
| **Bloomberg U.S. Aggregate Bond Index** (reflects no deduction for fees, expenses or taxes) | 1.25% | -0.33% | 1.35% |

---

\* Effective at the close of business August 17, 2020, the Portfolio changed its principal investment strategy to invest in a mix of equity and fixed income securities issued by corporations. See "About Benchmarks and Index Investing" for a description of the indexes.

After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-advantaged arrangements, such as qualified retirement plans.

***The Corporate Opportunities Portfolio (continued)***

**Investment Adviser**

HC Capital Solutions is the Portfolio's investment adviser.

*Portfolio Managers:*

Brad Conger, CFA has managed the Portfolio since August, 2013. Matthew Mead, CFA and Akhil Jain have managed the Portfolio since October, 2019. Paul Shaffer, CFA has managed the Portfolio since March, 2024.

**Investment Subadvisers**

City of London Investment Management Company Limited ("CLIM"), Mellon Investments Corporation ("Mellon") and Parametric Portfolio Associates LLC ("Parametric") are the Specialist Managers for the Portfolio with responsibility for the management of the Portfolio's assets that are invested directly in fixed income securities.

*Portfolio Managers:*

<u>CLIM</u>: James Millward, Michael Edmonds, CFA and Michael Sugrue have managed the portion of the Portfolio allocated to CLIM since November, 2014.

<u>Mellon</u>: Marlene Walker Smith has managed this portion of the Portfolio since June 2025.

<u>Parametric (Liquidity Strategy)</u>: Clint Talmo, CFA and Jason Nelson, CFA have managed the portion of the Portfolio allocated to Parametric's Liquidity Strategy since March, 2015. Tyler Nowicki, CFA has managed the portion of the Portfolio allocated to Parametric's Liquidity Strategy since October 2018 and has been a part of the management team for the portfolio since March 2015.

<u>Parametric (Options Overlay Strategy)</u>: Clint Talmo, CFA, Jason Nelson, CFA and Tyler Nowicki, CFA have co-managed the portion of the Portfolio allocated to Parametric's Options Overlay Strategy since February, 2021.

<u>Parametric (Targeted Strategy)</u>: Clint Talmo, CFA and Jason Nelson, CFA have managed the portion of the Portfolio allocated to Parametric's Targeted Strategy since June, 2016. Tyler Nowicki, CFA has managed the portion of the Portfolio allocated to Parametric's Targeted Strategy since October 2018 and has been a part of the management team for the portfolio since June 2016.

**Tax Information**

The Portfolio intends to make distributions each year. The Portfolio's distributions are taxable, and will be taxed as ordinary income, capital gains or some combination of both, unless you are investing through a tax-advantaged arrangement, such as a 401(k) plan or an individual retirement account. Such tax-advantaged arrangements may be taxed later upon withdrawal of monies from those arrangements.

For more information on purchasing and selling shares of the Portfolio and financial intermediary compensation, please see "Summary of Other Important Information Regarding Portfolio Shares."

***The U.S. Government Fixed Income Securities Portfolio***

**Investment Objective**

The investment objective of The U.S. Government Fixed Income Securities Portfolio is to provide a moderate and sustainable level of current income, consistent with the preservation of capital by investing in a diversified portfolio of primarily U.S. Treasury and government related fixed income securities.

**Fees and Expenses**

The fee and expense tables below describe the fees and expenses that you may pay if you buy and hold shares of the Portfolio.

**Shareholder Fees**

(fees paid directly from your investment)

Maximum Sales Charges None <br> Maximum Redemption Fee None

**Annual Operating Expenses**

(expenses that you pay each year as a percentage of the value of your investment)

---

| | |
|:---|:---|
|  Management Fees (based on asset allocations among Specialist Managers as of June 30, [2024], see "Advisory Services – Specialist Managers") | [0.03]% |
| Other Expenses | [0.09]% |
| Acquired Fund Fees and Expenses | [0.02]% |
| Total Annual Portfolio Operating Expenses\* | [0.14]% |

---

\* Total Annual Fund Operating Expenses have been restated to reflect current expenses as of June 30, [2024].

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

---

| | |
|:---|:---|
| **1 Year** | $[14] |
| **3 Years** | $[45] |
| **5 Years** | $[79] |
| **10 Years** | $[179] |

---

**Portfolio Turnover**

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

**Principal Investment Strategies**

Under normal circumstances, the Portfolio seeks to achieve its objective by investing primarily (i.e., at least 80% of its net assets) in fixed income securities issued or fully guaranteed by the U.S. Government, Federal Agencies, or sponsored agencies. In the unlikely event that a change in this investment policy is adopted by the Board of Trustees, shareholders will receive at least 60 days prior written notice before such change is implemented. Securities in which the Portfolio may invest include bonds, notes and certificates of deposit. These may include securities issued by federal agencies and instrumentalities that are not backed by the full faith and credit of the U.S. Government. In general, the portfolio will maintain aggregate characteristics similar to the Bloomberg U.S. Government Index, although portions of the portfolio may maintain other characteristics at the discretion of the Adviser. Securities held by the Portfolio will be rated investment grade or better by at least two rating agencies at the time of purchase or, if not rated by an agency, of comparable credit quality as determined by the Specialist Manager at the time of purchase. Overall credit quality of the Portfolio will be maintained at a level substantially equal to that of the Bloomberg U.S. Government Index. The Portfolio will attempt to be fully invested at all times in U.S. Government fixed income securities, but may hold cash positions at times to adjust the duration of the Portfolio to more closely approximate that of the Bloomberg U.S. Government Index, to replicate the interest rate sensitivity of the securities in the Bloomberg U.S. Government Index, or to approximate the exposure to cash in the Bloomberg U.S. Government Index from coupon payments, principal payments or called securities. The Portfolio intends to maintain an effective dollar weighted average portfolio maturity similar to that of the Bloomberg U.S. Government Index, which was [7.68] years as of June 30, 2025. The Portfolio may invest in securities issued by other investment companies, including ETFs, that invest in U.S. fixed income securities issued or fully guaranteed by the U.S. Government, Federal Agencies, or sponsored agencies. The Portfolio may engage in transactions involving instruments such as option or futures contracts in order to hedge against investment risks, seek to efficiently obtain or adjust exposure to certain securities or groups

***The U.S. Government Fixed Income Securities Portfolio (continued)***

of securities, or otherwise to increase returns. The Portfolio may also write (sell) call options and put options, in order to receive premiums, on individual securities, market indexes, and/or on substitutes for such indexes, which may include futures contracts or ETFs. The Portfolio normally writes covered call and put options which have an initial maturity of up to nine months and that are "out of the money" at the time of initiation such that the call options sold generally will be above the current price level of the index when written and the exercise price of put options sold generally will be below the current price level of the index when written. In accordance with applicable interpretations of the SEC, certain derivative instruments may be counted as fixed income securities for purposes of the Portfolio's policies regarding investments in fixed income securities, to the extent that such derivative instruments have economic characteristics similar to those of fixed income securities.

The Portfolio may be managed using an "active" investment approach and/or a "passive" investment approach designed to approximate as closely as practicable, before expenses, the performance of either the Portfolio's benchmark index or, from time to time, one or more identifiable subsets or other portions of that index. The relative weighting of these two approaches may vary anywhere from 0% to 100% of the Portfolio's assets at any given time.

The Portfolio is authorized to operate on a multi-manager basis. This means that a single Portfolio may be managed by more than one Specialist Manager. The multi-manager structure is generally designed to provide investors access to broadly diversified investment styles. The Trust seeks to engage skilled Specialist Managers to provide a broad exposure to the relevant asset class and returns in excess of the Portfolio's benchmark over time.

***The U.S. Government Fixed Income Securities Portfolio (continued)***

**Principal Investment Risks**

Investing in the Portfolio involves risks common to any investment in securities. There is no guarantee that the Portfolio will achieve its investment objective and, as is the case with any investment, you may lose money on your investment in the Portfolio. All mutual funds, including the Portfolio, are subject to **Management Risk** – the risk that the investment strategies employed in the investment selection process may not result in an increase in the value of your investment or in overall performance equal to other investments and **Market Risk** – the risk that the value of the securities held by a portfolio may decline in response to general market and economic conditions, or conditions that affect specific market sectors or individual companies.

There are also risks associated with the overall structure of the Portfolio. These include:

&nbsp;&nbsp;&nbsp;&nbsp;• **Multi-Manager Risk –** the Portfolio's multi-manager structure involves the risk that the Specialist Managers serving the Portfolio do not achieve favorable investment results relative to other investments or that the Portfolio's assets are not effectively allocated among Specialist Managers in a manner that enhances the Portfolio's total return or reduces the volatility that might be expected of any one management style. Additionally, the multi-manager structure may, under certain circumstances, cause the Portfolio to incur higher trading costs than might occur in a fund served by a single investment adviser.

&nbsp;&nbsp;&nbsp;&nbsp;• **Passive Investing Risk –** the Portfolio may employ a passive investment approach, which attempts to approximate as closely as practicable, before expenses, the performance of either the Portfolio's benchmark index, or one or more identifiable subsets or other portions of that index as deemed appropriate by the Adviser, regardless of the current or projected performance of a specific security or a particular industry or market sector. Maintaining investments in securities regardless of market conditions or the performance of individual securities could cause the Portfolio's return to be lower than if the Portfolio employed an active strategy. In addition, the Portfolio's return may not match or achieve a high degree of correlation with the return of the target investment pool due to operating expenses, transaction costs, and cash flows.

Additionally, the range of securities in which the Portfolio may invest, and the several investment strategies that may be used in seeking to achieve the Portfolio's objective, involve additional risks. These are summarized below.

&nbsp;&nbsp;&nbsp;&nbsp;• **Fixed Income Risk.** Investments in fixed income securities may involve the following risks, depending on the instrument involved:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Credit Risk –** An investment in the Portfolio also involves the risk that the issuer of a fixed income security that the Portfolio holds will fail to make timely payments of interest or principal, or go bankrupt, or that the value of the securities will decline because of a market perception that the issuer may not make payments on time, thus potentially reducing the Portfolio's return. Changes in economic conditions are likely to cause issuers of these fixed income securities

to be unable to meet their obligations. The lower the rating of a debt security, the higher its credit risk. In addition, the securities of many U.S. Government agencies, authorities or instrumentalities in which the Portfolio may invest are neither issued nor guaranteed by the U.S. Government, and may be supported only by the ability of the issuer to borrow from the U.S. Treasury or by the credit of the issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Interest Rate Risk –** The value of fixed income securities held in the Portfolio, including U.S. Government securities, may decline with changes in interest rates. Prices of fixed income securities with longer effective maturities are more sensitive to interest rate changes than those with shorter effective maturities. U.S. Government securities can exhibit price movements resulting from changes in interest rates. During low interest rate environments, the risk that interest rates will rise is increased. Such increases may expose fixed income markets to heightened volatility and reduced liquidity for certain fixed income investments, particularly those with longer maturities. These risks are greater when a low interest rate environment has existed for an extended period of time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Call/Prepayment Risk –** When interest rates are declining, issuers of securities held by the Portfolio may prepay principal earlier than scheduled. As a result of this risk, the Portfolio may have to reinvest these prepayments at those lower rates, thus reducing its income. This risk should be low for the Portfolio as it invests mainly in securities that are not callable.

&nbsp;&nbsp;&nbsp;&nbsp;• **Investment in Other Investment Companies Risk –** As with other investments, investments in other investment companies are subject to market and selection risk. To the extent that the Portfolio acquires shares of investment companies, shareholders bear both their proportionate share of expenses in the Portfolio (including management and advisory fees) and, indirectly, the expenses of the acquired investment companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Exchange-Traded Funds Risk** – In addition to the risks of investing in other investment companies generally, an investment in securities issued by an ETF may be subject to the following risks: (1) shares of the ETF may trade at a discount to its net asset value; (2) an active trading market for the ETF's shares may not develop; (3) the exchange on which the ETF is listed

***The U.S. Government Fixed Income Securities Portfolio (continued)***

may, under certain circumstances, suspend trading of the ETF's shares; and (4) to the extent that an ETF is acquired in order to track a specific asset or index, the ETF may fail to effectively accomplish that goal.

&nbsp;&nbsp;&nbsp;&nbsp;• **Risks Associated with Investments in Derivatives.** The Portfolio is permitted to invest in derivative instruments, including options, futures and options on futures. Investment in derivatives depends largely on the performance of an underlying reference instrument or rate and the Specialist Manager's ability to predict correctly the direction of securities prices, interest rates, currency exchange rates and/or other economic factors. Derivatives involve additional costs and often have risks similar to an investment in the reference instrument in addition to other risks, such as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **General Derivative Risks –** Derivatives may be volatile and may involve significant risks. The Portfolio's exposure to derivatives involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other investments. The underlying security, measure or other instrument on which a derivative is based, or the derivative itself, may not perform as expected. Normally derivatives involve leverage, which means that their use can significantly magnify the effect of price movements of the underlying securities or reference measures, disproportionately increasing the Portfolio's losses and reducing the Portfolio's opportunities for gains. Some derivatives have the potential for unlimited loss, including a loss that may be greater than the amount invested. Derivatives also present default risks if the counterparty to a derivatives contract fails to fulfill its obligations to the Portfolio. Certain derivatives held by the Portfolio may be illiquid, including non-exchange-traded or over-the-counter derivatives that are linked to illiquid instruments or illiquid markets, making it difficult to close out an unfavorable position. Derivatives also may be more difficult to purchase, sell or value than other instruments. Derivatives risk may be more significant when derivatives are used to enhance return or as a substitute for a cash investment position, rather than solely to hedge the risk of a position held by the Portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Counterparty Risk –** The Portfolio will be subject to counterparty credit risk with respect to derivative contracts entered into by the Portfolio or held by special purpose or structured vehicles in which the Portfolio invests, including other investment companies. If a counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties, the Portfolio may experience significant delays in obtaining any recovery in a bankruptcy or other reorganization

proceeding. The Portfolio may obtain only a limited recovery or may obtain no recovery in such circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Derivatives Tax Risk –** Compared to other types of investments, derivatives may be harder to value and may also be less tax efficient. In addition, changes in government regulation of derivative instruments could affect the character, timing and amount of the Portfolio's taxable income or gains, and may limit or prevent the Portfolio from using certain types of derivative instruments as a part of its investment strategy, which could make the investment strategy more costly to implement or require the Portfolio to change its investment strategy. These rules may: (i) affect whether gains and losses recognized by the Portfolio are treated as ordinary or capital or as short-term or long-term, (ii) accelerate the recognition of income or gains to the Portfolio, (iii) defer losses to the Portfolio, and (iv) cause adjustments in the holding periods of the Portfolio's securities. To the extent that the Portfolio uses derivatives for hedging or to gain or limit exposure to a particular market or market segment, there may be imperfect correlation between the value of the derivative instrument and the value of the instrument being hedged or the relevant market or market segment, in which case the Portfolio may not realize the intended benefits. The Portfolio's use of derivatives may be limited by the requirements for taxation of the Portfolio as a regulated investment company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Options Risk –** purchasing and writing put and call options are highly specialized activities and entail greater-than-ordinary investment risks. Investments in options are considered speculative. An option is an agreement that, for a premium payment or fee, gives the option holder (the purchaser) the right but not the obligation to buy (a "call option") or sell (a "put option") the underlying security or futures contract (or settle for cash an amount based on an underlying asset, rate or index) at a specified price (the "exercise price") during a period of time or on a specified date. When the Portfolio writes (sells) an option, it profits if the option expires unexercised, because it retains the premium the buyer of the option paid. However, if the Portfolio writes a call option, it incurs the risk that the market price of the underlying security or futures contract could increase above the option's exercise price. If this occurs, the option could be exercised and the Portfolio would be forced to sell the underlying security or futures contract at a lower price than its current market value. If the Portfolio writes a put option, it incurs the risk that the market value of the underlying security or futures contract could decrease below the option's exercise price. If this occurs, the option could be exercised and the Portfolio would be forced to buy the

***The U.S. Government Fixed Income Securities Portfolio (continued)***

underlying security or futures contract at a higher price than its current market value. When the Portfolio purchases an option, it will lose the premium paid for the option if the price of the underlying security or futures contract decreases or remains the same (in the case of a call option) or increases or remains the same (in the case of a put option). If an option purchased by the Portfolio were permitted to expire without being sold or exercised, its premium would represent a loss to the Portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Options Writing Strategy Risk –** if the underlying index appreciates or depreciates sufficiently over the period to offset the new premium received from the written option on that index, a net loss will result. An index substitute reflects the underlying risks of the index and index substitute options are subject to the same risks as index options. In addition, the value of the

index substitute is subject to change as the values of the component securities fluctuate. The performance of the index substitute may not exactly match the performance of the index.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Futures Risk** – there can be no assurance that price movements in the futures markets will correlate with the prices of the underlying securities positions. Additionally, price distortions could result if investors in the futures markets opt to make or take delivery of the underlying securities rather than engage in closing transactions because such trend might result in a reduction in the liquidity of the futures market. Further, an increase in the participation of speculators in the futures market could cause temporary price distortions.

*There is no guarantee that the Portfolio will meet its goals. It is possible to lose money by investing in the Portfolio.*

***The U.S. Government Fixed Income Securities Portfolio (continued)***

**Performance Bar Chart and Table**

 **Performance.** The chart and table below show how The U.S. Government Fixed Income Securities Portfolio has performed, and how its performance has varied, from year to year. The bar chart shows returns on a before-tax basis and gives some indication of risk by showing changes in the Portfolio's yearly performance for each of the last ten full calendar years. The table accompanying the bar chart compares the Portfolio's performance over time on a before and after-tax basis to that of a broad based market index and an index that more closely reflects the investments of the Portfolio. Of course, past performance, before and after taxes, does not indicate how the Portfolio will perform in the future.

**Year-by-Year Total Returns as of 12/31\***

![](bc_fixedinco-bw.jpg)

\* Results shown on a calendar year basis; the Portfolio's fiscal year, however, is June 30.

The Portfolio's before-tax return for the period from January 1, 2025 through September 30, 2025 (non-annualized) was [ ]%.

---

| | | |
|:---|:---|:---|
| Best quarter: | 1st Qtr. 2020 | 7.96% |
| Worst quarter: | 1st Qtr. 2022 | -5.46% |

---

**Average Annual Total Returns**

(for the periods ended 12/31/24)

---

| | | | |
|:---|:---|:---|:---|
|  | One<br> Year | Five<br> Year | Ten<br> Year |
| **The U.S. Government Fixed Income Securities Portfolio** |  |  |  |
|  – Before Taxes | 0.55% | -0.36% | 0.88% |
|  – After Taxes on Distributions | -0.92% | -1.62% | -0.17% |
| – After Taxes on Distributions and Sale of Portfolio Shares | 0.33% | -0.72% | 0.28% |
| **Bloomberg U.S. Government Index** (reflects no deduction for fees, expenses or taxes) | 0.62% | -0.63% | 0.85% |
| **Bloomberg U.S. Aggregate Bond Index** (reflects no deduction for fees, expenses or taxes) | 1.25% | -0.33% | 1.35% |

---

After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-advantaged arrangements, such as qualified retirement plans.

***The U.S. Government Fixed Income Securities Portfolio (continued)***

**Investment Adviser**

HC Capital Solutions (the "Adviser") serves as the Portfolio's investment adviser.

*Portfolio Managers:*

Brad Conger, CFA has managed the Portfolio since August, 2013. Matthew Mead, CFA and Akhil Jain have managed the Portfolio since October, 2019. Paul Shaffer, CFA has managed the Portfolio since March, 2024.

**Investment Subadviser**

Mellon Investments Corporation ("Mellon") and Parametric Portfolio Associates, LLC ("Parametric") are the Specialist Managers for the Portfolio.

*Portfolio Managers:*

<u>Mellon</u>: Gregg Lee, CFA has co-managed the Portfolio since December, 2012. Marlene Walker Smith has also co-managed the Portfolio since June 2025.

<u>Parametric</u>: Clint Talmo, CFA, Jason Nelson, CFA and Tyler Nowicki, CFA have co-managed the portion of the Portfolio allocated to Parametric's Options Overlay Strategy since February, 2021.

**Tax Information**

The Portfolio intends to make distributions each year. The Portfolio's distributions are taxable and will be taxed as ordinary income, capital gains or some combination of both, unless you are investing through a tax-advantaged arrangement, such as a 401(k) plan or an individual retirement account. Such tax-advantaged arrangements may be taxed later upon withdrawal of monies from those arrangements.

For more information on purchasing and selling shares of the Portfolio and financial intermediary compensation, please see "Summary of Other Important Information Regarding Portfolio Shares."

***The U.S. Corporate Fixed Income Securities Portfolio***

**Investment Objective**

The investment objective of The U.S. Corporate Fixed Income Securities Portfolio is to provide a moderate and sustainable level of current income, consistent with the preservation of capital by investing primarily in a diversified portfolio of investment grade fixed income securities issued by U.S. corporations.

**Fees and Expenses**

The fee and expense tables below describe the fees and expenses that you may pay if you buy and hold shares of the Portfolio.

**Shareholder Fees**

(fees paid directly from your investment)

Maximum Sales Charges None <br> Maximum Redemption Fee None

**Annual Operating Expenses**

(expenses that you pay each year as a percentage of the value of your investment)

---

| | |
|:---|:---|
|  Management Fees (based on asset allocations among Specialist Managers as of June 30, [2024], see "Advisory Services – Specialist Managers") | &nbsp;&nbsp; [0.08]% |
|  Other Expenses | &nbsp;&nbsp; [0.11]% |
|  Total Annual Portfolio Operating Expenses\* | &nbsp;&nbsp; [0.19]% |

---

\* Total Annual Fund Operating Expenses have been restated to reflect current expenses as of June 30, [2024].

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

---

| | |
|:---|:---|
|  **1 Year** | &nbsp;&nbsp; $[19] |
|  **3 Years** | &nbsp;&nbsp; $[61] |
|  **5 Years** | &nbsp;&nbsp; $[107] |
|  **10 Years** | &nbsp;&nbsp; $[243] |

---

**Portfolio Turnover**

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

**Principal Investment Strategies**

Under normal circumstances, the Portfolio seeks to achieve its objective by investing primarily (i.e. at least 80% of net assets) in fixed income securities issued by U.S. corporations. In the unlikely event that a change in this investment policy is adopted by the Board of Trustees, shareholders will receive at least 60 days prior written notice before such change is implemented. In general, the Portfolio invests predominantly in investment grade fixed income securities and will maintain aggregate characteristics similar to the Bloomberg U.S. Corporate Index. Securities held by the Portfolio will primarily be rated investment-grade or better by one of the established rating agencies or, if not rated by an agency, of comparable credit quality as determined by the Specialist Manager at the time of purchase. Additionally, investment-grade securities held by the Portfolio which are downgraded below investment-grade may be retained provided this would not result in the total percentage of below investment grade securities in the Portfolio exceeding a maximum market value of 20% of the Portfolio. Securities purchased for the Portfolio will have varying maturities, but under normal circumstances the Portfolio will have an effective dollar weighted average portfolio maturity that is within the range of the average portfolio maturity in the Bloomberg U.S. Corporate Investment Grade Index, which range, as of June 30, 2025, was between [1 and 98] years. The weighted average maturity of the Bloomberg U.S. Corporate Investment Grade Index as of June 30, 2025 was [10.74] years. The Portfolio may invest in securities issued by other investment companies, including ETFs, that invest in investment grade fixed income securities issued by U.S. corporations. The Portfolio may also invest up to 20% of its assets in municipal bonds (i.e., debt securities issued by municipalities and related entities).

***The U.S. Corporate Fixed Income Securities Portfolio (continued)***

The Portfolio may invest in fixed income securities of foreign issuers. The Portfolio may engage in transactions involving instruments such as option or futures contracts in order to hedge against investment risks, seek to efficiently obtain or adjust exposure to certain securities or groups of securities, or otherwise to increase returns. The Portfolio may also write (sell) call options and put options, in order to receive premiums, on individual securities, market indexes, and/or on substitutes for such indexes, which may include futures contracts or ETFs. The Portfolio normally writes covered call and put options which have an initial maturity of up to nine months and that are "out of the money" at the time of initiation such that the call options sold generally will be above the current price level of the index when written and the exercise price of put options sold generally will be below the current price level of the index when written. In accordance with applicable interpretations of the SEC, certain derivative instruments may be counted as fixed income securities for purposes of the Portfolio's policies regarding investments in fixed income securities, to the extent that such derivative instruments have economic characteristics similar to those of fixed income securities.

The Portfolio may be managed using an "active" investment approach and/or a "passive" investment approach designed to approximate as closely as practicable, before expenses, the performance of either the Portfolio's benchmark index or, from time to time, one or more identifiable subsets or other portions of that index. The relative weighting of these two approaches may vary anywhere from 0% to 100% of the Portfolio's assets at any given time.

The Portfolio is authorized to operate on a multi-manager basis. This means that a single Portfolio may be managed by more than one Specialist Manager. The multi-manager structure is generally designed to provide investors access to broadly diversified investment styles. The Trust seeks to engage skilled Specialist Managers to provide a broad exposure to the relevant asset class and returns in excess of the Portfolio's benchmark over time.

***The U.S. Corporate Fixed Income Securities Portfolio (continued)***

**Principal Investment Risks**

Investing in the Portfolio involves risks common to any investment in securities. There is no guarantee that the Portfolio will achieve its investment objective and, as is the case with any investment, you may lose money on your investment in the Portfolio. All mutual funds, including the Portfolio, are subject to **Management Risk** – the risk that the investment strategies employed in the investment selection process may not result in an increase in the value of your investment or in overall performance equal to other investments and **Market Risk** – the risk that the value of the securities held by a portfolio may decline in response to general market and economic conditions, or conditions that affect specific market sectors or individual companies.

There are also risks associated with the overall structure of the Portfolio. These include:

&nbsp;&nbsp;&nbsp;&nbsp;• **Multi-Manager Risk –** the Portfolio's multi-manager structure involves the risk that the Specialist Managers serving the
 Portfolio do not achieve favorable investment results relative to other investments or that the Portfolio's assets are
 not effectively allocated among Specialist Managers in a manner that enhances the Portfolio's total return or reduces
 the volatility that might be expected of any one management style. Additionally, the multi-manager structure may, under certain
 circumstances, cause the Portfolio to incur higher trading costs than might occur in a fund served by a single investment
 adviser.

&nbsp;&nbsp;&nbsp;&nbsp;• **Passive Investing Risk –** the Portfolio may employ a passive investment approach, which attempts to approximate as closely as practicable,
 before expenses, the performance of either the Portfolio's benchmark index, or one or more identifiable subsets or other
 portions of that index as deemed appropriate by the Adviser, regardless of the current or projected performance of a specific
 security or a particular industry or market sector. Maintaining investments in securities regardless of market conditions
 or the performance of individual securities could cause the Portfolio's return to be lower than if the Portfolio employed
 an active strategy. In addition, the Portfolio's return may not match or achieve a high degree of correlation with the
 return of the target investment pool due to operating expenses, transaction costs, and cash flows.

Additionally, the range of securities in which the Portfolio may invest, and the several investment strategies that may be used in seeking to achieve the Portfolio's objective, involve additional risks. These are summarized below.

&nbsp;&nbsp;&nbsp;&nbsp;• **Fixed Income Risk.** Investments in fixed income securities may involve the following risks, depending on the instrument involved:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Credit Risk –** An investment in the Portfolio also involves the risk that the issuer of a fixed income security that the Portfolio holds
 will fail to make timely payments of interest or principal, or go bankrupt, or that the value of the securities will decline
 because of a market perception that the issuer may not make

---

| | |
|:---|:---|
|  | payments on time, thus potentially reducing the Portfolio's return. Changes in economic conditions are likely to cause issuers of these fixed income securities to be unable to meet their obligations. The lower the rating of a debt security, the higher its credit risk. In addition, the securities of many U.S. Government agencies, authorities or instrumentalities in which the Portfolio may invest are neither issued nor guaranteed by the U.S. Government, and may be supported only by the ability of the issuer to borrow from the U.S. Treasury or by the credit of the issuer. |
| • | **High Yield Bond Risk** – High yield bonds, commonly referred to as "junk bonds," are considered speculative under traditional investment standards. Prices of these securities will rise and fall primarily in response to changes in the issuer's financial health, although changes in market interest rates also will affect prices. High yield bonds may also experience reduced liquidity, and sudden and substantial decreases in price, during certain market conditions. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Interest Rate Risk –** The value of fixed income securities held in the Portfolio, including U.S. Government securities, may decline
 with changes in interest rates. Prices of fixed income securities with longer effective maturities are more sensitive to interest
 rate changes than those with shorter effective maturities. U.S. Government securities can exhibit price movements resulting
 from changes in interest rates. During low interest rate environments, the risk that interest rates will rise is increased.
 Such increases may expose fixed income markets to heightened volatility and reduced liquidity for certain fixed income investments,
 particularly those with longer maturities. These risks are greater when a low interest rate environment has existed for an
 extended period of time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Call/Prepayment Risk –** When interest rates are declining, issuers of securities held by the Portfolio may prepay principal earlier
 than scheduled. As a result of this risk, the Portfolio may have to reinvest these prepayments at those lower rates, thus
 reducing its income. Mortgage-backed and asset-backed securities are especially sensitive to prepayment.

***The U.S. Corporate Fixed Income Securities Portfolio (continued)***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Liquidity Risk –** At times, certain securities may be difficult or impossible to sell at the price that would normally prevail in
 the market. The seller may have to lower the price, sell other securities instead or forego an investment opportunity, any
 of which could have a negative effect on Portfolio management or performance. This includes the risk of missing out on an
 investment opportunity because the assets necessary to take advantage of it are tied up in less advantageous investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Municipal Bond Risk –** The risk of a municipal obligation generally depends on the financial and credit status of the issuer. Constitutional
 amendments, legislative enactments, executive orders, administrative regulations, voter initiatives, and the issuer's
 regional economic conditions may affect the municipal security's value, interest payments, repayment of principal and
 the Portfolio's ability to sell the security. Failure of a municipal security issuer to comply with applicable tax requirements
 may make income paid thereon taxable, resulting in a decline in the security's value. In addition, there could be changes
 in applicable tax laws or tax treatments that reduce or eliminate the current federal income tax exemption on municipal securities
 or otherwise adversely affect the current federal or state tax status of municipal securities.

• **Investment in Other Investment Companies Risk –** As with other investments, investments in other investment companies are subject
 to market and selection risk. To the extent that the Portfolio acquires shares of investment companies, shareholders bear
 both their proportionate share of expenses in the Portfolio (including management and advisory fees) and, indirectly, the
 expenses of the acquired investment companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Exchange-Traded Funds Risk** – In addition to the risks of investing in other investment companies generally, an investment in securities
 issued by an ETF may be subject to the following risks: (1) shares of the ETF may trade at a discount to its net asset value;
 (2) an active trading market for the ETF's shares may not develop; (3) the exchange on which the ETF is listed may,
 under certain circumstances, suspend trading of the ETF's shares; and (4) to the extent that an ETF is acquired in order
 to track a specific asset or index, the ETF may fail to effectively accomplish that goal.

&nbsp;&nbsp;&nbsp;&nbsp;• **Foreign Investment Risk.** Investment in foreign securities involves the following risks:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Foreign Securities Risk –** Investments in securities issued by non-U.S. companies and/or non-U.S. governments and their agencies, may
 be adversely affected by the lack of timely or reliable financial information, political, social and/or economic

developments abroad and differences between U.S. and foreign regulatory requirements and market practices. Securities denominated in foreign currencies are subject to the risk that the value of the foreign currency will decline in relation to the U.S. dollar and transaction expenses related to foreign securities, including custody fees, are generally more costly than transaction expenses for domestic securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Foreign Currency Risk –** Securities denominated in foreign currencies are subject to the risk that the value of the foreign currency
 will decline in relation to the U.S. dollar. Currency exchange rates can be volatile and can be affected by, among other factors,
 the general economics of a country, or the actions of the U.S. or foreign governments or central banks. In addition, transaction
 expenses related to foreign securities, including custody fees, are generally more costly than transaction expenses for domestic
 securities.

&nbsp;&nbsp;&nbsp;&nbsp;• **Risks Associated with Investments in Derivatives.** The Portfolio is permitted to invest in derivative instruments, including options, futures
 and options on futures. Investment in derivatives depends largely on the performance of an underlying reference instrument
 or rate and the Specialist Manager's ability to predict correctly the direction of securities prices, interest rates,
 currency exchange rates and/or other economic factors. Derivatives involve additional costs and often have risks similar to
 an investment in the reference instrument in addition to other risks, such as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **General Derivative Risks –** Derivatives may be volatile and may involve significant
 risks. The Portfolio's exposure to derivatives involves risks different from, or
 possibly greater than, the risks associated with investing directly in securities and
 other investments. The underlying security, measure or other instrument on which a derivative
 is based, or the derivative itself, may not perform as expected. Normally derivatives
 involve leverage, which means that their use can significantly magnify the effect of
 price movements of the underlying securities or reference measures, disproportionately
 increasing the Portfolio's losses and reducing the Portfolio's opportunities
 for gains. Some derivatives have the potential for unlimited loss, including a loss that
 may be greater than the amount invested. Derivatives also present default risks if the
 counterparty to a derivatives contract fails to fulfill its obligations to the Portfolio.
 Certain derivatives held by the Portfolio may be illiquid, including non-exchange-traded
 or over-the-counter derivatives that are linked to illiquid instruments or illiquid markets,
 making it difficult to close out an unfavorable position. Derivatives also may be more
 difficult to purchase, sell or value than other

***The U.S. Corporate Fixed Income Securities Portfolio (continued)***

instruments. Derivatives risk may be more significant when derivatives are used to enhance return or as a substitute for a cash investment position, rather than solely to hedge the risk of a position held by the Portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Counterparty Risk –** The Portfolio will be subject to counterparty credit risk with respect to derivative contracts entered into
 by the Portfolio or held by special purpose or structured vehicles in which the Portfolio invests, including other investment
 companies. If a counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties,
 the Portfolio may experience significant delays in obtaining any recovery in a bankruptcy or other reorganization proceeding.
 The Portfolio may obtain only a limited recovery or may obtain no recovery in such circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Derivatives Tax Risk –** Compared to other types of investments, derivatives may be harder to value and may also be less tax efficient.
 In addition, changes in government regulation of derivative instruments could affect the character, timing and amount of the
 Portfolio's taxable income or gains, and may limit or prevent the Portfolio from using certain types of derivative instruments
 as a part of its investment strategy, which could make the investment strategy more costly to implement or require the Portfolio
 to change its investment strategy. These rules may: (i) affect whether gains and losses recognized by the Portfolio are treated
 as ordinary or capital or as short-term or long-term, (ii) accelerate the recognition of income or gains to the Portfolio,
 (iii) defer losses to the Portfolio, and (iv) cause adjustments in the holding periods of the Portfolio's securities.
 To the extent that the Portfolio uses derivatives for hedging or to gain or limit exposure to a particular market or market
 segment, there may be imperfect correlation between the value of the derivative instrument and the value of the instrument
 being hedged or the relevant market or market segment, in which case the Portfolio may not realize the intended benefits.
 The Portfolio's use of derivatives may be limited by the requirements for taxation of the Portfolio as a regulated investment
 company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Options Risk –** purchasing and writing put and call options are highly specialized activities and entail greater-than-ordinary
 investment risks. Investments in options are considered speculative. An option is an agreement that, for a premium payment
 or fee, gives the option holder (the purchaser) the right but not the obligation to buy (a "call option") or sell
 (a "put option") the underlying security or futures contract (or

settle for cash an amount based on an underlying asset, rate or index) at a specified price (the "exercise price") during a period of time or on a specified date. When the Portfolio writes (sells) an option, it profits if the option expires unexercised, because it retains the premium the buyer of the option paid. However, if the Portfolio writes a call option, it incurs the risk that the market price of the underlying security or futures contract could increase above the option's exercise price. If this occurs, the option could be exercised and the Portfolio would be forced to sell the underlying security or futures contract at a lower price than its current market value. If the Portfolio writes a put option, it incurs the risk that the market value of the underlying security or futures contract could decrease below the option's exercise price. If this occurs, the option could be exercised and the Portfolio would be forced to buy the underlying security or futures contract at a higher price than its current market value. When the Portfolio purchases an option, it will lose the premium paid for the option if the price of the underlying security or futures contract decreases or remains the same (in the case of a call option) or increases or remains the same (in the case of a put option). If an option purchased by the Portfolio were permitted to expire without being sold or exercised, its premium would represent a loss to the Portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Options Writing Strategy Risk –** if the underlying index appreciates or depreciates sufficiently over the period to offset the new
 premium received from the written option on that index, a net loss will result. An index substitute reflects the underlying
 risks of the index and index substitute options are subject to the same risks as index options. In addition, the value of
 the index substitute is subject to change as the values of the component securities fluctuate. The performance of the index
 substitute may not exactly match the performance of the index.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Futures Risk –** there can be no assurance that price movements in the futures markets
 will correlate with the prices of the underlying securities positions. Additionally,
 price distortions could result if investors in the futures markets opt to make or take
 delivery of the underlying securities rather than engage in closing transactions because
 such trend might result in a reduction in the liquidity of the futures market. Further,
 an increase in the participation of speculators in the futures market could cause temporary
 price distortions.

*There is no guarantee that the Portfolio will meet its goals. It is possible to lose money by investing in the Portfolio.*

***The U.S. Corporate Fixed Income Securities Portfolio (continued)***

**Performance Bar Chart and Table**

**Performance.** The chart and table below show how The U.S. Corporate Fixed Income Securities Portfolio has performed, and how its performance has varied, from year to year. The bar chart shows returns on a before-tax basis and gives some indication of risk by showing changes in the Portfolio's yearly performance for each of the last ten full calendar years. The table accompanying the bar chart compares the Portfolio's performance over time on a before and after-tax basis to that of a broad based market index and an index that more closely reflects the investments of the Portfolio. Of course, past performance, before and after taxes, does not indicate how the Portfolio will perform in the future.

**Year-by-Year Total Returns as of 12/31\***

![](bc_corporatefixed-bw.jpg)

\* Results shown on a calendar year basis; the Portfolio's fiscal year, however, is June 30.

The Portfolio's before-tax return for the period from January 1, 2025 through September 30, 2025 (non-annualized) was [ ]%.

---

| | | |
|:---|:---|:---|
| Best quarter: | 2nd Qtr. 2020 | 8.65% |
| Worst quarter: | 1st Qtr. 2022 | -6.35% |

---

**Average Annual Total Returns**

(for the periods ended 12/31/24)

---

| | | | |
|:---|:---|:---|:---|
|  | One <br> Year | Five <br> Year | Ten <br> Year |
| **The U.S. Corporate Fixed Income Securities Portfolio** |  |  |  |
|  – Before Taxes | 2.74% | 1.08% | 2.72% |
|  – After Taxes on Distributions | 0.87% | -0.64% | 1.12% |
| – After Taxes on Distributions and Sale of Portfolio Shares | 1.61% | 0.23% | 1.47% |
| **Bloomberg U.S. Corporate Index** (reflects no deduction for fees, expenses or taxes) | 2.13% | 0.30% | 2.43% |
| **Bloomberg U.S. Aggregate Bond Index** (reflects no deduction for fees, expenses or taxes) | 1.25% | -0.33% | 1.35% |

---

After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-advantaged arrangements, such as qualified retirement plans.

***The U.S. Corporate Fixed Income Securities Portfolio (continued)***

**Investment Adviser**

HC Capital Solutions serves as the Portfolio's investment adviser.

*Portfolio Managers:*

Brad Conger, CFA has managed the Portfolio since August, 2013. Matthew Mead, CFA and Akhil Jain have managed the Portfolio since October, 2019. Paul Shaffer, CFA has managed the Portfolio since March, 2024.

**Investment Subadvisers**

Agincourt Capital Management LLC ("Agincourt"), Mellon Investments Corporation ("Mellon") and Parametric Portfolio Associates, LLC ("Parametric") are the Specialist Managers for the Portfolio.

*Portfolio Managers:*

<u>Agincourt</u>: L. Duncan Buoyer, CFA and B. Scott Marshall, CFA have co-managed the Portfolio since March, 2015.

<u>Mellon</u>: Marlene Walker Smith has managed this portion of the Portfolio since June 2025.

<u>Parametric</u>: Clint Talmo, CFA, Jason Nelson, CFA and Tyler Nowicki, CFA have co-managed the portion of the Portfolio allocated to Parametric's Options Overlay Strategy since February, 2021.

**Tax Information**

The Portfolio intends to make distributions each year. The Portfolio's distributions are taxable and will be taxed as ordinary income, capital gains or some combination of both, unless you are investing through a tax-advantaged arrangement, such as a 401(k) plan or an individual retirement account. Such tax-advantaged arrangements may be taxed later upon withdrawal of monies from those arrangements.

For more information on purchasing and selling shares of the Portfolio and financial intermediary compensation, please see "Summary of Other Important Information Regarding Portfolio Shares."

***The U.S. Mortgage/Asset Backed Fixed Income Securities Portfolio***

**Investment Objective**

The investment objective of The U.S. Mortgage/Asset Backed Fixed Income Securities Portfolio is to seek to provide a moderate and sustainable level of current income, consistent with the preservation of capital by investing primarily in a diversified portfolio of publicly issued mortgage and asset backed securities.

**Fees and Expenses**

The fee and expense tables below describe the fees and expenses that you may pay if you buy and hold shares of the Portfolio.

**Shareholder Fees**

(fees paid directly from your investment)

Maximum Sales Charges None <br> Maximum Redemption Fee None

**Annual Operating Expenses**

(expenses that you pay each year as a percentage of the value of your investment)

---

| | |
|:---|:---|
|  Management Fees (based on asset allocations among Specialist Managers as of June 30, [2024], see "Advisory Services – Specialist Managers") | [0.08]% |
| Other Expenses | [0.15]% |
| Total Annual Portfolio Operating Expenses\* | [0.23]% |

---

\* Total Annual Fund Operating Expenses have been restated to reflect current expenses as of June 30, [2024].

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

---

| | |
|:---|:---|
| **1 Year** | $[24] |
| **3 Years** | $[74] |
| **5 Years** | $[130] |
| **10 Years** | $[293] |

---

**Portfolio Turnover**

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

**Principal Investment Strategies**

Under normal circumstances, the Portfolio seeks to achieve its objective by investing primarily (i.e. at least 80% of net assets) in U.S. mortgage and asset backed securities. In the unlikely event that a change in this investment policy is adopted by the Board of Trustees, shareholders will receive at least 60 days prior written notice before such change is implemented. The Portfolio invests predominantly in publicly issued, investment grade U.S. mortgage and asset backed securities and, in general, seeks to maintain aggregate characteristics similar to the Bloomberg U.S. Securitized Index. The Portfolio will seek to invest in U.S. dollar denominated agency and non-agency mortgage-backed securities backed by loans secured by residential, multifamily and commercial properties including, but not limited to: pass throughs, collateralized mortgage obligations ("CMOs"), real estate mortgage investment conduits ("REMICs"), stripped mortgage-backed securities ("SMBS"), project loans, construction loans, and adjustable rate mortgages. Income from MBS, ABS, CMO, REMIC and SMBS investments of the Portfolio will be taxed as ordinary income when distributed to shareholders unless you are investing through a tax-advantaged arrangement, such as a 401(k) plan or an individual retirement account, in which case withdrawals from such arrangements may be taxed in the year of withdrawal. The Portfolio may invest in securities issued by other investment companies, including ETFs, that invest in mortgage and asset backed securities. The Portfolio may also invest in U.S. Treasury and agency securities. Securities must be rated investment-grade or better by a nationally recognized credit rating agency at the time of purchase or, if not rated by an agency, of comparable credit quality as determined by the Specialist Manager at the time of purchase. The Portfolio may engage in transactions involving instruments such as option or futures contracts in order to hedge against investment risks, seek to efficiently obtain or adjust exposure to certain securities or groups of securities, or otherwise to increase

***The U.S. Mortgage/Asset Backed Fixed Income Securities Portfolio (continued)***

returns. The Portfolio may also write (sell) call options and put options, in order to receive premiums, on individual securities, market indexes, and/or on substitutes for such indexes, which may include futures contracts or ETFs. The Portfolio normally writes covered call and put options which have an initial maturity of up to price level of the index when written and the exercise price of put options sold generally will be below the current price level of the index when written. In accordance with applicable interpretations of the SEC, certain derivative instruments may be counted as fixed income securities for purposes of the Portfolio's policies regarding investments in fixed income securities, to the extent that such derivative instruments have economic characteristics similar to those of fixed income securities. Securities purchased for the Portfolio will have varying maturities, but under normal circumstances the Portfolio will have an effective dollar weighted average portfolio maturity that is within the range of the average portfolio maturity in the Bloomberg U.S. Securitized Index, which has a weighted average maturity of [7.47] years as of June 30, 2025 and can vary between [1 and 26] years.

The Portfolio may be managed using an "active" investment approach and/or a "passive" investment approach designed to approximate as closely as practicable, before expenses, the performance of either the Portfolio's benchmark index or, from time to time, one or more identifiable subsets or other portions of that index. The relative weighting of these two approaches may vary anywhere from 0% to 100% of the Portfolio's assets at any given time.

The Portfolio is authorized to operate on a multi-manager basis. This means that a single Portfolio may be managed by more than one Specialist Manager. The multi-manager structure is generally designed to provide investors access to broadly diversified investment styles. The Trust seeks to engage skilled Specialist Managers to provide a broad exposure to the relevant asset class and returns in excess of the Portfolio's benchmark over time.

***The U.S. Mortgage/Asset Backed Fixed Income Securities Portfolio (continued)***

**Principal Investment Risks**

Investing in the Portfolio involves risks common to any investment in securities. There is no guarantee that the Portfolio will achieve its investment objective and, as is the case with any investment, you may lose money on your investment in the Portfolio. All mutual funds, including the Portfolio, are subject to **Management Risk** – the risk that the investment strategies employed in the investment selection process may not result in an increase in the value of your investment or in overall performance equal to other investments and **Market Risk** – the risk that the value of the securities held by a portfolio may decline in response to general market and economic conditions, or conditions that affect specific market sectors or individual companies.

There are also risks associated with the overall structure of the Portfolio. These include:

&nbsp;&nbsp;&nbsp;&nbsp;• **Multi-Manager Risk –** the Portfolio's multi-manager structure involves the risk that the Specialist Managers serving the
 Portfolio do not achieve favorable investment results relative to other investments or that the Portfolio's assets are
 not effectively allocated among Specialist Managers in a manner that enhances the Portfolio's total return or reduces
 the volatility that might be expected of any one management style. Additionally, the multi-manager structure may, under certain
 circumstances, cause the Portfolio to incur higher trading costs than might occur in a fund served by a single investment
 adviser.

&nbsp;&nbsp;&nbsp;&nbsp;• **Passive Investing Risk –** the Portfolio may employ a passive investment approach, which attempts to approximate as closely as practicable,
 before expenses, the performance of either the Portfolio's benchmark index, or one or more identifiable subsets or other
 portions of that index as deemed appropriate by the Adviser, regardless of the current or projected performance of a specific
 security or a particular industry or market sector. Maintaining investments in securities regardless of market conditions
 or the performance of individual securities could cause the Portfolio's return to be lower than if the Portfolio employed
 an active strategy. In addition, the Portfolio's return may not match or achieve a high degree of correlation with the
 return of the target investment pool due to operating expenses, transaction costs, and cash flows.

Additionally, the range of securities in which the Portfolio may invest, and the several investment strategies that may be used in seeking to achieve the Portfolio's objective, involve additional risks. These are summarized below.

&nbsp;&nbsp;&nbsp;&nbsp;• **Fixed Income Risk.** Investments in fixed income securities may involve the following risks, depending on the instrument involved:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Credit Risk –** An investment in the Portfolio also involves the risk that the issuer of a fixed income security that the Portfolio holds
 will fail to make timely payments of interest or principal, or go bankrupt, or that the value of the securities will decline
 because of a market perception that the issuer may not make payments on time, thus potentially reducing the Portfolio's
 return. Changes in economic conditions are likely to cause issuers of these fixed income securities

to be unable to meet their obligations. The lower the rating of a debt security, the higher its credit risk. In addition, the securities of many U.S. Government agencies, authorities or instrumentalities in which the Portfolio may invest are neither issued nor guaranteed by the U.S. Government, and may be supported only by the ability of the issuer to borrow from the U.S. Treasury or by the credit of the issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Interest Rate Risk –** The value of fixed income securities held in the Portfolio, including U.S. Government securities, may decline
 with changes in interest rates. Prices of fixed income securities with longer effective maturities are more sensitive to interest
 rate changes than those with shorter effective maturities. U.S. Government securities can exhibit price movements resulting
 from changes in interest rates. During low interest rate environments, the risk that interest rates will rise is increased.
 Such increases may expose fixed income markets to heightened volatility and reduced liquidity for certain fixed income investments,
 particularly those with longer maturities. These risks are greater when a low interest rate environment has existed for an
 extended period of time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Asset-Backed/Mortgage-Backed Security Risk –** The market value and yield of asset-backed and mortgage-backed securities can vary due to market
 interest rate fluctuations and early prepayments of underlying instruments. Although these securities may offer yields higher
 than those available from other types of securities, these securities may be less effective than other types of securities
 as a means of "locking in" attractive long-term rates because of the prepayment feature. During periods of difficult
 or frozen credit markets, significant changes in interest rates, or deteriorating economic conditions, such securities may
 decline in value, face valuation difficulties, become more volatile and/or become illiquid. Mortgage-backed securities may
 be particularly susceptible to Prepayment Risk.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Call/Prepayment Risk –** When interest rates are declining, issuers of securities held by the Portfolio may prepay principal earlier
 than scheduled. As a result of this risk, the Portfolio may have to reinvest these prepayments at those lower rates, thus
 reducing its income. Mortgage-backed and asset-backed securities are especially sensitive to prepayment.

***The U.S. Mortgage/Asset Backed Fixed Income Securities Portfolio (continued)***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Liquidity Risk –** At times, certain securities may be difficult or impossible to sell at the price that would normally prevail in
 the market. The seller may have to lower the price, sell other securities instead or forego an investment opportunity, any
 of which could have a negative effect on Portfolio management or performance. This includes the risk of missing out on an
 investment opportunity because the assets necessary to take advantage of it are tied up in less advantageous investments.

&nbsp;&nbsp;&nbsp;&nbsp;• **Investment in Other Investment Companies Risk –** As with other investments, investments in other investment companies are subject
 to market and selection risk. To the extent that the Portfolio acquires shares of investment companies, shareholders bear
 both their proportionate share of expenses in the Portfolio (including management and advisory fees) and, indirectly, the
 expenses of the acquired investment companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Exchange-Traded Funds Risk** – In addition to the risks of investing in other investment companies generally, an investment in securities
 issued by an ETF may be subject to the following risks: (1) shares of the ETF may trade at a discount to its net asset value;
 (2) an active trading market for the ETF's shares may not develop; (3) the exchange on which the ETF is listed may,
 under certain circumstances, suspend trading of the ETF's shares; and (4) to the extent that an ETF is acquired in order
 to track a specific asset or index, the ETF may fail to effectively accomplish that goal.

&nbsp;&nbsp;&nbsp;&nbsp;• **Risks Associated with Investments in Derivatives.** The Portfolio is permitted to invest in derivative instruments, including options, futures
 and options on futures, swaps, structured notes and currency forwards. Investment in derivatives depends largely on the performance
 of an underlying reference instrument or rate and the Specialist Manager's ability to predict correctly the direction
 of securities prices, interest rates, currency exchange rates and/or other economic factors. Derivatives involve additional
 costs and often have risks similar to an investment in the reference instrument in addition to other risks, such as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **General Derivative Risks –** Derivatives may be volatile and may involve significant risks. The Portfolio's exposure to derivatives
 involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other
 investments. The underlying security, measure or other instrument on which a derivative is based, or the derivative itself,
 may not perform as expected. Normally derivatives involve leverage, which means that their use can significantly magnify the
 effect of price movements of the underlying securities or

reference measures, disproportionately increasing the Portfolio's losses and reducing the Portfolio's opportunities for gains. Some derivatives have the potential for unlimited loss, including a loss that may be greater than the amount invested. Derivatives also present default risks if the counterparty to a derivatives contract fails to fulfill its obligations to the Portfolio. Certain derivatives held by the Portfolio may be illiquid, including non-exchange-traded or over-the-counter derivatives that are linked to illiquid instruments or illiquid markets, making it difficult to close out an unfavorable position. Derivatives also may be more difficult to purchase, sell or value than other instruments. Derivatives risk may be more significant when derivatives are used to enhance return or as a substitute for a cash investment position, rather than solely to hedge the risk of a position held by the Portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Counterparty Risk –** The Portfolio will be subject to counterparty credit risk with respect to derivative contracts entered into
 by the Portfolio or held by special purpose or structured vehicles in which the Portfolio invests, including other investment
 companies. If a counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties,
 the Portfolio may experience significant delays in obtaining any recovery in a bankruptcy or other reorganization proceeding.
 The Portfolio may obtain only a limited recovery or may obtain no recovery in such circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Derivatives Tax Risk –** Compared to other types of investments, derivatives may be harder to value and may also be less tax efficient.
 In addition, changes in government regulation of derivative instruments could affect the character, timing and amount of the
 Portfolio's taxable income or gains, and may limit or prevent the Portfolio from using certain types of derivative instruments
 as a part of its investment strategy, which could make the investment strategy more costly to implement or require the Portfolio
 to change its investment strategy. These rules may: (i) affect whether gains and losses recognized by the Portfolio are treated
 as ordinary or capital or as short-term or long-term, (ii) accelerate the recognition of income or gains to the Portfolio,
 (iii) defer losses to the Portfolio, and (iv) cause adjustments in the holding periods of the Portfolio's securities.
 To the extent that the Portfolio uses derivatives for hedging or to gain or limit exposure to a particular market or market
 segment, there may be imperfect correlation between the value of the derivative instrument and the value of the instrument
 being hedged or the relevant market or market segment, in which case the Portfolio may not realize the intended benefits.
 The Portfolio's use of derivatives may be limited by the requirements for

***The U.S. Mortgage/Asset Backed Fixed Income Securities Portfolio (continued)***

taxation of the Portfolio as a regulated investment company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Options Risk –** purchasing and writing put and call options are highly specialized activities and entail greater-than-ordinary
 investment risks. Investments in options are considered speculative. An option is an agreement that, for a premium payment
 or fee, gives the option holder (the purchaser) the right but not the obligation to buy (a "call option") or sell
 (a "put option") the underlying security or futures contract (or settle for cash an amount based on an underlying
 asset, rate or index) at a specified price (the "exercise price") during a period of time or on a specified date.
 When the Portfolio writes (sells) an option, it profits if the option expires unexercised, because it retains the premium
 the buyer of the option paid. However, if the Portfolio writes a call option, it incurs the risk that the market price of
 the underlying security or futures contract could increase above the option's exercise price. If this occurs, the option
 could be exercised and the Portfolio would be forced to sell the underlying security or futures contract at a lower price
 than its current market value. If the Portfolio writes a put option, it incurs the risk that the market value of the underlying
 security or futures contract could decrease below the option's exercise price. If this occurs, the option could be exercised
 and the Portfolio would be forced to buy the underlying security or futures contract at a higher price than its current market
 value. When the Portfolio purchases an option, it will lose the premium paid for the option if the price of the underlying
 security or futures contract decreases or remains the same (in the case of a call option) or increases or remains the same
 (in the case of a put option). If an option purchased by the Portfolio were permitted to expire without being sold or exercised,
 its premium would represent a loss to the Portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Options Writing Strategy Risk –** if the underlying index appreciates or depreciates sufficiently over the period to offset the new
 premium received from the written option on that index, a net loss will result. An index substitute reflects the underlying
 risks of the index and index substitute options are subject to the same risks as index options. In addition, the value of
 the index substitute is subject to change as the values of the component securities fluctuate. The performance of the index
 substitute may not exactly match the performance of the index.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Swaps Risks** – The use of swaps is a highly specialized activity which involves investment techniques, risk analyses and tax planning
 different from those associated with ordinary portfolio securities transactions. Swap transactions can result in sizeable
 realized and unrealized capital gains and losses relative to the gains and losses from the Portfolio's direct investments
 in securities and short sales. Transactions in swaps can involve greater risks than if the Portfolio had invested in securities
 directly since, in addition to general market risks, swaps may be leveraged and are also subject to liquidity risk, counterparty
 risk, credit risk and valuation risk. Regulators also may impose limits on an entity's or group of entities' positions
 in certain swaps.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Futures Risk –** there can be no assurance that price movements in the futures markets will correlate with the prices of the underlying
 securities positions. Additionally, price distortions could result if investors in the futures markets opt to make or take
 delivery of the underlying securities rather than engage in closing transactions because such trend might result in a reduction
 in the liquidity of the futures market. Further, an increase in the participation of speculators in the futures market could
 cause temporary price distortions.

 

*There is no guarantee that the Portfolio will meet its goals. It is possible to lose money by investing in the Portfolio.*

***The U.S. Mortgage/Asset Backed Fixed Income Securities Portfolio (continued)***

**Performance Bar Chart and Table**

**Performance.** The chart and table below show how The U.S. Mortgage/Asset Backed Fixed Income Securities Portfolio has performed, and how its performance has varied, from year to year. The bar chart shows returns on a before-tax basis and gives some indication of risk by showing changes in the Portfolio's yearly performance for each of the last ten full calendar years. The table accompanying the bar chart compares the Portfolio's performance over time on a before and after-tax basis to that of a broad based market index and an index that more closely reflects the investments of the Portfolio. Of course, past performance, before and after taxes, does not indicate how the Portfolio will perform in the future.

**Year-by-Year Total Returns as of 12/31\***

![](bc_mortgage-bw.jpg)

\* Results shown on a calendar year basis; the Portfolio's fiscal year, however, is June 30.

The Portfolio's before-tax return for the period from January 1, 2025 through September 30, 2025 (non-annualized) was [ ]%.

---

| | | |
|:---|:---|:---|
| Best quarter: | 4th Qtr. 2023 | 6.93% |
| Worst quarter: | 3rd Qtr. 2022 | -4.65% |

---

**Average Annual Total Returns**

(for the periods ended 12/31/24)

---

| | | | |
|:---|:---|:---|:---|
|  | **One** <br> **Year** | **Five** <br> **Year** | **Ten** <br> **Year** |
| **The U.S. Mortgage/Asset Backed Fixed Income Securities Portfolio** |  |  |  |
|  – Before Taxes | 1.50% | -0.58% | 0.80% |
|  – After Taxes on Distributions | 0.09% | -1.63% | -0.32% |
|  – After Taxes on Distributions and Sale of Portfolio Shares | 0.88% | -0.87% | 0.13% |
| **Bloomberg U.S. Securitized Index** (reflects no deduction for fees, expenses or taxes) | 1.45% | -0.59% | 1.00% |
| **Bloomberg U.S. Aggregate Bond Index** (reflects no deduction for fees, expenses or taxes) | 1.25% | -0.33% | 1.35% |

---

After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-advantaged arrangements, such as qualified retirement plans.

***The U.S. Mortgage/Asset Backed Fixed Income Securities Portfolio (continued)***

**Investment Adviser**

HC Capital Solutions serves as the Portfolio's investment adviser.

*Portfolio Managers:*

Brad Conger, CFA has managed the Portfolio since August, 2013. Matthew Mead, CFA and Akhil Jain have managed the Portfolio since October, 2019. Paul Shaffer, CFA has managed the Portfolio since March, 2024.

**Investment Subadvisers**

Mellon Investments Corporation ("Mellon") and Parametric Portfolio Associates, LLC ("Parametric") are the Specialist Managers for the Portfolio.

*Portfolio Managers:*

<u>Mellon</u>: Gregg Lee, CFA has co-managed the Portfolio since December, 2012. Marlene Walker Smith has also co-managed the Portfolio since June 2025.

<u>Parametric</u>: Clint Talmo, CFA, Jason Nelson, CFA and Tyler Nowicki, CFA have co-managed the portion of the Portfolio allocated to Parametric's Options Overlay Strategy since February, 2021.

**Tax Information**

The Portfolio intends to make distributions each year. The Portfolio's distributions are taxable and will be taxed as ordinary income, capital gains or some combination of both, unless you are investing through a tax-advantaged arrangement, such as a 401(k) plan or an individual retirement account. Such tax-advantaged arrangements may be taxed later upon withdrawal of monies from those arrangements.

For more information on purchasing and selling shares of the Portfolio and financial intermediary compensation, please see "Summary of Other Important Information Regarding Portfolio Shares."

***The Short-Term Municipal Bond Portfolio***

**Investment Objective**

The investment objective of The Short-Term Municipal Bond Portfolio is to provide a high level of current income exempt from Federal income tax, consistent with the preservation of capital.

**Fees and Expenses**

The fee and expense tables below describe the fees and expenses that you may pay if you buy and hold shares of the Portfolio.

**Shareholder Fees**

(fees paid directly from your investment)

Maximum Sales Charges None <br> Maximum Redemption Fee None

**Annual Operating Expenses**

(expenses that you pay each year as a percentage of the value of your investment)

---

| | |
|:---|:---|
|  Management Fees (based on asset allocations among Specialist Managers as of June 30, [2024], see "Advisory Services – Specialist Managers") | [0.13]% |
| Other Expenses | [0.18]% |
| Total Annual Portfolio Operating Expenses\* | [0.31]% |

---

\* Total Annual Fund Operating Expenses have been restated to reflect current expenses as of June 30, [2024].

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

---

| | |
|:---|:---|
| **1 Year** | $[32] |
| **3 Years** | $[100] |
| **5 Years** | $[174] |
| **10 Years** | $[393] |

---

**Portfolio Turnover**

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

**Principal Investment Strategies**

Under normal circumstances, the Portfolio seeks to achieve its objective by investing primarily (i.e. at least 80% of net assets) in municipal bonds. The policy stated in the foregoing sentence is a fundamental policy and may not be changed without shareholder approval. Municipal bonds are debt securities issued by municipalities and related entities, the interest on which is exempt from Federal income tax so that they will qualify to pay "exempt-interest dividends" ("Municipal Securities"). The Portfolio intends to maintain a dollar-weighted effective average portfolio maturity of no longer than three years. The Portfolio invests primarily in securities that are rated in one of the top four rating categories of a nationally recognized statistical rating organization ("Baa" or higher by Moody's Investors Service, Inc., "BBB" or higher by S&P Global Ratings) or, if unrated, that are determined by the Specialist Manager to be of comparable quality. Fixed income securities rated in the fourth highest rating category by a rating agency may have speculative characteristics. The Portfolio does not currently intend to invest in obligations, the interest on which is a preference item for purposes of the Federal alternative minimum tax. The Portfolio may invest in securities issued by other investment companies, including ETFs, that invest in municipal bonds.

The Portfolio is authorized to operate on a multi-manager basis. This means that a single Portfolio may be managed by more than one Specialist Manager. The multi-manager structure is generally designed to provide investors access to broadly diversified investment styles. The Trust seeks to engage skilled Specialist Managers to provide a broad exposure to the relevant asset class and returns in excess of the Portfolio's benchmark over time.

***The Short-Term Municipal Bond Portfolio (continued)***

**Principal Investment Risks**

Investing in the Portfolio involves risks common to any investment in securities. There is no guarantee that the Portfolio will achieve its investment objective and, as is the case with any investment, you may lose money on your investment in the Portfolio. All mutual funds, including the Portfolio, are subject to **Management Risk** – the risk that the investment strategies employed in the investment selection process may not result in an increase in the value of your investment or in overall performance equal to other investments and **Market Risk** – the risk that the value of the securities held by a portfolio may decline in response to general market and economic conditions, or conditions that affect specific market sectors or individual companies.

There are also risks associated with the overall structure of the Portfolio. These include:

&nbsp;&nbsp;&nbsp;&nbsp;• **Tax Risk** – Changes in Federal tax laws or regulations could change the tax-exempt status of income from any or all of the Portfolio's
 municipal securities. In addition, short-term capital gains and a portion of any gain attributable to bonds purchased at market
 discount will be treated as ordinary income for Federal tax purposes.

Additionally, the range of securities in which the Portfolio may invest, and the several investment strategies that may be used in seeking to achieve the Portfolio's objective, involve additional risks. These are summarized below.

&nbsp;&nbsp;&nbsp;&nbsp;• **Fixed Income Risk.** Investments in fixed income securities may involve the following risks, depending on the instrument involved:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Credit Risk –** An investment in the Portfolio also involves the risk that the issuer of a fixed income security that the Portfolio holds
 will fail to make timely payments of interest or principal, or go bankrupt, or that the value of the securities will decline
 because of a market perception that the issuer may not make payments on time, thus potentially reducing the Portfolio's
 return. Changes in economic conditions are likely to cause issuers of these fixed income securities to be unable to meet their
 obligations. The lower the rating of a debt security, the higher its credit risk. In addition, the securities of many U.S.
 Government agencies, authorities or instrumentalities in which the Portfolio may invest are neither issued nor guaranteed
 by the U.S. Government, and may be supported only by the ability of the issuer to borrow from the U.S. Treasury or by the
 credit of the issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Interest Rate Risk –** The value of fixed income securities held in the Portfolio, including
 U.S. Government securities, may decline with changes in interest rates. Prices of fixed
 income securities with longer effective maturities are more sensitive to interest rate
 changes than those with shorter effective maturities. U.S. Government securities can
 exhibit price movements resulting from changes in interest rates. During low interest
 rate environments, the risk that interest rates will rise is increased. Such increases
 may expose fixed income markets to heightened volatility and reduced liquidity for certain
 fixed income investments, particularly those with longer maturities.

These risks are greater when a low interest rate environment has existed for an extended period of time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Call/Prepayment Risk** – Municipal securities held by the Portfolio may be called (prepaid) before their maturity dates. This usually
 occurs as interest rates are declining. As a result of this risk, the Portfolio may have to reinvest these prepayments at
 those lower rates, thus reducing its income. In addition, the Portfolio may lose price appreciation if a bond it holds is
 called earlier than scheduled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Extension Risk** – These securities are also subject to the risk that payment on the loans underlying the securities held by the
 Portfolio will be made more slowly when interest rates are rising. This could cause the market value of the securities to
 decline.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Municipal Bond Risk** – The risk of a municipal obligation generally depends on the financial and credit status of the issuer. Constitutional
 amendments, legislative enactments, executive orders, administrative regulations, voter initiatives, and the issuer's
 regional economic conditions may affect the municipal security's value, interest payments, repayment of principal and
 the Portfolio's ability to sell the security. Failure of a municipal security issuer to comply with applicable tax requirements
 may make income paid thereon taxable, resulting in a decline in the security's value. In addition, there could be changes
 in applicable tax laws or tax treatments that reduce or eliminate the current federal income tax exemption on municipal securities
 or otherwise adversely affect the current federal or state tax status of municipal securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Investment in Other Investment Companies Risk** – As with other investments, investments
 in other investment companies are subject to market and selection risk. To the extent
 that the Portfolio acquires shares of investment companies, shareholders bear both their
 proportionate share of expenses in the Portfolio (including management and advisory fees)
 and, indirectly, the expenses of the acquired investment companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Exchange-Traded Funds Risk** – In addition to the risks of investing in other investment companies
 generally, an investment in securities issued by an

***The Short-Term Municipal Bond Portfolio (continued)***

ETF may be subject to the following risks: (1) shares of the ETF may trade at a discount to its net asset value; (2) an active trading market for the ETF's shares may not develop; (3) the exchange on which the ETF is listed may, under certain circumstances, suspend trading of the ETF's shares; and (4) to the extent that an ETF is

acquired in order to track a specific asset or index, the ETF may fail to effectively accomplish that goal.

*There is no guarantee that the Portfolio will meet its goals. It is possible to lose money by investing in the Portfolio.*

***The Short-Term Municipal Bond Portfolio (continued)***

**Performance Bar Chart and Table**

**Performance.** The chart and table below show how The Short-Term Municipal Bond Portfolio has performed, and how its performance has varied from year to year. The bar chart shows returns on a before-tax basis and gives some indication of risk by showing changes in the Portfolio's yearly performance for each of the last ten full calendar years. The table accompanying the bar chart compares the Portfolio's performance over time on a before and after-tax basis to that of a broad based market index and an index that more closely reflects the investments of the Portfolio. Of course, past performance, before and after taxes, does not indicate how the Portfolio will perform in the future.

**Year-by-Year Total Returns as of 12/31\***

![](bc_short-bw.jpg)

\* Results shown on a calendar year basis; the Portfolio's fiscal year, however, is June 30.

The Portfolio's before-tax return for the period from January 1, 2025 through September 30, 2025 (non-annualized) was [ ]%.

---

| | |
|:---|:---|
| Best quarter: | 3.22% |
| Worst quarter: 1<sup>st</sup> Qtr. 2022 | -2.95% |

---

**Average Annual Total Returns**

(for the periods ended 12/31/24)

---

| | | | |
|:---|:---|:---|:---|
|  | One <br> Year | Five <br> Year | Ten <br> Year |
| **The Short-Term Municipal Bond Portfolio** |  |  |  |
|  – Before Taxes | 1.60% | 0.76% | 0.97% |
|  – After Taxes on Distributions | 1.56% | 0.73% | 0.95% |
|  – After Taxes on Distributions and Sale of Portfolio Shares | 1.90% | 0.91% | 1.04% |
| **Bloomberg 1-3 Year Municipal Bond Index** (reflects no deduction for fees, expenses or taxes) | 2.52% | 1.25% | 1.30% |
| **Bloomberg Municipal Bond Index** (reflects no deduction for fees, expenses or taxes) | 1.05% | 0.99% | 2.25% |

---

After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-advantaged arrangements, such as qualified retirement plans.

***The Short-Term Municipal Bond Portfolio (continued)***

**Investment Adviser**

HC Capital Solutions is the Portfolio's investment adviser.

*Portfolio Managers:*

Brad Conger, CFA has managed the Portfolio since August, 2013. Matthew Mead, CFA and Akhil Jain have managed the Portfolio since October, 2019. Paul Shaffer, CFA has managed the Portfolio since March, 2024.

**Investment Subadviser**

Breckinridge Capital Advisors, Inc. ("Breckinridge") is the Specialist Manager for the Portfolio.

*Portfolio Managers:*

<u>Breckinridge</u>: Matthew Buscone, Co-Chief Investment Officer, has co-managed the Portfolio since July, 2008. Eric Haase, Senior Portfolio Manager, has co-managed the Portfolio since May, 2016. Maggie Fitzpatrick, Portfolio Manager, has co-managed the Portfolio since January, 2022. Andressa Tsaparlis, Associate Portfolio Manager, has co-managed the Portfolio since January, 2023. Patrick Araujo-Lipine, Associate Portfolio Manager, has co-managed the Portfolio since July, 2023.

**Tax Information**

The Portfolio intends to make distributions each year. The Portfolio's dividend distributions are expected to be excludable from gross income for Federal income tax purposes. The Portfolio may also make distributions that are taxable to you as ordinary income or capital gains. Dividend distributions taxable as ordinary income can result, in part, because of the failure of a municipal security owned by the Portfolio to meet certain legal requirements or because of a change in law. Additionally, dividend distributions taxable as capital gains can result, in part, from the Portfolio's sale of a municipal security owned by the Portfolio for more than its cost.

For more information on purchasing and selling shares of the Portfolio and financial intermediary compensation, please see "Summary of Other Important Information Regarding Portfolio Shares."

***The Intermediate Term Municipal Bond Portfolio***

**Investment Objective**

The investment objective of The Intermediate Term Municipal Bond Portfolio is to provide a high level of current income exempt from Federal income tax, consistent with the preservation of capital.

**Fees and Expenses**

The fee and expense tables below describe the fees and expenses that you may pay if you buy and hold shares of the Portfolio.

**Shareholder Fees**

(fees paid directly from your investment)

Maximum Sales Charges None <br> Maximum Redemption Fee None

**Annual Operating Expenses**

(expenses that you pay each year as a percentage of the value of your investment)

---

| | |
|:---|:---|
|  Management Fees (based on asset allocations among Specialist Managers as of September 1, [2024], see "Advisory Services – Specialist Managers") | [0.18]% |
|  Other Expenses | [0.10]% |
|  Acquired Fund Fees and Expenses | [0.20]% |
|  Total Annual Portfolio Operating Expenses\* | [0.48]% |

---

\* Total Annual Fund Operating Expenses have been restated to reflect current expenses as of June 30, [2024].

 **<u>Example</u>**: This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes the reinvestment of all dividends and distributions in shares of the Portfolio, that your investment has a 5% return each year and that the Portfolio's Total Annual Operating Expenses remain the same. Although your actual cost may be higher or lower, based on these assumptions, your cost would be:

---

| | |
|:---|:---|
|  **1 Year** | $[49] |
|  **3 Years** | $[154] |
|  **5 Years** | $[269] |
|  **10 Years** | $[604] |

---

**Portfolio Turnover**

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

**Principal Investment Strategies**

Under normal circumstances, the Portfolio seeks to achieve its objective by investing primarily (i.e., at least 80% of net assets) in municipal bonds. The policy stated in the foregoing sentence is a fundamental policy of the Portfolio and may not be changed without shareholder approval. The Portfolio invests primarily in securities that are rated in one of the top four rating categories of a nationally recognized statistical rating organization ("Baa" or higher by Moody's Investors Service, Inc., "BBB" or higher by S&P Global Ratings) or, if unrated, that are determined by the Specialist Manager to be of comparable quality. Municipal bonds are debt securities issued by municipalities and related entities, the interest on which is exempt from Federal income tax so that they will qualify to pay "exempt-interest dividends" ("Municipal Securities"). Municipal Securities purchased for the Portfolio will have varying maturities, but under normal circumstances the Portfolio will have an effective dollar weighted average portfolio maturity that is within the range of the average portfolio maturity in the Bloomberg 3-10 Year Blend (2-12) Total Return Index, currently [1 to 12] years. The Portfolio's actual average maturity was [6.68] years as of June 30, 2025. Fixed income securities rated in the fourth highest rating category by a rating agency may have speculative characteristics. The Portfolio is also authorized to invest in securities issued by other investment companies, such as ETFs and closed-end funds, that invest in Municipal Securities. Also, the Portfolio is authorized to invest up to 20% of its net assets in taxable instruments. The Portfolio may engage in transactions involving instruments such as option or futures contracts in order to hedge against investment risks, seek to efficiently obtain or adjust exposure to certain securities or groups of securities, or otherwise to increase returns. The Portfolio may also write (sell) call options and put options, in order to receive premiums, on individual securities, market indexes, and/or on substitutes for such indexes, which may include futures contracts or ETFs. The Portfolio normally writes covered call and put options which have an initial maturity of up to nine months and that are "out of the

***The Intermediate Term Municipal Bond Portfolio (continued)***

money" at the time of initiation such that the call options sold generally will be above the current price level of the index when written and the exercise price of put options sold generally will be below the current price level of the index when written. In accordance with applicable interpretations of the SEC, certain derivative instruments may be counted as fixed income securities for purposes of the Portfolio's policies regarding investments in fixed income securities, to the extent that such derivative instruments have economic characteristics similar to those of fixed income securities.

The Portfolio is authorized to operate on a multi-manager basis. This means that a single Portfolio may be managed by more than one Specialist Manager. The multi-manager structure is generally designed to provide investors access to broadly diversified investment styles. The Trust seeks to engage skilled Specialist Managers to provide a broad exposure to the relevant asset class and returns in excess of the Portfolio's benchmark over time.

***The Intermediate Term Municipal Bond Portfolio (continued)***

**Principal Investment Risks**

Investing in the Portfolio involves risks common to any investment in securities. There is no guarantee that the Portfolio will achieve its investment objective and, as is the case with any investment, you may lose money on your investment in the Portfolio. All mutual funds, including the Portfolio, are subject to **Management Risk –** the risk that the investment strategies employed in the investment selection process may not result in an increase in the value of your investment or in overall performance equal to other investments and **Market Risk** – the risk that the value of the securities held by a portfolio may decline in response to general market and economic conditions, or conditions that affect specific market sectors or individual companies.

There are also risks associated with the overall structure of the Portfolio. These include:

&nbsp;&nbsp;&nbsp;&nbsp;• **Multi-Manager Risk –** the Portfolio's multi-manager structure involves the risk that the Specialist Managers serving the
 Portfolio do not achieve favorable investment results relative to other investments or that the Portfolio's assets are
 not effectively allocated among Specialist Managers in a manner that enhances the Portfolio's total return or reduces
 the volatility that might be expected of any one management style. Additionally, the multi-manager structure may, under certain
 circumstances, cause the Portfolio to incur higher trading costs than might occur in a fund served by a single investment
 adviser.

&nbsp;&nbsp;&nbsp;&nbsp;• **Tax Risk** – Changes in Federal tax laws or regulations could change the tax-exempt status of income from any or all of the Portfolio's
 municipal securities. In addition, short-term capital gains and a portion of any gain attributable to bonds purchased at market
 discount will be treated as ordinary income for Federal tax purposes.

Additionally, the range of securities in which the Portfolio may invest, and the several investment strategies that may be used in seeking to achieve the Portfolio's objective, involve additional risks. These are summarized below.

&nbsp;&nbsp;&nbsp;&nbsp;• **Fixed Income Risk.** Investments in fixed income securities may involve the following risks, depending on the instrument involved:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Credit Risk** – An investment in the Portfolio also involves the risk that the issuer of a fixed income security that the Portfolio
 holds will fail to make timely payments of interest or principal, or go bankrupt, or that the value of the securities will
 decline because of a market perception that the issuer may not make payments on time, thus potentially reducing the Portfolio's
 return. Changes in economic conditions are likely to cause issuers of these fixed income securities to be unable to meet their
 obligations. The lower the rating of a debt security, the higher its credit risk. In addition, the securities of many U.S.
 Government agencies, authorities or instrumentalities in which the Portfolio may invest are neither issued nor guaranteed
 by the U.S. Government, and may be supported only by the ability of the issuer to borrow from the U.S. Treasury or by the
 credit of the issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Interest Rate Risk** – The value of fixed income securities held in the Portfolio, including U.S. Government securities, may decline
 with changes in interest rates. Prices of fixed income securities with longer effective maturities are more sensitive to interest
 rate changes than those with shorter effective maturities. U.S. Government securities can exhibit price movements resulting
 from changes in interest rates. During low interest rate environments, the risk that interest rates will rise is increased.
 Such increases may expose fixed income markets to heightened volatility and reduced liquidity for certain fixed income investments,
 particularly those with longer maturities. These risks are greater when a low interest rate environment has existed for an
 extended period of time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Call/Prepayment Risk** – Municipal securities held by the Portfolio may be called (prepaid) before their maturity dates. This usually
 occurs as interest rates are declining. As a result of this risk, the Portfolio may have to reinvest these prepayments at
 those lower rates, thus reducing its income. In addition, the Portfolio may lose price appreciation if a bond it holds is
 called earlier than scheduled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Extension Risk** – These securities are also subject to the risk that payment on the loans underlying the securities held by the
 Portfolio will be made more slowly when interest rates are rising. This could cause the market value of the securities to
 decline.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **High Yield Bond Risk** – High yield bonds, commonly referred to as "junk bonds," are considered speculative under traditional
 investment standards. The prices of these securities will rise and fall primarily in response to changes in the issuer's
 financial health. Change in market interest rates will also affect prices. High yield bonds may also experience reduced liquidity,
 and sudden and substantial decreases in price, during certain market conditions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Liquidity Risk** – At times, certain securities may be difficult or impossible to sell at the price that would normally prevail in
 the market. The seller may have to lower the price, sell other securities instead or forego an investment opportunity, any
 of which could have a negative effect on Portfolio management or performance. This includes the risk of missing out on an
 investment opportunity because the assets necessary to

***The Intermediate Term Municipal Bond Portfolio (continued)***

take advantage of it are tied up in less advantageous investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Municipal Bond Risk** – The risk of a municipal obligation generally depends on the financial and credit status of the issuer.
 Constitutional amendments, legislative enactments, executive orders, administrative regulations, voter initiatives, and the
 issuer's regional economic conditions may affect the municipal security's value, interest payments, repayment
 of principal and the Portfolio's ability to sell the security. Failure of a municipal security issuer to comply with
 applicable tax requirements may make income paid thereon taxable, resulting in a decline in the security's value. In
 addition, there could be changes in applicable tax laws or tax treatments that reduce or eliminate the current federal income
 tax exemption on municipal securities or otherwise adversely affect the current federal or state tax status of municipal securities.

&nbsp;&nbsp;&nbsp;&nbsp;• **Investment in Other Investment Companies Risk** – As with other investments, investments in other investment companies are subject
 to market and selection risk. To the extent that the Portfolio acquires shares of investment companies, shareholders bear
 both their proportionate share of expenses in the Portfolio (including management and advisory fees) and, indirectly, the
 expenses of the acquired investment companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Exchange-Traded Funds Risk** – In addition to the risks of investing in other investment companies generally, an investment in securities
 issued by an ETF may be subject to the following risks: (1) shares of the ETF may trade at a discount to its net asset value;
 (2) an active trading market for the ETF's shares may not develop; (3) the exchange on which the ETF is listed may,
 under certain circumstances, suspend trading of the ETF's shares; and (4) to the extent that an ETF is acquired in order
 to track a specific asset or index, the ETF may fail to effectively accomplish that goal.

&nbsp;&nbsp;&nbsp;&nbsp;• **Risks Associated with Investments in Derivatives** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **General Derivative Risks** – Derivatives may be volatile and may involve significant risks. The Portfolio's exposure to derivatives
 involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other
 investments. The underlying security, measure or other instrument on which a derivative is based, or the derivative itself,
 may not perform as expected. Normally derivatives involve leverage, which means that their use can significantly magnify the
 effect of price movements of the underlying securities or reference measures, disproportionately increasing the Portfolio's
 losses and reducing the Portfolio's opportunities for gains. Some derivatives have the

potential for unlimited loss, including a loss that may be greater than the amount invested. Derivatives also present default risks if the counterparty to a derivatives contract fails to fulfill its obligations to the Portfolio. Certain derivatives held by the Portfolio may be illiquid, including non-exchange-traded or over-the-counter derivatives that are linked to illiquid instruments or illiquid markets, making it difficult to close out an unfavorable position. Derivatives also may be more difficult to purchase, sell or value than other instruments. Derivatives risk may be more significant when derivatives are used to enhance return or as a substitute for a cash investment position, rather than solely to hedge the risk of a position held by the Portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Counterparty Risk** – The Portfolio will be subject to counterparty credit risk with respect to derivative contracts entered into
 by the Portfolio or held by special purpose or structured vehicles in which the Portfolio invests, including other investment
 companies. If a counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties,
 the Portfolio may experience significant delays in obtaining any recovery in a bankruptcy or other reorganization proceeding.
 The Portfolio may obtain only a limited recovery or may obtain no recovery in such circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Derivatives Tax Risk** – Compared to other types of investments, derivatives may be harder to value and may also be less tax efficient.
 In addition, changes in government regulation of derivative instruments could affect the character, timing and amount of the
 Portfolio's taxable income or gains, and may limit or prevent the Portfolio from using certain types of derivative instruments
 as a part of its investment strategy, which could make the investment strategy more costly to implement or require the Portfolio
 to change its investment strategy. These rules may: (i) affect whether gains and losses recognized by the Portfolio are treated
 as ordinary or capital or as short-term or long-term, (ii) accelerate the recognition of income or gains to the Portfolio,
 (iii) defer losses to the Portfolio, and (iv) cause adjustments in the holding periods of the Portfolio's securities.
 To the extent that the Portfolio uses derivatives for hedging or to gain or limit exposure to a particular market or market
 segment, there may be imperfect correlation between the value of the derivative instrument and the value of the instrument
 being hedged or the relevant market or market segment, in which case the Portfolio may not realize the intended benefits.
 The Portfolio's use of derivatives may be limited by the requirements for taxation of the Portfolio as a regulated investment
 company.

***The Intermediate Term Municipal Bond Portfolio (continued)***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Options Risk** – purchasing and writing put and call options are highly specialized activities and entail greater-than-ordinary
 investment risks. Investments in options are considered speculative. An option is an agreement that, for a premium payment
 or fee, gives the option holder (the purchaser) the right but not the obligation to buy (a "call option") or sell
 (a "put option") the underlying security or futures contract (or settle for cash an amount based on an underlying
 asset, rate or index) at a specified price (the "exercise price") during a period of time or on a specified date.
 When the Portfolio writes (sells) an option, it profits if the option expires unexercised, because it retains the premium
 the buyer of the option paid. However, if the Portfolio writes a call option, it incurs the risk that the market price of
 the underlying security or futures contract could increase above the option's exercise price. If this occurs, the option
 could be exercised and the Portfolio would be forced to sell the underlying security or futures contract at a lower price
 than its current market value. If the Portfolio writes a put option, it incurs the risk that the market value of the underlying
 security or futures contract could decrease below the option's exercise price. If this occurs, the option could be exercised
 and the Portfolio would be forced to buy the underlying security or futures contract at a higher price than its current market
 value. When the Portfolio purchases an option, it will lose the premium paid for the option if the price of the underlying
 security or futures contract decreases or remains the same (in the case of a call option) or increases or remains the same
 (in the case of a put option). If an option purchased by the Portfolio were permitted to expire without being sold or exercised,
 its premium would represent a loss to the Portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Options Writing Strategy Risk** – if the underlying index appreciates or depreciates
 sufficiently over the period to offset the new premium received from the written option
 on that index, a net loss will result. An index substitute reflects the underlying risks
 of the index and index substitute options are subject to the same risks as index options.
 In addition, the value of the index substitute is subject to change as the values of
 the component securities fluctuate. The performance of the index substitute may not exactly
 match the performance of the index.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Futures Risk** – there can be no assurance that price movements in the futures markets will correlate with the prices of the underlying
 securities positions. Additionally, price distortions could result if investors in the futures markets opt to make or take
 delivery of the underlying securities rather than engage in closing transactions because such trend might result in a reduction
 in the liquidity of the futures market. Further, an increase in the participation of speculators in the futures market could
 cause temporary price distortions.

*There is no guarantee that the Portfolio will meet its goals. It is possible to lose money by investing in the Portfolio.*

***The Intermediate Term Municipal Bond Portfolio (continued)***

**Performance Bar Chart and Table**

**Performance.** The chart and table below show how The Intermediate Term Municipal Bond Portfolio has performed, and how its performance has varied from year to year. The bar chart shows returns on a before-tax basis and gives some indication of risk by showing changes in the Portfolio's yearly performance for each of the last ten full calendar years. The table accompanying the bar chart compares the Portfolio's performance over time on a before and after-tax basis to that of a broad based market index and an index that more closely reflects the investments of the Portfolio. Of course, past performance, before and after taxes, does not indicate how the Portfolio will perform in the future.

**Year-by-Year Total Returns as of 12/31\***

![](bc_intermediatetermmuni-bw.jpg)

\* Results shown on a calendar year basis; the Portfolio's fiscal year, however, is June 30.

The Portfolio's before-tax return for the period from January 1, 2025 through September 30, 2025 (non-annualized) was [ ]%.

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| | | |
|:---|:---|:---|
| Best quarter: | 4th Qtr. 2023 | 5.80% |
| Worst quarter: | 1st Qtr. 2022 | -5.26% |

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**Average Annual Total Returns**

(for the periods ended 12/31/24)

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| | | | |
|:---|:---|:---|:---|
|  | One <br> Year | Five <br> Year | Ten <br> Year |
| **The Intermediate Term Municipal Bond Portfolio** |  |  |  |
| – Before Taxes | 1.37% | 0.90% | 1.64% |
| – After Taxes on Distributions | 1.37% | 0.88% | 1.62% |
|  – After Taxes on Distributions and Sale of Portfolio Shares | 1.95% | 1.14% | 1.72% |
| **Bloomberg 3-10 Year Blend (2-12) Total Return Index Unhedged** (reflects no deduction for fees, expenses or taxes)\* | 0.69% | 0.99% | 1.89% |
| **Bloomberg Municipal Bond Index** (reflects no deduction for fees, expenses or taxes) | 1.05% | 0.99% | 2.25% |

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\* See "About Benchmarks and Index Investing" for a description of the indexes.

After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-advantaged arrangements, such as qualified retirement plans.

***The Intermediate Term Municipal Bond Portfolio (continued)***

**Investment Adviser**

HC Capital Solutions is the Portfolio's investment adviser.

*Portfolio Managers:*

Brad Conger, CFA has managed the Portfolio since August, 2013. Matthew Mead, CFA and Akhil Jain have managed the Portfolio since October, 2019. Paul Shaffer, CFA has managed the Portfolio since March, 2024.

**Investment Subadvisers**

Breckinridge Capital Advisors, Inc. ("Breckinridge"), City of London Investment Management Company Limited ("CLIM"), Insight North America LLC ("Insight") and Parametric Portfolio Associates, LLC ("Parametric") are the Specialist Managers for the Portfolio.

*Portfolio Managers:*

<u>Breckinridge</u>: Matthew Buscone, Co-Chief Investment Officer, has co-managed the Portfolio since July, 2008. Eric Haase, Senior Portfolio Manager, has co-managed the Portfolio since May, 2016. Maggie Fitzpatrick, Portfolio Manager, has co-managed the Portfolio since January, 2022. Andressa Tsaparlis, Associate Portfolio Manager, has co-managed the Portfolio since January, 2023. Patrick Araujo-Lipine, Associate Portfolio Manager, has co-managed the Portfolio since July, 2023.

<u>CLIM</u>: James Millward, Michael Edmonds, CFA and Michael Sugrue have managed the portion of the Portfolio allocated to CLIM since June, 2018.

<u>Insight</u>: Daniel Marques has managed the Portfolio since January, 2012.

<u>Parametric</u>: Clint Talmo, CFA, Jason Nelson, CFA and Tyler Nowicki, CFA have co-managed the portion of the Portfolio allocated to Parametric's Options Overlay Strategy since February, 2021.

**Tax Information**

The Portfolio intends to make distributions each year. The Portfolio's dividend distributions are expected to be excludable from gross income for Federal income tax purposes. All or a portion of these distributions, however, may be subject to the federal alternative minimum tax and state and local taxes. The Portfolio may also make distributions that are taxable to you as ordinary income or capital gains. Dividend distributions taxable as ordinary income can result, in part, because of the failure of a municipal security owned by the Portfolio to meet certain legal requirements or because of a change in law. Additionally, dividend distributions taxable as capital gains can result, in part, from the Portfolio's sale of a municipal security owned by the Portfolio for more than its cost.

For more information on purchasing and selling shares of the Portfolio and financial intermediary compensation, please see "Summary of Other Important Information Regarding Portfolio Shares."

**Summary of Other Important Information Regarding Portfolio Shares**

**Purchasing and Selling Your Shares**

You may purchase shares of a Portfolio only if you are an investor for whom Hirtle Callaghan & Co., LLC provides Chief Investment Officer services. Shares of the Portfolio are sold at their net asset value per share ("NAV") next calculated after your purchase order is received by the Trust. You may redeem your shares in the Portfolio on any regular business day. Redemption requests for all or any portion of your account with the Trust, must be in writing and must be signed by the shareholder(s) named on the account or an authorized representative.

The Trust does not impose investment minimums or sales charges of any kind. In addition, if you purchase shares of the Trust through a program of services offered by a financial intermediary, you may incur advisory fees or custody expenses in addition to those expenses described in this Prospectus. Investors should contact such intermediary for information concerning what, if any, additional fees may be charged.

**Payment to Broker-Dealers and Other Financial Institutions**

If you purchase shares of the Portfolio through a broker-dealer or other financial intermediary (such as a bank or financial advisor), the Portfolio and its distributor 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 financial intermediary to recommend the Portfolio over another investment. Ask your financial advisor or visit your financial intermediary's website for more information.

**More Information About Fund Investments and Risks**

*The U.S. Equity Portfolio*

The Portfolio is designed to provide broad exposure to the U.S. equity market.

Up to 20% of the total assets of the actively managed portion of the Portfolio may be invested in income-producing securities other than common stock, such as bonds that are convertible into common stock. Up to 20% of the total assets of the total Portfolio may also be invested in securities issued by non-U.S. companies. Although some of the equity securities in which the Portfolio will invest are expected to be dividend paying issues, income is a secondary consideration in the stock selection process. Consistent with their respective investment styles, the Portfolio's Specialist Managers may use instruments including option or futures contracts and ETFs in order hedge against investment risks, seek to efficiently obtain or adjust exposure to certain securities or groups of securities, or otherwise to increase returns. The Portfolio may also write (sell) call options and put options, in order to receive premiums, on individual securities, U.S. stock market indexes, and/or on substitutes for such indexes, which may include futures contracts or ETFs. The Portfolio normally writes covered call and put options which have an initial maturity of up to nine months and that are "out of the money" at the time of initiation such that the call options sold generally will be above the current price level of the index when written and the exercise price of put options sold generally will be below the current price level of the index when written. In accordance with applicable interpretations of the SEC, certain derivative instruments may be counted as equity securities for purposes of the Portfolio's policies regarding investments in equity securities, to the extent that such derivative instruments have economic characteristics similar to those of equity securities.

 **Specialist Managers.** The Portfolio is currently managed using "passive" or "index" investment approaches that are designed to approximate as closely as practicable, before expenses, the performance of the Portfolio's benchmark index or one or more identifiable subsets or other portions of that index. Mellon and Parametric are currently responsible for implementing the Portfolio's investment strategy. The investment selection process for each of these Specialist Managers is described below; further information about the Specialist Managers, individual portfolio managers responsible for day-to-day investment decisions for the Portfolio, and the manner in which the Portfolio's assets are allocated between them appears in the "Specialist Manager Guide" included later in this Prospectus.

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|:---|:---|
| **The Mellon Investment Selection Process:** | Mellon adheres to a "passive," "indexing" or "rules-based" investment approach by which Mellon attempts to approximate as closely as practicable, before expenses, the performance of one or more different segments of a U.S. large cap index. The particular segments of a U.S. large cap index that form the basis for Mellon's investments are determined by the Adviser in consultation with Mellon. The Portfolio's returns may vary from the returns of the U.S. large cap index. |

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| | |
|:---|:---|
| **The Parametric Investment Selection Process:** | Parametric currently manages assets for the Portfolio using four separate and distinct strategies: a "Liquidity Strategy", an "Options Overlay Strategy", a "Targeted Strategy" and a "Tax-Managed Custom Core Strategy." |

---

In selecting investments for that portion of the Portfolio to be managed pursuant to the Liquidity Strategy, Parametric adheres to a strategy that seeks to closely match the performance of the Portfolio's benchmark index (or other benchmark as specified by the Adviser) through the use of exchange-traded futures contracts, exchange traded funds (ETFs) and closed-end funds. The strategy utilizes a disciplined approach that is implemented in a mechanical manner, and which does not rely on predictive forecasts or market timing when making investment decisions. The Liquidity Strategy seeks to provide returns commensurate with the Portfolio's stated benchmark index or other benchmark as specified by the Adviser.

The Options Overlay Strategy follows an investment process in which Parametric effects options transactions at the direction of the Adviser. Parametric provides expertise in trade execution, instrument and structure selection. Additionally, Parametric provides customized reporting on position details, liquidity/margin status and adequacy, and performance.

The Targeted Strategy is the second of a two stage investment process under the direction of the Adviser in which Parametric effects transactions at the direction of the Adviser as set forth below. Parametric provides expertise in trade execution, instrument and structure

**More Information About Fund Investments and Risks (continued)**

selection. Additionally, Parametric provides customized reporting on position details, liquidity/margin status and adequacy, and performance. <br>

The Tax-Managed Custom Core Strategy uses a "passive" investment approach designed to obtain exposure to the U.S. Large Cap Growth market segment represented by the Portfolio's benchmark index or, from time to time, one or more identifiable subsets or other portions of that index ("Parametric Performance Benchmark") while seeking to outperform the Parametric Performance Benchmark on an after-tax basis. Weightings of securities in the Portfolio will not match nor replicate those of the Parametric Performance Benchmark and the Portfolio may include securities not held in the Parametric Performance Benchmark. Tax management techniques, including tax loss harvesting and the management of capital gains, are used to minimize the impact of taxes, and maximize after-tax return. The Portfolio's holdings are tailored to meet its investment objectives.

At times, the Adviser may also directly manage a portion of the Portfolio's assets. The Adviser's investment process is to determine what asset classes, market sectors, industries or countries offer the highest compensation for risk in the form of excess expected returns relative to a policy portfolio. The methodology for deriving expected returns is based on long-term normalized earnings in order to strip out the cyclical or transitory fluctuations. When the long-term, normalized earnings compared to the going-in price represents a substantial premium to the normal historical yield premium, the Adviser uses its professional judgment as to the optimal weighting in the Portfolio, taking into consideration the risk of impairment, the asset's likely co-movement with other assets in the Portfolio and the contribution of the asset to the risk/reward ratio in the Portfolio's total asset mix. When the asset is judged to considerably increase expected return or reduce the overall risk for the Portfolio, the Adviser seeks to implement the exposure with the most efficient instrument – including futures on indexes, customized tilted indexes and ETFs – when taking into account the trading costs, management fees, and basis risk of the instrument with the intended exposure. The Adviser then directs Parametric to establish the desired exposure relying on their trading expertise to execute on the most advantageous terms available in the given timeframe. The Adviser's decision to reverse the exposure is predicated on the same considerations – expected risk/return contribution.

*The Institutional U.S. Equity Portfolio*

The Portfolio is a diversified investment company that is designed to provide broad exposure to the U.S. equity market. The Portfolio may invest up to 20% of the total assets of the actively managed portion of the Portfolio in income-producing securities other than common stock, such as bonds, including those that are convertible into common stock, and other fixed income securities, including mortgage-backed securities and high yield debt ("junk bonds"). These income-producing securities may be of any quality or maturity. Up to 20% of the total assets of the total Portfolio may also be invested in securities issued by non-U.S. companies. The Portfolio may invest in securities issued by other investment companies, including ETFs, that invest in equity securities. Although some of the equity securities in which the Portfolio will invest are expected to be dividend paying issues, income is a secondary consideration in the stock selection process. Consistent with their respective investment styles, the Portfolio's Specialist Managers may use option or futures contracts, total return swaps and credit default swaps in order to hedge against investment risks, seek to efficiently obtain or adjust exposure to certain securities or groups of securities, or otherwise to increase returns. The Portfolio may also write (sell) call options and put options, in order to receive premiums, on individual securities, U.S. stock market indexes, and/or on substitutes for such indexes, which may include futures contracts or ETFs. The Portfolio normally writes covered call and put options which have an initial maturity of up to nine months and that are "out of the money" at the time of initiation such that the call options sold generally will be above the current price level of the index when written and the exercise price of put options sold generally will be below the current price level of the index when written. In accordance with applicable interpretations of the SEC, certain derivative instruments may be counted as equity securities for purposes of the Portfolio's policies regarding investments in equity securities, to the extent that such derivative instruments have economic characteristics similar to those of equity securities. The Portfolio's Specialist Managers may also use swaps.

 **Specialist Managers.** A portion of the Portfolio is managed in accordance with an "active management" approach, which involves the buying and selling of securities based upon economic, financial and market analysis and investment judgment. Wellington Management is currently responsible for implementing the active component of the Portfolio's investment strategy. The remaining portion of the Portfolio is managed using "passive" or "index" investment approaches that are designed to approximate as closely as practicable, before expenses, the performance of the Portfolio's benchmark index or one or more identifiable subsets or other portions of that index (see "Fund Management," included later in this Prospectus). Mellon Parametric and RhumbLine are currently responsible for implementing the passive component of the Portfolio's investment strategy. The investment selection process for each of these Specialist Managers is described below; further information about the Specialist Managers, individual portfolio managers responsible

**More Information About Fund Investments and Risks (continued)**

for day-to-day investment decisions for the Portfolio, and the manner in which the Portfolio's assets are allocated between them appears in the "Specialist Manager Guide" included later in this Prospectus.

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|:---|:---|
| **The Mellon Investment Selection Process:** | For the "Index Strategy", Mellon adheres to a "passive," "indexing" or "rules-based" investment approach by which Mellon attempts to approximate as closely as practicable, before expenses, the performance of one or more different segments of a U.S. large cap index. The particular segments of a U.S. large cap index that form the basis for Mellon's investments are determined by the Adviser in consultation with Mellon. The Portfolio's returns may vary from the returns of the U.S. large cap index. For the "Factor Strategy", Mellon seeks to implement a strategy developed by the Adviser or an affiliate thereof with the objective of obtaining exposure to one or more factors such as value or quality within the U.S. equity markets. |

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|:---|:---|
| **The Parametric Investment Selection Process:** | Parametric currently manages assets for the Portfolio using three separate and distinct strategies: a "Liquidity Strategy", an "Options Overlay Strategy" and a "Targeted Strategy." |

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In selecting investments for that portion of the Portfolio to be managed pursuant to the Liquidity Strategy, Parametric adheres to a strategy that seeks to closely match the performance of the Portfolio's benchmark index (or other benchmark as specified by the Adviser) through the use of exchange-traded futures contracts, exchange traded funds (ETFs) and closed-end funds. The strategy utilizes a disciplined approach that is implemented in a mechanical manner, and which does not rely on predictive forecasts or market timing when making investment decisions. The Liquidity Strategy seeks to provide returns commensurate with the Portfolio's stated benchmark index or other benchmark as specified by the Adviser.

The Options Overlay Strategy follows an investment process in which Parametric effects options transactions at the direction of the Adviser. Parametric provides expertise in trade execution, instrument and structure selection. Additionally, Parametric provides customized reporting on position details, liquidity/margin status and adequacy, and performance.

A portion of the Targeted Strategy is the second of a two stage investment process under the direction of the Adviser in which Parametric effects transactions at the direction of the Adviser as set forth below. Parametric provides expertise in trade execution, instrument and structure selection. Additionally, Parametric provides customized reporting on position details, liquidity/margin status and adequacy, and performance. The other portion of the Targeted Strategy utilizes Parametric's Centralized Portfolio Management strategy, which is a model implementation service.

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|:---|:---|
| **The RhumbLine Investment Selection Process:** | RhumbLine employs an indexing investment approach designed to replicate the investment performance of the Russell 1000<sup>®</sup> Index, an index comprised of large-capitalization U.S. company stocks. The Fund will invest in the constituents of the Index in approximate proportion to their weight in the Index. Portfolio managers make buy and sell decisions to rebalance portfolios or if any of the following occur: cash flows into or out of the portfolio, dividend income needs to be invested or if there are changes in the composition of the underlying index. |

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|:---|:---|
| **The Wellington Management Investment Selection Process:** | Wellington Management attempts to provide attractive long-term total return by investing in companies with activities primarily in, or related to, commercial real estate development, operation, and ownership. The investment approach seeks to add value through independent, bottom-up, fundamental research, security selection and top-down sector weightings. |

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Individual company research begins by reviewing the quality, depth, and strategy of management. Wellington Management evaluates management's ability to increase

**More Information About Fund Investments and Risks (continued)**

shareholder value and control risk and also seeks to identify companies with the following characteristics: <br>

• A disciplined investment strategy, coupled with a solid development and operating track record, and a clear understanding of their own cost of capital.

• The ability to deliver high levels of same-unit rent growth and occupancy gains on a relative basis.

• Strong and flexible balance sheets in terms of the ability to fund future acquisition growth and increase dividends.

• Attractive relative valuations between the public and private markets in terms of (1) replacement cost and (2) earnings yield in the public market versus capitalization rates on private market transactions

Sector weights and geographic diversification are influenced by a top-down analysis of the real estate market. Top-down analysis is based on three broad components:

**Macroeconomic trends**. Relevant trends affecting the supply and demand for real estate, demographic trends, employment growth, and building permit changes are monitored. Wellington Management also incorporates its long-term interest rate forecasts that affect both the cost of capital for real estate companies and the relative attractiveness of high yield stocks.

**Private real estate market trends**. The real estate market is predominantly privately owned and therefore this sector exhibits many commodity-like characteristics. Accordingly, a thorough understanding of private market investment spreads, mortgage spreads, and capital flows is necessary to assess public market company net asset values.

**Sector specific trends**. Wellington Management identifies important trends in retail, non-bank financials, health care, and other sectors within the market to anticipate the impact of those dynamics on real estate companies.

**Sell criteria.** Wellington Management will consider selling a position when: a better opportunity exists on a risk-adjusted basis; price to net asset value is unattractive (subject to public/private market arbitrage), or security becomes fully priced on other valuation metrics (price to free cash flow growth plus dividend, IRR, dividend discount); management disappoints; fundamental trends of a company's underlying assets are deteriorating; or company lacks further catalysts which will drive cash flow and/or NAV growth.

At times, the Adviser may also directly manage a portion of the Portfolio's assets. The Adviser's investment process is to determine what asset classes, market sectors, industries or countries offer the highest compensation for risk in the form of excess expected returns relative to a policy portfolio. The methodology for deriving expected returns is based on long-term normalized earnings in order to strip out the cyclical or transitory fluctuations. When the long-term, normalized earnings compared to the going-in price represents a substantial premium to the normal historical yield premium, the Adviser uses its professional judgment as to the optimal weighting in the Portfolio, taking into consideration the risk of impairment, the asset's likely co-movement with other assets in the Portfolio and the contribution of the asset to the risk/reward ratio in the Portfolio's total asset mix. When the asset is judged to considerably increase expected return or reduce the overall risk for the Portfolio, the Adviser seeks to implement the exposure with the most efficient instrument – including futures on indexes, customized tilted indexes and ETFs – when taking into account the trading costs, management fees, and basis risk of the instrument with the intended exposure. The Adviser then directs Parametric to establish the desired exposure relying on their trading expertise to execute on the most advantageous terms available in the given timeframe. The Adviser's decision to reverse the exposure is predicated on the same considerations – expected risk/return contribution.

**More Information About Fund Investments and Risks (continued)**

*The ESG Growth Portfolio*

The Portfolio seeks to achieve its total return objective, which includes a combination of capital appreciation and income, by investing primarily in equity securities. The Portfolio is permitted to invest in any equity security, which includes securities issued by other investment companies, including ETFs and securities issued by one or more of the other portfolios of HC Capital Trust. The Portfolio may invest in companies of any market capitalization. The Portfolio may also invest without limitation in fixed income securities of all types and without regard to duration or investment ratings. Fixed income investments may include corporate debt, including high yield or "junk bonds," structured notes, asset backed securities and similar synthetic securities, U.S. treasuries and short-term money market instruments or other cash equivalents.

Under the supervision of the Adviser, environmental, social and governance criteria ("ESG Factors) will be integrated into the Portfolio's security selection process. In some cases this will be accomplished through the application of non-financial criteria ("ESG Screens"). The ESG Screens used by the Portfolio are determined with the use of third party data, primarily provided by MSCI, and ESG rating agencies which take into account a company's performance around environmental, social and corporate governance practices. These may include (but are not limited to) such themes as climate change, resource efficiency, labor standards, product and service safety, community engagement, board policies, and corporate structure. The Portfolio seeks to avoid investment in securities issued by companies that have not demonstrated a commitment to ESG issues. Additionally, the Portfolio's ESG Screens may not necessarily be applied to investments in derivatives, certain fixed income investments and other investments where in the Adviser's opinion ESG Factors are not applicable or it is not possible to implement them. The ESG Screens will be applied by the Specialist Managers that manage the Portfolio under the direction of the Adviser. The ESG Screens used by each Specialist Manager may differ from one another. Consistent with their investment styles, the Portfolio's Specialist Managers may also use instruments such as option or futures contracts or ETFs in order to hedge against investment risks, seek to efficiently obtain or adjust exposure to certain securities or groups of securities, or otherwise to increase returns. The Portfolio may also write (sell) call options and put options, in order to receive premiums, on individual securities, U.S. stock market indexes, and/or on substitutes for such indexes, which may include futures contracts or ETFs. The Portfolio normally writes covered call and put options which have an initial maturity of up to nine months and that are "out of the money" at the time of initiation such that the call options sold generally will be above the current price level of the index when written and the exercise price of put options sold generally will be below the current price level of the index when written. In accordance with applicable interpretations of the SEC, certain derivative instruments may be counted as equity securities for purposes of the Portfolio's policies regarding investments in equity securities, to the extent that such derivative instruments have economic characteristics similar to those of equity securities.

**Specialist Managers.** Currently, three Specialist Managers have been retained to provide day-to-day portfolio management services to the Portfolio. The investment selection process for each of these Specialist Managers is described below; further information about the Specialist Managers, individual portfolio managers responsible for day-to-day investment decisions for the Portfolio, and the manner in which the Portfolio's assets are allocated between them appears in the "Specialist Manager Guide" included later in this Prospectus.

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|:---|:---|
| **The Agincourt Investment Selection Process:** | Agincourt may invest in fixed income securities including but not limited to, government, corporate credit and asset backed securities, both investment grade and below investment grade, of varying maturities and durations, as well as non-US Dollar denominated bonds of non-US domiciled sovereign and corporate issuers, including issuers in emerging markets. Debt instruments such as structured notes and similar instruments including collateralized loan obligations and collateralized debt obligations may also be acquired. |

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|:---|:---|
| **The Mellon Investment Selection Process:** | Mellon has been retained to manage the Portfolio's investment in equity securities. Mellon adheres to a "passive," "indexing" or "rules-based" investment approach by which Mellon attempts to approximate as closely as practicable, before expenses, the performance of one or more different segments of the MSCI World Index, subject to certain investment exclusions as specified in the Portfolio's investment guidelines. The particular segments of the MSCI World Index that form the basis for Mellon's investments are determined by the Adviser in consultation with Mellon. |

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|:---|:---|
| **The Parametric Investment Selection Process:** | Parametric currently manages assets for the Portfolio using two separate and distinct strategies: a "Liquidity Strategy" and a "Targeted Strategy." |

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In selecting investments for that portion of the Portfolio to be managed pursuant to the Liquidity Strategy, Parametric adheres to a strategy that seeks to closely match the performance of the Portfolio's benchmark index (or other benchmark as specified by the

**More Information About Fund Investments and Risks (continued)**

Adviser) through the use of exchange-traded futures contracts, ETFs and closed-end funds. The strategy utilizes a disciplined approach that is implemented in a mechanical manner, and which does not rely on predictive forecasts or market timing when making investment decisions. The Liquidity Strategy seeks to provide returns commensurate with the Portfolio's stated benchmark index or other benchmark as specified by the Adviser.

The Targeted Strategy is the second of a two stage investment process under the direction of the Adviser in which Parametric effects transactions at the direction of the Adviser as set forth below. Parametric provides expertise in trade execution, instrument and structure selection. Additionally, Parametric provides customized reporting on position details, liquidity/margin status and adequacy, and performance.

With respect to a portion of the investment process, the Adviser determines what asset classes, market sectors, industries or countries offer the highest compensation for risk in the form of excess expected returns relative to a policy portfolio. The methodology for deriving expected returns is based on long-term normalized earnings in order to strip out the cyclical or transitory fluctuations. When the long-term, normalized earnings compared to the going-in price represents a substantial premium to the normal historical yield premium, the Adviser uses its professional judgment as to the optimal weighting in a Portfolio, taking into consideration the risk of impairment, the asset's likely co-movement with other assets in the Portfolio and the contribution of the asset to the risk/reward ratio in the Portfolio's total asset mix. When the asset is judged to considerably increase expected return or reduce the overall risk for the Portfolio, the Adviser may seek to implement exposure to that asset with the most efficient instrument including futures on indexes, customized tilted indexes and ETFs when taking into account the trading costs, management fees, and basis risk of the instrument with the intended exposure. The Adviser then directs Parametric to establish the desired exposure, as part of its "Targeted Strategy" described below, relying on its trading expertise to execute on the most advantageous terms available in the given timeframe. The Adviser's decision to reverse the exposure is predicated on the same considerations expected risk/return contribution.

*The Catholic SRI Growth Portfolio*

The Portfolio seeks to achieve its objective subject to emphasizing socially responsible investments, by investing primarily in equity securities while retaining the flexibility to invest in fixed income securities. In addition to equity and fixed income securities, the Portfolio may invest in other instruments, including, but not limited to, derivatives. The Portfolio is permitted to invest in any equity security, which includes securities issued by other investment companies, including ETFs and securities issued by one or more of the other portfolios of HC Capital Trust. The Portfolio may invest in companies of any market capitalization. The Portfolio may also invest without limitation in fixed income securities of all types and without regard to duration or investment ratings. Fixed income investments may include corporate debt, including high yield or "junk bonds," structured notes, asset backed securities and similar synthetic securities, U.S. treasuries and short-term money market instruments or other cash equivalents. The Portfolio is permitted to invest in securities issued by companies domiciled anywhere in the world and denominated in any currency, without limitation. The Portfolio may also invest in securities, including privately placed and structured securities, for which there may be limited markets/thinly traded issues. Additionally, in seeking to achieve its objective, the Portfolio is permitted to invest in derivative instruments, including options, futures and options on futures, swaps, structured notes and currency forwards in order to hedge against investment risks, seek to efficiently obtain or adjust exposure to certain securities or groups of securities, or otherwise to increase returns. The Portfolio may also write (sell) call options and put options, in order to receive premiums, on individual securities, U.S. stock market indexes, and/or on substitutes for such indexes, which may include futures contracts or ETFs. The Portfolio normally writes covered call and put options which have an initial maturity of up to nine months and that are "out of the money" at the time of initiation such that the call options sold generally will be above the current price level of the index when written and the exercise price of put options sold generally will be below the current price level of the index when written. In accordance with applicable interpretations of the SEC, certain derivative instruments may be counted as equity securities for purposes of the Portfolio's policies regarding investments in equity securities, to the extent that such derivative instruments have economic characteristics similar to those of equity securities.

With respect to the Portfolio's socially responsible investments, under the supervision of the Adviser, the Portfolio integrates a range of social and moral concerns into its security selection process. These issues include protecting human life; promoting human dignity; reducing arms production; pursuing economic justice; protecting the environment, and encouraging corporate responsibility. This will be accomplished with reference to the principles contained in the United States Conference of Catholic Bishops' ("USCCB") Socially Responsible Investing Guidelines ("Social Guidelines"). Potential investments for the Portfolio are selected for financial soundness and evaluated according to the Portfolio's social criteria. With respect to the Adviser's part of the investment process, the Adviser determines what asset classes, market sectors, industries or countries offer the highest compensation for risk in the form of excess expected returns relative to a policy portfolio. The methodology for deriving expected returns is based on long-term normalized earnings in order to strip out the cyclical or transitory fluctuations. When the long-term, normalized earnings compared to the going-in price represents a

**More Information About Fund Investments and Risks (continued)**

substantial premium to the normal historical yield premium, the Adviser uses its professional judgment as to the optimal weighting in the Portfolio, taking into consideration the risk of impairment, the asset's likely co-movement with other assets in the Portfolio and the contribution of the asset to the risk/reward ratio in the Portfolio's total asset mix. When the asset is judged to considerably increase expected return or reduce the overall risk for the Portfolio, the Adviser may seek to implement exposure to that asset with the most efficient instrument including futures on indexes, customized tilted indexes and ETFs when taking into account the trading costs, management fees, and basis risk of the instrument with the intended exposure. The Adviser then directs Parametric to establish the desired exposure, as part of its "Targeted Strategy" described below, relying on its trading expertise to execute on the most advantageous terms available in the given timeframe. The Adviser's decision to reverse the exposure is predicated on the same considerations expected risk/return contribution.

**Specialist Managers.** Currently, three Specialist Managers have been retained to provide day-to-day portfolio management services to the Portfolio. The investment selection process for each of these Specialist Managers is described below; further information about the Specialist Managers, individual portfolio managers responsible for day-to-day investment decisions for the Portfolio, and the manner in which the Portfolio's assets are allocated between them appears in the "Specialist Manager Guide" included later in this Prospectus.

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|:---|:---|
| **The Agincourt Investment Selection Process:** | Agincourt may invest in fixed income securities including but not limited to, government, corporate credit and asset backed securities, both investment grade and below investment grade, of varying maturities and durations, as well as non-US Dollar denominated bonds of non-US domiciled sovereign and corporate issuers, including issuers in emerging markets. Debt instruments such as structured notes and similar instruments including collateralized loan obligations and collateralized debt obligations may also be acquired. |

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| | |
|:---|:---|
| **The Mellon Investment Selection Process:** | Mellon has been retained to manage the Portfolio's investment in equity securities. Mellon adheres to a "passive," "indexing" or "rules-based" investment approach by which Mellon attempts to approximate as closely as practicable, before expenses, the performance of one or more different segments of the MSCI World Index, subject to certain investment exclusions as specified in the Portfolio's investment guidelines. The particular segments of the MSCI World Index that form the basis for Mellon's investments are determined by the Adviser in consultation with Mellon. |

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|:---|:---|
| **The Parametric Investment Selection Process:** | Parametric currently manages assets for the Portfolio using two separate and distinct strategies: a "Liquidity Strategy" and a "Targeted Strategy." |

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In selecting investments for that portion of the Portfolio to be managed pursuant to the Liquidity Strategy, Parametric adheres to a strategy that seeks to closely match the performance of the Portfolio's benchmark index (or other benchmark as specified by the Adviser) through the use of exchange-traded futures contracts, exchange traded funds (ETFs) and closed-end funds. The strategy utilizes a disciplined approach that is implemented in a mechanical manner, and which does not rely on predictive forecasts or market timing when making investment decisions. The Liquidity Strategy seeks to provide returns commensurate with the Portfolio's stated benchmark index or other benchmark as specified by the Adviser.

The Targeted Strategy is the second of a two stage investment process under the direction of the Adviser in which Parametric effects transactions at the direction of the Adviser as set forth below. Parametric provides expertise in trade execution, instrument and structure selection. Additionally, Parametric provides customized reporting on position details, liquidity/margin status and adequacy, and performance.

*The International Equity Portfolio*

The Portfolio is designed to invest in the equity securities of non-U.S. issuers. Although the Portfolio may invest anywhere in the world, the Portfolio is expected to invest primarily in the equity markets included in the Morgan Stanley Capital International Europe, Australasia and Far East Index ("MSCI EAFE Index"). Currently, these markets are Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and the United Kingdom. Consistent with its objective, the Portfolio will invest in both dividend paying securities and securities that do not pay dividends. The Portfolio may engage in transactions involving "derivative instruments" – forward foreign currency exchange contracts, currency swaps or option or futures contracts – in order to hedge against investment risks, seek to

**More Information About Fund Investments and Risks (continued)**

efficiently obtain or adjust exposure to certain securities or groups of securities, or otherwise to increase returns. The Portfolio may also write (sell) call options and put options, in order to receive premiums, on individual securities, stock market indexes, and/or on substitutes for such indexes, which may include futures contracts or ETFs. The Portfolio normally writes covered call and put options which have an initial maturity of up to nine months and that are "out of the money" at the time of initiation such that the call options sold generally will be above the current price level of the index when written and the exercise price of put options sold generally will be below the current price level of the index when written. In accordance with applicable interpretations of the SEC, certain derivative instruments may be counted as equity securities for purposes of the Portfolio's policies regarding investments in equity securities, to the extent that such derivative instruments have economic characteristics similar to those of equity securities. The Portfolio may also invest in high-quality short-term debt instruments (including repurchase agreements) denominated in U.S. or foreign currencies for temporary purposes. Up to 10% of the total assets of the Portfolio may be invested in securities of companies located in emerging market countries.

**Specialist Managers.** A portion of the Portfolio is managed in accordance with an "active management" approach, which involves the buying and selling of securities based upon economic, financial and market analysis and investment judgment.

CLIM is currently responsible for implementing the active component of the Portfolio's investment strategy. Additionally, a portion of the Portfolio may be managed using "passive" or "index" investment approaches designed to approximate as closely as practicable, before expenses, the performance of the Portfolio's benchmark index or one or more identifiable subsets or other portions of that index (see "Fund Management," included later in this Prospectus). Mellon and Parametric are currently responsible for implementing the passive component for the Portfolio's investment strategy. The investment selection process for each of these Specialist Managers is described below; further information about the Specialist Managers, individual portfolio managers responsible for day-to-day investment decisions for the Portfolio, and the manner in which the Portfolio's assets are allocated between them appears in the "Specialist Manager Guide" included later in this Prospectus.

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|:---|:---|
| **The CLIM Investment Selection Process:** | CLIM attempts to achieve above average long-term performance with low relative volatility through active management of a portfolio consisting mostly of closed-end funds. Within sector allocation parameters set by the Adviser, CLIM uses a bottom-up stock selection process to identify a set of closed-end funds that will provide the desired asset class exposure. CLIM uses four main factors in selecting closed-end funds for purchase: |

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• The historical, net performance of the closed-end fund in NAV terms, versus its benchmark (i.e. quality of exposure to the desired asset class);

• The current discount to NAV of the fund compared to its historical average and its peer group and its potential to generate alpha;

• The potential for the fund's discount to NAV to narrow due to unitization (conversion to open-ended status), a share buyback program or some other form of corporate activity; and

• Extraneous valuation factors such as rights issues, mergers or other event-driven situations that can be accretive to shareholders.

CLIM generally sells positions either to adjust asset allocations or because a superior investment opportunity has been identified.

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|:---|:---|
| **The Mellon Investment Selection Process:** | In selecting investments for that portion of the Portfolio allocated to it, for the "Index Strategy", Mellon adheres to a "passive," "indexing" or "rules-based" investment approach by which Mellon attempts to approximate as closely as practicable, before expenses, the performance of one or more different segments of the MSCI EAFE Index. The particular segments of the MSCI EAFE Index that form the basis for Mellon's investments are determined by the Adviser in consultation with Mellon. The Portfolio's returns may vary from the returns of the MSCI EAFE Index. For the "Factor Strategy", Mellon seeks to implement a strategy developed by the Adviser or an affiliate thereof with the objective of obtaining exposure to one or more factors such as value or quality within the non-U.S. equity markets. |

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|:---|:---|
| **The Parametric Investment Selection Process:** | Parametric currently manages assets for the Portfolio using four separate and distinct strategies: a "Liquidity Strategy", an "Options Overlay Strategy", a "Targeted Strategy" and a "Tax-Managed Custom Core Strategy." |

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**More Information About Fund Investments and Risks (continued)**

In selecting investments for that portion of the Portfolio to be managed pursuant to the Liquidity Strategy, Parametric adheres to a strategy that seeks to closely match the performance of the Portfolio's benchmark index (or other benchmark as specified by the Adviser) through the use of exchange-traded futures contracts, exchange traded funds (ETFs) and closed-end funds. The strategy utilizes a disciplined approach that is implemented in a mechanical manner, and which does not rely on predictive forecasts or market timing when making investment decisions. The Liquidity Strategy seeks to provide returns commensurate with the Portfolio's stated benchmark index or other benchmark as specified by the Adviser.

The Options Overlay Strategy follows an investment process in which Parametric effects options transactions at the direction of the Adviser. Parametric provides expertise in trade execution, instrument and structure selection. Additionally, Parametric provides customized reporting on position details, liquidity/margin status and adequacy, and performance.

The Targeted Strategy is the second of a two stage investment process under the direction of the Adviser in which Parametric effects transactions at the direction of the Adviser as set forth below. <br>

Parametric provides expertise in trade execution, instrument and structure selection. Additionally, Parametric provides customized reporting on position details, liquidity/margin status and adequacy, and performance. <br>

The Tax-Managed Custom Core Strategy uses a "passive" investment approach designed to obtain exposure to the international equity market segment represented by the Portfolio's benchmark index or, from time to time, one or more identifiable subsets or other portions of that index ("Parametric Performance Benchmark") while seeking to outperform the Parametric Performance Benchmark on an after-tax basis. Weightings of securities in the Portfolio will not match nor replicate those of the Parametric Performance Benchmark and the Portfolio may include securities not held in the Parametric Performance Benchmark. Tax management techniques, including tax loss harvesting and the management of capital gains, are used to minimize the impact of taxes, and maximize after-tax return. The Portfolio's holdings are tailored to meet its investment objectives.

At times, the Adviser may also directly manage a portion of the Portfolio's assets. The Adviser's investment process is to determine what asset classes, market sectors, industries or countries offer the highest compensation for risk in the form of excess expected returns relative to a policy portfolio. The methodology for deriving expected returns is based on long-term normalized earnings in order to strip out the cyclical or transitory fluctuations. When the long-term, normalized earnings compared to the going-in price represents a substantial premium to the normal historical yield premium, the Adviser uses its professional judgment as to the optimal weighting in the Portfolio, taking into consideration the risk of impairment, the asset's likely co-movement with other assets in the Portfolio and the contribution of the asset to the risk/reward ratio in the Portfolio's total asset mix. When the asset is judged to considerably increase expected return or reduce the overall risk for the Portfolio, the Adviser seeks to implement the exposure with the most efficient instrument including futures on indexes, customized tilted indexes and ETFs when taking into account the trading costs, management fees, and basis risk of the instrument with the intended exposure. The Adviser then directs Parametric to establish the desired exposure relying on their trading expertise to execute on the most advantageous terms available in the given timeframe. The Adviser's decision to reverse the exposure is predicated on the same considerations expected risk/return contribution.

*The Institutional International Equity Portfolio*

The Portfolio is designed to invest in the equity securities of non-U.S. issuers. Although the Portfolio may invest anywhere in the world, the Portfolio is expected to invest primarily in the equity markets included in the MSCI EAFE Index. Currently, these markets are Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and the United Kingdom. Consistent with its objective, the Portfolio will invest in both dividend paying securities and securities that do not pay dividends. The Portfolio may engage in transactions involving "derivative instruments" – forward foreign currency exchange contracts, currency swaps or option or futures contracts – in order to hedge against investment risks, seek to efficiently obtain or adjust exposure to certain securities or groups of securities, or otherwise to increase returns. The Portfolio may also write (sell) call options and put options, in order to receive premiums, on individual securities, stock market indexes, and/or on substitutes for such indexes, which may include futures contracts or ETFs. The Portfolio normally writes covered call and put options which have an initial maturity of up to nine months and that are "out of the money" at the

**More Information About Fund Investments and Risks (continued)**

time of initiation such that the call options sold generally will be above the current price level of the index when written and the exercise price of put options sold generally will be below the current price level of the index when written. In accordance with applicable interpretations of the SEC, certain derivative instruments may be counted as equity securities for purposes of the Portfolio's policies regarding investments in equity securities, to the extent that such derivative instruments have economic characteristics similar to those of equity securities. The Portfolio may also invest in high-quality, short-term debt instruments (including repurchase agreements) denominated in U.S. or foreign currencies for temporary purposes. Up to 10% of the total assets of the Portfolio may be invested in securities of companies located in emerging market countries.

 **Specialist Managers.** A portion of the Portfolio is managed in accordance with an "active management" approach, which involves the buying and selling of securities based upon economic, financial and market analysis and investment judgment. CLIM and Parametric are currently responsible for implementing the active component of the Portfolio's investment strategy. Additionally, a portion of the Portfolio may be managed using "passive" or "index" investment approaches designed to approximate as closely as practicable, before expenses, the performance of the Portfolio's benchmark index or one or more identifiable subsets or other portions of that index (see "Fund Management," included later in this Prospectus). Mellon Parametric and RhumbLine are currently responsible for implementing the passive component for the Portfolio's investment strategy. The investment selection process for each of these Specialist Managers is described below; further information about the Specialist Managers, individual portfolio managers responsible for day-to-day investment decisions for the Portfolio, and the manner in which the Portfolio's assets are allocated between them appears in the "Specialist Manager Guide" included later in this Prospectus.

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| | |
|:---|:---|
| **The CLIM Investment Selection Process:** | CLIM attempts to achieve above average long-term performance with low relative volatility through active management of a portfolio consisting mostly of closed-end funds. Within sector allocation parameters set by the Adviser, CLIM uses a bottom-up stock selection process to identify a set of closed-end funds that will provide the desired asset class exposure. CLIM uses four main factors in selecting closed-end funds for purchase: |

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• The historical, net performance of the closed-end fund in NAV terms, versus its benchmark (i.e. quality of exposure to the desired asset class);

• The current discount to NAV of the fund compared to its historical average and its peer group and its potential to generate alpha;

• The potential for the fund's discount to NAV to narrow due to unitization (conversion to open-ended status), a share buyback program or some other form of corporate activity; and

• Extraneous valuation factors such as rights issues, mergers or other event-driven situations that can be accretive to shareholders.

CLIM generally sells positions either to adjust asset allocations or because a superior investment opportunity has been identified.

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| | |
|:---|:---|
| **The Mellon Investment Selection Process:** | In selecting investments for that portion of the Portfolio allocated to it, for the "Index Strategy", Mellon adheres to a "passive," "indexing" or "rules-based" investment approach by which Mellon attempts to approximate as closely as practicable, before expenses, the performance of one or more different segments of the MSCI EAFE Index. The particular segments of the MSCI EAFE Index that form the basis for Mellon's investments are determined by the Adviser in consultation with Mellon. The Portfolio's returns may vary from the returns of the MSCI EAFE Index. For the "Factor Strategy", Mellon seeks to implement a strategy developed by the Adviser or an affiliate thereof with the objective of obtaining exposure to one or more factors such as value or quality within the non-U.S. equity markets. |

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| | |
|:---|:---|
| **The Parametric Investment Selection Process:** | Parametric currently manages assets for the Portfolio using three separate and distinct strategies: a "Liquidity Strategy", an "Options Overlay Strategy" and a "Targeted Strategy."<br>|

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In selecting investments for that portion of the Portfolio to be managed pursuant to the Liquidity Strategy, Parametric adheres to a strategy that seeks to closely match the performance of the Portfolio's benchmark index (or other benchmark as specified by the Adviser) through the use of exchange-traded futures contracts, exchange traded funds (ETFs) and closed-end funds. The strategy utilizes a

**More Information About Fund Investments and Risks (continued)**

disciplined approach that is implemented in a mechanical manner, and which does not rely on predictive forecasts or market timing when making investment decisions. The Liquidity Strategy seeks to provide returns commensurate with the Portfolio's stated benchmark index or other benchmark as specified by the Adviser.

The Options Overlay Strategy follows an investment process in which Parametric effects options transactions at the direction of the Adviser. Parametric provides expertise in trade execution, instrument and structure selection. Additionally, Parametric provides customized reporting on position details, liquidity/margin status and adequacy, and performance.

A portion of the Targeted Strategy is the second of a two stage investment process under the direction of the Adviser in which Parametric effects transactions at the direction of the Adviser as set forth below. Parametric provides expertise in trade execution, instrument and structure selection. Additionally, Parametric provides customized reporting on position details, liquidity/margin status and adequacy, and performance. The other portion of the Targeted Strategy utilizes Parametric's Centralized Portfolio Management strategy, which is a model implementation service.

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|:---|:---|
| **The RhumbLine Investment Selection Process:** | RhumbLine employs an indexing investment approach designed to replicate the investment performance of the MSCI EAFE Index, an index comprised of mid- and large-capitalization stocks from developed markets, excluding the U.S. and Canada. RhumbLine utilizes optimization to construct a portfolio so that the Fund's broad quantitative characteristics closely match those of the Index. The primary factors utilized in the optimization process include county weight, sector weight, market capitalization, price to earnings, price to book, volatility, momentum and beta. Portfolio managers make buy and sell decisions to rebalance portfolios or if any of the following occur: cash flows into or out of the portfolio, dividend income needs to be invested or if there are changes in the composition of the underlying index. |

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At times, the Adviser may also directly manage a portion of the Portfolio's assets. The Adviser's investment process is to determine what asset classes, market sectors, industries or countries offer the highest compensation for risk in the form of excess expected returns relative to a policy portfolio. The methodology for deriving expected returns is based on long-term normalized earnings in order to strip out the cyclical or transitory fluctuations. When the long-term, normalized earnings compared to the going-in price represents a substantial premium to the normal historical yield premium, the Adviser uses its professional judgment as to the optimal weighting in the Portfolio, taking into consideration the risk of impairment, the asset's likely co-movement with other assets in the Portfolio and the contribution of the asset to the risk/reward ratio in the Portfolio's total asset mix. When the asset is judged to considerably increase expected return or reduce the overall risk for the Portfolio, the Adviser seeks to implement the exposure with the most efficient instrument including futures on indexes, customized tilted indexes and ETFs when taking into account the trading costs, management fees, and basis risk of the instrument with the intended exposure. The Adviser then directs Parametric to establish the desired exposure relying on their trading expertise to execute on the most advantageous terms available in the given timeframe. The Adviser's decision to reverse the exposure is predicated on the same considerations expected risk/return contribution.

*The Emerging Markets Portfolio*

The Portfolio will diversify investments across several countries (typically at least 10) in order to reduce the volatility associated with specific markets. The number of countries in which the Portfolio invests will vary and may increase over time as the stock markets in other countries evolve. Typically, 80% of the Portfolio's net assets will be invested in equity securities, equity swaps, structured equity notes, equity linked notes and depositary receipts concentrated in emerging market countries.

The Portfolio may invest in common and preferred equity securities, publicly traded in the United States or in foreign countries in developed or emerging markets, including initial public offerings. As collateral for derivative securities, the Portfolio may also invest in fixed income securities rated investment grade or better issued by U.S. companies. The Portfolio's equity securities may be denominated in foreign currencies and may be held outside the United States. Certain emerging markets are closed in whole or part to the direct purchase of equity securities by foreigners. In these markets, the Portfolio may be able to invest in equity securities solely or primarily through foreign government authorized pooled investment vehicles. These securities could be more expensive because of additional management fees charged by the underlying pools. In addition, such pools may have restrictions on redemptions, limiting the liquidity of the investment. Consistent with their investment styles, the Portfolio's Specialist Managers may also use instruments such as option or futures contracts or ETFs in order to hedge against investment risks, seek to efficiently obtain or adjust exposure to certain securities or groups of securities, or otherwise to increase returns. The Portfolio may also write (sell) call options and put options, in

**More Information About Fund Investments and Risks (continued)**

order to receive premiums, on individual securities, stock market indexes, and/or on substitutes for such indexes, which may include futures contracts or ETFs. The Portfolio normally writes covered call and put options which have an initial maturity of up to nine months and that are "out of the money" at the time of initiation such that the call options sold generally will be above the current price level of the index when written and the exercise price of put options sold generally will be below the current price level of the index when written. In accordance with applicable interpretations of the SEC, certain derivative instruments may be counted as equity securities for purposes of the Portfolio's policies regarding investments in equity securities, to the extent that such derivative instruments have economic characteristics similar to those of equity securities.

The Portfolio invests primarily in the MSCI EM Index countries. As the MSCI EM Index introduces new emerging market countries, the Portfolio may include those countries among the countries in which it may invest.

 **Specialist Managers.** A portion of the Portfolio is managed in accordance with an "active management" approach, which involves the buying and selling of securities based upon economic, financial and market analysis and investment judgment. CLIM is currently responsible for implementing the active component of the Portfolio's investment strategy. Mellon, Parametric and RhumbLine also manage a portion of the Portfolio that may be managed using a "passive" or "index" investment approach designed to replicate the composition of the Portfolio's benchmark index or one or more identifiable subsets or other portions of that index (see "Fund Management," included later in this Prospectus). The investment selection process for each of these Specialist Managers is described below; further information about the Specialist Managers, individual portfolio managers responsible for day-to-day investment decisions for the Portfolio, and the manner in which the Portfolio's assets are allocated between them appears in the "Specialist Manager Guide" included later in this Prospectus.

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|:---|:---|
| **The CLIM Investment Selection Process:** | CLIM attempts to achieve above average long-term performance with low relative volatility through active management of a portfolio consisting mostly of closed-end funds. Within sector allocation parameters set by the Adviser, CLIM uses a bottom-up stock selection process to identify a set of closed-end funds that will provide the desired asset class exposure. CLIM uses four main factors in selecting closed-end funds for purchase: |

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• The historical, net performance of the closed-end fund in NAV terms, versus its benchmark (i.e. quality of exposure to the desired asset class);

• The current discount to NAV of the fund compared to its historical average and its peer group and its potential to generate alpha;

• The potential for the fund's discount to NAV to narrow due to unitization (conversion to open-ended status), a share buyback program or some other form of corporate activity; and

• Extraneous valuation factors such as rights issues, mergers or other event-driven situations that can be accretive to shareholders.

CLIM generally sells positions either to adjust asset allocations or because a superior investment opportunity has been identified.

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| | |
|:---|:---|
| **The Mellon Investment Selection Process:** | In selecting investments for that portion of the Portfolio allocated to it, Mellon adheres to a "passive," "indexing" or "rules-based" investment approach by which Mellon attempts to approximate as closely as practicable, before expenses, the performance of one or more different segments of the MSCI EM Index. The particular segments of the MSCI EM Index that form the basis for Mellon's investments are determined by the Adviser in consultation with Mellon. The Portfolio's returns may vary from the returns of the MSCI EM Index. |

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|:---|:---|
| **The Parametric Investment Selection Process:** | Parametric currently manages assets for the Portfolio using four separate and distinct strategies: a "Liquidity Strategy", an "Options Overlay Strategy", a "Targeted Strategy" and a "Tax-Managed Custom Core Strategy." |

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In selecting investments for that portion of the Portfolio to be managed pursuant to the Liquidity Strategy, Parametric adheres to a strategy that seeks to closely match the performance of the Portfolio's benchmark index (or other benchmark as specified by the Adviser) through the use of exchange-traded futures contracts, exchange traded funds (ETFs) and closed-end funds. The strategy utilizes a disciplined approach that is implemented in a mechanical manner, and which does not rely on

**More Information About Fund Investments and Risks (continued)**

predictive forecasts or market timing when making investment decisions. The Liquidity Strategy seeks to provide returns commensurate with the Portfolio's stated benchmark index or other benchmark as specified by the Adviser.

The Options Overlay Strategy follows an investment process in which Parametric effects options transactions at the direction of the Adviser. Parametric provides expertise in trade execution, instrument and structure selection. Additionally, Parametric provides customized reporting on position details, liquidity/margin status and adequacy, and performance.

The Targeted Strategy is the second of a two stage investment process under the direction of the Adviser in which Parametric effects transactions at the direction of the Adviser as set forth below. Parametric provides expertise in trade execution, instrument and structure selection. Additionally, Parametric provides customized reporting on position details, liquidity/margin status and adequacy, and performance.

The Tax-Managed Custom Core Strategy uses a "passive" investment approach designed to obtain exposure to the emerging markets segment represented by the Portfolio's benchmark index or, from time to time, one or more identifiable subsets or other portions of that index ("Parametric Performance Benchmark") while seeking to outperform the Parametric Performance Benchmark on an after-tax basis. Weightings of securities in the Portfolio will not match nor replicate those of the Parametric Performance Benchmark and the Portfolio may include securities not held in the Parametric Performance Benchmark. Tax management techniques, including tax loss harvesting and the management of capital gains, are used to minimize the impact of taxes, and maximize after-tax return. The Portfolio's holdings are tailored to meet its investment objectives.

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|:---|:---|
| **The RhumbLine Investment Selection Process:** | RhumbLine employs an indexing investment approach designed to track the investment performance of the MSCI EM Index. The Portfolio will invest in the constituents of the MSCI EM Index in approximate proportion to their weights in the Index by using a market capitalization and/or representative sampling methodology. Portfolio managers make buy and sell decisions to rebalance portfolios or if any of the following occurs: cash flows into or out of the portfolio, dividend income needs to be invested or if there are changes in the composition of the underlying index. The Portfolio's returns may vary from the returns of the MSCI EM Index. |

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At times, the Adviser may also directly manage a portion of the Portfolio's assets. The Adviser's investment process is to determine what asset classes, market sectors, industries or countries offer the highest compensation for risk in the form of excess expected returns relative to a policy portfolio. The methodology for deriving expected returns is based on long-term normalized earnings in order to strip out the cyclical or transitory fluctuations. When the long-term, normalized earnings compared to the going-in price represents a substantial premium to the normal historical yield premium, the Adviser uses its professional judgment as to the optimal weighting in the Portfolio, taking into consideration the risk of impairment, the asset's likely co-movement with other assets in the Portfolio and the contribution of the asset to the risk/reward ratio in the Portfolio's total asset mix. When the asset is judged to considerably increase expected return or reduce the overall risk for the Portfolio, the Adviser seeks to implement the exposure with the most efficient instrument – including futures on indexes, customized tilted indexes and ETFs – when taking into account the trading costs, management fees, and basis risk of the instrument with the intended exposure. The Adviser then directs Parametric to establish the desired exposure relying on their trading expertise to execute on the most advantageous terms available in the given timeframe. The Adviser's decision to reverse the exposure is predicated on the same considerations – expected risk/return contribution.

*The Core Fixed Income Portfolio*

Under normal circumstances, the Portfolio invests primarily (i.e., at least 80% of its net assets) in fixed income securities. The Portfolio, under normal circumstances, invests predominantly in fixed income securities that, at the time of purchase, are rated in one of four highest rating categories assigned by one of the major independent rating agencies ("Baa" or higher by Moody's Investors Service, Inc., "BBB" or higher by S&P Global Ratings) or are, in the view of the Specialist Manager, deemed to be of comparable quality. From time to time, a substantial portion of the Portfolio, a diversified investment company, may be invested in any of the following: (1) investment grade mortgage-backed or asset backed securities; (2) securities issued or fully guaranteed by the U.S. Government, Federal Agencies, or sponsored agencies; (3) investment grade fixed income securities issued by U.S. corporations; or (4) municipal bonds (i.e., debt securities issued by municipalities and related entities). Under normal conditions, the Portfolio may invest up to 20% of its assets in high yield securities ("junk bonds") as well as cash or money market instruments in order to maintain liquidity, or in the event that the

**More Information About Fund Investments and Risks (continued)**

Specialist Manager determines that securities meeting the Portfolio's investment objective and policies are not otherwise readily available for purchase. The Portfolio may invest in securities issued by other investment companies, including ETFs, that invest in fixed income securities. Consistent with its investment policies, the Portfolio may purchase and sell securities without regard to the effect on portfolio turnover. Securities purchased for the Portfolio will have varying maturities, but under normal circumstances the Portfolio will have an effective dollar weighted average portfolio maturity that is within the range of the average portfolio maturity in the Bloomberg U.S. Aggregate Bond Index, which range, as of June 30, 2025, was between [1 and 98] years. The weighted average maturity of the Bloomberg U.S. Aggregate Bond Index as of June 30, 2025 was [8.43] years. The Portfolio may engage in transactions involving instruments such as option or futures contracts in order to hedge against investment risks, seek to efficiently obtain or adjust exposure to certain securities or groups of securities, or otherwise to increase returns. The Portfolio may also write (sell) call options and put options, in order to receive premiums, on individual securities, market indexes, and/or on substitutes for such indexes, which may include futures contracts or ETFs. The Portfolio normally writes covered call and put options which have an initial maturity of up to nine months and that are "out of the money" at the time of initiation such that the call options sold generally will be above the current price level of the index when written and the exercise price of put options sold generally will be below the current price level of the index when written. In accordance with applicable interpretations of the SEC, certain derivative instruments may be counted as fixed income securities for purposes of the Portfolio's policies regarding investments in fixed income securities, to the extent that such derivative instruments have economic characteristics similar to those of fixed income securities. The Portfolio may also invest in commercial paper.

**Specialist Managers.** Agincourt, Mellon and Parametric currently provide portfolio management services to this Portfolio. The investment selection process for each of these Specialist Managers is described below; further information about the Specialist Managers, individual portfolio managers responsible for day-to-day investment decisions for the Portfolio, and the manner in which the Portfolio's assets are allocated between them appears in the "Specialist Manager Guide" included later in this Prospectus.

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|:---|:---|
| **The Agincourt Investment Selection Process:** | &nbsp;&nbsp;In making investment decisions for the Portfolio, Agincourt focuses its yield-driven, active management style using three strategies: sector management, security selection and yield-curve/duration management. The corporate sector allocation strategy uses a risk budgeting process to allocate across corporate sectors based on relative value. Security selection is based on qualitative factors (such as industry position, quality of management, and ratings agency trends) and quantitative factors (such as ratio analysis and security valuation analytics). Yield-curve/duration management is based on scenario analysis to test various yield curve structures and arranging the portfolio in a given duration, typically a shorter-than-market duration with modest adjustments. The sell discipline is fully integrated with the buy decision; as cheaper sectors/bonds become available, bonds are typically sold. |

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|:---|:---|
| **The Mellon Investment Selection Process:** | &nbsp;&nbsp;Mellon employs a disciplined approach which seeks to gain exposure to securities and sectors like those contained in the Portfolio's benchmark index. It begins by identifying and isolating the major components and sectors and assessing the key characteristics of the index. After analyzing these factors, Mellon then invests in securities designed to gain exposure to these different sectors, and that have characteristics that are similar to those which are found in the index or the components thereof. In this process, they also focus on relative value and issue specific risk in order to efficiently and cost effectively gain exposure to the index. |

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|:---|:---|
| **The Parametric Investment Selection Process:** | &nbsp;&nbsp;The Options Overlay Strategy follows an investment process in which Parametric effects options transactions at the direction of the Adviser. Parametric provides expertise in trade execution, instrument and structure selection. Additionally, Parametric provides customized reporting on position details, liquidity/margin status and adequacy, and performance. |

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*The Corporate Opportunities Portfolio*

The Portfolio may also invest in U.S. government securities, including but not limited to Treasuries, Agencies and Commercial Paper. Subject to the requirements under the Investment Company Act of 1940 (the "Investment Company Act"), the Portfolio may also hold shares of other investment companies, including investment companies that invest in high yield securities and floating rate debt securities. The Portfolio may hold a portion of its assets in cash or money market instruments in order to maintain liquidity or in the event that the Specialist Manager determines that securities meeting the Portfolio's investment objective and policies are not otherwise readily available for purchase.

**More Information About Fund Investments and Risks (continued)**

Consistent with its investment policies, the Portfolio may purchase and sell high yield securities. Purchases and sales of securities may be effected without regard to the effect on portfolio turnover. Securities purchased for the Portfolio will have varying maturities and may be of any maturity. The Portfolio may engage in transactions involving instruments such as option or futures contracts, interest rate swaps, total return swaps and credit default swaps in order to hedge against investment risks, seek to efficiently obtain or adjust exposure to certain securities or groups of securities, or otherwise to increase returns. The Portfolio may also write (sell) call options and put options, in order to receive premiums, on individual securities, market indexes, and/or on substitutes for such indexes, which may include futures contracts or ETFs. The Portfolio normally writes covered call and put options which have an initial maturity of up to nine months and that are "out of the money" at the time of initiation such that the call options sold generally will be above the current price level of the index when written and the exercise price of put options sold generally will be below the current price level of the index when written. In accordance with applicable interpretations of the SEC, certain derivative instruments may be counted as fixed income securities for purposes of the Portfolio's policies regarding investments in fixed income securities, to the extent that such derivative instruments have economic characteristics similar to those of fixed income securities.

The performance benchmark for this Portfolio is the Bloomberg U.S. High Yield Ba/B 2% Issuer Capped Index, an unmanaged index of high yield securities that is widely recognized as an indicator of the performance of such securities. The Specialist Manager actively manages the interest rate risk of the fixed income portion of the Portfolio relative to this benchmark.

 **Specialist Managers.** CLIM, Mellon and Parametric currently provide portfolio management services to this Portfolio. The investment selection process for each of these Specialist Managers is described below; further information about the Specialist Managers, individual portfolio managers responsible for day-to-day investment decisions for the Portfolio, and the manner in which the Portfolio's assets are allocated between them appears in the "Specialist Manager Guide" included later in this Prospectus.

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| **The CLIM Investment Selection Process:** | CLIM attempts to achieve above average long-term performance with low relative volatility through active management of a portfolio consisting mostly of closed-end funds. Within sector allocation parameters set by the Adviser, CLIM uses a bottom-up stock selection process to identify a set of closed-end funds that will provide the desired asset class exposure. CLIM uses four main factors in selecting closed-end funds for purchase: |

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• The historical, net performance of the closed-end fund in NAV terms, versus its benchmark (i.e. quality of exposure to the desired asset class);

• The current discount to NAV of the fund compared to its historical average and its peer group and its potential to generate alpha;

• The potential for the fund's discount to NAV to narrow due to unitization (conversion to open-ended status), a share buyback program or some other form of corporate activity; and

• Extraneous valuation factors such as rights issues, mergers or other event-driven situations that can be accretive to shareholders.

CLIM generally sells positions either to adjust asset allocations or because a superior investment opportunity has been identified.

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| **The Mellon Investment Selection Process:** | Mellon employs a disciplined approach which seeks to obtain the desired exposure efficiently. Our process is designed to provide customizable, consistent, and intelligent beta, utilizing a structural and fundamental approach to reduce unwanted risks and/or exposures. The decision making process is primarily driven by the outputs of our models, which the investment team uses to identify the optimal term structure and sector allocation while managing risk and generating consistent performance. The portfolio managers ultimately make buy and sell decisions in reference to the model recommendations, and their decision must be approved by a senior member of the team. |

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| **The Parametric Investment Selection Process:** | Parametric currently manages assets for the Portfolio using three separate and distinct strategies: a "Liquidity Strategy", an "Options Overlay Strategy", and a "Targeted Strategy." |

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In selecting investments for that portion of the Portfolio to be managed pursuant to the Liquidity Strategy, Parametric adheres to a strategy that seeks to closely match the performance of the Portfolio's benchmark index (or other benchmark as specified by the Adviser) through the use of exchange-traded

**More Information About Fund Investments and Risks (continued)**

futures contracts, exchange traded funds (ETFs) and closed-end funds. The strategy utilizes a disciplined approach that is implemented in a mechanical manner, and which does not rely on predictive forecasts or market timing when making investment decisions. The Liquidity Strategy seeks to provide returns commensurate with the Portfolio's stated benchmark index or other benchmark as specified by the Adviser.

The Options Overlay Strategy follows an investment process in which Parametric effects options transactions at the direction of the Adviser. Parametric provides expertise in trade execution, instrument and structure selection. Additionally, Parametric provides customized reporting on position details, liquidity/margin status and adequacy, and performance.

The Targeted Strategy is the second of a two stage investment process under the direction of the Adviser in which Parametric effects transactions at the direction of the Adviser as set forth below. Parametric provides expertise in trade execution, instrument and structure selection. Additionally, Parametric provides customized reporting on position details, liquidity/margin status and adequacy, and performance.

*The U.S. Government Fixed Income Securities Portfolio*

The Portfolio's principal investment strategy is to invest at least 80% of its net assets in fixed income securities issued or fully guaranteed by the U.S. Government, Federal Agencies, or sponsored agencies. In the unlikely event that a change in this investment policy is adopted by the Board of Trustees, shareholders will receive at least 60 days prior written notice before such change is implemented. The Portfolio may also invest in derivative instruments, including fixed income futures contracts, fixed income options, interest rate swaps, total return swaps and credit default swaps. Such investments may be made to: invest in an asset class with greater efficiency and lower cost; add value when such instruments are attractively priced; adjust sensitivity to changes in interest rates; or adjust the overall credit risk of the Portfolio. Losses (or gains) involving futures contracts can sometimes be substantial. Investments in options or futures contracts may also be made in order to hedge against investment risks, seek to efficiently obtain or adjust exposure to certain securities or groups of securities, or otherwise to increase returns. The Portfolio may also write (sell) call options and put options, in order to receive premiums, on individual securities, market indexes, and/or on substitutes for such indexes, which may include futures contracts or ETFs. The Portfolio normally writes covered call and put options which have an initial maturity of up to nine months and that are "out of the money" at the time of initiation such that the call options sold generally will be above the current price level of the index when written and the exercise price of put options sold generally will be below the current price level of the index when written. In accordance with applicable interpretations of the SEC, certain derivative instruments may be counted as fixed income securities for purposes of the Portfolio's policies regarding investments in fixed income securities, to the extent that such derivative instruments have economic characteristics similar to those of fixed income securities. The Portfolio may also invest in commercial paper.

**Specialist Managers.** Mellon and Parametric currently provide portfolio management services to this Portfolio. The investment selection process for each Specialist Manager is described below; further information about the Specialist Manager, and the individual portfolio managers responsible for day-to-day investment decisions for the Portfolio appears in the "Specialist Manager Guide" included later in this Prospectus.

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| **The Mellon Investment Selection Process:** | Mellon employs a disciplined approach which seeks to gain exposure to securities and sectors like those contained in the Bloomberg US Government Index. It begins by identifying and isolating the major components and sectors and assessing the key characteristics of the index. After analyzing these factors, Mellon then invests in securities designed to gain exposure to these different sectors, and that have characteristics that are similar to those which are found in the index. In this process, they also focus on relative value and issue specific risk in order to efficiently and cost effectively gain exposure to the government sector. Buy and sell decisions are based primarily on portfolio characteristic misweights. When purchasing securities, portfolio managers select a bond that is perceived to be relatively less expensive compared to similar issues. When selling securities, portfolio managers select an issue that is perceived to be relatively overpriced. Other analytics and the expertise and judgment of the investment professionals are incorporated into the process. |

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| **The Parametric Investment Selection Process:** | The Options Overlay Strategy follows an investment process in which Parametric effects options transactions at the direction of the Adviser. Parametric provides expertise in trade execution, |

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**More Information About Fund Investments and Risks (continued)**

instrument and structure selection. Additionally, Parametric provides customized reporting on position details, liquidity/margin status and adequacy, and performance.

*The U.S. Corporate Fixed Income Securities Portfolio*

Under normal circumstances, the Portfolio seeks to achieve its objective by investing primarily (i.e., at least 80% of its net assets) in fixed income securities issued by U.S. corporations. In the unlikely event that a change in this investment policy is adopted by the Board of Trustees, shareholders will receive at least 60 days prior written notice before such change is implemented. In general, the Portfolio invests primarily in investment grade fixed income securities and will maintain aggregate characteristics similar to the Bloomberg U.S. Corporate Index. Additionally, investment-grade securities held by the Portfolio which are downgraded below investment-grade may be retained provided this would not result in the total percentage of below investment grade securities in the Portfolio exceeding a maximum market value of 20% of the Portfolio. The Portfolio may also invest in Treasury obligations, including TIPS, agency debt, sovereign debt and other corporate obligations, including Yankee Bonds, 144A securities, commercial paper, preferred stock and trust preferred/capital notes. Consistent with their respective investment styles, the Portfolio's Specialist Managers may use instruments including option or futures contracts or ETFs in order to hedge against investment risks, seek to efficiently obtain or adjust exposure to certain securities or groups of securities, or otherwise to increase returns. The Portfolio may also write (sell) call options and put options, in order to receive premiums, on individual securities, market indexes, and/or on substitutes for such indexes, which may include futures contracts or ETFs. The Portfolio normally writes covered call and put options which have an initial maturity of up to nine months and that are "out of the money" at the time of initiation such that the call options sold generally will be above the current price level of the index when written and the exercise price of put options sold generally will be below the current price level of the index when written. In accordance with applicable interpretations of the SEC, certain derivative instruments may be counted as fixed income securities for purposes of the Portfolio's policies regarding investments in fixed income securities, to the extent that such derivative instruments have economic characteristics similar to those of fixed income securities.

**Specialist Managers.** Agincourt, Mellon and Parametric currently provide portfolio management services to this Portfolio. The investment selection process for each of these Specialist Managers is described below; further information about the Specialist Managers, individual portfolio managers responsible for day-to-day investment decisions for the Portfolio, and the manner in which the Portfolio's assets are allocated between them appears in the "Specialist Manager Guide" included later in this Prospectus.

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| **The Agincourt Investment Selection Process:** | In making investment decisions for the Portfolio, Agincourt focuses its yield-driven, active management style using three strategies: sector management, security selection and yield-curve/duration management. The corporate sector allocation strategy uses a risk budgeting process to allocate across corporate sectors based on relative value. Security selection is based on qualitative factors (such as industry position, quality of management, and ratings agency trends) and quantitative factors (such as ratio analysis and security valuation analytics). Yield-curve/duration management is based on scenario analysis to test various yield curve structures and arranging the portfolio in a given duration, typically a shorter-than-market duration with modest adjustments. The sell discipline is fully integrated with the buy decision; as cheaper sectors/bonds become available, bonds are typically sold. |

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| **The Mellon Investment Selection Process:** | Mellon employs a disciplined approach which seeks to obtain the desired exposure efficiently. Our process is designed to provide customizable, consistent, and intelligent beta, utilizing a structural and fundamental approach to reduce unwanted risks and/or exposures. The decision making process is primarily driven by the outputs of our models, which the investment team uses to identify the optimal term structure and sector allocation while managing risk and generating consistent performance. The portfolio managers ultimately make buy and sell decisions in reference to the model recommendations, and their decision must be approved by a senior member of the team. |

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| **The Parametric Investment Selection Process:** | The Options Overlay Strategy follows an investment process in which Parametric effects options transactions at the direction of the Adviser. Parametric provides expertise in trade execution, instrument and structure selection. Additionally, Parametric provides customized reporting on position details, liquidity/margin status and adequacy, and performance. |

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*The U.S. Mortgage/Asset Backed Fixed Income Securities Portfolio*

The Portfolio invests at least 80% of its net assets in a portfolio of publicly issued, U.S. mortgage and asset backed securities. In the unlikely event that a change in this investment policy is adopted by the Board of Trustees, shareholders will receive at least 60 days prior written notice before such change is implemented. The Portfolio may use futures, options and/or swaps in order to manage duration,

**More Information About Fund Investments and Risks (continued)**

yield curve and sector risk, or as a substitute for cash securities. The Portfolio may also purchase private placement or Rule 144A securities. Up to 5% of the Portfolio's assets may be held in securities which were rated as investment-grade when purchased, but have since been downgraded. The Portfolio may purchase securities on a when-issued basis or for forward delivery and may enter into repurchase agreements. Consistent with their respective investment styles, the Portfolio's Specialist Managers may use instruments including option or futures contracts or ETFs in order to hedge against investment risks, seek to efficiently obtain or adjust exposure to certain securities or groups of securities, or otherwise to increase returns. The Portfolio may also write (sell) call options and put options, in order to receive premiums, on individual securities, market indexes, and/or on substitutes for such indexes, which may include futures contracts or ETFs. The Portfolio normally writes covered call and put options which have an initial maturity of up to nine months and that are "out of the money" at the time of initiation such that the call options sold generally will be above the current price level of the index when written and the exercise price of put options sold generally will be below the current price level of the index when written. In accordance with applicable interpretations of the SEC, certain derivative instruments may be counted as fixed income securities for purposes of the Portfolio's policies regarding investments in fixed income securities, to the extent that such derivative instruments have economic characteristics similar to those of fixed income securities. The Portfolio may also invest in commercial paper.

**Specialist Managers.** Mellon and Parametric currently provide portfolio management services to this Portfolio. The investment selection process for the Specialist Managers is described below; further information about the Specialist Managers, and the individual portfolio managers responsible for day-to-day investment decisions for the Portfolio appears in the "Specialist Manager Guide" included later in this Prospectus.

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| **The Mellon Investment Selection Process:** | Mellon employs a disciplined approach which seeks to gain exposure to securities and sectors like those contained in the Bloomberg US Securitized Index. It begins by identifying and isolating the major components and sectors and assessing the key characteristics of the index. After analyzing these factors, Mellon then invests in securities designed to gain exposure to these different sectors, and that have characteristics that are similar to those which are found in the index. In this process, they also focus on relative value and issue specific risk in order to efficiently and cost effectively gain exposure to the securitized sector. Buy and sell decisions are based primarily on portfolio characteristic misweights. When purchasing securities, portfolio managers select a bond that is perceived to be relatively less expensive compared to similar issues. When selling securities, portfolio managers select an issue that is perceived to be relatively overpriced. Other analytics and the expertise and judgment of the investment professionals are incorporated into the process. |

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| **The Parametric Investment Selection Process:** | The Options Overlay Strategy follows an investment process in which Parametric effects options transactions at the direction of the Adviser. Parametric provides expertise in trade execution, instrument and structure selection. Additionally, Parametric provides customized reporting on position details, liquidity/margin status and adequacy, and performance. |

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*The Short-Term Municipal Bond Portfolio*

Under normal circumstances, the Portfolio seeks to achieve its objective by investing primarily (i.e. at least 80% of net assets) in municipal bonds. Municipal bonds are debt securities issued by municipalities and related entities, the interest on which is exempt from Federal income tax so that they will qualify to pay "exempt-interest dividends" ("Municipal Securities"). The Portfolio intends to maintain a dollar-weighted effective average portfolio maturity of no longer than three years. The Portfolio invests primarily in securities that are rated in one of the top four rating categories of a nationally recognized statistical rating organization ("Baa" or higher by Moody's Investors Service, Inc., "BBB" or higher by S&P Global Ratings) or, if unrated, that are determined by the Specialist Manager to be of comparable quality. The Portfolio does not currently intend to invest in obligations, the interest on which is a preference item for purposes of the Federal alternative minimum tax. The Portfolio may invest in securities issued by other investment companies, including ETFs, that invest in municipal bonds. Tax-Exempt Securities may be purchased at significant discounts or premiums to par (face value). Any gains at sale or maturity of Tax-Exempt Securities may be subject to either capital gains or ordinary income taxes. In order to maintain liquidity, the Portfolio is authorized to invest up to 20% of its total assets in taxable instruments.

**Specialist Manager.** Breckinridge Capital Advisors, Inc. ("Breckinridge") currently serves as Specialist Manager for The Short-Term Municipal Bond Portfolio. The investment selection process for the Specialist Manager is described below; further information about the Specialist Manager, and the individual portfolio managers responsible for day-to-day investment decisions for the Portfolio appears in the "Specialist Manager Guide" included later in this Prospectus.

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| **The Breckinridge Investment Selection Process:** | In selecting securities for investment by the Portfolio, Breckinridge uses a bottom-up approach that seeks to invest in securities having credit quality and structural characteristics consistent with the |

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**More Information About Fund Investments and Risks (continued)**

investment objectives of providing current income and capital preservation. Investment opportunities are first identified based on fundamental analysis of the municipal issuer's credit quality followed by an analysis of a security's structure (call features, coupon, sinking fund, etc.) and an assessment of its risk-adjusted return relative to other tax-exempt offerings and returns available in the taxable fixed-income markets. In the event any security held by the Portfolio is downgraded below the Portfolio's authorized rating categories, Breckinridge will review the security and determine whether to retain or dispose of that security.

