# EDGAR Filing Document

**Accession Number:** 0002042513
**File Stem:** 0001193125-25-190888
**Filing Date:** 2025-8
**Character Count:** 1508533
**Document Hash:** 0f6933aadc8a72f33e47f2c1cc48374d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-190888.hdr.sgml**: 20250828

**ACCESSION NUMBER**: 0001193125-25-190888

**CONFORMED SUBMISSION TYPE**: 485APOS

**PUBLIC DOCUMENT COUNT**: 55

**FILED AS OF DATE**: 20250828

**DATE AS OF CHANGE**: 20250828

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Russell Investments Exchange Traded Funds
- **CENTRAL INDEX KEY:** 0002042513

**ORGANIZATION NAME:**
- **EIN:** 000000000

**FILING VALUES:**
- **FORM TYPE:** 485APOS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-24027
- **FILM NUMBER:** 251270286

**BUSINESS ADDRESS:**
- **STREET 1:** 1301 SECOND AVENUE
- **STREET 2:** 18TH FLOOR
- **CITY:** SEATTLE
- **STATE:** WA
- **ZIP:** 98101
- **BUSINESS PHONE:** 8007877354

**MAIL ADDRESS:**
- **STREET 1:** 1301 SECOND AVENUE
- **STREET 2:** 18TH FLOOR
- **CITY:** SEATTLE
- **STATE:** WA
- **ZIP:** 98101
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Russell Investments Exchange Traded Funds
- **CENTRAL INDEX KEY:** 0002042513

**ORGANIZATION NAME:**
- **EIN:** 000000000

**FILING VALUES:**
- **FORM TYPE:** 485APOS
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-283326
- **FILM NUMBER:** 251270285

**BUSINESS ADDRESS:**
- **STREET 1:** 1301 SECOND AVENUE
- **STREET 2:** 18TH FLOOR
- **CITY:** SEATTLE
- **STATE:** WA
- **ZIP:** 98101
- **BUSINESS PHONE:** 8007877354

**MAIL ADDRESS:**
- **STREET 1:** 1301 SECOND AVENUE
- **STREET 2:** 18TH FLOOR
- **CITY:** SEATTLE
- **STATE:** WA
- **ZIP:** 98101

**Filed Pursuant to Rule 485(a)** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Registration No. 333-283326** 

**811-24027** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

**FORM N-1A** 

---

| | |
|:---|:---|
| **REGISTRATION STATEMENT**<br> ***UNDER***<br> ***THE SECURITIES ACT OF 1933*** | ☒ |
| **Pre-Effective Amendment No.** | ☐ |
| **Post-Effective Amendment No.<u> </u>2** | ☒ |
| **and** |  |
| **REGISTRATION STATEMENT**<br> ***UNDER***<br> ***THE INVESTMENT COMPANY ACT OF 1940*** | ☒ |
| **Amendment No.<u> </u>4** | ☒ |

---

## RUSSELL INVESTMENTS EXCHANGE TRADED FUNDS
**(Exact Name of Registrant as Specified in Charter)** 

**401 Union Street, 18<sup>th</sup> Floor, Seattle, Washington 98101** 

**(Address of Principal Executive Office) (ZIP Code)** 

**Registrant's Telephone Number, including area code: 206/505-7877** 

---

| | |
|:---|:---|
| **Mary Beth Albaneze, Esq.**<br> **Associate General Counsel**<br> **Russell Investments Exchange Traded Funds**<br> **401 Union Street, 18<sup>th</sup> Floor**<br> **Seattle, Washington 98101**<br> **206-505-4846** | **John V. O'Hanlon, Esq.**<br> **Dechert LLP**<br> **One International Place, 40<sup>th</sup> Floor**<br> **100 Oliver Street**<br> **Boston, Massachusetts 02110**<br> **617-728-7100** |

---

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

Approximate date of commencement of proposed public offering: As soon as practical after the effective date of the Registration Statement.

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)

☐ on __________________, pursuant to paragraph (a)(1)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;☒ 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.

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![](g923237imga4ba02651.gif)

Prospectus

Russell Investments Exchange Traded Funds

Preliminary Prospectus Dated August 28, 2025 <br> Prospectus Dated _________, 2025

---

| |
|:---|
| **Russell Investments Core Plus Bond ETF** <br> [Exchange]: [BD]<br>|
| **Russell Investments Global Real Estate ETF** <br> [Exchange]: [CRIB]<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The information in this Prospectus is not complete and may be changed. We may not sell these securities until the registration statement filed with the Securities and Exchange Commission is effective. This Prospectus is not an offer to sell these securities and is not soliciting an offer to buy these securities in any state where the offer or sale is not permitted.

The Securities and Exchange Commission has not approved or disapproved of these securities or passed upon the adequacy of this Prospectus. Any representation to the contrary is a criminal offense.

800-787-7354

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**Table of Contents** <br>

---

| | |
|:---|:---|
| **[Risk/Return Summary](#xx_f83e55c8-b95b-4886-8aa2-c5e73af1f7db_1)** <br>|  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Russell Investments Core Plus Bond ETF](#xx_f83e55c8-b95b-4886-8aa2-c5e73af1f7db_1) | 1  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Russell Investments Global Real Estate ETF](#xx_f83e55c8-b95b-4886-8aa2-c5e73af1f7db_6) | 6  |
| **[Additional Information](#xx_f83e55c8-b95b-4886-8aa2-c5e73af1f7db_13)** | 13  |
| **[MANAGEMENT OF THE Funds](#xx_2e4c22a5-3fa8-493c-b5de-43613a09e79d_1)** | 14  |
| **[THE MONEY MANAGERS](#xx_2e4c22a5-3fa8-493c-b5de-43613a09e79d_2)** | 15  |
| **[INVESTMENT OBJECTIVE AND INVESTMENT STRATEGIES](#xx_fd576018-e573-46ab-97d4-61e0482e0fd5_1)** | 17  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Russell Investments Core Plus Bond ETF](#xx_fd576018-e573-46ab-97d4-61e0482e0fd5_1) | 17  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Russell Investments Global Real Estate ETF](#xx_fd576018-e573-46ab-97d4-61e0482e0fd5_4) | 20  |
| **[RISKS](#xx_e21da5cf-6322-441e-936f-ebb416028b7b_1)** | 23  |
| **[Shareholder INFORMATION](#xx_ee1bb6a4-5aca-4691-928e-defc135b640e_1)** | 44  |
| **[HOW NET ASSET VALUE IS DETERMINED](#xx_ee1bb6a4-5aca-4691-928e-defc135b640e_1)** | 44  |
| **[BOOK ENTRY](#xx_ee1bb6a4-5aca-4691-928e-defc135b640e_3)** | 46  |
| **[BUYING AND SELLING SHARES](#xx_ee1bb6a4-5aca-4691-928e-defc135b640e_3)** | 46  |
| **[PORTFOLIO HOLDINGS](#xx_ee1bb6a4-5aca-4691-928e-defc135b640e_5)** | 48  |
| **[DIVIDENDS AND DISTRIBUTIONS](#xx_ee1bb6a4-5aca-4691-928e-defc135b640e_5)** | 48  |
| **[additional information about TAXES](#xx_ee1bb6a4-5aca-4691-928e-defc135b640e_5)** | 48  |
| **[PREMIUM/DISCOUNT INFORMATION](#xx_ee1bb6a4-5aca-4691-928e-defc135b640e_7)** | 50  |
| **[CONTINUOUS OFFERING INFORMATION](#xx_ee1bb6a4-5aca-4691-928e-defc135b640e_7)** | 50  |
| **[FINANCIAL HIGHLIGHTS](#xx_102cc517-ff1c-4d53-90c5-838cb76a0951_1)** | 52  |
| **[MONEY MANAGER INFORMATION](#xx_1f6041be-6fd1-42d3-ad8a-c563ade8004f_1)** | 53 |

---

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**Risk/Return Summary**

**<u>Russell Investments Core Plus Bond ETF</u>**

**Investment Objective (Non-Fundamental)**

------

The Fund seeks to provide total return.

**Fees and Expenses of the Fund**

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The following tables describe the fees and expenses that you may pay if you buy, hold, and sell Shares of the Fund. **In addition to the fees and expenses described below, you may also be required to pay brokerage commissions on purchases and sales of Shares of the Fund.** 

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

---

| | |
|:---|:---|
| Advisory Fee\* | &nbsp;&nbsp; 0.39% |
| Other Expenses# | &nbsp;&nbsp; 0.00% |
| Total Annual Fund Operating Expenses | &nbsp;&nbsp; 0.39% |

---

\*

The Fund's advisory agreement provides that Russell Investment Management, LLC ("RIM"), the Fund's investment adviser, will pay all expenses of the Fund except for payments under the Fund's 12b-1 plan, if any, interest expenses, dividend and interest expenses related to short sales, taxes, the expenses of other investment companies in which the Fund invests which are borne indirectly by the Fund, brokerage commissions and any other transaction-related expenses and fees arising out of transactions effected on behalf of the Fund, costs of holding shareholder meetings, costs of any securities lending program, any and all costs, fees and expenses, including legal fees, associated with litigation or potential litigation, any and all contingency fees paid to vendors out of amounts received by the Fund (for example, contingency fees paid to vendors for foreign tax reclaims and contingency fees paid to vendors for certain securities litigation recoveries) and any infrequent and/or unusual expenses.

#

The Fund's "Other Expenses" have been estimated to reflect expenses expected to be incurred during the first fiscal year.

***Example***

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

The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your Shares at the end of those periods. The example also assumes your investment has a 5% return each year and that operating expenses remain the same.

Although your actual costs may be higher or lower, under these assumptions your costs would be:

---

| | |
|:---|:---|
| 1 Year | &nbsp;&nbsp; $40 |
| 3 Years | &nbsp;&nbsp; $125 |

---

***Portfolio Turnover***

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. Because the Fund has not yet commenced operations as of the date of the Prospectus, no portfolio turnover rate is available for the Fund.

**Investments, Risks and Performance**

------

***Principal Investment Strategies of the Fund***

The Fund has a non-fundamental policy to invest, under normal circumstances, at least 80% of the value of its net assets plus borrowings for investment purposes in bonds. Bonds are fixed income and floating rate securities representing

------

debt obligations that typically require the issuer to repay the bondholders the principal amount borrowed and generally to pay interest. The Fund considers bonds to include fixed income equivalent instruments, which may be represented by forwards or derivatives such as options, futures contracts or swap agreements.

Russell Investment Management, LLC ("RIM") provides or oversees the provision of all investment advisory and portfolio management services for the Fund. The Fund is advised by RIM and multiple money managers unaffiliated with RIM pursuant to a multi-manager approach. RIM may change the Fund's asset allocation at any time. The Fund's money managers select the individual portfolio instruments for the assets assigned to them. RIM manages assets not allocated to money manager strategies and utilizes quantitative and/or rules-based processes and qualitative analysis to assess Fund characteristics and invest in securities and instruments which provide the desired exposures. RIM may use strategies based on indexes. RIM also manages any cash held by the Fund.

RIM determines the Fund's allocations to fixed income sectors, money manager strategies and RIM's strategies based on RIM's target strategic asset allocation, portfolio construction tools and Fund-level guidelines. The portfolio construction process involves an analysis of tradeoffs between various risk and return factors as well as turnover and transaction costs to estimate optimal portfolio positioning.

The Fund may invest in mortgage related securities, including mortgage-backed securities. The Fund may also invest in (1) U.S. and non-U.S. corporate debt securities, (2) Yankee Bonds (dollar-denominated obligations issued in the U.S. by non-U.S. banks and corporations), (3) fixed income securities issued or guaranteed by the U.S. government, non-U.S. governments, or by any U.S. government or non-U.S. government agency or instrumentality and (4) asset-backed securities. The Fund may invest in debt securities that are rated below investment grade (commonly referred to as "high-yield" or "junk bonds") and in "distressed" debt securities. The Fund may invest in currency futures and options on futures, forward currency contracts, currency swaps and currency options for speculative purposes or to seek to protect a portion of its investments against adverse currency exchange rate changes. The Fund may invest in derivative instruments and may use derivatives to take both long and short positions. The Fund's use of derivatives may cause the Fund's investment returns to be impacted by the performance of securities the Fund does not own and result in the Fund's total investment exposure exceeding the value of its portfolio. The duration of the Fund's portfolio will typically be within one year of the duration of the Bloomberg Barclays U.S. Aggregate Bond Index, but may vary up to two years from the Index's duration. A portion of the Fund's net assets may be "illiquid" investments. The Fund may invest in variable and floating rate securities. The Fund may purchase loans and other direct indebtedness, including bank loans (also called "leveraged loans"). The Fund may invest in non-U.S. debt securities, including developed and emerging market debt securities, some of which may be non-U.S. dollar denominated. The Fund considers the following countries to have developed markets: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Luxembourg, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the United Kingdom and the United States. As a general rule, the Fund considers emerging market countries to include every other country. The Fund may enter into repurchase agreements. The Fund may invest in commercial paper, including asset-backed commercial paper. The Fund may engage in active and frequent trading of portfolio securities to achieve its principal investment strategies. The Fund usually, but not always, exposes a portion of any cash held to changes in interest rates or market/sector returns by purchasing fixed income securities and/or derivatives, which typically include exchange traded fixed income futures contracts, to be announced ("TBA") securities and swaps. Please refer to the "Investment Objective and Investment Strategies" section in the Fund's Prospectus for further information.

***Principal Risks of Investing in the Fund***

An investment in the Fund, like any investment, has risks. The value of the Fund fluctuates and you could lose money. The principal risks of investing in the Fund are those associated with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Fixed Income Securities*. Prices of fixed income securities generally rise and fall in response to, among other things, interest rate changes. Volatility in interest rates and in fixed income markets may increase the risk that the Fund's investments in fixed income securities could lose money. In addition, the Fund could lose money if the issuer or guarantor of a fixed income security or other issuer of credit support is unable or unwilling to make timely principal and/or interest payments, or to otherwise honor its obligations. Fixed income securities may be downgraded in credit rating or go into default.

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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;● *U.S. and Non-U.S. Corporate Debt Securities Risk*. Investments in U.S. and non-U.S. corporate debt securities are subject to interest rate risk and market risk and are affected by perceptions of the creditworthiness and business prospects of individual issuers. Non-U.S. corporate debt securities may expose the Fund to greater risk than investments in U.S. corporate debt securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Non-Investment Grade Debt Securities ("High Yield" or "Junk Bonds")*. Non-investment grade debt securities involve higher volatility and higher risk of default than investment grade bonds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Government Issued or Guaranteed Securities, U.S. Government Securities*. Bonds issued or guaranteed by a government are subject to inflation risk, price depreciation risk and default risk.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Currency Risk*. Non-U.S. securities that trade in, and receive revenues in, non-U.S. currencies are subject to the risk that those currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency being hedged. As a result, investments in non-U.S. dollar-denominated securities and currencies may reduce the returns of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Global Financial Markets Risk.* Global financial markets are increasingly interconnected and conditions (including volatility and instability) and events (including natural disasters, pandemics and epidemics) in one country, region or financial market may adversely impact issuers in a different country, region or financial market. In addition, governmental and quasi-governmental organizations have taken a number of unprecedented actions designed to support the markets. Such events and conditions may adversely affect the value of the Fund's securities, result in greater market or liquidity risk or cause difficulty valuing the Fund's portfolio instruments or achieving the Fund's objective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Liquidity Risk.* The market for certain investments may become illiquid or less liquid (i.e., there may be a significant reduction in trading activity, including in the number of market participants or transactions, in such investments) under adverse or volatile market or economic conditions, making those investments difficult to sell. The market price of certain investments may fall dramatically if there is no liquid trading market. For derivatives, this also includes the risk involving liquidity demands that derivatives can create to make payments of margin or settlement payments to counterparties. Such events and conditions may adversely affect the value of the Fund's investments, result in greater market or liquidity risk or cause difficulty valuing the Fund's portfolio instruments or achieving the Fund's objective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Illiquid Investments*. An illiquid or less liquid investment may be difficult to sell quickly and at a fair price, which could cause the Fund to realize a loss on the investment if it was sold at a lower price than that at which it had been valued.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Active Management*. Despite strategies designed to achieve the Fund's investment objective, the value of investments will change with market conditions, and so will the value of any investment in the Fund and you could lose money. The securities selected for the portfolio may not perform as RIM or the Fund's money managers expect. Additionally, securities selected may cause the Fund to underperform relative to other funds with similar investment objectives and strategies. There is no guarantee that RIM will effectively assess the Fund's portfolio characteristics and it is possible that its judgments regarding the Fund's exposures may prove incorrect. In addition, actions taken to manage Fund exposures, including risk, may be ineffective and/or cause the Fund to underperform.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Multi-Manager Approach.* While the investment styles employed by the money managers are intended to be complementary, they may not in fact be complementary. A multi-manager approach could result in more exposure to certain types of securities and higher portfolio turnover.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Fundamental Investing Risk.* A fundamental investment approach uses research and analysis of a variety of factors to create a forecast of company results, which is used to select securities. The process may result in an evaluation of a security's value that may be incorrect or, if correct, may not be reflected by the market. Security or instrument selection using a fundamental investment approach may also cause the Fund to underperform other funds with similar investment objectives and investment strategies even in a rising market.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Quantitative Investing and Models.* Quantitative inputs and models use historical company, economic and/or industry data to evaluate prospective investments or to generate forecasts which could result in incorrect assessments of the specific portfolio characteristics or ineffective adjustments to the Fund's exposures. Securities selected using quantitative analysis may perform differently than analysis of their historical trends would suggest. Inputs or models may be flawed or not work as anticipated and may cause the Fund to underperform other funds with similar investment objectives and strategies.

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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;● *Derivatives*. Investments in a derivative instrument could lose more than the initial amount invested. Compared to conventional securities, derivatives can be more sensitive to changes in interest rates or to sudden fluctuations in market prices and thus the Fund's losses may be greater if it invests in derivatives than if it invests only in conventional securities. The use of derivative instruments involves risks different from, and possibly greater than, the risks associated with investing directly in equity or fixed income securities, currencies or other instruments. Derivatives are generally subject to a number of risks such as leveraging risk, liquidity risk, market risk, credit risk, default risk, counterparty risk (the risk that the other party in an agreement will fail to perform its obligations), management risk, operational risk and legal risk. Certain of these risks do not apply to derivative instruments entered into for hedging or cash equitization, and certain cleared derivative instruments. Derivatives also involve the risk of mispricing or improper valuation and the risk that changes in the value of the derivative instrument may not correlate exactly with the change in the value of the underlying asset, rate or index.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Index-Based Investing.* Index-based strategies (including index replication which seeks to purchase the securities in an index or a blend of indexes and optimized index sampling which seeks to purchase a sampling of securities using optimization and risk models), which may be used to gain desired Fund exposures, may cause the Fund's returns to be lower than if the Fund employed a fundamental investment approach to security selection with respect to that portion of its portfolio. Additionally, index-based strategies are subject to "tracking error" risk, which is the risk that the performance of the portion of the Fund's portfolio utilizing an index-based strategy will differ from the performance of the index it seeks to track.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Mortgage-Backed Securities*. Mortgage-backed securities may be affected by, among other things, changes or perceived changes in interest rates, factors concerning the interests in and structure of the issuer or the originator of the mortgage, or the quality of the underlying assets. The underlying assets may default or decline in quality or value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Distressed Securities*. Investments in distressed securities inherently have more credit risk than investments in non-distressed issuers. In the event that an issuer of distressed securities defaults or initiates insolvency proceedings, the Fund may lose all of its investment in the distressed securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Asset-Backed Securities*. Payment of principal and interest on asset-backed securities may be largely dependent upon the cash flows generated by the assets backing the securities and asset-backed securities may not have the benefit of any security interest in the related assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Loans and Other Direct Indebtedness.* Loans and other direct indebtedness involve the risk that payment of principal, interest and other amounts due in connection with these investments may not be received. The highly leveraged nature of many such loans, including bank loans, and other direct indebtedness may make such loans and other direct indebtedness especially vulnerable to adverse changes in economic or market conditions and/or changes in the financial condition of the debtor. Investments in bank loans are typically subject to the risks of floating rate securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Non-U.S. and Emerging Markets Debt*. The value of an investment in non-U.S. and emerging markets debt may be affected by political, economic or social conditions or foreign currency exchange rates. Prices of emerging markets debt can be severely affected not only by rising interest rates and adverse currency fluctuations, but also by the deterioration of credit quality or default by the issuer. Non-U.S. and emerging markets debt may also be subject to risk of loss because of more or less foreign government regulation, less public information and less stringent investor protections and disclosure standards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Bank Obligations*. The banking industry may be particularly susceptible to certain economic factors such as interest rate changes, adverse developments in the real estate market, fiscal and monetary policy and general economic cycles. The banking industry may also be impacted by legal and regulatory developments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Yankee Bonds and Yankee CDs*. Issuers of Yankee Bonds and Yankee CDs are not necessarily subject to the same regulatory requirements that apply to U.S. corporations and banks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Variable and Floating Rate Securities Risk.* Variable and floating rate securities generally are less sensitive to interest rate changes but may decline in value if their interest rates do not rise as much, or as quickly, as interest rates in general.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Money Market Securities (Including Commercial Paper)*. Prices of money market securities generally rise and fall in response to interest rate changes.

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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;● *Asset-Backed Commercial Paper*. Investment in asset-backed commercial paper is subject to the risk that insufficient proceeds from the projected cash flows of the contributed receivables are available to repay the commercial paper.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Repurchase Agreements*. Repurchase agreements are subject to the risk that the sellers may not be able to pay the agreed-upon repurchase price on the repurchase date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Counterparty Risk.* Counterparty risk is the risk that the other party or parties to an agreement or a participant to a transaction, such as a broker, might default on a contract or fail to perform by failing to pay amounts due or failing to fulfill the obligations of the contract or transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *High Portfolio Turnover Risk*. The Fund may engage in active and frequent trading, which may result in higher portfolio turnover rates, higher transaction costs and realization of short-term capital gains that will generally be taxable to shareholders as ordinary income.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Currency Trading Risk.* Currency trading strategies may involve instruments that have volatile prices, are illiquid or less liquid or create economic leverage. Forward currency contracts are subject to the risk that, should forward prices increase, a loss will be incurred to the extent that the price of the currency agreed to be purchased exceeds the price of the currency agreed to be sold.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Authorized Participant Concentration Risk*. Only an authorized participant may engage in creation or redemption transactions directly with the Fund. The Fund has a limited number of intermediaries that act as authorized participants and none of these authorized participants is or will be obligated to engage in creation or redemption transactions. To the extent that these intermediaries do not proceed with creation and/or redemption orders, Shares may trade at a discount to net asset value ("NAV") and possibly face trading halts and/or delisting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Trading Risk.* The market prices of Shares are expected to fluctuate, in some cases materially, in response to changes in a Fund's NAV, the intra-day value of the Fund's holdings, and supply and demand for Shares. Disruptions to creations and redemptions, the existence of significant market volatility or potential lack of an active trading market for the Shares may result in the shares trading significantly above (at a premium) or below (at a discount) to NAV or to the intraday value of the Fund's holdings. You may pay significantly more or receive significantly less than a Fund's NAV per share during periods when there is a significant premium or discount. Buying or selling shares in the secondary market may require paying brokerage commissions or other charges. In addition, the market price of Shares includes a "bid-ask spread" charged by the market makers or other participants that trade the particular security. The spread of a Fund's Shares varies over time based on the Fund's trading volume and market liquidity and may increase if the Fund's trading volume, the spread of the Fund's underlying securities, or market liquidity decrease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Impact of Large Shareholder Transactions (Including Possible Fund Liquidation)*. The Fund may experience certain adverse effects when certain shareholders, including other funds or accounts managed by RIM, purchase or sell large amounts of Shares of the Fund. Sales of large amounts of Shares may adversely affect the Fund's liquidity and net assets to the extent such transactions are executed directly with the Fund in the form of redemptions through an authorized participant, rather than executed in the secondary market. To the extent effected in cash, such redemptions could result in the Fund being forced to sell portfolio securities at a loss or before RIM would otherwise decide to do so and may also accelerate the realization of taxable income to shareholders, which could make investments in Shares less tax-efficient than an investment in an ETF that is able to effect redemptions in-kind. To the extent large shareholders transact in Shares on the secondary market, such transactions may account for a large percentage of the trading volume on the exchange and may, therefore, have a material upward or downward effect on the market price of the Shares. Large redemptions may also result in higher and/or accelerated levels of realized capital gains or losses with respect to the Fund's portfolio securities, higher Fund cash levels, higher brokerage commissions and other transaction costs, among other negative consequences such as reduced liquidity in the Fund's portfolio. As a result, large redemption activity could adversely affect the Fund's ability to conduct its investment program which, in turn, could adversely impact the Fund's performance or may result in the Fund no longer remaining at an economically viable size, in which case the Fund may cease operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *New Fund Risk.* The Fund is a new Fund which may result in additional risk. There can be no assurance that the Fund will grow to an economically viable size, in which case the Fund may cease operations. Investors may be required to liquidate or transfer their investments at an inopportune time. Because the Fund is new, it may be more significantly affected by purchases and redemptions of its creation units ("Creation Units") than a fund with relatively greater assets under management. As compared to a larger fund, a new or smaller fund is more likely to

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sell a comparatively large portion of its portfolio to meet significant Creation Unit redemptions or invest a comparatively large amount of cash to facilitate Creation Unit purchases. Such transactions may cause the Fund to make investment decisions at inopportune times or miss attractive investment opportunities, accelerate the realization of taxable income or otherwise cause the Fund to perform differently than intended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Cyber Security and Other Operational Risks.* An investment in the Fund, like any fund, can involve operational risks. In addition, other disruptive events may adversely affect the Fund's ability to conduct business. While the Fund seeks to minimize such risks and events through controls and oversight, including business continuity plans and risk management systems, there may still be events or failures that could cause losses to the Fund. In addition, the Fund may be susceptible to operational risks through breaches in cyber security. A cyber security breach may cause sensitive information (including relating to personally identifiable information of investors) to be lost, improperly accessed, used or disclosed. The Fund and its shareholders could be negatively impacted by such disruptive events or cyber security incidents*.*

Please refer to the "Risks" section in the Fund's Prospectus for further information.

An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

***Performance***

As of the date hereof, the Fund has not yet completed a full calendar year of investment operations. Upon the completion of a full calendar year of investment operations by the Fund, this section will include charts that provide some indication of the risks of an investment in the Fund, by showing the difference in annual total returns, highest and lowest quarterly returns and average annual total returns (before and after taxes) compared to the benchmark index selected for the Fund. Performance information for the Fund will be available online at https://russellinvestments.com.

**Management**

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***Investment Adviser***

The Fund's investment adviser is RIM. The Fund's money managers are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●RBC Global Asset Management (U.S.) Inc. and RBC Global Asset Management (UK) Limited ●Schroder Investment Management North America Inc.

***Portfolio Managers***

Brian Pringle, Senior Director, Co-Head of North America Fixed Income, and Riti Samanta, Senior Director, Co-Head of North America Fixed Income, have primary responsibility for the management of the Fund. Mr. Pringle and Ms. Samanta have managed the Fund since [ ].

**Additional Information**

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For important information about:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Purchase and Sale of Fund Shares, please see Purchase and Sale of Fund Shares on page 13.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Taxes, please see Taxes on page 13.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Financial Intermediary Compensation, please see Payments to Broker-Dealers and Other Financial Intermediaries on page 13.

**<u>Russell Investments Global Real Estate ETF</u>**

**Investment Objective (Non-Fundamental)**

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The Fund seeks to provide current income and long term capital growth.

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**Fees and Expenses of the Fund**

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The following tables describe the fees and expenses that you may pay if you buy, hold, and sell Shares of the Fund. **In addition to the fees and expenses described below, you may also be required to pay brokerage commissions on purchases and sales of Shares of the Fund.** 

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

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| | |
|:---|:---|
| Advisory Fee\* | &nbsp;&nbsp; 0.49% |
| Other Expenses# | &nbsp;&nbsp; 0.00% |
| Total Annual Fund Operating Expenses | &nbsp;&nbsp; 0.49% |

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\*

The Fund's advisory agreement provides that Russell Investment Management, LLC ("RIM"), the Fund's investment adviser, will pay all expenses of the Fund except for payments under the Fund's 12b-1 plan, if any, interest expenses, dividend and interest expenses related to short sales, taxes, the expenses of other investment companies in which the Fund invests which are borne indirectly by the Fund, brokerage commissions and any other transaction-related expenses and fees arising out of transactions effected on behalf of the Fund, costs of holding shareholder meetings, costs of any securities lending program, any and all costs, fees and expenses, including legal fees, associated with litigation or potential litigation, any and all contingency fees paid to vendors out of amounts received by the Fund (for example, contingency fees paid to vendors for foreign tax reclaims and contingency fees paid to vendors for certain securities litigation recoveries) and any infrequent and/or unusual expenses.

#

The Fund's "Other Expenses" have been estimated to reflect expenses expected to be incurred during the first fiscal year.

***Example***

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

The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your Shares at the end of those periods. The example also assumes your investment has a 5% return each year and that operating expenses remain the same.

Although your actual costs may be higher or lower, under these assumptions your costs would be:

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| | |
|:---|:---|
| 1 Year | &nbsp;&nbsp; $50 |
| 3 Years | &nbsp;&nbsp; $170 |

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***Portfolio Turnover***

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. Because the Fund has not yet commenced operations as of the date of the Prospectus, no portfolio turnover rate is available for the Fund.

**Investments, Risks and Performance**

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***Principal Investment Strategies of the Fund***

The Fund has a non-fundamental policy to invest, under normal circumstances, at least 80% of the value of its net assets plus borrowings for investment purposes in real estate securities. The Fund seeks to achieve its objective by concentrating its investments in equity securities of real estate companies ("real estate securities") economically tied to a number of countries around the world, including the U.S., in a globally diversified manner. The Fund considers a company to be a real estate company if it is included in the Global Industry Classification Standard ("GICS") real estate sector. The Fund invests principally in securities of companies, known as real estate investment trusts ("REITs") and other REIT-like entities that own interests in real estate or real estate-related loans. The Fund may also invest in equity securities of other types of real estate-related companies. A portion of the Fund's securities are denominated in foreign currencies and are typically held outside the U.S. The Fund may invest a portion of its assets in equity securities of companies that are located in emerging markets. The Fund considers emerging market countries to include every country in the world except Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Luxembourg, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the United Kingdom and the United States.

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The Fund is advised by Russell Investment Management, LLC ("RIM") and multiple money managers unaffiliated with RIM pursuant to a multi-manager approach. RIM provides all portfolio management services for the Fund and may change a Fund's allocation to the money managers investment strategies at any time. The Fund's money managers have non-discretionary asset management assignments pursuant to which they provide a model portfolio to RIM representing their investment recommendations.

RIM manages the Fund by investing in a portfolio of equity securities determined via qualitative analysis and a quantitative model-based optimization process applied to an initial composite of the model portfolios provided by money managers. Money managers may employ a fundamental investment approach, a quantitative investment approach or a combination of both. RIM constructs an initial composite portfolio of securities that represents the aggregation of the money manager model portfolios based upon RIM's allocation to each money manager's strategy. RIM then utilizes a quantitative model-based optimization process and qualitative analysis of desired Fund level exposures (such as momentum, quality, capitalization size, lower volatility, growth, industry, sector, country or region) to assess the characteristics of the initial money manager model portfolio composite and identify a portfolio of securities that provides the desired exposures, constrains portfolio turnover, meets minimum holding size requirements and reduces the number of securities in the optimized composite portfolio based on a specified target number of holdings for the Fund while further taking into consideration security level weightings. This optimization process involves an analysis of tradeoffs between various risk and return factors as well as turnover and transaction costs to estimate optimal portfolio positioning.

The Fund usually, but not always, pursues a strategy of being fully invested by exposing all or a portion of any cash held to the performance of certain real estate securities or, in certain circumstances, broad global equity markets by purchasing equity securities and/or derivatives, which typically include index futures contracts and swaps. The Fund may purchase and sell futures and forwards contracts (1) as a substitute for holding securities directly, (2) to manage country and currency exposure, (3) for hedging purposes or (4) to facilitate the implementation of its investment strategy. The Fund may at times seek to protect a portion of its investments against adverse currency exchange rate changes by purchasing forward currency contracts or currency futures contracts. The Fund may enter into spot or forward currency contracts to facilitate settlement of securities transactions. The Fund may invest in large, medium or small capitalization companies. The Fund is classified as a "non-diversified fund" under the Investment Company Act of 1940, as amended, which means that a relatively high percentage of the Fund's assets may be invested in a limited number of issuers. Please refer to the "Investment Objective and Investment Strategies" section in the Fund's Prospectus for further information.

***Principal Risks of Investing in the Fund***

An investment in the Fund, like any investment, has risks. The value of the Fund fluctuates and you could lose money. The principal risks of investing in the Fund are those associated with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Real Estate Securities*. Just as real estate values go up and down, the value of the securities of real estate companies also fluctuates. Real estate securities, including real estate investment trusts ("REITs"), may be affected by changes in the value of the underlying properties owned by the companies and by the quality of tenants' credit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Non-Diversification Risk*. Investing a relatively high percentage of assets in the securities of a single issuer or group of issuers, may cause performance to be more vulnerable to changes in the market value of the single issuer or group of issuers, and more susceptible to risks associated with a single economic, political or regulatory occurrence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Industry Concentration Risk*. By concentrating in certain industries, the Fund carries much greater risk of adverse developments in those industries than a fund that invests in a wide variety of industries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Equity Securities*. The value of equity securities will rise and fall in response to the activities of the company that issued them, general market conditions and/or economic conditions. Investments in small and medium capitalization companies may involve greater risks because these companies generally have narrower markets, more limited managerial and financial resources and a less diversified product offering than larger, more established companies. Small and some medium capitalization stocks may also be thinly traded, and thus, difficult to buy and sell in the market.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Non-U.S. Securities.* Non-U.S. securities have risks relating to political, economic, social and regulatory conditions in foreign countries. Non-U.S. securities may also be subject to risk of loss because of more or less foreign government regulation, less public information and less stringent investor protections and disclosure standards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Emerging Markets Equity Securities.* Investing in emerging market equity securities can pose some risks different from, and greater than, risks of investing in U.S. or developed markets equity securities. These risks include: a risk

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of loss due to political instability; exposure to economic structures that are generally less diverse and mature, and to political systems which may have less stability, than those of more developed countries; smaller market capitalization of securities markets, which may suffer periods of relative illiquidity (including as a result of a significant reduction in the number of market participants or transactions); significant price volatility; restrictions on foreign investment; possible difficulties in the repatriation of investment income and capital including as a result of the closure of securities markets in an emerging market country; and, generally, less stringent investor protection standards as compared with investments in U.S. or other developed market equity securities. In addition, emerging market countries may be subject to less stringent requirements regarding accounting, auditing, financial reporting and record keeping and therefore, all material information may not be available or reliable. U.S. regulatory authorities' ability to enforce legal and/or regulatory obligations against individuals or entities, and shareholders' ability to bring derivative litigation or otherwise enforce their legal rights, in emerging market countries may be limited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Currency Risk*. Non-U.S. securities that trade in, and receive revenues in, non-U.S. currencies are subject to the risk that those currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency being hedged. As a result, investments in non-U.S. dollar-denominated securities and currencies may reduce the returns of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Global Financial Markets Risk.* Global financial markets are increasingly interconnected and conditions (including volatility and instability) and events (including natural disasters, pandemics and epidemics) in one country, region or financial market may adversely impact issuers in a different country, region or financial market. In addition, governmental and quasi-governmental organizations have taken a number of unprecedented actions designed to support the markets. Such events and conditions may adversely affect the value of the Fund's securities, result in greater market or liquidity risk or cause difficulty valuing the Fund's portfolio instruments or achieving the Fund's objective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Liquidity Risk.* The market for certain investments may become illiquid or less liquid (i.e., there may be a significant reduction in trading activity, including in the number of market participants or transactions, in such investments) under adverse or volatile market or economic conditions, making those investments difficult to sell. The market price of certain investments may fall dramatically if there is no liquid trading market. For derivatives, this also includes the risk involving liquidity demands that derivatives can create to make payments of margin or settlement payments to counterparties. Such events and conditions may adversely affect the value of the Fund's investments, result in greater market or liquidity risk or cause difficulty valuing the Fund's portfolio instruments or achieving the Fund's objective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Active Management*. Despite strategies designed to achieve the Fund's investment objective, the value of investments will change with market conditions, and so will the value of any investment in the Fund and you could lose money. The securities selected for the portfolio may not perform as RIM or the Fund's money managers expect. Additionally, securities selected may cause the Fund to underperform relative to other funds with similar investment objectives and strategies. There is no guarantee that RIM will effectively assess the Fund's portfolio characteristics and it is possible that its judgments regarding the Fund's exposures may prove incorrect. In addition, actions taken to manage Fund exposures, including risk, may be ineffective and/or cause the Fund to underperform.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Multi-Manager Approach.* While the investment styles employed by the money managers are intended to be complementary, they may not in fact be complementary. A multi-manager approach could result in more exposure to certain types of securities and higher portfolio turnover.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Fundamental Investing Risk.* A fundamental investment approach uses research and analysis of a variety of factors to create a forecast of company results, which is used to select securities. The process may result in an evaluation of a security's value that may be incorrect or, if correct, may not be reflected by the market. Security or instrument selection using a fundamental investment approach may also cause the Fund to underperform other funds with similar investment objectives and investment strategies even in a rising market.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Quantitative Investing, Optimization and Models.* Quantitative inputs and models use historical company, economic and/or industry data to evaluate prospective investments or to generate forecasts which could result in incorrect assessments of the specific portfolio characteristics or ineffective adjustments to the Fund's exposures. Securities selected using quantitative analysis may perform differently than analysis of their historical trends would suggest. Inputs or models may be flawed or not work as anticipated and may cause the Fund to underperform other funds with similar investment objectives and strategies. Because RIM uses an optimization approach, it will not invest in