*The Intermediate Term Municipal Bond Portfolio*

Under normal circumstances, the Portfolio seeks to achieve its objective by investing primarily (i.e., at least 80% of net assets) in municipal bonds. Municipal bonds are debt securities issued by municipalities and related entities, the interest on which is typically exempt from Federal income tax, and include general obligation bonds and notes, revenue bonds and notes (including industrial revenue bonds and municipal lease obligations), as well as participation interests relating to such securities and are referred to as " Municipal Securities." The Portfolio invests primarily in securities that are rated in one of the top four rating categories of a nationally recognized statistical rating organization ("Baa" or higher by Moody's Investors Service, Inc., "BBB" or higher by S&P Global Ratings) or, if unrated, that are determined by the Specialist Manager to be of comparable quality. Municipal Securities purchased for the Portfolio will have varying maturities, but under normal circumstances the Portfolio will have an effective dollar weighted average portfolio maturity that is within the range of the average portfolio maturity in the Bloomberg 3-10 Year Blend Total Return, currently [1 to 12] years. The Portfolio's actual average maturity was [6.68] years as of June 30, 2025. The Portfolio may invest in securities issued by other investment companies, including ETFs and closed-end funds, that invest in Municipal Securities. Also, the Portfolio is authorized to invest up to 20% of its net assets in taxable instruments. The Portfolio may engage in transactions involving instruments such as option or futures contracts in order to hedge against investment risks, seek to efficiently obtain or adjust exposure to certain securities or groups of securities, or otherwise to increase returns. The Portfolio may also write (sell) call options and put options, in order to receive premiums, on individual securities, market indexes, and/or on substitutes for such indexes, which may include futures contracts or ETFs. The Portfolio normally writes covered call and put options which have an initial maturity of up to nine months and that are "out of the money" at the time of initiation such that the call options sold generally will be above the current price level of the index when written and the exercise price of put options sold generally will be below the current price level of the index when written. In accordance with applicable interpretations of the SEC, certain derivative instruments may be counted as fixed income securities for purposes of the Portfolio's policies regarding investments in fixed income securities, to the extent that such derivative instruments have economic characteristics similar to those of fixed income securities.

**Specialist Managers.** Breckinridge, CLIM, Insight and Parametric currently provide portfolio management services to this Portfolio. The investment selection process for each of these Specialist Managers is described below; further information about the Specialist Managers, the individual portfolio managers responsible for day-to-day investment decisions for the Portfolio, and the manner in which the Portfolio's assets are allocated between them appears in the "Specialist Manager Guide" included later in this Prospectus.

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| **The Breckinridge Investment Selection Process:** | In selecting securities for investment by the Portfolio, Breckinridge uses a bottom-up approach that seeks to invest in securities having credit quality and structural characteristics consistent with the investment objectives of providing current income and capital preservation. Investment opportunities are first identified based on fundamental analysis of the municipal issuer's credit quality followed by an analysis of a security's structure (call features, coupon, sinking fund, etc.) and an assessment of its risk-adjusted return relative to other tax-exempt offerings and returns available in the taxable fixed-income markets. In the event any security held by the Portfolio is downgraded below the Portfolio's authorized rating categories, Breckinridge will review the security and determine whether to retain or dispose of that security. |

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| **The CLIM Investment Selection Process:** | In selecting investments for that portion of the Portfolio allocated to it, CLIM invests primarily in closed-end funds (CEFs), and secondarily in open-end funds and exchange traded funds, that invest in fixed income securities issued by U.S. municipalities ("Third Party Funds"). CLIM focuses investments in CEFs based on analysis of inefficient pricing and enhanced yields inherent in the CEF universe. CLIM uses various factors in selecting investments for purchase including the following: |

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i. the level, sustainability and tax characterization of the distribution stream available from the Third Party Fund;

ii. the track record of the manager of the Third Party Fund;

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iii. the historical mean-reverting tendency of the Third Party Fund's discount to net asset value, as well as the absolute discount at which the security trades;

iv. the existence of potential catalysts for discount reduction or elimination, including corporate restructuring or other liquidity events;

v. the discount risk associated with the Third Party Fund;

vi. the market risk associated with the investment, including market capitalization and liquidity;

vii. structural factors, including leverage; and

viii. the corporate governance record of the management of the Third Party Fund.

CLIM generally sells positions either to adjust Third Party Fund allocations or because a superior investment opportunity has been identified.

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| **The Insight Investment Selection Process:** | The Insight investment process focuses on sector analysis and security selection rather than interest rate forecasting. Based on proprietary research, Insight seeks to identify lower volatility investments that offer excess incremental yield. Insight will consider eliminating positions when sell targets are reached, when fundamental conditions change significantly, or when a bond's price falls below a certain level relative to its peer group. |

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| **The Parametric Investment Selection Process:** | The Options Overlay Strategy follows an investment process in which Parametric effects options transactions at the direction of the Adviser. Parametric provides expertise in trade execution, instrument and structure selection. Additionally, Parametric provides customized reporting on position details, liquidity/margin status and adequacy, and performance. |

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**Investment Risks and Strategies**

The following is a summary of the types of investments that the Trust's Portfolios may make and some of the risks associated with such investments. A more extensive discussion, including a description of the Trust's policies and procedures with respect to disclosure of each Portfolio's securities, appears in the Statement of Additional Information ("SAI").

 **About Benchmarks and Index Investing.** The U.S. Equity Portfolio and The Institutional U.S. Equity Portfolio measure their performance against the MSCI USA Index. The MSCI USA Index is designed to measure the performance of the large and mid-cap segments of the US market. With [601] constituents, the index covers approximately 85% of the free float-adjusted market capitalization in the US.

The benchmark for The International Equity and The Institutional International Equity Portfolios is the Morgan Stanley Capital International Europe, Australasia, Far East Index ("MSCI EAFE Index") and the benchmark for The Emerging Markets Portfolios is the Morgan Stanley Capital International Emerging Markets Index ("MSCI EM Index"). The MSCI EAFE Index is an unmanaged free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the US & Canada. As of June [2024], the MSCI EAFE Index consisted of the following 21 developed market country indices: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, and the United Kingdom. The MSCI EM Index is an unmanaged free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets. As of June [2024], the MSCI EM Index consisted of the following 24 emerging market country indices: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Kuwait, Malaysia, Mexico, Peru, Philippines, Poland, Qatar, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates. The benchmark for each of the ESG Growth and Catholic SRI Growth Portfolios is the MSCI World Index (the "World Index"). This Index is an unmanaged index that is designed to capture large and mid-cap companies across 23 developed market countries. As of June [2024], the Index covered approximately [85]% of the free float-adjusted market capitalization in each of the following countries: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the United Kingdom and the United States. The MSCI World ESG Index (the "ESG Index") is a capitalization weighted index that provides exposure to companies with high environmental, social and governance performance relative to their sector peers. Like the World Index, the ESG Index consists of large and mid-cap companies in 23 developed markets countries. The World Index and

**More Information About Fund Investments and Risks (continued)**

the ESG Index may be used, among other factors, by the Adviser and the Board of Trustees as one standard against which to assess the performance of the ESG Growth and Catholic SRI Growth Portfolios' Specialist Managers and each Portfolio as a whole.

The indexes noted above are used by the Board of Trustees and by the Adviser as one standard against which to measure the performance of the Specialist Managers to whom assets of the various Equity Portfolios have been allocated. In addition, a portion of the assets of The U.S. Equity, The Institutional U.S. Equity, The International Equity, The Institutional International Equity and The Emerging Markets Portfolios (the "Index Accounts") are allocated to Specialist Managers who are committed to investing assets allocated to them in a manner that attempts to replicate the performance of the appropriate benchmark index or subsets of these indices. This passive investment style differs from the active management investment techniques used by the Trust's other Specialist Managers. Rather than relying upon fundamental research, economic analysis and investment judgment, this approach uses automated statistical analytic procedures that seek to track the performance of a specific stock index or the selected subset thereof.

Securities will be acquired in proportion to their weighting in the relevant index. Under certain circumstances, it may not be possible for an Index Account to acquire all securities included in the relevant index (or its identified subset). This might occur, for example, in the event that an included security is issued by one of the Trust's Specialist Managers or if there is insufficient trading activity in an included security for any reason. To the extent that all securities included in the appropriate index cannot be purchased, the Specialist Manager will purchase a representative sample of other included securities in proportion to their weightings. It is anticipated that these investment methods will result in a close correlation between the performance of the Index Accounts and the performance of the relevant index in both rising and falling markets, and every effort will be made to achieve a correlation of at least 0.95, before deduction of the expenses associated with the management of the respective Index Accounts and the Portfolio of which they are a part. A correlation of 1.00 would represent a perfect correlation between the performance of an Index Account and the relevant index (or its identified subset). Investors should be aware, however, that while use of an index investment approach may limit an investor's losses (before expenses) to those experienced in the overall securities markets as represented by the relevant index, it is also the case that an investor gives up the potential to achieve return in rising markets in excess of the return achieved by the benchmark index.

**About Equity Securities.** The prices of equity and equity-related securities will fluctuate – sometimes dramatically – over time and a Portfolio could lose a substantial part, or even all, of its investment in a particular issue. The term "equity securities" includes common stock, depositary receipts and preferred stock; "equity-related securities" refers to securities that may be convertible into common stock or preferred stock, or securities that carry the right to purchase common stock or preferred stock. Price fluctuations may reflect changes in the issuing company's financial condition, overall market conditions or even perceptions in the marketplace about the issuing company or economic trends. Prices of convertible securities may, in addition, also be affected by prevailing interest rates, the credit quality of the issuer and any call provisions.

*IPO Holding Risk.* IPO holding is the practice of participating in an initial public offering (IPO) with the intent of holding the security for investment purposes. Because an IPO is an equity security that is new to the public market, the value of IPOs may fluctuate dramatically. Therefore, IPOs have greater risks than other equity investments. Because of the cyclical nature of the IPO market, from time to time there may be limited or no IPOs in which a Portfolio can participate. Even when the Portfolio requests to participate in an IPO, there is no guarantee that a Portfolio will receive an allotment of shares in an IPO sufficient to satisfy a Portfolio's desired participation. Due to the volatility of IPOs, these investments can have a significant impact on performance, which may be positive or negative.

*IPO Trading Risk.* IPO trading is the practice of participating in an initial public offering (IPO) and then immediately selling the security in the after-market. Engaging in this strategy could result in active and frequent trading. Use of this strategy could increase the Portfolio's portfolio turnover and the possibility of realized capital gain. This is not a tax-efficient strategy. From time to time, it may not be possible to pursue an IPO trading strategy effectively because of a limited supply of "hot" IPOs. In addition, this practice may result in losses if a Portfolio purchases a security in an IPO and there is insufficient demand for the security in the after-market of the IPO. Due to the volatility of IPOs, these investments can have a significant impact on performance, which may be positive or negative.

*Small Company Risk.* Equity securities of smaller companies may be subject to more abrupt or erratic price movements than larger, more established companies. These securities are often traded in the over-the-counter markets and, if listed on national or regional exchanges, may not be traded in volumes typical for such exchanges. This may make them more difficult to sell at the time and at a price that is desirable. Smaller companies can provide greater growth potential than larger, more mature firms. Investing in the securities of such companies also involves greater risk, portfolio price volatility and cost. Historically, small capitalization stocks have been more volatile in price than companies with larger capitalizations. Among the reasons for this greater price volatility are the lower degree of market liquidity (the securities of companies with small stock market capitalizations may trade less frequently and in limited volume) and the greater sensitivity of small companies to changing economic conditions. For example, these companies are associated with

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higher investment risk due to the greater business risks of small size and limited product lines, markets, distribution channels and financial and managerial resources.

 **About Foreign Securities.** Equity securities of non-U.S. companies are subject to the same risks as other equity or equity-related securities. Foreign fixed income securities are subject to the same risks as other fixed income securities (as described below). Foreign investments also involve additional risks. These risks include: the unavailability of financial information or the difficulty of interpreting financial information prepared under foreign accounting standards; less liquidity and more volatility in foreign securities markets; the possibility of expropriation; the imposition of foreign withholding and other taxes; the impact of foreign political, social or diplomatic developments; limitations on the movement of funds or other assets between different countries, including internal or external economic sanctions; difficulties in invoking legal process abroad and enforcing contractual obligations; and the difficulty of assessing trends in foreign countries. Transactions in markets overseas are generally more costly than those associated with domestic securities of equal value. Certain foreign governments levy withholding taxes against dividend and interest income. Although a portion of these taxes may be recoverable in the form of a U.S. foreign tax credit, the non-recovered portion of foreign withholding taxes will reduce a Portfolio's performance. Further, in June, 2016, the United Kingdom voted to withdraw from the European Union. There is also the possibility that one or more other countries may withdraw from the European Union and/or abandon the Euro, the common currency of the European Union. The impact of these actions, especially if they occur in a disorderly fashion, is not clear but could be significant and far reaching.

*Foreign Currency Risk.* The prices of securities denominated in a foreign currency will also be affected by the value of that currency relative to the U.S. dollar. Exchange rate movements can be large and long-lasting and can affect, either favorably or unfavorably, the value of securities held in the Portfolio. Such rate movements may result from actions taken by the U.S. or foreign governments or central banks, or speculation in the currency markets.

*Foreign Government Securities.* Foreign governments, as well as supranational or quasi-governmental entities, such as the World Bank, may issue fixed income securities. Investments in these securities involve both the risks associated with any fixed income investment and the risks associated with an investment in foreign securities. In addition, a governmental entity's ability or willingness to repay principal and interest due in a timely manner may be affected not only by economic factors but also by political circumstances either internationally or in the relevant region. These risks extend to debt obligations, such as "Brady Bonds," that were created as part of the restructuring of commercial bank loans to entities (including foreign governments) in emerging market countries. Brady Bonds may be collateralized or not and may be issued in various currencies, although most are U.S. dollar denominated.

*Emerging Market Securities.* Investing in emerging market securities increases the risks of foreign investing. A lack of established legal, accounting and financial reporting systems, and/or the risk of political or social upheaval, expropriation and restrictive controls on the private sector and on foreign investors' ability to repatriate capital can be present or is greater in emerging markets. Emerging market securities generally are less liquid and subject to wider price and currency fluctuations than securities issued in more developed countries. In certain countries, there may be few publicly traded securities and the market may be dominated by a few issuers or sectors. Fixed income securities issued by emerging market issuers are more likely to be considered equivalent to risky high yield securities. Investment funds and structured investments are mechanisms through which U.S. or other investors may invest in certain emerging markets that have laws precluding or limiting direct investments in their securities by foreign investors.

**About Fixed Income Securities.** Fixed income securities – sometimes referred to as "debt securities" – include bonds, notes (including structured notes), mortgage-backed and asset-backed securities, convertible and preferred securities, inflation-indexed bonds, structured notes, including hybrid or "indexed" securities and event-linked bonds and delayed funding loans, as well as short-term debt instruments, often referred to as money market instruments. Fixed income securities may be issued by U.S. or foreign corporations, banks, governments, government agencies or subdivisions or other entities. A fixed income security may have all types of interest rate payment and reset terms, including fixed rate, adjustable rate, zero coupon, contingent, deferred, payment in-kind and auction rate features. All of these factors – the type of instrument, the issuer and the payment terms – will affect the volatility and the risk of loss associated with a particular fixed income issue. The "maturity" of a fixed income instrument and the "duration" of a portfolio of fixed income instruments also affect investment risk. The maturity of an individual security refers to the period remaining until holders of the instrument are entitled to the return of its principal amount. Longer-term securities tend to experience larger price changes than shorter-term securities because they are more sensitive to changes in interest rates or in the credit ratings of issuers. Duration refers to a combination of criteria, including yield to maturity, credit quality and other factors that measure the exposure of a portfolio of fixed income instruments to changing interest rates. An investment portfolio with a lower average duration generally will experience less price volatility in response to changes in interest rates as compared with a portfolio with a higher average duration.

*Interest Rate Risk.* Although the term fixed income securities includes a broad range of sometimes very different investments, all fixed income securities are subject to the risk that their value will fluctuate as interest rates in the overall economy rise and fall. The value of fixed income securities will tend to decrease when interest rates are rising and, conversely, will tend to increase when interest rates

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decline. Thus, in periods of declining interest rates, the yield of a Portfolio that invests in fixed income securities will tend to be higher than prevailing market rates, and in periods of rising interest rates, the yield of a Portfolio will tend to be lower.

*Call/Prepayment Risk and Extension Risk.* Prepayments of fixed income securities will also affect their value. When interest rates are falling, the issuers of fixed income securities may repay principal earlier than expected. As a result, a Portfolio may have to reinvest these prepayments at the then prevailing lower rates, thus reducing its income. In the case of mortgage-backed or asset-backed issues – securities backed by pools of loans – payments due on the security may also be received earlier than expected. This may happen when market interest rates are falling and the underlying loans are being prepaid. Conversely, payments may be received more slowly when interest rates are rising, as prepayments on the underlying loans slow. This may affect the value of the mortgage- or asset-backed issue if the market comes to view the interest rate to be too low relative to the term of the investment. Either situation can affect the value of the instrument adversely.

*Credit Risk.* Credit risk is the risk that an issuer (or in the case of certain securities, the guarantor or counterparty) will be unable to make principal and interest payments when due. The creditworthiness of an issuer may be affected by a number of factors, including the financial condition of the issuer (or guarantor) and, in the case of foreign issuers, the financial condition of the region. Fixed income securities may be rated by one or more nationally recognized statistical rating organizations ("NRSROs"), such as S&P Global Ratings, Moody's Investors Service, Inc. and/or Fitch Ratings, Inc.

These ratings represent the judgment of the rating organization about the safety of principal and interest payments. They are not guarantees of quality and may be subject to change even after a security has been acquired. Not all fixed income securities are rated, and unrated securities may be acquired by the Income Portfolios if the relevant Specialist Manager determines that their quality is comparable to rated issues.

*Inflation Indexed Securities.* Unlike a conventional bond, whose issuer makes regular fixed interest payments and repays the face value of the bond at maturity, an inflation-indexed security (IIS) provides principal and interest payments that are adjusted over time to reflect a rise (inflation) or a drop (deflation) in the general price level for goods and services. This adjustment is a key feature, given that inflation has typically occurred. There have, however, been periods of deflation. Importantly, in the event of deflation, the U.S. Treasury has guaranteed that it will repay at least the face value of an IIS issued by the U.S. government. Inflation measurement and adjustment for an IIS have two important features. There is a two-month lag between the time that inflation occurs in the economy and when it is factored into IIS valuations. This is due to the time required to measure and calculate the CPI and for the Treasury to adjust the inflation accrual schedules for an IIS. For example, inflation that occurs in January is calculated and announced during February and affects IIS valuations throughout the month of March. In addition, the inflation index used is the non-seasonally adjusted index. It differs from the CPI that is reported by most news organizations, which is statistically smoothed to overcome highs and lows observed at different points each year. The use of the non-seasonally adjusted index can cause the Portfolio's income level to fluctuate.

Inflation-indexed securities are designed to provide a "real rate of return" – a return after adjusting for the impact of inflation. Inflation – a rise in the general price level – erodes the purchasing power of an investor's portfolio. For example, if an investment provides a "nominal" total return of 5% in a given year and inflation is 2% during that period, the inflation-adjusted, or real, return is 3%. Investors in inflation-indexed bond funds who do not reinvest the portion of the income distribution that comes from inflation adjustments will not maintain the purchasing power of the investment over the long-term. This is because interest earned depends on the amount of principal invested, and that principal won't grow with inflation if the investor does not reinvest the principal adjustment paid out as part of a fund's income distributions.

Interest rates on conventional bonds have two primary components: a "real" yield and an increment that reflects investor expectations of future inflation. By contrast, interest rates on an IIS are adjusted for inflation and, therefore, aren't affected meaningfully by inflation expectations. This leaves only real rates to influence the price of an IIS. A rise in real rates will cause the price of an IIS to fall, while a decline in real rates will boost the price of an IIS.

Inflation-indexed bonds issued by non-U.S. governments would be expected to be indexed to the inflation rates prevailing in those countries.

Any increase in the principal amount of an IIS may be included for tax purposes in the Portfolio's gross income, even though no cash attributable to such gross income has been received by the Portfolio. In such event, the Portfolio may be required to make annual distributions to investors that exceed the cash it has otherwise received. In order to pay such distributions, the Portfolio may be required to raise cash by selling portfolio investments. The sale of such investments could result in capital gains to the Portfolio and additional capital gain distributions to investors. In addition, adjustments during the taxable year for deflation to an inflation-indexed bond held by

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the Portfolio may cause amounts previously distributed to investors in the taxable year as income to be characterized as a return of capital.

 *Risk Factors Relating to High Yield or "Junk" Bonds.* Fixed income securities that are rated below investment grade are commonly referred to as junk bonds or high yield, high risk securities. These securities offer a higher yield than other, higher rated securities, but they carry a greater degree of risk of default or downgrade, are more volatile than investment grade securities, and are considered speculative by the major credit rating agencies. Such securities may be issued by companies that are restructuring, are smaller and less creditworthy or are more highly indebted than other companies. They may be less liquid than higher quality investments and may not be able to pay interest or ultimately to repay principal upon maturity. Discontinuation of these payments could substantially adversely affect the market value of the security. Changes in the value of these securities are influenced more by changes in the financial business position of the issuing company than by changes in interest rates when compared to investment grade securities and involve greater risk of default or price declines than investment grade securities due to actual or perceived changes in an issuer's creditworthiness. The Portfolios will not generally purchase "distressed" securities.

*When-issued Securities.* Fixed income securities may be purchased for future delivery but at a predetermined price. The market value of securities purchased on a "when-issued" basis may change before delivery; this could result in a gain or loss to the purchasing Portfolio.

*Mortgage-Backed and Asset-Backed Securities.* Mortgage-backed and asset-backed securities represent securities backed by loans secured by real property, personal property, or a pool of unsecured lines of credit. Mortgage-backed and asset-backed securities are sponsored by entities such as government agencies, banks, financial companies and commercial or industrial companies. They represent interests in pools of mortgages or other cash-flow producing assets such as automobile loans, credit card receivables and other financial assets. In effect, these securities "pass through" the monthly payments that individual borrowers make on their mortgages or other debt-obligations net of any fees paid to the issuers. Examples of these include guaranteed mortgage pass-through certificates, CMOs and REMICs. Because of their derivative structure – the fact that their value is derived from the value of the underlying assets – these securities are particularly sensitive to prepayment and extension risks noted above which can lead to significant fluctuations in the value of mortgage-backed securities. Small changes in interest or prepayment rates may cause large and sudden price movements. These securities can also become illiquid and hard to value in declining markets. Mortgage-backed and asset-backed securities involve prepayment risk because the underlying assets (loans) may be prepaid at any time. The value of these securities may also change because of actual or perceived changes in the creditworthiness of the originator, the servicing agent, the financial institution providing the credit support, the counterparty and/or the sponsoring entity. The risks of mortgage-backed securities also include (1) the credit risk associated with the performance of the underlying mortgage properties and of the borrowers owning such properties; (2) adverse economic conditions and circumstances, which are more likely to have an adverse impact on mortgage-backed securities secured by loans on certain types of commercial properties than on those secured by loans on residential properties; and (3) loss of all or part of the premium, if any, paid. Like other fixed income securities, when interest rates rise, the value of an asset-backed security generally will decline. However, when interest rates decline, the value of an asset-backed security with prepayment features may not increase as much as that of other fixed income securities. Instability in the markets for fixed income securities, particularly non-agency mortgage-backed securities, may affect the liquidity and valuation of such securities. As a result, under such circumstances, certain segments of the non-agency market may experience significantly diminished liquidity.

Stripped mortgage securities are derivative multi-class mortgage securities. Stripped mortgage securities may be issued by agencies or instrumentalities of the U.S. Government, or by private originators of, or investors in, mortgage loans, including savings and loan associations, mortgage banks, commercial banks, investment banks and special purpose subsidiaries of the foregoing. Stripped mortgage securities have greater volatility than other types of mortgage securities. Although stripped mortgage securities are purchased and sold by institutional investors through several investment banking firms acting as brokers or dealers, the market for such securities has not yet been fully developed. Accordingly, stripped mortgage securities are generally illiquid. Stripped mortgage securities are structured with two or more classes of securities that receive different proportions of the interest and principal distributions on a pool of mortgage assets. A common type of stripped mortgage security will have at least one class receiving only a small portion of the interest and a larger portion of the principal from the mortgage assets, while the other class will receive primarily interest and only a small portion of the principal. In the most extreme case, one class will receive all of the interest ("IO" or "interest-only" class), while the other class will receive all of the principal ("PO" or "principal-only" class). The yield to maturity on IOs, POs and other mortgage-backed securities that are purchased at a substantial premium or discount generally are extremely sensitive not only to changes in prevailing interest rates but also to the rate of principal payments (including prepayments) on the related underlying mortgage assets, and a rapid rate of principal payments may have a material adverse effect on such securities' yield to maturity. If the underlying mortgage assets experience greater than anticipated prepayments of principal, a Portfolio may fail to fully recoup its initial investment in these securities even if the securities have received the highest rating by an NRSRO.

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In addition, non-mortgage asset-backed securities involve certain risks not presented by mortgage-backed securities. Primarily, these securities do not have the benefit of the same security interest in the underlying collateral. Credit card receivables are generally unsecured, and the debtors are entitled to the protection of a number of state and Federal consumer credit laws. Automobile receivables are subject to the risk that the trustee for the holders of the automobile receivables may not have an effective security interest in all of the obligations backing the receivables.

*Mortgage Dollar Rolls.* Mortgage dollar rolls are arrangements in which a Portfolio would sell mortgage-backed securities for delivery in the current month and simultaneously contract to purchase substantially similar securities on a specified future date.

While a Portfolio would forego principal and interest paid on the mortgage-backed securities during the roll period, the Portfolio would be compensated by the difference between the current sales price and the lower price for the future purchase as well as by any interest earned on the proceeds of the initial sale. A Portfolio also could be compensated through the receipt of fee income equivalent to a lower forward price. Mortgage dollar roll transactions may be considered a borrowing by the Portfolios.

*Floating Rate Loans and Loan Participations.* The Corporate Opportunities Portfolio may invest in floating rate loans and loan participations. These instruments – which include first and second lien senior floating rate loans and other floating rate debt securities – generally consist of loans made by banks and other large financial institutions to various companies and are typically senior in the borrowing companies' capital structure. Coupon rates on these loans are most often floating, not fixed, and are tied to a benchmark lending rate, such as the Secured Overnight Funding Rate ("SOFR"). The Federal Reserve Bank of New York began publishing the SOFR in April 2018. SOFR, which is a broad measure of the cost of overnight borrowing of cash collateralized by Treasury securities, is intended to serve as a reference rate for U.S. dollar-based debt and derivatives. Because the interest rate of floating rate loans adjusts periodically, interest rate risk is lower on floating rate loans than on fixed rate loans. Additionally, to the extent that the Portfolio invests in senior loans to non-U.S. borrowers, the Portfolio may be subject to the risks associated with any foreign investments (summarized above). The Portfolio may also acquire junior debt securities or securities with a lien on collateral lower than a senior claim on collateral. The risks associated with floating rate loans are similar to the risks of below investment grade securities although these risks are reduced when the floating rate loans are senior and secured as opposed to many high yield securities that are junior and unsecured. In addition, the value of the collateral securing the loan may decline, causing a loan to be substantially unsecured; although one lending institution will often be required to monitor the collateral. Difficulty in selling a floating rate loan may result in a loss. Borrowers may pay back principal before the scheduled due date when interest rates decline, which may require the Portfolio to replace a particular loan with a lower-yielding security. Floating rate securities are often subject to restrictions on resale which can result in reduced liquidity. There may be less extensive public information available with respect to loans than for rated, registered or exchange listed securities. The Portfolio may also invest in loan participations, by which the Portfolio has the right to receive payments of principal, interest and fees from an intermediary (typically a bank, financial institution or lending syndicate) that has a direct contractual relationship with a borrower. Absent a direct contractual relationship with the borrower, the Portfolio generally will have no right to enforce compliance by the borrower with the terms of the loan agreement relating to the loan, nor any rights of set-off against the borrower, and a Portfolio may not benefit directly from any collateral supporting the underlying loan. As a result, the Portfolio may be exposed to the credit risk of both the borrower and the intermediary offering the participation. Additionally, investment in loan participation interests may result in increased exposure to financial services sector risk. The Portfolio may have difficulty disposing of loan participations as the market for such instruments is not highly liquid and may have limited or no right to vote on changes that may be made to the underlying loan agreement. The Portfolio may also purchase loan assignments from an agent bank or other member of a lending syndicate. Such investments may involve risks in addition to those noted above, for example, if a loan is foreclosed, the Portfolio could become part owner of any collateral and would bear the costs and liability associated with such ownership.

*Inverse Floating Rate Municipal Obligations.* Inverse floating rate municipal obligations are typically created through a division of a fixed rate municipal obligation into two separate instruments, a short-term obligation and a long-term obligation. The interest rate on the short-term obligation is set at periodic auctions. The interest rate on the long-term obligation is the rate the issuer would have paid on the fixed income obligation: (i) plus the difference between such fixed rate and the rate on the short-term obligation, if the short-term rate is lower than the fixed rate; or (ii) minus such difference if the interest rate on the short-term obligation is higher than the fixed rate. Inverse floating rate municipal obligations offer the potential for higher income than is available from fixed rate obligations of comparable maturity and credit rating. They also carry greater risks. In particular, the prices of inverse floating rate municipal obligations are more volatile, i.e., they increase and decrease in response to changes in interest rates to a greater extent than comparable fixed rate obligations.

*Securities Purchased At Discount.* Securities purchased at a discount, such as step-up bonds, could require a Portfolio to accrue and distribute income not yet received. If it invests in these securities, a Portfolio could be required to sell securities in its portfolio that it otherwise might have continued to hold in order to generate sufficient cash to make these distributions. Among the types of these securities in which a Portfolio may invest are zero coupon securities, which are debt securities that pay no cash income but are sold at

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substantial discounts from their value at maturity. Zero coupon securities tend to be subject to greater price fluctuations in response to changes in interest rates than are ordinary interest-paying debt securities with similar maturities.

**About Municipal Securities**

These securities are fixed income securities issued by local, state and regional governments or other governmental authorities – and they may be issued for a wide range of purposes, including construction of public facilities or short-term funding, and for varying maturities. Interest on Municipal Securities will be exempt from regular Federal income taxes, but may be a tax preference item for purposes of computing alternative minimum tax ("AMT") for shareholders subject to such tax. The tax treatment that will be accorded to interest payable by issuers of Municipal Securities will depend on the specific terms of the security involved.

*Private Activity and Industrial Revenue Bonds.* Municipal Securities may be "general obligations" of their issuers, the repayment of which is secured by the issuer's pledge of full faith, credit and taxing power. Municipal Securities may be payable from revenues derived from a particular facility that will be operated by a non-government user. The payment of principal and interest on these bonds is generally dependent solely on the ability of the private user or operator to meet its financial obligations and the pledge, if any, of real or personal property securing that obligation.

*Credit Enhancements.* Some Municipal Securities feature credit enhancements, such as lines of credit, letters of credit, municipal bond insurance, and standby bond purchase agreements (SBPAs). SBPAs include lines of credit that are issued by a third party, usually a bank, to enhance liquidity and ensure repayment of principal and any accrued interest if the underlying Municipal Security should default. Municipal bond insurance, which is usually purchased by the bond issuer from a private, nongovernmental insurance company, provides an unconditional and irrevocable guarantee that the insured bond's principal and interest will be paid when due. Insurance does not guarantee the price of the bond or the share price of any fund. The credit rating of an insured bond reflects the credit rating of the insurer, based on its claims-paying ability. The obligation of a municipal bond insurance company to pay a claim extends over the life of each insured bond. Although defaults on insured municipal bonds have been historically low and municipal bond insurers historically have met their claims, there is no assurance this will continue. A higher-than-expected default rate could strain the insurer's loss reserves and adversely affect its ability to pay claims to bondholders. The number of municipal bond insurers is relatively small, and not all of them have the highest credit rating. An SBPA can include a liquidity facility that is provided to pay the purchase price of any bonds that cannot be remarketed. The obligation of the liquidity provider (usually a bank) is only to advance funds to purchase tendered bonds that cannot be remarketed and does not cover principal or interest under any other circumstances. The liquidity provider's obligations under the SBPA are usually subject to numerous conditions, including the continued creditworthiness of the underlying borrower or bond issuer.

*Credit Supports.* The creditworthiness of particular Municipal Securities will generally depend on the creditworthiness of the entity responsible for payment of interest on such particular Municipal Security. Municipal Securities also include instruments issued by financial institutions that represent interests in Municipal Securities held by that institution – sometimes referred to as participation interests – and securities issued by a municipal issuer that are guaranteed or otherwise supported by a specified financial institution. Because investors will generally look to the creditworthiness of the supporting financial institution, changes in the financial condition of that institution, or ratings assigned by rating organizations of its securities, may affect the value of the instrument.

*AMT Risk.* The interest on some municipal securities is a preference item for purposes of the Federal AMT. If the Portfolio's holdings of such securities are substantial and you are subject to this tax, a substantial portion of any income you receive as a result of your investment in the Portfolio will be subject to this tax.

**About Real Estate Investments**

**Real Estate Investment Trusts ("REITs").** REITs are pooled investment vehicles that invest the majority of their assets directly in real property and/or in loans to building developers and derive income primarily from the collection of rents and/or interest income. Equity REITs can also realize capital gains by selling property that has appreciated in value. Similar to investment companies, REITs are not taxed on income distributed to shareholders provided they comply with several requirements of the Internal Revenue Code of 1986, as amended (the "Code"). The Institutional U.S. Equity Portfolio and certain other of the Portfolios that may invest in REITs will indirectly bear their respective proportionate share of expenses incurred by REITs in which each invests in addition to the expenses incurred directly by that Portfolio.

REITs can generally be classified as Equity REITs, Mortgage REITs, Hybrid REITs and REOC's. Equity REITs invest the majority of their assets directly in real property and derive their income primarily from rents. Equity REITs can also realize capital gains by selling properties that have appreciated in value. Mortgage REITs invest the majority of their assets in real estate mortgages and derive their

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income primarily from interest payments. Hybrid REITs combine the characteristics of both Equity REITs and Mortgage REITs. REOCs are real estate companies that engage in the development, management, or financing of real estate. Typically, they provide services such as property management, property development, facilities management, and real estate financing. REOCs are publicly traded corporations that have not elected to be taxed as REITs. The three primary reasons for such an election are (a) availability of tax-loss carryforwards, (b) operation in non-REIT-qualifying lines of business, and (c) ability to retain earnings.

The Institutional U.S. Equity Portfolio will not invest in real estate directly, but only in securities issued by real estate or real estate related companies. However, The Institutional U.S. Equity Portfolio may also be subject to some of the risks associated with the direct ownership of real estate. These risks include:

&nbsp;&nbsp;&nbsp;&nbsp;• declines in the value of real estate

&nbsp;&nbsp;&nbsp;&nbsp;• risks related to general and local economic conditions

&nbsp;&nbsp;&nbsp;&nbsp;• possible lack of availability of mortgage funds

&nbsp;&nbsp;&nbsp;&nbsp;• overbuilding

&nbsp;&nbsp;&nbsp;&nbsp;• extended vacancies of properties

&nbsp;&nbsp;&nbsp;&nbsp;• increased competition

&nbsp;&nbsp;&nbsp;&nbsp;• increases in property taxes and operating expenses

&nbsp;&nbsp;&nbsp;&nbsp;• changes in zoning laws

&nbsp;&nbsp;&nbsp;&nbsp;• losses due to costs resulting from the clean-up of environmental problems

&nbsp;&nbsp;&nbsp;&nbsp;• liability to third parties for damages resulting from environmental problems

&nbsp;&nbsp;&nbsp;&nbsp;• casualty or condemnation losses

&nbsp;&nbsp;&nbsp;&nbsp;• limitations on rents

• changes in neighborhood values and the appeal of properties to tenants

&nbsp;&nbsp;&nbsp;&nbsp;• changes in interest rates

Thus, the value of The Institutional U.S. Equity Portfolio's shares may change at different rates compared to the value of shares of a mutual fund with investments in a mix of different industries.

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

**About ESG Investing in The ESG Growth Portfolio**

The ESG Screens applied by the Adviser as part of the securities selection process for The ESG Growth Portfolio are based, in part on third party data and ESG rating agencies or organizations. Generally, the Portfolio's ESG Screens take into account criteria such as a company's corporate policies and practices in the areas such as environment; workplace practices and human rights; corporate governance; community impact; and product safety and integrity.

Companies in which the Portfolio invests may not meet the highest standards with respect to all aspects of environmental, social and governance performance. The Portfolio will, however, seek to invest in companies that adhere to positive standards in these areas. The Portfolio may, at its discretion, vary the ESG Factors on which the Portfolio's ESG Screens are based, including adding criteria, changing the weightings of various criteria or otherwise modifying the use of the ESG Screens in the investment selection process. Additionally, the Portfolio's ESG Screens may not necessarily be applied to investments in derivatives, certain fixed income investments and other investments, where in the Adviser's or relevant Specialist Manager's opinion, ESG Factors are not applicable or it is not possible to

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implement the criteria. The Adviser and/or the relevant Specialist Manager perform due diligence on the data obtained for ESG considerations in a variety of ways, some of which include obtaining data from multiple leading third-party service providers on an ongoing basis, comparing data sets against each other and evaluating changes between time periods, comparing data versus public disclosures and recalculating data to verify its accuracy. When voting proxies with respect to securities held in The ESG Growth Portfolio, environmental, social, and corporate governance factors inform the voting decisions. The Specialist Manager may not be able to determine an overall ESG rating for each company because the third party service providers may not have data on the entire universe of companies considered for the Portfolio, or may not have information with respect to each factor considered in the ESG evaluation.

**About Socially Responsible Investing in The Catholic SRI Growth Portfolio**

In selecting investments, The Catholic SRI Growth Portfolio seeks to adhere to the social and moral concerns set forth in the Social Guidelines described under "Principal Investment Strategies," above. The Portfolio will not invest in companies engaged in: activities that include direct participation in or support of abortion (unless the company is absolutely required by law to do so); the manufacture of contraceptives (or that derive a significant portion of their revenues from the sale of contraceptives); scientific research on human fetuses or embryos, including human cloning and fetal stem cell research; or the manufacture, sale or use of anti-personnel landmines and the Portfolio will seek to avoid investment in companies that are primarily engaged in adult entertainment or the production of military weapons. The Portfolio is not authorized or sponsored by the Roman Catholic Church or the USCCB. When voting proxies with respect to securities held in The Catholic SRI Growth Portfolio, environmental, social, and corporate governance factors inform the voting decisions.

**About Cash Management Practices.** Except with respect to the Index Accounts, a Specialist Manager may seek to maintain liquidity pending investment by investing assets allocated to it in short-term money market instruments issued, sponsored or guaranteed by the U.S. Government, its agencies or instrumentalities. Such securities are referred to in this Prospectus as U.S. government securities. The Portfolios may also invest in repurchase agreements secured by U.S. government securities or short-term money market instruments of other issuers, including corporate commercial paper, and variable and floating rate debt instruments, that have received, or are comparable in quality to securities that have received, one of the two highest ratings assigned by at least one recognized rating organization and/or money market funds. The Portfolios may also invest in short-term time deposits. When the Trust reallocates Portfolio assets among Specialist Managers, adds an additional Specialist Manager to a Portfolio, or replaces a Specialist Manager with another Specialist Manager, the Portfolio may invest assets in short-term money market instruments during a startup or transition period while the Specialist Manager receiving the assets determines appropriate longer term investments. Under extraordinary market or economic conditions, all or any portion of a Portfolio's assets may be invested in short-term money market instruments for temporary defensive purposes. Each of the Portfolios may also purchase commercial paper for temporary purposes. If such action is taken by a Specialist Manager as a result of an incorrect prediction about the effect of economic, financial or political conditions, the performance of the affected Portfolio will be adversely affected and the Portfolio may be unable to achieve its objective. Each of The ESG Growth Portfolio and The Catholic SRI Growth Portfolio may invest any portion of its assets in short-term money market instruments, or other cash equivalents, including money market funds, when the Adviser deems it appropriate to achieve the Portfolio's investment objectives. Additionally, each of The ESG Growth Portfolio and The Catholic SRI Growth Portfolio may invest in such instruments when such Portfolio's assets are reallocated among Specialist Managers, during Specialist Manager transition periods and pending investment in appropriate longer term investments.

Each Portfolio's performance may be adversely affected to the extent that a significant portion of its assets are invested in short-term money market instruments during periods when the securities markets are increasing in value.

 **About Derivative Strategies.** A Specialist Manager may, but is not obligated to, use certain strategies ("Derivative Strategies") on behalf of a Portfolio in order to hedge against investment risks, to seek to efficiently obtain or adjust exposure to certain securities or groups of securities, or otherwise to increase returns. Each Portfolio, except with respect to The Short-Term Municipal Bond Portfolio, may also write (sell) call options and put options, in order to receive premiums, on individual securities, U.S. stock market indexes and/or on substitutes for such indexes, which may include futures contracts or ETFs. The Portfolio normally writes covered call and put options which have an initial maturity of up to nine months and that are "out of the money" at the time of initiation such that the call options sold generally will be above the current price level of the index when written and the exercise price of put options sold generally will be below the current price level of the index when written. A Portfolio will sell only "covered" call and put options. Generally, a written call option is considered covered if the Portfolio maintains with its custodian assets determined to be liquid in an amount at least equal to the exercise price of the option (or, in the case of options on an index substitute, owns an equivalent number of shares of the index substitute as those subject to the call). Generally, a written put option similarly is considered covered if the Portfolio maintains with its custodian assets determined to be liquid in an amount at least equal to the exercise price of the option. The Portfolio may also cover its options positions to the extent otherwise permitted by federal securities laws.

**More Information About Fund Investments and Risks (continued)**

In anticipation of future purchases, each Specialist Manager, including a Specialist Manager responsible for an Index Account, may also use Derivative Strategies to gain market exposure pending direct investment in securities. These strategies include the use of options on securities and securities indexes and options on stock index and interest rate futures contracts. The Equity Portfolios (except the Index Accounts) and the Income Portfolios may also use forward foreign currency contracts in connection with the purchase and sale of those securities, denominated in foreign currencies, in which each is permitted to invest. In addition, The International Equity, The Institutional International Equity and Emerging Markets Portfolios may, but are not obligated to, use forward foreign currency contracts, foreign currency options and foreign currency futures to hedge against fluctuations in the relative value of the currencies in which securities held by these Portfolios are denominated. The Core Fixed Income Portfolio and The Corporate Opportunities Portfolio may also use foreign currency options and foreign currency futures to hedge against fluctuations in the relative value of the currencies in which the foreign securities held by these Portfolios are denominated. In addition, these five Portfolios, along with The Institutional U.S. Equity Portfolio, The Short-Term Municipal Bond Portfolio, The U.S. Government Fixed Income Securities Portfolio, The U.S. Corporate Fixed Income Securities Portfolio and The U.S. Government Mortgage/Asset Backed Fixed Income Securities Portfolio may enter into swap transactions. Swap transactions are contracts in which a Portfolio agrees to exchange the returns (or differentials in rates of return) and/or cash flows earned or realized on a particular "notional amount" of underlying instrument. Payments may be based on currencies, interest rates, securities indexes, commodity indexes or other reference rates. Swaps may be used to manage the maturity and duration of a fixed income portfolio or to gain exposure to a market without directly investing in securities traded in that market.

Use of the instruments noted above (collectively, "Derivative Instruments") must be consistent with a Portfolio's investment objective and policies (and, in the case of the Index Accounts, the indexing strategy described earlier in this Prospectus). No Portfolio may invest more than 10% of its total assets in option purchases. Further information relating to the use of Derivative Instruments, and the limitations on their use, appears in the SAI.

No assurances can be made that a Specialist Manager will use any Derivative Strategies, a particular Derivative Strategy or a particular Derivative Instrument. However, there are certain overall considerations to be aware of in connection with the use of Derivative Instruments in any of the Portfolios. The ability to predict the direction of the securities or currency markets and interest rates involves skills different from those used in selecting securities. Although the use of various Derivative Instruments is sometimes intended to enable each of the Portfolios to hedge against certain investment risks, there can be no guarantee that this objective will be achieved. For example, in the event that an anticipated change in the price of the securities (or currencies) that are the subject of the Derivative Strategy does not occur, it may be that the Portfolio employing such Derivative Strategy would have been in a better position had it not used such a strategy at all. Moreover, even if the Specialist Manager correctly predicts interest rate or market price movements, a hedge could be unsuccessful if changes in the value of the option or futures position do not correspond to changes in the value of investments that the position was designed to hedge. Also, if the index appreciates or depreciates sufficiently over the period to offset the new premium received from the written option on that index, a net loss will result. In addition, the value of the index substitute is subject to change as the values of the component securities fluctuate. The performance of the index substitute may not exactly match the performance of the index. An index substitute reflects the underlying risks of the index and index substitute options are subject to the same risks as index options. Suitable derivative transactions may not be available in all circumstances. Derivative Strategies can disproportionately increase losses and reduce opportunities for gain when security prices, indices, currency rates or interest rates change in unexpected ways and a Portfolio may suffer losses disproportionate to the amount of its investments in these instruments. Leverage may be created when an investment exposes a Portfolio to a risk of loss that exceeds the amount invested. Certain derivatives provide the potential for investment gain or loss that may be several times greater than the change in the value of an underlying security, asset, interest rate, index or currency, resulting in the potential for a loss that may be substantially greater than the amount invested. Some leveraged investments have the potential for unlimited loss, regardless of the size of the initial investment.

Because leverage can magnify the effects of changes in the value of the Portfolio and make the Portfolio's share price more volatile, a shareholder's investment in the Portfolio may be more volatile, resulting in larger gains or losses in response to the fluctuating prices of the Portfolio's investments.

Liquid markets do not always exist for certain derivative instruments and lack of a liquid market for any reason may prevent a Portfolio from liquidating an unfavorable position and/or make valuation of the instrument difficult to determine. Valuation of derivatives may be more difficult in times of market turmoil since many investors and market makers may be reluctant to purchase complex instruments or quote prices for them. In the case of an option, the option could expire before it can be sold, with the resulting loss of the premium paid by a Portfolio for the option. In the case of a futures contract, a Portfolio would remain obligated to meet margin requirements until the position is closed. In addition, options that are traded over-the-counter differ from exchange traded options in that they are two-party contracts with price and other terms negotiated between the parties. For this reason, the liquidity of these instruments may depend on the willingness of the counterparty to enter into a closing transaction. In the case of currency-related instruments, such as foreign currency options, options on foreign currency futures, and forward foreign currency contracts, it is generally not possible to structure transactions to match the precise value of the securities involved since the future value of the securities will change during the period

**More Information About Fund Investments and Risks (continued)**

that the arrangement is outstanding. As a result, such transactions may preclude or reduce the opportunity for gain if the value of the hedged currency changes relative to the U.S. dollar. Like over-the-counter options, such instruments are essentially contracts between the parties and the liquidity of these instruments may depend on the willingness of the counterparty to enter into a closing transaction. In addition, changes in government regulation of derivatives could affect the character, timing and amount of the Portfolio's taxable income or gains. The Portfolio's use of derivatives may be limited by the requirements for taxation of the Portfolio as a regulated investment company.

**About Other Permitted Instruments**

*Borrowing and Lending.* Each of the Portfolios may borrow money from a bank for temporary emergency purposes and may enter into reverse repurchase agreements. A reverse repurchase agreement, which is considered a borrowing for purposes of the Investment Company Act, involves the sale of a security by a Portfolio and its agreement to repurchase the instrument at a specified time and price. Borrowings outstanding at any time will be limited to no more than one-third of a Portfolio's total assets. To avoid potential leveraging effects of a Portfolio's borrowings, however, additional investments will not be made while aggregate borrowings, including reverse repurchase agreements, are 5% or more of a Portfolio's total assets. Each of the Portfolios may lend portfolio securities to brokers, dealers and financial institutions provided that cash, or equivalent collateral, equal to at least 100% of the market value (plus accrued interest) of the securities loaned is maintained by the borrower with the lending Portfolio. During the time securities are on loan, the borrower will pay to the Portfolio any income that may accrue on the securities. The Portfolio may invest the cash collateral and earn additional income or may receive an agreed upon fee from the borrower who has delivered equivalent collateral. No Portfolio will enter into any securities lending transaction if, at the time the loan is made, the value of all loaned securities, together with any other borrowings, equals more than one-third of the value of that Portfolio's total assets.

*Liquidity Risk.* Liquidity risk is the risk that certain securities may be difficult or impossible to sell at the price that would normally prevail in the market at the time at which a Portfolio desires to sell. The seller may have to lower the price, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on Portfolio management or performance. This includes the risk of missing out on an investment opportunity because the assets necessary to take advantage of it are tied up in less advantageous investments.

*Market Risk.* Market risk is the risk that the market value of a security may move up and down, sometimes rapidly and unpredictably. These fluctuations may cause a security to be worth less than the price originally paid for it, or less than it was worth at an earlier time. Market risk may affect a single issuer, industrial sector of the economy or the market as a whole. In addition, unexpected events and their aftermaths, such as the spread of deadly diseases; natural, environmental or man-made disasters; financial, political or social disruptions; terrorism and war; and other tragedies or catastrophes, can cause investor fear and panic, which can adversely affect the economies of many companies, sectors, nations, regions and the market in general, in ways that cannot necessarily be foreseen. These risks may be magnified if such events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies world-wide. Recent examples include pandemic risks related to COVID-19 and aggressive measures taken world-wide in response by governments, including closing borders, restricting international and domestic travel, and the imposition of prolonged quarantines of large populations, and by businesses, including changes to operations and reducing staff. Finally, key information about a security or market may be inaccurate or unavailable. This is particularly relevant to investments in foreign securities.

*Commercial Paper*. Commercial paper is a short-term, unsecured negotiable promissory note of an issuer. Although each of the Portfolios may purchase commercial paper for temporary purposes, The Institutional U.S. Equity Portfolio, The Core Fixed Income Portfolio, The Corporate Opportunities Portfolio, The U.S. Government Fixed Income Securities Portfolio, The U.S. Corporate Fixed Income Securities Portfolio and The U.S. Government Mortgage/Asset Backed Fixed Income Securities Portfolio may acquire these instruments as described above for non-temporary purposes.

**Investments in Other Investment Companies**

The Adviser or the Specialist Managers may also acquire, on behalf of a Portfolio, securities issued by other investment companies to the extent permitted under the Investment Company Act, provided that such investments are otherwise consistent with the overall investment objective and policies of that Portfolio. Each Portfolio may invest in these instruments to achieve market exposure to its respective asset class, including when direct investment in securities in accordance with the investment policies of the relevant Portfolio is pending, to hedge against the relative value of the securities in which an acquiring Portfolio primarily invests, or to facilitate the management of cash flows in or out of that Portfolio. Other investment company securities that may be acquired by a Portfolio include those of investment companies which invest in short-term money market instruments.

**More Information About Fund Investments and Risks (continued)**

ETFs are securities that are issued by investment companies and traded on securities exchanges. ETFs are subject to market and liquidity risk. The Portfolios may invest in ETFs. Such ETFs are unaffiliated with the Trust.

Many ETFs seek to replicate the performance of a securities market index or a group of securities markets ("Index-based ETFs") in a particular geographic area. Thus, investment in Index-based ETFs offers, among other things, an efficient means to achieve diversification to a particular industry that would otherwise only be possible through a series of transactions and numerous holdings. Although similar diversification benefits may be achieved through an investment in another investment company, ETFs generally offer greater liquidity and lower expenses. Because an ETF charges its own fees and expenses, fund shareholders will indirectly bear these costs. The Portfolios will also incur brokerage commissions and related charges when purchasing shares in an ETF in secondary market transactions. Unlike typical investment company shares, which are valued once daily, shares in an ETF may be purchased or sold on a listed securities exchange throughout the trading day at market prices that are generally close to net asset value.

Because ETFs are investment companies, investment in such funds would, absent exemptive relief, be limited under applicable Federal statutory provisions. Provided certain requirements set forth in the Investment Company Act are met, however, investments in excess of these limitations may be made. In particular, the Portfolio may invest in the iShares<sup>®</sup> Trust and iShares<sup>®</sup>, Inc. ("iShares<sup>®</sup>") in excess of the statutory limit in reliance on an exemptive order issued to that entity, provided that certain conditions are met. iShares<sup>®</sup> is a registered trademark of Barclays Global Investors, N.A. ("BGI"). Neither BGI nor the iShares<sup>®</sup> funds make any representations regarding the advisability of investing in an iShares<sup>®</sup> fund.

Additionally, the Institutional U.S. Equity Portfolio may invest up to 100% of its assets in ETFs that invest in the securities of real estate related companies in reliance on provisions of the Investment Company Act that permit such investments so long as the investing fund, together with any affiliates, does not own more than 3% of the outstanding voting securities of the acquired fund. When relying on these provisions, the Institutional U.S. Equity Portfolio is required to vote all proxies of the funds it owns in the same proportion as the vote of all other holders of such securities.

**Disclosure of Portfolio Holdings**

A complete list of each Portfolio's holdings is publicly available through filings made with the Securities and Exchange Commission ("SEC") on Form N-CSR and Form N-PORT. A description of the Portfolios' policies and procedures with respect to disclosure of the Portfolios' securities is provided in the Trust's SAI.

**Additional Information**

**Fund Management**

The Board of Trustees is responsible for the oversight of the business and affairs of the Trust. Day-to-day operations of the Trust are the responsibility of the Trust's officers and various service organizations retained by the Trust.

**Advisory Services**

**HC Capital Solutions.** HC Capital Solutions serves as the overall investment adviser to the Trust under the terms of its discretionary investment advisory agreements ("HC Capital Agreements") with the Trust. The Adviser continuously monitors the performance of various investment management organizations, including the Specialist Managers, and generally oversees the services provided to the Trust by its administrator, custodian and other service providers. Under the HC Capital Agreements the Adviser has direct authority to invest and reinvest the Trust's assets and, although it is not generally responsible for day-to-day investment decisions for the Trust or its Portfolios, it may at times directly manage a portion of a Portfolio's assets, including a Portfolio's cash and investments in ETFs. The Adviser is responsible for monitoring both the overall performance of each Portfolio, and the individual performance of each Specialist Manager within those Portfolios. Each of the Portfolios is authorized to operate on a *"multi-manager"* basis. This means that a single Portfolio may be managed by more than one Specialist Manager. The multi-manager structure is generally designed to provide investors access to broadly diversified investment styles. The Adviser may, from time to time, reallocate the assets of a multi-manager Portfolio among Specialist Managers that provide portfolio management services to that Portfolio when it believes that such action would be appropriate to achieve the overall objectives of the particular Portfolio. The Adviser is an integral part of the Specialist Manager selection process and instrumental in the supervision of Specialist Managers.

As part of its oversight responsibilities, the Adviser seeks to manage overall active portfolio risk. In connection with this effort, the Adviser may, from time to time, determine that, as a result of investment decisions in actively managed portions of a Portfolio, the overall Portfolio is underweight with respect to a specific market segment represented in the designated benchmark index. If, in the Adviser's judgment, it is appropriate to do so from a portfolio management perspective, the Adviser may direct that a portion of those assets allocated to the "passive" or "index" investment approach be invested in a manner that replicates a subset of the market segment that, in the Adviser's judgment, is not represented as desired in the Portfolio as a whole. The companies represented in the subset will be determined by the Specialist Manager responsible for the "indexed" portion of the Portfolio. By way of example, application of the investment process of an active manager may result in a decision to limit investments in higher yielding stocks. Taking into account the Portfolio's overall structure, however, the Adviser may determine that a Portfolio is disproportionately underweight in higher yielding stocks from a total portfolio management perspective. Under such circumstances, the Adviser may (but is not required to) direct that a portion of those assets allocated to the "passive" or "index" investment approach be invested in a manner that captures the performance of higher yielding stocks.

The Trust has been granted an order from the SEC permitting the Trust to enter into portfolio management agreements with Specialist Managers upon the approval of the Board of Trustees without submitting such contracts for the approval of the shareholders of the relevant Portfolio under certain circumstances.

With respect to each Portfolio, the Adviser has claimed an exclusion from the definition of "commodity pool operator" ("CPO") under the Commodity Exchange Act ("CEA") and the rules of the Commodity Futures Trading Commission ("CFTC") and, therefore, is not subject to CFTC registration or regulation as a CPO. In addition, with respect to the Portfolios, the Adviser is relying upon a related exclusion from the definition of "commodity trading advisor" under the CEA and the rules of the CFTC.

The terms of the CPO exclusion require each Portfolio, among other things, to adhere to certain limits on its investments in "commodity interests." Commodity interests include commodity futures, commodity options and swaps, which in turn include non-deliverable forwards as described in the SAI. Because the Adviser and the Portfolios intend to comply with the terms of the CPO exclusion, a Portfolio may, in the future, need to adjust its investment strategies, consistent with its investment objective, to limit its investments in these types of instruments. The Portfolios 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 reliance on these exclusions, or the Portfolios, their investment strategies or this prospectus.

Officers and/or employees of the Adviser serve as the executive officers of the Trust and/or as members of the Board of Trustees. As of September 18, 2023, the Adviser does not receive a fee for its services under the HC Capital Agreements. Prior to September 18, 2023, the Adviser was entitled to receive an annual fee of 0.05% of each Portfolio's average net assets. During the fiscal year ended June 30, 2025, the Adviser reimbursed total expenses of $43,737 in order to maintain a voluntary expense limit of 0.31% for The Catholic SRI Growth Portfolio.

**Additional Information (continued)**

The principal offices of the Adviser are located at Five Tower Bridge, 300 Barr Harbor Drive, 5<sup>th</sup> Floor, West Conshohocken, PA 19428-2970. A registered investment adviser under the Investment Advisers Act of 1940, as amended, since 1988, the Adviser had, as of June 30, 2025, approximately $22.2 billion in assets under management. HC Capital Solutions is a division of Hirtle, Callaghan & Co. LLC, and wholly owned by Hirtle Callaghan Holdings, Inc., which is controlled by one of its founders, Jonathan J. Hirtle. Mr. Brad Conger, CFA, Mr. Akhil Jain, Mr. Matthew Mead, CFA and Mr. Paul Shaffer, CFA act as portfolio managers for each Portfolio. Mr. Conger is the Chief Investment Officer for the Adviser and has been with the Adviser since December 2010. Prior to joining the Adviser, Mr. Conger spent over four years as a Director and Senior Analyst at Clearbridge Advisors. Mr. Jain is Director of Quantitative Research for the Adviser and has been with the Adviser since 2018. Prior to joining the Adviser, Mr. Jain was a Managing Director on AllianceBernstein's Alternative Investment Management team for over six years. Mr. Mead is a Director in the Investment Strategy Group in charge of long-only manager selection and has been with the Adviser since 2008. Mr. Shaffer is an Associate Director on the Adviser's investment team and has been with the Adviser since 2017. Prior to joining the Adviser, Mr. Shaffer worked as an Equity Finance Analyst at Susquehanna International Group for over six years.

**Specialist Managers.** Day-to-day investment decisions for each of the Portfolios are the responsibility of one or more Specialist Managers retained by the Trust. In accordance with the terms of separate portfolio management agreements relating to the respective Portfolios, and subject to the oversight of the Trust's Board of Trustees, each of the Specialist Managers is responsible for providing a continuous program of investment management to, and placing all orders for, the purchase and sale of securities and other instruments for those portions of the Portfolios they serve for which they are responsible.

In the case of those Portfolios that are served by more than one Specialist Manager, the Adviser is responsible for determining the appropriate manner in which to allocate assets to each such Specialist Manager. The Adviser may increase or decrease the allocation to a Specialist Manager, if it deems it appropriate to do so, in order to achieve the overall objectives of the Portfolio involved. Allocations may vary between zero percent (0%) and one hundred percent (100%) of a Portfolio's assets managed by a particular Specialist Manager at any given time. The Adviser may also recommend that the Board of Trustees terminate a particular Specialist Manager when it believes that such termination will benefit a Portfolio. The goal of the multi-manager structure is to achieve a better rate of return with lower volatility than would typically be expected of any one management style. Its success depends upon the ability of the Trust to: (a) identify and retain Specialist Managers who have achieved and will continue to achieve superior investment records relative to selected benchmarks; (b) pair Specialist Managers that have complementary investment styles (e.g., top-down vs. bottom-up investment selection processes); (c) monitor Specialist Managers' performance and adherence to stated styles; and (d) effectively allocate Portfolio assets among Specialist Managers.

The following is information on how the management fees were calculated for each of the Portfolios (note that allocation percentages at June 30, 2025 may not total 100% for certain reasons including the absence of a former Specialist Manager):

 *The U.S. Equity Portfolio* – The Portfolio is managed by two Specialist Managers, each of whom is compensated in accordance with a different fee schedule. Although asset allocations and fees payable to the Specialist Managers may vary, the figures assume an actual allocation of assets at June 30, 2025 of [0]% Mellon Index Strategy, [0]% Parametric Liquidity Strategy, [0]% Parametric Options Overlay Strategy, [0]% Parametric Targeted Strategy, [100]% Parametric Tax-Managed Custom Core Strategy and [0]% HC Capital Solutions.

 *The Institutional U.S. Equity Portfolio* – The Portfolio is managed by four Specialist Managers, each of whom is compensated in accordance with a different fee schedule. Although asset allocations and fees payable to the Specialist Managers may vary, the figures assume an actual allocation of assets at June 30, 2025 of [52]% Mellon Index Strategy, [2]% Parametric Liquidity Strategy, [0]% Parametric Options Overlay Strategy, [13]% Parametric Targeted Strategy, [15]% RhumbLine, [3]% Wellington and [0]% HC Capital Solutions.

 *The ESG Growth Portfolio* – The Portfolio is managed by three Specialist Managers, each of whom is compensated in accordance with a different fee schedule. Although asset allocations and fees payable to the Specialist Managers may vary, the figures assume an actual allocation of assets at June 30, 2025 of [0]% Agincourt, [99]% Mellon, [1]% Parametric Liquidity Strategy and [0]% Parametric Targeted Strategy.

 *The Catholic SRI Growth Portfolio* – The Portfolio is managed by three Specialist Managers, each of whom is compensated in accordance with a different fee schedule. Although asset allocations and fees payable to the Specialist Managers may vary, the figures assume an actual allocation of assets at June 30, 2025 of [0]% Agincourt, [100]% Mellon, [0]% Parametric Liquidity Strategy and [0]% Parametric Targeted Strategy.

**Additional Information (continued)**

 *The International Equity Portfolio* – The Portfolio is managed by three Specialist Managers, each of whom is compensated in accordance with a different fee schedule. Although asset allocations and fees payable to the Specialist Managers may vary, the figures assume an actual allocation of assets at June 30, 2025 of [0]% CLIM, [0]% Mellon, [1]% Parametric Liquidity Strategy, [0]% Parametric Options Overlay Strategy, [0]% Parametric Targeted Strategy, [89]% Parametric Tax-Managed Custom Core Strategy and [0]% HC Capital Solutions.

 *The Institutional International Equity Portfolio* – The Portfolio is managed by four Specialist Managers, each of whom is compensated in accordance with a different fee schedule. Although asset allocations and fees payable to the Specialist Managers may vary, the figures assume an actual allocation of assets at June 30, 2025 of [20]% CLIM, [52]% Mellon, [6]% Parametric Liquidity Strategy, [0]% Parametric Options Overlay Strategy, [11]% Parametric Targeted Strategy, [0]% RhumbLine and [0]% HC Capital Solutions.

 *The Emerging Markets Portfolio* – The Portfolio is managed by four Specialist Managers, each of whom is compensated in accordance with a different fee schedule. Although asset allocations and fees payable to the Specialist Managers may vary, the figures assume an actual allocation of assets at June 30, 2025 of [0]% CLIM, [82]% Mellon, [5]% Parametric Liquidity Strategy, [0]% Parametric Options Overlay Strategy, [0]% Parametric Targeted Strategy, [0]% Parametric Tax-Managed Custom Core Strategy, [0]% RhumbLine and [0]% HC Capital Solutions.

 *The Core Fixed Income Portfolio* – The Portfolio is managed by three Specialist Managers, each of whom is compensated in accordance with a different fee schedule. Although asset allocations and fees payable to the Specialist Managers may vary, the figures assume an actual allocation of assets at June 30, 2025 of [15]% Agincourt, [39]% Mellon, [43]% Parametric Options Overlay Strategy and [3]% HC Capital Solutions.

 *The Corporate Opportunities Portfolio* – The Portfolio is managed by three Specialist Managers, each of whom is compensated in accordance with a different fee schedule. Although asset allocations and fees payable to the Specialist Managers may vary, the figures assume an actual allocation of assets at June 30, 2025 of [0]% CLIM, [0]% Mellon, [100]% Parametric Liquidity Strategy, [0]% Parametric Options Overlay Strategy, [0]% Parametric Targeted Strategy and [0]% HC Capital Solutions.

 *The U.S. Government Fixed Income Securities Portfolio* – The Portfolio is managed by two Specialist Managers each of whom is compensated in accordance with a different fee schedule. Although assets allocated to the Specialist Managers may vary, the figures assume an actual allocation of assets at June 30, 2025 of [48]% Mellon, [52]% Parametric Options Overlay Strategy and [0]% HC Capital Solutions.

 *The U.S. Corporate Fixed Income Securities Portfolio* – The Portfolio is managed by three Specialist Managers, each of whom is compensated in accordance with a different fee schedule. Although asset allocations and fees payable to the Specialist Managers may vary, the figures assume an actual allocation of assets at June 30, 2025 of [79]% Agincourt, [0]% Mellon, [20]% Parametric Options Overlay Strategy and [1]% HC Capital Solutions.

 *The U.S. Mortgage/Asset Backed Fixed Income Securities Portfolio* – The Portfolio is managed by two Specialist Managers, each of whom is compensated in accordance with a different fee schedule. Although assets allocated to the Specialist Manager may vary, the figures assume an actual allocation of assets at June 30, 2025 of [88]% Mellon, [10]% Parametric Options Overlay Strategy and [2]% HC Capital Solutions.

 *The Short-Term Municipal Bond Portfolio* – The Portfolio is managed by one Specialist Manager. Although assets allocated to the Specialist Manager may vary, the figures assume an actual allocation of assets at June 30, 2025 of [100]% Breckinridge.

 *The Intermediate Term Municipal Bond Portfolio* – The Portfolio is managed by four Specialist Managers, each of whom is compensated in accordance with a different fee schedule. Although assets allocated to the Specialist Managers may vary, the figures assume an actual allocation of assets at June 30, 2025 of [9]% Breckinridge, [10]% CLIM, [77]% Insight, [0]% Parametric Options Overlay Strategy and [4]% HC Capital Solutions.

Updated Specialist Manager allocations can be found in the Trust's Annual and Semi-Annual Reports filed on Form N-CSR.

A detailed description of the Specialist Managers that currently serve the Trust's various Portfolios is found in the "Specialist Manager Guide" included in this Prospectus.

**Additional Information (continued)**

Discussions regarding the Board of Trustees' basis for approving the Trust's agreements with the Adviser and each of the Specialist Managers appear in the Trust's Form N-CSR, as amended and filed on [September __ ], 2025, and in Form N-CSRS filed March 7, 2025, which includes the Semi-Annual Report to Shareholders dated December 31, 2024.

**ReFlow Liquidity Program**

Each of The U.S. Equity Portfolio and The Institutional U.S. Equity Portfolio may participate in the ReFlow liquidity program, which is designed to provide an alternative liquidity source for mutual funds experiencing net redemptions of their shares. Pursuant to the program, ReFlow Fund, LLC ("ReFlow") provides participating mutual funds with a source of cash to meet net shareholder redemptions by standing ready each business day to purchase fund shares up to the value of the net shares redeemed by other shareholders that are to settle the next business day. Following purchases of fund shares, ReFlow then generally redeems those shares when the fund experiences net sales, at the end of a maximum holding period determined by ReFlow (currently 10 days) or at other times at ReFlow's discretion. While ReFlow holds fund shares, it will have the same rights and privileges with respect to those shares as any other shareholder. For use of the ReFlow service, a participating Portfolio pays a fee to ReFlow each time ReFlow purchases Portfolio shares, calculated by applying to the purchase amount a fee rate determined through an automated daily auction among participating mutual funds. The current minimum fee rate is 0.14% of the value of the participating Portfolio shares purchased by ReFlow although the participating Portfolio may submit a bid at a higher fee rate if it determines that doing so is in the best interest of shareholders. Such fee is allocated among a participating Portfolio's share classes based on relative net assets. ReFlow's purchases of participating Portfolio shares through the liquidity program are made on an investment-blind basis without regard to the participating Portfolio's objective, policies or anticipated performance. In accordance with federal securities laws, ReFlow is prohibited from acquiring more than 3% of the outstanding voting securities of a participating Portfolio. ReFlow will periodically redeem its entire share position in a participating Portfolio and request that such redemption be met in kind in accordance with the Portfolio's redemption-in-kind policies described under "Shareholder Information: Purchases and Redemptions" below. The investment adviser believes that the program assists in stabilizing a participating Portfolio's net assets to the benefit of the participating Portfolio and its shareholders.

**Shareholder Information: Purchases and Redemptions**

*Purchasing Shares of the Portfolios.* Shares of each of the Portfolios are sold at their net asset value per share ("NAV") next calculated after your purchase order is received by the Trust. Please refer to further information under the heading "Acceptance of Purchase Orders; Anti-Money Laundering Policy."

*Calculating NAV.* A Portfolio's NAV is determined at the close of regular trading on the New York Stock Exchange ("NYSE"), normally at 4:00 p.m. Eastern time, on days the NYSE is open. The NYSE may close earlier than 4:00 p.m. on some days. The NAV is calculated by adding the total value of a Portfolio's investments and other assets, subtracting its liabilities and then dividing that figure by the number of outstanding shares of that Portfolio:

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NAV | = | total assets – liabilities |
|  |  | number of shares outstanding |

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The value of each Portfolio's investments is generally determined by current market quotations. When reliable market quotations are not readily available for any security, the fair value of that security will be determined by the Adviser, as the Portfolios' valuation designee, in accordance with procedures adopted by the Board of Trustees. The fair valuation process is designed to value the subject security at the price a Portfolio would reasonably expect to receive upon its current sale. Fair value pricing may be employed, for example, if the value of a security held by a Portfolio has been materially affected by an event that occurs after the close of the market in which the security is traded, in the event of a trading halt in a security for which market quotations are normally available or with respect to securities that are deemed illiquid. When this fair value pricing method is employed, the prices of securities used in the daily computation of a Portfolio's NAV per share may differ from quoted or published prices for the same securities. Additionally, security valuations determined in accordance with the fair value pricing method may not fluctuate on a daily basis, as would likely occur in the case of securities for which market quotations are readily available. Consequently, changes in the fair valuation of portfolio securities may be less frequent and of greater magnitude than changes in the price of portfolio securities valued based on market quotations.

*Acceptance of Purchase Orders; Anti-Money Laundering Policy.* Payment for purchases of Trust shares may be made by wire transfer or by check drawn on a U.S. bank. Generally, purchases must be made in U.S. dollars. Third-party checks, cash, credit cards, credit card convenience checks, traveler's checks, money orders and checks payable in foreign currency are not accepted. The Trust reserves the right to reject any purchase order. Purchase orders may be received by the Trust's transfer agent on any regular business day.

**Additional Information (continued)**

If accepted by the Trust, shares of the Portfolios may be purchased in exchange for securities which are eligible for acquisition by the Portfolios. Securities accepted by the Trust for exchange and Portfolio shares to be issued in the exchange will be valued as set forth under "*Calculating NAV*" at the time of the next determination of NAV after such acceptance. All dividends, interest, subscription, or other rights pertaining to such securities shall become the property of the Portfolio whose shares are being acquired and must be delivered to the Trust by the investor upon receipt from the issuer. The Trust will not accept securities in exchange for shares of a Portfolio unless such securities are, at the time of the exchange, eligible to be included, or otherwise represented, in the Portfolio whose shares are to be issued and current market quotations are readily available for such securities. The Trust will accept such securities for investment and not for resale. A gain or loss for Federal income tax purposes will generally be realized by investors who are subject to federal taxation upon the exchange depending upon the cost of the securities exchanged. Investors interested in such exchanges should contact the Trust. Purchases of shares will be made in full and fractional shares calculated to three decimal places.

**Customer Identification Information**

To help the government fight the funding of terrorism and money laundering activities, federal law requires all financial institutions to obtain, verify and record information that identifies each person that opens a new account, and to determine whether such person's name appears on government lists of known or suspected terrorists and terrorist organizations. Accordingly, when you open an account, you will be asked for information that will allow the Trust to verify your identity, in the case of individual investors or, in the case of institutions or other entities, to verify the name, principal place of business, taxpayer identification number and similar information. The Trust may also ask you to provide other documentation or identifying information and/or documentation for personnel authorized to act on your behalf.

*Identity Verification Procedures* – Because the absence of face-to-face contact with customers limits the Trust's ability to reasonably validate the authenticity of documents received from an applicant, the Trust will never rely solely upon documentary methods to verify a customer's identity. However, documentary evidence of a customer's identity shall be obtained in an effort to complement the non-documentary customer identification verification process whenever necessary.

*Customer Information* – The following information is required prior to opening an account:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Name;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Date of birth, for an individual;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Address, which shall be:

1) For an individual, a residential or business street address;

2) For an individual who does not have a residential or business street address, an Army Post Office (APO) or Fleet Post Office (FPO) box number, or the residential or business street address of next of kin or of another contact individual; or

3) For a person other than an individual (such as a corporation, partnership, or trust), a principal place of business, local office or other physical location; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Identification Number, which shall be:

1) For a U.S. person, a taxpayer identification number; or

2) For a non-U.S. person, one or more of the following: a taxpayer identification number, passport number and country of issuance; alien identification card number; or number and country of issuance of any other government issued document evidencing nationality or residence and bearing a photograph or similar safeguard.

*Customer Verification.* As discussed above, the Trust also uses non-documentary methods to verify a customer's identity, although an initial, documentary (good order) review of the Account Application and purchase instrument will also be conducted for consistency, completeness, signs of alteration or other abnormalities or deficiencies. The Trust will complete its procedures to attempt to verify the customer's identity within five business days of opening an account. The Trust will identify customers primarily by independently verifying the customer's identity through the comparison of information provided by the customer with information obtained from a consumer reporting agency, public database or other source.

**Additional Information (continued)**

If a customer's identity cannot be reasonably ensured through the above verification procedures, the Trust will not open the account and the original purchase instrument will normally be returned to the customer. In the event an account was opened for a customer during the verification process, it will be closed and the proceeds will normally be returned to the customer. However, if there is evidence of fraud or other wrongdoing, the customer's account will be frozen and no proceeds or purchase instruments will be returned until the matter is resolved.

*Redeeming Your Shares.* You may redeem your shares in any Portfolio on any regular business day. Shares will be redeemed at the NAV next computed after receipt of your redemption order by the Trust. The Trust expects that redemption proceeds will typically be paid on the business day following the receipt of your redemption request; however, payment of redemption proceeds may take up to seven days. Redemption requests may only be postponed or suspended for longer than seven days as permitted under Section 22(e) of the Investment Company Act if (i) the NYSE is closed for trading or trading is restricted; (ii) an emergency exists which makes the disposal of securities owned by the Portfolio or the fair determination of the value of the Portfolio's net assets not reasonably practicable; or (iii) the SEC, by order or regulation, permits the suspension of the right of redemption. Redemption proceeds may be wired to an account that you have predesignated and which is on record with the Trust. Shares purchased by check will not be redeemed until that payment has cleared – normally, within 15 days of receipt of the check by the Trust. Redemption requests for all or any portion of your account with the Trust, must be in writing and must be signed by the shareholder(s) named on the account or an authorized representative. If you wish to redeem shares of any Portfolio valued at $25,000 or more, each signature must be guaranteed. Trust Portfolios typically hold cash or cash equivalents and/or futures to meet redemption requests, but may engage in short-term borrowing, redeem portfolio positions, if necessary, and/or redeem shares in-kind (as described below) to meet such requests when circumstances warrant.

*Other Information about Purchases and Redemptions.* Distributions are made on a per share basis regardless of how long you have owned your shares. Therefore, if you invest shortly before the distribution date, some of your investment will be returned to you in the form of a distribution. Capital gains, if any, are distributed at least annually.

The values of securities that are primarily listed on foreign exchanges may change on days when the NYSE is closed and the NAV of a Portfolio is not calculated. You will not be able to purchase or redeem your shares on days when the NYSE is closed.

The Trust may permit investors to purchase shares of a Portfolio "in kind" by exchanging securities for shares of the selected Portfolio. This is known as an "in kind" purchase. Shares acquired in an in-kind transaction will not be redeemed until the transfer of securities to the Trust has settled – usually within 15 days following the in-kind purchase. The Trust will not accept securities in exchange for shares of a Portfolio unless: (1) such securities are eligible to be included, or otherwise represented, in the Portfolio's investment portfolio at the time of exchange and current market quotations are readily available for such securities; (2) the investor represents and agrees that all securities offered to be exchanged are not subject to any restrictions upon their sale by the Portfolio under the Securities Act of 1933 or under the laws of the country in which the principal market for such securities exists, or otherwise; and (3) at the discretion of the Portfolio, the value of any such security (except U.S. Government securities) being exchanged, together with other securities of the same issuer owned by the Portfolio, will not exceed 5% of the net assets of the Portfolio immediately after the transaction. The Trust may also redeem shares in kind. This means that all or a portion of the redemption amount would be paid by distributing on a pro rata basis to the redeeming shareholder securities held in a Portfolio's investment portfolio. Investors will incur brokerage charges on the sale of these portfolio securities. In-kind purchases and sales will be permitted solely at the discretion of the Trust.

The Trust does not impose investment minimums or sales charges of any kind. If your account falls below $5,000, the Trust may ask you to increase your balance. If it is still below $5,000 after 30 days, the Trust may close your account and send you the proceeds at the current NAV. Shareholders will receive notice before any account is closed for this reason. In addition, if you purchase shares of the Trust through a program of services offered by a financial intermediary, you may incur advisory fees or custody expenses in addition to those expenses described in this Prospectus. Investors should contact such intermediary for information concerning what, if any, additional fees may be charged.

Frequent purchases and redemptions of shares of a mutual fund (including activities of "market timers") can result in the dilution in the value of Trust shares held by long-term shareholders, interference with the efficient management of a Portfolio's investment portfolio, and increased brokerage and administrative costs. The Board of Trustees has considered the extent to which the Portfolios may be vulnerable to such risks. While the Board of Trustees will continue to monitor the situation and may elect to adopt specific procedures designed to discourage frequent purchases and redemptions, the Board of Trustees, has determined that it is not necessary to do so at this time. This conclusion is based on the fact that investments in the Trust may be made only by investment advisory clients of the Adviser or financial intermediaries such as investment advisers, acting in a fiduciary capacity with investment discretion, that have established relationships with the Adviser and the absence of abuses in this area at any time since the commencement of the Trust's operations.

**Additional Information (continued)**

**Shareholder Reports and Inquiries.** Shareholders will receive annual and semi-annual reports containing additional information about each Portfolio's performance and operations. Financial statements which have been audited by the Trust's independent registered public accounting firm can be found in the Trust's annual Form N-SCR filing, and unaudited semi-annual financial statements can be found in the Trust's semi-annual Form N-SCRS filing. Each shareholder will be notified annually as to the Federal tax status of distributions made by the Portfolios in which such shareholder is invested. Shareholders may contact the Trust by calling the telephone number, or by writing to the Trust at the address shown, on the back cover of this Prospectus.

**Dividends and Distributions.** Any income a Portfolio receives is paid out, less expenses, in the form of dividends to its shareholders. The Core Fixed Income Portfolio, U.S. Government Fixed Income Portfolio, U.S. Corporate Fixed Income Portfolio, U.S. Mortgage/Asset Backed Fixed Income Portfolio, Short-Term Municipal Bond Portfolio and Intermediate Term Municipal Bond Portfolio declare and distribute dividends from net investment income, if any, on a monthly basis. The U.S. Equity Portfolio, The Institutional U.S. Equity Portfolio, The Corporate Opportunities Portfolio, The ESG Growth Portfolio and The Catholic SRI Growth Portfolio declare and distribute dividends from net investment income, if any, on a quarterly basis. The International Equity Portfolio and The Institutional International Equity Portfolio declare and distribute dividends from net investment income, if any, on a semi-annually. The Emerging Markets Portfolio declares and distributes dividends from net investment income, if any, on an annual basis. Capital gains for all Portfolios, if any, are distributed at least annually.

**Federal Taxes.** The following is a summary of certain U.S. tax considerations relevant under current law, which may be subject to change in the future. Except where otherwise indicated, the discussion relates to investors who are individual U.S. citizens or residents. You should consult your tax adviser for further information regarding federal, state, local and foreign tax consequences relevant to your specific situation.

*Portfolio Distributions.* Each Portfolio generally distributes as dividends each year all or substantially all of its taxable income, including its net capital gain (the excess of net long-term capital gain over net short-term capital loss). Except as discussed below, you will be subject to Federal income tax on Portfolio distributions regardless of whether they are paid in cash or reinvested in additional shares. Portfolio distributions attributable to short-term capital gains and net investment income will generally be taxable to you as ordinary income, which may be taxed for Federal income tax purposes at a rate as high as 37%, except as discussed below.

Distributions attributable to net capital gain of a Portfolio for which the Portfolio reports to shareholders a capital gain distribution for the taxable year in a written statement furnished to the shareholder must be broken down into 20% rate gain distributions, unrecaptured Section 1250 gain distributions, 28% rate gain distributions and Section 1202 gain distributions. A shareholder that receives capital gain distributions from a Portfolio will treat the capital gain distributions as follows: (i) 20% rate gain distributions are treated as long-term capital gains which are taxed at a 20% rate, a 15% rate or zero rate depending upon the shareholder's taxable income; (ii) unrecaptured Section 1250 gain distributions are treated as long-term capital gains that are taxed at a 25% rate; (iii) 28% rate gain distributions are treated as long-term capital gains that are taxed at a 28% rate; and (iv) Section 1202 gain distributions are gains from the sale or exchange by a Portfolio of qualified small business stock held for more than 5 years and after a 50% exclusion, are taxed at a 28% rate.

Distributions of certain "qualifying dividends" generally will also be taxable to non-corporate shareholders at a maximum rate of twenty percent (20%) (15% if the individual's income is below a certain level), as long as certain requirements are met. In general, distributions paid by a Portfolio to individual shareholders will be qualifying dividends only to the extent they are derived from qualifying dividends earned by such Portfolio. To the extent that The Institutional U.S. Equity Portfolio invests a significant portion of its assets in REITs (which is anticipated to be the case), distributions attributable to operating income of those REITs will generally not constitute "qualifying dividends". Accordingly, investors in The Institutional U.S. Equity Portfolio should anticipate that a significant portion of the dividends to them each year will be taxable at the higher rates generally applicable to ordinary income. Because the income of the Income Portfolios primarily is derived from investments earning interest rather than dividend income, generally none of an Income Portfolio's income dividends will constitute "qualifying dividends".

The use of derivatives by a Portfolio may cause the Portfolio to realize higher amounts of ordinary income or short-term capital gain, distributions from which are taxable to individual shareholders at ordinary income tax rates rather than at the more favorable tax rates for long-term capital gain. In general, option premiums received by a Portfolio are not immediately included in the income of the Portfolio. Instead, the premiums are recognized when the option contract expires, the option is exercised by the holder, or the Portfolio transfers or otherwise terminates the option (e.g., through a closing transaction). Derivative contracts, including options, 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 the Portfolio are treated as ordinary or capital or as short-term or long-term, accelerate the recognition of income or gains to the Portfolio, defer losses to the Portfolio, 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. Please see the "DIVIDENDS, DISTRIBUTIONS AND TAXES" section of the SAI for additional explanation on these special tax rules.

**Additional Information (continued)**

The Institutional U.S. Equity Portfolio may derive "excess inclusion income" from certain equity interests in mortgage pooling vehicles either directly or through an investment in a US REIT. Please see the SAI for a discussion of the risks and special tax consequences to shareholders in the event the Portfolio realizes excess inclusion income in excess of certain threshold amounts.

Under 2017 legislation commonly known as the Tax Cuts and Jobs Act, "qualified REIT dividends" (i.e., ordinary REIT dividends other than capital gain dividends and portions of REIT dividends designated as qualified dividend income) are treated as eligible for a 20% deduction by noncorporate taxpayers. A Portfolio may choose to pass through the special character of "qualified REIT dividends" to its shareholders, provided certain holding period requirements are met.

Distributions from a Portfolio will generally be taxable to you in the taxable year in which they are paid, with one exception. Distributions declared by a Portfolio in October, November or December and paid in January of the following year are taxed as though they were paid on December 31.

You will be notified annually of the tax status of distributions to you.

An additional 3.8% Medicare tax is imposed on certain net investment income (including ordinary dividends and capital gain distributions received from a Portfolio and net gains from redemptions or other taxable dispositions of Portfolio 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. Net investment income does not include exempt-interest dividends.

You should note that if you purchase shares just before a distribution, the purchase price will reflect the amount of the upcoming distribution, but you will be taxed on the entire amount of the distribution received, even though, as an economic matter, the distribution simply constitutes a return of capital. This adverse tax result is known as "buying into a dividend."

*Sales, Exchanges or Redemptions.* You will generally recognize taxable gain or loss for Federal income tax purposes on a sale, exchange or redemption of your shares in a Portfolio, including an exchange for shares of another Portfolio, based on the difference between your tax basis in the shares and the amount you receive for them. A Portfolio is required to report to you and the IRS annually the tax basis of shares you purchased or acquired on or after January 1, 2012, which will be calculated using the Portfolio's default method. However, to aid in computing your tax basis, you generally should retain your account statements for the periods during which you held shares. Generally, you will recognize long-term capital gain or loss if you have held your Portfolio shares for over twelve months at the time you dispose of them.

Any loss realized on shares held for six months or less will be treated as a long-term capital loss to the extent of any capital gain dividends that were received on the shares. Additionally, any loss realized on a sale or redemption of shares of a Portfolio may be disallowed under "wash sale" rules to the extent the shares disposed of are replaced with other shares of the same Portfolio within a period of 61 days beginning 30 days before and ending 30 days after the shares are disposed of, such as pursuant to a dividend reinvestment in shares of a Portfolio. If disallowed, the loss will be reflected in an adjustment to the basis of the shares acquired.

*IRAs and Other Tax-Qualified Plans.* One major exception to the foregoing tax principles is that distributions on, and sales, exchanges and redemptions of, shares held in an IRA (or other tax-qualified plan) will not be currently taxable. However, future distributions from IRAs and other tax-qualified plans (other than Roth IRAs, Roth 401(k) plans and other after-tax accounts) are usually taxed as ordinary income.

*Other Tax-Exempt Investors.* Tax-exempt investors will generally be exempt from federal income tax on dividends received and gains realized with respect to shares of a Portfolio. Tax-exempt investors may, however, be subject to the unrelated business income tax to the extent their investments in a Portfolio are debt-financed. Moreover, certain categories of tax-exempt investors, such as private foundations, may be subject to federal excise tax on their investment income, which would include income and gain from an investment in shares of a Portfolio.

*Foreign Taxes Incurred by The International Equity, The Institutional International Equity, The Emerging Markets, The ESG Growth and The Catholic SRI Growth Portfolios.* It is expected that The International Equity, The Institutional International Equity, The Emerging Markets, The ESG Growth and The Catholic SRI Growth Portfolios will be subject to foreign withholding taxes with respect to dividends or interest received from sources in foreign countries. Each of these Portfolios is expected to have more than 50% of its assets at the close of each year invested in stocks or securities of foreign corporations and, therefore, may elect to pass-through to its shareholders their pro rata share of foreign taxes that the Portfolios pay. If a Portfolio makes such an election and obtains a refund of foreign taxes paid by the Portfolio in a prior year, the Portfolio may be eligible to reduce the amount of foreign taxes reported by the

**Additional Information (continued)**

Portfolio to its shareholders, generally by the amount of the foreign taxes refunded, for the year in which the refund is received. Additionally, if this election is made, shareholders will be: (i) required to include in their gross income (in addition to actual dividends received) their pro rata share of any foreign taxes paid by the Portfolio, and (ii) entitled to either deduct (as an itemized deduction in the case of individuals) their share of such foreign taxes in computing their taxable income or to claim a credit for such taxes against their U.S. income tax, subject to certain limitations under the Code.

*The Short-Term Municipal Bond Portfolio and The Intermediate Term Municipal Bond Portfolio.* During normal market conditions, it is expected that substantially all of the dividends paid by The Short-Term Municipal Bond Portfolio and The Intermediate Term Municipal Bond Portfolio will be excludable from gross income for Federal income tax purposes. As previously noted, the Portfolios may, however, invest in certain securities with interest that may be a preference item for the purposes of the alternative minimum tax (although The Short-Term Municipal Bond Portfolio does not currently intend to do so). Tax-exempt income is a factor in determining whether Social Security benefits are taxable. The Portfolios may also realize taxable capital gains. Accordingly, a portion of the Portfolio's dividends will not be totally exempt from Federal income taxes. In addition, if you receive an exempt-interest dividend with respect to any share and the share is held by you for six months or less, any loss on the sale or exchange of the share will be disallowed to the extent of such dividend amount.

*Backup Withholding.* A Portfolio may be required in certain cases to withhold and remit to the IRS a percentage of taxable dividends or gross proceeds realized upon the sale of shares that are payable to shareholders who: (i) have failed to provide a correct tax identification number in the manner required, (ii) are subject to withholding by the IRS for failure to properly include on their return payments of taxable interest or dividends, (iii) have failed to certify to the Portfolio that they are not subject to backup withholding when required to do so, or (iv) have failed to certify that they are "exempt recipients." The current withholding rate, as of the date of this prospectus, is 24%.

*U.S. Tax Treatment of Foreign Shareholders.* Nonresident aliens, foreign corporations and other foreign investors in a Portfolio will generally be exempt from U.S. federal income tax on Portfolio distributions attributable to net capital gains. The exemption may not apply, however, if the investment in a Portfolio is connected to a trade or business of the foreign investor in the United States or if the foreign investor is present in the United States for 183 days or more in a year and certain other conditions are met.

Portfolio distributions attributable to other categories of Portfolio income, such as dividends from portfolio companies, will generally be subject to a 30% withholding tax when paid to foreign shareholders. There are exemptions from the withholding tax for certain capital gain dividends paid by a Portfolio from net long-term capital gains, exempt interest dividends, interest-related dividends and short-term capital gain dividends, if such amounts are reported by the Portfolio. The withholding tax may, however, be reduced (and, in some cases, eliminated) under an applicable tax treaty between the United States and a shareholder's country of residence or incorporation, provided that the shareholder furnishes a Portfolio with a properly completed IRS Form W-8, as applicable, to establish entitlement to these treaty benefits. If a shareholder fails to properly certify that they are not a U.S. person, Portfolio distributions will be subject to backup withholding at a rate of 24%.

Foreign shareholders will generally not be subject to U.S. tax on gains realized on the sale, exchange or redemption of shares in a Portfolio. All foreign investors should consult their own tax advisors regarding the tax consequences in their country of residence of an investment in a Portfolio.

*State and Local Taxes.* You may also be subject to state and local taxes on distributions and redemptions, including distributions from The Short-Term Municipal Bond Portfolio and The Intermediate Term Municipal Bond Portfolio. State income taxes may not apply, however, to the portions of each Portfolio's distributions, if any, that are attributable to interest on U.S. government securities or interest on securities of the particular state or localities within the state. You should consult your tax adviser regarding the tax status of distributions in your state and locality.

*Other Reporting and Withholding Requirements*. Under the Foreign Account Tax Compliance Act ("FATCA"), a Portfolio will be required to withhold a 30% tax on income dividends made by the Portfolio to certain foreign entities, referred to as foreign financial institutions or nonfinancial foreign entities, that fail to comply (or be deemed compliant) with extensive reporting and withholding requirements designed to inform the U.S. Department of the Treasury of U.S.-owned foreign investment accounts. After December 31, 2018, FATCA withholding also would have applied to certain capital gain distributions, return of capital distributions and the proceeds arising from the sale of Portfolio shares; however, based on proposed regulations issued by the IRS which can be relied upon currently, such withholding is no longer required unless final regulations provide otherwise (which is not expected). A Portfolio may disclose the information that it receives from its shareholders to the IRS, non-U.S. taxing authorities or other parties as necessary to comply with FATCA. Withholding also may be required if a foreign entity that is a shareholder of a Portfolio fails to provide the Portfolio with appropriate certifications or other documentation concerning its status under FATCA.

**More information about taxes is in the Statement of Additional Information.**

**Financial Highlights** 

The financial highlights tables are intended to help you understand the financial performance of each of the Trust's Portfolios for the past five years. Certain information reflects financial results for a single Portfolio share. The total returns in the tables represent the rate that you would have earned or lost on an investment in the Portfolio (assuming reinvestment of all dividends and distributions). This financial information has been audited by [ ], whose report, along with the Trust's financial statements, is incorporated by reference into the Statement of Additional Information, which is available upon request. [NOTE: FiHis to be updated by post-effective amendment]

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| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Change in Net Assets** | **Change in Net Assets** | **Change in Net Assets** | | | | | | | **Ratios to** | | | |
|  | | **Resulting From Operations:** | **Resulting From Operations:** | **Resulting From Operations:** | **Distributions to Shareholders:** | **Distributions to Shareholders:** | **Distributions to Shareholders:** | | | **Average Net Assets** | **Average Net Assets** | **Average Net Assets** | **Supplemental Data** | **Supplemental Data** |
|  |<br>**Net Asset<br> Value,<br> Beginning<br> of Period** | **Net<br> Investment<br> Income<br> (Loss)(a)** | **Net<br> Realized/<br> Unrealized<br> Gains/<br> (Losses) on<br> Investments** | **Total from<br> Operations** | **Net<br> Investment<br> Income** | **Net<br> Realized<br> Gains from<br> Investments** | **Total<br> Distributions to<br> Shareholders** |<br>**Net Asset<br> Value, End<br> of Period** |<br>**Total<br> Return** | **Gross<br> Expenses\*** | **Net<br> Expenses\*** | **Net<br> Investment<br> Income<br> (Loss)** | **Net Assets,<br> at End of<br> Period<br> (000's)** | **Portfolio<br> Turnover<br> Rate** |
| **The U.S. Equity Portfolio** | **The U.S. Equity Portfolio** | **The U.S. Equity Portfolio** | **The U.S. Equity Portfolio** | **The U.S. Equity Portfolio** | **The U.S. Equity Portfolio** | **The U.S. Equity Portfolio** | **The U.S. Equity Portfolio** | **The U.S. Equity Portfolio** | **The U.S. Equity Portfolio** | **The U.S. Equity Portfolio** | **The U.S. Equity Portfolio** | **The U.S. Equity Portfolio** | **The U.S. Equity Portfolio** | **The U.S. Equity Portfolio** |
| &nbsp;&nbsp;&nbsp;&nbsp;Year Ended June 30, 2024 | $29.18 | $0.31 | $7.28 | $7.59 | $(0.31) | $(0.43) | $(0.74) | $36.03 | 26.35% | 0.24% | 0.23% | 1.54% | $1781553 | 13% |
| &nbsp;&nbsp;&nbsp;&nbsp;Year Ended June 30, 2023 | 26.04 | 0.30 | 4.82 | 5.12 | (0.31) | (1.67) | (1.98) | 29.18 | 21.14% | 0.27% | 0.27% | 1.13% | 806580 | 11% |
| &nbsp;&nbsp;&nbsp;&nbsp;Year Ended June 30, 2022 | 33.87 | 0.28 | (5.17) | (4.89) | (0.28) | (2.66) | (2.94) | 26.04 | (16.30)% | 0.27% | 0.27% | 0.85% | 706876 | 12% |
| &nbsp;&nbsp;&nbsp;&nbsp;Year Ended June 30, 2021 | 25.84 | 0.25 | 9.63 | 9.88 | (0.26) | (1.59) | (1.85) | 33.87 | 39.43% | 0.27% | 0.27% | 0.84% | 933398 | 15% |
| &nbsp;&nbsp;&nbsp;&nbsp;Year Ended June 30, 2020 | 24.52 | 0.31 | 2.37 | 2.68 | (0.33) | (1.03) | (1.36) | 25.84 | 11.17% | 0.26% | 0.26% | 1.26% | 736840 | 37% |
| **The Institutional U.S. Equity Portfolio** | **The Institutional U.S. Equity Portfolio** | **The Institutional U.S. Equity Portfolio** | **The Institutional U.S. Equity Portfolio** | **The Institutional U.S. Equity Portfolio** | **The Institutional U.S. Equity Portfolio** | **The Institutional U.S. Equity Portfolio** | **The Institutional U.S. Equity Portfolio** | **The Institutional U.S. Equity Portfolio** | **The Institutional U.S. Equity Portfolio** | **The Institutional U.S. Equity Portfolio** | **The Institutional U.S. Equity Portfolio** | **The Institutional U.S. Equity Portfolio** | **The Institutional U.S. Equity Portfolio** | **The Institutional U.S. Equity Portfolio** |
| &nbsp;&nbsp;&nbsp;&nbsp;Year Ended June 30, 2024 | $16.46 | $0.25 | $3.17 | $3.42 | $(0.23) | $(1.78) | $(2.01) | $17.87 | 22.40% | 0.25% | 0.23% | 1.49% | $2532408 | 78% |
| &nbsp;&nbsp;&nbsp;&nbsp;Year Ended June 30, 2023 | 14.93 | 0.27 | 2.22 | 2.49 | (0.26) | (0.70) | (0.96) | 16.46 | 17.61% | 0.28% | 0.28% | 1.74% | 2469401 | 39% |
| &nbsp;&nbsp;&nbsp;&nbsp;Year Ended June 30, 2022 | 22.87 | 0.15 | (2.54) | (2.39) | (0.16) | (5.39) | (5.55) | 14.93 | (15.30)% | 0.28% | 0.28% | 0.77% | 2252240 | 43% |
| &nbsp;&nbsp;&nbsp;&nbsp;Year Ended June 30, 2021 | 17.12 | 0.17 | 6.79 | 6.96 | (0.18) | (1.03) | (1.21) | 22.87 | 41.89% | 0.28% | 0.28% | 0.87% | 2434118 | 29% |
| &nbsp;&nbsp;&nbsp;&nbsp;Year Ended June 30, 2020 | 18.53 | 0.23 | 1.98 | 2.21 | (0.21) | (3.41) | (3.62) | 17.12 | 12.71% | 0.24% | 0.24% | 1.36% | 2724391 | 74% |

---

\* The expense ratios reflected do not include acquired fund fees and expenses of investment companies, in which a portfolio invests.

(a) Per
 share amounts are based on average shares outstanding.

**Financial Highlights *(continued)***

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Change in Net Assets** | **Change in Net Assets** | **Change in Net Assets** | | | | | | | **Ratios to** | | | |
|  | | **Resulting From Operations:** | **Resulting From Operations:** | **Resulting From Operations:** | **Distributions to Shareholders:** | **Distributions to Shareholders:** | **Distributions to Shareholders:** | | | **Average Net Assets** | **Average Net Assets** | **Average Net Assets** | **Supplemental Data** | **Supplemental Data** |
|  |<br>**Net Asset<br> Value,<br> Beginning<br> of Period** | **Net<br> Investment<br> Income<br> (Loss)(a)** | **Net<br> Realized/<br> Unrealized<br> Gains/<br> (Losses) on<br> Investments** | **Total from<br> Operations** | **Net<br> Investment<br> Income** | **Net<br> Realized<br> Gains from<br> Investments** | **Total<br> Distributions to<br> Shareholders** |<br>**Net Asset<br> Value, End<br> of Period** |<br>**Total<br> Return** | **Gross<br> Expenses\*** | **Net<br> Expenses\*** | **Net<br> Investment<br> Income<br> (Loss)** | **Net Assets,<br> at End of<br> Period<br> (000's)** | **Portfolio<br> Turnover<br> Rate** |
| **The ESG Growth Portfolio** | **The ESG Growth Portfolio** | **The ESG Growth Portfolio** | **The ESG Growth Portfolio** | **The ESG Growth Portfolio** | **The ESG Growth Portfolio** | **The ESG Growth Portfolio** | **The ESG Growth Portfolio** | **The ESG Growth Portfolio** | **The ESG Growth Portfolio** | **The ESG Growth Portfolio** | **The ESG Growth Portfolio** | **The ESG Growth Portfolio** | **The ESG Growth Portfolio** | **The ESG Growth Portfolio** |
| &nbsp;&nbsp;&nbsp;&nbsp;Year Ended June 30, 2024 | $13.50 | $0.23 | $2.36 | $2.59 | $(0.23) | $(0.15) | $(0.38) | $15.71 | 19.41% | 0.28% | 0.27% | 1.61% | $192581 | 5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Year Ended June 30, 2023 | 11.83 | 0.20 | 1.67 | 1.87 | (0.19) | (0.01) | (0.20) | 13.50 | 15.91% | 0.38% | 0.38% | 1.59% | 164117 | 12% |
| &nbsp;&nbsp;&nbsp;&nbsp;Year Ended June 30, 2022 | 14.56 | 0.19 | (2.23) | (2.04) | (0.21) | (0.48) | (0.69) | 11.83 | (14.80)% | 0.39% | 0.39% | 1.36% | 143660 | 10% |
| &nbsp;&nbsp;&nbsp;&nbsp;Year Ended June 30, 2021 | 10.72 | 0.16 | 3.98 | 4.14 | (0.17) | (0.13) | (0.30) | 14.56 | 39.02% | 0.36% | 0.36% | 1.28% | 170492 | 8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Year Ended June 30, 2020 | 10.92 | 0.18 | 0.32 | 0.50 | (0.19) | (0.51) | (0.70) | 10.72 | 4.49% | 0.36% | 0.34% | 1.66% | 132452 | 31% |
| **The Catholic SRI Growth Portfolio** | **The Catholic SRI Growth Portfolio** | **The Catholic SRI Growth Portfolio** | **The Catholic SRI Growth Portfolio** | **The Catholic SRI Growth Portfolio** | **The Catholic SRI Growth Portfolio** | **The Catholic SRI Growth Portfolio** | **The Catholic SRI Growth Portfolio** | **The Catholic SRI Growth Portfolio** | **The Catholic SRI Growth Portfolio** | **The Catholic SRI Growth Portfolio** | **The Catholic SRI Growth Portfolio** | **The Catholic SRI Growth Portfolio** | **The Catholic SRI Growth Portfolio** | **The Catholic SRI Growth Portfolio** |
| &nbsp;&nbsp;&nbsp;&nbsp;Year Ended June 30, 2024 | $10.65 | $0.17 | $2.02 | $2.19 | $(0.18) | $— | $(0.18) | $12.66 | 20.69% | 0.48% | 0.31% | 1.53% | $35291 | 11% |
| &nbsp;&nbsp;&nbsp;&nbsp;Year Ended June 30, 2023 | 9.10 | 0.17 | 1.63 | 1.80 | (0.17) | (0.08) | (0.25) | 10.65 | 20.07% | 0.56% | 0.31% | 1.81% | 29056 | 11% |
| &nbsp;&nbsp;&nbsp;&nbsp;Year Ended June 30, 2022 | 16.13 | 0.20 | (1.74) | (1.54) | (0.24) | (5.25) | (5.49) | 9.10 | (16.17)% | 0.56% | 0.31% | 1.56% | 22525 | 25% |
| &nbsp;&nbsp;&nbsp;&nbsp;Year Ended June 30, 2021 | 11.63 | 0.19 | 4.55 | 4.74 | (0.24) |  | (0.24) | 16.13 | 41.00% | 0.38% | 0.31% | 1.38% | 28912 | 42% |
| &nbsp;&nbsp;&nbsp;&nbsp;Year Ended June 30, 2020 | 11.84 | 0.21 | 0.13 | 0.34 | (0.20) | (0.35) | (0.55) | 11.63 | 2.72% | 0.42% | 0.31% | 1.80% | 53083 | 14% |

---

\* The expense ratios reflected do not include acquired fund fees and expenses of investment companies, in which a portfolio invests.

(a) Per
 share amounts are based on average shares outstanding.

**Financial Highlights *(continued)***

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Change in Net Assets<br> Resulting From Operations:** | **Change in Net Assets<br> Resulting From Operations:** | **Change in Net Assets<br> Resulting From Operations:** | **Distributions to Shareholders:** | **Distributions to Shareholders:** | **Distributions to Shareholders:** | **Distributions to Shareholders:** | | | **Ratios to<br> Average Net Assets** | **Ratios to<br> Average Net Assets** | **Ratios to<br> Average Net Assets** | **Supplemental Data** | **Supplemental Data** |
|  |<br>**Net Asset<br> Value,<br> Beginning<br> of Period** | **Net<br> Investment<br> Income<br> (Loss)(a)** | **Net<br> Realized/<br> Unrealized<br> Gains/<br> (Losses) on<br> Investments** | **Total from<br> Operations** | **Net<br> Investment<br> Income** | **Net<br> Realized<br> Gains from<br> Investments** | **Tax<br> Return of<br> Capitals** | **Total<br> Distributions to<br> Shareholders** |<br>**Net Asset<br> Value, End<br> of Period** |<br>**Total<br> Return** | **Gross<br> Expenses\*** | **Net<br> Expenses\*** | **Net<br> Investment<br> Income<br> (Loss)** | **Net Assets,<br> at End of<br> Period<br> (000's)** | **Portfolio<br> Turnover<br> Rate** |
| **The International Equity Portfolio** | **The International Equity Portfolio** | **The International Equity Portfolio** | **The International Equity Portfolio** | **The International Equity Portfolio** | **The International Equity Portfolio** | **The International Equity Portfolio** | **The International Equity Portfolio** | **The International Equity Portfolio** | **The International Equity Portfolio** | **The International Equity Portfolio** | **The International Equity Portfolio** | **The International Equity Portfolio** | **The International Equity Portfolio** | **The International Equity Portfolio** | **The International Equity Portfolio** |
| &nbsp;&nbsp;&nbsp;&nbsp;Year Ended June 30, 2024 | $11.84 | $0.34 | $1.03 | $1.37 | $(0.37) | $— | $— | $(0.37) | $12.84 | 11.69% | 0.26% | 0.25% | 2.76% | $567390 | 20% |
| &nbsp;&nbsp;&nbsp;&nbsp;Year Ended June 30, 2023 | 10.19 | 0.29 | 1.65 | 1.94 | (0.29) |  |  | (0.29) | 11.84 | 19.01% | 0.27% | 0.27% | 2.65% | 545157 | 8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Year Ended June 30, 2022 | 12.60 | 0.39 | (2.35) | (1.96) | (0.45) |  |  | (0.45) | 10.19 | (15.85)% | 0.26% | 0.26% | 3.20% | 536208 | 19% |
| &nbsp;&nbsp;&nbsp;&nbsp;Year Ended June 30, 2021 | 9.75 | 0.29 | 2.85 | 3.14 | (0.29) |  |  | (0.29) | 12.60 | 32.16% | 0.25% | 0.25% | 2.51% | 719981 | 23% |
| &nbsp;&nbsp;&nbsp;&nbsp;Year Ended June 30, 2020 | 10.37 | 0.19 | (0.58) | (0.39) | (0.23) |  |  | (0.23) | 9.75 | (3.82)% | 0.41% | 0.41% | 1.88% | 605097 | 95% |
| **The Institutional International Equity Portfolio** | **The Institutional International Equity Portfolio** | **The Institutional International Equity Portfolio** | **The Institutional International Equity Portfolio** | **The Institutional International Equity Portfolio** | **The Institutional International Equity Portfolio** | **The Institutional International Equity Portfolio** | **The Institutional International Equity Portfolio** | **The Institutional International Equity Portfolio** | **The Institutional International Equity Portfolio** | **The Institutional International Equity Portfolio** | **The Institutional International Equity Portfolio** | **The Institutional International Equity Portfolio** | **The Institutional International Equity Portfolio** | **The Institutional International Equity Portfolio** | **The Institutional International Equity Portfolio** |
| &nbsp;&nbsp;&nbsp;&nbsp;Year Ended June 30, 2024 | $9.82 | $0.30 | $0.78 | $1.08 | $(0.26) | $— | $— | $(0.26) | $10.64 | 11.02% | 0.33% | 0.32% | 2.93% | $942022 | 21% |
| &nbsp;&nbsp;&nbsp;&nbsp;Year Ended June 30, 2023 | 8.52 | 0.23 | 1.28 | 1.51 | (0.13) | — (b) | (0.08) | (0.21) | 9.82 | 17.76% | 0.35% | 0.35% | 2.50% | 779378 | 26% |
| &nbsp;&nbsp;&nbsp;&nbsp;Year Ended June 30, 2022 | 11.61 | 0.27 | (2.20) | (1.93) | (0.67) | (0.49) |  | (1.16) | 8.52 | (18.16)% | 0.27% | 0.27% | 2.55% | 796399 | 23% |
| &nbsp;&nbsp;&nbsp;&nbsp;Year Ended June 30, 2021 | 8.85 | 0.18 | 2.78 | 2.96 | (0.20) |  |  | (0.20) | 11.61 | 33.57% | 0.25% | 0.25% | 1.73% | 1228416 | 7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Year Ended June 30, 2020 | 9.70 | 0.18 | (0.83) | (0.65) | (0.20) | — (b) |  | (0.20) | 8.85 | (6.83)% | 0.44% | 0.44% | 1.96% | 1340256 | 64% |
| **The Emerging Markets Portfolio** | **The Emerging Markets Portfolio** | **The Emerging Markets Portfolio** | **The Emerging Markets Portfolio** | **The Emerging Markets Portfolio** | **The Emerging Markets Portfolio** | **The Emerging Markets Portfolio** | **The Emerging Markets Portfolio** | **The Emerging Markets Portfolio** | **The Emerging Markets Portfolio** | **The Emerging Markets Portfolio** | **The Emerging Markets Portfolio** | **The Emerging Markets Portfolio** | **The Emerging Markets Portfolio** | **The Emerging Markets Portfolio** | **The Emerging Markets Portfolio** |
| &nbsp;&nbsp;&nbsp;&nbsp;Year Ended June 30, 2024 | $17.18 | $0.48 | $1.55 | $2.03 | $(0.70) | $— | $— | $(0.70) | $18.51 | 12.19% | 0.43% | 0.41% | 2.77% | $710861 | 25% |
| &nbsp;&nbsp;&nbsp;&nbsp;Year Ended June 30, 2023 | 17.22 (c) | 0.47 | (0.20) | 0.27 | (0.31) | — (b) |  | (0.31) | 17.18 | 1.63% | 0.46% | 0.46% | 2.82% | 702868 | 6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Year Ended June 30, 2022 | 23.10 | 0.40 | (5.85) | (5.45) | (0.43) |  |  | (0.43) | 17.22 (c) | (23.87)% | 0.52% | 0.46% | 1.96% | 716399 | 20% |
| &nbsp;&nbsp;&nbsp;&nbsp;Year Ended June 30, 2021 | 16.96 | 0.25 | 6.11 | 6.36 | (0.22) |  |  | (0.22) | 23.10 | 37.62% | 0.51% | 0.51% | 1.20% | 963673 | 8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Year Ended June 30, 2020 | 18.14 | 0.48 | (1.05) | (0.57) | (0.61) |  |  | (0.61) | 16.96 | (3.44)% | 0.51% | 0.51% | 2.77% | 941171 | 11% |

---

\* The expense ratios reflected do not include acquired fund fees and expenses of investment companies, in which a portfolio invests.

(a) Per
 share amounts are based on average shares outstanding.

(b) Amount
 rounds to less than $0.005 per share.

(c) The
 net asset value per share ("NAV") for financial reporting purposes differs
 from the NAV reported due to adjustments made in accordance with accounting principles
 generally accepted in United States of America.

**Financial Highlights *(continued)***

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Change in Net Assets<br> Resulting From Operations:** | **Change in Net Assets<br> Resulting From Operations:** | **Change in Net Assets<br> Resulting From Operations:** | **Distributions to Shareholders:** | **Distributions to Shareholders:** | **Distributions to Shareholders:** | | | **Ratios to<br> Average Net Assets** | **Ratios to<br> Average Net Assets** | **Ratios to<br> Average Net Assets** | **Supplemental Data** | **Supplemental Data** |
|  |<br>**Net Asset<br> Value,<br> Beginning<br> of Period** | **Net<br> Investment<br> Income<br> (Loss)(a)** | **Net<br> Realized/<br> Unrealized<br> Gains/<br> (Losses) on<br> Investments** | **Total from<br> Operations** | **Net<br> Investment<br> Income** | **Net<br> Realized<br> Gains from<br> Investments** | **Total<br> Distributions to<br> Shareholders** |<br>**Net Asset<br> Value, End<br> of Period** |<br>**Total<br> Return** | **Gross<br> Expenses\*** | **Net<br> Expenses\*** | **Net<br> Investment<br> Income<br> (Loss)** | **Net Assets,<br> at End of<br> Period<br> (000's)** | **Portfolio<br> Turnover<br> Rate** |
| **The Core Fixed Income Portfolio** | **The Core Fixed Income Portfolio** | **The Core Fixed Income Portfolio** | **The Core Fixed Income Portfolio** | **The Core Fixed Income Portfolio** | **The Core Fixed Income Portfolio** | **The Core Fixed Income Portfolio** | **The Core Fixed Income Portfolio** | **The Core Fixed Income Portfolio** | **The Core Fixed Income Portfolio** | **The Core Fixed Income Portfolio** | **The Core Fixed Income Portfolio** | **The Core Fixed Income Portfolio** | **The Core Fixed Income Portfolio** | **The Core Fixed Income Portfolio** |
| &nbsp;&nbsp;&nbsp;&nbsp;Year Ended June 30, 2024 | $8.49 | $0.28 | $(0.06) | $0.22 | $(0.28) | $— | $(0.28) | $8.43 | 2.68% | 0.34% | 0.32% | 3.41% | $82435 | 45 %(b) |
| &nbsp;&nbsp;&nbsp;&nbsp;Year Ended June 30, 2023 | 8.82 | 0.28 | (0.33) | (0.05) | (0.28) |  | (0.28) | 8.49 | (0.51)% | 0.40% | 0.40% | 3.27% | 71519 | 45 %(b) |
| &nbsp;&nbsp;&nbsp;&nbsp;Year Ended June 30, 2022 | 10.27 | 0.18 | (1.35) | (1.17) | (0.19) | (0.09) | (0.28) | 8.82 | (11.58)% | 0.36% | 0.36% | 1.87% | 57494 | 33 %(b) |
| &nbsp;&nbsp;&nbsp;&nbsp;Year Ended June 30, 2021 | 10.59 | 0.18 | (0.17) | 0.01 | (0.21) | (0.12) | (0.33) | 10.27 | 0.09% | 0.33% | 0.33% | 1.71% | 66230 | 38 %(b) |
| &nbsp;&nbsp;&nbsp;&nbsp;Year Ended June 30, 2020 | 9.98 | 0.25 | 0.62 | 0.87 | (0.26) |  | (0.26) | 10.59 | 8.85% | 0.32% | 0.32% | 2.42% | 66278 | 36 %(b) |
| **The Corporate Opportunities Portfolio** | **The Corporate Opportunities Portfolio** | **The Corporate Opportunities Portfolio** | **The Corporate Opportunities Portfolio** | **The Corporate Opportunities Portfolio** | **The Corporate Opportunities Portfolio** | **The Corporate Opportunities Portfolio** | **The Corporate Opportunities Portfolio** | **The Corporate Opportunities Portfolio** | **The Corporate Opportunities Portfolio** | **The Corporate Opportunities Portfolio** | **The Corporate Opportunities Portfolio** | **The Corporate Opportunities Portfolio** | **The Corporate Opportunities Portfolio** | **The Corporate Opportunities Portfolio** |
| &nbsp;&nbsp;&nbsp;&nbsp;Year Ended June 30, 2024 | $6.84 | $0.41 | $0.43 | $0.84 | $(0.45) | $— | $(0.45) | $7.23 | 12.56% | 0.29% | 0.28% | 5.92% | $207192 | 48% |
| &nbsp;&nbsp;&nbsp;&nbsp;Year Ended June 30, 2023 | 6.67 | 0.30 | 0.16 | 0.46 | (0.29) |  | (0.29) | 6.84 | 7.16% | 0.30% | 0.30% | 4.50% | 222222 | 93% |
| &nbsp;&nbsp;&nbsp;&nbsp;Year Ended June 30, 2022 | 8.07 | 0.02 | (0.58) | (0.56) | (0.02) | (0.82) | (0.84) | 6.67 | (8.03)% | 0.21% | 0.21% | 0.27% | 259087 | 44% |
| &nbsp;&nbsp;&nbsp;&nbsp;Year Ended June 30, 2021 | 7.14 | 0.01 | 0.93 | 0.94 | (0.01) |  | (0.01) | 8.07 | 13.17% | 0.21% | 0.21% | 0.12% | 307343 | 123% |
| &nbsp;&nbsp;&nbsp;&nbsp;Year Ended June 30, 2020 | 7.01 (c) | 0.20 | 0.16 | 0.36 | (0.23) |  | (0.23) | 7.14 | 5.23% | 0.32% | 0.32% | 2.81% | 436857 | 40% |
| **The U.S. Government Fixed Income Securities Portfolio** | **The U.S. Government Fixed Income Securities Portfolio** | **The U.S. Government Fixed Income Securities Portfolio** | **The U.S. Government Fixed Income Securities Portfolio** | **The U.S. Government Fixed Income Securities Portfolio** | **The U.S. Government Fixed Income Securities Portfolio** | **The U.S. Government Fixed Income Securities Portfolio** | **The U.S. Government Fixed Income Securities Portfolio** | **The U.S. Government Fixed Income Securities Portfolio** | **The U.S. Government Fixed Income Securities Portfolio** | **The U.S. Government Fixed Income Securities Portfolio** | **The U.S. Government Fixed Income Securities Portfolio** | **The U.S. Government Fixed Income Securities Portfolio** | **The U.S. Government Fixed Income Securities Portfolio** | **The U.S. Government Fixed Income Securities Portfolio** |
| &nbsp;&nbsp;&nbsp;&nbsp;Year Ended June 30, 2024 | $8.49 | $0.30 | $(0.08) | $0.22 | $(0.29) | $— | $(0.29) | $8.42 | 2.69% | 0.13% | 0.12% | 3.52% | $982163 | 74% |
| &nbsp;&nbsp;&nbsp;&nbsp;Year Ended June 30, 2023 | 8.86 | 0.30 | (0.37) | (0.07) | (0.30) | — (d) | (0.30) | 8.49 | (0.76)% | 0.17% | 0.17% | 3.53% | 919872 | 45% |
| &nbsp;&nbsp;&nbsp;&nbsp;Year Ended June 30, 2022 | 9.99 | 0.18 | (1.10) | (0.92) | (0.15) | (0.06) | (0.21) | 8.86 | (9.40)% | 0.22% | 0.22% | 1.93% | 628468 | 41% |
| &nbsp;&nbsp;&nbsp;&nbsp;Year Ended June 30, 2021 | 10.83 | 0.15 | (0.50) | (0.35) | (0.15) | (0.34) | (0.49) | 9.99 | (3.30)% | 0.20% | 0.20% | 1.47% | 256466 | 67% |
| &nbsp;&nbsp;&nbsp;&nbsp;Year Ended June 30, 2020 | 10.03 | 0.21 | 0.80 | 1.01 | (0.21) | — (d) | (0.21) | 10.83 | 10.21% | 0.19% | 0.19% | 1.99% | 305689 | 58% |

---

\* The expense ratios reflected do not include acquired fund fees and expenses of investment companies, in which a portfolio invests.

(a) Per
 share amounts are based on average shares outstanding.

(b) Portfolio
 turnover does not include TBA security transactions.

(c) The
 net asset value per share ("NAV") for financial reporting purposes differs
 from the NAV reported due to adjustments made in accordance with accounting principles
 generally accepted in United States of America.

(d) Amount
 rounds to less than $0.005 per share.

**Financial Highlights *(continued)***

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Change in Net Assets<br> Resulting From Operations:** | **Change in Net Assets<br> Resulting From Operations:** | **Change in Net Assets<br> Resulting From Operations:** | **Distributions to Shareholders:** | **Distributions to Shareholders:** | **Distributions to Shareholders:** | | | **Ratios to<br> Average Net Assets** | **Ratios to<br> Average Net Assets** | **Ratios to<br> Average Net Assets** | **Supplemental Data** | **Supplemental Data** |
|  |<br>**Net Asset<br> Value,<br> Beginning<br> of Period** | **Net<br> Investment<br> Income<br> (Loss)(a)** | **Net<br> Realized/<br> Unrealized<br> Gains/<br> (Losses) on<br> Investments** | **Total from<br> Operations** | **Net<br> Investment<br> Income** | **Net<br> Realized<br> Gains from<br> Investments** | **Total<br> Distributions to<br> Shareholders** |<br>**Net Asset<br> Value, End<br> of Period** |<br>**Total<br> Return** | **Gross<br> Expenses\*** | **Net<br> Expenses\*** | **Net<br> Investment<br> Income<br> (Loss)** | **Net Assets,<br> at End of<br> Period<br> (000's)** | **Portfolio<br> Turnover<br> Rate** |
| **The U.S. Corporate Fixed Income Securities Portfolio** | **The U.S. Corporate Fixed Income Securities Portfolio** | **The U.S. Corporate Fixed Income Securities Portfolio** | **The U.S. Corporate Fixed Income Securities Portfolio** | | | | | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Year Ended June 30, 2024 | $8.67 | $0.37 | $0.03 | $0.40 | $(0.37) | $— | $(0.37) | $8.70 | 4.70% | 0.21% | 0.19% | 4.32% | $278368 | 37% |
| &nbsp;&nbsp;&nbsp;&nbsp;Year Ended June 30, 2023 | 8.79 | 0.31 | (0.12) | 0.19 | (0.31) |  | (0.31) | 8.67 | 2.19% | 0.24% | 0.24% | 3.53% | 266063 | 37% |
| &nbsp;&nbsp;&nbsp;&nbsp;Year Ended June 30, 2022 | 10.66 | 0.26 | (1.48) | (1.22) | (0.26) | (0.39) | (0.65) | 8.79 | (12.12)% | 0.21% | 0.21% | 2.63% | 257699 | 31% |
| &nbsp;&nbsp;&nbsp;&nbsp;Year Ended June 30, 2021 | 10.92 | 0.30 | 0.05 | 0.35 | (0.31) | (0.30) | (0.61) | 10.66 | 3.21% | 0.23% | 0.23% | 2.77% | 270435 | 46% |
| &nbsp;&nbsp;&nbsp;&nbsp;Year Ended June 30, 2020 | 10.29 | 0.32 | 0.70 | 1.02 | (0.32) | (0.07) | (0.39) | 10.92 | 10.10% | 0.21% | 0.21% | 3.04% | 347653 | 43% |
| **The U.S. Mortgage/Asset Backed Fixed Income Securities Portfolio** | **The U.S. Mortgage/Asset Backed Fixed Income Securities Portfolio** | **The U.S. Mortgage/Asset Backed Fixed Income Securities Portfolio** | **The U.S. Mortgage/Asset Backed Fixed Income Securities Portfolio** | **The U.S. Mortgage/Asset Backed Fixed Income Securities Portfolio** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Year Ended June 30, 2024 | $8.24 | $0.27 | $(0.07) | $0.20 | $(0.27) | $— | $(0.27) | $8.17 | 2.51% | 0.22% | 0.20% | 3.38% | $223863 | 11 %(b) |
| &nbsp;&nbsp;&nbsp;&nbsp;Year Ended June 30, 2023 | 8.58 | 0.23 | (0.33) | (0.10) | (0.24) |  | (0.24) | 8.24 | (1.18)% | 0.24% | 0.24% | 2.80% | 217694 | 12 %(b) |
| &nbsp;&nbsp;&nbsp;&nbsp;Year Ended June 30, 2022 | 9.55 | 0.12 | (0.92) | (0.80) | (0.17) |  | (0.17) | 8.58 | (8.51)% | 0.23% | 0.23% | 1.25% | 213253 | 27 %(b) |
| &nbsp;&nbsp;&nbsp;&nbsp;Year Ended June 30, 2021 | 9.80 | 0.09 | (0.14) | (0.05) | (0.20) |  | (0.20) | 9.55 | (0.51)% | 0.23% | 0.23% | 0.96% | 215034 | 46 %(b) |
| &nbsp;&nbsp;&nbsp;&nbsp;Year Ended June 30, 2020 | 9.57 | 0.20 | 0.28 | 0.48 | (0.25) |  | (0.25) | 9.80 | 5.12% | 0.22% | 0.22% | 2.04% | 249509 | 32 %(b) |
| **The Short-Term Municipal Bond Portfolio** | **The Short-Term Municipal Bond Portfolio** | **The Short-Term Municipal Bond Portfolio** | **The Short-Term Municipal Bond Portfolio** | **The Short-Term Municipal Bond Portfolio** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Year Ended June 30, 2024 | $9.55 | $0.20 | $0.01 | $0.21 | $(0.20) | $— | $(0.20) | $9.56 | 2.24% | 0.32% | 0.30% | 2.13% | $65634 | 34% |
| &nbsp;&nbsp;&nbsp;&nbsp;Year Ended June 30, 2023 | 9.60 | 0.15 | (0.04) | 0.11 | (0.16) |  | (0.16) | 9.55 | 1.19% | 0.29% | 0.29% | 1.54% | 69408 | 30% |
| &nbsp;&nbsp;&nbsp;&nbsp;Year Ended June 30, 2022 | 10.01 | 0.08 | (0.41) | (0.33) | (0.08) |  | (0.08) | 9.60 | (3.27)% | 0.28% | 0.28% | 0.82% | 140020 | 32% |
| &nbsp;&nbsp;&nbsp;&nbsp;Year Ended June 30, 2021 | 10.05 | 0.09 | (0.04) | 0.05 | (0.09) | — (c) | (0.09) | 10.01 | 0.51% | 0.28% | 0.28% | 0.91% | 150484 | 18% |
| &nbsp;&nbsp;&nbsp;&nbsp;Year Ended June 30, 2020 | 9.93 | 0.14 | 0.12 | 0.26 | (0.14) |  | (0.14) | 10.05 | 2.68% | 0.28% | 0.28% | 1.44% | 135065 | 21% |

---

\* The expense ratios reflected do not include acquired fund fees and expenses of investment companies, in which a portfolio invests.

(a) Per
 share amounts are based on average shares outstanding.

(b) Portfolio
 turnover does not include TBA security transactions.

(c) Amount
 rounds to less than $0.005 per share.

**Financial Highlights *(continued)***

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Change in Net Assets<br> Resulting From Operations:** | **Change in Net Assets<br> Resulting From Operations:** | **Change in Net Assets<br> Resulting From Operations:** | **Distributions to Shareholders:** | **Distributions to Shareholders:** | **Distributions to Shareholders:** | | | **Ratios to<br> Average Net Assets** | **Ratios to<br> Average Net Assets** | **Ratios to<br> Average Net Assets** | **Supplemental Data** | **Supplemental Data** |
|  |<br>**Net Asset<br> Value,<br> Beginning<br> of Period** | **Net<br> Investment<br> Income<br> (Loss)(a)** | **Net<br> Realized/<br> Unrealized<br> Gains/<br> (Losses) on<br> Investments** | **Total from<br> Operations** | **Net<br> Investment<br> Income** | **Net<br> Realized<br> Gains from<br> Investments** | **Total<br> Distributions to<br> Shareholders** |<br>**Net Asset<br> Value, End<br> of Period** |<br>**Total<br> Return** | **Gross<br> Expenses\*** | **Net<br> Expenses\*** | **Net<br> Investment<br> Income<br> (Loss)** | **Net Assets,<br> at End of<br> Period<br> (000's)** | **Portfolio<br> Turnover<br> Rate** |
| **The Intermediate Term Municipal Bond Portfolio** | **The Intermediate Term Municipal Bond Portfolio** | **The Intermediate Term Municipal Bond Portfolio** | **The Intermediate Term Municipal Bond Portfolio** | **The Intermediate Term Municipal Bond Portfolio** | **The Intermediate Term Municipal Bond Portfolio** | **The Intermediate Term Municipal Bond Portfolio** | **The Intermediate Term Municipal Bond Portfolio** | **The Intermediate Term Municipal Bond Portfolio** | **The Intermediate Term Municipal Bond Portfolio** | **The Intermediate Term Municipal Bond Portfolio** | **The Intermediate Term Municipal Bond Portfolio** | **The Intermediate Term Municipal Bond Portfolio** | **The Intermediate Term Municipal Bond Portfolio** | **The Intermediate Term Municipal Bond Portfolio** |
| &nbsp;&nbsp;&nbsp;&nbsp;Year Ended June 30, 2024 | $9.66 | $0.24 | $0.05 | $0.29 | $(0.24) | $— | $(0.24) | $9.71 | 3.01% | 0.30% | 0.29% | 2.49% | $495000 | 33% |
| &nbsp;&nbsp;&nbsp;&nbsp;Year Ended June 30, 2023 | 9.63 | 0.19 | 0.02 | 0.21 | (0.18) |  | (0.18) | 9.66 | 2.20% | 0.33% | 0.33% | 1.92% | 477382 | 25% |
| &nbsp;&nbsp;&nbsp;&nbsp;Year Ended June 30, 2022 | 10.42 | 0.16 | (0.77) | (0.61) | (0.16) | (0.02) | (0.18) | 9.63 | (5.98)% | 0.31% | 0.31% | 1.56% | 371098 | 7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Year Ended June 30, 2021 | 10.32 | 0.17 | 0.11 | 0.28 | (0.18) |  | (0.18) | 10.42 | 2.70% | 0.30% | 0.30% | 1.61% | 388073 | 17% |
| &nbsp;&nbsp;&nbsp;&nbsp;Year Ended June 30, 2020 | 10.21 | 0.20 | 0.12 | 0.32 | (0.20) | (0.01) | (0.21) | 10.32 | 3.21% | 0.31% | 0.31% | 1.92% | 391308 | 36% |

---

\* The expense ratios reflected do not include acquired fund fees and expenses of investment companies, in which a portfolio invests.

(a) Per
 share amounts are based on average shares outstanding.

**Specialist Manager Guide**

This Specialist Manager Guide sets forth certain information about the Specialist Managers and the individual portfolio managers. Additional information about the Portfolio Managers' compensation, other accounts managed, and ownership of securities in the respective Portfolios is available in the SAI.

 *Agincourt Capital Management, LLC ("Agincourt")* serves as the Specialist Manager of The ESG Growth Portfolio, The Catholic SRI Growth Portfolio, The Core Fixed Income Portfolio and The U.S. Corporate Fixed Income Securities Portfolio. Agincourt is an SEC registered investment adviser founded in 1999 by eight investment partners, all formerly investment professionals with Sovran Capital Management. On October 1, 2020, Agincourt entered into a partnership agreement with Guardian Capital Group of Toronto ("Guardian") resulting in Guardian's 70% equity investment in Agincourt and the remaining ownership being held by nine existing shareholders of Agincourt. Agincourt is headquartered at 200 South 10<sup>th</sup> Street, suite 800, Richmond, VA 23219. Guardian is a diversified financial services firm founded in 1962 and located at Commerce Court West 199 Bay Street — Suite 2700, Toronto, Ontario M5L 1E8, Canada. As of June 30, 2025, Agincourt managed assets of $9.5 billion, in fixed income portfolios for a wide range of institutional clients.

For its services to The Core Fixed Income Portfolio and The U.S. Corporate Fixed Income Securities Portfolio, Agincourt receives a fee at an annual rate of 0.08% of the average daily net assets of that portion of each Portfolio that is managed by Agincourt. During the fiscal year ended June 30, 2025, Agincourt received fees of 0.08% of the average daily net assets of each of The Core Fixed Income Portfolio and The U.S. Corporate Fixed Income Securities Portfolio. For its services to The ESG Growth Portfolio and The Catholic SRI Growth Portfolio, Agincourt receives a fee at an annual rate of 0.12% of the average daily net assets of that portion of each Portfolio that is managed by Agincourt. During the fiscal year ended June 30, 2025, Agincourt was not allocated assets of The ESG Growth Portfolio and The Catholic SRI Growth Portfolio.

Day-to-day investment decisions for The ESG Growth Portfolio, The Catholic SRI Growth Portfolio, The Core Fixed Income Portfolio and The U.S. Corporate Fixed Income Securities Portfolio are the responsibility of L. Duncan Buoyer, Managing Director and Portfolio Manager of Agincourt and B. Scott Marshall, Director and Portfolio Manager, each a member of the Agincourt Investment team. Mr. Buoyer has been Portfolio Manager with Agincourt since 1999, and is a co-owner of the firm. He joined Sovran Capital Management in 1991 and was previously a portfolio manager for C&S Investment Advisors in Atlanta, GA. Mr. Buoyer, a Chartered Financial Analyst, received a BA in Chemistry from the University of North Carolina-Chapel Hill, and an MBA from Emory University. Mr. Marshall has been Portfolio Manager with Agincourt since 1999, and is a co-owner of the firm. He joined Sovran Capital Management in 1997 and was previously an equity trader and operations specialist with Trusco Capital Management in Atlanta, GA. Mr. Marshall, a Chartered Financial Analyst, received a BBA from the University of Tennessee-Chattanooga.

*Breckinridge Capital Advisors, Inc.* ("Breckinridge") serves as Specialist Manager for The Short-Term Municipal Bond Portfolio and The Intermediate Term Municipal Bond Portfolio. Breckinridge has managed municipal bond portfolios since 1993 and is a registered investment adviser headquartered at 125 High Street, Suite 431, Boston, MA 02110.

For its services to The Short-Term Municipal Bond and The Intermediate Term Municipal Bond Portfolios, Breckinridge receives a fee of 0.125% of the average daily net assets of that portion of each Portfolio allocated to Breckinridge. During the fiscal year ended June 30, 2025, Breckinridge received a fee of 0.125% of the average daily net assets of that portion of each of The Short-Term Municipal Bond Portfolio and The Intermediate Term Municipal Bond Portfolio allocated to Breckinridge. As of June 30, 2025, Breckinridge managed total assets of approximately $51.77 billion.

The Portfolios are managed by a team of investment professionals who are jointly and primarily responsible for making day-to-day investment decisions:

Matthew Buscone joined Breckinridge in 2002 as a trader. Mr. Buscone has been a member of the portfolio management team since 2008. Mr. Buscone serves as co-chief investment officer and is a member of Breckinridge's Executive Committee.

Eric Haase, CFA, joined Breckinridge and the portfolio management team in 2016. Previously, Mr. Haase was employed at SCS Financial LLC from 2005 to 2016, most recently as a portfolio manager focusing on tax-exempt separate accounts and conducting manager research across fixed income sectors.

Maggie Fitzpatrick, CFA, joined Breckinridge in 2017. She spent two years on the consultant relations team before transitioning to the investment team as a portfolio analyst in 2020. In 2022, Ms. Fitzpatrick was promoted to Associate Portfolio Manager. Prior to joining Breckinridge, she was an advisory services associate with Gurtin Municipal Bond Management from 2012 to 2017.

**Specialist Manager Guide *(continued)***

Andressa Tsaparlis joined Breckinridge in 2018 as a client services associate and transitioned to the trading team in 2022. In 2023, Ms. Tsaparlis moved to the portfolio management team as an associate portfolio manager role. Before joining Breckinridge, Ms. Tsaparlis was an investor relations analyst and compliance analyst at J.P. Morgan.

Patrick Araujo-Lipine joined Breckinridge in 2009 as a client services associate before moving to the research team in 2013. In 2023, Mr. Araujo-Lipine moved to the portfolio management team as an Associate Portfolio Manager.

 *City of London Investment Management Company Limited* ("CLIM") serves as a Specialist Manager for The International Equity Portfolio, The Institutional International Equity Portfolio, The Emerging Markets Portfolio, The Corporate Opportunities Portfolio and The Intermediate Term Municipal Bond Portfolio. CLIM is authorized and regulated by the Financial Conduct Authority. The firm is also registered as an investment adviser with the SEC pursuant to the Investment Advisers Act and is headquartered in its London location at 77 Gracechurch Street, London, EC3V 0AS, United Kingdom (UK) and has its U.S. office in West Chester, Pennsylvania. CLIM is a wholly owned subsidiary of City of London Investment Group PLC ("CLIG"). As of June 30, 2025, CLIM had total assets under management of approximately $6.8 billion, of which none represented assets of mutual funds managed in accordance with investment policies similar to those employed in managing the International Equity, Institutional International Equity, Emerging Markets, Corporate Opportunities and Intermediate Term Municipal Bond Portfolios. CLIM was formed in 1991 in London, England and was incorporated in 1993. CLIG is a publicly-held company with a listing on the London Stock Exchange.

For its services to the Portfolios, CLIM receives an annual fee, calculated daily and payable monthly, based on an annual percentage of the average daily net assets of the Portfolio allocated to CLIM from time to time as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;The International Equity Portfolio | &nbsp;&nbsp;0.80% on the first $50 million in Combined Assets; and 0.40% thereafter\* |
| &nbsp;&nbsp;&nbsp;The Institutional International Equity Portfolio | &nbsp;&nbsp;0.80% on the first $50 million in Combined Assets; and 0.40% thereafter\* |
| &nbsp;&nbsp;&nbsp;The Emerging Markets Portfolio | &nbsp;&nbsp;1.00% on the first $100 million in Combined Assets; 0.80% on the next $100 million and 0.50% thereafter\*\* |
| &nbsp;&nbsp;&nbsp;The Corporate Opportunities Portfolio | &nbsp;&nbsp;0.45% |
| &nbsp;&nbsp;&nbsp;The Intermediate Term Municipal Bond Portfolio | &nbsp;&nbsp;0.45% |

---

\* For the International Equity and Institutional International Equity Portfolios, "Combined Assets" shall mean the sum of: the average daily net assets managed by CLIM in each of the International Equity and Institutional International Equity Portfolios; and the net assets invested in the same strategy as these Portfolios that are managed by CLIM for the benefit of certain other investors who are clients of the Adviser.

\*\* For The Emerging Markets Portfolio, "Combined Assets" shall mean the sum of: the average daily net assets managed by CLIM in The Emerging Markets Portfolio; and the net assets invested in the same strategy as the Portfolio that are managed by CLIM for the benefit of certain other investors who are clients of the Adviser.

During the fiscal year ended June 30, 2025, CLIM received a fee of [0.49]% of the average daily net assets of The Institutional International Equity Portfolio. During the fiscal year ended June 30, 2025, CLIM received fees of [0.45]% of the average daily net assets of each of The Corporate Opportunities Portfolio and The Intermediate Term Municipal Bond Portfolio. During the fiscal year ended June 30, 2025, CLIM received a fee of [1.00]% of the average daily net assets of The Emerging Markets Portfolio. During the fiscal year ended June 30, 2025, CLIM was [not allocated] assets of The International Equity Portfolio.

Day-to-day portfolio management of those assets of the International Equity and Institutional International Equity Portfolios allocated to CLIM will be the responsibility of a team led by Michael Edmonds.

Day-to-day portfolio management of those assets of The Emerging Markets Portfolio allocated to CLIM will be the responsibility of a team led by Oliver Marschner.

Day-to-day portfolio management of those assets of The Corporate Opportunities Portfolio and The Intermediate Term Municipal Bond Portfolio allocated to CLIM will be the responsibility of a team led by James Millward.

All assets managed by CLIM are managed in a team approach with input from portfolio managers, research analysts and other investment professionals across all three of the firm's global offices. Team members conduct research, make investment recommendations and are an integral part of the investment process.

Mr. James Millward is a Portfolio Manager based in the London office. James joined CLIM in 2009 and is responsible for tactical and multi-asset products at CLIM. Prior to joining CLIM, James worked in a proprietary trading role for the Equity Derivatives group of

 **Specialist Manager Guide *(continued)***

Societe Generale S.A. in London, focusing on closed-end fund arbitrage and special situations strategies. James also held positions at Linklaters LLP and Commerzbank A.G. He holds a BSc (Hons) in Economics from the London School of Economics and Political Science.

Mr. Michael Edmonds, CFA, is the Chief Investment Officer of CLIM and the Lead Portfolio Manager for the International and Global Equity strategies based in the Philadelphia office. Michael rejoined CLIM in 2009. He had previously worked in the London office of both Olliff & Partners from 1992 to 1996 and CLIM from 1996 to 1998. Prior to rejoining CLIM, Michael spent over eight years at Morgan Stanley Investment Management with roles in marketing and product management and development. He holds a BA (Hons) in Financial Services from the University of West England and has passed the Investment Management Certificate (IMC). He is also a CFA Charterholder and a Chartered Alternative Investment Analyst.

Mr. Michael Sugrue is a Portfolio Manager for the International and Global Equity strategies based in the London Office. Michael joined CLIM in 1996 and was initially in a support role culminating in him becoming Head of Administration in 2000-2001. Michael worked for an extended period of time in the U.S. office, where he relocated in order to support the founder before ultimately becoming a Portfolio Manager for the Emerging Markets CEF strategy in 2004. Michael returned to London in 2008 as a Portfolio Manager for the Emerging Markets CEF team before transitioning to the Global Developed CEF strategy in 2013.

Mr. Oliver Marschner is Head of the Emerging Markets Closed End Fund Group based in the London office. Oliver joined CLIM in 2001 as a Research Analyst and has also worked as a Portfolio Manager in the Seattle and Singapore offices. Prior to joining CLIM, Oliver worked for the Bank of New York (Europe) Retail Investments Team and for Chase Fleming Private Wealth Managements. He completed his studies in South Africa where he attained an Honours degree in Bachelor of Commerce (Management Accounting) at the University of Stellenbosch. Oliver has passed the Investment Management Certificate (IMC).

 *Insight North America LLC* ("Insight"), a wholly-owned subsidiary of The Bank of New York Mellon Corporation ("BNY") under common control with Mellon Investments Corporation ("Mellon"), serves as a Specialist Manager for The Intermediate Term Municipal Bond Portfolio. Insight is located at 200 Park Avenue, New York, NY 10166. As of June 30, 2025, Insight had assets under management totaling approximately $130.0 billion.

For its services to The Intermediate Term Municipal Bond Portfolio, Insight receives a fee, at the annual rate of 0.25% for the first $100 million of the "Combined Assets" of that portion of the Portfolio allocated to Insight and 0.15% of those Combined Assets (as defined below) exceeding $100 million, subject to a maximum annual fee of 0.20% of the average daily of net assets of the Portfolio. For the purposes of computing Insight's fee for the Portfolio, the term "Combined Assets" shall mean the consolidated total amount of the municipal securities strategy assets managed by Insight in The Intermediate Term Municipal Bond Portfolio and certain other similar assets managed by Insight for clients of Hirtle Callaghan and Co., LLC. During the fiscal year ended June 30, 2025, Insight (then Mellon) received a fee of [0.18]% of the Portfolio's average daily net assets.

Day-to-day investment decisions for The Intermediate Term Municipal Bond Portfolio are the responsibility of Daniel Marques, CFA. Mr. Marques is a Director and a Senior Portfolio Manager for US Municipal Bond strategies. He is responsible for managing US Municipal Bond portfolios for institutional, high net worth and mutual fund clients. Dan is also a leader of sustainability and ESG integration for US municipal bond portfolios and a lead portfolio manager for the US Municipal ESG strategy. Dan also provides municipal market analysis and performance attribution commentary for the team. He has been with Mellon/Insight since 2000. Dan earned an MBA from Nichols College and a BS from the University of Massachusetts. He holds the CFA<sup>®</sup> designation and is a member of the CFA Institute.

 *Mellon Investments Corporation* ("Mellon"), formerly BNY Mellon Asset Management North America Corporation, is a wholly-owned indirect subsidiary of BNY and is headquartered at 500 Ross Street, Pittsburgh, PA 15258. Mellon serves as a Specialist Manager for The U.S. Equity Portfolio, The Institutional U.S. Equity Portfolio, The ESG Growth Portfolio, The Catholic SRI Growth Portfolio, The International Equity Portfolio, The Institutional International Equity Portfolio, The Emerging Markets Portfolio, The Core Fixed Income Portfolio, The Corporate Opportunities Portfolio, The U.S. Government Fixed Income Securities Portfolio, The U.S. Corporate Fixed Income Securities Portfolio and The U.S. Mortgage/Asset Backed Fixed Income Securities Portfolio.

For its services to The U.S. Equity Portfolio and The Institutional U.S. Equity Portfolio (the "Portfolios"), Mellon receives a fee from each Portfolio, calculated based on the average daily net assets of that portion of the assets of the Portfolio managed by it, so long as the aggregate assets allocated to Mellon ("Combined Mellon Assets" as defined below) exceed $2 billion, at the following annual rate of: 0.04% of assets committed to Mellon's Index Strategy (if the Combined Mellon Assets fall below $2 billion, this fee will be calculated at an annual rate of 0.065%); 0.065% of the assets committed to Mellon's Factor Strategy (if the Combined Mellon Assets fall below $2 billion, this fee will be calculated at an annual rate of 0.075%). The term "Combined Mellon Assets" means the sum of: (a) the net

 **Specialist Manager Guide *(continued)***

assets of the Portfolios, The International Equity Portfolio, The Institutional International Equity Portfolio and The Emerging Markets Portfolio of the Trust (collectively, the "Trust Portfolios") managed by Mellon; and (b) the net assets of each other investment advisory account for which HC Capital Solutions or one of its affiliates serves as investment adviser and for which Mellon provides portfolio management services using the strategies employed in the Trust Portfolios. To the extent assets were allocated to a particular Mellon strategy, Mellon received, during the fiscal year ended June 30, 2025, the following fees as a percentage of the average daily net assets for each respective Portfolio's strategy: The Institutional U.S. Equity Portfolio's Index Strategy, [0.04]% (Mellon was not allocated assets of each of the other Portfolios with respect to its applicable strategy).

For its services to the ESG Growth Portfolio and Catholic SRI Growth Portfolio, Mellon receives a fee of [0.10]% of the average daily net assets of that portion of the assets of each Portfolio managed by it. During the fiscal year ended June 30, 2025, Mellon received a fee of [0.10]% of the assets of each of The ESG Growth Portfolio and The Catholic SRI Growth Portfolio respectively, allocated to Mellon.

For its services to The International Equity Portfolio and The Institutional International Equity Portfolio, Mellon receives a fee from each Portfolio with respect to Mellon's Emerging Markets Strategy, Developed Index Strategy and Developed Factor Strategy, calculated based on the average daily net assets of that portion of the assets of the Portfolio managed by it. For assets allocated to an Emerging Markets Strategy (the "EM Account"), so long as the aggregate assets allocated to Mellon for all of its passive equity mandates (including accounts for other clients of the Adviser and certain of its affiliates besides the Trust) exceed $2 billion, the fee shall be at the annual rate of 0.13% of the average daily net assets of the EM Account. Should these aggregate assets fall below $2 billion, the fee will be calculated at an annual rate of 0.15% for those assets allocated to emerging markets strategies. For assets allocated to a Developed Index Strategy (the "Index Account"), for so long as the Combined Assets (as defined below) are greater than $2 billion, the fee shall be at the annual rate of 0.05% of the average daily net assets of the Index Account. If the Combined Assets are reduced to $2 billion or less due to withdrawals or redemptions, beginning with the start of the first calendar year following the date on which such withdrawal or redemption reduced such Combined Assets to $2 billion or less, the fee shall be calculated based on average daily net assets of the Index Account at an annual rate of 0.06%. For assets allocated to a Developed Factor Strategy (the "Factor Account"), for so long as the Combined Assets (as defined below) are greater than $2 billion, the fee shall be at the annual rate of 0.075% of the average daily net assets of the Factor Account. If the Combined Assets are reduced to $2 billion or less due to withdrawals or redemptions, beginning with the start of the first calendar year following the date on which such withdrawal or redemption reduced such Combined Assets to $2 billion or less, the fee shall be calculated based on average daily net assets of the Account at an annual rate of 0.085%. The term "Combined Assets" means the sum of: (a) the net assets of The U.S. Equity Portfolio, The Institutional U.S. Equity Portfolio, The International Equity Portfolio, The Institutional International Equity Portfolio and the Emerging Markets Portfolio of the Trust (collectively the "Trust Portfolios") managed by the Mellon; and (b) the net assets of each other investment advisory account for which HC Capital Solutions or one of its affiliates serves as investment adviser and for which Mellon provides portfolio management services using the strategies employed in Trust Portfolios. During the fiscal year ended June 30, 2025, Mellon was [not allocated] any assets of The International Equity Portfolio.

For its passive managed strategy services to The Emerging Markets Portfolio, Mellon receives a fee from the Portfolio calculated based on the average daily net assets of that portion of the assets of the Portfolio managed by it, at an annual rate of 0.13% so long as the aggregate assets allocated to Mellon for all of its passive equity mandates (including accounts for other clients of the Adviser and certain of its affiliates besides the Trust) exceed $2 billion. Should these aggregate assets fall below $2 billion, the fee will be calculated at an annual rate of 0.15%. During the fiscal year ended June 30, 2025, Mellon received fees of [0.13]% of the average daily net assets for the portion of The Emerging Markets Portfolio allocated to Mellon.

For its services to The Core Fixed Income Portfolio (for assets allocated to government and mortgage/asset backed securities strategies), The U.S. Government Fixed Income Securities Portfolio and The U.S. Mortgage/Asset Backed Fixed Income Securities Portfolio, Mellon receives a fee, based on the average daily net asset value of that portion of the assets of each Portfolio managed by it, at an annual rate of 0.06%. During the fiscal year ended June 30, 2025, Mellon received fees of [0.06]% of the average daily net assets for each portion of The Core Fixed Income Portfolio, The U.S. Government Fixed Income Securities Portfolio and The U.S. Mortgage/Asset Backed Fixed Income Securities Portfolio allocated to Mellon.

For its services to The Core Fixed Income Portfolio (for assets allocated to corporate securities strategies) and The U.S. Corporate Fixed Income Securities Portfolio, Mellon receives a fee, based on the average daily net asset value of that portion of the assets of each Portfolio managed by it, at an annual rate of 0.15% of that portion of each Portfolio dedicated to investments in U.S. corporate fixed income securities. During the fiscal year ended June 30, 2025, Mellon was [not allocated] any assets (with respect to corporate securities strategies) of The Core Fixed Income Portfolio and The U.S. Corporate Fixed Income Securities Portfolio.

 **Specialist Manager Guide *(continued)***

For its services to The Corporate Opportunities Portfolio, Mellon receives a fee, based on the average daily net asset value of that portion of the assets of the Portfolio managed by it, at an annual rate of 0.25%. During the fiscal year ended June 30, 2025, Mellon was [not allocated] any assets of The Corporate Opportunities Portfolio.

The Portfolio Managers for the U.S. Equity Portfolio (the Index Strategy), Institutional U.S. Equity Portfolio (the Index Strategy), International Equity Portfolio (the Developed Index Strategy and Developed Factor Strategy) and Institutional International Equity Portfolio (the Developed Index Strategy and Developed Factor Strategy) are Marlene Walker Smith, David France, Todd Frysinger, Vlasta Sheremeta and Michael Stoll. The Portfolio Managers for the ESG Growth and Catholic SRI Growth Portfolios are Marlene Walker Smith, David France, Todd Frysinger, Vlasta Sheremeta and Michael Stoll. The Portfolio Managers for The International Equity Portfolio, The Institutional International Equity Portfolio and, with respect to the passively managed assets of, The Emerging Markets Portfolio, regarding the portions of such Portfolios allocated to Mellon, are Marlene Walker Smith, David France, Todd Frysinger, Vlasta Sheremeta and Michael Stoll.

David France, CFA is a Senior Vice President and Senior Portfolio Manager responsible for managing domestic and international equity indexing portfolios. He has been in the investment industry since 1995. Before joining the firm in 2009, Mr. France was an investment advisor with PNC Wealth Management where he developed, communicated and executed tailored investment solutions for clients. Prior to that, he was an investment analyst with Greycourt, an independent advisory firm serving wealthy families and selected institutions. His previous roles include various fixed income and equity support positions at T. Rowe Price. Mr. France holds the CFA<sup>®</sup> designation and is a member of CFA Institute and CFA Society Pittsburgh. He earned an MS in finance from Loyola University Maryland and a BSBA in accounting from Duquesne University.

Todd Frysinger, CFA is a Senior Vice President and Senior Portfolio Manager responsible for managing domestic and international equity indexing portfolios. Prior to joining the firm in 2007, he served as assistant portfolio manager for Mellon Financial Corporation's corporate treasury, managing the fixed income investment portfolio. Mr. Frysinger holds the CFA<sup>®</sup> designation and is a member of CFA Institute and CFA Society Pittsburgh. He earned an MS in finance from Boston College and a BS in finance and management from Elizabethtown College.

Vlasta Sheremeta, CFA is a Senior Vice President and Senior Portfolio Manager responsible for managing domestic and international equity indexing portfolios. She has been in the investment industry since 2010. Prior to joining the firm in 2011, Ms. Sheremeta worked as a treasury operations analyst at BNY. She earned an MBA from Carnegie Mellon University and a BS in business administration from the University of Pittsburgh. Ms. Sheremeta holds the CFA<sup>®</sup> designation, and is a member of CFA Institute and CFA Society Pittsburgh.

Marlene Walker Smith is a Senior Director and Chief Investment Officer. She leads the team of equity and fixed income index portfolio managers managing U.S. and non-U.S. index portfolios. She is responsible for the refinement and implementation of the entire index portfolio management process. Previously, Marlene served as the Head of Equity Portfolio Management, responsible for U.S. and non-U.S. equity indexing portfolios. Marlene also served as a senior portfolio manager within the equity index team, and prior to joining the equity index team, she was an equity trader for the firm. Prior to joining the firm in 1995, she was a trader for Banc One Investment Advisors Corporation and a brokerage services manager for Mid Atlantic Capital Corporation. Ms. Smith has been in the investment industry since 1990. She earned an MBA in finance from the University of Pittsburgh and a BA in history and Russian from Washington & Jefferson College.

Michael Stoll is a Senior Vice President and Senior Portfolio Manager responsible for domestic and international equity indexing portfolios. Prior to joining the firm, he was a senior manager in consulting engineering at Northgate. Mr. Stoll earned a BS in civil engineering from the University of California at Irvine, and an MBA and an MS in engineering from the University of California at Berkeley.

Day-to-day investment decisions for the portions of The Core Fixed Income Portfolio, The U.S. Government Fixed Income Securities Portfolio and The U.S. Mortgage/Asset Backed Fixed Income Securities Portfolio allocated to Mellon are the responsibility of Marlene Walker Smith and Gregg Lee, CFA. Mr. Lee is a Senior Vice President, Senior Portfolio Manager at Mellon with 34 years of finance and investment experience and 34 years at the firm. He earned a B.S. at University of California at Davis. He holds the CFA<sup>®</sup> designation and is a member of the CFA Institute and CFA Society San Francisco.

Day-to-day investment decisions for the portions of The Corporate Opportunities Portfolio and The U.S. Corporate Fixed Income Securities Portfolio allocated to Mellon are the responsibility of Marlene Walker Smith.

 **Specialist Manager Guide *(continued)***

As of June 30, 2025, Mellon had assets under management (AUM) totaling approximately $929.5 billion, which includes overlay strategies.

 *Parametric Portfolio Associates LLC ("Parametric")* serves as Specialist Manager for The U.S. Equity Portfolio, The Institutional U.S. Equity Portfolio, The ESG Growth Portfolio, The Catholic SRI Growth Portfolio, The International Equity Portfolio, The Institutional International Equity Portfolio, The Emerging Markets Portfolio, The Core Fixed Income Portfolio, The Corporate Opportunities Portfolio, The U.S. Government Fixed Income Securities Portfolio, The U.S. Corporate Fixed Income Securities Portfolio, The U.S. Government Mortgage/Asset Backed Fixed Income Securities Portfolio and The Intermediate Term Municipal Bond Portfolio. Parametric is a wholly owned subsidiary of Morgan Stanley, a publicly held company that is traded on the New York Stock Exchange (NYSE) under the ticker symbol MS, with approximately $1.6 trillion in assets under management. Parametric is a part of Morgan Stanley Investment Management, the asset management division of Morgan Stanley. The business address of Parametric is 800 Fifth Ave, Suite 2800, Seattle, WA 98104. As of June 30, 2025, Parametric had approximately $574.02 billion in assets under management.

For its services to The U.S. Equity Portfolio, The Institutional U.S. Equity Portfolio, The ESG Growth Portfolio, The Catholic SRI Growth Portfolio, The International Equity Portfolio, The Institutional International Equity Portfolio, The Emerging Markets Portfolio and The Corporate Opportunities Portfolio related to its Liquidity Strategy, Parametric receives a fee from each Portfolio, calculated daily and payable monthly in arrears, at the annual rate of 0.15% of the first $50 million of the Combined Liquidity Assets (as defined below) committed to Parametric's Liquidity Strategy; 0.10% of the next $100 million of the Combined Liquidity Assets and 0.05% on Combined Liquidity Assets over $150 million. The term "Combined Liquidity Assets" means the sum of the net assets of that portion of each of the Portfolios allocated to Parametric from time-to-time in their Liquidity Strategy.

Parametric is also entitled to receive a flat fee of $10,000 per year per Portfolio, provided that 1/12 of such fee related to any given Portfolio will be waived with respect to each calendar month during which no assets of such Portfolio were allocated to Parametric for investment in their Liquidity Strategy. During the fiscal year ended June 30, 2025, Parametric received fees of [0.067]% of the average daily net assets for the portion of The Institutional U.S. Equity Portfolio, The ESG Growth Portfolio, The International Equity Portfolio, The Institutional International Equity Portfolio, The Emerging Markets Portfolio and The Corporate Opportunities Portfolio, respectively, allocated to Parametric's Liquidity Strategy. During the fiscal year ended June 30, 2025, Parametric was [not allocated] assets of either The U.S. Equity Portfolio or The Catholic SRI Growth Portfolio with respect to the Liquidity Strategy.

Under the terms of the separate Parametric agreements for its Options Overlay Strategy, each of the U.S. Equity, Institutional U.S. Equity, International Equity, Institutional International Equity, Emerging Markets and Corporate Opportunities Portfolios will pay Parametric a flat fee of $5,500 for each calendar month in which such Portfolio has assets allocated to Parametric for management using the options overlay strategy and each of the Core Fixed Income, U.S. Government Fixed Income Securities, U.S. Corporate Fixed Income Securities, U.S. Mortgage/Asset Backed Fixed Income Securities and Intermediate Term Municipal Bond Portfolios will pay Parametric a flat fee of $4,500 for each calendar month in which such Portfolio has assets allocated to Parametric for management using the options overlay strategy.

Under the terms of separate portfolio management agreements for its Targeted Strategy, for its services to The U.S. Equity Portfolio, The Institutional U.S. Equity Portfolio, The ESG Growth Portfolio, The Catholic SRI Growth Portfolio, The International Equity Portfolio, The Institutional International Equity Portfolio, The Emerging Markets Portfolio and The Corporate Opportunities Portfolio, Parametric receives a fee from each Portfolio, calculated daily and payable monthly in arrears, at the annual rate of 0.05% of the Targeted Strategy Assets (as defined below) committed to Parametric's Targeted Strategy. The term "Targeted Strategy Assets" means the sum of the net assets of that portion of each of the Portfolios allocated to Parametric from time-to-time in their Targeted Strategy. Parametric shall also be entitled to receive a flat fee of $5,000 per year, provided that such fee will be waived with respect to each calendar year during which no Portfolio assets were allocated to the Targeted Strategy Assets. To the extent assets were allocated to the Targeted Strategy, during the fiscal year ended June 30, 2025, Parametric received a fee of [0.05]% of the average daily net assets of that portion of The Institutional U.S. Equity Portfolio, allocated to Parametric's Targeted Strategy. During the fiscal year ended June 30, 2025, Parametric received a fee of [0.08]% of the average daily net assets of that portion of The Institutional International Equity Portfolio, allocated to Parametric's Targeted Strategy. During the fiscal year ended June 30, 2025, Parametric was [not allocated] assets of The U.S. Equity Portfolio, The ESG Growth Portfolio, The Catholic SRI Growth Portfolio, The International Equity Portfolio, The Emerging Markets Portfolio and The Corporate Opportunities Portfolio, with respect to the Targeted Strategy.

For its services related to its Tax-Managed Custom Core Strategy to The U.S. Equity Portfolio, The International Equity Portfolio and The Emerging Markets Portfolio (the "Portfolios"), Parametric receives a fee from each Portfolio, calculated daily and payable monthly in arrears, at the annual rate of 0.10% of the first $250 million of the Combined Tax-Managed Custom Core Assets (as defined below) committed to Parametric's Tax-Managed Custom Core Strategy; 0.09% of the next $250 million of the Combined Tax-Managed Custom Core Assets; 0.08% of the next $500 million of the Combined Tax-Managed Custom Core Assets; and 0.07% on Combined Tax-

 **Specialist Manager Guide *(continued)***

Managed Assets over $1 billion. The term "Combined Tax-Managed Custom Core Assets" means the sum of the net assets of that portion of each of the Portfolios allocated to Parametric from time-to-time in their Tax-Managed Custom Core Strategy. If, at the close of business on September 30, 2019, the Combined Assets under this Agreement are less than $500 million, the fee for the first $250 million shall be permanently increased to 0.13% of the first $250 million of the Combined Assets; 0.09% of the next $250 million of the Combined Assets; 0.08% of the next $500 million of the Combined Assets; and 0.07% of the Combined Assets over $1 billion. To the extent assets were allocated to the Tax-Managed Custom Core Strategy, during the fiscal year ended June 30, 2025, Parametric received fees of [0.08]% of the average daily net assets of that portion of each of The U.S. Equity Portfolio and The International Equity Portfolio. During the fiscal year ended June 30, 2025, Parametric was [not allocated] assets of The Emerging Markets Portfolio with respect to Parametric's Tax-Managed Custom Core Strategy.