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all securities recommended by the money managers for the Fund. This approach could result in the omission of securities that would have outperformed the Fund's portfolio, thereby reducing Fund returns as compared to the composite portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Derivatives*. Investments in a derivative instrument could lose more than the initial amount invested. Compared to conventional securities, derivatives can be more sensitive to changes in interest rates or to sudden fluctuations in market prices and thus the Fund's losses may be greater if it invests in derivatives than if it invests only in conventional securities. The use of derivative instruments involves risks different from, and possibly greater than, the risks associated with investing directly in equity or fixed income securities, currencies or other instruments. Derivatives are generally subject to a number of risks such as leveraging risk, liquidity risk, market risk, credit risk, default risk, counterparty risk (the risk that the other party in an agreement will fail to perform its obligations), management risk, operational risk and legal risk. Certain of these risks do not apply to derivative instruments entered into for hedging or cash equitization, and certain cleared derivative instruments. Derivatives also involve the risk of mispricing or improper valuation and the risk that changes in the value of the derivative instrument may not correlate exactly with the change in the value of the underlying asset, rate or index.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Currency Trading Risk.* Currency trading strategies may involve instruments that have volatile prices, are illiquid or less liquid or create economic leverage. Forward currency contracts are subject to the risk that, should forward prices increase, a loss will be incurred to the extent that the price of the currency agreed to be purchased exceeds the price of the currency agreed to be sold.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Counterparty Risk.* Counterparty risk is the risk that the other party or parties to an agreement or a participant to a transaction, such as a broker, might default on a contract or fail to perform by failing to pay amounts due or failing to fulfill the obligations of the contract or transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Authorized Participant Concentration Risk*. Only an authorized participant may engage in creation or redemption transactions directly with the Fund. The Fund has a limited number of intermediaries that act as authorized participants and none of these authorized participants is or will be obligated to engage in creation or redemption transactions. To the extent that these intermediaries do not proceed with creation and/or redemption orders, Shares may trade at a discount to net asset value ("NAV") and possibly face trading halts and/or delisting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Trading Risk.* The market prices of Shares are expected to fluctuate, in some cases materially, in response to changes in a Fund's NAV, the intra-day value of the Fund's holdings, and supply and demand for Shares. Disruptions to creations and redemptions, the existence of significant market volatility or potential lack of an active trading market for the Shares may result in the shares trading significantly above (at a premium) or below (at a discount) to NAV or to the intraday value of the Fund's holdings. You may pay significantly more or receive significantly less than a Fund's NAV per share during periods when there is a significant premium or discount. Buying or selling shares in the secondary market may require paying brokerage commissions or other charges. In addition, the market price of Shares includes a "bid-ask spread" charged by the market makers or other participants that trade the particular security. The spread of a Fund's Shares varies over time based on the Fund's trading volume and market liquidity and may increase if the Fund's trading volume, the spread of the Fund's underlying securities, or market liquidity decrease.To the extent that the Fund's underlying securities trade on foreign exchanges or in foreign markets that may be closed when the exchange on which the Fund's Shares trade is open, there are likely to be deviations between the last quote for a security from the closed foreign exchange or market and the value of the security during the Shares' trading day. This could in turn lead to differences between the market price of the Shares and the underlying value of the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Impact of Large Shareholder Transactions (Including Possible Fund Liquidation)*. The Fund may experience certain adverse effects when certain shareholders, including other funds or accounts managed by RIM, purchase or sell large amounts of Shares of the Fund. Sales of large amounts of Shares may adversely affect the Fund's liquidity and net assets to the extent such transactions are executed directly with the Fund in the form of redemptions through an authorized participant, rather than executed in the secondary market. To the extent effected in cash, such redemptions could result in the Fund being forced to sell portfolio securities at a loss or before RIM would otherwise decide to do so and may also accelerate the realization of taxable income to shareholders, which could make investments in Shares less tax-efficient than an investment in an ETF that is able to effect redemptions in-kind. To the extent large shareholders transact in Shares on the secondary market, such transactions may account for a large percentage of the trading volume on the exchange and may, therefore, have a material upward or downward effect on the market price of the Shares. Large redemptions may also result in higher and/or accelerated levels of realized capital gains or losses with respect to the Fund's portfolio securities, higher Fund cash levels,

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higher brokerage commissions and other transaction costs, among other negative consequences such as reduced liquidity in the Fund's portfolio. As a result, large redemption activity could adversely affect the Fund's ability to conduct its investment program which, in turn, could adversely impact the Fund's performance or may result in the Fund no longer remaining at an economically viable size, in which case the Fund may cease operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *New Fund Risk.* The Fund is a new Fund which may result in additional risk. There can be no assurance that the Fund will grow to an economically viable size, in which case the Fund may cease operations. Investors may be required to liquidate or transfer their investments at an inopportune time. Because the Fund is new, it may be more significantly affected by purchases and redemptions of its creation units ("Creation Units") than a fund with relatively greater assets under management. As compared to a larger fund, a new or smaller fund is more likely to sell a comparatively large portion of its portfolio to meet significant Creation Unit redemptions or invest a comparatively large amount of cash to facilitate Creation Unit purchases. Such transactions may cause the Fund to make investment decisions at inopportune times or miss attractive investment opportunities, accelerate the realization of taxable income or otherwise cause the Fund to perform differently than intended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Cyber Security and Other Operational Risks.* An investment in the Fund, like any fund, can involve operational risks. In addition, other disruptive events may adversely affect the Fund's ability to conduct business. While the Fund seeks to minimize such risks and events through controls and oversight, including business continuity plans and risk management systems, there may still be events or failures that could cause losses to the Fund. In addition, the Fund may be susceptible to operational risks through breaches in cyber security. A cyber security breach may cause sensitive information (including relating to personally identifiable information of investors) to be lost, improperly accessed, used or disclosed. The Fund and its shareholders could be negatively impacted by such disruptive events or cyber security incidents*.*

Please refer to the "Risks" section in the Fund's Prospectus for further information.

An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

***Performance***

As of the date hereof, the Fund has not yet completed a full calendar year of investment operations. Upon the completion of a full calendar year of investment operations by the Fund, this section will include charts that provide some indication of the risks of an investment in the Fund, by showing the difference in annual total returns, highest and lowest quarterly returns and average annual total returns (before and after taxes) compared to the benchmark index selected for the Fund. Performance information for the Fund will be available online at https://russellinvestments.com.

**Management**

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***Investment Adviser***

The Fund's investment adviser is RIM. The Fund's money managers are:

● AEW Capital Management, L.P. &nbsp;&nbsp;&nbsp;&nbsp;●RREEF America L.L.C., DWS Investments Australia Limited and DWS Alternatives Global Limited, operating under the brand name DWS <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Resolution Capital Limited and Resolution Capital &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(US) Limited <br>

***Portfolio Managers***

Adrianna Giesey, Senior Portfolio Manager, and Ryan Parker, Portfolio Manager, Customized Portfolio Solutions, have primary responsibility for the management of the Fund and have managed the Fund since [ ].

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**Additional Information**

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For important information about:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Purchase and Sale of Fund Shares, please see Purchase and Sale of Fund Shares on page 13.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Taxes, please see Taxes on page 13.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Financial Intermediary Compensation, please see Payments to Broker-Dealers and Other Financial Intermediaries on page 13.

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**Additional Information**

***Purchase and Sale of Fund Shares***

Individual Shares of each Fund may only be purchased and sold in secondary market transactions through a broker or dealer at market price. Because Shares trade at market prices, rather than net asset value ("NAV"), Shares of a Fund may trade at a price greater than NAV (*i.e.*, a premium) or less than NAV (*i.e.*, a discount).

You may incur costs attributable to the difference between the highest price a buyer is willing to pay for Shares (bid) and the lowest price a seller is willing to accept for Shares (ask) (the "bid-ask spread") when buying or selling Shares in the secondary market.

Recent information, including information about a Fund's NAV, market price, premiums and discounts, and bid-ask spreads (when available), is included on the Funds' website at https://russellinvestments.com.

For more information about how to purchase Shares, please see Buying and Selling Shares in the Funds' Prospectus.

***Taxes***

Distributions from a Fund are generally taxable to you as either ordinary income or capital gains. If any Fund makes any distributions, those distributions will normally be subject to federal and state and local income taxes when they are paid, whether you take them in cash or reinvest them in Fund Shares.

For more information about these and other tax matters relating to each Fund and its shareholders, please see Additional Information about Taxes in the Funds' Prospectus.

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

If you purchase Shares of a Fund through a broker-dealer or other financial services organization, such as a bank (collectively, "Financial Intermediaries"), RIM and/or its affiliates may pay the intermediary for marketing activities and presentations, educational training programs, conferences, the development of technology platforms and reporting systems and data or other services related to the sale of Fund Shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend a Fund over another investment. Ask your salesperson or visit your Financial Intermediary's website for more information.

For more information about payments to broker-dealers and other Financial Intermediaries, please see Shareholder Information - Payments To Broker-Dealers and Other Financial Intermediaries in the Funds' Prospectus.

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**MANAGEMENT OF THE Funds**

The Funds' investment adviser is RIM, 401 Union Street, 18<sup>th</sup> Floor, Seattle, Washington 98101. RIM was established in 1982 and pioneered the "multi-style, multi-manager" investment method in mutual funds. As of June 30, 2025, RIM managed over $43.3 billion in registered fund portfolios. RIM is an indirect, wholly-owned subsidiary of Russell Investments Group, Ltd., through which the limited partners of certain private equity funds affiliated with TA Associates Management, L.P. ("TA Associates") indirectly hold a majority ownership interest and the limited partners of certain private equity funds affiliated with Reverence Capital Partners, L.P. ("Reverence Capital") indirectly hold a significant minority ownership interest in RIM and its affiliates ("Russell Investments"). Certain of Russell Investments' employees and Hamilton Lane Advisors, LLC also hold minority, non-controlling positions in Russell Investments Group, Ltd. TA Associates is one of the oldest and most experienced global growth private equity firms. Reverence Capital is a private investment firm, focused on investing in leading financial services companies.

Most of the Funds are designed to be used within multi-asset portfolios to gain exposure to a globally diverse mix of asset classes and styles and to combine traditional securities, such as equities and bonds, with non-traditional approaches, such as alternative investments. RIM's multi-asset approach combines diversification, research and selection of unaffiliated money managers and dynamic portfolio management. RIM uses its core capabilities (capital markets insights, manager research, asset allocation, portfolio implementation and factor exposures) to manage the Funds by combining various money managers and strategies into a single Fund.

The Funds' assets are invested using a "multi-style, multi-manager diversification" technique. Unlike most investment companies that have a single organization that acts as investment adviser, the Funds divide responsibility for investment advice between RIM and a number of money managers unaffiliated with RIM. RIM's money manager research services include evaluating and recommending professional investment advisory and management organizations ("money managers") to make specific portfolio recommendations for each asset class, according to designated investment objectives, styles and strategies.

RIM provides or oversees the provision of all investment advisory and portfolio management services for the Funds. Subject to the approval of the Funds' Board of Trustees, RIM selects, oversees and evaluates the performance results of the Funds' money managers and allocates Fund assets among itself and multiple money manager investment strategies. RIM may change a Fund's asset allocation at any time. A money manager may have (1) a discretionary asset management assignment pursuant to which it is allocated a portion of Fund assets to manage directly and selects the individual portfolio instruments for the assets assigned to it, (2) a non-discretionary assignment pursuant to which it provides a model portfolio to RIM representing its investment recommendations or (3) both a discretionary and non-discretionary assignment. RIM does not evaluate the investment merits of a money manager's individual security selections or recommendations. RIM manages Fund assets not allocated to money manager strategies. RIM also manages Fund assets for which a Fund's non-discretionary money managers provide model portfolios to RIM and each Fund's cash balances. RIM may also manage portions of a Fund during transitions between money managers.

The Funds' administrator is Russell Investments Fund Services, LLC ("RIFUS"), a wholly-owned subsidiary of RIM. RIFUS, in its capacity as the Funds' administrator, provides or oversees the provision of all administrative services for the Funds. The Funds' custodian, State Street Bank and Trust Company ("State Street"), maintains custody of the Funds' assets and establishes and monitors subcustodial relationships with banks and certain other financial institutions in the foreign countries in which the Funds invest. State Street, in its capacity as the Funds' transfer agent, is responsible for maintaining the Funds' shareholder records and carrying out shareholder transactions. As described above, each Fund conducts its business through a number of service providers who act on its behalf. When a Fund acts in one of these areas, it does so through the service provider responsible for that area.

RIM's employees who manage the Funds, oversee the money managers of the Funds and have primary responsibility for the management of the Funds (the "RIM Managers") are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Adrianna Giesey, Senior Portfolio Manager since March 2025. Ms. Giesey was a Portfolio Manager from July 2022 to February 2025. From March 2017 to June 2022, Ms. Giesey was a Senior Research Analyst. Ms. Giesey shares primary responsibility for the management of the Global Real Estate ETF with Mr. Parker.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Ryan Parker, Portfolio Manager, Customized Portfolio Solutions, Equity since September 2023. Mr. Parker was an Associate Portfolio Manager, Customized Portfolio Solutions, Equity from October 2021 to August 2023. From March 2020 to September 2021, Mr. Parker was a Senior Investment Operations Analyst. Mr. Parker shares primary responsibility for the management of the Global Real Estate ETF with Ms. Giesey.

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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;● Brian Pringle, Senior Director, Co-Head of North America Fixed Income since January 2025. Mr. Pringle was Senior Director, Customized Portfolio Solutions, Fixed Income from March 2020 to December 2024. Mr. Pringle shares primary responsibility for the management of the Core Plus Bond ETF with Ms. Samanta.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Riti Samanta, Senior Director, Co-Head of North America Fixed Income since January 2025. Ms. Samanta was Senior Director, Portfolio Manager, Fixed Income from July 2024 to December 2024. Prior to joining Russell Investments, Ms. Samanta was a Portfolio Manager and Fixed Income Strategist at Grantham, Mayo, Van Otterloo responsible for GMO's Systematic Credit/LDI and Multi Sector Fixed Income strategies. Ms. Samanta shares primary responsibility for the management of the Core Plus Bond ETF with Mr. Pringle.

Please see the Funds' Statement of Additional Information ("SAI") for additional information about the RIM Managers' compensation, other accounts managed by the RIM Managers and the RIM Managers' ownership of securities in the Funds.

Each Fund's annual advisory fee as a percentage of average daily net assets is: Core Plus Bond ETF, 0.39%; and Global Real Estate ETF, 0.49%.

Each Fund invests its cash in an unregistered cash management fund advised by RIM. RIM has waived its 0.05% advisory fee for the unregistered fund. RIFUS charges a 0.05% administrative fee to the unregistered fund.

A discussion regarding the basis for approval by the Board of Trustees (the "Board" or the "Trustees") of the investment advisory contract between RIM and the Funds will be available in the Funds' annual financial statements and other information in Form N-CSR covering the period ended March 31, 2026.

The Trustees are responsible for generally overseeing management and operations of the business and affairs of the Funds and do not manage operations on a day-to-day basis. The Trustees and officers of Russell Investments Exchange Traded Funds (the "Trust") may amend the Prospectus, any summary prospectus, the SAI and any contracts to which the Trust or a Fund is a party and interpret the investment objective(s), policies, restrictions and contractual provisions applicable to any Fund without shareholder input or approval, except in circumstances in which shareholder approval is specifically required by law (such as changes to fundamental investment policies) or where a shareholder approval requirement is specifically disclosed in the Prospectus or SAI. Neither the Prospectus, any summary prospectus, the SAI, any contracts filed as exhibits to the Trust's registration statement, nor any other communications or disclosure documents from or on behalf of the Trust creates a contract between a shareholder of a Fund and: (i) the Trust; (ii) a Fund; (iii) a service provider to the Trust or a Fund; and/or (iv) the Trustees or officers of the Trust.

The Trustees, on behalf of the Trust, enter into service agreements with RIM, RIFUS and other service providers in order to provide, and in some cases authorize service providers to procure through other parties, necessary or desirable services on behalf of the Trust and the Funds. Shareholders are not third-party beneficiaries of such agreements.

**THE MONEY MANAGERS**

RIM allocates all or a portion of each Fund's assets among multiple money manager investment strategies. RIM, as the Funds' adviser, may change a Fund's asset allocation at any time. Money managers are unaffiliated with RIM and are listed under "Money Manager Information" at the end of this Prospectus.

A money manager may have (1) a discretionary asset management assignment pursuant to which it is allocated a portion of Fund assets to manage directly, (2) a non-discretionary assignment pursuant to which it provides a model portfolio to RIM representing its investment recommendations or (3) both a discretionary and non-discretionary assignment. Assets not allocated to discretionary money managers are managed by RIM.

Each discretionary money manager has discretion to select, purchase and sell portfolio securities for its segment of a Fund's assets. Each non-discretionary money manager provides RIM with a model portfolio. RIM provides each money manager with specific investment guidelines based on a Fund's investment program and RIM's assessment of the money manager's expertise and investment style whereby RIM attempts to capitalize on the strengths of each money manager and to combine their investment activities in a complementary fashion. Although, under the Funds' multi-manager structure, RIM is responsible for oversight of the services provided by the Funds' money managers and for providing reports to the Board regarding the money managers' activities, the Board, the officers, RIM and Russell Investments do not evaluate the investment merits of a money manager's individual security selections.

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The Funds rely on an exemptive order from the U.S. Securities and Exchange Commission ("SEC") that permits RIM to engage or terminate a money manager at any time, subject to approval by the Funds' Board, without a shareholder vote. Each Fund operates pursuant to the exemptive order. A Fund is required to notify its shareholders within 90 days after a money manager begins providing services. Each Fund selects money managers based upon the research and recommendations of RIM. RIM evaluates quantitatively and qualitatively the money managers' investment style and process, performance record and portfolio characteristics in managing assets for specific asset classes, investment styles and strategies. Short-term investment performance, by itself, is not a controlling factor in the selection or termination of any money manager.

The Funds also rely on a separate exemptive order from the SEC, stating that the Funds' Board may approve a new money manager contract or a material amendment to an existing money manager contract at a meeting that is not in person, provided that the Funds' Trustees are able to participate in the meeting using a means of communication that allows them to hear each other simultaneously during the meeting.