Mr. Clint Talmo, Mr. Jason Nelson and Mr. Tyler Nowicki are primarily responsible for the day-to-day management of the portion of each applicable Portfolio's assets allocated to Parametric for investment in its Liquidity Strategy, Options Overlay Strategy and the client directed targeted exposure for the Targeted Strategy. Ms. Jennifer Mihara and Mr. Gordon Wotherspoon are primarily responsible for the active equity model implementation for the Targeted Strategy. Mr. Talmo, CFA, Managing Director – Investment Strategy, leads a team responsible for designing, trading, and managing customized overlay portfolios utilizing a wide spectrum of asset classes across global markets. Mr. Talmo joined Parametric in 2014. He earned a B.S. in Finance from the University of Colorado. He is a CFA charterholder and a member of the CFA Society of Minnesota. Mr. Nelson, CFA, Senior Portfolio Manager is responsible for designing, trading, and managing overlay portfolios with an emphasis on ETFs and OTC instruments. Mr. Nelson joined Parametric in 2014. Mr. Nelson earned a B.S. in Economics and Finance from Minnesota State University, Mankato. He is a CFA charterholder and a member of the CFA Society of Minnesota. Mr. Nowicki, CFA, Portfolio Manager is responsible for designing, trading, and managing overlay portfolios. Mr. Nowicki joined Parametric in 2014. Mr. Nowicki earned a BBA in financial markets-finance from the University of Minnesota Duluth. He is a CFA charterholder and a member of the CFA Society of Minnesota. Ms. Mihara, Head of Equity Fund Management, is responsible for providing oversight to the Centralized Portfolio Management (CPM), Global Equities, and Institutional CPM & Large Case Custom Core Portfolio Management teams. Prior to her current role, Ms. Mihara was responsible for leading the CPM Team. Before joining Parametric in 2005, Ms. Mihara was an investment associate at Merrill Lynch for five years. She earned a B.A. in economics and a minor in mathematics from Colgate University. Mr. Wotherspoon, Managing Director - Head of Equity, is responsible for portfolio management of Parametric's Custom Core Equity product for brokerage and bank-sponsored channels. He has been with Parametric since 2004. He earned an M.B.A and a B.S. in Economics from the University of Washington.

Ms. Mihara, Ms. Xiaozhen Li and Mr. Wortherspoon are primarily responsible for the day-to-day management of the portion of each Portfolio's assets allocated to Parametric for investment in its Tax-Managed Custom Core Strategy. Ms. Li, Director, Private Client Direct Group, leads a team of investment professionals responsible for the US, developed non-US, and global Custom Core portfolios, primarily serving Parametric's wealth management, family office, and institutional client base. Ms. Li joined Parametric in 2000. She earned a PhD in economics and an MS in physics from the University of Washington.

 *RhumbLine Advisers Limited Partnership* ("RhumbLine") serves as a Specialist Manager for The Institutional U.S. Equity Portfolio, The Institutional International Equity Portfolio and The Emerging Markets Portfolio. RhumbLine is a Massachusetts limited partnership with its principal office located at 265 Franklin Street, 21<sup>st</sup> Floor, Boston, MA 02110 and is an employee-owned firm. RhumbLine has been registered with the SEC as an investment adviser since 1990. As of June 30, 2025, RhumbLine had approximately $129.2 billion in assets under management.

For its services to The Institutional U.S. Equity Portfolio, RhumbLine is compensated at an annual rate of 0.04% of the average net assets of the Portfolio. For its services to The Institutional International Equity Portfolio, RhumbLine is compensated at an annual rate of 0.05% of the average net assets of the Portfolio. For its services to The Emerging Markets Portfolio, RhumbLine is compensated at an annual rate of 0.15% of the average net assets of the Portfolio. During the fiscal year ended June 30, 2025, RhumbLine was not allocated assets of either The Institutional International Equity Portfolio or The Emerging Markets Portfolio.

The Portfolio Managers of each of The Institutional U.S. Equity Portfolio, The Institutional International Equity Portfolio and The Emerging Markets Portfolio are Alex Ryer, CFA, Julie Lee, Jeff Kusmierz, Antonio Ballestas and Andrew Zagarri, CFA.

Alex Ryer, CFA®, FRM®, CAIA®, Chief Investment Officer, Limited Partner, joined RhumbLine in 2016 as Director of Investments and was promoted to Chief Investment Officer in 2017. Alex was also a Senior Portfolio Manager at RhumbLine from 2003-2005. With 25 years of industry experience, Alex is a member of the firm's Investment/Risk and Management Committees. He oversees RhumbLine's investment team and all aspects of portfolio management and trading and is responsible for managing a range of investment portfolios and servicing clients, product development and thought leadership on industry issues and trends. His prior experience includes Senior Equity Research Analyst (Fundamental Active - Quant Alpha Research) at BlackRock; Senior Portfolio Manager (Fundamental Active & Quant Active) at Northern Trust Global Investments; Senior Portfolio Manager at RhumbLine; and Principal/Senior Portfolio Manager (Global Structured Products - Emerging Markets) at State Street Global Advisors. Mr. Ryer is a

 **Specialist Manager Guide *(continued)***

CFA® charterholder, Certified FRM®, Chartered Alternative Investment Analyst and has an M.B.A. from the University of New Hampshire and B.S. in Electrical Engineering from Bucknell University.

Julie Lee, Senior Portfolio Manager, Limited Partner, joined RhumbLine in 2000 and has served as Portfolio Manager since 2001. She has 28 years of industry experience. Julie is a member of the firm's Investment/Risk Committee and is responsible for managing and trading RhumbLine's client portfolios. Previously Julie was a Portfolio Analyst at RhumbLine. Her prior experience includes Senior Account Administrator at Investors Bank & Trust. Ms. Lee has a Fixed Income Certificate from ICMA Executive Education.

Jeff Kusmierz, Senior Portfolio Manager, Limited Partner, joined RhumbLine in 2005 and has served as Portfolio Manager since 2007. He has 20 years of industry experience. Jeff is a member of the firm's Investment/Risk Committee and is responsible for managing and trading RhumbLine's client portfolios. Previously Jeff was an Investment Intern at RhumbLine. Mr. Kusmierz has an M.B.A. and B.S., cum laude, in Finance from Bentley University.

Antonio J. Ballestas, Portfolio Manager, joined RhumbLine in 2012 and was promoted to Portfolio Manager in 2019. He has 17 years of industry experience. Tony is a member of the firm's Investment/Risk Committee and is responsible for managing and trading RhumbLine's client portfolios. Previously Tony was Assistant Portfolio Manager and Portfolio Analyst in Investment Operations at RhumbLine. His prior experience includes Client Service Specialist and Hedge Fund Accountant at J.P. Morgan. Mr. Ballestas has a B.S. in Business Administration from Bryant University.

Andrew Zagarri, CFA®, Portfolio Manager, joined RhumbLine in 2021 as Portfolio Manager. He has 13 years of industry experience. Andrew is a member of the firm's Investment/Risk Committee and is responsible for managing and trading RhumbLine's client portfolios. His prior experience includes Portfolio Manager (Quantitative Fixed Income) at BNY Mellon Wealth Management; Quantitative Equity Research Analyst and Fixed Income Trader and Analyst at Boston Private Wealth; Bond Trader for Bank of New York Mellon. Mr. Zagarri is a CFA® charterholder and has a B.B.A. in Finance from the University of Massachusetts Amherst.

 *Wellington Management Company LLP* ("Wellington Management") serves as Specialist Manager for The Institutional U.S. Equity Portfolio. Wellington Management is a Delaware limited liability partnership with principal offices at 280 Congress Street, Boston, MA 02210. Wellington Management is a professional investment counseling firm which provides investment services to investment companies, employee benefit plans, endowments, foundations, and other institutions. Wellington Management and its predecessor organizations have provided investment advisory services for over 90 years. Wellington Management is owned by the partners of Wellington Management Group LLP, a Massachusetts limited liability partnership. As of June 30, 2025, Wellington Management and its investment advisory affiliates had investment management authority with respect to approximately $1,291 billion in assets.

Bradford D. Stoesser, Senior Managing Director and Global Industry Analyst of Wellington Management, has served as Portfolio Manager of The Institutional U.S. Equity Portfolio since February, 2020. Mr. Stoesser joined Wellington Management as an investment professional in 2005.

For its services to The Institutional U.S. Equity Portfolio, Wellington Management receives from the Portfolio a fee, payable monthly, at an annual rate of 0.75% of the average daily net assets on the first $50 million of the Combined Assets allocated to Wellington Management and 0.65% on assets over $50 million of Combined Assets. Combined Assets shall mean the sum of (a) the net assets of The Institutional U.S. Equity Portfolio allocated to Wellington Management and (b) the net assets for clients of the Adviser managed by Wellington Management within the same strategy. During the fiscal year ended June 30, 2025, Wellington Management received a fee of [0.72]% of the average daily net assets of The Institutional U.S. Equity Portfolio.

**HC Capital Trust**

**For More Information:**

*For more information about any of the Portfolios of HC Capital Trust, please refer to the following documents, each of which is available without charge from the Trust:*

**Annual and Semi-Annual Reports ("Shareholder Reports"):**

Additional information about the Trust's investments is available in the Trust's annual and semi-annual reports to shareholders and in Form N-CSR. In the Trust's annual reports, you will find a discussion of the market conditions and investment strategies that significantly affected each Portfolio's performance during its last fiscal year. In Form N-CSR, you will find the Trust's annual and semi-annual financial statements.

**Statement of Additional Information ("SAI"):**

The SAI provides more detailed information about the Trust, including its operations and the investment policies of its several Portfolios. A description of the Trust's policies and procedures regarding the release of portfolio holdings information is also available in the SAI. It is incorporated by reference into, and is legally considered a part of, this Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp; **To obtain copies of Shareholder Reports or the SAI, free of charge:**<br>Contact the Trust at HC Capital Trust, Five Tower Bridge, 300 Barr Harbor Drive, 5<sup>th</sup> Floor,<br>West Conshohocken, PA 19428-2970 (or call 800-242-9596)<br>

**Other Resources:**

Shareholder Reports and the SAI are also available from the SEC's website at *http://www.sec.gov* or for a fee, by writing the Public Reference Section, Securities and Exchange Commission, Washington, D.C. 20549-0102, by calling 202-551-8090, or by electronic request to: *publicinfo@sec.gov*. You can also obtain these items from the Trust's website at http://www.hccapitalsolutions.com.

Investment Company Act File No. 811-08918.

STATEMENT OF ADDITIONAL INFORMATION

**November 1, 2025**

HC CAPITAL TRUST

FIVE TOWER BRIDGE, 300 BARR HARBOR DRIVE, 5<sup>th</sup> FLOOR

WEST CONSHOHOCKEN, PA 19428-2970

This Statement of Additional Information is designed to supplement information contained in the Prospectus relating to HC Capital Trust ("Trust"). The Trust is an open-end, series, management investment company registered under the Investment Company Act of 1940, as amended ("Investment Company Act"). HC Capital Solutions serves as the overall investment adviser to the Trust under the terms of two discretionary investment advisory agreements. It generally oversees the services provided to the Trust. HC Capital Solutions is a separate operating division of Hirtle Callaghan & Co., LLC (the "Adviser"). This document although not a Prospectus, is incorporated by reference in its entirety in the Trust's Prospectus and should be read in conjunction with the Trust's Prospectus dated November 1, 2025. A copy of the Prospectus is available by contacting the Trust at (800) 242-9596.

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| | |
|:---|:---|
|  | **Ticker Symbol** |
| The U.S. Equity Portfolio | &nbsp;&nbsp; HCEGX |
| The Institutional U.S. Equity Portfolio | &nbsp;&nbsp; HCIGX |
| The ESG Growth Portfolio | &nbsp;&nbsp; HCESX |
| The Catholic SRI Growth Portfolio | &nbsp;&nbsp; HCSRX |
| The International Equity Portfolio | &nbsp;&nbsp; HCIEX |
| The Institutional International Equity Portfolio | &nbsp;&nbsp; HCINX |
| The Emerging Markets Portfolio | &nbsp;&nbsp; HCEMX |
| The Core Fixed Income Portfolio | &nbsp;&nbsp; HCIIX |
| The Corporate Opportunities Portfolio | &nbsp;&nbsp; HCHYX |
| The U.S. Government Fixed Income Securities Portfolio | &nbsp;&nbsp; HCUSX |
| The U.S. Corporate Fixed Income Securities Portfolio | &nbsp;&nbsp; HCXSX |
| The U.S. Mortgage/Asset Backed Fixed Income Securities Portfolio | &nbsp;&nbsp; HCASX |
| The Short-Term Municipal Bond Portfolio | &nbsp;&nbsp; HCSBX |
| The Intermediate Term Municipal Bond Portfolio | &nbsp;&nbsp; HCIMX |

---

This Statement of Additional Information does not contain all of the information set forth in the registration statement filed by the Trust with the Securities and Exchange Commission ("SEC") under the Securities Act of 1933. Copies of the registration statement may be obtained at a reasonable charge from the SEC or may be examined, without charge, at its offices in Washington, D.C. The Trust's Form N-CSR, as amended and filed on [ ], 2025, which includes the Annual Report to Shareholders dated June 30, 2025 and certain other financial statements and information, accompanies this Statement of Additional Information and is incorporated herein by reference.

The date of this Statement of Additional Information is November 1, 2025

**TABLE OF CONTENTS**

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| | | |
|:---|:---|:---|
| **Statement of Additional Information Heading** | **Page** | **Corresponding Prospectus Heading** |
| [Management of the Trust](#b001) | [2](#b001) | Additional Information |
| [Further Information About the Trust's Investment Policies](#b002) | [18](#b002) | More Information about Fund Investments and Risks |
| [Investment Restrictions](#b003) | [45](#b003) | More Information about Fund Investments and Risks |
| [Additional Purchase and Redemption Information](#b004) | [46](#b004) | Additional Information |
| [Portfolio Transactions and Valuation](#b005) | [47](#b005) | Additional Information |
| [Additional Information about the Portfolio Managers](#b006) | [50](#b006) | Specialist Manager Guide |
| [Dividends, Distributions and Taxes](#b007) | [63](#b007) | Additional Information |
| [History of the Trust and Other Information](#b008) | [70](#b008) | Additional Information |
| [Proxy Voting](#b009) | [76](#b009) | N/A |
| [Independent Registered Public Accounting Firm and Financial Statements](#b010) | [87](#b010) | Financial Highlights |
| [Ratings Appendix](#b011) | [88](#b011) | N/A |

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**MANAGEMENT OF THE TRUST**

GOVERNANCE. The Trust's Board of Trustees ("Board") currently consists of five members. A majority of the members of the Board are individuals who are not "interested persons" of the Trust within the meaning of the Investment Company Act; in the discussion that follows, these Board members are referred to as "Independent Trustees." The remaining Board member is referred to as an "Interested Trustee." Each Trustee serves until the election and qualification of his or her successor, unless the Trustee sooner retires, resigns or is removed from office.

Day-to-day operations of the Trust are the responsibility of the Trust's officers, each of whom is elected by, and serves at the pleasure of, the Board. The Board is responsible for overseeing the management of the business and affairs of the Trust and of each of the Trust's fourteen separate investment portfolios (each, a "Portfolio" and collectively, the "Portfolios"), including the selection and oversight of those investment advisory organizations ("Specialist Managers") retained by the Trust to provide portfolio management services to the respective Portfolios. The Board may retain new Specialist Managers, or terminate particular Specialist Managers, if the Board deems it appropriate to do so in order to achieve the overall objectives of the Portfolio involved. More detailed information regarding the Trust's use of a multi-manager structure appears in this Statement of Additional Information under the heading "Management of the Trust: Multi-Manager Structure."

OFFICERS. The table below sets forth certain information about the Trust's executive officers.

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| | | | | |
|:---|:---|:---|:---|:---|
| **NAME, ADDRESS, AND AGE** | **POSITION(S)<br> HELD WITH<br> TRUST** | **TERM OF<br> OFFICE;<br> TERM<br> SERVED IN<br> OFFICE** | **PRINCIPAL OCCUPATION(S)<br> DURING PAST FIVE YEARS** | **NUMBER OF<br> PORTFOLIOS<br> IN FUND<br> COMPLEX<br> OVERSEEN** |
| Geoffrey A. Trzepacz <br> Five Tower Bridge, <br> 300 Barr Harbor Drive, <br> W. Conshohocken, PA 19428 <br> Born: 1975 | President | Indefinite; President since 12/11/18 | Mr. Trzepacz is currently the Chief Operating Officer (COO) of the Adviser. He has been with the Adviser for more than five years. | 14 |
| Colette Bergman <br> Five Tower Bridge, <br> 300 Barr Harbor Drive, <br> W. Conshohocken, PA 19428 <br> Born: 1970 | Vice President & Treasurer | Indefinite; Since 6/12/12 | Ms. Bergman is currently a Director of the Adviser. She has been with the Adviser for more than five years. | 14 |
| Andrew Jones<br> Foreside Fund Officer Services, LLC<br> (dba ACA Group)<br> Three Canal Plaza<br> Third Floor<br> Portland, ME 04101<br> Born: 1994  | Chief Compliance Officer | Indefinite; Since 5/15/23 | Mr. Jones is currently a Senior Principal Consultant with ACA Group, LLC. He has been with ACA Group, LLC and its predecessor organizations for more than five years. | 14 |
| Umar Ehtisham <br> Five Tower Bridge, <br> 300 Barr Harbor Drive, <br> W. Conshohocken, PA 19428 <br> Born: 1981 | Liquidity Risk Officer and Anti Money Laundering Officer | Indefinite; Since 12/01/18 | Mr. Ehtisham is currently the Chief Compliance & Risk Officer (CCO) of the Adviser. He has been with the Adviser for more than five years. | 14 |
| Dimitrios Spiliakos <br> Citi Fund Services <br> 4400 Easton Commons, Suite <br> 200, Columbus, OH 43219 <br> Born: 1977 | Secretary | Indefinite; Since 6/14/22 | Mr. Spiliakos is a Vice President with Citi Fund Services Ohio, Inc. since May 2022. Prior to May 2022, he served as a Vice President, Regulatory Administration Department, BNY Mellon Investment Servicing (US) Inc. (03/2015 – 04/2022). | 14 |

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INDEPENDENT TRUSTEES. The following table sets forth certain information about the Independent Trustees.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **NAME, ADDRESS, AND AGE** | **POSITION(S)<br> HELD WITH<br> TRUST** | **TERM OF<br> OFFICE;<br> TERM<br> SERVED IN<br> OFFICE** | **PRINCIPAL OCCUPATION(S)<br> DURING PAST FIVE YEARS** | **NUMBER OF<br> PORTFOLIOS<br> IN FUND<br> COMPLEX<br> OVERSEEN** | **OTHER<br> DIRECTORSHIPS<br> HELD BY<br> TRUSTEE\*** |
| John M. Dyer <br> Five Tower Bridge, <br> 300 Barr Harbor Drive, <br> W. Conshohocken, PA 19428 <br> Born: 1954 | Trustee | Indefinite: <br> Since 6/18/19 | Mr. Dyer is currently a Board member of World Wide Technology (technology services) since 2019. Formerly, Board member of Cox Enterprises, Inc. (technology, communications and automotive services) ("Cox") (2010-2021). | 14 | EBSCO Industries (diversified business) (11/20 to current) |
| Jarrett Burt Kling <br> Five Tower Bridge, <br> 300 Barr Harbor Drive, <br> W. Conshohocken, PA 19428 <br> Born: 1943 | Trustee | Indefinite; Since 7/20/95 | Mr. Kling is Vice Chairman of Dakota, an investments/software company, since January 2023. Prior to December 31, 2022 and for more than the past five years, Mr. Kling was a managing director of CBRE Investment Management, LLC, a registered investment adviser. | 14 |  |
| R. Richard Williams <br> Five Tower Bridge, <br> 300 Barr Harbor Drive, <br> W. Conshohocken, PA 19428 <br> Born: 1945 | Trustee and Chairman | Indefinite; Trustee Since 7/15/99; Chairman since 3/21/17 | Since 2000, Mr. Williams has been the owner of Seaboard Advisers (consulting services). | 14 |  |
| Richard W. Wortham, III <br> Five Tower Bridge, <br> 300 Barr Harbor Drive, <br> W. Conshohocken, PA 19428 <br> Born: 1938 | Trustee | Indefinite; Since <br> 7/20/95 | Mr. Wortham is currently the Chairman and Chief Executive Officer of The Wortham Foundation and has been a Trustee for more than the past five years. Prior to April 2021 and for more than the past five years, Mr. Wortham served as a director of Oncor Electric Delivery Company LLC. | 14 |  |

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INTERESTED TRUSTEE. The following table sets forth certain information about the Interested Trustee.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **NAME, ADDRESS, AND AGE** | **POSITION(S)<br> HELD WITH<br> TRUST** | **TERM OF<br> OFFICE;<br> TERM<br> SERVED IN<br> OFFICE** | **PRINCIPAL<br> OCCUPATION(S)<br> DURING PAST FIVE<br> YEARS** | **NUMBER OF<br> PORTFOLIOS<br> IN FUND<br> COMPLEX<br> OVERSEEN** | **OTHER<br> DIRECTORSHIPS<br> HELD BY<br> TRUSTEE\*** |
| Geoffrey A. Trzepacz \*\* <br> Five Tower Bridge, 300 <br> Barr Harbor Drive, W. <br> Conshohocken, PA 19428 <br> Born: 1975 | Trustee and President | Indefinite; <br> Since <br> 1/01/19 | Mr. Trzepacz is currently the Chief Operating Officer (COO) of the Adviser. He has been with the Adviser for more than five years. | 14 |  |

---

\* The information in this column relates only to directorships in companies required to file certain reports with the SEC under the various federal securities laws.

\*\* Mr. Trzepacz is considered to be "interested" as a result of his present positions with the Adviser or its affiliates.

Taken as a whole, the Board represents a broad range of business and investment experience, as well as professional skills. Mr. Williams brings to the Board the experience of a long term business owner, having founded, owned and operated a company that became, during his tenure, the country's largest distributor of certain industrial equipment, as well as a market leader in pharmaceutical, commercial construction and other business segments. Mr. Williams currently serves as the Board Chairman. Mr. Wortham has over three decades of executive management experience, having served as a Trustee of The Wortham Foundation, a private philanthropic foundation with assets of approximately $[170.4] million. He is also a life trustee of the Museum of Fine Arts Houston, serving on the executive, finance, investment and audit committees, and was a director of a large electrical transmission and distribution company. Mr. Dyer brings to the Board more than 40 years' experience in business, including executive officer responsibilities as Chief Operating Officer, Chief Financial Officer and Chief Executive Officer of, one of the country's largest communications, media and cable services providers, Cox Communications. Mr. Dyer currently serves on the Board of Cox. The Interested Trustee, Mr. Trzepacz, was Chief Operating Officer ("COO") for the Americas for Aberdeen Asset Management prior to joining the Hirtle Callaghan organization, and has served as COO for companies affiliated with Hirtle Callaghan & Co., LLC since January, 2018.

COMMITTEES OF THE BOARD OF TRUSTEES. The Board has established three committees to assist the Trustees in fulfilling their oversight responsibilities.

The Nominating Committee is responsible for the nomination of individuals to serve as Independent Trustees. The Nominating Committee, whose members consist of all of the Independent Trustees, held no meetings during the fiscal year ended June 30, 2025. The Nominating Committee will consider persons submitted by security holders for nomination to the Board. Recommendations for consideration by the Nominating Committee should be sent to the Secretary of the Trust in writing, together with appropriate biographical information concerning each such proposed nominee, at the principal executive office of the Trust. When evaluating individuals for recommendation for Board membership, the Nominating Committee considers the candidate's knowledge of the mutual fund industry, educational background and experience and the extent to which such experience and background would enable the Board to maintain a diverse mix of skills and qualifications.

The Governance Committee is to periodically review and, as appropriate, make recommendations to the Board regarding matters related to the governance of the Trust. The Governance Committee will, among other things, periodically review the size and composition of the Board, the independence of incumbent Independent Trustees, and the compensation of Board members, as well as oversee the annual Board self-assessment process, which includes a review of the backgrounds, professional experience, qualifications and skills of the Board members. Mr. Kling currently serves as the Governance Committee Chairman. The Governance Committee, whose members consist of all of the Independent Trustees, held [two] meetings during the fiscal year ended June 30, 2025.

The Audit Committee is responsible for overseeing the audit process and the selection of independent registered public accounting firms for the Trust, as well as providing assistance to the full Board in fulfilling its responsibilities as they relate to fund accounting, tax compliance and the quality and integrity of the Trust's financial reports. The Audit Committee, whose members consist of all of the Independent Trustees, held [four] meetings during the fiscal year ended June 30, 2025. Mr. Dyer currently serves as the Audit Committee Chairman.

*Compliance and Risk Oversight Process.* The Trustees' oversight of the operational, business and investment risks inherent in the operation of the Trust is handled by the Board as a whole and by the Board's Audit Committee, particularly with respect to accounting matters. To assist the Trustees in carrying out their oversight responsibilities, the Trustees receive, in connection with each of the Board's regular quarterly meetings, reports from the Trust's Administrator with respect to portfolio compliance, fund accounting matters and matters relating to the computation of the Trust's net asset value per share. The Trustees also receive reports, at least quarterly, as well as an annual assessment of the Trust's overall compliance program, from the Trust's Chief Compliance Officer or "CCO." These reports, together with presentations provided to the Board at its regular meetings, are designed to keep the Board informed with respect to the effectiveness of the Trust's overall compliance program, including compliance with stated investment strategies, and to help ensure that the occurrence of any event or circumstance that may have a material adverse effect on the Trust is brought promptly to the attention of the Board and that appropriate action is taken to mitigate any such adverse effect. Additionally, both the Board and the Audit Committee meet at least annually with the Trust's independent public accounting firm. As indicated above, the Audit Committee is comprised solely of Independent Trustees. Mr. Williams, an Independent Trustee, has served as Chairman of the Board since March 2017.

COMPENSATION ARRANGEMENTS. Mr. Trzepacz was elected by the Board to serve as an Interested Trustee who is not compensated by the Trust. Effective March 11, 2025 and retroactive for each Independent Trustee to January 1, 2025, the Independent Trustees, are each entitled to receive from the Trust (i) a $110,000 retainer per year, payable quarterly; (ii) $10,000 for each regular or special in-person Board meeting attended (including any such meeting held telephonically or by video conference pursuant to SEC exemptive relief); (iii) $3,000 for each Committee meeting attended (except if two committee meetings are held on the same day, there would be only one $3,000 committee fee payment); and (iv) $2,500 for each special telephonic meeting attended, plus reimbursement for reasonable out-of-pocket expenses incurred in connection with the Trustee's attendance at such meetings. The Board Chairman receives an additional $25,000 annual fee. The Governance Committee Chairman and the Audit Committee Chairman each receives an additional $10,000 annual fee. The Trust's officers receive no compensation directly from the Trust for performing the duties of their respective offices. Foreside Fund Officer Services, LLC, dba ACA Group ("Foreside") makes an employee available to serve as the Trust's CCO pursuant to a Compliance Services Agreement with the Trust. For the services provided under the agreement, the Trust

currently pays Foreside $[164,000] per annum, plus certain out of pocket expenses. The table below shows the aggregate compensation received from the Trust by each of the Trustees during the fiscal year ending June 30, 2025 (excluding reimbursed expenses).

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| | | | | |
|:---|:---|:---|:---|:---|
| **NAME** | **AGGREGATE<br> COMPENSATION<br> FROM<br> TRUST** | **PENSION<br> RETIREMENT<br> BENEFITS FROM<br> TRUST** | **ESTIMATED BENEFITS<br> UPON RETIREMENT<br> FROM<br> TRUST** | **TOTAL<br> COMPENSATION<br> FROM TRUST** |
| John M. Dyer | $[164,500] |  |  | $[164,500] |
| Jarrett Burt Kling | $[159,500] |  |  | $[159,500] |
| R. Richard Williams | $[164,500] |  |  | $[164,500] |
| Richard W. Wortham, III | $[154,500] |  |  | $[154,500] |
| Geoffrey A. Trzepacz\* | N/A | N/A | N/A | N/A |

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\* As noted above, Mr. Trzepacz receives no compensation from the Trust as Interested Trustee.

TRUSTEE OWNERSHIP OF SECURITIES OF HC CAPITAL TRUST. The table below sets forth the extent of each Trustee's beneficial interest in shares of the Portfolios as of December 31, 2024 unless indicated otherwise. For purposes of this table, beneficial interest includes any direct or indirect pecuniary interest in securities issued by the Trust and includes shares of any of the Trust's Portfolios held by members of a Trustee's immediate family. [TABLE TO BE UPDATED]

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**JOHN<br> M.<br> DYER** | &nbsp;&nbsp;&nbsp;**JARRETT<br> BURT<br> KLING** | &nbsp;&nbsp;&nbsp;**GEOFFREY<br> A.<br> TRZEPACZ** | &nbsp;&nbsp;&nbsp;**R.<br> RICHARD<br> WILLIAMS** | &nbsp;&nbsp;&nbsp;**RICHARD W.<br> WORTHAM, III\*** |
| The U.S. Equity Portfolio | &nbsp;&nbsp;a | &nbsp;&nbsp;a | &nbsp;&nbsp;a | &nbsp;&nbsp;e | &nbsp;&nbsp;a |
| The Institutional U.S. Equity Portfolio | &nbsp;&nbsp;a | &nbsp;&nbsp;a | &nbsp;&nbsp;e | &nbsp;&nbsp;a | &nbsp;&nbsp;a |
| The ESG Growth Portfolio | &nbsp;&nbsp;a | &nbsp;&nbsp;a | &nbsp;&nbsp;a | &nbsp;&nbsp;a | &nbsp;&nbsp;a |
| The Catholic SRI Growth Portfolio | &nbsp;&nbsp;a | &nbsp;&nbsp;a | &nbsp;&nbsp;a | &nbsp;&nbsp;a | &nbsp;&nbsp;a |
| The International Equity Portfolio | &nbsp;&nbsp;a | &nbsp;&nbsp;b | &nbsp;&nbsp;a | &nbsp;&nbsp;e | &nbsp;&nbsp;a |
| The Institutional International Equity Portfolio | &nbsp;&nbsp;a | &nbsp;&nbsp;a | &nbsp;&nbsp;c | &nbsp;&nbsp;a | &nbsp;&nbsp;a |
| The Emerging Markets Portfolio | &nbsp;&nbsp;a | &nbsp;&nbsp;a | &nbsp;&nbsp;c | &nbsp;&nbsp;e | &nbsp;&nbsp;a |
| The Core Fixed Income Portfolio | &nbsp;&nbsp;a | &nbsp;&nbsp;a | &nbsp;&nbsp;a | &nbsp;&nbsp;a | &nbsp;&nbsp;a |
| The Corporate Opportunities Portfolio | &nbsp;&nbsp;a | &nbsp;&nbsp;a | &nbsp;&nbsp;a | &nbsp;&nbsp;a | &nbsp;&nbsp;a |
| The U.S. Government Fixed Income Securities Portfolio | &nbsp;&nbsp;a | &nbsp;&nbsp;a | &nbsp;&nbsp;c | &nbsp;&nbsp;a | &nbsp;&nbsp;a |
| The U.S. Corporate Fixed Income Securities Portfolio | &nbsp;&nbsp;a | &nbsp;&nbsp;a | &nbsp;&nbsp;a | &nbsp;&nbsp;a | &nbsp;&nbsp;a |
| The U.S. Mortgage/Asset Backed Fixed Income Securities Portfolio | &nbsp;&nbsp;a | &nbsp;&nbsp;a | &nbsp;&nbsp;a | &nbsp;&nbsp;a | &nbsp;&nbsp;a |
| The Short-Term Municipal Bond Portfolio | &nbsp;&nbsp;a | &nbsp;&nbsp;b | &nbsp;&nbsp;a | &nbsp;&nbsp;e | &nbsp;&nbsp;a |
| The Intermediate Term Municipal Bond Portfolio | &nbsp;&nbsp;a | &nbsp;&nbsp;b | &nbsp;&nbsp;a | &nbsp;&nbsp;e | &nbsp;&nbsp;a |
| AGGREGATE DOLLAR RANGE OF TRUST SHARES | &nbsp;&nbsp;a | &nbsp;&nbsp;b | &nbsp;&nbsp;e | &nbsp;&nbsp;e | &nbsp;&nbsp;a |

---

NOTE:

a = None

b = $1—$10,000

c = $10,001—$50,000

d = $50,001—$100,000

e = Over $100,000

\* Mr. Wortham serves as a trustee for the Wortham Foundation which held shares as of December 31, 2024 of over $100,000 collectively in [The Institutional U.S. Equity Portfolio, The Institutional International Equity Portfolio, The Emerging Markets Portfolio and The Corporate Opportunities Portfolio]. Mr. Wortham has no beneficial interest in the Foundation.

As of October [ ], 2025, all of the officers and Trustees of the Trust own, in the aggregate, less than one percent of the outstanding shares of the respective Portfolios of the Trust; officers and Trustees of the Trust may, however, be investment advisory clients of the Adviser and shareholders of the Trust.

MULTI-MANAGER STRUCTURE. As noted in the Prospectus, each of the Trust's Portfolios is authorized to operate on a "multi-manager" basis. This means that a single Portfolio may be managed by more than one Specialist Manager. In selecting Specialist

Managers, the Adviser seeks to identify and retain Specialist Managers who have achieved and will continue to achieve strong competitive investment records relative to selected benchmarks; (b) pair Specialist Managers that have complementary investment styles; (c) monitor Specialist Managers' performance and adherence to stated styles; and (d) effectively allocate Portfolio assets among Specialist Managers. At present, each Portfolio except The Short-Term Municipal Bond Portfolio employs the multi-manager structure.

*Engagement and Termination of Specialist Managers.* The Board, in making decisions with respect to the engagement and/or termination of Specialist Managers, considers the Adviser's continuing quantitative and qualitative evaluation of the Specialist Managers' skills and proven abilities in managing assets pursuant to specific investment styles. While strong competitive performance is regarded as the ultimate goal, short-term performance by itself is not a significant factor in selecting or terminating Specialist Managers. From time to time, the Adviser may recommend, and the Board may consider, terminating the services of a Specialist Manager. The criteria for termination may include, but are not limited to, the following: (a) departure of key personnel from the Specialist Manager's firm; (b) acquisition of the Specialist Manager by a third party; (c) change in or departure from investment style; or (d) prolonged poor performance relative to the relevant benchmark index.

The Board's authority to retain Specialist Managers is subject to the provisions of Section 15(a) of the Investment Company Act. Section 15(a) prohibits any person from serving as an investment adviser to a registered investment company unless the written contract has been approved by the shareholders of that company. Rule 15a-4 under the Investment Company Act ("Rule 15a-4"), however, provides for an exception from the provisions of Section 15(a). Rule 15a-4 permits an adviser to provide advisory services to an investment company before shareholder approval is obtained pursuant to the terms of an interim agreement in the event that a prior advisory contract is terminated by action of such company's board; in such case, a new contract must be approved by such shareholders within 150 days of the effective date of the interim agreement, or such interim agreement will terminate. The Trust has relied upon the provisions of Rule 15a-4 from time to time. Additionally, the Trust has received an order from the SEC that exempts the Trust from the provisions of Section 15(a) and certain related provisions of the Investment Company Act under certain circumstances. This order permits the Trust to enter into portfolio management agreements with Specialist Managers upon the approval of the Board but without submitting such contracts for the approval of the shareholders of the relevant Portfolio. The shareholders of each Portfolio have approved this structure. Unless otherwise permitted by law, the Board will not act in reliance upon such order with respect to any new Portfolio unless the approval of the shareholders of that Portfolio is first obtained. The SEC has proposed a rule that, if adopted, would provide relief from Section 15(a) similar to that currently available only by SEC order. The Board may consider relying upon this rule, if adopted, in connection with the Trust's multi-manager structure.

*Allocation of Assets Among Specialist Manager*s. The Adviser is responsible for determining the level of assets that will be allocated among the Specialist Managers in those Portfolios that are served by two or more Specialist Managers. The Adviser and the Trust's officers monitor the performance of both the overall Portfolio and of each Specialist Manager and, from time to time, may make changes in the allocation of assets to the Specialist Managers that serve a particular Portfolio. For example, a reallocation may be made in the event that a Specialist Manager experiences variations in performance as a result of factors or conditions that affect the particular universe of securities emphasized by that investment manager, as a result of personnel changes within the manager's organization or in connection with the engagement or termination of an additional Specialist Manager for a particular Portfolio.

INVESTMENT MANAGEMENT ARRANGEMENTS. The services provided to the Trust by the Adviser and by the various Specialist Managers are governed under the terms of written agreements, in accordance with the requirements of the Investment Company Act. Each of these agreements is described below.

*The HC Capital Agreements*. The services provided to the Trust by the Adviser, described above and in the Prospectus, are governed under the terms of two written agreements with the Trust ("HC Capital Agreements").

Each HC Capital Agreement provides for an initial term of two years. Thereafter, each HC Capital Agreement remains in effect from year to year so long as such continuation is approved, at a meeting called for the purpose of voting on such continuance, at least annually (i) by the vote of a majority of the Board or the vote of the holders of a majority of the outstanding securities of the Trust within the meaning of Section 2(a)(42) of the Investment Company Act; and (ii) by a majority of the Independent Trustees, by vote cast in person. Each of the HC Capital Agreements may be terminated at any time, without penalty, either by the Trust or by the Adviser, upon sixty days written notice and will automatically terminate in the event of its assignment as defined in the Investment Company Act. The HC Capital Agreements permit the Trust to use the logos and/or trademarks of the Adviser. In the event, however, that the HC Capital Agreements are terminated, the Adviser has the right to require the Trust to discontinue any references to such logos and/or trademarks and to change the name of the Trust as soon as is reasonably practicable. The HC Capital Agreements further provide that the Adviser will not be liable to the Trust for any error, mistake of judgment or of law, or loss suffered by the Trust in connection with the matters to which the HC Capital Agreements relate (including any action of any officer of the Adviser or employee in connection with the service of any such officer or employee as an officer of the Trust), whether or not any such action was taken in reliance upon information provided to the Trust by the Adviser, except losses that may be sustained as a result of willful misfeasance, reckless disregard of its duties, bad faith or gross negligence on the part of the Adviser.

The dates of the Board and shareholder approvals of the HC Capital Agreements with respect to each Portfolio are set forth as follows:

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| | | |
|:---|:---|:---|
| | **MOST RECENT CONTRACT APPROVAL** | **MOST RECENT CONTRACT APPROVAL** |
| <br>**AGREEMENT RELATING TO:** | **SHAREHOLDERS** | **BOARD** |
| **The U.S. Equity Portfolio** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 27, 2006 | March 11, 2025 |
| **The Institutional U.S. Equity Portfolio** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; August 8, 2008 | March 11, 2025 |
| **The ESG Growth Portfolio** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; July 13, 2015 | March 11, 2025 |
| **The Catholic SRI Growth Portfolio** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; January 4, 2016 | March 11, 2025 |
| **The International Equity Portfolio** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 27, 2006 | March 11, 2025 |
| **The Institutional International Equity Portfolio** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; November 20, 2009 | March 11, 2025 |
| **The Emerging Markets Portfolio** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 10, 2009 | March 11, 2025 |
| **The Core Fixed Income Portfolio** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 27, 2006 | March 11, 2025 |
| **The Corporate Opportunities Portfolio** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 27, 2006 | March 11, 2025 |
| **The U.S. Government Fixed Income Securities Portfolio** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; November 22, 2010 | March 11, 2025 |
| **The U.S. Corporate Fixed Income Securities Portfolio** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; November 22, 2010 | March 11, 2025 |
| **The U.S. Mortgage/Asset Backed Fixed Income Securities Portfolio** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; November 22, 2010 | March 11, 2025 |
| **The Short-Term Municipal Bond Portfolio** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 27, 2006 | March 11, 2025 |
| **The Intermediate Term Municipal Bond Portfolio** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 27, 2006 | March 11, 2025 |

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**Portfolio Management Contracts with Specialist Managers**. The provision of portfolio management services by the various Specialist Managers is governed by individual investment advisory contracts (each, a "Portfolio Management Contract") between the relevant Specialist Manager and the Trust. Each of the Portfolio Management Contracts includes a number of similar provisions. Each Portfolio Management Contract provides that the named Specialist Manager will, subject to oversight by the Board, provide a continuous investment program for the assets of the Portfolio to which such contract relates, or that portion of such assets as may be, from time to time, allocated to such Specialist Manager. Under their respective contracts, each Specialist Manager is responsible for the provision of investment research and management of all investments and other instruments and the selection of brokers and dealers through which securities transactions are executed. Each of the contracts provides that the named Specialist Manager will not be liable to the Trust for any error of judgment or mistake of law on the part of the Specialist Manager, or for any loss sustained by the Trust in connection with the purchase or sale of any instrument on behalf of the named Portfolio, except losses that may be sustained as a result of willful misfeasance, reckless disregard of its duties, bad faith or gross negligence on the part of the named Specialist Manager. Each of the Portfolio Management Contracts provides that it will remain in effect for an initial period of two years and then from year to year so long as such continuation is approved, at a meeting called to vote on such continuance, at least annually: (i) by the vote of a majority of the Board or the vote of the holders of a majority of the outstanding securities of the Trust within the meaning of Section 2(a)(42) of the Investment Company Act; and (ii) by a majority of the Independent Trustees, by vote cast in person, and further, that the contract may be terminated at any time, without penalty, either by the Trust or by the named Specialist Manager, in each case upon sixty days' written notice. Each of the Portfolio Management Contracts provides that it will automatically terminate in the event of its assignment, as that term is defined in the Investment Company Act.

The Portfolio Management Contracts and the Portfolios to which they relate are listed on the following pages:

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| | | | | |
|:---|:---|:---|:---|:---|
| **PORTFOLIO** | **SPECIALIST MANAGER** | **SERVED<br> PORTFOLIO<br> SINCE** | **MOST RECENT<br> CONTRACT<br> APPROVAL<br> SHAREHOLDERS** | **MOST RECENT<br> CONTRACT<br> APPROVAL<br> BOARD** |
| **The U.S. Equity Portfolio** | Mellon Investments Corporation ("Mellon")\*\* | August 2, 2013 | August 2, 2013 | September 16, 2024 |
|  | Parametric Portfolio Associates LLC ("Parametric")—Liquidity Strategy\*\*\*† | March 19, 2015 | Not Applicable | March 11, 2025 |
|  | Parametric—Options Overlay Strategy† | February 5, 2021 | February 5, 2021 | March 11, 2025 |
|  | Parametric—Targeted Strategy\*\*\*† | June 14, 2016 | Not Applicable | March 11, 2025 |
|  | Parametric—Tax-Managed <br> Custom Core Strategy\*\*\*† | March 13, 2018 | Not Applicable | March 11, 2025 |
| **The Institutional U.S.** **Equity Portfolio** | Mellon\*\* | August 2, 2013 | August 2, 2013 | September 16, 2024 |
|  | Parametric—Liquidity Strategy\*\*\*† | March 19, 2015 | Not Applicable | March 11, 2025 |
|  | Parametric—Options Overlay Strategy† | February 5, 2021 | February 5, 2021 | March 11, 2025 |
|  | Parametric—Targeted Strategy\*\*\*† | June 14, 2016 | Not Applicable | March 11, 2025 |

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---

| | | | | |
|:---|:---|:---|:---|:---|
| **PORTFOLIO** | **SPECIALIST MANAGER** | **SERVED<br> PORTFOLIO<br> SINCE** | **MOST RECENT<br> CONTRACT<br> APPROVAL<br> SHAREHOLDERS** | **MOST RECENT<br> CONTRACT<br> APPROVAL<br> BOARD** |
|  | Wellington Management Company LLP ("Wellington Management") | February 11, 2020 | February 11, 2020 | September 16, 2024 |
|  | RhumbLine Advisers Limited Partnership ("RhumbLine")\*\*\* | August 18, 2022 | Not Applicable | September 16, 2024 |
| **The ESG Growth Portfolio** | Agincourt Capital Management, LLC ("Agincourt")\*\*\* | July 13, 2015 | Not Applicable | March 11, 2025 |
|  | Mellon\*\* | July 13, 2015 | Not Applicable | September 16, 2024 |
|  | Parametric—Liquidity Strategy\*\*\*† | July 13, 2015 | Not Applicable | March 11, 2025 |
|  | Parametric—Targeted Strategy\*\*\*† | June 14, 2016 | Not Applicable | March 11, 2025 |
| **The Catholic SRI Growth Portfolio** | Agincourt\*\*\* <br> Mellon\*\*  | January 4, 2016 <br> January 4, 2016  | Not Applicable <br> Not Applicable  | March 11, 2025 <br> September 16, 2024  |
|  | Parametric—Liquidity Strategy\*\*\*† | January 4, 2016 | Not Applicable | March 11, 2025 |
|  | Parametric—Targeted Strategy\*\*\*† | June 14, 2016 | Not Applicable | March 11, 2025 |
| **The International Equity Portfolio** | Mellon\*\* | August 2, 2013 | August 2, 2013 | September 16, 2024 |
|  | City of London Investment Management Company Limited ("CLIM") | January 23, 2015 | January 23, 2015 | March 11, 2025 |
|  | Parametric—Liquidity Strategy\*\*\*† | March 10, 2015 | Not Applicable | March 11, 2025 |
|  | Parametric—Options Overlay Strategy† | February 5, 2021 | February 5, 2021 | March 11, 2025 |
|  | Parametric—Targeted Strategy\*\*\*† | June 14, 2016 | Not Applicable | March 11, 2025 |
|  | Parametric—Tax-Managed Custom Core Strategy\*\*\*† | March 13, 2018 | Not Applicable | March 11, 2025 |
| **The Institutional International Equity Portfolio** | Mellon\*\* <br> CLIM  | August 2, 2013 <br> January 23, 2015  | August 2, 2013 <br> January 23, 2015  | September 16, 2024 <br> March 11, 2025  |
|  | Parametric—Liquidity Strategy\*\*\*† | March 10, 2015 | Not Applicable | March 11, 2025 |
|  | Parametric—Options Overlay Strategy† | February 5, 2021 | February 5, 2021 | March 11, 2025 |
|  | Parametric—Targeted Strategy\*\*\*† | June 14, 2016 | Not Applicable | March 11, 2025 |
|  | RhumbLine\*\*\* | August 18, 2022 | Not Applicable | September 16, 2024 |
| **The Emerging Markets Portfolio** | Mellon\*\* | August 2, 2013 | August 2, 2013 | September 16, 2024 |
|  | CLIM | January 23, 2015 | January 23, 2015 | March 11, 2025 |
|  | Parametric—Liquidity Strategy\*\*\*† | March 10, 2015 | Not Applicable | March 11, 2025 |
|  | Parametric—Options Overlay Strategy† | February 5, 2021 | February 5, 2021 | March 11, 2025 |
|  | Parametric—Targeted Strategy\*\*\*† | June 14, 2016 | Not Applicable | March 11, 2025 |
|  | Parametric—Tax-Managed Custom Core Strategy\*\*\*† | March 13, 2018 | Not applicable | March 11, 2025 |
|  | RhumbLine\*\*\* | December 12, 2024 | Not Applicable | December 12, 2024 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PORTFOLIO** | **SPECIALIST MANAGER** | **SERVED<br> PORTFOLIO<br> SINCE** | **MOST RECENT<br> CONTRACT<br> APPROVAL<br> SHAREHOLDERS** | **MOST RECENT<br> CONTRACT<br> APPROVAL<br> BOARD** |
| **The Core Fixed Income Portfolio** | Mellon\*\* | December 6, 2010 | November 30, 2010 | September 16, 2024 |
|  | Agincourt\*\*\* | March 10, 2015 | Not Applicable | March 11, 2025 |
|  | Parametric—Options Overlay Strategy† | February 5, 2021 | February 5, 2021 | March 11, 2025 |
| **The Corporate Opportunities Portfolio** | Mellon\*\* <br> CLIM  | August 22, 2013 <br> November 3, 2014  | Not Applicable <br> January 23, 2015\*\*\*  | September 16, 2024 <br> March 11, 2025  |
|  | Parametric—Liquidity Strategy\*\*\*† | March 10, 2015 | Not Applicable | March 11, 2025 |
|  | Parametric—Options Overlay Strategy† | February 5, 2021 | February 5, 2021 | March 11, 2025 |
|  | Parametric—Targeted Strategy\*\*\*† | June 14, 2016 | Not Applicable | March 11, 2025 |
| **The U.S. Government Fixed Income Securities Portfolio** | Mellon\*\* <br> Parametric—Options Overlay Strategy†  | December 6, 2010 <br> February 5, 2021  | November 22, 2010 <br> February 5, 2021  | September 16, 2024 <br> March 11, 2025  |
| **The U.S. Corporate Fixed Income Securities Portfolio** | Agincourt\*\*\* <br> Mellon\*\*  | March 10, 2015 <br> August 22, 2013 | Not Applicable <br> Not Applicable | March 11, 2025 <br> September 16, 2024 |
|  | Parametric—Options Overlay Strategy† | February 5, 2021 | February 5, 2021 | March 11, 2025 |
| **The U.S. Mortgage/Asset Backed Fixed Income Securities Portfolio** | Mellon\*\* <br> Parametric—Options Overlay Strategy† <br>| January 8, 2013 <br> February 5, 2021  | Not Applicable <br> February 5, 2021  | September 16, 2024 <br> March 11, 2025  |
| **The Short-Term Municipal Bond Portfolio** | Breckinridge Capital Advisors, Inc. ("Breckinridge") | March 1, 2006 | February 28, 2006 | March 11, 2025 |
| **The Intermediate Term Municipal Bond Portfolio** | Insight North America LLC (Insight)†† | December 5, 2008 | February 6, 2009 | March 11, 2025 |
| **The Intermediate Term Municipal Bond Portfolio** | Breckinridge\*\*\* | December 15, 2020 | December 15, 2020 | March 11, 2025 |
|  | CLIM\*\*\*\* | June 12, 2018 | July 27, 2018 | March 11, 2025 |
|  | Parametric—Options Overlay Strategy† | February 5, 2021 | February 5, 2021 | March 11, 2025 |

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| | |
|:---|:---|
| \* | Prior to January 23, 2015 and in reliance on Rule 15a-4, the Trust had entered into an Interim Portfolio Management Agreement based solely on the approval of the Board and without direct approval by the shareholders of the Portfolio. On January 23, 2015, shareholders of the Portfolio approved a final Portfolio Management Agreement having identical terms as those of the Interim Portfolio Management agreement dated November 3, 2014. |
| \*\* | Effective January 2, 2019, BNY Mellon Asset Management North America Corporation changed its name to Mellon Investments Corporation. Prior to February 1, 2018, BNY Mellon AMNA was formerly known as Mellon Capital Management Corporation ("Mellon Capital") which reorganized to combine and include two other BNY Mellon-Affiliated Specialist Managers, Standish Mellon Asset Management Company, LLC ("Standish") and The Boston Company Asset Management LLC ("TBCAM") (the "BNY Mellon Reorganization"). Prior to the BNY Mellon Reorganization, (i) TBCAM served as a Specialist Manager for the portion of The Emerging Markets Portfolio allocated to TBCAM and (ii) Standish served as a Specialist Manager for The Intermediate Term Municipal Bond Portfolio. Effective September 1, 2021, with respect to The Intermediate Term Municipal Bond Portfolio, the Specialist Manager responsibilities changed from Mellon Investments Corporation to Insight North America LLC. |
| \*\*\* | In reliance on an order issued by the SEC, the Trust entered into the Portfolio Management Agreement based solely on the approval of the Board and without direct approval by the shareholders of the Portfolio. |
| \*\*\*\* | In reliance on an order issued by the SEC, the Trust entered into the Portfolio Management Agreement based solely on the approval of the Board and without direct approval by the shareholders of the Portfolio. On July 27, 2018, shareholders of the Portfolio approved an amendment to the Portfolio Management Agreement. |
| † | The Portfolio entered into the Portfolio Management Agreement with Parametric, as Specialist Manager on March 1, 2021 following a change of control of Parametric. |

---

---

| | |
|:---|:---|
| †† | The Portfolio entered into a new Portfolio Management Agreement with Insight on September 1, 2021, following a corporate re-structuring of Mellon that transferred certain responsibilities, staff and resources to Insight, a wholly-owned subsidiary of The Bank of New York Mellon Corporation. |

---

INVESTMENT MANAGEMENT FEES: Effective September 18, 2023, the Adviser does not receive a fee for its services to the Trust. Prior to that date, the Adviser received management fees calculated at an annual rate of 0.05% of each of the Portfolio's average daily net assets. The following table sets forth the management fees received by the Adviser from each of the Portfolios for services rendered during the periods indicated (amounts in thousands).

---

| | | |
|:---|:---|:---|
|  | **FISCAL YEAR<br> ENDED<br> June 30, 2025** | **FISCAL YEAR<br> ENDED<br> June 30, 2023** |
|  **The U.S. Equity Portfolio** | $– $– $| 369 |
|  **The Institutional U.S. Equity Portfolio** | $– $– $| 1269 |
|  **The ESG Growth Portfolio** | $– $– $| 76 |
|  **The Catholic SRI Growth Portfolio** | $– $– $| 13 |
|  **The International Equity Portfolio** | $– $– $| 264 |
|  **The Institutional International Equity Portfolio** | $– $– $| 329 |
|  **The Emerging Markets Portfolio** | $– $– $| 356 |
|  **The Core Fixed Income Portfolio** | $– $– $| 34 |
|  **The Corporate Opportunities Portfolio** | $– $– $| 118 |
|  **The U.S. Government Fixed Income Securities Portfolio** | $– $– $| 463 |
|  **The U.S. Corporate Fixed Income Securities Portfolio** | $– $– $| 131 |
|  **The U.S. Mortgage/Asset Backed Fixed Income Securities Portfolio** | $– $– $| 109 |
|  **The Short-Term Municipal Bond Portfolio** | $– $– $| 47 |
|  **The Intermediate Term Municipal Bond Portfolio** | $– $– $| 195 |

---

\*HC Capital waived it's fees for Fiscal Year 2024

SPECIALIST MANAGER FEES. In addition to the fees paid by the Trust to the Adviser, each of the Portfolios pays a fee to its Specialist Manager(s). For each Portfolio, the Specialist Managers receive a fee based on a specified percentage of that portion of the Portfolio's assets allocated to that Specialist Manager. The rate at which these fees are calculated is set forth in the Trust's Prospectus. The following table sets forth the actual investment advisory fee received from the specified Portfolio by each of its respective Specialist Managers for services rendered during each of the Trust's last three fiscal years (amounts in thousands):

---

| | | | |
|:---|:---|:---|:---|
| **<u>PORTFOLIO</u>** | **<u>2025</u>** | **<u>2024</u>** | **<u>2023</u>** |
| &nbsp;&nbsp; **The U.S. Equity Portfolio** &nbsp;&nbsp; Mellon<sup>(1)</sup> | $— | $— | $— |
| &nbsp;&nbsp; &nbsp;&nbsp; Parametric<sup>(2)</sup> | $— | $600 | $475 |
| &nbsp;&nbsp; &nbsp;&nbsp; Echo Street Capital Management LLC ("Echo Street")<sup>(3)</sup> | $— | $— | $— |
| &nbsp;&nbsp; &nbsp;&nbsp; Monashee Investment Management LLC ("Monashee")<sup>(4)</sup> | $— | $\*\* | $— |
| &nbsp;&nbsp; &nbsp;&nbsp; Jennison Associates LLC ("Jennison")<sup>(5)</sup> | $— | $449 | $449 |
| &nbsp;&nbsp; **The Institutional U.S. Equity Portfolio** &nbsp;&nbsp; Jennison<sup>(5)</sup> | $— | $225 | $231 |
| &nbsp;&nbsp; &nbsp;&nbsp; Mellon<sup>(1)</sup> | $— | $678 | $623 |
| &nbsp;&nbsp; &nbsp;&nbsp; Parametric<sup>(2)</sup> | $— | $138 | $443 |
| &nbsp;&nbsp; &nbsp;&nbsp; Echo Street<sup>(3)</sup> | $— | $978 | $1859 |
| &nbsp;&nbsp; &nbsp;&nbsp; Wellington Management<sup>(6)</sup> | $— | $493 | $480 |
| &nbsp;&nbsp; &nbsp;&nbsp; RhumbLine<sup>(7)</sup> | $— | $136 | $8 |

---

---

| | | | |
|:---|:---|:---|:---|
| **<u>PORTFOLIO</u>** | **<u>2025</u>** | **<u>2024</u>** | **<u>2023</u>** |
| &nbsp;&nbsp; &nbsp;&nbsp; Monashee<sup>(4)</sup> | $— | $1100 | $— |
| &nbsp;&nbsp; **The ESG Growth Portfolio** &nbsp;&nbsp; Agincourt<sup>(8)</sup> | $\*\* | $\*\* | $\*\* |
| &nbsp;&nbsp; &nbsp;&nbsp; Mellon<sup>(1)</sup> | $— | $185 | $123 |
| &nbsp;&nbsp; &nbsp;&nbsp; Parametric<sup>(2)</sup> | $— | $9 | $10 |
| &nbsp;&nbsp; &nbsp;&nbsp; RBC Global Asset Management (UK) Limited ("RBC GAM")<sup>(9)</sup> | $— | $23 | $154 |
| &nbsp;&nbsp; **The Catholic SRI Growth Portfolio** &nbsp;&nbsp; Agincourt<sup>(8)</sup> | $— | $\*\* | $\*\* |
| &nbsp;&nbsp; &nbsp;&nbsp; Mellon<sup>(1)</sup> | $— | $31 | $25 |
| &nbsp;&nbsp; &nbsp;&nbsp; Parametric<sup>(2)</sup> | $— | $\*\* | $\*\* |
| &nbsp;&nbsp; **The International Equity Portfolio** &nbsp;&nbsp; Mellon<sup>(1)</sup> | $— | $\*\* | $\*\* |
| &nbsp;&nbsp; &nbsp;&nbsp; CLIM<sup>(10)</sup> | $— | $\*\* | $\*\* |
| &nbsp;&nbsp; &nbsp;&nbsp; Parametric<sup>(2)</sup> | $— | $451 | $491 |
| &nbsp;&nbsp; &nbsp;&nbsp; Monashee<sup>(4)</sup> | $— | $187 | $— |
| &nbsp;&nbsp; **The Institutional International Equity Portfolio** &nbsp;&nbsp; Mellon<sup>(1)</sup> | $— | $259 | $242 |
| &nbsp;&nbsp; &nbsp;&nbsp; CLIM<sup>(10)</sup> | $— | $913 | $836 |
| &nbsp;&nbsp; &nbsp;&nbsp; Parametric<sup>(2)</sup> | $— | $122 | $109 |
| &nbsp;&nbsp; &nbsp;&nbsp; RhumbLine<sup>(7)</sup> | $— | $\*\* | $\*\* |
| &nbsp;&nbsp; &nbsp;&nbsp; Monashee<sup>(4)</sup> | $— | $320 | $— |
| &nbsp;&nbsp; **The Emerging Markets Portfolio** &nbsp;&nbsp; Mellon (Active)<sup>(1)</sup> | $— | $— | $— |
| &nbsp;&nbsp; &nbsp;&nbsp; Mellon(Passive)<sup>(1)</sup> | $— | $754 | $785 |
| &nbsp;&nbsp; &nbsp;&nbsp; CLIM<sup>(10)</sup> | $— | $\*\* | $\*\* |
| &nbsp;&nbsp; &nbsp;&nbsp; Parametric<sup>(2)</sup> | $— | $65 | $104 |
| &nbsp;&nbsp; &nbsp;&nbsp; RhumbLine<sup>(7)</sup> | $— | $— | $— |
| &nbsp;&nbsp; &nbsp;&nbsp; XY Investments (HK) Ltd ("XY Investments")<sup>(11)</sup> | $— | $209 | $533 |
| &nbsp;&nbsp; &nbsp;&nbsp; Monashee<sup>(4)</sup> | $— | $289 | $— |
| &nbsp;&nbsp; **The Core Fixed Income Portfolio** &nbsp;&nbsp; Mellon<sup>(1)</sup> | $— | $19 | $18 |
| &nbsp;&nbsp; &nbsp;&nbsp; Agincourt<sup>(8)</sup> | $— | $10 | $11 |
| &nbsp;&nbsp; &nbsp;&nbsp; Parametric<sup>(2)</sup> | $— | $54 | $45 |
| &nbsp;&nbsp; **The Corporate Opportunities Portfolio** &nbsp;&nbsp; Mellon<sup>(1)</sup> | $— | $\*\* | $\*\* |
| &nbsp;&nbsp; &nbsp;&nbsp; CLIM<sup>(10)</sup> | $— | $213 | $221 |
| &nbsp;&nbsp; &nbsp;&nbsp; Parametric<sup>(2)</sup> | $— | $132 | $122 |
| &nbsp;&nbsp; &nbsp;&nbsp; Monashee<sup>(4)</sup> | $— | $\*\* | $— |
| &nbsp;&nbsp; **The U.S. Government Fixed Income Securities Portfolio** &nbsp;&nbsp; Mellon<sup>(1)</sup> | $— | $266 | $274 |
| &nbsp;&nbsp; &nbsp;&nbsp; Parametric<sup>(2)</sup> | $— | $54 | $54 |
| &nbsp;&nbsp; **The U.S. Corporate Fixed Income Securities Portfolio** &nbsp;&nbsp; Mellon<sup>(1)</sup> | $— | $— | $— |
| &nbsp;&nbsp; &nbsp;&nbsp; Agincourt<sup>(8)</sup> | $— | $174 | $178 |
| &nbsp;&nbsp; &nbsp;&nbsp; Parametric<sup>(2)</sup> | $— | $54 | $37 |
| &nbsp;&nbsp; **The U.S. Mortgage/Asset Backed Fixed Income Securities Portfolio** &nbsp;&nbsp; Mellon<sup>(1)</sup> | $— | $116 | $116 |
| &nbsp;&nbsp; &nbsp;&nbsp; Parametric<sup>(2)</sup> | $— | $19 | $\*\* |
| &nbsp;&nbsp; **The Short-Term Municipal Bond Portfolio** &nbsp;&nbsp; Breckinridge<sup>(12)</sup> | $— | $85 | $117 |
| &nbsp;&nbsp; **The Intermediate Term Municipal Bond Portfolio** &nbsp;&nbsp; Insight<sup>(13)</sup> | $— | $724 | $611 |
| &nbsp;&nbsp; &nbsp;&nbsp; CLIM<sup>(10)</sup> | $— | $137 | $1 |
| &nbsp;&nbsp; &nbsp;&nbsp; Breckinridge<sup>(12)</sup> | $— | $59 | $1 |
| &nbsp;&nbsp; &nbsp;&nbsp; Parametric<sup>(2)</sup> | $— | $\*\* | $\*\* |

---

\*\* The Specialist Manager was under contract but did not provide any portfolio management services to the Portfolio during the period.

(1) Effective December 11, 2018, for its services to The U.S. Equity Portfolio and The Institutional U.S. Equity Portfolio (the "Portfolios"), Mellon receives a fee from each Portfolio, calculated based on the average daily net assets of that portion of the assets of the Portfolio managed by it, so long as the aggregate assets allocated to Mellon ("Combined Mellon Assets" as defined below) exceed $2 billion, at the following annual rate of: 0.04% of assets committed to Mellon's Index Strategy (if the Combined Mellon Assets fall below $2 billion, this fee will be calculated at an annual rate of 0.065%); 0.065% of the assets committed to Mellon's Factor Strategy (if the Combined Mellon Assets fall below $2 billion, this fee will be calculated at an annual rate of 0.075%); and, with respect to The U.S. Equity Portfolio and The Institutional U.S. Equity Portfolio, 0.08% of the assets committed to Mellon's U.S. Multi-Factor Strategy (if the Combined Mellon Assets fall below $2 billion, this fee will be calculated at an annual rate of 0.010%). The term "Combined Mellon Assets" means the sum of: (a) the net assets of the Portfolios, The International Equity Portfolio, The Institutional International Equity Portfolio and The Emerging Markets Portfolio of the Trust (collectively, the "Trust Portfolios") managed by Mellon; and (b) the net assets of each other investment advisory account for which HC Capital Solutions or one of its affiliates serves as investment adviser and for which Mellon provides portfolio management services using the strategies employed in the Trust Portfolios. Prior to December 11, 2018, Mellon received a fee from each Portfolio calculated based on the average daily net assets of that portion of the assets of the Portfolio managed by it, at an annual rate of 0.065% so long as the aggregate assets allocated to Mellon for all of its passive equity mandates (including accounts for other clients of the Adviser and certain of its affiliates besides the Trust) exceed $2 billion. If such aggregate assets had fallen below $2 billion, the fee would have been calculated at an annual rate of 0.075%. Effective August 23, 2021, the Mellon Factor and U.S. Multi-Factor Strategies were discontinued.

For its services to each of The ESG Growth Portfolio and The Catholic SRI Growth Portfolio, effective December 11, 2019, Mellon receives a fee of 0.10% of the average daily net assets of that portion of the assets of each Portfolio managed by it. Prior to December 11, 2019, Mellon received a fee of 0.16% of the average daily net assets of that portion of the assets of each Portfolio managed by it; however, this fee was being voluntarily waived to 0.10% of the average daily net assets of that portion of the assets of each Portfolio managed by Mellon. Prior to June 23, 2018, for its services to each of The ESG Growth Portfolio and The Catholic SRI Growth Portfolio, Mellon received, effective December 5, 2017 for The Catholic SRI Growth Portfolio, a fee calculated based on the average daily net assets of that portion of the assets of each Portfolio managed by it based on the asset class in which assets of the account are invested, as set forth below. In each case, the annual rate set forth is applied to the average daily net assets of that portion of each Portfolio's assets allocated to the designated asset class ("Designated Assets"): Domestic Large Cap Equity Securities at the rate of 0.09% of the net asset value of Designated Assets for the first 36 months of The ESG Growth Portfolio's operations following June 23, 2015 and for the first 36 months of The Catholic SRI Growth Portfolio's operations following December 15, 2015 (each the "Effective Date", respectively), and, after The ESG Growth Portfolio's third anniversary and The Catholic SRI Growth Portfolio's third anniversary of the Effective Date, (i) at the rate of 0.12% of the net asset value of Designated Assets if the net asset value of such assets is less than $100 million; and (ii) at the rate of 0.09% of the net asset value of Designated Assets if the net asset value of such assets equals or exceeds $100 million. Developed Markets International Equity Securities at the rate of 0.14% of the net asset value of Designated Assets for the first 36 months of The ESG Growth Portfolio's operations following June 23, 2015 and for the first 36 months of The Catholic SRI Growth Portfolio's operations following December 15, 2015 (each the "Effective Date", respectively), and, after The ESG Growth Portfolio's third anniversary and The Catholic SRI Growth Portfolio's third anniversary of the Effective Date, (i) at the rate of 0.20% of the net asset value of Designated Assets if the net asset value of such assets is less than $100 million; and (ii) at the rate of 0.14% of the net asset value of Designated Assets if the net asset value of such assets equals or exceeds $100 million. Provided that, in each case of Domestic Large Cap Equity Securities and Developed Markets International Equity Securities, that an adjustment in the rate at which the fee is computed will be implemented: (i) on the first business day of the calendar quarter following the date on which the value of Designated Assets crosses the breakpoints set forth in the above schedule; and (ii) in the case of an increase in the rate at which the fee is computed, such increase will only be implemented in the event that the change in the net asset value of the Designated Assets is the result of net withdrawals or net redemptions from the Account during the prior quarter. Domestic Small and Mid-Cap Equity Securities at the rate of 0.12% of the net asset value of Designated Assets. Emerging Markets International Equity Securities at the rate of 0.18% of the net asset value of Designated Assets.

For its services to The International Equity Portfolio and The Institutional International Equity Portfolio, Mellon receives a fee from each Portfolio calculated based on the average daily net assets of that portion of the assets of the Portfolio managed by it, at an annual rate of 0.13% for those assets allocated to emerging markets strategies, so long as the aggregate assets allocated to Mellon for all of its passive equity mandates (including accounts for other clients of the Adviser and certain of its affiliates besides the Trust) exceed $2 billion. Should these aggregate assets fall below $2 billion, the fee will be calculated at an annual rate of 0.15% for those assets allocated to emerging markets strategies. Effective June 16, 2020, for its services to The International Equity Portfolio and The Institutional International Equity Portfolio with respect to the Developed Index Strategy and the Developed Factor Strategy, Mellon receives a fee from each Portfolio calculated at the annual rate of 0.05% of the average daily net assets managed in accordance with the Developed Index Strategy and the annual rate of 0.075% of the average daily net assets managed in accordance with the Developed Factor Strategy, provided in each case Combined Assets (defined below) exceed $2 billion. If Combined Assets are $2 billion or less, then such annual rates shall be of 0.06% for assets allocated to the Developed Index Strategy and 0.085% for assets managed in accordance with the Developed Factor Strategy. "Combined

Assets" means the sum of: (a) the net assets of The U.S. Equity Portfolio, The Institutional U.S. Equity Portfolio, The International Equity Portfolio, The Institutional International Equity Portfolio and the Emerging Markets Portfolio of the Trust (collectively the "Trust Portfolios") managed by the Mellon; and (b) the net assets of each other investment advisory account for which HC Capital Solutions or one of its affiliates serves as investment adviser and for which Mellon provides portfolio management services using the strategies employed in Trust Portfolios . Prior to June 16, 2020, the Developed Index Strategy and Developed Factor Strategy assets were combined in the Developed Strategy account for which Mellon received a fee from each Portfolio calculated based on the average daily net assets of that portion of the assets of the Portfolio managed by it, at an annual rate of 0.10%.(over $2 billion) and 0.11% ($2 billion or less.)

For its services to The Emerging Markets Portfolio, Mellon receives a fee from the Portfolio calculated based on the average daily net assets of that portion of the assets of the Portfolio managed by it, at an annual rate of 0.13% so long as the aggregate assets allocated to Mellon for all of its passive equity mandates (including accounts for other clients of the Adviser and certain of its affiliates besides the Trust) exceed $2 billion. Should these aggregate assets fall below $2 billion, the fee will be calculated at an annual rate of 0.15%.

For its services to The Core Fixed Income Portfolio (US Government and US Mortgage/Asset Backed sleeves), The U.S. Government Fixed Income Securities Portfolio and The U.S. Mortgage/Asset Backed Fixed Income Securities Portfolio, Mellon receives a fee based on the average daily net asset value of that portion of the assets of the Portfolios managed by it, at an annual rate of 0.06%. For its services to The Core Fixed Income Portfolio (US Corporate sleeve) and The U.S. Corporate Fixed Income Securities Portfolio, Mellon receives a fee based on the average daily net asset value of that portion of the assets of the Portfolios managed by it, at an annual rate of 0.15%. For its services to The Corporate Opportunities Portfolio, Mellon receives a fee based on the average daily net asset value of that portion of the assets of the Portfolios managed by it, at an annual rate of 0.25%.

For its services to The Intermediate Term Municipal Bond Portfolio, Insight North America LLC (Insight) is, and its predecessor, prior to September 1, 2021, Mellon was, compensated at the annual rate of 0.25% for the first $100 million of the "Combined Assets" of that portion of the Portfolio allocated to Mellon/Insight and 0.15% of those Combined Assets (as defined below) exceeding $100 million, subject to a maximum annual fee of 0.20% of the average daily of net assets of the Portfolio. For the purposes of computing Mellon's fee for the Portfolio, the term "Combined Assets" shall mean the consolidated total amount of the assets managed by Mellon/Insight in The Intermediate Term Municipal Bond Portfolio and certain other assets managed by Mellon/Insight for clients of Hirtle Callaghan and Co., LLC.

(2) For
 its services related to its Liquidity Strategy for The U.S. Equity Portfolio, The Institutional U.S. Equity Portfolio,
 The ESG Growth Portfolio, The Catholic SRI Growth Portfolio, The International Equity Portfolio, The Institutional International
 Equity Portfolio, The Emerging Markets Portfolio and The Corporate Opportunities Portfolio, Parametric receives a fee
 from each Portfolio, calculated daily and payable monthly in arrears, at the annual rate of 0.15% of the first $50 million
 of the Combined Liquidity Assets (as defined below); 0.10% of the next $100 million of the Combined Liquidity Assets and
 0.05% on Combined Liquidity Assets over $150 million. The term "Combined Liquidity Assets" means the sum of
 the net assets of that portion of each of the Portfolios allocated to Parametric from time-to-time in their Liquidity
 Strategy. Parametric is also be entitled to receive a flat fee of $10,000 per year per Portfolio, provided that 1/12 of
 such fee related to any given Portfolio will be waived with respect to each calendar month during which no assets of such
 Portfolio were allocated to Parametric for investment in their Liquidity Strategy. As of June 16, 2020, the Portfolio
 Management Contract between Parametric and the Trust with respect to the Defensive Strategy was terminated. Prior to termination,
 for its services related to its Defensive Equity Strategy for The U.S. Equity Portfolio and The Institutional U.S. Equity
 Portfolio, Parametric was entitled to receive a separate fee at the annual rate of 0.35% of the first $50 million of the
 Combined Defensive Assets committed to the Defensive Equity Strategy and 0.25% on Combined Defensive Assets committed
 to the Defensive Equity Strategy over $50 million. Combined Defensive Assets means the sum of the net assets of that portion
 of each of The U.S. Equity Portfolio and The Institutional U.S. Equity Portfolio allocated to Parametric from time-to-time
 for investment using the Defensive Equity Strategy. Under the terms of separate portfolio management agreements, for its
 services related to its Targeted Strategy for The U.S. Equity Portfolio, The Institutional U.S. Equity Portfolio, The
 ESG Growth Portfolio, The International Equity Portfolio, The Institutional International Equity Portfolio, The Emerging
 Markets Portfolio and The Corporate Opportunities Portfolio, Parametric is also entitled to receive a separate fee at
 the annual rate of 0.05% of the Targeted Strategy Assets committed to the Targeted Strategy. Targeted Strategy Assets
 means the sum of the net assets of that portion of each of the Portfolios allocated to Parametric from time-to-time for
 investment using the Targeted Strategy. Parametric shall also be entitled to receive a flat fee of $5,000 per year per
 Portfolio, provided that such fee will be waived with respect to each calendar year during which no Portfolio assets were
 allocated to the Targeted Strategy Assets. Under
the terms of separate portfolio management agreements, for its services related to its Tax-Managed Custom Core Strategy for The
U.S. Equity Portfolio, The International Equity Portfolio and The Emerging Markets Portfolio, Parametric receives a fee from each
Portfolio, calculated daily and payable monthly in arrears, at the annual rate of 0.10% of the first $250 million of the Combined
Tax-Managed Custom Core Assets (as defined below) committed to Parametric's Tax-Managed Custom Core Strategy; 0.09% of the
next $250 million of the Combined Tax-Managed Custom Core Assets; 0.08% of the next $500 million of the Combined Tax-Managed Custom
Core Assets; and 0.07% on Combined Tax-Managed Assets over $1 billion. If, at the close of business on September 30, 2019, the
Combined Assets under this Agreement are less than $500 million, the fee for the first $250 million shall be permanently increased
to 0.13% of the first $250 million of the

Combined Assets; 0.09% of the next $250 million of the Combined Assets; 0.08% of the next $500 million of the Combined Assets; and 0.07% of the Combined Assets over $1 billion. Parametric did not manage assets in the Tax-Managed Custom Core Strategy for any of these Portfolios during the periods shown in the table. Prior to January 20, 2021, for its services, with respect to the RAFI US Multi-Factor Strategy, for The Institutional U.S. Equity Portfolio (the "Portfolio"), Parametric received a fee from Pacific Investment Management Company LLC ("PIMCO") pursuant to a Sub-adviser agreement between Parametric and PIMCO which was terminated January 20, 2021.

Under the terms of the separate Parametric agreements for its Options Overlay Strategy, each of the U.S. Equity, Institutional U.S. Equity, International Equity, Institutional International Equity, Emerging Markets and Corporate Opportunities Portfolios will pay Parametric a flat fee of $5,500 for each calendar month in which such Portfolio has assets allocated to Parametric for management using the options overlay strategy and each of the Core Fixed Income, U.S. Government Fixed Income Securities, U.S. Corporate Fixed Income Securities, U.S. Mortgage/Asset Backed Fixed Income Securities and Intermediate Term Municipal Bond Portfolios will pay Parametric a flat fee of $4,500 for each calendar month in which such Portfolio has assets allocated to Parametric for management using the options overlay strategy.

(3) Effective January
 12, 2024, Echo Street no longer serves as a Specialist Manager for The U.S. Equity Portfolio and The Institutional U.S. Equity
 Portfolio. Prior to January 12, 2024, for its services with respect to the portion of each Portfolio allocated to Echo Street
 from time to time, Echo Street received, effective March 12, 2021, from each Portfolio a fee at the annual rate of 0.85% on
 the first $50 million of Combined Assets; 0.70% on the next $50 million; 0.60% on the next $100 million of Combined Assets;
 and 0.55% on Combined Assets in excess of $200 million. Prior to March 12, 2021, Echo Street received from each Portfolio
 a fee based on the average daily net asset value of that portion of the respective Portfolio's assets managed by it,
 at the annual rate of 0.75% of the first $50 million of Combined Assets; 0.60% of the next $50 million of Combined Assets;
 0.50% of the next $100 million of Combined Assets and 0.45% of Combined Assets in excess of $200 million. "Combined
 Assets" means the sum of the net assets of that portion of each of the Institutional U.S. Equity and U.S. Equity Portfolios
 allocated to Echo Street from time-to-time.

(4) The
 Portfolio Management Contracts between Monashee and the Trust with respect to each of
 The U.S. Equity Portfolio, The Institutional U.S. Equity Portfolio, The International
 Equity Portfolio, The Institutional International Equity Portfolio, The Emerging Markets
 Portfolio and The Corporate Opportunities Portfolio were terminated effective June 10,
 2025. Prior to June 10, 2025, for its services to The U.S. Equity Portfolio, The Institutional
 U.S. Equity Portfolio, The International Equity Portfolio, The Institutional International
 Equity Portfolio, The Emerging Markets Portfolio and The Corporate Opportunities Portfolio,
 Monashee was compensated for its services to each Portfolio at an annual rate of 0.45%
 on the first $250,000 of total Outside Assets (see the Specialist Manager section of
 the Prospectus for the definition of total Outside Assets); 0.40% if the total Outside
 Assets are between $250,000,000 - $499,999,999; 0.35% if the total Outside Assets are
 between $500,000,000 - $749,999,999; 0.30% if the total Outside Assets are between $750,000,000
 – $999,999,999; 0.20% if the total Outside Assets are between $1,000,000,000 –
 $1,999,999,999; and 0.10% if the total Outside Assets are equal to or exceed $2,000,000,000.
 Monashee became a Specialist Manager and began providing investment management services
 to The U.S. Equity Portfolio, The Institutional U.S. Equity Portfolio, The International
 Equity Portfolio, The Institutional International Equity, The Emerging Markets Portfolio
 and The Corporate Opportunities Portfolio on August 17, 2023.

(5) The
Portfolio Management Contract between Jennison and the Trust with respect to each of The U.S. Equity Portfolio and The Institutional
U.S. Equity Portfolio was terminated effective June 30, 3024. Prior to June 30, 2024, for its services to The U.S. Equity and
The Institutional U.S. Equity Portfolios, Jennison was compensated for its services to each Portfolio at an annual rate of 0.75%
on the first $10 million of Combined Assets (see the Specialist Manager section of the Prospectus for the definition of Combined
Assets), 0.50% on the next $30 million of such Combined Assets; 0.35% of the next $25 million of such Combined Assets; 0.25% on
the next $335 million of such Combined Assets; 0.22% of the next $600 million of such Combined Assets; 0.20% on the next $4 billion
of such Combined Assets; and 0.25% on the balance of such Combined Assets; subject to a maximum annual fee of 0.30% of the average
daily net assets of the portion of the Portfolios allocated to Jennison.

(6) For its services
 to The Institutional U.S. Equity Portfolio, Wellington Management is compensated at an annual rate of 0.75% on the first $50
 million of the average daily net Combined Assets (see the Specialist Manager section of the Prospectus for the definition
 of Combined Assets) and 0.65% on Combined Assets over $50 million.

(7) For
 its services to The Institutional U.S. Equity Portfolio, RhumbLine is compensated at
 an annual rate of 0.04% of the average net assets of the Portfolio. For its services
 to The Institutional International Equity Portfolio, RhumbLine is compensated at an annual
 rate of 0.05% of the average net assets of the Portfolio. For its services to The Emerging
 Markets Portfolio, RhumbLine is compensated at an annual rate of 0.15% of the average
 daily net assets of the Portfolio. RhumbLine became a Specialist Manager and began providing
 investment management services to The Institutional U.S. Equity Portfolio and The Institutional
 International Equity Portfolio on August 18, 2022. RhumbLine became a Specialist Manager
 and began providing investment management services to The Emerging Markets Portfolio
 on December 12, 2024.

(8) For its services
 to The Core Fixed Income Portfolio and The U.S. Corporate Fixed Income Securities Portfolio, Agincourt is compensated at an
 annual rate of 0.08% of the average daily net assets of that portion of each Portfolio that is managed by Agincourt. For its
 services to The ESG Growth Portfolio and The Catholic SRI Growth Portfolio, Agincourt is compensated at an annual rate of
 0.12% of the average daily net assets of that portion of the Portfolio that is managed by Agincourt.

(9) The
 Portfolio Management Contract between RBC GAM and the Trust with respect to The ESG Growth Portfolio was terminated effective
 December 31, 2023. Prior to December 31, 2023, for its services with respect to the portion of The ESG Growth Portfolio allocated
 to RBC GAM from time to time, RBC GAM received a fee calculated at an annual rate of 0.55% the first $50 million of the average
 daily net assets of The ESG Growth Portfolio; 0.50% of the next $50 million; and 0.45% of the average daily net assets in
 excess of $100 million.

(10) For
 its services to The Corporate Opportunities Portfolio, CLIM is compensated at an annual rate of 0.45% of the average net
 assets of the Portfolio assigned to CLIM. For
 its services to The International Equity Portfolio and The Institutional International Equity Portfolio, CLIM receives
 a fee from each Portfolio at the annual rate, calculated daily and payable monthly, of 0.80% for the first $50 million
 of the "Combined Assets" of that portion of the Portfolio allocated to CLIM and 0.40% of those Combined Assets
 (as defined below) exceeding $50 million. For the purposes of computing CLIM's fee for these Portfolios, the term
 "Combined Assets" shall mean the average daily net assets managed by CLIM in each of The International Equity
 Portfolio and The Institutional International Equity Portfolio and the net assets invested in the same strategy as these
 Portfolios that are managed by CLIM for the benefit of certain other investors who are clients of Hirtle Callaghan and
 Co., LLC. For
 its services to The Emerging Markets Portfolio, CLIM receives a fee from the Portfolio at the annual rate, calculated
 daily and payable monthly, of 1.00% for the first $100 million of the "Combined Assets" of that portion of
 the Portfolio allocated to CLIM, 0.80% of those Combined Assets (as defined below) over $100 million to $200 million,
 and 0.50% of those "Combined Assets" over $200 million. For the purposes of computing CLIM's fee for
 this Portfolio, the term "Combined Assets" shall mean the sum of the average daily net assets managed by CLIM
 in The Emerging Markets Portfolio and the net assets invested in the same strategy as the Portfolio that are managed by
 CLIM for the benefit of certain other investors who are clients of Hirtle Callaghan and Co., LLC. For
 its services to The Intermediate Term Municipal Bond Portfolio, CLIM is compensated at the annual rate, calculated daily
 and payable monthly, of 0.45%. Prior to July 27, 2018, CLIM received a fee of 0.25% for the first $100 million of the
 assets of that portion of the Portfolio allocated to CLIM and 0.15% of those assets exceeding $100 million, subject to
 a maximum annual fee of 0.20% of the average daily net assets of the Portfolio. CLIM became a Specialist Manager and began
 providing investment management services to The Intermediate Term Municipal Bond Portfolio on June 13, 2018.

(11) Effective
 February 11, 2024, XY Investments no longer serves as a Specialist Manager for The Emerging Markets Portfolio. Prior to
 February 11, 2024, for its services with respect to the portion of The Emerging Markets Portfolio allocated to XY Investments
 from time to time, XY Investments received a fee based on the average daily net asset value of that portion of the Portfolio's
 assets managed by it, at the annual rate of 1.00%. The annual rate shall be reduced to 0.90% once the assets under management
 with respect to XY Investments' (and its affiliates) Offshore Strategy exceeds $2 billion.

(12) For
 its services to The Intermediate Term Municipal Bond Portfolio and The Short Term Municipal Bond Portfolio, Breckinridge
 is compensated at an annual rate of 0.125% of the average net assets of each Portfolio. Breckinridge became a Specialist
 Manager and began providing investment management services to The Intermediate Term Municipal Bond Portfolio on December
 15, 2020.

(13) For its services
 to The Intermediate Term Municipal Bond Portfolio, Insight is compensated at the annual rate of 0.25% for the first $100 million
 of the "Combined Assets" of that portion of the Portfolio allocated to Insight and 0.15% of those Combined Assets
 (as defined below) exceeding $100 million, subject to a maximum annual fee of 0.20% of the average daily of net assets of
 the Portfolio. For the purposes of computing Insight's fee for the Portfolio, the term "Combined Assets"
 shall mean the consolidated total amount of the assets managed by Insight in each Intermediate Term Municipal Bond Portfolio
 and certain other assets managed by Insight for clients of Hirtle Callaghan and Co., LLC. Insight became a Specialist Manager
 to the Intermediate Term Municipal Bond Portfolio and assumed investment management responsibilities from Mellon on September
 1, 2021.

ADMINISTRATION, DISTRIBUTION, AND RELATED SERVICES. Citi Fund Services Ohio, Inc. ("Citi"), 4400 Easton Commons, Suite 200, Columbus, OH 43219 has been retained, pursuant to a separate Administrative Services Contract with the Trust, to serve as the Trust's administrator. Citi performs similar services for mutual funds other than the Trust. Citi is owned by Citibank, N.A. ("Citibank"). Citibank and its affiliated companies are wholly owned subsidiaries of Citigroup Inc., a publicly held company (NYSE: C).

Services performed by Citi include: (a) general supervision of the operation of the Trust and coordination of services performed by the various service organizations retained by the Trust; (b) regulatory compliance, including the compilation of information for documents and reports furnished to the SEC and corresponding state agencies; and (c) assistance in connection with the preparation and filing of the Trust's registration statement and amendments thereto. As administrator, Citi maintains certain books and records of the Trust that are required by applicable federal regulations. Pursuant to separate contracts, Citi or its affiliates also serve as the Trust's accounting agent and Citi receives fees for such services. For its services, Citi receives a single all-inclusive fee which is computed daily and paid monthly in arrears, and is calculated at an annual rate of 0.0506% of the Portfolios' average daily net assets up to $6 billion; 0.0047% of the Portfolios' average daily net assets between $6 billion and $12 billion, and 0.0276% of the Portfolios' average daily net assets in

excess of $12 billion. Citi receives additional fees paid by the Trust for compliance services, fair value support services, regulatory reporting services and reimbursement of certain expenses.

For the fiscal years ended June 30, 2023, 2024 and 2025, Citi, as Administrator received administration fees in accordance with the agreement in effect at the time in the following amounts for each of the Portfolios (amounts in thousands):

---

| | | | |
|:---|:---|:---|:---|
|  | **FISCAL YEAR<br> ENDED<br> June 30, 2025** | **FISCAL YEAR<br> ENDED<br> June 30, 2024** | **FISCAL YEAR<br> ENDED<br> June 30, 2023** |
|  **The U.S. Equity Portfolio** | $| $349 | $306 |
|  **The Institutional U.S. Equity Portfolio** | $| $970 | $1009 |
|  **The ESG Growth Portfolio** | $| $118 | $102 |
|  **The Catholic SRI Growth Portfolio** | $| $58 | $51 |
|  **The International Equity Portfolio** | $| $273 | $264 |
|  **The Institutional International Equity Portfolio** | $| $373 | $313 |
|  **The Emerging Markets Portfolio** | $| $322 | $331 |
|  **The Core Fixed Income Portfolio** | $| $103 | $98 |
|  **The Corporate Opportunities Portfolio** | $| $108 | $117 |
|  **The U.S. Government Fixed Income Securities Portfolio** | $| $385 | $379 |
|  **The U.S. Corporate Fixed Income Securities Portfolio** | $| $134 | $131 |
|  **The U.S. Mortgage/Asset Backed Fixed Income Securities Portfolio** | $| $180 | $174 |
|  **The Short-Term Municipal Bond Portfolio** | $| $56 | $53 |
|  **The Intermediate Term Municipal Bond Portfolio** | $| $216 | $177 |

---

Under a Compliance Services Agreement between the Trust and Citi, Citi provides infrastructure and support in implementing the written policies and procedures comprising the Trust's compliance program. This includes providing support services to the Chief Compliance Officer ("CCO"), and assisting in preparing or providing documentation for the Trust's CCO to deliver to the Board. Citibank serves as the securities lending agent to the Trust. As the securities lending agent, Citibank is responsible for the implementation and administration of the securities lending program pursuant to a Global Securities Lending Agency Agreement ("Securities Lending Agreement"). Citibank acts as agent to the Trust to lend available securities with any person on its list of approved borrowers, including Citibank and certain of its affiliates. Citibank determines whether a loan shall be made and negotiates and establishes the terms and conditions of the loan with the borrower. Citibank ensures that all substitute interest, dividends, and other distributions paid with respect to loan securities is credited to the applicable Portfolio's relevant account on the date such amounts are delivered by the borrower to Citibank. Citibank receives and holds, on the Portfolio's behalf, collateral from borrowers to secure obligations of borrowers with respect to any loan of available securities. Citibank marks loaned securities and collateral to their market value each business day based upon the market value of the collateral and loaned securities at the close of business employing the most recently available pricing information and receives and delivers collateral in order to maintain the value of the collateral at no less than 100% of the market value of the loaned securities. At the termination of the loan, Citibank returns the collateral to the borrower upon the return of the loaned securities to Citibank. Citibank invests cash collateral in accordance with the Securities Lending Agreement. Citibank maintains such records as are reasonably necessary to account for loans that are made and the income derived therefrom and makes available to the Portfolios a monthly statement describing the loans made, and the income derived from the loans, during the period. Citibank performs compliance monitoring and testing of the securities lending program and provides quarterly reports to the Trust's Board of Trustees. The Portfolios, except for The ESG Growth Portfolio, The International Equity Portfolio, The U.S. Government Fixed Income Securities Portfolio, The U.S. Mortgage/Asset Backed Fixed Income Securities Portfolio, The Short-Term Municipal Bond Portfolio and The Intermediate Term Municipal Bond Portfolio, which did not engage in securities lending activities, and The Core Fixed Income Portfolio, whose securities lending activities earned de minimus amounts, earned income and paid fees and compensation to service providers related to their securities lending activities during the most recent fiscal year:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **U.S. Equity** |  | **Inst'l** <br> **U.S.** <br> **Equity**  |  | **Catholic** <br> **SRI**  | **Inst'l** <br> **International**  |
|  **Gross income from securities lending activities** |  |  |  |  |  |  |  |
|  **Fees and/or compensation for securities lending activities** | $| [ ] | $| [ ] | $| [ ] | [ ] |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fees paid to securities lending agent from revenue split | $| [ ] | $| [ ] | $| [ ] | [ ] |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fees paid for any cash collateral management services (including fees deducted from a pooled cash collateral reinvestment vehicle) that are not included in the revenue split | $|  | $|  | $|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administrative fees not included in the revenue split | $|  | $|  | $|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indemnification fees not included in the revenue split | $|  | $|  | $|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rebate (paid to borrow) | $|  | $|  | $|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other fees not included in revenue split | $|  | $|  | $|  |  |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Aggregate fees and/or compensation for securities lending activities** | $| [ ] | $| [ ] | $| [ ] | [ ] |
|  **Net income from securities lending activities** | $| [ ] | $| [ ] | $| [ ] | [ ] |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **Emerging** <br> **Markets**  |  | **Corporate** <br> **Opportunities**  | **U.S. <br> Corporate** |
|  **Gross income from securities lending activities** |  |  |  |  |  |
|  **Fees and/or compensation for securities lending activities** | $| [ ] | $| [ ] | [ ] |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fees paid to securities lending agent from revenue split | $| [ ] | $| [ ] | [ ] |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fees paid for any cash collateral management services (including fees deducted from a pooled cash collateral reinvestment vehicle) that are not included in the revenue split | $|  | $|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administrative fees not included in the revenue split | $|  | $|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indemnification fees not included in the revenue split | $|  | $|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rebate (paid to borrow) | $|  | $|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other fees not included in revenue split | $|  | $|  |  |
|  **Aggregate fees and/or compensation for securities lending activities** | $| [ ] | $| [ ] | [ ] |
|  **Net income from securities lending activities** | $| [ ] | $| [ ] | [ ] |

---

FIS Investor Services LLC ("FIS"), formerly, SunGard Investor Services LLC, serves as the Trust's Transfer Agent pursuant to an agreement approved by the Board on March 10, 2015. FIS receives, for performing the services listed under its agreement, a fee, which is paid monthly, calculated at an annual rate of: 0.0034% of the Portfolios' average daily net assets up to $6 billion; 0.0003% of the Portfolios' average daily net assets between $6 billion and $12 billion, and 0.0019% of the Portfolios' average daily net assets in excess of $12 billion. The offices of the Transfer Agent are located at 4249 Easton Way, Suite 400, Columbus, OH 43219.

Ultimus Fund Distributors, LLC ("UFD"), which is ultimately owned by The Ultimus Group, LLC ("Ultimus"), serves as the Trust's principal underwriter pursuant to an agreement approved by the Board on June 10, 2025 that became effective July 1,] 2025 in connection with the consummation of the acquisition of a majority ownership interest of Ultimus by two private equity firms, GTCR, LLC and Stone Point Capital LLC. Because shares of the Trust's Portfolios are available only to clients of the Adviser and financial intermediaries that have established a relationship with the Adviser, the services to be provided by UFD are limited. UFD will receive an annual fee of $50,000 for performing the services listed under its agreement. The offices of the principal underwriter are located at 225 Pictoria Drive, Suite 450, Cincinnati, OH 45246. None of UFD's duties under its agreement are primarily intended to result in the sale of Trust shares.

Foreside provides CCO services to the Trust and its Portfolios pursuant to a Compliance Services Agreement assigned to Foreside effective December 7, 2021 by Alaric Compliance Services LLC ("Alaric") following Foreside's acquisition of Alaric. Foreside makes an employee available to serve as the CCO for the Trust. The CCO develops compliance reports for the Board, makes findings and conducts reviews pertaining to the Trust's compliance program and related policies and procedures of the Trust's service providers. For these services, the Trust currently pays Foreside $[164,000] per annum, plus certain out of pocket expenses.

State Street Bank and Trust Company ("State Street") is the Trust's custodian. The custodian is responsible for the safekeeping of the domestic and foreign assets of each of the Trust's Portfolios. The custodian is compensated at the rate of 0.01% of the first $2 billion, 0.0075% of the next $3 billion, and 0.005% of the assets in excess of $5 billion of the Trust's domestic assets, 0.0225% of the Trust's foreign assets in developed countries. With respect to securities from emerging markets, the custodian is compensated at rates ranging from 0.07% to 0.50% depending upon the particular market in question. The offices of the custodian are located at State Street Financial Center, 1 Congress Street, Boston, MA 02114.

Each of The U.S. Equity Portfolio and The Institutional U.S. Equity Portfolio may participate in ReFlow, a program designed to provide an alternative liquidity source for mutual funds experiencing redemptions of their shares. In order to pay cash to shareholders who redeem their shares on a given day, a mutual fund typically must hold cash in its portfolio, liquidate portfolio securities, or borrow money, all of which impose certain costs on the fund. ReFlow provides participating mutual funds with another source of cash by standing ready to purchase shares from a fund equal to the amount of the fund's net redemptions on a given day. ReFlow then generally redeems those shares when the fund experiences net sales. In return for this service, a participating Portfolio will pay a fee to ReFlow at a rate determined by a daily auction with other participating mutual funds. The costs to a Portfolio for participating in ReFlow are expected to be influenced by and comparable to the cost of other sources of liquidity, such as the Portfolio's short-term lending arrangements or the costs of selling portfolio securities to meet redemptions. ReFlow will be prohibited from acquiring more than 3% of the outstanding voting securities of a participating Portfolio.

The Board is provided with quarterly reports regarding a participating Portfolio's usage of the program, and the Board shall determine annually whether continued participation in the program is in the best interests of the participating Portfolios and their shareholders.

**FURTHER INFORMATION ABOUT THE TRUST'S INVESTMENT POLICIES**

As stated in the Prospectus, the Trust currently offers fourteen portfolios, each of which are presented in this Statement of Additional Information, each with its own investment objectives and policies. These portfolios are: The Equity Portfolios—The U.S. Equity, ESG Growth, Catholic SRI Growth, International Equity and Emerging Markets Portfolios; The Institutional Equity Portfolios—The Institutional U.S. Equity and Institutional International Equity Portfolios; and The Income Portfolios—The Core Fixed Income, Corporate Opportunities, U.S. Government Fixed Income Securities, U.S. Corporate Fixed Income Securities, U.S. Mortgage/Asset Backed Fixed Income Securities, Short-Term Municipal Bond and Intermediate Term Municipal Bond Portfolios.

The following discussion supplements the Prospectus discussion of the investment risks associated with the types of investments in which the Portfolios are entitled to invest. The table below summarizes these investments. The table is, however, only a summary list and is qualified in its entirety by the more detailed discussion included in the Prospectus and in this Statement of Additional Information.

Further, as indicated in the Prospectus, that portion of the assets of the U.S. Equity, International Equity, Institutional U.S. Equity, Institutional International Equity and Emerging Markets Portfolios ("Index Accounts") that have been or may be allocated to Mellon and the indexing strategies that Mellon has been retained to provide, may be invested exclusively in securities included in the benchmark index associated with those Portfolios, respectively, provided that Mellon is authorized to and may use certain derivative instruments for the purpose of gaining market exposure consistent with such index strategy and provided further that the Index Accounts may temporarily hold non-index names due to corporate actions (i.e., spin-offs, mergers, etc.).

***<u>The Equity and Institutional Equity Portfolios</u>***

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investment Instrument/Strategy** | **US<br> Equity** | **Int'l** | **Emerging<br> Markets** | **Inst.<br> US<br> Equity** | **Inst.<br> Int'l** | **ESG** | **C SRI<br> Growth** |
| ADRs, EDRs and GDRs | x | x | x | x | x | x | x |
| Agencies | \* | \* | \* | x | \* | \* | \* |
| Asset-Backed Securities |  |  |  | x | x | x | x |
| Cash Equivalents | \* | \* | \* | x | \* | x | x |
| Collateralized Mortgage Obligations |  |  |  | x |  | x | x |
| Commercial Paper | \* | \* | \* | x | \* | x | x |
| Commodity-Linked Derivatives |  |  |  |  | x |  |  |
| Common Stock | x | x | x | x | x | x | x |
| Convertibles | x | x | x | x | x | x | x |
| Corporates |  |  |  | x | x | x | x |
| Depositary Receipts | x | x | x | x | x | x | x |
| Emerging Markets Securities | x | x | x | x | x | x | x |
| Floaters | \* | \* | \* | x | \* | \* | \* |
| Foreign Currency |  | x | x | x | x | x | x |
| Foreign Equity (US $) | x | x | x | x | x | x | x |
| Foreign Equity (non-US $) | x | x | x | x | x | x | x |
| Foreign Fixed-Income Securities |  |  |  | x | x | x | x |
| Forwards | x | x | x | x | x | x | x |
| Futures | x | x | x | x | x | x | x |
| High Yield Debt Securities |  |  |  | x | x | x | x |
| Investment Companies | x | x | x | x | x | x | x |
| Investment Grade Debt Securities |  |  |  | x | x | x | x |
| Money Market Funds | x | x | x | x | x | x | x |
| Mortgage-Backed Securities |  |  |  | x | x | x | x |
| Mortgage Securities |  |  |  | x | x | x | x |
| Municipals |  |  |  | x | x |  |  |
| Options | x | x | x | x | x | x | x |
| Preferred Stock | x | x | x | x | x | x | x |
| REITs | x | x | x | x | x | x | x |
| Repurchase Agreements | \* | \* | \* | x | x | x | x |
| Reverse Repurchase Agreements | \* | \* | \* | x | x | \* | \* |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investment Instrument/Strategy** | **US** <br> **Equity** | **Int'l** | **Emerging** <br> **Markets** | **Inst.** <br> **US** <br> **Equity** | **Inst.** <br> **Int'l** | **ESG** | **C SRI** <br> **Growth** |
| Rights | x | x | x | x | x | x | \* |
| Securities Lending | x | x | x | x | x | x | x |
| Short Sales | x | x | x | x | x | x | x |
| Step-Up Bonds |  |  |  | x | x | \* | \* |
| Stripped Mortgage-Backed Securities |  |  |  | x | x | x |  |
| Structured Notes | x | x | x | x | x | x | x |
| Swaps | x | x | x | x | x | x | x |
| TIPS |  |  |  | x | x |  | x |
| U.S. Governments | \* | \* | \* | x | \* | x |  |
| Warrants | x | x | x | x | x | x | x |
| When-Issued Securities | x | x | x | x | x | x | x |
| Yankees and Eurobonds |  |  |  | x | x | x | x |
| Zero Coupon Agencies |  |  |  |  | x |  | x |

---

***<u>The Income Portfolios</u>***

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investment Instrument/Strategy** | **Core<br> Fixed** | **Corporate<br> Oppy.** | **U.S.<br> Govt.** | **U.S.<br> Corporate** | **U.S.<br> Mortgage/<br> Asset<br> Backed** | **Short-<br> Term** | **Interm.** |
|  Agencies | x | x | x | x | x | x | x |
|  Asset-Backed Securities | x | x |  | x | x | x | x |
|  Brady Bonds | x | x |  |  |  |  |  |
|  Cash Equivalents | x | x | x | x | x | x | \* |
|  Collateralized Bond Obligations |  | x |  | x | x |  |  |
|  Collateralized Debt Obligations |  | x |  | x | x |  |  |
|  Collateralized Loan Obligations |  | x |  | x | x |  |  |
|  Collateralized Mortgage Obligations | x | x |  | x | x |  |  |
|  Commercial Paper | x | x | x | x | x | x | \* |
|  Commercial Mortgage-Backed Securities (CMBS) |  | x |  |  | x |  |  |
|  Commodity-Linked Derivatives |  |  |  |  |  |  |  |
|  Common Stock | x | x |  |  |  |  |  |
|  Convertibles | x | x |  |  |  |  |  |
|  Corporates | x | x |  | x |  |  |  |
|  Depositary Receipts | x | x |  | x | x |  |  |
|  Emerging Markets <br> Securities |  | x |  | x |  |  |  |
|  Equipment Trust Certificates (EETC's) |  | x |  |  |  |  |  |
|  Floaters | x | x |  | x |  |  |  |
|  Foreign Currency | x | x |  | x |  |  |  |
|  Foreign Equity (US $) | x | x |  |  |  |  |  |
|  Foreign Equity (non-US $) | x | x |  |  |  |  |  |
|  Foreign Fixed Income Securities | x | x |  | x |  |  |  |
|  Forwards | x | x | x | x | x | x | x |
|  Futures | x | x | x | x | x | x | x |
|  High Yield Securities | x | x |  | x |  |  | x |
|  Inverse Floaters | x | x |  |  |  |  |  |
|  Investment Companies | x | x | x | x | x | x | x |
|  Loan (Participations and Assignments) |  | x |  |  | x | x |  |
|  Mortgage Securities | x | x |  | x | x | x | x |
|  Municipals | x | x | x | x | x | x | x |
|  Options | x | x | x | x | x | x | x |
|  Preferred Stock | x | x |  | x |  |  |  |
|  REITS |  | x |  |  |  |  |  |
|  Repurchase Agreements | \* | \* | \* | \* | \* | \* | \* |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investment Instrument/Strategy** | **Core<br> Fixed** | **Corporate<br> Oppy.** | **U.S.<br> Govt.** | **U.S.<br> Corporate** | **U.S.<br> Mortgage/<br> Asset<br> Backed** | **Short-<br> Term** | **Interm.** |
| Reverse Repurchase Agreements | \* | \* | \* | \* | \* | \* | \* |
| Rights | x | x |  |  |  |  | x |
| Stripped Mortgage-Backed Securities | x | x |  |  | x |  |  |
| Securities Lending | x | x | x | x | x | x | x |
| Short Sales | x | x | x | x | x | x | x |
| Step-Up Bonds | x | x |  |  |  |  |  |
| Structured Investments | x | x |  | x |  | x | x |
| Structured Notes | x | x |  | x |  | x | x |
| Swaps | x | x | x | x | x | x | x |
| TIPs | x | x | x | x |  | x | x |
| U.S. Governments | x | x | x | x | x | x | x |
| Warrants |  | x |  |  |  |  |  |
| When-Issued Securities | x | x |  |  | x | x | x |
| Yankees and Eurobonds | x | x |  | x | x |  |  |
| Zero Coupons Agencies | x | x | x | x | x | x |  |
| Zero Coupon Bonds |  | x |  |  |  |  |  |

---

x Allowable investment <br>

- Not an allowable investment <br>

\* Money market instruments for cash management or temporary purposes

**FOREIGN INVESTMENTS**

FOREIGN SECURITIES AND FOREIGN GOVERNMENT SECURITIES. American Depositary Receipts ("ADRs") are dollar-denominated receipts generally issued in registered form by domestic banks that represent the deposit with the bank of a security of a foreign issuer. ADRs are publicly traded on U.S. exchanges and in over-the-counter markets. Generally, they are issued in registered form, denominated in U.S. dollars, and designed for use in the U.S. securities markets. The Equity and Institutional Equity Portfolios are permitted to invest in ADRs. Additionally, these Portfolios may invest in European Depositary Receipts ("EDRs") and Global Depositary Receipts ("GDRs"). EDRs are similar to ADRs but are issued and traded in Europe. GDRs are similar to ADRS but are listed in more than one country. Both EDRs and GDRs may be issued in bearer form and denominated in currencies other than U.S. dollars, and are generally designed for use in securities markets outside the U.S. Depositary receipts may or may not be denominated in the same currency as the underlying securities. For purposes of the Trust's investment policies, ADRs, EDRs and GDRs are deemed to have the same classification as the underlying securities they represent. Thus, an ADR, EDR or GDR representing ownership of common stock will be treated as common stock. The depositary receipts are securities that demonstrate ownership interests in a security or pool of securities that have been placed with a 'depository.' ADR, EDR or GDR programs and other depositary receipts may be sponsored or unsponsored. Unsponsored programs are subject to certain risks. In contrast to sponsored programs, where the foreign issuer of the underlying security works with the depository institution to ensure a centralized source of information about the underlying company, including any annual or other similar reports to shareholders, dividends and other corporate actions, unsponsored programs are based on a service agreement between the depository institution and holders of ADRs, EDRs or GDRs issued by the program; thus, investors bear expenses associated with certificate transfer, custody and dividend payments. In addition, there may be several depository institutions involved in issuing unsponsored ADRs, EDRs or GDRs for the same underlying issuer. Such duplication may lead to market confusion because there would be no central source of information for buyers, sellers and intermediaries, and delays in the payment of dividends and information about the underlying issuer or its securities could result. For other depositary receipts, the depository may be foreign or a U.S. entity, and the underlying securities may have a foreign or U.S. issuer.

The foreign government securities in which certain Portfolios may invest generally consist of debt obligations issued or guaranteed by national, state or provincial governments or similar political subdivisions. Foreign government securities also include debt securities of supranational entities. Such securities may be denominated in other currencies. Foreign government securities also include mortgage-related securities issued or guaranteed by national, state or provincial governmental instrumentalities, including quasi-governmental agencies. A Portfolio may invest in foreign government securities in the form of ADRs as described above. The Institutional U.S. Equity Portfolio may invest without limit in equity securities of non-U.S. real estate companies, or sponsored and unsponsored depositary receipts for such securities.

DIRECT CHINA INVESTMENTS. Historically, investments in stocks, bonds, and warrants listed and traded on a Mainland China stock exchange, investment companies, and other financial instruments (collectively referred to as "China Securities") approved by the China Securities Regulatory Commission were not eligible for investment by non-Chinese investors.

The Emerging Markets Portfolio, however, may purchase China A shares via the Shanghai-Hong Kong Stock Connect program ("Stock Connect") or through licensed and approved intermediaries. Stock Connect allows investors to trade and settle China A shares via the

Stock Exchange of Hong Kong Limited ("HKEx") and clearing house. Alternatively, The Emerging Markets Portfolio may utilize equivalent products through participating brokers. The Emerging Markets Portfolio's investments in China A shares may be subject to additional risk factors.

The trading and settlement currency of China A shares are in Chinese Yuan Renminbi and the Emerging Markets Portfolio will be exposed to currency risks due to the conversion of another currency into Renminbi.

The Emerging Markets Portfolio trades China A shares through brokers that are licensed and approved and may be Stock Connect participants. China A shares purchased through Stock Connect will be settled by the Hong Kong Securities Clearing Company ("HKSCC") with ChinaClear, the central clearinghouse in the People's Republic of China ("PRC"), on behalf of Hong Kong investors. During the settlement process, HKSCC will act as nominee on behalf of Hong Kong executing brokers, and as a result, SSE listed shares will not be in the name of the Emerging Markets Portfolio, its custodian, or any of its brokers during this time period.

While the Emerging Markets Portfolio's ownership of the shares will be reflected on the books of the custodian's records, the Emerging Markets Portfolio will only have beneficial rights in the shares. Stock Connect regulations provide that investors, such as the Emerging Markets Portfolio, enjoy the rights and benefits of China A shares purchased through Stock Connect. However, Stock Connect is still in its early stages. Further developments are likely and there can be no assurance as to whether or how such developments may restrict or affect a Portfolio's investments or returns.

The Portfolio also would be exposed to counterparty risks with respect to ChinaClear and intermediaries, such as brokers, through which it trades. In the event of the insolvency of ChinaClear, the Emerging Markets Portfolio's ability to take action directly to recover the Portfolio's assets may be limited. The HKSCC, as nominee holder, would have the exclusive right, but not the obligation, to take any legal action or court proceeding to enforce any rights of investors, such as the Emerging Markets Portfolio. Recovery of Portfolio assets may be subject to delays and expenses, which may be material. Similarly, HKSCC would be responsible for the exercise of shareholder rights with respect to corporate actions (including all dividends, rights issues, merger proposals or other shareholder votes). While HKSCC will endeavor to provide investors with the opportunity to provide voting instructions, investors may not have sufficient time to consider proposals or provide instructions. In addition, the Emerging Markets Portfolio also would be exposed to counterparty risk with respect to HKSCC. A failure or delay by the HKSCC in the performance of its obligations may result in a failure of settlement, or the loss, of Stock Connect securities and/or monies in connection with them and the Emerging Markets Portfolio may suffer losses as a result.

While certain aspects of the trading process are subject to Hong Kong law, PRC rules applicable to share ownership will apply including foreign shareholding restrictions and disclosure obligations applicable to China A shares. In addition, transactions using Stock Connect are not subject to the Hong Kong investor compensation fund or the China Securities Investor Protection Fund.

Investment in China A securities is subject to various risks associated with the legal and technical framework of Stock Connect. Stock Connect is generally available only on business days when both the HKEx and China A markets are open. When either or both the HKEx and China A are closed, investors will not be able to trade securities at times that may otherwise be beneficial to such trades. Because the program is new, the technical framework for Stock Connect has only been tested using simulated market conditions. In the event of high trade volumes or unexpected market conditions, Stock Connect may be available only on a limited basis, if at all.

CURRENCY RELATED INSTRUMENTS. As indicated in the Prospectus, certain Portfolios may use forward foreign currency exchange contracts and currency swap contracts in connection with permitted purchases and sales of securities of non-U.S. issuers. Certain Portfolios may, consistent with their respective investment objectives and policies, use such contracts as well as certain other currency related instruments to reduce the risks associated with the types of securities in which each is authorized to invest and to hedge against fluctuations in the relative value of the currencies in which securities held by each are denominated. The following discussion sets forth certain information relating to forward currency contracts, currency swaps, and other currency related instruments, together with the risks that may be associated with their use. Currency positions are not considered to be an investment in a foreign government for industry concentration purposes.

*About Currency Transactions and Hedging*. Certain Portfolios are authorized to purchase and sell options, futures contracts and options thereon relating to foreign currencies and securities denominated in foreign currencies. Such instruments may be traded on foreign exchanges, including foreign over-the-counter markets. Transactions in such instruments may not be regulated as effectively as similar transactions in the United States, may not involve a clearing mechanism and related guarantees, and are subject to the risk of governmental actions affecting trading in, or the prices of, foreign securities. The value of such positions also could be adversely affected by: (i) foreign political, legal and economic factors; (ii) lesser availability than in the United States of data on which to make trading decisions; (iii) delays in a Portfolio's ability to act upon economic events occurring in foreign markets during non-business hours in the United States; and (iv) lesser trading volume. Foreign currency exchange transactions may be entered into for the purpose of hedging against foreign currency exchange risk arising from the Portfolio's investment or anticipated investment in securities denominated in foreign currencies. Options relating to foreign currencies may also be purchased or sold to increase exposure to a foreign currency or to shift foreign currency exposure from one country to another.

*Foreign Currency Options and Related Risks*. Certain Portfolios may take positions in options on foreign currencies to hedge against the risk of foreign exchange rate fluctuations on foreign securities the Portfolio holds in its portfolio or intends to purchase. For example, if the Portfolio were to enter into a contract to purchase securities denominated in a foreign currency, it could effectively fix the

maximum U.S. dollar cost of the securities by purchasing call options on that foreign currency. Similarly, if the Portfolio held securities denominated in a foreign currency and anticipated a decline in the value of that currency against the U.S. dollar, it could hedge against such a decline by purchasing a put option on the currency involved. The markets in foreign currency options are relatively new, and the Portfolio's ability to establish and close out positions in such options is subject to the maintenance of a liquid secondary market. There can be no assurance that a liquid secondary market will exist for a particular option at any specific time. In addition, options on foreign currencies are affected by all of those factors that influence foreign exchange rates and investments generally. The quantities of currencies underlying option contracts represent odd lots in a market dominated by transactions between banks and, as a result, extra transaction costs may be incurred upon exercise of an option. There is no systematic reporting of last sale information for foreign currencies or any regulatory requirement that quotations be firm or revised on a timely basis. Quotation information is generally representative of very large transactions in the interbank market and may not reflect smaller transactions where rates may be less favorable. Option markets may be closed while round-the-clock interbank currency markets are open, and this can create price and rate discrepancies.

*Forward Foreign Currency Exchange Contracts and Currency Swaps*. To the extent indicated in the Prospectus, the Portfolios may use forward contracts and swaps to protect against uncertainty in the level of future exchange rates in connection with specific transactions or for hedging purposes. For example, when a Portfolio enters into a contract for the purchase or sale of a security denominated in a foreign currency, or when the Portfolio anticipates the receipt in a foreign currency of dividend or interest payments on a security that it holds, the Portfolio may desire to "lock in" the U.S. dollar price of the security or the U.S. dollar equivalent of the payment, by entering into a forward contract or swap for the purchase or sale of the foreign currency involved in the underlying transaction in exchange for a fixed amount of U.S. dollars or foreign currency. This may serve as a hedge against a possible loss resulting from an adverse change in the relationship between the currency exchange rates during the period between the date on which the security is purchased or sold, or on which the payment is declared, and the date on which such payments are made or received. The International Equity, Institutional International Equity, Institutional U.S. Equity, Corporate Opportunities, U.S. Corporate Fixed Income Securities and Emerging Markets Portfolios may also use forward or swap contracts in connection with specific transactions. In addition, they may use such contracts to lock in the U.S. dollar value of those positions, to increase the Portfolio's exposure to foreign currencies that the Specialist Manager believes may rise in value relative to the U.S. dollar or to shift the Portfolio's exposure to foreign currency fluctuations from one country to another. For example, when the Specialist Manager believes that the currency of a particular foreign country may suffer a substantial decline relative to the U.S. dollar or another currency, it may enter into a forward or swap contract to sell the amount of the former foreign currency approximating the value of some or all of the portfolio securities held by the Portfolio that are denominated in such foreign currency. This investment practice generally is referred to as "cross-hedging."

The precise matching of the forward or swap contract amounts and the value of the securities involved will not generally be possible because the future value of such securities in foreign currencies will change as a consequence of market movements in the value of those securities between the date the forward or swap contract is entered into and the date it matures. Accordingly, it may be necessary for a Portfolio to purchase additional foreign currency on the spot (i.e., cash) market (and bear the expense of such purchase) if the market value of the security is less than the amount of foreign currency the Portfolio is obligated to deliver and if a decision is made to sell the security and make delivery of the foreign currency. Conversely, it may be necessary to sell on the spot market some of the foreign currency received upon the sale of the portfolio security if its market value exceeds the amount of foreign currency the Portfolio is obligated to deliver. The projection of short-term currency market movements is extremely difficult, and the successful execution of a short-term hedging strategy is highly uncertain. Forward and swap contracts involve the risk that anticipated currency movements will not be accurately predicted, causing the Portfolio to sustain losses on these contracts and transaction costs. A Portfolio may enter into forward or swap contracts or maintain a net exposure to such contracts only if: (1) the consummation of the contracts would not obligate the Portfolio to deliver an amount of foreign currency in excess of the value of the Portfolio's securities and other assets denominated in that currency; or (2) the Portfolio maintains cash, U.S. government securities or other liquid securities in a segregated account in an amount which, together with the value of all the portfolio's securities denominated in such currency, equals or exceeds the value of such contracts.

At or before the maturity date of a forward or swap contract that requires the Portfolio to sell a currency, the Portfolio may either sell a portfolio security and use the sale proceeds to make delivery of the currency or retain the security and offset its contractual obligation to deliver the currency by purchasing a second contract pursuant to which the Portfolio will obtain, on the same maturity date, the same amount of the currency that it is obligated to deliver. Similarly, the Portfolio may close out a forward or swap contract requiring it to purchase a specified currency by entering into another contract entitling it to sell the same amount of the same currency on the maturity date of the first contract. As a result of such an offsetting transaction, a Portfolio would realize a gain or a loss to the extent of any change in the exchange rate between the currencies involved between the execution dates of the first and second contracts. The cost to a Portfolio of engaging in forward or swap contracts varies with factors such as the currencies involved, the length of the contract period and the prevailing market conditions. Because forward and swap contracts are usually entered into on a principal basis, no fees or commissions are involved. The use of forward or swap contracts does not eliminate fluctuations in the prices of the underlying securities a Portfolio owns or intends to acquire, but it does fix a rate of exchange in advance. In addition, although forward and swap contracts limit the risk of loss due to a decline in the value of the hedged currencies, they also limit any potential gain that might result should the value of the currencies increase.

Certain forward foreign currency contracts do not provide for physical settlement of the underlying currencies but instead provide for settlement by a single cash payment ("non-deliverable forwards"). Under definitions adopted by the Commodity Futures Trading

Commission ("CFTC") and the SEC, non-deliverable forwards are considered swaps. Although non-deliverable forwards have historically been traded in the over-the-counter ("OTC") market, as swaps they may in the future be required to be centrally cleared and traded on public facilities. For more information, see "OTHER DERIVATIVES—SWAP AGREEMENTS" below.

Although the Portfolios value their assets daily in terms of U.S. dollars, no Portfolio intends to convert its holdings of foreign currencies into U.S. dollars on a daily basis. The Portfolios may convert foreign currency from time to time, and investors should be aware of the costs of currency conversion. Although foreign exchange dealers do not charge a fee for conversion, they do realize a profit based on the difference between the prices at which they are buying and selling various currencies. Thus, a dealer may offer to sell a foreign currency to a Portfolio at one rate, while offering a lesser rate of exchange should the Portfolio desire to resell that currency to the dealer.

**OTHER DERIVATIVES**

OPTIONS. To the extent indicated in the Prospectus, the Portfolios may also invest in options in order to hedge against investment risks, to seek to efficiently obtain or adjust exposure to certain securities or groups of securities, or otherwise to increase returns. A Portfolio may use options only in a manner consistent with its investment objective and policies and may not invest more than 10% of its total assets in option purchases. With the exception of The Institutional U.S. Equity Portfolio and The Corporate Opportunities Portfolio, options may be used only for the purpose of reducing investment risk or to gain market exposure investment. The Portfolios mentioned above may invest in options as disclosed in their Prospectus. The Portfolios may invest in options on individual securities, baskets of securities or particular measurements of value or rate (an "index"), such as an index of the price of treasury securities or an index representative of short-term interest rates. Such options may be traded on an exchange or in the OTC markets. OTC options are subject to greater credit and liquidity risk. See "Additional Risk Factors of OTC Options." The following discussion sets forth certain information relating to the types of options that the Portfolios may use, together with the risks that may be associated with their use.

*About Options on Securities*. A call option is a short-term contract pursuant to which the purchaser of the option, in return for a premium, has the right to buy the security underlying the option at a specified price at any time during the term of the option. The writer of the call option, who receives the premium, has the obligation, upon exercise of the option during the option period, to deliver the underlying security against payment of the exercise price. A put option is a similar contract that gives its purchaser, in return for a premium, the right to sell the underlying security at a specified price during the term of the option. The writer of the put option, who receives the premium, has the obligation, upon exercise of the option during the option period, to buy the underlying security at the exercise price. Options may be based on a security, a securities index or a currency. Options on securities are generally settled by delivery of the underlying security whereas options on a securities index or currency are settled in cash.

*Options on Securities Indices*. Options on securities indices may be used in much the same manner as options on securities. Index options may serve as a hedge against overall fluctuations in the securities markets or market sectors, rather than anticipated increases or decreases in the value of a particular security. Thus, the effectiveness of techniques using stock index options will depend on the extent to which price movements in the securities index selected correlate with price movements of the Portfolio to be hedged. Options on stock indices are settled exclusively in cash.

*Option Purchases*. Call options on securities may be purchased in order to fix the cost of a future purchase. In addition, call options may be used as a means of participating in an anticipated advance of a security on a more limited risk basis than would be possible if the security itself were purchased. In the event of a decline in the price of the underlying security, use of this strategy would serve to limit the amount of loss, if any, to the amount of the option premium paid. Conversely, if the market price of the underlying security rises and the call is exercised or sold at a profit, that profit will be reduced by the amount initially paid for the call.

Put options may be purchased in order to hedge against a decline in market value of a security held by the Portfolio. The put effectively guarantees that the underlying security can be sold at the predetermined exercise price, even if that price is greater than the market value at the time of exercise. If the market price of the underlying security increases, the profit realized on the eventual sale of the security will be reduced by the premium paid for the put option. Put options may also be purchased on a security that is not held by the Portfolio in anticipation of a price decline in the underlying security. In the event the market value of such security declines below the designated exercise price of the put, the Portfolio would then be able to acquire the underlying security at the market price and exercise its put option, thus realizing a profit. In order for this strategy to be successful, however, the market price of the underlying security must decline so that the difference between the exercise price and the market price is greater than the option premium paid.

*Option Writing*. Call options may be written (sold) by the Portfolios. Generally, calls will be written only when, in the opinion of a Portfolio's Specialist Manager, the call premium received, plus anticipated appreciation in the market price of the underlying security up to the exercise price of the call, will be greater than the appreciation in the price of the underlying security or it would be appropriate to sell the underlying security.

Put options may also be written. This strategy will generally be used when it is anticipated that the market value of the underlying security will remain higher than the exercise price of the put option or when a temporary decrease in the market value of the underlying security is anticipated and, in the view of a Portfolio's Specialist Manager, it would be appropriate to acquire the underlying security. If the market price of the underlying security rises or stays above the exercise price, it can be expected that the purchaser of the put will not exercise the option and a profit, in the amount of the premium received for the put, will be realized by the writer of the put. However,

if the market price of the underlying security declines or stays below the exercise price, the put option may be exercised and the Portfolio will be obligated to purchase the underlying security at a price that may be higher than its current market value. All option writing strategies will be employed only if the option is "covered." For this purpose, "covered" means that, so long as the Portfolio is obligated as the writer of a call option, it will (1) own the security underlying the option; or (2) hold on a share-for-share basis a call on the same security, the exercise price of which is equal to or less than the exercise price of the call written. In the case of a put option, the Portfolio will (1) maintain cash or cash equivalents in an amount equal to or greater than the exercise price; or (2) hold on a share-for share basis, a put on the same security as the put written provided that the exercise price of the put held is equal to or greater than the exercise price of the put written.

*Risk Factors Relating to the Use of Options Strategies*. The premium paid or received with respect to an option position will reflect, among other things, the current market price of the underlying security, the relationship of the exercise price to the market price, the historical price volatility of the underlying security, the option period, supply and demand, and interest rates. Moreover, the successful use of options as a hedging strategy depends upon the ability to forecast the direction of market fluctuations in the underlying securities, or in the case of index options, in the market sector represented by the index selected.

Under normal circumstances, options traded on one or more of the several recognized options exchanges may be closed by effecting a "closing purchase transaction," (i.e., by purchasing an identical option with respect to the underlying security in the case of options written and by selling an identical option on the underlying security in the case of options purchased). A closing purchase transaction will effectively cancel an option position, thus permitting profits to be realized on the position, to prevent an underlying security from being called from, or put to, the writer of the option or, in the case of a call option, to permit the sale of the underlying security. A profit or loss may be realized from a closing purchase transaction, depending on whether the overall cost of the closing transaction (including the price of the option and actual transaction costs) is less or more than the premium received from the writing of the option. It should be noted that, in the event a loss is incurred in a closing purchase transaction, that loss may be partially or entirely offset by the premium received from a simultaneous or subsequent sale of a different call or put option. Also, because increases in the market price of an option will generally reflect increases in the market price of the underlying security, any loss resulting from a closing purchase transaction is likely to be offset in whole or in part by appreciation of the underlying security held. Options will normally have expiration dates between one and nine months from the date written. The exercise price of the options may be below, equal to, or above the current market values of the underlying securities at the time the options are written. Options that expire unexercised have no value. Unless an option purchased by a Portfolio is exercised or a closing purchase transaction is effected with respect to that position, a loss will be realized in the amount of the premium paid.

To the extent that a Portfolio writes a call option on a security it holds in its portfolio and intends to use such security as the sole means of "covering" its obligation under the call option, the Portfolio has, in return for the premium on the option, given up the opportunity to profit from a price increase in the underlying security above the exercise price during the option period, but, as long as its obligation under such call option continues, has retained the risk of loss should the price of the underlying security decline. If a Portfolio were unable to close out such a call option, the Portfolio would not be able to sell the underlying security unless the option expired without exercise.

*Additional Risk Factors of OTC Options*. Certain instruments traded in OTC markets, including indexed securities and OTC options, involve significant liquidity and credit risks. The absence of liquidity may make it difficult or impossible for a Portfolio to sell such instruments promptly at an acceptable price. In addition, lack of liquidity may also make it more difficult for the Portfolio to ascertain a market value for the instrument. A Portfolio will only acquire an illiquid OTC instrument if the agreement with the counterparty contains a formula price at which the contract can be sold or terminated or if on each business day, the Specialist Manager anticipates that at least one dealer quote is available.

Instruments traded in OTC markets are not guaranteed by an exchange or clearing organization and generally do not require payment of margin. To the extent that a Portfolio has unrealized gains in such instruments or has deposited collateral with its counterparty, the Portfolio is at risk that its counterparty will become bankrupt or otherwise fail to honor its obligations. The Portfolio will attempt to minimize these risks by engaging in transactions with counterparties who have significant capital or who have provided the Portfolio with a third party guarantee or credit enhancement.

FUTURES CONTRACTS AND RELATED INSTRUMENTS. To the extent indicated in the Prospectus, the Portfolios may use futures contracts and options on futures contracts. The following discussion sets forth certain information relating to the types of futures contracts that the Portfolios may use, together with the risks that may be associated with their use. As part of their investment strategies, a portion of each Portfolio may invest directly in futures contracts and options on futures contracts to attempt to achieve each Portfolio's investment objective without investing directly in the underlying futures contract.

*About Futures Contracts and Options on Futures Contracts*. A futures contract is a bilateral agreement pursuant to which one party agrees to make, and the other party agrees to accept, delivery of the specified type of security or currency called for in the contract at a specified future time and at a specified price. In practice, however, contracts relating to financial instruments or currencies are closed out through the use of closing purchase transactions before the settlement date and without delivery or the underlying security or currency. In the case of futures contracts based on a securities index, the contract provides for "delivery" of an amount of cash equal to

the dollar amount specified multiplied by the difference between the value of the underlying index on the settlement date and the price at which the contract was originally fixed.

Futures contracts may be bought and sold on U.S. and non-U.S. exchanges. Futures contracts in the U.S. have been designed by exchanges that have been designated "contract markets" by the CFTC and must be executed through a futures commission merchant ("FCM"), which is a brokerage firm that is a member of the relevant contract market. Each exchange guarantees performance of the contracts as between the clearing members of the exchange, thereby reducing the risk of counterparty default. Futures contracts may also be entered into on certain exempt markets, including exempt boards of trade and electronic trading facilities, available to certain market participants. Because all transactions in the futures market are made, offset or fulfilled by an FCM through a clearinghouse associated with the exchange on which the contracts are traded, a Portfolio will incur brokerage fees when it buys or sells futures contracts.

*Stock Index Futures Contracts*. A Portfolio may sell stock index futures contracts in anticipation of a general market or market sector decline that may adversely affect the market values of securities held. To the extent that securities held correlate with the index underlying the contract, the sale of futures contracts on that index could reduce the risk associated with a market decline. Where a significant market or market sector advance is anticipated, the purchase of a stock index futures contract may afford a hedge against not participating in such advance at a time when a Portfolio is not fully invested. This strategy would serve as a temporary substitute for the purchase of individual stocks which may later be purchased in an orderly fashion. Generally, as such purchases are made, positions in stock index futures contracts representing equivalent securities would be liquidated.

*Futures Contracts on Debt Securities*. Futures contracts on debt securities, often referred to as "interest rate futures," obligate the seller to deliver a specific type of debt security called for in the contract, at a specified future time. A public market now exists for futures contracts covering a number of debt securities, including long-term U.S. Treasury bonds, ten-year U.S. Treasury notes, and three-month U.S. Treasury bills, and additional futures contracts based on other debt securities or indices of debt securities may be developed in the future. Such contracts may be used to hedge against changes in the general level of interest rates. For example, a Portfolio may purchase such contracts when it wishes to defer a purchase of a longer-term bond because short-term yields are higher than long-term yields. Income would thus be earned on a short-term security and minimize the impact of all or part of an increase in the market price of the long-term debt security to be purchased in the future. A rise in the price of the long-term debt security prior to its purchase either would be offset by an increase in the value of the contract purchased by the Portfolio or avoided by taking delivery of the debt securities underlying the futures contract. Conversely, such a contract might be sold in order to continue to receive the income from a long-term debt security, while at the same time endeavoring to avoid part or all of any decline in market value of that security that would occur with an increase in interest rates. If interest rates did rise, a decline in the value of the debt security would be substantially offset by an increase in the value of the futures contract sold.

*Options on Futures Contracts*. An option on a futures contract gives the purchaser the right, in return for the premium, to assume a position in a futures contract (a long position if the option is a call and a short position if the option is a put) at a specified price at any time during the period of the option. The risk of loss associated with the purchase of an option on a futures contract is limited to the premium paid for the option, plus transaction cost. The seller of an option on a futures contract is obligated to a broker for the payment of initial and variation margin in amounts that depend on the nature of the underlying futures contract, the current market value of the option, and other futures positions held by a Portfolio. Upon exercise of the option, the option seller must deliver the underlying futures position to the holder of the option, together with the accumulated balance in the seller's futures margin account that represents the amount by which the market price of the underlying futures contract exceeds, in the case of a call, or is less than, in the case of a put, the exercise price of the option involved. If an option is exercised on the last trading day prior to the expiration date of the option, settlement will be made entirely in cash equal to the difference between the exercise price of the option and the value at the close of trading on the expiration date.

*Risk Considerations Relating to Futures Contracts and Related Instruments.* Participants in the futures markets are subject to certain risks. Positions in futures contracts may be closed out only on the exchange on which they were entered into (or through a linked exchange): no secondary market exists for such contracts. In addition, there can be no assurance that a liquid market will exist for the contracts at any particular time. Most futures exchanges and boards of trade limit the amount of fluctuation permitted in futures contract prices during a single trading day. Once the daily limit has been reached in a particular contract, no trades may be made that day at a price beyond that limit. It is possible that futures contract prices could move to the daily limit for several consecutive trading days with little or no trading, thereby preventing prompt liquidation of futures positions and subjecting some futures traders to substantial losses. In such event, and in the event of adverse price movements, a Portfolio would be required to make daily cash payments of variation margin. In such circumstances, an increase in the value of that portion of the securities being hedged, if any, may partially or completely offset losses on the futures contract.

As noted above, there can be no assurance that price movements in the futures markets will correlate with the prices of the underlying securities positions. In particular, there may be an imperfect correlation between movements in the prices of futures contracts and the market value of the underlying securities positions being hedged. In addition, the market prices of futures contracts may be affected by factors other than interest rate changes and, as a result, even a correct forecast of interest rate trends might not result in a successful hedging strategy. If participants in the futures market elect to close out their contracts through offsetting transactions rather than by meeting margin deposit requirements, distortions in the normal relationship between debt securities and the futures markets could result.

Price distortions could also result if investors in the futures markets opt to make or take delivery of the underlying securities rather than engage in closing transactions because such trend might result in a reduction in the liquidity of the futures market. In addition, an increase in the participation of speculators in the futures market could cause temporary price distortions.

The risks associated with options on futures contracts are similar to those applicable to all options and are summarized above under the heading "Hedging Through the Use of Options: Risk Factors Relating to the Use of Options Strategies." In addition, as is the case with futures contracts, there can be no assurance that (1) there will be a correlation between price movements in the options and those relating to the underlying securities; (2) a liquid market for options held will exist at the time when a Portfolio may wish to effect a closing transaction; or (3) predictions as to anticipated interest rate or other market trends on behalf of a Portfolio will be correct.

*Margin and Segregation Requirements Applicable to Futures Related Transactions*. When a purchase or sale of a futures contract is made by a Portfolio, that Portfolio is required to deposit with its custodian (or broker, if legally permitted) a specified amount of cash or U.S. government securities ("initial margin"). The margin required for a futures contract is set by the exchange on which the contract is traded and may be modified during the term of the contract. The initial margin is in the nature of a performance bond or good faith deposit on the futures contract which is returned to the Portfolio upon termination of the contract, assuming all contractual obligations have been satisfied. The Portfolio expects to earn interest income on its initial margin deposits. A futures contract held by a Portfolio is valued daily at the official settlement price of the exchange on which it is traded. Each day the Portfolio pays or receives cash, called "variation margin" equal to the daily change in value of the futures contract. This process is known as "marking to market." Variation margin does not represent a borrowing or loan by the Portfolio but is instead a settlement between the Portfolio and the broker of the amount one would owe the other if the futures contract expired. In computing daily net asset value, the Portfolio will value its open futures positions at market.

There is a risk of loss by a Portfolio of the initial and variation margin deposits in the event of bankruptcy of the broker with which the Portfolio has an open position in a futures contract. The assets of a Portfolio may not be fully protected in the event of the bankruptcy of the broker because the Portfolio might be limited to recovering only a pro rata share of all available funds and margin segregated on behalf of the broker's customers.

With the exception of The Institutional U.S. Equity Portfolio and The Corporate Opportunities Portfolio, a Portfolio will not enter into a futures contract or an option on a futures contract if, immediately thereafter, the aggregate initial margin deposits relating to such positions plus premiums paid by it for open futures option positions, less the amount by which any such options are "in-the-money," would exceed 5% of the Portfolio's total assets. A call option is "in-the-money" if the value of the futures contract that is the subject of the option exceeds the exercise price. A put option is "in-the-money" if the exercise price exceeds the value of the futures contract that is the subject of the option.

When purchasing a futures contract, a Portfolio will maintain, either with its custodian bank or, if permitted, a broker, and will mark-to-market on a daily basis, cash, U.S. government securities, or other highly liquid securities that, when added to the amounts deposited with a futures commission merchant as margin, are equal to the market value of the futures contract. Alternatively, a Portfolio may "cover" its position by purchasing a put option on the same futures contract with a strike price as high as or higher than the price of the contract held by the Portfolio. When selling a futures contract, a Portfolio will similarly maintain liquid assets that, when added to the amount deposited with a futures commission merchant as margin, are equal to the market value of the instruments underlying the contract. Alternatively, a Portfolio may "cover" its position by owning the instruments underlying the contract (or, in the case of an index futures contract, a Portfolio with a volatility substantially similar to that of the index on which the futures contract is based), or by holding a call option permitting a Portfolio to purchase the same futures contract at a price no higher than the price of the contract written by that Portfolio (or at a higher price if the difference is maintained in liquid assets with the Trust's custodian).

When selling a call option on a futures contract, a Portfolio will maintain, either with its custodian bank or, if permitted, a broker, and will mark-to-market on a daily basis, cash, U. S. government securities, or other highly liquid securities that, when added to the amounts deposited with a futures commission merchant as margin, equal the total market value of the futures contract underlying the call option. Alternatively, a Portfolio may cover its position by entering into a long position in the same futures contract at a price no higher than the strike price of the call option, by owning the instruments underlying the futures contract, or by holding a separate call option permitting the Portfolio to purchase the same futures contract at a price not higher than the strike price of the call option sold by the Portfolio.

When selling a put option on a futures contract, the Portfolio will similarly maintain cash, U.S. government securities, or other highly liquid securities that equal the purchase price of the futures contract, less any margin on deposit. Alternatively, the Portfolio may cover the position either by entering into a short position in the same futures contract, or by owning a separate put option permitting it to sell the same futures contract so long as the strike price of the purchased put option is the same or higher than the strike price of the put option sold by the Portfolio.

SWAP AGREEMENTS. A Portfolio may enter into swap agreements for purposes of attempting to gain exposure to the securities making up an index without actually purchasing those instruments, to hedge a position or to gain exposure to a particular instrument or currency.

*About Swap Agreements*. Swap agreements are two-party contracts entered into primarily by institutional investors for periods ranging from a day to more than one-year. In a standard "swap" transaction, two parties agree to exchange the returns (or differentials in rates of return) and/or cash flow earned or realized on particular predetermined investments or instruments. The gross returns to be exchanged or "swapped" between the parties are calculated with respect to a "notional amount," *i.e.*, the return on or increase in value of a particular dollar amount invested in a "basket" of securities representing a particular index. Forms of swap agreements include interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or "cap," interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified level, or "floor;" and interest rate dollars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels. A credit default swap is a specific kind of counterparty agreement designed to transfer the third party credit risk between parties. One party in the swap is a lender and faces credit risk from a third party and the counterparty in the credit default swap agrees to insure this risk in exchange for regular periodic payments (essentially an insurance premium). If the third party defaults, the party providing insurance will have to purchase from the insured party the defaulted asset. A Credit Default Swap Index is an Index comprised of Credit Default Swaps. Similar to the mechanics described above, the buyer of a credit default swap index owns protection against the default risk of a diversified basket of individual instrument referenced by the Index, in exchange for an upfront payment and series of periodic coupon payments. The seller of the Credit Default Swap Index receives the upfront payment and periodic coupons AND agrees to transfer the par value of the Index at maturity.

The Institutional U.S. Equity Portfolio, The Corporate Opportunities Portfolio and The U.S. Government Fixed Income Securities Portfolio may enter into credit default swap agreements or purchase or sell Credit Default Swap Indexes. The credit default swap agreement may have as reference obligations one or more securities that are not currently held by the Portfolio and the credit default swap index may include reference instruments that are not held by the portfolio. The protection "buyer" in a credit default contract 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. The Portfolio may be either the buyer or seller in the transaction. If the Portfolio is a buyer and no credit event occurs, the Portfolio 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, the Portfolio 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, the Portfolio would effectively add leverage to its portfolio because, in addition to its total net assets, a Portfolio would be subject to investment exposure on the notional amount of the swap.

A swap agreement may be negotiated bilaterally and traded OTC between the two parties (for an uncleared swap) or, in some instances, must be transacted through an FCM and cleared through a clearinghouse that serves as a central counterparty (for a cleared swap). In an uncleared swap, the swap counterparty will be a brokerage firm, bank or other financial institution. During the term of an uncleared swap, a Portfolio is usually required to pledge to the swap counterparty, from time to time, an amount of cash and/or other assets equal to the total net amount (if any) that would be payable by the Portfolio to the counterparty if all outstanding swaps between the parties were terminated on the date in question, including, any early termination payments ("Variation Margin"). Periodically, changes in the amount pledged are made to recognize changes in value of the contract resulting from, among other things, interest on the notional value of the contract, market value changes in the underlying investment, and/or dividends paid by the issuer of the underlying instrument. Likewise, the counterparty will be required to pledge cash or other assets to cover its obligations to the Portfolio. However, the amount pledged may not always be equal to or more than the amount due to the other party. Therefore, if a counterparty defaults on its obligations to a Portfolio, the amount pledged by the counterparty and available to the Portfolio may not be sufficient to cover all the amounts due to the Portfolio and the Portfolio may sustain a loss.

Certain standardized swaps are subject to mandatory central clearing and trade execution requirements. In a cleared swap, a Portfolio's ultimate counterparty is a central clearinghouse rather than a brokerage firm, bank or other financial institution. Cleared swaps are submitted for clearing through each party's FCM, which must be a member of the clearinghouse that serves as the central counterparty. Mandatory exchange-trading and clearing of swaps will occur on a phased-in basis based on CFTC approval of contracts for central clearing and public trading facilities making such cleared swaps available to trade. To date, the CFTC has designated only certain of the most common types of credit default index swaps and certain interest rate swaps as subject to mandatory clearing and certain public trading facilities have made certain of those swaps available to trade, but it is expected that additional categories of swaps will in the future be designated as subject to mandatory clearing and trade execution requirements. Central clearing is intended to reduce counterparty credit risk and increase liquidity, but central clearing does not eliminate these risks and may involve additional costs and risks not involved with uncleared swaps.

The use of equity swaps is a highly specialized activity, which involves investment techniques and risks different from those associated with ordinary portfolio securities transactions.

The Portfolio's current obligations under a swap agreement will be accrued daily (offset against any amounts owing to the portfolio) and any accrued but unpaid net amounts owed to a swap counterparty will be covered by earmarking or segregating assets determined to be liquid. Obligations under swap agreements so covered will not be construed to be "senior securities" for purposes of the Portfolio's

investment restriction concerning senior securities. Certain swap agreements may be considered to be illiquid for a Portfolio's illiquid investment limitations. The Portfolio may enter into swap agreements to invest in a market without owning or taking physical custody of securities in circumstances in which direct investment is restricted for legal reasons or is otherwise impracticable.

The Portfolio bears the risk of loss of the amount expected to be received under a swap agreement in the event of the default or bankruptcy of a swap agreement counterparty. In addition, the Portfolio's risk of loss includes any margin at risk in the event of default by the counterparty (in an uncleared swap) or the central counterparty or FCM (in a cleared swap), plus any transaction costs.

Uncleared swaps are typically executed bilaterally with a swap dealer rather than traded on exchanges. As a result, swap participants may not be as protected as participants on organized exchanges. Performance of a swap agreement is the responsibility only of the swap counterparty and not of any exchange or clearinghouse. As a result, the Portfolios are subject to counterparty risk (i.e., the risk that a counterparty will be unable or will refuse to perform under such agreement, including because of the counterparty's bankruptcy or insolvency). A Portfolio risks the loss of the accrued but unpaid amounts under a swap agreement, which could be substantial, in the event of a default, insolvency or bankruptcy by a swap counterparty. In such an event, a Portfolio will have contractual remedies pursuant to the swap agreements, but bankruptcy and insolvency laws could affect the Portfolio's rights as a creditor. While the Portfolio will not enter into any swap agreement unless the Specialist Manager believes that the counterparty to the transaction is creditworthy, in unusual or extreme market conditions, a counterparty's creditworthiness and ability to perform may deteriorate rapidly, and the availability of suitable replacement counterparties may become limited. If the counterparty's creditworthiness declines, the value of a swap agreement would likely decline, potentially resulting in losses.

Currently, the Portfolio does not typically provide initial margin in connection with swaps. Rules requiring initial margin to be posted by certain market participants for uncleared swaps have, however, been adopted and are being phased in over time. When these rules take effect with respect to the Portfolio, if the Portfolio is deemed to have material swaps exposure under applicable swap regulations, it will be required to post initial in addition to Variation Margin.

As noted above, under recent financial reforms, certain types of swaps are, and others eventually are expected to be, required to be cleared through a central counterparty, which may affect counterparty risk and other risks faced by the Portfolio. Central clearing is designed to reduce counterparty credit risk and increase liquidity compared to bilateral swaps because central clearing interposes the central clearinghouse as the counterparty to each participant's swap, but it does not eliminate those risks completely. There is also a risk of loss by the Portfolio of the initial and Variation Margin deposits in the event of bankruptcy of the FCM with which the Portfolio has an open position, or the central counterparty in a swap contract. The assets of the Portfolio may not be fully protected in the event of the bankruptcy of the FCM or central counterparty because the Portfolio might be limited to recovering only a pro rata share of all available funds and margin segregated on behalf of an FCM's customers. If the FCM does not provide accurate reporting, the Portfolio is also subject to the risk that the FCM could use the Portfolio's assets, which are held in an omnibus account with assets belonging to the FCM's other customers, to satisfy its own financial obligations or the payment obligations of another customer to the central counterparty. Credit risk of cleared swap participants is concentrated in a few clearinghouses, and the consequences of insolvency of a clearinghouse are not clear.

With cleared swaps, the Portfolio may not be able to obtain terms as favorable as it would be able to negotiate for a bilateral, uncleared swap. In addition, an FCM may unilaterally amend the terms of its agreement with the Portfolio, which may include the imposition of position limits or additional margin requirements with respect to the Portfolio's investment in certain types of swaps. Central counterparties and FCMs can require termination of existing cleared swaps upon the occurrence of certain events, and can also require increases in margin above the margin that is required at the initiation of the swap agreement.

The Portfolio is also subject to the risk that, after entering into a cleared swap with an executing broker, no FCM or central counterparty is willing or able to clear the transaction. In such an event, the Portfolio may be required to break the trade and make an early termination payment to the FCM.

Swaps that are subject to mandatory clearing are also required to be traded on swap execution facilities ("SEFs"), if any SEF makes the swap available to trade. An SEF is a trading platform where multiple market participants can execute swap transactions by accepting bids and offers made by multiple other participants on the platform. Transactions executed on an SEF may increase market transparency and liquidity but may require a Portfolio to incur increased expenses to access the same types of swaps that it has used in the past.

Swap agreements typically are settled on a net basis, which means that the two payment streams are netted out, with the Portfolio receiving or paying, as the case may be, only the net amount of the two payments. Payments may be made at the conclusion of a swap agreement or periodically during its term. Swap agreements do not involve the delivery of securities or other underlying assets. Accordingly, the risk of loss with respect to swap agreements is limited to the net amount of payments that the Portfolio is contractually obligated to make. If the other party to a swap agreement defaults, the Portfolio's risk of loss consists of the net amount of payments that such Portfolio is contractually entitled to receive, if any. The net amount of the excess, if any, of the Portfolio's obligations over its entitlements with respect to each swap will be accrued on a daily basis and liquid assets, having an aggregate net asset value at least equal to such accrued excess will be earmarked or maintained in a segregated account by the Portfolio's custodian. In as much as these transactions are entered into for hedging purposes or are offset by segregating liquid assets, as permitted by applicable law, the Portfolio and its respective Specialist Manager(s) believe that these transactions do not constitute senior securities under the Investment Company Act and, accordingly, will not treat them as being subject to a Portfolio's borrowing restrictions. For purposes of each of the Portfolio's

requirements under Rule 12d3-1 where, for example, the Portfolio is prohibited from investing more than 5% of its total assets in any one broker, dealer, underwriter or investment adviser (the "securities-related issuer") , the mark-to-market value will be used to measure the Portfolio's counterparty exposure. In addition, the mark-to-market value will be used to measure the Portfolio's issuer exposure for purposes of Section 5b-1.

The Portfolio may enter into index swap agreements as an additional hedging strategy for cash reserves held by the Portfolio or to effect investment transactions consistent with the Portfolio's investment objective and strategies. Index swaps tend to have a maturity of one year. There is not a well-developed secondary market for index swaps. Many index swaps are considered to be illiquid because the counterparty will typically not unwind an index swap prior to its termination (and, not surprisingly, index swaps tend to have much shorter terms). A Portfolio may therefore treat all index swaps as subject to their limitation on illiquid investments.

The swap market has grown substantially in recent years with a large number of banks and investment banking firms acting both as principals and as agents utilizing standardized swap documentation. As a result, the swap market has become relatively liquid in comparison with the markets for other similar instruments, which are traded in the over-the-counter market. The Specialist Manager, under the supervision of the Board of Trustees and the Adviser, is responsible for determining and monitoring the liquidity of Portfolio transactions in swap agreements.

*Synthetic Equity Swaps*. Certain Portfolios may also enter into synthetic equity swaps, in which one party to the contract agrees to pay the other party the total return earned or realized on a particular "notional amount" of value of an underlying equity security including any dividends distributed by the underlying security. The other party to the contract makes regular payments, typically at a fixed rate or at a floating rate based on the Secured Overnight Funding Rate ("SOFR"). The Federal Reserve Bank of New York began publishing the SOFR in April 2018. SOFR, which is a broad measure of the cost of overnight borrowing of cash collateralized by Treasury securities, is intended to serve as a reference rate for U.S. dollar-based debt and derivatives. The notional amount is not invested in the reference security. Similar to currency swaps, synthetic equity swaps are generally entered into on a net basis, which means the two payment streams are netted out and the Portfolio will either pay or receive the net amount. The Portfolio will enter into a synthetic equity swap instead of purchasing the reference security when the synthetic equity swap provides a more efficient or less expensive way of gaining exposure to a security compared with a direct investment in the security.

OTHER HEDGING INSTRUMENTS. Generally, a Portfolio's investment in the shares of another investment company is restricted to up to 5% of its total assets and aggregate investments in all investment companies is limited to 10% of total assets. Provided certain requirements set forth in the Investment Company Act are met, however, investments in excess of these limitations may be made. Certain of the Portfolios may make such investments, some of which are described below.

The Portfolios may invest in exchange-traded funds ("ETFs"). The use of ETFs may be part of a Portfolio's overall hedging strategies. Such strategies are designed to reduce certain risks that would otherwise be associated with the investments in the types of securities in which the Portfolios invest and/or in anticipation of future purchases, including to achieve market exposure pending direct investment in securities, provided that the use of such strategies is consistent with the investment policies and restrictions adopted by the Portfolios. Although similar diversification benefits may be achieved through an investment in another investment company, ETFs generally offer greater liquidity and lower expenses. Because an ETF charges its own fees and expenses, fund shareholders will indirectly bear these costs. The Portfolios will also incur brokerage commissions and related charges when purchasing shares in an exchange-traded fund in secondary market transactions. Unlike typical investment company shares, which are valued once daily, shares in an ETF may be purchased or sold on a listed securities exchange throughout the trading day at market prices that are generally close to net asset value. ETFs are subject to liquidity and market risks. Some ETFs traded on securities exchanges are actively managed and subject to the same management risks as other actively managed investment companies. Other ETFs have an objective to track the performance of a specified index ("Index ETFs"). Therefore, securities may be purchased, retained and sold by an Index ETF at times when an actively managed trust would not do so. As a result, in an Index ETF you can expect greater risk of loss (and a correspondingly greater prospect of gain) from changes in the value of the securities that are heavily weighted in the index than would be the case if the Index ETF portfolio was not fully invested in such securities. In addition, the results of an Index ETF investment will not match the performance of the specified index due to reductions in the Index ETF's performance attributable to transaction and other expenses, including fees paid by the Index ETF portfolio to service providers. Because of these factors, the price of ETFs can be volatile, and a Portfolio may sustain sudden, and sometimes substantial, fluctuations in the value of its investment in an ETF.

The Portfolios may invest in ETFs that are consistent with the Portfolio's investment strategy, as well as Standard & Poor's Depositary Receipts ("SPDRs"). SPDRs are interests in a unit investment trust ("UIT") that may be obtained directly from the UIT or purchased in the secondary market (SPDRs are listed on the American Stock Exchange). The UIT will issue SPDRs in aggregations known as "Creation Units" in exchange for a "Portfolio Deposit" consisting of (a) a portfolio of securities substantially similar to the component securities ("Index Securities") of the Standard & Poor's 500 Composite Stock Price Index (the "S&P Index"), (b) a cash payment equal to a pro rata portion of the dividends accrued on the UIT's portfolio securities since the last dividend payment by the UIT, net of expenses and liabilities, and (c) a cash payment or credit, called a "Balancing Amount") designed to equalize the net asset value of the S&P Index and the net asset value of a Portfolio Deposit. SPDRs are not individually redeemable, except upon termination of the UIT. To redeem, a Portfolio must accumulate enough SPDRs to reconstitute a Creation Unit. The liquidity of small holdings of SPDRs, therefore, will depend upon the existence of a secondary market. Upon redemption of a Creation Unit, the Portfolio will receive Index Securities and

cash identical to the Portfolio Deposit required of an investor wishing to purchase a Creation Unit that day. The price of SPDRs is derived from and based upon the securities held by the UIT. Accordingly, the level of risk involved in the purchase or sale of a SPDR is similar to the risk involved in the purchase or sale of traditional common stock, with the exception that the pricing mechanism for SPDRs is based on a basket of stocks. Disruptions in the markets for the securities underlying SPDRs purchased or sold by a Portfolio could result in losses on SPDRs. Trading in SPDRs involves risks similar to those risks involved in the writing of options on securities. The Portfolios may invest in certain ETFs in excess of the normal statutory limits in reliance on exemptive orders that have been issued to the entities issuing shares in those ETFs, provided that certain conditions are met.

*Participation Notes.* The Portfolios may invest in participation notes ("P-notes"), which are instruments that are issued by banks, broker-dealers or their affiliates and are designed to offer a return linked to a particular underlying equity, debt, currency or market. If the P-note were held to maturity, the issuer would pay to the purchaser the underlying instrument's value at maturity with any necessary adjustments. The holder of a P-note that is linked to a particular underlying security or instrument may be entitled to receive dividends paid in connection with that underlying security or instrument, but typically does not receive voting rights as it would if it directly owned the underlying security or instrument. In addition, there can be no assurance that there will be a trading market for a P-note or that the trading price of a P-note will equal the underlying value of the security, instrument or market that it seeks to replicate. Due to transfer restrictions, the secondary markets on which a P-note is traded may be less liquid than the market for other securities, or may be completely illiquid, which may expose the Portfolio to risks of mispricing or improper valuation. P-notes typically constitute general unsecured contractual obligations of the banks, broker-dealers or their relevant affiliates that issue them, which subjects the Portfolio to counterparty risk. P-notes also have the same risks associated with a direct investment in the underlying securities, instruments or markets that they seek to replicate.

**COMMODITY POOL OPERATOR REGULATION AND EXCLUSIONS**

The Adviser has claimed an exclusion from the definition of a "commodity pool operator" ("CPO") under the Commodity Exchange Act ("CEA") and the rules of the CFTC and, therefore, is not subject to CFTC registration or regulation as a CPO. In addition, with respect to the Portfolios, the Adviser is relying upon a related exclusion from the definition of "commodities trading adviser" under the CEA and the rules of the CFTC.

The terms of the CPO exclusion require each Portfolio, among other things, to adhere to certain limits on its investments in "commodity interests." Commodity interests include commodity futures, commodity options and swaps, which in turn include non-deliverable forwards. Because the Adviser and the Portfolios intend to comply with the terms of the CPO exclusion, a Portfolio may, in the future, need to adjust its investment strategies, consistent with its investment objective, to limit its investments in these types of instruments. The Portfolios 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 reliance on these exclusions, or the Portfolios, their investment strategies or this SAI.

Generally, the exclusion from CPO regulation on which the Adviser relies requires each Portfolio 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 Portfolio's positions in commodity interests may not exceed 5% of the liquidation value of the Portfolio (after taking into account unrealized profits and unrealized losses on any such positions); or (2) the aggregate net notional value of the Portfolio'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 Portfolio (after taking into account unrealized profits and unrealized losses on any such positions). In addition to meeting one of these trading limitations, the Portfolios may not be marketed as commodity pools or otherwise as vehicles for trading in the commodity futures, commodity options or swaps markets. If, in the future, a Portfolio can no longer satisfy these requirements, the Adviser would withdraw its notice claiming an exclusion from the definition of a CPO, and the Adviser would be subject to registration and regulation as a CPO with respect to the Portfolio, in accordance with CFTC rules that apply to CPOs of registered investment companies. Generally, these rules allow for substituted compliance with CFTC disclosure and shareholder reporting requirements, based on the Adviser's compliance with comparable SEC requirements. However, as a result of CFTC regulation with respect to the Portfolio, the Portfolio may incur additional compliance and other expenses.

**INDEX INVESTING**

A portion of the assets of certain Portfolios may at times be committed to investing assets in a manner that replicates the performance of an appropriate benchmark index. At times, subsets of these indices may also be used as a basis for selecting securities for such a portion of a Portfolio. This passive investment style would differ from the active management investment techniques used with respect to the Portfolios' other assets. Rather than relying upon fundamental research, economic analysis and investment judgment, this approach uses automated statistical analytic procedures that seek to track the performance of a selected stock index or subset thereof.

**INVESTMENT COMPANY SECURITIES**

The Adviser or the Specialist Managers may also acquire, on behalf of a Portfolio, securities issued by other investment companies, to the extent permitted under the Investment Company Act, provided that such investments are otherwise consistent with the overall investment objective and policies of that Portfolio. A Portfolio may also invest in shares of another Portfolio of the Trust ("Affiliated Portfolio") to the extent that such investments are consistent with the acquiring Portfolio's investment objectives, policies and restrictions are permissible under the Investment Company Act.

To the extent that a Portfolio invests in investment companies that themselves invest in securities that would satisfy any applicable minimum investment policy of the Portfolio, such investments will be included, on a "look-through" basis, in that minimum investment policy for compliance purposes.

**MONEY MARKET INSTRUMENTS**

BANK OBLIGATIONS. Bank Obligations may include certificates of deposit, time deposits and bankers' acceptances. Certificates of Deposit ("CDs") are short-term negotiable obligations of commercial banks. Time Deposits are non-negotiable deposits maintained in banking institutions for specified periods of time at stated interest rates. Bankers' acceptances are time drafts drawn on commercial banks by borrowers usually in connection with international transactions. U.S. commercial banks organized under federal law are supervised and examined by the Comptroller of the Currency and are required to be members of the Federal Reserve System and to be insured by the Federal Deposit Insurance Corporation (the "FDIC"). U.S. banks organized under state law are supervised and examined by state banking authorities but are members of the Federal Reserve System only if they elect to join. Most state banks are insured by the FDIC (although such insurance may not be of material benefit to a Portfolio, depending upon the principal amount of CDs of each bank held by the Portfolio) and are subject to federal examination and to a substantial body of federal law and regulation. As a result of governmental regulations, U.S. branches of U.S. banks, among other things, generally are required to maintain specified levels of reserves, and are subject to other supervision and regulation designed to promote financial soundness. U.S. savings and loan associations, the CDs of which may be purchased by the Portfolios, are supervised and subject to examination by the Office of Thrift Supervision. U.S. savings and loan associations are insured by the Savings Association Insurance Portfolio which is administered by the FDIC and backed by the full faith and credit of the U.S. government.

COMMERCIAL PAPER. Commercial paper is a short-term, unsecured negotiable promissory note of a U.S. or non-U.S. issuer. Each of the Portfolios may purchase commercial paper for temporary purposes; The Institutional U.S. Equity Portfolio and the Income Portfolios may acquire these instruments as described in the Prospectus. Each Portfolio may similarly invest in variable rate master demand notes which typically are issued by large corporate borrowers and which provide for variable amounts of principal indebtedness and periodic adjustments in the interest rate. Demand notes are direct lending arrangements between a Portfolio and an issuer, and are not normally traded in a secondary market. A Portfolio, however, may demand payment of principal and accrued interest at any time. In addition, while demand notes generally are not rated, their issuers must satisfy the same criteria as those that apply to issuers of commercial paper. The appropriate Specialist Manager will consider the earning power, cash flow and other liquidity ratios of issuers of demand notes and continually will monitor their financial ability to meet payment on demand. See also "Variable and Floating Rate Instruments," below.

REPURCHASE AGREEMENTS. Repurchase Agreements may be used for temporary investment purposes. Under the terms of a typical repurchase agreement, a Portfolio would acquire an underlying debt security for a relatively short period (usually not more than one week), subject to an obligation of the seller to repurchase that security and the obligation of that Portfolio to resell that security at an agreed-upon price and time. Repurchase agreements could involve certain risks in the event of default or insolvency of the other party, including possible delays or restrictions upon a Portfolio's ability to dispose of the underlying securities. The Specialist Manager for each Portfolio, in accordance with guidelines adopted by the Board, monitors the creditworthiness of those banks and non-bank dealers with which the respective Portfolios may enter into repurchase agreements. The Trust also monitors the market value of the securities underlying any repurchase agreement to ensure that the repurchase obligation of the seller is adequately collateralized.

Repurchase agreements may be entered into with primary dealers in U.S. government securities who meet credit guidelines established by the Board (each a "repo counterparty"). Under each repurchase agreement, the repo counterparty will be required to maintain, in an account with the Trust's custodian bank, securities that equal or exceed the repurchase price of the securities subject to the repurchase agreement. A Portfolio will generally enter into repurchase agreements with short durations, from overnight to one week, although securities subject to repurchase agreements generally have longer maturities. A Portfolio may not enter into a repurchase agreement with more than seven days to maturity if, as a result, more than 15% of the value of its net assets would be invested in illiquid securities including such repurchase agreements. For purposes of the Investment Company Act, a repurchase agreement may be deemed a loan to the repo counterparty. It is not clear whether, in the context of a bankruptcy proceeding involving a repo counterparty, a court would consider a security acquired by a Portfolio subject to a repurchase agreement as being owned by that Portfolio or as being collateral for such a "loan." If a court were to characterize the transaction as a loan, and a Portfolio has not perfected a security interest in the security acquired, that Portfolio could be required to turn the security acquired over to the bankruptcy trustee and be treated as an unsecured creditor of the repo counterparty. As an unsecured creditor, a Portfolio would be at the risk of losing some or all of the principal and income involved in the transaction. In the event of any such bankruptcy or insolvency proceeding involving a repo counterparty with whom a Portfolio has outstanding repurchase agreements, a Portfolio may encounter delays and incur costs before being able to sell securities acquired subject to such repurchase agreements. Any such delays may involve loss of interest or a decline in price of the security so acquired.