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**INVESTMENT OBJECTIVE AND INVESTMENT STRATEGIES** <br>

Each of the Funds has a non-fundamental investment objective which may be changed by the Board of that Fund without shareholder approval. If a Fund's investment objective is changed, the Prospectus will be supplemented to reflect the new investment objective. To the extent that there is a material change in a Fund's investment objective, shareholders will be provided with reasonable notice.

The Board may, if it deems appropriate to do so, authorize the liquidation or merger of a Fund without shareholder approval in circumstances where shareholder approval is not otherwise required by the Investment Company Act of 1940, as amended ("1940 Act"). Unless Fund Shares are held in a tax-deferred account, liquidation or merger may result in a taxable event for shareholders of the liquidated Fund. In addition, RIM may make material changes to a Fund's principal investment strategies without shareholder approval.

RIM or the money managers may or may not use all of the securities and investment strategies listed below. This Prospectus does not describe all of the various types of securities and investment strategies that may be used by the Funds. The Funds may invest in other types of securities and use other investment strategies that are not described in this Prospectus. Such securities and investment strategies may subject the Funds to additional risks. Please see the Statement of Additional Information for additional information about the securities and investment strategies described in this Prospectus and about additional securities and non-principal investment strategies that may be used by the Funds.

Unless otherwise stated, all percentage limitations on Fund investments listed in this Prospectus apply at the time of investment. There would be no violation of any of these limitations unless a Fund fails to comply with any such limitation immediately after and as a result of an investment. A later change in circumstances will not require the sale of an investment if it was proper at the time it was made.

For purposes of determining compliance with a Fund's 80% investment policy, to the extent that a Fund utilizes derivative instruments that provide investment exposure to the type of investments in the Fund's 80% policy or to one or more market risk factors associated with such investments, the derivative instruments will be counted for purposes of the Fund's 80% investment policy.

The Funds may sell securities for a variety of reasons including to realize gains, limit losses, to make funds available for other investment opportunities or to meet redemption requests. The Funds may also sell a security if there is a significant change to the security's characteristics or if the security is no longer consistent with the Fund's investment strategies.

On rare occasions, a Fund may take a temporary defensive position that may be inconsistent with its long-term principal investment strategies in an attempt to respond to adverse market, economic, political or other conditions. If this occurs, the Fund may not achieve its investment objective during such times. A Fund may take a defensive position by raising cash levels and/or reducing or eliminating the strategy to expose its cash to the performance of appropriate markets.

**<u>Russell Investments Core Plus Bond ETF</u>**

**Investment Objective (Non-Fundamental)**

The Fund seeks to provide total return.

**Principal Investment Strategies**

The Fund has a non-fundamental policy to invest, under normal circumstances, at least 80% of the value of its net assets plus borrowings for investment purposes in bonds. The Fund is required to provide 60 days' notice to its shareholders prior to a change in this policy. The 80% investment requirement applies at the time the Fund invests its assets. Bonds are fixed income and floating rate securities representing debt obligations that typically require the issuer to repay the bondholders the principal amount borrowed and generally to pay interest. The Fund considers bonds to include fixed income equivalent instruments, which may be represented by forwards or derivatives such as options, futures contracts or swap agreements.

RIM provides or oversees the provision of all investment advisory and portfolio management services for the Fund. The Fund is advised by RIM and multiple money managers unaffiliated with RIM pursuant to a "multi-manager" approach. Subject to the approval of the Fund's Board of Trustees, RIM selects, oversees and evaluates the Fund's money

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managers and allocates Fund assets among itself and multiple money manager investment strategies. RIM may change a Fund's asset allocation at any time. RIM may hire money managers to pursue a particular investment focus, such as specialization in certain sectors or strategies, or may hire money managers to invest across multiple sectors or strategies. The Fund's money managers select the individual portfolio instruments for the assets assigned to them. RIM allocates most of the Fund's assets to multiple money managers unaffiliated with RIM. RIM manages Fund assets not allocated to money manager strategies. RIM also manages the Fund's cash balances and may manage portions of the Fund during transitions between money managers.

RIM determines the Fund's allocations to fixed income sectors, money manager strategies and RIM's strategies based on RIM's target strategic asset allocation, portfolio construction tools and Fund-level guidelines. The portfolio construction process involves an analysis of tradeoffs between a variety of factors that impact the Fund's return potential and portfolio risks as well as turnover and transaction costs to estimate optimal portfolio positioning. These factors include the Fund's overall exposures, a money manager's investment expertise, investment approach, and expected return potential of a money manager relative to its assigned benchmark (which may differ from the Fund's benchmark(s)), as well as the characteristics of the money manager's typical investment portfolio. These characteristics include portfolio biases, magnitude of sector shifts and duration movements. Duration is a measure of sensitivity to interest rate changes and not time. RIM also considers the manner in which money managers' historical and expected investment returns correlate with one another. In addition, RIM may adjust allocations based on the Fund's overall exposures and forecasted portfolio risk and in order to respond to changes in market risks and opportunities.

Money managers may employ a fundamental investment approach, a quantitative investment approach or a combination of both. A quantitative money manager selects securities using a variety of quantitative investment models (mathematical formulas based on statistical analyses) and mathematical techniques to rank the relative attractiveness of securities versus their benchmarks and uses quantitative techniques to construct its portfolio. A money manager using a fundamental investment approach selects securities based upon its research and analysis of a variety of factors and may also incorporate quantitative investment models in its process.

The Fund invests in securities of issuers in a variety of sectors of the fixed income market. For example, the Fund may identify sectors of the fixed income market believed to be undervalued and focus its investments in those sectors. These sectors will differ over time. The Fund may attempt to anticipate shifts in interest rates and hold securities it expects to perform well in relation to market indexes as a result of such shifts.

The Fund may invest in mortgage related securities including mortgage-backed securities, collateralized mortgage obligations, commercial mortgage-backed securities, mortgage pass-through securities, to be announced ("TBA") securities, interest only and inverse interest only mortgage-backed securities, principal only mortgage-backed securities and mortgage dollar rolls, that directly or indirectly represent a participation in, or are secured by and payable from, mortgage loans on real property. A dollar roll is the sale of a security by the Fund and its agreement to repurchase the instrument at a specified time and price, and may be considered a form of borrowing for some purposes. By investing in mortgage related securities, the Fund has exposure to non-agency mortgage backed securities, which may include Alternative A ("Alt-A") paper, subprime and/or non-conforming mortgages. The Fund also invests in asset-backed securities, which may include, among others, credit card, automobile loan and/or home equity line of credit receivables, and collateralized loan obligations.

The Fund may invest in U.S. and non-U.S. corporate debt securities, Yankee Bonds (dollar-denominated obligations issued in the U.S. by non-U.S. banks and corporations), fixed income securities issued or guaranteed by the U.S. government (including Treasury Inflation Protected Securities and zero coupon securities) or by non-U.S. governments, or by any U.S. government or non-U.S. government agency or instrumentality. Zero coupon securities are notes, bonds and debentures that (1) do not pay current interest and are issued at a substantial discount from par value, (2) have been stripped of their unmatured interest coupons and receipts or (3) pay no interest until a stated date one or more years into the future.

The Fund may invest in debt securities that are rated below investment grade, (commonly referred to as "high-yield" or "junk bonds") as determined by one or more nationally recognized statistical rating organizations ("NRSROs") or in unrated securities judged to be of comparable quality. Junk bonds, and to a lesser extent other types of bonds, may be purchased at a discount and thereby provide opportunities for capital appreciation. The Fund's investments may include debt securities that are the subject of bankruptcy proceedings, in default as to the payment of principal or interest, or rated in the lowest rating category by an NRSRO ("distressed securities").

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The Fund may purchase and sell currency futures and options on currency futures, forward currency contracts, currency swaps and currency spot and options contracts for speculative purposes based on judgments regarding the direction of the market for a particular foreign currency or currencies. The Fund's currency investments may seek returns through the identification of global macroeconomic and investment themes that impact financial markets, including themes specific to the currency market (e.g., exchange rate valuation), themes from other markets (such as equity, interest rate or commodity markets), or themes that relate to domestic or global economic events or external shocks (such as political events or natural disasters), or through the identification of currency market factors that are expected to result in positive returns over time. The Fund will enter into spot and forward currency contracts to facilitate settlement of securities transactions and may enter into these contracts in order to "lock in" the U.S. dollar price of a security that it plans to buy or sell. The Fund may at times seek to protect a portion of its investments against adverse currency exchange rate changes by purchasing forward currency contracts.

The Fund's use of derivatives may cause the Fund's investment returns to be impacted by the performance of securities the Fund does not own and result in the Fund's total investment exposure exceeding the value of its portfolio.

The duration of the Fund's portfolio will typically be within one year of the duration of the Bloomberg U.S. Aggregate Bond Index, which was 6.02 years as of December 31, 2024, but may vary up to two years from the Index's duration. The Fund has no restrictions on individual security duration. Bonds with longer durations tend to be more sensitive to changes in interest rates than those with shorter durations.

A portion of the Fund's net assets may be "illiquid" investments (i.e., investments that are not reasonably expected to be sold or disposed of in current market conditions in seven calendar days or less without significantly changing the market value of the investment).

The Fund's investments may include variable and floating rate securities. A floating rate security is one whose terms provide for the automatic adjustment of an interest rate whenever the specified interest rate changes. A variable rate security is one whose terms provide for the automatic establishment of a new interest rate on set dates.

The Fund purchases loans and other direct indebtedness entitling the Fund to payments of interest, principal and/or other amounts due under the structure of the loan or other indebtedness. This may include investments in floating rate "bank loans" or "leveraged loans," which are generally loans issued to below investment grade companies that carry floating coupon payments. Such investments are generally rated below investment grade and are expected to exhibit credit risks similar to "high yield" or "junk" bonds. Such investments may also be unrated, in which case the Fund relies primarily on its own evaluation of a borrower's credit quality rather than on any available independent sources. The Fund may invest in senior secured floating rate loans or debt and second lien or other subordinated or unsecured floating rate loans or debt. Senior secured loans or debt are secured by specific collateral of the borrower and are senior to most other securities of the borrower in the event the borrower goes bankrupt. Second lien and subordinated loans or debt rank after senior obligations of the borrower in the event of bankruptcy and typically have a lower credit rating and therefore higher yield than senior secured loans. Unsecured loans or debt are not secured by specific collateral of the borrower in the event of bankruptcy. Bank loans are often issued in connection with acquisitions, leveraged buyouts, bankruptcy proceedings or financial restructurings and borrowers may have defaulted in the payment of interest or principal or in the performance of certain covenants or agreements and/or have uncertain financial conditions.

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The Fund may invest in non-U.S. debt securities, including developed and emerging market debt securities, some of which may be non-U.S. dollar denominated.

The Fund may invest in obligations issued or guaranteed by U.S. or foreign banks. Bank obligations, including time deposits, bankers' acceptances and certificates of deposit, may be general obligations of the parent bank or may be limited to the issuing branch by the terms of the specific obligations or by government regulations.

Some of the securities in which the Fund invests may be supported by credit and liquidity enhancements from third parties. These enhancements may include letters of credit from foreign or domestic banks.

The Fund may enter into repurchase agreements. A repurchase agreement is an agreement under which the Fund acquires a fixed income security from a commercial bank, broker or dealer and simultaneously agrees to resell such security to the seller at an agreed upon price and date (normally the next business day).

The Fund may invest in commercial paper, including asset-backed commercial paper.

With respect to the portion of the Fund managed by RIM, RIM utilizes quantitative and/or rules-based processes and qualitative analysis to assess Fund characteristics and invest in securities and instruments which provide the desired exposures (such as value, capitalization size, sector, industry, currency, credit or mortgage exposure or country risk, yield curve positioning or interest rates). For example, RIM may utilize tools such as optimization, which involves the analysis of tradeoffs between various risk and return factors as well as turnover and transaction costs, in order to estimate optimal portfolio positioning. RIM may use strategies based on indexes, including optimized index sampling (strategies that seek to purchase a sampling of securities using optimization and risk models) and/or index replication.

The Fund usually, but not always, exposes a portion of any cash held to changes in interest rates or market/sector returns by purchasing fixed income securities and/or derivatives (also known as "equitization"), which typically include exchange traded fixed income futures contracts, TBAs and swaps. This exposure may or may not match the Fund's benchmark(s) and RIM may use the cash equitization process to manage Fund exposures. RIM may not equitize a portion of the Fund's cash or use the cash equitization process to reduce market exposure. RIM generally invests any remaining U.S. cash in short-term investments, including the U.S. Cash Management Fund, an unregistered fund advised by RIM whose investment objective is to seek to preserve principal and provide liquidity and current income, and may at times invest cash in fixed income securities with a typical average portfolio duration of one year and individual effective maturities of up to five years, which may include U.S. and non-U.S. corporate debt securities, asset-backed securities (which may include, among others, credit card and automobile loan receivables) and money market securities similar to those invested in by the U.S. Cash Management Fund.

The Fund may engage in active and frequent trading of portfolio securities to achieve its principal investment strategies.

The Fund considers the following countries to have developed markets: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Luxembourg, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the United Kingdom and the United States. As a general rule, the Fund considers emerging market countries to include every other country.

**<u>Russell Investments Global Real Estate ETF</u>**

**Investment Objective (Non-Fundamental)**

The Fund seeks to provide current income and long term capital growth.

**Principal Investment Strategies**

The Fund has a non-fundamental policy to invest, under normal circumstances, at least 80% of the value of its net assets plus borrowings for investment purposes in real estate securities. The Fund is required to provide 60 days' notice to its shareholders prior to a change in this policy. The 80% investment requirement applies at the time the Fund invests its assets. The Fund seeks to achieve its objective by concentrating its investments in equity securities of real estate companies ("real estate securities") economically tied to a number of countries around the world, including the U.S., in a globally diversified manner. The Fund considers a company to be a real estate company if it is included in the Global Industry Classification Standard ("GICS") real estate sector.

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The Fund invests principally in common stocks and other equity securities issued by U.S. and non-U.S. real estate companies, including real estate investment trusts ("REITs") and similar REIT-like entities. REITs are companies that own interests in real estate or in real estate-related loans or other interests, and their revenue principally consists of rent derived from owned, income producing real estate properties and capital gains from the sale of such properties or from interest payments on real estate-related loans. A REIT in the U.S. is generally not taxed on income distributed to shareholders so long as it meets certain tax related requirements, including the requirement that it distribute substantially all its taxable income to such shareholders. REIT-like entities organized outside of the U.S. have operations and receive entity-level tax treatment similar to that of U.S. REITs. By investing in REITs and REIT–like entities indirectly through the Fund, a shareholder will bear expenses of the REITs and REIT-like entities in addition to expenses of the Fund. The Fund may also invest in equity securities of other types of real estate-related companies. The Fund may invest in large, medium or small capitalization companies. Stocks are not selected based on the capitalization size of a company but rather on the relative attractiveness of the individual opportunity.

The Fund is advised by RIM and multiple money managers unaffiliated with RIM pursuant to a "multi-manager" approach. Subject to the approval of the Fund's Board of Trustees, RIM selects, oversees and evaluates the Fund's money managers and allocates Fund assets among multiple money manager investment strategies. RIM provides all portfolio management services for the Fund and may change a Fund's allocation to the money manager investment strategies at any time. The Fund's money managers have non-discretionary asset management assignments pursuant to which they provide a model portfolio to RIM representing their investment recommendations.

RIM manages the Fund by investing in a portfolio of equity securities determined via qualitative analysis and a quantitative model-based optimization process applied to an initial composite of the model portfolios provided by money managers. RIM constructs an initial composite portfolio of securities that represents the aggregation of the money manager model portfolios based upon RIM's allocation to each money manager's strategy. RIM then utilizes a quantitative model-based optimization process and qualitative analysis of desired Fund level exposures (such as momentum, quality, capitalization size, lower volatility, growth, industry, sector, country or region) to assess the characteristics of the initial money manager model portfolio composite and identify a portfolio of securities that provides the desired exposures, constrains portfolio turnover, meets minimum holding size requirements and reduces the number of securities in the optimized composite portfolio based on a specified target number of holdings for the Fund while further taking into consideration security level weightings. This optimization process involves an analysis of tradeoffs between various risk and return factors as well as turnover and transaction costs to estimate optimal portfolio positioning.

When determining how to allocate the Fund's assets among itself and the money managers' strategies, RIM considers a variety of factors that impact the Fund's return potential and portfolio risks. These factors include the Fund's overall exposures, a money manager's investment style, investment approach, investment substyle and expected return potential of a money manager relative to its assigned benchmark (which may differ from the Fund's benchmark(s)), as well as the characteristics of the money manager's typical investment portfolio. These characteristics include capitalization size, growth and profitability measures, valuation measures, property type and geographic weightings and earnings and price volatility statistics. RIM also considers the manner in which money managers' historical and expected investment returns correlate with one another. In addition, RIM may adjust allocations based on the Fund's overall exposures and forecasted portfolio risk and in order to respond to changes in market risks and opportunities.

Money managers may employ a fundamental investment approach, a quantitative investment approach or a combination of both. A quantitative money manager selects securities using a variety of quantitative investment models (mathematical formulas based on statistical analyses) and mathematical techniques to rank the relative attractiveness of securities versus their benchmarks and uses quantitative techniques to construct its portfolio. A money manager using a fundamental investment approach selects securities based upon its research and analysis of a variety of factors and may also incorporate quantitative investment models in its process.

A portion of the Fund's securities are denominated principally in foreign currencies and typically are held outside the U.S. While the Fund spreads its investments across the globe, the Fund selects securities of companies believed to have favorable growth prospects and/or attractive valuations based on current and expected earnings or cash flow, not based on the country in which a company is located.

The Fund invests in companies economically tied to a number of countries around the world, including the U.S., in a globally diversified manner. Under normal market conditions, the Fund will invest at least the lesser of 30% or the

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percentage of non-U.S. issuers in the FTSE EPRA Nareit Developed Index less 10%, and may invest up to 100%, of its assets in securities of issuers economically tied to non-U.S. countries. The Fund may also invest in equity securities of companies that are economically tied to emerging market countries.

The Fund may purchase and sell futures and forwards contracts (1) as a substitute for holding securities directly, (2) to manage country and currency exposure, (3) for hedging purposes or (4) to facilitate the implementation of its investment strategy.

The Fund usually, but not always, pursues a strategy of being fully invested by exposing all or a portion of any cash held to the performance of certain real estate securities markets or, where there is no appropriate instrument that represents exposure to the various components of the Fund's benchmark, broad global equity markets by purchasing equity securities and/or derivatives (also known as "equitization"), which typically include futures contracts and swaps. This is intended to cause the Fund to perform as though its cash were actually invested in these markets. Due to the lack of availability of appropriate instruments for certain markets, this exposure will result in returns that are different than that of the Fund's benchmark(s) for the cash portion of the portfolio. RIM may use the cash equitization process to manage Fund exposures. RIM may not equitize all or a portion of the Fund's cash or use the cash equitization process to reduce market exposure. RIM generally invests any remaining U.S. cash in short-term investments, including the U.S. Cash Management Fund, an unregistered fund advised by RIM whose investment objective is to seek to preserve principal and provide liquidity and current income.