Apart from the risk of bankruptcy or insolvency proceedings, there is also the risk that the repo counterparty may fail to repurchase the security. However, a Portfolio will always receive as collateral for any repurchase agreement to which it is a party, securities acceptable to it, the market value of which is equal to at least 102% of the repurchase price, and the Portfolio will make payment against such securities only upon physical delivery or evidence of book entry transfer of such collateral to the account of its custodian bank. If the

market value of the security subject to the repurchase agreement falls below the repurchase price the Trust will direct the repo counterparty to deliver to the Trust's custodian additional securities so that the market value of all securities subject to the repurchase agreement will equal or exceed the repurchase price.

SECURITIES LENDING. Certain of the Portfolios may lend from their total assets in the form of their portfolio securities to broker dealers under contracts calling for collateral equal to at least the market value of the securities loaned, marked to market on a daily basis. The Portfolios will continue to benefit from interest or dividends on the securities loaned and may also earn a return from the collateral, which may include shares of a money market fund subject to any investment restrictions listed in this Statement of Additional Information. The Portfolios pay various fees in connection with the investment of the collateral. Under some securities lending arrangements a Portfolio may receive a set fee for keeping its securities available for lending. Any voting rights, or rights to consent, relating to securities loaned pass to the borrower. Cash collateral received by a Portfolio in securities lending transactions may be invested in short-term liquid fixed income instruments or in money market or short-term funds, or similar investment vehicles, including affiliated money market or short-term mutual funds. A Portfolio bears the risk of such investments.

VARIABLE AND FLOATING RATE INSTRUMENTS. Short-term variable rate instruments (including floating rate instruments) from banks and other issuers may be used for temporary investment purposes, or longer-term variable and floating rate instruments may be used in furtherance of a Portfolio's investment objectives. A "variable rate instrument" is one whose terms provide for the adjustment of its interest rate on set dates and which, upon such adjustment, can reasonably be expected to have a market value that approximates its par value. A "floating rate instrument" is one whose terms provide for the adjustment of its interest rate whenever a specified interest rate changes and which, at any time, can reasonably be expected to have a market value that approximates its par value. These instruments may include variable amount master demand notes that permit the indebtedness to vary in addition to providing for periodic adjustments in the interest rates.

Variable rate instruments are generally not rated by nationally recognized ratings organizations. The appropriate Specialist Manager will consider the earning power, cash flows and other liquidity ratios of the issuers and guarantors of such instruments and, if the instrument is subject to a demand feature, will continuously monitor their financial ability to meet payment on demand. Where necessary to ensure that a variable or floating rate instrument is equivalent to the quality standards applicable to a Portfolio's fixed income investments, the issuer's obligation to pay the principal of the instrument will be backed by an unconditional bank letter or line of credit, guarantee or commitment to lend. Any bank providing such a bank letter, line of credit, guarantee or loan commitment will meet the Portfolio's investment quality standards relating to investments in bank obligations. A Portfolio will invest in variable and floating rate instruments only when the appropriate Specialist Manager deems the investment to involve minimal credit risk. The Specialist Manager will also continuously monitor the creditworthiness of issuers of such instruments to determine whether a Portfolio should continue to hold the investments.

The absence of an active secondary market for certain variable and floating rate notes could make it difficult to dispose of the instruments, and a Portfolio could suffer a loss if the issuer defaults or during periods in which a Portfolio is not entitled to exercise its demand rights. Variable and floating rate instruments held by a Portfolio will be subject to the Portfolio's limitation on investments in illiquid securities when a reliable trading market for the instruments does not exist and the Portfolio may not demand payment of the principal amount of such instruments within seven days. If an issuer of a variable rate demand note defaulted on its payment obligation, a Portfolio might be unable to dispose of the note and a loss would be incurred to the extent of the default.

**MORTGAGE-BACKED AND ASSET-BACKED SECURITIES**

MORTGAGE-BACKED SECURITIES. Certain Portfolios may invest in mortgage-backed securities, including derivative instruments. Mortgage-backed securities represent direct or indirect participations in or obligations collateralized by and payable from mortgage loans secured entirely or primarily by "pools" of residential or commercial mortgage loans or other assets. A Portfolio may invest in mortgage-backed securities issued by U.S. government agencies and government-sponsored entities such as the Government National Mortgage Association ("GNMA"), the Federal National Mortgage Association ("FNMA"), the Federal Home Loan Mortgage Corporation ("FHLMC") and Federal Home Loan Banks. Obligations of GNMA are backed by the full faith and credit of the U.S. Government. Obligations of FNMA, FHLMC and Federal Home Loan Banks are not backed by the full faith and credit of the U.S. Government but are considered to be of high quality since those entities are considered to be instrumentalities of the United States. The payment of interest and principal on mortgage-backed obligations issued by these entities may be guaranteed by the full faith and credit of the U.S. Government (in the case of GNMA), or may be guaranteed by the issuer (in the case of FNMA and FHLMC). However, these guarantees do not apply to the market prices and yields of these securities, which vary with changes in interest rates as well as early prepayments of underlying mortgages. These securities represent ownership in a pool of Federally insured mortgage loans with a maximum maturity of 30 years. The scheduled monthly interest and principal payments relating to mortgages in the pool will be "passed through" to investors. Government mortgage-backed securities differ from conventional bonds in that principal is paid back to the certificate holders over the life of the loan rather than at maturity. As a result, there will be monthly scheduled payments of principal and interest.

Mortgage-backed securities also include securities issued by non-governmental entities including collateralized mortgage obligations ("CMOs") and real estate mortgage investment conduits ("REMICs") that are not insured or guaranteed. CMOs are securities

collateralized by mortgages, mortgage pass-throughs, mortgage pay-through bonds (bonds representing an interest in a pool of mortgages where the cash flow generated from the mortgage collateral pool is dedicated to bond repayment), and mortgage-backed bonds (general obligations of the issuers payable out of the issuers' general funds and additionally secured by a first lien on a pool of single family detached properties). Many CMOs are issued with a number of classes or series which have different maturities and are retired in sequence. Investors purchasing such CMOs in the shortest maturities receive or are credited with their pro rata portion of the unscheduled prepayments of principal up to a predetermined portion of the total CMO obligation. Until that portion of such CMO obligation is repaid, investors in the longer maturities receive interest only. Accordingly, the CMOs in the longer maturity series are less likely than other mortgage pass-throughs to be prepaid prior to their stated maturity. Although some of the mortgages underlying CMOs may be supported by various types of insurance, and some CMOs may be backed by GNMA certificates or other mortgage pass-throughs issued or guaranteed by U.S. government agencies or instrumentalities, the CMOs themselves are not generally guaranteed. REMICs are private entities formed for the purpose of holding a fixed pool of mortgages secured by an interest in real property. REMICs are similar to CMOs in that they issue multiple classes of securities, including "regular" interests and "residual" interests. The Portfolios do not intend to acquire residual interests in securities that are REMICs under current tax law, due to certain disadvantages for regulated investment companies that acquire such interests.

Mortgage-backed securities are subject to unscheduled principal payments representing prepayments on the underlying mortgages. Although these securities may offer yields higher than those available from other types of securities, mortgage-backed securities may be less effective than other types of securities as a means of "locking in" attractive long-term rates because of the prepayment feature. For instance, when interest rates decline, the value of these securities likely will not rise as much as comparable debt securities due to the prepayment feature. In addition, these prepayments can cause the price of a mortgage-backed security originally purchased at a premium to decline in price to its par value, which may result in a loss.

Due to prepayments of the underlying mortgage instruments, mortgage-backed securities do not have a known actual maturity. In the absence of a known maturity, market participants generally refer to an estimated average life. The relevant Specialist Managers believe that the estimated average life is the most appropriate measure of the maturity of a mortgage-backed security. Accordingly, in order to determine whether such security is a permissible investment, it will be deemed to have a remaining maturity of three years or less if the average life, as estimated by the relevant Specialist Manager, is three years or less at the time of purchase of the security by a Portfolio. An average life estimate is a function of an assumption regarding anticipated prepayment patterns. The assumption is based upon current interest rates, current conditions in the appropriate housing markets and other factors. The assumption is necessarily subjective, and thus different market participants could produce somewhat different average life estimates with regard to the same security. Although the relevant Specialist Manager will monitor the average life of the Portfolio securities of each Portfolio with a portfolio maturity policy and make needed adjustments to comply with such Portfolios' policy as to average dollar weighted portfolio maturity, there can be no assurance that the average life of portfolio securities as estimated by the relevant Specialist Manager will be the actual average life of such securities.

On June 3, 2019, under the FHFA's "Single Security Initiative," FNMA and FHLMC started issuing uniform mortgage-backed securities (UMBS). Each UMBS will have a 55-day remittance cycle and can be used as collateral in either a FNMA or FHLMC security or held for investment. FHLMC's legacy TBA-eligible securities have a 45-day remittance cycle and will not be directly eligible for delivery in settlement of a UMBS trade. FHLMC will offer investors the opportunity to exchange outstanding legacy mortgage-backed securities for mirror UMBS with a 55-day remittance period. The exchange offer includes compensation for the 10-day delay in receipt of payments. A Portfolio's ability to invest in UMBS to the same degree that the Portfolio currently invests in FNMA and FHLMC mortgage-backed securities is uncertain.

ASSET-BACKED SECURITIES. Certain Portfolios may invest in asset-backed securities, which represent participations in, or are secured by and payable from, pools of assets including company receivables, truck and auto loans, leases and credit card receivables. The asset pools that back asset-backed securities are securitized through the use of privately-formed trusts or special purpose

corporations. Payments or distributions of principal and interest may be guaranteed up to certain amounts and for a certain time period by a letter of credit or a pool insurance policy issued by a financial institution unaffiliated with the trust or corporation, or other credit enhancements may be present. Certain asset backed securities may be considered derivative instruments.

EQUIPMENT TRUST CERTIFICATES. Equipment trust certificates ("ETCs") are medium- to long-term debt instruments that allow a company to use an asset while they pay for it over time. A trust is set up which creates the certificate. Investors can then purchase and hold these certificates. The capital raised from investors allows the trust to purchase the asset, which is then leased to a company. The trust receives payments from the lessee and distributes them among investors or certificate holders. The terms of the agreement are set out at the beginning of the lease relationship including payment dates, interest payments, etc., until such time that the debt is paid off. ETCs are subject to the same risks as other asset-backed securities.

ETCs were originally put in place to finance the purchase of railway cars, but are now used in the sale and purchase of aircraft and shipping containers.

There are two possible outcomes that may arise from an ETC, both of which depend on the borrower's ability to pay. If the borrower maintains payments and pays off the debt, the asset's title is transferred from the holder to the borrower. If, however, the borrower defaults, the lender or seller has the right to repossess or foreclose on the asset.

COLLATERALIZED DEBT OBLIGATIONS. The Institutional U.S. Equity Portfolio and The U.S. Corporate Fixed Income Securities Portfolio 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 which is backed by a diversified pool of high risk, below investment grade fixed income securities. The collateral can be from many different types of fixed income securities such as high yield debt, residential privately issued mortgage-related securities, commercial privately issued mortgage-related securities, trust preferred securities and emerging market debt. A CLO is a trust typically collateralized by a pool of loans, which may include, among other things, 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 obligation of various parties. CBOs, CLOs and other CDOs may charge management fees and administrative expenses.

For both 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 Portfolio invests. Normally, CBOs, CLOs and other CDOs are privately offered and sold, and thus, are not registered under the securities laws. As a result, investments in CDOs may be characterized by the Portfolio as illiquid securities, however an active dealer market may exist for CBOs, CLOs and other CDOs allowing them to qualify for Rule 144A transactions. In addition to the normal risks associated with fixed income securities, CBOs, CLOs and other CDOs carry additional risks including, but not limited to: (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments; (ii) the quality of the collateral may decline in value or default; (iii) the Portfolio may invest in CBOs, CLOs and other CDOs that are subordinate to other classes; and (iv) the complex structure of the security may not be fully understood at the time of investment and may produce disputes with the issuer or unexpected investment results.

STRIPPED MORTGAGE-BACKED SECURITIES. SMBS are derivative multi-class mortgage securities. SMBS may be issued by agencies or instrumentalities of the U.S. Government, or by private originators of, or investors in, mortgage loans, including savings and loan associations, mortgage banks, commercial banks, investment banks and special purpose entities of the foregoing.

SMBS are usually structured with two classes that receive different proportions of the interest and principal distributions on a pool of mortgage assets. A common type of SMBS will have one class receiving some of the interest and most of the principal from the mortgage assets, while the other class will receive most of the interest and the remainder of the principal. In the most extreme case, one class will receive all of the interest (the "IO" class), while the other class will receive all of the principal (the principal-only or "PO" class). The yield to maturity on an IO class is extremely sensitive to the rate of principal payments (including pre-payments) on the related underlying mortgage assets, and a rapid rate of principal payments may have a material adverse effect on a Portfolio's yield to maturity from these securities. If the underlying mortgage assets experience greater than anticipated pre-payments of principal, a Portfolio may fail to recoup some or all of its initial investment in these securities even if the security is in one of the highest rating categories.

CREDIT RISK TRANSFER SECURITIES. The Corporate Opportunities Portfolio may invest in fixed- or floating-rate unsecured general obligations issued from time to time by FHLMC, FNMA or other government sponsored entities ("GSEs'). These obligations

are referred to as "Credit Risk Transfer Securities." Typically, such Securities are issued at par and have stated final maturities. The Securities 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 held in various GSE-guaranteed MBS' ("Reference Obligations"). The issuing GSE selects the pool of Reference Obligations based on that GSE's eligibility criteria. The performance of the Securities will be directly affected by the selection of the Reference Obligations by the GSE. Such Securities are issued in tranches to which are allocated certain principal repayments and credit losses corresponding to the seniority of the particular tranche. Each tranche of Securities will have credit exposure to the Reference Obligations and the yield to maturity will be directly related to the amount and timing of certain defined credit events on the Reference Obligations, any prepayments by borrowers and any removals of a Reference Obligation from the pool.

While the structure of Credit Risk Transfer Securities mimics the cash flows of a mezzanine securitized tranche, the Securities are not directly linked to the Reference Obligations. Thus, the payment of principal and interest on the Securities is tied to the performance of the pool of Reference Obligations. However, in no circumstances will the actual cash flow from the Reference Obligation be paid or otherwise made available to the holders of the Securities. This is different than in the case of covered notes, where the issuer default would allow investors to have an additional lien on the underlying loans.

The risks associated with an investment in Credit Risk Transfer Securities will be different than the risks associated with an investment in MBS. The Securities are the corporate obligations of the issuing GSE and are not secured by the Reference Obligation, the mortgaged properties or the borrowers' payments under the Reference Obligations. Holders of the Securities are general creditors of the issuing GSE and will be subject to the risk that the issuing GSE will be unable to meet its obligation to pay the principal and interest of the Securities in accordance with their terms of issuance. The Securities may be considered high risk and complex securities. As a result, in the event that a GSE fails to pay principal or interest on the Securities or goes through a bankruptcy, insolvency or similar proceeding (but conservatorship of FHLMC or FNMA would not be considered an "event of default"), holders of Credit Risk Transfer Securities have no direct recourse to the underlying loans. Such holders will receive recovery on par with other unsecured note holders (agency debentures) in such scenario.

**REAL ESTATE SECURITIES**

REAL ESTATE INVESTMENT TRUSTS ("REITS"). REITs are pooled investment vehicles that invest the majority of their assets directly in real property and/or in loans to building developers. They derive income primarily from the collection of rents and/or interest on loans.

REITs are sometimes informally characterized as Equity REITs, Mortgage REITs, Hybrid REITs and REOCs. An Equity REIT invests primarily in the fee ownership or leasehold ownership of land and buildings and derives its income primarily from rental income. An Equity REIT may also realize capital gains (or losses) by selling real estate properties in its portfolio that have appreciated (or depreciated) in value. A Mortgage REIT invests primarily in mortgages on real estate, which may secure construction, development or long-term loans. A Mortgage REIT generally derives its income primarily from interest payments on the credit it has extended. A Hybrid REIT combines the characteristics of Equity REITs and Mortgage REITs, generally by holding both ownership interests and mortgage interests in real estate. REOCs are real estate companies that engage in the development, management, or financing of real estate. Typically, they provide services such as property management, property development, facilities management, and real estate financing. REOCs are publicly traded corporations that have not elected to be taxed as REITs. The three primary reasons for such an election are (a) availability of tax-loss carryforwards, (b) operation in non-REIT-qualifying lines of business, and (c) ability to retain earnings.

Similar to investment companies, REITs are not taxed on income distributed to shareholders provided they comply with several requirements of the Code. A Portfolio will indirectly bear its proportionate share of expenses incurred by REITs in which it invests in addition to the expenses incurred directly by the Portfolio.

Investing in REITs involves certain unique risks in addition to those risks associated with investing in the real estate industry in general. First, the value of a REIT may be affected by changes in the value of the underlying property owned by the REITs. In addition, REITs are dependent upon management skills, are not diversified, are subject to heavy cash flow dependency, default by borrowers and self-liquidation. REITs are also subject to the possibilities of failing to qualify for tax-free pass-through of income under the Code and failing to maintain their exemption from registration under the Investment Company Act.

Investment in REITs involves risks similar to those associated with investing in small capitalization companies. REITs may have limited financial resources, may trade less frequently and in a limited volume and may be subject to more abrupt or erratic price movements than larger company securities. Historically, small capitalization stocks, such as REITs, have been more volatile in price than the larger capitalization stocks included in the S&P Index.

**MUNICIPAL SECURITIES**

PRE-REFUNDED MUNICIPAL SECURITIES. The principal of and interest on municipal securities that have been pre-refunded are no longer paid from the original revenue source for the securities. Instead, after pre-refunding, the source of such payments is typically an escrow fund consisting of obligations issued or guaranteed by the U.S. Government. The assets in the escrow fund are derived from the proceeds of refunding bonds issued by the same issuer as the pre-refunded municipal securities. Issuers of municipal securities use

this advance refunding technique to obtain more favorable terms with respect to securities that are not yet subject to call or redemption by the issuer. For example, advance refunding enables an issuer to refinance debt at lower market interest rates, restructure debt to improve cash flow or eliminate restrictive covenants in the indenture or other governing instrument for the pre-refunded municipal securities. However, except for a change in the revenue source from which principal and interest payments are made, the pre-refunded municipal securities remain outstanding on their original terms until they mature or are redeemed by the issuer. Pre-refunded municipal securities are usually purchased at a price which represents a premium over their face value. 2017 legislation commonly known as the Tax Cuts and Jobs Act ("TCJA") repealed the exclusion from gross income for interest on pre-refunded municipal securities effective for such bonds issued after December 31, 2017.

AUCTION RATE SECURITIES. Auction rate securities consist of auction rate municipal securities and auction rate preferred securities issued by closed-end investment companies that invest primarily in municipal securities. Provided that the auction mechanism is successful, auction rate securities usually permit the holder to sell the securities in an auction at par value at specified intervals. The dividend is reset by "Dutch" auction in which bids are made by broker-dealers and other institutions for a certain amount of securities at a specified minimum yield. The dividend rate set by the auction is the lowest interest or dividend rate that covers all securities offered for sale. While this process is designed to permit auction rate securities to be traded at par value, there is the risk that an auction will fail due to insufficient demand for the securities.

Dividends on auction rate preferred securities issued by a closed-end fund may be designated as exempt from federal income tax to the extent they are attributable to tax-exempt interest income earned by the fund on the securities in its portfolio and distributed to holders of the preferred securities, provided that the preferred securities are treated as equity securities for federal income tax purposes and the closed-end fund complies with certain requirements under the Code. For purposes of complying with the 20% limitation on each of the municipal Portfolio's investments in taxable investments, auction rate preferred securities will be treated as taxable investments unless substantially all of the dividends on such securities are expected to be exempt from regular federal income taxes. A Portfolio's investments in auction rate preferred securities of closed-end funds are subject to limitations on investments in other U.S. registered investment companies, which limitations are prescribed by the Investment Company Act. A Portfolio will indirectly bear its proportionate share of any management fees paid by such closed-end funds.

PRIVATE ACTIVITY BONDS. Certain types of municipal securities, generally referred to as industrial development bonds (and referred to under current tax law as private activity bonds), are issued by or on behalf of public authorities to obtain funds for privately-operated housing facilities, airport, mass transit or port facilities, sewage disposal, solid waste disposal or hazardous waste treatment or disposal facilities and certain local facilities for water supply, gas or electricity. Other types of industrial development bonds, the proceeds of which are used for the construction, equipment, repair or improvement of privately operated industrial or commercial facilities, may constitute municipal securities, although the current federal tax laws place substantial limitations on the size of such issues. The interest from certain private activity bonds owned by a Portfolio (including an Income Portfolio's distributions attributable to such interest) may be a preference item for purposes of the alternative minimum tax. The Short-Term Municipal Bond Portfolio does not currently intend to invest in Private Activity Bonds.

TAX-EXEMPT COMMERCIAL PAPER. Issues of tax-exempt commercial paper typically represent short-term, unsecured, negotiable promissory notes. These obligations are issued by state and local governments and their agencies to finance working capital needs of municipalities or to provide interim construction financing and are paid from general revenues of municipalities or are refinanced with long-term debt. In most cases, tax-exempt commercial paper is backed by letters of credit, lending agreements, note repurchase agreements or other credit facility agreements offered by banks or other institutions.

TENDER OPTION BONDS. A tender option bond is a municipal security (generally held pursuant to a custodial arrangement) having a relatively long maturity and bearing interest at a fixed rate substantially higher than prevailing short-term tax-exempt rates. The bond is typically issued in conjunction with the agreement of a third party, such as a bank, broker-dealer or other financial institution, pursuant to which such institution grants the security holders the option, at periodic intervals, to tender their securities to the institution and receive the face value thereof.

As consideration for providing the option, the financial institution receives periodic fees equal to the difference between the bond's fixed coupon rate and the rate, as determined by a remarketing or similar agent at or near the commencement of such period, that would cause the securities, coupled with the tender option, to trade at par on the date of such determination. Thus, after payment of this fee, the security holder effectively holds a demand obligation that bears interest at the prevailing short-term tax-exempt rate. However, an institution will not be obligated to accept tendered bonds in the event of certain defaults or a significant downgrade in the credit rating assigned to the issuer of the bond. The liquidity of a tender option bond is a function of the credit quality of both the bond issuer and the financial institution providing liquidity. Tender option bonds are deemed to be liquid unless, in the opinion of the appropriate Specialist Manager, the credit quality of the bond issuer and the financial institution is deemed, in light of the Portfolio's credit quality requirements, to be inadequate. Each Income Portfolio intends to invest only in tender option bonds the interest on which will, in the opinion of bond counsel, counsel for the issuer of interests therein or counsel selected by the appropriate Specialist Manager, be exempt from regular federal income tax. However, because there can be no assurance that the Internal Revenue Service ("IRS") will agree with such counsel's opinion in any particular case, there is a risk that an Income Portfolio will not be considered the owner of such tender option bonds and thus will not be entitled to treat such interest as exempt from such tax. Additionally, the federal income tax treatment

of certain other aspects of these investments, including the proper tax treatment of tender option bonds and the associated fees, in relation to various regulated investment company tax provisions is unclear. Each Income Portfolio intends to manage its portfolio in a manner designed to eliminate or minimize any adverse impact from the tax rules applicable to these investments.

**OTHER FIXED INCOME SECURITIES AND STRATEGIES**

HIGH YIELD SECURITIES AND SECURITIES OF DISTRESSED COMPANIES. High yield securities, commonly referred to as junk bonds, are debt obligations rated below investment grade, *i.e*., below BBB by Standard & Poor's Ratings Group ("S&P") or Baa by Moody's Investors Service, Inc. ("Moody's"), or their unrated equivalents. The Corporate Opportunities Portfolio, The Institutional U.S. Equity Portfolio, The Institutional International Equity Portfolio, The U.S. Corporate Fixed Income Securities Portfolio, The Core Fixed Income Portfolio and The Intermediate Term Municipal Bond Portfolio may invest in such securities according to each Portfolio's Prospectus. High yield securities and securities of distressed companies generally provide greater income and increased opportunity for capital appreciation than investments in higher quality securities, but they also typically entail greater price volatility and principal and income risk. Securities of distressed companies include both debt and equity securities. High yield securities and debt securities of distressed companies are regarded as predominantly speculative with respect to the issuer's continuing ability to meet principal and interest payments. Issuers of high yield and distressed company securities may be involved in restructurings or bankruptcy proceedings that may not be successful. While any investment carries some risk, certain risks associated with high yield securities and debt securities of distressed companies which are different than those for investment grade are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The market for high
 risk, high yield securities and debt securities of distressed companies may be thinner and less active, causing market price
 volatility and limited liquidity in the secondary market. This may limit the ability of a Portfolio to sell these securities
 at their fair market values either to meet redemption requests, or in response to changes in the economy or the financial
 markets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Market prices for
 high risk, high yield securities and debt securities of distressed companies may also be affected by investors' perception
 of the issuer's credit quality and the outlook for economic growth. Thus, prices for high risk, high yield securities
 and debt securities of distressed companies may move independently of interest rates and the overall bond market.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The market for high
 risk, high yield and distressed company securities may be adversely affected by legislative and regulatory developments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The risk of loss
 through default is greater for high yield fixed income securities and securities of distressed companies than for investment
 grade debt because the issuers of these securities frequently have high debt levels and are thus more sensitive to difficult
 economic conditions, individual corporate developments and rising interest rates.

Consequently, the market price of these securities may be quite volatile and may result in wider fluctuations in a Portfolio's net asset value per share.

In addition, an economic downturn or increase in interest rates could have a negative impact on both the markets for high yield and distressed company securities (resulting in a greater number of bond defaults) and the value of such securities held by a Portfolio. Current laws, such as those requiring federally insured savings and loan associations to remove investments in such lower rated securities from their funds, as well as other pending proposals, may also have a material adverse effect on the market for lower rated securities.

The economy and interest rates may affect high yield securities and debt securities of distressed companies differently than other securities. For example, the prices of such securities are more sensitive to adverse economic changes or individual corporate developments than are the prices of higher rated investments. In addition, during an economic downturn or period in which interest rates are rising significantly, highly leveraged issuers may experience financial difficulties, which, in turn, would adversely affect their ability to service their principal and interest payment obligations, meet projected business goals and obtain additional financing.

Any subsequent change in a rating assigned by any rating service to a security (or, if unrated, deemed to be of comparable quality), or change in the percentage of Portfolio assets invested in certain securities or other instruments, or change in the average duration of a Portfolio's investment portfolio, resulting from market fluctuations or other changes in a Portfolio's total assets will not require the Portfolio to dispose of an investment. If an issuer of a security held by a Portfolio defaults, that Portfolio may incur additional expenses to seek recovery. In addition, periods of economic uncertainty would likely result in increased volatility for the market prices of high yield securities and debt securities of distressed companies as well as the Portfolio's net asset value. In general, both the prices and yields of such securities will fluctuate.

In certain circumstances it may be difficult to determine a security's fair value due to a lack of reliable objective information. Such instances occur where there is no established secondary market for the security or the security is lightly traded. As a result, a Portfolio's valuation of a security and the price it is actually able to obtain when it sells the security could differ.

Adverse publicity and investor perceptions, whether or not based on fundamental analysis, may decrease the value and liquidity of high yield and distressed company securities held by a Portfolio, especially in a thinly traded market. Illiquid or restricted securities held by

a Portfolio may involve special registration responsibilities, liabilities and costs, and could involve other liquidity and valuation difficulties.

The ratings of Moody's, S&P and Fitch evaluate the safety of a lower rated security's principal and interest payments, but do not address market value risk. Because the ratings of the rating agencies may not always reflect current conditions and events, in addition to using recognized rating agencies and other sources, the Specialist Managers perform their own analysis of the issuers of high yield securities and debt securities of distressed companies purchased by a Portfolio. Because of this, a Portfolio's performance may depend more on its own credit analysis than is the case for mutual funds investing in higher rated securities.

The Specialist Managers continuously monitor the issuers of high yield securities and debt securities of distressed companies held by a Portfolio for their ability to make required principal and interest payments, as well as in an effort to control the liquidity of the Portfolio so that it can meet redemption requests.

CUSTODIAL RECEIPTS. Custodial Receipts are U.S. government securities and their unmatured interest coupons that have been separated ("stripped") by their holder, typically a custodian bank or investment brokerage firm. Having separated the interest coupons from the underlying principal of the U.S. government securities, the holder will resell the stripped securities in custodial receipt programs with a number of different names, including "Treasury Income Growth Receipts" ("TIGRs") and "Certificate of Accrual on Treasury Securities" ("CATS"). The stripped coupons are sold separately from the underlying principal, which is usually sold at a deep discount because the buyer receives only the right to receive a future fixed payment on the security and does not receive any rights to periodic interest (cash) payments. The underlying U.S. Treasury bonds and notes themselves are generally held in book-entry form at a Federal Reserve Bank. Counsel to the underwriters of these certificates or other evidences of ownership of U.S. Treasury securities have stated that, in their opinion, purchasers of the stripped securities most likely will be deemed the beneficial holders of the underlying U.S. government securities for federal tax and securities purposes. In the case of CATS and TIGRs, the IRS has reached this conclusion for the purpose of applying the tax diversification requirements applicable to regulated investment companies such as the Portfolios. CATS and TIGRs are not considered U.S. government securities by the staff of the Commission. Further, the IRS conclusion noted above is contained only in a general counsel memorandum, which is an internal document of no precedential value or binding effect, and a private letter ruling, which also may not be relied upon by the Portfolios. The Trust is not aware of any binding legislative, judicial or administrative authority on this issue.

WHEN-ISSUED SECURITIES. When-issued transactions involve a commitment to purchase at a predetermined price or yield in which delivery takes place after the customary settlement period for that type of security. Fixed income securities may be purchased on a "when-issued" basis. The price of securities purchased on a when-issued basis, which may be expressed in yield terms, is fixed at the time the commitment to purchase is made, but delivery and payment for the when-issued securities takes place at a later date. Normally, the settlement date occurs within one month of the purchase. At the time a commitment to purchase a security on a when-issued basis is made, the transaction is recorded and the value of the security will be reflected in determining net asset value. No payment is made by the purchaser, until settlement. The market value of the when-issued securities may be more or less than the purchase price. The Trust does not believe that net asset value will be adversely affected by the purchase of securities on a when-issued basis. Equity securities acquired by an Equity Portfolio as a result of corporate actions such as spin-offs may be treated as when-issued securities under certain circumstances. Additionally, when selling a security on a when-issued, delayed delivery, or forward commitment basis without owning the security, a Portfolio will incur a loss if the security's price appreciates in value such that the security's price is above the agreed upon price on the settlement date.

A Portfolio may dispose of or renegotiate a transaction after it is entered into, and may purchase or sell when-issued, delayed delivery or forward commitment securities before the settlement date, which may result in a gain or loss. To the extent permitted by applicable law, there is no percentage limitation on the extent to which the Portfolios may purchase or sell securities on a when-issued, delayed delivery, or forward commitment basis.

INDEBTEDNESS, LOAN PARTICIPATIONS AND ASSIGNMENTS. Certain Portfolios may purchase indebtedness and participations in commercial loans. Loan Participations typically will result in a Portfolio having a contractual relationship only with the lender, not with the borrower. A Portfolio will have the right to receive payments of principal, interest, and any fees to which it is entitled only from the lender selling the Participation and only upon receipt by the lender of the payments from the borrower. In connection with purchasing indebtedness and Loan Participations, a Portfolio generally will have no right to enforce compliance by the borrower with the terms of the loan agreement relating to the loan, nor any rights of set-off against the borrower, and the Portfolio may not benefit directly from any collateral supporting the loan in which it has purchased the Participation. As a result, a Portfolio will assume the credit risk of both the borrower and the lender that is selling the Participation. In the event of the insolvency of the lender selling indebtedness or a Loan Participation, a Portfolio may be treated as a general creditor of the lender and may not benefit from any set-off between the lender and the borrower. A Portfolio will acquire indebtedness and Loan Participations only if the lender interpositioned between the Portfolio and the borrower is determined by the applicable Specialist Manager to be creditworthy. When a Portfolio purchases Assignments from lenders, the Portfolio will acquire direct rights against the borrower on the loan, except that under certain circumstances such rights may be more limited than those held by the assigning lender. Indebtedness is different from traditional debt securities in that debt securities are part of a large issue of securities to the public and indebtedness may not be a security, but may represent a specific commercial loan to a borrower.

A Portfolio may have difficulty disposing of Indebtedness, Assignments and Loan Participations. Since the market for such instruments is not highly liquid, the Portfolio anticipates that such instruments could be sold only to a limited number of institutional investors. Further, restrictions in the underlying credit agreement could limit the number of eligible purchasers. The lack of a highly liquid secondary market and restrictions in the underlying credit agreement may have an adverse impact on the value of such instruments and will have an adverse impact on the Portfolio's ability to dispose of particular Assignments or Loan Participations in response to a specific economic event, such as deterioration in the creditworthiness of the borrower. In valuing a Loan Participation or Assignment held by a Portfolio for which a secondary trading market exists, the Portfolio will rely upon prices or quotations provided by banks, dealers or pricing services. To the extent a secondary trading market does not exist, the Portfolio's Loan Participations and Assignments will be valued in accordance with procedures adopted by the Board of Trustees, taking into consideration, among other factors: (i) the creditworthiness of the borrower and the lender; (ii) the current interest rate; period until next rate reset and maturity of the loan; (iii) currently available prices in the market for similar loans; and (iv) currently available prices in the market for instruments of similar quality, rate, period until next interest rate reset and maturity. The secondary market for loan participations is limited and any such participation purchased by Specialist Manager may be regarded as illiquid.

*Loan Collateral.* In order to borrow money pursuant to a Senior Loan, a borrower will frequently, for the term of the Senior Loan, pledge collateral, including but not limited to, (i) working capital assets, such as accounts receivable and inventory; (ii) tangible fixed assets, such as real property, buildings and equipment; (iii) intangible assets, such as trademarks and patent rights (but excluding goodwill); and/or (iv) security interests in shares of stock of subsidiaries or affiliates. In the case of Senior Loans made to non-public companies, the company's shareholders or owners may provide collateral in the form of secured guarantees and/or security interests in assets that they own. In many instances, a Senior Loan may be secured only by stock in the borrower or its subsidiaries. Collateral may consist of assets that may not be readily liquidated, and there is no assurance that the liquidation of such assets would satisfy a borrower's obligations under a Senior Loan.

*Certain Fees Paid to or by the Portfolios.* In the process of buying, selling and holding Senior Loans, the Portfolios may receive and/or pay certain fees. These fees are in addition to interest payments received and may include facility fees, commitment fees, commissions and prepayment penalty fees. When a Portfolio buys a Senior Loan, it may receive a facility fee and when it sells a Senior Loan it may pay a facility fee. On an ongoing basis, the Portfolios may receive a commitment fee based on the undrawn portion of the underlying line of credit portion of a Senior Loan. In certain circumstances, the Portfolios may receive a prepayment penalty fee upon the prepayment of a Senior Loan by a borrower. Other fees received by the Portfolios may include amendment fees.

*Borrower Covenants.* A borrower must comply with various restrictive covenants contained in a loan agreement or note purchase agreement between the borrower and the holders of the Senior Loan (the "Loan Agreement"). Such covenants, in addition to requiring the scheduled payment of interest and principal, may include restrictions on dividend payments and other distributions to stockholders, provisions requiring the borrower to maintain specific minimum financial ratios, and limits on total debt. In addition, the Loan Agreement may contain a covenant requiring the borrower to prepay the Loan with all or a portion of any free cash flow. Free cash flow is generally defined as net cash flow after scheduled debt service payments and permitted capital expenditures, and includes the proceeds from asset dispositions or sales of securities. A breach of a covenant which is not waived by the Agent, or by the Loan Investors directly, as the case may be, is normally an event of acceleration; i.e., the Agent, or the Loan Investors directly, as the case may be, have the right to call the outstanding Senior Loan. The typical practice of an Agent or a Loan Investor in relying exclusively or primarily on reports from the borrower may involve a risk of fraud by the borrower. In the case of a Senior Loan in the form of a Participation, the agreement between the buyer and seller may limit the rights of the holder to vote on certain changes which may be made to the Loan Agreement, such as loosening a covenant. However, the holder of the Participation will, in almost all cases, have the right to vote on or direct the seller of the Participation to vote on certain fundamental issues such as changes in principal amount, payment dates and interest rate.

*Administration of Loans.* In a typical Senior Loan, the Agent administers the terms of the Loan Agreement. In such cases, the Agent is normally responsible for the collection of principal and interest payments from the borrower and the apportionment of these payments to the credit of all institutions which are parties to the Loan Agreement. The Portfolios will generally rely upon the Agent or an intermediate participant to receive and forward to the Portfolios its portion of the principal and interest payments on the Senior Loan. Furthermore, unless under the terms of a Participation Agreement the Portfolios have direct recourse against the borrower, the Portfolios will rely on the Agent and the other Loan Investors to use appropriate credit remedies against the borrower. The Agent is typically responsible for monitoring compliance with covenants contained in the Loan Agreement based upon reports prepared by the borrower. The Agent of the Senior Loan usually does, but is often not obligated to, notify holders of Senior Loans of any failures of compliance. The Agent may monitor the value of the collateral and, if the value of the collateral declines, may accelerate the Senior Loan, may give the borrower an opportunity to provide additional collateral or may seek other protection for the benefit of the holders of the Senior Loan. The Agent is compensated by the borrower for providing these services under a Loan Agreement, and such compensation may include special fees paid upon structuring and funding the Senior Loan and other fees paid on a continuing basis. With respect to Senior Loans for which the Agent does not perform such administrative and enforcement functions, the Portfolios will perform such tasks on its own behalf, although a collateral bank will typically hold any collateral on behalf of the Portfolios and the other Loan Investors pursuant to the applicable Loan Agreement.

A financial institution's appointment as Agent may be terminated in the event that it fails to observe the requisite standard of care or becomes insolvent, enters Federal Deposit Insurance Corporation ("FDIC") receivership, or, if not FDIC insured, enters into bankruptcy proceedings. A successor Agent would generally be appointed to replace the terminated Agent, and assets held by the Agent under the Loan Agreement should remain available to holders of Senior Loans. However, if assets held by the Agent for the benefit of the Portfolios

were determined to be subject to the claims of the Agent's general creditors, the Portfolios might incur certain costs and delays in realizing payment on a Senior Loan, or suffer a loss of principal and/or interest. In situations involving intermediate participants similar risks may arise.

Prepayments. Senior Loans can require, in addition to scheduled payments of interest and principal, the prepayment of the Senior Loan from free cash flow, as defined above. The degree to which borrowers prepay Senior Loans, whether as a contractual requirement or at their election, may be affected by general business conditions, the financial condition of the borrower and competitive conditions among Loan Investors, among other factors. As such, prepayments cannot be predicted with accuracy. Upon a prepayment, either in part or in full, the actual outstanding debt on which the Portfolios derive interest income will be reduced. However, the Portfolios may receive both a prepayment penalty fee from the prepaying borrower and a facility fee upon the purchase of a new Senior Loan with the proceeds from the prepayment of the former. Prepayments generally will not materially affect the Portfolios' performance because the Portfolios should be able to reinvest prepayments in other Senior Loans that have similar yields (subject to market conditions) and because receipt of any fees may mitigate any adverse impact on the Portfolios' yield.

*Other Information Regarding Senior Loans.* Certain Portfolios may purchase and retain a Senior Loan where the borrower has experienced, or may be perceived to be likely to experience, credit problems, including involvement in or recent emergence from bankruptcy reorganization proceedings or other forms of debt restructuring. Such investments may provide opportunities for enhanced income as well as capital appreciation. At times, in connection with the restructuring of a Senior Loan either outside of bankruptcy court or in the context of bankruptcy court proceedings, the Portfolios may determine or be required to accept equity securities or junior debt securities in exchange for all or a portion of a Senior Loan. As soon as reasonably practical, a Portfolio will divest itself of any equity securities or any junior debt securities received if it is determined that the security is an ineligible holding for the Portfolio.

Certain Portfolios may acquire interests in Senior Loans which are designed to provide temporary or "bridge" financing to a borrower pending the sale of identified assets or the arrangement of longer-term loans or the issuance and sale of debt obligations. Bridge loans are often unrated. The Portfolios may also invest in Senior Loans of borrowers that have obtained bridge loans from other parties. A borrower's use of bridge loans involves a risk that the borrower may be unable to locate permanent financing to replace the bridge loan, which may impair the borrower's perceived creditworthiness.

Certain Portfolios will be subject to the risk that collateral securing a loan will decline in value or have no value. Such a decline, whether as a result of bankruptcy proceedings or otherwise, could cause the Senior Loan to be under-collateralized or unsecured. In most credit agreements there is no formal requirement to pledge additional collateral. In addition, the Portfolios may invest in Senior Loans guaranteed by, or secured by assets of, shareholders or owners, even if the Senior Loans are not otherwise collateralized by assets of the borrower; provided, however, that such guarantees are fully secured. There may be temporary periods when the principal asset held by a borrower is the stock of a related company, which may not legally be pledged to secure a Senior Loan. On occasions when such stock cannot be pledged, the Senior Loan will be temporarily unsecured until the stock can be pledged or is exchanged for or replaced by other assets, which will be pledged as security for the Senior Loan.

If a borrower becomes involved in bankruptcy proceedings, a court may invalidate the Portfolios' security interest in the loan collateral or subordinate the Portfolios' rights under the Senior Loan to the interests of the borrower's unsecured creditors or cause interest previously paid to be refunded to the borrower. If a court required interest to be refunded, it could negatively affect the Portfolios' performance. Such action by a court could be based, for example, on a "fraudulent conveyance" claim to the effect that the borrower did not receive fair consideration for granting the security interest in the loan collateral to the Portfolios or a "preference claim" that a pre-petition creditor received a greater recovery on an existing debt than it would have in a liquidation situation. For Senior Loans made in connection with a highly leveraged transaction, consideration for granting a security interest may be deemed inadequate if the proceeds of the Loan were not received or retained by the borrower, but were instead paid to other persons (such as shareholders of the borrower) in an amount which left the borrower insolvent or without sufficient working capital. There are also other events, such as the failure to perfect a security interest due to faulty documentation or faulty official filings, which could lead to the invalidation of the Portfolios' security interest in loan collateral. If the Portfolios' security interest in loan collateral is invalidated or the Senior Loan is subordinated to other debt of a borrower in bankruptcy or other proceedings, the Portfolios would have substantially lower recovery, and perhaps no recovery on the full amount of the principal and interest due on the Loan, or the Portfolios could also have to refund interest (see the prospectus for additional information).

Certain Portfolios may acquire warrants and other equity securities as part of a unit combining a Senior Loan and equity securities of a borrower or its affiliates. The acquisition of such equity securities will only be incidental to the Portfolios' purchase of a Senior Loan. Certain Portfolios may also acquire equity securities or debt securities (including non-dollar denominated debt securities) issued in exchange for a Senior Loan or issued in connection with the debt restructuring or reorganization of a borrower, or if such acquisition, in the judgment of the Specialist Manager, may enhance the value of a Senior Loan or would otherwise be consistent with the Portfolios investment policies.

*Regulatory Changes.* To the extent that legislation or state or federal regulators that regulate certain financial institutions impose additional requirements or restrictions with respect to the ability of such institutions to make loans, particularly in connection with highly leveraged transactions, the availability of Senior Loans for investment may be adversely affected. Further, such legislation or regulation could depress the market value of Senior Loans.

TRADE CLAIMS. Certain Portfolios may purchase trade claims and similar obligations or claims against companies in bankruptcy proceedings. Trade claims are non-securitized rights of payment arising from obligations that typically arise when vendors and suppliers extend credit to a company by offering payment terms for products and services. If the company files for bankruptcy, payments on these trade claims stop and the claims are subject to compromise along with the other debts of the company. Trade claims may be purchased directly from the creditor or through brokers. There is no guarantee that a debtor will ever be able to satisfy its trade claim obligations. Trade claims are subject to the risks associated with low-quality obligations.

STRUCTURED PRODUCTS. One common type of security is a "structured" product. Structured products, such as structured notes, generally are individually negotiated agreements and may be traded OTC. They are organized and operated to restructure the investment characteristics of the underlying security. 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.

With respect to structured products, 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. Structured securities are typically sold in private placement transactions, and there is currently no active trading market for these securities.

Structured products include instruments such as credit-linked securities, commodity-linked notes and structured notes, which are potentially high-risk derivatives. For example, a structured product may combine a traditional stock, bond, or commodity with an option or forward contract.

*Structured Notes.* Structured notes are derivative instruments, the interest rate or principal of which is determined by reference to changes in value of a specific security, reference rate, or index. Indexed securities, similar to structured notes, are typically, but not always, debt securities whose value, maturity or coupon rate is determined by reference to other securities. The performance of a structured note or indexed security is based upon the performance of the underlying instrument.

The terms of a structured note may provide that, in certain circumstances, no principal is due on maturity and, therefore, may result in loss of investment. Structured notes may be indexed positively or negatively to the performance of the underlying instrument such that the appreciation or deprecation of the underlying instrument will have a similar effect on the value of the structured note at maturity or of any coupon payment. In addition, changes in the interest rate and value of the principal at maturity may be fixed at a specific multiple of the change in value of the underlying instrument, making the value of the structured note more volatile than the underlying instrument. Further, structured notes may be less liquid and more difficult to price accurately than less complex securities or traditional debt securities

*Credit-Linked Securities.* Credit-linked securities are issued by a limited purpose trust or other vehicle that, in turn, invests in a basket of derivative instruments, such as credit default swaps, interest rate swaps and other securities, in order to provide exposure to certain high yield or other fixed income markets. For example, a Portfolio may invest in credit-linked securities as a cash management tool in order to gain exposure to the high yield markets and/or to remain fully invested when more traditional income producing securities are not available. Like an investment in a bond, investments in credit-linked securities represent the right to receive periodic income payments (in the form of distributions) and payment of principal at the end of the term of the security. However, these payments are conditioned on the trust's receipt of payments from, and the trust's potential obligations to, the counterparties to the derivative instruments and other securities in which the trust invests. For instance, the trust may sell one or more credit default swaps, under which the trust would receive a stream of payments over the term of the swap agreements provided that no event of default has occurred with respect to the referenced debt obligation upon which the swap is based. If a default occurs, the stream of payments may stop and the trust would be obligated to pay the counterparty the par (or other agreed upon value) of the referenced debt obligation. This, in turn, would reduce the amount of income and principal that a Portfolio would receive as an investor in the trust. A Portfolio's investments in these instruments are indirectly subject to the risks associated with derivative instruments, including, among others, credit risk, default or similar event risk, counterparty risk, interest rate risk, leverage risk and management risk. It is expected that the securities will be exempt from registration under the Securities Act of 1933, as amended (the "1933 Act"). Accordingly, there may be no established trading market for the securities and they may constitute illiquid investments.

EURODOLLAR AND YANKEE DOLLAR OBLIGATIONS. Eurodollar obligations are U.S. dollar denominated obligations issued outside the United States by non-U.S. corporations or other entities. Yankee dollar obligations are U.S. dollar denominated obligations issued in the United States by non-U.S. corporations or other entities. Yankee obligations are subject to the same risks that pertain to the domestic issues, notably credit risk, market risk and liquidity risk. Additionally, Yankee obligations are subject to certain sovereign risks. One such risk is the possibility that a sovereign country might prevent capital from flowing across their borders. Other risks include: adverse political and economic developments; the extent and quality of government regulation of financial markets and institutions; the imposition of foreign withholding taxes; and the expropriation or nationalization or foreign issuers.

ZERO COUPON SECURITIES. Zero coupon securities are debt securities that make no coupon payment but are sold at substantial discounts from their value at maturity. When a zero coupon security is held to maturity, its entire return, which consists of the amortization of discount, comes from the difference between its purchase price and its maturity value. This difference is known at the time of purchase, so that investors holding zero coupon securities until maturity know at the time of their investment what the expected return on their investment will be. Zero coupon securities may have conversion features. Zero coupon securities tend to be subject to greater price fluctuations in response to changes in interest rates than are ordinary interest-paying debt securities with similar maturities. The value of zero coupon securities appreciates more during periods of declining interest rates and depreciates more during periods of rising interest rates than ordinary interest-paying debt securities with similar maturities. Zero coupon securities may be issued by a wide variety of corporate and governmental issuers. Although these instruments are generally not traded on a national securities exchange, they are widely traded by brokers and dealers and, to such extent, will generally not be considered illiquid for the purposes of a Portfolio's limitation on investments in illiquid securities.

INFLATION-INDEXED SECURITIES. Inflation-indexed securities are debt securities, the principal value of which is periodically adjusted to reflect the rate of inflation as indicated by the Consumer Price Index (CPI). Inflation indexed securities may be issued by the U.S. government, by agencies and instrumentalities of the U.S. government, and by corporations. There are two common ways that these securities are structured. The U.S. Treasury and some other issuers use a structure that accrues inflation into the principal value of the bond. Most other issuers pay out the CPI accruals as part of a semiannual coupon.

The periodic adjustment of U.S. inflation-indexed securities is tied to the CPI, which is calculated monthly by the U.S. Bureau of Labor Statistics. The CPI is a measurement of changes in the cost of living, made up of components such as housing, food, transportation, and energy. Inflation-indexed securities issued by a foreign government are generally adjusted to reflect a comparable inflation index, calculated by that government. There can be no assurance that the CPI 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.

Inflation generally erodes the purchasing power of an investor's portfolio. For example, if an investment provides a "nominal" total return of 5% in a given year and inflation is 2% during that period, the inflation-adjusted, or real, return is 3%. Inflation, as measured by the CPI, has occurred in each of the past 50 years, so investors should be conscious of both the nominal and real returns of their investments. Investors in inflation-indexed securities funds who do not reinvest the portion of the income distribution that is attributable to inflation adjustments will not maintain the purchasing power of the investment over the long term. This is because interest earned depends on the amount of principal invested, and that principal will not grow with inflation if the investor fails to reinvest the principal adjustment paid out as part of a fund's income distributions. Although inflation-indexed 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 because of reasons other than inflation (for example, because of changes in currency exchange rates), investors in these securities may not be protected to the extent that the increase is not reflected in the bond's inflation measure.

If the periodic adjustment rate measuring inflation (i.e., the CPI) falls, the principal value of inflation-indexed securities will be adjusted downward, and consequently the interest payable on these securities (calculated with respect to a smaller principal amount) will be reduced. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury inflation-indexed securities, even during a period of deflation. However, the current market value of the inflation-indexed securities is not guaranteed, and will fluctuate. Other inflation indexed securities include inflation-related bonds, which may or may not provide a similar guarantee. If a guarantee of principal is not provided, the adjusted principal value of the bond repaid at maturity may be less than the original principal.

The value of inflation-indexed securities should change in response to changes in real interest rates. Real interest rates, in turn, are tied to the relationship between nominal interest rates and the rate of inflation. Therefore, if inflation were to rise at a faster rate than nominal interest rates, real interest rates might decline, leading to an increase in value of inflation-indexed securities. In contrast, if nominal interest rates increased at a faster rate than inflation, real interest rates might rise, leading to a decrease in value of inflation-indexed securities.

Coupon payments that a fund receives from inflation-indexed securities are included in the fund's gross income for the period during which they accrue. Any increase in principal for an inflation-indexed security resulting from inflation adjustments is considered by IRS regulations to be taxable income in the year it occurs. For direct holders of an inflation-indexed security, this means that taxes must be paid on principal adjustments, even though these amounts are not received until the bond matures. By contrast, a fund holding these securities distributes both interest income and the income attributable to principal adjustments each quarter in the form of cash or reinvested shares (which, like principal adjustments, are taxable to shareholders). It may be necessary for the fund to liquidate portfolio positions, including when it is not advantageous to do so, in order to make required distributions.

TREASURY INFLATION PROTECTED SECURITIES ("TIPS"). TIPS are securities issued by the U.S. Treasury that are designed to provide inflation protection to investors. TIPS are income-generating instruments that provide a 'real rate of return' by adjusting interest and principal payments for the impact of inflation. This periodic inflation adjustment of U.S. inflation-indexed securities is tied to the Consumer Price Index (CPI), which is calculated monthly by the U.S. Bureau of Labor Statistics. CPI measures the change in the cost of a fixed basket of consumer goods and services, such as transportation, food, and housing. A fixed coupon rate is applied to the

inflation-adjusted principal so that as inflation rises, both the principal value and the interest payments increase. This can provide investors with a hedge against inflation, as it helps preserve the purchasing power of an investment. Because of this inflation adjustment feature, inflation-protected bonds typically have lower yields than conventional fixed-rate bonds.

NON-PUBLICLY TRADED SECURITIES; RULE 144A SECURITIES AND PRIVATE PLACEMENTS. The Portfolios may purchase securities that are not registered under the 1933 Act, but that can be sold to "accredited investors" under Regulation D under the 1933 Act ("Reg. D Securities" or "Private Placements") or "qualified institutional buyers" in accordance with Rule 144A under the 1933 Act ("Rule 144A Securities"). An investment in Rule 144A Securities will be considered illiquid and therefore subject to a Portfolio's limitation on the purchase of illiquid securities, unless a Portfolio's governing Board of Trustees determines on an ongoing basis that an adequate trading market exists for the security. In addition to an adequate trading market, the Board of Trustees will also consider factors such as trading activity, availability of reliable price information and other relevant information in determining whether a Rule 144A Security is liquid. This investment practice could have the effect of increasing the level of illiquidity in a Portfolio to the extent that qualified institutional buyers become uninterested for a time in purchasing Rule 144A Securities. The Board of Trustees will carefully monitor any investments by a Portfolio in Rule 144A Securities. The Trust's Board of Trustees may adopt guidelines and delegate to the Specialist Managers the daily function of determining and monitoring the liquidity of Rule 144A Securities, although the Board of Trustees will retain ultimate responsibility for any determination regarding liquidity.

Non-publicly traded securities (including Reg. D and Rule 144A Securities) may involve a high degree of business and financial risk and may result in substantial losses. These securities may be less liquid than publicly traded securities, and a Portfolio may take longer to liquidate these positions than would be the case for publicly traded securities. Although these securities may be resold in privately negotiated transactions, the prices realized on such sales could be less than those originally paid by a Portfolio. Further, companies whose securities are not publicly traded may not be subject to the disclosure and other investor protection requirements applicable to companies whose securities are publicly traded. A Portfolio's investments in illiquid securities are subject to the risk that should a Portfolio desire to sell any of these securities when a ready buyer is not available at a price that is deemed to be representative of their value, the value of the Portfolio's net assets could be adversely affected.

ILLIQUID SECURITIES. Illiquid securities are securities that cannot be sold or disposed of in the ordinary course of business (within seven days) at approximately the prices at which they are valued. Because of their illiquid nature, illiquid securities must be priced at fair value as determined in good faith pursuant to procedures approved by the Trust's Board of Trustees. Despite such good faith efforts to determine fair value prices, a Portfolio's illiquid securities are subject to the risk that the security's fair value price may differ from the actual price which the Portfolio may ultimately realize upon its sale or disposition. Difficulty in selling illiquid securities may result in a loss or may be costly to a Portfolio. The Specialist Manager determines the liquidity of a Portfolio's investments. In determining the liquidity of a Portfolio's investments, the Specialist Manager may consider various factors, including (1) the frequency and volume of trades and quotations, (2) the number of dealers and prospective purchasers in the marketplace, (3) dealer undertakings to make a market, and (4) the nature of the security and the market in which it trades (including any demand, put or tender features, the mechanics and other requirements for transfer, any letters of credit or other credit enhancement features, any ratings, the number of holders, the method of soliciting offers, the time required to dispose of the security, and the ability to assign or offset the rights and obligations of the security).

PAY-IN-KIND SECURITIES. Pay-In-Kind securities are debt obligations or preferred stock that pay interest or dividends in the form of additional debt obligations or preferred stock.

PREFERRED STOCK. Preferred stock is a corporate equity security that pays a fixed or variable stream of dividends. Preferred stock is generally a non-voting security. Preferred stock represents an equity interest in a company that generally entitles the holder to receive, in preference to the holders of other stocks such as common stocks, dividends and a fixed share of the proceeds resulting from a liquidation of the company. Some preferred stocks also entitle their holders to receive additional liquidation proceeds on the same basis as holders of a company's common stock, and thus also represent an ownership interest in that company.

Preferred stocks may pay fixed or adjustable rates of return. Preferred stock is subject to issuer-specific and market risks applicable generally to equity securities. In addition, a company's preferred stock generally pays dividends only after the company makes required payments to holders of its bonds and other debt. For this reason, the value of preferred stock will usually react more strongly than bonds and other debt to actual or perceived changes in the company's financial condition or prospects. Preferred stock of smaller companies may be more vulnerable to adverse developments than preferred stock of larger companies.

CONVERTIBLE SECURITIES. A convertible security is a bond, debenture, note, preferred stock, or other security that entitles the holder to acquire common stock or other equity securities of the same or a different issuer. Each Portfolio may invest in convertible securities, which may offer higher income than the common stocks into which they are convertible. A convertible security generally entitles the holder to receive interest paid or accrued until the convertible security matures or is redeemed, converted or exchanged. Before conversion, convertible securities have characteristics similar to non-convertible debt or preferred securities, as applicable. Convertible securities rank senior to common stock in a corporation's capital structure and, therefore, generally entail less risk than the corporation's common stock, although the extent to which such risk is reduced depends in large measure upon the degree to which the convertible security sells above its value as a fixed income security. Convertible securities are subordinate in rank to any senior debt

obligations of the issuer, and, therefore, an issuer's convertible securities entail more risk than its debt obligations. Convertible securities generally offer lower interest or dividend yields than non-convertible debt securities of similar credit quality because of the potential for capital appreciation. In addition, convertible securities are often lower-rated securities.

Because of the conversion feature, the price of the convertible security will normally fluctuate in some proportion to changes in the price of the underlying asset, and as such is subject to risks relating to the activities of the issuer and/or general market and economic conditions. The income component of a convertible security may tend to cushion the security against declines in the price of the underlying asset. However, the income component of convertible securities causes fluctuations based upon changes in interest rates and the credit quality of the issuer.

If the convertible security's "conversion value," which is the market value of the underlying common stock that would be obtained upon the conversion of the convertible security, is substantially below the "investment value," which is the value of a convertible security viewed without regard to its conversion feature (i.e. strictly on the basis of its yield), the price of the convertible security is governed principally by its investment value. If the conversion value of a convertible security increases to the point that approximates or exceeds its investment value, the value of the security will be principally influenced by its conversion value. A convertible security will sell at a premium over its conversion value to the extent investors place value on the right to acquire the underlying common stock while holding an income-producing security.

A convertible security may be subject to redemption at the option of the issuer at a predetermined price. If a convertible security held by a Portfolio is called for redemption, the Portfolio would be required to permit the issuer to redeem the security and convert it to underlying common stock, or would sell the convertible security to a third party, which may have an adverse effect on the Portfolio's ability to achieve its investment objective.

More flexibility is possible in the assembly of a synthetic convertible security than in the purchase of a convertible security. Although synthetic convertible securities may be selected where the two components are issued by a single issuer, thus making the synthetic convertible security similar to the traditional convertible security, the character of a synthetic convertible security allows the combination of components representing distinct issuers, when the Specialist Manager believes that such a combination may better achieve a Portfolio's investment objective. A synthetic convertible security also is a more flexible investment in that its two components may be purchased separately. For example, a Portfolio may purchase a warrant for inclusion in a synthetic convertible security but temporarily hold short-term investments while postponing the purchase of a corresponding bond pending development of more favorable market conditions.

A holder of a synthetic convertible security faces the risk of a decline in the price of the security or the level of the index involved in the convertible component, causing a decline in the value of the security or instrument, such as a call option or warrant, purchased to create the synthetic convertible security. Should the price of the stock fall below the exercise price and remain there throughout the exercise period, the entire amount paid for the call option or warrant would be lost. Because a synthetic convertible security includes the income-producing component as well, the holder of a synthetic convertible security also faces the risk that interest rates will rise, causing a decline in the value of the income-producing instrument.

BANK CAPITAL SECURITIES. The Portfolios may invest in bank capital securities. Bank capital securities are issued by banks to help fulfill their regulatory capital requirements. There are two common types of bank capital: Tier I and Tier II. Bank capital is generally, but not always, of investment grade quality. Tier I securities often take the form of trust preferred securities. Tier II securities, commonly thought of as hybrids of debt and preferred stock, are often perpetual (with no maturity date), callable and under certain conditions, allow for the issuer bank to withhold payment of interest until a later date.

TRUST PREFERRED SECURITIES. The Portfolios may invest in trust preferred securities. Trust preferred securities have the characteristics of both subordinated debt and preferred stock. Generally, trust preferred securities are issued by a trust that is wholly-owned by a financial institution or other corporate entity, typically a bank holding company. The financial institution creates the trust and owns the trust's common securities. The trust uses the sale proceeds of its common securities to purchase subordinated debt issued

by the financial institution. The financial institution uses the proceeds from the subordinated debt sale to increase its capital while the trust receives periodic interest payments from the financial institution for holding the subordinated debt. The trust uses the funds received to make dividend payments to the holders of the trust preferred securities. The primary advantage of this structure is that the trust preferred securities are treated by the financial institution as debt securities for tax purposes and as equity for the calculation of capital requirements.

Trust preferred securities typically bear a market rate coupon comparable to interest rates available on debt of a similarly rated issuer. Typical characteristics include long-term maturities, early redemption by the issuer, periodic fixed or variable interest payments, and maturities at face value. Holders of trust preferred securities have limited voting rights to control the activities of the trust and no voting rights with respect to the financial institution. The market value of trust preferred securities may be more volatile than those of conventional debt securities. Trust preferred securities may be issued in reliance on Rule 144A under the 1933 Act and subject to restrictions on resale. There can be no assurance as to the liquidity of trust preferred securities and the ability of holders, such as a Portfolio to sell their holdings. In identifying the risks of the trust preferred securities, the Specialist Manager will look to the condition of the financial institution as the trust typically has no business operations other than to issue the trust preferred securities. If the financial institution defaults on interest payments to the trust, the trust will not be able to make dividend payments to holders of its securities, such as a Portfolio.

CYBERSECURITY RISKS. The Portfolios, like all companies, may be susceptible to operational and information security risks. Cybersecurity failures or breaches of the Portfolios or their service providers, including Specialist Managers, or the issuers of securities in which the Portfolios invest, have the ability to cause disruptions and impact business operations. The potential consequences of such events include potential financial losses, the inability of Portfolio shareholders to transact business, violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage, reimbursement or other compensation costs, and/or additional compliance costs. The Portfolios and their shareholders could be negatively impacted as a result.

**INVESTMENT RESTRICTIONS**

In addition to the investment objectives and policies of the Portfolios, each Portfolio is subject to certain investment restrictions both in accordance with various provisions of the Investment Company Act and guidelines adopted by the Board. These investment restrictions are summarized below. The following investment restrictions (1 through 12) are fundamental and cannot be changed with respect to any Portfolio without the affirmative vote of a majority of the Portfolio's outstanding voting securities as defined in the Investment Company Act.

A PORTFOLIO MAY NOT:

1. Purchase
the securities of any issuer, if as a result of such purchase, more than 5% of the total assets of the Portfolio would be invested
in the securities of that issuer, or purchase any security if, as a result of such purchase, a Portfolio would hold more than
10% of the outstanding voting securities of an issuer, provided that up to 25% of the value of the Portfolio's assets may
be invested without regard to this limitation, and provided further that this restriction shall not apply to investments in obligations
issued or guaranteed by the U.S. government, its agencies or instrumentalities, repurchase agreements secured by such obligations,
or securities issued by other investment companies.

2. Borrow
money, except that a Portfolio (i) may borrow amounts, taken in the aggregate, equal to up to 5% of its total assets, from banks
for temporary purposes (but not for leveraging or investment) and (ii) may engage in reverse repurchase agreements for any purpose,
provided that (i) and (ii) in combination do not exceed 33 1/3% of the value of the Portfolio's total assets (including
the amount borrowed) less liabilities (other than borrowings).

3. Mortgage,
pledge or hypothecate any of its assets except in connection with any permitted borrowing, provided that this restriction does
not prohibit escrow, collateral or margin arrangements in connection with a Portfolio's permitted use of options, futures
contracts and similar derivative financial instruments described in the Trust's Prospectus.

4. Issue
senior securities, as defined in the Investment Company Act, provided that this restriction shall not be deemed to prohibit a
Portfolio from making any permitted borrowing, mortgage or pledge, and provided further that the permitted use of options, futures
contracts, forward contracts and similar derivative financial instruments described in the Trust's Prospectus shall not
constitute issuance of a senior security.

5. Underwrite
securities issued by others, provided that this restriction shall not be violated in the event that the Portfolio may be considered
an underwriter within the meaning of the Securities Act of 1933 in the disposition of portfolio securities.

6. Purchase
or sell real estate unless acquired as a result of ownership of securities or other instruments, provided that this shall not
prevent a Portfolio from investing in securities or other instruments backed by real estate or securities of companies engaged
in the real estate business.

7. Purchase
or sell commodities or commodity contracts, unless acquired as a result of ownership of securities or other instruments, provided
that a Portfolio may purchase and sell futures contracts relating to financial instruments and currencies and related options
in the manner described in the Trust's Prospectus.

8. Make
loans to others, provided that this restriction shall not be construed to limit (a) purchases of debt securities or repurchase
agreements in accordance with a Portfolio's investment objectives and policies; and (b) loans of portfolio securities in
the manner described in the Trust's Prospectus.

9. Invest
more than 25% of the market value of its assets in the securities of companies engaged in any one industry provided that this
restriction does not apply to obligations issued or guaranteed by the U.S. Government, its agencies or instrumentalities, repurchase
agreements secured by such obligations or securities issued by other investment companies.

10. With
respect to each of The Short-Term Municipal Bond Portfolio and The Intermediate Term Municipal Bond Portfolio, invest, under normal
circumstances, less than 80% of its net assets in Municipal Securities.

The following investment restrictions (11 through 13) reflect policies that have been adopted by the Trust, but which are not fundamental and may be changed by the Board, without shareholder vote.

11. A
Portfolio may not invest in securities of other investment companies except as permitted under the Investment Company Act.

12. A
Portfolio may not invest more than 15% of the value of its net assets in illiquid securities (including repurchase agreements,
as described under "Repurchase Agreements," above).

13. The
Portfolios listed below have non-fundamental investment policies obligating such a Portfolio to commit, under normal market conditions,
at least 80% of its assets in the type of investment suggested by the Portfolio's name. For purposes of such an investment
policy, "assets" includes the Portfolio's net assets, as well as any amounts borrowed for investment purposes.
The Board has adopted a policy to provide investors with at least 60 days' notice of any intended change. Each such notice
will contain, in bold-face type and placed prominently in the document, the following statement: "Important Notice Regarding
Change in Investment Policy." This statement will also appear on the envelope in which such notice is delivered.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The U.S. Equity
 Portfolio, The Institutional U.S. Equity Portfolio, The International Equity Portfolio and The Institutional International
 Equity Portfolio will each invest at least 80% of its assets in equity securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The Institutional
 U.S. Equity Portfolio will invest at least 80% of its assets in U.S. equity securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. The Emerging Markets
 Portfolio will invest at least 80% of its assets in securities of issuers domiciled or, in the view of the Specialist Manager,
 deemed to be doing material amounts of business in countries determined by the Specialist Manager to have a developing or
 emerging economy or securities market.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. The Core Fixed Income
 Portfolio will invest at least 80% of its respective assets in fixed income securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. The U.S. Government
 Fixed Income Securities Portfolio will each invest at least 80% of its assets in fixed income securities issued or fully guaranteed
 by the U.S. Government, Federal Agencies, or sponsored agencies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. The U.S. Corporate
 Fixed Income Securities Portfolio will invest at least 80% of its assets in fixed income securities issued by U.S. corporations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. The U.S. Mortgage/Asset
 Backed Fixed Income Securities Portfolio will invest at least 80% of its assets in U.S. mortgage and asset backed securities.

An investment restriction applicable to a particular Portfolio shall not be deemed violated as a result of a change in the market value of an investment, the net or total assets of that Portfolio, or any other later change provided that the restriction was satisfied at the time the relevant action was taken.

The Investment Company Act generally defines "senior security" to mean any bond, debenture, note, or similar obligation or instrument constituting a security and evidencing indebtedness, and any stock of a class having priority over any other class as to distribution of assets or payment of dividends.

**ADDITIONAL PURCHASE AND REDEMPTION INFORMATION**

As indicated in the Prospectus, the net asset value of each Portfolio is determined once daily as of the close of public trading on the New York Stock Exchange ("NYSE") (normally 4:00 p.m. Eastern time) on each day it is open for trading. The NYSE will not open in observance of 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, and Christmas. The Trust reserves the right in its sole discretion to suspend the continued offering of the Trust's shares and to reject purchase orders in whole or in part when in the judgment of the Board such action is in the best interest of the Trust. Payments to shareholders for shares of the Trust redeemed directly from the Trust will be made as promptly as possible but no later than seven days after receipt by the Trust's transfer agent of the written request in proper form, with the appropriate documentation as stated in the Prospectus, except that the Trust may suspend the right of redemption or postpone the date of payment during any period when (a) trading on the NYSE is restricted as determined by the SEC or such exchange is closed for other than weekends and holidays; (b) an emergency exists as determined by the SEC making disposal of portfolio securities or valuation of net assets of the Trust not reasonably practicable; or (c) for such other period as the SEC may permit

for the protection of the Trust's shareholders. Each of the Portfolios reserves the right, if conditions exist which make cash payments undesirable, to honor any request for redemption or repurchase of the Trust's shares by making payment in whole or in part in readily marketable securities chosen by the Trust and valued in the same way as they would be valued for purposes of computing each Portfolio's net asset value. If such payment were made, an investor may incur brokerage costs in converting such securities to cash. The value of shares on redemption or repurchase may be more or less than the investor's cost, depending upon the market value of the Trust's portfolio securities at the time of redemption or repurchase.

**PORTFOLIO TRANSACTIONS AND VALUATION**

PORTFOLIO TRANSACTIONS. Subject to the oversight of the Board, the Specialist Managers of the respective Portfolios are responsible for placing orders for securities transactions for each of the Portfolios. Securities transactions involving stocks will normally be conducted through brokerage firms entitled to receive commissions for effecting such transactions. In placing portfolio transactions, a Specialist Manager will use its best efforts to choose a broker or dealer capable of providing the services necessary to obtain the most favorable price and execution available. The full range and quality of services available will be considered in making these determinations, such as the size of the order, the difficulty of execution, the operational facilities of the firm involved, the firm's risk in positioning a block of securities, and other factors. In placing brokerage transactions, the respective Specialist Managers may, however, consistent with the interests of the Portfolios they serve, select brokerage firms on the basis of the investment research, statistical and pricing services they provide to the Specialist Manager, which services may be used by the Specialist Manager in serving any of its investment advisory clients. In such cases, a Portfolio may pay a commission that is higher than the commission that another qualified broker might have charged for the same transaction, providing the Specialist Manager involved determines in good faith that such commission is reasonable in terms either of that transaction or the overall responsibility of the Specialist Manager to the Portfolio and such manager's other investment advisory clients. Transactions involving debt securities and similar instruments are expected to occur primarily with issuers, underwriters or major dealers acting as principals. Such transactions are normally effected on a net basis and do not involve payment of brokerage commissions. The price of the security, however, usually includes a profit to the dealer. Securities purchased in underwritten offerings include a fixed amount of compensation to the underwriter, generally referred to as the underwriter's concession or discount. When securities are purchased directly from or sold directly to an issuer, no commissions or discounts are paid. The table below reflects the aggregate dollar amount of brokerage commissions paid by each of the Portfolios of the Trust during the fiscal years indicated (amounts in thousands).

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| | | | |
|:---|:---|:---|:---|
| **PORTFOLIO** | **YEAR<br> ENDED<br> June 30,<br> 2025** | **YEAR<br> ENDED<br> June 30,<br> 2024** | **YEAR<br> ENDED<br> June 30,<br> 2023** |
|  The U.S. Equity Portfolio | $| $46 | $35 |
|  The Institutional U.S. Equity Portfolio | $| $454 | $301 |
|  The ESG Growth Portfolio | $| $13 | $12 |
|  The Catholic SRI Growth Portfolio | $| $1 | $1 |
|  The International Equity Portfolio | $| $171 | $78 |
|  The Institutional International Equity Portfolio | $| $286 | $208 |
|  The Emerging Markets Portfolio | $| $297 | $87 |
|  The Core Fixed Income Portfolio | $| $0 | $4 |
|  The Corporate Opportunities Portfolio | $| $103 | $95 |
|  The U.S. Government Fixed Income Securities Portfolio | $| $33 | $36 |
|  The U.S. Corporate Fixed Income Securities Portfolio | $| $2 | $3 |
|  The U.S. Mortgage/Asset Backed Fixed Income Securities Portfolio | $| $1 | $0 |
|  The Short-Term Municipal Bond Portfolio | $| $0 | $0 |
|  The Intermediate Term Municipal Bond Portfolio | $| $46 | $1 |

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The Trust has adopted procedures pursuant to which each Portfolio is permitted to allocate brokerage transactions to affiliates of the various Specialist Managers. Under such procedures, commissions paid to any such affiliate must be fair and reasonable compared to the commission, fees or other remuneration paid to other brokers in connection with comparable transactions.

During the Trust's last three fiscal years, there were no brokerage commissions paid in connection with a Portfolio's transactions by any Portfolio's Specialist Manager to any broker/dealer that may be deemed to be an affiliate of such Specialist Manager.

In no instance will portfolio securities be purchased from or sold to Specialist Managers, the Adviser or any affiliated person of the foregoing entities except to the extent permitted by applicable law or an order of the SEC. It is possible that at times identical securities will be acceptable for both a Portfolio of the Trust and one or more of a Specialist Manager's other client accounts. In such cases, simultaneous transactions are inevitable. Purchases and sales are then averaged as to price and allocated as to amount according to a formula deemed equitable to each such account. While in some cases this practice could have a detrimental effect upon the price or value of the security as far as a Portfolio is concerned, in other cases it is believed that the ability of a Portfolio to participate in volume transactions may produce better executions for such Portfolio.

PORTFOLIO TURNOVER. Changes may be made in the holdings of any of the Portfolios consistent with their respective investment objectives and policies whenever, in the judgment of the relevant Specialist Manager, such changes are believed to be in the best interests of the Portfolio involved. It is not anticipated that the annual portfolio turnover rate for any Portfolio will exceed 100% under normal circumstances. Portfolios may experience higher turnover due to the addition of a Specialist Manager to the Portfolio, a reallocation of Portfolio assets among Specialist Managers, or a replacement of one or more Specialist Managers. Additionally, the following investments may increase a Portfolio's turnover: (a) investing in certain types of derivative instruments; or (b) investing in U.S. government securities for short periods of time while determining appropriate longer term investments for a Portfolio. The portfolio turnover rate is calculated by dividing the lesser of purchases or sales of portfolio securities by the average monthly value of a Portfolio's securities. For purposes of this calculation, portfolio securities exclude all securities having a maturity when purchased of one year or less. The portfolio turnover rate for each of the Portfolios that has more than one Specialist Manager will be an aggregate of the rates for each individually managed portion of that Portfolio. Rates for each portion, however, may vary significantly. The portfolio turnover rates for each of the Trust's Portfolios during the last three fiscal years are set forth in the following table.

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| | | |
|:---|:---|:---|
| **PORTFOLIO** | **FISCAL<br> YEAR<br> ENDED<br> June 30,<br> 2024** | **FISCAL<br> YEAR<br> ENDED<br> June 30,<br> 2023** |
|  The U.S. Equity Portfolio% | 13% | 11% |
|  The Institutional U.S. Equity Portfolio% | 78% | 39% |
|  The ESG Growth Portfolio% | 5% | 12% |
|  The Catholic SRI Growth Portfolio% | 11% | 11% |
|  The International Equity Portfolio% | 20% | 8% |
|  The Institutional International Equity Portfolio% | 21% | 26% |
|  The Emerging Markets Portfolio% | 25% | 6% |
|  The Core Fixed Income Portfolio% | 45% | 45% |
|  The Corporate Opportunities Portfolio% | 48% | 93% |
|  The U.S. Government Fixed Income Securities Portfolio% | 74% | 45% |
|  The U.S. Corporate Fixed Income Securities Portfolio% | 37% | 37% |
|  The U.S. Mortgage/Asset Backed Fixed Income Securities Portfolio% | 11% | 12% |
|  The Short-Term Municipal Bond Portfolio% | 34% | 30% |
|  The Intermediate Term Municipal Bond Portfolio% | 33% | 25% |

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VALUATION. The net asset value per share of the Portfolios is determined once on each Business Day as of the close of the NYSE, which is normally 4 p.m. Eastern Time, on each day the NYSE is open for trading. The Trust does not expect to determine the net asset value of its shares on any day when the NYSE is not open for trading even if there is sufficient trading in its portfolio securities on such days to materially affect the net asset value per share.

In valuing the Trust's assets for calculating net asset value, readily marketable portfolio securities listed on a national securities exchange or on NASDAQ are valued at the closing price on the business day as of which such value is being determined. If there has been no sale on such exchange or on NASDAQ on such day, the security is valued at the closing bid price on such day. Readily marketable securities traded only in the over-the-counter market and not on NASDAQ are valued at the closing price or if no sale occurs at the mean between the last reported bid and asked prices. Equity securities listed on a foreign exchange are valued at the last quoted sales price available before the time when such securities are to be valued, provided that where such securities are denominated in foreign currencies, such prices will be converted into U.S dollars at the bid price of such currencies against U.S. dollars. Exchange rates are received daily from an independent pricing service approved by the Board. If there have been no sales on such exchange, the security is valued at the closing bid. All other assets of each Portfolio are valued in such manner as the Board in good faith deems appropriate to reflect their fair value. The net asset value per share of each of the Trust's Portfolios is calculated as follows: All liabilities incurred or accrued are deducted from the valuation of total assets which includes accrued but undistributed income; the resulting net asset value is divided by the number of shares outstanding at the time of the valuation and the result (adjusted to the nearest cent) is the net asset value per share.

When the closing price of a foreign security is not an accurate representation of value as a result of events (a "Significant Event") that have occurred after the closing of the primary foreign exchange and prior to the time certain of the Portfolios' net asset value per share is calculated, then a market quotation is deemed to not be readily available and the fair value of affected securities will be determined by consideration of other factors by the Pricing Committee. An example of a frequently occurring Significant Event is a significant movement in the U.S. equity markets. The Board may predetermine the level of such a movement that will constitute a Significant Event (a "Trigger") and preauthorize the Trust's Accounting Agent to utilize a pricing service authorized by the Board (a "Fair Value Pricing Service") that has been designated to determine a fair value for the affected securities. On a day when a Fair Value Pricing Service is so utilized, the Trust's Pricing Committee need not meet. The Pricing Committee, however, will determine the fair value of securities

affected by a Significant Event where either (i) the Pricing Committee has not authorized the use of a Fair Value Pricing Service, or (ii) the Significant Event is other than a movement in the U.S. equity markets that qualifies as a Trigger.

PORTFOLIO HOLDINGS. The Trust may provide information regarding the portfolio holdings of the various Portfolios to its service providers where relevant to duties to be performed for the Portfolios. Such service providers include fund accountants, administrators, investment advisers, custodians, independent public accountants, and attorneys. All such service providers are required to maintain the confidentiality of such information by virtue of their respective duties to the Trust. Disclosures to service providers are made in the ordinary course of business as needed in order for a service provider to meet its obligations to the Trust and are generally provided without any lag time. Non-standard disclosure of portfolio holdings information may also be provided to entities that provide a service to a Specialist Manager, provided that the service is related to the investment advisory services that the Specialist Manager provides to the Portfolios. Service providers may also disclose such information to certain of their service providers in order to facilitate the provision of services to the Trust. All such third-party recipients will also be required to maintain the confidentiality of such information.

The Trust does not disclose any portfolio holdings information to any rating or ranking organizations, but does disclose such information to two third party organizations, FactSet Research Systems, Inc. and Bloomberg, L.P., for the sole purpose of providing statistical services to the Adviser. These organizations receive portfolio holdings information daily with no lag time. These organizations have signed confidentiality agreements under which they are required to keep all portfolio holdings information confidential and are prohibited from improperly using such information.

Except as set forth above, neither the Trust nor any service provider to the Trust may disclose material information about the Portfolios' holdings to other third parties except that information about portfolio holdings may be made available to such third parties provided that the information has become public information by the filing of an annual Form N-CSR, semi-annual Form N-CSRS or Form N-PORT by the Portfolios. In no event shall such information be disclosed for compensation.

The Trust's CCO is responsible for reviewing such disclosures to ensure that no improper disclosures have occurred. The Board relies on the Trust's CCO to exercise day-to-day oversight with respect to portfolio holdings disclosures. The Board receives periodic reports from the CCO and meets with him on a regular basis.

Breckinridge Portfolio Holdings Disclosure

In connection with providing investment advisory services to its clients, Breckinridge has ongoing arrangements to disclose non-public client portfolio holdings information to the following parties:

Abel Noser provides trade cost analysis for Breckinridge and receives portfolio holdings information on a monthly basis as of October 2023.

Evare provides custodial data for Breckinridge and has access to portfolio holdings information on a daily basis.

InvestorTools Perform provides portfolio accounting and analysis services for Breckinridge and has access to portfolio holdings information on a daily basis.

Wellington Management Portfolio Holdings Disclosure

In connection with providing investment advisory services to its clients, Wellington Management has ongoing arrangements to disclose non-public client portfolio holdings information to the following parties:

Acadia Soft performs certain operational functions for Wellington Management and receives portfolio holdings information on a daily basis.

Accenture performs certain operational functions on behalf of Wellington Management and has access to portfolio holdings on a daily basis.

Brown Brothers Harriman & Co. performs certain operational functions for Wellington Management and receives portfolio holdings information on a daily basis.

Clearwater Analytics performs certain operational functions for Wellington Management and receives portfolio trades and holdings information on a daily basis.

Dynamo Software provides a technology platform to support private placement transactions, integrating the components of a private investment lifecycle into one system (Note: implementation completed in Q3 2024).

FactSet Research Systems Inc. provides analytical services for Wellington Management and receives portfolio holdings information on a daily basis.

Glass, Lewis & Co. provides proxy voting services for Wellington Management and receives portfolio holdings information on a daily basis where Wellington has been assigned voting discretion and accounts have opted in to vote reconciliation.

Markit WSO Corporation performs certain operational functions on behalf of Wellington Management and receives syndicated bank loan portfolio holdings information on a daily basis.

MSCI, Inc provides analytical services for Wellington Management and receives portfolio holdings information on a daily basis.

State Street Bank and Trust Company performs certain operational functions on behalf of Wellington Management and receives portfolio holdings information on a daily basis.

Tri Optima performs certain operational functions for Wellington Management and receives portfolio holdings information on a daily basis.

Wellington Management also makes disclosures of portfolio holdings to other third parties where it does not identify specific clients.

**ADDITIONAL INFORMATION ABOUT THE PORTFOLIO MANAGERS**

Set forth below is information about those individuals (each of whom is referred to as a "portfolio manager") who are primarily responsible for day-to-day investment decisions relating to the various Portfolios. All of the portfolio managers set forth with regard to each Specialist Manager are employees of the indicated Specialist Manager and not of the Adviser.

As noted in the Prospectus, investment in shares of the Trust is currently limited to investors for whom the Adviser, or any affiliate of the Adviser, provides a complete program of investment advisory services. Unless otherwise noted, none of the portfolio managers owns any shares of the Portfolio of the Trust for which they are responsible.

The tables and text below disclose information about other accounts managed, compensation, and potential conflicts of interest. All information is as of June 30, 2025, unless otherwise noted.

It should be noted that there are certain potential conflicts of interest which are generally applicable to all of the Specialist Managers. The conflicts arise from managing multiple accounts and include conflicts among investment strategies, conflicts in the allocation of investment opportunities and conflicts due to the differing assets levels or fee schedules of various accounts.

**Agincourt Capital Management, LLC ("Agincourt")** serves as a Specialist Manager for The ESG Growth Portfolio, The Catholic SRI Growth Portfolio, The Core Fixed Income Portfolio and The U.S. Corporate Fixed Income Securities Portfolio. Listed below are the portfolio managers responsible for making day-to-day investment decisions for that portion of these Portfolios allocated to Agincourt. Day-to-day investment decisions for The ESG Growth Portfolio, The Catholic SRI Growth Portfolio, The Core Fixed Income Portfolio and The U.S. Corporate Fixed Income Securities Portfolio are the responsibility of L. Duncan Buoyer, Managing Director and Portfolio Manager of Agincourt and B. Scott Marshall, Director and Portfolio Manager. Both Mr. Buoyer and Mr. Marshall provide portfolio management for certain other registered investment companies and separately managed accounts within this strategy. Certain information about these responsibilities is set forth below.

OTHER ACCOUNTS MANAGED — TOTAL

THE ESG GROWTH PORTFOLIO

THE CATHOLIC SRI GROWTH PORTFOLIO

THE CORE FIXED INCOME PORTFOLIO

THE U.S. CORPORATE FIXED INCOME SECURITIES PORTFOLIO

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **OTHER REGISTERED<br> INVESTMENT<br> COMPANIES** | **OTHER REGISTERED<br> INVESTMENT<br> COMPANIES** | **OTHER POOLED<br> INVESTMENT<br> VEHICLES** | **OTHER POOLED<br> INVESTMENT<br> VEHICLES** | **OTHER ACCOUNTS** | **OTHER ACCOUNTS** |
| <br>**PORTFOLIO MANAGER** | **NUMBER** | **TOTAL<br> ASSETS** | **NUMBER** | **TOTAL<br> ASSETS** | **NUMBER** | **TOTAL<br> ASSETS** |
|  L. Duncan Buoyer | 0 | $0 | 0 | $0 | 196 | $9.5 billion |
|  B. Scott Marshall | 0 | $0 | 0 | $0 | 196 | $9.5 billion |

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**OTHER ACCOUNTS MANAGED — OF TOTAL LISTED ABOVE, THOSE WHOSE ADVISORY FEE IS BASED ON PERFORMANCE**

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **OTHER REGISTERED<br> INVESTMENT<br> COMPANIES** | **OTHER REGISTERED<br> INVESTMENT<br> COMPANIES** | **OTHER POOLED<br> INVESTMENT<br> VEHICLES** | **OTHER POOLED<br> INVESTMENT<br> VEHICLES** | **OTHER ACCOUNTS** | **OTHER ACCOUNTS** |
| <br>**PORTFOLIO MANAGER** | **NUMBER** | **TOTAL<br> ASSETS** | **NUMBER** | **TOTAL<br> ASSETS** | **NUMBER** | **TOTAL<br> ASSETS** |
|  L. Duncan Buoyer | 0 | $0 | 0 | $0 | 1 | $21 million |
|  B. Scott Marshall | 0 | $0 | 0 | $0 | 1 | $21 million |

---

**CONFLICTS OF INTEREST.**

Agincourt Capital Management is focused on managing fixed income portfolios. All portfolios are managed on a team basis and accounts with similar mandates are managed as closely as possible, taking into account client specific cash flow requirements and any investment guideline constraints.

Agincourt maintains policies and procedures to address a wide range of potential conflicts of interest that could directly impact client portfolios, such as conflicts relating to the allocation of investment opportunities, personal investing activities, portfolio manager compensation and broker selection.

While there is no guarantee that such policies and procedures will be effective in all cases, Agincourt believes that all issues relating to potential material conflicts of interest have been addressed.

**COMPENSATION.**

Compensation is not tied to the performance of the Fund or specific accounts. The majority of Agincourt's investment professionals have an ownership interest in the firm, sharing in profits in addition to a base salary. For those employees that do not have an ownership interest there is a bonus plan that is based on the firm's profitability combined with the individual's contribution to the firm's success.

**Breckinridge Capital Advisors, Inc.** ("Breckinridge") serves as the Specialist Manager for The Short-Term Municipal Bond Portfolio and The Intermediate Term Municipal Bond Portfolio. Client portfolios are managed on a team basis. Matthew Buscone, Co-Chief Investment Officer, Eric Haase, Senior Portfolio Manager, Maggie Fitzpatrick, Portfolio Manager, Andressa Tsaparlis, Associate Portfolio Manager, and Patrick Araujo-Lipine, Associate Portfolio Manager, are responsible for making day-to-day investment decisions for The Short-Term Municipal Bond Portfolio and The Intermediate Term Municipal Bond Portfolio.

The portfolio management team also provides investment management services for other registered investment companies, pooled investment vehicles and separately managed accounts.

OTHER ACCOUNTS MANAGED — TOTAL\*

SHORT-TERM MUNICIPAL BOND PORTFOLIO

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **OTHER REGISTERED<br> INVESTMENT<br> COMPANIES** | **OTHER REGISTERED<br> INVESTMENT<br> COMPANIES** | **OTHER POOLED<br> INVESTMENT<br> VEHICLES** | **OTHER POOLED<br> INVESTMENT<br> VEHICLES** | **OTHER ACCOUNTS** | **OTHER ACCOUNTS** |
| <br>**PORTFOLIO MANAGER\*\*** | **NUMBER** | **TOTAL<br> ASSETS** | **NUMBER** | **TOTAL<br> ASSETS** | **NUMBER** | **TOTAL<br> ASSETS** |
|  Matthew Buscone | 1 | $43.1 million | 1 | $186.0 million | 18473 | $51.8 billion |
|  Andressa Tsaparlis | 1 | $43.1 million | 1 | $186.0 million | 18473 | $51.8 billion |
|  Eric Haase | 1 | $43.1 million | 1 | $186.0 million | 18473 | $51.8 billion |
|  Maggie Fitzpatrick | 1 | $43.1 million | 1 | $186.0 million | 18473 | $51.8 billion |
|  Patrick Araujo-Lipine | 1 | $43.1 million | 1 | $186.0 million | 18473 | $51.8 billion |

---

\* None of these accounts has an advisory fee based on performance. <br> \*\* In addition to the accounts in the table, portfolio managers also manage personal accounts for their own benefit.

OTHER ACCOUNTS MANAGED — TOTAL\*

INTERMEDIATE TERM MUNICIPAL BOND PORTFOLIO

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **OTHER REGISTERED<br> INVESTMENT<br> COMPANIES** | **OTHER REGISTERED<br> INVESTMENT<br> COMPANIES** | **OTHER POOLED<br> INVESTMENT<br> VEHICLES** | **OTHER POOLED<br> INVESTMENT<br> VEHICLES** | **OTHER ACCOUNTS** | **OTHER ACCOUNTS** |
| <br>**PORTFOLIO MANAGER\*\*** | **NUMBER** | **TOTAL<br> ASSETS** | **NUMBER** | **TOTAL<br> ASSETS** | **NUMBER** | **TOTAL<br> ASSETS** |
|  Matthew Buscone | 1 | $70.2 million | 1 | $186 million | 18473 | $51.8 billion |
|  Andressa Tsaparlis | 1 | $70.2 million | 1 | $186 million | 18473 | $51.8 billion |
|  Eric Haase | 1 | $70.2 million | 1 | $186 million | 18473 | $51.8 billion |
|  Maggie Fitzpatrick | 1 | $70.2 million | 1 | $186 million | 18473 | $51.8 billion |
|  Patrick Araujo-Lipine | 1 | $70.2 million | 1 | $186 million | 18473 | $51.8 billion |

---

\* None of these accounts has an advisory fee based on performance. <br> \*\* In addition to the accounts in the table, portfolio managers also manage personal accounts for their own benefit.

CONFLICTS OF INTEREST.

Breckinridge provides investment advisory services to client, proprietary and employee accounts in different strategies with varying fee schedules, objectives, restrictions and benchmarks. The corporate proprietary accounts have been funded by the firm to develop investment strategies and will not be available to all clients or employees. Breckinridge, however, has discretion to offer these strategies to employees or select clients at any time. Employees are permitted to invest in our dividend income strategies only. If they choose to do so, their accounts are subject to certain reporting and certification requirements set forth in our Code of Ethics.

Managing multiple accounts simultaneously may result in the team allocating unequal attention and time to the management of each client account. Further, there is an incentive for the PM team to favor affiliated (i.e., proprietary and employee) accounts because the firm and/or its employees has financial interests in such accounts. Affiliated accounts can, and will, hold some or all of the same securities as those in client accounts. Allowing affiliated accounts to invest in the same securities as clients creates the possibility that the firm may benefit from market activity by a client or group of clients in the same security.

Breckinridge seeks to address these conflicts in various ways. Our approach is team-based, which helps to ensure overlap in coverage and support. All trading activity is viewable by the trading and portfolio management teams; this provides complete transparency into daily trading in client and affiliated accounts.

Using our internal portfolio management and trading system, the fixed income portfolio management team can determine portfolio needs, sales and trade ideas across multiple accounts with our traders' input on valuation. Additionally, our internal system enables us to complete allocations in a manner that is consistent with internal policy. Our dividend income strategies are rules-based; this limits the discretion the portfolio manager has on investment selection and trading frequency as such activity is limited to rebalancing, portfolio flows, liquidating ineligible securities and tax loss harvesting. We also have placed certain trading and allocation restrictions on affiliated accounts and have added them to our personal trading system for periodic certifications and checks.

Portfolio managers' compensation is not tied to the performance of any single account or strategy; rather, compensation is based on individual and overall firm performance. In this way, portfolio managers are incentivized to act in the best interests of all clients. Breckinridge does not have any performance fee or soft dollar arrangements, both of which can create further conflicts concerning the management and trading of accounts.

Breckinridge will consider cross trades between client accounts. The usage of cross trades creates a conflict as Breckinridge is advising clients on both sides of the transaction. Breckinridge only executes cross trades when certain conditions are met and conducts regular reviews of cross transactions to ensure they have met conditions and best execution objectives. As a matter of policy, IRAs and accounts subject to ERISA or the Investment Company Act of 1940 are excluded from cross transactions. Clients may opt out of cross trading at any time with written notice to Breckinridge.

Breckinridge has trading partners that have, or trading partners with affiliates that have, client accounts managed by us. Since Breckinridge has a business interest in these client relationships, there may be an incentive for Breckinridge to select these dealers over those without such client accounts when placing orders for client portfolios. When selecting dealers for client orders, we do not consider whether Breckinridge receives client referrals from such dealers. Our trading and consultant relations teams are separate. Traders are generally not permitted to consult with the consultant relations team on broker selections. Further, Breckinridge conducts periodic reviews of its trade execution and trading partners to ensure we are meeting our best execution goal.

Employees at Breckinridge may enter into certain personal securities transactions with appropriate approvals. Personal trading activity can cause conflicts with client accounts since employees may hold the same securities as those held in client accounts. To help minimize

this conflict, Breckinridge has a general prohibition on the trading of fixed income securities that may be eligible for client accounts. Employees also are subject to transactional restrictions and regular reporting requirements, which are detailed in our Code of Ethics.

From time to time, our employees will receive non-cash gifts or business entertainment. Typically, these are tickets to events or occasional meals with vendors. Breckinridge has a policy in place that regulates the acceptance of such items. The policy includes but is not limited to: seeking approval on items over a specific value, submitting reports on certain items and certifying periodically to policy compliance.

COMPENSATION. All members of the portfolio management team receive a compensation and benefits package that includes a base salary and eligibility for bonus and profit sharing. Base salary is determined by at least the following: the role and responsibilities, the person's experience, and market data for similar jobs. Individual performance and contribution are additional considerations during the annual review process. Bonuses are paid quarterly and are not tied to the performance of any client account or strategy. Each member of the team is also eligible to receive equity options. Our Board of Directors determines the amount of options to issue and, with input from the Executive Committee, the recipients of those options.

**City of London Investment Management Company Limited** ("CLIM") CLIM serves as a Specialist Manager for The International Equity Portfolio, The Institutional International Equity Portfolio, The Emerging Markets Portfolio, The Corporate Opportunities Portfolio and The Intermediate Term Municipal Bond Portfolio. Day-to-day portfolio management of those assets of The International Equity Portfolio and The Institutional International Equity Portfolio allocated to CLIM will be the responsibility of a team led by Michael Edmonds. Day-to-day portfolio management of those assets of The Emerging Markets Portfolio allocated to CLIM will be the responsibility of a team led by Oliver Marschner. Day-to-day portfolio management of those assets of The Corporate Opportunities Portfolio and The Intermediate Term Municipal Bond Portfolio allocated to CLIM will be the responsibility of a team led by James Millward. For each portfolio, the lead portfolio manager has ultimate responsibility for constructing and managing the portfolio. However, the decision making process is developed as a team, and decisions are generally reached via consensus within the applicable investment team. Each portfolio manager also provides portfolio management for certain other pooled investment vehicles and separately managed accounts. Certain information about these responsibilities is set forth below.

OTHER ACCOUNTS MANAGED — TOTAL

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **OTHER REGISTERED<br> INVESTMENT<br> COMPANIES** | **OTHER REGISTERED<br> INVESTMENT<br> COMPANIES** | **OTHER POOLED<br> INVESTMENT VEHICLES** | **OTHER POOLED<br> INVESTMENT VEHICLES** | **OTHER ACCOUNTS** | **OTHER ACCOUNTS** |
| <br>**PORTFOLIO MANAGER** | **NUMBER** | **TOTAL<br> ASSETS** | **NUMBER** | **TOTAL<br> ASSETS** | **NUMBER** | **TOTAL<br> ASSETS** |
|  James Millward | 0 | $0 | 6 | $1,737 million | 11 | $756 million |
|  Michael Edmonds | 0 | $0 | 6 | $1,737 million | 11 | $756 million |
|  Michael Sugrue | 0 | $0 | 6 | $1,737 million | 11 | $756 million |
|  Oliver Marschner | 0 | $0 | 11 | $1,901 million | 10 | $1,980 million |

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OTHER ACCOUNTS MANAGED — OF TOTAL LISTED ABOVE, THOSE WHOSE ADVISORY FEE IS BASED ON PERFORMANCE

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **OTHER REGISTERED<br> INVESTMENT<br> COMPANIES** | **OTHER REGISTERED<br> INVESTMENT<br> COMPANIES** | **OTHER POOLED<br> INVESTMENT<br> VEHICLES** | **OTHER POOLED<br> INVESTMENT<br> VEHICLES** | **OTHER ACCOUNTS** | **OTHER ACCOUNTS** |
| <br>**PORTFOLIO MANAGER** | **NUMBER** | **TOTAL<br> ASSETS** | **NUMBER** | **TOTAL<br> ASSETS** | **NUMBER** | **TOTAL<br> ASSETS** |
| James Millward | 0 | $0 | 0 | $0 | 0 | $0 |
| Michael Edmonds | 0 | $0 | 0 | $0 | 0 | $0 |
| Michael Sugrue | 0 | $0 | 0 | $0 | 0 | $0 |
| Oliver Marschner | 0 | $0 | 0 | $0 | 0 | $0 |

---

CONFLICTS OF INTEREST. The investment management team at CLIM may manage multiple accounts for multiple clients. These accounts may include mutual funds, segregated accounts, non-US collective investment schemes and private funds. Managing multiple funds or accounts may give rise to potential conflicts of interest including, for example, conflicts among investment strategies and conflicts in the allocation of investment opportunities. CLIM manages potential conflicts between funds or accounts through allocation policies and procedures, internal review processes, and oversight by directors, compliance, and independent third parties. CLIM has developed trade allocation procedures and controls to ensure that no one client, regardless of type, is intentionally favored at the expense of another. Allocation policies are designed to address potential conflicts in situations where two or more funds or accounts participate in investment decisions involving the same securities.

COMPENSATION. CLIM's compensation and incentive policy for all employees is linked to individual performance, which is determined via an appraisal process. The formal process of performance review takes place annually. CLIM's holding company, City of London Investment Group PLC ("CLIG") considers performance of senior level staff through the Remuneration Committee, which is comprised of independent non-executive Directors. They consider for their review information gathered via departmental managers and filtered through CLIM's Executive Directors, as well as external data which provides an understanding of current salaries and overall compensation packages within the market place. CLIM's Board makes recommendations on relevant aspects of compensation, which are passed to CLIG's Remuneration Committee for consideration and approval. All intermediate and junior level staff are appraised directly by their line managers, who make salary recommendations for approval by CLIM's Executive Directors.

**HC Capital Solutions** ("HC Capital") may at times directly manage a portion of a Portfolio's investments in ETFs, index futures and forwards designed to obtain broad market exposure. HC Capital is a separate operating division of Hirtle Callaghan & Co., LLC. Mr. Brad Conger, CFA, Mr. Akhil Jain, Mr. Matthew Mead, CFA and Mr. Paul Shaffer, CFA act as the portfolio managers for each Portfolio. Mr. Conger, Mr. Jain, Mr. Mead and Mr. Shaffer each also provides oversight of the Specialist Managers providing day-to-day portfolio management for certain other pooled investment vehicles and separately managed accounts, but does not directly provide such day-to-day services to any other accounts or portfolios.

CONFLICTS OF INTEREST. While there are certain conflicts of interest inherent in directly managing one portfolio while providing oversight services to multiple other portfolios, as discussed above, HC Capital believes that the limited nature of the role of managing a Portfolio's investments in ETFs, index futures and forwards, combined with the policies and procedures adopted by HC Capital, minimizes the potential impact of any such conflicts.

COMPENSATION. Mr. Conger, Mr. Jain, Mr. Mead and Mr. Shaffer each receives a base salary and an annual bonus, which is at the discretion of the Adviser and is not directly linked to the performance of any one or more accounts.

**Insight North America LLC** ("Insight") Insight serves as a Specialist Manager for The Intermediate Term Municipal Bond Portfolio. Insight is a wholly-owned subsidiary of The Bank of New York Mellon Corporation ("BNY") and is under common control with Mellon Investments Corporation. Daniel Marques, CFA is responsible for the day-to-day management of the Intermediate Term Municipal Bond Portfolio. He also provides portfolio management for certain other registered investment companies, pooled investment vehicles and separately managed accounts. Certain information about these responsibilities is set forth below.

THE INTERMEDIATE TERM MUNICIPAL BOND PORTFOLIO

OTHER ACCOUNTS MANAGED\* — TOTAL As of June 30, 2025

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **OTHER REGISTERED<br> INVESTMENT<br> COMPANIES** | **OTHER REGISTERED<br> INVESTMENT<br> COMPANIES** | **OTHER POOLED<br> INVESTMENT VEHICLES** | **OTHER POOLED<br> INVESTMENT VEHICLES** | **OTHER ACCOUNTS** | **OTHER ACCOUNTS** |
| <br>**PORTFOLIO MANAGER** | **NUMBER** | **TOTAL<br> ASSETS** | **NUMBER** | **TOTAL<br> ASSETS** | **NUMBER** | **TOTAL<br> ASSETS** |
|  Daniel Marques | 3 | $1.25 billion | 0 | $0 | 185 | $1.29 billion |

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\* None of these accounts has an advisory fee based on performance.

CONFLICTS OF INTEREST – Insight

In the course of Insight's normal business, Insight and its personnel may encounter situations where it faces a conflict of interest or could be perceived to be in a conflict of interest situation. A conflict of interest occurs whenever the interests of Insight or its personnel diverge from those of a client or when Insight or its personnel have obligations to more than one party whose interests are different. In order to preserve its reputation and comply with applicable legal and regulatory requirements, Insight believes managing perceived conflicts is as important as managing actual conflicts.

Insight ensures it manages conflicts of interest fairly and in accordance with SEC rules and guidance, and does not place its own interests unfairly above those of its customers.

All material conflicts of interest are presented in greater detail within Part 2A of Insight's Form ADV.

COMPENSATION – Insight

The strategic goal of Insight is to provide a high-quality investment service to our clients over the long term. The route to achieving this strategy is through the performance and commitment of our people. Our reward philosophy has a key role to play in the motivation and retention of our people and is therefore an important contributing factor in the achievement of our business strategy. Our approach to remuneration and how this incentivizes behaviors within Insight is captured within five key parameters:

Shared ownership for all employees: Our people are highly engaged with our business and our culture of collective ownership reinforces collaboration across teams and strengthens the alignment with our clients. All of our people are awarded an annual grant of our long-term incentive plan (LTIP). LTIP awards typically vest after three years and their value is based on an independent external assessment of Insight's market value. Share-based LTIP is awarded as non-voting, non-dividend paying equity in Insight.

The LTIP is a powerful tool for staff retention and ensures employees share directly in the success of the business. For our senior management, investment desk heads and material risk-takers, we operate a deferral policy where at least 40% of variable pay is deferred through LTIP. In the UK, our employees also have an opportunity to acquire Insight shares from their pre-taxed salary.

Designed to support a culture of high performance: Our approach to remuneration is designed to support the culture of the business and to ensure that top performance is recognized with top quartile industry pay. This has successfully enabled us to attract and retain, what we believe to be, the best available talent in the industry. The structure of our remuneration schemes actively promote team working and collaboration across teams. The main components of remuneration are base salary and variable pay. Variable pay is made up of two elements; discretionary annual cash amount and a deferral into our LTIP, awarded under a consistent set of principles, globally. We also offer competitive benefits and well-being programs, where the health and welfare of our people is paramount.

Simple and transparent: We recognize the importance of applying a clear and consistent remuneration process as aligned with our philosophy of payment for performance. For our senior staff, total remuneration is heavily weighted towards variable pay and the overall value of variable pay is directly linked to the profitability and performance of the business. Therefore, if Insight performs and our people deliver strong performance their total remuneration will be competitive.

Aligned with performance management: Insight believes firmly in setting performance-related objectives that are structured to promote sound and effective risk management within the company's risk management appetite. Performance is assessed and evaluated in light of an individual's contribution to the overall client mandate, team and business performance, and culture. We aim to reward most highly those individuals who help the team to perform strongly. A team culture is an essential part of the way we conduct our business and our remuneration policy is designed to encourage this.

Regulatory compliant with robust governance: The general principles of our remuneration arrangements are agreed with our parent company, BNY, and are reviewed at least twice a year by the Insight Remuneration Committee. We ensure our remuneration processes and policy are compliant with all relevant regulation, including the requirements of the FCA Remuneration Code and corresponding local Directives.

**Mellon Investments Corporation (formerly BNY Mellon Asset Management North America Corporation)** ("Mellon") serves as a Specialist Manager for The U.S. Equity Portfolio, The Institutional U.S. Equity Portfolio, The ESG Growth Portfolio, The Catholic SRI Growth Portfolio, The International Equity Portfolio, The Institutional International Equity Portfolio, The Emerging Markets Portfolio, The Corporate Opportunities Portfolio, The Core Fixed Income Portfolio, The U.S. Government Fixed Income Securities Portfolio, The U.S. Mortgage/Asset Backed Fixed Income Securities Portfolio and The U.S. Corporate Fixed Income Securities Portfolio. Below are the portfolio managers responsible for making day-to-day investment decisions for that portion of these Portfolios allocated to Mellon. Ms. Marlene Walker Smith, Mr. David France, CFA, Mr. Todd Frysinger, CFA, Ms. Vlasta Sheremeta, CFA, Mr. Michael Stoll, and Mr. Gregg Lee, CFA also provide portfolio management for certain other registered investment companies, pooled investment vehicles and separately managed accounts. The assets listed below are managed utilizing a team approach. Certain information about these responsibilities is set forth below.

U.S. EQUITY PORTFOLIO

INSTITUTIONAL U.S. EQUITY PORTFOLIO

INTERNATIONAL EQUITY PORTFOLIO

INSTITUTIONAL INTERNATIONAL EQUITY PORTFOLIO

EMERGING MARKETS PORTFOLIO

THE ESG GROWTH PORTFOLIO

THE CATHOLIC SRI GROWTH PORTFOLIO

OTHER ACCOUNTS MANAGED — TOTAL As of June 30, 2025

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **OTHER REGISTERED<br> INVESTMENT<br> COMPANIES** | **OTHER REGISTERED<br> INVESTMENT<br> COMPANIES** | **OTHER POOLED<br> INVESTMENT VEHICLES** | **OTHER POOLED<br> INVESTMENT VEHICLES** | **OTHER ACCOUNTS** | **OTHER ACCOUNTS** |
| <br>**PORTFOLIO <br> MANAGER** | **NUMBER** | **TOTAL<br> ASSETS** | **NUMBER** | **TOTAL<br> ASSETS** | **NUMBER** | **TOTAL<br> ASSETS** |
|  Marlene Walker Smith | 143 | $177,741 million | 147 | $145,226 million | 152 | $158,044 million |
|  David France | 128 | $153,834 million | 114 | $121,050 million | 131 | $125,099 million |
|  Todd Frysinger | 128 | $153,834 million | 114 | $121,050 million | 131 | $125,099 million |
|  Vlasta Sheremeta | 128 | $153,834 million | 114 | $121,050 million | 131 | $125,099 million |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  Michael Stoll | 128 | $153,834 million | 114 | $121,050 million | 131 | $125,099 million |

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OTHER ACCOUNTS MANAGED — OF TOTAL LISTED ABOVE, THOSE WHOSE ADVISORY FEE IS BASED ON PERFORMANCE—As of June 30, 2025

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **OTHER REGISTERED<br> INVESTMENT<br> COMPANIES** | **OTHER REGISTERED<br> INVESTMENT<br> COMPANIES** | **OTHER POOLED<br> INVESTMENT VEHICLES** | **OTHER POOLED<br> INVESTMENT VEHICLES** | **OTHER ACCOUNTS** | **OTHER ACCOUNTS** |
| <br>**PORTFOLIO MANAGER** | **NUMBER** | **TOTAL<br> ASSETS** | **NUMBER** | **TOTAL<br> ASSETS** | **NUMBER** | **TOTAL<br> ASSETS** |
| Marlene Walker Smith | 0 | $0 | 0 | $0 | 0 | $0 |
| David France | 0 | $0 | 0 | $0 | 0 | $0 |
| Todd Frysinger | 0 | $0 | 0 | $0 | 0 | $0 |
| Vlasta Sheremeta | 0 | $0 | 0 | $0 | 0 | $0 |
| Michael Stoll | 0 | $0 | 0 | $0 | 0 | $0 |

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THE CORE FIXED INCOME PORTFOLIO

THE U.S. CORPORATE FIXED INCOME SECURITIES PORTFOLIO

THE U.S. GOVERNMENT FIXED INCOME SECURITIES PORTFOLIO

THE U.S. MORTGAGE/ASSET BACKED FIXED INCOME SECURITIES PORTFOLIO

THE CORPORATE OPPORTUNITIES PORTFOLIO

OTHER ACCOUNTS MANAGED — TOTAL As of June 30, 2025

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **OTHER REGISTERED<br> INVESTMENT<br> COMPANIES** | **OTHER REGISTERED<br> INVESTMENT<br> COMPANIES** | **OTHER POOLED<br> INVESTMENT VEHICLES** | **OTHER POOLED<br> INVESTMENT VEHICLES** | **OTHER ACCOUNTS** | **OTHER ACCOUNTS** |
| <br>**PORTFOLIO MANAGER** | **NUMBER** | **TOTAL<br> ASSETS** | **NUMBER** | **TOTAL<br> ASSETS** | **NUMBER** | **TOTAL<br> ASSETS** |
|  Marlene Walker Smith | 143 | $177,741 million | 147 | $145,226 million | 152 | $158,044 million |
|  Gregg Lee | 15 | $23,907 million | 33 | $24,176 million | 21 | $32,945 million |

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OTHER ACCOUNTS MANAGED — OF TOTAL LISTED ABOVE, THOSE WHOSE ADVISORY FEE IS BASED ON PERFORMANCE

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **OTHER REGISTERED<br> INVESTMENT<br> COMPANIES** | **OTHER REGISTERED<br> INVESTMENT<br> COMPANIES** | **OTHER POOLED<br> INVESTMENT VEHICLES** | **OTHER POOLED<br> INVESTMENT VEHICLES** | **OTHER ACCOUNTS** | **OTHER ACCOUNTS** |
| <br>**PORTFOLIO MANAGER** | **NUMBER** | **TOTAL<br> ASSETS** | **NUMBER** | **TOTAL<br> ASSETS** | **NUMBER** | **TOTAL<br> ASSETS** |
|  Marlene Walker Smith | 0 | $0 | 0 | $0 | 0 | $0 |
|  Gregg Lee | 0 | $0 | 0 | $0 | 0 | $0 |

---

CONFLICTS OF INTEREST-Mellon.

It is the policy of Mellon Investments Corporation (the "Firm") to make business decisions free from conflicting outside influences. The Firm's objective is to recognize potential conflicts of interest and work to eliminate or control and disclose such conflicts as they are identified. The Firm's business decisions are based on its duty to its clients, and not driven by any personal interest or gain. As an asset manager operating in a number of different jurisdictions with a diverse client base in a variety of strategies, conflicts of interest are inherent. Furthermore, as an indirect subsidiary of The Bank of New York Mellon Corporation ("BNY"), potential conflicts may also arise between the Firm and other BNY companies.

The Firm will take steps to provide reasonable assurance that no client or group of clients is advantaged at the expense of any other client. As such, the Firm has adopted a Code of Ethics (the "Code") and compliance policy manual to address such conflicts. These potential and inherent conflicts include but are not limited to: the allocation of investment opportunities, side by side management, execution of portfolio transactions, brokerage conflicts, compensation conflicts, related party arrangements, personal interests, and other investment and operational conflicts of interest. Our compliance policies are designed to ensure that all client accounts are treated equitably over time. Additionally, the Firm has structured compensation of investment personnel to reasonably safeguard client accounts from being adversely impacted by any potential or related conflicts.

All material conflicts of interest are presented in greater detail within Part 2A of our Form ADV.

COMPENSATION-Mellon.

The firm's rewards program is designed to be market-competitive and align our compensation with the goals of our clients.

Our incentive model is designed to compensate for quantitative and qualitative objectives achieved during the performance year. An individual's final annual incentive award is tied to the firm's overall performance, the team's performance, as well as individual performance.

Awards are paid in cash on an annual basis; however, some senior individuals may receive a portion of their annual incentive award in deferred vehicles.

The following factors encompass our rewards program:

• Base salary

• Annual cash incentive

• Long-Term Incentive Plan (applicable only to select senior individuals)

• BNY restricted stock units

**Parametric Portfolio Associates LLC ("Parametric".)** Parametric serves as a Specialist Manager to The U.S. Equity Portfolio, The Institutional U.S. Equity Portfolio, The ESG Growth Portfolio, The Catholic SRI Growth Portfolio, The International Equity Portfolio, The Institutional International Equity Portfolio, The Emerging Markets Portfolio, The Core Fixed Income Portfolio, The Corporate Opportunities Portfolio, The U.S. Government Fixed Income Securities Portfolio, The U.S. Corporate Fixed Income Securities Portfolio, The U.S. Government Mortgage/Asset Backed Fixed Income Securities Portfolio and The Intermediate Term Municipal Bond Portfolio (the "Portfolios"). Listed below are the portfolio managers responsible for making day-to-day investment decisions for that portion of the Portfolios allocated to Parametric. Messrs. Talmo, Nelson and Nowicki are portfolio managers for the Liquidity Strategy with respect to the Portfolios and provide portfolio management for certain other registered investment companies, pooled investment vehicles and separately managed accounts. Messrs. Talmo, Nelson and Nowicki are portfolio managers for the Options Overlay Strategy with respect to the Portfolios and provide portfolio management for certain other registered investment companies, pooled investment vehicles and separately managed accounts. Messrs. Talmo, Nelson and Nowicki are portfolio managers for the Targeted Strategy with respect to the Portfolios and provide portfolio management for certain other registered investment companies, pooled investment vehicles and separately managed accounts. Ms. Mihara and Mr. Wotherspoon are portfolio managers for the Targeted Strategy with respect to The Institutional U.S. Equity Portfolio and The Institutional International Equity Portfolio and provide portfolio management for certain other registered investment companies, pooled investment vehicles and separately managed accounts. Mr. Wotherspoon and Ms. Li are the portfolio managers for the Tax-Managed Custom Core Strategy with respect to The U.S. Equity Portfolio and The International Equity Portfolio. Ms. Mihara is the portfolio manager for the Tax-Managed Custom Core Strategy with respect to The Emerging Markets Portfolio. Mr. Wotherspoon and Mses. Mihara and Li also provide portfolio management for certain other registered investment companies, pooled investment vehicles and separately managed accounts.

LIQUIDITY STRATEGY: OTHER ACCOUNTS MANAGED — TOTAL\* (as of June 30, 2025)

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **REGISTERED<br> INVESTMENT<br> COMPANIES** | **REGISTERED<br> INVESTMENT<br> COMPANIES** | **OTHER POOLED<br> INVESTMENT<br> VEHICLES** | **OTHER POOLED<br> INVESTMENT<br> VEHICLES** | **OTHER ACCOUNTS** | **OTHER ACCOUNTS** |
| <br>**PORTFOLIO MANAGER** | **NUMBER** | **TOTAL<br> ASSETS** | **NUMBER** | **TOTAL<br> ASSETS** | **NUMBER** | **TOTAL<br> ASSETS** |
|  Clint Talmo, CFA | 0 | $0 | 26 | $2.17 billion | 116 | $8.80 billion |
|  Jason Nelson, CFA | 0 | $0 | 26 | $2.17 billion | 116 | $8.80 billion |
|  Tyler Nowicki, CFA | 0 | $0 | 1 | $0 | 156 | $35.11 billion |

---

\* None of these accounts has an advisory fee based on performance.

Note: 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.

OPTIONS OVERLAY STRATEGY: OTHER ACCOUNTS MANAGED — TOTAL\* (as of June 30, 2025)

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **REGISTERED<br> INVESTMENT<br> COMPANIES** | **REGISTERED<br> INVESTMENT<br> COMPANIES** | **OTHER POOLED<br> INVESTMENT<br> VEHICLES** | **OTHER POOLED<br> INVESTMENT<br> VEHICLES** | **OTHER ACCOUNTS** | **OTHER ACCOUNTS** |
| <br>**PORTFOLIO MANAGER** | **NUMBER** | **TOTAL<br> ASSETS** | **NUMBER** | **TOTAL<br> ASSETS** | **NUMBER** | **TOTAL<br> ASSETS** |
|  Clint Talmo, CFA | 0 | $0 | 26 | $2.17 billion | 116 | $8.80 billion |
|  Jason Nelson, CFA | 0 | $0 | 26 | $2.17 billion | 116 | $8.80 billion |
|  Tyler Nowicki, CFA | 0 | $0 | 1 | $0 | 156 | $35.11 billion |

---

\* None of these accounts has an advisory fee based on performance.

TARGETED STRATEGY:

OTHER ACCOUNTS MANAGED — TOTAL\* (as of June 30, 2025)

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **REGISTERED<br> INVESTMENT<br> COMPANIES** | **REGISTERED<br> INVESTMENT<br> COMPANIES** | **OTHER POOLED<br> INVESTMENT VEHICLES** | **OTHER POOLED<br> INVESTMENT VEHICLES** | **OTHER ACCOUNTS** | **OTHER ACCOUNTS** |
| <br>**PORTFOLIO MANAGER** | **NUMBER** | **TOTAL<br> ASSETS** | **NUMBER** | **TOTAL<br> ASSETS** | **NUMBER** | **TOTAL<br> ASSETS** |
|  Clint Talmo, CFA | 0 | $0 | 26 | $2.17 billion | 116 | $8.80 billion |
|  Jason Nelson, CFA | 0 | $0 | 26 | $2.17 billion | 116 | $8.80 billion |
|  Tyler Nowicki, CFA | 0 | $0 | 1 | $0 | 156 | $35.11 billion |
|  Jennifer Mihara | 64 | $37.72 billion | 6 | $742.47 billion | 129232 | $327.29 billion |
|  Gordon Wotherspoon | 26 | $13.73 billion | 0 | $0 | 129232 | $327.29 billion |

---

\* None of these accounts has an advisory fee based on performance.

Note: 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.

TAX-MANAGED CUSTOM CORE STRATEGY:

OTHER ACCOUNTS MANAGED — TOTAL\* (as of June 30, 2025)

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **OTHER REGISTERED<br> INVESTMENT<br> COMPANIES** | **OTHER REGISTERED<br> INVESTMENT<br> COMPANIES** | **OTHER POOLED<br> INVESTMENT VEHICLES** | **OTHER POOLED<br> INVESTMENT VEHICLES** | **OTHER ACCOUNTS** | **OTHER ACCOUNTS** |
| <br>**PORTFOLIO MANAGER** | **NUMBER** | **TOTAL<br> ASSETS** | **NUMBER** | **TOTAL<br> ASSETS** | **NUMBER** | **TOTAL<br> ASSETS** |
|  Jennifer Mihara | 0 | $0 | 0 | $0 | 129232 | $327.29 billion |
|  Gordon Wotherspoon | 0 | $0 | 0 | $0 | 129232 | $327.29 billion |
|  Xiaozhen Li | 11 | $6.89 billion | 0 | $0 | 129189 | $323.76 billion |

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\* None of these accounts has an advisory fee based on performance.

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.

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 Fund performance or the assets in the Fund, but rather on the overall performance of responsibilities. In this way, the interests of portfolio managers are aligned with the interests of Fund shareholders 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 has the following components:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) a base salary

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Discretionary bonus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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 and Deferred Cash awards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Notice and Non-Solicit
 agreements for Managing Directors and Executive Directors of the company.

Method to Determine Compensation

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.

**RhumbLine Advisers** ("RhumbLine") serves as a Specialist Manager for The Institutional U.S. Equity Portfolio, The Institutional International Equity Portfolio and The Emerging Markets Portfolio. RhumbLine is a Massachusetts limited partnership with its principal office in Boston, Massachusetts and is an employee-owned firm. RhumbLine has been registered with the Securities and Exchange Commission as an investment adviser since 1990. RhumbLine provides passive (i.e. index-based) portfolio management services to institutional investors. RhumbLine provides customized discretionary management services utilizing an indexed approach to investing. As of June 30, 2025, RhumbLine had approximately $129.2 billion in assets under management. Listed below are the portfolio managers responsible for making day-to-day investment decisions for those portions of the Portfolios allocated to RhumbLine.

THE INSTITUTIONAL U.S. EQUITY PORTFOLIO

THE INSTITUTIONAL INTERNATIONAL EQUITY PORTFOLIO

THE EMERGING MARKETS PORTFOLIO

OTHER ACCOUNTS MANAGED — TOTAL\* As of June 30, 2025

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **OTHER REGISTERED<br> INVESTMENT<br> COMPANIES** | **OTHER REGISTERED<br> INVESTMENT<br> COMPANIES** | **OTHER POOLED<br> INVESTMENT VEHICLES** | **OTHER POOLED<br> INVESTMENT VEHICLES** | **OTHER ACCOUNTS** | **OTHER ACCOUNTS** |
| <br>**PORTFOLIO MANAGER** | **NUMBER** | **TOTAL<br> ASSETS** | **NUMBER** | **TOTAL<br> ASSETS** | **NUMBER** | **TOTAL<br> ASSETS** |
| Alex Ryer, CFA | 3 | $4.880 billion | 1 | $854 million | 59 | $27.578 billion |
| Julie Lee | 3 | $4.880 billion | 9 | $7.763 billion | 95 | $41.174 billion |
| Jeff Kusmierz | 3 | $4.880 billion | 6 | $9.314 billion | 84 | $15.400 billion |
| Antonio Ballestas | 3 | $4.880 billion | 0 | $0 | 107 | $14.214 billion |
| Andrew Zagarri, CFA | 3 | $4.880 billion | 2 | $504 million | 76 | $7.075 billion |

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\* None of these accounts has an advisory fee based on performance.

CONFLICTS OF INTEREST. The RhumbLine portfolio managers may manage multiple accounts for multiple clients. In addition to the Funds, these accounts may include separate accounts, pooled investment trusts, and other types of investment funds. Managing multiple accounts may give rise to potential conflicts of interest including, for example, conflicts among investment strategies and conflicts in the allocation of investment opportunities. RhumbLine manages potential conflicts among funds or other accounts through its allocation policy of investment opportunities and trades and internal review processes. RhumbLine processes are designed to ensure that no one client, regardless of type, is favored at the expense of another.

Different account guidelines and/or differences within particular investment strategies may lead to the use of different investment practices for portfolios with a similar investment strategy. RhumbLine will not purchase or sell the same instruments at the same time or in the same direction (particularly if different accounts have different strategies), or in the same proportionate amounts for all eligible accounts (particularly if different accounts have materially different amounts of capital under management, different amounts of investable cash available, different investment restrictions, or different risk tolerances). As a result, although RhumbLine manages numerous accounts and/or portfolios with similar or identical investment objectives or may manage accounts with different objectives that trade in the same instruments, the portfolio decisions relating to these accounts, and the performance resulting from such decisions, may differ from account to account. RhumbLine may, from time to time, implement new trading strategies or participate in new trading strategies for some but not all accounts, including the Fund.

As a passive index manager, RhumbLine never allocates share amounts. RhumbLine's trade amounts are always transmitted to brokers at the individual account level and the corresponding fills are confirmed back at the account level. RhumbLine never reallocates share amounts or aggregate trades across accounts. However, under certain circumstances, RhumbLine may request that the broker aggregate the execution price of trades for different client accounts if we determine that aggregation will be in their best interest. For example, if a constituent security is added to or deleted from an index, an aggregate order may be requested. In such cases, the trades are allocated by the executing brokers using an average price so that all accounts are treated fairly.

RhumbLine and the portfolio managers may also face a conflict of interest where some accounts pay higher fees to RhumbLine than others, as they may have an incentive to favor accounts with the potential for greater fees. For instance, the entitlement to a performance fee in managing one or more accounts may create an incentive for RhumbLine to favor these accounts over those that have only fixed asset-based fees, such as the Fund with respect to areas such as trading opportunities and trade allocation.

Since RhumbLine endeavors at all times to put the interest of its clients first as part of its fiduciary duty as a registered investment advisor, it takes the following steps to address these conflicts: (1) disclose to clients the existence of material conflicts of interest; (2) manage to each client's investment objective and other investment parameters; and (3) conduct regular reviews of client accounts to verify that investments are in-line with the client's investment guidelines and consistent with the client's investment objective.

COMPENSATION. RhumbLine has a three prong compensation structure that allows us to attract and retain high quality investment professionals. All RhumbLine employees are paid a competitive salary and employees are eligible to receive a semi-annual performance incentive based upon job performance and the successful growth of the firm's revenues by asset growth and/or client/account growth. Within the investment group, tracking within client specific guidelines is a component of job performance. RhumbLine reviews the tracking error of each client portfolio over both the long and short term period on a monthly basis.

In addition, key RhumbLine employees may be awarded equity ownership and/or profits interest in the firm. These awards are typically based on the employee's contribution, years of service and other relevant accomplishments. This equity/profits ownership program not only allows the managing partners to recognize an individual's contribution, it also broadens and diversifies the ownership, maintains a competitive overall compensation structure and keeps our focus closely aligned with our clients' interests.

**Wellington Management Company LLP** — ("Wellington Management") serves as the Specialist Manager for The Institutional U.S. Equity Portfolio. Wellington Management is a Delaware limited liability partnership with principal offices at 280 Congress Street, Boston, MA 02210. Wellington Management is a professional investment counseling firm which provides investment services to investment companies, employee benefit plans, endowments, foundations, and other institutions. Wellington Management and its predecessor organizations have provided investment advisory services for over 90 years. Wellington Management is owned by the partners of Wellington Management Group LLP, a Massachusetts limited liability partnership. As of June 30, 2025, Wellington Management and its investment advisory affiliates had investment management authority with respect to approximately $1,291 billion in assets.

Listed below is the portfolio manager responsible for making day-to-day investment decisions for The Institutional U.S. Equity Portfolio.

Bradford D. Stoesser, Senior Managing Director and Global Industry Analyst of Wellington Management, has served as Portfolio Manager of The Institutional U.S. Equity Portfolio since February, 2020. Mr. Stoesser joined Wellington Management as an investment professional in 2005.

Mr. Stoesser also provides portfolio management for certain other registered investment companies, pooled investment vehicles and separately managed accounts. Certain information about these responsibilities, as of June 30, 2025, is set forth below.

THE INSTITUTIONAL U.S. EQUITY PORTFOLIO

OTHER ACCOUNTS MANAGED — TOTAL

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **OTHER REGISTERED<br> INVESTMENT<br> COMPANIES** | **OTHER REGISTERED<br> INVESTMENT<br> COMPANIES** | **OTHER POOLED<br> INVESTMENT VEHICLES** | **OTHER POOLED<br> INVESTMENT VEHICLES** | **OTHER ACCOUNTS** | **OTHER ACCOUNTS** |
| <br>**PORTFOLIO MANAGER** | **NUMBER OF<br> ACCOUNTS** | &nbsp;&nbsp; **TOTAL<br> ASSETS** | **NUMBER OF<br> ACCOUNTS** | &nbsp;&nbsp; **TOTAL<br> ASSETS** | **NUMBER OF<br> ACCOUNTS** | &nbsp;&nbsp; **TOTAL<br> ASSETS** |
|  Bradford D. Stoesser | 13 | $&nbsp;&nbsp; 1,717 million | 37 | $&nbsp;&nbsp; 864 million | 63 | $&nbsp;&nbsp; 1,004 million |

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OTHER ACCOUNTS MANAGED — OF TOTAL LISTED ABOVE, THOSE WHOSE ADVISORY FEE IS BASED ON PERFORMANCE

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **OTHER REGISTERED<br> INVESTMENT<br> COMPANIES** | **OTHER REGISTERED<br> INVESTMENT<br> COMPANIES** | **OTHER POOLED<br> INVESTMENT VEHICLES** | **OTHER POOLED<br> INVESTMENT VEHICLES** | **OTHER ACCOUNTS** | **OTHER ACCOUNTS** |
| <br>**PORTFOLIO <br> MANAGER** | **NUMBER OF<br> ACCOUNTS** | **TOTAL<br> ASSETS** | **NUMBER OF<br> ACCOUNTS** | **TOTAL<br> ASSETS** | **NUMBER OF<br> ACCOUNTS** | **TOTAL<br> ASSETS** |
| Bradford D. Stoesser | 0 | $0 million | 0 | $0 million | 0 | $0 million |

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CONFLICTS OF INTERESTS. Individual investment professionals at Wellington Management manage multiple accounts for multiple clients. These accounts may include mutual funds, separate accounts (assets managed on behalf of institutions, such as pension funds, insurance companies, foundations, or separately managed account programs sponsored by financial intermediaries), bank common trust accounts, and hedge funds. The Portfolio's manager listed in the Prospectus who is primarily responsible for the day-to-day management of the Portfolio ("Portfolio Manager") generally manages 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 Portfolio. The Portfolio Manager makes investment decisions for each account, including the Portfolio, based on the investment objectives, policies, practices, benchmarks, cash flows, tax and other relevant investment considerations applicable to that account. Consequently, the Portfolio Manager may purchase or sell securities, including IPOs, 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 relevant Portfolio and thus the accounts may have similar, and in some cases nearly identical, objectives, strategies and/or holdings to that of the Portfolio.

A Portfolio Manager or other investment professionals at Wellington Management may place transactions on behalf of other accounts that are directly or indirectly contrary to investment decisions made on behalf of the Portfolio, or make investment decisions that are similar to those made for the Portfolio, which have the potential to adversely impact the Portfolio 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, the Portfolio Manager may purchase the same security for the Portfolio 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 Portfolio's holdings. In addition, some of these accounts have fee structures, including performance fees, which are or have the potential to be higher, in some cases significantly higher, than the fees Wellington Management receives for managing the Portfolios. Because incentive payments paid by Wellington Management to the Portfolio Manager is tied to revenues earned by Wellington Management and, where noted, to the performance achieved by the manager in each account, the incentives associated with any given account may be significantly higher or lower than those associated with other accounts managed by the Portfolio Manager. Finally, the Portfolio Manager may hold shares or investments in the other pooled investment vehicles and/or other accounts identified above.

Wellington Management's goal is to meet its fiduciary obligation to treat all clients fairly and provide high quality investment services to all of its clients. Wellington Management has adopted and implemented policies and procedures, including brokerage and trade allocation policies and procedures, which it believes address the conflicts associated with managing multiple accounts for multiple clients. In addition, Wellington Management monitors a variety of areas, including compliance with primary account guidelines, the allocation of IPOs, 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 Management periodically review the performance of Wellington Management's investment professionals. Although Wellington Management does not track the time an investment professional spends on a single account, Wellington Management does periodically assess whether an investment professional has adequate time and resources to effectively manage the investment professional's various client mandates.

COMPENSATION. Wellington Management receives a fee based on the assets under management of the Portfolio as set forth in the Investment Subadvisory Agreement between Wellington Management and HC Capital Trust on behalf of the Portfolio. Wellington Management pays its investment professionals out of its total revenues, including the advisory fees earned with respect to the Portfolio. The following information is as of June 30, 2025.

Wellington Management's compensation structure is designed to attract and retain high-caliber investment professionals necessary to deliver high quality investment management services to its clients. Wellington Management's compensation of the Portfolio's manager listed in the prospectus who is primarily responsible for the day-to-day management of the Portfolio ("Portfolio Manager") includes a base salary and incentive components. The base salary for each Portfolio Manager who is a partner (a "Partner") of Wellington Management Group LLP, the ultimate holding company of Wellington Management, is generally a fixed amount that is determined by the managing partners of Wellington Management Group LLP. The Portfolio Manager is eligible to receive an incentive payment based on the revenues earned by Wellington Management from the Portfolio managed by the Portfolio Manager and generally each other account managed by such Portfolio Manager. The Portfolio Manager's incentive payment relating to the relevant Portfolio is linked to the gross pre-tax performance of the portion of the Portfolio 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 Management applies similar incentive compensation structures (although the benchmarks or peer groups, time periods and rates may differ) to other accounts managed by the Portfolio Manager, including accounts with performance fees.

Portfolio-based incentives across all accounts managed by an investment professional can, and typically do, represent a significant portion of an investment professional's overall compensation; incentive compensation varies significantly by individual and can vary significantly from year to year. The Portfolio Manager may also be eligible for bonus payments based on their overall contribution to Wellington Management's business operations. Senior management at Wellington Management may reward individuals as it deems appropriate based on other factors. Each Partner is eligible to participate in a Partner-funded tax qualified retirement plan, the contributions to which are made pursuant to an actuarial formula. Mr. Stoesser is a Partner.

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| **Portfolio** | **Benchmark Index and/or Peer Group for Incentive Period** |

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The Institutional U.S. Equity Portfolio DJ US Select RESI Index

**DIVIDENDS, DISTRIBUTIONS AND TAXES**

DIVIDENDS AND DISTRIBUTIONS. As noted in the Prospectus, each Portfolio will distribute substantially all of its net investment income and net realized capital gains, if any. The U.S. Equity Portfolio, The Institutional U.S. Equity Portfolio, The Corporate Opportunities Portfolio, The ESG Growth Portfolio and the Catholic SRI Growth Portfolio will declare and distribute dividends from net investment income on a quarterly basis. The International Equity Portfolio and The Institutional International Equity Portfolio will declare dividends semi-annually. The Emerging Markets Portfolio will declare dividends annually. Income dividends on each of the Income Portfolios are paid monthly. Capital gains for all Portfolios, if any, are distributed at least annually. The Trust expects to distribute any undistributed net investment income and capital gains for the 12-month period ended each October 31, on or about December 31 of each year.

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

The discussions of the federal tax consequences in the Prospectus and this Additional Statement are based on the Internal Revenue Code of 1986, as amended (the "Code") and the laws and regulations issued thereunder as in effect on the date of this Additional Statement. Future legislative or administrative changes or court decisions may significantly change the statements included herein, and any such changes or decisions may have a retroactive effect with respect to the transactions contemplated herein.

TAX TREATMENT OF THE PORTFOLIOS. Each Portfolio of the Trust will be treated as a separate corporate entity under the Code and has elected to qualify each year as a RIC. A Portfolio that qualifies as a RIC under Subchapter M of the Code will not be subject to federal income taxes on the net investment income and net realized capital gains that the Portfolio timely distributes to the Portfolio's shareholders, provided that for each tax year, a Portfolio (i) meets the requirements to be treated as a RIC (as discussed below) and (ii) distributes an amount at least equal to the sum of 90% of the Portfolio's investment company taxable income for such year (including, for this purpose, the excess of net realized short-term capital gains over net long-term capital losses) computed without regard to the dividends-paid deduction and 90% of its net tax-exempt income for such year (the "Distribution Requirement"). The first requirement for RIC qualification is that the Portfolio must receive at least 90% of the Portfolio's gross income each year from "qualifying income" (the "90% Test"). Qualifying income includes dividends, interest, payments with respect to certain securities loans, gains from the sale or other disposition of stock, securities or foreign currencies, other income derived with respect to the Portfolio's business of investing in stock, securities, and foreign currencies, and net income derived from interests in qualified publicly traded partnerships. Income and gains from transactions in commodities such as precious metals and minerals will not qualify as income from "securities" for purposes of the 90% Test. A second requirement for qualification as a RIC is that a Portfolio must diversify its holdings so that, at the end of each quarter of the Portfolio's taxable year: (a) at least 50% of the market value of the Portfolio's total assets is represented by cash and cash items, U.S. government securities, securities of other RICs, and other securities, with these other securities limited, in respect to any one issuer, to an amount not greater than 5% of the value of the Portfolio's total assets or 10% of the outstanding voting securities of such issuer; and (b) not more than 25% of the value of its total assets is invested in the securities (other than U.S. government securities or securities of other RICs) of any one issuer, the securities (other than securities of other RICs) of two or more issuers which the Portfolio controls and which are engaged in the same, similar, or related trades or businesses, or the securities of one or more qualified publicly traded partnerships (the "Asset Test").

If a Portfolio fails to satisfy the 90% Test or the Asset Test in any taxable year, the Portfolio may be eligible for relief provisions if the failure is due to reasonable cause and not willful neglect and if a penalty tax is paid with respect to the failure to satisfy the applicable requirements. Additionally, relief is provided for certain de minimis failures of the Asset Test where a Portfolio corrects the failure within a specified period of time. In order to be eligible for the relief provisions with respect to a failure to meet the Asset Test, a Portfolio may be required to dispose of certain assets. If these relief provisions were not available to a Portfolio and it were to fail to qualify for treatment as a RIC for a taxable year, all of its taxable income would be subject to tax at the corporate income tax rate without any deduction for distributions to shareholders. Under such circumstances, Portfolio distributions (including capital gains distributions) generally would be taxable as ordinary income dividends to its shareholders, subject to the dividends-received deduction for corporate shareholders and lower tax rates on qualified dividend income received by noncorporate shareholders, if certain requirements are met. To requalify for treatment as a RIC in a subsequent taxable year, the Portfolio would be required to satisfy the RIC qualification requirements for that year and to distribute any earnings and profits from any year in which the Portfolio failed to qualify for tax treatment as a RIC. If a Portfolio fails to qualify as a RIC for a period longer than two taxable years, it would generally be required to pay a Portfolio -level tax on certain net built-in gains recognized with respect to certain of its assets upon a disposition of such assets within ten years of qualifying as a RIC in a subsequent year.

If a Portfolio meets the Distribution Requirement but retains some or all of its income or gains, it will be subject to federal income tax to the extent any such income or gains are not distributed (less any available capital loss carryovers). The Portfolio may designate certain amounts retained as undistributed net capital gain in a notice to its shareholders, who (i) will be required to include in income for U.S. federal income tax purposes, as long-term capital gain, their proportionate shares of the undistributed amount so designated, (ii) will be

entitled to credit their proportionate shares of the income tax paid by the Portfolio on that undistributed amount against their federal income tax liabilities and to claim refunds to the extent such credits exceed their liabilities and (iii) will be required to increase their tax basis, for federal income tax purposes, in their shares in the Portfolio by an amount equal to the excess of the amount of undistributed net capital gain included in their respective income over their respective income tax credits.

The Portfolio 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 Portfolio'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 Portfolio distributions for any calendar year (see "Tax Treatment of Distributions" below). A "qualified late year loss" includes: (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 any net short-term capital loss incurred after October 31 of the current taxable year ("post-October capital losses"), and (ii) the sum of (1) the excess, if any, of (a) specified losses incurred after October 31 of the current taxable year, over (b) specified gains incurred after October 31 of the current taxable year and (2) the excess, if any, of (a) ordinary losses incurred after December 31 of the current taxable year, over (b) the 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 gains, and losses and gains resulting from holding stock in a passive foreign investment company 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.

Each Portfolio will generally be subject to a nondeductible 4% federal excise tax on certain undistributed income if it does not distribute to its shareholders in each calendar year an amount at least equal to 98% of its ordinary income for the calendar year plus 98.2% of its capital gain net income, for the one-year period ending on October 31 of such year, plus certain other amounts. Each Portfolio intends to make sufficient distributions, or deemed distributions, to avoid imposition of the excise tax but can make no assurances that all such tax liability will be eliminated.

Capital losses in excess of capital gains ("net capital losses") are not permitted to be deducted against a RIC's net investment income. Instead, for U.S. federal income tax purposes, potentially subject to certain limitations, a Portfolio may carry net capital losses from any taxable year forward to offset capital gains in future years. Net capital loss, the excess of the Portfolio'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 such Portfolio's next taxable year, and the excess (if any) of the Portfolio'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 Portfolio's next taxable year. Such losses can be carried forward indefinitely to offset capital gains, if any, in years following the year of the loss. Generally, the Portfolio may not carry forward any losses other than net capital losses. Under certain circumstances, the Portfolio may elect to treat certain losses as though they were incurred on the first day of the taxable year immediately following the taxable year in which they were actually incurred.

Each Portfolio intends to distribute substantially all its net investment income and net realized capital gains to shareholders, at least annually. The distribution of net investment income and net realized capital gains will be taxable to Portfolio shareholders regardless of whether the shareholder elects to receive these distributions in cash or in additional shares.

TAX TREATMENT OF DISTRIBUTIONS. The Portfolio receives ordinary income generally in the form of dividends and/or interest on its investments. The Portfolio 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 the Portfolio, constitutes the Portfolio's net investment income from which dividends may be paid to you. If you are a taxable investor, distributions of net investment income generally are taxable as ordinary income to the extent of the Portfolio's earnings and profits and a portion of the income dividends paid to you may be qualified dividends eligible to be taxed at reduced rates.

The Portfolio 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 the Portfolio. Any net short-term or long-term capital gain realized by the Portfolio (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 Portfolio.

Ordinary income dividends reported by the Portfolio to shareholders as derived from qualified dividend income will be taxed in the hands of individuals and other noncorporate shareholders at the rates applicable to long-term capital gain provided certain holding period requirements are met. Qualified dividend income means dividends paid to a Portfolio (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. 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 the Portfolio is equal to or greater than 95% of the Portfolio's gross income (exclusive of net capital gain) in any taxable year, all of the ordinary income dividends paid by the Portfolio will be qualifying dividend income.

Distributions by the Portfolio 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 Portfolio 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 Portfolio shares. Return of capital distributions can occur for a number of reasons including, among others, the Portfolio over-estimates the income to be received from certain investments such as those classified as partnerships or equity real estate investment trusts.

For corporate shareholders, a portion of the dividends paid by the Portfolio may qualify for the 50% corporate dividends-received deduction. The portion of dividends paid by the Portfolio that so qualifies will be reported by the Portfolio to shareholders each year and cannot exceed the gross amount of dividends received by the Portfolio from 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 Portfolio and the investor. Income derived by the Portfolio from investments in derivatives, fixed income and foreign securities generally is not eligible for this treatment.

Under the TCJA "qualified REIT dividends" (i.e., ordinary REIT dividends other than capital gain dividends and portions of REIT dividends designated as qualified dividend income) are treated as eligible for a 20% deduction by noncorporate taxpayers. This deduction, if allowed in full, equates to a maximum effective tax rate of 29.6% (37% top rate applied to income after 20% deduction). A Fund may choose to report the special character of "qualified REIT dividends" to its shareholders. The amount of a RIC's dividends eligible for the 20% deduction for a taxable year is limited to the excess of the RIC's qualified REIT dividends for the taxable year over allocable expenses. A noncorporate shareholder receiving such dividends would treat them as eligible for the 20% deduction, provided the shareholder meets certain holding period requirements for its shares in the RIC (i.e., generally, RIC shares must be held by the shareholder for more than 45 days during the 91-day period beginning on the date that is 45 days before the date on which the shares become ex-dividend with respect to such dividend).

TAX TREATMENT OF DISTRIBUTIONS BY THE SHORT-TERM MUNICIPAL BOND PORTFOLIO AND THE INTERMEDIATE TERM MUNICIPAL BOND PORTFOLIO – TAX-EXEMPT INTEREST. The Portfolios above intend to qualify each year to pay exempt-interest dividends by satisfying the requirement that at the close of each quarter of the Portfolio's taxable year at least 50% of the Portfolio's total assets consists of municipal securities, which are exempt from federal income tax. Distributions from the Portfolios will constitute exempt-interest dividends to the extent of the Portfolio's tax-exempt interest income (net of allocable expenses and amortized bond premium). Exempt-interest dividends distributed to shareholders of the Portfolios are excluded from gross income for federal income tax purposes. However, shareholders required to file a federal income tax return will be required to report the receipt of exempt-interest dividends on their returns. Moreover, while exempt-interest dividends are excluded from gross income for federal income tax purposes, they may be subject to alternative minimum tax ("AMT") in certain circumstances and may have other collateral tax consequences.

Any gain or loss from the sale or other disposition of a tax-exempt security generally is treated as either long-term or short-term capital gain or loss, depending upon its holding period, and is fully taxable. However, gain recognized from the sale or other disposition of a tax-exempt security purchased after April 30, 1993, will be treated as ordinary income to the extent of the accrued market discount on such security. Distributions by the Portfolio of ordinary income and capital gains will be taxable to shareholders as discussed above.

AMT is imposed in addition to, but only to the extent it exceeds, the regular tax and is computed at a maximum rate of 28% for non-corporate taxpayers on the excess of the taxpayer's alternative minimum taxable income ("AMTI") over an exemption amount. Exempt-interest dividends derived from certain "private activity" municipal securities issued after Aug. 7, 1986 generally will constitute an item of tax preference includable in AMTI. However, tax-exempt interest on private activity bonds issued in 2009 and 2010 is not an item of tax preference for purposes of the AMT.

Exempt-interest dividends must be taken into account in computing the portion, if any, of social security or railroad retirement benefits that must be included in an individual shareholder's gross income subject to federal income tax. Further, a shareholder of the Portfolio is denied a deduction for interest on indebtedness incurred or continued to purchase or carry shares of the Portfolio. Moreover, a shareholder who is (or is related to) a "substantial user" of a facility financed by industrial development bonds held by the Portfolio will likely be subject to tax on dividends paid by the Portfolio which are derived from interest on such bonds. Receipt of exempt-interest dividends may result in other collateral federal income tax consequences to certain taxpayers, including financial institutions, property and casualty insurance companies and foreign corporations engaged in a trade or business in the United States.

To the extent that exempt-interest dividends are derived from interest on obligations of a state or its political subdivisions, or from interest on qualifying US territorial obligations (including qualifying obligations of Puerto Rico, the US Virgin Islands, and Guam), they also may be exempt from that state's personal income taxes. Most states do not grant tax-free treatment to interest on state and municipal securities of other states.

Failure of the issuer of a tax-exempt security to comply with certain legal or contractual requirements relating to a municipal security could cause interest on the municipal security, as well as Portfolio distributions derived from this interest, to become taxable, perhaps

retroactively to the date the municipal security was issued. In such a case, the Portfolio may be required to report to the IRS and send to shareholders amended Forms 1099 for a prior taxable year in order to report additional taxable income. This, in turn, could require shareholders to file amended federal and state income tax returns for such prior year to report and pay tax and interest on their pro rata share of the additional amount of taxable income.

TAX TREATMENT OF CERTAIN DEBT INSTRUMENTS. Gain recognized on the disposition of a debt obligation purchased by a portfolio 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 that accrued during the period of time the portfolio held the debt obligation unless the portfolio made a current inclusion election to accrue market discount into income as it accrues. If a portfolio purchases a debt obligation (such as a zero-coupon security or payment-in-kind security) that was originally issued at a discount, the portfolio generally is required to include in gross income each year the portion of the original issue discount that accrues during such year. Therefore, a portfolio's investment in such securities may cause the portfolio 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 portfolio may have to sell portfolio securities that it otherwise might have continued to hold or to use cash flows from other sources such as the sale of portfolio shares.

Tax rules are not entirely clear about issues such as whether and to what extent a portfolio should recognize market discount on a debt obligation, when a portfolio may cease to accrue interest, original issue discount or market discount, when and to what extent a portfolio may take deductions for bad debts or worthless securities and how a portfolio should allocate payments received on obligations in default between principal and income. These and other related issues will be addressed by a portfolio in order to ensure that it distributes sufficient income to preserve its status as a RIC.

Adjustments for inflation to the principal amount of an inflation-protected U.S. Treasury bond held by a portfolio may be included for tax purposes in the portfolio's gross income, even though no cash attributable to such gross income has been received by the portfolio. In such event, the portfolio may be required to make annual distributions to shareholders that exceed the cash it has otherwise received. In order to pay such distributions, the portfolio may be required to raise cash by selling portfolio investments. The sale of such investments could result in capital gains to the portfolio and additional capital gain distributions to portfolio shareholders. In addition, adjustments during the taxable year for deflation to an inflation-indexed bond held by a portfolio may cause amounts previously distributed in the taxable year as income to be characterized as a return of capital.

TAX MATTERS RELATING TO THE USE OF CERTAIN INSTRUMENTS AND FOREIGN INVESTMENTS. Certain of the Portfolios may write, purchase or sell certain options, futures and foreign currency contracts. Such transactions are subject to special tax rules that may affect the amount, timing and character of distributions to shareholders. Unless a Portfolio is eligible to make, and makes, a special election, any such contract that is a "Section 1256 contract" will be "marked-to-market" for Federal income tax purposes at the end of each taxable year, i.e., each contract will be treated for tax purposes as though it had been sold for its fair market value on the last day of the taxable year.

In general, option premiums received by a Portfolio are not immediately included in the income of the Portfolio. Instead, the premiums are recognized when the option contract expires, the option is exercised by the holder, or the Portfolio transfers or otherwise terminates the option (e.g., through a closing transaction). If an option written by the Portfolio is exercised and the Portfolio sells or delivers the underlying stock, the Portfolio generally will recognize capital gain or loss equal to (a) the sum of the strike price and the option premium received by the Portfolio minus (b) the Portfolio'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 the Portfolio pursuant to the exercise of a put option written by it, the Portfolio generally will subtract the premium received from its cost basis in the securities purchased. The gain or loss with respect to any termination of the Portfolio'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 Portfolio is greater or less than the amount paid by the Portfolio (if any) in terminating the transaction. Thus, for example, if an option written by a Portfolio expires unexercised, the Portfolio generally will recognize short-term gain equal to the premium received.

Certain covered call writing activities of the Portfolio may trigger the U.S. federal income tax straddle rules of section 1092 of the Code, requiring that losses be deferred and holding periods be tolled on offsetting positions in options and stocks deemed to constitute substantially similar or related property. Options on single stocks that are not "deep in the money" may constitute qualified covered calls, which generally are not subject to the straddle rules; the holding period on stock underlying qualified covered calls that are "in the money" although not "deep in the money" will be suspended during the period that such calls are outstanding. Thus, the straddle rules and the rules governing qualified covered calls could cause gains that would otherwise constitute long-term capital gains to be treated as short-term capital gains, and distributions that would otherwise constitute "qualified dividend income" or qualify for the dividends-received deduction to fail to satisfy the holding period requirements and therefore to be taxed as ordinary income or fail to qualify for the 50% dividends-received deduction, as the case may be.

The tax treatment of certain futures contracts entered into by a Portfolio as well as listed non-equity options written or purchased by the Portfolio 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 the Portfolio 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 gains 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.

Certain of a Portfolio's investments in derivatives and foreign currency-denominated instruments, and the Portfolio's transactions in foreign currencies and hedging activities, may produce a difference between its book income and its taxable income. If a Portfolio's book income is less than the sum of its taxable income and net tax-exempt income (if any), the Portfolio could be required to make distributions exceeding book income to qualify as a regulated investment company. If a Portfolio'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 Portfolio'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.

Under the Code, dividends or gains derived by a Portfolio from any investment in a "passive foreign investment company" or "PFIC" — a foreign corporation 75% or more of the gross income of which consists of interest, dividends, royalties, rents, annuities or other "passive income" or 50% or more of the assets of which produce "passive income" — may subject a Portfolio to U.S. federal income tax even with respect to income distributed by the Portfolio to its shareholders. In order to address the tax consequences described above, those Portfolios authorized to invest in foreign securities will report investments in PFICs, or will elect mark-to-market or flow-through treatment for PFIC investments which will in many cases require the Portfolios to recognize ordinary income each year with respect to those investments.

The tax principles applicable to transactions in financial instruments and futures contracts and options that may be engaged in by a Portfolio, and investments in PFICs, are complex and, in some cases, uncertain. Such transactions and investments may cause a Portfolio to recognize taxable income prior to the receipt of cash, thereby requiring the Portfolio to liquidate other positions, or to borrow money, so as to make sufficient distributions to shareholders to avoid portfolio-level tax.

INVESTMENTS IN REAL ESTATE INVESTMENT TRUSTS. 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 portfolio will be treated as long-term capital gains by the portfolio and, in turn, may be distributed by the portfolio 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. An equity U.S. REIT, and in turn a Portfolio, may distribute excess cash to shareholders in the form of a return of capital distribution. Any return of capital will reduce a shareholder's tax basis in portfolio shares and, to the extent such basis is exceeded, will generally give rise to capital gains. If a U.S. REIT 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 the applicable corporate income tax rate without any deduction for dividends paid to shareholders and the dividends would be taxable to shareholders, like the Portfolio, as ordinary income (or possibly as qualified dividend income) to the extent of the U.S. REIT's current and accumulated earnings and profits.

An investment by a Portfolio in a non-U.S. REIT may subject the Portfolio, directly or indirectly, to corporate taxes, withholding taxes (which may be reduced or eliminated under certain tax treaties), transfer taxes and other indirect taxes in the country in which the real estate acquired by the non-U.S. REIT is located. A portfolio's pro rata share of any such taxes will reduce the portfolio's return on its investment. A portfolio's investment in a non-U.S. REIT may be considered an investment in a PFIC. Additionally, foreign withholding taxes on distributions from the non-U.S. REIT may be reduced or eliminated under certain tax treaties.

The Institutional U.S. Equity Portfolio may invest in REITs that hold residual interests in real estate mortgage investment conduits ("REMICs") or which are, or have certain wholly-owned subsidiaries that are "taxable mortgage pools". Under Treasury regulations that have not yet been issued, but may apply retroactively, a portion of the Portfolio's income from a REIT that is attributable to the REIT's residual interest in a REMIC or, possibly, equity interests in a taxable mortgage pool (referred to in the Code as an "excess inclusion") will be subject to federal income tax in all events. These regulations are also expected to provide that excess inclusion income of a RIC, such as The Institutional U.S. Equity Portfolio, will be allocated to shareholders of the RIC 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 a qualified pension plan, an individual retirement account, a 401(k) plan, a Keogh plan or other tax-exempt entity) subject to tax on unrelated business income, 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" (such as a government or governmental agency, a tax-exempt organization not subject to UBIT and certain other organizations) is a record holder of a share in a RIC, then the RIC 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 applicable corporate income tax rate. The

Specialist Manager does not intend to invest a substantial portion of The Institutional U.S. Equity Portfolio's assets in REITs which generate excess inclusion income.

Typically, shareholders in the Portfolio will receive a statement that shows the tax status of distributions you received the previous year. The Portfolio may at times find it necessary to reclassify income after it issues shareholder's tax information reporting statement. This can result from rules in the Code that effectively prevent regulated investment companies such as the Trust from ascertaining with certainty until after the calendar year end the final amount and character of distributions the Portfolio has received on its investments, particularly in REITs, during the prior calendar year. Prior to issuing statements, the Trust makes every effort to identify reclassifications of income to reduce the number of corrected forms mailed to shareholders. The Portfolio may obtain an extension of time, of up to one month, to send shareholders in the Portfolio shareholder's original tax information reporting statement in order to ascertain that the tax status of distributions received are correctly categorized; or the Portfolio will send affected shareholders corrected tax information reporting statement to reflect reclassified information after the Portfolio's fiscal year end.

SALES OF SHARES. Upon the disposition of shares of a Portfolio (whether by redemption or sale), a shareholder may realize a gain or loss. Such gain or loss will be capital gain or loss if the shares are capital assets in the shareholder's hands, and will be long-term or short-term generally depending upon the shareholder's holding period for the shares. Any loss realized on a disposition will be disallowed to the extent the shares disposed of are replaced within a period of 61 days beginning 30 days before and ending 30 days after the shares are disposed of. In such a case, the basis of the shares acquired will be adjusted to reflect the disallowed loss. Any loss realized by a shareholder on a disposition of shares held by the shareholder for six months or less will be treated as a long-term capital loss to the extent of any distributions of capital gain dividends received by the shareholder with respect to such shares. Additionally, any loss realized upon the sale or exchange of Portfolio shares with a tax holding period of six months or less may be disallowed to the extent of any distributions treated as exempt interest dividends with respect to such shares. If a Portfolio redeems a shareholder in-kind rather than in cash, the shareholder would realize the same gain or loss as if the shareholder had been redeemed in cash. Further, the shareholder's basis in the securities received in the in-kind redemption would be the securities' fair market value on the date of the in-kind redemption.

The Portfolio will report gains and losses realized on redemptions of shares for shareholders who are individuals and S corporations purchased after January 1, 2012 to the IRS. This information will also be reported to you on Form 1099-B and the IRS each year. In calculating the gain or loss on redemptions of shares, the average cost method will be used to determine the cost basis of the Portfolio shares purchased after January 1, 2012 unless you instruct the Portfolio in writing that you want to use another available method for cost basis reporting (for example, First In, First Out ("FIFO"), Last In, First Out ("LIFO"), Specific Lot Identification ("SLID") or High Cost, First Out ("HIFO")). If you designate SLID as your cost basis method, you will also need to designate a secondary cost basis method (Secondary Method). If a Secondary Method is not provided, the Portfolio will designate FIFO as the Secondary Method and will use the Secondary Method with respect to systematic withdrawals made after January 1, 2012. Your cost basis election method will be applied to all Portfolio positions for all of your accounts, as well as to all future Portfolio added, unless otherwise indicated by you.

Mutual fund shares acquired prior to January 1, 2012 are not covered by cost basis regulations. When available, average cost will be reported to investors who will be solely responsible for calculating and reporting gains and losses realized on the sale of non-covered securities. This information is not reported to the IRS. All non-covered shares will be depleted before the covered shares, starting with the oldest shares first.

When transferring the ownership of covered shares, you must provide account information for the recipient/account receiving shares and the reason the transfer is taking place (i.e., re-registration, inheritance through death, or gift). If a reason is not provided, the transfer will be defaulted as a transfer due to gift. If the recipient's existing account or new account will use the Average Cost accounting method, they must accept the shares being transferred at fair market value on the date of the gift or settlement if the shares should be transferred at a loss. For transfers due to Inheritance on accounts with Joint Tenants with Rights of Survivorship, unless you instruct us otherwise by indicating the ownership percentage of each party, the shares will be split equally with the basis for the decedent's portion determined using the fair market value of the date of death and the other portions maintaining the current cost basis.

The Portfolios are also required to report gains and losses to the IRS in connection with the redemptions of shares by S corporations purchased after January 1, 2012. If a shareholder is a corporation and has not instructed the Portfolio that it is a C corporation in its account application or by written instruction, the Portfolio will treat the shareholder as an S corporation and file a Form 1099-B.

FOREIGN SHAREHOLDERS. The United States imposes a flat 30% withholding tax (or a withholding tax at a lower treaty rate) on U.S. source dividends, including on income dividends paid to you by the Portfolio. Exemptions from this U.S. withholding tax are provided for: (a) capital gain dividends reported by the Portfolio to shareholders as such and paid by the Portfolio from its net long-term capital gains, other than long-term capital gains realized on the disposition of U.S. real property interest as discussed below (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), (b) short-term capital gain dividends reported by the Portfolio to shareholders as such and paid by the Portfolio from its net short-term capital gains, other than short-term capital gains realized on disposition of U.S. real property interest, (c) exempt-interest dividends paid by the Portfolio from its net interest income earned on municipal securities, and (d) interest-related dividends reported by the Portfolio to shareholders as such and paid from its qualified net interest income from U.S. sources.

However, notwithstanding such exemptions from U.S. withholding at the source, any dividends and distributions of income and capital gains, including the proceeds from the sale of your Portfolio shares, will be subject to backup withholding at a rate of 24% if you fail to properly certify that you are not a U.S. person.

Ordinary dividends paid by the Portfolio 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% 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. If the income from the Portfolio 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 Portfolio 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.

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 U.S. real property interest ("USRPI") as if he or she were a U.S. person. The Institutional U.S. Equity Portfolio may invest in equity securities of corporations that invest in USRPI, including U.S. REITs, which may trigger FIRPTA gain to the Portfolio's non-U.S. shareholders and may require the non-U.S. shareholder to file a U.S. tax return. Because the Portfolio expects to invest less than 50% of its assets at all times, directly or indirectly, in USRPI, the Portfolio expects that neither gain on the sale or redemption of Portfolio shares nor Portfolio dividends and distributions would be subject to FIRPTA reporting and tax withholding.

SHAREHOLDERS SHOULD CONSULT THEIR TAX ADVISOR REGARDING ANY UNITED STATES FEDERAL TAX CONSEQUENCES OF HOLDING SHARES IN THE PORTFOLIOS IN LIGHT OF THEIR INDIVIDUAL CIRCUMSTANCES AS WELL AS ANY FOREIGN, STATE AND LOCAL, WITHHOLDING OR OTHER TAX CONSEQUENCES THAT MAY ARISE AS A RESULT OF HOLDING SHARES IN A PORTFOLIO.

**HISTORY OF THE TRUST AND OTHER INFORMATION**

The Trust was organized as a Delaware statutory trust on December 15, 1994, and is registered with the SEC as an open-end, series, management investment company. The Trust currently offers shares of fourteen investment portfolios, each with a different objective and differing investment policies. Each Portfolio is diversified, as that term is defined in the Investment Company Act. The Trust may organize additional investment portfolios in the future. The Trust is authorized to issue an unlimited number of shares, each with a par value of $.001. Under the Trust's Amended and Restated Declaration of Trust, the Board has the power to classify or reclassify any unissued shares from time to time. Each share of the respective Portfolios represents an equal proportionate interest in that Portfolio. Each share is entitled to one vote for the election of Trustees and any other matter submitted to a shareholder vote. Voting rights are not cumulative and, accordingly, the holders of more than 50% of the aggregate shares of the Trust may elect all of the Trustees. Shares of the Trust do not have preemptive or conversion rights and, when issued for payment as described in the Prospectus, shares of the Trust will be fully paid and non-assessable.

As a Delaware statutory trust, the Trust is not required, and currently does not intend, to hold annual meetings of shareholders except as required by the Investment Company Act or other applicable law. The Investment Company Act requires initial shareholder approval of each of the investment advisory agreements, election of Trustees and, if the Trust holds an annual meeting, ratification of the Board's selection of the Trust's independent registered public accounting firm. As noted elsewhere in this SAI, however, the Trust has received an exemptive order from the SEC that allows it, under certain circumstances, to enter into investment advisory agreements with Specialist Managers without submitting such agreements to shareholders for approval. Under certain circumstances, the law provides shareholders with the right to call for a meeting of shareholders to consider the removal of one or more Trustees. To the extent required by law, the Trust will assist in shareholder communications in such matters.

CONTROL PERSONS AND PRINCIPAL SECURITY HOLDERS. The table beginning on the following page shows the name and address of record of each person known to the Trust to hold, as of record or beneficially, 5% or more of shares of the Trust as of October [ ], 2025. Persons who owned of record or beneficially more than 25% of a Portfolio's outstanding shares may be deemed to control the Portfolio within the meaning of the Investment Company Act. The nature of ownership for each position listed is "Record" unless otherwise indicated. Hirtle Callaghan & Co., LLC (of which the Adviser is a division) may be deemed to have, or share, investment and/or voting power with respect to more than 50% of the shares of the Trust's Portfolios, with respect to which shares Hirtle Callaghan & Co., LLC disclaims beneficial ownership. [TO BE UPDATED IN NEXT POST EFFECTIVE AMENDMENT]

\*\*\*\*\* Remainder of Page Intentionally Left Blank\*\*\*\*\*

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| | | |
|:---|:---|:---|
| **Portfolio/Shareholder** | **No. of Shares** | **Percent of Total Assets Held<br> by the Shareholder** |
| **THE U.S. EQUITY PORTFOLIO** |  |  |
| NATIONAL FINANCIAL SERVICES LLC<br> NEWPORT OFFICE CENTER III 5TH FLOOR<br> 499 WASHINGTON BOULEVARD<br> JERSEY CITY NJ 07310 | 24684358.844 | 50.95% |
| SAXON CO<br> P O BOX 94597<br> CLEVELAND OH 44101 | 4890636.356 | 10.09% |
| MAC CO<br> ATTN MUTUAL FUND OPERATIONS<br> 500 GRANT STREET<br> ROOM 152-1010<br> PITTSBURGH PA 15258 | 4812058.341 | 9.93% |
| SEI PRIVATE TRUST CO<br> ATTN MUTUAL FUNDS ADMIN<br> ONE FREEDOM VALLEY DRIVE<br> OAKS PA 19456 | 4355907.239 | 8.99% |
| CAPINCO C O US BANK NA<br> 1555 N RIVERCENTER DRIVE STE 302<br> MILWAUKEE WI 53212 | 4204563.488 | 8.68% |
| **THE INSTITUTIONAL U.S. EQUITY PORTFOLIO** |  |  |
| MAC CO<br> ATTN MUTUAL FUND OPERATIONS<br> 500 GRANT STREET<br> ROOM 151-1010<br> PITTSBURGH PA 15258 | 54884289.949 | 39.09% |
| CAPINCO C O US BANK NA<br> 1555 N RIVERCENTER DRIVE STE 302<br> MILWAUKEE WI 53212 | 32216138.783 | 22.94% |
| NATIONAL FINANCIAL SERVICES LLC<br> NEWPORT OFFICE CENTER III 5TH FLOOR<br> 499 WASHINGTON BOULEVARD<br> JERSEY CITY NJ 07310 | 28282397.178 | 20.14% |
| SEI PRIVATE TRUST CO<br> ATTN MUTUAL FUNDS ADMIN<br> ONE FREEDOM VALLEY DRIVE<br> OAKS PA 19456 | 14408128.439 | 10.26% |
| **THE ESG GROWTH PORTFOLIO** |  |  |
| MAC CO<br> ATTN MUTUAL FUND OPERATIONS<br> 500 GRANT STREET<br> ROOM 151-1010<br> PITTSBURGH PA 15258 | 11957769.371 | 97.55% |

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| | | |
|:---|:---|:---|
| **Portfolio/Shareholder** | **No. of Shares** | **Percent of Total Assets Held<br> by the Shareholder** |
| **THE CATHOLIC SRI GROWTH PORTFOLIO** |  |  |
| SEI PRIVATE TRUST CO<br> ATTN MUTUAL FUNDS ADMIN<br> ONE FREEDOM VALLEY DRIVE<br> OAKS PA 19456 | 2320113.999 | 82.91% |
| NATIONAL FINANCIAL SERVICES LLC<br> NEWPORT OFFICE CENTER III 5TH FLOOR<br> 499 WASHINGTON BOULEVARD<br> JERSEY CITY NJ 07310 | 478138.718 | 17.09% |
| **THE INTERNATIONAL EQUITY PORTFOLIO** |  |  |
| NATIONAL FINANCIAL SERVICES LLC<br> NEWPORT OFFICE CENTER III 5TH FLOOR<br> 499 WASHINGTON BOULEVARD<br> JERSEY CITY NJ 07310 | 20484737.836 | 46.86% |
| SEI PRIVATE TRUST CO<br> ATTN MUTUAL FUNDS ADMIN<br> ONE FREEDOM VALLEY DRIVE<br> OAKS PA 19456 | 7171161.580 | 16.40% |
| CAPINCO C O US BANK NA<br> 1555 N RIVERCENTER DRIVE STE 302<br> MILWAUKEE WI 53212 | 6671436.765 | 15.26% |
| MAC CO<br> ATTN MUTUAL FUND OPERATIONS<br> 500 GRANT STREET<br> ROOM 152-1010<br> PITTSBURGH PA 15258 | 5037715.566 | 11.52% |
| **THE INSTITUTIONAL INTERNATIONAL EQUITY PORTFOLIO** |  |  |
| MAC CO<br> ATTN MUTUAL FUND OPERATIONS<br> 500 GRANT STREET<br> ROOM 152-1010<br> PITTSBURGH PA 15258 | 31809470.928 | 36.81% |
| CAPINCO C O US BANK NA<br> 1555 N RIVERCENTER DRIVE STE 302<br> MILWAUKEE WI 53212 | 22174748.195 | 25.66% |
| NATIONAL FINANCIAL SERVICES LLC<br> NEWPORT OFFICE CENTER III 5TH FLOOR<br> 499 WASHINGTON BOULEVARD<br> JERSEY CITY NJ 07310 | 15933500.551 | 18.44% |
| SEI PRIVATE TRUST CO<br> ATTN MUTUAL FUNDS ADMIN<br> ONE FREEDOM VALLEY DRIVE<br> OAKS, PA 19456 | 11409486.612 | 13.20% |

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| | | |
|:---|:---|:---|
| **THE EMERGING MARKETS PORTFOLIO** |  |  |
| MAC CO<br> ATTN MUTUAL FUND OPERATIONS<br> 500 GRANT STREET<br> ROOM 151-1010<br> PITTSBURGH PA 15258 | 12409111.01 | 33.51% |
| NATIONAL FINANCIAL SERVICES LLC<br> NEWPORT OFFICE CENTER III 5TH FLOOR<br> 499 WASHINGTON BOULEVARD<br> JERSEY CITY NJ 07310 | 10832160.038 | 29.25% |
| CAPINCO C O US BANK NA<br> 1555 N RIVERCENTER DRIVE STE 302<br> MILWAUKEE WI 53212 | 6055916.621 | 16.35% |
| SEI PRIVATE TRUST CO<br> ATTN MUTUAL FUNDS ADMIN<br> ONE FREEDOM VALLEY DRIVE<br> OAKS PA 19456 | 4178953.659 | 11.28% |
| **THE CORE FIXED INCOME PORTFOLIO** |  |  |
| NATIONAL FINANCIAL SERVICES LLC<br> NEWPORT OFFICE CENTER III 5TH FLOOR<br> 499 WASHINGTON BOULEVARD<br> JERSEY CITY NJ 07310 | 5450100.931 | 53.58% |
| CAPINCO C O US BANK NA<br> 1555 N RIVERCENTER DRIVE STE 302<br> MILWAUKEE WI 53212 | 2358794.085 | 23.19% |
| SEI PRIVATE TRUST CO<br> ATTN MUTUAL FUNDS ADMIN<br> ONE FREEDOM VALLEY DRIVE<br> OAKS, PA 19456 | 976098.199 | 9.60% |
| STATE STREET BANK AND TRUST COMPANY<br> TRUSTEE AND/OR CUSTODIAN<br> ADP ACCESS PRODUCT<br> PO BOX 5501<br> BOSTON MA 02206-5501 | 697893.564 | 6.86% |
| **THE CORPORATE OPPORTUNITIES PORTFOLIO** |  |  |
| NATIONAL FINANCIAL SERVICES LLC<br> NEWPORT OFFICE CENTER III 5TH FLOOR<br> 499 WASHINGTON BOULEVARD<br> JERSEY CITY NJ 07310 | 10197252.559 | 35.31% |
| CAPINCO C O US BANK NA<br> 1555 N RIVERCENTER DRIVE STE 302<br> MILWAUKEE WI 53212 | 8478014.088 | 29.35% |
| MAC CO<br> ATTN MUTUAL FUND OPERATIONS<br> 500 GRANT STREET<br> ROOM 151-1010<br> PITTSBURGH PA 15258 | 5228884.232 | 18.10% |

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| | | |
|:---|:---|:---|
| SEI PRIVATE TRUST CO<br> ATTN MUTUAL FUNDS ADMIN<br> ONE FREEDOM VALLEY DRIVE<br> OAKS, PA 19456 | 3131460.904 | 10.84% |
| **THE U.S. GOVERNMENT FIXED INCOME SECURITIES PORTFOLIO** |  |  |
| MAC CO<br> ATTN MUTUAL FUND OPERATIONS<br> 500 GRANT STREET<br> ROOM 151-1010<br> PITTSBURGH PA 15258 | 46008440.460 | 40.01% |
| CAPINCO C O US BANK NA<br> 1555 N RIVERCENTER DRIVE STE 302<br> MILWAUKEE WI 53212 | 28533414.833 | 24.81% |
| NATIONAL FINANCIAL SERVICES LLC<br> NEWPORT OFFICE CENTER III 5TH FLOOR<br> 499 WASHINGTON BOULEVARD<br> JERSEY CITY NJ 07310 | 20626304.604 | 17.94% |
| SEI PRIVATE TRUST CO<br> ATTN MUTUAL FUNDS ADMIN<br> ONE FREEDOM VALLEY DRIVE<br> OAKS PA 19456 | 15937236.311 | 13.86% |
| **THE U.S. CORPORATE FIXED INCOME SECURITIES PORTFOLIO** |  |  |
| MAC CO<br> ATTN MUTUAL FUND OPERATIONS<br> 500 GRANT STREET<br> ROOM 151-1010<br> PITTSBURGH PA 15258 | 11762660.969 | 38.85% |
| CAPINCO C O US BANK NA<br> 1555 N RIVERCENTER DRIVE STE 302<br> MILWAUKEE WI 53212 | 7601302.116 | 25.11% |
| NATIONAL FINANCIAL SERVICES LLC<br> NEWPORT OFFICE CENTER III 5TH FLOOR<br> 499 WASHINGTON BOULEVARD<br> JERSEY CITY NJ 07310 | 5657548.832 | 18.69% |
| SEI PRIVATE TRUST COMPANY<br> ATTN MUTUAL FUNDS ADMIN<br> ONE FREEDOM VALLEY DRIVE<br> OAKS PA 19456 | 3935628.856 | 13.00% |
| **THE U.S. MORTGAGE/ASSET BACKED FIXED INCOME SECURITIES PORTFOLIO** | **THE U.S. MORTGAGE/ASSET BACKED FIXED INCOME SECURITIES PORTFOLIO** | **THE U.S. MORTGAGE/ASSET BACKED FIXED INCOME SECURITIES PORTFOLIO** |
| MAC CO<br> ATTN MUTUAL FUND OPERATIONS<br> 500 GRANT STREET<br> ROOM 151-1010<br> PITTSBURGH PA 15258 | 10236321.266 | 39.44% |
| CAPINCO C O US BANK NA<br> 1555 N RIVERCENTER DRIVE STE 302<br> MILWAUKEE WI 53212 | 6816603.541 | 26.27% |

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| | | |
|:---|:---|:---|
| NATIONAL FINANCIAL SERVICES LLC<br> NEWPORT OFFICE CENTER III 5TH FLOOR<br> 499 WASHINGTON BOULEVARD<br> JERSEY CITY NJ 07310 | 4556356.299 | 17.56% |
| SEI PRIVATE TRUST CO<br> ATTN MUTUAL FUNDS ADMIN<br> ONE FREEDOM VALLEY DRIVE<br> OAKS PA 19456 | 3189596.35 | 12.29% |
| **THE SHORT-TERM MUNICIPAL BOND PORTFOLIO** |  |  |
| NATIONAL FINANCIAL SERVICES LLC<br> NEWPORT OFFICE CENTER III 5TH FLOOR<br> 499 WASHINGTON BOULEVARD<br> JERSEY CITY NJ 07310 | 4414425.732 | 61.04% |
| CAPINCO C O US BANK NA<br> 1555 N RIVERCENTER DRIVE STE 302<br> MILWAUKEE WI 53212 | 1883643.329 | 26.04% |
| SEI PRIVATE TRUST CO<br> ATTN MUTUAL FUNDS ADMIN<br> ONE FREEDOM VALLEY DRIVE<br> OAKS PA 19456 | 403002.863 | 5.57% |
| **THE INTERMEDIATE TERM MUNICIPAL BOND PORTFOLIO** |  |  |
| NATIONAL FINANCIAL SERVICES LLC<br> NEWPORT OFFICE CENTER III 5TH FLOOR<br> 499 WASHINGTON BOULEVARD<br> JERSEY CITY NJ 07310 | 28904933.824 | 55.79% |
| CAPINCO C O US BANK NA<br> 1555 N RIVERCENTER DRIVE STE 302<br> MILWAUKEE WI 53212 | 14356704.229 | 27.71% |
| SEI PRIVATE TRUST CO<br> ATTN MUTUAL FUNDS ADMIN<br> ONE FREEDOM VALLEY DRIVE<br> OAKS PA 19456 | 3308082.543 | 6.38% |
| BAND CO C O US BANK NA<br> 1555 N RIVERCENTER DRIVE STE 302<br> MILWAUKEE WI 53212 | 2676243.19 | 5.17% |

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POTENTIAL CONFLICTS OF INTEREST. The Trust, the Adviser and each of the Trust's Specialist Managers, as well as the Trust's principal underwriter, have adopted codes of ethics (each, a "17j-1 Code") under Rule 17j-1 under the Investment Company Act. The 17j-1 Code adopted by each of these entities governs the manner and extent to which certain persons associated with that entity may invest in securities for their own accounts (including securities that may be purchased or held by the Trust). The 17j-1 Codes are on public file with, and are available from, the SEC's Public Reference Room in Washington, D.C.

**PROXY VOTING**

The Trust has adopted Proxy Voting Policies and Procedures (the "Policy") in accordance with Rule 30b1-4 under the Investment Company Act. The Policy is predicated on the notion that decisions with respect to proxy voting are an integral part of the investment management process and that the voting of proxies is an integral part of the services provided to each of those Portfolios of the Trust that invest primarily in equity securities (the "Equity Portfolios" and the "Institutional Equity Portfolios") by their Specialist Managers. Accordingly, the Policy delegates to the Specialist Managers that serve the Equity Portfolios and the Institutional Equity Portfolios the responsibility for voting proxies received by the respective Portfolios in a manner that is designed to maximize the value of the shareholders' interest. The following table provides a summary of the proxy voting policies and procedures adopted by each such Specialist Manager.

It is qualified by the full policy of each Specialist Manager, each of which is available upon request. Information on how the Portfolios voted proxies relating to portfolio securities during the 12-month period ended June 30, 2025 is available (1) without charge, upon request, by calling 1-800-242-9596, and (2) on the SEC's website at <u>http://www.sec.gov</u>.

**<u>Agincourt Capital Management, LLC ("Agincourt")</u>**

Agincourt Capital Management is focused on managing fixed income assets and rarely has the occasion to vote proxies. It is Agincourt's policy to vote solely in the interests of plan participants and beneficiaries and for the exclusive purpose of providing economic benefits to them if a proxy vote is required, and the voting rights have not been reserved by the plan fiduciary. If a proxy that is to be voted by Agincourt is received, it is logged and the materials are then distributed to Agincourt's Management Team for the specific vote. Upon receipt of their decisions, Agincourt's Chief Compliance Officer will log the rationales, and vote the proxy as per the decisions, in accordance with the Firm's Policy and Procedures.

**<u>Breckinridge Capital Advisors, Inc. ("Breckinridge")</u>**

Proxy ballots are not typically issued for bonds. Therefore, Breckinridge anticipates minimal to no proxy voting activity in fixed income client accounts. Nonetheless, Breckinridge has adopted written proxy voting policy and procedures that dictate the manner in which the firm processes and votes proxy ballots received on behalf of client accounts. Breckinridge has appointed a Stewardship Committee to oversee and manage proxy voting on behalf of clients. For those clients who have delegated proxy voting authority to Breckinridge, the firm seeks to vote proxies in a manner that it determines, in good faith, to be in the client's best interest. This determination will include a decision to take no action with respect to any proxy ballot. Only those proxies issued by the bonds purchased by Breckinridge in the course of managing the clients' assets are considered. Proxies solicited by securities that were transferred into the portfolio for funding or contributions or temporary investment vehicles will not be acted upon by Breckinridge.

Breckinridge has no affiliates or subsidiaries, or other lines of business outside of investment management. As such, Breckinridge does not expect there to be many material conflicts of interests with regards to our proxy voting activities. If a material conflict is identified, the Stewardship Committee, in consultation with Compliance, will take steps to address the conflict to ensure the vote is in the best interests of the clients. If the Stewardship Committee believes the conflict cannot be sufficiently addressed, it will not permit any overrides and must vote in accordance with the written guidelines.

Breckinridge will furnish a copy of its proxy voting policy to each client upon requests. Clients also can request a copy of their proxy voting records by contacting Breckinridge's Compliance Department.

**<u>City of London Investment Management Company Limited ("CLIM")</u>**

CLIM has adopted and implemented policies and procedures that it believes are reasonably designed to ensure that proxies are voted in the best interests of clients, in accordance with its fiduciary duties and Rule 206(4)-6 under the Investment Advisers Act of 1940, as amended (the "Advisers Act"). CLIM's authority to vote the proxies of its clients, including clients subject to ERISA, is established by advisory contracts or comparable documents.

As a significant long-term investor in closed-end funds, CLIM seeks to promote growth in the industry by encouraging closed-end funds to make their products more attractive to investors. Good corporate governance is a vital element of CLIM's process. CLIM's approach to corporate governance is a collective process involving the investment management teams located in each of the firm's offices. CLIM reviews each proxy and generally votes consistent with the firm's written *Statement on Corporate Governance and Proxy Voting Policy for Closed-End Funds*. All proxy votes are ultimately cast on a case-by-case basis.

CLIM values the right to vote but may abstain as a result of a conscious decision. However, CLIM cannot vote in instances where proxy materials are not received on a timely basis from a client-appointed custodian or due to administrative matters beyond CLIM's control.

CLIM reviews each proxy to assess the extent, if any, to which there may be a material conflict between the interests of clients on the one hand and CLIM's interests (including those of our directors, employees and other similar persons) on the other hand (a "potential

conflict"). CLIM performs this assessment on a proposal-by-proposal basis, and a potential conflict with respect to one proposal in a proxy does not indicate that a potential conflict exists with respect to any other proposal in such proxy. If CLIM determines that a potential conflict may exist, it will promptly report the matter to the Compliance Department. The Compliance Department will determine whether a potential conflict exists and is authorized to resolve any such conflict in a manner that is in the collective best interests of clients (excluding any client that may have a potential conflict).

Unless otherwise established with a client in writing, CLIM is responsible for voting all proxies related to securities that it manages for clients. A client may from time-to-time direct CLIM in writing to vote proxies in a manner that is different from the guidelines set forth in CLIM's Proxy Voting Policies and Procedures. CLIM will follow such written direction for proxy votes only after receipt of such written direction.

Clients may obtain a copy of CLIM's proxy voting policy and/or proxy voting record upon request from their usual contact at CLIM or upon request at info@citlon.co.uk or uscsclientservicing@citlon.com.

**<u>Insight North America LLC ("Insight")</u>**

**1. Introduction**

Insight seeks to actively exercise its rights and responsibilities in regard to proxy voting on behalf of Clients and is an essential part of maximizing shareholder value, ensuring good governance and delivering investment performance aligned with our Clients' long-term economic interests.

The Insight Proxy Voting Policy ("Policy") sets out the arrangements employed by Insight Investment Management (Global) Limited, Insight Investment Management (Europe) Limited, Insight North America LLC and Insight Investment International Limited (collectively "Insight"), where Insight has been granted by its Clients the authority to vote the proxies of the securities held in Client portfolios.

**2. Policy Statement**

Insight is committed to integrating governance and voting all our proxies where it is deemed appropriate and responsible to do so for the relevant asset class. In such cases, Insight's objective is to vote proxies in the best interests of its Clients.

**3. Scope**

Insight is committed to integrating governance and voting all our proxies where it is deemed appropriate and responsible to do so for the relevant asset class. In such cases, Insight's objective is to vote proxies in the best interests of its Clients.

**4. Proxy Voting Process**

Insight's proxy voting activity adheres to best-practice standards and is a component of Insight's Stewardship and Engagement Policy. In implementing its Voting Policy, Insight will take into account a number of factors used to provide a framework for voting each proxy. These include:

*Leadership: Every company should be led by an effective board whose approach is consistent with creating sustainable long-term growth.*

**• Strategy:** Company leadership should define a clear purpose and set long term objectives for delivering value to shareholders.

**• Culture:** The board should promote a diverse and inclusive culture which strongly aligns to the values of the company. It should seek to monitor culture and ensure that it is regularly engaging with its workforce.

**• Engagement with Shareholders:** The board and senior management should be transparent and engaged with existing shareholders. The board should have a clear understanding of the views of shareholders. The board should seek to minimize unnecessary dilution of equity and preserve the rights of existing shareholders.

**• Sustainability:** The board should take account of environmental, social and governance risks and opportunities when setting strategy and in their company monitoring role.

*Structure: The board should have clear division of responsibilities.*

**• The Chair:** The chair of the board should demonstrate objective judgment and promote transparency and facilitate constructive debate to promote overall effectiveness.

**• The Board:** There should be an appropriate balance of executive and non-executive directors. Non-executive directors should be evaluated for independence. No one individual should have unfettered decision-making. There should be a clear division, between the board and the executive leadership of the company.

**• Resources:** The board should ensure it has sufficient governance policies, influence and resources to function effectively. Non-executive directors should have sufficient time to fulfil their obligations to the company as directors.

*Effectiveness: The board should seek to build strong institutional knowledge to ensure long term efficient and sustainable operations.*

**• Appointment:** There should be a formal appointment process, which ensures that the most qualified individuals are selected for the board. This process should be irrespective of bias to ensure appropriate diversity of the board.

**• Knowledge:** The board should be comprised of those with the knowledge, skills and experience to effectively discharge their duties. The board should have sufficient independence to serve as an effective check on company management and ensure the best outcomes for shareholders.

**• Evaluation:** The board should be evaluated for effectiveness on a regular basis. Board member's contributions should be considered individually.

*Independence: The board should present a fair and balanced view of the company's position and prospects.*

**• Integrity:** The board should ensure that all reports produced accurately reflect the financial position, prospects and risks relevant to the company. The board should ensure the independence and effectiveness of internal and external audit functions.

**• Audit:** The board should ensure that clear, uncontentious accounts are produced. These should conform to the relevant best accountancy practices and accurately represent the financial position of the company. Deviations from standard accounting practices should be clearly documented with a corresponding rationale.

**• Risk:** The board should ensure the company has sound risk management and internal control systems. There should be a regular assessment and communication of the company's emerging and principal risks.

*Remuneration: Levels of remuneration should be sufficient to attract, retain and motivate talent of the quality required to run the company successfully.*

**• Goal Based:** The board should base remuneration on goal- based, qualitative, discretionary cash incentives. Remuneration should consider underlying industry and macroeconomic conditions and not be structured in a tax oriented manner.

**• Transparent:** Remuneration arrangements should be transparent and should avoid complexity.

**• Sustainable:** Remuneration should not be excessively share based and should be accurately represented and controlled as an operational cost. The remuneration of executives should promote long term focus and respect the interests of existing shareholders.

The relevant factors are used by Insight to develop Voting Guidelines enabling a consistent approach to proxy voting, which are reviewed annually by the Proxy Voting Group ("PVG") – (see section 6). Voting Guidelines are available at the following link: www.insightinvestment.com/ri.

Day to day voting activity is performed by the Chair of the PVG, a senior portfolio manager with no investment discretion. This creates an independent governance structure for voting, helping to mitigate actual and potential conflicts of interest (see section 5).

The Chair of the PVG can seek support from portfolio managers, who have active discretion over the securities, to provide additional input into the voting decision such as company background, however the vote will be cast by the Chair of the PVG. Insight seeks to vote on all holdings with associated voting rights in one of three ways: in support of, against, or in abstention. If the chair is unable to cast a vote, the decision will be cast by the deputy chair. Insight uses a Voting Agent to assist in the analysis and administration of the vote (see section 4.1). For contentious issues the rationale for voting for, against, or abstaining is retained on a case-by-case basis as appropriate and reviewed by the PVG on a regular basis.

**4.1 Voting Agent**

To assist Insight professionals with implementing its proxy voting strategy, Insight retains the services of an independent proxy voting service, namely Minerva ("Voting Agent"). Insight provides detailed Voting Guidelines to the Voting Agent on the operational and reporting capacity of the service. The Voting Agent's responsibilities include, but are not limited to, monitoring company meeting agendas and items to be voted on, reviewing each vote against Insight's specific Voting Guidelines and providing a voting analysis based upon the Voting Guidelines. The Voting Agent also identifies contentious issues that represent a significant monetary or strategic decision. This enables Insight to review situations where the Voting Guidelines require additional consideration or assist in the identification of potential conflicts of interest impacting the proxy vote decision. The Chair of the PVG will decide if the issue is contentious or not, and if conflicts are deemed to exist, these will be escalated to the PVG (see section 5.2).

Voting decisions are communicated by Insight to the Voting Agent and submitted to shareholder meetings through a specific proxy.

On a monthly basis the Voting Agent provides reports on voting activity to Insight. Voting data is available to Clients upon request and is posted annually on Insights website (see section 7). Insight conducts an annual due diligence with the Voting Agent to review the Voting Guidelines and related services.

**5. Conflicts of Interest**

Effective stewardship requires protecting our Clients against any potential conflicts of interest and managing them with appropriate governance. To comply with applicable legal and regulatory requirements, Insight believes managing perceived conflicts is as important as managing actual conflicts.

In the course of normal business, Insight and its personnel may encounter situations where it faces a conflict of interest or a conflict of interest could be perceived. A conflict of interest occurs whenever the interests of Insight or its personnel could diverge from those of a Client or when Insight or its personnel could have obligations to more than one party whose interests are different to each other or those of Insight's Clients.

In identifying a potential conflict situation, as a minimum, consideration will be made as to whether Insight, or a member of staff, is likely to:

• make a financial gain or avoid a financial loss at the expense of the Client

• material differences in the thoughts of two PM's who own the same security

• benefit if it puts the interest of one Client over the interests of another Client

• gain an interest from a service provided to, or transaction carried out on behalf of a Client which may not be in, or which may be different from, the Client's interest

• obtain a higher than usual benefit from a third party in relation to a service provided to the Client

• receive an inducement in relation to a service provided to the Client, in the form of monies, goods or services other than standard commission or fee for that service or

• have a personal interest that could be seen to conflict with their duties at Insight

• creates a conflict where Insight invests in firms which are Clients or potential Clients of Insight. Insight might give preferential treatment in its research (including external communication of the same) and/or investment management to issuers of publicly traded debt or equities which are also clients or closely related to clients (e.g. sponsors of pension schemes). This includes financial and ESG considerations.

• creates a conflict between investment teams with fixed income holdings in publicly listed firms or material differences in the thoughts of two PM's who own the same security

In situations where there is a conflict of interest or perceived conflict of interest that creates a contentious voting issue, as determined by the chair of the PVG, the issue will be escalated to the PVG. A contentious voting issue is a voting decision which would have a detrimental impact to Clients or Insight's reputation. All conflicts are handled in line with the Insight Conflicts of Interest Policy.

**5.2 Escalation of Contentious Voting Issue**

When a contentious voting issue has been identified, the PVG will review, evaluate and determine whether an actual material conflict of interest exist, and if so, will recommend how to vote the proxy. Depending upon the nature of the material conflict of interest, Insight may elect to take one or more of the following measures:

• removing certain Insight personnel from the proxy voting process

• walling off personnel with knowledge of the material conflict to ensure that such personnel do not influence the relevant proxy vote

• voting in accordance with the applicable Voting Guidelines, if any, if the application of the Voting Guidelines would objectively result in the casting of a proxy vote in a predetermined manner and

• deferring the vote to the Independent Voting Service, if any, which will vote in accordance with its own recommendation, this may include an affiliated entity

The resolution of all contentious voting issues, will be documented in order to demonstrate that Insight acted in the best interests of its Clients. Any voting decision not resolved by the PVG will be escalated to the Insight Chief Investment Officer ("CIO") or delegate.

**6. Proxy Voting Group**

The PVG is responsible for overseeing the implementation of voting decisions where Insight has voting authority on behalf of Clients. The PVG meets at least quarterly, or more frequently as required. In ensuring that votes casted are in the best interest of Clients, the PVG will oversee the following proxy voting activities:

**• Casting votes on behalf of Client**

**• Voting Policy:** Oversee and set the Proxy Voting Policy

**• Voting Guidelines:** Oversee and set the Voting Guidelines which are reviewed and approved on an annual basis

**• Stewardship Code & Engagement Policy:** Review for consistency with Proxy Voting Policy and Voting Guidelines

**• Conflicts of interest:** Manage conflicts when making voting instructions in line with Insight's Conflict of Interest Policy

**• Monitoring:** Review upcoming votes that cannot be made using Voting Guidelines and make voting decisions

**• Voting Agent:** Appoint and monitor third-party proxy agencies, including the services they perform for Insight in implementing its voting strategy and

**• Reporting:** Ensure voting activity aligns with local regulations and standards

The PVG is chaired by a Senior Portfolio Manager (who has no direct investment discretion) and attended by portfolio management personal, the Head of Responsible Investment Research & Stewardship, Corporate Risk, Compliance, Client Services and Operations personal. The PVG is accountable to and provides biannual updates to the Investment Management Group ("IMG") and Insight Risk Committee ("IROC").

**7. Disclosure and Recording Keeping**

In certain foreign jurisdictions, the voting of proxies can result in additional restrictions that have an economic impact to the security, such as "share-blocking." If Insight votes on the proxy share- blocking may prevent Insight from selling the shares of the security for a period of time. In determining whether to vote proxies subject to such restrictions Insight, in consultation with the PVG, considers whether the vote, either in itself or together with the votes of other shareholders, is expected to affect the value of the security that outweighs the cost of voting. If Insight votes on a proxy and during the "share-blocking period" Insight would like to sell the affected security Insight, in consultation with the PVG, will attempt to recall the shares (as allowable within the market time-frame and practices).

Insight publishes its voting activity in full on its website and annual report. This can be found at www.insightinvestment.com/ri.

**8. Proxy Voting Policy Review**

Insight will review its Proxy Voting arrangements regularly through the PVG. Insight reviews this Policy at least annually or whenever a material change occurs and will notify Clients of any material change that affects our ability to vote in line with the best interests of its Clients.

A material change shall be a significant event that could impact Insight's ability to vote proxies such as a change in voting agent. Notification of changes to the policy will be published at the following link: www.insightinvestment.com/ri.

**<u>Mellon, a division of Mellon Investments Corporation ("MIC")</u>**

Mellon, through its Proxy Voting Committee (the "Proxy Voting Committee"), applies detailed, pre-determined, written proxy voting guidelines for specific types of proposals and matters commonly submitted to shareholders of U.S. and Japanese companies and those other companies established in non-U.S. jurisdictions that have significant operations occurring within the U.S. (the "Mellon Voting Guidelines"). For non-U.S. companies without significant U.S. operations, Mellon seeks to vote proxies through application of the ISS Global Voting Principles and Regional Policies/Principles (the "ISS Voting Guidelines" and, collectively with the Mellon Voting Guidelines, each as in effect from time-to-time, the "Voting Guidelines"). Mellon, in voting proxies, will seek to act solely in the best financial and economic interests of its clients, including the funds.

Mellon takes seriously its responsibility to vote proxies on behalf of its clients as a prudent fiduciary. In general, we employ proxy voting to:

● Align the interests of a company's management and board of directors with those of the company's shareholders

● Promote the accountability of a company's management to its board of directors, as well as the accountability of the board of directors to the company's shareholders and stakeholders regarding matters that could affect the long-term value of the company

● Uphold the rights of a company's shareholders to affect change by voting on those matters submitted to shareholders for approval

● Promote adequate disclosure about a company's business operations and financial activity

<u>Securities of Non-U.S. Companies.</u> With regard to voting proxies with respect to shares of non-U.S. companies, Mellon weighs the cost of voting, and potential inability to sell, the shares against the benefit of voting the shares to determine whether or not to vote. However, corporate governance practices, disclosure requirements and voting operations vary significantly among the markets in which the funds may invest. In these markets, Mellon generally seeks to submit proxy votes in a manner consistent with the ISS Voting Guidelines, while taking into account the different legal and regulatory requirements. For example, proxy voting in certain countries requires "share blocking" pursuant to which a fund must deposit before the meeting date its holdings of securities with a designated depositary in order to vote proxies with respect to such securities. During this time, the shares cannot be sold until the meeting has taken place and the shares are returned to the fund's custodian bank. Mellon generally believes that the benefit of exercising the vote in these countries is outweighed by the cost of voting (*i.e.*, the funds' portfolio managers not being able to sell the funds' shares of such securities while the shares are blocked). Therefore, if share blocking is required, Mellon typically elects not to vote the shares. Voting proxies of issuers in non-U.S. markets also raises administrative issues that may prevent voting such proxies. For example, meeting notices may be received with insufficient time to fully consider the proposal(s) or after the deadline for voting has passed. Other markets require the provision of local agents with a power of attorney before acting on the voting instructions. In some cases the power of attorney may be unavailable prior to the meeting date or rejected by the local agent on a technical basis. Additionally, the costs of voting in certain non-U.S. markets may be substantially higher than in the United States.

<u>Securities Out on Loan.</u> For securities that a fund has loaned to another party, any voting rights that accompany the loaned securities generally pass to the borrower of the securities, but the fund retains the right to recall a security and may then exercise the security's voting rights. In order to vote the proxies of securities out on loan, the securities must be recalled prior to the established record date. A fund may recall the loan to vote proxies if a material issue affecting the fund's investment is to be voted upon.

<u>Material Conflicts of Interest</u>. Mellon seeks to avoid material conflicts of interest between a fund and the fund's shareholders, on the one hand, and BNYM Investment Adviser, Mellon, the Distributor, or any affiliated person of the fund, BNYM Investment Adviser, Mellon or the Distributor, on the other, through several layers of controls, including its participation in the Proxy Voting Committee. The Proxy Voting Committee seeks to avoid material conflicts of interest through the establishment of the committee structure, the members of which are senior officers and investment professionals, and do not include individuals whose primary duties relate to sales, marketing or client services. The Proxy Committee applies detailed, pre-determined proxy voting guidelines (the applicable Voting Guidelines) in an objective and consistent manner across client accounts, based on, as applicable, internal and external research and recommendations provided by third party proxy advisory services (including ISS and Glass Lewis, together the "Proxy Advisors") and without consideration of any client relationship factors. When proxies are voted in accordance with these pre-determined Voting Guidelines, it is Mellon's view that these votes do not present the potential for a material conflict of interest and no additional safeguards are needed. In addition, Mellon engages a third party as an independent fiduciary to vote all proxies for securities of BNY and may engage an independent fiduciary to vote proxies as a further safeguard to avoid potential conflicts of interest or as otherwise required by applicable law. These instances typically arise due to relationships between proxy issuers or companies and BNY, a BNY affiliate, a BNY executive, or a member of BNY's Board of Directors, but material conflicts of interests may also arise due to relationships involving Mellon and/or Mellon employees, officers and directors. When an independent fiduciary is engaged, the fiduciary either will vote the involved proxy, or provide Mellon with instructions as to how to vote such proxy. In the latter case, Mellon will vote the proxy in accordance with the independent fiduciary's determination. Other possible conflict resolutions may include: (1) voting in proportion to other shareholders ("mirror voting"); (2) erecting informational barriers around, or recusal from the vote decision making process by, the person or persons making voting decisions; and (3) voting in other ways that are consistent with our obligation to vote in our clients' best interest.

<u>Operations of the Proxy Voting Committee</u>. The Proxy Voting Committee also has engaged ISS as its proxy voting agent to administer the ministerial, non-discretionary elements of proxy voting and reporting. In that role, ISS is required to follow the Voting Guidelines and apply them to the corresponding proxy proposals or matters on which a shareholder vote is sought. Accordingly, proxies that can be appropriately categorized and matched will be voted in accordance with the applicable Voting Guideline, or a proxy proposal will be referred to the Proxy Voting Committee if the Voting Guidelines so require, and generally for those proxy proposals or shareholder voting matters that are contested or similarly controversial and require a case-by-case analysis, as determined by the Committee in its discretion (*e.g.*, proxy contests, potentially excessive executive compensation issues, or certain shareholder proposals). In addition, the Proxy Voting Committee has directed ISS to refer to it for discussion and vote all proxy proposals of those issuers: (1) where the percentage of their outstanding voting securities held in the aggregate in accounts managed Mellon is deemed significant or (2) that are at or above a certain specified market capitalization size (each, as determined by the Proxy Voting Committee in its discretion). For items referred to it, the Proxy Voting Committee may determine to accept or reject any recommendation based on the Voting Guidelines, research and analysis provided by its Proxy Advisors, or on any independent research and analysis obtained or generated by Mellon.

MIC will furnish a copy of its Proxy Voting Policy and its Voting Guidelines upon request to each advisory client that has delegated voting authority. Our Voting Guidelines are also available publicly on our website at www.Mellon.com.

With respect to The Catholic SRI Growth Portfolio, proxies are voted in a manner designed to align with the values espoused in a) the ISS United States Catholic Faith-Based Proxy Voting Guidelines and in b) the ISS International Catholic Faith-Based Proxy Voting Guidelines.

With respect to The ESG Growth Portfolio, proxies are voted in a manner designed to align with the values espoused in a) the ISS United States Sustainability Proxy Voting Guidelines and in b) the ISS International Sustainability Proxy Voting Guidelines.

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

**<u>Policy</u>**

Parametric Portfolio Associates LLC ("Parametric") has adopted and implemented these policies and procedures which it believes are reasonably designed to ensure that proxies are voted in the best interests of clients, in accordance with its fiduciary obligations and applicable regulatory requirements. When it has been delegated the responsibility to vote proxies on behalf of a client, Parametric will generally vote them in accordance with its Proxy Voting Guidelines (the "Guidelines"). The Guidelines are set and annually reviewed by the firm's Proxy Voting Committee (the "Committee"). Parametric will consider potential conflicts of interest when voting proxies and disclose material conflicts to clients. Parametric will promptly provide these policies and procedures, as well as proxy voting records, to its clients upon request. As required, Parametric will retain appropriate proxy voting books and records. In the event that Parametric engages a third-party proxy adviser to administer and vote proxies, it will evaluate its conflicts of interest procedures and confirm its abilities to vote proxies in the client's best interest.

**<u>Regulatory Requirements</u>**

Rule 206(4)-6 under the Investment Advisers Act requires that an investment adviser that exercises voting authority over client proxies to adopt and implement policies and procedures that are reasonably designed to ensure that the adviser votes proxies in the best interest of the client. The rule specifically requires that the policies and procedures describe how the adviser addresses material conflicts of interest with respect to proxy voting. The rule also requires an adviser to disclose to its clients' information about those policies and procedures, and how the client may obtain information on how the adviser has voted the client's proxies. In addition, Rule 204-2 under the Act requires an adviser to retain certain records related to proxy voting.

**<u>Responsibility</u>**

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.

The Director of Responsible Investing (the "Director"), or their delegate, is responsible for reviewing and recommending changes to the Guidelines and Proxy Voting Policies and Procedures ("Policies and Procedures"), 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.

**<u>Procedures</u>**

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**

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• 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**

&nbsp;&nbsp;&nbsp;&nbsp;• 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 share blocking practices
 may impose trading restrictions or voting requires filing a Power of Attorney).

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

**Proxy Voting Oversight**

&nbsp;&nbsp;&nbsp;&nbsp;• Parametric
 has established a Committee which shall meet on a quarterly basis to oversee and monitor the firm's proxy voting practices.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

**Proxy Adviser Due Diligence**

&nbsp;&nbsp;&nbsp;&nbsp;• In
 the event that Parametric deems it to be in a client's best interest to engage a third party proxy adviser, Parametric
 will exercise due diligence to ensure that it can provide objective research and recommendations. This evaluation will consider
 the proxy adviser's business and conflict of interest procedures, and confirm that the procedures address the firm's
 conflicts.

&nbsp;&nbsp;&nbsp;&nbsp;• On
 an annual basis, Parametric will monitor the performance of the proxy adviser and assess if changes have impacted their conflict
 of interest procedures. Initial and ongoing due diligence evaluations shall be documented in writing.

**Conflicts of Interest**

&nbsp;&nbsp;&nbsp;&nbsp;• The
 Morgan Stanley Legal and Compliance division ("LCD") will identify and actively monitor potential conflicts of
 interest which may compromise Parametric's ability to vote a proxy ballot in the best interest of clients. LCD will
 maintain a List of Potentially Conflicted Companies and provide it to the Coordinators when it is updated. The list shall
 identify potential conflicts resulting from business relationships with clients, potential clients, service providers, and
 the firm's affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;• If
 a proxy ballot is received from an issuer on the List of Conflicted Companies and a proposal is not addressed by the Guidelines,
 the Coordinators will forward the issue to the Director to confirm that the Guidelines do not address the proposal. If confirmed,
 the Director will escalate the proposal to the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;• If
 the Committee determines a material<sup>1</sup> conflict exists and a proposal is not addressed by the Guidelines, it will
 make a good faith determination as how to vote the proxy (which may include voting abstain on the proposal not covered by
 the Proxy Voting Guidelines). The Committee will provide appropriate instructions to the Coordinators.

&nbsp;&nbsp;&nbsp;&nbsp;• If
 a proxy ballot is received from Morgan Stanley, of which Parametric is an indirect wholly owned subsidiary, Parametric will
 "echo vote" such securities in the same proportion as the vote of all of the other voting shareholders at that
 shareholder meeting.

**Proxy Voting Disclosure Responsibilities**

&nbsp;&nbsp;&nbsp;&nbsp;• As
 a sub-adviser to various mutual funds registered under the Investment Company Act of 1940, Parametric will, upon each fund's
 request, compile and transmit in a timely manner all data required to be filed on Form N-PX to the appropriate fund's
 administrator or third party service provider designated by the fund's administrator.

&nbsp;&nbsp;&nbsp;&nbsp;• Parametric
 will promptly report any material changes to these policies and procedures to its mutual fund clients to ensure that the revised
 policies and procedures may be properly reviewed by the funds' Boards of Trustees and included in the funds' annual
 registration statements.

**Solicitations and Information Requests**

&nbsp;&nbsp;&nbsp;&nbsp;• Parametric's
 proxy voting policies and procedures are summarized and described to clients in Item 17 of the firm's Form ADV Brochure
 (Form ADV Part 2A). Parametric will promptly provide a copy of these proxy voting policies and procedures, which may be updated
 from time to time, to a client upon their request.

&nbsp;&nbsp;&nbsp;&nbsp;• Parametric's
 Form ADV Brochure discloses to clients how they may obtain information from Parametric about how it voted proxies on their
 behalf. Parametric will provide proxy voting information free of charge upon written request.

&nbsp;&nbsp;&nbsp;&nbsp;• Parametric
 generally will not reveal or disclose to any third-party how it may have voted or intends to vote a proxy until its vote has
 been counted at the respective shareholder's meeting. In accordance to regulatory requirements, Parametric will publicly
 discloses its proxy voting guidelines. No employee of Parametric may accept any benefit in the solicitation of proxies.

**Compliance Review**

On an annual basis, the Compliance Department will review the firm's proxy voting policies and procedures, as required per Rule 206(4)-7, to confirm that they are adequate, effective, and designed to ensure that proxies are voted in clients' best interests.

**Recordkeeping**

Parametric will maintain, in an easily accessible place for a period of seven years, all 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 documents that were material to making a decision how to vote proxies, and (5) client requests for proxy voting records and Parametric's written response to any client request.

**<u>RhumbLine Advisers ("RhumbLine")</u>**

Unless otherwise instructed by a client, RhumbLine is generally authorized by its clients to vote proxies for the securities held in client investment accounts. At their election, however, clients may retain this authority. When RhumbLine retains the final authority and responsibility for such voting, it is subject to reasonable written restrictions or voting instructions by its clients. RhumbLine keeps records of proxy voting available for inspection by each client and provides proxy voting records to each client annually. RhumbLine also monitors such voting for any potential conflicts of interest and maintains procedures to deal with these issues appropriately. To assist in its voting process, RhumbLine Advisers has engaged with Institutional Shareholder Services Inc. (ISS), a proxy voting adviser that specializes in the provision of proxy research, vote recommendations and related governance research services. ISS provides an end-to-end proxy voting platform and leading compliance and risk-management solutions for institutional investors worldwide. RhumbLine has delegated to ISS the authority to vote its clients' proxies consistent with predetermined ISS voting policies. Unless otherwise specified by the client, ballots for securities in client portfolios will be voted according to the ISS U.S. Corporate Governance Policy. ISS is a member of the UN PRI, and its voting recommendations incorporate those principles. In addition, ISS offers specific proxy voting policies to its customers that select such policies, including sustainability and socially responsible investing policies. ISS also customizes proxy voting policies to specific requests. ISS also provides RhumbLine with reporting that reflects proxy voting activities for RhumbLine client portfolios and additional reporting to provide information for appropriate monitoring of such delegated

<sup>1</sup> The term material, when used to qualify a requirement for the furnishing of information as to any subject, limits the information required to those matters as to which an average prudent investor ought reasonably to be informed before buying or selling any security of the particular company.

responsibilities. ISS monitors the incoming ballots of RhumbLine's accounts and performs ballot-to- account reconciliations to help ensure that ISS is receiving all ballots for accounts with voting rights. RhumbLine may have a conflict of interest related to voting certain securities of publicly held companies to which it provides investment advisory services. By maintaining the above-described proxy voting process through ISS, the votes are made based on overall predetermined voting parameters rather than their application to any particular company thereby eliminating the effect of any potential conflict of interest. ISS also maintains a Code of Ethics and written policies and procedures to identify potential conflicts of interest and prevent any potential conflicts from becoming actual conflicts. In the event that ISS does not provide a recommendation due to a conflict in voting, the CCO, or her designee, may consult RhumbLine's Chief Investment Officer, or if necessary, ask for a recommendation. Documentation of any voting decisions will be maintained by the CCO.

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

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.

**INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM AND FINANCIAL STATEMENTS**

[ ] serves as the Trust's independent registered public accounting firm. The Trust's financial statements as of June 30, 2025 (as included in the Trust's Form N-CSR, as amended and filed on [ ], 2025) have been audited by [ ] whose address is [ ]. Such financial statements and accompanying reports are set forth in the Trust's Annual Report to Shareholders and in the applicable Form N-CSR filing, which accompany this Statement of Additional Information and are incorporated herein by reference.

**RATINGS APPENDIX**

RATINGS FOR CORPORATE DEBT SECURITIES

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| | |
|:---|:---|
| Moody's Investors Service, Inc. | Standard & Poor's Ratings Services |
| Aaa | AAA |
| Judged to be of the best quality; smallest degree of investment risk. | This is the highest rating assigned by S&P to a debt obligation and indicates an extremely strong capacity to pay principal and interest. |
| Aa | AA |
| Judged to be of high quality by all standards; together with Aaa group, comprise what are generally known as "high grade bonds." | Also qualify as high-quality debt obligations. Capacity to pay principal and interest is very strong. |
| A | 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. | Strong capacity to pay principal and interest, although securities in this category are somewhat upper medium grade more susceptible to the adverse effects of changes in circumstances and economic conditions. |
| Baa | BBB |
| Medium grade obligations, i.e. they are neither highly protected nor poorly secured. Interest payments and principal security appear adequate for present but certain protective elements may be lacking or unreliable over time. Lacking in outstanding investment characteristics and have speculative characteristics as well. | Bonds rated BBB are regarded as having an adequate capacity to pay principal and interest. Although 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. |

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| | |
|:---|:---|
| Ba | BB |
| Judged to have speculative elements: their future cannot be considered as well assured. Often the protection of interest and principal payments may every moderate and thereby not well safeguarded during both good and bad times over the future. Uncertainty of position characterize bonds in this class. | Bonds rated BB are regarded, on balance, as predominantly speculative with respect to the issuer's capacity to pay interest and repay principal in accordance with the terms of the obligation. While such bonds will likely have some quality and protective characteristics, these are outweighed by large uncertainties or major risk exposures to adverse conditions. |
| B | 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. | Bonds rated B have a greater vulnerability to default but currently have the capacity to meet interest payments and principal repayments. Adverse business, financial, or economic conditions will likely impair capacity or willingness to pay interest and repay principal. |
|  | The B rating category is also used for debt subordinated to senior debt that is assigned an actual or implied BB or BB- rating. |
| Caa | CCC |
| Of poor standing, such issues may be in default or there may be present elements of danger with respect to principal or interest. | Bonds rated CCC have a current vulnerability to default, and are dependent upon favorable business, financial, and economic conditions to meet timely payment of interest and repayment of principal. In the event of adverse business, financial, or |

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| | |
|:---|:---|
|  | economic conditions, they are not likely to have the capacity to pay interest and repay principal.<br>The CCC rating category is also used for debt subordinated to senior debt that is assigned an actual or implied B or B- rating. |
| Ca | CC |
| Represent obligations which are speculative in a high degree. Such issues are often in default or have other marked shortcomings. | Bonds rated CC have a current high vulnerability to default, and are dependent upon favorable business, financial, and economic conditions to meet timely payment of interest and repayment of principal.<br>The rating CC is also applied to debt subordinated to senior debt which is assigned an actual or implied CCC debt rating.<br>|
| C | C |
| The lowest rated class; can be regarded as having extremely poor prospects of ever attaining any real investment standing. | The rating C is typically applied to debt subordinated to senior debt which is assigned an actual or implied CCC- debt rating. The C rating may be used to cover a situation where a bankruptcy petition has been filed, but debt service payments are continued. |
|  | CI |
|  | Reserved for income bonds on which no interest is being paid. |

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D<br>In payment default. The D rating category is used when interest payments or principal payments are not made on the date due even if the applicable grace period has not expired, unless S&P's believes that such payments will be made during such grace period. The D rating also will be used upon the filing of a bankruptcy petition if debt service payments are jeopardized.<br>

RATINGS FOR MUNICIPAL SECURITIES

The following summarizes the two highest ratings used by Standard & Poor's Ratings Services for short term municipal notes:

SP-1 — Loans bearing this designation evidence a very strong or strong capacity to pay principal and interest. Those issues determined to possess overwhelming safety characteristics will be given a (+) designation.

SP-2 — Loans bearing this designation evidence a satisfactory capacity to pay principal and interest.

The following summarizes the two highest ratings used by Moody's Investors Service, Inc. for short term notes:

MIG-1 — Obligations bearing these designations are of the best quality, enjoying strong protection from established cash flows of funds for their servicing or from established and broad-based access to the market for refinancing, or both.

MIG-1 — Obligations bearing these designations are of the high quality, with margins of protection ample although not so large as in the preceding group.

RATINGS FOR COMMERCIAL PAPER

The following summarizes the two highest ratings used by Standard & Poor's Ratings Services for commercial paper:

Commercial Paper rated A-1 by Standard & Poor's Corporation indicated that the degree of safety regarding timely payment is either overwhelming or very strong. Those issues determined to possess overwhelming safety characteristics are denoted A-1+. Capacity for timely payment on commercial paper rated A-2 is strong, but the relative degree of safety is not as high as for issues designated A-1.

The following summarizes the two highest ratings used by Moody's Investors Service, Inc. for commercial paper:

The rating Prime-1 is the highest commercial paper rating assigned by Moody's. Issuers rated Prime-1 (or related supporting institutions) are considered to have a superior capacity for repayment of short-term promissory obligations. Issuers rated Prime-2 (or related supporting institutions) are considered to have a strong capacity for repayment of short-term promissory obligations. This will normally be evidenced by many of the characteristics of issuers rated Prime-1 but to a lesser degree. Earnings trends and coverage ratios, while sound, will be more subject to variation. Capitalization characteristics, while still appropriate, may be more affected by external conditions. Ample alternative liquidity is maintained.

The following summarizes the ratings used by Fitch for commercial paper:

When assigning ratings, Fitch considers the historical and prospective financial condition, quality of management, and operating performance of the issuer and of any guarantor, any special features of a specific issue or guarantee, the issue's relationship to other obligations of the issuer, as well as developments in the economic and political environment that might affect the issuer's financial strength and credit quality. In the case of a structured financing, the quality of its underlying assets and the integrity of its legal structure are considered. In the case of banks, for which sector there is a history of rescue by sovereign "lenders of last resort" or by major shareholders, the potential strength of any such support is also taken into account in the ratings.

**FITCH, INC. ("Fitch Ratings")**

**Corporate Finance Obligations — Long-Term Rating Scales**

Ratings of individual securities or financial obligations of a corporate issuer address relative vulnerability to default on an ordinal scale. In addition, for financial obligations in corporate finance, a measure of recovery given default on that liability is also included in the rating assessment. This notably applies to covered bonds ratings, which incorporate both an indication of the probability of default and of the recovery given a default of this debt instrument.

The relationship between issuer scale and obligation scale assumes an historical average recovery of between 30%–50% on the senior, unsecured obligations of an issuer. As a result, individual obligations of entities, such as corporations, are assigned ratings higher, lower, or the same as that entity's issuer rating or Issuer Default Rating ("IDR").

AAA — Highest credit quality. 'AAA' denotes the lowest expectation of credit risk. They are assigned only in cases of exceptionally strong capacity for timely payment of financial commitments. This capacity is highly unlikely to be adversely affected by foreseeable events.

AA — Very high credit quality. 'AA' ratings denote expectations of very low credit risk. They indicate very strong capacity for payment of financial commitments. This capacity is not significantly vulnerable to foreseeable events.

A — High credit quality. 'A' ratings denote expectations of low credit risk. The capacity for payment of financial commitments is considered strong. This capacity may, nevertheless, be more vulnerable to adverse business or economic conditions than is the case for higher ratings.

BBB — Good credit quality. 'BBB' ratings indicate that expectations of credit risk are currently low. The capacity for payment of financial commitments is considered adequate but adverse business or economic conditions are more likely to impair this capacity.

BB — Speculative. 'BB' ratings indicate an elevated vulnerability to credit risk, particularly in the event of adverse changes in business or economic conditions over time; however, business or financial alternatives may be available to allow financial commitments to be met.

B — Highly speculative. 'B' ratings indicate that material credit risk is present.

CCC — Substantial credit risk. 'CCC' ratings indicate that substantial credit risk is present.

CC — Very high levels of credit risk. 'CC' ratings indicate very high levels of credit risk.

C — Exceptionally high levels of credit risk. 'C' indicates exceptionally high levels of credit risk.

Defaulted obligations typically are not assigned 'D' ratings, but are instead rated in the 'B' to 'C' rating categories, depending upon their recovery prospects and other relevant characteristics. This approach better aligns obligations that have comparable overall expected loss but varying vulnerability to default and loss.

Notes: The modifiers "+" or "-" may be appended to a rating to denote relative status within major rating categories. Such suffixes are not added to the 'AAA' obligation rating category, or to corporate finance obligation ratings in the categories below 'B'.

The subscript 'emr' is appended to a rating to denote embedded market risk which is beyond the scope of the rating. The designation is intended to make clear that the rating solely addresses the counterparty risk of the issuing bank. It is not meant to indicate any limitation in the analysis of the counterparty risk, which in all other respects follows published Fitch criteria for analyzing the issuing financial institution. Fitch does not rate these instruments where the principal is to any degree subject to market risk.

**Short-Term Ratings Assigned to Obligations in Corporate, Public and Structured Finance**

A short-term issuer or obligation rating is based in all cases on the short-term vulnerability to default of the rated entity or security stream and relates to the capacity to meet financial obligations in accordance with the documentation governing the relevant obligation. Short-Term Ratings are assigned to obligations whose initial maturity is viewed as "short term" based on market convention. Typically, this means up to 13 months for corporate, sovereign, and structured obligations, and up to 36 months for obligations in U.S. public finance markets.

F-1 Highest short-term credit quality. Indicates the strongest intrinsic capacity for timely payment of financial commitments; may have an added "+" to denote any exceptionally strong credit feature.

F-2 Good short-term credit quality. Good intrinsic capacity for timely payment of financial commitments.

F-3 Fair short-term credit quality. The intrinsic capacity for timely payment of financial commitments is adequate.

B -Speculative short-term credit quality. Minimal capacity for timely payment of financial commitments, plus heightened vulnerability to near term adverse changes in financial and economic conditions.

C- High short-term default risk. Default is a real possibility.

R-D Restricted default. Indicates an entity that has defaulted on one or more of its financial commitments, although it continues to meet other financial obligations. Applicable to entity ratings only.

D- Default. Indicates a broad-based default event for an entity, or the default of a short-term obligation.

**KROLL BOND RATING AGENCY**

**Long-Term Credit Ratings**

Kroll Bond Rating Agency (KBRA) assigns credit ratings to issuers and their obligations using the same rating scale. In either case, KBRA's ratings are intended to reflect both the probability of default and severity of loss in the event of default, with greater emphasis on probability of default at higher rating categories. For obligations, the determination of expected loss severity is, among other things, a function of the seniority of the claim. Generally speaking, issuer-level ratings assume a loss severity consistent with a senior unsecured claim. KBRA appends an (sf) indicator to ratings assigned to structured obligations. These definitions should be used in conjunction with KBRA's rating methodologies.

AAA – Determined to have almost no risk of loss due to credit-related events. Assigned only to the very highest quality obligors and obligations able to survive extremely challenging economic events.

AA - Determined to have minimal risk of loss due to credit-related events. Such obligors and obligations are deemed very high quality.

A - Determined to be of high quality with a small risk of loss due to credit-related events. Issuers and obligations in this category are expected to weather difficult times with low credit losses.

BBB - Determined to be of medium quality with some risk of loss due to credit-related events. Such issuers and obligations may experience credit losses during stressed environments.

BB - Determined to be of low quality with moderate risk of loss to credit-related events. Such issuers and obligations have fundamental weaknesses that create moderate credit risk.

B - Determined to be of very low quality with high risk of loss due to credit-related events. These issuers and obligations contain many fundamental shortcomings that create significant credit risk.

CCC - Determined to be at substantial risk of loss due to credit-related events, near default, or in default with high recovery expectations.

CC - Determined to be near default or in default with average recovery expectations.

C - Determined to be near default or in default with low recovery expectations.

D - KBRA defines default as occurring if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. There
 is a missed interest payment, principal payment, or preferred dividend payment, as applicable,
 on a rated obligation which is unlikely to be recovered.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The
 rated entity files for protection from creditors, is placed into receivership, or is
 closed by regulators such that a missed payment is likely to result.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The
 rated entity seeks and completes a distressed exchange, where existing rated obligations
 are replaced by new obligations with a diminished economic value.

**DBRS/MORNINGSTAR**

**Long-Term Obligations Scale**

All rating categories other than AAA and D also contain subcategories (high) and (low). The absence of either a (high) or (low) designation indicates the rating is in the middle of the category.

AAA – Highest credit quality. The capacity for the payment of financial obligations is exceptionally high and unlikely to be affected by future events.

AA - Superior credit quality. The capacity for the payment of financial obligations is considered high. Credit quality differs from AAA only to a small degree. Unlikely to be significantly vulnerable to future events.

A - Good credit quality. The capacity for the payment of financial obligations is substantial, but of lesser credit quality than AA. May be vulnerable to future vents, but qualifying negative factors are considered manageable.

BBB - Adequate credit quality. The capacity for the payment of financial obligations is considered acceptable. May be vulnerable to future events.

BB - Speculative, non-investment grade credit quality. The capacity for payment of financial obligations is uncertain. Vulnerable to future events.

B - Highly speculative credit quality. There is a high level of uncertainty as to the capacity to meet financial obligations.

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

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

**EGAN JONES RATINGS COMPANY**

**Long Term Credit Ratings** 

AAA - Egan-Jones expects AAA ratings to have the highest level of creditworthiness with the lowest sensitivity to evolving credit conditions.

AA - Egan-Jones expects AA ratings to have a higher level of creditworthiness with very low sensitivity to evolving credit conditions.

A - Egan-Jones expects A ratings to have the high level of creditworthiness with low sensitivity to evolving credit conditions.

BBB - Egan-Jones expects 'BBB' ratings to have the moderate level of creditworthiness with moderate sensitivity to evolving credit conditions.

BB, B, CCC, CC, and C

Obligations rated 'BB', 'B', 'CCC', 'CC', and 'C' are regarded as having significant speculative characteristics. 'BB' indicates the least degree of speculation and 'C' the highest. While such obligations will likely have some quality and protective characteristics, these may be outweighed by large uncertainties or major exposures to adverse conditions.

BB - Egan-Jones expects BB ratings to have a low level of creditworthiness with high sensitivity to evolving credit conditions.

B - Egan-Jones expects B ratings to have a lower level of creditworthiness with higher sensitivity to evolving credit conditions.

CCC - Egan-Jones expects CCC ratings to have a lowest level of creditworthiness with highest sensitivity to evolving credit conditions.

CC - Egan-Jones expects CC ratings to have the lowest level of creditworthiness and some expectation of recovery.

C - Egan-Jones expects C ratings to have the lowest level of creditworthiness and little expectation of recovery.

D - Egan-Jones expects D ratings to have the no determinable level of creditworthiness with uncertain recovery expectations.

Plus (+) or minus (-)

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

NR

This indicates that no rating has been requested, that there is insufficient information on which to base a rating, or that Egan-Jones's does not rate a particular obligation as a matter of policy.

EJR derives its "watch" assignments from the difference between the current and projected ratings. No difference between the two results in a "stable" watch, a higher projected rating results in a "positive" or "POS" watch and a lower projected rating results in a "negative" or "NEG" watch. The absence of a projected rating results in a "developing" or "DEV" watch. The addition of a POS or NEG is at the discretion of the analyst or Rating Committee and usually results from the direction the rate is expected to move over time.

For structured finance ratings, EJR will assign the "(sf)" modifier to any related ratings. Where applicable, a "AAA" rating in structured finance would be denoted by a "AAA(sf)"; the "(sf)" symbol only indicates that the security is a structured finance instrument. The following asset types are generally considered SF transactions and would therefore be assigned the "sf" modifier: asset-backed securities (ABS), residential mortgage-backed securities (RMBS), commercial mortgage-backed securities (CMBS), collateralized debt obligations (CDOs), insurance securitizations, and asset-backed commercial paper (ABCP) programs. The list presented here is not intended to be all inclusive or an exhaustive list of SF securities that would carry the "(sf)" symbol.

Part C: OTHER INFORMATION

Item 28. Exhibits

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|:---|:---|:---|
| [(a)](https://www.sec.gov/Archives/edgar/data/934563/0000934563-98-000001.txt) | [(1)(a)](https://www.sec.gov/Archives/edgar/data/934563/0000934563-98-000001.txt) | [Certificate of Trust filed on December 15, 1994 with the Secretary of State of Delaware (Incorporated by reference to Exhibit (a)(1) of Post-Effective Amendment No. 7 filed with the Securities and Exchange Commission on January 2, 1998).](https://www.sec.gov/Archives/edgar/data/934563/0000934563-98-000001.txt) |

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| [(1)(b)](https://www.sec.gov/Archives/edgar/data/934563/000119312520232718/d935864dex99a1b.htm) | [Certificate of Amendment to Certificate of Trust filed on April 25, 2006 with the Secretary of State of Delaware. (Incorporated by reference to Exhibit (a)(1)(b) of Post-Effective Amendment No. 91 filed with the Securities and Exchange Commission on August 27, 2020.)](https://www.sec.gov/Archives/edgar/data/934563/000119312520232718/d935864dex99a1b.htm) |

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| [(1)(c)](https://www.sec.gov/Archives/edgar/data/934563/000119312520232718/d935864dex99a1c.htm) | [Certificate of Amendment to Certificate of Trust filed on March 2, 2010 with the Secretary of State of Delaware. (Incorporated by reference to Exhibit (a)(1)(c) of Post-Effective Amendment No. 91 filed with the Securities and Exchange Commission on August 27, 2020.)](https://www.sec.gov/Archives/edgar/data/934563/000119312520232718/d935864dex99a1c.htm) |

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[(2)](https://www.sec.gov/Archives/edgar/data/934563/000095012310023975/b38316bexv99waw3.htm) [Amended and Restated Declaration and Agreement of Trust (as amended March 8, 2010) (Incorporated by reference to Exhibit (a)(3) of Post-Effective Amendment No. 50 filed with the Securities and Exchange Commission on March 12, 2010).](https://www.sec.gov/Archives/edgar/data/934563/000095012310023975/b38316bexv99waw3.htm)

[(b)](https://www.sec.gov/Archives/edgar/data/934563/000119312520232718/d935864dex99b.htm) [Amended Bylaws of the Trust (as amended November 9, 1995, July 15, 1999, April 14, 2000, December 10, 2008, March 8, 2010, February 1, 2017, March 26, 2019 and March 10, 2020). (Incorporated by reference to Exhibit (b) of Post-Effective Amendment No. 91 filed with the Securities and Exchange Commission on August 27, 2020.)](https://www.sec.gov/Archives/edgar/data/934563/000119312520232718/d935864dex99b.htm)

(c) [instruments defining right of security holders] (All relevant provisions included in Exhibit (a), as referenced above.)

(d) Investment Advisory Agreements

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| [(1)(a)](https://www.sec.gov/Archives/edgar/data/934563/000119312521259093/d218294dex99d1a.htm) | [Amended and Restated Investment Advisory Agreement dated March 9, 2021 between the Trust and HC Capital Solutions (a division of, Hirtle, Callaghan & Co, LLC) related to The Growth Equity Portfolio (n/k/a The U.S. Equity Portfolio), The International Equity Portfolio, The Core Fixed Income Portfolio, The Corporate Opportunities Portfolio, The Short-Term Municipal Bond Portfolio and The Intermediate-Term Municipal Bond Portfolio. (Incorporated by reference to Exhibit (d)(1)(a) of Post-Effective Amendment No. 93 filed with the Securities and Exchange Commission on August 27, 2021.)](https://www.sec.gov/Archives/edgar/data/934563/000119312521259093/d218294dex99d1a.htm) |

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| [(1)(b)](https://www.sec.gov/Archives/edgar/data/934563/000110465923112616/tm2325090d1_ex99-xdx1xb.htm) | [Amendment No. 1 to the Amended and Restated Investment Advisory Agreement dated September 18, 2023 between the Trust and HC Capital Solutions (a division of, Hirtle, Callaghan & Co, LLC) related to The Growth Equity Portfolio (n/k/a The U.S. Equity Portfolio), The International Equity Portfolio, The Core Fixed Income Portfolio, The Corporate Opportunities Portfolio, The Short-Term Municipal Bond Portfolio and The Intermediate-Term Municipal Bond Portfolio. (Incorporated by reference to Exhibit (d)(1)(b) of Post-Effective Amendment No. 99 filed with the Securities and Exchange Commission on October 30, 2023.)](https://www.sec.gov/Archives/edgar/data/934563/000110465923112616/tm2325090d1_ex99-xdx1xb.htm) |

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| [(1)(c)](tm2523042d1_ex99-xdx1xc.htm) | [Amendment No. 2 to the Amended and Restated Investment Advisory Agreement dated March 11, 2025 between the Trust and HC Capital Solutions (a division of, Hirtle, Callaghan & Co, LLC) related to The U.S. Equity Portfolio, The International Equity Portfolio, The Core Fixed Income Portfolio, The Corporate Opportunities Portfolio, The Short-Term Municipal Bond Portfolio and The Intermediate-Term Municipal Bond Portfolio is filed herewith.](tm2523042d1_ex99-xdx1xc.htm) |

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| [(1)(d)](https://www.sec.gov/Archives/edgar/data/934563/000119312521259093/d218294dex99d1b.htm) | [Amended and Restated Investment Advisory Agreement dated March 9, 2021 between the Trust and HC Capital Solutions (a division of, Hirtle, Callaghan & Co, LLC) related to The Institutional U.S. Equity Portfolio, The ESG Growth Portfolio, The Catholic SRI Growth Portfolio, The Institutional International Equity Portfolio, The Emerging Markets Portfolio, The U.S. Government Fixed Income Securities Portfolio, The U.S. Corporate Fixed Income Securities Portfolio and The U.S. Mortgage/Asset Backed Fixed Income Securities Portfolio. (Incorporated by reference to Exhibit (d)(1)(b) of Post-Effective Amendment No. 93 filed with the Securities and Exchange Commission on August 27, 2021.)](https://www.sec.gov/Archives/edgar/data/934563/000119312521259093/d218294dex99d1b.htm) |

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|:---|:---|
| [(1)(e)](https://www.sec.gov/Archives/edgar/data/934563/000110465922095543/tm2222632d1_ex99-d1c.htm) | [Appendix A, dated March 8, 2022, to the Amended and Restated Investment Advisory Agreement dated March 9, 2021 between the Trust and HC Capital Solutions (a division of, Hirtle, Callaghan & Co, LLC) related to The Institutional U.S. Equity Portfolio, The ESG Growth Portfolio, The Catholic SRI Growth Portfolio, The Institutional International Equity Portfolio, The Emerging Markets Portfolio, The U.S. Government Fixed Income Securities Portfolio, The U.S. Corporate Fixed Income Securities Portfolio and The U.S. Mortgage/Asset Backed Fixed Income Securities Portfolio. (Incorporated by reference to Exhibit (d)(1)(c) of Post-Effective Amendment No. 96 filed with the Securities and Exchange Commission on August 29, 2022.)](https://www.sec.gov/Archives/edgar/data/934563/000110465922095543/tm2222632d1_ex99-d1c.htm) |

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|:---|:---|
| [(1)(f)](https://www.sec.gov/Archives/edgar/data/934563/000110465923112616/tm2325090d1_ex99-xdx1xe.htm) | [Amendment No. 1 to the Amended and Restated Investment Advisory Agreement dated September 18, 2023 between the Trust and HC Capital Solutions (a division of, Hirtle, Callaghan & Co, LLC) related to The Institutional U.S. Equity Portfolio, The ESG Growth Portfolio, The Catholic SRI Growth Portfolio, The Institutional International Equity Portfolio, The Emerging Markets Portfolio, The U.S. Government Fixed Income Securities Portfolio, The U.S. Corporate Fixed Income Securities Portfolio and The U.S. Mortgage/Asset Backed Fixed Income Securities Portfolio. (Incorporated by reference to Exhibit (d)(1)(e) of Post-Effective Amendment No. 99 filed with the Securities and Exchange Commission on October 30, 2023.)](https://www.sec.gov/Archives/edgar/data/934563/000110465923112616/tm2325090d1_ex99-xdx1xe.htm) |

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[(2)](https://www.sec.gov/Archives/edgar/data/934563/000114420406036813/v051834_ex-d18b.txt) [Portfolio Management Agreement, dated February 28, 2006, between the Trust and Breckinridge Capital Advisors, Inc. related to The Short-Term Municipal Bond Portfolio. (Incorporated by reference to Exhibit (d)(18)(b) of Post-Effective Amendment No. 29 filed with the Securities and Exchange Commission on September 1, 2006.)](https://www.sec.gov/Archives/edgar/data/934563/000114420406036813/v051834_ex-d18b.txt)

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|:---|:---|
| [(3)(a)](https://www.sec.gov/Archives/edgar/data/934563/000095012309039676/l37394aexv99wxdyx39y.htm) | [Portfolio Management Agreement, dated February 11, 2009, between the Trust and Standish Mellon Asset Management Company LLC (n/k/a Insight North America LLC) with respect to The Intermediate Term Municipal Bond Portfolio. (Incorporated by reference to Exhibit (d)(39) of Post-Effective Amendment No. 43 filed with the Securities and Exchange Commission on August 31, 2009.)](https://www.sec.gov/Archives/edgar/data/934563/000095012309039676/l37394aexv99wxdyx39y.htm) |

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| | |
|:---|:---|
| [(3)(b)](https://www.sec.gov/Archives/edgar/data/934563/000119312512373213/d399840dex99d31a.htm) | [Amendment, dated July 1, 2012, to the Portfolio Management Agreement dated February 11, 2009, between the Trust and Standish Mellon Asset Management Company LLC (n/k/a Insight North America LLC) with respect to The Intermediate Term Municipal Bond Portfolio. (Incorporated by reference to Exhibit (d)(31)(a) of Post-Effective Amendment No. 60 filed with the Securities and Exchange Commission on August 29, 2012.)](https://www.sec.gov/Archives/edgar/data/934563/000119312512373213/d399840dex99d31a.htm) |

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| | |
|:---|:---|
| [(3)(c)](https://www.sec.gov/Archives/edgar/data/934563/000119312521311518/d203509dex99d7c.htm) | [Amendment No. 2, dated September 1, 2021, to the Portfolio Management Agreement dated December 5, 2008, between the Trust and Insight North America LLC with respect to The Intermediate Term Municipal Bond Portfolio. (Incorporated by reference to Exhibit (d)(7)(c) of Post-Effective Amendment No. 94 filed with the Securities and Exchange Commission on October 28, 2021.)](https://www.sec.gov/Archives/edgar/data/934563/000119312521311518/d203509dex99d7c.htm) |

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| | |
|:---|:---|
| [(4)(a)](https://www.sec.gov/Archives/edgar/data/934563/000095012311080468/l43108a1exv99w28xdyx50y.htm) | [Portfolio Management Agreement, dated November 11, 2010, between the Trust and Mellon Capital Management Corporation (n/k/a Mellon Investments Corporation) related to The U.S. Government Fixed Income Securities Portfolio. (Incorporated by reference to Exhibit (d)(50) to Post- Effective Amendment No. 57 filed with the Securities and Exchange Commission on August 26, 2011.)](https://www.sec.gov/Archives/edgar/data/934563/000095012311080468/l43108a1exv99w28xdyx50y.htm) |

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| | |
|:---|:---|
| [(4)(b)](https://www.sec.gov/Archives/edgar/data/934563/000119312513353158/d589782dex99d45b.htm) | [Amendment No. 1, dated December 1, 2012, to the Portfolio Management Agreement dated November 11, 2010, between the Trust and Mellon Capital Management Corporation (n/k/a Mellon Investments Corporation) related to The U.S. Government Fixed Income Securities Portfolio. (Incorporated by reference to Exhibit (d)(45)(b) of Post-Effective Amendment No. 63 filed with the Securities and Exchange Commission on August 30, 2013.)](https://www.sec.gov/Archives/edgar/data/934563/000119312513353158/d589782dex99d45b.htm) |

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| | |
|:---|:---|
| [(5)(a)](https://www.sec.gov/Archives/edgar/data/934563/000095012311080468/l43108a1exv99w28xdyx55y.htm) | [Portfolio Management Agreement, dated November 30, 2010, between the Trust and Mellon Capital Management Corporation (n/k/a Mellon Investments Corporation) related to The Core Fixed Income Portfolio. (Incorporated by reference to Exhibit (d)(55) to Post- Effective Amendment No. 57 filed with the Securities and Exchange Commission on August 26, 2011.)](https://www.sec.gov/Archives/edgar/data/934563/000095012311080468/l43108a1exv99w28xdyx55y.htm) |

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| | |
|:---|:---|
| [(5)(b)](https://www.sec.gov/Archives/edgar/data/934563/000119312513353158/d589782dex99d49b.htm) | [Amendment No. 1, dated December 1, 2012, to the Portfolio Management Agreement dated November 30, 2010, between the Trust and Mellon Capital Management Corporation (n/k/a Mellon Investments Corporation) related to The Core Fixed Income Portfolio. (Incorporated by reference to Exhibit (d)(49)(b) of Post-Effective Amendment No. 63 filed with the Securities and Exchange Commission on August 30, 2013.)](https://www.sec.gov/Archives/edgar/data/934563/000119312513353158/d589782dex99d49b.htm) |

---

[(6)](https://www.sec.gov/Archives/edgar/data/934563/000119312513353158/d589782dex99d56.htm) [Portfolio Management Agreement, dated January 8, 2013, between the Trust and Mellon Capital Management Corporation (n/k/a Mellon Investments Corporation) related to The U.S. Mortgage/Asset Backed Fixed Income Securities Portfolio. (Incorporated by reference to Exhibit (d)(56) of Post-Effective Amendment No. 63 filed with the Securities and Exchange Commission on August 30, 2013.)](https://www.sec.gov/Archives/edgar/data/934563/000119312513353158/d589782dex99d56.htm)

[(7)](https://www.sec.gov/Archives/edgar/data/934563/000119312513353158/d589782dex99d60.htm) [Portfolio Management Agreement, dated August 2, 2013, between the Trust and Mellon Capital Management Corporation (n/k/a Mellon Investments Corporation) related to The Emerging Markets Portfolio. (Incorporated by reference to Exhibit (d)(60) of Post-Effective Amendment No. 63 filed with the Securities and Exchange Commission on August 30, 2013.)](https://www.sec.gov/Archives/edgar/data/934563/000119312513353158/d589782dex99d60.htm)

---

| | |
|:---|:---|
| [(8)(a)](https://www.sec.gov/Archives/edgar/data/934563/000119312513353158/d589782dex99d61.htm) | [Portfolio Management Agreement, dated August 2, 2013, between the Trust and Mellon Capital Management Corporation (n/k/a Mellon Investments Corporation) related to The Growth Equity Portfolio (n/k/a The U.S. Equity Portfolio). (Incorporated by reference to Exhibit (d)(61) of Post-Effective Amendment No. 63 filed with the Securities and Exchange Commission on August 30, 2013.)](https://www.sec.gov/Archives/edgar/data/934563/000119312513353158/d589782dex99d61.htm) |

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| | |
|:---|:---|
| [(8)(b)](https://www.sec.gov/Archives/edgar/data/934563/000119312519230002/d772767dex99d30b.htm) | [Amendment No. 1, dated December 12, 2018, to the Portfolio Management Agreement dated August 2, 2013 between the Trust and BNY Mellon Asset Management North America Corporation (f/k/a Mellon Capital Management Corporation) and n/k/a Mellon Investments Corporation, related to The Growth Equity Portfolio (n/k/a The U.S. Equity Portfolio). (Incorporated by reference to Exhibit (d)(30)(b) of Post-Effective Amendment No. 88 filed with the Securities and Exchange Commission on August 27, 2019.)](https://www.sec.gov/Archives/edgar/data/934563/000119312519230002/d772767dex99d30b.htm) |

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| | |
|:---|:---|
| [(9)(a)](https://www.sec.gov/Archives/edgar/data/934563/000119312513353158/d589782dex99d62.htm) | [Portfolio Management Agreement, dated August 2, 2013, between the Trust and Mellon Capital Management Corporation (n/k/a Mellon Investments Corporation related to The Institutional Growth Equity Portfolio (n/k/a The Institutional U.S. Equity Portfolio). (Incorporated by reference to Exhibit (d)(62) of Post-Effective Amendment No. 63 filed with the Securities and Exchange Commission on August 30, 2013.)](https://www.sec.gov/Archives/edgar/data/934563/000119312513353158/d589782dex99d62.htm) |

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| | |
|:---|:---|
| [(9)(b)](https://www.sec.gov/Archives/edgar/data/934563/000119312519230002/d772767dex99d31b.htm) | [Amendment No. 1, dated December 12, 2018, to the Portfolio Management Agreement dated August 2, 2013 between the Trust and BNY Mellon Asset Management North America Corporation (f/k/a Mellon Capital Management Corporation and n/k/a Mellon Investments Corporation), related to The Institutional Growth Equity Portfolio (n/k/a The Institutional U.S. Equity Portfolio). (Incorporated by reference to Exhibit (d)(31)(b) of Post-Effective Amendment No. 88 filed with the Securities and Exchange Commission on August 27, 2019.)](https://www.sec.gov/Archives/edgar/data/934563/000119312519230002/d772767dex99d31b.htm) |

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| | |
|:---|:---|
| [(10)(a)](https://www.sec.gov/Archives/edgar/data/934563/000119312513353158/d589782dex99d63.htm) | [Portfolio Management Agreement, dated August 2, 2013, between the Trust and Mellon Capital Management Corporation (n/k/a Mellon Investments Corporation related to The International Equity Portfolio. (Incorporated by reference to Exhibit (d)(63) of Post-Effective Amendment No. 63 filed with the Securities and Exchange Commission on August 30, 2013.)](https://www.sec.gov/Archives/edgar/data/934563/000119312513353158/d589782dex99d63.htm) |

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| | |
|:---|:---|
| [(10)(b)](https://www.sec.gov/Archives/edgar/data/934563/000119312520232718/d935864dex99d19b.htm) | [Amendment dated June 16, 2020 to the Portfolio Management Agreement dated August 2, 2013 between the Trust and Mellon Investments Corporation (f/k/a Mellon Capital Management Corporation) related to The International Equity Portfolio. (Incorporated by reference to Exhibit (d)(19)(b) of Post-Effective Amendment No. 91 filed with the Securities and Exchange Commission on August 27, 2020.)](https://www.sec.gov/Archives/edgar/data/934563/000119312520232718/d935864dex99d19b.htm) |

---

[(11)](https://www.sec.gov/Archives/edgar/data/934563/000119312513353158/d589782dex99d64.htm) [Portfolio Management Agreement, dated August 2, 2013, between the Trust and Mellon Capital Management Corporation (n/k/a Mellon Investments Corporation) related to The International Equity Portfolio (EM Index). (Incorporated by reference to Exhibit (d)(64) of Post-Effective Amendment No. 63 filed with the Securities and Exchange Commission on August 30, 2013.)](https://www.sec.gov/Archives/edgar/data/934563/000119312513353158/d589782dex99d64.htm)

---

| | |
|:---|:---|
| [(12)(a)](https://www.sec.gov/Archives/edgar/data/934563/000119312513353158/d589782dex99d65.htm) | [Portfolio Management Agreement, dated August 2, 2013, between the Trust and Mellon Capital Management Corporation (n/k/a Mellon Investments Corporation) related to The Institutional International Equity Portfolio. (Incorporated by reference to Exhibit (d)(65) of Post-Effective Amendment No. 63 filed with the Securities and Exchange Commission on August 30, 2013.)](https://www.sec.gov/Archives/edgar/data/934563/000119312513353158/d589782dex99d65.htm) |

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| | |
|:---|:---|
| [(12)(b)](https://www.sec.gov/Archives/edgar/data/934563/000119312520232718/d935864dex99d21b.htm) | [Amendment dated June 16, 2020 to the Portfolio Management Agreement dated August 2, 2013 between the Trust and Mellon Investments Corporation (f/k/a Mellon Capital Management Corporation) related to The Institutional International Equity Portfolio. (Incorporated by reference to Exhibit (d)(21)(b) of Post-Effective Amendment No. 91 filed with the Securities and Exchange Commission on August 27, 2020.)](https://www.sec.gov/Archives/edgar/data/934563/000119312520232718/d935864dex99d21b.htm) |

---

[(13)](https://www.sec.gov/Archives/edgar/data/934563/000119312513353158/d589782dex99d66.htm) [Portfolio Management Agreement, dated August 2, 2013, between the Trust and Mellon Capital Management Corporation (n/k/a Mellon Investments Corporation) related to The Institutional International Equity Portfolio (EM Index). (Incorporated by reference to Exhibit (d)(66) of Post-Effective Amendment No. 63 filed with the Securities and Exchange Commission on August 30, 2013.)](https://www.sec.gov/Archives/edgar/data/934563/000119312513353158/d589782dex99d66.htm)

[(14)](https://www.sec.gov/Archives/edgar/data/934563/000119312513420739/d616809dex99d58.htm) [Portfolio Management Agreement, dated August 22, 2013, between the Trust and Mellon Capital Management Corporation (n/k/a Mellon Investments Corporation) related to The Fixed Income Opportunity Portfolio (n/k/a The Corporate Opportunities Portfolio). (Incorporated by reference to Exhibit (d)(58) of Post-Effective Amendment No. 64 filed with the Securities and Exchange Commission on October 31, 2013.)](https://www.sec.gov/Archives/edgar/data/934563/000119312513420739/d616809dex99d58.htm)

[(15)](https://www.sec.gov/Archives/edgar/data/934563/000119312513420739/d616809dex99d59.htm) [Portfolio Management Agreement, dated August 22, 2013, between the Trust and Mellon Capital Management Corporation (n/k/a Mellon Investments Corporation) related to The Core Fixed Income Portfolio (US Corporate Fixed Income). (Incorporated by reference to Exhibit (d)(59) of Post-Effective Amendment No. 64 filed with the Securities and Exchange Commission on October 31, 2013.)](https://www.sec.gov/Archives/edgar/data/934563/000119312513420739/d616809dex99d59.htm)

[(16)](https://www.sec.gov/Archives/edgar/data/934563/000119312513420739/d616809dex99d60.htm) [Portfolio Management Agreement, dated August 22, 2013, between the Trust and Mellon Capital Management Corporation (n/k/a Mellon Investments Corporation) related to The U.S. Corporate Fixed Income Securities Portfolio. (Incorporated by reference to Exhibit (d)(60) of Post-Effective Amendment No. 64 filed with the Securities and Exchange Commission on October 31, 2013.)](https://www.sec.gov/Archives/edgar/data/934563/000119312513420739/d616809dex99d60.htm)

[(17)](https://www.sec.gov/Archives/edgar/data/934563/000119312520232718/d935864dex99d30.htm) [Amended and Restated Portfolio Management Agreement, dated March 11, 2020, between the Trust and City of London Investment Management Company Limited related to The International Equity Portfolio. (Incorporated by reference to Exhibit (d)(30) of Post-Effective Amendment No. 91 filed with the Securities and Exchange Commission on August 27, 2020.)](https://www.sec.gov/Archives/edgar/data/934563/000119312520232718/d935864dex99d30.htm)

[(18)](https://www.sec.gov/Archives/edgar/data/934563/000119312520232718/d935864dex99d31.htm) [Amended and Restated Portfolio Management Agreement, dated March 11, 2020, between the Trust and City of London Investment Management Company Limited related to The Institutional International Equity Portfolio. (Incorporated by reference to Exhibit (d)(31) of Post-Effective Amendment No. 91 filed with the Securities and Exchange Commission on August 27, 2020.)](https://www.sec.gov/Archives/edgar/data/934563/000119312520232718/d935864dex99d31.htm)

[(19)](https://www.sec.gov/Archives/edgar/data/934563/000119312520232718/d935864dex99d32.htm) [Amended and Restated Portfolio Management Agreement, dated March 11, 2020, between the Trust and City of London Investment Management Company Limited related to The Emerging Markets Portfolio. (Incorporated by reference to Exhibit (d)(32) of Post-Effective Amendment No. 91 filed with the Securities and Exchange Commission on August 27, 2020.)](https://www.sec.gov/Archives/edgar/data/934563/000119312520232718/d935864dex99d32.htm)

[(20)](https://www.sec.gov/Archives/edgar/data/934563/000119312520232718/d935864dex99d33.htm) [Amended and Restated Portfolio Management Agreement, dated March 11, 2020, between the Trust and City of London Investment Management Company Limited related to The Fixed Income Opportunity Portfolio (n/k/a The Corporate Opportunities Portfolio). (Incorporated by reference to Exhibit (d)(33) of Post-Effective Amendment No. 91 filed with the Securities and Exchange Commission on August 27, 2020.)](https://www.sec.gov/Archives/edgar/data/934563/000119312520232718/d935864dex99d33.htm)

[(21)](https://www.sec.gov/Archives/edgar/data/934563/000119312520279517/d935864dex99d34.htm) [Portfolio Management Agreement, dated October 1, 2020, between the Trust and Agincourt Capital Management, LLC related to The Core Fixed Income Portfolio. (Incorporated by reference to Exhibit (d)(34) of Post-Effective Amendment No. 92 filed with the Securities and Exchange Commission on October 28, 2020.)](https://www.sec.gov/Archives/edgar/data/934563/000119312520279517/d935864dex99d34.htm)

[(22)](https://www.sec.gov/Archives/edgar/data/934563/000119312520279517/d935864dex99d35.htm) [Portfolio Management Agreement, dated October 1, 2020, between the Trust and Agincourt Capital Management, LLC related to The U.S. Corporate Fixed Income Securities Portfolio. (Incorporated by reference to Exhibit (d)(35) of Post-Effective Amendment No. 92 filed with the Securities and Exchange Commission on October 28, 2020.)](https://www.sec.gov/Archives/edgar/data/934563/000119312520279517/d935864dex99d35.htm)

[(23)](https://www.sec.gov/Archives/edgar/data/934563/000119312521259093/d218294dex99d34.htm) [Portfolio Management Agreement, dated March 1, 2021, between the Trust and Parametric Portfolio Associates LLC related to The International Equity Portfolio (Liquidity). (Incorporated by reference to Exhibit (d)(34) of Post-Effective Amendment No. 93 filed with the Securities and Exchange Commission on August 27, 2021.)](https://www.sec.gov/Archives/edgar/data/934563/000119312521259093/d218294dex99d34.htm)

[(24)](https://www.sec.gov/Archives/edgar/data/934563/000119312521259093/d218294dex99d35.htm) [Portfolio Management Agreement, dated March 1, 2021, between the Trust and Parametric Portfolio Associates LLC related to The Institutional International Equity Portfolio (Liquidity). (Incorporated by reference to Exhibit (d)(35) of Post-Effective Amendment No. 93 filed with the Securities and Exchange Commission on August 27, 2021.)](https://www.sec.gov/Archives/edgar/data/934563/000119312521259093/d218294dex99d35.htm)

[(25)](https://www.sec.gov/Archives/edgar/data/934563/000119312521259093/d218294dex99d36.htm) [Portfolio Management Agreement, dated March 1, 2021, between the Trust and Parametric Portfolio Associates LLC related to The Emerging Markets Portfolio (Liquidity). (Incorporated by reference to Exhibit (d)(36) of Post-Effective Amendment No. 93 filed with the Securities and Exchange Commission on August 27, 2021.)](https://www.sec.gov/Archives/edgar/data/934563/000119312521259093/d218294dex99d36.htm)

[(26)](https://www.sec.gov/Archives/edgar/data/934563/000119312521259093/d218294dex99d37.htm) [Portfolio Management Agreement, dated March 1, 2021, between the Trust and Parametric Portfolio Associates LLC related to The Corporate Opportunities Portfolio (Liquidity). (Incorporated by reference to Exhibit (d)(37) of Post-Effective Amendment No. 93 filed with the Securities and Exchange Commission on August 27, 2021.)](https://www.sec.gov/Archives/edgar/data/934563/000119312521259093/d218294dex99d37.htm)

[(27)](https://www.sec.gov/Archives/edgar/data/934563/000119312520279517/d935864dex99d42.htm) [Portfolio Management Agreement, dated October 1, 2020, between the Trust and Agincourt Capital Management, LLC related to The ESG Growth Portfolio. (Incorporated by reference to Exhibit (d)(42) of Post-Effective Amendment No. 92 filed with the Securities and Exchange Commission on October 28, 2020.)](https://www.sec.gov/Archives/edgar/data/934563/000119312520279517/d935864dex99d42.htm)

---

| | |
|:---|:---|
| [(28)(a)](https://www.sec.gov/Archives/edgar/data/934563/000119312518260304/d604641dex99d79a.htm) | [Portfolio Management Agreement, dated June 23, 2015, between the Trust and Mellon Capital Management Corporation related to The ESG Growth Portfolio. (Incorporated by reference to Exhibit (d)(79)(a) of Post-Effective Amendment No. 85 filed with the Securities and Exchange Commission on August 28, 2018.)](https://www.sec.gov/Archives/edgar/data/934563/000119312518260304/d604641dex99d79a.htm) |

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|:---|:---|
| [(28)(b)](https://www.sec.gov/Archives/edgar/data/934563/000119312516751460/d276917dex99d86b.htm) | [Amendment dated September 13, 2016 to the Portfolio Management Agreement, dated June 23, 2015, between the Trust and Mellon Capital Management Corporation related to The ESG Growth Portfolio. (Incorporated by reference to Exhibit (d)(86)(b) of Post-Effective Amendment No. 81 filed with the Securities and Exchange Commission on October 28, 2016.)](https://www.sec.gov/Archives/edgar/data/934563/000119312516751460/d276917dex99d86b.htm) |

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|:---|:---|
| [(28)(c)](https://www.sec.gov/Archives/edgar/data/934563/000119312517322873/d448872dex99d86c.htm) | [Amendment, dated September 12, 2017, to the Portfolio Management Agreement dated June 23, 2015, between the Trust and Mellon Capital Management Corporation related to The ESG Growth Portfolio. (Incorporated by reference to Exhibit (d)(86)(c) of Post-Effective Amendment No. 84 filed with the Securities and Exchange Commission on October 27, 2017.)](https://www.sec.gov/Archives/edgar/data/934563/000119312517322873/d448872dex99d86c.htm) |

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|:---|:---|
| [(28)(d)](https://www.sec.gov/Archives/edgar/data/934563/000119312518260304/d604641dex99d79d.htm) | [Third Amendment, dated June 23, 2018, to the Portfolio Management Agreement dated June 23, 2015, between the Trust and BNY Mellon Asset Management North America Corporation (formerly Mellon Capital Management Corporation) related to The ESG Growth Portfolio. (Incorporated by reference to Exhibit (d)(79)(d) of Post-Effective Amendment No. 85 filed with the Securities and Exchange Commission on August 28, 2018.)](https://www.sec.gov/Archives/edgar/data/934563/000119312518260304/d604641dex99d79d.htm) |

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|:---|:---|
| [(28)(e)](https://www.sec.gov/Archives/edgar/data/934563/000119312519230002/d772767dex99d78e.htm) | [Fourth Amendment, dated March 26, 2019, to the Portfolio Management Agreement dated June 23, 2015, between the Trust and Mellon Investments Corporation (f/k/a BNY Mellon Asset Management North America Corporation and f/k/a Mellon Capital Management Corporation) related to The ESG Growth Portfolio. (Incorporated by reference to Exhibit (d)(78)(e) of Post-Effective Amendment No. 88 filed with the Securities and Exchange Commission on August 27, 2019.)](https://www.sec.gov/Archives/edgar/data/934563/000119312519230002/d772767dex99d78e.htm) |

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| | |
|:---|:---|
| [(28)(f)](https://www.sec.gov/Archives/edgar/data/934563/000119312520232718/d935864dex99d43f.htm) | [Fifth Amendment, dated December 10, 2019, to the Portfolio Management Agreement dated June 23, 2015, between the Trust and Mellon Investments Corporation (f/k/a BNY Mellon Asset Management North America Corporation and f/k/a Mellon Capital Management Corporation) related to The ESG Growth Portfolio. (Incorporated by reference to Exhibit (d)(43)(f) of Post-Effective Amendment No. 91 filed with the Securities and Exchange Commission on August 27, 2020.)](https://www.sec.gov/Archives/edgar/data/934563/000119312520232718/d935864dex99d43f.htm) |

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[(29)](https://www.sec.gov/Archives/edgar/data/934563/000119312521259093/d218294dex99d40.htm) [Portfolio Management Agreement, dated March 1, 2021, between the Trust and Parametric Portfolio Associates, LLC related to The ESG Growth Portfolio (Liquidity). (Incorporated by reference to Exhibit (d)(40) of Post-Effective Amendment No. 93 filed with the Securities and Exchange Commission on August 27, 2021.)](https://www.sec.gov/Archives/edgar/data/934563/000119312521259093/d218294dex99d40.htm)

[(30)](https://www.sec.gov/Archives/edgar/data/934563/000119312520279517/d935864dex99d45.htm) [Portfolio Management Agreement, dated October 1, 2020, between the Trust and Agincourt Capital Management, LLC related to The Catholic SRI Growth Portfolio. (Incorporated by reference to Exhibit (d)(45) of Post-Effective Amendment No. 92 filed with the Securities and Exchange Commission on October 28, 2020.)](https://www.sec.gov/Archives/edgar/data/934563/000119312520279517/d935864dex99d45.htm)

---

| | |
|:---|:---|
| [(31)(a)](https://www.sec.gov/Archives/edgar/data/934563/000119312516695518/d244729dex99d96.htm) | [Portfolio Management Agreement, dated December 15, 2015, between the Trust and Mellon Capital Management Corporation (n/k/a Mellon Investments Corporation) related to The Catholic SRI Growth Portfolio. (Incorporated by reference to Exhibit (d)(96) of Post-Effective Amendment No. 80 filed with the Securities and Exchange Commission on August 29, 2016.)](https://www.sec.gov/Archives/edgar/data/934563/000119312516695518/d244729dex99d96.htm) |

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|:---|:---|
| [(31)(b)](https://www.sec.gov/Archives/edgar/data/934563/000119312516751460/d276917dex99d90b.htm) | [Amendment, dated September 13, 2016, to the Portfolio Management Agreement dated December 15, 2015, between the Trust and Mellon Capital Management Corporation (n/k/a Mellon Investments Corporation) related to The Catholic SRI Growth Portfolio. (Incorporated by reference to Exhibit (d)(90)(b) of Post-Effective Amendment No. 81 filed with the Securities and Exchange Commission on October 28, 2016.)](https://www.sec.gov/Archives/edgar/data/934563/000119312516751460/d276917dex99d90b.htm) |

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| | |
|:---|:---|
| [(31)(c)](https://www.sec.gov/Archives/edgar/data/934563/000119312518260304/d604641dex99d82c.htm) | [Second Amendment, dated December 5, 2017, to the Portfolio Management Agreement dated December 15, 2015, between the Trust and Mellon Capital Management Corporation (n/k/a Mellon Investments Corporation) related to The Catholic SRI Growth Portfolio. (Incorporated by reference to Exhibit (d)(82)(c) of Post-Effective Amendment No. 85 filed with the Securities and Exchange Commission on August 28, 2018.).](https://www.sec.gov/Archives/edgar/data/934563/000119312518260304/d604641dex99d82c.htm) |

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|:---|:---|
| [(31)(d)](https://www.sec.gov/Archives/edgar/data/934563/000119312518260304/d604641dex99d82d.htm) | [Third Amendment, dated June 23, 2018, to the Portfolio Management Agreement dated June 23, 2015, between the Trust and BNY Mellon Asset Management North America Corporation (f/k/a Mellon Capital Management Corporation and n/k/a Mellon Investments Corporation) related to The Catholic SRI Growth Portfolio. (Incorporated by reference to Exhibit (d)(82)(d) of Post-Effective Amendment No. 85 filed with the Securities and Exchange Commission on August 28, 2018.)](https://www.sec.gov/Archives/edgar/data/934563/000119312518260304/d604641dex99d82d.htm) |

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| | |
|:---|:---|
| [(31)(e)](https://www.sec.gov/Archives/edgar/data/934563/000119312519230002/d772767dex99d81e.htm) | [Fourth Amendment, dated March 26, 2019, to the Portfolio Management Agreement, dated June 23, 2015, between the Trust and Mellon Investments Corporation (f/k/a BNY Mellon Asset Management North America Corporation and f/k/a Mellon Capital Management Corporation) related to The Catholic SRI Growth Portfolio. (Incorporated by reference to Exhibit (d)(81)(e) of Post-Effective Amendment No. 88 filed with the Securities and Exchange Commission on August 27, 2019.)](https://www.sec.gov/Archives/edgar/data/934563/000119312519230002/d772767dex99d81e.htm) |

---

---

| | |
|:---|:---|
| [(31)(f)](https://www.sec.gov/Archives/edgar/data/934563/000119312520232718/d935864dex99d46f.htm) | [Fifth Amendment, dated December 10, 2019, to the Portfolio Management Agreement, dated June 23, 2015, between the Trust and Mellon Investments Corporation (f/k/a BNY Mellon Asset Management North America Corporation and f/k/a Mellon Capital Management Corporation) related to The Catholic SRI Growth Portfolio. (Incorporated by reference to Exhibit (d)(46)(f) of Post-Effective Amendment No. 91 filed with the Securities and Exchange Commission on August 27, 2020.)](https://www.sec.gov/Archives/edgar/data/934563/000119312520232718/d935864dex99d46f.htm) |

---

---

| | |
|:---|:---|
| [(31)(g)](https://www.sec.gov/Archives/edgar/data/934563/000119312521259093/d218294dex99d42g.htm) | [Sixth Amendment, dated December 15, 2020, to the Portfolio Management Agreement dated December 15, 2015, between the Trust and Mellon Capital Management Corporation (n/k/a Mellon Investments Corporation) related to The Catholic SRI Growth Portfolio. (Incorporated by reference to Exhibit (d)(42)(g) of Post-Effective Amendment No. 93 filed with the Securities and Exchange Commission on August 27, 2021.)](https://www.sec.gov/Archives/edgar/data/934563/000119312521259093/d218294dex99d42g.htm) |

---

[(32)](https://www.sec.gov/Archives/edgar/data/934563/000119312521259093/d218294dex99d43.htm) [Portfolio Management Agreement, dated March 1, 2021, between the Trust and Parametric Portfolio Associates, LLC related to The Catholic SRI Growth Portfolio (Liquidity). (Incorporated by reference to Exhibit (d)(43) of Post-Effective Amendment No. 93 filed with the Securities and Exchange Commission on August 27, 2021.)](https://www.sec.gov/Archives/edgar/data/934563/000119312521259093/d218294dex99d43.htm)

[(33)](https://www.sec.gov/Archives/edgar/data/934563/000119312521259093/d218294dex99d44.htm) [Portfolio Management Agreement, dated March 1, 2021, between the Trust and Parametric Portfolio Associates, LLC related to The Catholic SRI Growth Portfolio (Targeted). (Incorporated by reference to Exhibit (d)(44) of Post-Effective Amendment No. 93 filed with the Securities and Exchange Commission on August 27, 2021.)](https://www.sec.gov/Archives/edgar/data/934563/000119312521259093/d218294dex99d44.htm)

[(34)](https://www.sec.gov/Archives/edgar/data/934563/000119312521259093/d218294dex99d46.htm) [Portfolio Management Agreement, dated March 1, 2021, between the Trust and Parametric Portfolio Associates, LLC related to The Growth Equity Portfolio (n/k/a The U.S. Equity Portfolio) (Targeted). (Incorporated by reference to Exhibit (d)(46) of Post-Effective Amendment No. 93 filed with the Securities and Exchange Commission on August 27, 2021.)](https://www.sec.gov/Archives/edgar/data/934563/000119312521259093/d218294dex99d46.htm)

[(35)](https://www.sec.gov/Archives/edgar/data/934563/000119312521259093/d218294dex99d47.htm) [Portfolio Management Agreement, dated March 1, 2021, between the Trust and Parametric Portfolio Associates, LLC related to The Institutional U.S. Equity Portfolio (Targeted). (Incorporated by reference to Exhibit (d)(47) of Post-Effective Amendment No. 93 filed with the Securities and Exchange Commission on August 27, 2021.)](https://www.sec.gov/Archives/edgar/data/934563/000119312521259093/d218294dex99d47.htm)

[(36)](https://www.sec.gov/Archives/edgar/data/934563/000119312521259093/d218294dex99d49.htm) [Portfolio Management Agreement, dated March 1, 2021, between the Trust and Parametric Portfolio Associates, LLC related to The ESG Growth Portfolio (Targeted). (Incorporated by reference to Exhibit (d)(49) of Post-Effective Amendment No. 93 filed with the Securities and Exchange Commission on August 27, 2021.)](https://www.sec.gov/Archives/edgar/data/934563/000119312521259093/d218294dex99d49.htm)

[(37)](https://www.sec.gov/Archives/edgar/data/934563/000119312521259093/d218294dex99d50.htm) [Portfolio Management Agreement, dated March 1, 2021, between the Trust and Parametric Portfolio Associates, LLC related to The International Equity Portfolio (Targeted). (Incorporated by reference to Exhibit (d)(50) of Post-Effective Amendment No. 93 filed with the Securities and Exchange Commission on August 27, 2021.)](https://www.sec.gov/Archives/edgar/data/934563/000119312521259093/d218294dex99d50.htm)

[(38)](https://www.sec.gov/Archives/edgar/data/934563/000119312521259093/d218294dex99d51.htm) [Portfolio Management Agreement, dated March 1, 2021, between the Trust and Parametric Portfolio Associates, LLC related to The Institutional International Equity Portfolio (Targeted). (Incorporated by reference to Exhibit (d)(51) of Post-Effective Amendment No. 93 filed with the Securities and Exchange Commission on August 27, 2021.)](https://www.sec.gov/Archives/edgar/data/934563/000119312521259093/d218294dex99d51.htm)

[(39)](https://www.sec.gov/Archives/edgar/data/934563/000119312521259093/d218294dex99d52.htm) [Portfolio Management Agreement, dated March 1, 2021, between the Trust and Parametric Portfolio Associates, LLC related to The Emerging Markets Portfolio (Targeted). (Incorporated by reference to Exhibit (d)(52) of Post-Effective Amendment No. 93 filed with the Securities and Exchange Commission on August 27, 2021.)](https://www.sec.gov/Archives/edgar/data/934563/000119312521259093/d218294dex99d52.htm)

[(40)](https://www.sec.gov/Archives/edgar/data/934563/000119312521259093/d218294dex99d53.htm) [Portfolio Management Agreement, dated March 1, 2021, between the Trust and Parametric Portfolio Associates, LLC related to The Corporate Opportunities Portfolio (Targeted). (Incorporated by reference to Exhibit (d)(53) of Post-Effective Amendment No. 93 filed with the Securities and Exchange Commission on August 27, 2021.)](https://www.sec.gov/Archives/edgar/data/934563/000119312521259093/d218294dex99d53.htm)

[(41)](https://www.sec.gov/Archives/edgar/data/934563/000119312521259093/d218294dex99d56.htm) [Portfolio Management Agreement dated March 1, 2021, between the Trust and Parametric Portfolio Associates, LLC related to The Growth Equity Portfolio (n/k/a The U.S. Equity Portfolio) (Liquidity). (Incorporated by reference to Exhibit (d)(56) of Post-Effective Amendment No. 93 filed with the Securities and Exchange Commission on August 27, 2021.)](https://www.sec.gov/Archives/edgar/data/934563/000119312521259093/d218294dex99d56.htm)

[(42)](https://www.sec.gov/Archives/edgar/data/934563/000119312521259093/d218294dex99d57.htm) [Portfolio Management Agreement dated March 1, 2021, between the Trust and Parametric Portfolio Associates, LLC related to The Institutional U.S. Equity Portfolio (Liquidity). (Incorporated by reference to Exhibit (d)(57) of Post-Effective Amendment No. 93 filed with the Securities and Exchange Commission on August 27, 2021.)](https://www.sec.gov/Archives/edgar/data/934563/000119312521259093/d218294dex99d57.htm)

[(43)](https://www.sec.gov/Archives/edgar/data/934563/000119312521259093/d218294dex99d59.htm) [Portfolio Management Agreement, dated March 1, 2021, between the Trust and Parametric Portfolio Associates, LLC related to The Growth Equity Portfolio (n/k/a The U.S. Equity Portfolio) (Tax Managed). (Incorporated by reference to Exhibit (d)(59) of Post-Effective Amendment No. 93 filed with the Securities and Exchange Commission on August 27, 2021.)](https://www.sec.gov/Archives/edgar/data/934563/000119312521259093/d218294dex99d59.htm)

[(44)](https://www.sec.gov/Archives/edgar/data/934563/000119312521259093/d218294dex99d61.htm) [Portfolio Management Agreement, dated March 1, 2021, between the Trust and Parametric Portfolio Associates, LLC related to The International Equity Portfolio (Tax Managed). (Incorporated by reference to Exhibit (d)(61) of Post-Effective Amendment No. 93 filed with the Securities and Exchange Commission on August 27, 2021.)](https://www.sec.gov/Archives/edgar/data/934563/000119312521259093/d218294dex99d61.htm)

[(45)](https://www.sec.gov/Archives/edgar/data/934563/000119312521259093/d218294dex99d62.htm) [Portfolio Management Agreement, dated March 1, 2021, between the Trust and Parametric Portfolio Associates, LLC related to The Emerging Markets Portfolio (Tax Managed). (Incorporated by reference to Exhibit (d)(62) of Post-Effective Amendment No. 93 filed with the Securities and Exchange Commission on August 27, 2021.)](https://www.sec.gov/Archives/edgar/data/934563/000119312521259093/d218294dex99d62.htm)

[(46)](https://www.sec.gov/Archives/edgar/data/934563/000119312521259093/d218294dex99d63.htm) [Portfolio Management Agreement for the Fixed Income Portfolios (Options Overlay), dated March 1, 2021, between the Trust and Parametric Portfolio Associates, LLC related to The Core Fixed Income Portfolio, The U.S. Government Fixed Income Securities Portfolio, The U.S. Corporate Fixed Income Securities Portfolio, The U.S. Mortgage/Asset Backed Fixed Income Securities Portfolio and The Intermediate Term Municipal Bond Portfolio. (Incorporated by reference to Exhibit (d)(63) of Post-Effective Amendment No. 93 filed with the Securities and Exchange Commission on August 27, 2021.)](https://www.sec.gov/Archives/edgar/data/934563/000119312521259093/d218294dex99d63.htm)

[(47)](https://www.sec.gov/Archives/edgar/data/934563/000119312521259093/d218294dex99d64.htm) [Portfolio Management Agreement for the Equity Portfolios (Options Overlay), dated March 1, 2021, between the Trust and Parametric Portfolio Associates, LLC related to The Growth Equity Portfolio (n/k/a The U.S. Equity Portfolio), The Institutional U.S. Equity Portfolio, The International Equity Portfolio, The Institutional International Equity Portfolio, The Emerging Markets Portfolio and The Corporate Opportunities Portfolio. (Incorporated by reference to Exhibit (d)(64) of Post-Effective Amendment No. 93 filed with the Securities and Exchange Commission on August 27, 2021.)](https://www.sec.gov/Archives/edgar/data/934563/000119312521259093/d218294dex99d64.htm)

[(48)](https://www.sec.gov/Archives/edgar/data/934563/000119312520232718/d935864dex99d71.htm) [Amended and Restated Portfolio Management Agreement, dated March 11, 2020, between the Trust and City of London Investment Management Company Limited related to The Intermediate Term Municipal Bond Portfolio. (Incorporated by reference to Exhibit (d)(71) of Post-Effective Amendment No. 91 filed with the Securities and Exchange Commission on August 27, 2020.)](https://www.sec.gov/Archives/edgar/data/934563/000119312520232718/d935864dex99d71.htm)

[(49)](https://www.sec.gov/Archives/edgar/data/934563/000119312520232718/d935864dex99d74.htm) [Portfolio Management Agreement, dated February 11, 2020, between the Trust and Wellington Management Company LLP related to The Institutional U.S. Equity Portfolio. (Incorporated by reference to Exhibit (d)(74) of Post-Effective Amendment No. 91 filed with the Securities and Exchange Commission on August 27, 2020.)](https://www.sec.gov/Archives/edgar/data/934563/000119312520232718/d935864dex99d74.htm)

[(50)](https://www.sec.gov/Archives/edgar/data/934563/000119312521259093/d218294dex99d81.htm) [Portfolio Management Agreement, dated December 15, 2020, between the Trust and Breckinridge Capital Advisors, Inc. related to The Intermediate Term Municipal Bond Portfolio. (Incorporated by reference to Exhibit (d)(81) of Post-Effective Amendment No. 93 filed with the Securities and Exchange Commission on August 27, 2021.)](https://www.sec.gov/Archives/edgar/data/934563/000119312521259093/d218294dex99d81.htm)

[(51)](https://www.sec.gov/Archives/edgar/data/934563/000110465922112410/tm2222632d4_ex99-d70.htm) [Portfolio Management Agreement, dated August 18, 2022, between the Trust and RhumbLine Advisers Limited Partnership related to The Institutional U.S. Equity Portfolio. (Incorporated by reference to Exhibit (d)(70) of Post-Effective Amendment No. 97 filed with the Securities and Exchange Commission on October 28, 2022.)](https://www.sec.gov/Archives/edgar/data/934563/000110465922112410/tm2222632d4_ex99-d70.htm)

[(52)](https://www.sec.gov/Archives/edgar/data/934563/000110465922112410/tm2222632d4_ex99-d71.htm) [Portfolio Management Agreement, dated August 18, 2022, between the Trust and RhumbLine Advisers Limited Partnership related to The Institutional International Equity Portfolio. (Incorporated by reference to Exhibit (d)(71) of Post-Effective Amendment No. 97 filed with the Securities and Exchange Commission on October 28, 2022.)](https://www.sec.gov/Archives/edgar/data/934563/000110465922112410/tm2222632d4_ex99-d71.htm)

[(53)](tm2523042d1_ex99-xdx53.htm) [Portfolio Management Agreement, dated December 12, 2024, between the Trust and RhumbLine Advisers Limited Partnership related to The Emerging Markets Portfolio is filed herewith.](tm2523042d1_ex99-xdx53.htm)

[(e)](tm2523042d1_ex99-xe.htm) [Distribution Agreement, dated July 1, 2025, between the Trust and Ultimus Fund Distributors, LLC. is filed herewith.](tm2523042d1_ex99-xe.htm)

(f) [bonus, pension and profit-sharing plans] Not Applicable.

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| | | |
|:---|:---|:---|
| [(g)](https://www.sec.gov/Archives/edgar/data/934563/000095015206008627/l22757aexv99wgwa.txt) | [(1)(a)](https://www.sec.gov/Archives/edgar/data/934563/000095015206008627/l22757aexv99wgwa.txt) | [Custodian Agreement, dated February, 2006 between State Street Bank and Trust Company and the Trust. (Incorporated by reference to Exhibit (g)(a) of Post-Effective Amendment No. 30 filed with the Securities and Exchange Commission on October 31, 2006.)](https://www.sec.gov/Archives/edgar/data/934563/000095015206008627/l22757aexv99wgwa.txt) |

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| | |
|:---|:---|
| [(1)(b)](https://www.sec.gov/Archives/edgar/data/934563/000119312516695518/d244729dex99g1c.htm) | [Revised Schedule D, dated December 15, 2015, to the Custodian Agreement dated February, 2006, between State Street Bank and Trust Company and the Trust. (Incorporated by reference to Exhibit (g)(1)(c) of Post-Effective Amendment No. 80 filed with the Securities and Exchange Commission on August 29, 2016.)](https://www.sec.gov/Archives/edgar/data/934563/000119312516695518/d244729dex99g1c.htm) |

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[(2)](https://www.sec.gov/Archives/edgar/data/934563/000101270901500665/ex23gb-801.txt) [Foreign Custody Manager Delegation Agreement dated July 2, 2001, between Bankers Trust Company and the Trust. (Incorporated by reference to Exhibit (g)(b) of Post-Effective Amendment No. 17 filed with the Securities and Exchange Commission on August 31, 2001.)](https://www.sec.gov/Archives/edgar/data/934563/000101270901500665/ex23gb-801.txt)

---

| | |
|:---|:---|
| [(3)(a)](https://www.sec.gov/Archives/edgar/data/934563/000119312514387418/d771552dex99g1d.htm) | [Global Securities Lending Agency Agreement, dated May 30, 2014, between Citibank, N.A. and the Trust. (Incorporated by reference to Exhibit (g)(1)(d) of Post-Effective Amendment No. 70 filed with the Securities and Exchange Commission on October 29, 2014.)](https://www.sec.gov/Archives/edgar/data/934563/000119312514387418/d771552dex99g1d.htm) |

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| | |
|:---|:---|
| [(3)(b)](https://www.sec.gov/Archives/edgar/data/934563/000119312519230002/d772767dex99g3b.htm) | [Exhibit A, dated February 12, 2019, to the Global Securities Lending Agency Agreement, dated May 30, 2014, between Citibank, N.A. and the Trust. (Incorporated by reference to Exhibit (g)(3)(b) of Post-Effective Amendment No. 88 filed with the Securities and Exchange Commission on August 27, 2019.)](https://www.sec.gov/Archives/edgar/data/934563/000119312519230002/d772767dex99g3b.htm) |

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|:---|:---|
| [(3)(c)](https://www.sec.gov/Archives/edgar/data/934563/000119312516695518/d244729dex99g3c.htm) | [First Amendment, dated July 29, 2015, to the Global Securities Lending Agency Agreement dated May 30, 2014, between Citibank, N.A. and the Trust. (Incorporated by reference to Exhibit (g)(3)(c) of Post-Effective Amendment No. 80 filed with the Securities and Exchange Commission on August 29, 2016.)](https://www.sec.gov/Archives/edgar/data/934563/000119312516695518/d244729dex99g3c.htm) |

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| | |
|:---|:---|
| [(3)(d)](https://www.sec.gov/Archives/edgar/data/934563/000119312518260304/d604641dex99g3d.htm) | [Second Amendment, dated August 15, 2017, to the Global Securities Lending Agency Agreement dated May 30, 2014, between Citibank, N.A. and the Trust. (Incorporated by reference to Exhibit (g)(3)(d) of Post-Effective Amendment No. 85 filed with the Securities and Exchange Commission on August 28, 2018.).](https://www.sec.gov/Archives/edgar/data/934563/000119312518260304/d604641dex99g3d.htm) |

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| | |
|:---|:---|
| [(3)(e)](https://www.sec.gov/Archives/edgar/data/934563/000119312518260304/d604641dex99g3e.htm) | [Third Amendment, dated March 27, 2018, to the Global Securities Lending Agency Agreement dated May 30, 2014, between Citibank, N.A. and the Trust. (Incorporated by reference to Exhibit (g)(3)(e) of Post-Effective Amendment No. 85 filed with the Securities and Exchange Commission on August 28, 2018.).](https://www.sec.gov/Archives/edgar/data/934563/000119312518260304/d604641dex99g3e.htm) |

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| | |
|:---|:---|
| [(3)(f)](https://www.sec.gov/Archives/edgar/data/934563/000119312520232718/d935864dex99g3f.htm) | [Fourth Amendment, dated April 27, 2020, to the Global Securities Lending Agency Agreement dated May 30, 2014, between Citibank, N.A. and the Trust. (Incorporated by reference to Exhibit (g)(3)(f) of Post-Effective Amendment No. 91 filed with the Securities and Exchange Commission on August 27, 2020.)](https://www.sec.gov/Archives/edgar/data/934563/000119312520232718/d935864dex99g3f.htm) |

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|:---|:---|
| [(3)(g)](https://www.sec.gov/Archives/edgar/data/934563/000110465924034906/tm245067d3_ex99-9xcxvii.htm) | [Amended Annex I to Schedule VII, dated November 9, 2023, to the Global Securities Lending Agency Agreement dated May 30, 2014, between Citibank, N.A. and the Trust. (Incorporated by reference to Exhibit 9(c)(vii) of Form N-14 filed with the Securities and Exchange Commission on March 15, 2024.)](https://www.sec.gov/Archives/edgar/data/934563/000110465924034906/tm245067d3_ex99-9xcxvii.htm) |

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|:---|:---|
| [(3)(h)](https://www.sec.gov/Archives/edgar/data/934563/000110465924111870/tm2423097d1_ex99-xgx3xh.htm) | [Exhibit A, dated August 20, 2024, to the Global Securities Lending Agency Agreement dated May 30, 2014, between Citibank, N.A. and the Trust (Incorporated herein by reference to Exhibit (g)(3)(h) of Post-Effective Amendment No. 101 filed with the Securities and Exchange Commission on October 28, 2024.).](https://www.sec.gov/Archives/edgar/data/934563/000110465924111870/tm2423097d1_ex99-xgx3xh.htm) |

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(h) Other Material Agreements

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| | |
|:---|:---|
| [(1)(a)](https://www.sec.gov/Archives/edgar/data/934563/000095012309039676/l37394aexv99wxhyx6y.htm) | [Letter Agreement (a/k/a Compliance Services Agreement) between the Trust and Alaric Compliance Services LLC dated December 18, 2008. (Incorporated by reference to Exhibit (h)(6) of Post-Effective Amendment No. 43 filed with the Securities and Exchange Commission on August 31, 2009.)](https://www.sec.gov/Archives/edgar/data/934563/000095012309039676/l37394aexv99wxhyx6y.htm) |

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|:---|:---|
| [(1)(b)](https://www.sec.gov/Archives/edgar/data/934563/000119312516751460/d276917dex99h1b.htm) | [Amendment, dated January 1, 2010, to Letter Agreement (a/k/a Compliance Services Agreement) dated December 18, 2008,, between the Trust and Alaric Compliance Services LLC. (Incorporated by reference to Exhibit (h)(1)(b) of Post-Effective Amendment No. 81 filed with the Securities and Exchange Commission on October 28, 2016.)](https://www.sec.gov/Archives/edgar/data/934563/000119312516751460/d276917dex99h1b.htm) |

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| | |
|:---|:---|
| [(1)(c)](https://www.sec.gov/Archives/edgar/data/934563/000119312515135614/d912274dex99h4c.htm) | [Second Amendment, dated December 31, 2014, to Letter Agreement (a/k/a Compliance Services Agreement) dated December 18, 2008 between the Trust and Alaric Compliance Services, LLC. (Incorporated by reference to Exhibit (h)(4)(c) of Post-Effective Amendment No. 72 filed with the Securities and Exchange Commission on April 17, 2015.)](https://www.sec.gov/Archives/edgar/data/934563/000119312515135614/d912274dex99h4c.htm) |

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| | |
|:---|:---|
| [(1)(d)](https://www.sec.gov/Archives/edgar/data/934563/000119312516751460/d276917dex99h1d.htm) | [Third Amendment, dated December 15, 2015, to Letter Agreement (a/k/a Compliance Services Agreement) dated December 18, 2008 between the Trust and Alaric Compliance Services LLC. (Incorporated by reference to Exhibit (h)(1)(d) of Post-Effective Amendment No. 81 filed with the Securities and Exchange Commission on October 28, 2016.)](https://www.sec.gov/Archives/edgar/data/934563/000119312516751460/d276917dex99h1d.htm) |

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| | |
|:---|:---|
| [(1)(e)](https://www.sec.gov/Archives/edgar/data/934563/000119312518260304/d604641dex99h1e.htm) | [Fourth Amendment, dated January 1, 2018, to Letter Agreement (a/k/a Compliance Services Agreement) dated December 18, 2008, between the Trust and Alaric Compliance Services LLC. (Incorporated by reference to Exhibit (h)(1)(e) of Post-Effective Amendment No. 85 filed with the Securities and Exchange Commission on August 28, 2018.)](https://www.sec.gov/Archives/edgar/data/934563/000119312518260304/d604641dex99h1e.htm) |

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---

| | |
|:---|:---|
| [(1)(f)](https://www.sec.gov/Archives/edgar/data/934563/000119312520232718/d935864dex99h1f.htm) | [Fifth Amendment, dated January 1, 2020, to Letter Agreement (a/k/a Compliance Services Agreement) dated December 18, 2008, between the Trust and Alaric Compliance Services LLC. (Incorporated by reference to Exhibit (h)(1)(f) of Post-Effective Amendment No. 91 filed with the Securities and Exchange Commission on August 27, 2020.)](https://www.sec.gov/Archives/edgar/data/934563/000119312520232718/d935864dex99h1f.htm) |

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| | |
|:---|:---|
| [(1)(g)](https://www.sec.gov/Archives/edgar/data/934563/000110465922095543/tm2222632d1_ex99-h1g.htm) | [Assignment and Amendment Agreement, dated December 7, 2021, between the Trust, Alaric Compliance Services LLC and Foreside Fund Officer Services, LLC. (Incorporated herein by reference to Exhibit (h)(1)(g) of Post-Effective Amendment No. 96 filed with the Securities and Exchange Commission on August 29, 2022.)](https://www.sec.gov/Archives/edgar/data/934563/000110465922095543/tm2222632d1_ex99-h1g.htm) |

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---

| | |
|:---|:---|
| [(1)(h)](https://www.sec.gov/Archives/edgar/data/934563/000110465923095817/tm2323832d1_ex99-h1h.htm) | [Sixth Amendment, dated June 1, 2023, to Letter Agreement (a/k/a Compliance Services Agreement) dated December 18, 2008, between the Trust and Foreside Officer Services LLC. (Incorporated herein by reference to Exhibit (h)(1)(h) of Post-Effective Amendment No. 98 filed with the Securities and Exchange Commission on August 28, 2023.)](https://www.sec.gov/Archives/edgar/data/934563/000110465923095817/tm2323832d1_ex99-h1h.htm) |

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| | |
|:---|:---|
| [(2)(a)](https://www.sec.gov/Archives/edgar/data/934563/000119312515306263/d28717dex99h5.htm) | [Services Agreement, dated June 11, 2014, between the Trust and Citi Fund Services Ohio, Inc. (Incorporated by reference to Exhibit (h)(5) of Post-Effective Amendment No. 75 filed with the Securities and Exchange Commission on August 28, 2015.)](https://www.sec.gov/Archives/edgar/data/934563/000119312515306263/d28717dex99h5.htm) |

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| | |
|:---|:---|
| [(2)(b)](https://www.sec.gov/Archives/edgar/data/934563/000119312515135614/d912274dex99h6.htm) | [Amendment, dated March 31, 2015, to Services Agreement between the Trust and Citi Fund Services Ohio, Inc. dated June 11, 2014. (Incorporated herein by reference to Exhibit (h)(6) of Post-Effective Amendment No. 72 filed with the Securities and Exchange Commission on April 17, 2015.)](https://www.sec.gov/Archives/edgar/data/934563/000119312515135614/d912274dex99h6.htm) |

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| | |
|:---|:---|
| [(2)(c)](https://www.sec.gov/Archives/edgar/data/934563/000119312516695518/d244729dex99h5c.htm) | [Revised Schedule 5, dated December 15, 2015, to the Services Agreement dated June 11, 2014, between the Trust and Citi Fund Services Ohio, Inc. (Incorporated by reference to Exhibit (h)(5)(c) of Post-Effective Amendment No. 80 filed with the Securities and Exchange Commission on August 29, 2016.)](https://www.sec.gov/Archives/edgar/data/934563/000119312516695518/d244729dex99h5c.htm) |

---

---

| | |
|:---|:---|
| [(2)(d)](https://www.sec.gov/Archives/edgar/data/934563/000119312518260304/d604641dex99h2d.htm) | [Amendment, dated March 13, 2018, to Services Agreement between the Trust and Citi Fund Services Ohio, Inc. dated June 11, 2014. (Incorporated by reference to Exhibit (h)(2)(d) of Post-Effective Amendment No. 85 filed with the Securities and Exchange Commission on August 28, 2018.)](https://www.sec.gov/Archives/edgar/data/934563/000119312518260304/d604641dex99h2d.htm) |

---

---

| | |
|:---|:---|
| [(2)(e)](https://www.sec.gov/Archives/edgar/data/934563/000119312519230002/d772767dex99h2e.htm) | [Amendment, dated March 26, 2019, to Services Agreement between the Trust and Citi Fund Services Ohio, Inc. dated June 11, 2014. (Incorporated by reference to Exhibit (h)(2)(e) of Post-Effective Amendment No. 88 filed with the Securities and Exchange Commission on August 27, 2019.)](https://www.sec.gov/Archives/edgar/data/934563/000119312519230002/d772767dex99h2e.htm) |

---

---

| | |
|:---|:---|
| [(2)(f)](https://www.sec.gov/Archives/edgar/data/934563/000119312521259093/d218294dex99h2f.htm) | [Amendment, dated December 15, 2020, to Services Agreement between the Trust and Citi Fund Services Ohio, Inc. dated June 11, 2014. (Incorporated herein by reference to Exhibit (h)(2)(f) of Post-Effective Amendment No. 93 filed with the Securities and Exchange Commission on August 27, 2021.)](https://www.sec.gov/Archives/edgar/data/934563/000119312521259093/d218294dex99h2f.htm) |

---

---

| | |
|:---|:---|
| [(2)(g)](https://www.sec.gov/Archives/edgar/data/934563/000119312521311518/d203509dex99h2g.htm) | [Amendment, dated September 14, 2021, to Services Agreement between the Trust and Citi Fund Services Ohio, Inc. dated June 11, 2014. (Incorporated herein by reference to Exhibit (h)(2)(g) of Post-Effective Amendment No. 94 filed with the Securities and Exchange Commission on October 28, 2021.)](https://www.sec.gov/Archives/edgar/data/934563/000119312521311518/d203509dex99h2g.htm) |

---

---

| | |
|:---|:---|
| [(2)(h)](https://www.sec.gov/Archives/edgar/data/934563/000110465922095543/tm2222632d1_ex99-h2h.htm) | [Amendment, dated March 8, 2022, to Services Agreement between the Trust and Citi Fund Services Ohio, Inc. dated June 11, 2014. (Incorporated herein by reference to Exhibit (h)(2)(h) of Post-Effective Amendment No. 96 filed with the Securities and Exchange Commission on August 29, 2022.)](https://www.sec.gov/Archives/edgar/data/934563/000110465922095543/tm2222632d1_ex99-h2h.htm) |

---

---

| | |
|:---|:---|
| [(2)(i)](https://www.sec.gov/Archives/edgar/data/934563/000110465923112616/tm2325090d1_ex99-xhx2xi.htm) | [Amendment, dated September 18, 2023, to Services Agreement between the Trust and Citi Fund Services Ohio, Inc. dated June 11, 2014. (Incorporated by reference to Exhibit (h)(2)(i) of Post-Effective Amendment No. 99 filed with the Securities and Exchange Commission on October 30, 2023.)](https://www.sec.gov/Archives/edgar/data/934563/000110465923112616/tm2325090d1_ex99-xhx2xi.htm) |

---

---

| | |
|:---|:---|
| [(2)(j)](https://www.sec.gov/Archives/edgar/data/934563/000110465924034906/tm245067d3_ex99-13xbxx.htm) | [Amendment, dated March 12. 2024, to Services Agreement between the Trust and Citi fund Services Ohio, Inc. dated June 11, 2014. (Incorporated by reference to Exhibit (13)(b)(x) of Form N-14 filed with the Securities and Exchange Commission on March 15, 2024.)](https://www.sec.gov/Archives/edgar/data/934563/000110465924034906/tm245067d3_ex99-13xbxx.htm) |

---

---

| | |
|:---|:---|
| [(3)(a)](https://www.sec.gov/Archives/edgar/data/934563/000119312515135614/d912274dex99h7.htm) | [Transfer Agency Services Agreement, dated March 27, 2015, between the Trust and Citi Fund Services Ohio, Inc. (Incorporated herein by reference to Exhibit (h)(7) of Post-Effective Amendment No. 72 filed with the Securities and Exchange Commission on April 17, 2015.)](https://www.sec.gov/Archives/edgar/data/934563/000119312515135614/d912274dex99h7.htm) |

---

---

| | |
|:---|:---|
| [(3)(b)](https://www.sec.gov/Archives/edgar/data/934563/000119312516695518/d244729dex99h6b.htm) | [Revised Schedule 5, dated December 15, 2015, to the Transfer Agency Services Agreement dated March 27, 2015, between the Trust and Citi Fund Services Ohio, Inc. (Incorporated by reference to Exhibit (h)(6)(b) of Post-Effective Amendment No. 80 filed with the Securities and Exchange Commission on August 29, 2016.)](https://www.sec.gov/Archives/edgar/data/934563/000119312516695518/d244729dex99h6b.htm) |

---

---

| | |
|:---|:---|
| [(3)(c)](https://www.sec.gov/Archives/edgar/data/934563/000119312517270383/d430317dex99h3c.htm) | [Amendment, dated December 6, 2016, to the Transfer Agency Services Agreement dated March 27, 2015, between the Trust and FIS Investor Services LLC. (Incorporated herein by reference to Exhibit (h)(3)(c) of Post-Effective Amendment No. 83 filed with the Securities and Exchange Commission on August 28, 2017.)](https://www.sec.gov/Archives/edgar/data/934563/000119312517270383/d430317dex99h3c.htm) |

---

[(4)](https://www.sec.gov/Archives/edgar/data/934563/000119312518260304/d604641dex99h4.htm) [Adoption Agreement, dated January 31, 2018, between the Trust and BNY Mellon Asset Management North America Corporation. (Incorporated by reference to Exhibit (h)(4) of Post-Effective Amendment No. 85 filed with the Securities and Exchange Commission on August 28, 2018.)](https://www.sec.gov/Archives/edgar/data/934563/000119312518260304/d604641dex99h4.htm)

[(5)](https://www.sec.gov/Archives/edgar/data/934563/000110465923095817/tm2323832d1_ex99-h5.htm) [ReFlow Fund, LLC Participating Fund Agreement, dated March 14, 2023, between the Trust and ReFlow Fund, LLC with respect to The Growth Equity Portfolio (n/k/a The U.S. Equity Portfolio) and The Institutional U.S. Equity Portfolio. (Incorporated by reference to Exhibit (h)(5) of Post-Effective Amendment No. 98 filed with the Securities and Exchange Commission on August 28, 2023.)](https://www.sec.gov/Archives/edgar/data/934563/000110465923095817/tm2323832d1_ex99-h5.htm)

(i) [Opinion of Counsel] Not Applicable.

(j) Consent of Independent Registered Public Accounting Firm (to be filed herewith.by Post-Effective Amendment).

(k) [Omitted Financial Statements] Not Applicable.

(l) [Agreements regarding initial capital] Not Applicable.

(m) Reserved.

(n) Reserved.

(o) Reserved.

---

| | | |
|:---|:---|:---|
| [(p)](https://www.sec.gov/Archives/edgar/data/934563/000110465924093953/tm2421285d1_ex99-xpx1.htm) | [(1)](https://www.sec.gov/Archives/edgar/data/934563/000110465924093953/tm2421285d1_ex99-xpx1.htm) | [Code of Ethics, dated December 6, 2023, adopted by Hirtle Callaghan & Co. LLC. (Incorporated herein by reference to Exhibit (p)(1) of Post-Effective Amendment No. 100 filed with the Securities and Exchange Commission on August 28, 2024.)](https://www.sec.gov/Archives/edgar/data/934563/000110465924093953/tm2421285d1_ex99-xpx1.htm) |

---

[(2)](https://www.sec.gov/Archives/edgar/data/934563/000110465924093953/tm2421285d1_ex99-xpx2.htm) [Code of Ethics, dated December 1, 2023, adopted by Wellington Management Company LLP. (Incorporated herein by reference to Exhibit (p)(2) of Post-Effective Amendment No. 100 filed with the Securities and Exchange Commission on August 28, 2024.)](https://www.sec.gov/Archives/edgar/data/934563/000110465924093953/tm2421285d1_ex99-xpx2.htm)

[(3)](tm2523042d1_ex99-xpx3.htm) [Code of Ethics, dated November 2023October 18, 2024 adopted by Breckinridge Capital Advisors, Inc. (Incorporated herein by reference to Exhibit (p)(3)is filed herewith.](tm2523042d1_ex99-xpx3.htm)

[(4)](tm2523042d1_ex99-xpx4.htm) [The Bank of New York Mellon Corporation ("BNY") Personal Securities Trading Policy, dated February 11, 2025, adopted by Mellon Investments Corporation is filed herewith.](tm2523042d1_ex99-xpx4.htm)

[(5)](tm2523042d1_ex99-xpx5.htm) [BNY Code of Conduct, dated 2024, adopted by Mellon Investments Corporation is filed herewith.](tm2523042d1_ex99-xpx5.htm)

[(6)](https://www.sec.gov/Archives/edgar/data/934563/000119312516695518/d244729dex99p18.htm) [Code of Ethics, dated June 14, 2016, adopted by HC Capital Trust. (Incorporated by reference to Exhibit (p)(18) of Post-Effective Amendment No. 80 filed with the Securities and Exchange Commission on August 29, 2016.)](https://www.sec.gov/Archives/edgar/data/934563/000119312516695518/d244729dex99p18.htm)

[(7)](https://www.sec.gov/Archives/edgar/data/934563/000110465924093953/tm2421285d1_ex99-xpx7.htm) [Code of Ethics, dated June 20, 2023, adopted by Ultimus Fund Distributors, LLC, a wholly owned subsidiary of Ultimus Fund Solutions, LLC. (Incorporated herein by reference to Exhibit (p)(7) of Post-Effective Amendment No. 100 filed with the Securities and Exchange Commission on August 28, 2024.)](https://www.sec.gov/Archives/edgar/data/934563/000110465924093953/tm2421285d1_ex99-xpx7.htm)

[(8)](tm2523042d1_ex99-xpx8.htm) [Morgan Stanley Investment Management Public Side Code of Ethics and Personal Trading Guidelines, dated December 12, 2024, adopted by Parametric Portfolio Associates LLC is filed herewith.](tm2523042d1_ex99-xpx8.htm)

[(9)](tm2523042d1_ex99-xpx9.htm) [Code of Ethics, dated August, 2024, adopted by City of London Investment Management Company Limited is filed herewith.](tm2523042d1_ex99-xpx9.htm)

[(10)](tm2523042d1_ex99-xpx10.htm) [Code of Ethics, dated March 14, 2025, adopted by Agincourt Capital Management, LLC is filed herewith.](tm2523042d1_ex99-xpx10.htm)

[(11)](tm2523042d1_ex99-xpx11.htm) [BNY Personal Securities Trading Policy, dated October 10, 2024, adopted by Insight North America LLC is filed herewith.](tm2523042d1_ex99-xpx11.htm)

[(12)](tm2523042d1_ex99-xpx12.htm) [BNY Code of Conduct, dated February, 2025, adopted by Insight North America LLC is filed herewith.](tm2523042d1_ex99-xpx12.htm)

[(13)](tm2523042d1_ex99-xpx13.htm) [Code of Ethics, dated October 1, 2024, adopted by RhumbLine Advisers Limited Partnership is filed herewith.](tm2523042d1_ex99-xpx13.htm)

Item 29. Persons Controlled by or Under Common Control with the Fund

Not Applicable

Item 30. Indemnification

Reference is made to Article VII of the Trust's Amended and Restated and Declaration of Trust and to Article VI of the Trust's By-Laws, which are incorporated herein by reference. Pursuant to Rule 484 under the Securities Act of 1933 (the "Act"), as amended, the Trust furnishes the following undertaking:

Insofar as indemnification for liabilities arising under the Act may be permitted to trustees, officers and controlling persons of the Trust pursuant to the foregoing provisions, or otherwise, the Trust has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Trust of expenses incurred or paid by a trustee, officer or controlling person of the Trust 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 Trust 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 Act and will be governed by the final adjudication of such issue.

Item 31. Business and Other Connections of the Investment Adviser

Information relating to the business and other connections of each of the Specialist Managers listed below and each director, officer or partner of such managers, together with information as to their other business, profession, vocation or employment of a substantial nature during the past two fiscal years, are hereby incorporated by reference from each such Specialist Manager's Schedules A and D of Form ADV, as filed with the Securities and Exchange Commission, as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp;Investment Manager | &nbsp;&nbsp;SEC File No. 801- |
| &nbsp;&nbsp;Agincourt Capital Management, LLC | &nbsp;&nbsp;56592 |
| &nbsp;&nbsp;Breckinridge Capital Advisors, Inc. | &nbsp;&nbsp;43833 |
| &nbsp;&nbsp;City of London Investment Management Company Limited | &nbsp;&nbsp;46266 |
| &nbsp;&nbsp;Insight North America LLC | &nbsp;&nbsp;69964 |
| &nbsp;&nbsp;Mellon Investments Corporation | &nbsp;&nbsp;19785 |
| &nbsp;&nbsp;Parametric Portfolio Associates LLC | &nbsp;&nbsp;60485 |
| &nbsp;&nbsp;RhumbLine Advisers Limited Partnership | &nbsp;&nbsp;40535 |
| &nbsp;&nbsp;Wellington Management Company LLP | &nbsp;&nbsp;15908 |

---

HC Capital Solutions, an operating division of Hirtle, Callaghan & Co., LLC ("HC Capital"), has entered into an Investment Advisory Agreement with the Trust under which HC Capital has investment discretion with regard to the assets of the Trust. Information regarding the business and other connections of HC Capital's officers and directors, together with information as to their other business, profession, vocation or employment of a substantial nature during the past two fiscal years, is incorporated by reference to Schedules A and D of HC Capital's Form ADV, File No. 801-32688, which has been filed with the Securities and Exchange Commission.

**Item 32.** **Principal Underwriters.**

(a) Ultimus Fund Distributors, LLC, the Registrant's underwriter, also serves as underwriter for the following investment companies registered under the Investment Company Act of 1940, as amended:

ALTI Private Equity Access Fund<br> Bruce Fund, Inc.<br> CM Advisors Family of Funds<br> Caldwell & Orkin Funds, Inc.<br> Cantor Fitzgerald Sustainable Infrastructure Fund

Cantor Select Portfolios Trust

Capitol Series Trust<br> Centaur Mutual Funds Trust

Chesapeake Investment Trust<br> Commonwealth International Series Trust<br> Conestoga Funds

Connors Funds

Cross Shore Discovery Fund

Dynamic Alternatives Fund<br> Eubel Brady & Suttman Mutual Fund Trust

Exchange Place Advisors Trust

F/m Funds Trust<br> Fairway Private Equity & Venture Capital Opportunities Fund

HC Capital Trust

Hussman Investment Trust

James Alpha Trust

James Advantage Funds

Lind Capital Partners Municipal Credit Income Fund

MSS Series Trust<br> Oak Associates Funds

ONEFUND TRUST (ONEFUND S&P 500<sup>®</sup>Equal Weight Index only)<br> Papp Investment Trust<br> Peachtree Alternative Strategies Fund<br> RM Opportunity Trust

Schwartz Investment Trust

Segall Bryant & Hamill Trust<br> The Cutler Trust<br> The Investment House Funds<br> Williamsburg Investment Trust<br> Ultimus Managers Trust<br> Unified Series Trust<br> Valued Advisers Trust

Vela Funds

Volumetric Fund

Waycross Independent Trust<br> XD Funds Trust

Yorktown Funds

(b) The directors and officers of Ultimus Fund Distributors, LLC are as follows:

---

| | | |
|:---|:---|:---|
| **(1)**<br> **Name and Principal**<br> **Business Address** | **(2)**<br> **Positions and Offices**<br> **with Distributor** | **(3)**<br> **Positions and Offices**<br> **With Registrant** |
| Kevin M. Guerette | President |  |
| Douglas K. Jones | Vice President |  |
| Stephen L. Preston | Chief Compliance Officer and AMLCO |  |
| Gregory A. Evans | Financial Operations Principal |  |
| Melvin Van Cleave | Vice President, Chief Technology Officer, and Chief <br> Information Security Officer |  |

---

The principal business address of the Distributor and each of the above-named individuals is 225 Pictoria Drive, Suite 450, Cincinnati, OH 45246.

(c) Not applicable.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) State Street Bank and Trust Company, State Street Financial Center, One Congress St., Boston, Massachusetts 02114 (records relating to
its function custodian.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Citi Fund Services Ohio, Inc., 4400 Easton Commons, Suite 200, Columbus, Ohio 43219

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) FIS Investor Services LLC, 4249 Easton Way, Suite 400, Columbus, OH 43219

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Records relating to the activities of each of the Investment Managers on behalf of the indicated Portfolio are maintained as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Investment Manager</u> | <u>Location of Accounts and Records</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;<u>The Growth Equity Portfolio</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;<u>(n/k/a The U.S. Equity Portfolio)</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;Mellon Investments Corporation | 500 Ross Street |
|  | Pittsburgh, PA 15258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Parametric Portfolio Associates LLC | 800 Fifth Avenue, Suite 2800 |
|  | Seattle, WA 98104 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Institutional U.S. Equity Portfolio |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mellon Investments Corporation | 500 Ross Street<br> Pittsburgh, PA 15258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Parametric Portfolio Associates LLC | 800 Fifth Avenue, Suite 2800 <br> Seattle, WA 98104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wellington Management Company LLP | 280 Congress Street <br> Boston, MA 02210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RhumbLine Advisers Limited Partnership | 265 Franklin Street |

---

---

| | |
|:---|:---|
|  | Boston, MA 02110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The ESG Growth Portfolio |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agincourt Capital Management, LLC | 200 South 10<sup>th</sup> Street, Suite 800 <br> Richmond, VA 23219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mellon Investments Corporation | 500 Ross Street<br> Pittsburgh, PA 15258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Parametric Portfolio Associates LLC | 800 Fifth Avenue, Suite 2800<br> Seattle, WA 98104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Catholic SRI Growth Portfolio |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agincourt Capital Management, LLC | 200 South 10th Street, Suite 800 <br> Richmond, VA 23219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mellon Investments Corporation | 500 Ross Street<br> Pittsburgh, PA 15258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Parametric Portfolio Associates LLC | 800 Fifth Avenue, Suite 2800 <br> Seattle, WA 98104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The International Equity Portfolio |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of London Investment Management<br> Company Limited | 17 East Market Street <br> West Chester, PA 19382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mellon Investments Corporation | 500 Ross Street<br> Pittsburgh, PA 15258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Parametric Portfolio Associates LLC | 800 Fifth Avenue, Suite 2800 <br> Seattle, WA 98104 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Institutional International Equity Portfolio |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of London Investment Management<br> Company Limited | 17 East Market Street <br> West Chester, PA 19382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mellon Investments Corporation | 500 Ross Street<br> Pittsburgh, PA 15258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Parametric Portfolio Associates LLC | 800 Fifth Avenue, Suite 2800 <br> Seattle, WA 98104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RhumbLine Advisers Limited Partnership | 265 Franklin Street<br> Boston, MA 02110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Emerging Markets Portfolio |  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of London Investment Management <br> Company Limited | 17 East Market Street <br> West Chester, PA 19382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mellon Investments Corporation | 500 Ross Street<br> Pittsburgh, PA 15258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RhumbLine Advisers Limited Partnership | 265 Franklin Street |
|  | Boston, MA 02110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Parametric Portfolio Associates LLC | 800 Fifth Avenue, Suite 2800 <br> Seattle, WA 98104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Core Fixed Income Portfolio |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agincourt Capital Management, LLC | 200 South 10<sup>th</sup> Street, Suite 800 <br> Richmond, VA 23219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mellon Investments Corporation | 500 Ross Street<br> Pittsburgh, PA 15258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Parametric Portfolio Associates LLC | 800 Fifth Avenue, Suite 2800 <br> Seattle, WA 98104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Corporate Opportunities Portfolio |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of London Investment Management <br> Company Limited | 17 East Market Street <br> West Chester, PA 19382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mellon Investments Corporation | 500 Ross Street<br> Pittsburgh, PA 15258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Parametric Portfolio Associates LLC | 800 Fifth Avenue, Suite 2800 <br> Seattle, WA 98104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Government Fixed Income Securities Portfolio |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mellon Investments Corporation | 500 Ross Street<br> Pittsburgh, PA 15258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Parametric Portfolio Associates LLC | 800 Fifth Avenue, Suite 2800 <br> Seattle, WA 98104 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The U.S. Corporate Fixed Income Securities Portfolio |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agincourt Capital Management, LLC | 200 South 10<sup>th</sup> Street, Suite 800 <br> Richmond, VA 23219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mellon Investments Corporation | 500 Ross Street<br> Pittsburgh, PA 15258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Parametric Portfolio Associates LLC | 800 Fifth Avenue, Suite 2800 <br> Seattle, WA 98104 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The U.S. Mortgage/Asset Backed Fixed Income Securities Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The U.S. Mortgage/Asset Backed Fixed Income Securities Portfolio |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mellon Investments Corporation | 500 Ross Street<br> Pittsburgh, PA 15258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Parametric Portfolio Associates LLC | 800 Fifth Avenue, Suite 2800 <br> Seattle, WA 98104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Short-Term Municipal Bond Portfolio |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Breckinridge Capital Advisors, Inc. | 125 High Street, Suite 431<br> Boston, Massachusetts 02110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Intermediate-Term Municipal Bond Portfolio |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Breckinridge Capital Advisors, Inc. | 125 High Street, Suite 431<br> Boston, Massachusetts 02110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of London Investment Management <br> Company Limited | 17 East Market Street<br> West Chester, PA 19382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insight North America LLC | 200 Park Avenue<br> New York, New York 10166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Parametric Portfolio Associates LLC | 800 Fifth Avenue, Suite 2800 <br> Seattle, WA 98104 |

---

Item 34. Management Services.

None.

Item 35. Undertakings

Not Applicable.

**POWER OF ATTORNEY**

KNOW ALL PERSONS BY THESE PRESENTS, that the undersigned, a Trustee of HC Capital Trust, a Delaware statutory trust (the "Trust"), does hereby constitute and appoint Colette Bergman and Jamie Eisner, and each of them, his true and lawful attorney and agent to do any and all acts and things and to execute any and all instruments which said attorney and agent may deem necessary or advisable to enable the Trust to comply with the Securities Act of 1933, as amended ("Securities Act"), the Investment Company Act of 1940, as amended ("1940 Act") and any rules, regulations and requirements of the Securities and Exchange Commission ("SEC"), in connection with the registration under the Securities Act of the shares of beneficial interest of the Trust (the "Securities") and in connection with the registration of the Trust under the 1940 Act, including specifically, but without limiting the generality of the foregoing, the power and authority to sign for, and on behalf of, the Trust and the undersigned, the name of the undersigned as Trustee of the Trust to a Registration Statement or to any amendment thereto filed with the SEC with respect to the Securities or with respect to the Trust and to any instrument or document filed as part of, as an exhibit to, or in connection with, any Registration Statement or amendment. This power of attorney supersedes and replaces the previous power of attorney executed by the undersigned as a Trustee of the Trust.

IN WITNESS WHEREOF, the undersigned has caused this Power of Attorney to be executed as of August 19, 2024.

---

| | |
|:---|:---|
| <br> /s/ John M. Dyer | <br> /s/ R. Richard Williams |
| John M. Dyer, Trustee | R. Richard Williams, Trustee |
| <br> /s/ Jarrett Burt Kling<br>| <br> /s/ Richard W. Wortham III |
| Jarrett Burt Kling, Trustee | Richard W. Wortham III, Trustee |
| <br> /s/ Geoffrey A. Trzepacz |  |
| Geoffrey A. Trzepacz, Trustee |  |

---

**HC CAPITAL TRUST**

**POWER OF ATTORNEY**

**KNOW ALL PERSONS BY THESE PRESENTS,** that the undersigned, being an executive officer of HC Capital Trust, a statutory trust organized under the laws of the State of Delaware (the "Trust"), does hereby make, constitute and appoint COLETTE BERGMAN and JAMIE EISNER, and each of them, attorneys-in-fact and agents of the undersigned with full power and authority of substitution and re-substitution, in any and all capacities, to execute for, and on behalf of, the undersigned any and all filings and amendments to the Registration Statement on Form N-1A relating to the shares of beneficial interest of the Trust and any other documents and instruments incidental thereto, and to deliver and file the same, with all exhibits thereto, and all documents and instruments in connection therewith, with the U.S. Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and thing that said attorneys-in-fact and agents, and each of them, deem advisable or necessary to enable the Trust to effectuate the intents and purposes hereof, and the undersigned hereby fully ratifies and confirms all that said attorneys-in-fact and agents, or any of them, or their or his or her substitute or substitutes, shall do or cause to be done by virtue hereof. This power of attorney supersedes and replaces the previous power of attorney executed by the undersigned as an executive officer of the Trust on or about September 18, 2023.

**IN WITNESS WHEREOF**, the undersigned has subscribed his name this 8<sup>th</sup> day of August, 2024.

<u>/s/ Geoffrey Trzepacz</u>

Geoffrey Trzepacz

**HC CAPITAL TRUST**

**POWER OF ATTORNEY**

**KNOW ALL PERSONS BY THESE PRESENTS,** that the undersigned, being an executive officer of HC Capital Trust, a statutory trust organized under the laws of the State of Delaware (the "Trust"), does hereby make, constitute and appoint GEOFFREY TRZEPACZ and JAMIE EISNER, and each of them, attorneys-in-fact and agents of the undersigned with full power and authority of substitution and re-substitution, in any and all capacities, to execute for, and on behalf of, the undersigned any and all filings and amendments to the Registration Statement on Form N-1A relating to the shares of beneficial interest of the Trust and any other documents and instruments incidental thereto, and to deliver and file the same, with all exhibits thereto, and all documents and instruments in connection therewith, with the U.S. Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and thing that said attorneys-in-fact and agents, and each of them, deem advisable or necessary to enable the Trust to effectuate the intents and purposes hereof, and the undersigned hereby fully ratifies and confirms all that said attorneys-in-fact and agents, or any of them, or their or his substitute or substitutes, shall do or cause to be done by virtue hereof. This power of attorney supersedes and replaces the previous power of attorney executed by the undersigned as an executive officer of the Trust on or about September 18, 2023.

**IN WITNESS WHEREOF**, the undersigned has subscribed her name this 9<sup>th</sup> day of August, 2024.

<u>/s/ Colette Bergman</u> 

Colette Bergman

**<u>Exhibit List</u>**

**Item 28**

---

| | |
|:---|:---|
| [(d)(1)(c)](tm2523042d1_ex99-xdx1xc.htm) | [Amendment No. 2 to the Amended and Restated Investment Advisory Agreement dated March 11, 2025 between the Trust and HC Capital Solutions (a division of, Hirtle, Callaghan & Co, LLC) related to The U.S. Equity Portfolio, The International Equity Portfolio, The Core Fixed Income Portfolio, The Corporate Opportunities Portfolio, The Short-Term Municipal Bond Portfolio and The Intermediate-Term Municipal Bond Portfolio](tm2523042d1_ex99-xdx1xc.htm) |

---

[(d)(53)](tm2523042d1_ex99-xdx53.htm) [Portfolio Management Agreement, dated December 12, 2024, between the Trust and RhumbLine Advisers Limited Partnership related to The Emerging Markets Portfolio](tm2523042d1_ex99-xdx53.htm)

[(e)](tm2523042d1_ex99-xe.htm) [Distribution Agreement, dated July 1, 2025, between the Trust and Ultimus Fund Distributors, LLC](tm2523042d1_ex99-xe.htm)

[(p)(3)](tm2523042d1_ex99-xpx3.htm) [Code of Ethics, dated October 18, 2024 adopted by Breckinridge Capital Advisors, Inc.](tm2523042d1_ex99-xpx3.htm)

[(p)(4)](tm2523042d1_ex99-xpx4.htm) [The Bank of New York Mellon Corporation ("BNY") Personal Securities Trading Policy, dated February 11, 2025, adopted by Mellon Investments Corporation](tm2523042d1_ex99-xpx4.htm)

[(p)(5)](tm2523042d1_ex99-xpx5.htm) [BNY Code of Conduct, dated 2024, adopted by Mellon Investments Corporation](tm2523042d1_ex99-xpx5.htm)

[(p)(8)](tm2523042d1_ex99-xpx8.htm) [Morgan Stanley Investment Management Public Side Code of Ethics and Personal Trading Guidelines, dated December 12, 2024, adopted by Parametric Portfolio Associates LLC](tm2523042d1_ex99-xpx8.htm)

[(p)(9)](tm2523042d1_ex99-xpx9.htm) [Code of Ethics, dated August, 2024, adopted by City of London Investment Management Company Limited](tm2523042d1_ex99-xpx9.htm)

[(p)(10)](tm2523042d1_ex99-xpx10.htm) [Code of Ethics, dated March 14, 2025, adopted by Agincourt Capital Management, LLC](tm2523042d1_ex99-xpx10.htm)

[(p)(11)](tm2523042d1_ex99-xpx11.htm) [BNY Personal Securities Trading Policy, dated October 10, 2024, adopted by Insight North America LLC](tm2523042d1_ex99-xpx11.htm)

[(p)(12)](tm2523042d1_ex99-xpx12.htm) [BNY Code of Conduct, dated February, 2025, adopted by Insight North America LLC](tm2523042d1_ex99-xpx12.htm)

[(p)(13)](tm2523042d1_ex99-xpx13.htm) [Code of Ethics, dated October 1, 2024, adopted by RhumbLine Advisers Limited Partnership](tm2523042d1_ex99-xpx13.htm)

SIGNATURES

Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant has caused this Post-Effective Amendment to its Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of West Conshohocken and Commonwealth of Pennsylvania on the 28<sup>th</sup> day of August, 2025.

---

| |
|:---|
| HC Capital Trust |
| \* |
| Geoffrey A. Trzepacz |
| President and Chief Executive Officer |

---

Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed below by the following persons in the capacities and on the date indicated.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\* | Trustee | August 28, 2025 |
| John M. Dyer |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\* | Trustee | August 28, 2025 |
| Jarrett Burt Kling |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\* | Trustee | August 28, 2025 |
| Geoffrey A. Trzepacz |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\* | Trustee | August 28, 2025 |
| R. Richard Williams |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\* | Trustee | August 28, 2025 |
| Richard W. Wortham, III |  |  |

---

---

| | |
|:---|:---|
| \*By: | /s/Colette Bergman |
|  | **Colette Bergman** |
|  | As Attorney-in-fact and Treasurer,<br> Principal Financial Officer and<br> Principal Accounting Officer |
|  | August 28, 2025 |

---

## Ex-99.(D)(1)(C)

**Exhibit 99.(d)(1)(c)**

**HC Capital Trust**

**Amendment No. 2 to the Amended and Restated Investment Advisory Agreement**

Amendment, made as of March 11, 2025, to the Amended and Restated Investment Advisory Agreement dated March 9, 2021, as amended, between HC Capital Trust (the "Trust") and HC Capital Solutions, an operating division of Hirtle Callaghan & Co. (the "Primary Adviser") (the "Agreement") with respect to Portfolios of the Trust listed on Schedule A hereto. All capitalized terms used in this Amendment and not defined herein shall have the same meaning ascribed to them in the Agreement. Except as specifically set forth herein, all other provisions of the Agreement shall remain in full force and effect.

WHEREAS, the Parties wish to amend Schedule A of the Agreement to update the list of Portfolios of the Trust.

NOW, THEREFORE, the parties hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;1. Schedule A of the Agreement is hereby replaced by Schedule A hereto.

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed and delivered by their respective duly authorized representatives as of the date first above written.

HC CAPITAL TRUST

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Colette L. Bergman |
| By: Colette L. Bergman |
| Title: VP and Treasurer |

---

HC CAPITAL SOLUTIONS

An operating division of Hirtle Callaghan & Co., LLC

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Colette L. Bergman |
| By: Colette L. Bergman |
| Title: Authorized Signer |

---

Schedule A

This Agreement applies to the following Portfolios of the Trust:

&nbsp;&nbsp;&nbsp;&nbsp;1. The U.S. Equity Portfolio (formerly, The Growth Equity Portfolio)

&nbsp;&nbsp;&nbsp;&nbsp;2. The International Equity Portfolio

&nbsp;&nbsp;&nbsp;&nbsp;3. The Core Fixed Income Portfolio

&nbsp;&nbsp;&nbsp;&nbsp;4. The Corporate Opportunities Portfolio

&nbsp;&nbsp;&nbsp;&nbsp;5. The Short-Term Municipal Bond Portfolio

&nbsp;&nbsp;&nbsp;&nbsp;6. The Intermediate Term Municipal Bond Port folio

## Ex-99.(D)(53)

**Exhibit 99.(d)(53)**

**<u>PORTFOLIO MANAGEMENT AGREEMENT</u>**

**<u>For The Emerging Markets Portfolio</u>**

AGREEMENT made this 12th day of December, 2024, between RhumbLine Advisers, Limited Partnership, a limited partnership organized under the laws of Massachusetts ("Portfolio Manager"), and HC Capital Trust, a Delaware statutory trust ("Trust").

WHEREAS, the Trust is registered as an open-end, diversified, management investment company under the Investment Company Act of 1940, as amended "Investment Company Act") which offers several series of shares of beneficial interests ("shares") representing interests in separate investment portfolios; and

WHEREAS, the Trust desires to retain the Portfolio Manager to provide a continuous program of investment management to that portion of The Emerging Markets Portfolio of the Trust ("Portfolio") that may, from time to time be allocated to it by, or under the supervision of, the Trust's Board of Trustees, and Portfolio Manager is willing, in accordance with the terms and conditions hereof, to provide such services to the Trust;

NOW THEREFORE, in consideration of the promises and covenants set forth herein and intending to be legally bound hereby, it is agreed between the parties as follows:

1. <u>Appointment of Portfolio Manager</u>. The Trust hereby retains Portfolio Manager to provide the investment services set forth herein and Portfolio Manager agrees to accept such appointment. In carrying out its responsibilities under this Agreement, the Portfolio Manager shall at all times act in accordance with the investment objectives, policies and restrictions applicable to the Portfolio as set forth in the then current Registration Statement of the Trust delivered by the Trust to the Portfolio Manager, applicable provisions of the Investment Company Act and the rules and regulations promulgated under the Investment Company Act and other applicable federal securities laws.