With respect to non-U.S. real estate securities, the Fund may enter into spot and forward currency contracts to facilitate settlement of securities transactions and may enter into these contracts in order to "lock in" the U.S. dollar price of a security that it plans to buy or sell. The Fund may at times seek to protect a portion of its investments against adverse currency exchange rate changes by purchasing forward currency contracts.

The Fund considers emerging market countries to include every country in the world except Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Luxembourg, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the United Kingdom and the United States.

In determining if a security is economically tied to a non-U.S. country, the Fund generally looks to the "country of risk" of the issuer as determined by a third party such as Bloomberg L.P. An issuer's "country of risk" is determined based on several criteria, including, but not limited to, an issuer's country of domicile, the primary exchange on which an issuer's securities trade, the location from which the majority of an issuer's revenue is derived and an issuer's reporting currency. However, the Fund's portfolio manager may determine that a security is economically tied to a non-U.S. country based on other criteria or any of the foregoing criteria. With respect to derivative instruments, the Fund generally considers such instruments to be economically tied to non-U.S. countries if the underlying instruments of the derivatives are (i) foreign currencies (or baskets or indexes of such currencies); (ii) instruments or securities that are issued by foreign governments or by an issuer economically tied to a non-U.S. country as described above; or (iii) for certain money market instruments, if either the issuer or the guarantor of such money market instrument is classified as an issuer economically tied to a non-U.S. country as described above.

Equity securities in which the Fund invests include common stocks, preferred stocks, partnership interests, depositary receipts and equity-equivalent securities or instruments whose value is based on common stocks, such as synthetic foreign equity securities, convertible securities, rights, warrants or options to purchase common stock, futures contracts (stock or stock index) and index swaps.

The Fund is classified as a "non-diversified fund" under the 1940 Act which means that a relatively high percentage of the Fund's assets may be invested in a limited number of issuers. The non-diversified status provides the Fund with greater investment flexibility to take larger positions in one or more issuers.

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**RISKS**

An investment in the Funds, like any investment, has risks. The value of a Fund fluctuates and you could lose money. The following table lists the Funds and the types of principal risks the Funds are subject to. Please refer to the discussion following the chart and the Funds' Statement of Additional Information for a discussion of risks associated with types of securities held by the Funds and the investment practices employed by the Funds.

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|:---|:---|
| **Fund** | **Principal Risks** |
| **Russell Investments** <br> **Core Plus Bond ETF**<br>| ●Multi-Manager Approach<br> ●Active Management Risk<br> ●Security Selection<br> ●Management of Fund Exposures<br> ●Authorized Participant Concentration Risk<br> ●Trading Risk<br> ●Index-Based Investing<br> ●Fundamental Investing<br> ●Quantitative Investing, Optimization and Models<br> ●Fixed Income Securities Risk<br> ●Non-Investment Grade Debt Securities ("High Yield" or "Junk Bonds")<br> ●U.S. and Non-U.S. Corporate Debt Securities Risk<br> ●Government Issued or Guaranteed Securities, U.S. Government Securities<br> ●Distressed Securities<br> ●Bank Obligations<br> ●Money Market Securities (Including Commercial Paper)<br> ●Asset-Backed Commercial Paper<br> ●Variable and Floating Rate Securities<br> ●Mortgage-Backed Securities<br> ●Agency Mortgage-Backed Securities<br> ●Privately-Issued Mortgage-Backed Securities<br> ●Reverse Mortgages<br> ●Asset-Backed Securities<br> ●Credit and Liquidity Enhancements<br> ●Repurchase Agreements<br> ●Dollar Rolls<br> ●Loans and Other Direct Indebtedness<br> ●Non-U.S. Securities<br> ●Non-U.S. Fixed Income Securities<br> ●Emerging Markets Debt<br> ●Yankee Bonds and Yankee CDs<br> ●Currency Risk<br> ●Derivatives (Futures Contracts, Options, Forwards and Swaps)<br> ●Currency Trading Risk<br> ●Counterparty Risk<br> ●Illiquid Investments<br> ●Liquidity Risk<br> ●High Portfolio Turnover Risk<br> ●Impact of Large Shareholder Transactions (Including Possible Fund Liquidation)<br> ●Global Financial Markets Risk<br> ●Cash Management<br> ●New Fund Risk<br> ●Cyber Security and Other Operational Risks<br>|

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| | |
|:---|:---|
| **Fund** | **Principal Risks** |
| **Russell Investments** <br> **Global Real Estate ETF**<br>| ●Multi-Manager Approach<br> ●Active Management Risk<br> ●Security Selection<br> ●Management of Fund Exposures<br> ●Authorized Participant Concentration Risk<br> ●Trading Risk<br> ●Fundamental Investing<br> ●Quantitative Investing, Optimization and Models<br> ●Equity Securities Risk<br> ●Common Stocks<br> ●Securities of Medium Capitalization Companies<br> ●Securities of Small Capitalization Companies<br> ●Non-U.S. Securities<br> ●Non-U.S. Equity Securities<br> ●Emerging Markets Securities<br> ●Currency Risk<br> ●Derivatives (Futures Contracts, Options, Forwards and Swaps)<br> ●Currency Trading Risk<br> ●Counterparty Risk<br> ●Real Estate Securities<br> ●Real Estate Investment Trusts ("REITs")<br> ●Liquidity Risk<br> ●Impact of Large Shareholder Transactions (Including Possible Fund Liquidation)<br> ●Global Financial Markets Risk<br> ●Non-Diversification Risk<br> ●Industry Concentration Risk<br> ●Cash Management<br> ●New Fund Risk<br> ●Cyber Security and Other Operational Risks<br>|

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**Multi-Manager Approach**

While the investment strategies employed by a Fund's money managers are intended to be complementary, they may not in fact be complementary. The interplay of the various strategies employed by a Fund's multiple money managers may result in a Fund holding a significant amount of certain types of securities. This may be beneficial or detrimental to a Fund's performance depending upon the performance of those securities and the overall economic environment. The money managers selected for a Fund may underperform the market generally or other money managers that could have been selected for that Fund. The multi-manager approach could increase a Fund's portfolio turnover rates which may result in higher levels of realized capital gains or losses with respect to a Fund's portfolio securities, higher brokerage commissions and other transaction costs. The success of a Fund's investment strategy depends on, among other things, both RIM's skill in selecting money managers and allocating assets to those money managers and on a money manager's skill in executing the relevant investment strategy and selecting investments for the Fund.

**Active Management Risk**

Actively managed investment portfolios are subject to active management risk. Despite strategies designed to achieve a Fund's investment objective, the values of investments will change with market conditions, and so will the value of any investment in a Fund and you could lose money. Investments in a Fund could be lost or a Fund could underperform other investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**●**

**Security Selection** 

The securities or instruments chosen by RIM or a money manager to be in a Fund's portfolio may not perform as RIM or the Fund's money managers expect. Security or instrument selection risk may cause a Fund to underperform other funds with similar investment objectives and investment strategies even in a rising market. There are two types of methods to select securities, fundamental analysis and quantitative analysis. For more information about these methods, see Fundamental Investing and Quantitative Investing, Optimization and Models risks in this Prospectus.

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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;**●**

**Management of Fund Exposures**

In order to respond to changes in market risks and opportunities, RIM implements tilts or shifts in a Fund's exposures by over or underweighting certain of the portfolio's investment characteristics relative to its index over the short, intermediate or long term. Such tilts or shifts may be ineffective, RIM's judgments regarding perceived market risks and opportunities may be incorrect and there is no guarantee that RIM will effectively manage a Fund's overall exposures, which could cause the Fund to underperform other funds with similar investment objectives and investment strategies in the short- and/or long-term. RIM may utilize a variety of quantitative models and a variety of quantitative inputs and qualitative investment information and analysis in the management of a Fund's overall exposures. For more information about quantitative investing, see the Quantitative Investing, Optimization and Models risk in this Prospectus. To seek to gain desired overall Fund exposures, RIM may use index-based strategies, including index replication and optimized index sampling. For more information about these strategies, see the Index-Based Investing risk in this Prospectus.

**Authorized Participant Concentration Risk**

Only an authorized participant may engage in creation or redemption transactions directly with a Fund. Each Fund has a limited number of intermediaries that act as authorized participants and none of these authorized participants is or will be obligated to engage in creation or redemption transactions. There can be no assurance that an active trading market for a Fund's Shares will develop or be maintained. To the extent that these intermediaries exit the business or are unable to or choose not to proceed with creation and/or redemption orders with respect to a Fund, such as during periods of market stress, and no other authorized participant creates or redeems, Shares may trade at a discount to NAV and possibly face trading halts and/or delisting.

**Trading Risk**

The market prices of Shares are expected to fluctuate, in some cases materially, in response to changes in a Fund's NAV, the intra-day value of a Fund's holdings, and supply and demand for Shares. RIM cannot predict whether Shares will trade above, below or at their NAV. Disruptions to creations and redemptions, the existence of significant market volatility or potential lack of an active trading market for the Shares (including through a trading halt), as well as other factors, may result in the shares trading significantly above (at a premium) or below (at a discount) to NAV or to the intraday value of a Fund's holdings. You may pay significantly more or receive significantly less than a Fund's NAV per share during periods when there is a significant premium or discount. Buying or selling shares in the secondary market may require paying brokerage commissions or other charges imposed by brokers as determined by that broker. Brokerage commissions are often a fixed amount and may be a significant proportional cost when seeking to buy or sell relatively small amounts of Shares. In addition, the market price of Shares, like the price of any exchange-traded security, includes a "bid-ask spread" charged by the market makers or other participants that trade the particular security. The spread of a Fund's Shares varies over time based on the Fund's trading volume and market liquidity and may increase if the Fund's trading volume, the spread of the Fund's underlying securities, or market liquidity decrease. To the extent that a Fund's underlying securities trade on foreign exchanges or in foreign markets that may be closed when the exchange on which the Fund's Shares trade is open, there are likely to be deviations between the last quote for a security from the closed foreign exchange or market and the value of the security during the Shares' trading day. This could in turn lead to differences between the market price of the Shares and the underlying value of the Shares.

**Index-Based Investing**

The Funds may use index-based strategies, including index replication and optimized index sampling, for certain purposes, including to seek to gain desired Fund exposures. Index replication strategies seek to purchase the securities in an index or a blend of indexes (the "reference index") in order to track the reference index's performance. Optimized index sampling strategies do not attempt to purchase every security in the reference index, but instead purchase a sampling of securities using optimization and risk models. This process involves the analysis of tradeoffs between various factors as well as turnover and transaction costs in order to estimate optimal portfolio holdings based upon the reference index in order to achieve desired Fund exposures. Unlike index replication strategies, optimized index sampling strategies do not seek to fully replicate the reference index and a Fund may not hold all the securities and may hold securities not included in the reference index. A Fund may hold constituent securities of the reference index regardless of the current or projected performance of a specific security or a particular industry or market sector. Maintaining investments in securities regardless of the performance of individual securities or market conditions could cause a Fund's return to be lower than if the Fund employed a fundamental investment approach to security selection with respect to that portion of

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its portfolio. Additionally, the portion of a Fund's portfolio utilizing an index-based strategy is subject to "tracking error" risk, which is the risk that the performance of the portion of a Fund's portfolio utilizing an index-based strategy will differ from the performance of the reference index it seeks to track due to differences in security holdings, operating expenses, transaction costs, cash flows, operational inefficiencies and tax considerations.

**Fundamental Investing**

A fundamental investment approach uses research and analysis of a variety of factors to create a forecast of company results, which is used to select securities. The process may result in an evaluation of a security's value that may be incorrect or, if correct, may not be reflected by the market. Security or instrument selection made on the basis of a fundamental investment approach are subject to significant losses when the actual market prices of securities are materially different than from the prices predicted by the forecast resulting from the fundamental analysis. Fundamental analysis is inherently subject to the risk of not having identified all the relevant factors. In addition, the macro-economic factors considered by a money manager may be difficult to evaluate or implement. Fundamental investing is also inherently subject to the unpredictable duration of periods during which market prices and actual value as determined by such analysis will change. Security or instrument selection using a fundamental investment approach may cause a Fund to underperform other funds with similar investment objectives and investment strategies even in a rising market.

**Quantitative Investing, Optimization and Models**

Quantitative inputs and models use historical company, economic and/or industry data to evaluate prospective investments or to generate forecasts. This could result in incorrect assessments of the specific portfolio characteristics or ineffective adjustments to a Fund's exposures. Securities selected using quantitative analysis may perform differently than analysis of their historical trends would suggest as a result of the factors used in the analysis, the weight placed on each factor, and changes in underlying market conditions. As market dynamics shift over time, a previously successful input or model may become outdated and result in losses. Inputs or models may be flawed or not work as anticipated and cause a Fund to underperform other funds with similar objectives and strategies. Certain inputs and models may utilize third-party data and models that RIM believes to be reliable. However, RIM and the money manager do not guarantee the accuracy of their third-party data or models.

For the Global Real Estate ETF, because RIM uses an optimization approach, it will not invest in all securities recommended by the money managers for a Fund. This optimization approach could result in the omission of securities that would have outperformed the Fund's portfolio, thereby reducing Fund returns as compared to the composite portfolio.

**Equity Securities Risk**

The value of equity securities fluctuates in response to general market and economic conditions (market risk) and in response to the performance of individual companies (company risk). Therefore, the value of an investment in the Funds may decrease. The market as a whole can decline for many reasons, including adverse political or economic developments in the U.S. or abroad, changes in investor psychology, or heavy institutional selling. Also, certain unanticipated events, such as natural disasters, pandemics, epidemics, terrorist attacks, war, economic sanctions and other geopolitical events, can have a dramatic adverse effect on stock markets. Changes in the financial condition of a company or other issuer, changes in specific market, economic, political, and regulatory conditions that affect a particular type of investment or issuer, and changes in general market, economic, political, and regulatory conditions can adversely affect the price of equity securities. U.S. and foreign stock markets, and equity securities of individual issuers, have experienced periods of substantial price volatility in the past and it is possible that they will do so again in the future. These developments and changes can affect a single issuer, issuers within a broad market sector, industry or geographic region, or the market in general.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**●**

**Common Stocks**

The value of common stocks will rise and fall in response to the activities of the company that issued the stock, general market conditions and/or economic conditions. If an issuer is liquidated or declares bankruptcy, the claims of owners of the issuer's debt instruments will take precedence over the claims of owners of common stocks.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**●**

**Value Stocks**

Investments in value stocks are subject to the risks of common stocks, as well as the risks that (i) their intrinsic values may never be realized by the market or (ii) such stock may turn out not to have been undervalued.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**●**

**Growth Stocks**

Investments in growth stocks are subject to the risks of common stocks. Growth company stocks generally provide minimal dividends which could otherwise offset the impact of a market decline. The value of growth company stocks may rise and fall significantly based, in part, on investors' perceptions of the company, rather than on fundamental analysis of the stocks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**●**

**Defensive Stocks**

Investments in defensive stocks are subject to the risks of common stocks. In rising markets, defensive stocks are likely to underperform growth, value and dynamic stocks. Defensive stocks may also underperform the broad market in declining markets and over various market periods. The relative performance of stocks selected pursuant to a defensive style may fluctuate over time. Defensive stocks may not consistently exhibit the defensive characteristics for which they were selected and may not have lower than average stock price volatility or provide less volatile returns than the broad equity market.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**●**

**Dynamic Stocks**

Investments in dynamic stocks are subject to the risks of common stocks. In declining markets, dynamic stocks are likely to underperform growth, value and defensive stocks. Dynamic stocks have higher than average stock price volatility and may experience sharp declines in value. Generally, securities with higher price volatility are considered riskier investments than securities with lower price volatility. Dynamic companies may be subject to a heightened risk of bankruptcy. There is no guarantee that a company's potential for stock price appreciation will be effectively assessed and it is possible that such judgments may prove incorrect. Dynamic investing tends to result in an overweight to medium capitalization stocks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**●**

**Momentum Stocks**

Momentum stocks are stocks of companies that exhibit positive price trends. Investments in momentum stocks are subject to the risks of common stocks. Momentum stocks are likely to underperform the broad market in declining markets and over various market periods. The relative performance of momentum stocks may fluctuate over time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**●**

**Securities of Medium Capitalization Companies**

Investments in securities of medium capitalization companies are subject to the risks of common stocks. However, investments in medium capitalization companies may involve greater risks than those associated with larger, more established companies. Securities of such issuers may be thinly traded, and thus, difficult to buy and sell in the market. These companies often have narrower markets, more limited operating or business history, more limited product lines, and more limited managerial or financial resources than larger, more established companies. As a result, their performance can be more volatile and they face greater risk of business failure and bankruptcy, which could increase the volatility of a Fund's portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**●**

**Securities of Small Capitalization Companies**

Investments in securities of small capitalization companies are subject to the risks of common stocks, including the risks of investing in securities of medium capitalization companies. However, investments in small capitalization companies may involve greater risks, as, generally, the smaller the company size, the greater these risks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**●**

**Securities of Micro Capitalization Companies and Companies with Capitalization Smaller than the Russell 2000**<sup>®</sup> **Index**

Investments in securities of micro capitalization companies and companies with capitalizations smaller than the Russell 2000<sup>®</sup> Index are subject to the risks of common stocks, including the risks of investing in securities of medium and small capitalization companies. However, investments in such companies may involve greater risks, as, generally, the smaller the company size, the greater these risks. In addition, micro capitalization companies and companies with capitalization smaller than the Russell 2000<sup>®</sup> Index may be newly formed with more limited track records and less publicly available information.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**●**

**Preferred Stocks**

Investments in preferred stocks are subject to the risks of common stocks, as well as the risk that interest rates will rise and make the fixed dividend feature, if any, less appealing to investors resulting in a decline in price. Preferred stock does not usually have voting rights. The absence of voting rights may result in approval by the holders of the common stock of a corporate action to restructure a company for the benefit of the holders of the common stock to the detriment of the holders of the preferred stocks.