2. <u>Duties of Portfolio Manager</u>. (a) Portfolio Manager shall provide a continuous program of investment management for that portion of the assets of the Portfolio ("Account") that may, from time to time be allocated to it by, or under the supervision of, the Trust's Board of Trustees, as indicated in writing by an authorized officer of the Trust. It is understood that the Account may consist of all, a portion of or none of the assets of the Portfolio, and that the Board of Trustees and/or HC Capital Solutions (a division of Hirtle Callaghan & Co. LLC), the Trust's investment adviser, has the right to allocate and reallocate such assets to the Account at any time, and from time to time, upon such notice to the Portfolio Manager as may be reasonably necessary, in the view of the Trust, to ensure orderly management of the Account or the Portfolio; provided, however, that upon at least 90 days' prior written notice, the Portfolio Manager may cease accepting additional allocations of assets to the Account. The Portfolio Manager's responsibility for providing portfolio management services to the Portfolio shall be limited to the Account.

(b) Subject to the general supervision of the Trust's Board of Trustees, Portfolio Manager shall have sole investment discretion with respect to the Account, including investment research, selection of the securities to be purchased and sold and the portion of the Account, if any, that shall be held uninvested, and the selection of brokers and dealers through which securities transactions in the Account shall be executed. The Portfolio Manager shall not consult with any other portfolio manager of the Portfolio concerning transactions for the Portfolio in securities or other assets. Specifically, and without limiting the generality of the foregoing, Portfolio Manager agrees that it will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) advise the Portfolio's designated custodian bank and administrator or accounting agent on each business day of each purchase and sale, as the case may be, made on behalf of the Account, specifying the name and quantity of the security purchased or sold, the unit and aggregate purchase or sale price, commission paid, the market on which the transaction was effected, the trade date, the settlement date, the identity of the effecting broker or dealer and/or such other information, and in such manner, as may from time to time be reasonably requested by the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) maintain all applicable books and records with respect to the securities transactions of the Account. Specifically, Portfolio Manager agrees to maintain with respect to the Account records comparable to those records required to be maintained under Rule 31a-1(b)(1), (5) and (b)(6) under the Investment Company Act with respect to transactions in the Account including, without limitation, records which reflect securities purchased or sold in the Account, showing for each such transaction, the name and quantity of securities, the unit and aggregate purchase or sale price, commission paid, the market on which the transaction was effected, the trade date, the settlement date, and

the identity of the effecting broker or dealer. Portfolio Manager will preserve such records in the manner and for the periods prescribed by Rule 31a-2 under the Investment Company Act. Portfolio Manager acknowledges and agrees that all records it maintains for the Trust are the property of the Trust, and Portfolio Manager will surrender promptly to the Trust any such records upon the Trust's request. The Trust agrees, however, that Portfolio Manager may retain copies of those records that are required to be maintained by Portfolio Manager under federal or state regulations to which it may be subject or are reasonably necessary for purposes of conducting its business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) provide, in a timely manner, such information as may be reasonably requested by the Trust or its designated agents in connection with, among other things, the daily computation of the Portfolio's net asset value and net income, preparation of proxy statements or amendments to the Trust's registration statement and monitoring investments made in the Account to ensure compliance with the various limitations on investments applicable to the Portfolio and to ensure that the Portfolio will continue to qualify for the special tax treatment accorded to regulated investment companies under Subchapter M of the Internal Revenue Code of 1986, as amended ("Code");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) render regular reports to the Trust concerning the performance of Portfolio Manager of its responsibilities under this Agreement. In particular, Portfolio Manager agrees that it will, at the reasonable request of the Board of Trustees, attend meetings of the Board or its validly constituted committees and will, in addition, make its officers and employees available to meet with the officers and employees of the Trust at least quarterly and at other times upon reasonable notice, to review the investments and investment program of the Account; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) with the services of the proxy adviser Institutional Shareholder Services, determine whether and in what manner to vote, and execute or cause to be executed proxies respecting the voting of, securities held by the Account at meetings of holders of such securities provided that timely notice has been given to Portfolio Manager of such meetings.

3. <u>Portfolio Transaction and Brokerage</u>. In placing orders for portfolio securities with brokers and dealers, Portfolio Manager shall use its best efforts to execute securities transactions on behalf of the Account in such a manner that the total cost or proceeds in each transaction is the most favorable under the circumstances. Portfolio Manager may, however, in its discretion, direct orders to brokers that provide to Portfolio Manager research, analysis, advice and similar services, and Portfolio Manager may cause the Account to pay to those brokers a higher commission than may be charged by other brokers for similar transactions, provided that Portfolio Manager determines in good faith that such commission is reasonable in terms either of the particular transaction or of the overall responsibility of the Portfolio Manager to the Account and any other accounts with respect to which Portfolio Manager exercises investment discretion, and provided further that the extent and continuation of any such practice is subject to review by the Trust's Board of Trustees. Portfolio Manager shall not execute any portfolio transactions for the Trust with a broker or dealer which is an "affiliated person" of the Trust or Portfolio Manager, as that term is defined in Section 2(a)(3) of the Investment Company Act, including any other investment advisory organization that may, from time to time act as a portfolio manager for the Portfolio or any of the Trust's other Portfolios, except as permitted under the Investment Company Act and rules promulgated thereunder. The Trust shall provide a list of such affiliated brokers and dealers to Portfolio Manager and will promptly advise Portfolio Manager of any changes in such list.

4. <u>Expenses and Compensation</u>. Except for expenses specifically assumed or agreed to be paid by the Portfolio Manager under this Agreement, the Portfolio Manager shall not be liable for any expenses of the Portfolio or the Trust, including, without limitation: (i) interest and taxes; (ii) brokerage commissions and other costs in connection with the purchase and sale of securities or other investment instruments with respect to the Portfolio; and (iii) custodian fees and expenses. For its services under this Agreement, Portfolio Manager shall be entitled to receive a fee, which fee shall be payable monthly in arrears at the annual rate of 0.15% of the average daily net assets of the Account.

5. <u>Limitation of Liability and Indemnification</u>. (a) Portfolio Manager shall not be liable for any error of judgment or mistake of law or for any loss suffered by the Portfolio or the Trust in connection with the matters to which this Agreement relates including, without limitation, losses that may be sustained in connection with the purchase, holding, redemption or sale of any security or other investment by the Trust on behalf of the Portfolio, except a loss resulting from willful misfeasance, bad faith or gross negligence on the part of Portfolio Manager in the performance of its duties or from reckless disregard by it of its duties under this Agreement.

(b) Portfolio Manager understands that the Trust will rely upon certain documents provided to it by Portfolio Manager and/or documents filed by the Portfolio Manager with the Securities and Exchange Commission ("SEC"). Portfolio Manager expressly warrants the accuracy of any and all such documents and further warrants that such documents shall not contain any untrue statement of material fact or omit to state any material fact necessary to make the statements made therein, in light of the circumstances under which they are made, not materially misleading. Without limiting the generality of the foregoing, Portfolio Manager expressly agrees that the Trust may rely upon: (i) the Portfolio Manager's current Form ADV; and (ii) information provided, in writing, by Portfolio Manager to the Trust in accordance with Section 9 of this Agreement or otherwise to the extent such information was provided by Portfolio Manager for the purpose of inclusion in SEC Filings, as hereinafter defined provided that a copy of each SEC Filing is provided to Portfolio Manager: (i) at least 10 business days prior to the date on which it will become effective, in the case of a registration statement; (ii) at least 10 business days prior to the date upon which it is filed with the SEC in the case of the Trust's semi-annual-report on Form N-SAR or any shareholder report or proxy statement; or (iii) at least 10 business days prior to first use, in the case of any other SEC Filing. For purposes of this Section 5, "SEC Filings" means the Trust's registration statement and amendments thereto and any periodic reports relating to the Trust and its Portfolios that are required by law to be furnished to shareholders of the Trust and/or filed with the Securities and Exchange Commission.

(c) Portfolio Manager agrees to indemnify and hold harmless the Trust and each of its Trustees, officers, employees and control persons from any claims, liabilities and reasonable expenses, including reasonable attorneys' fees (collectively, "Losses"), to the extent that such Losses result from willful misfeasance, bad faith or gross negligence on the part of Portfolio Manager in the performance of its duties or from reckless disregard by it of its duties under this Agreement or out of any untrue statement of a material fact contained in an SEC Filing or the omission to state therein a material fact necessary to make the statements therein, in light of the circumstances under which they are made, not materially misleading, if such statement or omission was made in reliance upon the Portfolio Manager' s current Form ADV or written information furnished by the Portfolio Manager for the purpose of inclusion in such SEC Filings or other appropriate SEC Filings; provided that a copy of each SEC Filing was provided to Portfolio Manager: (i) at least 10 business days prior to the date on which it will become effective, in the case of a registration statement; (ii) at least 10 business days prior to the date upon which it is filed with the SEC in the case of any shareholder report or proxy statement; or (iii) at least 10 business days prior to first use, in the case of any other SEC Filing.

(d) In the event that a legal proceeding is commenced against the Trust on the basis of claims for which the Portfolio Manager would, if such claims were to prevail, be required to indemnify the Trust pursuant to Section 5(c) above, Portfolio Manager will, at its expense, provide such assistance as the Trust may reasonably request in preparing the defense of the such claims (including by way of example making Portfolio Manager's personnel available for interview by counsel for the Trust, but specifically not inducing retention or payment of counsel to defend such claims on behalf of the Trust); provided that the Portfolio Manager will not be required to pay any Losses of the Trust except to the extent it may be required to do so under Section 5(c) above.

(e) The indemnification obligations set forth in Section 5 (c) shall not apply unless: (i) the statement or omission in question accurately reflects information provided to the Trust in writing by the Portfolio Manager; (ii) the statement or omission in question was made in an SEC Filing in reliance upon written information provided to the Trust by the Portfolio Manager specifically for use in such SEC Filing; (iii) the Portfolio Manager was afforded the opportunity to review the statement (or the omission was identified to it) in connection with the 10 business day review requirement set forth in Section 5(b) above; and (iv) upon receipt by the Trust of any notice of the commencement of any action or the assertion of any claim to which the indemnification obligations set forth in Section 5(c) may apply, the Trust notifies the Portfolio Manager, within 30 days and in writing, of such receipt and provides to Portfolio Manager the opportunity to participate in the defense and/or settlement of any such action or claim. Further, Portfolio Manager will not be required to indemnify any person under this Section 5 to the extent that Portfolio Manager relied upon statements or information furnished to the Portfolio Manager, in writing, by any officer, employee or Trustee of the Trust, or by the Trust's custodian, administrator or accounting agent or any other agent of the Trust, in preparing written information provided to the Trust and upon which the Trust relied in preparing the SEC Filing(s) in question.

(f) The Portfolio Manager shall not be liable for: (i) any acts of any other portfolio manager to the Portfolio or the Trust with respect to the portion of the assets of the Portfolio or the Trust not managed by the Portfolio Manager; and (ii) acts of the Portfolio Manager which result from acts of the Trust, including, but not limited to, a failure of the

Trust to provide accurate and current information with respect to the investment objectives, policies, or restrictions applicable to the Portfolio, actions of the Trustees, or any records maintained by Trust or any other portfolio manager to the Portfolio. The Trust agrees that, to the extent the Portfolio Manager complies with the investment objectives, policies, and restrictions applicable to the Portfolio as provided to the Portfolio Manager by the Trust, and with laws, rules, and regulations applicable to the Portfolio (including, without limitation, any requirements relating to the qualification of the Account as a regulated investment company under Subchapter M of the Code) in the management of the assets of the Portfolio specifically committed to management by the Portfolio Manager, without regard to any other assets or investments of the Portfolio, Portfolio Manager will be conclusively presumed for all purposes to have met its obligations under this Agreement to act in accordance with the investment objectives, polices, and restrictions applicable to the Portfolio and with laws, rules, and regulations applicable to the Portfolio, it being the intention that for this purpose the assets committed to management by the Portfolio Manager shall be considered a separate and discrete investment portfolio from any other assets of the Portfolio; without limiting the generality of the foregoing, the Portfolio Manager will have no obligation to inquire into, or to take into account, any other investments of the Portfolio in making investment decisions under this Agreement. In no event shall the Portfolio Manager or any officer, director, employee, or agent or the Portfolio Manager have any liability arising from the conduct of the Trust and any other portfolio manager with respect to the portion of the Portfolio's assets not allocated to the Portfolio Manager.

6. <u>Permissible Interest</u>. Subject to and in accordance with the Trust's Declaration of Trust and Bylaws and corresponding governing documents of Portfolio Manager, Trustees, officers, agents and shareholders of the Trust may have an interest in the Portfolio Manager as officers, directors, agents and/or shareholders or otherwise. Portfolio Manager may have similar interests in the Trust. The effect of any such interrelationships shall be governed by said governing documents and the provisions of the Investment Company Act.

7. <u>Duration, Termination and Amendments</u>. This Agreement shall become effective as of the date first written above and shall continue in effect thereafter for two years. This Agreement shall continue in effect from year to year thereafter for so long as its continuance is specifically approved, at least annually, by: (i) a majority of the Board of Trustees or the vote of the holders of a majority of the Portfolio's outstanding voting securities; and (ii) the affirmative vote, cast in person at a meeting called for the purpose of voting on such continuance, of a majority of those members of the Board of Trustees ("Independent Trustees") who are not "interested persons" of the Trust or any investment adviser to the Trust.

This Agreement may be terminated by the Trust or by Portfolio Manager at any time and without penalty upon sixty days written notice to the other party, which notice may be waived by the party entitled to it. This Agreement may not be amended except by an instrument in writing and signed by the party to be bound thereby provided that if the Investment Company Act requires that such amendment be approved by the vote of the Board, the Independent Trustees and/or the holders of the Trust's or the Portfolio's outstanding shareholders, such approval must be obtained before any such amendment may become effective. This Agreement shall terminate upon its assignment. For purposes of this Agreement, the terms "majority of the outstanding voting securities," "assignment" and "interested person" shall have the meanings set forth in the Investment Company Act. The Manager, which is organized as a limited partnership, will notify the Client of any change in the general partnership of the Manager within a reasonable time after such change.

8. <u>Confidentiality; Use of Name</u>. Portfolio Manager and the Trust acknowledge and agree that during the term of this Agreement the parties may have access to certain information that is proprietary to the Trust or Portfolio Manager, respectively (or to their affiliates and/or service providers). The parties agree that their respective officers and employees shall treat all such proprietary information as confidential and will not use or disclose information contained in, or derived from such material for any purpose other than in connection with the carrying out of their responsibilities under this Agreement and the management of the Trust's assets, provided, however, that this shall not apply in the case of: (i) information that is publicly available; and (ii) disclosures required by law or requested by any regulatory authority that may have jurisdiction over Portfolio Manager or the Trust, as the case may be, in which case such party shall request such confidential treatment of such information as may be reasonably available. In addition, each party shall use its reasonable efforts to ensure that its agents or affiliates who may gain access to such proprietary information shall be made aware of the proprietary nature and shall likewise treat such materials as confidential.

It is acknowledged and agreed that the names "Hirtle Callaghan," "Hirtle Callaghan Chief Investment Officers" (which is a registered trademark of Hirtle Callaghan & Co., LLC ("HCC")), "HC Capital" and any derivative of any of them, as well as any logo that is now or shall later become associated with such names ("Marks") are valuable property of HCC and that the use of the Marks, or any one of them, by the Trust or its agents is subject to the license granted to the Trust by HCC. The Trust consents to the use of its name by the Portfolio Manager in its client list included in marketing materials and to disclosure of its names and the fee hereunder to other mutual fund clients as may be required by Section 15(c) of the Investment Company Act of 1940. Portfolio Manager agrees that it will not use any Mark without the prior written consent of the Trust. Portfolio Manager consents to use of its name, performance data, biographical data and other pertinent data, and the Wellington Marks (as defined below), by the Trust for use in marketing and sales literature, provided that any such marketing and sales literature shall not be used by the Trust without the prior written consent of Portfolio Manager, which consent shall not be unreasonably withheld. The Trust shall have full responsibility for the compliance by any such marketing and sales literature with all applicable laws, rules, and regulations, and Portfolio Manager will have no responsibility or liability therefor.

It is acknowledged and agreed that the name "RhumbLine Advisers, Limited Partnership" and any portion or derivative thereof, as well as any logo that is now or shall later become associated with the name ("RhumbLine Marks"), are valuable property of the Portfolio Manager and that the use of the RhumbLine Marks by the Trust or its agents is permitted only so long as this Agreement is in place.

The provisions of this Section 8 shall survive termination of this Agreement.

9. <u>Representation, Warranties and Agreements of Portfolio Manager</u>. Portfolio Manager represents and warrants that:

(a) It is registered as an investment adviser under the Investment Advisers Act of 1940, as amended ("Investment Advisers Act"), it will maintain such registration in full force and effect and will promptly report to the Trust the commencement of any formal proceeding that could render the Portfolio Manager ineligible to serve as an investment adviser to a registered investment company under Section 9 of the Investment Company Act.

(b) Portfolio Manager understands that the Trust is subject to various regulations under the Investment Company Act which require that the Board review and approve various procedures adopted by portfolio managers and may also require disclosure regarding the Board's consideration of these matters in various documents required to be filed with the SEC. Portfolio Manager represents that it will, upon reasonable request of the Trust, provide to the Trust information regarding all such matters including, but not limited to, codes of ethics required by Rule 204A-1 under the Investment Advisers Act and Rule 17j-1 under the Investment Company Act and compliance procedures required by Rule 206(4)-7 under the Investment Advisers Act, as well as certifications that, as contemplated under Rule 38a-1 under the Investment Company Act, Portfolio Manager has implemented a compliance program that is reasonably designed to prevent violations of the federal securities laws by the Portfolio with respect to those services provided pursuant to this Agreement. Portfolio Manager acknowledges that the Trust may, in response to regulations or recommendations issued by the SEC or other regulatory agencies, from time to time, request additional information regarding the personal securities trading of its directors, partners, officers and employees and the policies of Portfolio Manager with regard to such trading. Portfolio Manager agrees that it will make reasonable efforts to respond to the Trust's reasonable requests in this area.

(c) Upon request of the Trust, Portfolio Manager shall promptly supply the Trust with any information concerning Portfolio Manager and its stockholders, employees and affiliates that the Trust may reasonably require in connection with the preparation of its registration statements, proxy materials, reports and other documents required, under applicable state or Federal laws, to be filed with state or Federal agencies and/or provided to shareholders of the Trust.

10. <u>Status of Portfolio Manager</u>. The Trust and Portfolio Manager acknowledge and agree that the relationship between Portfolio Manager and the Trust is that of an independent contractor and under no circumstances shall any employee of Portfolio Manager be deemed an employee of the Trust or any other organization that the Trust may, from time to time, engage to provide services to the Trust, its Portfolios or its shareholders. The parties also acknowledge and agree that nothing in this Agreement shall be construed to restrict the right of Portfolio Manager or

its affiliates to perform investment management or other services to any person or entity, including without limitation, other investment companies and persons who may retain Portfolio Manager to provide investment management services and the performance of such services shall not be deemed to violate or give rise to any duty or obligations to the Trust.

11. <u>Counterparts and Notice</u>. This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original. Any notice required to be given under this Agreement shall be deemed given when received, in writing addressed and delivered, by certified mail, by hand, via overnight delivery service or to the e-mail address provided below as follows:

If to the Trust:

Colette Bergman, Vice President

HC Capital Trust

Five Tower Bridge, 300 Barr Harbor Drive, 5<sup>th</sup> Floor

West Conshohocken, PA 19428

cbergman@hirtlecallghan.com

If to Portfolio Manager:

Denise A. D'Entremont

RhumbLine Advisers Limited Partnership

265 Franklin Street

Boston, MA 02110

dad@indexmngr.com

With a copy to: ClientInstruction@ indexmngr.com

12. <u>Miscellaneous</u>. The captions in this Agreement are included for convenience of reference only and in no way define or delimit any of the provisions hereof or otherwise affect their construction or effect. 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. This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors and shall be governed by the law of the State of Delaware provided that nothing herein shall be construed as inconsistent with the Investment Company Act or the Investment Advisers Act.

The Trust acknowledges receipt of Part 2 of Portfolio Manager's Form ADV, copies of which have been provided to the Trust's Board of Trustees.

Portfolio Manager is hereby expressly put on notice of the limitations of shareholder and Trustee liability set forth in the Declaration of Trust of the Trust and agrees that obligations assumed by the Trust pursuant to this Agreement shall be limited in all cases to the assets of the Portfolio. Portfolio Manager further agrees that it will not seek satisfaction of any such obligations from the shareholders or any individual shareholder of the Trust, or from the Trustees of the Trust or any individual Trustee of the Trust.

**IN WITNESS WHEREOF**, the parties hereto have caused this Agreement to be executed by their officers thereunto duly authorized as of the day and year first written above.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;*ATTEST:* | *RhumbLine Advisers Limited Partnership* | *RhumbLine Advisers Limited Partnership* |
|  | *By:* | */s/ Denise A. D'Entremont* |
|  |  | *Denise A. D'Entremont, Chief Executive Officer* |
| &nbsp;&nbsp;&nbsp;*ATTEST:* | *HC Capital Trust* | *HC Capital Trust* |
|  | *(on behalf of The Emerging Markets Portfolio)* | *(on behalf of The Emerging Markets Portfolio)* |
|  | *By:* | */s/ Colette L. Bergman* |
|  |  | *Colette L. Bergman, VP and Treasurer* |

---

## Ex-99.(E)

**Exhibit 99.(e)**

DISTRIBUTION AGREEMENT

AGREEMENT made as of July 1, 2025 between HC Capital Trust (the "Trust"), a Delaware business trust, and Ultimus Fund Distributors, LLC ("Distributor"), an Ohio limited liability company.

WHEREAS, the Trust is an open-end management investment company, organized as a Delaware business trust and registered with the Securities and Exchange Commission (the "Commission") under the Investment Company Act of 1940, as amended (the "1940 Act");

WHEREAS, it is intended that Distributor act as the principal underwriter of the units of beneficial interest ("Shares") of each of the investment portfolios of the Trust (such portfolios being referred to individually as a "Fund" and collectively as the "Funds"); and

WHEREAS, as of the date of this Agreement, the Shares are available exclusively to investors who are clients of Hirtle Callaghan & Co., LLC (the "Adviser"), which acts as investment adviser to the Trust, or clients of financial intermediaries, such as other investment advisers, acting in a fiduciary capacity with investment discretion, that have established relationships with the Adviser.

NOW, THEREFORE, in consideration of the mutual premises and covenants herein set forth, the parties agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. SERVICES AS DISTRIBUTOR.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 (a) Distributor will act as principal underwriter of the Shares covered by the registration statement and prospectus of the Trust then in effect under the Securities Act of 1933, as amended (the "Securities Act"), and in such capacity will perform the following services: (i) obtain and maintain membership with the NSCC and any other similar successor organization to sponsor a participant number for the Funds so as to enable the Shares to be traded through FundSERV; and (ii) enable expedited registration of the Funds with state securities commissions as performed by the Trust's administrator. Distributor will be responsible for maintaining appropriate personnel and infrastructure to perform the services set forth in this Section 1.1(a). However, Distributor (i) is not responsible for any operational matters associated with FundSERV or Networking transactions and (ii) is not responsible for the filing of blue sky registration or qualification in the various states or jurisdictions in which Shares of the Trust may be sold.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) It is agreed by the parties that the Distributor's services under this Agreement are administrative in nature, none of the Distributor's activities under this Agreement are primarily intended to result in the sale of the Shares, and the Distributor will not engage in any activities primarily intended to result in the sale of the Shares, including without limitation: advertising, compensation of underwriters, dealers and sales personnel, printing and mailing of prospectuses to other than current Shareholders, and printing and mailing of sales literature. Distributor is, however, authorized, at the direction of the Trust, to offer and redeem shares on behalf of the Trust, and the Trust acknowledges that it will honor any instruction that Distributor enters into Fund/SERV on its behalf. The Trust represents and warrants as of the date of this Agreement and as of the date of each renewal of this Agreement that: (a) the Trust has adopted a plan of distribution under Rule 12b-l under the 1940 Act (a "Distribution Plan"), but the Distribution Plan is not operational; (b) no Shares of any Fund are subject to a sales load or subject to the imposition of a distribution fee; and (c) the Trust will not enter into or renew this Agreement unless the Board of Trustees of the Trust has determined that none of the services the Distributor is expected to provide under this Agreement are services that the Trust is prohibited from financing other than pursuant to a Distribution Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) As used in this Agreement, the term "registration statement" shall mean Parts A (the prospectus), B (the Statement of Additional Information) and C of each registration statement that is filed on Form N-1A, or any successor thereto, with the Commission, together with any amendments thereto. The term "prospectus" shall mean each form of prospectus and Statement of Additional Information used by the Funds for delivery to shareholders and prospective shareholders after the effective dates of the above-referenced registration statements, together with any amendments and supplements thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 The Trust understands that Distributor is now and may in the future be the distributor and/or underwriter of the shares of several investment companies or series (together, "Investment Companies") including Investment Companies having investment objectives similar to those of the Trust. The Trust further understands that investors and potential investors in the Trust may invest in shares of such other Investment Companies. The Trust agrees that Distributor's duties to such Investment Companies shall not be deemed in conflict with its duties to the Trust under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 All activities of Distributor and its partners, agents, and employees under this Agreement shall comply with all applicable laws, rules and regulations, including, without limitation, the 1940 Act, all rules and regulations promulgated by the Commission thereunder ad all rules and regulations adopted by any securities association registered under the Securities Exchange Act of 1934.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4 Distributor shall cause the transmission of any orders received by it for purchase or redemption of the Shares to the transfer agent and custodian for the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5 The Trust shall furnish from time to time such information with respect to the Funds and the Shares as Distributor may reasonably request; and the Trust warrants that the statements contained in any such information shall fairly show or represent what they purport to show or represent. The Trust shall also furnish Distributor upon request with: (a) unaudited semi-annual statements of the Funds' books and accounts prepared by the Trust, (b) a monthly itemized list of the securities in the Funds, (c) monthly balance sheets as soon as practicable after the end of each month, and (d) from time to time such additional information regarding the financial condition of the Funds as Distributor may reasonably request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.6 The Trust represents to Distributor that, with respect to the Shares, all registration statements and prospectuses filed by the Trust with the Commission under the Securities Act have been carefully prepared in conformity with requirements of said Act and rules and regulations of the Commission thereunder. The Registration statement and prospectus contain all statements required to be stated therein in conformity with said Act and the rules and regulations of said Commission and all statements of fact contained in any such registration statement and prospectus are true and correct. Furthermore, neither any registration statement nor any prospectus includes an untrue statement of a material fact or omits to state a material fact required to be stated therein or necessary to make the statements therein not misleading to a purchaser of the Shares. The foregoing representations shall not be deemed to cover any statements or representations contained in registration statements or prospectuses made based upon reasonable reliance upon information provided to the Trust by Distributor or its affiliates. The Trust may, but shall not be obligated to, propose from time to time such amendment or amendments to any registration statement and such supplement or supplements to any prospectus as, in the light of future developments, may, in the opinion of the Trust's counsel, be necessary or advisable. If the Trust shall not propose such amendment or amendments and/or supplement or supplements within fifteen days after receipt by the Trust of a written request from Distributor to do so, Distributor may, at its option, terminate this Agreement. The Trust shall not file any amendment to any registration statement or supplement to any prospectus without giving Distributor reasonable notice thereof in advance; provided, however, that nothing contained in this Agreement shall in any way limit the Trust's right to file at any

time such amendments to any registration statement and/or supplements to any prospectus, of whatever character, as the Trust may deem advisable, such right being in all respects absolute and unconditional.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.7 The Trust authorizes Distributor to use any prospectus in the form furnished from time to time for such purposes as may be appropriate given its role as principal underwriter. The Trust agrees to indemnify, defend and hold Distributor, its partners and officers, managers, employees and agents and any person who controls Distributor within the meaning of Section 15 of the Securities Act free and harmless from and against any and all claims, demands, liabilities and expenses (including the cost of investigating or defending such claims, demands or liabilities and any reasonable counsel fees incurred in connection therewith) which Distributor, its partners and officers, managers, employees and agents or any such controlling person, may incur under the Securities Act or under common law or otherwise, arising out of or based upon any untrue statement, or alleged untrue statement, of a material fact contained in any registration statement or any prospectus or arising out of or based upon any omission, or alleged omission, to state a material fact required to be stated in either any registration statement or any prospectus or necessary to make the statements in either thereof not misleading; provided, however, that the Trust's agreement to indemnify Distributor, its partners or officers, managers, employees and agents and any such controlling person shall not be deemed to cover any claims, demands, liabilities or expenses arising out of any statements or representations as are contained in any prospectus and in such financial and other statements as are furnished in writing to the Trust by Distributor and used in the answers to the registration statement or in the corresponding statements made in the prospectus, or arising out of or based upon any omission or alleged omission to state a material fact in connection with the giving of such information required to be stated in such answers or necessary to make the answers not misleading; and further provided that the Trust's agreement to indemnify Distributor and the Trust's representations and warranties hereinbefore set forth in Section 1.6 shall not be deemed to cover any liability to the Trust or its Shareholders to which Distributor would otherwise be subject by reason of willful misfeasance, bad faith or gross negligence in the performance of its duties, or by reason of Distributor's reckless disregard of its obligations and duties under, or breach of, this Agreement. Except for actions, suits or claims brought or threatened against Distributor by (i) the Trust, or (ii) one or more Shareholders of the Trust, the rights hereunder shall include the right to reasonable advances of defense expenses in the event of any pending or threatened litigation with respect to which indemnification hereunder may ultimately be merited. In order that the indemnification provision contained herein shall apply, however, it is understood that if in any case the Trust may be asked to indemnify or hold Distributor harmless, the Trust shall be fully and promptly advised of all pertinent facts concerning the situation in question, and it is further understood that Distributor will use all reasonable care to identify and notify the Trust promptly concerning any situation which presents or appears likely to present the probabilities of such a claim for indemnification against the Trust, but failure to do so in good faith shall not affect the rights hereunder.

The Trust shall be entitled to participate at its own expense or, if it so elects, to assume the defense of any suit brought to enforce any claims subject to this indemnity provision. If the Trust elects to assume the defense of any such claim, the defense shall be conducted by counsel chosen by the Trust and satisfactory to Distributor, whose approval shall not be unreasonably withheld. In the event that the Trust elects to assume the defense of any suit and retain counsel, Distributor shall bear the fees and expenses of any additional counsel retained by it. If the Trust does not elect to assume the defense of a suit, it will reimburse Distributor for the reasonable fees and expenses of any counsel retained by Distributor.

Distributor may apply to the Trust at any time for instructions and may, at Distributor's expense, consult counsel for the Trust or its own counsel and with accountants and other experts with respect to any matter arising in connection with Distributor's duties, and Distributor shall not be liable or accountable for any action taken or omitted by it in good faith in accordance with such instruction or with the opinion of such counsel, accountants or other experts.

Also, Distributor shall be protected in acting upon any document which it reasonably believes to be genuine and to have been signed or presented by the proper person or persons. Distributor will not be held to have notice of any change of authority of any officers, employees or agents of the Trust until receipt of written notice thereof from the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.8 Distributor agrees to indemnify, defend and hold the Trust, its officers and Trustees and any person who controls the Trust within the meaning of Section 15 of the Securities Act, free and harmless from and against any and all claims, demands, liabilities and expenses (including the costs of investigating or defending such claims, demands, or liabilities and any reasonable counsel fees incurred in connection therewith) which the Trust, its officers or Trustees or any such controlling person, may incur under the Securities Act or under common law or otherwise, but only to the extent that such liability or expense incurred by the Trust, its officers or Trustees or such controlling person resulting from such claims or demands, shall arise out of or be based upon any untrue, or alleged untrue, statement of a material fact contained in information furnished in writing by Distributor to the Trust and used in the answers to any of the items of the registration statement or in the corresponding statements made in the prospectus, or shall arise out of or be based upon any omission, or alleged omission, to state a material fact in connection with such information furnished in writing by Distributor to the Trust required to be stated in such answers or necessary to make such information not misleading. In order that the indemnification provision contained herein shall apply, however, it is understood that if in any case Distributor may be asked to indemnify or hold the Trust harmless, Distributor shall be fully and promptly advised of all pertinent facts concerning the situation in question, and it is further understood that the Trust will use all reasonable care to identify and notify Distributor promptly concerning any situation which presents or appears likely to present the probability of such a claim for indemnification against Distributor, but failure to do so in good faith shall not affect the rights hereunder.

Distributor shall be entitled to participate at its own expense or, if it so elects, to assume the defense of any suit brought to enforce any claims subject to this indemnity provision. If Distributor elects to assume the defense of any such claim, the defense shall be conducted by counsel chosen by Distributor and satisfactory to the Trust, whose approval shall not be unreasonably withheld. In the event that Distributor elects to assume the defense of any suit and retain counsel, the Trust shall bear the fees and expenses of any additional counsel retained by it. If Distributor does not elect to assume the defense of a suit, it will reimburse the Trust for the reasonable fees and expenses of any counsel retained by the Trust.

The Trust may apply to Distributor at any time for instructions and may, at the Trust's expense, consult counsel for Distributor or its own counsel and with accountants and other experts with respect to any matter arising in connection with the Trust's duties, and the Trust shall not be liable or accountable for any action taken or omitted by it in good faith in accordance with such instructions or with the opinion of such counsel, accountants or other experts.

Also, the Trust shall be protected in acting upon any document which it reasonably believes to be genuine and to have been signed or presented by the proper person or persons. The Trust will not be held to have notice of any change of authority of any officers, employees or agents of Distributor until receipt of written notice thereof from Distributor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.9 No Shares shall be offered by the Trust under any of the provisions of this Agreement and no orders for the purchase or sale of Shares hereunder shall be accepted by the Trust if and so long as the effectiveness of the registration statement then in effect or any necessary amendments thereto shall be suspended under any of the provisions of the Securities Act or if and so long as a current prospectus as required by Section 10(b)(2) of said Act is not on file with the Commission; provided, however, that nothing contained in this Section 1.9 shall in any way restrict or have an application to or bearing upon

the Trust's obligation to repurchase Shares from any Shareholder in accordance with the provisions of the Trust's prospectus, Agreement and Declaration of Trust, or Bylaws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10 The Trust agrees to advise Distributor as soon as reasonably practical by a notice in writing delivered to Distributor or its counsel:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) of any request by the Commission for amendments to the registration statement or prospectus then in effect or for additional information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the event of the issuance by the Commission of any stop order suspending the effectiveness of the registration statement or prospectus then in effect or the initiation by service of process on the Trust of any proceeding for that purpose;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) of the happening of any event that makes untrue any statement of a material fact made in the registration statement or prospectus then in effect or which requires the making of a change in such registration statement or prospectus in order to make the statements therein not misleading; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) of all action of the Commission with respect to any amendment to any registration statement or prospectus which may from time to time be filed with the Commission;

For purposes of this section, informal requests by or acts of the Staff of the Commission during the course of routine reviews of filings made by the Trust shall not be deemed actions of or requests by the Commission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11 Distributor agrees on behalf of itself and its partners and employees to treat confidentially and as proprietary information of the Trust all records and other information relative to the Trust and its prior, present or potential Shareholders, and not to use such records and information for any purpose other than performance of its responsibilities and duties hereunder. In case of any request or demand for the inspection of such records by another party, Distributor shall notify the Trust and follow the Trust's instructions as to permitting or refusing such inspection; provided that, upon notice to the Trust, Distributor may exhibit such records to any person in any case where it is advised by its counsel that it may be held liable for failure to do so, unless (in cases involving potential exposure only to civil liability) the Trust has agreed to indemnify Distributor against such liability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12 The Trust has adopted policies and procedures pursuant to Title V of the Gramm-Leach-Bliley Act, as may be modified from time to time. In this regard, the Trust (and relevant agents) shall have in place and maintain physical, electronic and procedural safeguards reasonably designed to protect the security, confidentiality and integrity of, and to prevent unauthorized access to or use of, records and information relating to the Trust and its shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13 The Trust shall provide, and cause each other agent or service provider to the Trust to provide, to Distributor all such information (and in such reasonable medium) that Distributor may reasonably request that may be necessary for Distributor to perform 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;1.14 The Trust shall not file any amendment to the Registration Statement or Prospectuses that amends any provision therein which pertains to Distributor or the distribution of shares without giving Distributor reasonable advance notice thereof; provided, however, that nothing contained in this Agreement shall in any way limit the Trust's right to file at any time such amendments to the Registration Statement or Prospectuses, of whatever character, as the Trust may deem advisable, such right being in all respects absolute and unconditional.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. PUBLIC OFFERING PRICE.

The public offering price of the Fund's Shares shall be the net asset value of such Shares. The net asset value of Shares shall be determined by the Trust in accordance with the provisions of the Agreement and Declaration of Trust and Bylaws of the Trust and the then-current prospectus of the appropriate Fund. If such documents are in conflict, the then-current prospectus shall be the governing document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. TERM, DURATION AND TERMINATION.

The initial term of this Agreement (the "Initial Term") shall be for a one year period commencing on the date of this Agreement. Thereafter, if not terminated, this Agreement shall continue with respect to a particular Fund automatically for successive one-year terms, provided that such continuance is specifically approved at least annually by the vote of the Trust's Board of Trustees or the vote of a majority of the outstanding voting securities of such Fund. This Agreement is terminable without penalty, on not less than sixty days' prior written notice, by the Trust's Board of Trustees, by vote of a majority of the outstanding voting securities of the Trust or by the Distributor. This Agreement will also terminate automatically in the event of its assignment. (As used in this Agreement, the terms "majority of the outstanding voting securities," "interested persons" and "assignment" shall have the same meanings as ascribed to such terms in the 1940 Act.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. GOVERNING LAW AND MATTERS RELATING TO THE TRUST.

This Agreement shall be governed by, and its provisions shall be construed in accordance with, the laws of the State of Delaware. It is expressly agreed that the obligations of the Trust hereunder shall not be binding upon any of the Trustees, shareholders, nominees, officers, agents or employees of the Trust personally, but shall bind only the Trust property of the Trust. The execution and delivery of this Agreement has been authorized by the Trustees, and this Agreement has been signed and delivered by an authorized officer of the Trust, acting as such, and neither such authorization by the Trustees nor such execution and delivery by such officers shall be deemed to have been made by any of them individually or to impose any liability on any of them personally, but shall bind only the trust property of the Trust as provided in the Trust's Agreement and Declaration of Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. NOTICE.

Any notice required or permitted to be given by either party to the other shall be deemed sufficient if sent by Federal Express or similar delivery service, by facsimile or by registered or certified mail, postage prepaid, addressed by the party giving notice to the other party at the following address:

---

| | |
|:---|:---|
| If to the Trust: | HC Capital Trust |
|  | Five Tower Bridge, 5<sup>th</sup> Floor |
|  | 300 Barr Harbor Drive |
|  | West Conshohocken, PA 19428-2998 |
|  | Attn: General Counsel |

---

---

| | |
|:---|:---|
| If to Distributor: | Ultimus Fund Distributors, LLC |
|  | 225 Pictoria Drive, Suite 450 |
|  | Cincinnati, Ohio 45246 |
|  | Attn: General Counsel |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. FEES.

In consideration of its services provided pursuant to this Agreement, Distributor shall receive an annual fee of $50,000, billed monthly; provided, however, that such fee will be subject to a mutually-agreed upon increase in the event that any of the following ceases to be true; (a) the Shares are available exclusively to investors that have established a relationship with the Adviser, (b) none of the Funds has an operational Distribution Plan, (c) the Distributor is not required to enter into dealer agreements, selling group member agreements or similar agreements with respect to the Funds (excluding agreements with the National Securities Clearing Corporation with respect to its NSCC membership status and the hosting of the Trust's participant number), (d) the Distributor is not required to review or approve marketing or advertising materials with respect to the Funds, (e) no Shares of any Fund are subject to a sales load or subject to the imposition of a distribution fee, and (f) the Distributor is not required to maintain licenses for any registered representatives with respect to the Funds.

The Trust represents and warrants to the Distributor that the Board of Trustees has determined, on the advice of counsel to the Trust and counsel to the Independent Trustees, that: (a) the services to be provided by the Distributor under this Agreement will not constitute distribution services that the Trust is prohibited from financing except pursuant to a 12b-1 distribution plan, and (b) accordingly, the Trust may pay to the Distributor the compensation set forth in this Section 6 from the assets of the Trust and not from a 12b-1 distribution plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. ANTI-MONEY LAUNDERING COMPLIANCE.

Each of Distributor and the Trust acknowledges that it is a financial institution subject to the USA PATRIOT Act of 2001 and the Bank Secrecy Act (collectively, the "AML Acts"), which require, among other things, that financial institutions adopt compliance programs to guard against money laundering. Each represents and warrants to the other that it is in compliance with and will continue to comply with the AML Acts and applicable regulations in all relevant respects. Each of Distributor and the Trust agrees that it will take such further steps, and cooperate with the other as may be reasonably necessary, to facilitate compliance with the AML Acts, including but not limited to the provision of copies of its written procedures, policies and controls related thereto ("AML Programs").

Both parties undertake that they will grant to the other, their anti-money laundering compliance officer and regulatory agencies, reasonable access to copies of their AML Program, books and records pertaining to the Trust only. It is expressly understood and agreed that the Trust and the Trust's compliance officer shall have no access to any of Distributor's AML books or records pertaining to other clients of Distributor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. PRIOR AGREEMENTS.

This Agreement constitutes the complete agreement of the parties as to the subject matter covered by this Agreement, and supersedes all prior negotiations, understandings and agreements bearing upon the subject matter covered by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. AMENDMENTS.

No amendment to this Agreement shall be valid unless made in writing and executed by both parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. COUNTERPARTS.

This Agreement may be executed by the Parties hereto in any number of counterparts, and all of the counterparts taken together shall be deemed to constitute one and the same instrument.

11 . SEVERABILITY.

If any part, term or provision of this Agreement is held to be illegal, in conflict with any law or otherwise invalid, the remaining portion or portions shall be considered severable and unaffected, and the rights and obligations of the Parties shall be construed and enforced as if the Agreement did not contain the particular part, term or provision held to be illegal or invalid.

IN WITNESS WHEREOF, the parties hereto have caused this instrument to be executed by their officers designated below as of the day and year first written above.

HC CAPITAL TRUST

---

| | |
|:---|:---|
| By: | /s/ Colette Bergman |
| Name: Colette Bergman | Name: Colette Bergman |
| Title: VP and Treasurer | Title: VP and Treasurer |

---

ULTIMUS FUND DISTRIBUTORS, LLC

---

| | |
|:---|:---|
| By: | /s/ Kevin Guerette |
| Name: Kevin Guerette | Name: Kevin Guerette |
| Title: President | Title: President |

---

## Ex-99.(P)(3)

**Exhibit 99.(p)(3)**

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**Code of Ethics**

As a fiduciary, Breckinridge and its employees owe their undivided loyalty to their clients. We have a duty to act in the best interests of our clients and to make full and fair disclosure of material facts, particularly where the firm's or employee's interests may conflict with the client's.

Rule 204A-1 under the Investment Advisers Act of 1940 requires each registered investment advisor to adopt and implement a written code of ethics that sets forth standards of conduct and require compliance with applicable federal securities laws. Breckinridge has, thus, adopted this Code of Ethics (the "Code") which is designed to:

&nbsp;&nbsp;&nbsp;&nbsp;· protect our clients by deterring misconduct;

&nbsp;&nbsp;&nbsp;&nbsp;· educate employees regarding the firm's expectations and the laws governing 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 the firm;

&nbsp;&nbsp;&nbsp;&nbsp;· guard against violation of the securities laws; and

&nbsp;&nbsp;&nbsp;&nbsp;· establish procedures to determine whether employees are complying with the firm's ethical principles.

**Covered Persons**

The Code applies to all employees ("Supervised Persons"). Employees who have access to non-public information regarding investment recommendations or client purchases, sales and holdings will be deemed Access Persons and will adhere to personal securities transaction reporting and disclosures. Breckinridge considers all employees (excluding temporary employees) to be Access Persons. From time to time, Compliance may deem a temporary staff member an Access Person. Compliance will notify the temporary employee and the respective manager.

**Board of Directors**

Board members who are not employees of the firm are considered "independent directors." They do not have access, and are not provided with access, to non-public information regarding investment recommendations, client trades or holdings. As such, independent directors are not considered Supervised Persons or Access Persons, and they are not subject to the regular reporting or preclearance requirements discussed in this policy. All Board members, including the independent directors, are required to comply with the Board's conflicts of interest policy, which is signed annually by each member.

**Standards of Business Conduct**

Breckinridge is retained by its clients to manage parts of their financial affairs and to represent their interests in many matters. We hold ourselves to the highest standards of fairness in all such matters. Our reputation reflects the quality of our employees and their dedication to excellence in serving our clients. As such, we expect all our employees to follow the below business conduct standards, regardless of whether the conduct is covered by other specific policies and procedures.

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&nbsp;&nbsp;&nbsp;&nbsp;· Comply with the spirit and letter of applicable federal securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;· Place clients' interests first and work diligently to ensure no client or group of clients is preferred over any other client.

&nbsp;&nbsp;&nbsp;&nbsp;· Act with integrity, competence, dignity, and in an ethical manner when dealing with the public, clients, co-workers, and any other
stakeholder.

&nbsp;&nbsp;&nbsp;&nbsp;· Preserve the confidentiality of information that may be obtained in the course business and to use such information properly and not
in any way adverse to our clients' interests, subject to the legality of such information.

&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;· Conduct personal affairs in a prudent manner, avoiding any action that could compromise in any way their ability to deal objectively
with our clients.

&nbsp;&nbsp;&nbsp;&nbsp;· Not make referrals to clients (e.g., accountants, attorneys) if this is expected to benefit the employee in any way.

In connection with the purchase or sale, directly or indirectly, of securities held or to be acquired by clients, employees must not:

&nbsp;&nbsp;&nbsp;&nbsp;· defraud clients in any manner;

&nbsp;&nbsp;&nbsp;&nbsp;· mislead clients, including making statements that omit material facts;

&nbsp;&nbsp;&nbsp;&nbsp;· engage in any act, practice or course of conduct which operates or would operate as a fraud or deceit upon clients;

&nbsp;&nbsp;&nbsp;&nbsp;· engage in any manipulative practice with respect to such clients; or

&nbsp;&nbsp;&nbsp;&nbsp;· engage in any manipulative practice with respect to securities, including price manipulation and rumor mongering.

**Conflicts of Interest**

Conflicts can arise at any time during the regular course of business. When they do arise, they can create an opportunity for employees to forward their own personal interests with or against those of the firm and its clients. As noted in the standards above, employees must put clients' interests first and should try to avoid situations that could compromise their objectivity when dealing with clients.

Employees are required to disclose any actual or potential conflicts of interest so that policies and controls can be reviewed and adjusted as necessary. A conflicts questionnaire is administered during new employee onboarding. Further, employees are required to certify periodically to their reported conflicts, including outside business activities. However, employees should not wait until the certifications to update or disclose new conflicts. Some examples of conflicts are:

&nbsp;&nbsp;&nbsp;&nbsp;· material personal interests or relationships with third parties that are doing (or seeking to do) business with Breckinridge;

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&nbsp;&nbsp;&nbsp;&nbsp;· material personal investments and interests in securities being discussed or considered for client accounts; or

&nbsp;&nbsp;&nbsp;&nbsp;· family members who are employed with other investment advisors or financial intermediaries.

Individuals with such conflicts may be asked to refrain from any discussions or decisions pertaining to those matters. In addition, Compliance will review existing policies and controls to determine if changes should be made. Material conflicts may be reported to the Risk Committee for additional input. See the Outside Business Activities policy for more information about

**Failure to Comply with the Code**

Breckinridge treats all violations of the Code seriously. Compliance with this Code is a basic condition of employment with Breckinridge. Any improper, or even the perception of improper, behavior can damage the reputation of the firm with its clients and the investment community. This includes the failure to file required reports or making inaccurate or misleading reports or statements concerning personal activities. Employees are urged to seek the advice of Compliance with any questions on the Code or its specific provisions.

**Sanctions**

Violations can result in sanctions such as monetary fines, disciplinary actions and termination of employment. In addition to sanctions, violations may result in referral to civil or criminal authorities, where appropriate.

In consultation with the President or other members of management, the CCO will have discretion to impose sanctions. When reviewing violations, the CCO will consider the facts and circumstances surrounding the event, the employee's trading history, past violations history, whether the security is a client holding or was recently traded, and any other factor that is considered relevant.

The following table is intended to assist the CCO and management in seeking remedial action for identified violations. Actual sanctions imposed could differ from what is stated below based on the facts, circumstances, and severity of the violation.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Occurrence** | &nbsp;&nbsp;**Potential Sanction** |
| &nbsp;&nbsp;1<sup>st</sup> violation | &nbsp;&nbsp;Verbal and/or written warning |
| &nbsp;&nbsp;2<sup>nd</sup> violation | &nbsp;&nbsp;Reversal of trades and/or disgorgement of profits to charity |
| &nbsp;&nbsp;3<sup>rd</sup> violation | &nbsp;&nbsp;Suspension of personal trading privileges, disgorgement of profits to charity, and/or monetary fine to be donated to charity |
| &nbsp;&nbsp;4<sup>th</sup> violation | &nbsp;&nbsp;Permanent ban on personal trading or termination of employment |

---

Failure to comply with sanctions is considered a Code violation and can result in additional disciplinary actions and fines. Material violations will be reported to the President and/or Executive Committee. Employees who have accrued multiple violations from year to year may be required to meet with the President and/or Executive Committee to discuss their personal trading violations and activities.

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**Reporting Code Violations**

Employees are required to promptly report any actual or suspected violations of the Code to the CCO. In the CCO's absence or if the violation involves the CCO, such reports should be made to the President.

**Types of Reports**

The types of violations that are required to be reported include but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;· fraud or illegal activity involving any aspect of our business;

&nbsp;&nbsp;&nbsp;&nbsp;· material misstatements in regulatory filings, internal books and records, client records or reports;

&nbsp;&nbsp;&nbsp;&nbsp;· activity that is harmful to clients, non-compliance with applicable laws, rules and regulations; or

&nbsp;&nbsp;&nbsp;&nbsp;· deviations from internal controls and procedures that safeguard client assets and the firm.

**Confidentiality**

All reports will be treated confidentially to the extent permitted by law and investigated promptly.

**Retaliation**

Retaliation against any employee who reports a violation of the Code will not be tolerated. Retaliatory actions are considered further violations of the Code and can result in disciplinary actions.

**Personal Securities Transactions**

Access Persons must conduct personal securities transactions in compliance with this Code. Doubtful situations should be resolved in cooperation with Compliance. Technical compliance with the Code does not automatically insulate security transactions from scrutiny or potential violation of Breckinridge's fiduciary duties. Prior to entering into any personal securities transaction, Access Persons must ensure they fully understand and comply with the personal trading requirements and restrictions.

**Family Members**

For the purposes of personal securities trading, immediate family members sharing the same household are subject to the same transactional restrictions and requirements that apply to Access Persons. See the section on *Reportable Accounts* and *Beneficial Ownership* for more information.

**Covered Securities**

The term "covered security" is broad and includes (but not limited to) any stock, bond, future, investment contract or other instrument, options, ETF, limited partnerships, and private funds. Covered securities do not include:

&nbsp;&nbsp;&nbsp;&nbsp;· Direct obligations of the Government of the United States;

&nbsp;&nbsp;&nbsp;&nbsp;· Bankers' acceptances, bank certificates of deposit, commercial paper and high-quality short-term debt instruments, including
repurchase agreements;

&nbsp;&nbsp;&nbsp;&nbsp;· Shares issued by money market funds;

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&nbsp;&nbsp;&nbsp;&nbsp;· Shares issued by open-end registered investment companies including ETFs structured as an open-end fund, except those funds advised
or subadvised by Breckinridge; and

Shares issued by unit investment trusts that are invested exclusively in one or more open-end registered investment companies, none of which are advised or subadvised by Breckinridge.

**Digital Assets**

Prior to investing in any digital asset, Access Persons must determine whether the asset is considered a security. If the asset is a security, the asset will be treated as a covered security for the purposes of this policy. Any virtual currency or cryptocurrency, such as Bitcoin, that are not considered a security will not be subject to this policy.

**Reportable Accounts**

A reportable account includes any investment account in which the Access Person has direct or indirect beneficial ownership or the ability/authorization to direct trades (regardless of whether the person exercises such authorization). Unless exempted elsewhere in this policy, Access Persons must disclose all reportable accounts, even if the accounts do not hold any securities or do not have transactions. Access Persons also are responsible for notifying Compliance of new investment accounts (including accounts in Breckinridge strategies), closed accounts and any other changes to the account status. Crypto wallets that can only invest or hold non-security assets are not considered reportable accounts.

**Beneficial Ownership**

Access Persons are considered to have beneficial ownership of securities if they have or share a direct or indirect pecuniary interest in the securities. Access Persons have a pecuniary interest in securities if they can directly or indirectly profit from a securities transaction. The following are examples of indirect pecuniary interests in securities:

&nbsp;&nbsp;&nbsp;&nbsp;· Securities held by members of Access Person's immediate family sharing the same household. Immediate family means any child,
stepchild, grandchild, parent, stepparent, grandparent, spouse, domestic partner, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law,
brother-in-law or sister-in-law. Adoptive relationships are included;

&nbsp;&nbsp;&nbsp;&nbsp;· Interests as a general partner in securities held by a general or limited partnership; and

&nbsp;&nbsp;&nbsp;&nbsp;· Interests as a manager/member in the securities held by a limited liability company.

The following circumstances constitute beneficial ownership by Access Persons of securities held by a trust:

&nbsp;&nbsp;&nbsp;&nbsp;· Ownership of securities as a trustee where either the Access Person or members of their immediate family have a vested interest in
the principal or income of the trust;

&nbsp;&nbsp;&nbsp;&nbsp;· Ownership of a vested beneficial interest in a trust; and

&nbsp;&nbsp;&nbsp;&nbsp;· An Access Person's status as a settler of a trust, unless the consent of all of the beneficiaries is required in order for the
employee to revoke the trust.

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**Exempted Accounts**

On occasion, Compliance will exempt an account that is not already explicitly exempted in the policy from reporting and/or other requirements. Typically, such accounts will present minimal to no conflicts with our clients. In such cases, it is the Access Person's responsibility to notify Compliance of any changes to the account so that it continues to meet the exemption status. Furthermore, Access Persons will be required to provide additional documentation or certifications on such accounts.

**Opening New Investment Accounts**

Access Persons may open investment accounts at brokerage firms that offer an electronic feed into the personal trading system. No prior approval from Compliance is needed. Eligible brokers will be listed in the dropdown box in the new account form in ComplySci. If a broker is not listed, then it is not eligible.

New investment accounts should be reported via ComplySci. Compliance will request electronic feeds for new accounts. Until the feed is active, Access Persons will be responsible for providing appropriate documents to meet the reporting requirements set forth in this policy.

Compliance will have discretion to allow Access Persons to maintain accounts without an electronic feed. In general, such arrangements will not impose an additional administrative or operational burden or cost onto the firm or Compliance team. Generally, accounts that exclusively hold either a private investment or a Breckinridge managed strategy do not need an electronic feed, but Access Persons will be required to provide account statements in accordance with this policy's reporting requirements.

**Managed Accounts**

An electronic feed is not required for accounts where the Access Person has appointed an unaffiliated and independent third-party discretionary investment manager or trustee to their account ("managed account"). For the purposes of this policy, a managed account must meet the following criteria:

&nbsp;&nbsp;&nbsp;&nbsp;· All buy/sell decisions are executed by the appointed advisor/trustee without any prior consultation, suggestion, review or approval
from the Access Person (i.e., the Access Person has no knowledge of the transaction until after it is executed), and

&nbsp;&nbsp;&nbsp;&nbsp;· Periodic certifications on the account's discretionary status have been completed by the appointed advisor/trustee. (Certification
letters may be obtained from Compliance.)

If any of the above criteria is not met, Compliance has discretion to impose preclearance, reporting and restrictions as would be applied to other non-managed accounts. Upon request by Compliance, Access Persons are required to provide statements for any managed account.

**Breckinridge Accounts**

If an Access Person wishes to open an account to invest in a Breckinridge strategy, they do not need to preclear the account but they must preclear their initial investment and any subsequent portfolio flows and liquidation. See the section on preclearance requirements for more information.

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**Closing Investment Accounts**

Access Persons must notify Compliance if they close an investment account, including accounts with investments in Breckinridge strategies. Accounts in ComplySci remain active and open until they have been terminated in the system. Open accounts are subject to the reporting requirements described in this policy.

**Preclearance Requirement**

Access Persons must preclear transactions in the following:

&nbsp;&nbsp;&nbsp;&nbsp;· Equities

&nbsp;&nbsp;&nbsp;&nbsp;· Single security ETFs

&nbsp;&nbsp;&nbsp;&nbsp;· Options

&nbsp;&nbsp;&nbsp;&nbsp;· Fixed income securities

&nbsp;&nbsp;&nbsp;&nbsp;· Private placements/funds

&nbsp;&nbsp;&nbsp;&nbsp;· Limited offerings

&nbsp;&nbsp;&nbsp;&nbsp;· Initial coin offerings ("ICOs") that are considered securities

&nbsp;&nbsp;&nbsp;&nbsp;· Initial public offerings ("IPOs"), and

&nbsp;&nbsp;&nbsp;&nbsp;· Breckinridge strategies.

Preclearance requests should be submitted through ComplySci. In the event ComplySci is inaccessible or not available, Access Persons must submit requests to Compliance through email. Approvals must be in writing; verbal approvals are not valid.

All requests are reviewed on a best-efforts basis and may not be approved the day it was submitted. Requests for Breckinridge strategy investments or flows may not be granted the day they were entered as there may be client activity in the strategy. If an Access Person has an immediate need or request for a trade, they should consult with the CCO prior to submitting a request.

Approvals are good for the day they are obtained, up to market close (4:00PM ET for equities and 5:00pm ET for fixed income). If a trade order is not completed on the day of the approval, the Access Person must submit another preclearance request on the day they plan to trade. Access Persons are responsible for instructing their brokers that the trade order is only good for the day.

**Preclearance Approval Extensions**

At Compliance's discretion, approvals may be extended to accommodate certain types of transactions. For example, investments in private placements or Breckinridge strategies will be extended as necessary to complete the investment.

**IPOs, ICOs, Limited Offerings and Private Placements**

Access Persons wishing to acquire beneficial ownership of securities in an initial public offering (IPO), initial coin offering (ICO), limited offering or private placement must seek approval from Compliance prior to making any investment commitment. Access Persons may be asked to provide copies of the

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offering documents and other confirmations to support their requests. An electronic copy of a "trade confirmation" of the investment with the amount and investment date will be required; this may be an email confirmation or account statement from the issuer, custodian, broker dealer, administrator, etc.

**Restrictions on Security Offerings**

Access Persons will not be permitted to participate in offerings where client accounts are also participating. This helps to ensure that an Access Person's acquisition of the security has not precluded advisory clients from purchasing the security or obtaining a full allocation, and that the allocation was not offered to the employee strictly by virtue of the person's position at the firm.

**Transactions Exempt from Preclearance Requirement**

The following transactions are considered exempt transactions for purposes of the preclearance requirement (but may still require reporting):

&nbsp;&nbsp;&nbsp;&nbsp;· Any transaction in an account over which the employee does not have any direct or indirect influence or control. For example, presuming
that such relatives do not reside in the same household as the employee, accounts of family members outside of the immediate family would
not be subject to review.

&nbsp;&nbsp;&nbsp;&nbsp;· Any transactions occurring in an account that is managed on a discretionary basis by an unaffiliated investment manager or advisor
("managed account")

&nbsp;&nbsp;&nbsp;&nbsp;· Security transactions executed in Access Person's Breckinridge account by the firm (initial funding and contributions/withdrawals
must be precleared)

&nbsp;&nbsp;&nbsp;&nbsp;· Purchases of securities in DRIPS (dividend reinvestment plans) or AIPs (automatic investment plans)

&nbsp;&nbsp;&nbsp;&nbsp;· Purchases of securities by the exercise of rights issued to holders of a class of securities on a pro-rata basis

&nbsp;&nbsp;&nbsp;&nbsp;· Acquisitions or dispositions of securities because of a stock dividend, stock split, or other corporation actions

&nbsp;&nbsp;&nbsp;&nbsp;· Transactions in broad market or sector exchange traded funds or notes (ETFs, ETNs) or exchange-traded options on broadly-based indices

&nbsp;&nbsp;&nbsp;&nbsp;· Transactions in closed-end funds that are not sub-advised by Breckinridge

&nbsp;&nbsp;&nbsp;&nbsp;· Transactions in 529 Plans.

From time to time, Compliance will exempt preclearance requirements for certain transactions, so long as such transactions pose minimal conflicts with clients and the firm.

**Transactional Restrictions and Limitations**

Breckinridge expects all Access Persons to abide by the following restrictions and limitations when engaging in personal trading activity. Exceptions beyond what is available in this policy can be granted by the CCO and/or President and must be in writing. Breckinridge anticipates that

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exceptions would be granted only in limited circumstances.

**Fixed Income Securities Eligible for Client Accounts**

Breckinridge has a general prohibition on Access Persons buying any municipal, corporate or securitized bond that would be eligible for client accounts. Access Persons with such securities in their personal investment accounts at the time of employment may hold such positions unless instructed otherwise by Compliance. Access Persons are prohibited from increasing or liquidating such positions without pre-approval from Compliance.

**Fixed Income Strategies Advised By Breckinridge**

Access Persons are generally not permitted to invest in fixed income strategies advised by Breckinridge. This prohibition does not apply to Access Persons who have invested in incubated products or strategies that the firm is developing.

**Short Selling**

Access Persons are not permitted to short securities purchased for client accounts. In the event an Access Person holds a short position that becomes a client holding, Compliance will review and determine whether the position can be maintained or should be promptly liquidated.

**Blackout Periods**

Breckinridge strictly forbids "front-running" of client accounts, which is a practice generally understood to be when Access Persons personally trading ahead of client accounts. Access Persons cannot enter into a transaction if they know that the security is being traded in any client account. In addition, the following blackout periods will apply to personal trades:

&nbsp;&nbsp;&nbsp;&nbsp;· **Bonds**: Access Persons may not trade a security within 7 calendar days before and after a client trade in the same security
has taken place. (Since Access Persons are not permitted to purchase bonds that are eligible for client accounts, Breckinridge anticipates
that this blackout period will apply in limited circumstances.)

&nbsp;&nbsp;&nbsp;&nbsp;· **Equities**: Access Persons may not trade a security until all client trades in the same security have been completed (or withdrawn).
Depending on the circumstances, this may mean the personal trade will not be approved until the day after the client trade is completed.

**Short-term and Frequent Trading**

Access Persons are not permitted to engage in frequent or short-term trading. Securities purchased in an investment account should be held for a minimum of 30 days. The holding period does not apply to broad market or sector ETFs.

**Rumors**

Creating or passing false rumors with the intent to manipulate securities prices or markets can violate the antifraud provisions of federal securities laws. Such conduct is contradictory to our Code, as well as Breckinridge's expectations regarding appropriate behavior of its employees. Employees 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.

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**Material, Non-Public Information**

All employees are prohibited from entering into any trade (either personally or on behalf of others) while in possession of material, non-public information. Employees should refer to the firm's *Insider Trading* policy for additional information.

**Reporting Requirements**

Access Persons are required to submit certain reports through ComplySci. Since some due dates are mandated by Rule 204A-1, it is important that reports are submitted by the deadline. Late reports are considered violations and could lead to sanctions.

**Initial Reporting**

**Holdings Report**

New employees are required to disclose all of their personal securities holdings (both public and private) in covered securities within 10 days of becoming an Access Person. The list should include securities held outside of brokerage accounts (e.g., physical stock certificates). The initial holdings report must be current as of a date not more than 45 days prior to the employee becoming an Access Person.

For each security held, the following information must be provided on the report:

&nbsp;&nbsp;&nbsp;&nbsp;· Title and type of security

&nbsp;&nbsp;&nbsp;&nbsp;· Ticker or CUSIP

&nbsp;&nbsp;&nbsp;&nbsp;· Number of shares held, if applicable

&nbsp;&nbsp;&nbsp;&nbsp;· Principal amount, if applicable

&nbsp;&nbsp;&nbsp;&nbsp;· Name of broker, dealer or bank where the security is held

&nbsp;&nbsp;&nbsp;&nbsp;· Date the report was submitted

Access Persons may provide their most current account statements to satisfy the initial holdings report requirement. Statements should be uploaded into the personal trading system as part of their Initial Accounts and Holdings Report.

**Investment Accounts Report**

Access Persons must disclose investment accounts in which any covered securities are held for their direct or indirect benefit. Account information can be entered directly into ComplySci.

**Quarterly Reporting**

**Transactions Report**

Access Persons are required to submit transactions reports within 30 days after every calendar quarter end. The transaction report must cover all transactions in covered securities, unless those transactions are exempted from reporting, during the entire quarter. For each reportable transaction, the following information must be provided on the report:

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&nbsp;&nbsp;&nbsp;&nbsp;· Date of the transaction

&nbsp;&nbsp;&nbsp;&nbsp;· Nature of transaction (buy, sell, etc.)

&nbsp;&nbsp;&nbsp;&nbsp;· Title of security

&nbsp;&nbsp;&nbsp;&nbsp;· Ticker or CUSIP

&nbsp;&nbsp;&nbsp;&nbsp;· Interest rate and maturity rate, if applicable

&nbsp;&nbsp;&nbsp;&nbsp;· Number of shares, if applicable

&nbsp;&nbsp;&nbsp;&nbsp;· Principal amount

&nbsp;&nbsp;&nbsp;&nbsp;· Price of security at which transaction was effected

&nbsp;&nbsp;&nbsp;&nbsp;· Name of broker, dealer or bank with or through which the transaction was effected

To satisfy this reporting requirement, Access Persons will log into ComplySci, review the list of transactions executed during the period (if any) and certify to the information. Employees with accounts that do not feed directly into the system are required to upload duplicate statements into the system. Statements must cover the entire calendar quarter (all three months).

**Annual Reporting**

**Holdings Report**

Access Persons are required to provide a complete list of covered securities in which they have beneficial interest as of the most recent December month end. This list must include securities held in managed accounts, held outside of investment accounts (e.g., physical stock certificates) and any private investments. This report will be due within 30 days after the calendar year end. For each security held, the following information must be provided on the report:

&nbsp;&nbsp;&nbsp;&nbsp;· Title and type of security

&nbsp;&nbsp;&nbsp;&nbsp;· Ticker or CUSIP

&nbsp;&nbsp;&nbsp;&nbsp;· Number of shares held, if applicable

&nbsp;&nbsp;&nbsp;&nbsp;· Principal amount, if applicable

&nbsp;&nbsp;&nbsp;&nbsp;· Name of broker, dealer or bank where the security is held

&nbsp;&nbsp;&nbsp;&nbsp;· Date the report was submitted

Access Persons will log into ComplySci, review the list of holdings (if any), and certify that the information is accurate and complete.

Access Persons with accounts that do not feed into the system directly may do one of the following to satisfy the annual holdings report requirement:

&nbsp;&nbsp;&nbsp;&nbsp;· Upload their December month-end account statements (or equivalent statement that shows the list of holdings and the required
information listed above as of December month end), or

&nbsp;&nbsp;&nbsp;&nbsp;· Enter the securities into the system.

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Investment Accounts Report

Annually, Access Persons will log into ComplySci, review their list of reportable accounts, and certify that the list is accurate and complete. This certification is due within 30 days after the calendar year end.

**Exceptions From Reporting Requirements**

The following types of accounts or transactions are exempt from the reporting requirements set forth in the Code:

&nbsp;&nbsp;&nbsp;&nbsp;· 529 accounts, holdings and transactions

&nbsp;&nbsp;&nbsp;&nbsp;· Prior employer's 401K/retirement plan, holdings and transactions if such plan allows only open-end mutual funds (not advised
by Breckinridge)

&nbsp;&nbsp;&nbsp;&nbsp;· Accounts that allow only open-end mutual funds (not advised by Breckinridge) and associated transactions and holdings

&nbsp;&nbsp;&nbsp;&nbsp;· Quarterly transactions in managed accounts not advised by Breckinridge (as long as other requirements such as third party advisor
certifications have been met)

Compliance may exempt other investment accounts or transactions that present minimal conflicts to clients and the firm from the reporting requirements. Employees may be required to provide additional certifications to the exempted accounts.

**Review and Distribution**

The Code will be reviewed annually. This may be completed as part of the compliance program review that is required under Rule 206(4)-7.

The Code is saved, as part of the compliance manual, in location that is accessible by all employees (with limited exceptions). If an employee cannot access the location, Compliance will provide them a copy of the Code. New employees will provide written acknowledgement that they have received the Code (which may be part of the compliance manual or bundled with other applicable policies).

Employees are also required to provide annual certifications of their compliance with the Code (either as a stand-alone document or as part of the compliance manual). Any material amendments to the Code will be distributed promptly and acknowledged by employees.

**Training**

Consistent with our goal to support employee awareness of compliance matters and policies, Annually, Compliance will either conduct or coordinate training of the Code for employees. In some cases, Code training will be combined with other topics. New employees will receive Code training as part of their compliance overview session. Temporary employees or contractors do not need to complete annual training unless required to do so by Compliance.

Annual training will take various forms, including in-person, virtual or recorded sessions. Annual training can also be provided in written form, which will include emails to staff and certifications of compliance and understanding of the policy. For in-person or virtual training sessions, attendance

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acknowledgements are retained by Compliance.

**Recordkeeping**

The following records will be maintained in an easily accessible location:

&nbsp;&nbsp;&nbsp;&nbsp;· A copy of each Code that has been in effect at any time during the past six years;

&nbsp;&nbsp;&nbsp;&nbsp;· A record of any Code violation and any action taken as a result of such violation for six years from the end of the fiscal year in
which the violation occurred;

&nbsp;&nbsp;&nbsp;&nbsp;· A record of all written acknowledgements of receipt of the Code and amendments for each person who is currently, or within the past
six years was, a supervised person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o These records must be kept for six years after the individual ceases to be a supervised person of the firm.

&nbsp;&nbsp;&nbsp;&nbsp;· Holdings and transactions reports made pursuant to the Code, including any brokerage confirmation and account statements made in lieu
of these reports;

&nbsp;&nbsp;&nbsp;&nbsp;· A list of the names of persons who are currently, or within the past six years were, Access Persons;

&nbsp;&nbsp;&nbsp;&nbsp;· A record of any decision and supporting reasons for approving limited and initial public offerings for at least six years after the
end of the fiscal year in which approval was granted.

**Disclosure of the Code of Ethics**

Breckinridge will describe its Code in Part 2 of Form ADV and, upon request, furnish clients with a copy of the Code.

OCTOBER 18, 2024

Breckinridge Capital Advisors \| 13

## Ex-99.(P)(4)

**Exhibit 99.(p)(4)**

![](tm2523042d1_ex99-p4img001.jpg)

---

| |
|:---|
| &nbsp;&nbsp;**<u>Personal Trading Policy and Code of Conduct</u>** |
| &nbsp;&nbsp;Category: Code of Ethics/Personal Trading |

---

**Policy Statement**

This policy outlines the process where an employee of Mellon Investments Corporation ("MIC") intends to engage in trading in a personal account and/or a beneficially owned personal account. MIC has adopted The Bank of New York Mellon Corporation Personal Securities Trading Policy and Code of Conduct (collectively, the "Code") and the CFA Asset Manager Code of Professional Conduct. The Code and CFA Asset Manager Code of Professional Conduct are referenced as Exhibit A & B respectively.

**Definitions**

**Investment Employee:** An employee who, in the normal conduct of their job responsibilities, has access (or are likely to be perceived to have access) to nonpublic information regarding any advisory client's purchase or sale of securities or nonpublic information regarding the portfolio holdings of any Proprietary Fund, is involved in making securities recommendations to advisory clients, or has access to such recommendations before they are public.

**Access Decision Maker (ADM) Employee:** Generally, employees are considered to be ADM Employees if they are Portfolio Managers or Research Analysts and make or participate in recommendations or decisions regarding the purchase or sale of securities for mutual funds or managed accounts. Portfolio Managers of broad-based index funds and traders are not typically classified as ADM Employees.

**Personal Trading Activity:** Trading in investments or securities for the benefit of oneself or immediate family member. This includes brokerage or investment accounts for which the employee is named as holder, has a beneficial interest or control and any in which the employee shares an ownership interest with persons who are not covered under this Policy or has the power, directly or indirectly, to effect transactions in the account. This may be a formal power, e.g., through a power of attorney or a fiduciary relationship such as trustee or custodian, or an informal arrangement, including the accounts of minor children and other financial dependents and, only when required by local regulation, the accounts of spouses and domestic partners.

**Policy**

The Personal Trading Policy applies to all MIC employees (each, an "Employee") and any of their beneficially owned personal accounts.

**I.** **New Employees** 

&nbsp;&nbsp;&nbsp;&nbsp;a) Upon commencement of employment at MIC, each new Employee must acknowledge in writing, that they will comply with the Code. All MIC
Employees are classified, typically within 15 calendar days of joining or transferring into the Firm, as an Investment Employee ("IE"),
and applicable portfolio managers and research analysts will receive an additional classification as an Access Decision Maker ("ADM").
A MIC Compliance Officer will also periodically review the status of and reclassify Employees whose responsibilities may have changed.

&nbsp;&nbsp;&nbsp;&nbsp;b) A member of Compliance will review the policy requirements with all newly hired Employees. Periodically, or upon request, Compliance
may offer additional review sessions. In addition, there is a

![](tm2523042d1_ex99-p4img002.jpg)

review of the policy requirements as part of the annual Compliance training.

&nbsp;&nbsp;&nbsp;&nbsp;c) Compliance will contact all newly hired temporary employees, contractors and consultants ("Contractors") to have them
certify their compliance with the Code of Ethics and determine whether or not the Contractor will be required to pre-clear and/or report
personal security holdings. Short term contractors (typically 90 days or less), interns and co-ops, and vendors will not be monitored
and will receive a classification of "Other".

&nbsp;&nbsp;&nbsp;&nbsp;d) Within 10 calendar days of notification as a Monitored Employee, employees are required to submit to The Bank of New York Corporation
Securities Trading Conduct Group ("Conduct Group") a copy of their beneficially owned accounts and reportable holdings in
those accounts via the automated personal securities trading platform, Star Compliance, a web based third party application. Although
the Conduct Group will request duplicate statements and confirms from Employees' brokers, Employees are ultimately responsible for
ensuring that their broker(s) send the duplicate confirms and statements to the Conduct Group. All Employees are required to maintain
all beneficially owned accounts with an approved broker.

&nbsp;&nbsp;&nbsp;&nbsp;e) Employee non-discretionary/managed accounts do not have to be disclosed in
Star Compliance. However, employees with non-discretionary/managed accounts must submit a Managed Account form in CodeRAP for determination
if the account is eligible. Once the account is approved, the employee is required to complete an annual certification in Star Compliance
for the account(s) and provide quarterly statements on the account(s) as
requested.

**II.** **Pre-clearance Process** 

&nbsp;&nbsp;&nbsp;&nbsp;a) Employees who wish to place a personal securities transaction for a reportable security, as defined in the Code (collectively, a "Transaction")
must first request and receive approval to do so by accessing the Star Compliance application and completing and submitting a pre-clearance
request. Employees must receive notice that the pre-clearance request was approved prior to placing a security trade. Approved Transactions
must be executed no later than the end of the next business day.

&nbsp;&nbsp;&nbsp;&nbsp;b) Requests will be denied for Transactions for which trades are pending in the same security in a client account and for at least two
business days after trades were executed in the same security in a client account, subject to certain de minimis exceptions as more fully
explained in the Code. Moreover, ADMs are prohibited from trading in a security for seven calendar days before and after trades in that
security are executed in client accounts they manage.

Requests will also be denied for the following types of Transactions, *<u>or any other Transactions prohibited in the Code but not listed here</u>*:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. IPO's (subject to certain exceptions outlined in the Code);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Securities on MIC's restricted list (subject to certain de minimis exceptions outlined in the Code);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Short sales of Bank of New York securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Option transactions involving Bank of New York securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Sales of Bank of New York securities within 60 days of purchase (except in extreme hardship cases); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Purchases of Bank of New York securities on margin.

If Star Compliance is inoperable for an extended period then pre-clearance requests could be made utilizing the

BNY Manual Preclearance Form found on the BNY Compliance and Ethics website Manual Preclearance Form.

**III.** **Transaction Review Process** 

The Conduct Group compares pre-clearance requests to the duplicate confirms received from Employees brokers. The Conduct Group conducts the comparison to ensure all Transactions were approved and in compliance with short term trading. Short term trading is defined as the purchasing then selling or selling then purchasing the same or equivalent (derivative) security within 30 calendar days for non firm securities and 60 calendar days for Firm securities (securities issued by Bank of New York and its subsidiaries). Employees who engage in short term trading will be issued a violation and any profits realized must be disgorged. Any exceptions are reported to the MIC Compliance Officer and MIC CCO.

MIC Compliance and the Conduct Group reserves the right to request accounts statements and trade confirmations as needed.

**IV.** **Quarterly Transaction Review Process** 

&nbsp;&nbsp;&nbsp;&nbsp;a) Each Employee is required to file within 30 calendar days after the end of the quarter, via the Star Compliance application, a Personal
Quarterly Transaction Report (QTR). A QTR must be filed for any full or partial quarter in which the Employee was employed at MIC.

&nbsp;&nbsp;&nbsp;&nbsp;b) The MIC Compliance Officer, acting together with the Conduct Group and senior MIC management, will take all necessary and appropriate
actions for any detected Code violations.

**V.** **Annual Reports** 

On an annual basis and within 30 calendar days after year end, an Annual Holding report must be filed via the Star Compliance application. The report must contain an accurate and current listing of your reportable holdings.

**VI.** **Private Placement Review** 

Private Placements require the pre-approval of the Employee's Manager, Compliance Officer, and the Conduct Group. Any Employee who seeks to invest in a private placement must complete the Private Placement Form ("PP Form") and submit in CodeRAP for approval. Decisions relative to such investments are based on specific facts and circumstances.

**VII.** **Volcker Covered Funds** 

Employees are prohibited from acquiring any initial or subsequent investment in a Volcker Covered Fund unless they obtain prior written approval from the Conduct Group, the Employee's Manager, and a MIC Compliance Officer.

**VIII.** **Sanctions** 

Employees who are not in compliance with this policy may be subject to sanctions. These sanctions may include, but are not limited to, disgorgement of any profit or any other financial sanction, a warning, probation, suspension, or termination of employment.

**Reference**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Section 204A
of the Investment Advisers Act of 1940

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Investment Advisers Act Rules 204-2(a)(12)
and (13)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Investment Company Act Rule 17j-1

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· BNY Personal Securities Trading Policy I-A-045

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· BNY Code of Conduct I-A-010-Code of Conduct

**Policy Content Owners**

Compliance Department

**Revision History**

**Policy Created**: September 2021

**Prior Revision**: January 2025

**Last Updated:** February 2025

<u>**Exhibit**</u>**<u>A</u>**

Refer to the attached:

**BNY Personal Securities Trading Policy dated February** **11, 2025**

**BNY Code of Conduct 2024**

<u>**Exhibit**</u>**<u>B</u>**

**CFA Asset Manager Code of Professional Conduct**

The most recent version of the CFA Asset Manager Code of Professional Conduct can be obtained through the below referenced link:

https://www.cfainstitute.org/-/media/documents/ethics-in-

practice/code_of_ethics_and_standards_of_professional_conduct.pdf

Exhibit A Policy Number: I-A-045

![](tm2523042d1_ex99-p4img003.jpg)

Personal Securities Trading Policy

Level 3 Policy

&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Summary</u> 

Personal trading investments can lead to actual or perceived conflicts of interest which can undermine the integrity of the actions of The Bank of New York Corporation, its subsidiaries and affiliates that are majority owned (the "Firm").

The Firm is subject to various laws and/or regulations governing the personal trading of Securities/Financial Instruments (as defined in Section 8.1 of this Policy and collectively referenced as "securities"). The Firm has established limitations on personal trading so that employees' personal securities investments are conducted in compliance with the applicable rules and regulations and are free from actual or perceived conflicts of interest.

&nbsp;&nbsp;&nbsp;&nbsp;2. Purpose

The Personal Securities Trading Policy (this "Policy") sets out the global minimum obligations and restrictions related to personal securities transactions for all employees, including requirements and prohibitions related to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Avoidance of conflicts of interest

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Market Abuse<sup>1</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Trading in Firm securities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Trading in Non-Firm securities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Initial Public Offerings

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Private Placements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Firm-affiliated Volcker Covered Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Excessive Trading<sup>2</sup>

This Policy also articulates additional requirements and restrictions for Monitored Employees who are likely to receive Firm or client information as normal course of business in their roles. These

<sup>1</sup> Market Abuse includes insider dealing, market manipulation or unlawful disclosure of inside information.

<sup>2</sup> The Firm reserves the right to limit trading in employee account(s) if deemed excessive.

additional responsibilities include, but are not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Filing of reports via the Star Compliance System (Star), the Firm's electronic personal trading monitoring system

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Providing duplicate statements and trade confirmations directly to the Firm

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Preclearance prior to trading

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Prohibition on short term trading

&nbsp;&nbsp;&nbsp;&nbsp;3. Applicability/Scope

This Policy applies to all employees of the Firm when trading in securities unless such securities are listed as "Exempt" under Section 8.1. Where indicated, this Policy may also apply to "Indirect Accounts," as defined in Section 8.1 of this Policy.

An employee is defined as a Director (excluding non-employees), Officer, Agent, Temporary Worker, Contractor, Intern or any other person who works for and contracted with the Firm, regardless of their duration of employment or contract. The Firm may, from time to time, designate additional persons that may from time to time have access to MNPI as being subject to this Policy.

Where business/country-specific requirements are more stringent than those set out within this Policy, the business or country-specific rules prevail and you must also comply with such rules.

&nbsp;&nbsp;&nbsp;&nbsp;4. Provisions of the Policy

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 Principal Requirements for all Employees

Failure to comply with any requirement in this Policy may subject you to discipline, up to and including termination of employment and referral to law enforcement, when required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.1.1** **Avoidance of Conflicts of Interest** 

You must not put your own interests ahead of the Firm and its clients. You must, comply with all applicable legal requirements, securities laws and the I-A-010: Code of Conduct. Employees must treat all Firm and client information as confidential. Refer to the Firm's Code of Conduct for additional guidance*.* You are prohibited from placing transactions in securities if this would create, or could reasonably be perceived to create a conflict of interest between you and your clients, the Firm's clients, or the Firm. In accordance with securities and/or Market Abuse laws, you are prohibited from engaging in insider trading, trading while in possession of Material Non-Public Information (MNPI) (as defined in Section 8.1 of this Policy), Front Running (as defined in Section 8.1 of this Policy) or any other potential market manipulative trading activity.

If you possess MNPI or have knowledge about client holdings, transactions, or recommendations, you must not, directly or indirectly (see definition of Indirect Ownership in Section 8.1 of this Policy):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Engage or attempt to engage in trading on the basis of such information

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Recommend that another person engages in dealing or induce another person to engage in trading on the basis of the information; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Unlawfully disclose the information (Tipping)

In accordance with securities regulations, these prohibitions also apply to former employees, who must refrain from trading in any securities, Tipping or recommending that another person do the same, while in possession of MNPI.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.1.2** **Trading in BNY Securities** 

If you invest or trade in Firm securities, you must be aware of your responsibilities and be sensitive to even the appearance of impropriety. The following prohibitions apply to all transactions in the

Firm's publicly traded securities, whether owned directly (i.e., in your name) or indirectly (see definition of Indirect Ownership in Section 8.1 of this Policy). The following activities are **prohibited**:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Short Sales** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Short-Term Trading:** Defined as purchasing and selling, or selling and purchasing Firm securities
 within any 60 calendar day period. If you engage in short-term trading, you will be required
 to disgorge profits as determined by the Securities Trading Conduct group. This includes
 transactions in the Firm related employee benefit plans such as the BNY 401(k).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Margin Transactions**: However, you may use Firm securities to collateralize full-recourse loans
 for non-securities purposes or for the acquisition of securities other than those issued
 by the Firm.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Option Transactions**: Defined as any derivative transaction involving or having its value based
 upon any securities issued by the Firm, including the buying and writing of over-the-counter
 and exchange traded options.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Major Firm Events**: Non-publicly announced events of which you have knowledge (prohibition will
 expire 24 hours after a public announcement is made).

The Firm will comply with insider trading laws in connection with trades in its own securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.1.3** **Prohibitions When Trading in Non-Firm Securities** 

You must be sensitive to any impropriety in connection with your personal securities transactions in securities of any issuer, including those owned indirectly (see Indirect Ownership defined in Section 8.1). You are prohibited from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Engaging in FX derivative trading** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Spread Betting**: Taking bets on securities pricing, including FX spread-betting to reflect market/currency
 movement activities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Short Selling** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.1.4** **Initial Public Offerings (IPO)** 

You are prohibited from acquiring securities through an allocation by the underwriter of an IPO without the prior approval of the Securities Trading Conduct group. Approval is only likely to be given in the following circumstances:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The
 allocation comes through an employee of the issuer who has a direct family relationship to
 the Firm employee

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The
 issuance is arranged by governments to promote the public ownership of previously state owned
 assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Where
 a bank, savings and loan or insurance company converts from a structure owned by policyholders
 to one owned by investors (demutualization)

Approval may not be available to employees of registered broker-dealers due to certain laws and regulations (e.g., FINRA rules in the U.S.). If you have any questions as to whether a particular offering constitutes an IPO, email the Securities Trading Conduct group before submitting an

indication of interest to purchase the security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.1.5** **Private Placements** 

You are prohibited from acquiring any security in a private placement unless you obtain prior written approval from the Securities Trading Conduct group, your Manager and Compliance Officer. A Private Placement Form must be submitted in Code RAP for approval:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· If
 you are holding an investment of a privately-held (i.e., not traded on an exchange) Firm
 affiliated fund and you wish to divest all or a portion of your investment, you are required
 to obtain pre-approval from the Securities Trading Conduct group prior to redemption. Refer
 to MySource for a copy of the request Affiliated Fund Request form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The
 Securities Trading Conduct group will generally not approve any private placement requests
 that appear to present an actual or potential conflict of interest. This includes instances
 where, among other things, the opportunity is being offered to you by virtue of your position
 with the Firm or its affiliates or your relationship to a managed fund or account and whether
 or not the investment opportunity being offered to you could be re-allocated to a client.
 So that no actual or potential conflict exists between the proposed private placement purchase
 and the interests of any managed fund or account, you must comply with any and all requests
 for information and/or documentation necessary for the Employee Compliance/Securities Trading
 Conduct group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Within
 30 days of being designated a Monitored Employee (see Sections 4.2 to 4.4 for information),
 you must disclose any existing investment in private placement securities to the Securities
 Trading Conduct group who will determine if you will be permitted to continue to hold the
 investment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.1.6** **BNY Affiliated Volcker Covered Funds** 

You are prohibited from acquiring any initial or subsequent investment in a Firm affiliated Volcker Covered Fund (Refer to the Volcker Compliance site on MySource) unless you obtain prior written approval from the Securities Trading Conduct group, your Manager and Compliance Officer. Unless your job duties are directly related to providing investment advisory, commodity trading advisory or "other services" to the fund, your investment in such funds will not be permitted. A Private Placement Form must be submitted in Code RAP for approval.

If you are newly hired and you hold an investment (either directly or indirectly) in an affiliated Firm Volcker Covered Fund you must receive permission to continue to hold that investment. You must disclose your investment within 30 calendar days of your hire date by completing the Private Placement Form available in Code RAP. You may be required to divest your ownership interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.1.7***  ***Ability to Request Account Statements and Trade Confirmations*** 

For all employees, the Firm reserves the right to request accounts statements and trade confirmations when needed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 Monitored
 Employees

If you are determined to be at risk for receiving Firm or client information as described below, your personal trading and accounts where you have Indirect Ownership (as defined in Section 8.1) are required to be monitored and you are thus deemed a Monitored Employee. There are strict limitations on such trading for Monitored Employees as further described in Section 4.4.

Monitored Employees include employees who, as a routine and normal course of their job:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Are
 deemed to be at a high risk of receiving MNPI of issuer clients (generally, certain employees
 located in or supporting Private Side businesses as defined by the Firm's

I-A-046: Information Barriers Policy. These are employees who are deemed to be *private* under I-A-046: Information Barrier Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Have
 nonpublic information regarding advisory client's purchases or sales of securities
 or nonpublic information regarding the portfolio holdings of a Proprietary Fund, are involved
 in making securities recommendations to advisory clients, or have access to such recommendations
 before they are public.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Have
 foreknowledge of the clients' trading positions or plans such that the information may elevate
 the risk of Front Running or similar manipulative trading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Have
 access to inside information with respect to the Firm's financial results in advance
 of such results being released to the public.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Required
 by regulation – employees who work for a Firm broker-dealer or investment adviser (or
 their equivalents).

Additionally, each business unit is required to classify all employees who are Senior Directors, Managing Directors or above as Investment/Public or Insider Risk.<sup>3</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 Classifications
 of Monitored Employees

The Firm has assigned Monitored Employees a classification that will correspond to the type of information they routinely are exposed to in as performing their job duties. They are as follows:

---

| | |
|:---|:---|
| **Classification Type** | **Definition** |
| **Access Decision Maker (ADM) Employee** | Employees within BNY Investments who are Portfolio Managers or Research Analysts and make or participate in recommendations or decisions regarding the purchase or sale of securities for mutual funds or managed accounts. Portfolio Managers of broad-based index funds and traders are not typically classified as ADM Employees. |
| **Insider Risk Employee** | Employees who in the normal course of business are likely to receive MNPI regarding issuer clients. These employees are on the "private side" of the Information Barrier in accordance with the I-A-046: Information Barriers Policy. |
| **Investment/Public Employee** | Employees in the normal course of business who:<br> &nbsp;&nbsp;&nbsp;&nbsp;· Are on the "public side" of the Information Barrier in accordance with the I-A-046: Information BarriersPolicy.<br> &nbsp;&nbsp;&nbsp;&nbsp;· Employees that by regulation are required to have their personal trading monitored.<br> &nbsp;&nbsp;&nbsp;&nbsp;· Have access to nonpublic information regarding advisory client's purchase or sale of securities or nonpublic information regarding the portfolio holdings of a Firm Proprietary Fund<br> &nbsp;&nbsp;&nbsp;&nbsp;· Are involved in making securities recommendations to advisory clients, or has access to such recommendations before they are public.<br> &nbsp;&nbsp;&nbsp;&nbsp;· Have foreknowledge of clients trading positions or plans such that the information may elevate the risk of Front Running<br> This classification typically includes employees in BNY Investments and BNY Wealth businesses as well as employees in other Public side businesses or Corporate Functions who have an elevated risk (clear access to pre-trade settlement information) of Front Running.<br> &nbsp;&nbsp;&nbsp;&nbsp;· Employees of a Firm business regulated by certain investment company laws. Examples are:<br> &nbsp;&nbsp;&nbsp;&nbsp;· In the U.S., employees who are "advisory persons" or "access persons" under Rule 17j-1 of the Investment Company Act of 1940 or "access persons" under Rule 204A-1 of the Advisers Act. |

---

<sup>3</sup> Employees who are not currently monitored and are designated as private under the I-A-046: Information Barrier Policy, Senior Directors or Managing Directors will be changed to monitored from February 2024 through May 2024.

---

| | |
|:---|:---|
| | <br> &nbsp;&nbsp;&nbsp;&nbsp;· In the U.K., employees in companies undertaking specified activities under the Financial Services and Markets Act 2000 (Regulated Activities), Order 2001, and regulated by the Financial Conduct Authority.<br>&nbsp;&nbsp;&nbsp;&nbsp;· Any member of the Firm's Senior Management who, as part of his/her usual duties, has management responsibility for fiduciary activities or routinely has access to information about advisory clients' securities transactions. |
| **Pre-Release Earning Group (PREG) Employee** | Includes all Executive Committee members, their administrative assistants and any individual determined by the business to have access to the Firm's earnings in advance of public announcements. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4 Additional
 Requirements and Restrictions for Monitored Employees

In addition to the requirements which apply to all employees as described in Section 3.1 of this Policy, all Monitored Employees are also subject to the additional requirements noted below. These requirements apply to all securities accounts and holdings for which you have direct or indirect ownership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.4.1** **Reporting for All Monitored Employees** 

You are required to file various reports via Star, the Firm's electronic personal trading monitoring system. Required reports must also include any securities (except those deemed exempt as defined in Section 8.1), held outside of an account (for example, if you hold physical securities outside of a brokerage account, you must report those securities). You are required to file the following reports in order to be in compliance with the Policy:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Initial
 Reports: Within 10 calendar days of being notified by the Securities Trading Conduct group
 that you are a Monitored Employee, you must file an Initial Broker Accounts and an Initial
 Holdings Report. These reports must contain a listing of all accounts that trade, or are
 capable of trading, securities. Initial Holdings Reports must be an accurate recording of
 accounts and securities holdings within the preceding 45 days of your being deemed a monitored
 employee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Annual
 Reports: On an annual basis and within 30 calendar days after the end of the year, you must
 file an Annual Holdings Report. The report must contain an accurate and current listing of
 securities held in all accounts that trade, or are capable of trading securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Annual
 Accounts: On an annual basis and within 30 calendar days after the end of the year, you must
 review all of your reported accounts in the Star system and make any updates, including adding
 and/or removing accounts where necessary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Ongoing
 Reporting: If you open a new account, or receive securities through a gift or inheritance,
 you must update your holdings in the Star system within 10 calendar days of the event (i.e.,
 account opening or date of receipt of securities). For gifts/inheritance, you must disclose
 the name of the person receiving or giving the gift or inheritance, date of the transaction,
 and name of the broker through which the transaction was effected (if applicable). A gift
 of securities must be one where the donor does not receive anything of monetary value in
 return. Preclearance is required for all reportable holdings that are being liquidated (e.g.
 an executor liquidating a portfolio).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Updating
 Holdings: You are responsible for your securities holdings being accurate in the Star system.
 This may require you to make manual adjustments for changes to your securities holdings (excluding
 exempt securities as defined in Section 8.1 of this Policy) that occur as a result of
 corporate actions, dividend reinvestments, or

similar activity. These adjustments must be reported as soon as possible, but no less than annually.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Quarterly
 Transaction Reports (Investment/Public and ADM employees only): Within 30 calendar
 days after the end of the quarter, you must file a Quarterly Transactions Report. The report
 must contain a list of all reportable transactions that occurred in the quarter. You must
 certify all broker accounts that are capable of trading in reportable securities and all
 reportable securities held. Your report must be current within 45 calendar days of the date
 the report is filed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Certifications: 
 The Securities Trading Conduct group will require certifications when there is a material
 change to this Policy. Additional certifications may be required as needed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.4.2** **Additional Reporting for ADM Employees** 

Further reporting requirements for ADM Employees include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Contemporaneous
 Disclosure Reports (ADM employees only): Prior to making or acting upon a portfolio recommendation
 (buy/hold/sell) in a security you have direct or indirect ownership, written authorization
 must be obtained. Under no circumstances may you provide portfolio recommendations or place
 trades based on their potential impact to your personal securities holdings, nor may you
 refuse to provide a recommendation or execute a transaction within the portfolio.to avoid
 submitting a Contemporaneous Disclosure. There are a limited number of transactions that
 are exempt from this requirement. More information, including a copy of the Contemporaneous
 Disclosure Form can be found on MySource .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.4.3** **Account Statements and Trade Confirmations** 

Monitored Employees are required to provide duplicate statements and trade confirmations directly to the Firm. You must adhere to the following requirements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Countries
 with Approved Brokers - U.S., UK, India, Singapore or Hong Kong<sup>4</sup>-based
 Monitored Employees: You must maintain all accounts with an approved broker-dealer (refer
 to MySource for the Approved Broker List). Employees
 are required to provide account statements to the Securities Trading Conduct Team until the
 account is on a feed with an Approved Broker. If you have securities held in a physical form
 or held directly with an issuer, you must provide copies of account statements and trade
 confirmations.

**Note:** Certain brokers may require the account owner's consent in order for the Firm to receive their account information electronically (connection to the electronic feed).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Countries *without* Approved Brokers: You must provide copies of account statements to your designated
 local Compliance Officer or Securities Trading Conduct Team upon receipt or at least quarterly.
 You are also required to enter your trade confirmation details into the Star system within
 10 calendar days of the transaction. You may be compelled to move your accounts and hold
 them with an electronic broker-dealer where legally permissible and in jurisdictions where
 the Firm has made arrangements with a broker-dealer to provide automated electronic feeds
 to the Star system. You will be notified when this requirement becomes

<sup>4</sup> The Approved Broker requirement for employees in Singapore and Hong Kong will go into effect on September 30, 2024.

effective within your jurisdiction and are no longer required to manually enter your trade details into the Star system.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· For
 all employees, the Firm reserves the right to request accounts statements and trade confirmations
 as needed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.4.4** **Preclearance Prior to Trading** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Monitored
 Employees must receive approval in the Star system to trade any security unless the security
 is expressly Exempt as defined in Section 8.1 of this Policy. You must also obtain preclearance
 for trades made by indirect owners.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· ETFs
 and Single-Stock ETFs are reportable. Proprietary ETFs must be pre-cleared prior to
 transacting in for employees who are classified as ADM, Investment/Public or Insider
 Risk Employees.

**NOTE:** if you are classified as a PREG employee (see Section 4.7 of this Policy), you are only required to preclear trades in Firm securities (equities, fixed income, or derivatives) of The Bank of New York Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Although
 preclearance approval does not obligate you to place a trade, you should not seek preclearance
 for transactions you do not intend to make. Do not discuss the response (e.g. approval or
 denial) to a preclearance request with anyone (excluding any account co-owners or indirect
 owners). If you have questions regarding a response to a trade request, contact the Securities
 Trading Conduct group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· If
 you receive approval to trade, the trade must be executed by the close of business the following
 day in the local jurisdiction. For example, if you receive approval on Monday at 3 PM EST,
 the preclearance is only valid until the close of the trading day on Tuesday. You should
 be aware that all preclearance time stamps in the Star system are in EST.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· You
 are only permitted to place day only orders which are orders that expire at the end of the
 trading day. Orders that extend beyond a single trading day, such as "good-until-cancelled"
 or similar orders, are not permitted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· You
 may also be subject to additional approvals, for example approval from your supervisor, depending
 upon your classification. Please check with your local Compliance Officer for additional
 information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.4.5** **Additional Preclearance Restrictions for ADM, Investment/Public and certain private side employees (de minimis limits)** 

ADM, Investment/Public and certain private side employees will generally not be given preclearance approval to execute a transaction in any security that appears on their business unit's Blackout List (as defined in Section 8.1).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***4.4.5.1*** ***Approval for De Minimis Transactions for ADM Employees and Investment/Public Employees for Securities on Blackout List***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· ADM, Investment/Public
 and certain private side employees are eligible to receive de minimis approval for trades
 in securities of any one issuer in a 30-day period even if the security is on the Blackout
 List.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· De
 Minimis transactions are permitted as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· ADMs:

---

| | | | |
|:---|:---|:---|:---|
| **Market Cap <br> Category** | **Market Cap Value** | **De Minimis Amount <br> Allowed Per Trade** | **30 Day Period <br> Limit** |
| **Micro- Cap** | Market value of less than $250 million | Not allowed | Not allowed |
| **Small- Cap** | Market value between $250 million and $5 billion | Not allowed | Not allowed |
| **Mid- Cap** | Market value between $5 billion and $20 billion | $10000 | $20000 |
| **Large- Cap** | Market value between $20 billion and more | $10000 | $20000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Investment/Public and certain private side employees:

---

| | | | |
|:---|:---|:---|:---|
| **Market Cap <br> Category** | **Market Cap Value** | **De Minimis Amount <br> Allowed Per Trade** | **30 Day Period <br> Limit** |
| **Micro- Cap** | Market value of less than $250 million | Not allowed | Not allowed |
| **Small- Cap** | Market value between $250 million and $5 billion | $10000 | $20000 |
| **Mid- Cap** | Market value between $5 billion and $20 billion | $25000 | $50000 |
| **Large- Cap** | Market value between $20 billion and more | $50000 | $100000 |

---

**Note:** Currency is listed in USD. Use the local currency equivalent outside of the US.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.4.5.1.1** **Additional Restrictions for ADM employees (7 Day Blackout Period)** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· You
 are not permitted to buy or sell a security within 7 calendar days before and 7 calendar
 days after the investment company or managed account for which you are affiliated has effected
 a transaction in that security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Any
 trade initiated within the 7 day blackout period is deemed a violation of Policy and as such
 you will be required to disgorge profits per the Securities Trading Conduct group in their
 sole discretion. This does not apply to approved de minimis transactions during the 7 day
 blackout period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5 Managed Accounts

If you have an account fully managed by a third-party (you have an investment management, trust or similar agreement) which specifically documents in writing that you are unable to direct trades in the account, you must submit a Managed Account Form via Code RAP to determine if the account is eligible for exclusion from some of the reporting requirements, providing duplicate account statements/trade confirms or preclearance requirements noted within this Policy. For all managed accounts, you must add your account information in the Star system and comply with all provisions of the Policy *until* the Securities Trading Conduct group deems the account to be excluded in writing.

If your account is approved as managed, you are required to complete an annual certification in the Star system attesting that the account continues to be maintained under the account provisions the Securities Trading Conduct group relied upon to provide approval. In addition, you are required to

provide copies of statements to the Securities Trading Conduct group when requested.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6 Prohibition
 on Short-Term Trading

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Non-Firm Securities**: Employees classified as ADM, Investment/Public Employee and Insider
 Risk are prohibited from engaging in short-term trading. Short term trading is defined as
 the purchasing then selling, or selling then purchasing, the same or equivalent (derivative)
 security within 30 calendar days. PREG employees are not subject to a holding period for
 non-Firm securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Firm Securities**: All employees are prohibited from purchasing then selling, or selling then
 purchasing any Firm securities (Firm securities include any securities issued by The Bank
 of New York Corporation and its subsidiaries, including, but not limited to, shares of common
 stock, preferred stock or bonds of the Firm) within 60 calendar days.

Employees who engage in short-term trading in non-Firm securities (within 30 calendar days) or Firm securities (within 60 calendar days) will be issued a violation and any profits realized must be disgorged.

**Example:** Transactions resulting in a position that is liquidated (sell), and then a new position is re-established (buy), would meet the criteria for a profit disgorgement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Profit
 is based upon the difference between the most recent purchase and sale prices for the most
 recent transactions. You should be aware that profit for disgorgement purposes may differ
 from the capital gains calculations for tax purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The
 disposition of any disgorged profits will be at the discretion of the Firm to a bona fide
 and legally permitted charity. You will be responsible for any tax and related costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Profit
 disgorgement, where applicable, is not required for any security that is deemed Exempt (as
 defined in Section 8.1 of this Policy) and trades in Proprietary Funds conducted within
 the BNY 401(k).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.7 Specific
 Restrictions for PREG Employees

Every quarter the Firm imposes a restriction on PREG employees. As such, you are prohibited from trading in the Firm's securities from 12:01 AM Eastern Standard Time, on the 15th day of the month preceding the end of each calendar quarter through the first trading day after the public announcement of the Firm's earnings for that quarter.

For example, if earnings are released on Wednesday at 9:30 AM Eastern Standard Time, you may not trade the Firm's securities until Thursday at 9:30 AM Eastern Standard Time. Non-trading days, such as weekends or holidays, are not counted as part of the restricted period. At its discretion, the Firm may extend the blackout period for some or all PREG employees. You will be notified if there is such an extension. The Firm may establish additional event-specific blackout periods that may be applicable to any or all categories of Monitored Employees. The Firm will notify you of any additional blackout periods.

The blackout period includes trades in various employee plans. Specifically, you may not make payroll deductions, investment elections changes or reallocation of balances that might impact your holdings in company stock in the BNY 401(k) Plan; you may not exercise options granted through the employee incentive compensation or similar plan; you may not enroll in, or make payroll deduction changes, in your Employee Stock Purchase Plan.

If you trade Firm securities made during the blackout period, you must unwind the trade and surrender profits as determined by the Firm in its sole discretion. Any losses due to the unwinding are yours to incur. Further, you may be subject to disciplinary action or referral to law enforcement when necessary.

The Firm reserves the right to restrict trading in companies in similar industries as the Firm.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.8 Insider Threats

BNY considers Insider Threats to be a serious matter and has established an enterprise-wide Insider Threat program to provide direction, governance and drive organizational awareness to manage the risks. BNY s Enterprise Insider Threat program is aligned to the Company's organizational risk priorities, including enhanced protection of information assets. As defined in the Enterprise Insider Threat Policy, Internal Fraud refers to unauthorized activity (e.g., inappropriate/unauthorized trading, market manipulation) or fraud (e.g., fraudulent funds transfer/movement, credit fraud, forgery, check fraud) by an Insider, which may cause financial or non-financial harm. Please consult the Enterprise Insider Threat Policy for more information.

&nbsp;&nbsp;&nbsp;&nbsp;5. Governance
 and Responsibilities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 All Employees
 are responsible for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Adhering
 to all sections of this Policy as it relates to their role.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Immediately
 contacting the Securities Trading Conduct group or your Compliance Officer (or anonymously
 through the Firm's Ethics Help Line or Ethics Hot Line) if a known or suspected violation
 of this Policy occurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Reporting
 MNPI to their MNPI Coordinator. Employees should not seek advice from anyone other than a
 Compliance Officer, their MNPI coordinator or the Control Room regarding appropriate handling
 of MNPI. Employees may also report the receipt of actual or suspected MNPI directly to the
 Control Room if the employee's MNPI Coordinator is unavailable. The obligation to report
 all MNPI applies to both private and public side LOBs/Corporate Staff functions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 Businesses
 and Corporate Functions

Management of the Firm's Business and Corporate Staff groups are responsible for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Classifying
 employees within 15 calendar days of joining or transfer and developing business line polices/procedures
 to describe the protocols for assigning classifications that are consistent with this Policy,
 seeking guidance from Compliance as needed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Retaining
 accurate records of each employee's classifications in their business unit, maintaining
 proper controls so that the classifications are current and providing an annual attestation
 to Compliance that the classification of the employees are accurate, when requested.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Communicating
 employees' classification and overseeing staff so that they are properly trained on
 the Policy requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Overseeing
 the timely completion of all required reports, violation notices and certifications as required
 by this Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· When
 required, constructing (and keeping current) a list of securities appropriate for Policy
 restrictions; typically this will consist of trading systems required for employee monitoring,
 portfolio manager codes, and designated approvers. Generally this detail will be required
 only in instances where a Business or Corporate Functions have staff classified as an Investment
 or ADM employee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· When
 required, providing timely and accurate updates to the list of Proprietary Funds (those that
 are advised, sub-advised or underwritten by the business) to the Securities Trading Conduct
 group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 Securities
 Trading Conduct Group

The Securities Trading Conduct group is responsible for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Maintaining
 all necessary records to demonstrate compliance with this Policy in a readily accessible
 place, for seven years from their creation. This includes but is not limited to versions
 of this Policy, record of employee violations and actions taken, holdings and transaction
 reports required by this Policy, list of monitored employees and their classifications, and
 lists of securities appropriate for restriction as reported by a Line of Business and/or
 Corporate Function.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Treating
 employee related records as "highly confidential", to the extent permissible
 by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4 Compliance
 Officers

Compliance Officers are responsible for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Providing
 policy training to employees when requested by the Securities Trading Conduct group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Reporting
 compliance with this Policy, including detail on violations, to Legal Entity and Fund Boards,
 as required by law, regulation or policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· When
 requested by the Securities Trading Conduct group, approving requests for investment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5 Legal Department

The Legal Department is responsible for providing legal analysis of new and revised legislation of all jurisdictions regarding personal securities trading laws and regulations and participating in the review of material policy amendments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6 Engineering
 Department

The Engineering Department is responsible for providing support for internally hosted applications so that systems function properly, including various files are properly loaded into the system, developing an alert process to detect any failed or non-received files, and adequately testing all software updates or hardware installations.

&nbsp;&nbsp;&nbsp;&nbsp;6. Adherence
 and Control

Failure to comply with any aspect of this Policy may result in the imposition of serious sanctions and employee will be issued a violation notice. You may also receive additional sanctions, which include, but are not limited to, the disgorgement of profits, cancellation of trades, selling of positions, and suspension of personal trading privileges, and may result in an employee being subject to corrective action as outlined in II-H-610-US: Managing Performance and Conduct Through Corrective Action for U.S.-based employees (or the applicable corrective action policy for non-U.S. based employees),<sup>5</sup> up to and including termination of employment and referral to law enforcement, when required.

If you know of or suspect a violation of this Policy has occurred, immediately contact the Securities Trading Conduct group or your Compliance Officer. You may also report known or suspected violations anonymously through the Firm's Ethics Help Line or Ethics Hot Line.

Amendments to or waivers of any requirements discussed above are at the discretion of the Chief Compliance Officer or their designee. When required, the concurrence of other officers or directors

<sup>5</sup> View the Policies Portal or consult your local HR Partner for the policy for the relevant jurisdiction.

of the Firm may also be needed. Any waiver or exemption must be evidenced in writing to be valid.

&nbsp;&nbsp;&nbsp;&nbsp;7. Addendum(s)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 Addendum
 I: EMEA Personal Securities Trading

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.1.1** **Applicability / Scope** 

This Addendum sets out the regional obligations and restrictions in EMEA that operate in relation to personal securities trading under FCA Handbook COBS 11.7A, EU Directive 2014/65/EU, and EU Regulation No 600/201, together commonly known as "MIFID 2" and EU Regulation No 596/2014 "MAR" and is applicable to any employee in the UK or EU who is subject to this I-A-045: Personal Securities Trading Policy ("the Global PST Policy").

Following the withdrawal of the United Kingdom ("UK") from the European Union ("EU") at 23:00 GMT on 31 January 2020, where relevant to a Party, references to EU legislation referenced in this Policy shall be read as references to the UK version of such legislation, which is part of UK law by virtue of the European Union (Withdrawal) Act 2018 (as amended).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.1.2** **Provisions of the Addendum** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***7.1.2.1***  ***UK and EU Requirements in Relation to Personal Trading (Including those arising from MIFID and MAR)*** 

Both UK and EU regulations require that the Firm establish, implement and maintain adequate policies and procedures to ensure our compliance with our obligations under personal securities trading rules.

These rules cover Financial Instruments as defined in the Definitions Section and apply to any employees who have inside information or MNPI, who have access to client confidential information or who could have a client conflict of interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***7.1.2.2***  ***Information that Triggers an Employee to be Subject to this Addendum*** 

UK and EU employees who are subject to this Addendum will be defined as those who as a routine and in the normal course of their job:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Have
 access to inside information as defined under I-A-040: Market
 Abuse Policy by virtue of an activity carried out by them 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;· Have
 access to any other confidential information relating to clients or transactions with or
 for clients by virtue of an activity carried out by them on behalf 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;· Are
 involved in activities that may give rise to a conflict of interest in relation to either
 the Firm or any client(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***7.1.2.3***  ***Restrictions for Employees Subject to this Addendum*** 

The restrictions set out below are in addition to restrictions set forth in the Global PST Policy and apply when a UK or EU employee is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Transacting
 outside the scope of the activities they carry out in their professional capacity; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The trade
 is carried out on behalf of the employee whether owned directly (i.e., in your name) or indirectly
 (see definition of Indirect Ownership in Section 8.1 of the Global PST Policy).

Unless conducted in compliance with 7.1.2.5 below, employees are prohibited from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Entering
 a transaction which meets at least one of the following criteria:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· It
 would amount to Market Abuse as defined by the UK or EU MAR as defined in Section 8.1
 of I-A-040: Market Abuse 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;· It
 involves the misuse or improper disclosure of the Firm's or a client's confidential
 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;· It
 may give rise to a conflict of interest in relation to either the Firm or any client(s) 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;· It
 conflicts or is likely to conflict with an obligation of the Firm under UK law or EU law
 on markets in financial instruments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Advising,
 recommending or inducing any other person to enter a transaction in Securities or Financial
 Instruments, other than in the proper course of their employment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Disclosing,
 other than in the normal course of his employment or contract for services, any information
 or opinion to any other person that would or might advise or persuade that other person 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;· Engage
 in any of the activities set out in #2 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;· Advise
 or persuade any other person to engage in any of the activities set out #2 above

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***7.1.2.4***  ***Definitions of Financial Instruments under UK and EU Regulations*** 

This Addendum generally applies to all UK and EU employees when trading in Securities, or where applicable, other Financial Instruments as defined in this section.

Under both UK and EU Regulations, the Firm must consider both securities and other Financial Instruments under these regulations and as defined in this section, and whether it will permit personal trading in these instruments. As such a list of instruments restricted under the UK and EU regulations and the Firm's treatment of such instruments for the purpose of personal trading are outlined below in Section 8.1.Restrictions on Financial Instruments for Personal Trading

Outlined below are the in-scope instrument classes and their treatment under this Addendum. For the purpose of clarity, this Addendum is not intended to introduce restrictions in relation to sweep accounts within brokerage arrangements that exist simply for the purpose of cash transference as part of general fund management activities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***7.1.2.5***  ***Permitted for Employees Subject to this Addendum (subject to the notification/approval requirements of the Global PST Policy)*** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Transferable
 Securities: Trading in transferable securities is permitted so long as conducted in compliance
 with the Global PST Policy and the employee is NOT in possession of MNPI whereby:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· if
 the Employee Subject to this Addendum is already a Monitored Employee under the Global PST
 Policy they transact in accordance with their applicable restrictions and requirements; or.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Units
 in Collective Investment Undertakings and units or shares in
 an Alternative Investment Fund : Trading in UCITS or Alternative Investment Funds.
 is permitted so long

as conducted in compliance with the Global PST Policy and the employee is NOT in possession of MNPI whereby:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· if
 the Employee Subject to this Addendum is already a Monitored Employee under the Global PST
 Policy they transact in accordance with their applicable restrictions and requirements; or.

**Please note:** Money Market Funds (MMFs) are generally included within this definition for the purposes of personal trading. This includes Firm proprietary MMFs for the purposes of this policy. N.B. MMF arrangements that have been established by, or in conjunction with, an Approved Broker Account, and whose use is limited to being in conjunction with purchases, sales, or other receipts from that brokerage account, are not intended to be covered by the requirements of this Addendum. Therefore, such arrangements do not normally require disclosure, or pre-approval where the Addendum may otherwise require this (e.g. a BNY proprietary MMF).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***7.1.2.6***  ***Prohibited*** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Financial
 Contracts for Difference

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Financial
 Spread Bets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***7.1.2.7***  ***Express Written Approval from Local Compliance Officer*** 

The instruments below will require an express written approval from your local Compliance Officer prior to trading:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Money
 Market Instruments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Derivative
 instruments for the transfer of credit risk

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Options,
 futures, swaps and forward rate agreements Options/futures on securities is permitted so
 long as in compliance with PSTP; for financial instruments that are not a security, you must
 contact BCO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Please
 note, use of currency exchange is permitted for such domestic activity as for example personal
 travel needs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.1.3** **Governance and Responsibilities** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***7.1.3.1***  ***Compliance Officers*** 

Compliance Officers are responsible for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Sign
 off on any preclearance requests for financial instruments as noted in 7.1.2.6

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.1.4** **Addendum Governance** 

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| | | | |
|:---|:---|:---|:---|
| Addendum Owner | Addendum <br> Approver(s) | Review and Approval <br> Date | Additional Contact(s)for Questions |
| Annette Fong<br> UK Chief Compliance Officer<br>Denis Caprasse<br> Head of SA/NV Compliance | Steve Wachtel<br> Global Head of Personal Securities Trading | January 29, 2024 |  |

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&nbsp;&nbsp;&nbsp;&nbsp;8. Appendices

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 Definitions

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| | |
|:---|:---|
| Term | Definition/Meaning of Term |
| Automatic Investment Plan | A program in which regular periodic purchases (withdrawals) are made automatically to/from investment accounts in accordance with a predetermined schedule and allocation. Examples include: Dividend Reinvestment Plans (DRIPS), payroll deductions, bank account drafts or deposits, automatic mutual fund investments/withdrawals (PIPS/SWIPS), and asset allocation accounts. |
| Blackout List | List of securities submitted by a Business Unit for which there are pending or executed transactions for an affiliated account (other than an index fund). |
| Firm Securities | Include any securities issued by The Bank of New York Corporation and its subsidiaries, including, but not limited to, shares of common stock, preferred stock or bonds of the Company. |
| Exempt Securities/Financial Instruments (Collectively "Exempt Securities" or "Exempt") | All securities require reporting and preclearance unless expressly exempt by this Policy. The following financial instruments are exempt for all classifications of employees:<br> &nbsp;&nbsp;&nbsp;&nbsp;· Cash, cash-like securities, such as bankers' acceptances, bank CDs and time deposits, money market funds, FX spot transactions, commercial paper and repurchase agreements.<br> &nbsp;&nbsp;&nbsp;&nbsp;· Digital assets - regardless of where they are held (in brokerage exchange accounts or in personal cryptocurrency wallets).<br> Note: Direct participation investments in Initial Coin Offerings (ICOs), pooling money with others with the intent to invest in digital assets or cryptocurrencies and creating investment vehicles to sell interest in Limited Partnerships (LPs) or Master Limited Partnerships (MLPs) for the purpose of investing in digital assets or cryptocurrencies are all considered to be private securities transactions that must be reported.<br> &nbsp;&nbsp;&nbsp;&nbsp;· Employee investments in their sovereign governments. Obligations of other instrumentalities or quasi-government agencies are not exempt.<br> &nbsp;&nbsp;&nbsp;&nbsp;· Securities issued by open-end investment companies (i.e., mutual funds and variable capital companies) that are not Proprietary Funds. Proprietary Funds are exempt for employees classified as Insider Risk.<br> &nbsp;&nbsp;&nbsp;&nbsp;· Securities in retirement plans properly organized under local law of companies not associated with the Firm (e.g., spouse's plan, previous employer's plan, etc.). This exemption is not applicable to any plan wherein the trades can be directed in common stock by the account holder.<br> &nbsp;&nbsp;&nbsp;&nbsp;· Securities in college tuition plans for dependents properly organized under local law. It should be noted that this exemption is not applicable securities that are deemed to be a Proprietary Fund for employees classified as an ADM and Investment Employees.<br> &nbsp;&nbsp;&nbsp;&nbsp;· Fixed annuities.<br> &nbsp;&nbsp;&nbsp;&nbsp;· Variable annuities, as long as the sub-accounts are not invested in Proprietary Fund sub-accounts.<br> &nbsp;&nbsp;&nbsp;&nbsp;· Securities held in approved non-discretionary (managed) accounts.<br> &nbsp;&nbsp;&nbsp;&nbsp;· Non-financial commodities (e.g., agricultural futures, metals, oil, gas, etc.), currency, crypto-based currency, and financial futures (excluding stock and narrow-based stock index futures).<br>&nbsp;&nbsp;&nbsp;&nbsp;· Transactions that are involuntary (such as stock dividends, sales of fractional shares or sales of shares to cover account fees); however, sales initiated by brokers to satisfy margin calls are not considered involuntary. |

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| | |
|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;· Transactions pursuant to the exercise of rights (purchases or sales) by an issuer made pro rata to all holders of a class of securities, to the extent such rights were acquired from such issuer.<br> &nbsp;&nbsp;&nbsp;&nbsp;· Sales effected pursuant to a bona fide tender offer.<br> &nbsp;&nbsp;&nbsp;&nbsp;· Transactions pursuant to an automatic investment plan, including payroll withholding to purchase Proprietary Funds. The initial purchase and additional changes to the automatic investment plan are subject to preclearance approval. |
| Front Running | The purchase or sale of securities for your own or the company's accounts on the basis of your knowledge of the company's or company's clients trading positions or plans. |
| Index Fund | An investment company or managed portfolio (including indexed accounts and model driven accounts) that contain securities in proportions designed to replicate the performance of an independently maintained, broad-based index or that is based not on investment discretion but on computer models using prescribed objective criteria to replicate such an independently maintained index. |
| Indirect Ownership | Generally, you are the indirect owner of securities if you are named as power of attorney on the account or, through any contract, arrangement, understanding, relationship, or otherwise, you have the opportunity, directly or indirectly, to share at any time in any profit derived from a transaction in them. This includes trades which are effected by or on behalf of the employee when the trade is carried out for the account of any of the persons referenced below. Common indirect ownership situations include, but are not limited to:<br> &nbsp;&nbsp;&nbsp;&nbsp;· Securities held by members of your Immediate Family by blood, marriage, adoption, or otherwise, who share the same household with you;<br> "Immediate Family" includes any person with whom they have a family relationship, or whom they have close links, such as your spouse, domestic partner, children (including stepchildren, foster children, sons-in-law and daughters-in-law), grandchildren, parents (including step-parents, mothers-in-law and fathers-in-law), grandparents, and siblings (including brothers-in-law, sisters-in-law and stepbrothers and stepsisters):<br> &nbsp;&nbsp;&nbsp;&nbsp;· Any person in conjunction with whom the employee has a direct or indirect material interest in the outcome of the trade – other than obtaining a fee or commission for the execution of the trade;<br> Employees must consider this requirement and report trades which fit under the above definition to avoid violations and breaches of both regulations and Policy. |
| Initial Public Offering (IPO) | The first offering of a company's securities to the public. |
| Investment Clubs | Organizations whose members make joint decisions on which securities to buy or sell. The securities are generally held in the name of the investment club. Prior to participating in an investment club, all Monitored Employees are required to obtain written permission from their local Compliance Officer to participate in the club. If permission is granted, the account is subject to all aspects of this Policy. |
| Investment Company | A company that issues securities that represent an undivided interest in the net assets held by the company. Mutual funds are open-end investment companies that issue and sell redeemable securities representing an undivided interest in the net assets of the company. |
| Material Non-Public Information (MNPI) and examples | &nbsp;&nbsp;&nbsp;&nbsp;MNPI is generally defined as material information about a company (including BNY), its securities or any financial instruments related to that company that has not been disclosed to the public. Information is "material" if:<br> &nbsp;&nbsp;&nbsp;&nbsp;· there is a substantial likelihood that a reasonable investor would consider it important in deciding whether to buy, sell, or hold securities/financial instruments; or<br> &nbsp;&nbsp;&nbsp;&nbsp;· there is a substantial likelihood it would have been viewed by a reasonable investor as having significantly altered the "total mix" of information available.<br>Information about an issuer is "non-public" if:<br>&nbsp;&nbsp;&nbsp;&nbsp;· it is of a precise nature and is not generally available to the investing public. Information received under circumstances indicating that it is not yet in general |

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| | |
|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; circulation and may be attributable, directly or indirectly, to the issuer or its insiders is likely to be deemed non-public information.<br>Most companies announce material information through a press release or a regulatory filing (such as with the Securities and Exchange Commission) and/or a posting on the company's website. Therefore, if it has been determined that information is material but there is no announcement of it in any of those sources, it is likely to be non-public at that point.<br>Examples of information that may, depending on the particular facts and circumstances, be material and non-public include, but are not limited to:<br>&nbsp;&nbsp;&nbsp;&nbsp;· A proposal or agreement for a merger, acquisition or divestiture, or for the sale or purchase of substantial assets.<br> &nbsp;&nbsp;&nbsp;&nbsp;· A tender offer, which can be material for the party making the tender offer as well as for the issuer of the securities for which the tender offer is made.<br> &nbsp;&nbsp;&nbsp;&nbsp;· An extraordinary dividend declaration, change in the dividend rate or stock repurchase policy.<br> &nbsp;&nbsp;&nbsp;&nbsp;· A proposal or agreement concerning the creation of a credit facility.<br> &nbsp;&nbsp;&nbsp;&nbsp;· A draw down on a credit facility or a liquidity problem.<br> &nbsp;&nbsp;&nbsp;&nbsp;· A potential default under a material agreement or actions by creditors, customers or suppliers relating to a company's credit standing.<br> &nbsp;&nbsp;&nbsp;&nbsp;· Earnings and other financial information, such as operating results, projections, a significant restatement or large or unusual write-offs, write-downs, profits or losses.<br> &nbsp;&nbsp;&nbsp;&nbsp;· Pending discoveries or developments, such as new products, sources of materials, patents, processes, inventions or discoveries of mineral deposits.<br> &nbsp;&nbsp;&nbsp;&nbsp;· A proposal or agreement concerning a financial restructuring.<br> &nbsp;&nbsp;&nbsp;&nbsp;· A proposal to issue or redeem securities, or a development with respect to a pending issuance or redemption of securities.<br> &nbsp;&nbsp;&nbsp;&nbsp;· Information conveyed by a client relating to the client's pending orders for securities/financial instruments that would be likely to have a material effect on the prices of those securities/financial instruments.<br> &nbsp;&nbsp;&nbsp;&nbsp;· Information about major contracts or increases or decreases in orders.<br> &nbsp;&nbsp;&nbsp;&nbsp;· Information about derivative contracts such as options, futures, and forward rate agreements relating to an underlying security.<br> &nbsp;&nbsp;&nbsp;&nbsp;· The institution of, or a development in, litigation or a regulatory proceeding.<br> &nbsp;&nbsp;&nbsp;&nbsp;· Developments regarding a company's senior management or board of directors.<br> &nbsp;&nbsp;&nbsp;&nbsp;· Information that is inconsistent with published information, especially if published in regulatory reports or press releases.<br> &nbsp;&nbsp;&nbsp;&nbsp;· A significant cybersecurity incident. |
| Money Market Fund | A mutual fund that invests in short-term debt instruments where its portfolio is valued at amortized cost so as to seek to maintain a stable net asset value (typically of $1 per share). |
| Non-Discretionary (Managed) Account | An account in which the employee has a beneficial interest but no direct or indirect control over the investment decision making process. Any such accounts of Monitored employees must be approved by the Securities Trading Conduct group in writing in order to be exempt from the reporting and preclearance requirements noted in this Policy. |
| Option | A security which gives the investor the right, but not the obligation, to buy or sell a specific security at a specified price within a specified time frame. |
| Short term trading in option positions | Opening and closing or closing and opening an option position within 30 days of each other or opening an option position within 30 days of expiration will result in any profits being subject to disgorgement. When opening an option position against an existing common stock holding you must have held that position for at least 30 days to avoid any profits being subject to disgorgement. |
| Private Placement | An offering of securities exempt from registration under various laws and rules, such as the Securities Act of 1933 in the U.S. and the Listing Rulesin the U.K. Such offerings are exempt from registration because they do not constitute a public offering. Private placements can include limited partnerships, certain cooperative investments in real estate, co-mingled |

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| | |
|:---|:---|
| | investment vehicles such as hedge funds, investments in privately-held and family owned businesses and Volcker Covered Funds. For the purpose of this policy, time-shares and cooperative investments in real estate used as a primary or secondary residence are not considered to be private placements. |
| Proprietary Fund | An investment company or collective fund for which a Company subsidiary serves as an investment adviser, sub-adviser or principal underwriter. The Proprietary Fund Listing can be found on MySource on the Compliance and Ethics homepage. |
| Securities/Financial Instruments (Collectively "Securities") | Any investment that represents an ownership stake or debt stake in a company, partnership, governmental unit, business or other enterprise. It includes stocks, bonds, notes, evidences of indebtedness, certificates of participation in any profit-sharing agreement, units in collective investment undertakings, collateral trust certificates and certificates of deposit. It also includes security-based derivatives and swaps and many types of puts, calls, straddles and options on any security or group of securities; fractional undivided interests in oil, gas, or other mineral rights; and investment contracts, variable life insurance policies and variable annuities whose cash values or benefits are tied to the performance of an investment account. Unless expressly exempt, all securities transactions are covered under the provisions of this policy (See exempt securities). |
| Short Sale | The sale of a security that is not owned by the seller at the time of the trade. |
| Spread Betting | A type of speculation that involves taking a bet on the price movement of a security. A spread betting company quotes two prices, the bid and offer price (also, called the spread), and investors bet whether the price of the underlying security will be lower than the bid or higher than the offer. The investor does not own the underlying security in spread betting, they simply speculate on the price movement of the stock. |
| Tender Offer | An offer to purchase some or all shareholders' shares in a corporation. The price offered is usually at a premium to the market price. |
| Trading | The buying or selling, including as a gift or other disposition, of a security. |
| Volcker Covered Fund | Generally, a "Volcker Covered Fund" is a domestic or foreign hedge fund, private equity fund, venture capital fund, commodity pool or alternative investment fund (AIF) that is sold in a private, restricted or unregistered offering to investors who must meet certain net worth, income or sophistication standards or is sold to a restricted number of investors. <br> Generally, the fund is not registered with a securities/commodity regulator and therefore cannot be offered to the general or retail public unless the investor meets some type of qualification to demonstrate the investor does not need the protection of the securities or commodities regulations.<br> A complete list of Covered Funds can be found at the Volcker Compliance Site on MySource or refer to the I-A-049: Volcker Covered Funds Policy. |
| Section7.1: Addendum I: EMEA PST specific definitions | Section7.1: Addendum I: EMEA PST specific definitions |
| Financial Instrument | 1. Transferable Securities e.g.<br>&nbsp;&nbsp;&nbsp;&nbsp;· shares in companies (whether listed or unlisted, admitted to trading or otherwise), comparable interests in partnerships and other entities and equivalent securities;<br> &nbsp;&nbsp;&nbsp;&nbsp;· bonds and securitised debt;<br> &nbsp;&nbsp;&nbsp;&nbsp;· depositary receipts in respect of the instruments above;<br> &nbsp;&nbsp;&nbsp;&nbsp;· securities giving the right to acquire or sell transferable securities (for example, warrants, options, futures and convertible bonds); and<br> &nbsp;&nbsp;&nbsp;&nbsp;· securitised cash-settled derivatives, including certain futures, options, swaps and other contracts for differences relating to transferable securities, currencies, interest rates or yields, commodities or other indices or measures.<br>2. Money-Market Instruments e.g.<br>&nbsp;&nbsp;&nbsp;&nbsp;· treasury bills<br> &nbsp;&nbsp;&nbsp;&nbsp;· certificates of deposit<br> &nbsp;&nbsp;&nbsp;&nbsp;· commercial paper |

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<br> 3. Units in Collective Investment Undertakings e.g.<br>&nbsp;&nbsp;&nbsp;&nbsp;· units in regulated collective investment schemes e.g., UK OEICS, NURS or EU UCITS. Please note: Money Market Funds (MMFs) are generally included within this definition for the purposes of personal trading. This includes BNY proprietary MMFs for the purposes of this policy. N.B. MMF arrangements that have been established by, or in conjunction with, an Approved Broker Account, and whose use is limited to being in conjunction with purchases, sales, or other receipts from that brokerage account, are not intended to be covered by the requirements of this policy. Therefore, such arrangements do not normally require disclosure, or pre-approval where the policy may otherwise require this (e.g. a BNY proprietary MMF).<br> &nbsp;&nbsp;&nbsp;&nbsp;· units or shares in an Alternative Investment Fund<br>4. Options, futures, swaps and forward rate agreements<br>Whether settled in cash or physically relating to any of the following underlying<br>&nbsp;&nbsp;&nbsp;&nbsp;· transferable securities,<br> &nbsp;&nbsp;&nbsp;&nbsp;· currencies,<br> &nbsp;&nbsp;&nbsp;&nbsp;· interest rates or yields,<br> &nbsp;&nbsp;&nbsp;&nbsp;· emission allowances,<br> &nbsp;&nbsp;&nbsp;&nbsp;· other derivative instruments,<br> &nbsp;&nbsp;&nbsp;&nbsp;· financial indices or financial measures<br> &nbsp;&nbsp;&nbsp;&nbsp;· commodities<br> &nbsp;&nbsp;&nbsp;&nbsp;· any other asset or right of a fungible nature, an index or measure related to the price or value of, or volume of transactions in any asset, right, service or obligation<br>5. Derivative instruments for the transfer of credit risk e.g.<br>&nbsp;&nbsp;&nbsp;&nbsp;· credit default products,<br> &nbsp;&nbsp;&nbsp;&nbsp;· synthetic collateralised debt obligations,<br> &nbsp;&nbsp;&nbsp;&nbsp;· total rate of return swaps,<br> &nbsp;&nbsp;&nbsp;&nbsp;· downgrade options<br> &nbsp;&nbsp;&nbsp;&nbsp;· credit spread products<br>6. Financial Contracts for Differences e.g.<br>&nbsp;&nbsp;&nbsp;&nbsp;· a Spreadbet - a bet on the price movement of any Financial Instrument where the investor bets on an increase or a fall in price in relation to a spread (the bid and ask prices) quoted by a spread betting company<br> &nbsp;&nbsp;&nbsp;&nbsp;· a contract the stated purpose of which is to secure a profit or avoid a loss by reference to fluctuations in the value or price of property of any description<br> &nbsp;&nbsp;&nbsp;&nbsp;· a contract between a buyer and a seller that stipulates that the buyer must pay the seller the difference between the current value of an asset and its value at contract time.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 Document
 Governance

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.2.1** **Periodic Review** 

This Level 3 Policy will have a mandatory periodic review of 12 months.

Note: If this Policy requires changes outside of the periodic review date AND the Policy is reviewed in its entirety at such time that the changes are incorporated, the periodic review date will be refreshed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.2.2** **Ownership/Questions** 

Ownership of this Policy lies with the Owner noted below. Questions should be directed to the Owner or Contact(s) noted below:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Policy Owner | Policy Approver | Version | Review and <br> Approval Date | Next Review Date | Additional Contact(s)for <br> Questions |

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<u> Steven Wachtel Global Head of Securities Trading Conduct and Trade Surveillance</u> <u> Steven Wachtel Global Head of Securities Trading Conduct and Trade Surveillance </u> <u>7.3</u> <u>February 5, 2025</u> <u>April 3, 2025</u> <u>securitiestradingpolicyhelp@bny.com</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3 Version Control

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| | | | |
|:---|:---|:---|:---|
| Version <br> Number | Date of Change | Author (and Role of <br> Author) of Change | Description of Change |
| 7.4 | February 11, 2025 | Steven Wachtel,<br> Global Head of Securities Trading Compliance | Corrected 2 typos. No other changes. |
| 7.3 | February 6, 2025 | Steven Wachtel,<br> Global Head of Securities Trading Compliance | Adhoc update:<br> &nbsp;&nbsp;&nbsp;&nbsp;· Updated to reflect move to Star Compliance<br> &nbsp;&nbsp;&nbsp;&nbsp;· Added additional definitions to 8.1<br> &nbsp;&nbsp;&nbsp;&nbsp;· Updated de minimis rules in 4.4.5 |
| 7.2 | December 18, 2024 | Ekta Agarwal,<br> Compliance Governance | Adhoc update:<br> &nbsp;&nbsp;&nbsp;&nbsp;· Updated the approved broker list in section 4.4.3 |
| 7.1 | October 10, 2024 | Ekta Agarwal,<br> Compliance Governance | Adhoc refresh:<br> &nbsp;&nbsp;&nbsp;&nbsp;· Updated BNYM to BNY and removed Mellon<br> &nbsp;&nbsp;&nbsp;&nbsp;· Transferred to new rebranded template |
| 7 | September 20, 2024 | Steven Wachtel,<br>Global Head of Securities Trading Compliance | Adhoc Update:<br> &nbsp;&nbsp;&nbsp;&nbsp;· Elimination of Broker Dealer Employee Classification, prohibition on excessive trading and clarification on classification timeline.<br> &nbsp;&nbsp;&nbsp;&nbsp;· Updated Policy Approver |
| 6 | April 4, 2024 | Steven Wachtel<br> Global Head of Securities Trading Compliance | Approved Broker requirement added for Singapore and Hong Kong |
| 5 | January 29, 2024 | Steven Wachtel<br> Global Head of Securities Trading Compliance | Periodic review complete:<br> &nbsp;&nbsp;&nbsp;&nbsp;· Clarification that all private side employees will be monitored<br> &nbsp;&nbsp;&nbsp;&nbsp;· New requirements to monitor all Senior Directors and above<br> &nbsp;&nbsp;&nbsp;&nbsp;· Clarification that the Firm reserves the right to request accounts statements and trade confirmations when needed |
| 4 | March 30, 2023 | Steven Wachtel<br> Global Head of Securities Trading Compliance | &nbsp;&nbsp;&nbsp;&nbsp;· Clarification of annual reporting requirements under Section 4.4.1<br> &nbsp;&nbsp;&nbsp;&nbsp;· Clarification of employee requirement to provide account statements to the Securities Trading Conduct Team until the account is on a feed with an Approved Broker.<br> &nbsp;&nbsp;&nbsp;&nbsp;· Periodic Review of Policy |
| 3 | December 27, 2022 | Mark Compton<br> EMEA Head of Markets Compliance | Updated Addendum 7.1: EMEA Personal Securities Trading<br>Updated Section 8.4. Document Hierarchy |

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| 2.0 | October 6, 2022 | Mark Compton<br> EMEA Head of Markets Compliance | Addition of Addendum 7.1: EMEA Personal Securities Trading and additional definitions added under Section8.1 specific to EMEA personal securities trading |
| 1.9 | June 2, 2022 | Steven Wachtel<br> Global Head of Securities Trading Compliance | Addition of Insider Threat language (Section4.8) |
| 1.8 | March 24, 2022 | Steven Wachtel<br> Global Head of Securities Trading Compliance | Periodic Review of Policy.<br>Clarification of Investment Employee and Insider Risk classification and other non-substantive changes.<br>Update to child documents under Section 8.5 |
| 1.7 | March 29, 2021 | Carol Cersosimo<br> Manager<br> Personal Securities Trading Group | Revised to remove reference to old policy;<br> Correction of typo in Section 4.1.5. |
|  | January 26, 2021 | Carol Cersosimo<br> Manager<br> Personal Securities Trading Group | Revised to reflect reporting requirement for Insider Risk employees for Non-Proprietary ETFs |
|  | January 15, 2021 | Steven Wachtel<br> Global Head of Securities Trading Compliance | Streamlined employee classifications, added Approved Broker requirement for UK and India-based employees, updated indirect ownership section to comply with MiFID II and instituted a strict 30 day hold requirement for non-company securities. |
|  | January 15, 2019 | Carol Cersosimo<br> Manager<br> Personal Securities Trading Group | Revised to transfer the classification responsibility from Local Compliance to the 1<sup>st</sup> Line of Business for Investment Services; removed reference to IEC Oversight and Senior Leadership Team Members. |
|  | June 8, 2018 | Gerald DiMarco<br> Manager<br> Global Ethics Office | The document was reviewed and reapproved without changes, pending substantive revisions anticipated for July 2018. |
|  | April 3, 2018 | Gerald DiMarco<br> Manager<br> Global Ethics Office | Revised to include existing requirement for pre-approval prior to divesting from an affiliated fund; other minor edits. |

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## Ex-99.(P)(5)

#### Exhibit 99.(p)(5)

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| &nbsp;&nbsp;![GRAPHIC](tm2523042d1_ex99-xpx5img001.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |

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| &nbsp;&nbsp;![GRAPHIC](tm2523042d1_ex99-xpx5img002.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 MESSAGE FROM OUR CEO Dear Colleagues: The BNY Code of Conduct guides our actions and decisions as individuals and as a global financial services company responsible for overseeing nearly $50 trillion in assets for our clients – managing it, moving it and keeping it safe. The Code aligns with our strategic pillars: Be More For Our Clients, Run Our Company Better and Power Our Culture. Our guidelines for ethical behavior in our day-to-day work are guided by our culture of integrity, which means we do what is right, always, regardless of the impact on a specific transaction or short-term working relationship. The Code provides six key guidelines that relate to many of the situations you may encounter working at our company: Respecting Others, Avoiding Conflicts, Conducting Business, Working with Governments, Protecting Company Assets and Supporting Our Communities. Topics range from protecting client and employee records and meeting our privacy obligations to responsibly growing our company with our own environmental, social and responsible business practices and conduct, which are further explained in our Sustainability Report. However, the Code alone cannot address every possible situation. We expect all employees to exercise good judgment, using the Code as a primary resource to better understand our guidelines on ethical behavior, and to seek help when unsure of the right course of action. Above all, each of us, regardless of level, is obligated to put the interests of our company, clients and shareholders above any personal interest. While the Code is fundamental, it is not your only resource. Your manager, Legal, Audit, Compliance and Ethics, and The People Team are readily available to answer your questions. When in doubt, I urge you to use these resources and escalate situations if you feel they are not getting the proper attention. You should never be afraid or reluctant to speak up. Being a BNY employee means exercising good judgment and conducting yourself in a manner that is above reproach. Please take the time to review the Code of Conduct and keep it in mind to help ensure you always do what is right. Robin Vince President & Chief Executive Officer |

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| &nbsp;&nbsp;![GRAPHIC](tm2523042d1_ex99-xpx5img003.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 The Code of Conduct does not alter the terms and conditions of your employment. Rather, it helps each of us to know what must be done to make sure we always Do What's Right. Throughout the Code, references to company policies apply only to global policies that cover all employees and do not include additional policies you must follow that are specific to your location or line of business. The Code is not intended to fully describe the requirements of referenced policies. CONTENTS Doing What's Right...........................................................................................................................................................5 AT BNY, "DOING WHAT'S RIGHT" MEANS................................................................................................................5 HOW TO DO WHAT'S RIGHT ......................................................................................................................................5 WHEN YOU ARE UNCERTAIN, ASK YOURSELF THESE QUESTIONS .....................................................................5 How To Report A Concern...............................................................................................................................................6 Key Guidelines of Our Code of Conduct .......................................................................................................................7 RESPECTING OTHERS..................................................................................................................................................7 AVOIDING CONFLICTS................................................................................................................................................7 CONDUCTING BUSINESS............................................................................................................................................7 WORKING WITH GOVERNMENTS..............................................................................................................................7 PROTECTING COMPANY ASSETS..............................................................................................................................7 SUPPORTING OUR COMMUNITIES............................................................................................................................7 What You Should Know About Our Code of Conduct .................................................................................................8 OUR STRATEGIC PILLARS AND PRINCIPLES .............................................................................................................8 PURPOSE OF OUR CODE OF CONDUCT .................................................................................................................8 WHO MUST FOLLOW THIS CODE?............................................................................................................................8 WAIVERS OF THE CODE FOR EXECUTIVE OFFICERS .............................................................................................8 WHAT IS EXPECTED OF EMPLOYEES? ......................................................................................................................9 COOPERATING WITH REGULATORY AGENCIES.....................................................................................................9 WHAT IS EXPECTED OF MANAGERS?.................................................................................................................... 10 MANAGING RISK AS A MANAGER.......................................................................................................................... 10 RESPONSIBILITY TO ASK QUESTIONS AND REPORT CONCERNS..................................................................... 10 WHAT HAPPENS WHEN A CONCERN IS REPORTED?.......................................................................................... 11 ZERO TOLERANCE FOR RETALIATION .................................................................................................................. 11 COOPERATING WITH AN INVESTIGATION ........................................................................................................... 11 DIRECT COMMUNICATION WITH GOVERNMENT AND REGULATORY AUTHORITIES ................................... 11 COMMUNICATION OF TRADE SECRETS TO GOVERNMENT AND REGULATORY AUTHORITIES ................ 12 Key Guidelines ............................................................................................................................................................... 13 RESPECTING OTHERS............................................................................................................................................... 13 MUTUAL RESPECT AND PROFESSIONAL TREATMENT ....................................................................................... 13 HARASSMENT-FREE ENVIRONMENT...................................................................................................................... 14 |

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| &nbsp;&nbsp;![GRAPHIC](tm2523042d1_ex99-xpx5img004.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 SAFETY AND SECURITY............................................................................................................................................ 14 MANAGERS' RESPONSIBILITIES .............................................................................................................................. 15 Avoiding Conflicts ......................................................................................................................................................... 16 OVERVIEW.................................................................................................................................................................. 16 GIFTS AND ENTERTAINMENT.................................................................................................................................. 16 OUTSIDE EMPLOYMENT AND BUSINESS DEALINGS........................................................................................... 18 OUTSIDE SERVICE AS A DIRECTOR, TRUSTEE, OFFICER, INVESTMENT COMMITTEE MEMBER, PARTNER, OR BUSINESS OWNER OF A FOR-PROFIT BUSINESS OR A NOT-FOR-PROFIT ORGANIZATION.................. 20 OWNERSHIP OF AN OUTSIDE BUSINESS .............................................................................................................. 21 FIDUCIARY APPOINTMENTS.................................................................................................................................... 21 PERSONAL INVESTMENT DECISIONS .................................................................................................................... 21 DEALINGS WITH FAMILY AND CLOSE PERSONAL FRIENDS .............................................................................. 21 CORPORATE OPPORTUNITIES ................................................................................................................................ 22 Conducting Business..................................................................................................................................................... 23 FAIR COMPETITION AND ANTI-TRUST................................................................................................................... 23 ANTI-CORRUPTION AND IMPROPER PAYMENTS................................................................................................. 24 COMBATING FINANCIAL CRIME AND MONEY LAUNDERING ........................................................................... 25 Working With Governments ......................................................................................................................................... 26 YOUR OBLIGATIONS ................................................................................................................................................ 26 BASIC GUIDELINES.................................................................................................................................................... 26 Protecting Company Assets ......................................................................................................................................... 28 FINANCIAL INTEGRITY.............................................................................................................................................. 28 ADDITIONAL STANDARDS FOR SENIOR FINANCIAL PROFESSIONALS ........................................................... 28 USE OF COMPANY ASSETS ..................................................................................................................................... 29 PROTECTING CLIENT AND EMPLOYEE RECORDS AND MEETING OUR PRIVACY OBLIGATIONS................ 30 GLOBAL RECORDS MANAGEMENT PROGRAM ................................................................................................... 30 USE OF ARTIFICIAL INTELLIGENCE-BASED TECHNOLOGIES ............................................................................ 31 USE OF COMPUTERS, SYSTEMS AND CORPORATE INFORMATION................................................................. 31 INSIDE OR PROPRIETARY INFORMATION ............................................................................................................. 32 Supporting Our Communities...................................................................................................................................... 35 POLITICAL ACTIVITIES .............................................................................................................................................. 35 INVESTOR AND MEDIA RELATIONS ....................................................................................................................... 36 CHARITABLE CONTRIBUTIONS AND CORPORATE SPONSORSHIP................................................................... 37 PARTICIPATING IN TRADE ASSOCIATIONS, CONFERENCES AND SPEAKING ENGAGEMENTS.................. 37 STRENGTHENING SOCIAL AND ENVIRONMENTAL SUSTAINABILITY............................................................... 37 Additional Help.............................................................................................................................................................. 39 |

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| &nbsp;&nbsp;![GRAPHIC](tm2523042d1_ex99-xpx5img005.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 Doing What's Right AT BNY, "DOING WHAT'S RIGHT" MEANS • Contributing to a culture of integrity is expected and valued, • Conducting business in full compliance with all applicable laws and regulations, and in accordance with the highest ethical expectations, • Fostering honest, fair and open communication, • Demonstrating respect for our clients, communities and one another, • Being accountable for your own and team actions, and • Being willing to take a stand to correct or prevent any improper activity or business mistake. HOW TO DO WHAT'S RIGHT • Put company principles, policies and procedures into action, • Know the laws and regulations affecting your job duties and follow them, • Take responsibility for talking to someone if you see a problem, and • Ask questions if you are unsure of the right thing to do. WHEN YOU ARE UNCERTAIN, ASK YOURSELF THESE QUESTIONS • Could the action affect the company's reputation? • Would it look bad if reported in the media? • Am I uncomfortable taking part in this action or knowing about it? • Is there any question of illegality? • Will the action be questionable with the passage of time? If the answer to any of these questions is "yes," ask more questions. Keep asking until you get a satisfactory answer. Talk to your manager, the Compliance and Ethics, Legal or People Team departments, or call the Ethics Office before doing anything further. Don't stop asking until you get the help you need. It's Your Obligation to Do What's Right. |

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| &nbsp;&nbsp;![GRAPHIC](tm2523042d1_ex99-xpx5img006.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 How To Report A Concern The best place to start is by talking to your manager. If this makes you uncomfortable or you are unable to speak with your manager, then consider the options below. Ethics Help Line (Operated by members of the company's Ethics Office) • United States and Canada: 1-888-635-5662 • Europe: 00-800-710-63562 • Brazil: 0800-891-3813 • Australia: 0011-800-710-63562 • Asia: appropriate international access code +800-710-63562 (except Japan) • Japan: appropriate international access code +800-710-6356 • Other locations, use your country's international calling prefix and then dial (United States) 1-412-236-7519 Please note that your phone call can be anonymous. Email: mailto:ethics@bny.com (To remain anonymous, please use the telephone help line for reporting your concern.) Ethics Hot Line (Operated by EthicsPoint, an independent hot line administrator) • United States and Canada: 1- 866-294-4696 • Outside the United States dial the AT&T Direct Access Number for your country and carrier, then 866-294-4696 AT&T Direct Access Numbers by Country/Carrier • United Kingdom: British Telecom 0-800-89-0011; C&W 0-500-89-0011; INTL 0-800-013-0011 • India: 000-117 • Brazil: 0-800-890-0288 • Ireland: 1-800-550-000; Universal International Freephone 00-800-222-55288 • Japan: Softbank Telecom 00 663-5111; KDDI 00 539-111 • Australia: Telstra 1-800-881-011; Optus 1-800-551-155 • Hong Kong: Hong Kong Telephone 800-96-1111; New World Telephone ###-##-#### • Singapore: Sing Tel 800-011-1111; StarHub 800-001-0001 Web Report: ethicspoint.com (hosted on EthicsPoint's secure servers and is not part of the company's website or intranet). Please note that all contacts to EthicsPoint can be anonymous. Incident Reporting If your concern involves potential criminal or unusual client activity, you must file an Incident Report within 72 hours. In the U.S., you can file an Incident Report using the icon on your PC desktop. In other locations, you should contact your compliance officer for assistance in following country-specific guidelines. Director's Mailbox You may also submit all concerns, including concerns about questionable accounting or auditing matters, you may also report your concern to the presiding director of the board (who is independent of management). You can contact the presiding director by sending an email to non-management director@bnymellon.com or by postal mail addressed to: BNY Corporation Church Street Station PO Box 2164 New York, New York 10008-2164 USA Attention: Non-Management Director Please note the postal mail option can be anonymous. |

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| &nbsp;&nbsp;![GRAPHIC](tm2523042d1_ex99-xpx5img007.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 Key Guidelines of Our Code of Conduct RESPECTING OTHERS We respect human rights and treat employees with fairness, dignity, and respect at work. We are committed to fostering an inclusive workplace where talented people want to stay and develop their careers. Supporting a diverse, engaged workforce allows us to be successful in building trust, empowering teams, serving our clients and outperforming our peers. We give equal employment opportunity to all individuals in compliance with legal requirements and because it's the right thing to do. AVOIDING CONFLICTS We make our business decisions free from conflicting outside influences. Our business decisions are based on our duty to BNY and our clients, and not driven by any personal interest or gain. We are alert to any potential conflict of interest and ensure we identify and mitigate or eliminate any such conflict. CONDUCTING BUSINESS We secure business based on honest competition in the marketplace, which contributes to the success of our company, our clients, and our shareholders. We compete in full compliance with all applicable laws and regulations. We support worldwide efforts to combat financial corruption and financial crime. WORKING WITH GOVERNMENTS We follow all requirements that apply to doing business with governments. We recognize that practices that may be acceptable when dealing with a private company that is the client may cause problems or be a violation of law when working with a government. PROTECTING COMPANY ASSETS We ensure all entries made in the company's books and records are complete and accurate and comply with established accounting and record-keeping procedures. We maintain confidentiality of all forms of data and information entrusted to us and prevent the misuse of information belonging to the company or any client. SUPPORTING OUR COMMUNITIES We take an active part in our communities around the world, both as individuals and as a company. BNY plays a critical role in the stability and sustainability of the financial system, and that foundation drives our approach to sustainability. We aim to be honest, fair, and transparent when we interact with our communities and the public at large. We consider human dignity important, and we work to preserve human rights throughout our operations and value chain. We seek to address climate-related risks and opportunities through an environmental sustainability approach that considers all aspects of our business. |

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| &nbsp;&nbsp;![GRAPHIC](tm2523042d1_ex99-xpx5img008.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 What You Should Know About Our Code of Conduct OUR STRATEGIC PILLARS AND PRINCIPLES Our principles provide the framework for our decision making and guide our business conduct. Incorporating these principles into our actions helps us to do what is right and protect the reputation of the company. Our principles to the firm describe how we act, how we treat each other and how we show up for our clients. • Be Client-Obsessed • Spark Progress • Own It • Stay Curious • Thrive Together What Our Principles Do: • Explain what we stand for and our shared culture of integrity, • Span geographies and lines of business, • Represent the promises made to our clients, communities, shareholders and each other, and • Remain critical to our success. PURPOSE OF OUR CODE OF CONDUCT Today's global marketplace is filled with a host of new challenges and changes, but one constant guides us — the mandate to meet the highest expectations for legal and ethical integrity. The Code of Conduct (Code) is the foundation of our commitment to Doing What's Right, but it is not intended to describe every law or policy that applies to you. Nor does it address every business situation you may face. You're expected to use common sense and good judgment and seek advice when you're unsure of the proper response to a particular situation. The Code provides the framework and sets the expectations for business conduct. It clarifies our responsibilities to each other, clients, suppliers, government officials, competitors and the communities we serve. It outlines important legal and ethical issues. Compliance with the letter and the spirit of our Code of Conduct, laws and regulations, policies and procedures is not optional. Failing to meet these guidelines could expose our company to serious damage. WHO MUST FOLLOW THIS CODE? All employees worldwide who work for BNY or an entity that is more than 50 percent owned by the company must adhere to the guidelines in our Code. No employee is exempt from these requirements, regardless of the position you hold, the location of your job or the number of hours you work. If you oversee vendors, consultants or temporary workers, you must supervise their work to ensure their actions are consistent with the key guidelines in this Code. WAIVERS OF THE CODE FOR EXECUTIVE OFFICERS Waivers of the Code are not permitted for any executive officer of BNY, unless the waiver is made by the company's board of directors (or a committee of the board) and disclosed promptly to shareholders. Individuals who are deemed to be "executive officers" of BNY will be notified as appropriate. At the foundation of our Code of Conduct are our strategic pillars – Be More For Our Clients, Run Our Company Better and Power Our Culture. Our strategic pillars guide us and the work that we do. Our principles guide how we work together and who we are as a company. |

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| &nbsp;&nbsp;![GRAPHIC](tm2523042d1_ex99-xpx5img009.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 WHAT IS EXPECTED OF EMPLOYEES? You're responsible for contributing to our culture of integrity by Doing What's Right, by knowing the rules that apply to your job and complying with them. This includes company and line of business policies, procedures, laws and regulations governing the country and businesses in which you work. If your line of business or regional policy is more restrictive than the Code of Conduct or a Global Policy, you must follow the more restrictive rules. Ask your manager if you have questions about performing your job and keep asking until you get a satisfactory answer. Remember to question any request that does not comply with company policies, laws or regulations, or is inconsistent with our Code of Conduct. No manager or leader in our company can ask you to violate a law or regulation, or to act in a manner inconsistent with our Code of Conduct. You should challenge any such request and alert appropriate individuals. Identifying and managing risk is the responsibility of every employee. You're required to adhere to the established internal controls in your area of responsibility and promptly elevate all risk, compliance and regulatory concerns to your manager. You're expected to comply with applicable laws and regulations and follow this Code, including the spirit of its intent. The penalty for violating any provision of the Code of Conduct may be disciplinary action up to and including dismissal. If you violate a criminal law applicable to the company's business, the matter will be reported to the appropriate authorities. You are required to use CODE RAP (Code Reports and Permissions) to report or obtain approval for certain activities that are noted throughout the Code of Conduct and various company policies (e.g., gifts, entertainment and certain outside employment or positions). CODE RAP is a web-based system which you can learn more about by visiting MySource, the company's intranet site. If you need assistance or do not have access to a PC, ask your manager for help. You're obligated to comply fully with our Code of Conduct and may be required to certify your compliance with the Code. You will be notified of any required certifications. COOPERATING WITH REGULATORY AGENCIES All employees are required to cooperate and communicate with regulators responsively, completely and transparently. All commitments you have made in response to exam findings and any responses to regulatory information requests are to be completed within the agreed time frame. You must notify your manager immediately should situations arise that make it unlikely that you will meet the agreed upon commitments. In addition, your compliance officer should be advised of any delays in meeting regulatory commitments. Q & A Q: I work outside of the U.S. Do U.S. laws apply to me? A: BNY is the parent of our operating companies and is incorporated in the U.S., so U.S. laws may apply to certain business activities even if they are conducted outside of the U.S. Other countries may apply their laws outside of their boundaries. If you have questions about the laws that apply to your business activity, ask your manager or contact the Legal representative who supports your line of business. Q: What is my role in managing risk? A: Each employee plays an important role in managing risk when you: • Perform your job with integrity and in compliance with policies, procedures and the law • Adhere to the controls established for your business • Ask questions if instructions are not clear or if you are unsure of the right thing to do • Escalate issues immediately to your manager (e.g., an error, a missed control, wrongdoing or incorrect instructions) Doing What's Right means being accountable for your own and your team's actions and being willing to take a stand to correct or prevent any improper activity or a business mistake. |

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| &nbsp;&nbsp;![GRAPHIC](tm2523042d1_ex99-xpx5img010.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 WHAT IS EXPECTED OF MANAGERS? Those who manage or supervise others have a special obligation to set an example in Doing What's Right. Some of the ways you're expected to demonstrate this leadership include: • Creating a culture of integrity, risk management, compliance and ethics, • Considering risk in all your decision-making, • Reinforcing with your staff the importance of early identification and escalation of potential risks to the appropriate managers, • Ensuring employees have the relevant resources to understand their job duties, • Monitoring compliance with the Code of Conduct, company policies and procedures of the employees you supervise, • Fostering an environment in which employees are comfortable raising questions and concerns without fear of retaliation, • Reporting instances of non-compliance to the proper management level, • Taking appropriate disciplinary action for compliance and ethics violations, and • Reviewing the Code of Conduct, no less than annually, with your staff. MANAGING RISK AS A MANAGER As a manager, you must always consider risk in your decision-making. You are required to understand fully the risk, compliance and regulatory issues that may impact the areas you serve. You are required to escalate any concerns immediately to the appropriate management level to ensure the requisite attention is given to the matter. In addition, any corrective measures must be implemented timely, thoroughly and in a sustainable manner. RESPONSIBILITY TO ASK QUESTIONS AND REPORT CONCERNS You are required to speak up immediately if you have a question or concern about what to do in a certain situation or if you believe someone is doing — or about to do — something that violates the law, company policy or our Code of Conduct. If you have a genuine concern, you must raise it promptly. If you have a question or concern, your manager is usually a good place to start. Other people you may go to for help or advice are: • Your manager's manager • Your line of business compliance officer • Someone in The People Team or the Legal department You must speak up. If your concern is not addressed, raise it through other channels. You can always contact the Ethics Office through the Ethics Help Line or Ethics Hot Line. When in doubt, reach out. Q & A Q: Where do I go for help if I'm uncomfortable talking to my management? A: You can contact the Ethics Help Line or the Ethics Hot Line. The contact information is in the Code of Conduct, on MySource and on the company's public Internet site. Q: Can I report a concern anonymously? A: Yes, you can report your concern to the Ethics Help Line or Ethics Hot Line anonymously if you wish. |

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| &nbsp;&nbsp;![GRAPHIC](tm2523042d1_ex99-xpx5img011.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 WHAT HAPPENS WHEN A CONCERN IS REPORTED? When you report a concern to the Ethics Help Line or Ethics Hot Line, your concerns will be taken seriously and investigated fully. Be prepared to give detailed information about your concern. You can choose to be anonymous if you want. Your confidentiality will be protected to the fullest extent possible and every effort will be made to quickly resolve your concern. These reporting mechanisms are meant to be used only when you have a genuine concern that something is wrong. You will not be provided protection for your own misconduct just because you filed a report or if you knowingly give a false report. ZERO TOLERANCE FOR RETALIATION Anyone who reports a concern or reports misconduct in good faith, meaning they have the reasonable belief that the information is true, is demonstrating a commitment to our values and following our Code of Conduct. The company has zero tolerance for acts of retaliation. Zero means zero. No one has the authority to justify an act of retaliation. Any employee who engages in retaliation will be subject to disciplinary action, which may include dismissal. COOPERATING WITH AN INVESTIGATION You're required to cooperate with any investigation into alleged violations of our Code of Conduct, laws, regulations, policies or procedures, and are expected to be truthful and forthcoming during any investigation. This includes situations where you are an involved party, a witness or are asked to provide information as part of an investigation. Any attempt to withhold information, sabotage or otherwise interfere with an investigation may be subject to any level of disciplinary action up to and including dismissal. Remember, investigations are confidential company matters. To protect the integrity of the investigation, you are not allowed to discuss any aspect of an investigation, even the fact that an investigation is being conducted, with other employees or the public. At the same time, this requirement for confidentiality does not prohibit you from reporting legal violations to any governmental or regulatory body or official or finance-related self-regulatory organization (collectively, "Governmental Authorities"), and you may do so either during or after your employment without notice to the company. Furthermore, no BNY policy or agreement is meant to prohibit you from doing so, or from participating in any benefits involved in such reporting. The only restriction in this regard is that you are not authorized to disclose information covered by the Company's attorney-client privilege. DIRECT COMMUNICATION WITH GOVERNMENT AND REGULATORY AUTHORITIES The confidentiality of our information and the protection of that information is a theme that recurs several times in this Code and in many of our policies. However, nothing in this Code, in those policies or in any agreement with BNY is meant to prohibit you from: • initiating communications directly with, cooperating with, providing relevant information to or otherwise assisting in an investigation by any Governmental Authorities regarding a possible violation of law; • testifying, participating or otherwise assisting in an action or proceeding by a Governmental Authority relating to a possible violation of law; or |

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| &nbsp;&nbsp;![GRAPHIC](tm2523042d1_ex99-xpx5img012.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 • participating in any benefits for information provided to Governmental Authorities in the manner described in the first or second points above. You are permitted to report in this manner both during and after your employment here irrespective of any confidentiality agreements you may have signed or policies in place during your employment and without providing notice to the Company. The only restriction is that you are not authorized to disclose information covered by the company's attorney-client privilege. COMMUNICATION OF TRADE SECRETS TO GOVERNMENT AND REGULATORY AUTHORITIES While the Code prohibits you from revealing "trade secrets" outside of the company, you may do so without facing criminal or civil liability if: • the material is revealed in confidence solely for the purpose of reporting or investigating a suspected violation of law to a federal, state or local government official, either directly or indirectly, or to an attorney; or • the material is revealed in a complaint or other document filed under seal in a lawsuit or other proceeding. Note that an individual who files a lawsuit for retaliation by an employer for reporting a suspected violation of law may disclose the trade secret to his/her attorney and may use the trade secret information in the court proceeding. In such cases, trade secret information must be filed under seal, and it may be disclosed only under a court order. |

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| &nbsp;&nbsp;![GRAPHIC](tm2523042d1_ex99-xpx5img013.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 Key Guidelines RESPECTING OTHERS We are committed to fostering an inclusive workplace where talented people want to stay and develop their careers. Supporting a diverse, engaged workforce allows us to be successful in building trust, empowering teams, serving our clients and outperforming our peers. We give equal employment opportunity to all individuals in compliance with legal requirements and because it's the right thing to do. MUTUAL RESPECT AND PROFESSIONAL TREATMENT We value teamwork and nothing damages a team more quickly than a lack of mutual respect. For our company to be successful, we all must work together toward common goals. Employees and managers share a mutual responsibility to keep one another informed of any information that may be important to job performance and to understanding the organization. You're expected to treat your fellow employees professionally — it's what we owe each other in the workplace. The company recognizes your right to form personal relationships with those you meet in the workplace; however, you're expected to use good judgment to ensure your personal relationships do not negatively affect your job performance or interfere with your ability to supervise others. Favoritism, open displays of affection, not respecting personal boundaries and making business decisions based on emotions or personal relationships are inappropriate. You should avoid situations where your personal relationship with other employees, customers, vendors, contractors or individuals who conduct business with BNY may create a potential conflict or perception of favoritism, especially if there is a reporting relationship. Romantic personal relationships between employees in a reporting relationship, where one person has direct or indirect authority or influence over the employment status of the other person, are strictly prohibited. This includes authority to make decisions about promotions, transfers, salary, administrative actions and management-related decisions affecting the employee or indirect supervision where one person works in a business unit that ultimately reports to the other person. Such relationships need to be immediately disclosed to management or The People Team to address the conflicts that such a relationship creates. Situations that involve borrowing money, making loans between employees or between one employee and a family member of another employee must be avoided, unless it is of an incidental nature involving a minimal amount of money. Managers should be particularly sensitive to situations involving lending money to those who report to them and avoid these workplace situations. (Reference: Gifts and Entertainment Policy) Similarly, gifts and entertainment between employees (including family members of another employee) can create conflicts. Company policy places limits on the amounts that are permissible and amounts above those established limits require approval via CODE RAP. (Reference: Gifts and Entertainment Policy) Q & A Q: I asked a question in a staff meeting and the response I received was offensive – several people laughed at me, and I was mortified. What should I do? A: The response you received was inappropriate. Healthy communication can only occur in environments where different opinions can be expressed, and respectful debate occurs. It's okay to disagree with a colleague. However, it must be done in a professional and respectful way. Talk to the person who made the remark. If you feel uncomfortable doing so, speak with your manager or The People Team. |

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| &nbsp;&nbsp;![GRAPHIC](tm2523042d1_ex99-xpx5img014.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 Managers must also be aware of situations where shared householders, family members or close personal friends may also work at BNY. The company prohibits any work situations where there is a direct reporting relationship between family members. In addition, wherever possible, situations should be avoided that involve family members working in the same business unit at the same location, or family members working in positions where they can jointly control or influence transactions. Senior executives must be aware that there are restrictions on hiring family members. If you encounter such a situation or are aware of one, you should contact The People Team for guidance. (Reference: Hiring and Continued Employment of Employees' Relatives or Individuals Sharing Employees' Household Policy) HARASSMENT-FREE ENVIRONMENT BNY supports human rights and treats employees with fairness, dignity and respect at work and will not tolerate any form of harassment or discrimination. Harassment can be verbal, physical or include visual images where the effect creates an offensive atmosphere. It can take many forms and includes jokes, slurs, hate speech and offensive remarks, whether delivered verbally, graphically or in electronic media, including email. Harassment also includes disrespectful behavior or remarks that involve a person's race, color, sex, age, sexual orientation, gender identity, religion, disability, national origin or any other legally protected status, including, but not limited to, ableism, ageism, antisemitism, homophobia, Islamophobia, racism, sexism and xenophobia. Certain local laws or regulations may provide additional protection for employees, so check with The People Team or the Legal department in your local area if you have questions. Some countries have specific laws concerning sexual harassment that include: • Intentional or unintentional, unwelcome sexual advances with or without touching • Coerced sexual acts • Requests or demands for sexual favors • Other verbal or physical conduct of a sexual nature Our commitment to a harassment-free environment applies in all work-related settings and activities, whether on or off company premises, and extends to employees' actions toward clients and vendors. Harassment of any kind will not be tolerated in the workplace. See our Human Rights Statement. SAFETY AND SECURITY BNY is committed to establishing and maintaining safe and healthy working conditions at all locations and to complying with laws that pertain to employee workplace safety. Listed below are some of the principles of maintaining a safe and secure workplace: • You must contribute to maintaining a workplace free from physical aggression and fear. Threats, intimidating behavior or language, or any acts of violence will not be tolerated, including with respect to work-related, personal and/or social/political/geopolitical matters. Q & A Q: A colleague makes comments about my appearance that make me feel uncomfortable. I've told my colleague that I don't like these comments, but they continue, and I'm told I'm too sensitive. What am I supposed to do? A: You should talk to your manager and ask for help. If you do not feel comfortable talking to your manager, talk to The People Team or call the Ethics Help Line or Ethics Hot Line. |

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| &nbsp;&nbsp;![GRAPHIC](tm2523042d1_ex99-xpx5img015.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 • You may not use, possess, sell, or transfer illegal drugs on company property. In addition, you won't be permitted to work if you're using illegal drugs or impaired by alcohol. • You may not bring weapons onto company property. This includes weapons used for sporting purposes or otherwise legal to possess. Weapons of any kind have no place in the work environment. • You should be alert to individuals who are on company premises without proper authorization. • Make sure you observe all physical access rules in your location and report incidents of unauthorized entry to your manager or to security personnel. (Reference: Company Identification Card Issuance; Display and Use of Company Identification) MANAGERS' RESPONSIBILITIES As part of a worldwide financial services organization, managers have a special responsibility to demonstrate our values through their actions. Managers must foster a culture of integrity, honesty, and respect. This includes creating a work environment that is free from discrimination, harassment, intimidation or bullying of any kind. This type of behavior will not be tolerated and is inconsistent with our values and the Code of Conduct. Managers also must ensure that all aspects of the employment relationship are free from bias and that decisions are based upon individual performance and merit. Q & A Q: I have reason to believe that a colleague is coming to the office intoxicated. What should I do? A: You should notify your manager immediately. If you're uncomfortable discussing this with your manager, contact The People Team. |

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| &nbsp;&nbsp;![GRAPHIC](tm2523042d1_ex99-xpx5img016.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 Avoiding Conflicts We make our business decisions free from conflicting outside influences. Our business decisions are based on our duty to BNY and our clients and are not driven by any personal interest or gain. We are alert to any potential conflict of interest and ensure we identify and mitigate or eliminate any such conflict. OVERVIEW The way we conduct our daily business dealings with clients, suppliers, vendors, and competitors determines our reputation in the marketplace far more than any other actions we take. Each one of us contributes to BNY's reputation. You're expected always to act in a way that reflects our commitment to a culture of integrity and responsible business behavior. A conflict of interest is any situation where your interests and the company's interests or the interests of our clients are, or could appear to be, in opposition. When you're in such a situation, it may be difficult to objectively fulfill your job duties and your loyalty to the company or to our clients may be compromised — or appear to be compromised. Every business decision you make should be in the best interests of the company and our clients and not for your own personal gain or benefit. So, you may not engage in any activity that creates, or even appears to create, a conflict of interest between you and BNY or its clients. You should not take any business action, including any loan or guarantee, for your personal benefit, or to benefit a relative, a spouse, shared householder or romantic partner, or a close friend at the expense of the company's or a client's best interests. If you believe you have a conflict of interest, or may be perceived to have such a conflict, you must disclose this to your compliance officer or to the Ethics Office. You're expected to cooperate fully with all efforts to resolve any such conflict. The routine activities on the following pages can give rise to an actual or perceived conflict of interest. (Reference: Business Conflicts of Interest Policy) GIFTS AND ENTERTAINMENT Our clients, suppliers and vendors are vital to BNY's success. That's why it's imperative that these relationships remain objective, fair, transparent and free from conflicts. While business gifts and entertainment can be important to building goodwill, they can also affect the relationship if your ability to exercise sound business judgment becomes blurred. To prevent misunderstandings, it's recommended that, at the beginning of the business relationship, you discuss with your clients, suppliers and vendors what is permissible under our Code. Fundamentally, interactions with existing or prospective clients, suppliers and vendors are business relationships that should be treated accordingly. The inappropriate giving or receiving of gifts and entertainment can erode the distinction between a business and a personal relationship. An appropriate benchmark is whether public disclosure of any gift or entertainment you accept or give would embarrass you or damage BNY's reputation. If your judgment begins to be influenced inappropriately by a close relationship with a client, supplier or vendor, then you have crossed the line, and you should remove yourself from that relationship. The basic guideline is that no gift or entertainment may be accepted or provided if it obligates you, or appears to obligate you, to the individual receiving or giving the gift or entertainment. Gifts and entertainment should be defined in the broadest sense to include money, securities, business opportunities, goods, services, discounts on goods or services, entertainment, corporate tickets, company-sponsored events, food, drink and any similar items. Even if the conflict does not create an improper action, the appearance of a conflict of interest can be equally damaging to our reputation. |

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| &nbsp;&nbsp;![GRAPHIC](tm2523042d1_ex99-xpx5img017.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 In addition to the rules noted below apply across the company, certain lines of business may have more restrictive rules and requirements. You are expected to know and follow the more rigorous guidelines that may apply to your job or your location. The following are NOT allowed, regardless of the value: • Accepting or giving anything as a "quid pro quo," that is for doing something in return for the gift or entertainment, • Accepting or giving cash or cash equivalents (e.g., checks, cash convertible gift certificates or cards, securities, and loans), • Accepting or giving a gift or entertainment that violates any law or regulation or brings harm to BNY's reputation, • Accepting or giving anything that could be viewed as a bribe, payoff, or improper influence, • Accepting or giving a gift or entertainment that violates any standard of conduct for your profession, especially if you hold a license or a certification, • Using your position in any way to obtain anything of value from prospective or existing clients, suppliers, vendors or persons to whom you refer business, • Providing entertainment that is lavish or too frequent for an existing or prospective client, vendor or supplier, • Participating in any entertainment that is inappropriate, sexually oriented or inconsistent with ethical business practices, • Accepting gifts or entertainment from, or giving them to, any vendor or supplier during the selection or sourcing process, whether or not you are the primary relationship manager or involved directly in the negotiation to secure the products or services, • Participating in any action that would cause the other person to violate their own company's guidelines for gifts and entertainment, and • Providing gifts or entertainment to an existing or prospective client, supplier, or vendor not recorded properly in the company books and records. Q & A Q: My line of business is considering asking a local vendor that we use from time to time to donate small gifts to a local charity. Since we're not getting anything of value, can we assume this is allowable? A: No. This is inappropriate. Asking vendors or suppliers to donate gifts, even if nominal in amount and for a charitable purpose, gives the impression that they must honor our request to continue doing business with the company. |

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| &nbsp;&nbsp;![GRAPHIC](tm2523042d1_ex99-xpx5img018.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 The exchange of gifts and entertainment is a well-established practice and can be important to building relationships, but it can also affect the relationship if your ability to exercise sound business judgment becomes blurred. BNY's relationships with clients, prospects, intermediaries, consultants, centers of influence, suppliers, vendors, third parties and other business partners, including government and quasi-government employees and union officials, must be transparent, objective, fair and free from conflicts and perceptions of corruption or undue influence. As such, BNY has established strict reporting requirements and limits related to gifts, entertainment, and similar accommodations. You are required to know and understand the Gifts and Entertainment Tier I Policy, abide by all limits set within the Policy and use Code Rap to report or seek preapproval where required. You can always contact your manager or the Ethics Office if you have questions. (Reference: Gifts and Entertainment Policy) OUTSIDE EMPLOYMENT AND BUSINESS DEALINGS Certain types of outside employment or business dealings may cause a conflict of interest or the appearance of a conflict. It's your responsibility to recognize these situations. Any activity that diminishes your ability to perform your job duties objectively, benefits you at the expense of BNY, competes with any business or service provided by the company or has the potential to damage our reputation will not be permitted. Certain types of outside employment or business dealings may not be accepted while employed by BNY, including: • Employment or association with companies or organizations that prepare, audit, or certify statements or documents pertinent to the company's business, Q & A Q: I am vacationing in the Caribbean and my client has a home on the island that I'm visiting. She's been asking me to stay in her home. I'll make sure we discuss business, and I may even be able to get some business referrals from her friends. There won't be any expense to BNY. Can I stay in the client's home? A: No. Staying in a client's home is inappropriate. Your client is a business associate, not a personal friend. This type of entertainment could be viewed as improper and could bring harm to the company's reputation if disclosed to the public. The fact that the company is not paying for any expenses is not relevant. You should thank the client for the kind suggestion, explain our policy and politely decline the offer. Q & A Q: I'm worried about the impression my office is giving to the community. We host what I consider to be lavish parties for prospective clients and some people seem to be constantly "entertaining" clients. Should I be worried? A: It depends. It could be that your colleagues are engaging in legitimate business entertainment. It's possible that the entertainment complies with the Code of Conduct and company policies, and you may not have all the facts. You should talk to your manager or the next level of management about your concern. If you're uncomfortable doing this or you get an unsatisfactory answer, contact the Ethics Help Line or the Ethics Hot Line to report your concern doing business with the company. |

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| &nbsp;&nbsp;![GRAPHIC](tm2523042d1_ex99-xpx5img019.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 • Employment with other financial institutions, with limited exceptions approved by the Ethics Office and, where applicable and consistent with our policy, our Chief Executive Officer, Chief Risk Officer, General Counsel, and Chief Compliance and Ethics Officer. • Employment with clients, competitors, vendors, or suppliers that you deal with in the normal course of your job duties, and • Any business relationship with a client, prospect, supplier, vendor, or agent of the company (other than normal consumer transactions conducted through ordinary retail sources). Certain types of outside employment and business dealings require approval from the company before acceptance. You must seek approval via CODE RAP. Depending upon your job duties or other regulatory requirements, your request may be denied, or limits may be placed upon your activities. The following positions require approval: • Employment involving the use of a professional license even if that license is not required for you to perform your current duties (e.g., FINRA, real estate, insurance, certified accountant, and attorney), • Employment involving providing tax advice or tax return preparation, • Any type of employment in the financial services industry, • Employment that could compete with the company or divert business opportunities in any way, • Any position that is similar in nature to your present job duties and involves a "knowledge transfer" to the other organization, • Jobs that adversely affect the quality of your work, distract your attention from your job duties or otherwise influence your judgment when acting on behalf of the company, • Employment of any kind that would negatively impact the company's financial or professional reputation, and • Serving as an expert witness, industry arbitrator or other similar litigation support that is unrelated to BNY, as these activities generally take a significant amount of time and have the potential to create conflicts of interest (e.g., taking a position that is contrary to company policies or procedures or otherwise conflicts with the interests of our clients). Even if your outside employment is approved or permissible under the Code, you may not solicit employees, clients, vendors or suppliers, nor may you utilize the company's name, time, property, supplies or equipment. All approvals granted for outside employment expire after one year. Annual reapproval via CODE RAP is required since facts and circumstances may change. (Reference: Outside Affiliations, Outside Employment, and Certain Outside Compensation Policy) Q & A Q: A colleague of mine works part-time for a company that provides office supplies, such as paper and pens, to BNY. Should I be concerned that his outside employment could be a conflict? A: It does not seem likely this would be a conflict, so long as your colleague is not involved in the decision-making process to purchase supplies from the outside company or approve invoices or payments to the supplier. If you're concerned, you may want to talk with your manager. In addition, you can always contact your compliance officer or the Ethics Office for guidance. |

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| &nbsp;&nbsp;![GRAPHIC](tm2523042d1_ex99-xpx5img020.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 OUTSIDE SERVICE AS A DIRECTOR, TRUSTEE, OFFICER, INVESTMENT COMMITTEE MEMBER, PARTNER, OR BUSINESS OWNER OF A FOR-PROFIT BUSINESS OR A NOT-FOR-PROFIT ORGANIZATION You must obtain prior approval from the Ethics Office through CODE RAP if you wish to serve as a director, trustee, officer, partner, or business owner of any for-profit business OR for certain not-for-profit (NFP) organizations if any of the following conditions exist: • There is an existing or proposed client, business, or financial relationship between the NFP organization and BNY, including receiving charitable contributions, grants, or foundation money from BNY. • The NFP organization is a trade or industry organization (e.g., Financial Industry Regulatory Authority or the Chartered Financial Analyst Institute). • You receive any type of direct or indirect compensation (e.g., cash, securities, goods, services, tax benefit, etc.). • You have been asked by BNY to serve the NFP organization. • The organization/entity is any type of government agency, or your position/ role is considered to be a public official (whether elected or appointed). You must obtain prior approval from the Ethics Office through CODE RAP to serve as a member of an investment committee that makes or oversees decisions or recommendations with respect to investing the assets of a for-profit or a not-for-profit organization or to the serve on the board of a publicly traded company. You may not serve until you have full approval from BNY as required by policy and documented in CODE RAP. If you are compensated, you may be required to surrender the compensation if there is a potential conflict of interest or you're serving the outside entity on behalf of BNY. Annual reapproval via CODE RAP is required as facts and circumstances may change, so you may not be given permission to serve every year. Even if the service does not require approval, you must notify BNY of any anticipated negative publicity, and you must follow these guidelines while you serve: • Never attempt to influence decisions that may lead to the use of BNY or its affiliates' products, services or other types of benefit to the company; the entity's records must reflect that you recused yourself from such a vote or discussion. • You must ensure the entity conducts its affairs lawfully, ethically and in accordance with prudent management and financial practices. If you cannot, then you must resign. • You cannot divulge any confidential or proprietary information. • If you learn of any Material Nonpublic Information (MNPI) you must contact the Control Room or your local compliance officer to report each instance. (Reference: Outside Affiliations, Outside Employment and Certain Outside Compensation Policy) Q & A Q: I've been asked to sit on the board of a local non-profit group. They use our Wealth Management group to manage their charitable giving program. I don't have any business dealings with the non-profit group and don't work in Wealth Management. Do I have to report this? A: Yes. The non-profit entity is a client of BNY. It does not matter which line of business has the client relationship, or whether you have any business dealings with the group. You must submit a CODE RAP form and receive approval before you agree to serve. |

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| &nbsp;&nbsp;![GRAPHIC](tm2523042d1_ex99-xpx5img021.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21 OWNERSHIP OF AN OUTSIDE BUSINESS If you own a business (either as a sole proprietor or partial owner), you must seek approval for this ownership via CODE RAP. You'll be required to provide pertinent details, such as any relationship with BNY (including employees), any compensation/ payment received, time required and potential conflicts of interest (actual or in appearance). Annual reapproval via CODE RAP is required as facts and circumstances may change. (Reference: Outside Affiliations, Outside Employment, and Certain Outside Compensation) FIDUCIARY APPOINTMENTS Fiduciary appointments are those where you act as a trustee, executor, administrator, guardian, assignee, receiver, custodian under a uniform gift to minors act, investment adviser or any capacity in which you possess investment discretion on behalf of another or any other similar capacity. In general, you're strongly discouraged from serving as a fiduciary unless you're doing so for a family member. All requests to serve as a fiduciary, with the exception of serving for a family member who is not a BNY client, require approval through CODE RAP. If there is a client relationship, there may be restrictions or controls placed on your service, or you may be denied the ability to serve in such a fiduciary capacity. In all situations where you're acting as a fiduciary, you must follow these guidelines: • Do not represent that you're performing the same professional services that are performed by a bank, or that you have access to such services, • Do not accept a fee for acting as a co-fiduciary with a bank, unless you receive approval from the board of directors of that bank, and • Do not permit your appointment to interfere with the time and attention you devote to your BNY job duties. PERSONAL INVESTMENT DECISIONS Your personal investments and those of certain family members could lead to conflicts of interest. Therefore, you're required to comply with the company's Personal Securities Trading Policy, including adhering to the restrictions placed on trading in BNY securities and a strict prohibition against insider trading. Certain employees will have additional restrictions placed on their personal investments that may include reporting and preclearing various types of securities transactions. You must be familiar with the responsibilities that apply to your job, and you'll be expected to follow those rules. In addition, if you have (or anyone who reports to you has) responsibility for a client, supplier or vendor relationship as part of your job duties, you must be cautious about potential investments in that business or its securities, particularly for privately held or thinly traded public companies and ensure your full compliance with the Personal Securities Trading Policy. DEALINGS WITH FAMILY AND CLOSE PERSONAL FRIENDS You should be particularly sensitive to business situations involving family members, household members or close personal friends. In general, a family member or close personal friend should not have any business dealings with you or with anyone who reports to you. This guidance also applies to situations where your family members or close personal friends provide an indirect service to a client for whom you have responsibility, as well as to situations in which your family member or close personal friend is affiliated with a vendor of BNY, or a competitor to BNY. |

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| &nbsp;&nbsp;![GRAPHIC](tm2523042d1_ex99-xpx5img022.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22 You must disclose any such situation to your manager and your compliance officer and cooperate with all efforts to resolve such conflicts. (Reference: Hiring and Continued Employment of Employees' Relatives or Individuals Sharing Employees' Household Policy) CORPORATE OPPORTUNITIES You have an obligation to avoid conflicts in connection with BNY's legitimate business interests. You and your family members are prohibited from personally benefiting from the use of company property or information that you directly or indirectly obtained through your position at BNY. Your actions must not compete in any way with businesses the company engages in, and you may neither ask for, nor accept, a business opportunity that may belong to BNY or could appear to belong to it. You may not give legal, tax or other professional advice to clients, prospects, vendors or suppliers of the company. You may not give investment advice to clients, prospects, vendors or suppliers of the company, unless this activity is part of your regular job responsibilities. You must also be cautious if clients, prospects, suppliers or other employees seek your guidance or your recommendation of a third-party professional who provides these services, such as an attorney, accountant, insurance broker, stockbroker, or real estate agent. If you make such a recommendation, you must follow these requirements: • Provide several candidates and ensure you show no favoritism toward any of them • Disclose in writing that the recommendations are in no way sponsored or endorsed by the company • Do not accept any fee (now or in the future), nor may you expect any direct or indirect benefit (e.g., more business from a better relationship) from the recommendation Q & A Q: My child works for a consulting company that BNY routinely hires for software development. My job does not require that I interact with them, and I have no influence or input over the decision to hire the consulting company. Is this okay? A: It doesn't appear that there are any conflicts of interest with your child working for the consulting company and your job at BNY. To be certain, discuss this matter with your manager or your compliance officer, so that you can be sure there are no conflicts with this situation. All transactions with your clients, suppliers or vendors must be handled strictly on an "arm's-length basis," meaning that the terms of all transactions must not even suggest the appearance of a personal advantage. All transaction with your clients, suppliers or vendors must be handled strictly on an "arm's-length basis," meaning that the terms of all transactions must not even suggest the appearance of a personal advantage. |

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| &nbsp;&nbsp;![GRAPHIC](tm2523042d1_ex99-xpx5img023.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23 Conducting Business FAIR COMPETITION AND ANTI-TRUST BNY is committed to fair dealing with our clients, suppliers, competitors and employees. The company is also committed to open competition as we believe this benefits our clients, the company and the community at large. We compete vigorously, but only in full compliance with the laws and regulations of the numerous jurisdictions in which we do business and a culture of honesty and integrity. All BNY entities must comply with fair competition, fair dealing and anti-trust laws to protect the markets from anti-competitive activities. Some examples of such anti-competitive activities are those that involve entering into formal or informal agreements, whether written or oral, with competitors regarding: • Fixing prices or terms, or any information that impacts prices or terms, • Allocating markets, sales territories or clients, including sharing marketing plans or strategic documents, • Boycotting or refusing to deal with certain suppliers, vendors, or clients (unless required by a law or governing body, such as the Office of Foreign Assets Control), and • Making the use of a product or service from a supplier or vendor conditional upon their use of our services or products. Fair dealing requires us to deal fairly with our clients, suppliers, competitors and employees. Unfair advantage may not be taken through: • Manipulation, • Concealment, • Abuse of privileged information, • Misrepresentation of material facts, or • Any other unfair-dealing practices. Please contact a member of the Legal department if you have any questions on the application of competition and anti-trust laws to a particular activity and whether it is legal or in compliance with the spirit of these laws. The following points reinforce the significance and complexity of these laws: • The laws can vary within the same country or organization. For example, several states within the U.S. have fair competition laws, in addition to the federal anti-trust laws. Likewise, within the EU, individual countries may have laws that apply in addition to EU laws, • The laws of certain countries may apply to conduct that takes place outside of that country (e.g., the U.S. and EU), Q & A Q: A close friend works for a competitor of BNY. We sometimes talk about the challenges we have in marketing certain products and bounce ideas off one another. Is this a problem? A: Yes. You're discussing confidential information that belongs to the company. You may also be violating anti-trust or anti-competitive laws. Do not talk about these types of matters with your friend, family members or anyone outside of the company. |

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| &nbsp;&nbsp;![GRAPHIC](tm2523042d1_ex99-xpx5img024.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24 • Violations of these laws typically carry harsh penalties. Most permit significant monetary penalties for both the company and the individual employee, and some permit convicted individuals to be imprisoned, • Meetings at professional gatherings, trade associations or conferences are particularly vulnerable to potential violations. If you're involved in any discussion with a competitor that begins to suggest anti-competitive or anti-trust activity, or gives the appearance of this kind of activity, you must inform the competitor that the discussion must cease. If it does not, you must remove yourself from the group. Immediately report the incident to the Legal department to protect both you and the company, and • Many countries' competition laws have provisions that make it illegal to monopolize or to abuse a dominant position in a market. You should check with the Legal department if you're a senior manager of a business and have concerns about these issues. Complying with fair competition and anti-trust laws also means that you may not use information or materials that belong to our competitors. This includes using information that a former employee of a competitor may bring with them to BNY. We succeed in the marketplace based on our own merits and do not engage in corporate "espionage" or unethical means to gain advantage on the competition. You're expected to comply fully with the letter and the spirit of all fair competition and anti-trust laws. ANTI-CORRUPTION AND IMPROPER PAYMENTS Most countries in which we do business have laws that prohibit bribes to governments, their officials and commercial (non-government) clients. The term "officials" can be applied broadly to include officials of political parties, political candidates, employees of governments and employees of government-owned businesses. BNY employees are subject to the Foreign Corrupt Practices Act and the UK Bribery Act. You must comply with these laws regardless of the line of business in which you work or your country of residence. Any attempt to pay or offer money or anything of value to influence the actions or decisions of such officials may result in a violation of the above-referenced laws. Violation of these laws is a serious offense which can lead to significant penalties for the company and for you individually. You're required to comply fully with the Company's Anti-Corruption Policy and adhere to all associated rules including the following: • Do not offer or give anything of value (including gifts, meals, entertainment, or other benefits) to a U.S. or non-U.S. "official" to obtain or retain business or secure any improper advantage. Note that "things of value" may include jobs or internships or offers thereof. Company policies require that all candidates for employment (whether permanent, limited duration or as an intern) must proceed through the formal HR recruiting process. You must not engage in informal recruiting, hiring or hiring discussions outside of the formal HR recruiting process. In addition, "things of value" may also include consulting, contractor, or temporary work assignments at BNY, whether or not a third-party employment staffing agency is involved. You must adhere to all internal controls applicable to such arrangements. • Do not agree to hire or exert any influence in the hiring of any client or potential client or any relative or other person in whom the client or potential client may be interested, • Do not accept or present anything if it obligates you, or appears to obligate you, and ensure that all hospitality, entertainment, and gifts are in accordance with applicable corporate policies and preceded by all required internal approvals, • Do not attempt to avoid laws by making payments through third parties: be cautious when selecting or dealing with agents or other third-party providers, • Never make any payment that you do not record on company books and records, or make misleading accounting entries, |

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| &nbsp;&nbsp;![GRAPHIC](tm2523042d1_ex99-xpx5img025.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 • Seek guidance when circumstances are unclear or you're asked to make or approve a payment or take any other action that makes you uncomfortable, and • Report any observations of others engaging in any behavior that you believe is improper. COMBATING FINANCIAL CRIME AND MONEY LAUNDERING Money laundering is the process by which individuals or entities attempt to conceal unlawful funds or otherwise make the source of the funds appear legitimate. As a member of the financial services community, you have a special obligation to support law enforcement throughout the world to combat various types of financial crime, such as attempts to launder money for criminal activity and finance terrorist operations. You're expected to comply fully with all anti-money laundering laws and only conduct business with reputable clients involved in legitimate business activities that use funds derived from lawful purposes. It is critical to the health of the company that every employee adheres to the company's strict "know-your-customer" policies. In addition to our global policies, individual lines of business have detailed policies and procedures that address unique requirements and circumstances. You're expected to know those procedures and follow them. Ask your manager for guidance. Knowing your customer means following established customer identification protocols for your business line, validating that the individual or entity, and the source of their funds is legitimate. Failing to detect suspicious transactions or doing business with any person or entity involved in criminal or terrorist activities, for example, forced labor or human trafficking, puts the company and you at serious risk. Accordingly, the company will not tolerate any circumstance where an individual or business unit circumvents anti-money laundering policies or procedures or fails to report suspicious activity. No amount of revenue and no client relationship are worth the risk of doing business with those involved in criminal or terrorist activity. If you suspect or detect any suspicious activity, you must file an Incident Report as soon as possible and no later than 72 hours after detection. No manager or executive has the authority to suppress such reports. (References: Global Anti-Money Laundering Policy; Anti-Tax Evasion Policy; AML Training Policy; Anti-Bribery & Corruption Policy; Suspicious Activity Reporting Policy for Non-U.S. Based Employees and Contractors; Global Economic Sanctions Policy.) Q & A Q: A longtime client started a new company that purchases medical equipment for a facility in the Middle East. The payments are made via wire transfers from an account of another company she owns in the Cayman Islands. The bank account of the Cayman Island company is in Europe. Should I be concerned? A: Yes. Transferring funds to or from countries unrelated to the transaction, or transfers that are complex or illogical is a significant red flag. You're obligated to file an Incident Report no later than 72 hours from the time you identify the activity as suspicious. |

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| &nbsp;&nbsp;![GRAPHIC](tm2523042d1_ex99-xpx5img026.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26 Working With Governments We follow all requirements that apply to doing business with governments. We recognize that practices that may be acceptable when dealing with a private company that is the client may cause problems or be a violation of law when working with a government. YOUR OBLIGATIONS BNY conducts business with national and local governments and with government-owned entities. While you must always follow the standard of Doing What's Right with any client, you should be aware that there are special rules when doing business with a government. Some practices that are acceptable when a private company is your client, such as nominal gifts or entertainment, may cause problems, or in some cases be a violation of law, when working with governments. If you're involved in any part of the process of providing services to a government entity, you have a special obligation to follow the basic guidelines in this section of the Code. These guidelines also apply in circumstances where you may be supervising the work of third parties in support of a government client (e.g., consultants, contractors, temporary workers, or suppliers). If you're a manager or recruiter who has responsibility for hiring decisions, you may have additional, unique requirements. For example, certain jurisdictions, such as the U.S., have laws concerning employment discussions and the hiring of former government officials and their family members or lobbyists. Check with your local People Team representative or the Legal department in such circumstances to be sure you're following requirements of the law. BASIC GUIDELINES • Know the restrictions or limitations on presenting and receiving hospitality. — Do not offer or accept gifts to or from representatives of governments that do not comply with company policies, — Never accept or offer anything of value meant to induce or influence government employees or officials, as this gives the appearance of a bribe, — Don't "tip" government officials or offer "inducement" payments, and — Do not accept or present anything if it obligates you or appears to obligate you. Q & A Q: I have clients in a country where some businesses have been "nationalized" and are now owned and run by the state. Are the people I deal with in these circumstances considered to be officials of the government? A: You should assume the answer is yes. The laws can be complicated, so contact the Legal department for guidance. Q: I'm hosting a dinner for a few of the larger clients in my region. One of the clients I was going to invite is the representative for the account we manage for the State of New Jersey. Do I have to notify anyone? A: Yes. You may not proceed until you've received approval via CODE RAP from the Anti-Corruption and Government Contracting Unit of Compliance. |

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| &nbsp;&nbsp;![GRAPHIC](tm2523042d1_ex99-xpx5img027.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27 • Observe a "higher standard of care." • Never destroy or steal government property, — Don't make false or fictitious statements, or represent that agreements have been met if they haven't, — Don't deviate from contract requirements without prior approval from the government, and — Never issue invoices or charges that are inaccurate, incorrect, or unauthorized. • Cooperate with government investigations and audits. — Don't avoid, contravene, or otherwise interfere with any government investigation or audit, and — Don't destroy or alter any company documents (whether electronic or paper) in anticipation of a request for those documents from the government. It's important to note that in addition to the basic guidelines above, if your client is a U.S. federal, state or local government, there are very specific legal requirements and company policies that you must follow. These obligations apply to all businesses that deal with U.S. federal, state or local entities or officials, regardless of the location or the line of business providing the service, even in locations outside the U.S. (Reference: Gifts and Entertainment Policy, Anti-Corruption Policy) |

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| &nbsp;&nbsp;![GRAPHIC](tm2523042d1_ex99-xpx5img028.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28 Protecting Company Assets We ensure all entries made in the company's books and records are complete and accurate and comply with established accounting and record-keeping procedures. We maintain confidentiality of all forms of data and information entrusted to us and prevent the misuse of information belonging to the company or any client. FINANCIAL INTEGRITY BNY is committed to keeping honest, accurate and transparent books and records. You're expected to follow established accounting and record-keeping rules and to measure and report financial performance honestly. Investors count on us to provide accurate information so they can make decisions about our company. All business records must be clear, truthful, and accurate, and follow generally accepted accounting principles and laws. You may not have any secret agreement or side arrangements with anyone — a client, another employee or their family member, or a supplier, vendor, or agent of the company. The financial condition of the company reflects records and accounting entries supported by virtually every employee. Business books and records also include documents many employees create, such as expense diaries and time sheets. Falsifying any document can impact the financial condition of the company. As a public company, BNY is required to file reports with government agencies and make certain public statements. Many people and entities use these statements, including: • Accountants — to calculate taxes and other government fees, • Investors — to make decisions about buying or selling our securities, and • Regulatory agencies — to monitor and enforce our compliance with government regulations. You're expected to maintain accurate and complete records at all times. Financial integrity is fundamental to our success, and falsification, backdating or misrepresentation of any company books, records or reports will not be tolerated. ADDITIONAL STANDARDS FOR SENIOR FINANCIAL PROFESSIONALS If you're responsible for the accuracy of the company's financial filings with regulators, you have a higher duty to ensure your behavior follows the most stringent standards of personal and professional conduct. This includes the chief executive officer, president, chief financial officer, company controller and such other individuals as determined by the general counsel. Individuals in this group must adhere to the following additional standards: • Disclose to the general counsel and chief compliance and ethics officer any material transaction or relationship that could reasonably be expected to be a conflict of interest, Q & A Q: I think a co-worker is submitting reports that indicate she worked overtime that she did not actually work. I don't want to get anyone in trouble, so what should I do? A: Reporting hours not worked is a form of theft. This is a serious issue and may be a violation of law. You must report your concern to your manager or The People Team. If you're uncomfortable raising this issue with your manager, file an Incident Report or contact the Ethics Help Line or the Ethics Hot Line to report your concern. |

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| &nbsp;&nbsp;![GRAPHIC](tm2523042d1_ex99-xpx5img029.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29 • Provide stakeholders with information that is accurate, complete, objective, fair, relevant, timely and understandable, including information in filings and submissions to the U.S. Securities and Exchange Commission and other regulatory bodies, • Act in good faith, responsibly, with due care, competence, and diligence, without misrepresenting material facts or allowing your independent judgment to be compromised, • Never mislead or improperly influence any authorized audit or interfere with any auditor engaged in the performance of an internal or independent review of the company's system of internal controls, financial statements or accounting books and records, and • Promptly report any possible violation of the company's Code of Conduct to the general counsel and chief compliance and ethics officer. USE OF COMPANY ASSETS Company assets include, but are not limited to, company funds, equipment, facilities, supplies, postal and electronic mail, and any type of company-owned information. It also includes your time and the time of those with whom you work — you're expected to use your time at work responsibly. Company assets are to be used for legitimate business purposes and not for your personal gain. You're expected to use good judgment to ensure that assets are not misused or wasted. The company's name and brand are vital assets. To ensure that we maintain a culture of integrity and value of our brand, it is imperative to adhere to the brand guidelines when using the name, logo, or any reference to the brand. Details about the brand and brand guidelines are listed at the Brand Center site on MySource. In addition to keeping within brand guidelines to ensure that the name and brand are used appropriately and to protect these assets. You should not imply, directly or indirectly, any company sponsorship, unless you have prior and proper approval. This includes refraining from using the company's name to endorse a client, supplier, vendor or any third party without the approval of Corporate Marketing. You may not proceed with any such use of the company's name or endorsement without first receiving approval through CODE RAP. (Reference: Use of BNY Brand and Logos by Third-Party Policy). Careless, wasteful, inefficient, or inappropriate use of any company assets is irresponsible and inconsistent with our Code of Conduct. Any type of theft, fraud or embezzlement will not be tolerated. Q & A Q: I think a co-worker is submitting reports that indicate she worked overtime that she did not actually work. I don't want to get anyone in trouble, so what should I do? A: Reporting hours not worked is a form of theft. This is a serious issue and may be a violation of law. You must report your concern to your manager or The People Team. If you're uncomfortable raising this issue with your manager, file an Incident Report or contact the Ethics Help Line or the Ethics Hot Line to report your concern. |

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| &nbsp;&nbsp;![GRAPHIC](tm2523042d1_ex99-xpx5img030.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 PROTECTING CLIENT AND EMPLOYEE RECORDS AND MEETING OUR PRIVACY OBLIGATIONS The company is responsible for ensuring privacy, confidentiality and controlled access to all client and employee information. This includes personal information related to prospective clients and job candidates. All of our stakeholders expect us to collect, maintain, use, disseminate and dispose of information only as necessary to carry out responsibilities or as authorized by law. • Nearly every employee in the company has access to personal information, so you're expected to adhere to the following key requirements concerning privacy: • Collection of client and employee information must be controlled. This means that the collection of such information must be permitted under law and only for a legitimate business purpose. Accessing external accounts for clients using client passwords is not permitted under any circumstances, regardless of whether it is authorized and provided by the client. • Storage and transport of all forms of collected client and employee information must be controlled and safeguarded. This means that information collected must be maintained in a secured environment, transported by approved vendors and access provided only to those who need to view the information to perform their job duties. • Use of client and employee information must be controlled. If the law or company policy provides that the client or employee be given a right to "opt-out" of certain uses of information, then you must respect that right. • Disposal of client and employee information must be controlled. You should only retain information for the time period necessary to deliver the service or product and in compliance with applicable retention periods. When it's necessary to dispose of information (regardless of the media on which the information is stored) you must do so in a manner appropriate to the sensitivity of the information. • Any compromise of client or employee information must be reported. If you're aware of or suspect that client or employee information has been lost, stolen, missing, misplaced or misdirected, or that there's been unauthorized access to information, you must immediately report the matter through the company's incident reporting process. Know how to protect records and make sure to always follow company policies. The loss of any protected data can be extremely harmful to the company financially and damages our reputation. (Reference: Global Data Privacy Policy, Information Classification, Handling and Records Management Policy). GLOBAL RECORDS MANAGEMENT PROGRAM You must follow company and local policies for retention, management, and destruction of records. If there's an investigation or if litigation is pending or anticipated, certain records may need to be retained beyond established destruction periods. In most cases, you'll be notified of the need to retain documents by the Legal department, if appropriate. Q & A Q: As part of my group's job duties, we're able to view the accounts of wealthy clients. I overheard one of my colleagues talking to his brother on the phone about the balance in a client's account who happens to be a very prominent sports figure. I don't think this is right, but what should I do? A: You're correct in being concerned. Your colleague had no right to disclose personal information about a client to anyone who has no legitimate business need for the information. File an Incident Report and contact the Ethics Help Line or the Ethics Hot Line to report your concern. |

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| &nbsp;&nbsp;![GRAPHIC](tm2523042d1_ex99-xpx5img031.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31 Records should be defined in the broadest sense — meaning that they include any information created or received that has been recorded on any medium or captured in reproducible form. Records also include any document that is intentionally retained and managed as final evidence of a business unit's activities, events or transactions, or for operational, legal, regulatory, or historical purposes. The media and formats of records take many forms, including: • Papers, emails, instant messages and other electronically maintained documents, • Microfilms, photographs, and reproductions, • Voice, text, and audio tapes, • Magnetic tapes, flash drives, optical disks, and drawings, and • Any other media, regardless of physical form or characteristics that have been made or received in the transaction of business activities. USE OF ARTIFICIAL INTELLIGENCE-BASED TECHNOLOGIES BNY is committed to the responsible, ethical use of Artificial Intelligence (AI) and Machine Learning (ML)- based technologies. If you are involved in the development, operation and decommissioning of systems incorporating AI/ML models, you must: • Register, validate and maintain such models in accordance with the firm's Model Risk Management framework. • Process all data associated with such models in accordance with the firm's Data Ethics framework, including any data generated by the model/broader system. You must also follow the requirements and policies of adjacent domains where these overlap, including Third Party Governance requirements when onboarding a vendor-provided system incorporating AI. Almost all employees, including those in non-technical roles, have broader obligations in relation to the appropriate use of AI/ML-based technologies, so you're expected to: • Adhere to the requirements of any tool or platform-specific attestation signed prior to gaining access to the tool or platform in question (e.g., Eliza Pro). • Undertake appropriate review of all output data generated by an AI system prior to use, taking accountability for its suitability in relation to the given intended purpose. (References: Data Ethics Policy, Models and Model-Like Approaches Policy, Global Data Privacy Policy) USE OF COMPUTERS, SYSTEMS AND CORPORATE INFORMATION As an employee, you have access to the company's computers, systems, and corporate information to do your job. This access means you also have the obligation to use these systems responsibly and follow company policies to protect information and systems. Electronic systems include, but are not limited to: • Personal computers (including email and instant messages) and computer networks, • Telephones, cell phones, voice mail, and • Other communications devices, such as tablets, wearable technology, smart watches, etc. Never send sensitive or confidential data over the Internet or over phone systems without following established company policies to protect such information. |

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| &nbsp;&nbsp;![GRAPHIC](tm2523042d1_ex99-xpx5img032.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32 You should have no expectation of privacy when you use these systems, except as otherwise provided by applicable law. You're given access to the company's systems to conduct legitimate company business and you're expected to use them in a professional and responsible manner. The company reserves the right to intercept, monitor and record your communication on these systems in accordance with applicable law. You're expected to protect the security of these systems and follow company policies concerning access and proper use (such as maintaining passwords). If your password is disclosed or compromised in any way, you must file a CODE RAP report immediately and observe all necessary steps to restore the confidentiality of your password. Also, the occasional use of company systems for personal purposes is acceptable, but you're expected to use good judgment and comply with company policies. Keep personal use to a minimum and use company systems wisely and in a manner that would not damage the company's reputation. You're permitted to use the company's systems if you follow these rules: • Messages you create should be professional and appropriate for business communication, including those created via email or instant messaging. • Never engage in communication that may be considered offensive, derogatory, obscene, vulgar, harassing or threatening (e.g., inappropriate jokes, sexual comments or images, comments that may offend, including those based upon gender, race, age, religious belief, sexual orientation, gender identity, disability or any other basis defined by law). • Do not distribute copyrighted or licensed materials improperly. • Do not transmit chain letters, advertisements, or solicitations (unless they're specifically authorized by the company). • Never view or download inappropriate materials. Notwithstanding the above, employees in Luxembourg are prohibited from using the company's corporate email for non-employment and non-business-related purposes. (References: Electronic Communication Policy; Information Classification, Handling and Records Management Policy) INSIDE OR PROPRIETARY INFORMATION As an employee, you may have knowledge about the company's businesses or possess confidential information about the private or business affairs of our existing, prospective or former clients, suppliers, vendors and employees. You should assume all such information is confidential and privileged and hold it in the strictest confidence. Confidential information includes all nonpublic information that may be of use to competitors, or harmful to the company or its clients, if disclosed. It is never appropriate to use such information for personal gain or pass it on to anyone outside the company who is not expressly authorized to receive such information. Other employees who do not need Q & A Q: My co-worker sometimes sends sensitive client data via the Internet to a vendor we use to help solve problems. I'm concerned because I don't think this information is protected properly. He says it's okay because the vendor is authorized to receive the data and the problems that need to be resolved are time sensitive. Should I be worried? A: Yes. This is a serious matter, and you must talk to your manager immediately. Your co-worker could be putting clients and BNY at great risk. If you don't raise your concern, you may be as responsible as your co-worker for violating company policies. If you're uncomfortable raising this issue with your manager, file an Incident Report or contact the Ethics Help Line or the Ethics Hot Line to report your concern. |

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| &nbsp;&nbsp;![GRAPHIC](tm2523042d1_ex99-xpx5img033.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33 the information to perform their job duties do not have a right to it. You're expected to protect all such information and failure to do so will not be tolerated. If you're uncertain about whether you have inside or proprietary information, you should treat the information as if it were and check with your manager or a representative from the Legal department. The following list contains examples of "inside" or "proprietary" information. Inside Information Inside information is material nonpublic information relating to any company, including BNY, whose securities trade in a public market. Information is deemed to be material if a reasonable investor would likely consider it important when deciding to buy or sell securities of the company, or if the information would influence the market price of those securities. If you're in possession of material nonpublic information about BNY or any other company, you may not trade the securities of that company for yourself or for others, including clients. Nearly all countries and jurisdictions have strict securities laws that make you, the company, and any person with whom you share the information, legally responsible for misusing inside information. The company's Information Barriers Policy provides instructions on the proper handling of inside information and the company will not tolerate any violation of this policy. Certain employees have significant restrictions placed on their trading in BNY securities or the securities of other companies. You must know the restrictions relative to your job and follow company policies and applicable securities laws. Proprietary Information Proprietary information includes business plans, client lists (prospective and existing), marketing strategies, any method of doing business, product development plans, pricing plans, analytical models or methods, computer software and related documentation and source code, databases, inventions, ideas and works of authorship. Any information, inventions, models, methods, ideas, software, works or materials that you create as part of your job responsibilities or on company time, or that you create using information or resources available to you because of your employment by the company, or that relate to the business of the company, belong to the company exclusively and are considered proprietary information. Proprietary information also includes business contracts, invoices, statements of work, requests for investment or proposal, and other similar documents. Any information related to a client, supplier or vendor financial information (including internal assessments of such), or credit ratings or opinions is considered proprietary. You should also assume all information related to client trades, nonpublic portfolio holdings and research reports are proprietary. The same is true regarding reports or communications issued by internal auditors, external regulators or accountants, consultants or any other third-party agent or examiner. Company-produced policies, procedures or other similar work materials are proprietary and, while they may be shared with other employees, they cannot be shared with anyone outside of the company without prior consent of the policy owner and legal counsel. Q & A Q: I discovered that an investor in one of our funds has requested to withdraw a significant amount of money from the fund. I manage a client's money and he has an investment in the same fund. To protect my client's interest, I want to pull his money out of the fund because its performance will likely drop. Even though the withdrawal is not yet known by the public, is this okay because I have a fiduciary duty to my client and I'm not benefiting personally by trading on behalf of my client? A: No. You're in possession of material nonpublic information and you may not trade the securities of that fund. Your duty to comply with securities laws supersedes any duty you have to your client. You should immediately contact the Legal department to discuss this situation. |

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| &nbsp;&nbsp;![GRAPHIC](tm2523042d1_ex99-xpx5img034.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34 These restrictions on the communication of proprietary information notwithstanding, employees are permitted to communicate certain proprietary information to regulatory authorities as detailed in the sections Direct Communication with Government and Regulatory Authorities and Communication of Trade Secrets to Government and Regulatory Authorities above. (References: Information Barriers, Personal Securities Trading Policy, Ownership and Protection of Intellectual Property) Your obligation to protect inside or proprietary information extends beyond the period of your employment with the company. The information you use during your employment belongs to the company and you may not take or use this information after you leave the company. |

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| &nbsp;&nbsp;![GRAPHIC](tm2523042d1_ex99-xpx5img035.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 Supporting Our Communities We take an active part in our communities around the world, both as individuals and as a company. BNY plays a critical role in the stability and sustainability of the financial system, and that foundation drives our approach to sustainability. We aim to be honest, fair and transparent when we interact with our communities and the public at large. We consider human dignity important, and we work to preserve human rights throughout our operations and value chain. We seek to address climate-related risks and opportunities through an environmental sustainability approach that considers all aspects of our business. POLITICAL ACTIVITIES Personal Political Activity BNY encourages you to keep informed of political/geopolitical issues and candidates and to take an active interest in political/geopolitical affairs. However, if you do participate in any political activity,\* you must follow these rules: • Never act as a representative of the company unless you have written permission from the Chief Executive Officer, the general counsel, and the Chief Compliance and Ethics Officer of the company. • Never engage in personal political activity on behalf of candidates, parties or political causes during working time or while at BNY facilities. Your activities should be on your own time, with your own resources, and must not interrupt or disrupt company operations. You may not use company time, equipment, communications channels, facilities, supplies, clerical support, advertising, or any other company resources. This prohibition applies to campaigning for political candidates, participating in protests about social or geopolitical matters, or engaging in any other similar activities. • You may not use company funds for any political activity, and you will not be reimbursed or compensated in any way for a political contribution. • Your political activities may not affect your objectivity or ability to perform your job duties. • You may not solicit the participation of employees, clients, suppliers, vendors, or any other party with whom the company does business during work time or using any BNY facilities or resources. • You may be required to preclear personal political contributions made by you, and in some cases, your family members. \*Political activity as defined under this policy does not include any employee activity protected by Section 7 of the National Labor Relations Act, including but not limited to group activities to improve or protest over terms/conditions of employment. (Reference: Political Contributions Policy) Lobbying Lobbying is generally defined as any activity that attempts to influence the passage or defeat of legislation. Lobbying activities are broad and may cover certain "grass roots" activities where groups of people, such as company employees, are contacted to encourage them to call public officials for the purpose of influencing legislation. Lobbying is prevalent in the U.S. and is gaining influence within the EU and other locations. If you are engaged in lobbying, there may be disclosure requirements and restrictions on certain activities. If your job duties include any of the following activities, you must contact Marketing & Corporate Affairs or the Legal department for guidance: • Government contract sales or marketing |

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| &nbsp;&nbsp;![GRAPHIC](tm2523042d1_ex99-xpx5img036.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36 • Efforts to influence legislation or administrative actions, such as accompanying trade associations in meetings with government officials concerning legislation • Meeting with legislators, regulators, or their staffs regarding legislation Lobbying does not include situations where a government agency is seeking public comment on proposed regulations. (Reference: Procurement Lobbying) Corporate Political Activities The laws of many countries, including the U.S., set strict limits on political contributions made by corporations. Contributions are defined broadly to include any form of money, purchase of tickets, use of company personnel or facilities, or payment for services. BNY will make contributions only as permissible by law, such as those through company-approved political action committees. INVESTOR AND MEDIA RELATIONS Investor Relations All contacts with institutional shareholders or securities analysts about the company must be made through the Investor Relations group of the Finance department. You must not hold informal or formal discussions with such individuals or groups, unless you are specifically authorized to do so. Even if you are authorized, you cannot provide special access or treatment to shareholders or analysts. All investors must have equal access to honest and accurate information. Media Relations Corporate Communications must approve all contacts with the media, including speeches, testimonials or other public statements made on behalf of the company or about its business. You may not respond to any request for interviews, comments or information from any television channel, radio station, newspaper, magazine or trade publication, either on or off the record, unless you have express authorization from Corporate Communications. If you are contacted or interviewed about matters unrelated to your job or to the company, you may not identify BNY as your employer, and you may not make comments about BNY. (Reference: External Engagement Policy; Use of BNY Brand and Logos by Third Party Policy) Q & A Q: I have been asked to provide a statement about BNY's experience with a vendor's product that we use. The vendor wants to use my quote on their website or in other marketing materials. Is this okay? A: It depends. Before agreeing to any such arrangement, you should contact Corporate Communications. BNY carefully protects its reputation by being highly selective in providing such endorsements. Do not proceed until you have the approval of your manager and Corporate Communications. |

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| &nbsp;&nbsp;![GRAPHIC](tm2523042d1_ex99-xpx5img037.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37 CHARITABLE CONTRIBUTIONS AND CORPORATE SPONSORSHIP The company encourages you to take part in charitable, educational, fraternal or other civic affairs, as long as you follow these basic rules: • Your activities may not interfere or in any way conflict with your job duties or with company business. • You may not make any gifts or contributions to charities or other entities in the name of, or on behalf of, the company. • You may not imply the company's sponsorship for or support of any outside event or organization without the approval of the most senior executive of your line of business. • You may not use your position for the purpose of soliciting business or contributions for any other entity. • You must be cautious in the use of company letterhead, facilities or even your business card so that there is no implied or presumed corporate support for non-company business. From time to time the company may agree to sponsor certain charitable events. In these situations, it may be proper to use company letterhead, facilities, or other resources (such as employees' time or company funds). Ask your manager if you're unclear whether the event in question is company sponsored. (Reference: Use of BNY Brand and Logos by Third Party Policy) PARTICIPATING IN TRADE ASSOCIATIONS, CONFERENCES AND SPEAKING ENGAGEMENTS You may participate in trade association meetings and conferences. However, you must be mindful that these situations often include contact with competitors. You must follow the rules related to fair competition and antitrust referenced in this Code and company policies. In addition, meetings where a client, vendor or supplier pays for your attendance should be rare and only occur when it is legally allowed, in compliance with company policy and preapproval has been obtained via CODE RAP. If you perform public speaking or writing services on behalf of BNY, any form of compensation, accommodations, or gift that you or any of your immediate family members receive must be reported through CODE RAP. Remember, any materials that you may use must not contain any confidential or proprietary information. The materials must be approved by the Legal Department and the appropriate level of management that has the topical subject matter expertise. (Reference: Outside Affiliations, Outside Employment, and Certain Outside Compensation) STRENGTHENING SOCIAL AND ENVIRONMENTAL SUSTAINABILITY Our sustainability strategy follows two paths: helping our clients and partners meet their sustainability and community goals through the products and services we offer and managing our own business and operations with a focus on resilience. Within our business and operations, we prioritize understanding and improving our environmental footprint, from our Green House Gas emissions to our building standards to our efficient use of natural resources. We respect human dignity and expect our employees to work to preserve human rights throughout our operations and value chain. We do not tolerate forced labor, slavery or human trafficking in any form and expect employees to avoid knowingly working with any supplier, contractor or client who engages in such practices. |

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| &nbsp;&nbsp;![GRAPHIC](tm2523042d1_ex99-xpx5img038.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38 We believe that environmental and social considerations are increasingly material for us and for our financial sector clients given the increasing regulatory requirements and environmental impacts globally. Our approach to sustainability drives how we work with clients and partners to achieve their sustainability goals, and guides the way we run our firm, including how we engage with our stakeholders and continue to earn our client's trust. BNY plays a critical role in the stability and sustainability of the financial system, and that foundation drives our approach to sustainability. We manage our firm with a focus on resilience — including our work to enable a more inclusive, environmentally sustainable, and trusted financial system. We empower our clients and partners with solutions to achieve their sustainability goals and to advance a more inclusive economy. For more information on our approach to sustainability, sustainability reports and policies and statements, please visit our Sustainability webpage. |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2523042d1_ex99-xpx5img039.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39 Additional Help This section contains additional questions and answers about the requirements of our Code. Remember, ignorance or a lack of understanding is not an excuse for violating the Code. The company has established many resources to help deal with questions you may have regarding compliance with the Code. You're expected to take advantage of these resources. Q: A friend of mine is running for political office and I would like to help her out with her campaign. Can I do this? A: Yes. Your personal support is your personal business. Just make sure that you do not use company assets, including company time or its name to advance the campaign. In addition, be aware that certain political contributions must be reported and/or precleared. Q: I was leaving the office and a journalist asked me if I could answer a few questions. I told him no and left the car park, but I felt bad about not talking to him. Should I have answered his questions? A: Not at that time. You did the right thing by saying no. You should contact Corporate Communications and tell them of the request. They will determine whether it will be all right for you to talk to the media. If you receive a future request, suggest the journalist contact Corporate Communications directly. Q: I am running for the local school board and I want to use the office copier to make copies of my campaign flyer. Is that okay? A: No. Company property and equipment may not be used for a political purpose without authorization from Marketing & Corporate Affairs. Running for any public office is considered to be a political purpose. Accepting any political appointment or running for office requires approval via CODE RAP. Q: To thank a client of mine, I want to give him tickets to attend a local football match. He mentioned that his company does not permit this type of entertainment, but I know he would love to go to the match. If he doesn't care about his own company's policy, can I give him the tickets? A: No. If you know that giving him the tickets will violate his own company's policy, do not give the gift. Just as we want clients to respect our limits on gifts, we must do the same. Q: One of the vendors we're considering for an assignment offered to take me to a local golf course to play a round and have dinner. He wants to talk about his company's proposal so that we can make a more informed decision. We'll be talking about business, and there won't be much money spent on a round of golf and a modest dinner. Is that okay? A: No. You're evaluating vendors to provide a service. It's always inappropriate to receive or give entertainment when the company is in the middle of a selection process. Q: One of my vendors offered to send me to a conference at no cost to BNY. Can I accept the invitation? A: No. Accepting a free trip from a vendor is never permissible. If you're interested in attending the conference, speak to your manager. Most costs associated with your attendance at the conference must be paid by your department. You'll be required to file a CODE RAP form if your manager agrees it's appropriate to attend the conference and you're requesting permission to permit the vendor to pay for part of your conference attendance. Q: We're entitled to a large payment from a government client if we certify that we've met all service level agreements on time. We're not sure whether a few very minor items have been completed, but they're not that important to the service. It's close to the end of the quarter and we'd like to realize the payment. Is it okay to send the invoice and certify that the agreements have all been met now? A: No. You cannot submit the invoice and certification until you're certain that all requirements of the agreement have been met. Submission of an incorrect certification could subject the company, and you, to criminal  |

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| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2523042d1_ex99-xpx5img040.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 penalties, so it is vitally important that any certification submitted to the government be completely accurate. Q: A colleague called while on vacation requesting that I check their email to see if they received an item they were expecting. They gave me their logon identification and password, requesting that I call them back with the information. Can I do this? A: No. Passwords and other login credentials must be kept confidential and cannot be used by, or shared with, fellow employees. If your password is disclosed or compromised in any way, you're required to file a CODE RAP form and restore the confidentiality of your password immediately afterward. Q: I would like to take a part-time job working for my brother's recycling business. His business has no relationship with the company and the work I'll be doing for him is not at all similar to what I do in my job here at the company. Can I do this, and do I have to file any forms? A: Yes, you may, as long as the time you spend there does not interfere with your job at the company, and you don't use any company equipment or supplies. You don't need to file a CODE RAP form, since you're not the sole proprietor or partial owner of the business. However, if you work in certain lines of business (such as a broker-dealer), you may need to notify Compliance. Check with your manager or compliance officer if you're uncertain. Q: I observed a colleague in our supply area filling up a box full of pens, paper and other items. I asked her what she was doing, and she told me that her son's school was short on supplies, so she was trying to help out. She said our company can afford the supplies more than her son's school and that it was the right thing to do. I am friendly with my colleague, and I don't want to get her in trouble. What should I do? A: Your colleague is stealing from the company, and you must file an Incident Report. The supplies purchased by our company are to be used for business needs only. Your colleague had no right to take these supplies for any purpose, even if it seems like a good cause. If faced with a situation in which you're unsure of the correct action to take, contact your manager, an ethics officer, compliance officer, Legal representative or People Team business partner for help. There are many resources at your disposal to help you. Don't hesitate to use them and Do What's Right!©2024 The Bank of New York Mellon Corporation. All rights reserved. |

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**

## Ex-99.(P)(8)

**Exhibit 99.(p)(8)**

![](tm2523042d1_ex99-xpx8img01.jpg)

![](tm2523042d1_ex99-xpx8img02.jpg)

**MORGAN STANLEY INVESTMENT MANAGEMENT**

**PUBLIC SIDE CODE OF ETHICS AND PERSONAL TRADING GUIDELINES**

**December 12, 2024**

**TABLE OF CONTENTS**

**I.** **INTRODUCTION** **3** 

&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

**II.** **TYPES OF ACCOUNTS/ACCOUNT OPENING REQUIREMENTS** **6** 

&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

**III.** **PRE-CLEARANCE REQUIREMENTS FOR PERSONAL SECURITIES TRANSACTIONS** **9** 

&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

**IV.** **HOLDING REQUIREMENTS** **14** 

&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

**V.** **REPORTING REQUIREMENTS** **15** 

&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

**VI.** **OUTSIDE BUSINESS ACTIVITIES AND PRIVATE INVESTMENTS** **18** 

&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

**VII.** **REVIEW, INTERPRETATIONS AND EXCEPTIONS** **19** 

**VIII.** **ENFORCEMENT AND SANCTIONS** **19** 

**I** **X.** **RELATED POLICIES** **20** 

**X.** **RECORDKEEPING** **20** 

&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** |
| **XI. DEFINITIONS** | **25** |
| **SCHEDULE B** | **31** |

---

**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.

&nbsp;&nbsp;&nbsp;&nbsp;**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 to the 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The interests of Clients must always be placed first.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Defrauds a Client in any manner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Misleads a Client, including any statement that omits material facts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Operates or would operate as a fraud or deceit of a Client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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;**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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Notifying an employee's Manager of the delinquency in writing or via
the Performance Management Dashboard

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Issuance of a Letter of Warning / Education to the employee and employee's Manager

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Record delinquency in the Compliance Incident Tracking of Employees database or

**Mandatory Training Requirements**

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.

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| | |
|:---|:---|
| &nbsp;&nbsp;**Training Name** | &nbsp;&nbsp;**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 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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:

![](tm2523042d1_ex99-xpx8img03.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;**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:**

&nbsp;&nbsp;&nbsp;&nbsp;▪ Having
 a personal or family interest in a transaction involving Morgan Stanley.

&nbsp;&nbsp;&nbsp;&nbsp;▪ Competing
 with Morgan Stanley for the purchase or sale of services.

&nbsp;&nbsp;&nbsp;&nbsp;▪ Taking
 advantage of outside business opportunities that arise because of your position at Morgan
 Stanley.

&nbsp;&nbsp;&nbsp;&nbsp;▪ 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).

&nbsp;&nbsp;&nbsp;&nbsp;▪ Engaging
 in personal financial arrangements or certain other personal relationships with other Morgan
 Stanley employees.

&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.

Pursuant to SEC Rules 204a-1 and 17j-1, within 10 calendar days of the commencement of your employment, employees are required to disclose and seek approval of all existing Personal Securities Accounts, including Fully Managed Accounts, not held at the Firm, and at all times thereafter, employees must obtain prior approval through the OBI System for all such accounts.

*<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;**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;**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;**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).

 **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;**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.

&nbsp;&nbsp;&nbsp;&nbsp; **How to Preclear a Trade and Other Helpful Hints**

&nbsp;&nbsp;&nbsp;&nbsp;• Open
 the TPC system (type "IMTPC/" into your browser.

&nbsp;&nbsp;&nbsp;&nbsp;• Select
 the correct account, transaction type (buy/sell) and quantity.

&nbsp;&nbsp;&nbsp;&nbsp;• Pre-clear
 all Covered Securities unless an exemption applies.

&nbsp;&nbsp;&nbsp;&nbsp;• All
 ETFs are subject to the 30-calendar day holding period requirements.

&nbsp;&nbsp;&nbsp;&nbsp;• Only
 those ETFs deemed Exempt by Compliance are not subject to pre-clearance requirements but
 must meet the holding requirement.

&nbsp;&nbsp;&nbsp;&nbsp;• Execute
 only after receiving an APPROVAL e-mail from the system.

&nbsp;&nbsp;&nbsp;&nbsp;• You
 can only execute within your approval window.

&nbsp;&nbsp;&nbsp;&nbsp;• 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;**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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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;**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;&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;**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.

![](tm2523042d1_ex99-xpx8img04.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** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Activity** | &nbsp;&nbsp;**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>. |

---

**IV.** **HOLDING REQUIREMENTS** 

&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;**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.

**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;• 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;• 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;&nbsp;&nbsp;**New Hire Checklist**

**<u>As a new hire, you have 10 calendar days to</u>:**

&nbsp;&nbsp;&nbsp;&nbsp;• Complete
 your Initial Disclosure Process.

&nbsp;&nbsp;&nbsp;&nbsp;• Disclose
 your Outside Business Interests/Accounts, Private Investments.

**<u>Within 30 calendar days of hire you mus</u>**<u>t</u>:

&nbsp;&nbsp;&nbsp;&nbsp;• Complete
 your new hire trainings.

**<u>Within 60 calendar days of Compliance's review you must</u>:**

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&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 Quarterly Transactions Report must contain the information set forth below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• For transactions in a Personal
Securities Account during the previous quarter you must provide:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o 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;o 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;o 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;o The date you submitted the Quarterly Transaction Report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o The name of the broker-dealer, bank or financial institution with which you established the account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o 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;o 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"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A list of your current brokerage
account(s), including those for your Immediate Family;

&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 and
current principal amount Beneficially Owned by you in these account(s);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A list of all your approved
Outside Business Activities, and Private Investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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;&nbsp;&nbsp;**Annual Requirements**

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.

As part of ACE, you will be required to read and understand both the Code of Conduct and the MSIM Code of Ethics.

ACE includes sections regarding Morgan Stanley Accounts, Morgan Stanley Sponsored Plans, Outside Business Interests and Additional Reportable Investments.

**You are required to complete this certification on or before it's due date.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

**VI.** **OUTSIDE BUSINESS ACTIVITIES AND PRIVATE INVESTMENTS** 

&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, regardless of whether or not you receive compensation 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.

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.

**Special Considerations Related to your Outside 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.

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>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Carrying on or being involved in the business
of money lending

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Organizing, promoting or conducting any casino
marketing arrangement in or with respect to any casino

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Acting as an associate of an international market
agent

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Being engaged in the business of an international
market agent

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Being an applicant for an international market
agent license

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Carrying on the business of an estate agent,
or acting/representing as an estate agent

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Acting or holding himself out as a salesperson
for any licensed estate agent

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Marketing any investment that is not an investment
product

<u>Being invested in, or holding any interest in the following:</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any moneylending business

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any business of an international market agent

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any business of an estate agent

**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.

**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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

**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 and Outside Business Activities Policy;</u> the <u>Morgan Stanley Code of Conduct; the Global Confidential and Material Non-Public Information Policy;</u> <u>the Policy on U.S. Political Contributions and Activities</u>; and the <u>MSIM Global Gifts, Entertainment and Charitable Giving Policy</u> (requirements may vary in non-U.S. offices).

**X.** **RECORDKEEPING** 

&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 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;**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**

**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>Pooled Investment Vehicles:</u>** | **<u>Pooled Investment Vehicles:</u>** | **<u>Pooled Investment Vehicles:</u>** | **<u>Pooled Investment Vehicles:</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>Equities:</u>** | **<u>Equities:</u>** | **<u>Equities:</u>** | **<u>Equities:</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<br> Securities (PIPES) | PROHIBITED | PROHIBITED | PROHIBITED |
| **<u>Derivatives</u> (Employees who work in the PPA businesses are prohibited from trading ALL derivatives)<u>:</u>** | **<u>Derivatives</u> (Employees who work in the PPA businesses are prohibited from trading ALL derivatives)<u>:</u>** | **<u>Derivatives</u> (Employees who work in the PPA businesses are prohibited from trading ALL derivatives)<u>:</u>** | **<u>Derivatives</u> (Employees who work in the PPA businesses are prohibited from trading ALL derivatives)<u>:</u>** |
| 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>Fixed Income Instruments:</u>** | **<u>Fixed Income Instruments:</u>** | **<u>Fixed Income Instruments:</u>** | **<u>Fixed Income Instruments:</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>Private Investment and Outside Activities:</u>** | **<u>Private Investment and Outside Activities:</u>** | **<u>Private Investment and Outside Activities:</u>** | **<u>Private Investment and Outside Activities:</u>** |
| Private Investments (e.g. limited<br> 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 Short-Term Debt 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.

**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;• 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;• 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;• 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;• 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;• Corporate and municipal bonds,
and similar instruments;

&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;• 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;• 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;• 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;• 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Ginnie Maes,

&nbsp;&nbsp;&nbsp;&nbsp;&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.S. savings bonds, and U.S. Treasuries; 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;o 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

&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 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;• 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;• 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;• 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;• 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;• Accounts that you or the persons
described above could be expected to influence or control, 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;o Joint accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Family accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Retirement accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Corporate accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Arrangements similar to trust accounts that benefit you directly;

&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 Accounts for which you act as custodian; 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;o 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)(9)

**Exhibit 99.(p)(9)**

City of London Investment Management Company Limited

Code of Ethics

As of 16 August 2024

---

| | |
|:---|:---|
| **1. Scope** | This Code of Ethics (the "Code") covers City of London Investment Management Company Limited, including all its subsidiary and associated companies, together, known as the "Firm" and is applicable to all Access Persons regardless of jurisdiction. This Code applies from the above date and will apply unless and until amended. |

---

For the purpose of the Code, the "Firm" is used to represent the following entities:

⮚ City of London Investment Management Company Limited ("CLIM") (registered in England and Wales No. 2851236), is authorized and regulated in the UK by the Financial Conduct Authority (FCA) and registered as an Investment Advisor in the US with the Securities and Exchange Commission (SEC).

⮚ City of London Investment Management (Singapore) Pte. Ltd ("CLIM Singapore") (No 200709045R) is registered with the Monetary Authority of Singapore (MAS) and holds a Capital Markets Services Licence for Fund Management.

⮚ City of London US Services Limited ("CLUSS") (registered in England and Wales No. 03457954).

The Code has been designed to comply with the following regulatory rules and guidance:

*UK Financial Conduct Authority Handbook*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Principle 1 – Integrity

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Principle 3 – Management & 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Principle 6 – Customers' 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Principle 8 – Conflicts 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· COBS 2.3 – Inducements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· COBS 11.7 – Personal Dealing

*US Securities and Exchange Rule*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Rule 204A-1 of the Investment Advisers Act of 1940

*Monetary Authority of Singapore*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Guidelines on Licensing, Registration & Conduct of Business for FMCs

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Regulation 4 under Securities and Futures Act (Cap. 289)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· IMAS Standards of Professional Conduct

*The content of this Policy is proprietary and confidential and should not be reproduced or distributed without the prior written consent of the Firm.<br> Nothing herein shall restrict the ability of an employee to contact a regulator or other authority in accordance with the Firm's Whistleblowing Policy.*

Page 1 of 25

City of London Investment Management Company Limited

Code of Ethics

As of 16 August 2024

*CFA Institute*

The Firm is a signatory to the CFA's Asset Manager Code of Professional Conduct. The current recommendations and guidance to the CFA's Asset Manager Code of Professional Conduct is the second edition reprinted June 2012, which is available via the following link.

<u>https://www.cfainstitute.org/ethics/codes/assetmanager/Pages/index.aspx.</u> CLIM claims compliance with the CFA Institute Asset Manager Code. This claim has not been verified by the CFA Institute.

---

| | | | |
|:---|:---|:---|:---|
| **2. Table of Contents** | 1. | Scope | Page 1 |
|  | 2. | **Table of Contents** | Page 2 |
|  | 3. | Statement of Policy | Page 2 |
|  | 4. | Responsibilities | Page 3 |
|  | 5. | Definitions | Page 3 |
|  | 6. | Background | Page 3 |
|  | 7. | Standards of Conduct | Page 3 |
|  | 8. | Interactions with the Media | Page 5 |
|  | 9. | Foreign Corrupt Practices Act (US) | Page 5 |
|  | 9. | UK Bribery Act | Page 5 |
|  | 10. | Conflicts of Interest | Page 7 |
|  | 11. | Insider Dealing | Page 7 |
|  | 12. | Confidentiality | Page 7 |
|  | 13. | Personal Securities Account Dealing | Page 8 |
|  | 14. | Gifts and Hospitality | Page 15 |
|  | 15. | Political Contributions and Charitable Gifts | Page 19 |
|  | 16. | Outside Business Interests | Page 20 |
|  | 17. | Authorized Signatories | Page 21 |
|  | 18. | Signatures | Page 21 |
|  | 19. | Recordkeeping | Page 21 |
|  | 20. | Sanctions | Page 22 |
|  | 21. | Detection and Reporting of Code Violations | Page 22 |
|  | 22. | Policy Owner | Page 23 |
|  | 23. | Version Control Table | Page 23 |

---

---

| | |
|:---|:---|
| **3. Statement of Policy** | This Code of Ethics sets out the standards of business conduct expected of Access Persons and their requirements to comply with the various rules and regulations that apply to the Firm and its subsidiaries in a number of jurisdictions globally. |

---

***<u>This Code of Ethics may be provided to clients, investors or prospective clients and investors as well as other external parties, subject to prior approval from Compliance.</u>***

*The content of this Policy is proprietary and confidential and should not be reproduced or distributed without the prior written consent of the Firm.<br> Nothing herein shall restrict the ability of an employee to contact a regulator or other authority in accordance with the Firm's Whistleblowing Policy.*

Page 2 of 25

City of London Investment Management Company Limited

Code of Ethics

As of 16 August 2024

---

| | |
|:---|:---|
| **4. Responsibilities** | The CLIM Board is responsible for the Initial Approval of this Code. Any changes / amendments to this Code will be made in accordance with the Approval of Policies section in the Policy for Policies. |

---

---

| | |
|:---|:---|
| **5. Definitions** | "Access Person": means any employee of the Firm, including part-time employees, consultants, and interns (paid or unpaid) with access to a Firm server or working on-site at a Firm office for more than 5 days. |

---

"Compliance": refers to any member of the Firm's Compliance department or the department as a whole.

"Immediate Family Member": means any relative by blood or marriage, or any other individual, living in an Access Person's household subject to the Access Person's financial support (spouse, minor children, parent, domestic partner, etc.).

---

| | |
|:---|:---|
| **6. Background** | The SEC requires all Registered Investment Advisers to maintain a Code of Ethics under Rule 204A-1 of the Investment Advisers Act of 1940. In addition, the FCA requires firms to maintain policies that are proportionate to the size and nature of their business, including but not limited to: Personal Securities Account Dealing, Gifts & Hospitality, Conflicts of Interest, and Outside Business Interests among others. Furthermore the MAS requires firms to establish Personal Securities Account Dealing policies and procedures in accordance with its rules and guidelines. |

---

---

| | |
|:---|:---|
| **7. Standards of Conduct** | The Firm has a fiduciary duty to clients that requires all Access Persons to act solely for the benefit of those clients. All Access Persons are expected to adhere to the highest standard of professional and ethical conduct. Access Persons should be aware of situations that may give rise to an actual or perceived conflict with CLIM's clients' interests, or have the potential to damage the Firm's reputation. |

---

***Fiduciary duty -*** this term should not be misunderstood: 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 advisers 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 interest.

This Code of Ethics is designed 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;&nbsp;&nbsp;&nbsp;&nbsp;· Protect CLIM's clients by deterring misconduct;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Guard against violation of the 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Educate Access Persons regarding the Firm's
expectations and the laws governing their conduct;

*The content of this Policy is proprietary and confidential and should not be reproduced or distributed without the prior written consent of the Firm.<br> Nothing herein shall restrict the ability of an employee to contact a regulator or other authority in accordance with the Firm's Whistleblowing Policy.*

Page 3 of 25

City of London Investment Management Company Limited

Code of Ethics

As of 16 August 2024

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Remind Access Persons 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Establish procedures for Access Persons to follow
so that the Firm may determine whether Access Persons are complying with its ethical principles.

The Code is based upon the principle that Access Persons of the Firm owe a fiduciary duty to the clients of the Firm to conduct their affairs, including personal securities transactions among others, in such a manner as to avoid (i) serving their own personal interests ahead of clients; (ii) taking inappropriate advantage of their position with the Firm; and (iii) engaging in any actual or potential conflicts of interest or any abuse of their position of trust and responsibility. This fiduciary duty includes the duty of Compliance to report material violations of the Code to the Firm's Board of Directors and the Board of Directors of any U.S. registered investment company for which CLIM itself acts as adviser or sub-adviser.

The Code aims to meet, and all Access Persons are required to comply with, the requirements of United Kingdom regulatory expectations as set out in the Rules and Guidance of the FCA, the requirements of United States federal securities laws, the requirements of the MAS, as well as international financial services best practices.

Strict compliance with the provisions of this Code shall be considered a basic condition of employment with the Firm. It is important that Access Persons understand the reasons for compliance with this Code. The Firm's reputation of fair and honest dealing with its clients and the investment community in general, has taken considerable time to build. This standing could be seriously damaged as the result of even a single security transaction considered questionable in light of the fiduciary duty owed to our clients. Access Persons are urged to seek the advice from Compliance for any questions as to the application of this Code to their individual circumstances. Access Persons should also understand that a material breach of the provisions of this Code may constitute grounds for disciplinary action and/or termination of employment with the Firm and may be reportable to any or all of the regulators as described previously.

Access Persons are expected to respond truthfully and accurately to all requests for information. With general exceptions as outlined below, any reports, statements or confirmations described herein and submitted or created under this Code will be treated as confidential to the extent possible.

Access Persons should be aware that copies of such reports, statements or confirmations, or summaries of each, may be provided to certain managers or Directors of the Firm, to

*The content of this Policy is proprietary and confidential and should not be reproduced or distributed without the prior written consent of the Firm.<br> Nothing herein shall restrict the ability of an employee to contact a regulator or other authority in accordance with the Firm's Whistleblowing Policy.*

Page 4 of 25

City of London Investment Management Company Limited

Code of Ethics

As of 16 August 2024

compliance personnel and the Board of Directors of any registered investment company client, outside counsel, and/or regulatory authorities upon appropriate request.

**8. Interactions with the**

---

| | |
|:---|:---|
| **Media** | Access Persons should not seek out opportunities to communicate with the media regarding the Firm, or any of its affiliates. Access Persons should forward any media inquiries regarding the Firm, or any of its affiliates, to a Director of CLIM, who will determine the next steps based on the facts and circumstances of each inquiry. All responses to media inquiries must be pre-approved by Compliance. |

---

**9. Foreign Corrupt Practices**

---

| | |
|:---|:---|
| **Act (US)** | The Foreign Corrupt Practices Act (FCPA) contains anti-bribery provisions that prohibit any corrupt payments to non-US government officials. These payments can be in the form of cash, gifts, entertainment, travel expenses, charitable contributions, etc. and would be for the purpose of gaining improper advantage or influence over that official. |

---

Interactions with non-US government officials could take place in various contexts; staff should have regard to clients or prospective clients who are government officials, or clients or prospective clients who are government owned or controlled. Institutional clients or prospects which are central banks, sovereign wealth funds or government pension funds are clear examples where FCPA issues might arise and staff awareness should be heightened.

Gifts and hospitality, or other expenses which are reasonable and directly related to bona fide business purposes, are not offenses under the FCPA; however, in such cases recordkeeping must be clear and unambiguous.

Before any planned contact with non-US government officials, staff must advise senior management and Compliance. Any concerns that staff might have that a breach of the FCPA might have occurred should be immediately communicated to the CEO and Compliance.

Further information is contained within the CLIM Anti-Bribery & -Corruption Policy and Procedures document which is available to all staff via the Firm's intranet.

---

| | |
|:---|:---|
| **9. UK Bribery 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· an offence of bribing another 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;· an offence of being bribed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· an offence of bribing a foreign official; and

*The content of this Policy is proprietary and confidential and should not be reproduced or distributed without the prior written consent of the Firm.<br> Nothing herein shall restrict the ability of an employee to contact a regulator or other authority in accordance with the Firm's Whistleblowing Policy.*

Page 5 of 25

City of London Investment Management Company Limited

Code of Ethics

As of 16 August 2024

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 strict liability offence where a commercial
organization 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· with the intention of inducing that person to,
or rewarding that person for, performing a relevant function or activity improperly; 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;&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. An FPO is defined as an individual 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;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· is an official or agent of a public international
organization.

It is important to note the difference in offence between bribing another person and bribing an FPO in that the offence of bribing an FPO does not require proof of improper performance or an intention to induce improper performance.

Impact on gifts and hospitality: the Act and its related Guidance recognizes 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" 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." The Guidance considers that an invitation to a sporting event, for example, "as part of a public relations exercise designed to cement good relations or enhance knowledge in the organization's field is extremely unlikely to amount to an offence." That said more lavish hospitality or expenditure is far more likely to raise concerns.

Where an FPO is involved, an offence does not require any actual proof of impropriety. Accordingly, Access Persons should proceed with extreme caution in all of their dealings with FPOs, including, for example, sovereign wealth funds.

*The content of this Policy is proprietary and confidential and should not be reproduced or distributed without the prior written consent of the Firm.<br> Nothing herein shall restrict the ability of an employee to contact a regulator or other authority in accordance with the Firm's Whistleblowing Policy.*

Page 6 of 25

City of London Investment Management Company Limited

Code of Ethics

As of 16 August 2024

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, impartially 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 (in contrast with, for example, the US FCPA). Access Persons must not make any facilitation payments even if such payments are common occurrences.

Due to the extra-territorial provisions of the Act, all Access Persons should be aware of their obligations and requirements under the Act, regardless of which office they work in. Further information is contained within the CLIM Anti-Bribery & -Corruption Policy and Procedures document which is available to all staff via the Firm's intranet.

---

| | |
|:---|:---|
| **10. Conflicts of Interest** | As a fiduciary, 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 Access Persons must try to avoid situations that have even the appearance of conflict or impropriety. The Firm operates a separate Conflicts of Interest Policy that applies to all staff globally and which is available to all staff via the Firm's intranet. |

---

---

| | |
|:---|:---|
| **11. Insider Dealing** | The Firm forbids any Access Person from trading, either personally or on behalf of others, on material nonpublic information or communicating material nonpublic 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 staff globally and which is available to all staff via the Firm's intranet. |

---

---

| | |
|:---|:---|
| **12. Confidentiality** | Confidentiality is a cornerstone of our duties to our clients and to our 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, is confidential and may not be used in any way that might be contrary 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 Access Persons are reminded to be sensitive to this. |

---

*The content of this Policy is proprietary and confidential and should not be reproduced or distributed without the prior written consent of the Firm.<br> Nothing herein shall restrict the ability of an employee to contact a regulator or other authority in accordance with the Firm's Whistleblowing Policy.*

Page 7 of 25

City of London Investment Management Company Limited

Code of Ethics

As of 16 August 2024

**13. Personal Securities**

---

| | |
|:---|:---|
| **Account Dealing** | 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, however this should be done in a way that limits potential conflicts with the interests of any Firm client or the Firm. Access Persons are reminded that Personal Securities Account Dealing is a privilege, not a right. Personal Securities Account Dealing must not unduly impinge on an Access Person's work for, and obligations to, the Firm. |

---

**<u>Definitions</u>**

"Beneficial Owner": An Access Person is deemed to have a Beneficial Owner with respect to securities held in accounts over which the Access Person has direct or indirect influence or control. Beneficial Owner shall be interpreted in accordance with Section 16a-1(a)(2) of the Securities Exchange Act of 1934 and rules and interpretations thereunder.<sup>1</sup>

"Covered Security": Common and Preferred Shares of equity securities; corporate bonds; notes; convertibles; depository receipts (e.g. ADRs, EDRs and GDRs); futures contracts (see exclusions below); limited partnership and limited liability company interests, private investment funds, venture capital trusts ("VCTs") hedge funds, and investment clubs; 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>*

<sup>1</sup> Other than for purposes of determining whether a person is a beneficial owner of more than ten percent of any class of equity securities registered under Section 12 of the Act, the term beneficial owner shall mean any person who, directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise, has or shares a direct or indirect pecuniary interest in the equity securities, subject to the following:

&nbsp;&nbsp;&nbsp;&nbsp;(i) The term pecuniary interest in any class of equity securities shall mean the opportunity, directly or indirectly, to profit or share in any profit derived from a transaction in the subject securities.

&nbsp;&nbsp;&nbsp;&nbsp;(ii) The term indirect pecuniary interest in any class of equity securities shall include, but not be limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) Securities held by members of a person's immediate family sharing the same household; provided, however, that the presumption of such beneficial ownership may be rebutted; see also § 240.16a-1(a)(4);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) A general partner's proportionate interest in the portfolio securities held by a general or limited partnership. The general partner's proportionate interest, as evidenced by the partnership agreement in effect at the time of the transaction and the partnership's most recent financial statements, shall be the greater of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The general partner's share of the partnership's profits, including profits attributed to any limited partnership interests held by the general partner and any other interests in profits that arise from the purchase and sale of the partnership's portfolio securities; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The general partner's share of the partnership capital account, including the share attributable to any limited partnership interest held by the general partner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) A performance-related fee, other than an asset-based fee, received by any broker, dealer, bank, insurance company, investment company, investment adviser, investment manager, trustee or person or entity performing a similar function; provided, however, that no pecuniary interest shall be present where:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The performance-related fee, regardless of when payable, is calculated based upon net capital gains and/or net capital appreciation generated from the portfolio or from the fiduciary's overall performance over a period of one year or more; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Equity securities of the issuer do not account for more than ten percent of the market value of the portfolio. A right to a nonperformance-related fee alone shall not represent a pecuniary interest in the securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) A person's right to dividends that is separated or separable from the underlying securities. Otherwise, a right to dividends alone shall not represent a pecuniary interest in the securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) A person's interest in securities held by a trust, as specified in § 240.16a-8(b); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F) A person's right to acquire equity securities through the exercise or conversion of any derivative security, whether or not presently exercisable.

*The content of this Policy is proprietary and confidential and should not be reproduced or distributed without the prior written consent of the Firm.<br> Nothing herein shall restrict the ability of an employee to contact a regulator or other authority in accordance with the Firm's Whistleblowing Policy.*

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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;· 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;&nbsp;&nbsp;&nbsp;&nbsp;&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, commercial paper, and high quality short-term debt obligations, including repurchase agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Shares issued by money market funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 CLIM;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Broad-based stock index futures and options on
such futures.

"ETF": Exchange-Traded Fund.

"Immediate Family Member": the spouse/domestic partner of an Access Person; any child (by birth or adoption) of an Access Person under the age of 21, residing with the Access Person; and any other person residing in the same household with the Access Person to whose financial support the Access Person makes a significant contribution.

"Personal Securities Account": means any securities and futures account of an Access Person in which the Access Person has a direct or indirect pecuniary interest and which account can hold Reportable Securities. An account established for the benefit of the following will be presumed to be a Personal Securities Account unless the Access Person and Compliance agree otherwise in writing: (1) an Access Person; (2) an Immediate Family Member of the Access Person.

"Prohibited Security": any transactions in shares of holding companies, closed-end funds and listed real estate investment trusts (REITs) within CLIM's investment universe are strictly prohibited.

For the avoidance of doubt, should an Access Person join CLIM with an existing position(s) in a Prohibited Security, they are permitted to maintain such position(s) without violating this Code but are prohibited from purchasing additional equity of the position(s).

"Reportable Security": a Covered Security and/or an ETF as defined herein.

"Transaction": for the purposes of the Code means any purchase or sale.

**<u>Pre-Clearance</u>**

Transactions in a Covered Security must be "pre-cleared" with Compliance prior to being executed. The Personal Securities Transactions ("PST") Pre-Clearance Form is available

*The content of this Policy is proprietary and confidential and should not be reproduced or distributed without the prior written consent of the Firm.<br> Nothing herein shall restrict the ability of an employee to contact a regulator or other authority in accordance with the Firm's Whistleblowing Policy.*

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on the Firm's intranet site. Once the relevant information is completed, the form should be submitted to <u>Compliance@citlon.co.uk</u>. The PST Pre-Clearance Form is checked against the Firm's Insider and Restricted Lists on Charles River as well as transactions in process or contemplated for any account managed by the Firm. Compliance will advise by return email whether the request has been approved or denied.

*<u>Pre-Clearance approval is effective until the close of trading on the second business day after you receive approval (at least two full business days, T+2), regardless of the market/office in which the Access Person resides.</u>*

Once the transaction is executed, the Access Person must send confirmations/contract notes to Compliance (or arrange for them to be sent directly by the broker). This information will then be used to reconcile the trades listed on the Access Person's next quarterly transaction report. In the case of non-execution of any approved transaction, the Access Person must notify Compliance promptly.

In addition, for those Access Persons based in Singapore **and** who are registered with the MAS, they will need to enter the executed transaction details into their Form 15 log which is a specific MAS requirement.

Transactions in ETFs do not require "pre-clearance", however, transactions in ETFs are reportable and must be included on quarterly Code of Ethics reports, as described under "*Periodic Reports/Statements/Certifications"* below.

**<u>Reporting</u>**

**Access Person Personal Securities Accounts**

All Access Persons are required to notify Compliance in writing of any Personal Securities Account (defined above). Notification can be made 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. New Hires should utilize the Initial Holdings Report to report any existing Personal Securities Accounts
at the time of hire 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Any Personal Securities Account established after an Access Person is associated with the Firm should
be reported in the next Quarterly Code of Ethics Report.

**Broker Confirms and Statements**

Access Persons may place transactions with the broker of their choosing. However, the Access Person is required to provide a duplicate confirmation of Transactions in Reportable Securities and any regular statements of a Personal Securities Account to Compliance. The purpose of receiving duplicates is to independently confirm compliance

*The content of this Policy is proprietary and confidential and should not be reproduced or distributed without the prior written consent of the Firm.<br> Nothing herein shall restrict the ability of an employee to contact a regulator or other authority in accordance with the Firm's Whistleblowing Policy.*

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with the Code, especially as it relates to compliance with pre-clearance of trades and reporting.

**Periodic Reports/Statements/Certifications**

*Initial Holdings Report*

All Access Persons are required to submit to Compliance an Initial Holdings Report within 10 calendar days of joining the Firm, except for Access Persons based in Singapore, where the requirement is 7 calendar days. This report must contain a full list of all Reportable Securities in which he or she has a direct or indirect Beneficial Interest and a list of Personal Securities Accounts. The report must include 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;&nbsp;&nbsp;&nbsp;&nbsp;· Name and type of security, ticker symbol/CUSIP
number, number of units/shares, principal amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Account holder (Access Person or Immediate Family
Member);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Name of any broker, dealer or bank with which
the Access Person has an 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;· Account number, name(s) on the account and
type of account; 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;· The date the report is submitted. The information
disclosed in the report should be current as of a date no more than 45 days prior to the date the person becomes an Access Person.

If the above information is contained on a brokerage statement, the Access Person may attach the statement to the signed Initial Holdings Report.

If the Access Person does not have any Reportable Securities to disclose, then a 'zero holdings' report should still be provided to Compliance.

In addition, for those Access Persons based in Singapore **and who are registered with the MAS**, the same information needs to be included on their individual Form 15 template as required by the MAS.

The Initial Holdings Report and the Form 15 template where applicable, may be included as part of other New Starter forms.

*<u>Annual Holdings Report</u>*

Each Access Person must also submit to Compliance an Annual Holdings Report, which is an update to the Initial Holdings Report (described above). This report should be current to 31 December of each year. The Annual Holdings Report is part of the Annual Code of Ethics Report distributed by Compliance.

*The content of this Policy is proprietary and confidential and should not be reproduced or distributed without the prior written consent of the Firm.<br> Nothing herein shall restrict the ability of an employee to contact a regulator or other authority in accordance with the Firm's Whistleblowing Policy.*

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*<u>Quarterly Code of Ethics Report</u>*

A quarterly record of all Transactions in Reportable Securities must be submitted by each Access Person within 30 calendar days of the end of each calendar quarter.

The following information must be provided on the report for each transaction in a Reportable Security:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The date of the transaction, issuer and ticker/CUSIP,
number of shares, and/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;· Whether the transaction is a purchase, sale or
other 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;· The transaction price; 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;· The name of the broker, dealer or bank through
which the transaction was executed.

If the above information is contained on the Access Person's brokerage statement, trade confirmation/contract note or other document, the Access Person may attach such document to the Quarterly Code of Ethics Report.

As noted previously, any newly opened Personal Securities Accounts should be disclosed on the Quarterly Code of Ethics Report covering the period in which the account was opened and must include the name of the broker, dealer or bank, account number, name(s) on the account, type of account and date of account opening.

*<u>Initial Certification</u>*

The Firm provides all new Access Persons with a copy of this Code. The Firm requires all Access Persons to certify in writing that they have: (a) received a copy of the Code; (b) read and understand all provisions of the Code; and (c) agreed to comply with the spirit and letter of the Code. This certification may be included as part of other New Starter forms.

*<u>Acknowledgement of Amendments</u>*

The Firm will provide Access Persons with any material amendments to the Code and Access Persons will submit a written acknowledgement that they have received, read, and understood the amendments to the Code. The Firm and Compliance will make every attempt to bring important changes to the attention of Access Persons.

*<u>Annual Certification</u>*

*The content of this Policy is proprietary and confidential and should not be reproduced or distributed without the prior written consent of the Firm.<br> Nothing herein shall restrict the ability of an employee to contact a regulator or other authority in accordance with the Firm's Whistleblowing Policy.*

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All Access Persons are required to annually certify that they have read, understood, and complied with the Code. Under normal circumstances, this certification will form part of the Quarterly Code of Ethics Report distributed by Compliance.

The reports and deadlines described above are an essential part of this Code and are specific regulatory requirements and as such must be strictly adhered to, without exception.

**<u>Restrictions</u>**

Each Access Person is required to ensure that any Immediate Family Member is complying with the pre-clearance and reporting obligations described above. Non-compliance with the Code 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.

The restrictions set out below are designed to avoid any actual or perceived conflict with clients' interests. It is intended that Access Persons will comply with the restrictions below in good faith and conduct their Personal Securities Account transactions in keeping with both the letter and spirit of the Code.

*<u>Short-term Trading</u>*

Access Persons are prohibited from taking a short-term trading profit with respect to transactions in Covered Securities. For the purposes of the Code, the time limit for taking a trading profit is 30 calendar days from the date of purchase (T + 30).

*<u>Excessive or Inappropriate Trading</u>*

The Firm understands that it is appropriate for Access Persons to participate in the public securities markets as part of their overall personal investment programs. As in other areas, however this should be done in a way that limits potential conflicts with the interests of any Firm client or the Firm. Further, it is important to recognize that otherwise appropriate trading, if excessive (measured in terms of frequency, complexity of trading programs, volume of trades, or other measure 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 dimension as to create an environment that is not consistent with the Code, such Personal Securities Account transactions may not be approved or may be limited by Compliance.

*<u>Margin Accounts</u>*

*The content of this Policy is proprietary and confidential and should not be reproduced or distributed without the prior written consent of the Firm.<br> Nothing herein shall restrict the ability of an employee to contact a regulator or other authority in accordance with the Firm's Whistleblowing Policy.*

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Access Persons are prohibited from purchasing shares via the use of margin. Access Persons should not maintain a Margin Account with any broker.

*<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-clearance 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-clearance must be obtained from Compliance. Spread betting on non-financial items (e.g. election or sporting results) is allowed under the Code, but is not encouraged.

*<u>Initial Public Offerings ("IPOs") and Limited/Private Company (non-listed) Offerings</u>*

Access Persons are prohibited from engaging in IPO transactions and from purchasing securities in private enterprises or participating in limited offerings unless prior approval has been obtained from Compliance. Factors affecting approval include the determination that the investment opportunity need not be reserved for clients, and/or that the Access Person is not being offered the opportunity due to his/her employment with the Firm.

**<u>Exceptions</u>**

*<u>Transaction Exemptions</u>*

In certain circumstances, Compliance may grant exemptions from the Personal Securities Account transaction restrictions in the Code. The decision will be based on the specific circumstances of the request and that the transaction for which the exemption is requested does not conflict with a client's interests or violate any other policy, regulation, or law. Other factors considered include, amongst others the size of the holding, the period of time held, capitalization and liquidity, and any other relevant factors.

A request for exemption should be made in writing to Compliance setting out the nature of the request and should include all pertinent facts. Records of the request for and outcome of exemptions will be kept confidential but will be available for regulatory inspection as and when required.

*<u>Transactions in City of London Investment Group plc Shares</u>*

*The content of this Policy is proprietary and confidential and should not be reproduced or distributed without the prior written consent of the Firm.<br> Nothing herein shall restrict the ability of an employee to contact a regulator or other authority in accordance with the Firm's Whistleblowing Policy.*

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Transactions in City of London Investment Group plc (CLIG) shares are outside the scope of the Code, however, pre-approval is required per the requirements set out in the CLIG Dealing Code. Please refer to the CFO or a member of the finance team for information on such transactions. For the avoidance of doubt, if an Access Person has a Personal Securities Account that only holds CLIG shares, this account must be included as part of the quarterly and annual reporting requirements.

*<u>Exceptions to the Pre-Clearance and 30 Day Holding Requirements</u>*

The following transactions are exempt from the Code's pre-clearance and short-term trading requirements, but are still required to be disclosed on Quarterly Code of Ethics 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Transactions in any account over which the Access
Person has no direct or indirect influence or control including accounts in which the Access Person has granted to a broker, dealer, trust
officer or other third party non-Access Person full discretion to execute transactions on behalf of the Access Person without consultation
or Access Person input or direction. An example would be Managed Accounts (evidence of the lack of direct or indirect influence or control
must be 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Transactions which are involuntary on the part
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;&nbsp;&nbsp;&nbsp;&nbsp;· Transactions within the Firm's 401k 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;· Transactions which 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Transactions 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 currencies and interest rate
instruments or futures or options on them; 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;· Transactions in ETFs.

***Compliance will maintain a log of any exceptions granted under the Code.***

---

| | |
|:---|:---|
| **14. Gifts & Hospitality** | It is expected that all Access Persons will exercise good judgment in considering the value, frequency and intent of gifts and hospitality. Normal business entertaining is unlikely to conflict with the regulatory requirements, but if Access Persons have any doubts in this regard, they should consult Compliance before accepting or offering. |

---

In all areas of Gifts & Hospitality, the gifts / offers of hospitality are made to the Firm and not the individual and therefore any gifts / hospitality 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 Policy is proprietary and confidential and should not be reproduced or distributed without the prior written consent of the Firm.<br> Nothing herein shall restrict the ability of an employee to contact a regulator or other authority in accordance with the Firm's Whistleblowing Policy.*

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The Firm is happy to sponsor lunches and dinners as long as these are corporate events for the benefit of the Firm. 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'.

Values/limits set out within this section of the Code relate to GBP for the UK office, SGD for the Singapore office and USD for the US office. In addition, values/limits should be calculated per each individual recipient/donor to determine notification and pre-approval requirements.

All approvals **must** be provided to Compliance using the Gifts and Hospitality Approval Form, which is available via the intranet. The form must be completed fully as the details are included in the Gifts and Hospitality Log which is maintained by Compliance.

**Accepting gifts**

The only gift (other than hospitality – see below) that may be accepted by an Access Person is a gift of nominal value (i.e. a gift whose reasonably estimated value is not more than GBP/USD/SGD50 or promotional items (e.g. pens, t-shirts, umbrellas and other logo items). Under no circumstances may an Access Person accept a gift of cash or cash equivalent items (ie. giftcards, vouchers, etc. in physical or electronic form).

Acceptance of a gift that is directed at the Firm should be cleared with a Director of the Firm or Compliance. If approved, these gifts will be treated as the property of the Firm.

If an Access Person receives a gift that is prohibited under this Code it must be declined or returned in order to protect the reputation and integrity of the Firm and its Access Persons. Where it may be deemed inappropriate to decline a gift, for whatever reason, an Access Person should seek advice from a Director or Compliance.

As mentioned previously, all gifts must be reported on the Gifts and Hospitality Approval Form. It is expected that individuals use discretion with regard to excessive gifts and seek approval from department heads prior to acceptance.

**Providing or accepting travel and/or entertainment**

The Firm recognizes that occasional participation in entertainment opportunities provided by or to clients, brokers, vendors or other such organizations can be beneficial to relationship building. Examples of such opportunities include: lunches/dinners, cocktail events, golf or other sporting events.

*The content of this Policy is proprietary and confidential and should not be reproduced or distributed without the prior written consent of the Firm.<br> Nothing herein shall restrict the ability of an employee to contact a regulator or other authority in accordance with the Firm's Whistleblowing Policy.*

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Occasional participation by an Access Person in such entertainment for legitimate business purposes is therefore permitted provided 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· A representative from the hosting organization
attends the event with 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;· The primary purpose of the event is to discuss
business or build a business relationship;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 demonstrates the appropriate
standard of personal conduct; 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;· Participation complies with the requirements
regarding entertainment tickets, lodging, and travel arrangements (see relevant sections below).

Entertainment opportunities **must** be reported on the Gifts and Hospitality Approval Form (PDF or Work Flow) except as noted below. It is expected that individuals use discretion with regard to excessive (value and frequency) entertainment opportunities and seek approval (where relevant) prior to acceptance.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**GIFTS & HOSPITALITY AUTHORIZATION THRESHOLDS<br> (GBP/USD/SGD) ALL ACCESS PERSONS** | &nbsp;&nbsp;**GIFTS & HOSPITALITY AUTHORIZATION THRESHOLDS<br> (GBP/USD/SGD) ALL ACCESS PERSONS** |
| &nbsp;&nbsp;Less than or equal to 100 | &nbsp;&nbsp;Notification to Compliance<sup>2</sup> |
| &nbsp;&nbsp;Greater than 100 – 150 | &nbsp;&nbsp;Line Manager pre-approval<br> Notification to Compliance |
| &nbsp;&nbsp;Greater than 150 – 250 | &nbsp;&nbsp;Line Manager pre-approval<br> Compliance pre-approval |
| &nbsp;&nbsp;Greater than 250 | &nbsp;&nbsp;Line Manager pre-approval<br> Compliance pre-approval<br> Director pre-approval |

---

*Tickets for an Entertainment Event*

Access Persons may provide/accept tickets to an entertainment event if the host will attend the event, and the face value of the ticket fee is 250 or less, not including the value of food that may be provided before, during, or after the event.

Unless prior approval is obtained from their Line Manager and Compliance, Access Persons may not participate in an entertainment event if any of the following circumstances

<sup>2</sup> This notification to Compliance can be made via email to <u>compliance@citlon.co.uk</u> as long as such email is sent promptly with the same information requested on the Gifts and Hospitality Approval Form.

*The content of this Policy is proprietary and confidential and should not be reproduced or distributed without the prior written consent of the Firm.<br> Nothing herein shall restrict the ability of an employee to contact a regulator or other authority in accordance with the Firm's Whistleblowing Policy.*

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exist: 1) ticket has a face value above 250; 2) the host is unable to attend the event; 3) the event is unusual or high profile (e.g., a major sporting event).

*Lodging*

It is prohibited for any Access Person to accept a gift of lodging in connection with any hospitality opportunity. An Access Person must pay for his/her own lodging expense in relation to any such event unless a Director has agreed that the Firm will pay.

*Car, limousine or other related services*

 

An Access Person must exercise his/her own reasonable judgment with respect to accepting rides in limousines, cars, taxis or other related services. Other than in exceptional circumstances (e.g. relating to personal safety concerns) Access Persons are discouraged from accepting limousine or car services paid for by a host when the host is not present.

*Travel*

As with lodging (above) it is prohibited for an Access Person to accept a gift of travel in connection with any hospitality opportunity. An Access Person must pay for his/her own travel expense in relation to any such event. The use of private aircraft or charter flights arranged for by the host for hospitality related travel is strictly prohibited.

***<u>All lodging and/or travel costs with regards to corporate hospitality must be borne by the Access Person accepting the benefit in kind. If you are not prepared to pay for the lodging and/or travel costs associated with the corporate hospitality, you should decline the invitation.</u>***

**Solicitation of gifts, contributions or sponsorships**

An Access Person may not solicit gifts, entertainment tickets, gratuities, or sponsorships from clients, brokers, vendors, or companies in which the Firm invests or conducts research into. This prohibition does not apply to personal gifts or offers of Access Person owned tickets between Access Persons.

**Giving gifts**

In certain circumstances it may be acceptable for the Firm or its Access Persons to extend gifts to clients or others who do business with the Firm. Gifts of cash or cash equivalent items are prohibited. **All** gifts must be pre-cleared by a Line Manager, Compliance or a Director of the Firm according to the Authorization Thresholds table above.

*The content of this Policy is proprietary and confidential and should not be reproduced or distributed without the prior written consent of the Firm.<br> Nothing herein shall restrict the ability of an employee to contact a regulator or other authority in accordance with the Firm's Whistleblowing Policy.*

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Regulations relating to the investment management of U.S. state or municipal pension funds often severely restrict or prohibit the offer of gifts or hospitality of any value to government officials (elected officials and Access Persons of elected offices) who have involvement or influence over the selection of an investment manager.

***<u>It is the Firm's policy not to provide gifts to officials of U.S. state or municipal pension plans.</u>***

**Giving entertainment opportunities**

Access Persons are not permitted to source tickets to hospitality events (for clients or others who do business with the Firm) from any other Access Person, brokers, vendors or other organizations with whom the Firm transacts business. This prohibition does not apply to personal gifts or offers of Access Person owned tickets between Access Persons.

**15. Political Contributions &**

---

| | |
|:---|:---|
| **Charitable Gifts** | The Firm does not make financial contributions to political candidates or parties, nor does the Firm make financial contributions to charitable causes with any connection to our clients or prospective clients; we believe that by avoiding any potential perception of conflicts of interest from arising puts all parties in the best possible position when conducting investment business. Investment business is the prime focus of the Firm and our objective is to deliver the best possible investment performance for our clients and investors, without distraction, and to be accountable to our clients and investors on that basis. |

---

All Contributions by an Access Person, or their spouse/domestic partner, joint account holder, including but not limited to in-kind contributions, or Access Persons who wish to provide their services on a voluntary basis to a political campaign, party or Political Action Committee ("PAC") must be pre-cleared by Compliance by completing a Political Contribution Form (the "Form") and submitting the Form to Compliance.

Pre-approval of all Political Contributions is required to prevent the Firm from obtaining business from government entities in return for political contributions and fund-raising activities. The SEC adopted Rule 206(4)-5 under the Investment Advisers Act of 1940 which imposes a two-year ban on the Firm's ability to receive compensation from a client if any of its Access Persons makes certain political contributions to an official of a state or local government entity client over a *de minimis* amount from the date of the contribution.

Subject to Compliance pre-approval, an Access Person is permitted to make contributions to an official of a state or local government entity, or candidate for such office, up to a *de*

*The content of this Policy is proprietary and confidential and should not be reproduced or distributed without the prior written consent of the Firm.<br> Nothing herein shall restrict the ability of an employee to contact a regulator or other authority in accordance with the Firm's Whistleblowing Policy.*

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*minimis* amount of USD350 per election in which the Access Person is entitled to vote<sup>3</sup> and up to USD150 per election in which the Access Person is not entitled to vote. Primary and general elections are considered separate elections for calculating the contribution limit.

Access Persons must also keep the following in mind:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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. To the extent an Access Person were to incur expenses from personal resources (*e.g*., hosting a
reception) or utilize the Firm's resources (such as facilities, office space, funds, or personnel) in connection with such volunteer
services, it could be considered an in-kind contribution either by the individual or the Firm, requiring pre-approval or subject to a
compensation ban as described 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;2. Access Persons who solicit or coordinate contributions (such as serving on a candidate's campaign
finance committee) must obtain pre-approval as described herein 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. No Access Person may undertake any political activity (i) using the Firm's name, (ii) during
working hours, (iii) on any of the Firm's premises and/or (iv) utilize any Firm equipment, property, funds or personnel
without obtaining pre-approval from Compliance and a Director.

**16. Outside Business**

---

| | |
|:---|:---|
| **Interests** | The Firm generally discourages outside business interests ("OBIs") by Access Persons as they can raise potential conflicts of interest with the Firm or its clients. |

---

All OBIs (e.g. receipt of compensation from any other entity; serving as an officer, director, partner, etc. in any other entity; positions with access to funds (i.e. treasurer, checkwriting, fundraising); positions in the public view), or membership in investment organizations (e.g. an investment club; or ownership interest in any non-publicly traded company or other private investments) must be **Pre-Approved** by both a Director and Compliance.

Each written request must be submitted on the OBI Approval Form and pre-approved by a Director and Compliance before an Access Person may commence participation in the activity. Please discuss any such affiliations initially with your Line Manager then with a Director **and** Compliance to assess for any potential conflicts of interest.

Access Persons who engage in OBIs are not acting in their capacity as Access Persons of the Firm, and may not use the Firm's name. You may be required to add appropriate disclosures for any activities at the Firm's discretion.

Access Persons may not seek additional employment outside of the Firm without prior approval from their Line Manager, a Director and Compliance.

<sup>3</sup> An Access Person is entitled to vote if their principal residence is in the locality in which the official seeks election.

*The content of this Policy is proprietary and confidential and should not be reproduced or distributed without the prior written consent of the Firm.<br> Nothing herein shall restrict the ability of an employee to contact a regulator or other authority in accordance with the Firm's Whistleblowing Policy.*

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All new Access Persons are required to disclose all OBIs to your Line Manager **and** Compliance upon commencement of employment responsibilities.

Participation in an OBI requires prompt notification to your Line Manager or a Director **and** 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;&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;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Change in ownership interest; 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;&nbsp;&nbsp;&nbsp;&nbsp;· Change in the status or title regarding the activity
(including termination).

---

| | |
|:---|:---|
| **17. Authorized Signatories** | Only Directors of the Firm or those individuals listed in any Firm Authorized 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 Authorized Signatory Lists can sign documents in accordance with the signing authority detailed within the relevant Authorized Signatory List. |

---

All current Firm Authorized Signatory Lists are made available to all staff via the intranet and all 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 Authorized Signatory Lists, their Line Manager or Compliance.

Any changes to the Firm's Authorized Signatory Lists will be presented to the Directors for consideration and if agreed, approval.

---

| | |
|:---|:---|
| **18. Signatures** | Multiple methods to authorize internal control documents are currently active in our operating environment, including: Lazy Approvals, Watermarks, Adobe Sign, and others. |

---

For external documents (e.g. contracts, letters), these can only be signed by a CLIM director using wet ink or DocuSign unless otherwise denoted via the Firm's Authorized Signatory Lists.

For further detail on acceptable methods of signing documents, and who is eligible to sign documents, please reference the Firm's Signature Policy.

---

| | |
|:---|:---|
| **19. Recordkeeping** | 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;&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 copy of each Code that has been in effect at
any time during the past five years;

*The content of this Policy is proprietary and confidential and should not be reproduced or distributed without the prior written consent of the Firm.<br> Nothing herein shall restrict the ability of an employee to contact a regulator or other authority in accordance with the Firm's Whistleblowing Policy.*

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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;· 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;&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 record of all written acknowledgements of receipt
of the Code and amendments for each person who is currently, or within the past five years was, an Access Person (these records must be
kept for five years after the individual ceases to be an Access Person of 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;&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;&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 the names of persons who are currently,
or within the past five years were, 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;&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; 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;· A copy of reports provided to the Board of Directors/trustees
of any US registered investment company for which CLIM acts as adviser or sub-adviser regarding the Code.

---

| | |
|:---|:---|
| **20. Sanctions** | Any violations of the Code, including any reports submitted after the deadline, will require a Breach & Error Reporting Form to be completed by the individual and will be recorded on the Firm's Breach and Error log and included in the quarterly information presented to the Firm's Board and the Risk and Compliance Committee ("RCC"). |

---

In addition, violations of the Code may result in disciplinary action that Compliance (or other Firm Access Person responsible for its administration) deems appropriate, including, but not limited to, a verbal warning, written warning, additional training, fines, disgorgement, suspension, demotion, or termination of employment. In addition to sanctions, violations may result in referral to civil or criminal authorities where appropriate and reported to any Firm regulators as required.

**21. Detection and Reporting**

---

| | |
|:---|:---|
| **of Code Violations** | Compliance will: |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Review and compare the Quarterly Code of Ethics
Reports and duplicate statements/confirms submitted by Access Persons and Preclearance forms. The review will be performed on a quarterly
basis. If Compliance determines that a violation occurred, it will discuss the violation with the Access Person and give the Access Person
an opportunity to supply explanatory 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;&nbsp;&nbsp;&nbsp;&nbsp;· At each meeting of the RCC, Compliance will provide
a report showing all Personal Transactions in Covered Securities since the previous 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;&nbsp;&nbsp;&nbsp;&nbsp;· Present to the RCC, following receipt and review
of Access Person Quarterly Code of Ethics Reports, any violations of the Code of Ethics and proposed sanctions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Prepare
an Annual Report to the Board of Trustees or Directors of any US registered investment company managed by the Firm that: (1) describes
the issues

*The content of this Policy is proprietary and confidential and should not be reproduced or distributed without the prior written consent of the Firm.<br> Nothing herein shall restrict the ability of an employee to contact a regulator or other authority in accordance with the Firm's Whistleblowing Policy.*

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As of 16 August 2024

that arose during the year under this Code, including, but not limited to, material violations of and sanctions under the Code, and (2) certifies that the Firm has adopted procedures reasonably necessary to prevent its Access Persons from violating 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· As necessary, prepare a written report to the
Firm's Board outlining any violations of the Code together with recommendations for the appropriate penalties.

In addition, Compliance will respond to regular and ad hoc client and consultant requests for information on material changes to and material violations of the Code.

The Firm requires Access Persons to promptly report "apparent" or "suspected" violations of the Code in addition to actual or known violations of the Code to Compliance. An Access Person who in good faith reports illegal or unethical behavior will not be subject to reprisal or retaliation for making the report. Retaliation is a serious violation of the Code and any concern about retaliation should be reported immediately. Any person found to have retaliated against an Access Person for reporting violations will be subject to appropriate disciplinary action. Please also refer to the Firm's current Whistleblowing Policy on the intranet.

---

| | |
|:---|:---|
| **22. Policy Owner** | The policy owner for this Code is the Head of Compliance. |

---

**23. Version Control Table**

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Version** | &nbsp;&nbsp;**Date** | &nbsp;&nbsp;**Author** | &nbsp;&nbsp;**Section** | &nbsp;&nbsp;**Detail** |
| &nbsp;&nbsp;V19 | &nbsp;&nbsp;16-Aug-24 | &nbsp;&nbsp;Compliance | &nbsp;&nbsp;Interactions with the Media | &nbsp;&nbsp;Created as the new Section 8 to the Policy. |
| &nbsp;&nbsp;V18 | &nbsp;&nbsp;1-Apr-24 | &nbsp;&nbsp;Compliance | &nbsp;&nbsp;Signatures | &nbsp;&nbsp;Modified to reference the Firm's new Signature Policy |
| &nbsp;&nbsp;V17 | &nbsp;&nbsp;1-Oct-22 | &nbsp;&nbsp;Compliance | &nbsp;&nbsp;Scope, Use of Wet and Electronic Signatures | &nbsp;&nbsp;Added CFA disclaimer; revised language regarding use of DocuSign. |
| &nbsp;&nbsp;V16 | &nbsp;&nbsp;19-Aug-22 | &nbsp;&nbsp;Compliance | &nbsp;&nbsp;Gifts & Hospitality | &nbsp;&nbsp;Cash equivalent examples added. |
| &nbsp;&nbsp;V15 | &nbsp;&nbsp;1-Apr-22 | &nbsp;&nbsp;Compliance | &nbsp;&nbsp;Gifts & Hospitality | &nbsp;&nbsp;Adjusted all currency thresholds for notification/ approval by +50. Removed reference to the Dubai office. |

---

*The content of this Policy is proprietary and confidential and should not be reproduced or distributed without the prior written consent of the Firm.<br> Nothing herein shall restrict the ability of an employee to contact a regulator or other authority in accordance with the Firm's Whistleblowing Policy.*

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As of 16 August 2024

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Version** | &nbsp;&nbsp;**Date** | &nbsp;&nbsp;**Author** | &nbsp;&nbsp;**Section** | &nbsp;&nbsp;**Detail** |
| &nbsp;&nbsp;V14 | &nbsp;&nbsp;1-Mar-22 | &nbsp;&nbsp;Compliance | &nbsp;&nbsp;PA Dealing | &nbsp;&nbsp;Clarified that transacting in ETFs does not require pre-clearance but such transactions are reportable. Removal of references to DFSA regulation, general tidy up. |
| &nbsp;&nbsp;V13 | &nbsp;&nbsp;May-21 | &nbsp;&nbsp;Compliance | &nbsp;&nbsp;All | &nbsp;&nbsp;General tidy up and added prohibition on personal transactions in holding companies. |
| &nbsp;&nbsp;V12 | &nbsp;&nbsp;Oct-20 | &nbsp;&nbsp;Compliance | &nbsp;&nbsp;All | &nbsp;&nbsp;Removal of references to CLIG, as appropriate. |
| &nbsp;&nbsp;V11 | &nbsp;&nbsp;Aug-20 | &nbsp;&nbsp;Compliance | &nbsp;&nbsp;PA Dealing & Political Contributions | &nbsp;&nbsp;Deletion of ETFs from Covered Securities definition, inclusion of *de minimis* amounts for Political Contributions, adjustments to use of Wet/Electronic signatures. |
| &nbsp;&nbsp;V10 | &nbsp;&nbsp;Mar-20 | &nbsp;&nbsp;Compliance | &nbsp;&nbsp;OBIs | &nbsp;&nbsp;Clarified OBI definition and pre-approval process. |
| &nbsp;&nbsp;V9 | &nbsp;&nbsp;Jan-20 | &nbsp;&nbsp;C. Reagan | &nbsp;&nbsp;PA Dealing | &nbsp;&nbsp;Clarified PA Dealing as Personal Securities Account Dealing. |
| &nbsp;&nbsp;V8 | &nbsp;&nbsp;Jul-19 | &nbsp;&nbsp;C. Reagan | &nbsp;&nbsp;Definitions | &nbsp;&nbsp;Added clarity to access person definition. |
| &nbsp;&nbsp;V7 | &nbsp;&nbsp;14-Feb-19 | &nbsp;&nbsp;Compliance | &nbsp;&nbsp;PA Dealing | &nbsp;&nbsp;Addition of real estate investment trusts to definition of prohibited security |
| &nbsp;&nbsp;V6 | &nbsp;&nbsp;Jun-18 | &nbsp;&nbsp;Compliance | &nbsp;&nbsp;All | &nbsp;&nbsp;Created a section for Definitions as Section 5 and moved others down as necessary. Replaced references to employee with Access Person since this became a defined term in Section 5 and could be used throughout. Other non-material formatting changes were made. |

---

*The content of this Policy is proprietary and confidential and should not be reproduced or distributed without the prior written consent of the Firm.<br> Nothing herein shall restrict the ability of an employee to contact a regulator or other authority in accordance with the Firm's Whistleblowing Policy.*

Page 24 of 25

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As of 16 August 2024

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Version** | &nbsp;&nbsp;**Date** | &nbsp;&nbsp;**Author** | &nbsp;&nbsp;**Section** | &nbsp;&nbsp;**Detail** |
| &nbsp;&nbsp;V5 | &nbsp;&nbsp;Feb-18 | &nbsp;&nbsp;Compliance | &nbsp;&nbsp;All | &nbsp;&nbsp;Added clarification that for amounts under 50, Gift & Hospitality notifications can be made via email.<br> Other non-material changes. |
| &nbsp;&nbsp;V4 | &nbsp;&nbsp;Oct-17 | &nbsp;&nbsp;Compliance | &nbsp;&nbsp;12 | &nbsp;&nbsp;PA Dealing: Added exclusion of ETFs greater than $100 million market capitalization from the definition of Covered Security, thereby allowing purchase and sales without pre-approval.<br> Changed the short-term trading period from 6 months to 30 days.<br> Approved by RCC on 12 October 2017 |
| &nbsp;&nbsp;V3 | &nbsp;&nbsp;Mar-17 | &nbsp;&nbsp;Compliance | &nbsp;&nbsp;All | &nbsp;&nbsp;Put into the new policy format.<br> Approved by RCC on 3 March 2017. |

---

*The content of this Policy is proprietary and confidential and should not be reproduced or distributed without the prior written consent of the Firm.<br> Nothing herein shall restrict the ability of an employee to contact a regulator or other authority in accordance with the Firm's Whistleblowing Policy.*

Page 25 of 25

## Ex-99.(P)(10)

**Exhibit 99.(p)(10)**

**Code of Ethics**

*Regulatory Reference: Rule 206(4)-7, Rule 204A-1, Rule 204-2, Dodd-Frank*

*Responsibility: Chief Compliance Officer*

**Issue**

Rule 204A-1 under the Investment Advisor's Act requires registered investment advisers to adopt codes of ethics which set forth standards of conduct and require compliance with federal securities laws. Codes of ethics must address issues relevant to an advisor's business, including:

● Personal Trading, Holdings, and Transaction reporting

● Pre-clearance of certain investments for transactions in personal accounts

● Outside Business Activities

● Conflicts of Interest

● Insider Trading

● Political contributions

● Improper Influence

● Gifts & Entertainment

● Reporting Securities Violations (the "Whistleblower" rule)

**Responsibility**

All Agincourt associates will be provided with a copy of this Code of Ethics and will be responsible for the information herein. All associates will attest to their understanding of this Code no less than annually, in conjunction with submitting attestations to their receipt and understanding of the entire Manual and its contents.

The Chief Compliance Officer will maintain a record of associates' attestations and will maintain all records specified and required in this code.

**Policy**

*Standards of Conduct*

This Code of Ethics reflects Agincourt's Standards of Conduct. Agincourt owes fiduciary duties to its clients, and this Code applies to all Agincourt associates. It is the policy of Agincourt for associates to adhere to all relevant Federal, State, and local laws. Associates shall conduct themselves with integrity and act ethically in their dealings with clients, the public and fellow associates. Associates shall maintain knowledge of and comply with all applicable laws and regulations of any governing agency, including the use and communication of material and nonpublic information. Associates shall not commit any criminal act that materially reflects adversely on their honesty or trustworthiness, nor engage in conduct involving dishonesty, fraud, deceit, or misrepresentation.

As part of their fiduciary duty, Agincourt's associates will:

● Place client interests ahead of their own and those of Agincourt Capital. Agincourt will not benefit at the expense of its clients, nor will its associates.

● Identify, disclose, and manage all potential conflicts of interest. Any duty or motivation which might incentivize Agincourt or its associates to favor themselves over a client's interests, or one client over another client's interests, should be treated with due care.

● Agincourt associates have a duty of loyalty to their clients and must act with reasonable care and exercise prudent judgment. Associates must deal fairly and objectively with all clients when providing investment analysis, making investment recommendations, taking investment action, or engaging in other professional activities.

● Keep information about current, former, and prospective clients confidential unless (1) the information concerns illegal activities on the part of the client or prospective client, or (2) disclosure is required by law, or (3) the client or prospective client permits disclosure of the information.

● Promote the integrity of, and uphold the rules governing, capital markets. Insider trading is a criminal offense that can subject the perpetrator to fines and jail terms, and Agincourt to significant fines. Associates who possess material nonpublic information that could affect the value of an investment must not act or cause others to act on the information. Associates must not engage in practices that distort prices or artificially inflate trading volume with the intent to mislead market participants. Investment transactions for clients must have priority over any personal investment transactions.

*Prohibition of Influence / Gifts & Entertainment*

Agincourt associates may not give or receive gifts or payments that may be construed to have had an influence on business conducted by Agincourt, or that may appear lavish, excessive, or abnormal in the context of usual interactions between Agincourt's peer group and its vendors, clients, counterparties, and service providers. Agincourt associates are encouraged to use their best judgment when giving and receiving gifts. Any associate in doubt as to the reasonableness of any gift/entertainment should contact the CCO prior to acceptance / sending / hosting of the gift or entertainment.

Gifts are defined as personal, individual items of value provided to individual associates. While there is no precise regulatory definition as to what constitutes an individual gift, an item which is for an associate's individual benefit such as a bottle of wine delivered to their home would likely be a gift while a fruit basket delivered to the office and shared with other associates would likely not. Likewise, normal marketing items which bear the giver's logo would likely not be considered gifts unless they were extravagant in nature –for example, a $15 Parker pen with a company's logo would be considered normal marketing, while a $500 Montblanc would be extravagant and out of context.

Entertainment is defined as a normal business meal or event where the giver and recipient are both present. This can include business meals, sporting events, excursions, or other events. Tickets to such events; if the giver will not be in attendance, are considered gifts and are subject to Agincourt's gift limitations.

Agincourt and its associates are prohibited from giving or accepting any gifts or entertainment that may appear lavish or excessive. To that end, a gift threshold of $100 per recipient on an annual aggregate basis and an entertainment threshold of $200 per person per event has been set. It is difficult to know exactly how much will be spent per person at a client event ahead of time, therefore occasionally entertainment spending may exceed the threshold. While all Expense Reports require the signature of at least one Management Team member (other than the person submitting the Expense Report),

Expense Reports that identify spending that exceeds the threshold will require the signature of two Management Team members to allow for further review.

*Any gifts or entertainment provided to Labor Union officials, regardless of value, must be pre-cleared with the CCO and will likely result in the need to file Form LM-10 with the Department of Labor.Compliance / Testing and Recordkeeping*

Each associate will be required to attest quarterly to their compliance with this policy. The CCO or designee will coordinate the quarterly attestations and related associate reporting required under this policy.

The Business Team will coordinate the proper completion of Expense Reports including the appropriate number of Management Team signatures as required by the policy.

*Political Contributions*

Agincourt also prohibits any attempt to influence investments by public funds and has enacted a Pay to Play/Political Contribution policy, per below.

&nbsp;&nbsp;&nbsp;&nbsp;a) The Firm will not make political contributions.

&nbsp;&nbsp;&nbsp;&nbsp;b) The Firm will not solicit contributions from any person, PAC, or entity.

&nbsp;&nbsp;&nbsp;&nbsp;c) The Firm will not engage third parties to solicit government clients unless the solicitor is an SEC-registered
investment adviser or broker-dealer subject to similar pay to play restrictions.

&nbsp;&nbsp;&nbsp;&nbsp;d) The Firm will not indirectly cause any third party to engage in any action in which it cannot engage
directly.

&nbsp;&nbsp;&nbsp;&nbsp;e) If any Firm donations and solicitations, or substantive suspicions of the Firm donations and solicitations
are discovered to have occurred since June 30, 2008, they must be immediately reported to the CCO.

Agincourt associates need to take special care in their involvement with political contributions. Associates must heed the following guidelines:

&nbsp;&nbsp;&nbsp;&nbsp;a) Agincourt associates and their spouses are not allowed to make any political contributions.

&nbsp;&nbsp;&nbsp;&nbsp;b) Associates will not solicit contributions from any person, PAC, or other entity.

&nbsp;&nbsp;&nbsp;&nbsp;c) Associates will not directly cause any third party to engage in any action in which they may not engage directly, including members
of their household and adult children.

*Compliance/ Testing and Recordkeeping*

The CCO or designee will take appropriate remedial action or disciplinary action on any associate who violates any provision of this Pay to Play policy, up to and including termination. Each associate will be required to attest quarterly to their compliance with this policy.

The CCO or designee will:

&nbsp;&nbsp;&nbsp;&nbsp;a) Maintain a log of any Firm or associate violations of the Political Contributions policy and the remedial or disciplinary action that
resulted.

&nbsp;&nbsp;&nbsp;&nbsp;b) Coordinate the quarterly attestations.

&nbsp;&nbsp;&nbsp;&nbsp;c) Perform a search of a public database to detect unauthorized political contributions by associates.

*Insider Trading*

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, nonpublic information by such investment adviser or any person associated with such investment adviser. In accordance with Section 204A, Agincourt has instituted procedures to prevent the misuse of nonpublic information.

Although "insider trading" is not defined in securities laws, it is generally thought to be described as trading either personally or on behalf of others on the basis of material non-public information or communicating material non-public information to others in violation of the law. In the past, securities laws were interpreted to prohibit the following activities:

● Trading by an insider while in possession of material non-public information; or

● Trading by a non-insider while in possession of material non-public information, where the information was disclosed to the non-insider in violation of an insider's duty to keep it confidential; or

● Communicating material non-public information to others in breach of a fiduciary duty.

Material non-public information may include (but is not limited to) the following:

● Dividend or earnings announcements;

● Write-downs or write-offs of assets;

● Additions to reserves for bad debts or contingent liabilities;

● Expansion or curtailment of company or major division operations;

● Merger or joint venture announcements;

● New product/service announcements;

● Discovery or research developments;

● Criminal, civil, and government investigations and indictments;

● Pending labor disputes;

● Debt service or liquidity problems;

● Bankruptcy or insolvency problems;

● Tender offers, stock repurchase plans, etc.;

● Recapitalization;

● Management changes;

● Activity by other market participants; and

● Other information likely to influence a purchaser or seller's decision, if such information is not yet available through normal public channels.

*Designation of Access Persons*

The Advisers Act defines "Access Person" as an investment advisor associate who may have access to non-public information about clients, client holdings, trading activity, or other confidential data. All Agincourt associates will be considered "Access Persons" under the rule for the purpose of this Code of Ethics.

*Personal Trading Guidelines*

Associates must never make changes in their personal investments on the basis of confidential information relating to Agincourt. No associate will trade for their personal account based on knowledge of trades by a Portfolio Manager. Agincourt associates are expected to maintain the highest standards of personal integrity with regard to any personal securities activities. The mere appearance of impropriety is to be avoided due to the position of public trust in which Agincourt operates. While Agincourt acknowledges the importance of a restricted list in some circumstances, the firm's focus on fixed income securities and high-grade corporate bonds in particular, result in limited benefit of maintaining a "restricted list". Agincourt's policy is broader and more restrictive whereby prior written approval from the CCO or a Managing Director (other than the person requesting pre-clearance) is required before the purchase of any fixed income security, except Treasuries and Agencies.

Except Management Team members, all Agincourt associates that wish to transact in Guardian Capital Group Limited shares must receive prior written approval from the CCO or a Management Team member. Additionally, all associates, including Management Team members must follow Guardian Capital's "Policy for Trading Guardian Shares by Associates" when transacting in Guardian Capital Group Limited shares, whether common shares or Class A shares. Associates should contact a Management Team member or the CCO for details on the policy including black-out days as well as pre-clearance requirements and procedures. The Guardian trading policy is included as an Appendix to this manual.

Associates will report, on a quarterly basis no later than 30 days following the end of each quarter, all 'reportable' security transactions for the previous quarter and securities holdings on an annual basis, no later than 30 days following the end of each year. These reports are submitted and maintained electronically and reviewed by the CCO or a Management Team Member.<sup>1</sup> New associates must file these same reports within 10 days of beginning employment. No associate may review or pre-approve their own personal transactions or holdings.

"Reportable" securities are defined as holdings and transactions where the associate has, or acquires, any direct or indirect beneficial ownership. An associate is presumed to be a beneficial owner of securities that are held by their immediate family members sharing the access person's household. All securities are "reportable" securities with 5 exceptions:

● Transactions and holdings in direct obligations of the US Government;

● Money Market instruments – bankers' acceptances, CDs, commercial paper, repurchase agreements and other high quality short-term debt instruments;

● Shares of money market funds:

● Transactions and holdings in shares of other types of mutual funds or open-ended ETF's unless the advisor acts as the investment advisor or principal underwriter for the fund or if the securities have been purchased by Agincourt for a client; and

● Transactions in units of a unit investment trust if the unit investment trust is invested exclusively in unaffiliated mutual funds.

*<sup>1</sup> Prior to 2Q 2024, these reports were provided to and reviewed by a Management Team Member with a signed attestation of this review collected and maintained by the CCO.*

Likewise, all associates must receive written pre-clearance from a Managing Director or CCO (other than the person requesting pre-clearance) before placing trades in any of the following categories:

● Initial Public offering

● New issue fixed income offering excluding Treasuries

● Private Placement

● Fixed income security that might be purchased for a client account, except Treasuries and Agencies.

● Guardian Capital shares

*Outside Business Activities*

Associates may, under certain circumstances, be granted permission to engage in outside business activities with public or private corporations, partnerships, not-for-profit corporations, and other entities, provided such participation does not cause a real or perceived conflict of interest with the interests of Agincourt or its clients.

Associates are prohibited from engaging in outside business activities, without the approval of the CCO. 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.

Any personal or family interest in any of Agincourt's business activities or transactions must be immediately disclosed to the CCO. For example, if a transaction by Agincourt may benefit an associate or a family member, either directly or indirectly, then the associate must immediately disclose this possibility to the CCO.

No associate may borrow from or become indebted to any person, business or company having business dealings or a relationship with Agincourt, except in the normal course of a consumer relationship unless the arrangement is disclosed in writing and receives prior approval from the CCO. No associate may use Agincourt's name, position in a particular market, or goodwill to receive any beneficial terms on any transaction without the prior express written consent of the CCO.

*Reporting Securities Law Violations- "Whistleblower"*

If any associate has cause to believe there has been or will be a violation of federal securities law the associate is encouraged to provide information directly to the CCO or to any member of the Management Team.

The Firm recognizes that some associates may not feel comfortable supplying such information to the CCO or to any member of the Management Team. In these cases, associates may choose to file directly with the Office of the Whistleblower Program through the Securities Exchange Commission.

Any submission, either through Compliance or directly with the SEC, will result in no negative impact to the associate or theirr position at the Firm. If an associate decides to file with the SEC, the rules provide that certain criteria be met in order to be eligible for a whistleblower award.

Associates must provide original information to the SEC that leads to a *successful enforcement* action in which money sanctions are recovered totaling more than $1 million.

● Any information submitted must be in writing and be derived from an associate's independent knowledge or independent analysis, not already known to the SEC and not part of any public record to be considered original information.

● There can be no outstanding subpoena, inquiry, or demand for the information.

● Certain persons are excluded from the Whistleblower award program. These include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o An associate whose principal duties involve compliance or internal audit responsibilities, or who was employed by or otherwise associated
with a firm retained to perform compliance or internal audit functions for an entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o An associate who is employed by or otherwise associated with a firm retained to conduct an inquiry or investigation into possible
violations of law; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o An associate of, or other person associated with, a public accounting firm, if he or she obtained the information through the performance
of an engagement required of an independent public accountant under the federal securities laws and that information related to a violation
by the engagement client or the client's directors, officers or other associates.

● The SEC will consider a number of factors when determining the amount of any award. Among these is the culpability of an associate or that associate's involvement in any situation. While culpability may not eliminate an award, it may be a factor that reduces the amount of the award.

● There is no amnesty provided to individuals who submit information to the SEC.

● Information obtained through an entity's legal, compliance, audit, or similar functions or processes for identifying, reporting, and addressing potential non-compliance with law is not considered original information and is not eligible for a whistleblower award.

Any whistleblower that interferes with the compliance program of its firm or unreasonable delays in reporting a securities violation to its compliance program or the SEC may see a reduction in the amount of any whistleblower award due him or her.

The SEC will maintain confidentiality to the best of its ability with regard to a whistleblower's identity.

Examples of situations that may cause a whistleblower's name to be revealed include when disclosure is required to a defendant or respondent in a federal court or administrative action or when the SEC determines that it is necessary to protect investors, it may reveal an associate's name to the Department of Justice or other appropriate authority.

For more information on the Whistleblower Program, associates are encouraged to visit the program's website at https://www.sec.gov/whistleblower.

**Testing and Recordkeeping**

The required personal securities holdings and transaction reports from all associates are submitted and maintained electronically. The review process for these reports is also documented electronically and is conducted by the CCO or a Management Team Member to ensure compliance with pre-clearance

requirements and other firm policies.

Quarterly attestations from all associates, certifying compliance with the firm's Pay-to-Play, Gifts & Entertainment, Electronic Messaging, and Outside Business Activities policies, are submitted and maintained electronically. The CCO or designee reviews these attestations and evaluates requests related to associates' Outside Business Activities, granting approvals when appropriate.

Annual attestations from all associates, certifying receipt and understanding of the Manual in its entirety, including the Code of Ethics, are submitted and maintained electronically. The CCO or designee will review these attestations as part of the compliance process.

The CCO or designee will periodically test the reports and records collected to ensure completeness. Additionally, on an annual basis, the CCO will complete testing to ensure the annual review of the Manual has been completed and any changes have been properly approved and adopted by the Management Team.

## Ex-99.(P)(11)

#### Exhibit 99.(p)(11)

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| &nbsp;&nbsp;![GRAPHIC](tm2523042d1_ex99-xpx11img001.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Policy Number: I-A-045 Personal Securities Trading Policy Level 3 Policy Effective Date October 10, 2024 Applicable to All BNY Employees Policy Owner Steven Wachtel, Global Head of Securities Trading Conduct and Trade Surveillance Policy Author Same as above Periodic Review 12 months Addendum(s) \* Leave blank if not applicable Type Addendum Name Addendum Owner [X] Region [ ] Department [ ] Platform [ ] Product [ ] Legal Entity Section 7.1: Addendum 1: EMEA Personal Securities Trading Annette Fong, UK Chief Compliance Officer Denis Caprasse Head of SA/NV Compliance \* An addendum captures an approved nuance, variation, or deviation, in manner or means, of accomplishing the objectives of a stated principle, rule or practice from the established minimum requirement articulated within this document. For internal use only |

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| &nbsp;&nbsp;![GRAPHIC](tm2523042d1_ex99-xpx11img002.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Personal Securities Trading Policy Policy Number: I-A-045 Public October 10, 2024 2 Contents |

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| &nbsp;&nbsp;![GRAPHIC](tm2523042d1_ex99-xpx11img003.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Personal Securities Trading Policy Policy Number: I-A-045 Public October 10, 2024 3 1. Summary Personal trading investments can lead to actual or perceived conflicts of interest which can undermine the integrity of the actions of the Bank of New York Corporation, its subsidiaries and affiliates that are majority owned (the "Firm"). The Firm is subject to various laws and/or regulations governing the personal trading of Securities/Financial Instruments (as defined in Section 8.1 of this Policy and collectively referenced as "securities"). The Firm has established limitations on personal trading so that employees' personal securities investments are conducted in compliance with the applicable rules and regulations and are free from actual or perceived conflicts of interest. 2. Purpose The Personal Securities Trading Policy (this "Policy") sets out the global minimum obligations and restrictions related to personal securities transactions for all employees, including requirements and prohibitions related to the following: • Avoidance of conflicts of interest • Market Abuse1 • Trading in Firm securities • Trading in Non-Firm securities • Initial Public Offerings • Private Placements • Firm-affiliated Volcker Covered Funds • Excessive Trading2 This Policy also articulates additional requirements and restrictions for Monitored Employees who are likely to receive Firm or client information as normal course of business in their roles. These additional responsibilities include, but are not limited to, the following: • Filing of reports via the Personal Trading Assistant (PTA), the Firm's electronic personal trading monitoring system • Providing duplicate statements and trade confirmations directly to the Firm • Preclearance prior to trading • Prohibition on short term trading 3. Applicability/Scope This Policy applies to all employees of the Firm when trading in securities unless such securities are listed as "Exempt" under Section 8.1. Where indicated, this Policy may also apply to "Indirect Accounts," as defined in Section 8.1 of this Policy. 1 Market Abuse includes insider dealing, market manipulation or unlawful disclosure of inside information. 2 The Firm reserves the right to limit trading in employee account(s) if deemed excessive. |

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| &nbsp;&nbsp;![GRAPHIC](tm2523042d1_ex99-xpx11img004.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Personal Securities Trading Policy Policy Number: I-A-045 Public October 10, 2024 4 An employee is defined as a Director (excluding non-employees), Officer, Agent, Temporary Worker, Contractor, Intern or any other person who works for and contracted with the Firm, regardless of their duration of employment or contract. Where business/country-specific requirements are more stringent than those set out within this Policy, the business or country-specific rules prevail and you must also comply with such rules. 4. Provisions of the Policy 4.1 Principal Requirements for all Employees Failure to comply with any requirement in this Policy may subject you to discipline, up to and including termination of employment and referral to law enforcement, when required. 4.1.1 Avoidance of Conflicts of Interest You must not put your own interests ahead of the Firm and its clients. You must, comply with all applicable legal requirements, securities laws and the I-A-010: Code of Conduct. Employees must treat all Firm and client information as confidential. Refer to the Firm's Code of Conduct for additional guidance. You are prohibited from placing transactions in securities if this would create, or could reasonably be perceived to create a conflict of interest between you and your clients, the Firm's clients, or the Firm. In accordance with securities and/or Market Abuse laws, you are prohibited from engaging in insider trading, trading while in possession of Material Non-Public Information (MNPI) as defined by the Firm's I-A-046: Information Barrier Policy, Front Running (as defined in Section 8.1 of this Policy) or any other potential market manipulative trading activity. If you possess MNPI or have knowledge about client holdings, transactions, or recommendations, you must not: • Engage or attempt to engage in trading on the basis of such information • Recommend that another person engages in dealing or induce another person to engage in trading on the basis of the information; or • Unlawfully disclose the information (Tipping) 4.1.2 Trading in BNY Securities If you invest or trade in Firm securities, you must be aware of your responsibilities and be sensitive to even the appearance of impropriety. The following prohibitions apply to all transactions in the Firm's publicly traded securities, whether owned directly (i.e., in your name) or indirectly (see definition of Indirect Ownership in Section 8.1 of this Policy). The following activities are prohibited: • Short Sales • Short-Term Trading: Defined as purchasing and selling, or selling and purchasing Firm securities within any 60 calendar day period. If you engage in short-term trading, you will be required to disgorge profits as determined by the Securities Trading Conduct group. This includes transactions in the Firm related employee benefit plans such as the BNY 401(k). • Margin Transactions: However, you may use Firm securities to collateralize full-recourse loans for non-securities purposes or for the acquisition of securities other than those issued by the Firm. • Option Transactions: Defined as any derivative transaction involving or having its value based upon any securities issued by the Firm, including the buying and writing of over-the-counter and exchange traded options. • Major Firm Events: Non-publicly announced events of which you have knowledge (prohibition will expire 24 hours after a public announcement is made). |

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| &nbsp;&nbsp;![GRAPHIC](tm2523042d1_ex99-xpx11img005.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Personal Securities Trading Policy Policy Number: I-A-045 Public October 10, 2024 5 4.1.3 Prohibitions When Trading in Non-Firm Securities You must be sensitive to any impropriety in connection with your personal securities transactions in securities of any issuer, including those owned indirectly (see Indirect Ownership defined in Section 8.1). You are prohibited from: • Engaging in FX derivative trading • Spread Betting: Taking bets on securities pricing, including FX spread-betting to reflect market/currency movement activities • Short Selling 4.1.4 Initial Public Offerings (IPO) You are prohibited from acquiring securities through an allocation by the underwriter of an IPO without the prior approval of the Securities Trading Conduct group. Approval is only likely to be given in the following circumstances: • The allocation comes through an employee of the issuer who has a direct family relationship to the Firm employee • The issuance is arranged by governments to promote the public ownership of previously state owned assets • Where a bank, savings and loan or insurance company converts from a structure owned by policyholders to one owned by investors (demutualization) Approval may not be available to employees of registered broker-dealers due to certain laws and regulations (e.g., FINRA rules in the U.S.). If you have any questions as to whether a particular offering constitutes an IPO, email the Securities Trading Conduct group before submitting an indication of interest to purchase the security. 4.1.5 Private Placements You are prohibited from acquiring any security in a private placement unless you obtain prior written approval from the Securities Trading Conduct group, your Manager and Compliance Officer. A Private Placement Form must be submitted in Code RAP for approval: • If you are holding an investment of a privately-held (i.e., not traded on an exchange) Firm affiliated fund and you wish to divest all or a portion of your investment, you are required to obtain pre-approval from the Securities Trading Conduct group prior to redemption. Refer to MySource for a copy of the request Affiliated Fund Request form. • The Securities Trading Conduct group will generally not approve any private placement requests that appear to present an actual or potential conflict of interest. This includes instances where, among other things, the opportunity is being offered to you by virtue of your position with the Firm or its affiliates or your relationship to a managed fund or account and whether or not the investment opportunity being offered to you could be re-allocated to a client. So that no actual or potential conflict exists between the proposed private placement purchase and the interests of any managed fund or account, you must comply with any and all requests for information and/or documentation necessary for the Employee Compliance/Securities Trading Conduct group. • Within 30 days of being designated a Monitored Employee (see Sections 4.2 to 4.4 for information), you must disclose any existing investment in private placement securities to the Securities Trading Conduct group who will determine if you will be permitted to continue to hold the investment. |

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| &nbsp;&nbsp;![GRAPHIC](tm2523042d1_ex99-xpx11img006.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Personal Securities Trading Policy Policy Number: I-A-045 Public October 10, 2024 6 4.1.6 BNY Affiliated Volcker Covered Funds You are prohibited from acquiring any initial or subsequent investment in a Firm affiliated Volcker Covered Fund (Refer to the Volcker Compliance site on MySource) unless you obtain prior written approval from the Securities Trading Conduct group, your Manager and Compliance Officer. Unless your job duties are directly related to providing investment advisory, commodity trading advisory or "other services" to the fund, your investment in such funds will not be permitted. A Private Placement Form must be submitted in Code RAP for approval. If you are newly hired and you hold an investment (either directly or indirectly) in an affiliated Firm Volcker Covered Fund you must receive permission to continue to hold that investment. You must disclose your investment within 30 calendar days of your hire date by completing the Private Placement Form available in Code RAP. You may be required to divest your ownership interest. 4.1.7 Ability to Request Account Statements and Trade Confirmations For all employees, the Firm reserves the right to request accounts statements and trade confirmations when needed. 4.2 Monitored Employees If you are determined to be at risk for receiving Firm or client information as described below, your personal trading and accounts where you have Indirect Ownership (as defined in Section 8.1) are required to be monitored and you are thus deemed a Monitored Employee. There are strict limitations on such trading for Monitored Employees as further described in Section 4.4. Monitored Employees include employees who, as a routine and normal course of their job: • Are deemed to be at a high risk of receiving MNPI of issuer clients (generally, certain employees located in or supporting Private Side businesses as defined by the Firm's I-A-046: Information Barrier Policy. These are employees who are deemed to be private under I-A-046: Information Barrier Policy. • Have nonpublic information regarding advisory client's purchases or sales of securities or nonpublic information regarding the portfolio holdings of a Proprietary Fund, are involved in making securities recommendations to advisory clients, or have access to such recommendations before they are public. • Have foreknowledge of the clients' trading positions or plans such that the information may elevate the risk of Front Running or similar manipulative trading. • Have access to inside information with respect to the Firm's financial results in advance of such results being released to the public. • Required by regulation – employees who work for a Firm broker-dealer or investment adviser (or their equivalents). Additionally, each business unit is required to classify all employees who are Senior Directors, Managing Directors or above as Investment/Public or Insider Risk.3 4.3 Classifications of Monitored Employees The Firm has assigned Monitored Employees a classification that will correspond to the type of information they routinely are exposed to in as performing their job duties. They are as follows: 3 Employees who are not currently monitored and are designated as private under the I-A-046: Information Barrier Policy, Senior Directors or Managing Directors will be changed to monitored from February 2024 through May 2024. |

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| &nbsp;&nbsp;![GRAPHIC](tm2523042d1_ex99-xpx11img007.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Personal Securities Trading Policy Policy Number: I-A-045 Public October 10, 2024 7 Classification Type Definition Access Decision Maker (ADM) Employee Employees within Investment Management who are Portfolio Managers or Research Analysts and make or participate in recommendations or decisions regarding the purchase or sale of securities for mutual funds or managed accounts. Portfolio Managers of broad-based index funds and traders are not typically classified as ADM Employees. Insider Risk Employee Employees who in the normal course of business are likely to receive MNPI regarding issuer clients. These employees are on the "private side" of the Information Barrier in accordance with the I-A-046: Information Barrier Policy. Investment/Public Employee Employees in the normal course of business who: • Are on the "public side" of the Information Barrier in accordance with the I-A-046: Information Barrier Policy. • Employees that by regulation are required to have their personal trading monitored. • Have access to nonpublic information regarding advisory client's purchase or sale of securities or nonpublic information regarding the portfolio holdings of a Firm Proprietary Fund • Are involved in making securities recommendations to advisory clients, or has access to such recommendations before they are public. • Have foreknowledge of clients trading positions or plans such that the information may elevate the risk of Front Running This classification typically includes employees in Investment and Wealth Management businesses as well as employees in other Public side businesses or Corporate Functions who have an elevated risk (clear access to pre-trade settlement information) of Front Running. • Employees of a Firm business regulated by certain investment company laws. Examples are: • In the U.S., employees who are "advisory persons" or "access persons" under Rule 17j-1 of the Investment Company Act of 1940 or "access persons" under Rule 204A-1 of the Advisers Act. • In the U.K., employees in companies undertaking specified activities under the Financial Services and Markets Act 2000 (Regulated Activities), Order 2001, and regulated by the Financial Conduct Authority. • Any member of the Firm's Senior Management who, as part of his/her usual duties, has management responsibility for fiduciary activities or routinely has access to information about advisory clients' securities transactions. Pre-Release Earning Group (PREG) Employee Includes all Executive Committee members, their administrative assistants and any individual determined by the business to have access to the Firm's earnings in advance of public announcements. 4.4 Additional Requirements and Restrictions for Monitored Employees In addition to the requirements which apply to all employees as described in Section 3.1 of this Policy, all Monitored Employees are also subject to the additional requirements noted below. These requirements apply to all securities accounts and holdings for which you have direct or indirect ownership. 4.4.1 Reporting for All Monitored Employees You are required to file various reports via the Personal Trading Assistant (PTA), the Firm's electronic personal trading monitoring system. Required reports must also include any securities (except those deemed exempt as defined in Section 8.1), held outside of an account (for example, if you hold physical securities outside of a brokerage account, you must report those securities). You are required to file the following reports in order to be in compliance with the Policy: |

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| &nbsp;&nbsp;![GRAPHIC](tm2523042d1_ex99-xpx11img008.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Personal Securities Trading Policy Policy Number: I-A-045 Public October 10, 2024 8 • Initial Reports: Within 10 calendar days of being notified by the Securities Trading Conduct group that you are a Monitored Employee, you must file an Initial Broker Accounts and an Initial Holdings Report. These reports must contain a listing of all accounts that trade, or are capable of trading, securities. Initial Holdings Reports must be an accurate recording of accounts and securities holdings within the preceding 45 days of your being deemed a monitored employee. • Annual Reports: On an annual basis and within 30 calendar days after the end of the year, you must file an Annual Holdings Report. The report must contain an accurate and current listing of securities held in all accounts that trade, or are capable of trading securities. • Annual Accounts: On an annual basis and within 30 calendar days after the end of the year, you must review all of your reported accounts in PTA and make any updates, including adding and/or removing accounts where necessary. • Ongoing Reporting: If you open a new account, or receive securities through a gift or inheritance, you must update your holdings in the PTA system within 10 calendar days of the event (i.e., account opening or date of receipt of securities). For gifts/inheritance, you must disclose the name of the person receiving or giving the gift or inheritance, date of the transaction, and name of the broker through which the transaction was effected (if applicable). A gift of securities must be one where the donor does not receive anything of monetary value in return. Preclearance is required for all reportable holdings that are being liquidated (e.g. an executor liquidating a portfolio). • Updating Holdings: You are responsible for your securities holdings being accurate in the PTA System. This may require you to make manual adjustments for changes to your securities holdings (excluding exempt securities as defined in Section 8.1 of this Policy) that occur as a result of corporate actions, dividend reinvestments, or similar activity. These adjustments must be reported as soon as possible, but no less than annually. • Quarterly Transaction Reports (Investment/Public and ADM employees only): Within 30 calendar days after the end of the quarter, you must file a Quarterly Transactions Report. The report must contain a list of all reportable transactions that occurred in the quarter. You must certify all broker accounts that are capable of trading in reportable securities and all reportable securities held. Your report must be current within 45 calendar days of the date the report is filed. • Certifications: The Securities Trading Conduct group will require certifications when there is a material change to this Policy. Additional certifications may be required as needed. 4.4.2 Additional Reporting for ADM Employees Further reporting requirements for ADM Employees include: • Contemporaneous Disclosure Reports (ADM employees only): Prior to making or acting upon a portfolio recommendation (buy/hold/sell) in a security you have direct or indirect ownership, written authorization must be obtained. Under no circumstances may you provide portfolio recommendations or place trades based on their potential impact to your personal securities holdings, nor may you refuse to provide a recommendation or execute a transaction within the portfolio.to avoid submitting a Contemporaneous Disclosure. There are a limited number of transactions that are exempt from this requirement. More information, including a copy of the Contemporaneous Disclosure Form can be found on MySource. 4.4.3 Account Statements and Trade Confirmations Monitored Employees are required to provide duplicate statements and trade confirmations directly to the Firm. You must adhere to the following requirements: |

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| &nbsp;&nbsp;![GRAPHIC](tm2523042d1_ex99-xpx11img009.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Personal Securities Trading Policy Policy Number: I-A-045 Public October 10, 2024 9 • Countries with Approved Brokers - U.S., UK, India, Singapore or Hong Kong4 - based Monitored Employees: You must maintain all accounts with an approved broker-dealer (refer to MySource for the Approved Broker List). Employees are required to provide account statements to the Securities Trading Conduct Team until the account is on a feed with an Approved Broker. If you have securities held in a physical form or held directly with an issuer, you must provide copies of account statements and trade confirmations. Note: Certain brokers may require the account owner's consent in order for the Firm to receive their account information electronically (connection to the electronic feed). • Countries without Approved Brokers: You must provide copies of account statements to your designated local Compliance Officer or Securities Trading Conduct Team upon receipt or at least quarterly. You are also required to enter your trade confirmation details into the PTA System within 10 calendar days of the transaction. You may be compelled to move your accounts and hold them with an electronic broker-dealer where legally permissible and in jurisdictions where the Firm has made arrangements with a broker-dealer to provide automated electronic feeds to the PTA system. You will be notified when this requirement becomes effective within your jurisdiction and are no longer required to manually enter your trade details into PTA. • For all employees, the Firm reserves the right to request accounts statements and trade confirmations as needed. 4.4.4 Preclearance Prior to Trading • Monitored Employees must receive approval in the PTA system to trade any security unless the security is expressly Exempt as defined in Section 8.1 of this Policy. You must also obtain preclearance for trades made by indirect owners. • ETFs and Single-Stock ETFs are reportable. Proprietary ETFs must be pre-cleared prior to transacting in for employees who are classified as ADM, Investment/Public or Insider Risk Employees. NOTE: if you are classified as a PREG employee (see Section 4.7 of this Policy), you are only required to preclear trades in Firm securities (equities, fixed income, or derivatives) of The Bank of New York Corporation. • Although preclearance approval does not obligate you to place a trade, you should not seek preclearance for transactions you do not intend to make. Do not discuss the response (e.g. approval or denial) to a preclearance request with anyone (excluding any account co-owners or indirect owners). If you have questions regarding a response to a trade request, contact the Securities Trading Conduct group. • If you receive approval to trade, the trade must be executed by the close of business the following day in the local jurisdiction. For example, if you receive approval on Monday at 3 PM EST, the preclearance is only valid until the close of the trading day on Tuesday. You should be aware that all preclearance time stamps in the PTA are in EST. • You are only permitted to place day only orders which are orders that expire at the end of the trading day. Orders that extend beyond a single trading day, such as "good-until-cancelled" or similar orders, are not permitted. • You may also be subject to additional approvals, for example approval from your supervisor, depending upon your classification. Please check with your local Compliance Officer for additional information. 4 The Approved Broker requirement for employees in Singapore and Hong Kong will go into effect on September 30, 2024. |

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| &nbsp;&nbsp;![GRAPHIC](tm2523042d1_ex99-xpx11img010.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Personal Securities Trading Policy Policy Number: I-A-045 Public October 10, 2024 10 4.4.5 Additional Preclearance Restrictions for ADM, Investment/Public and certain private side employees (de minimis limits) ADM, Investment/Public and certain private side employees will generally not be given preclearance approval to execute a transaction in any security that appears on their business unit's Blackout List (as defined in Section 8.1). 4.4.5.1 Approval for De Minimis Transactions for ADM Employees and Investment/Public Employees for Securities on Blackout List • ADM, Investment/Public and certain private side employees are eligible to receive approval for two de minimis trades in the securities of any one issuer in each calendar month even if the security is on the Blackout List. • De Minimis transactions are as follows: • ADMs: transaction limit of 100 shares or $10,000 (whichever value is greater) for companies with a market capitalization of $5 billion or higher. • Investment/Public and certain private side employees: transaction limit of up to $50,000 for companies having a market capitalization of $20 billion or more; 250 shares or $25,000 (whichever value is greater) for companies having a market capitalization between $5 billion and $20 billion; and $100 shares or $10,000 (whichever value is greater) for companies having a market capitalization between $250 million and $5 billion. Note: Currency is listed in USD. Use the local currency equivalent outside of the US. 4.4.5.1.1 Additional Restrictions for ADM employees (7 Day Blackout Period) • You are not permitted to buy or sell a security within 7 calendar days before and 7 calendar days after the investment company or managed account for which you are affiliated has effected a transaction in that security. • Any trade initiated within the 7 Day Blackout Period is deemed a violation of Policy and as such you will be required to disgorge profits per the Securities Trading Conduct group in their sole discretion. This does not apply to approved de minimis transactions during the 7 day Blackout Period. 4.5 Managed Accounts If you have an account fully managed by a third-party (you have an investment management, trust or similar agreement) which specifically documents in writing that you are unable to direct trades in the account, you must submit a Managed Account Form via Code RAP to determine if the account is eligible for exclusion from some of the reporting requirements, providing duplicate account statements/trade confirms or preclearance requirements noted within this Policy. For all managed accounts, you must add your account information in PTA and comply with all provisions of the Policy until the Securities Trading Conduct group deems the account to be excluded in writing. If your account is approved as managed, you are required to complete an annual certification in PTA attesting that the account continues to be maintained under the account provisions the Securities Trading Conduct group relied upon to provide approval. In addition, you are required to provide copies of statements to the Securities Trading Conduct group when requested. 4.6 Prohibition on Short-Term Trading • Non-Firm Securities: Employees classified as ADM, Investment/Public Employee and Insider Risk are prohibited from engaging in short-term trading. Short term trading is defined as the purchasing then selling, or selling then purchasing, the same or equivalent (derivative) security within 30 calendar days. PREG employees are not subject to a holding period for non-Firm securities.  |

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| &nbsp;&nbsp;![GRAPHIC](tm2523042d1_ex99-xpx11img011.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Personal Securities Trading Policy Policy Number: I-A-045 Public October 10, 2024 11 • Firm Securities: All employees are prohibited from purchasing then selling, or selling then purchasing any Firm securities (Firm securities include any securities issued by The Bank of New York Corporation and its subsidiaries, including, but not limited to, shares of common stock, preferred stock or bonds of the Firm) within 60 calendar days. Employees who engage in short-term trading in non-Firm securities (within 30 calendar days) or Firm securities (within 60 calendar days) will be issued a violation and any profits realized must be disgorged. Example: Transactions resulting in a position that is liquidated (sell), and then a new position is re-established (buy), would meet the criteria for a profit disgorgement. • Profit is based upon the difference between the most recent purchase and sale prices for the most recent transactions. You should be aware that profit for disgorgement purposes may differ from the capital gains calculations for tax purposes. • The disposition of any disgorged profits will be at the discretion of the Firm to a bona fide and legally permitted charity. You will be responsible for any tax and related costs. • Profit disgorgement, where applicable, is not required for any security that is deemed Exempt (as defined in Section 8.1 of this Policy) and trades in Proprietary Funds conducted within the BNY 401(k). 4.7 Specific Restrictions for PREG Employees Every quarter the Firm imposes a restriction on PREG employees. As such, you are prohibited from trading in the Firm's securities from 12:01 AM Eastern Standard Time, on the 15th day of the month preceding the end of each calendar quarter through the first trading day after the public announcement of the Firm's earnings for that quarter. For example, if earnings are released on Wednesday at 9:30 AM Eastern Standard Time, you may not trade the Firm's securities until Thursday at 9:30 AM Eastern Standard Time. Non-trading days, such as weekends or holidays, are not counted as part of the restricted period. At its discretion, the Firm may extend the blackout period for some or all PREG Employees. You will be notified if there is such an extension. The Blackout Period includes trades in various employee plans. Specifically, you may not make payroll deductions, investment elections changes or reallocation of balances that might impact your holdings in company stock in the BNY 401(k) Plan; you may not exercise options granted through the employee incentive compensation or similar plan; you may not enroll in, or make payroll deduction changes, in your Employee Stock Purchase Plan. If you trade Firm securities made during the Blackout Period, you must unwind the trade and surrender profits as determined by the Firm in its sole discretion. Any losses due to the unwinding are yours to incur. Further, you may be subject to disciplinary action or referral to law enforcement when necessary. 4.8 Insider Threats BNY considers Insider Threats to be a serious matter and has established an enterprise-wide Insider Threat program to provide direction, governance and drive organizational awareness to manage the risks. BNY s Enterprise Insider Threat program is aligned to the Company's organizational risk priorities, including enhanced protection of information assets. As defined in the Enterprise Insider Threat Policy, Internal Fraud refers to unauthorized activity (e.g., inappropriate/unauthorized trading, market manipulation) or fraud (e.g., fraudulent funds transfer/movement, credit fraud, forgery, check fraud) by an Insider, which may cause financial or non-financial harm. Please consult the Enterprise Insider Threat Policy for more information. 5. Governance and Responsibilities 5.1 All Employees are responsible for: • Adhering to all sections of this Policy as it relates to their role.  |