**Fixed Income Securities Risk**

Fixed income securities generally are subject to the following risks: (i) Interest rate risk which is the risk that prices of fixed income securities generally rise and fall in response to interest rate changes. Generally, when interest rates rise, prices of fixed income securities fall and when interest rates fall, prices of fixed income securities rise. Expectations of higher inflation generally cause interest rates to rise. The longer the duration of the security, the more sensitive the security is to this risk. A 1% increase in interest rates would reduce the value of a $100 note by approximately one dollar if it had a one-year duration. The effect of changing interest rates on financial markets, including negative interest rates, cannot be known with certainty but may expose fixed-income and related markets to heightened volatility and illiquidity. Very low or negative interest rates may magnify interest rate risks. To the extent a Fund holds an investment with a negative interest rate to maturity, the Fund would generate a negative return on that investment. If negative interest rates become more prevalent in the market and/or if negative interest rates persist for a sustained period of time, investors may seek to reallocate assets to higher-yielding assets which, among other potential consequences, could result in increases in the yield and decreases in the prices of fixed-income investments over time; (ii) Market risk which is the risk that the value of fixed income securities fluctuates in response to general market and economic conditions. Fixed income markets have experienced volatility, which may result in increased shareholder redemptions; (iii) Company risk which is the risk that the value of fixed income securities fluctuates in response to the performance of individual companies; (iv) Credit and default risk which is the risk that a Fund could lose money if the issuer or guarantor of a fixed income security or other issuer of credit support is unable or unwilling to make timely principal and/or interest payments, or to otherwise honor its obligations. Securities are subject to varying degrees of credit risk which are often reflected in credit ratings. Fixed income securities may be downgraded in credit rating or go into default. While all fixed income securities are subject to credit risk, lower-rated bonds and bonds with longer final maturities generally have higher credit risks and higher risk of default; and (v) Inflation risk which is the risk that the present value of a security will be less in the future if inflation decreases the value of money.

Specific types of fixed income securities are also subject to additional risks which are described below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**●**

**Non-Investment Grade Debt Securities ("High-Yield" or "Junk Bonds")**

Although lower rated debt securities generally offer a higher yield than higher rated debt securities, they involve higher risks, higher volatility and higher risk of default than investment grade bonds. They are especially subject to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Adverse changes in general economic conditions and in the industries in which their issuers are engaged;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Changes in the financial condition of their issuers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Price fluctuations in response to changes in interest rates; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Reduced liquidity compared to higher rated securities.

As a result, issuers of lower rated debt securities are more likely than other issuers to miss principal and interest payments or to default, which could result in a loss to a Fund. In the event of an issuer's bankruptcy, the claims of other creditors may have priority over the claims of lower rated debt holders, leaving insufficient assets to repay the holders of lower rated debt securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**●**

**U.S. and Non-U.S. Corporate Debt Securities Risk**

U.S. and non-U.S. corporate debt securities are subject to the same risks as other fixed income securities, including interest rate risk and market risk. U.S. and non-U.S. corporate debt securities are also affected by perceptions of the creditworthiness and business prospects of individual issuers. The underlying company may be unable to pay interest or repay principal upon maturity, which could adversely affect the security's market value. In addition, due to less publicly available financial and other information, less stringent securities regulation, war, economic sanctions and other adverse governmental actions, investments in non-U.S. corporate debt securities may expose a Fund to greater risk than investments in U.S. corporate debt securities.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**●**

**Government Issued or Guaranteed Securities, U.S. Government Securities**

Bonds guaranteed by a government are subject to the same risks as other fixed income securities, including inflation risk, price depreciation risk and default risk. No assurance can be given that the U.S. government will provide financial support to certain U.S. government agencies or instrumentalities since it is not obligated to do so by law. Accordingly, bonds issued by U.S. government agencies or instrumentalities may involve risk of loss of principal and interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**●**

**Distressed Securities**

Distressed securities are securities of issuers that are experiencing significant financial or business difficulties. Investments in distressed securities may be considered speculative and may involve substantial risks not normally associated with investments in healthier companies, including the increased possibility that adverse business, financial or economic conditions will cause the issuer to default or initiate insolvency proceedings. Investments in distressed securities inherently have more credit risk than investments in non-distressed issuers, and the degree of risk associated with particular distressed securities may be difficult or impossible to determine. Distressed securities may also be illiquid, difficult to value and experience extreme price volatility. In the event that an issuer of distressed securities defaults or initiates insolvency proceedings, a Fund may lose all of its investment in the distressed security, or it may be required to accept cash or securities with a value less than a Fund's original investment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**●**

**Bank Obligations**

An adverse development in the banking industry may affect the value of a Fund's investments. Banks may be particularly susceptible to certain economic factors such as interest rate changes, adverse developments in the real estate market, fiscal and monetary policy and general economic cycles. Banks are subject to extensive but different government regulations which may limit both the amount and types of loans which may be made and interest rates which may be charged. The profitability of the banking industry is largely dependent upon the availability and cost of funds for the purpose of financing lending operations under prevailing money market conditions. General economic conditions as well as exposure to credit losses arising from possible financial difficulties of borrowers play an important part in the operation of this industry. The banking industry may also be impacted by legal and regulatory developments. The specific effects of such developments are not yet fully known.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**●**

**Money Market Securities (Including Commercial Paper)**

Prices of money market securities rise and fall in response to interest rate changes. Generally, when interest rates rise, prices of money market securities fall. Money market securities are also subject to reinvestment risk. As interest rates decline, a money market fund's dividends (income) may decline because the fund must then invest in lower-yielding instruments. A Fund's ability to redeem shares of a money market fund may be impacted by recent regulatory changes relating to money market funds which require the imposition of liquidity fees unless certain exceptions apply. There is also a risk that money market securities will be downgraded in credit rating or go into default. Lower-rated securities, and securities with longer final maturities, generally have higher credit risks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**●**

**Asset-Backed Commercial Paper**

Asset-backed commercial paper is a fixed income obligation generally issued by a corporate-sponsored special purpose entity to which the corporation has contributed cash-flowing receivables such as credit card receivables or auto and equipment leases. Investment in asset-backed commercial paper is subject to the risk that insufficient proceeds from the projected cash flows of the contributed receivables are available to repay the commercial paper. Asset-backed commercial paper is usually unregistered and, therefore, transfer of these securities is restricted by the Securities Act of 1933.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**●**

**Variable and Floating Rate Securities**

A variable rate security is one whose terms provide for the automatic establishment of a new interest rate on set dates. A floating rate security is one whose terms provide for the automatic adjustment of an interest rate whenever the specified interest rate changes. The interest rate on floating rate securities is ordinarily tied to, and is a specified margin above or below, the prime rate of a specified bank or some similar objective standard, such as the yield on the 90–day U.S. Treasury Bill rate, and may change as often as daily. Variable and floating rate securities generally are less sensitive to interest rate changes but may decline in value if their

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interest rates do not rise as much, or as quickly, as interest rates in general. Conversely, floating rate securities will not generally increase in value if interest rates decline. Inverse floating rate securities may decrease in value if the interest rates increase. Inverse floating rate securities, which are securities whose interest rate bears an inverse relationship to the interest rate on another security, may also exhibit greater price volatility than a fixed rate obligation with similar credit quality.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**●**

**Mortgage-Backed Securities**

The value of mortgage-backed securities ("MBS") may be affected by, among other things, changes or perceived changes in interest rates, factors concerning the interests in and structure of the issuer or the originator of the mortgage, or the quality of the mortgages underlying the securities. The mortgages underlying the securities may default or decline in quality or value. Through its investments in MBS, a Fund has exposure to prime loans, subprime loans, Alt-A loans and/or non-conforming loans as well as to the mortgage and credit markets generally. Underlying collateral related to prime, subprime, Alt-A and non-conforming mortgage loans may be susceptible to defaults and declines in quality or value, especially in a declining residential real estate market. In addition, regulatory or tax changes may adversely affect the mortgage securities markets as a whole.

MBS often have stated maturities of up to thirty years when they are issued, depending upon the length of the mortgages underlying the securities. In practice, however, unscheduled or early payments of principal and interest on the underlying mortgages may make the securities' effective maturity shorter than this, and the prevailing interest rates may be higher or lower than the current yield of a Fund's portfolio at the time resulting in reinvestment risk.

Rising or high interest rates may result in slower than expected principal payments which may tend to extend the duration of MBS, making them more volatile and more sensitive to changes in interest rates. This is known as extension risk.

MBS may have less potential for capital appreciation than comparable fixed income securities due to the likelihood of prepayments of mortgages resulting from foreclosures or declining interest rates. These foreclosed or refinanced mortgages are paid off at face value (par) or less, causing a loss, particularly for any investor who may have purchased the security at a premium or a price above par. In such an environment, this risk limits the potential price appreciation of these securities.

Residential mortgages are subject to the risks of delinquencies, defaults and losses, which may increase substantially over certain periods and affect the performance of the MBS in which certain Funds may invest. Mortgage loans backing non-agency MBS are more sensitive to economic factors that could affect the ability of borrowers to pay their obligations under the mortgage loans backing these securities.

As with other delayed-delivery transactions, a seller agrees to issue a to-be-announced MBS (a "TBA") at a future date. At the time of purchase, the seller does not specify the particular MBS to be delivered. Instead, a Fund agrees to accept any MBS that meets specified terms agreed upon between the Fund and the seller. TBAs are subject to the risk that the underlying mortgages may be less favorable than anticipated by a Fund.

Collateralized mortgage obligations ("CMOs") are MBS that are collateralized by mortgage loans or mortgage pass-through securities. CMOs are issued in multiple classes, often referred to as "tranches," with each tranche having specific risk characteristics, payment structures and maturity dates. This creates different prepayment and market risks for each CMO class. The primary risk of CMOs is the uncertainty of the timing of cash flows that results from the rate of prepayments on the underlying mortgages and from the structure of the particular CMO transaction (that is, the priority of the individual tranches). The principal and interest payments on the underlying mortgages may be allocated among the several tranches of a CMO in varying ways including "principal only," "interest only" and "inverse interest only" tranches. These tranche structures affect the amount and timing of principal and interest received by each tranche from the underlying collateral. For example, an inverse interest-only class CMO entitles holders to receive no payments of principal and to receive interest at a rate that will vary inversely with a specified index or a multiple thereof. Under certain structures, particular classes of CMOs have priority over others with respect to the receipt of prepayments on the mortgages. Therefore, depending on the type of CMOs in which a Fund invests, the investment may be subject to a greater or lesser risk of prepayment than other types of MBS.

Commercial mortgage-backed securities ("CMBS") include securities that reflect an interest in, and are secured by, mortgage loans on commercial real property. Many of the risks of investing in CMBS reflect the

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risks of investing in the real estate securing the underlying mortgage loans, including the effects of local and other economic conditions on real estate markets, the ability of property owners to make loan payments, the ability of tenants to make lease payments, and the ability of a property to attract and retain tenants. Investments in CMBS are also subject to the risks of asset-backed securities generally and may be particularly sensitive to prepayment and extension risks. CMBS securities may be less liquid and exhibit greater price volatility than other types of asset-backed securities.

Adverse changes in market conditions and the regulatory climate may reduce the cash flow which a Fund, to the extent it invests in MBS or other asset-backed securities, receives from such securities and increase the incidence and severity of credit events and losses in respect of such securities. In the event that interest rate spreads for MBS and other asset-backed securities widen following the purchase of such assets by a Fund, the market value of such securities is likely to decline and, in the case of a substantial spread widening, could decline by a substantial amount. Furthermore, adverse changes in market conditions may result in reduced liquidity in the market for MBS and other asset-backed securities and an unwillingness by banks, financial institutions and investors to extend credit to servicers, originators and other participants in the market for MBS and other asset-backed securities. As a result, the liquidity and/or the market value of any MBS or asset-backed securities that are owned by a Fund may experience declines after they are purchased by a Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**●**

**Agency Mortgage-Backed Securities**

Certain MBS may be issued or guaranteed by the U.S. government or a government-sponsored entity, such as Fannie Mae (the Federal National Mortgage Association) or Freddie Mac (the Federal Home Loan Mortgage Corporation). Although these instruments may be guaranteed by the U.S. government or a government-sponsored entity, many such MBS are not backed by the full faith and credit of the United States and are still exposed to the risk of non-payment. Since 2008, Fannie Mae and Freddie Mac have been operating under Federal Housing Finance Administration ("FHFA") conservatorship and are dependent upon the continued support of the U.S. Department of the Treasury and FHFA in order to continue their business operations. The FHFA has made public statements regarding plans to consider ending the conservatorships. In the event that Fannie Mae and Freddie Mac are taken out of conservatorship, it is unclear how their respective capital structures would be constructed and what impact, if any, there would be on Fannie Mae's or Freddie Mac's creditworthiness and guarantees of certain mortgage-backed securities. Should the conservatorships end, there could be an adverse impact on the value of Fannie Mae or Freddie Mac securities, which could cause losses to a Fund.

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**Privately-Issued Mortgage-Backed Securities**

MBS held by a Fund may be issued by private issuers including commercial banks, savings associations, mortgage companies, investment banking firms, finance companies and special purpose finance entities (called special purpose vehicles or SPVs) and other entities that acquire and package mortgage loans for resale as MBS. These privately issued non-governmental MBS may offer higher yields than those issued by government entities, but also may be subject to greater price changes and other risks than governmental issues. Subprime loans refer to loans made to borrowers with weakened credit histories or with a lower capacity to make timely payments on their loans. Alt-A loans refer to loans extended to borrowers who have incomplete documentation of income, assets, or other variables that are important to the credit underwriting processes. Non-conforming mortgages are loans that do not meet the standards that allow purchase by government-sponsored enterprises. MBS with exposure to subprime loans, Alt-A loans or non-conforming loans have had in many cases higher default rates than those loans that meet government underwriting requirements. The risk of non-payment is greater for MBS that are backed by mortgage pools that contain subprime, Alt-A and non-conforming loans, but a level of risk exists for all loans.

Unlike MBS issued or guaranteed by the U.S. government or a government-sponsored entity, MBS issued by private issuers do not have a government or government-sponsored entity guarantee, but may have credit enhancements provided by external entities such as banks or financial institutions or achieved through the structuring of the transaction itself. Examples of such credit support arising out of the structure of the transaction include the issue of senior and subordinated securities (e.g., the issuance of securities by an SPV in multiple classes or "tranches," with one or more classes being senior to other subordinated classes as to the payment of principal and interest, with the result that defaults on the underlying mortgage loans are borne first by the holders of the subordinated class); creation of "reserve

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funds" (in which case cash or investments, sometimes funded from a portion of the payments on the underlying mortgage loans, are held in reserve against future losses); and "overcollateralization" (in which case the scheduled payments on, or the principal amount of, the underlying mortgage loans exceeds that required to make payment on the securities and pay any servicing or other fees). However, there can be no guarantee that credit enhancements, if any, will be sufficient to prevent losses in the event of defaults on the underlying mortgage loans. In addition, MBS that are issued by private issuers are not subject to the underwriting requirements for the underlying mortgages that are applicable to those MBS that have a government or government-sponsored entity guarantee. As a result, the mortgage loans underlying private MBS may, and frequently do, have less favorable collateral, credit risk or other underwriting characteristics than government or government-sponsored MBS and have wider variances in a number of terms including interest rate, term, size, purpose and borrower characteristics. Privately issued pools more frequently include second mortgages, high loan-to-value mortgages and manufactured housing loans. The coupon rates and maturities of the underlying mortgage loans in a private-label MBS pool may vary to a greater extent than those included in a government guaranteed pool, and the pool may include subprime mortgage loans.

Privately-issued MBS are not traded on an exchange and there may be a limited market for the securities, especially when there is a perceived weakness in the mortgage and real estate market sectors. Without an active trading market, MBS held in a Fund's portfolio may be particularly difficult to value because of the complexities involved in assessing the value of the underlying mortgage loans.

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**Reverse Mortgages** 

Certain Funds may invest in mortgage-related securities that reflect an interest in reverse mortgages. Due to the unique nature of the underlying loans, reverse mortgage-related securities may be subject to risks different than other types of mortgage-related securities. The date of repayment for such loans is uncertain and may occur sooner or later than anticipated. The timing of payments for the corresponding mortgage-related security may be uncertain.

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**Asset-Backed Securities**

Asset-backed securities may include MBS, loans (such as auto loans or home equity lines of credit), receivables or other assets. The value of a Fund's asset-backed securities may be affected by, among other things, actual or perceived changes in interest rates, factors concerning the interests in and structure of the issuer or the originator of the receivables, the market's assessment of the quality of underlying assets or actual or perceived changes in the creditworthiness of the individual borrowers, the originator, the servicing agent or the financial institution providing the credit support.

Payment of principal and interest may be largely dependent upon the cash flows generated by the assets backing the securities. Rising or high interest rates tend to extend the duration of asset-backed securities, making them more volatile and more sensitive to changes in interest rates. The underlying assets are sometimes subject to prepayments which can shorten the security's weighted average life and may lower its return. Defaults on loans underlying asset-backed securities have become an increasing risk for asset-backed securities that are secured by home-equity loans related to subprime, Alt-A or non-conforming mortgage loans, especially in a declining residential real estate market.

Asset-backed securities (other than MBS) present certain risks that are not presented by MBS. Primarily, these securities may not have the benefit of any security interest in the related assets. Credit card receivables are generally unsecured and the debtors are entitled to the protection of a number of state and federal consumer credit laws, many of which give such debtors the right to set off certain amounts owed on the credit cards, thereby reducing the balance due. There is the possibility that recoveries on repossessed collateral may not, in some cases, be available to support payments on these securities. Asset-backed securities are often backed by a pool of assets representing the obligations of a number of different parties. To lessen the effect of failures by obligors on underlying assets to make payments, the securities may contain elements of credit support which fall into two categories: (i) liquidity protection, and (ii) protection against losses resulting from ultimate default by an obligor on the underlying assets. Liquidity protection refers to the provision of advances, generally by the entity administering the pool of assets, to ensure that the receipt of payments on the underlying pool occurs in a timely fashion. Protection against losses results from payment of the insurance obligations on at least a portion of the assets in the pool. This protection may be provided through guarantees, policies or letters of credit obtained by the issuer or sponsor from third parties, through various means of

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structuring the transaction or through a combination of such approaches. A Fund will not pay any additional or separate fees for credit support. The degree of credit support provided for each issue is generally based on historical information respecting the level of credit risk associated with the underlying assets. Delinquency or loss in excess of that anticipated or failure of the credit support could adversely affect the return on an investment in such a security. The availability of asset-backed securities may be affected by legislative or regulatory developments. It is possible that such developments may require a Fund to dispose of any then existing holdings of such securities. Collateralized loan obligations ("CLOs") 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 and one or more tranches may be subject to up to 100% loss of invested capital; (ii) the quality of the collateral may decline in value or default; (iii) a Fund may invest in CLOs 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. A Fund and other investors in CLOs ultimately bear the credit and interest rate risks of the underlying collateral. CLOs, and their underlying loan obligations, are typically not registered for sale to the public and therefore are subject to certain restrictions on transfer and sale, potentially subjecting them to increased liquidity risk as compared to other types of securities. As a result, the proceeds from the sale of CLO securities may not be readily available to meet a Fund's redemption or other obligations and a Fund may be unable to acquire or dispose of the securities at a price and time a Fund deems advantageous.