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| &nbsp;&nbsp;![GRAPHIC](tm2523042d1_ex99-xpx11img012.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Personal Securities Trading Policy Policy Number: I-A-045 Public October 10, 2024 12 • Immediately contacting the Securities Trading Conduct group or your Compliance Officer (or anonymously through the Firm's Ethics Help Line or Ethics Hot Line) if a known or suspected violation of this Policy occurred. 5.2 Businesses and Corporate Functions Management of the Firm's Business and Corporate Staff groups are responsible for: • Classifying employees within 15 calendar days of joining or transfer and developing business line polices/procedures to describe the protocols for assigning classifications that are consistent with this this Policy, seeking guidance from Compliance as needed. • Retaining accurate records of each employee's classifications in their business unit, maintaining proper controls so that the classifications are current and providing an annual attestation to Compliance that the classification of the employees are accurate, when requested. • Communicating employees' classification and overseeing staff so that they are properly trained on the Policy requirements. • Overseeing the timely completion of all required reports, violation notices and certifications as required by this Policy. • When required, constructing (and keeping current) a list of securities appropriate for Policy restrictions; typically this will consist of trading systems required for employee monitoring, portfolio manager codes, and designated approvers. Generally this detail will be required only in instances where a Business or Corporate Functions have staff classified as an Investment or ADM employee. • When required, providing timely and accurate updates to the list of Proprietary Funds (those that are advised, sub-advised or underwritten by the business) to the Securities Trading Conduct group. 5.3 Securities Trading Conduct Group The Securities Trading Conduct group is responsible for: • Maintaining all necessary records to demonstrate compliance with this Policy in a readily accessible place, for seven years from their creation. This includes but is not limited to versions of this Policy, record of employee violations and actions taken, holdings and transaction reports required by this Policy, list of monitored employees and their classifications, and lists of securities appropriate for restriction as reported by a Line of Business and/or Corporate Function. • Treating employee related records as "highly confidential", to the extent permissible by law. 5.4 Compliance Officers Compliance Officers are responsible for: • Providing policy training to employees when requested by the Securities Trading Conduct group. • Reporting compliance with this Policy, including detail on violations, to Legal Entity and Fund Boards, as required by law, regulation or policy. • When requested by the Securities Trading Conduct group, approving requests for investment. 5.5 Legal Department The Legal Department is responsible for providing legal analysis of new and revised legislation of all jurisdictions regarding personal securities trading laws and regulations and participating in the review of material policy amendments. |

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| &nbsp;&nbsp;![GRAPHIC](tm2523042d1_ex99-xpx11img013.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Personal Securities Trading Policy Policy Number: I-A-045 Public October 10, 2024 13 5.6 Engineering Department The Engineering Department is responsible for providing support for internally hosted applications so that systems function properly, including various files are properly loaded into the system, developing an alert process to detect any failed or non-received files, and adequately testing all software updates or hardware installations. 6. Adherence and Control Failure to comply with any aspect of this Policy may result in the imposition of serious sanctions and employee will be issued a violation notice. You may also receive additional sanctions, which include, but are not limited to, the disgorgement of profits, cancellation of trades, selling of positions, and suspension of personal trading privileges, and may result in an employee being subject to corrective action as outlined in II-H-610-US: Managing Performance and Conduct Through Corrective Action for U.S.-based employees (or the applicable corrective action policy for non-U.S. based employees),5 up to and including termination of employment and referral to law enforcement, when required. If you know of or suspect a violation of this Policy has occurred, immediately contact the Securities Trading Conduct group or your Compliance Officer. You may also report known or suspected violations anonymously through the Firm's Ethics Help Line or Ethics Hot Line. Amendments to or waivers of any requirements discussed above are at the discretion of the Chief Compliance Officer or their designee. When required, the concurrence of other officers or directors of the Firm may also be needed. Any waiver or exemption must be evidenced in writing to be valid. 7. Addendum(s) 7.1 Addendum I: EMEA Personal Securities Trading 7.1.1 Applicability / Scope This Addendum sets out the regional obligations and restrictions in EMEA that operate in relation to personal securities trading under FCA Handbook COBS 11.7A, EU Directive 2014/65/EU, and EU Regulation No 600/201, together commonly known as "MIFID 2" and EU Regulation No 596/2014 "MAR" and is applicable to any employee in the UK or EU who is subject to this I-A-045: Personal Securities Trading Policy ("the Global PST Policy"). Following the withdrawal of the United Kingdom ("UK") from the European Union ("EU") at 23:00 GMT on 31 January 2020, where relevant to a Party, references to EU legislation referenced in this Policy shall be read as references to the UK version of such legislation, which is part of UK law by virtue of the European Union (Withdrawal) Act 2018 (as amended). 7.1.2 Provisions of the Addendum 7.1.2.1 UK and EU Requirements in Relation to Personal Trading (Including those arising from MIFID and MAR) Both UK and EU regulations require that the Firm establish, implement and maintain adequate policies and procedures to ensure our compliance with our obligations under personal securities trading rules. These rules cover Financial Instruments as defined in the Definitions Section and apply to any employees who have inside information or MNPI, who have access to client confidential information or who could have a client conflict of interest. 5 View the Policies Portal or consult your local HR Partner for the policy for the relevant jurisdiction. |

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| &nbsp;&nbsp;![GRAPHIC](tm2523042d1_ex99-xpx11img014.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Personal Securities Trading Policy Policy Number: I-A-045 Public October 10, 2024 14 7.1.2.2 Information that Triggers an Employee to be Subject to this Addendum UK and EU employees who are subject to this Addendum will be defined as those who as a routine and in the normal course of their job: • Have access to inside information as defined under I-A-040: Market Abuse Policy by virtue of an activity carried out by them on behalf of the Firm. • Have access to any other confidential information relating to clients or transactions with or for clients by virtue of an activity carried out by them on behalf of the Firm; and/or • Are involved in activities that may give rise to a conflict of interest in relation to either the Firm or any client(s). 7.1.2.3 Restrictions for Employees Subject to this Addendum The restrictions set out below are in addition to restrictions set forth in the Global PST Policy and apply when a UK or EU employee is: 1. Transacting outside the scope of the activities they carry out in their professional capacity; or 2. The trade is carried out on behalf of the employee whether owned directly (i.e., in your name) or indirectly (see definition of Indirect Ownership in Section 8.1 of the Global PST Policy). Unless conducted in compliance with 7.1.2.5 below, employees are prohibited from: • Entering a transaction which meets at least one of the following criteria: • It would amount to Market Abuse as defined by the UK or EU MAR as defined in Section 8.1 of I-A-040: Market Abuse Policy; • It involves the misuse or improper disclosure of the Firm's or a client's confidential information; • It may give rise to a conflict of interest in relation to either the Firm or any client(s) and • It conflicts or is likely to conflict with an obligation of the Firm under UK law or EU law on markets in financial instruments. • Advising, recommending or inducing any other person to enter a transaction in Securities or Financial Instruments, other than in the proper course of their employment. • Disclosing, other than in the normal course of his employment or contract for services, any information or opinion to any other person that would or might advise or persuade that other person to: • Engage in any of the activities set out in #2 above • Advise or persuade any other person to engage in any of the activities set out #2 above 7.1.2.4 Definitions of Financial Instruments under UK and EU Regulations This Addendum generally applies to all UK and EU employees when trading in Securities, or where applicable, other Financial Instruments as defined in this section. Under both UK and EU Regulations, the Firm must consider both securities and other Financial Instruments under these regulations and as defined in this section, and whether it will permit personal trading in these instruments. As such a list of instruments restricted under the UK and EU regulations and the Firm's treatment of such instruments for the purpose of personal trading are outlined below in Section 8.1.Restrictions on Financial Instruments for Personal Trading |

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| &nbsp;&nbsp;![GRAPHIC](tm2523042d1_ex99-xpx11img015.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Personal Securities Trading Policy Policy Number: I-A-045 Public October 10, 2024 15 Outlined below are the in-scope instrument classes and their treatment under this Addendum. For the purpose of clarity, this Addendum is not intended to introduce restrictions in relation to sweep accounts within brokerage arrangements that exist simply for the purpose of cash transference as part of general fund management activities. 7.1.2.5 Permitted for Employees Subject to this Addendum (subject to the notification/approval requirements of the Global PST Policy) • Transferable Securities: Trading in transferable securities is permitted so long as conducted in compliance with the Global PST Policy and the employee is NOT in possession of MNPI whereby: • if the Employee Subject to this Addendum is already a Monitored Employee under the Global PST Policy they transact in accordance with their applicable restrictions and requirements; or. • Units in Collective Investment Undertakings and units or shares in an Alternative Investment Fund: Trading in UCITS or Alternative Investment Funds. is permitted so long as conducted in compliance with the Global PST Policy and the employee is NOT in possession of MNPI whereby: • if the Employee Subject to this Addendum is already a Monitored Employee under the Global PST Policy they transact in accordance with their applicable restrictions and requirements; or. Please note: Money Market Funds (MMFs) are generally included within this definition for the purposes of personal trading. This includes Firm proprietary MMFs for the purposes of this policy. N.B. MMF arrangements that have been established by, or in conjunction with, an Approved Broker Account, and whose use is limited to being in conjunction with purchases, sales, or other receipts from that brokerage account, are not intended to be covered by the requirements of this Addendum. Therefore, such arrangements do not normally require disclosure, or pre-approval where the Addendum may otherwise require this (e.g. a BNY proprietary MMF). 7.1.2.6 Prohibited • Financial Contracts for Difference • Financial Spread Bets 7.1.2.7 Express Written Approval from Local Compliance Officer The instruments below will require an express written approval from your local Compliance Officer prior to trading: • Money Market Instruments • Derivative instruments for the transfer of credit risk • Options, futures, swaps and forward rate agreements Options/futures on securities is permitted so long as in compliance with PSTP; for financial instruments that are not a security, you must contact BCO. • Please note, use of currency exchange is permitted for such domestic activity as for example personal travel needs. 7.1.3 Governance and Responsibilities 7.1.3.1 Compliance Officers Compliance Officers are responsible for: • Sign off on any preclearance requests for financial instruments as noted in 7.1.2.6 |

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| &nbsp;&nbsp;![GRAPHIC](tm2523042d1_ex99-xpx11img016.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Personal Securities Trading Policy Policy Number: I-A-045 Public October 10, 2024 16 7.1.4 Addendum Governance Addendum Owner Addendum Approver(s) Review and Approval Date Additional Contact(s) for Questions Annette Fong UK Chief Compliance Officer Denis Caprasse Head of SA/NV Compliance Steve Wachtel Global Head of Personal Securities Trading January 29, 2024 8. Appendices 8.1 Definitions Term Definition/Meaning of Term Automatic Investment Plan A program in which regular periodic purchases (withdrawals) are made automatically to/from investment accounts in accordance with a predetermined schedule and allocation. Examples include: Dividend Reinvestment Plans (DRIPS), payroll deductions, bank account drafts or deposits, automatic mutual fund investments/withdrawals (PIPS/SWIPS), and asset allocation accounts. Blackout List List of securities submitted by a Business Unit for which there are pending or executed transactions for an affiliated account (other than an index fund). Firm Securities Include any securities issued by The Bank of New York Corporation and its subsidiaries, including, but not limited to, shares of common stock, preferred stock or bonds of the Company. Exempt Securities/Financial Instruments (Collectively "Exempt Securities" or "Exempt") All securities require reporting and preclearance unless expressly exempt by this Policy. The following financial instruments are exempt for all classifications of employees: • Cash, cash-like securities, such as bankers' acceptances, bank CDs and time deposits, money market funds, FX spot transactions, commercial paper and repurchase agreements. • Digital assets - regardless of where they are held (in brokerage exchange accounts or in personal cryptocurrency wallets). Note: Direct participation investments in Initial Coin Offerings (ICOs), pooling money with others with the intent to invest in digital assets or cryptocurrencies and creating investment vehicles to sell interest in Limited Partnerships (LPs) or Master Limited Partnerships (MLPs) for the purpose of investing in digital assets or cryptocurrencies are all considered to be private securities transactions that must be reported. • Employee investments in their sovereign governments. Obligations of other instrumentalities or quasi-government agencies are not exempt. • Securities issued by open-end investment companies (i.e., mutual funds and variable capital companies) that are not Proprietary Funds. Proprietary Funds are exempt for employees classified as Insider Risk. • Securities in retirement plans properly organized under local law of companies not associated with the Firm (e.g., spouse's plan, previous employer's plan, etc.). This exemption is not applicable to any plan wherein the trades can be directed in common stock by the account holder. • Securities in college tuition plans for dependents properly organized under local law. It should be noted that this exemption is not applicable securities that are deemed to be a Proprietary Fund for employees classified as an ADM and Investment Employees. • Fixed annuities. |

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| &nbsp;&nbsp;![GRAPHIC](tm2523042d1_ex99-xpx11img017.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Personal Securities Trading Policy Policy Number: I-A-045 Public October 10, 2024 17 • Variable annuities, as long as the sub-accounts are not invested in Proprietary Fund sub-accounts. • Securities held in approved non-discretionary (managed) accounts. • Non-financial commodities (e.g., agricultural futures, metals, oil, gas, etc.), currency, crypto-based currency, and financial futures (excluding stock and narrow-based stock index futures). • Transactions that are involuntary (such as stock dividends, sales of fractional shares or sales of shares to cover account fees); however, sales initiated by brokers to satisfy margin calls are not considered involuntary. • Transactions pursuant to the exercise of rights (purchases or sales) by an issuer made pro rata to all holders of a class of securities, to the extent such rights were acquired from such issuer. • Sales effected pursuant to a bona fide tender offer. • Transactions pursuant to an automatic investment plan, including payroll withholding to purchase Proprietary Funds. The initial purchase and additional changes to the automatic investment plan are subject to preclearance approval. Front Running The purchase or sale of securities for your own or the company's accounts on the basis of your knowledge of the company's or company's clients trading positions or plans. Index Fund An investment company or managed portfolio (including indexed accounts and model driven accounts) that contain securities in proportions designed to replicate the performance of an independently maintained, broad-based index or that is based not on investment discretion but on computer models using prescribed objective criteria to replicate such an independently maintained index. Indirect Ownership Generally, you are the indirect owner of securities if you are named as power of attorney on the account or, through any contract, arrangement, understanding, relationship, or otherwise, you have the opportunity, directly or indirectly, to share at any time in any profit derived from a transaction in them. This includes trades which are effected by or on behalf of the employee when the trade is carried out for the account of any of the persons referenced below. Common indirect ownership situations include, but are not limited to: • Securities held by members of your Immediate Family by blood, marriage, adoption, or otherwise, who share the same household with you; "Immediate Family" includes any person with whom they have a family relationship, or whom they have close links, such as your spouse, domestic partner, children (including stepchildren, foster children, sons-in-law and daughters-in-law), grandchildren, parents (including step-parents, mothers-in-law and fathers-in-law), grandparents, and siblings (including brothers-in-law, sisters-in-law and stepbrothers and stepsisters): • Any person in conjunction with whom the employee has a direct or indirect material interest in the outcome of the trade – other than obtaining a fee or commission for the execution of the trade; Employees must consider this requirement and report trades which fit under the above definition to avoid violations and breaches of both regulations and Policy. Initial Public Offering (IPO) The first offering of a company's securities to the public. Investment Clubs Organizations whose members make joint decisions on which securities to buy or sell. The securities are generally held in the name of the investment club. Prior to participating in an investment club, all Monitored Employees are required to obtain written permission from their local Compliance Officer to participate in the club. If permission is granted, the account is subject to all aspects of this Policy. Investment Company A company that issues securities that represent an undivided interest in the net assets held by the company. Mutual funds are open-end investment companies that issue and sell redeemable securities representing an undivided interest in the net assets of the company. Money Market Fund A mutual fund that invests in short-term debt instruments where its portfolio is valued at amortized cost so as to seek to maintain a stable net asset value (typically of $1 per share). |

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| &nbsp;&nbsp;![GRAPHIC](tm2523042d1_ex99-xpx11img018.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Personal Securities Trading Policy Policy Number: I-A-045 Public October 10, 2024 18 Non-Discretionary (Managed) Account An account in which the employee has a beneficial interest but no direct or indirect control over the investment decision making process. Any such accounts of Monitored employees must be approved by the Securities Trading Conduct group in writing in order to be exempt from the reporting and preclearance requirements noted in this Policy. Option A security which gives the investor the right, but not the obligation, to buy or sell a specific security at a specified price within a specified time frame. Short term trading in option positions Opening and closing or closing and opening an option position within 30 days of each other or opening an option position within 30 days of expiration will result in any profits being subject to disgorgement. When opening an option position against an existing common stock holding you must have held that position for at least 30 days to avoid any profits being subject to disgorgement. Private Placement An offering of securities exempt from registration under various laws and rules, such as the Securities Act of 1933 in the U.S. and the Listing Rules in the U.K. Such offerings are exempt from registration because they do not constitute a public offering. Private placements can include limited partnerships, certain cooperative investments in real estate, co-mingled investment vehicles such as hedge funds, investments in privately-held and family owned businesses and Volcker Covered Funds. For the purpose of this policy, time-shares and cooperative investments in real estate used as a primary or secondary residence are not considered to be private placements. Proprietary Fund An investment company or collective fund for which a Company subsidiary serves as an investment adviser, sub-adviser or principal underwriter. The Proprietary Fund Listing can be found on MySource on the Compliance and Ethics homepage. Securities/Financial Instruments (Collectively "Securities") Any investment that represents an ownership stake or debt stake in a company, partnership, governmental unit, business or other enterprise. It includes stocks, bonds, notes, evidences of indebtedness, certificates of participation in any profit-sharing agreement, units in collective investment undertakings, collateral trust certificates and certificates of deposit. It also includes security-based derivatives and swaps and many types of puts, calls, straddles and options on any security or group of securities; fractional undivided interests in oil, gas, or other mineral rights; and investment contracts, variable life insurance policies and variable annuities whose cash values or benefits are tied to the performance of an investment account. Unless expressly exempt, all securities transactions are covered under the provisions of this policy (See exempt securities). Short Sale The sale of a security that is not owned by the seller at the time of the trade. Spread Betting A type of speculation that involves taking a bet on the price movement of a security. A spread betting company quotes two prices, the bid and offer price (also, called the spread), and investors bet whether the price of the underlying security will be lower than the bid or higher than the offer. The investor does not own the underlying security in spread betting, they simply speculate on the price movement of the stock. Tender Offer An offer to purchase some or all shareholders' shares in a corporation. The price offered is usually at a premium to the market price. Volcker Covered Fund Generally, a "Volcker Covered Fund" is a domestic or foreign hedge fund, private equity fund, venture capital fund, commodity pool or alternative investment fund (AIF) that is sold in a private, restricted or unregistered offering to investors who must meet certain net worth, income or sophistication standards or is sold to a restricted number of investors. Generally, the fund is not registered with a securities/commodity regulator and therefore cannot be offered to the general or retail public unless the investor meets some type of qualification to demonstrate the investor does not need the protection of the securities or commodities regulations. A complete list of Covered Funds can be found at the Volcker Compliance Site on MySource or refer to the I-A-049: Volcker Covered Funds Policy. Section 7.1: Addendum I: EMEA PST specific definitions Financial Instrument 1. Transferable Securities e.g. |

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| &nbsp;&nbsp;![GRAPHIC](tm2523042d1_ex99-xpx11img019.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Personal Securities Trading Policy Policy Number: I-A-045 Public October 10, 2024 19 • shares in companies (whether listed or unlisted, admitted to trading or otherwise), comparable interests in partnerships and other entities and equivalent securities; • bonds and securitised debt; • depositary receipts in respect of the instruments above; • securities giving the right to acquire or sell transferable securities (for example, warrants, options, futures and convertible bonds); and • securitised cash-settled derivatives, including certain futures, options, swaps and other contracts for differences relating to transferable securities, currencies, interest rates or yields, commodities or other indices or measures. 2. Money-Market Instruments e.g. • treasury bills • certificates of deposit • commercial paper 3. Units in Collective Investment Undertakings e.g. • units in regulated collective investment schemes e.g., UK OEICS, NURS or EU UCITS. Please note: Money Market Funds (MMFs) are generally included within this definition for the purposes of personal trading. This includes BNY proprietary MMFs for the purposes of this policy. N.B. MMF arrangements that have been established by, or in conjunction with, an Approved Broker Account, and whose use is limited to being in conjunction with purchases, sales, or other receipts from that brokerage account, are not intended to be covered by the requirements of this policy. Therefore, such arrangements do not normally require disclosure, or pre-approval where the policy may otherwise require this (e.g. a BNY proprietary MMF). • units or shares in an Alternative Investment Fund 4. Options, futures, swaps and forward rate agreements Whether settled in cash or physically relating to any of the following underlying • transferrable securities, • currencies, • interest rates or yields, • emission allowances, • other derivative instruments, • financial indices or financial measures • commodities • any other asset or right of a fungible nature, an index or measure related to the price or value of, or volume of transactions in any asset, right, service or obligation 5. Derivative instruments for the transfer of credit risk e.g. • credit default products, • synthetic collateralised debt obligations, • total rate of return swaps, • downgrade options • credit spread products 6. Financial Contracts for Differences e.g. • a Spreadbet - a bet on the price movement of any Financial Instrument where the investor bets on an increase or a fall in price in relation to a spread (the bid and ask prices) quoted by a spread betting company • a contract the stated purpose of which is to secure a profit or avoid a loss by reference to fluctuations in the value or price of property of any description |

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| &nbsp;&nbsp;![GRAPHIC](tm2523042d1_ex99-xpx11img020.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Personal Securities Trading Policy Policy Number: I-A-045 Public October 10, 2024 20 • a contract between a buyer and a seller that stipulates that the buyer must pay the seller the difference between the current value of an asset and its value at contract time. 8.2 Document Governance 8.2.1 Periodic Review This Level 3 Policy will have a mandatory periodic review of 12 months. Note: If this Policy requires changes outside of the periodic review date AND the Policy is reviewed in its entirety at such time that the changes are incorporated, the periodic review date will be refreshed. 8.2.2 Ownership/Questions Ownership of this Policy lies with the Owner noted below. Questions should be directed to the Owner or Contact(s) noted below: Policy Owner Policy Approver Version Review and Approval Date Next Review Date Additional Contact(s) for Questions Steven Wachtel Global Head of Securities Trading Conduct and Trade Surveillance Steven Wachtel Global Head of Securities Trading Conduct and Trade Surveillance 7.0 September 18, 2024 April 3, 2025 securitiestradingpolicyhelp @bnymellon.com 8.3 Version Control Version Number Date of Change Author (and Role of Author) of Change Description of Change 7.1 October 10, 2024 Ekta Agarwal, Compliance Governance Adhoc refresh: • Updated BNYM to BNY and removed Mellon • Transferred to new rebranded template 7.0 September 20, 2024 Steven Wachtel, Global Head of Securities Trading Compliance Adhoc Update: • Elimination of Broker Dealer Employee Classification, prohibition on excessive trading and clarification on classification timeline. • Updated Policy Approver 6.0 April 4, 2024 Steven Wachtel Global Head of Securities Trading Compliance Approved Broker requirement added for Singapore and Hong Kong 5.0 January 29, 2024 Steven Wachtel Global Head of Securities Trading Compliance Periodic review complete: • Clarification that all private side employees will be monitored • New requirements to monitor all Senior Directors and above • Clarification that the Firm reserves the right to request accounts statements and trade confirmations when needed 4.0 March 30, 2023 Steven Wachtel • Clarification of annual reporting requirements under Section 4.4.1 |

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| &nbsp;&nbsp;![GRAPHIC](tm2523042d1_ex99-xpx11img021.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Personal Securities Trading Policy Policy Number: I-A-045 Public October 10, 2024 21 Global Head of Securities Trading Compliance • Clarification of employee requirement to provide account statements to the Securities Trading Conduct Team until the account is on a feed with an Approved Broker. • Periodic Review of Policy 3.0 December 27, 2022 Mark Compton EMEA Head of Markets Compliance Updated Addendum 7.1: EMEA Personal Securities Trading Updated Section 8.4. Document Hierarchy 2.0 October 6, 2022 Mark Compton EMEA Head of Markets Compliance Addition of Addendum 7.1: EMEA Personal Securities Trading and additional definitions added under Section 8.1 specific to EMEA personal securities trading 1.9 June 2, 2022 Steven Wachtel Global Head of Securities Trading Compliance Addition of Insider Threat language (Section 4.8) 1.8 March 24, 2022 Steven Wachtel Global Head of Securities Trading Compliance Periodic Review of Policy. Clarification of Investment Employee and Insider Risk classification and other non-substantive changes. Update to child documents under Section 8.5 1.7 March 29, 2021 Carol Cersosimo Manager Personal Securities Trading Group Revised to remove reference to old policy; Correction of typo in Section 4.1.5. January 26, 2021 Carol Cersosimo Manager Personal Securities Trading Group Revised to reflect reporting requirement for Insider Risk employees for Non-Proprietary ETFs January 15, 2021 Steven Wachtel Global Head of Securities Trading Compliance Streamlined employee classifications, added Approved Broker requirement for UK and India-based employees, updated indirect ownership section to comply with MiFID II and instituted a strict 30 day hold requirement for non-company securities. January 15, 2019 Carol Cersosimo Manager Personal Securities Trading Group Revised to transfer the classification responsibility from Local Compliance to the 1st Line of Business for Investment Services; removed reference to IEC Oversight and Senior Leadership Team Members. June 8, 2018 Gerald DiMarco Manager Global Ethics Office The document was reviewed and reapproved without changes, pending substantive revisions anticipated for July 2018. April 3, 2018 Gerald DiMarco Manager Global Ethics Office Revised to include existing requirement for pre-approval prior to divesting from an affiliated fund; other minor edits. 8.4 Document Hierarchy Document Type Name of Document Relationship Level 3 Policy II-A-600: Employee Compliance Policy Parent Level 3 Policy I-C-170: Policy on Rule 10b5-1 Plans Child Level 4 Standard III-A-200: Personal Securities Trading – Compliance Child |

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| &nbsp;&nbsp;![GRAPHIC](tm2523042d1_ex99-xpx11img022.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Personal Securities Trading Policy Policy Number: I-A-045 Public October 10, 2024 22 Level 4 Standard III-AS-0-039(E): Personal Securities Trading – Global - ASD Child Level 4 Standard III-AS-0-039(P): Negociação de Ativos Pessoais - Brasil - AS Child Level 5 Procedure III-PI-1.057: Engineering Personal Securities Trading Administration Procedure Child Level 5 Procedure III-RG-041: Personal Securities Trading: Overview Child Level 5 Procedure II-K-010: Personal Securities Trading - Employee Classification Procedure (Investment Management) Child Level 5 Procedure III-GG-420: Personal Securities Trading - Risk Child Level 5 Procedure III-CS-041: Personal Securities Trading Overview Procedure Child Level 5 Procedure III-OB-1.1241: CCM Personal Securities Trading Procedure Child Level 5 Procedure III-OC-1.395-210: Personal Securities Trading: Overview(CT) Child Level 5 Procedure III-OD-1.106: Depositary Receipts Information Barrier & Personal Securities Trading Procedure Child Level 5 Procedure III-TS-1.197-105: Personal Securities Trading Child 8.5 Other Applicable Documents Document Type Name of Document Policy I-A-010: Code of Conduct Level 3 Policy I-A-035: Business Conflicts of Interest Level 3 Policy I-A-046: Information Barrier Policy Level 3 Policy I-A-040: Market Abuse Policy Level 3 Policy I-A-049: Volcker Covered Funds Policy Level 3 Policy I.N.500: Enterprise Insider Threat Policy Tier I Policy II-H-610: Managing Performance and Conduct through Corrective Action Web Link Proprietary Fund Listing Web Link Approved Broker List Web Link Code RAP Web Link Affiliated Fund Request Web Link Volcker Compliance site |

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## Ex-99.(P)(12)

#### Exhibit 99.(p)(12)

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| &nbsp;&nbsp;![GRAPHIC](tm2523042d1_ex99-xpx12img001.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FOR GLOBAL ISSUE NOT TO BE REPRODUCED WITHOUT PRIOR WRITTEN APPROVAL Insight Code of Conduct February 2025  |

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| &nbsp;&nbsp;![GRAPHIC](tm2523042d1_ex99-xpx12img002.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;INSIGHT CODE OF CONDUCT 2 INSIGHT INVESTMENT Contents 1 Document Control 3 1.1 Document Information 3 1.2 Associated Documents 3 2 Policy Objectives 4 3 Policy Scope 4 4 Policy 4 5 Policy Addenda 4 Document Change Control 4 Appendix 1 5 |

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| &nbsp;&nbsp;![GRAPHIC](tm2523042d1_ex99-xpx12img003.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;INSIGHT CODE OF CONDUCT 3 INSIGHT INVESTMENT 1 Document Control The information below relates to this policy (this "Policy") and is subject to change. 1.1 Document Information Policy Name: Insight Code of Conduct Department Name: Compliance Policy Owner: Zoe Rosewarne Policy Location: N:\...Compliance\Policies Policy Effective Date: February 2025 1.2 Associated Documents Document Link to Location BNYM Code of Conduct https://www.bnymellon.com/content/dam/bnymellon/docum ents/pdf/csr/employee-code-of-conduct.pdf |

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| &nbsp;&nbsp;![GRAPHIC](tm2523042d1_ex99-xpx12img004.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;INSIGHT CODE OF CONDUCT 4 INSIGHT INVESTMENT 2 Policy Objectives The Code of Conduct provides the framework for our decision-making and guides our business conduct. Incorporating these values into our actions helps us to do what is right and protect the reputation of the company. 3 Policy Scope This policy is applicable to Insight Investment Management (Global) Limited, Insight Investment Management (Europe) Limited, Insight Investment Funds Management Limited, Insight North America LLC, Insight Investment International Limited, and Insight Australia Pty Limited, together "Insight". 4 Policy Insight adopts the BNY Mellon Code of Conduct in its entirety. This can be found on: 1. the Insight intranet: https://insightinvestment.unily.com/sites/policies/documents/preview/24811/Insight-Code-of-Conduct 2. the BNYM intranet: https://bnym.clausematch.com/portal/document/c26e98f7-14e2-41c4-b1e2- b1a5793b237c?versionAlias=2.3&tab=metadata 3. the BNYM website: https://www.bnymellon.com/content/dam/bnymellon/documents/pdf/csr/employee-code-of-conduct.pdf 5 Policy Addenda 1. This policy, the BNY Mellon Code of Conduct, and BNY's Personal Securities Trading Policies and Procedures are to be taken collectively with respect to (i) Rule 204A-1 (Investment adviser code of ethics) under the Investment Advisers Act of 1940, as applicable to Insight's SEC registered investment advisers, and (ii) Rule 17j-1 (Personal investment activities of investment company personnel) under the Investment Company Act of 1940, as applicable to Insight's U.S. registered investment companies and U.S. registered investment company clients for which an Insight registrant acts as sub-adviser. 2. In addition to requiring all of its access persons to report their personal securities transactions and holdings, Insight will also review these transactions and holdings periodically. Document Change Control These policies may be updated at any time. Change summaries are recorded in the table below. Date Change Author State Version Feb 2025 Annual review – only date updated Zoe Rosewarne Published 1.2 Feb 2024 Addition to policy addenda Zoe Rosewarne Published 1.1 April 2023 Initial policy written and approved Zoe Rosewarne Published 1.0  |

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| &nbsp;&nbsp;![GRAPHIC](tm2523042d1_ex99-xpx12img005.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;INSIGHT CODE OF CONDUCT 5 INSIGHT INVESTMENT |

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| &nbsp;&nbsp;![GRAPHIC](tm2523042d1_ex99-xpx12img006.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |

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| &nbsp;&nbsp;![GRAPHIC](tm2523042d1_ex99-xpx12img007.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 MESSAGE FROM OUR CEO Dear Colleagues: The BNY Code of Conduct guides our actions and decisions as individuals and as a global financial services company responsible for overseeing nearly $50 trillion in assets for our clients – managing it, moving it and keeping it safe. The Code aligns with our strategic pillars: Be More For Our Clients, Run Our Company Better and Power Our Culture. Our guidelines for ethical behavior in our day-to-day work are guided by our culture of integrity, which means we do what is right, always, regardless of the impact on a specific transaction or short-term working relationship. The Code provides six key guidelines that relate to many of the situations you may encounter working at our company: Respecting Others, Avoiding Conflicts, Conducting Business, Working with Governments, Protecting Company Assets and Supporting Our Communities. Topics range from protecting client and employee records and meeting our privacy obligations to responsibly growing our company with our own environmental, social and responsible business practices and conduct, which are further explained in our Sustainability Report. However, the Code alone cannot address every possible situation. We expect all employees to exercise good judgment, using the Code as a primary resource to better understand our guidelines on ethical behavior, and to seek help when unsure of the right course of action. Above all, each of us, regardless of level, is obligated to put the interests of our company, clients and shareholders above any personal interest. While the Code is fundamental, it is not your only resource. Your manager, Legal, Audit, Compliance and Ethics, and The People Team are readily available to answer your questions. When in doubt, I urge you to use these resources and escalate situations if you feel they are not getting the proper attention. You should never be afraid or reluctant to speak up. Being a BNY employee means exercising good judgment and conducting yourself in a manner that is above reproach. Please take the time to review the Code of Conduct and keep it in mind to help ensure you always do what is right. Robin Vince President & Chief Executive Officer |

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| &nbsp;&nbsp;![GRAPHIC](tm2523042d1_ex99-xpx12img008.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 The Code of Conduct does not alter the terms and conditions of your employment. Rather, it helps each of us to know what must be done to make sure we always Do What's Right. Throughout the Code, references to company policies apply only to global policies that cover all employees and do not include additional policies you must follow that are specific to your location or line of business. The Code is not intended to fully describe the requirements of referenced policies. CONTENTS Doing What's Right...........................................................................................................................................................5 AT BNY, "DOING WHAT'S RIGHT" MEANS................................................................................................................5 HOW TO DO WHAT'S RIGHT ......................................................................................................................................5 WHEN YOU ARE UNCERTAIN, ASK YOURSELF THESE QUESTIONS .....................................................................5 How To Report A Concern...............................................................................................................................................6 Key Guidelines of Our Code of Conduct .......................................................................................................................7 RESPECTING OTHERS..................................................................................................................................................7 AVOIDING CONFLICTS................................................................................................................................................7 CONDUCTING BUSINESS............................................................................................................................................7 WORKING WITH GOVERNMENTS..............................................................................................................................7 PROTECTING COMPANY ASSETS..............................................................................................................................7 SUPPORTING OUR COMMUNITIES............................................................................................................................7 What You Should Know About Our Code of Conduct .................................................................................................8 OUR STRATEGIC PILLARS AND PRINCIPLES .............................................................................................................8 PURPOSE OF OUR CODE OF CONDUCT .................................................................................................................8 WHO MUST FOLLOW THIS CODE?............................................................................................................................8 WAIVERS OF THE CODE FOR EXECUTIVE OFFICERS .............................................................................................8 WHAT IS EXPECTED OF EMPLOYEES? ......................................................................................................................9 COOPERATING WITH REGULATORY AGENCIES.....................................................................................................9 WHAT IS EXPECTED OF MANAGERS?.................................................................................................................... 10 MANAGING RISK AS A MANAGER.......................................................................................................................... 10 RESPONSIBILITY TO ASK QUESTIONS AND REPORT CONCERNS..................................................................... 10 WHAT HAPPENS WHEN A CONCERN IS REPORTED?.......................................................................................... 11 ZERO TOLERANCE FOR RETALIATION .................................................................................................................. 11 COOPERATING WITH AN INVESTIGATION ........................................................................................................... 11 DIRECT COMMUNICATION WITH GOVERNMENT AND REGULATORY AUTHORITIES ................................... 11 COMMUNICATION OF TRADE SECRETS TO GOVERNMENT AND REGULATORY AUTHORITIES ................ 12 Key Guidelines ............................................................................................................................................................... 13 RESPECTING OTHERS............................................................................................................................................... 13 MUTUAL RESPECT AND PROFESSIONAL TREATMENT ....................................................................................... 13 HARASSMENT-FREE ENVIRONMENT...................................................................................................................... 14 |

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| &nbsp;&nbsp;![GRAPHIC](tm2523042d1_ex99-xpx12img009.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 SAFETY AND SECURITY............................................................................................................................................ 14 MANAGERS' RESPONSIBILITIES .............................................................................................................................. 15 Avoiding Conflicts ......................................................................................................................................................... 16 OVERVIEW.................................................................................................................................................................. 16 GIFTS AND ENTERTAINMENT.................................................................................................................................. 16 OUTSIDE EMPLOYMENT AND BUSINESS DEALINGS........................................................................................... 18 OUTSIDE SERVICE AS A DIRECTOR, TRUSTEE, OFFICER, INVESTMENT COMMITTEE MEMBER, PARTNER, OR BUSINESS OWNER OF A FOR-PROFIT BUSINESS OR A NOT-FOR-PROFIT ORGANIZATION.................. 20 OWNERSHIP OF AN OUTSIDE BUSINESS .............................................................................................................. 21 FIDUCIARY APPOINTMENTS.................................................................................................................................... 21 PERSONAL INVESTMENT DECISIONS .................................................................................................................... 21 DEALINGS WITH FAMILY AND CLOSE PERSONAL FRIENDS .............................................................................. 21 CORPORATE OPPORTUNITIES ................................................................................................................................ 22 Conducting Business..................................................................................................................................................... 23 FAIR COMPETITION AND ANTI-TRUST................................................................................................................... 23 ANTI-CORRUPTION AND IMPROPER PAYMENTS................................................................................................. 24 COMBATING FINANCIAL CRIME AND MONEY LAUNDERING ........................................................................... 25 Working With Governments ......................................................................................................................................... 26 YOUR OBLIGATIONS ................................................................................................................................................ 26 BASIC GUIDELINES.................................................................................................................................................... 26 Protecting Company Assets ......................................................................................................................................... 28 FINANCIAL INTEGRITY.............................................................................................................................................. 28 ADDITIONAL STANDARDS FOR SENIOR FINANCIAL PROFESSIONALS ........................................................... 28 USE OF COMPANY ASSETS ..................................................................................................................................... 29 PROTECTING CLIENT AND EMPLOYEE RECORDS AND MEETING OUR PRIVACY OBLIGATIONS................ 30 GLOBAL RECORDS MANAGEMENT PROGRAM ................................................................................................... 30 USE OF ARTIFICIAL INTELLIGENCE-BASED TECHNOLOGIES ............................................................................ 31 USE OF COMPUTERS, SYSTEMS AND CORPORATE INFORMATION................................................................. 31 INSIDE OR PROPRIETARY INFORMATION ............................................................................................................. 32 Supporting Our Communities...................................................................................................................................... 35 POLITICAL ACTIVITIES .............................................................................................................................................. 35 INVESTOR AND MEDIA RELATIONS ....................................................................................................................... 36 CHARITABLE CONTRIBUTIONS AND CORPORATE SPONSORSHIP................................................................... 37 PARTICIPATING IN TRADE ASSOCIATIONS, CONFERENCES AND SPEAKING ENGAGEMENTS.................. 37 STRENGTHENING SOCIAL AND ENVIRONMENTAL SUSTAINABILITY............................................................... 37 Additional Help.............................................................................................................................................................. 39 |

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| &nbsp;&nbsp;![GRAPHIC](tm2523042d1_ex99-xpx12img010.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 Doing What's Right AT BNY, "DOING WHAT'S RIGHT" MEANS • Contributing to a culture of integrity is expected and valued, • Conducting business in full compliance with all applicable laws and regulations, and in accordance with the highest ethical expectations, • Fostering honest, fair and open communication, • Demonstrating respect for our clients, communities and one another, • Being accountable for your own and team actions, and • Being willing to take a stand to correct or prevent any improper activity or business mistake. HOW TO DO WHAT'S RIGHT • Put company principles, policies and procedures into action, • Know the laws and regulations affecting your job duties and follow them, • Take responsibility for talking to someone if you see a problem, and • Ask questions if you are unsure of the right thing to do. WHEN YOU ARE UNCERTAIN, ASK YOURSELF THESE QUESTIONS • Could the action affect the company's reputation? • Would it look bad if reported in the media? • Am I uncomfortable taking part in this action or knowing about it? • Is there any question of illegality? • Will the action be questionable with the passage of time? If the answer to any of these questions is "yes," ask more questions. Keep asking until you get a satisfactory answer. Talk to your manager, the Compliance and Ethics, Legal or People Team departments, or call the Ethics Office before doing anything further. Don't stop asking until you get the help you need. It's Your Obligation to Do What's Right. |

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| &nbsp;&nbsp;![GRAPHIC](tm2523042d1_ex99-xpx12img011.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 How To Report A Concern The best place to start is by talking to your manager. If this makes you uncomfortable or you are unable to speak with your manager, then consider the options below. Ethics Help Line (Operated by members of the company's Ethics Office) • United States and Canada: 1-888-635-5662 • Europe: 00-800-710-63562 • Brazil: 0800-891-3813 • Australia: 0011-800-710-63562 • Asia: appropriate international access code +800-710-63562 (except Japan) • Japan: appropriate international access code +800-710-6356 • Other locations, use your country's international calling prefix and then dial (United States) 1-412-236-7519 Please note that your phone call can be anonymous. Email: mailto:ethics@bny.com (To remain anonymous, please use the telephone help line for reporting your concern.) Ethics Hot Line (Operated by EthicsPoint, an independent hot line administrator) • United States and Canada: 1- 866-294-4696 • Outside the United States dial the AT&T Direct Access Number for your country and carrier, then 866-294-4696 AT&T Direct Access Numbers by Country/Carrier • United Kingdom: British Telecom 0-800-89-0011; C&W 0-500-89-0011; INTL 0-800-013-0011 • India: 000-117 • Brazil: 0-800-890-0288 • Ireland: 1-800-550-000; Universal International Freephone 00-800-222-55288 • Japan: Softbank Telecom 00 663-5111; KDDI 00 539-111 • Australia: Telstra 1-800-881-011; Optus 1-800-551-155 • Hong Kong: Hong Kong Telephone 800-96-1111; New World Telephone ###-##-#### • Singapore: Sing Tel 800-011-1111; StarHub 800-001-0001 Web Report: ethicspoint.com (hosted on EthicsPoint's secure servers and is not part of the company's website or intranet). Please note that all contacts to EthicsPoint can be anonymous. Incident Reporting If your concern involves potential criminal or unusual client activity, you must file an Incident Report within 72 hours. In the U.S., you can file an Incident Report using the icon on your PC desktop. In other locations, you should contact your compliance officer for assistance in following country-specific guidelines. Director's Mailbox You may also submit all concerns, including concerns about questionable accounting or auditing matters, you may also report your concern to the presiding director of the board (who is independent of management). You can contact the presiding director by sending an email to non-management director@bnymellon.com or by postal mail addressed to: BNY Corporation Church Street Station PO Box 2164 New York, New York 10008-2164 USA Attention: Non-Management Director Please note the postal mail option can be anonymous. |

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| &nbsp;&nbsp;![GRAPHIC](tm2523042d1_ex99-xpx12img012.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 Key Guidelines of Our Code of Conduct RESPECTING OTHERS We respect human rights and treat employees with fairness, dignity, and respect at work. We are committed to fostering an inclusive workplace where talented people want to stay and develop their careers. Supporting a diverse, engaged workforce allows us to be successful in building trust, empowering teams, serving our clients and outperforming our peers. We give equal employment opportunity to all individuals in compliance with legal requirements and because it's the right thing to do. AVOIDING CONFLICTS We make our business decisions free from conflicting outside influences. Our business decisions are based on our duty to BNY and our clients, and not driven by any personal interest or gain. We are alert to any potential conflict of interest and ensure we identify and mitigate or eliminate any such conflict. CONDUCTING BUSINESS We secure business based on honest competition in the marketplace, which contributes to the success of our company, our clients, and our shareholders. We compete in full compliance with all applicable laws and regulations. We support worldwide efforts to combat financial corruption and financial crime. WORKING WITH GOVERNMENTS We follow all requirements that apply to doing business with governments. We recognize that practices that may be acceptable when dealing with a private company that is the client may cause problems or be a violation of law when working with a government. PROTECTING COMPANY ASSETS We ensure all entries made in the company's books and records are complete and accurate and comply with established accounting and record-keeping procedures. We maintain confidentiality of all forms of data and information entrusted to us and prevent the misuse of information belonging to the company or any client. SUPPORTING OUR COMMUNITIES We take an active part in our communities around the world, both as individuals and as a company. BNY plays a critical role in the stability and sustainability of the financial system, and that foundation drives our approach to sustainability. We aim to be honest, fair, and transparent when we interact with our communities and the public at large. We consider human dignity important, and we work to preserve human rights throughout our operations and value chain. We seek to address climate-related risks and opportunities through an environmental sustainability approach that considers all aspects of our business. |

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| &nbsp;&nbsp;![GRAPHIC](tm2523042d1_ex99-xpx12img013.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 What You Should Know About Our Code of Conduct OUR STRATEGIC PILLARS AND PRINCIPLES Our principles provide the framework for our decision making and guide our business conduct. Incorporating these principles into our actions helps us to do what is right and protect the reputation of the company. Our principles to the firm describe how we act, how we treat each other and how we show up for our clients. • Be Client-Obsessed • Spark Progress • Own It • Stay Curious • Thrive Together What Our Principles Do: • Explain what we stand for and our shared culture of integrity, • Span geographies and lines of business, • Represent the promises made to our clients, communities, shareholders and each other, and • Remain critical to our success. PURPOSE OF OUR CODE OF CONDUCT Today's global marketplace is filled with a host of new challenges and changes, but one constant guides us — the mandate to meet the highest expectations for legal and ethical integrity. The Code of Conduct (Code) is the foundation of our commitment to Doing What's Right, but it is not intended to describe every law or policy that applies to you. Nor does it address every business situation you may face. You're expected to use common sense and good judgment and seek advice when you're unsure of the proper response to a particular situation. The Code provides the framework and sets the expectations for business conduct. It clarifies our responsibilities to each other, clients, suppliers, government officials, competitors and the communities we serve. It outlines important legal and ethical issues. Compliance with the letter and the spirit of our Code of Conduct, laws and regulations, policies and procedures is not optional. Failing to meet these guidelines could expose our company to serious damage. WHO MUST FOLLOW THIS CODE? All employees worldwide who work for BNY or an entity that is more than 50 percent owned by the company must adhere to the guidelines in our Code. No employee is exempt from these requirements, regardless of the position you hold, the location of your job or the number of hours you work. If you oversee vendors, consultants or temporary workers, you must supervise their work to ensure their actions are consistent with the key guidelines in this Code. WAIVERS OF THE CODE FOR EXECUTIVE OFFICERS Waivers of the Code are not permitted for any executive officer of BNY, unless the waiver is made by the company's board of directors (or a committee of the board) and disclosed promptly to shareholders. Individuals who are deemed to be "executive officers" of BNY will be notified as appropriate. At the foundation of our Code of Conduct are our strategic pillars – Be More For Our Clients, Run Our Company Better and Power Our Culture. Our strategic pillars guide us and the work that we do. Our principles guide how we work together and who we are as a company. |

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| &nbsp;&nbsp;![GRAPHIC](tm2523042d1_ex99-xpx12img014.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 WHAT IS EXPECTED OF EMPLOYEES? You're responsible for contributing to our culture of integrity by Doing What's Right, by knowing the rules that apply to your job and complying with them. This includes company and line of business policies, procedures, laws and regulations governing the country and businesses in which you work. If your line of business or regional policy is more restrictive than the Code of Conduct or a Global Policy, you must follow the more restrictive rules. Ask your manager if you have questions about performing your job and keep asking until you get a satisfactory answer. Remember to question any request that does not comply with company policies, laws or regulations, or is inconsistent with our Code of Conduct. No manager or leader in our company can ask you to violate a law or regulation, or to act in a manner inconsistent with our Code of Conduct. You should challenge any such request and alert appropriate individuals. Identifying and managing risk is the responsibility of every employee. You're required to adhere to the established internal controls in your area of responsibility and promptly elevate all risk, compliance and regulatory concerns to your manager. You're expected to comply with applicable laws and regulations and follow this Code, including the spirit of its intent. The penalty for violating any provision of the Code of Conduct may be disciplinary action up to and including dismissal. If you violate a criminal law applicable to the company's business, the matter will be reported to the appropriate authorities. You are required to use CODE RAP (Code Reports and Permissions) to report or obtain approval for certain activities that are noted throughout the Code of Conduct and various company policies (e.g., gifts, entertainment and certain outside employment or positions). CODE RAP is a web-based system which you can learn more about by visiting MySource, the company's intranet site. If you need assistance or do not have access to a PC, ask your manager for help. You're obligated to comply fully with our Code of Conduct and may be required to certify your compliance with the Code. You will be notified of any required certifications. COOPERATING WITH REGULATORY AGENCIES All employees are required to cooperate and communicate with regulators responsively, completely and transparently. All commitments you have made in response to exam findings and any responses to regulatory information requests are to be completed within the agreed time frame. You must notify your manager immediately should situations arise that make it unlikely that you will meet the agreed upon commitments. In addition, your compliance officer should be advised of any delays in meeting regulatory commitments. Q & A Q: I work outside of the U.S. Do U.S. laws apply to me? A: BNY is the parent of our operating companies and is incorporated in the U.S., so U.S. laws may apply to certain business activities even if they are conducted outside of the U.S. Other countries may apply their laws outside of their boundaries. If you have questions about the laws that apply to your business activity, ask your manager or contact the Legal representative who supports your line of business. Q: What is my role in managing risk? A: Each employee plays an important role in managing risk when you: • Perform your job with integrity and in compliance with policies, procedures and the law • Adhere to the controls established for your business • Ask questions if instructions are not clear or if you are unsure of the right thing to do • Escalate issues immediately to your manager (e.g., an error, a missed control, wrongdoing or incorrect instructions) Doing What's Right means being accountable for your own and your team's actions and being willing to take a stand to correct or prevent any improper activity or a business mistake. |

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| &nbsp;&nbsp;![GRAPHIC](tm2523042d1_ex99-xpx12img015.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 WHAT IS EXPECTED OF MANAGERS? Those who manage or supervise others have a special obligation to set an example in Doing What's Right. Some of the ways you're expected to demonstrate this leadership include: • Creating a culture of integrity, risk management, compliance and ethics, • Considering risk in all your decision-making, • Reinforcing with your staff the importance of early identification and escalation of potential risks to the appropriate managers, • Ensuring employees have the relevant resources to understand their job duties, • Monitoring compliance with the Code of Conduct, company policies and procedures of the employees you supervise, • Fostering an environment in which employees are comfortable raising questions and concerns without fear of retaliation, • Reporting instances of non-compliance to the proper management level, • Taking appropriate disciplinary action for compliance and ethics violations, and • Reviewing the Code of Conduct, no less than annually, with your staff. MANAGING RISK AS A MANAGER As a manager, you must always consider risk in your decision-making. You are required to understand fully the risk, compliance and regulatory issues that may impact the areas you serve. You are required to escalate any concerns immediately to the appropriate management level to ensure the requisite attention is given to the matter. In addition, any corrective measures must be implemented timely, thoroughly and in a sustainable manner. RESPONSIBILITY TO ASK QUESTIONS AND REPORT CONCERNS You are required to speak up immediately if you have a question or concern about what to do in a certain situation or if you believe someone is doing — or about to do — something that violates the law, company policy or our Code of Conduct. If you have a genuine concern, you must raise it promptly. If you have a question or concern, your manager is usually a good place to start. Other people you may go to for help or advice are: • Your manager's manager • Your line of business compliance officer • Someone in The People Team or the Legal department You must speak up. If your concern is not addressed, raise it through other channels. You can always contact the Ethics Office through the Ethics Help Line or Ethics Hot Line. When in doubt, reach out. Q & A Q: Where do I go for help if I'm uncomfortable talking to my management? A: You can contact the Ethics Help Line or the Ethics Hot Line. The contact information is in the Code of Conduct, on MySource and on the company's public Internet site. Q: Can I report a concern anonymously? A: Yes, you can report your concern to the Ethics Help Line or Ethics Hot Line anonymously if you wish. |

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| &nbsp;&nbsp;![GRAPHIC](tm2523042d1_ex99-xpx12img016.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 WHAT HAPPENS WHEN A CONCERN IS REPORTED? When you report a concern to the Ethics Help Line or Ethics Hot Line, your concerns will be taken seriously and investigated fully. Be prepared to give detailed information about your concern. You can choose to be anonymous if you want. Your confidentiality will be protected to the fullest extent possible and every effort will be made to quickly resolve your concern. These reporting mechanisms are meant to be used only when you have a genuine concern that something is wrong. You will not be provided protection for your own misconduct just because you filed a report or if you knowingly give a false report. ZERO TOLERANCE FOR RETALIATION Anyone who reports a concern or reports misconduct in good faith, meaning they have the reasonable belief that the information is true, is demonstrating a commitment to our values and following our Code of Conduct. The company has zero tolerance for acts of retaliation. Zero means zero. No one has the authority to justify an act of retaliation. Any employee who engages in retaliation will be subject to disciplinary action, which may include dismissal. COOPERATING WITH AN INVESTIGATION You're required to cooperate with any investigation into alleged violations of our Code of Conduct, laws, regulations, policies or procedures, and are expected to be truthful and forthcoming during any investigation. This includes situations where you are an involved party, a witness or are asked to provide information as part of an investigation. Any attempt to withhold information, sabotage or otherwise interfere with an investigation may be subject to any level of disciplinary action up to and including dismissal. Remember, investigations are confidential company matters. To protect the integrity of the investigation, you are not allowed to discuss any aspect of an investigation, even the fact that an investigation is being conducted, with other employees or the public. At the same time, this requirement for confidentiality does not prohibit you from reporting legal violations to any governmental or regulatory body or official or finance-related self-regulatory organization (collectively, "Governmental Authorities"), and you may do so either during or after your employment without notice to the company. Furthermore, no BNY policy or agreement is meant to prohibit you from doing so, or from participating in any benefits involved in such reporting. The only restriction in this regard is that you are not authorized to disclose information covered by the Company's attorney-client privilege. DIRECT COMMUNICATION WITH GOVERNMENT AND REGULATORY AUTHORITIES The confidentiality of our information and the protection of that information is a theme that recurs several times in this Code and in many of our policies. However, nothing in this Code, in those policies or in any agreement with BNY is meant to prohibit you from: • initiating communications directly with, cooperating with, providing relevant information to or otherwise assisting in an investigation by any Governmental Authorities regarding a possible violation of law; • testifying, participating or otherwise assisting in an action or proceeding by a Governmental Authority relating to a possible violation of law; or |

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| &nbsp;&nbsp;![GRAPHIC](tm2523042d1_ex99-xpx12img017.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 • participating in any benefits for information provided to Governmental Authorities in the manner described in the first or second points above. You are permitted to report in this manner both during and after your employment here irrespective of any confidentiality agreements you may have signed or policies in place during your employment and without providing notice to the Company. The only restriction is that you are not authorized to disclose information covered by the company's attorney-client privilege. COMMUNICATION OF TRADE SECRETS TO GOVERNMENT AND REGULATORY AUTHORITIES While the Code prohibits you from revealing "trade secrets" outside of the company, you may do so without facing criminal or civil liability if: • the material is revealed in confidence solely for the purpose of reporting or investigating a suspected violation of law to a federal, state or local government official, either directly or indirectly, or to an attorney; or • the material is revealed in a complaint or other document filed under seal in a lawsuit or other proceeding. Note that an individual who files a lawsuit for retaliation by an employer for reporting a suspected violation of law may disclose the trade secret to his/her attorney and may use the trade secret information in the court proceeding. In such cases, trade secret information must be filed under seal, and it may be disclosed only under a court order. |

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| &nbsp;&nbsp;![GRAPHIC](tm2523042d1_ex99-xpx12img018.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 Key Guidelines RESPECTING OTHERS We are committed to fostering an inclusive workplace where talented people want to stay and develop their careers. Supporting a diverse, engaged workforce allows us to be successful in building trust, empowering teams, serving our clients and outperforming our peers. We give equal employment opportunity to all individuals in compliance with legal requirements and because it's the right thing to do. MUTUAL RESPECT AND PROFESSIONAL TREATMENT We value teamwork and nothing damages a team more quickly than a lack of mutual respect. For our company to be successful, we all must work together toward common goals. Employees and managers share a mutual responsibility to keep one another informed of any information that may be important to job performance and to understanding the organization. You're expected to treat your fellow employees professionally — it's what we owe each other in the workplace. The company recognizes your right to form personal relationships with those you meet in the workplace; however, you're expected to use good judgment to ensure your personal relationships do not negatively affect your job performance or interfere with your ability to supervise others. Favoritism, open displays of affection, not respecting personal boundaries and making business decisions based on emotions or personal relationships are inappropriate. You should avoid situations where your personal relationship with other employees, customers, vendors, contractors or individuals who conduct business with BNY may create a potential conflict or perception of favoritism, especially if there is a reporting relationship. Romantic personal relationships between employees in a reporting relationship, where one person has direct or indirect authority or influence over the employment status of the other person, are strictly prohibited. This includes authority to make decisions about promotions, transfers, salary, administrative actions and management-related decisions affecting the employee or indirect supervision where one person works in a business unit that ultimately reports to the other person. Such relationships need to be immediately disclosed to management or The People Team to address the conflicts that such a relationship creates. Situations that involve borrowing money, making loans between employees or between one employee and a family member of another employee must be avoided, unless it is of an incidental nature involving a minimal amount of money. Managers should be particularly sensitive to situations involving lending money to those who report to them and avoid these workplace situations. (Reference: Gifts and Entertainment Policy) Similarly, gifts and entertainment between employees (including family members of another employee) can create conflicts. Company policy places limits on the amounts that are permissible and amounts above those established limits require approval via CODE RAP. (Reference: Gifts and Entertainment Policy) Q & A Q: I asked a question in a staff meeting and the response I received was offensive – several people laughed at me, and I was mortified. What should I do? A: The response you received was inappropriate. Healthy communication can only occur in environments where different opinions can be expressed, and respectful debate occurs. It's okay to disagree with a colleague. However, it must be done in a professional and respectful way. Talk to the person who made the remark. If you feel uncomfortable doing so, speak with your manager or The People Team. |

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| &nbsp;&nbsp;![GRAPHIC](tm2523042d1_ex99-xpx12img019.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 Managers must also be aware of situations where shared householders, family members or close personal friends may also work at BNY. The company prohibits any work situations where there is a direct reporting relationship between family members. In addition, wherever possible, situations should be avoided that involve family members working in the same business unit at the same location, or family members working in positions where they can jointly control or influence transactions. Senior executives must be aware that there are restrictions on hiring family members. If you encounter such a situation or are aware of one, you should contact The People Team for guidance. (Reference: Hiring and Continued Employment of Employees' Relatives or Individuals Sharing Employees' Household Policy) HARASSMENT-FREE ENVIRONMENT BNY supports human rights and treats employees with fairness, dignity and respect at work and will not tolerate any form of harassment or discrimination. Harassment can be verbal, physical or include visual images where the effect creates an offensive atmosphere. It can take many forms and includes jokes, slurs, hate speech and offensive remarks, whether delivered verbally, graphically or in electronic media, including email. Harassment also includes disrespectful behavior or remarks that involve a person's race, color, sex, age, sexual orientation, gender identity, religion, disability, national origin or any other legally protected status, including, but not limited to, ableism, ageism, antisemitism, homophobia, Islamophobia, racism, sexism and xenophobia. Certain local laws or regulations may provide additional protection for employees, so check with The People Team or the Legal department in your local area if you have questions. Some countries have specific laws concerning sexual harassment that include: • Intentional or unintentional, unwelcome sexual advances with or without touching • Coerced sexual acts • Requests or demands for sexual favors • Other verbal or physical conduct of a sexual nature Our commitment to a harassment-free environment applies in all work-related settings and activities, whether on or off company premises, and extends to employees' actions toward clients and vendors. Harassment of any kind will not be tolerated in the workplace. See our Human Rights Statement. SAFETY AND SECURITY BNY is committed to establishing and maintaining safe and healthy working conditions at all locations and to complying with laws that pertain to employee workplace safety. Listed below are some of the principles of maintaining a safe and secure workplace: • You must contribute to maintaining a workplace free from physical aggression and fear. Threats, intimidating behavior or language, or any acts of violence will not be tolerated, including with respect to work-related, personal and/or social/political/geopolitical matters. Q & A Q: A colleague makes comments about my appearance that make me feel uncomfortable. I've told my colleague that I don't like these comments, but they continue, and I'm told I'm too sensitive. What am I supposed to do? A: You should talk to your manager and ask for help. If you do not feel comfortable talking to your manager, talk to The People Team or call the Ethics Help Line or Ethics Hot Line. |

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| &nbsp;&nbsp;![GRAPHIC](tm2523042d1_ex99-xpx12img020.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 • You may not use, possess, sell, or transfer illegal drugs on company property. In addition, you won't be permitted to work if you're using illegal drugs or impaired by alcohol. • You may not bring weapons onto company property. This includes weapons used for sporting purposes or otherwise legal to possess. Weapons of any kind have no place in the work environment. • You should be alert to individuals who are on company premises without proper authorization. • Make sure you observe all physical access rules in your location and report incidents of unauthorized entry to your manager or to security personnel. (Reference: Company Identification Card Issuance; Display and Use of Company Identification) MANAGERS' RESPONSIBILITIES As part of a worldwide financial services organization, managers have a special responsibility to demonstrate our values through their actions. Managers must foster a culture of integrity, honesty, and respect. This includes creating a work environment that is free from discrimination, harassment, intimidation or bullying of any kind. This type of behavior will not be tolerated and is inconsistent with our values and the Code of Conduct. Managers also must ensure that all aspects of the employment relationship are free from bias and that decisions are based upon individual performance and merit. Q & A Q: I have reason to believe that a colleague is coming to the office intoxicated. What should I do? A: You should notify your manager immediately. If you're uncomfortable discussing this with your manager, contact The People Team. |

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| &nbsp;&nbsp;![GRAPHIC](tm2523042d1_ex99-xpx12img021.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 Avoiding Conflicts We make our business decisions free from conflicting outside influences. Our business decisions are based on our duty to BNY and our clients and are not driven by any personal interest or gain. We are alert to any potential conflict of interest and ensure we identify and mitigate or eliminate any such conflict. OVERVIEW The way we conduct our daily business dealings with clients, suppliers, vendors, and competitors determines our reputation in the marketplace far more than any other actions we take. Each one of us contributes to BNY's reputation. You're expected always to act in a way that reflects our commitment to a culture of integrity and responsible business behavior. A conflict of interest is any situation where your interests and the company's interests or the interests of our clients are, or could appear to be, in opposition. When you're in such a situation, it may be difficult to objectively fulfill your job duties and your loyalty to the company or to our clients may be compromised — or appear to be compromised. Every business decision you make should be in the best interests of the company and our clients and not for your own personal gain or benefit. So, you may not engage in any activity that creates, or even appears to create, a conflict of interest between you and BNY or its clients. You should not take any business action, including any loan or guarantee, for your personal benefit, or to benefit a relative, a spouse, shared householder or romantic partner, or a close friend at the expense of the company's or a client's best interests. If you believe you have a conflict of interest, or may be perceived to have such a conflict, you must disclose this to your compliance officer or to the Ethics Office. You're expected to cooperate fully with all efforts to resolve any such conflict. The routine activities on the following pages can give rise to an actual or perceived conflict of interest. (Reference: Business Conflicts of Interest Policy) GIFTS AND ENTERTAINMENT Our clients, suppliers and vendors are vital to BNY's success. That's why it's imperative that these relationships remain objective, fair, transparent and free from conflicts. While business gifts and entertainment can be important to building goodwill, they can also affect the relationship if your ability to exercise sound business judgment becomes blurred. To prevent misunderstandings, it's recommended that, at the beginning of the business relationship, you discuss with your clients, suppliers and vendors what is permissible under our Code. Fundamentally, interactions with existing or prospective clients, suppliers and vendors are business relationships that should be treated accordingly. The inappropriate giving or receiving of gifts and entertainment can erode the distinction between a business and a personal relationship. An appropriate benchmark is whether public disclosure of any gift or entertainment you accept or give would embarrass you or damage BNY's reputation. If your judgment begins to be influenced inappropriately by a close relationship with a client, supplier or vendor, then you have crossed the line, and you should remove yourself from that relationship. The basic guideline is that no gift or entertainment may be accepted or provided if it obligates you, or appears to obligate you, to the individual receiving or giving the gift or entertainment. Gifts and entertainment should be defined in the broadest sense to include money, securities, business opportunities, goods, services, discounts on goods or services, entertainment, corporate tickets, company-sponsored events, food, drink and any similar items. Even if the conflict does not create an improper action, the appearance of a conflict of interest can be equally damaging to our reputation. |

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| &nbsp;&nbsp;![GRAPHIC](tm2523042d1_ex99-xpx12img022.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 In addition to the rules noted below apply across the company, certain lines of business may have more restrictive rules and requirements. You are expected to know and follow the more rigorous guidelines that may apply to your job or your location. The following are NOT allowed, regardless of the value: • Accepting or giving anything as a "quid pro quo," that is for doing something in return for the gift or entertainment, • Accepting or giving cash or cash equivalents (e.g., checks, cash convertible gift certificates or cards, securities, and loans), • Accepting or giving a gift or entertainment that violates any law or regulation or brings harm to BNY's reputation, • Accepting or giving anything that could be viewed as a bribe, payoff, or improper influence, • Accepting or giving a gift or entertainment that violates any standard of conduct for your profession, especially if you hold a license or a certification, • Using your position in any way to obtain anything of value from prospective or existing clients, suppliers, vendors or persons to whom you refer business, • Providing entertainment that is lavish or too frequent for an existing or prospective client, vendor or supplier, • Participating in any entertainment that is inappropriate, sexually oriented or inconsistent with ethical business practices, • Accepting gifts or entertainment from, or giving them to, any vendor or supplier during the selection or sourcing process, whether or not you are the primary relationship manager or involved directly in the negotiation to secure the products or services, • Participating in any action that would cause the other person to violate their own company's guidelines for gifts and entertainment, and • Providing gifts or entertainment to an existing or prospective client, supplier, or vendor not recorded properly in the company books and records. Q & A Q: My line of business is considering asking a local vendor that we use from time to time to donate small gifts to a local charity. Since we're not getting anything of value, can we assume this is allowable? A: No. This is inappropriate. Asking vendors or suppliers to donate gifts, even if nominal in amount and for a charitable purpose, gives the impression that they must honor our request to continue doing business with the company. |

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| &nbsp;&nbsp;![GRAPHIC](tm2523042d1_ex99-xpx12img023.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 The exchange of gifts and entertainment is a well-established practice and can be important to building relationships, but it can also affect the relationship if your ability to exercise sound business judgment becomes blurred. BNY's relationships with clients, prospects, intermediaries, consultants, centers of influence, suppliers, vendors, third parties and other business partners, including government and quasi-government employees and union officials, must be transparent, objective, fair and free from conflicts and perceptions of corruption or undue influence. As such, BNY has established strict reporting requirements and limits related to gifts, entertainment, and similar accommodations. You are required to know and understand the Gifts and Entertainment Tier I Policy, abide by all limits set within the Policy and use Code Rap to report or seek preapproval where required. You can always contact your manager or the Ethics Office if you have questions. (Reference: Gifts and Entertainment Policy) OUTSIDE EMPLOYMENT AND BUSINESS DEALINGS Certain types of outside employment or business dealings may cause a conflict of interest or the appearance of a conflict. It's your responsibility to recognize these situations. Any activity that diminishes your ability to perform your job duties objectively, benefits you at the expense of BNY, competes with any business or service provided by the company or has the potential to damage our reputation will not be permitted. Certain types of outside employment or business dealings may not be accepted while employed by BNY, including: • Employment or association with companies or organizations that prepare, audit, or certify statements or documents pertinent to the company's business, Q & A Q: I am vacationing in the Caribbean and my client has a home on the island that I'm visiting. She's been asking me to stay in her home. I'll make sure we discuss business, and I may even be able to get some business referrals from her friends. There won't be any expense to BNY. Can I stay in the client's home? A: No. Staying in a client's home is inappropriate. Your client is a business associate, not a personal friend. This type of entertainment could be viewed as improper and could bring harm to the company's reputation if disclosed to the public. The fact that the company is not paying for any expenses is not relevant. You should thank the client for the kind suggestion, explain our policy and politely decline the offer. Q & A Q: I'm worried about the impression my office is giving to the community. We host what I consider to be lavish parties for prospective clients and some people seem to be constantly "entertaining" clients. Should I be worried? A: It depends. It could be that your colleagues are engaging in legitimate business entertainment. It's possible that the entertainment complies with the Code of Conduct and company policies, and you may not have all the facts. You should talk to your manager or the next level of management about your concern. If you're uncomfortable doing this or you get an unsatisfactory answer, contact the Ethics Help Line or the Ethics Hot Line to report your concern doing business with the company. |

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| &nbsp;&nbsp;![GRAPHIC](tm2523042d1_ex99-xpx12img024.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 • Employment with other financial institutions, with limited exceptions approved by the Ethics Office and, where applicable and consistent with our policy, our Chief Executive Officer, Chief Risk Officer, General Counsel, and Chief Compliance and Ethics Officer. • Employment with clients, competitors, vendors, or suppliers that you deal with in the normal course of your job duties, and • Any business relationship with a client, prospect, supplier, vendor, or agent of the company (other than normal consumer transactions conducted through ordinary retail sources). Certain types of outside employment and business dealings require approval from the company before acceptance. You must seek approval via CODE RAP. Depending upon your job duties or other regulatory requirements, your request may be denied, or limits may be placed upon your activities. The following positions require approval: • Employment involving the use of a professional license even if that license is not required for you to perform your current duties (e.g., FINRA, real estate, insurance, certified accountant, and attorney), • Employment involving providing tax advice or tax return preparation, • Any type of employment in the financial services industry, • Employment that could compete with the company or divert business opportunities in any way, • Any position that is similar in nature to your present job duties and involves a "knowledge transfer" to the other organization, • Jobs that adversely affect the quality of your work, distract your attention from your job duties or otherwise influence your judgment when acting on behalf of the company, • Employment of any kind that would negatively impact the company's financial or professional reputation, and • Serving as an expert witness, industry arbitrator or other similar litigation support that is unrelated to BNY, as these activities generally take a significant amount of time and have the potential to create conflicts of interest (e.g., taking a position that is contrary to company policies or procedures or otherwise conflicts with the interests of our clients). Even if your outside employment is approved or permissible under the Code, you may not solicit employees, clients, vendors or suppliers, nor may you utilize the company's name, time, property, supplies or equipment. All approvals granted for outside employment expire after one year. Annual reapproval via CODE RAP is required since facts and circumstances may change. (Reference: Outside Affiliations, Outside Employment, and Certain Outside Compensation Policy) Q & A Q: A colleague of mine works part-time for a company that provides office supplies, such as paper and pens, to BNY. Should I be concerned that his outside employment could be a conflict? A: It does not seem likely this would be a conflict, so long as your colleague is not involved in the decision-making process to purchase supplies from the outside company or approve invoices or payments to the supplier. If you're concerned, you may want to talk with your manager. In addition, you can always contact your compliance officer or the Ethics Office for guidance. |

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| &nbsp;&nbsp;![GRAPHIC](tm2523042d1_ex99-xpx12img025.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 OUTSIDE SERVICE AS A DIRECTOR, TRUSTEE, OFFICER, INVESTMENT COMMITTEE MEMBER, PARTNER, OR BUSINESS OWNER OF A FOR-PROFIT BUSINESS OR A NOT-FOR-PROFIT ORGANIZATION You must obtain prior approval from the Ethics Office through CODE RAP if you wish to serve as a director, trustee, officer, partner, or business owner of any for-profit business OR for certain not-for-profit (NFP) organizations if any of the following conditions exist: • There is an existing or proposed client, business, or financial relationship between the NFP organization and BNY, including receiving charitable contributions, grants, or foundation money from BNY. • The NFP organization is a trade or industry organization (e.g., Financial Industry Regulatory Authority or the Chartered Financial Analyst Institute). • You receive any type of direct or indirect compensation (e.g., cash, securities, goods, services, tax benefit, etc.). • You have been asked by BNY to serve the NFP organization. • The organization/entity is any type of government agency, or your position/ role is considered to be a public official (whether elected or appointed). You must obtain prior approval from the Ethics Office through CODE RAP to serve as a member of an investment committee that makes or oversees decisions or recommendations with respect to investing the assets of a for-profit or a not-for-profit organization or to the serve on the board of a publicly traded company. You may not serve until you have full approval from BNY as required by policy and documented in CODE RAP. If you are compensated, you may be required to surrender the compensation if there is a potential conflict of interest or you're serving the outside entity on behalf of BNY. Annual reapproval via CODE RAP is required as facts and circumstances may change, so you may not be given permission to serve every year. Even if the service does not require approval, you must notify BNY of any anticipated negative publicity, and you must follow these guidelines while you serve: • Never attempt to influence decisions that may lead to the use of BNY or its affiliates' products, services or other types of benefit to the company; the entity's records must reflect that you recused yourself from such a vote or discussion. • You must ensure the entity conducts its affairs lawfully, ethically and in accordance with prudent management and financial practices. If you cannot, then you must resign. • You cannot divulge any confidential or proprietary information. • If you learn of any Material Nonpublic Information (MNPI) you must contact the Control Room or your local compliance officer to report each instance. (Reference: Outside Affiliations, Outside Employment and Certain Outside Compensation Policy) Q & A Q: I've been asked to sit on the board of a local non-profit group. They use our Wealth Management group to manage their charitable giving program. I don't have any business dealings with the non-profit group and don't work in Wealth Management. Do I have to report this? A: Yes. The non-profit entity is a client of BNY. It does not matter which line of business has the client relationship, or whether you have any business dealings with the group. You must submit a CODE RAP form and receive approval before you agree to serve. |

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| &nbsp;&nbsp;![GRAPHIC](tm2523042d1_ex99-xpx12img026.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21 OWNERSHIP OF AN OUTSIDE BUSINESS If you own a business (either as a sole proprietor or partial owner), you must seek approval for this ownership via CODE RAP. You'll be required to provide pertinent details, such as any relationship with BNY (including employees), any compensation/ payment received, time required and potential conflicts of interest (actual or in appearance). Annual reapproval via CODE RAP is required as facts and circumstances may change. (Reference: Outside Affiliations, Outside Employment, and Certain Outside Compensation) FIDUCIARY APPOINTMENTS Fiduciary appointments are those where you act as a trustee, executor, administrator, guardian, assignee, receiver, custodian under a uniform gift to minors act, investment adviser or any capacity in which you possess investment discretion on behalf of another or any other similar capacity. In general, you're strongly discouraged from serving as a fiduciary unless you're doing so for a family member. All requests to serve as a fiduciary, with the exception of serving for a family member who is not a BNY client, require approval through CODE RAP. If there is a client relationship, there may be restrictions or controls placed on your service, or you may be denied the ability to serve in such a fiduciary capacity. In all situations where you're acting as a fiduciary, you must follow these guidelines: • Do not represent that you're performing the same professional services that are performed by a bank, or that you have access to such services, • Do not accept a fee for acting as a co-fiduciary with a bank, unless you receive approval from the board of directors of that bank, and • Do not permit your appointment to interfere with the time and attention you devote to your BNY job duties. PERSONAL INVESTMENT DECISIONS Your personal investments and those of certain family members could lead to conflicts of interest. Therefore, you're required to comply with the company's Personal Securities Trading Policy, including adhering to the restrictions placed on trading in BNY securities and a strict prohibition against insider trading. Certain employees will have additional restrictions placed on their personal investments that may include reporting and preclearing various types of securities transactions. You must be familiar with the responsibilities that apply to your job, and you'll be expected to follow those rules. In addition, if you have (or anyone who reports to you has) responsibility for a client, supplier or vendor relationship as part of your job duties, you must be cautious about potential investments in that business or its securities, particularly for privately held or thinly traded public companies and ensure your full compliance with the Personal Securities Trading Policy. DEALINGS WITH FAMILY AND CLOSE PERSONAL FRIENDS You should be particularly sensitive to business situations involving family members, household members or close personal friends. In general, a family member or close personal friend should not have any business dealings with you or with anyone who reports to you. This guidance also applies to situations where your family members or close personal friends provide an indirect service to a client for whom you have responsibility, as well as to situations in which your family member or close personal friend is affiliated with a vendor of BNY, or a competitor to BNY. |

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| &nbsp;&nbsp;![GRAPHIC](tm2523042d1_ex99-xpx12img027.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22 You must disclose any such situation to your manager and your compliance officer and cooperate with all efforts to resolve such conflicts. (Reference: Hiring and Continued Employment of Employees' Relatives or Individuals Sharing Employees' Household Policy) CORPORATE OPPORTUNITIES You have an obligation to avoid conflicts in connection with BNY's legitimate business interests. You and your family members are prohibited from personally benefiting from the use of company property or information that you directly or indirectly obtained through your position at BNY. Your actions must not compete in any way with businesses the company engages in, and you may neither ask for, nor accept, a business opportunity that may belong to BNY or could appear to belong to it. You may not give legal, tax or other professional advice to clients, prospects, vendors or suppliers of the company. You may not give investment advice to clients, prospects, vendors or suppliers of the company, unless this activity is part of your regular job responsibilities. You must also be cautious if clients, prospects, suppliers or other employees seek your guidance or your recommendation of a third-party professional who provides these services, such as an attorney, accountant, insurance broker, stockbroker, or real estate agent. If you make such a recommendation, you must follow these requirements: • Provide several candidates and ensure you show no favoritism toward any of them • Disclose in writing that the recommendations are in no way sponsored or endorsed by the company • Do not accept any fee (now or in the future), nor may you expect any direct or indirect benefit (e.g., more business from a better relationship) from the recommendation Q & A Q: My child works for a consulting company that BNY routinely hires for software development. My job does not require that I interact with them, and I have no influence or input over the decision to hire the consulting company. Is this okay? A: It doesn't appear that there are any conflicts of interest with your child working for the consulting company and your job at BNY. To be certain, discuss this matter with your manager or your compliance officer, so that you can be sure there are no conflicts with this situation. All transactions with your clients, suppliers or vendors must be handled strictly on an "arm's-length basis," meaning that the terms of all transactions must not even suggest the appearance of a personal advantage. All transaction with your clients, suppliers or vendors must be handled strictly on an "arm's-length basis," meaning that the terms of all transactions must not even suggest the appearance of a personal advantage. |

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| &nbsp;&nbsp;![GRAPHIC](tm2523042d1_ex99-xpx12img028.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23 Conducting Business FAIR COMPETITION AND ANTI-TRUST BNY is committed to fair dealing with our clients, suppliers, competitors and employees. The company is also committed to open competition as we believe this benefits our clients, the company and the community at large. We compete vigorously, but only in full compliance with the laws and regulations of the numerous jurisdictions in which we do business and a culture of honesty and integrity. All BNY entities must comply with fair competition, fair dealing and anti-trust laws to protect the markets from anti-competitive activities. Some examples of such anti-competitive activities are those that involve entering into formal or informal agreements, whether written or oral, with competitors regarding: • Fixing prices or terms, or any information that impacts prices or terms, • Allocating markets, sales territories or clients, including sharing marketing plans or strategic documents, • Boycotting or refusing to deal with certain suppliers, vendors, or clients (unless required by a law or governing body, such as the Office of Foreign Assets Control), and • Making the use of a product or service from a supplier or vendor conditional upon their use of our services or products. Fair dealing requires us to deal fairly with our clients, suppliers, competitors and employees. Unfair advantage may not be taken through: • Manipulation, • Concealment, • Abuse of privileged information, • Misrepresentation of material facts, or • Any other unfair-dealing practices. Please contact a member of the Legal department if you have any questions on the application of competition and anti-trust laws to a particular activity and whether it is legal or in compliance with the spirit of these laws. The following points reinforce the significance and complexity of these laws: • The laws can vary within the same country or organization. For example, several states within the U.S. have fair competition laws, in addition to the federal anti-trust laws. Likewise, within the EU, individual countries may have laws that apply in addition to EU laws, • The laws of certain countries may apply to conduct that takes place outside of that country (e.g., the U.S. and EU), Q & A Q: A close friend works for a competitor of BNY. We sometimes talk about the challenges we have in marketing certain products and bounce ideas off one another. Is this a problem? A: Yes. You're discussing confidential information that belongs to the company. You may also be violating anti-trust or anti-competitive laws. Do not talk about these types of matters with your friend, family members or anyone outside of the company. |

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| &nbsp;&nbsp;![GRAPHIC](tm2523042d1_ex99-xpx12img029.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24 • Violations of these laws typically carry harsh penalties. Most permit significant monetary penalties for both the company and the individual employee, and some permit convicted individuals to be imprisoned, • Meetings at professional gatherings, trade associations or conferences are particularly vulnerable to potential violations. If you're involved in any discussion with a competitor that begins to suggest anti-competitive or anti-trust activity, or gives the appearance of this kind of activity, you must inform the competitor that the discussion must cease. If it does not, you must remove yourself from the group. Immediately report the incident to the Legal department to protect both you and the company, and • Many countries' competition laws have provisions that make it illegal to monopolize or to abuse a dominant position in a market. You should check with the Legal department if you're a senior manager of a business and have concerns about these issues. Complying with fair competition and anti-trust laws also means that you may not use information or materials that belong to our competitors. This includes using information that a former employee of a competitor may bring with them to BNY. We succeed in the marketplace based on our own merits and do not engage in corporate "espionage" or unethical means to gain advantage on the competition. You're expected to comply fully with the letter and the spirit of all fair competition and anti-trust laws. ANTI-CORRUPTION AND IMPROPER PAYMENTS Most countries in which we do business have laws that prohibit bribes to governments, their officials and commercial (non-government) clients. The term "officials" can be applied broadly to include officials of political parties, political candidates, employees of governments and employees of government-owned businesses. BNY employees are subject to the Foreign Corrupt Practices Act and the UK Bribery Act. You must comply with these laws regardless of the line of business in which you work or your country of residence. Any attempt to pay or offer money or anything of value to influence the actions or decisions of such officials may result in a violation of the above-referenced laws. Violation of these laws is a serious offense which can lead to significant penalties for the company and for you individually. You're required to comply fully with the Company's Anti-Corruption Policy and adhere to all associated rules including the following: • Do not offer or give anything of value (including gifts, meals, entertainment, or other benefits) to a U.S. or non-U.S. "official" to obtain or retain business or secure any improper advantage. Note that "things of value" may include jobs or internships or offers thereof. Company policies require that all candidates for employment (whether permanent, limited duration or as an intern) must proceed through the formal HR recruiting process. You must not engage in informal recruiting, hiring or hiring discussions outside of the formal HR recruiting process. In addition, "things of value" may also include consulting, contractor, or temporary work assignments at BNY, whether or not a third-party employment staffing agency is involved. You must adhere to all internal controls applicable to such arrangements. • Do not agree to hire or exert any influence in the hiring of any client or potential client or any relative or other person in whom the client or potential client may be interested, • Do not accept or present anything if it obligates you, or appears to obligate you, and ensure that all hospitality, entertainment, and gifts are in accordance with applicable corporate policies and preceded by all required internal approvals, • Do not attempt to avoid laws by making payments through third parties: be cautious when selecting or dealing with agents or other third-party providers, • Never make any payment that you do not record on company books and records, or make misleading accounting entries, |

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| &nbsp;&nbsp;![GRAPHIC](tm2523042d1_ex99-xpx12img030.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 • Seek guidance when circumstances are unclear or you're asked to make or approve a payment or take any other action that makes you uncomfortable, and • Report any observations of others engaging in any behavior that you believe is improper. COMBATING FINANCIAL CRIME AND MONEY LAUNDERING Money laundering is the process by which individuals or entities attempt to conceal unlawful funds or otherwise make the source of the funds appear legitimate. As a member of the financial services community, you have a special obligation to support law enforcement throughout the world to combat various types of financial crime, such as attempts to launder money for criminal activity and finance terrorist operations. You're expected to comply fully with all anti-money laundering laws and only conduct business with reputable clients involved in legitimate business activities that use funds derived from lawful purposes. It is critical to the health of the company that every employee adheres to the company's strict "know-your-customer" policies. In addition to our global policies, individual lines of business have detailed policies and procedures that address unique requirements and circumstances. You're expected to know those procedures and follow them. Ask your manager for guidance. Knowing your customer means following established customer identification protocols for your business line, validating that the individual or entity, and the source of their funds is legitimate. Failing to detect suspicious transactions or doing business with any person or entity involved in criminal or terrorist activities, for example, forced labor or human trafficking, puts the company and you at serious risk. Accordingly, the company will not tolerate any circumstance where an individual or business unit circumvents anti-money laundering policies or procedures or fails to report suspicious activity. No amount of revenue and no client relationship are worth the risk of doing business with those involved in criminal or terrorist activity. If you suspect or detect any suspicious activity, you must file an Incident Report as soon as possible and no later than 72 hours after detection. No manager or executive has the authority to suppress such reports. (References: Global Anti-Money Laundering Policy; Anti-Tax Evasion Policy; AML Training Policy; Anti-Bribery & Corruption Policy; Suspicious Activity Reporting Policy for Non-U.S. Based Employees and Contractors; Global Economic Sanctions Policy.) Q & A Q: A longtime client started a new company that purchases medical equipment for a facility in the Middle East. The payments are made via wire transfers from an account of another company she owns in the Cayman Islands. The bank account of the Cayman Island company is in Europe. Should I be concerned? A: Yes. Transferring funds to or from countries unrelated to the transaction, or transfers that are complex or illogical is a significant red flag. You're obligated to file an Incident Report no later than 72 hours from the time you identify the activity as suspicious. |

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| &nbsp;&nbsp;![GRAPHIC](tm2523042d1_ex99-xpx12img031.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26 Working With Governments We follow all requirements that apply to doing business with governments. We recognize that practices that may be acceptable when dealing with a private company that is the client may cause problems or be a violation of law when working with a government. YOUR OBLIGATIONS BNY conducts business with national and local governments and with government-owned entities. While you must always follow the standard of Doing What's Right with any client, you should be aware that there are special rules when doing business with a government. Some practices that are acceptable when a private company is your client, such as nominal gifts or entertainment, may cause problems, or in some cases be a violation of law, when working with governments. If you're involved in any part of the process of providing services to a government entity, you have a special obligation to follow the basic guidelines in this section of the Code. These guidelines also apply in circumstances where you may be supervising the work of third parties in support of a government client (e.g., consultants, contractors, temporary workers, or suppliers). If you're a manager or recruiter who has responsibility for hiring decisions, you may have additional, unique requirements. For example, certain jurisdictions, such as the U.S., have laws concerning employment discussions and the hiring of former government officials and their family members or lobbyists. Check with your local People Team representative or the Legal department in such circumstances to be sure you're following requirements of the law. BASIC GUIDELINES • Know the restrictions or limitations on presenting and receiving hospitality. — Do not offer or accept gifts to or from representatives of governments that do not comply with company policies, — Never accept or offer anything of value meant to induce or influence government employees or officials, as this gives the appearance of a bribe, — Don't "tip" government officials or offer "inducement" payments, and — Do not accept or present anything if it obligates you or appears to obligate you. Q & A Q: I have clients in a country where some businesses have been "nationalized" and are now owned and run by the state. Are the people I deal with in these circumstances considered to be officials of the government? A: You should assume the answer is yes. The laws can be complicated, so contact the Legal department for guidance. Q: I'm hosting a dinner for a few of the larger clients in my region. One of the clients I was going to invite is the representative for the account we manage for the State of New Jersey. Do I have to notify anyone? A: Yes. You may not proceed until you've received approval via CODE RAP from the Anti-Corruption and Government Contracting Unit of Compliance. |

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| &nbsp;&nbsp;![GRAPHIC](tm2523042d1_ex99-xpx12img032.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27 • Observe a "higher standard of care." • Never destroy or steal government property, — Don't make false or fictitious statements, or represent that agreements have been met if they haven't, — Don't deviate from contract requirements without prior approval from the government, and — Never issue invoices or charges that are inaccurate, incorrect, or unauthorized. • Cooperate with government investigations and audits. — Don't avoid, contravene, or otherwise interfere with any government investigation or audit, and — Don't destroy or alter any company documents (whether electronic or paper) in anticipation of a request for those documents from the government. It's important to note that in addition to the basic guidelines above, if your client is a U.S. federal, state or local government, there are very specific legal requirements and company policies that you must follow. These obligations apply to all businesses that deal with U.S. federal, state or local entities or officials, regardless of the location or the line of business providing the service, even in locations outside the U.S. (Reference: Gifts and Entertainment Policy, Anti-Corruption Policy) |

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| &nbsp;&nbsp;![GRAPHIC](tm2523042d1_ex99-xpx12img033.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28 Protecting Company Assets We ensure all entries made in the company's books and records are complete and accurate and comply with established accounting and record-keeping procedures. We maintain confidentiality of all forms of data and information entrusted to us and prevent the misuse of information belonging to the company or any client. FINANCIAL INTEGRITY BNY is committed to keeping honest, accurate and transparent books and records. You're expected to follow established accounting and record-keeping rules and to measure and report financial performance honestly. Investors count on us to provide accurate information so they can make decisions about our company. All business records must be clear, truthful, and accurate, and follow generally accepted accounting principles and laws. You may not have any secret agreement or side arrangements with anyone — a client, another employee or their family member, or a supplier, vendor, or agent of the company. The financial condition of the company reflects records and accounting entries supported by virtually every employee. Business books and records also include documents many employees create, such as expense diaries and time sheets. Falsifying any document can impact the financial condition of the company. As a public company, BNY is required to file reports with government agencies and make certain public statements. Many people and entities use these statements, including: • Accountants — to calculate taxes and other government fees, • Investors — to make decisions about buying or selling our securities, and • Regulatory agencies — to monitor and enforce our compliance with government regulations. You're expected to maintain accurate and complete records at all times. Financial integrity is fundamental to our success, and falsification, backdating or misrepresentation of any company books, records or reports will not be tolerated. ADDITIONAL STANDARDS FOR SENIOR FINANCIAL PROFESSIONALS If you're responsible for the accuracy of the company's financial filings with regulators, you have a higher duty to ensure your behavior follows the most stringent standards of personal and professional conduct. This includes the chief executive officer, president, chief financial officer, company controller and such other individuals as determined by the general counsel. Individuals in this group must adhere to the following additional standards: • Disclose to the general counsel and chief compliance and ethics officer any material transaction or relationship that could reasonably be expected to be a conflict of interest, Q & A Q: I think a co-worker is submitting reports that indicate she worked overtime that she did not actually work. I don't want to get anyone in trouble, so what should I do? A: Reporting hours not worked is a form of theft. This is a serious issue and may be a violation of law. You must report your concern to your manager or The People Team. If you're uncomfortable raising this issue with your manager, file an Incident Report or contact the Ethics Help Line or the Ethics Hot Line to report your concern. |

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| &nbsp;&nbsp;![GRAPHIC](tm2523042d1_ex99-xpx12img034.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29 • Provide stakeholders with information that is accurate, complete, objective, fair, relevant, timely and understandable, including information in filings and submissions to the U.S. Securities and Exchange Commission and other regulatory bodies, • Act in good faith, responsibly, with due care, competence, and diligence, without misrepresenting material facts or allowing your independent judgment to be compromised, • Never mislead or improperly influence any authorized audit or interfere with any auditor engaged in the performance of an internal or independent review of the company's system of internal controls, financial statements or accounting books and records, and • Promptly report any possible violation of the company's Code of Conduct to the general counsel and chief compliance and ethics officer. USE OF COMPANY ASSETS Company assets include, but are not limited to, company funds, equipment, facilities, supplies, postal and electronic mail, and any type of company-owned information. It also includes your time and the time of those with whom you work — you're expected to use your time at work responsibly. Company assets are to be used for legitimate business purposes and not for your personal gain. You're expected to use good judgment to ensure that assets are not misused or wasted. The company's name and brand are vital assets. To ensure that we maintain a culture of integrity and value of our brand, it is imperative to adhere to the brand guidelines when using the name, logo, or any reference to the brand. Details about the brand and brand guidelines are listed at the Brand Center site on MySource. In addition to keeping within brand guidelines to ensure that the name and brand are used appropriately and to protect these assets. You should not imply, directly or indirectly, any company sponsorship, unless you have prior and proper approval. This includes refraining from using the company's name to endorse a client, supplier, vendor or any third party without the approval of Corporate Marketing. You may not proceed with any such use of the company's name or endorsement without first receiving approval through CODE RAP. (Reference: Use of BNY Brand and Logos by Third-Party Policy). Careless, wasteful, inefficient, or inappropriate use of any company assets is irresponsible and inconsistent with our Code of Conduct. Any type of theft, fraud or embezzlement will not be tolerated. Q & A Q: I think a co-worker is submitting reports that indicate she worked overtime that she did not actually work. I don't want to get anyone in trouble, so what should I do? A: Reporting hours not worked is a form of theft. This is a serious issue and may be a violation of law. You must report your concern to your manager or The People Team. If you're uncomfortable raising this issue with your manager, file an Incident Report or contact the Ethics Help Line or the Ethics Hot Line to report your concern. |

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| &nbsp;&nbsp;![GRAPHIC](tm2523042d1_ex99-xpx12img035.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 PROTECTING CLIENT AND EMPLOYEE RECORDS AND MEETING OUR PRIVACY OBLIGATIONS The company is responsible for ensuring privacy, confidentiality and controlled access to all client and employee information. This includes personal information related to prospective clients and job candidates. All of our stakeholders expect us to collect, maintain, use, disseminate and dispose of information only as necessary to carry out responsibilities or as authorized by law. • Nearly every employee in the company has access to personal information, so you're expected to adhere to the following key requirements concerning privacy: • Collection of client and employee information must be controlled. This means that the collection of such information must be permitted under law and only for a legitimate business purpose. Accessing external accounts for clients using client passwords is not permitted under any circumstances, regardless of whether it is authorized and provided by the client. • Storage and transport of all forms of collected client and employee information must be controlled and safeguarded. This means that information collected must be maintained in a secured environment, transported by approved vendors and access provided only to those who need to view the information to perform their job duties. • Use of client and employee information must be controlled. If the law or company policy provides that the client or employee be given a right to "opt-out" of certain uses of information, then you must respect that right. • Disposal of client and employee information must be controlled. You should only retain information for the time period necessary to deliver the service or product and in compliance with applicable retention periods. When it's necessary to dispose of information (regardless of the media on which the information is stored) you must do so in a manner appropriate to the sensitivity of the information. • Any compromise of client or employee information must be reported. If you're aware of or suspect that client or employee information has been lost, stolen, missing, misplaced or misdirected, or that there's been unauthorized access to information, you must immediately report the matter through the company's incident reporting process. Know how to protect records and make sure to always follow company policies. The loss of any protected data can be extremely harmful to the company financially and damages our reputation. (Reference: Global Data Privacy Policy, Information Classification, Handling and Records Management Policy). GLOBAL RECORDS MANAGEMENT PROGRAM You must follow company and local policies for retention, management, and destruction of records. If there's an investigation or if litigation is pending or anticipated, certain records may need to be retained beyond established destruction periods. In most cases, you'll be notified of the need to retain documents by the Legal department, if appropriate. Q & A Q: As part of my group's job duties, we're able to view the accounts of wealthy clients. I overheard one of my colleagues talking to his brother on the phone about the balance in a client's account who happens to be a very prominent sports figure. I don't think this is right, but what should I do? A: You're correct in being concerned. Your colleague had no right to disclose personal information about a client to anyone who has no legitimate business need for the information. File an Incident Report and contact the Ethics Help Line or the Ethics Hot Line to report your concern. |

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| &nbsp;&nbsp;![GRAPHIC](tm2523042d1_ex99-xpx12img036.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31 Records should be defined in the broadest sense — meaning that they include any information created or received that has been recorded on any medium or captured in reproducible form. Records also include any document that is intentionally retained and managed as final evidence of a business unit's activities, events or transactions, or for operational, legal, regulatory, or historical purposes. The media and formats of records take many forms, including: • Papers, emails, instant messages and other electronically maintained documents, • Microfilms, photographs, and reproductions, • Voice, text, and audio tapes, • Magnetic tapes, flash drives, optical disks, and drawings, and • Any other media, regardless of physical form or characteristics that have been made or received in the transaction of business activities. USE OF ARTIFICIAL INTELLIGENCE-BASED TECHNOLOGIES BNY is committed to the responsible, ethical use of Artificial Intelligence (AI) and Machine Learning (ML)- based technologies. If you are involved in the development, operation and decommissioning of systems incorporating AI/ML models, you must: • Register, validate and maintain such models in accordance with the firm's Model Risk Management framework. • Process all data associated with such models in accordance with the firm's Data Ethics framework, including any data generated by the model/broader system. You must also follow the requirements and policies of adjacent domains where these overlap, including Third Party Governance requirements when onboarding a vendor-provided system incorporating AI. Almost all employees, including those in non-technical roles, have broader obligations in relation to the appropriate use of AI/ML-based technologies, so you're expected to: • Adhere to the requirements of any tool or platform-specific attestation signed prior to gaining access to the tool or platform in question (e.g., Eliza Pro). • Undertake appropriate review of all output data generated by an AI system prior to use, taking accountability for its suitability in relation to the given intended purpose. (References: Data Ethics Policy, Models and Model-Like Approaches Policy, Global Data Privacy Policy) USE OF COMPUTERS, SYSTEMS AND CORPORATE INFORMATION As an employee, you have access to the company's computers, systems, and corporate information to do your job. This access means you also have the obligation to use these systems responsibly and follow company policies to protect information and systems. Electronic systems include, but are not limited to: • Personal computers (including email and instant messages) and computer networks, • Telephones, cell phones, voice mail, and • Other communications devices, such as tablets, wearable technology, smart watches, etc. Never send sensitive or confidential data over the Internet or over phone systems without following established company policies to protect such information. |

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| &nbsp;&nbsp;![GRAPHIC](tm2523042d1_ex99-xpx12img037.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32 You should have no expectation of privacy when you use these systems, except as otherwise provided by applicable law. You're given access to the company's systems to conduct legitimate company business and you're expected to use them in a professional and responsible manner. The company reserves the right to intercept, monitor and record your communication on these systems in accordance with applicable law. You're expected to protect the security of these systems and follow company policies concerning access and proper use (such as maintaining passwords). If your password is disclosed or compromised in any way, you must file a CODE RAP report immediately and observe all necessary steps to restore the confidentiality of your password. Also, the occasional use of company systems for personal purposes is acceptable, but you're expected to use good judgment and comply with company policies. Keep personal use to a minimum and use company systems wisely and in a manner that would not damage the company's reputation. You're permitted to use the company's systems if you follow these rules: • Messages you create should be professional and appropriate for business communication, including those created via email or instant messaging. • Never engage in communication that may be considered offensive, derogatory, obscene, vulgar, harassing or threatening (e.g., inappropriate jokes, sexual comments or images, comments that may offend, including those based upon gender, race, age, religious belief, sexual orientation, gender identity, disability or any other basis defined by law). • Do not distribute copyrighted or licensed materials improperly. • Do not transmit chain letters, advertisements, or solicitations (unless they're specifically authorized by the company). • Never view or download inappropriate materials. Notwithstanding the above, employees in Luxembourg are prohibited from using the company's corporate email for non-employment and non-business-related purposes. (References: Electronic Communication Policy; Information Classification, Handling and Records Management Policy) INSIDE OR PROPRIETARY INFORMATION As an employee, you may have knowledge about the company's businesses or possess confidential information about the private or business affairs of our existing, prospective or former clients, suppliers, vendors and employees. You should assume all such information is confidential and privileged and hold it in the strictest confidence. Confidential information includes all nonpublic information that may be of use to competitors, or harmful to the company or its clients, if disclosed. It is never appropriate to use such information for personal gain or pass it on to anyone outside the company who is not expressly authorized to receive such information. Other employees who do not need Q & A Q: My co-worker sometimes sends sensitive client data via the Internet to a vendor we use to help solve problems. I'm concerned because I don't think this information is protected properly. He says it's okay because the vendor is authorized to receive the data and the problems that need to be resolved are time sensitive. Should I be worried? A: Yes. This is a serious matter, and you must talk to your manager immediately. Your co-worker could be putting clients and BNY at great risk. If you don't raise your concern, you may be as responsible as your co-worker for violating company policies. If you're uncomfortable raising this issue with your manager, file an Incident Report or contact the Ethics Help Line or the Ethics Hot Line to report your concern. |

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| &nbsp;&nbsp;![GRAPHIC](tm2523042d1_ex99-xpx12img038.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33 the information to perform their job duties do not have a right to it. You're expected to protect all such information and failure to do so will not be tolerated. If you're uncertain about whether you have inside or proprietary information, you should treat the information as if it were and check with your manager or a representative from the Legal department. The following list contains examples of "inside" or "proprietary" information. Inside Information Inside information is material nonpublic information relating to any company, including BNY, whose securities trade in a public market. Information is deemed to be material if a reasonable investor would likely consider it important when deciding to buy or sell securities of the company, or if the information would influence the market price of those securities. If you're in possession of material nonpublic information about BNY or any other company, you may not trade the securities of that company for yourself or for others, including clients. Nearly all countries and jurisdictions have strict securities laws that make you, the company, and any person with whom you share the information, legally responsible for misusing inside information. The company's Information Barriers Policy provides instructions on the proper handling of inside information and the company will not tolerate any violation of this policy. Certain employees have significant restrictions placed on their trading in BNY securities or the securities of other companies. You must know the restrictions relative to your job and follow company policies and applicable securities laws. Proprietary Information Proprietary information includes business plans, client lists (prospective and existing), marketing strategies, any method of doing business, product development plans, pricing plans, analytical models or methods, computer software and related documentation and source code, databases, inventions, ideas and works of authorship. Any information, inventions, models, methods, ideas, software, works or materials that you create as part of your job responsibilities or on company time, or that you create using information or resources available to you because of your employment by the company, or that relate to the business of the company, belong to the company exclusively and are considered proprietary information. Proprietary information also includes business contracts, invoices, statements of work, requests for investment or proposal, and other similar documents. Any information related to a client, supplier or vendor financial information (including internal assessments of such), or credit ratings or opinions is considered proprietary. You should also assume all information related to client trades, nonpublic portfolio holdings and research reports are proprietary. The same is true regarding reports or communications issued by internal auditors, external regulators or accountants, consultants or any other third-party agent or examiner. Company-produced policies, procedures or other similar work materials are proprietary and, while they may be shared with other employees, they cannot be shared with anyone outside of the company without prior consent of the policy owner and legal counsel. Q & A Q: I discovered that an investor in one of our funds has requested to withdraw a significant amount of money from the fund. I manage a client's money and he has an investment in the same fund. To protect my client's interest, I want to pull his money out of the fund because its performance will likely drop. Even though the withdrawal is not yet known by the public, is this okay because I have a fiduciary duty to my client and I'm not benefiting personally by trading on behalf of my client? A: No. You're in possession of material nonpublic information and you may not trade the securities of that fund. Your duty to comply with securities laws supersedes any duty you have to your client. You should immediately contact the Legal department to discuss this situation. |

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| &nbsp;&nbsp;![GRAPHIC](tm2523042d1_ex99-xpx12img039.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34 These restrictions on the communication of proprietary information notwithstanding, employees are permitted to communicate certain proprietary information to regulatory authorities as detailed in the sections Direct Communication with Government and Regulatory Authorities and Communication of Trade Secrets to Government and Regulatory Authorities above. (References: Information Barriers, Personal Securities Trading Policy, Ownership and Protection of Intellectual Property) Your obligation to protect inside or proprietary information extends beyond the period of your employment with the company. The information you use during your employment belongs to the company and you may not take or use this information after you leave the company. |

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| &nbsp;&nbsp;![GRAPHIC](tm2523042d1_ex99-xpx12img040.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 Supporting Our Communities We take an active part in our communities around the world, both as individuals and as a company. BNY plays a critical role in the stability and sustainability of the financial system, and that foundation drives our approach to sustainability. We aim to be honest, fair and transparent when we interact with our communities and the public at large. We consider human dignity important, and we work to preserve human rights throughout our operations and value chain. We seek to address climate-related risks and opportunities through an environmental sustainability approach that considers all aspects of our business. POLITICAL ACTIVITIES Personal Political Activity BNY encourages you to keep informed of political/geopolitical issues and candidates and to take an active interest in political/geopolitical affairs. However, if you do participate in any political activity,\* you must follow these rules: • Never act as a representative of the company unless you have written permission from the Chief Executive Officer, the general counsel, and the Chief Compliance and Ethics Officer of the company. • Never engage in personal political activity on behalf of candidates, parties or political causes during working time or while at BNY facilities. Your activities should be on your own time, with your own resources, and must not interrupt or disrupt company operations. You may not use company time, equipment, communications channels, facilities, supplies, clerical support, advertising, or any other company resources. This prohibition applies to campaigning for political candidates, participating in protests about social or geopolitical matters, or engaging in any other similar activities. • You may not use company funds for any political activity, and you will not be reimbursed or compensated in any way for a political contribution. • Your political activities may not affect your objectivity or ability to perform your job duties. • You may not solicit the participation of employees, clients, suppliers, vendors, or any other party with whom the company does business during work time or using any BNY facilities or resources. • You may be required to preclear personal political contributions made by you, and in some cases, your family members. \*Political activity as defined under this policy does not include any employee activity protected by Section 7 of the National Labor Relations Act, including but not limited to group activities to improve or protest over terms/conditions of employment. (Reference: Political Contributions Policy) Lobbying Lobbying is generally defined as any activity that attempts to influence the passage or defeat of legislation. Lobbying activities are broad and may cover certain "grass roots" activities where groups of people, such as company employees, are contacted to encourage them to call public officials for the purpose of influencing legislation. Lobbying is prevalent in the U.S. and is gaining influence within the EU and other locations. If you are engaged in lobbying, there may be disclosure requirements and restrictions on certain activities. If your job duties include any of the following activities, you must contact Marketing & Corporate Affairs or the Legal department for guidance: • Government contract sales or marketing |

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| &nbsp;&nbsp;![GRAPHIC](tm2523042d1_ex99-xpx12img041.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36 • Efforts to influence legislation or administrative actions, such as accompanying trade associations in meetings with government officials concerning legislation • Meeting with legislators, regulators, or their staffs regarding legislation Lobbying does not include situations where a government agency is seeking public comment on proposed regulations. (Reference: Procurement Lobbying) Corporate Political Activities The laws of many countries, including the U.S., set strict limits on political contributions made by corporations. Contributions are defined broadly to include any form of money, purchase of tickets, use of company personnel or facilities, or payment for services. BNY will make contributions only as permissible by law, such as those through company-approved political action committees. INVESTOR AND MEDIA RELATIONS Investor Relations All contacts with institutional shareholders or securities analysts about the company must be made through the Investor Relations group of the Finance department. You must not hold informal or formal discussions with such individuals or groups, unless you are specifically authorized to do so. Even if you are authorized, you cannot provide special access or treatment to shareholders or analysts. All investors must have equal access to honest and accurate information. Media Relations Corporate Communications must approve all contacts with the media, including speeches, testimonials or other public statements made on behalf of the company or about its business. You may not respond to any request for interviews, comments or information from any television channel, radio station, newspaper, magazine or trade publication, either on or off the record, unless you have express authorization from Corporate Communications. If you are contacted or interviewed about matters unrelated to your job or to the company, you may not identify BNY as your employer, and you may not make comments about BNY. (Reference: External Engagement Policy; Use of BNY Brand and Logos by Third Party Policy) Q & A Q: I have been asked to provide a statement about BNY's experience with a vendor's product that we use. The vendor wants to use my quote on their website or in other marketing materials. Is this okay? A: It depends. Before agreeing to any such arrangement, you should contact Corporate Communications. BNY carefully protects its reputation by being highly selective in providing such endorsements. Do not proceed until you have the approval of your manager and Corporate Communications. |

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| &nbsp;&nbsp;![GRAPHIC](tm2523042d1_ex99-xpx12img042.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37 CHARITABLE CONTRIBUTIONS AND CORPORATE SPONSORSHIP The company encourages you to take part in charitable, educational, fraternal or other civic affairs, as long as you follow these basic rules: • Your activities may not interfere or in any way conflict with your job duties or with company business. • You may not make any gifts or contributions to charities or other entities in the name of, or on behalf of, the company. • You may not imply the company's sponsorship for or support of any outside event or organization without the approval of the most senior executive of your line of business. • You may not use your position for the purpose of soliciting business or contributions for any other entity. • You must be cautious in the use of company letterhead, facilities or even your business card so that there is no implied or presumed corporate support for non-company business. From time to time the company may agree to sponsor certain charitable events. In these situations, it may be proper to use company letterhead, facilities, or other resources (such as employees' time or company funds). Ask your manager if you're unclear whether the event in question is company sponsored. (Reference: Use of BNY Brand and Logos by Third Party Policy) PARTICIPATING IN TRADE ASSOCIATIONS, CONFERENCES AND SPEAKING ENGAGEMENTS You may participate in trade association meetings and conferences. However, you must be mindful that these situations often include contact with competitors. You must follow the rules related to fair competition and antitrust referenced in this Code and company policies. In addition, meetings where a client, vendor or supplier pays for your attendance should be rare and only occur when it is legally allowed, in compliance with company policy and preapproval has been obtained via CODE RAP. If you perform public speaking or writing services on behalf of BNY, any form of compensation, accommodations, or gift that you or any of your immediate family members receive must be reported through CODE RAP. Remember, any materials that you may use must not contain any confidential or proprietary information. The materials must be approved by the Legal Department and the appropriate level of management that has the topical subject matter expertise. (Reference: Outside Affiliations, Outside Employment, and Certain Outside Compensation) STRENGTHENING SOCIAL AND ENVIRONMENTAL SUSTAINABILITY Our sustainability strategy follows two paths: helping our clients and partners meet their sustainability and community goals through the products and services we offer and managing our own business and operations with a focus on resilience. Within our business and operations, we prioritize understanding and improving our environmental footprint, from our Green House Gas emissions to our building standards to our efficient use of natural resources. We respect human dignity and expect our employees to work to preserve human rights throughout our operations and value chain. We do not tolerate forced labor, slavery or human trafficking in any form and expect employees to avoid knowingly working with any supplier, contractor or client who engages in such practices. |

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| &nbsp;&nbsp;![GRAPHIC](tm2523042d1_ex99-xpx12img043.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38 We believe that environmental and social considerations are increasingly material for us and for our financial sector clients given the increasing regulatory requirements and environmental impacts globally. Our approach to sustainability drives how we work with clients and partners to achieve their sustainability goals, and guides the way we run our firm, including how we engage with our stakeholders and continue to earn our client's trust. BNY plays a critical role in the stability and sustainability of the financial system, and that foundation drives our approach to sustainability. We manage our firm with a focus on resilience — including our work to enable a more inclusive, environmentally sustainable, and trusted financial system. We empower our clients and partners with solutions to achieve their sustainability goals and to advance a more inclusive economy. For more information on our approach to sustainability, sustainability reports and policies and statements, please visit our Sustainability webpage. |

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| &nbsp;&nbsp;![GRAPHIC](tm2523042d1_ex99-xpx12img044.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39 Additional Help This section contains additional questions and answers about the requirements of our Code. Remember, ignorance or a lack of understanding is not an excuse for violating the Code. The company has established many resources to help deal with questions you may have regarding compliance with the Code. You're expected to take advantage of these resources. Q: A friend of mine is running for political office and I would like to help her out with her campaign. Can I do this? A: Yes. Your personal support is your personal business. Just make sure that you do not use company assets, including company time or its name to advance the campaign. In addition, be aware that certain political contributions must be reported and/or precleared. Q: I was leaving the office and a journalist asked me if I could answer a few questions. I told him no and left the car park, but I felt bad about not talking to him. Should I have answered his questions? A: Not at that time. You did the right thing by saying no. You should contact Corporate Communications and tell them of the request. They will determine whether it will be all right for you to talk to the media. If you receive a future request, suggest the journalist contact Corporate Communications directly. Q: I am running for the local school board and I want to use the office copier to make copies of my campaign flyer. Is that okay? A: No. Company property and equipment may not be used for a political purpose without authorization from Marketing & Corporate Affairs. Running for any public office is considered to be a political purpose. Accepting any political appointment or running for office requires approval via CODE RAP. Q: To thank a client of mine, I want to give him tickets to attend a local football match. He mentioned that his company does not permit this type of entertainment, but I know he would love to go to the match. If he doesn't care about his own company's policy, can I give him the tickets? A: No. If you know that giving him the tickets will violate his own company's policy, do not give the gift. Just as we want clients to respect our limits on gifts, we must do the same. Q: One of the vendors we're considering for an assignment offered to take me to a local golf course to play a round and have dinner. He wants to talk about his company's proposal so that we can make a more informed decision. We'll be talking about business, and there won't be much money spent on a round of golf and a modest dinner. Is that okay? A: No. You're evaluating vendors to provide a service. It's always inappropriate to receive or give entertainment when the company is in the middle of a selection process. Q: One of my vendors offered to send me to a conference at no cost to BNY. Can I accept the invitation? A: No. Accepting a free trip from a vendor is never permissible. If you're interested in attending the conference, speak to your manager. Most costs associated with your attendance at the conference must be paid by your department. You'll be required to file a CODE RAP form if your manager agrees it's appropriate to attend the conference and you're requesting permission to permit the vendor to pay for part of your conference attendance. Q: We're entitled to a large payment from a government client if we certify that we've met all service level agreements on time. We're not sure whether a few very minor items have been completed, but they're not that important to the service. It's close to the end of the quarter and we'd like to realize the payment. Is it okay to send the invoice and certify that the agreements have all been met now? A: No. You cannot submit the invoice and certification until you're certain that all requirements of the agreement have been met. Submission of an incorrect certification could subject the company, and you, to criminal  |

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| &nbsp;&nbsp;![GRAPHIC](tm2523042d1_ex99-xpx12img045.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 penalties, so it is vitally important that any certification submitted to the government be completely accurate. Q: A colleague called while on vacation requesting that I check their email to see if they received an item they were expecting. They gave me their logon identification and password, requesting that I call them back with the information. Can I do this? A: No. Passwords and other login credentials must be kept confidential and cannot be used by, or shared with, fellow employees. If your password is disclosed or compromised in any way, you're required to file a CODE RAP form and restore the confidentiality of your password immediately afterward. Q: I would like to take a part-time job working for my brother's recycling business. His business has no relationship with the company and the work I'll be doing for him is not at all similar to what I do in my job here at the company. Can I do this, and do I have to file any forms? A: Yes, you may, as long as the time you spend there does not interfere with your job at the company, and you don't use any company equipment or supplies. You don't need to file a CODE RAP form, since you're not the sole proprietor or partial owner of the business. However, if you work in certain lines of business (such as a broker-dealer), you may need to notify Compliance. Check with your manager or compliance officer if you're uncertain. Q: I observed a colleague in our supply area filling up a box full of pens, paper and other items. I asked her what she was doing, and she told me that her son's school was short on supplies, so she was trying to help out. She said our company can afford the supplies more than her son's school and that it was the right thing to do. I am friendly with my colleague, and I don't want to get her in trouble. What should I do? A: Your colleague is stealing from the company, and you must file an Incident Report. The supplies purchased by our company are to be used for business needs only. Your colleague had no right to take these supplies for any purpose, even if it seems like a good cause. If faced with a situation in which you're unsure of the correct action to take, contact your manager, an ethics officer, compliance officer, Legal representative or People Team business partner for help. There are many resources at your disposal to help you. Don't hesitate to use them and Do What's Right!©2024 The Bank of New York Mellon Corporation. All rights reserved. |

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## Ex-99.(P)(13)

**Exhibit 99.(p)(13)**

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**Code of Ethics**

RhumbLine Advisers Limited

Partnership

Effective: April 2017

Last Amended: October 2024

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The Securities and Exchange Commission ("SEC") Rule 204A-1 ("the Rule") under the Investment Advisers Act of 1940, as amended, requires investment advisors to adopt a Code of Ethics. The Rule requires an investment advisor's Code of Ethics to set forth standards of conduct and requires Supervised Persons to comply with applicable federal securities laws.

This Code of Ethics ("Code") governs the activities of all RhumbLine Advisers Limited Partnership ("RhumbLine" or the "Firm") personnel in the conduct of RhumbLine's business. RhumbLine's Chief Compliance Officer is responsible for overseeing the Code, implementing and enforcing its provisions and providing any revisions as appropriate. This oversight shall, at a minimum, include the following on a regular basis:

&nbsp;&nbsp;&nbsp;&nbsp;· Reviewing Access Persons' reportable personal securities transactions &
holdings and quarterly certifications

&nbsp;&nbsp;&nbsp;&nbsp;· Assessing whether Supervised Persons are following required internal procedures

&nbsp;&nbsp;&nbsp;&nbsp;· Evaluating personal securities transactions to identify any prohibited practices

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 (*1940 Act*), RhumbLine has developed and implemented the Code to set forth standards for business conduct and personal activities of its investment advisory business, including the investment advisory services it provides to U.S. registered investment companies, or series thereof (each, a "Fund").

1) General Policy

This Code of Ethics is intended to assure that RhumbLine, as well as all Covered Persons (as defined below) conducts the Firm's business consistent with the fiduciary duty that it owes to its clients. It is the responsibility of all personnel to ensure that the Firm consistently upholds the highest ethical standards.

The Firm and its personnel must avoid activities, interests and relationships that run contrary to (or appear to run contrary to) the best interests of clients. At all times, Supervised Persons shall be mindful to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Place client interests ahead of their own</u>. As a fiduciary, the Firm will serve in its clients' best interests. In other words, neither the Firm nor its Supervised Persons may benefit at the expense of its clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Engage in personal investing that is in full compliance with the Firm's Code of Ethics and Insider Trading Policies.</u> Covered Persons must review and abide by the Firm's Code of Ethics and Insider Trading Policies, copies of which are provided to all applicable personnel at the commencement of their relationship with the Firm and at least annually

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thereafter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Avoid taking advantage of their position.</u> Supervised Persons must not accept investment opportunities, gifts, or other gratuities from individuals seeking to conduct business with the Firm or on behalf of an advisory client, unless in compliance with the Firm's policies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Maintain full compliance with federal securities laws.</u> Supervised Persons must abide by the standards set forth in Rule204A-1 under the Advisers Act and maintain full compliance with all other applicable federal securities laws.

Any questions with respect to the Firm's Code of Ethics should be directed to the Firm's Chief Executive Officer ("CEO") or Chief Compliance Officer ("CCO"). As discussed in greater detail below, Employees are free to report possible violations without approval or fear of retaliation and must promptly report any violations of the Code of Ethics to the CCO or CEO.

2) Guiding Principles & Standards of Conduct

RhumbLine is dedicated to providing effective and proper professional investment advisory services to a wide variety of institutional clients. Our reputation is a reflection of the quality of our employees and their dedication to excellence in serving our clients. To ensure these qualities and our dedication to excellence, our employees must possess the requisite qualifications of experience, education, intelligence, and judgment necessary to effectively serve as investment management professionals. In addition, every Supervised Person is expected to demonstrate high standards of moral and ethical conduct for continued employment with RhumbLine.

As a fiduciary, RhumbLine owes clients more than honesty alone. Rather, the Firm has an affirmative duty of utmost good faith to act solely in the best interests of the client and to make full and fair disclosure of all material facts, particularly where the adviser's interests may conflict with the client's interests. In connection with this commitment, an investment adviser must, at all times, act in its client's best interests. Rule 17j-1 of the 1940 Act makes it unlawful to make any untrue statement of a material fact or fail to state a material fact necessary in order to make the statements made, in light of the circumstances under which they were made, not misleading to a Fund or engage in any manipulative practice with respect to any Fund's investment portfolios, in connection with the purchase or sale (directly or indirectly) by such Access Person of a security "held or to be acquired" by a Fund.

The provisions of the Code are not all-inclusive. In addition to imposing specific requirements on persons covered by its provisions, the Code is intended to be a guide for all conduct associated with RhumbLine Advisers and its business. The CCO may grant exceptions to certain provisions contained in the Code (when permitted under applicable laws) only in those situations when it is clear beyond dispute that the interests of our clients will not be adversely affected or compromised. All questions arising in connection with personal securities trading should be resolved in favor of the client even at the expense of the interests of employees or other Supervised Persons.

3) Duty to Report Violations, Sanctions for Violations, and Protections for Reporters of Violations

Compliance with the provisions of this Code shall be considered a basic condition of employment with RhumbLine. Because of this, it is important that employees understand the reasons for compliance with this Code. RhumbLine Advisers' reputation for fair and honest dealing with clients and the investment community in general, has taken considerable time to build. This standing could be seriously damaged as

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the result of improper or even the perception of improper behavior. Employees are urged to seek the advice of the CCO or CEO for any questions as to the application of this Code to their individual circumstances. Employees should also understand that a material breach of the provisions of this Code may constitute grounds for termination of employment with the Firm.

The CCO shall promptly report any violation of this Code to the CEO. The CCO, in coordination with the CEO, is also empowered and responsible for enforcing the Code and imposing sanctions for violations of the Code. Depending on the severity of the violation and/or the number of offenses, sanctions can include a verbal warning, a monetary fine or termination of employment. In addition, violators of the personal trading restrictions of this Code may be required to disgorge any profits realized from such trading.

Employees are free to report possible violations without approval or fear of retaliation. The Firm will not terminate, discriminate or retaliate against any employee because such employee has:

(1) provided, caused to be provided, or is about to provide or cause to be provided, information to the Firm, to any State, local, or Federal, government authority or law enforcement agency relating to any violation of, or any act or omission that the employee reasonably believes to be a violation of, any provision of the federal securities laws or any other provision of law, or any rule, order, standard, or prohibition ; (2) testified or will testify in any proceeding resulting from the administration or enforcement of any provision of the federal securities laws or any other provision of law or any rule, order, standard , or prohibition; (3) filed, instituted, or caused to be filed or instituted any proceeding under any Federal Securities law or consumer financial law; or (4) objected to, or refused to participate in, any activity, policy, practice, or assigned task that the employee (or other such person) reasonably believed to be in violation of any law.

4) Definitions

"Supervised Person" This term refers to directors, officers, partners and employees of the Firm, as well as any other person occupying a similar status or performing similar functions, including temporary staff, part- time employees and interns.

"Access Person" An Access Person is a Supervised Person who has access to nonpublic information regarding any client's purchase or sale of securities, is involved in making securities recommendations to clients, or has access to such recommendations that are nonpublic. Because providing investment advice is the Firm's primary business, all Supervised Persons are considered to be Access Persons, unless the CCO has granted an exemption in writing.

"Covered Person" refers to all Supervised Persons and all other persons whom, in the CCO's judgment, shall be subject to the Code. The CCO shall also determine whether a Covered Person who is not a Supervised Person shall be deemed to be an Access Person.

"Advisory Client" Any person to whom or entity to which the Company serves as an investment adviser, renders investment advice or makes any investment decisions for a fee is considered to be a client.

"Covered Account" This term refers to all accounts owned or controlled by an Access Person, those accounts owned or controlled by members of the Access Person's immediate family, including any relative by blood, marriage or domestic partnership living in the same household, and any account in which the Access Person has any beneficial interest, such as a trust.

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5) Applicability of the Code's Restrictions and Procedures

The Code applies to all Supervised Persons and other Covered Persons. As indicated above, all Supervised Persons are considered Access Persons and are therefore subject to the Code's provisions regarding personal securities trading. The CCO shall determine whether Covered Persons who are not Supervised Persons shall be deemed Access Persons.

Persons designated by the CCO as Covered Persons may include, *inter alia*, consultants, independent contractors and other outside individuals who have been given direct access to any confidential information (e.g., client accounts or trading data), and which are not subject to confidentiality provisions of the vendor agreement. The CCO determination shall be final. Any change in designation must be documented in writing.

The CCO, at her discretion, may exempt certain covered individuals (e.g., interns, contractors, etc.) from certain procedures outlined in the Code. A memorandum on the basis for exemption will be maintained in the individual's file for no less than 3 years after the individual's employment with the Firm has expired.

6) Personal Securities Trading

Access Persons are required to notify the CCO promptly if they open any securities trading account(s) in which they have direct or indirect beneficial interest, including the accounts of an Access Person's spouse, minor children, or other family members residing in that employee's household.

All Access Persons' personal trading accounts must be held at a broker dealer that can provide a data feed containing the information required under Section 7, 8 and 9 of this Code directly to the Code of Ethics compliance system (ComplySci) utilized by the Firm. If the Broker is unable to provide the required information via a data feed, Access Persons are responsible for entering their reportable transactions and holdings in ComplySci and providing duplicate confirms and holdings per the requirements outlined in this Code to RhumbLine's CCO. The CCO may request duplicate copies of an Access Person's statement at any time.

Access Persons with "managed accounts" (An investment account that is owned by an individual investor and looked after by a hired professional money manager.) are responsible for providing a copy of this Code to the manager of their account(s). The CCO, at her discretion, may exempt a managed account from the reporting requirements. If a managed account is excluded the CCO must memorialize the reason for the decision, which will be retained until the account or employee terminates.

**All Securities are "Reportable Securities" EXCEPT:**

&nbsp;&nbsp;&nbsp;&nbsp;a) Direct obligations of the U.S. government.

&nbsp;&nbsp;&nbsp;&nbsp;b) Bankers' acceptances, bank certificates of deposit, commercial paper, and high-quality short-term
debt instruments, including repurchase agreements. A high-quality short-term debt instrument" is any instrument having a maturity
at issuance of fewer than 366 days and which is rated in one of the highest two rating categories by a nationally recognized statistical
rating organization, or which is unrated but is of comparable quality.

&nbsp;&nbsp;&nbsp;&nbsp;c) Shares issued by money market funds other than any reportable fund for which RhumbLine serves as investment adviser.

&nbsp;&nbsp;&nbsp;&nbsp;d) Shares issued by open-end mutual funds, other than mutual
funds and interval funds advised or sub-advised by RhumbLine. (NOTE: all exchange-traded funds (" ETFs ")
are not open-end mutual funds – they are Reportable Securities)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;![](tm2523042d1_ex99-p13img001.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;e) Shares issued by open-end unit investment trusts investing exclusively in the shares of open-end mutual
funds.

&nbsp;&nbsp;&nbsp;&nbsp;f) Interests in 529 Plans investing exclusively in the shares of open-end mutual funds.

&nbsp;&nbsp;&nbsp;&nbsp;g) Fixed Annuities and Variable Annuities if their only investment options are shares issued by open-end
mutual funds or other exempt securities.

**Transactions Requiring Pre-Clearance**

In view of avoiding potential conflicts of interest, or the appearance of improper trading activity, RhumbLine requires that each Access Person obtain prior approval through the Firm's Code of Ethics compliance system before engaging in the following transactions in their covered accounts:

&nbsp;&nbsp;&nbsp;&nbsp;· Transactions involving an initial public offering (IPO) and/or a private
or limited offering. This includes initial coin offerings (i.e., new cryptocurrency token offerings).

&nbsp;&nbsp;&nbsp;&nbsp;· Transactions in securities with a market cap of LESS THAN 5 Billion at the
time of the trade request.

&nbsp;&nbsp;&nbsp;&nbsp;· Transactions involving over $125,000 in a single fixed-income security.

&nbsp;&nbsp;&nbsp;&nbsp;· Transactions in any ETF that RhumbLine may purchase
for client accounts (see current list of ETFs requiring pre-clearance in the Code of Ethics folder on the network) if such transactions
will exceed $125,000.

&nbsp;&nbsp;&nbsp;&nbsp;· Transactions in any "Fund" advised
or sub-advised by RhumbLine. ("Fund" means a registered open-end or closed-end company or a business development company,
including any separate series thereof, but does not include a registered open-end company that is regulated as a money market fund).

**Exceptions to the Pre-Clearance Requirement Above:**

&nbsp;&nbsp;&nbsp;&nbsp;· Transactions effected pursuant to an automatic
investment plan (includes dividend reinvestment plans).

&nbsp;&nbsp;&nbsp;&nbsp;· Transactions in an account, which is a Covered
Account **solely** because the Access Person has a beneficial interest in such account and the Access Person has attested that he or
she has no direct <u>or indirect</u> influence or control over investments in the account.

&nbsp;&nbsp;&nbsp;&nbsp;· Transactions (other than IPOs or private placements) in any security of less
than $5,000 in any 30-day period.

**Procedure to Request Pre-Clearance:**

&nbsp;&nbsp;&nbsp;&nbsp;1. Log on to your ComplySci account @ https://rhumblineadvisers.complysci.com/Membership/LoginSelect "My Pre-clearance" and
then Select "Add Request"

&nbsp;&nbsp;&nbsp;&nbsp;2. Enter trade request info and select "Submit"

Where RhumbLine requires pre-clearance for a particular securities transaction, such pre-clearance is valid for two business days. If the transaction is not executed within the prescribed time frame, the Access Person is required to re-submit a request for pre-approval of the transaction. In situations, where pre-approval of a particular transaction is denied, the Access Person is prohibited from engaging in the transaction.

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**Prohibited Transactions**

The below trading practices are strictly prohibited by all Access Persons. Transactions that have the appearance of the below practices will be regarded as a violation of RhumbLine's Code of Ethics where applicable. Persons who have engaged in these transactions may be subject to the requirement that they give up any profits obtained or otherwise be subjected to disciplinary action.

&nbsp;&nbsp;&nbsp;&nbsp;· **Short-Term Trading** RhumbLine encourages
its employees to make investments for the long term, which is consistent with the investment strategies employed by its clients. Therefore,
the practice of purchasing and selling the same security and/or the options or convertibles of a security within a 30 day time period,
is prohibited, unless the sale is executed at a loss.

&nbsp;&nbsp;&nbsp;&nbsp;· **Trading on Inside Information** –
If any Employee believes they may have contracted material, non-public information, inform RhumbLine's CCO immediately. Trading
on such information is strictly forbidden and punishable by law. Please refer to section 10 of this Code for further information.

&nbsp;&nbsp;&nbsp;&nbsp;· **Trading in a Security of a Company on the Restricted List** maintained
by the CCO within the firm ' s Code of Ethics Compliance System.

&nbsp;&nbsp;&nbsp;&nbsp;· **Short Selling** Employees are prohibited
from selling short any security which may be held in a client portfolio.

7) Initial Holdings Reports

The SEC Rules require reporting and monitoring of the investment activities of the Firm's Access Persons. When investment advisory personnel invest for their own accounts, conflicts of interest may arise between the client's and the Access Person's interests. The reporting regulations are designed to deter problem activity and to prevent trading against clients' interests.

RhumbLine must maintain a record of all transactions in Reportable Securities in which an Access Person has a "direct or indirect beneficial interest." Therefore, all Access Persons of RhumbLine must provide the CCO with an **Initial Securities Holdings Report** no later than 10 days after becoming an Access Person and it must be current as of a date no more than 45 days prior to the date the report was submitted.

This report must include the following information:

&nbsp;&nbsp;&nbsp;&nbsp;a) A list including the title and type of security, and as applicable the exchange ticker symbol or CUSIP
number, number of shares, and principal amount (if fixed income securities) of each covered security in which the Access Person had any
direct or indirect beneficial interest or ownership as of the date he/she became an Access Person of RhumbLine Advisers;

&nbsp;&nbsp;&nbsp;&nbsp;b) The name of any broker, dealer or bank with which the Access Person maintained an account, or in any other
account in which securities were held for the direct or indirect benefit or ownership of the Access Person;

&nbsp;&nbsp;&nbsp;&nbsp;c) The date the report is submitted to the CCO by the Access Person.

![](tm2523042d1_ex99-p13img001.jpg)

8) Annual Holdings Reports

All Access Persons of RhumbLine are required to submit their personal securities holdings as of December 31st of each year for every "reportable security" in which the Access Person has any direct or indirect beneficial interest or ownership. RhumbLine requires its Access Persons to instruct their broker-dealer to provide this information directly to the Firm's Code of Ethics compliance system via an electronic data feed. If the broker-dealer is not able to comply with this request, Access Persons must manually enter the required information in the compliance system and provide the CCO with a copy of the December 31st holdings report, which contains the following information:

&nbsp;&nbsp;&nbsp;&nbsp;· The title, number of shares and principal amount
(if fixed income securities) of each reportable security in which the Access Person had any direct or indirect beneficial ownership interest
or ownership;

&nbsp;&nbsp;&nbsp;&nbsp;· The name of any broker, dealer or bank with whom
the Access Person maintains an account in which any reportable securities are held for the direct or indirect benefit of the Access Person;
and

&nbsp;&nbsp;&nbsp;&nbsp;· The date the annual report is submitted by the Access Person to the CCO.

**Procedure for Reporting Annual Holdings:**

&nbsp;&nbsp;&nbsp;&nbsp;1. Log on to your ComplySci account @ https://rhumblineadvisers.complysci.com/Membership/Login

&nbsp;&nbsp;&nbsp;&nbsp;2. Under the "Data Records" tab, select "Holdings" and then Select "Add"

&nbsp;&nbsp;&nbsp;&nbsp;3. Enter required information and select "Submit"

RhumbLine requires its Access Persons to review the holdings in the system and attest to their completeness and accuracy no later than 30 days following year end. The CCO, at her discretion, may grant an extension to the review deadline on a case by case base.

Following submission of the **Annual Personal Securities Holding Report**, the CCO, or CEO, will review each report for any evidence of improper trading activities or conflicts of interest by the Access Person.

9) Quarterly Transactions Reports – Rule 204A-1(b)(2) of the Advisers Act

All Access Persons are required to report personal trading in "reportable securities" in which the Access Person has any direct or indirect beneficial interest or ownership within 30 days after the end of each calendar quarter. RhumbLine requires its Access Persons to instruct their broker-dealer to provide this information directly to the compliance system used for monitoring personal securities transactions via an electronic data feed.

If the broker-dealer is not able to comply with the above, Access Persons must manually enter the required information in the compliance system and provide the CCO with a copy of a quarterly transaction statement containing the following information:

&nbsp;&nbsp;&nbsp;&nbsp;· The date of each transaction, the name of the
covered security, and as applicable the exchange ticker symbol or CUSIP number, the interest rate and maturity date (if applicable), the
number of shares, and the principal amount of the security involved;

&nbsp;&nbsp;&nbsp;&nbsp;· The nature of the transaction (i.e., purchase, sale or any other type of
acquisition or disposition);

&nbsp;&nbsp;&nbsp;&nbsp;· The price at which the covered security was effected;

&nbsp;&nbsp;&nbsp;&nbsp;· The name of the broker, dealer or bank through whom the transaction was effected;

&nbsp;&nbsp;&nbsp;&nbsp;· The date the report is submitted to the CCO. (Note: These must be received
by the CCO within

![](tm2523042d1_ex99-p13img001.jpg)

**30 days** following the end of the calendar quarter in which the transaction(s) take place.)

**Procedure for Entering Transactions:**

&nbsp;&nbsp;&nbsp;&nbsp;1. Log on to your ComplySci account @ https://rhumblineadvisers.complysci.com/Membership/Login

&nbsp;&nbsp;&nbsp;&nbsp;2. Under the "Data Records" tab, select "Transactions" and then Select "Add"

&nbsp;&nbsp;&nbsp;&nbsp;3. Enter trade info and select "Submit"

RhumbLine requires its Access Persons to review the transactions in the system and attest to their completeness and accuracy no later than 30 days following year end. The CCO, at her discretion, may grant an extension to the review deadline on a case-by-case basis.

Although Rule 204A-1 does not require negative reports, it is the policy of the Firm that **Personal Securities Trading Reports** be submitted quarterly by all Access Persons whether or not securities transactions have occurred in their accounts during the period. Those Access Persons having no securities transactions to report must indicate this fact on his/her quarterly report.

Following submission of the **Personal Securities Trading Reports**, the CCO, or CEO, will review each report for any evidence of improper trading activities or conflicts of interest. No Supervised Person will be responsible for reviewing his/her own report. The CCO and CEO will document their review within the Code of Ethics Compliance system utilized by the Firm, or with a written summary of testing, and/or a series of reports. Quarterly securities transaction reports are to be maintained by the CCO in accordance with the records retention provisions of Rule 204-2(e) of the Advisers Act.

**REPORTS TO MANAGEMENT OR FUND BOARDS**

Upon written request, the CCO shall no less frequently than annually report to any Fund advised or sub-advised by RhumbLine in a written format prescribed by a Fund's Board of Trustees regarding the following:

&nbsp;&nbsp;&nbsp;&nbsp;· any issues under this Code or its procedures since the last report to any
Fund Board, including, but not limited to, information about material violations of the Code or procedures and sanctions imposed in response
to the material violations;

&nbsp;&nbsp;&nbsp;&nbsp;· a certification that RhumbLine has adopted procedures reasonably necessary
to prevent its Access Persons from violating this Code; and

&nbsp;&nbsp;&nbsp;&nbsp;· any changes to the Code during the past year.

10) Insider Trading

**Background**

The anti-fraud provision of Section 206 of the Investment Advisers Act of 1940 is expressed generally in terms of prohibiting an investment adviser from defrauding its clients or prospective clients. In addition, the anti-fraud provisions of section 17(a) of the Securities Act of 1933, and Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 there under, prohibit defrauding any person, directly or indirectly, in the offer or sale of any security or in connection with the purchase or sale of any security. It is generally considered a fraudulent activity to trade while in possession of "inside information" obtained, directly or indirectly, from a source that had a duty to maintain the confidentiality of such information.

Therefore, where material non-public information (MNPI) is obtained or received, there is a duty and obligation under the law generally not to trade on such information, until this information becomes public.

![](tm2523042d1_ex99-p13img001.jpg)

In addition, Section 204A requires that the adviser "enforce" the procedures by conducting periodic training for employees on how they might recognize MNPI.

**RhumbLine Insider Trading Policies and Procedures**

The following procedures have been established to assist RhumbLine employees in avoiding violations of the insider trading provisions of Section 204A of the Advisers Act. Every employee of the Firm must follow these procedures or risk being subject to disciplinary and/or legal action. If an employee has any questions about these procedures, he/she should bring such questions promptly to the CCO.

If a Covered Person of the Firm believes he/she is in possession of MNPI about a publicly traded security it is critical that he/she not act on the information or disclose it to anyone, but instead advise the CCO accordingly. Acting on such information may subject the employee to severe federal criminal penalties and the forfeiture of any profit realized from any transaction.

**Identification of Insider Information**

Every employee must be able to determine if information is material and/or non-public. This determination may be made by asking the following two questions:

&nbsp;&nbsp;&nbsp;&nbsp;· Is the information **material**? Would an
investor consider this information important in making an investment decision? Would disclosure of this information substantially affect
the market price of the security?

&nbsp;&nbsp;&nbsp;&nbsp;· Is the information **non-public**? To whom
has this information been provided? Has the information been effectively communicated to the marketplace through publication in any magazine
or newspaper of general circulation, or through some other media available to the public?

If, after considering the above, an employee believes that the information may be material and/or non- public, he/she should:

&nbsp;&nbsp;&nbsp;&nbsp;· Report the matter promptly to the CCO, disclosing
all information which the employee believes may be relevant on the issue of whether the information is material and non-public.

&nbsp;&nbsp;&nbsp;&nbsp;· Refrain from purchasing or selling any security
about which such information has been received. This prohibition applies to the employee's personal securities account(s), any account(s) in
which he/she may have a beneficial interest, and any client account(s) managed by RhumbLine Advisers.

&nbsp;&nbsp;&nbsp;&nbsp;· Not communicate the information to anyone outside
the Firm or within the Firm, other than RhumbLine's CCO.

**Restricted List**

If the CCO determines that such information is material and non-public she would place the security on the Firm's restricted list within its Code of Ethics compliance system (ComplySci) until the information was made public. Access persons are prohibited from personally, or on behalf of an advisory account, purchasing or selling securities during any period they are listed.

The CCO shall take steps to immediately inform all Supervised Persons of the securities listed on the restricted list.

**Annual Attestation**

In meeting the requirement to enforce the provisions of Section 204A, every employee of RhumbLine will

![](tm2523042d1_ex99-p13img001.jpg)

annually attest his/her understanding of his/her duties and responsibilities outlined in the Code including a section regarding the use and/or dissemination of MNPI. The CCO will maintain records of each employee's signed disclosure statement. The attestation of each employee will contain wording to the effect that the employee has read and understands the Firm's insider trading policies.

**Steps to Detect Insider Trading**

&nbsp;&nbsp;&nbsp;&nbsp;· The CCO will review all personal securities transactions by employees to
ensure that such activities are in compliance with the applicable Personal Securities Trading Restrictions provided herein.

&nbsp;&nbsp;&nbsp;&nbsp;· The CCO will review the trading activities, particularly excessive trading,
in RhumbLine Advisers' proprietary accounts.

The CCO will conduct such investigation, as necessary, when the CCO has reason to believe that any employee of RhumbLine has received and acted (traded) on inside information or has disseminated such information to other persons.

11) Dealings with Clients

No Supervised Person of RhumbLine may directly or indirectly purchase from or sell to a client any security. Employees of the Firm are prohibited from ever holding customer funds or securities or acting in any capacity as custodian for a client account. Moreover, Supervised Persons are prohibited from lending or borrowing money or securities to/from any client of RhumbLine.

RhumbLine is subject to the following specific fiduciary obligations when dealing with clients:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The duty to have a reasonable, independent basis for the investment advice
provided;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The duty to obtain best execution for a client's transactions where
the Firm is in a position to direct brokerage transactions for the client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The duty to ensure that investment advice is suitable to meeting the client's
individual objectives, needs and circumstances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· A duty to be loyal to clients; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· A duty to treat all clients fairly.

12) Protecting Clients' Privacy

RhumbLine Advisers and its Supervised Persons have an obligation to keep all information about clients (including former clients) in strict confidence, including a client's identity, a client's securities holdings, and advice furnished to a client by the Firm. Please refer to the Firm's Policy and Procedures Manual for specific procedures.

**Confidential Client Information**

In the course of investment advisory activities of RhumbLine, the Firm gains access to non-public information about its clients. Such information may include status as a client, financial and account information, the allocation of assets in a client portfolio, the composition of investments in any client portfolio, information relating to services performed for or transactions entered into on behalf of clients, advice provided by RhumbLine to clients, and data or analyses derived from such non-public information (collectively referred to as 'Confidential Client Information'). All Confidential Client Information, whether relating to RhumbLine's current or former clients, is subject to the Code's policies and procedures. Any

![](tm2523042d1_ex99-p13img001.jpg)

doubts about the confidentiality of information must be resolved in favor of confidentiality.

**Non-Disclosure of Confidential Client Information**

All information regarding RhumbLine's clients is confidential. Information may only be disclosed when the disclosure is consistent with the Firm's policy and the client's direction. RhumbLine does not share Confidential Client Information with any third parties, except in the following circumstances:

&nbsp;&nbsp;&nbsp;&nbsp;· As necessary to provide service that the client
requested or authorized, or to maintain and service the client's account. RhumbLine will require that any financial intermediary, agent
or other service provider utilized by RhumbLine (such as broker-dealers or sub-advisers) comply with substantially similar standards for
non-disclosure and protection of Confidential Client Information and use the information provided by RhumbLine only for the performance
of the specific service requested by RhumbLine;

&nbsp;&nbsp;&nbsp;&nbsp;· As required by regulatory authorities or law
enforcement officials who have jurisdiction over RhumbLine, or as otherwise required by any applicable law. In the event RhumbLine is
compelled by judicial process to disclose Confidential Client Information, the Firm shall provide prompt notice to the clients affected,
so that the clients may seek a protective order or other appropriate remedy. If no protective order or other appropriate remedy is obtained,
RhumbLine shall disclose only such information, and only in such detail, as is legally required;

&nbsp;&nbsp;&nbsp;&nbsp;· To the extent reasonably necessary to prevent fraud, unauthorized transactions
or liability.

**Access Persons' Responsibilities**

All Access Persons are prohibited, either during or after the termination of their employment with RhumbLine, from disclosing Confidential Client Information to any person or entity outside the Firm, except under the circumstances described above. An Access Person is permitted to disclose Confidential Client Information only to such other Access Persons or third parties who need to have access to such information to deliver RhumbLine's services to the client.

Access persons are also prohibited from making unauthorized copies of any documents or files containing Confidential Client Information and, upon termination of their employment with RhumbLine, must return all such documents to RhumbLine.

Any Supervised Person who violates the non-disclosure policy described above may be subject to disciplinary action, including possible termination, whether or not he or she benefited from the disclosed information.

**Security of Confidential Personal Information**

RhumbLine enforces the following policies and procedures to protect the security of Confidential Client Information:

&nbsp;&nbsp;&nbsp;&nbsp;· The Firm restricts access to Confidential Client
Information to those Access Persons who need to know such information to provide RhumbLine's services to clients;

&nbsp;&nbsp;&nbsp;&nbsp;· Any Access Person who is authorized to have access
to Confidential Client Information in connection with the performance of such person's duties and responsibilities is required to keep
such information in a secure compartment, file or receptacle on a daily basis as of the close of each business day.

&nbsp;&nbsp;&nbsp;&nbsp;· All electronic or computer files containing any
Confidential Client Information shall be maintained in a password secured and firewall protected environment, thereby safeguarded

![](tm2523042d1_ex99-p13img001.jpg)

from access by unauthorized persons;

&nbsp;&nbsp;&nbsp;&nbsp;· Any conversations involving Confidential Client
Information, if appropriate, must be conducted by Access Persons in private, and care must be taken to avoid any unauthorized persons
overhearing or intercepting such conversations.

13) Outside Business Activities

RhumbLine requires its Supervised Persons to provide information on certain Outside Business Activities (OBA) so the Firm may assess any potential conflicts of interests that may arise from the activity.

RhumbLine requires Supervised Persons to receive prior approval before engaging in any new OBA that involves any of the below:

&nbsp;&nbsp;&nbsp;&nbsp;· A position that either controls money or investments
(e.g., finance or investment committee member) including a charitable organization, church, or other organization.

&nbsp;&nbsp;&nbsp;&nbsp;· Service on a board of directors for any organization.

&nbsp;&nbsp;&nbsp;&nbsp;· An outside business activity in which an employee may be compensated for.

New Employees are required to disclose outside business activities within 10 days of their employment with the Firm to the CCO.

**Procedure for Pre-clearing an OBA:**

&nbsp;&nbsp;&nbsp;&nbsp;1. Log on to your ComplySci account @ https://rhumblineadvisers.complysci.com/Membership/Login

&nbsp;&nbsp;&nbsp;&nbsp;2. Select "Data Records" and then Select "Business Affiliations"

&nbsp;&nbsp;&nbsp;&nbsp;3. Select "+Add"

&nbsp;&nbsp;&nbsp;&nbsp;4. Answer required questions and select "Submit"

Supervised Persons will be asked to certify, at least annually, that they are not engaging in any OBAs that meet the above criteria, without pre-approval.

The Firm does not wish to limit any Employee's professional or financial opportunities, but needs to be aware of such outside interests so as to avoid potential conflicts of interest and ensure that there is no interruption in services to our clients. Understandably, the Firm must also be concerned as to whether there may be any potential financial liability or adverse publicity that may arise from an undisclosed business interest by an Employee.

14) Gifts & Entertainment Policy

**General Policy**

Giving, receiving or soliciting gifts in a business setting may create an appearance of impropriety or may create a potential conflict of interest. Supervised Persons should not accept or provide any gifts or favors that might influence the decisions they or the recipient must make in business transactions involving RhumbLine, or that others might reasonably believe would influence those decisions.

The following policies and procedures apply to the Firm and to all Supervised Persons.

Gifts Defined: This term encompasses **any item of value, service or other form of compensation.** This

![](tm2523042d1_ex99-p13img001.jpg)

includes (but is not limited to) merchandise, prizes, travel expenses, entertainment (e.g., tickets to sports events or theater tickets), meals, lodging, golf, skiing, and other amenities.

For RhumbLine's Policies regarding Political Contributions, see Section 15.

**Policy for Giving or Accepting Gifts/Entertainment**

Modest gifts which would not generally be regarded as improper, may be given or accepted on an occasional basis, provided, however, any gift which exceeds $150 in value, or which would cause the total value of gifts given or received to/from any person who is a Client or prospective Client or any person or firm associated with a Client or prospective Client (collectively, "Restricted Persons") in any 12-month period to exceed $150, must receive pre-clearance before accepting or providing the gift or entertainment.

<u>This pre-clearance requirement does not apply to the following:</u>

&nbsp;&nbsp;&nbsp;&nbsp;· Providing bona fide dining or bona fide entertainment to a Restricted Person
if a member of RhumbLine's Senior Management is present when providing the dining or entertainment.

&nbsp;&nbsp;&nbsp;&nbsp;· Accepting bona fide dining or bona fide entertainment
from a Restricted Person if during such dining or entertainment you are accompanied by a representative of the service provider, broker/dealer,
client or potential client.

**Procedure for Pre-Clearing Gifts/Entertainment:**

&nbsp;&nbsp;&nbsp;&nbsp;1. Log on to your ComplySci account at <u>https://rhumblineadvisers.complysci.com/</u> 

&nbsp;&nbsp;&nbsp;&nbsp;2. Select "My Preclearance" and then Select "Add a request"

&nbsp;&nbsp;&nbsp;&nbsp;3. Select "Gift & Entertainment" from the menu bar at the top of the webpage

&nbsp;&nbsp;&nbsp;&nbsp;4. Answer required questions and select "Submit"

The employee will receive an email within 2 business days with the decision.

**Policy for Reporting Gifts/Entertainment**

All gifts given or accepted, to or from, Restricted Persons with a value exceeding $10 per person should be reported using the "Activity Center" by logging on to the Firm's Code of Ethics compliance system unless the employee has already filed an expense report with the Firm.

Quarterly all Supervised Persons shall certify to the CCO through the Firm's Code of Ethics compliance system that they have reported any gifts received and/or given that are covered by this policy. If there have been no such gifts, a negative response is required.

**Procedure for Reporting Gifts/Entertainment:**

&nbsp;&nbsp;&nbsp;&nbsp;1. Log on to your ComplySci account at <u>https://rhumblineadvisers.complysci.com/</u> 

&nbsp;&nbsp;&nbsp;&nbsp;2. Select "Self Report" from the dashboard and then Select "Add Gift and Entertainment"

&nbsp;&nbsp;&nbsp;&nbsp;3. Answer required questions and select "Submit"

<u>Exceptions to this reporting requirement</u>

There is no need to report gifts to or from Restricted Persons if the Supervised Person has filed an expense report and has been reimbursed by the Firm or if the gift/entertainment was purchased on the Firm's credit account.

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15) Pay-to-Play - Political Contributions

Rule 206(4)-5 under the Investment Advisers Act which was created to curtail "pay to play" practices by Investment Advisers that seek to manage assets of state and local governments. The Rule applies to all Investment Advisers that are registered (or required to be registered) with the SEC, or that are exempt from registration under Section 203(b)(3) of the Advisers Act (collectively, "Investment Advisers"), and that provide advisory services to a state or local government entity or to an investment pool in which a state or local governmental entity invests.

There are three key elements of the Rule: (i) a two-year "time-out" from receiving compensation for providing advisory services to certain government entities after certain political contributions are made, (ii) a prohibition on soliciting contributions and payments, and (iii) a prohibition from paying third parties for soliciting government clients.

(1) Two-Year "Time-Out"

The Rule prohibits an Investment Adviser from receiving compensation from a "government entity" for two years after the Investment Adviser or any of its "covered associates" makes a political "contribution" to an "official" of the government entity. During the two-year "time-out" period, the Investment Adviser is only prohibited from receiving compensation from a government entity; the Investment Adviser can still provide advisory services to the government entity.

Definition of a "Covered Associate" of an Investment Adviser includes any:

&nbsp;&nbsp;&nbsp;&nbsp;· General partner, managing member, executive officer or other individual with
a similar status or function;

&nbsp;&nbsp;&nbsp;&nbsp;· Employee who solicits a government entity for the Investment Adviser and
any employee who supervises, directly or indirectly, such an employee; and

&nbsp;&nbsp;&nbsp;&nbsp;· A political action committee (PAC) controlled by the Investment Adviser.

Definition of "Contribution":

Contribution under the Rule is defined as any gift, subscription, loan, advance, or deposit of money, or anything of value made for:

&nbsp;&nbsp;&nbsp;&nbsp;· The purpose of influencing any election for federal, state, or local office;

&nbsp;&nbsp;&nbsp;&nbsp;· Payment of debt incurred in connection with any such election; or

&nbsp;&nbsp;&nbsp;&nbsp;· Transition or inaugural expenses incurred by a successful candidate for state
or local office

*Look-Back Provision*

Under the Rule, when a person becomes a covered associate (including when an existing employee is transferred or promoted), the Investment Adviser must "look back" in time to that person's prior contributions to determine whether the "time-out" provisions of the Rule apply to the Investment Adviser. If the person is involved in soliciting clients, then the Investment Adviser is required to look back two years. If the person is not involved in soliciting clients, then the Investment Adviser is only required to look back six months. The "look-back" provision, which is similar to that in MSRB Rule G-37, is prophylactic since it bars advisers from influencing the selection process by hiring persons who have made political contributions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;![](tm2523042d1_ex99-p13img001.jpg)

2. Soliciting Contributions and Payments

The Rule bars an Investment Adviser and its covered associates from soliciting or coordinating: (i) contributions to an official of a government entity to which the Investment Adviser is seeking to provide investment advisory services, or (ii) "payments" to a political party of a state or locality where the Investment Adviser is providing or seeking to provide investment advisory services to a government entity.

A "payment" is any gift, subscription, loan, advance or deposit of money or anything of value. While similar to the definition of contribution, a payment is not limited based on the purposes for which it is given.

Pursuant to this provision, an Investment Adviser is prohibited from:

• indirectly making political contributions to politicians
through, for example, spouses, lawyers or affiliated companies;

• "bundling" a large number of small employee
contributions to influence an election in the state or locality in which the Investment Adviser is seeking business;

• soliciting contributions from professional service providers;

• consenting to the use of its name on fundraising literature
for a candidate; and sponsoring a meeting or conference which features an official as an attendee or guest speaker and which involves
fundraising for the official (and, in this case, expenses incurred by the Investment Adviser for hosting the event (such as the cost of
the facility or refreshments, or reimbursement of any of the official's expenses for the event) would be a contribution by the Investment
Adviser, thereby triggering the two-year "time-out" provisions of the Rule).

An Investment Adviser would be seeking to provide advisory services to a government entity when it responds to a request for proposal, communicates with a government entity regarding that entity's formal selection process for investment advisers or engages in some other solicitation of investment advisory business of the government entity. A violation of this provision would not trigger the two-year "time- out", but would be a violation of the Rule.

3. Prohibition on Third Party Solicitation

The Rule prohibits an Investment Adviser or any of its covered associates from paying any person to solicit a government entity unless such person is (i) a "regulated person" (i.e., a registered investment adviser or broker-dealer) that is subject to prohibitions against engaging in pay-to-play practices or (ii) one of the Investment Adviser's employees, general partners, managing members, or executive officers (although contributions by these persons may trigger the two-year time out). This provision is a change from the initial proposal, which would have completely barred the use of solicitors.

The prohibition does not extend to non-affiliated persons providing legal, accounting or other professional services in connection with specific investment advisory business that are not being paid directly or indirectly for communicating with the government entity for the purpose of obtaining or retaining investment advisory business for the Investment Adviser.

![](tm2523042d1_ex99-p13img001.jpg)

**RhumbLine's Pay-to-Play Policy & Procedures**

RhumbLine's Pay-to-Play (Political Contributions) Policy applies to all Supervised Persons whether or not they fall under the definition of "Covered Associate". RhumbLine allows a Supervised Person of the Firm to contribute the following:

&nbsp;&nbsp;&nbsp;&nbsp;· Up to $350 to an official per election (with primary and general elections
counting separately) if the covered associate was entitled to vote for the official at the time of the contribution, and

&nbsp;&nbsp;&nbsp;&nbsp;· Up to $150 to an official per election (with primary and general elections
counting separately) if the covered associate was not entitled to vote for the official at the time of the contribution.

Any contributions wished to be given in excess of the above limits require pre-clearance through the use of RhumbLine's Code of Ethics compliance system.

If a Supervised Person makes a contribution in excess of the allowable limits, the contributor may be required to obtain a return of the contribution.

RhumbLine and its Supervised Persons are prohibited from coordinating, or soliciting any person or political action committee (PAC) to make, any:

&nbsp;&nbsp;&nbsp;&nbsp;· Contribution to an official of a government entity which RhumbLine is providing
or seeking to provide investment advisory services to; or

&nbsp;&nbsp;&nbsp;&nbsp;· Payment to a political party of a State or locality where RhumbLine is providing
or seeking to provide investment advisory services to.

The Marketing/Sales Team is responsible for keeping the CCO informed of any government entity prospects.

***Reporting Requirements:***

On a quarterly basis, Supervised Persons must report to the CCO, through the Firm's Code of Ethics compliance system, requested information pertaining to any and all political contributions. If no such contributions were made during the previous quarter, a negative response is required.

***Record Keeping Requirements:***

The Recordkeeping Amendment requires a registered investment adviser to make and keep, among other records, the following records:

(A) The names, titles, and business and residence addresses of all Supervised Persons of the registered investment adviser that provide advisory services to government clients;

(B) All government entities to which the registered investment adviser provides or has provided investment advisory services, or which are or were investors in any covered investment pool to which the registered investment adviser provides or has provided investment advisory services, as applicable, in the past five years, but not prior to September 13, 2010;

(C) All direct or indirect contributions made by the registered investment adviser or any of its covered associates to an official of a government entity, or payments to a political party of a state or political subdivision thereof, or to a political action committee (note that the registered investment adviser is not

![](tm2523042d1_ex99-p13img001.jpg)

required to keep records of all payments); and

(D) The name and business address of each regulated person to whom the registered investment adviser provides or agrees to provide, directly or indirectly, payment to solicit a government entity for investment advisory services on its behalf, in accordance with the Rule. If the registered investment adviser does not specify which types of clients the regulated person should solicit on its behalf, it could satisfy this requirement by maintaining a list of all of its regulated person solicitors.

The records required to be maintained pursuant to (C) above must be kept in chronological order and indicate the name of each contributor, the name and title of each recipient of a contribution or payment, the amount and date of each contribution or payment, and whether an exception for certain returned contributions applies.

16) Certifications

*Initial Certification*

All Supervised Persons will be provided with a copy of the Code and must initially sign a certification. This certification will attest to the following: (i) received a copy of the Code; (ii) read and understand all provisions of the Code; (iii) agreed to abide by the Code; and (iv) reported all account holdings as required by the Code.

*Acknowledgement of Amendments*

All Supervised Persons shall receive any amendments to the Code and must sign a certification attesting that they have (i) received a copy of the amendment; (ii) read and understood the amendment; (iii) and agreed to abide by the Code as amended.

*Annual Certification*

All Supervised Persons must annually sign a certification. This certification will attest to the following: (i) read and understood all provisions of the Code; (ii) complied with all requirements of the Code; and (iii) submitted all holdings and transaction reports as required by the Code.

*Other*

Employees are required to promptly report all actual or potential conflicts of interest, violations of any government or regulatory law, rule or regulation, or violations of RhumbLine's policies and procedures.

**Additional certifications may be asked of any employee(s) at any time to confirm receipt of the Firm's Code or Compliance Manual amendments and/or to confirm compliance with Firm policies.**

![](tm2523042d1_ex99-p13img001.jpg)

**Revision Notes:**

&nbsp;&nbsp;&nbsp;&nbsp;· Updated pre-clearance upper limits for ETF and fixed income transaction to
$100,000

&nbsp;&nbsp;&nbsp;&nbsp;· Added certain variable annuity accounts as an exempt investment

&nbsp;&nbsp;&nbsp;&nbsp;· Added references to Rule 17j-1 of the Investment Company Act of 1940,
as amended.

&nbsp;&nbsp;&nbsp;&nbsp;· October 2024 - Updated Code of Ethics Policy to reflect new ComplySci
Code of Ethics system. Revised exemptions of pre-clearance requirement of domestic equity securities to use a market capitalization rule rather
than inclusion in the S&P 500 or Russell 1000 Indices. Increased pre-clearance ceiling for ETF and Fixed Income securities to $125,000.
Revised pre-clearance language to include transactions in mutual funds that RhumbLine advises and initial coin offerings.

## Cover

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| ![](tm2523042d1_letterimg001.jpg) | **Stradley Ronon Stevens & Young, LLP**<br>Suite 2600<br> 2005 Market Street<br> Philadelphia, PA 19103-7018<br> Telephone 215.564.8000<br> Fax 215.564.8120<br> <u>www.stradley.com</u> |

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**Don E. Felice**

**dfelice@stradley.com**

(215) 564-8794

August 28, 2025

U.S. Securities and Exchange Commission

Division of Investment Management

100 F Street, N.E.

Washington, D.C. 20549

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| **Re:** | HC Capital Trust ("Registrant") <br> 1933 Act Registration No. 33-87762<br> <u>1940 Act Registration No. 811-08918</u> |

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Ladies and Gentlemen:

On behalf of the HC Capital Trust (the "Trust"), attached herewith for filing pursuant to Rule 485(a) under the Securities Act of 1933 and the Investment Company Act of 1940, Post Effective Amendment No. 102 for the Registrant. The purpose of this filing is to update the registration statement, since last filed in October 2024, to reflect (i) disclosure changes pertaining to portfolio managers for certain Portfolios, and (ii) certain changes in subadvisory relationships. The Registrant elects to update its financial information in its next amendment filing pursuant to Rule 485(b).

Questions concerning this information statement may be directed to me at (215) 564-8794.

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| Sincerely yours, |
| Don E. Felice |

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