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**Credit and Liquidity Enhancements**

Third parties may issue credit and/or liquidity enhancements, including letters of credit, for certain fixed income or money market securities held by a Fund. Liquidity enhancements may be used to shorten the maturity of the debt obligation through a demand feature. Adverse changes in the credit quality of the entity issuing the enhancement, if contemporaneous with adverse changes in the enhanced security, could cause losses to a Fund and may affect its net asset value. The use of credit and liquidity enhancements exposes a Fund to counterparty risk, which is the risk that the entity issuing the credit and/or liquidity enhancement may not be able to honor its financial commitments.

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**Repurchase Agreements**

Repurchase agreements may be considered a form of borrowing for some purposes and their use involves certain risks. One risk is the seller's ability to pay the agreed-upon repurchase price on the repurchase date. If the seller defaults, a Fund may incur costs in disposing of the collateral, which would reduce the amount realized thereon. If the seller seeks relief under bankruptcy laws, the disposition of the collateral may be delayed or limited. For example, if the other party to the agreement becomes insolvent and subject to liquidation or reorganization under bankruptcy or other laws, a court may determine that the underlying securities that are collateral for a loan by a Fund are not within its control and therefore the realization by a Fund on such collateral may be automatically stayed. Finally, it is possible that a Fund may not be able to substantiate its interest in the underlying securities and may be deemed an unsecured creditor of the other party to the agreement.

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**Dollar Rolls**

A Fund may enter into dollar rolls subject to its limitations on borrowings. A dollar roll involves the sale of a security by a Fund and its agreement to repurchase the instrument at a specified time and price, and may be considered a form of borrowing for some purposes. Dollar rolls are generally subject to a number of risks such as leverage risk, liquidity risk, market risk, counterparty risk, operational risk and legal risk.

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**Loans and Other Direct Indebtedness**

Loans and other direct indebtedness involve the risk that a Fund will not receive payment of principal, interest and other amounts due in connection with these investments, which depend primarily on the financial condition of the borrower. Default or an increased risk of default in the payment of interest or principal on a loan results in a reduction in income to a Fund, a reduction in the value of the loan and a potential decrease in a Fund's net asset value. The risk of default increases in the event of an economic downturn or a substantial increase in interest rates. If a borrower defaults on its obligations, a Fund may end up owning any underlying collateral securing the loan and there is no assurance that sale of the collateral would raise enough cash to satisfy the borrower's payment obligation or that the collateral can be liquidated. If the terms of a loan do not require the borrower to pledge additional collateral in the event of a decline in the value of the

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original collateral, a Fund will be exposed to the risk that the value of the collateral will not at all times equal or exceed the amount of the borrower's obligations under the loan. To the extent that a loan is collateralized by stock in the borrower or its subsidiaries, such stock may lose all of its value in the event of bankruptcy of the borrower. Senior loans are subject to the risk that a court may not give lenders the full benefit of their senior positions. In addition, there is less readily available, reliable information about most senior loans than is the case for many other types of securities. With limited exceptions, a Fund will generally take steps intended to ensure that it does not receive material non-public information about the issuers of senior or floating rate loans who also issue publicly-traded securities and, therefore, a Fund may have less information than other investors about certain of the senior or floating rate loans in which the Fund seeks to invest. A Fund's intentional or unintentional receipt of material non-public information about such issuers could limit the Fund's ability to sell certain investments held by the Fund or pursue certain investment opportunities, potentially for a substantial period of time. Loans and other forms of direct indebtedness are not registered under the federal securities laws and, therefore, do not offer securities law protections against fraud and misrepresentation. Each Fund relies on RIM's and/or the money manager(s)' research in an attempt to avoid situations where fraud or misrepresentation could adversely affect a Fund. Certain of the loans and the other direct indebtedness acquired by a Fund may involve revolving credit facilities or other standby financing commitments which obligate a Fund to pay additional cash on a certain date or on demand. The market for loan obligations may be subject to extended trade settlement periods (which may exceed seven (7) days). Because transactions in many loans are subject to extended trade settlement periods, a Fund may not receive the proceeds from the sale of a loan for a period after the sale. As a result, sale proceeds related to the sale of loans may not be available to make additional investments or to meet a Fund's redemption obligations for a period after the sale of the loans, and, as a result, a Fund may have to sell other investments or take other actions if necessary to raise cash to meet its obligations.

The highly leveraged nature of many such loans, including floating rate "bank loans" or "leveraged loans," and other direct indebtedness may make such loans and other direct indebtedness especially vulnerable to adverse changes in economic or market conditions and/or changes in the financial condition of the debtor. Bank loans have recently experienced significant investment inflows and if inflows reverse, bank loans could be subject to liquidity risk and lose value. Bank loans generally are subject to legal or contractual restrictions on resale and to illiquidity risk, including potential illiquidity resulting from extended trade settlement periods. In addition, investments in bank loans are typically subject to the risks of floating rate securities and "high yield" or "junk bonds." Investments in such loans and other direct indebtedness may involve additional risk to a Fund. Senior loans made in connection with highly leveraged transactions are subject to greater risks than other senior loans. For example, the risks of default or bankruptcy of the borrower or the risks that other creditors of the borrower may seek to nullify or subordinate a Fund's claims on any collateral securing the loan are greater in highly leveraged transactions.

In addition, covenants contained in loan documentation are intended to protect lenders and investors by imposing certain restrictions and other limitations on a borrower's operations or assets and by providing certain information and consent rights to lenders. In addition to operational covenants, loans and other debt obligations often contain financial covenants which require a borrower to satisfy certain financial tests at periodic intervals or to maintain compliance with certain financial metrics. The Funds are exposed to loans and other similar debt obligations that are sometimes referred to as "covenant-lite" loans or obligations, which are generally subject to more risk than investments that contain traditional financial maintenance covenants and financial reporting requirements.

A Fund's investment in "leveraged loans" may include an investment in "covenant lite" loans. Covenant lite loans, the terms and conditions of which may vary by instrument, may contain fewer or less restrictive financial maintenance covenants or restrictions compared to other loans that might otherwise enable an investor to proactively enforce financial covenants or prevent undesired actions by the borrower. As a result, the Fund may experience relatively greater difficulty or delays in enforcing its rights on its holdings of covenant lite loans than its holdings of loans or debt securities with more restrictive covenants, which may result in losses to the Fund.

As a Fund may be required to rely upon an interposed bank or other financial intermediary to collect and pass on to the Fund amounts payable with respect to the loan and to enforce the Fund's rights under the loan and other direct indebtedness, an insolvency, bankruptcy or reorganization of the lending institution may delay or prevent the Fund from receiving such amounts. In purchasing loans or loan participations, a Fund assumes the

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credit risk associated with the corporate borrower and may assume the credit risk associated with the interposed bank or other financial intermediary.

**Non-U.S. Securities**

A Fund's return and net asset value may be significantly affected by political or economic conditions and regulatory requirements in a particular country. Non-U.S. markets, economies and political systems may be less stable than U.S. markets, and changes in exchange rates of foreign currencies can affect the value of a Fund's foreign assets. Non-U.S. laws and accounting standards in some cases may not be as comprehensive as they are in the U.S. and there may be less public information available about foreign companies. Non-U.S. securities markets may be less liquid and have fewer transactions than U.S. securities markets and taxes and transaction costs may be higher. Additionally, international markets may experience delays and disruptions in securities custody and settlement procedures for a Fund's portfolio securities. Investments in foreign countries could be affected by potential difficulties in enforcing contractual obligations and could be subject to extended settlement periods or restrictions affecting the prompt return of capital to the U.S. If a Fund cannot settle or is delayed in settling a purchase of securities, it may miss attractive investment opportunities and experience other adverse consequences. In some non-U.S. markets, custody arrangements for securities provide significantly less protection than custody arrangements in U.S. markets, and prevailing custody and trade settlement practices (e.g., the requirement to pay for securities prior to receipt) expose a Fund to credit and other risks it does not have in the United States. In addition, in certain markets a Fund may not receive timely payment for securities or other instruments it has delivered or receive delivery of securities paid for and may be subject to increased risk that the counterparty will fail to make payments or delivery when due or default completely.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**●**

**Non-U.S. Equity Securities**

Non-U.S. equity securities are subject to all of the risks of equity securities generally, but can involve additional risks relating to political, economic or regulatory conditions in foreign countries. Less information may be available about foreign companies than about domestic companies, and foreign companies generally may not be subject to the same uniform accounting, auditing and financial reporting standards or to other regulatory practices and requirements comparable to those applicable to domestic companies.

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**Non-U.S. Fixed Income Securities**

A Fund's non-U.S. fixed income securities are typically obligations of sovereign governments and corporations. They may also be issued by non-U.S. government agencies or instrumentalities. No assurance can be given that a non-U.S. government will provide financial support to government agencies or instrumentalities and therefore bonds issued by non-U.S. government agencies or instrumentalities may involve risk of loss of principal and interest. As with any fixed income securities, non-U.S. fixed income securities are subject to the risk of being downgraded in credit rating and to the risk of default. To the extent that a Fund invests a significant portion of its assets in a concentrated geographic area like Eastern Europe or Asia, the Fund will generally have more exposure to regional economic risks associated with these foreign investments.

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**Emerging Markets Securities**

Investing in emerging markets securities can pose some risks different from, and greater than, risks of investing in U.S. or developed markets securities. These risks include: a risk of loss due to political instability; exposure to economic structures that are generally less diverse and mature, and to political systems which may have less stability, than those of more developed countries; smaller market capitalization of securities markets, which may suffer periods of relative illiquidity; significant price volatility; restrictions on foreign investment; and possible difficulties in the repatriation of investment income and capital. In addition, foreign investors may be required to register the proceeds of sales and future economic or political crises could lead to price controls, forced mergers, expropriation or confiscatory taxation, seizure, nationalization, or creation of government monopolies. The currencies of emerging market countries may experience significant declines against the U.S. dollar, and devaluation may occur subsequent to investments in these currencies by the Funds. Emerging market securities may be subject to currency transfer restrictions and may experience delays and disruptions in securities settlement procedures for a Fund's portfolio securities. Inflation and rapid fluctuations in inflation rates have had, and may continue to have, negative effects on the economies and securities markets of certain emerging market countries. Emerging market countries typically have less established legal, accounting and financial reporting systems than those in more developed markets, which may reduce the scope or quality of financial information available to investors. Moreover, it can be more

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difficult for investors to bring litigation or enforce judgments against issuers in emerging markets or for U.S. regulators to bring enforcement actions against such issuers. Emerging market countries may also be more likely to experience the imposition of economic sanctions by foreign governments. For more information about sanctions, see the Global Financial Markets Risk in this Prospectus.

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**Investments in Frontier Markets** 

Investments in frontier markets are generally subject to all of the risks of investments in non-U.S. and emerging markets securities, but to a heightened degree. Because frontier markets are among the smallest, least developed, least liquid, and most volatile of the emerging markets, investments in frontier markets are generally subject to a greater risk of loss than investments in developed or traditional emerging markets. Many frontier market countries operate with relatively new and unsettled securities laws and are heavily dependent on commodities, foreign trade and/or foreign aid. Compared to developed and traditional emerging market countries, frontier market countries typically have less political and economic stability, face greater risk of a market shutdown, and impose greater governmental restrictions on foreign investments.

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**Emerging Markets Debt**

A Fund's emerging markets debt securities may include obligations of governments and corporations. As with any fixed income securities, emerging markets debt securities are subject to the risk of being downgraded in credit rating and to the risk of default. In the event of a default on any investments in foreign debt obligations, it may be more difficult for a Fund to obtain or to enforce a judgment against the issuers of such securities. With respect to debt issued by emerging market governments, such issuers may be unwilling to pay interest and repay principal when due, either due to an inability to pay or submission to political pressure not to pay, and as a result may default, declare temporary suspensions of interest payments or require that the conditions for payment be renegotiated.

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**Yankee Bonds and Yankee CDs**

Non-U.S. corporations and banks issuing dollar denominated instruments in the U.S. (Yankee Bonds or Yankee CDs) are not necessarily subject to the same regulatory requirements that apply to U.S. corporations and banks, such as accounting, auditing and recordkeeping standards, the public availability of information and, for banks, reserve requirements, loan limitations and examinations. This complicates efforts to analyze these securities and may increase the possibility that a non-U.S. corporation or bank may become insolvent or otherwise unable to fulfill its obligations on these instruments.

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**Currency Risk**

Foreign (non-U.S.) securities that trade in, and receive revenues in, foreign (non-U.S.) currencies are subject to the risk that those currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency being hedged. Currency rates in foreign countries may fluctuate significantly over short periods of time due to market events, actions of governments or their central banks or political developments in the U.S. or abroad. As a result, investments in non-U.S. dollar-denominated securities and currencies may reduce the returns of a Fund. Securities held by a Fund which are denominated in U.S. dollars are still subject to currency risk.

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**Synthetic Foreign Equity Securities (also referred to as International Warrants, Local Access Products, Participation Notes or Low Exercise Price Warrants)**

Investments in these instruments involve the risk that the issuer of the instrument may default on its obligation to deliver the underlying security or its value. These instruments may also be subject to liquidity risk, currency risk and the risks associated with investments in non-U.S. securities. In the case of any exercise of these instruments, there may be a time delay between the time a holder gives instructions to exercise and the time the price of the security or the settlement date is determined, during which time the price of the underlying security could change significantly. In addition, the exercise and/or settlement date may be affected by certain market disruption events which could cause the local access products to become worthless if the events continue for a period of time.

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**Equity Linked Notes**

An equity linked note is a note, typically issued by a company or financial institution, whose return is tied to a single stock or a basket of stocks. Generally, upon the maturity of the note, the holder receives a return of principal based on the capital appreciation of the underlying linked securities. The terms of an equity linked note may also provide for the periodic interest payments to holders at either a fixed or floating rate. Equity linked notes are generally subject to the risks associated with the debt securities of foreign issuers and with securities denominated in foreign currencies and, because they are equity linked, may return a lower amount at maturity because of a decline in value of the linked security or securities. Equity linked notes are also subject to default risk and counterparty risk.

**Derivatives (Futures Contracts, Options, Forwards and Swaps)**

Derivatives and other similar instruments are financial contracts whose value depends on, or is derived from, the value of an underlying instrument. Various derivative instruments are described in more detail under "Other Financial Instruments Including Derivatives" in the Statement of Additional Information. Derivatives may be used as a substitute for taking a position in the underlying instrument and/or as part of a strategy designed to reduce exposure to other risks, such as currency risk. Derivatives may also be used for leverage, to facilitate the implementation of an investment strategy or to take a net short position with respect to certain issuers, sectors or markets. A Fund may also use derivatives to pursue a strategy to be fully invested or to seek to manage portfolio risk.

Investments in a derivative instrument could lose more than the initial amount invested, and certain derivatives have the potential for unlimited loss. Compared to conventional securities, derivatives can be more sensitive to changes in interest rates or to sudden fluctuations in market prices, and thus a Fund's losses may be greater if it invests in derivatives than if it invests only in conventional securities. Certain Funds' use of derivatives may cause the Fund's investment returns to be impacted by the performance of securities the Fund does not own and result in the Fund's total investment exposure exceeding the value of its portfolio. Investments in derivatives can cause a Fund's performance to be more volatile. Leverage tends to exaggerate the effect of any increase or decrease in the value of a security, which exposes a Fund to a heightened risk of loss.

The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in conventional securities, physical commodities or other investments. Derivatives are generally subject to a number of risks such as leverage risk, liquidity risk, market risk, credit risk, default risk, counterparty risk, management risk, operational risk and legal risk. Certain of these risks do not apply to derivative instruments entered into for hedging or cash equitization, certain cleared derivative instruments, and written options contracts. Derivatives also involve the risk of mispricing or improper valuation and the risk that changes in the value of the derivative may not correlate exactly with the change in the value of the underlying asset, rate or index.

Participation in the options or futures markets, as well as the use of various swap instruments and forward contracts, involves investment risks and transaction costs to which a Fund would not be subject absent the use of these strategies. If a Fund's predictions of the direction of movements of the prices of the underlying instruments are inaccurate, the adverse consequences to a Fund may leave the Fund in a worse position than if such strategies were not used. Risks inherent in the use of options, futures contracts, options on futures contracts, forwards and swaps include: (i) dependence on the ability to predict correctly the direction of movements of the prices of the underlying instruments; (ii) imperfect correlation between the price of the derivative instrument and the underlying instrument and the risk of mispricing or improper valuation; (iii) the fact that skills needed to use these strategies are different from those needed for traditional portfolio management; (iv) the absence of a liquid secondary market for any particular instrument at any time, which risk is heightened for highly customized derivatives, including swaps; (v) the possible need to defer closing out certain hedged positions to avoid adverse tax consequences; (vi) for over-the-counter ("OTC") derivative products and structured notes, additional credit risk, the risk of counterparty default and the risk of failing to correctly evaluate the creditworthiness of the company on which the derivative is based; (vii) the possible inability of a Fund to purchase or sell a portfolio holding at a time that otherwise would be favorable for it to do so, or the possible need to sell the holding at a disadvantageous time, due to the requirement that the Fund post certain types of securities or cash as margin or collateral in connection with use of certain derivatives; and (viii) for options, the change in volatility of the underlying instrument due to general market and economic conditions or other factors, which may negatively affect the value of such option.

There is no assurance that a liquid secondary market will exist for certain derivatives in which a Fund may invest. Participation in the option or futures markets, as well as the use of various forward contracts, involves investment risks

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and transaction costs to which a Fund would not be subject absent the use of these strategies. In many cases, a relatively small price movement in a futures or option contract may result in immediate and substantial loss or gain to the holder relative to the size of a required margin deposit or premium received. There is also the risk of loss by a Fund of margin deposits in the event of bankruptcy of a broker with whom the Fund has an open position in an option, forward, swap or futures contract.

Although a Fund will not borrow money in order to increase its trading activities, leveraged swap transactions may experience substantial gains or losses in value as a result of relatively small changes in the value or level of an underlying or related market factor. A swap transaction may be modified or terminated only by mutual consent of the original parties, subject to agreement on individually negotiated terms. Therefore, it may not be possible for a Fund to modify, terminate or offset the Fund's obligations or the Fund's exposure to the risks associated with a transaction prior to its scheduled termination date.

Credit default swap contracts may involve greater risks than if a Fund invested in the reference obligation (the underlying debt upon which a credit derivative is based) directly since, in addition to the risks relating to the reference obligation, credit default swaps are subject to the risks inherent in the use of swaps, including illiquidity risk and counterparty risk. The Funds may act as either the buyer or the seller of a credit default swap. A Fund will generally incur a greater degree of risk when selling a credit default swap than when purchasing a credit default swap. As a buyer of a credit default swap, a Fund may lose its investment and recover nothing should a credit event fail to occur and the swap is held to its termination date. As seller of a credit default swap, if a credit event were to occur, the value of any deliverable obligation received by a Fund, coupled with the upfront or periodic payments previously received, may be less than what the Fund pays to the buyer, resulting in a loss of value to the Fund. Certain standardized swaps, including certain credit default swaps, are subject to mandatory clearing, and more are expected to be subject to mandatory clearing in the future. In addition, there may be disputes between the buyer and seller of a credit default swap agreement, or within the swaps market as a whole, as to whether a credit event has occurred or what the payment should be. Such disputes could result in litigation or other delays, and the outcome could be adverse for the buyer or seller. The counterparty risk for cleared derivatives is generally lower than for uncleared derivatives, but cleared contracts are not risk-free. Clearing may subject a Fund to increased costs and/or margin requirements. Credit default swaps may include index credit default swaps, which are contracts on baskets or indices of credit instruments, which may include tranches of commercial mortgage-backed securities ("CMBX").

Certain derivatives, including swaps, may be subject to fees and expenses, and by investing in such derivatives indirectly through a Fund, a shareholder will bear the expenses of such derivatives in addition to expenses of the Fund.

If a put or call option purchased by a Fund is not sold when it has remaining value, and if, on the option expiration date, the market price of the underlying security or index, in the case of a purchased put, remains equal to or greater than the exercise price or, in the case of a purchased call, remains less than or equal to the exercise price, the Fund will lose its entire investment (i.e., the premium paid) on the option. When a Fund sells (i.e., writes) an option on a security or index, movements in the price of the underlying security or value of the index may result in a loss to the Fund, which may be unlimited for uncovered call positions.

A Fund may be unable to close out its derivatives positions when desired.

Because the markets for certain derivative instruments (including markets located in foreign countries) are relatively new and still developing, appropriate derivatives transactions may not be available in all circumstances for risk management or other purposes. Upon the expiration of a particular contract, RIM or the money manager may wish to retain a Fund's position in the derivative instrument by entering into a similar contract, but may be unable to do so if the counterparty to the original contract is unable or unwilling to enter into the new contract and no other appropriate counterparty can be found. There is no assurance that a Fund will engage in derivatives transactions at any time or from time to time. The ability to use derivatives may also be limited by certain regulatory and tax considerations.

The Commodity Futures Trading Commission (the "CFTC") and the various exchanges have established limits referred to as "speculative position limits" on the maximum net long or net short positions that any person may hold or control in a particular futures contract, option on futures contract, and in some cases, OTC transaction that is economically equivalent to certain futures or options contracts on physical commodities. Trading limits are imposed on the number of contracts that any person may trade on a particular trading day. An exchange or the CFTC may order the liquidation of positions found to be in violation of these limits and may impose sanctions or restrictions.

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The SEC rule related to the use of derivatives, reverse repurchase agreements and certain other transactions by registered investment companies requires funds to trade derivatives and other transactions that create future payment or delivery obligations subject to a value-at-risk leverage limit and certain derivatives risk management program and reporting requirements.

**Currency Trading Risk**

Certain Funds may engage in foreign currency transactions to hedge against uncertainty in the level of future exchange rates and/or to effect investment transactions to generate returns consistent with a Fund's investment objectives and strategies (i.e., speculative currency trading strategies). Foreign currency exchange transactions will be conducted on either a spot (i.e., cash) basis at the rate prevailing in the currency exchange market, or through entering into forward currency exchange contracts to purchase or sell currency at a future date. Currency spot and forward prices are highly volatile, and may be illiquid. Such prices are influenced by, among other things: (i) changing supply and demand relationships; (ii) government trade, fiscal, monetary and exchange control programs and policies; (iii) national and international political and economic events; and (iv) changes in interest rates. From time to time, governments intervene directly in these markets with the specific intention of influencing such prices. Currency trading may also involve economic leverage (i.e., the Fund may have the right to a return on its investment that exceeds the return that the Fund would expect to receive based on the amount contributed to the investment), which can increase the gain or the loss associated with changes in the value of the underlying instrument. Forward currency contracts are subject to the risk that should forward prices increase, a loss will be incurred to the extent that the price of the currency agreed to be purchased exceeds the price of the currency agreed to be sold and also can be subject to other risks described under "Derivatives" above. Due to the tax treatment of gains and losses on certain currency forward and options contracts, the use of such instruments may cause fluctuations in a Fund's income distributions, including the inability of a Fund to distribute investment income for any given period. As a result, a Fund's use of currency trading strategies may adversely impact a Fund's ability to meet its investment objective of providing current income. Many foreign currency forward contracts will eventually be exchange-traded and cleared. Although these changes are expected to decrease the credit risk associated with bi-laterally negotiated contracts, exchange-trading and clearing would not make the contracts risk-free.

**Counterparty Risk**

Counterparty risk is the risk that the other party(s) in an agreement or a participant to a transaction, such as a broker or derivatives counterparty, might default on a contract or fail to perform by failing to pay amounts due or failing to fulfill the delivery conditions of the contract or transaction and the related risk of having concentrated exposure to a counterparty. Counterparty risk is inherent in many transactions, including, but not limited to, transactions involving over-the-counter derivatives, and equity-linked notes.

**Real Estate Securities**

Just as real estate values go up and down, the value of the securities of real estate companies in which a Fund invests also fluctuates. A Fund that invests in real estate securities is also indirectly subject to the risks associated with direct ownership of real estate. Additional risks include declines in the value of real estate, changes in general and local economic and real estate market conditions, changes in debt financing availability and terms, increases in property taxes or other operating expenses, environmental damage 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.

**Real Estate Investment Trusts ("REITs")**

REITs may be affected by changes in the value of the underlying properties owned by the REITs and by the quality of tenants' credit. Moreover, the underlying portfolios of REITs may not be diversified, and therefore subject to the risk of investing in a limited number of properties. REITs are also dependent upon management skills and are subject to heavy cash flow dependency, defaults by tenants, self-liquidation and the possibility of failing to maintain their exemption from certain federal securities laws. The value of a REIT may also be affected by changes in interest rates. In general, during periods of high interest rates, REITs may lose some of their appeal for investors who may be able to obtain higher yields from other income-producing investments, such as long-term bonds. Rising interest rates generally increase the cost of financing for real estate projects, which could cause the value of an equity REIT to decline. During periods of declining interest rates, mortgagors may elect to prepay mortgages held by mortgage REITs, which could lower or diminish the yield on the REIT. By investing in REITs indirectly through the Fund, a shareholder will bear expenses of the REITs in addition to expenses of the Fund.

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**Illiquid Investments**

An illiquid investment is one that is not reasonably expected to be sold or disposed of in current market conditions in seven calendar days or less without significantly changing the market value of the investment. A Fund may not be able to sell an illiquid or less liquid investment quickly and at a fair price, which could cause the Fund to realize losses on the investment if the investment is sold at a price lower than that at which it had been valued. An illiquid investment may also have large price volatility.

**Liquidity Risk**

Liquidity risk exists when particular investments are difficult to purchase or sell. The market for certain investments may become illiquid or less liquid (i.e., there may be a significant reduction in trading activity, including in the number of market participants or transactions, in such investments) under adverse market or economic conditions independent of any specific adverse changes in the conditions of a particular issuer or a security's underlying collateral. In such cases, due to limitations on investments in illiquid investments and the difficulty in purchasing and selling such investments or instruments, a Fund may be unable to achieve its desired level of exposure to a certain sector. In addition, to the extent a Fund trades in illiquid or less liquid markets, it may be unable to dispose of or purchase investments at favorable prices in order to satisfy redemptions or subscriptions. Also, the market price of certain investments may fall dramatically if there is no liquid trading market. For derivatives, this also includes the risk involving liquidity demands that derivatives can create to make payments of margin or settlement payments to counterparties. Such events and conditions may adversely affect the value of a Fund's investments, result in greater market or liquidity risk or cause difficulty valuing a Fund's portfolio instruments or achieving a Fund's objective. To the extent that a Fund's principal investment strategies involve foreign (non-U.S.) securities, derivatives or securities with substantial market and/or credit risk, a Fund will tend to have the greatest exposure to liquidity risk.

**High Portfolio Turnover Risk**

Certain Funds may engage in active and frequent trading, which may result in higher portfolio turnover rates and higher transaction costs than that of a typical mutual fund and realization of short-term capital gains that will generally be taxable to shareholders as ordinary income. These effects of higher than normal portfolio turnover may adversely affect Fund performance. Higher portfolio turnover rates may also increase a Fund's operational risk.

**Impact of Large Shareholder Transactions (Including Possible Fund Liquidation)**

The Fund may experience certain adverse effects when certain shareholders, including other funds or accounts managed by RIM, purchase or sell large amounts of Shares of the Fund. Sales of large amounts of Shares may adversely affect a Fund's liquidity and net assets to the extent such transactions are executed directly with the Fund in the form of redemptions through an authorized participant, rather than executed in the secondary market. To the extent effected in cash, these redemptions could result in a Fund being forced to sell portfolio securities at a loss or before RIM would otherwise decide to do so. Cash redemptions may also accelerate the realization of taxable income to shareholders, which could make investments in Shares less tax-efficient than an investment in an ETF that is able to effect redemptions in-kind. Similarly, large Fund Share purchases through an authorized participant may adversely affect the performance of a Fund to the extent that the Fund is delayed in investing new cash or otherwise maintains a larger cash position than it ordinarily would. To the extent large shareholders transact in Shares on the secondary market, such transactions may account for a large percentage of the trading volume on the exchange and may, therefore, have a material upward or downward effect on the market price of the Shares.

Periods of market illiquidity may exacerbate this risk for money market funds. To the extent a Fund is invested in a money market fund, regulations applicable to money market funds subject the Fund's redemption from such money market fund to liquidity fees unless certain exceptions apply.

Large redemptions in a Fund may also result in higher and/or accelerated levels of realized capital gains or losses with respect to a Fund's portfolio securities which may cause non-redeeming shareholders in the Fund to receive larger capital gain distributions than they otherwise would have received during or with respect to the year in which such large redemptions occur, higher Fund cash levels in anticipation of the redemptions (which may persist for an extended period of time), higher brokerage commissions and other transaction costs. Large redemptions can also affect the liquidity of the Fund's portfolio because the Fund may be unable to sell illiquid investments at its desired time or price or the price at

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which the securities have been valued for purposes of the Fund's net asset value. As a result, the large redemption activity could adversely affect the Fund's ability to conduct its investment program which, in turn, could adversely impact the Fund's performance.

Certain of the Funds are also used as investments in asset allocation programs managed by RIM and/or sponsored by certain Financial Intermediaries, including pursuant to model strategies provided by RIM. Under these circumstances, these Funds may have a large percentage of their Shares owned through such asset allocation programs. Should RIM or such Financial Intermediary change investment strategies or investment allocations such that fewer assets are invested in a Fund or a Fund is no longer used as an investment, the Fund could experience large redemptions of its Shares up to, and including, the entire investment held by asset allocation program(s). Large redemptions may result in a Fund no longer remaining at an economically viable size, in which case, the Fund may cease operations. In such an event, investors may be required to liquidate or transfer their investments in the Fund at an inopportune time.

**Global Financial Markets Risk** 

Global financial markets are increasingly interconnected and political and economic conditions (including instability and volatility due to international trade disputes) and events (including natural disasters, pandemics, epidemics, social unrest and government shutdowns) in one country, region or financial market may adversely impact issuers in a different country, region or financial market. As a result, issuers of securities held by a Fund may experience significant declines in the value of their assets and even cease operations. This could occur whether or not the Fund invests in securities of issuers located in or with significant exposure to the countries directly affected. Such conditions and/or events may not have the same impact on all types of securities and may expose a Fund to greater market and liquidity risk and potential difficulty in valuing portfolio instruments held by a Fund. This could cause a Fund to underperform other types of investments.

The severity or duration of such conditions and/or events may be affected by policy changes made by governments or quasi-governmental organizations. During the recent global financial crisis, instability in the financial markets led governments across the globe to take a number of unprecedented actions designed to support the financial markets. More recently, instability in financial markets caused governments across the globe to again take certain actions designed to support financial markets as well as financial and other institutions in light of extreme financial market volatility. There is no guarantee that these actions will have their intended effect on financial markets. Future government regulation and/or intervention could also change the way in which a Fund is regulated, affect the expenses incurred directly by the Fund and the value of its investments, and limit and/or preclude a Fund's ability to achieve its investment objective. In addition, governments or their agencies may acquire distressed assets from financial institutions and acquire ownership interests in those institutions, which may affect a Fund's investments in ways that are unforeseeable.

Furthermore, a country's economic conditions, political events, military action and/or other conditions may lead to foreign government intervention and the imposition of economic sanctions. Such sanctions may include (i) the prohibition, limitation or restriction of investment, the movement of currency, securities or other assets; (ii) the imposition of exchange controls or confiscations; and (iii) barriers to registration, settlement or custody. Sanctions may impact the ability of the Fund to buy, sell, transfer, receive, deliver or otherwise obtain exposure to, foreign securities or currency, which may negatively impact the value and/or liquidity of such investments.

In certain countries, including the U.S., total public debt as a percentage of gross domestic product has grown rapidly since the beginning of the global financial crisis. High levels of national debt may raise concerns that a government will be unable to pay investors at maturity, may cause declines in currency valuations or prevent such government from implementing effective fiscal policy. Rating services have, in the past, lowered their long-term sovereign credit rating on the U.S. Because certain Funds invest in securities supported by the full faith and credit of the U.S. government, the market prices and yields of such securities may be adversely affected by any actual or potential downgrade in the rating of U.S. long-term sovereign debt.

From time to time, outbreaks of infectious illness, public health emergencies and other similar issues ("public health events") may occur in one or more countries around the globe. Such public health events have had significant impacts on both the country in which the event is first identified as well as other countries in the global economy. Public health events have reduced consumer demand and economic output in one or more countries subject to the public health event, resulted in restrictions on trading and market closures (including for extended periods of time), increased substantially the volatility of financial markets, and, more generally, have had a significant negative impact on the economy of the country or countries subject to the public health event. Public health events have also adversely affected the global economy,

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global supply chains and the securities in which the Funds invest across a number of industries, sectors and asset classes. The extent of the impact depends on, among other factors, the scale and duration of any such public health event. Public health events have resulted in the governments of affected countries taking potentially significant measures to seek to mitigate the transmission of the infectious illness or other public health issue including, among other measures, imposing travel restrictions and/or quarantines and limiting the operations of non-essential businesses. Any of these events could adversely affect a Fund's investments and performance, including by exacerbating other pre-existing political, social and economic risks. Governmental authorities and other entities may respond to such events with fiscal and/or monetary policy changes. It is not guaranteed that these policy changes will have their intended effect and it is possible that the implementation of or subsequent reversal of such policy changes could increase volatility in financial markets, which could adversely affect a Fund's investments and performance.

RIM will monitor developments in financial markets and seek to manage each Fund in a manner consistent with achieving each Fund's investment objective, but there can be no assurance that it will be successful in doing so. In addition, the Funds have established procedures to value instruments for which market prices may not be readily available.

**Non-Diversification Risk**

A non-diversified fund is subject to additional risk. To the extent a Fund invests a relatively high percentage of its assets in the securities of a single issuer or group of issuers, a Fund's performance will be more vulnerable to changes in the market value of the single issuer or group of issuers, and more susceptible to risks associated with a single economic, political or regulatory occurrence, than it would be if the Fund were a diversified fund.

**Industry Concentration Risk**

Funds that concentrate their investments in certain industries carry a much greater risk of adverse developments in those industries than funds that invest in a wide variety of industries. Companies in the same or similar industries may share common characteristics and are more likely to react similarly to industry-specific market or economic developments.

**Cash Management**

A Fund may expose its cash to the performance of certain markets by purchasing equity securities (in the case of equity funds) or fixed income securities (in the case of fixed income funds) and/or derivatives. This approach increases a Fund's performance if the particular market rises in value and reduces a Fund's performance if the particular market declines in value. However, the performance of these instruments may not correlate precisely to the performance of the corresponding market and RIM may not effectively select instruments to gain market exposure. As a result, while the goal is to achieve market returns, this strategy may underperform the applicable market.

**New Fund Risk**

The Funds are new funds which may result in additional risk. There can be no assurance that the Funds will grow to an economically viable size, in which case the Funds may cease operations. In such an event, investors may be required to liquidate or transfer their investments at an inopportune time. You should consider your own investment goals, time horizon and risk tolerance before investing in the Funds.

A new fund or a fund with fewer assets under management (such as the Funds) may be more significantly affected by purchases and redemptions of its Creation Units than a fund with relatively greater assets under management would be affected by purchases and redemptions of its shares. As compared to a larger fund, a new or smaller fund is more likely to sell a comparatively large portion of its portfolio to meet significant Creation Unit redemptions or invest a comparatively large amount of cash to facilitate Creation Unit purchases, in each case when the fund otherwise would not seek to do so. Such transactions may cause the Funds to make investment decisions at inopportune times or prices or miss attractive investment opportunities. Such transactions may also accelerate the realization of taxable income if sales of securities result in gains and the fund redeems Creation Units for cash, or otherwise cause a fund to perform differently than intended. While such risks may apply to funds of any size, such risks are heightened in funds with fewer assets under management. In addition, new funds may not be able to fully implement their investment strategy immediately upon commencing investment operations, which could reduce investment performance.

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**Cyber Security and Other Operational Risks**

An investment in a Fund, like any fund, can involve operational risks arising from factors such as processing errors, human errors, inadequate or failed internal or external processes, failure in systems and technology, changes in personnel and errors caused by third-party service providers. Other disruptive events may include, but are not limited to, natural disasters, public health events, labor shortages, supply chain interruptions and overall economic and financial market instability that adversely affect a Fund's ability to conduct business by, among other things, inhibiting the ability of employees of affiliates of the Funds or third-party service providers from performing their responsibilities. While the Funds seek to minimize such events through controls and oversight, there may still be events or failures that could cause losses to a Fund. In addition, as the use of technology increases, the Funds may be more susceptible to operational risks through breaches in cyber security. A breach in cyber security refers to both intentional and unintentional events that may cause the Funds to lose proprietary information or operational capacity or suffer data corruption. As a result, the Funds may incur regulatory penalties, reputational damage, additional compliance costs associated with corrective measures, and/or financial loss. Cyber security breaches of the Funds' third-party service providers or issuers in which the Funds invest may also subject the Funds to many of the same risks associated with direct cyber security breaches. The Funds and the Funds' third-party service providers may also maintain sensitive information (including relating to personally identifiable information of investors) and a cyber security breach may cause such information to be lost, improperly accessed, used or disclosed. Geopolitical tensions may, from time to time, increase the scale and sophistication of cyber incidents and other disruptions. Technological developments such as the use of cloud-based service providers and/or services and the integration of artificial intelligence in systems and operations create new risks that are difficult to assess.

The Funds have established business continuity plans and risk management systems designed to reduce the risks associated with cyber security breaches and disruptive events. However, there are inherent limitations in these plans and systems, including that certain risks may not have been identified, primarily because unknown threats and events may emerge in the future. There is no guarantee that such business continuity plans will be effective in reducing the risks associated with disruptive events or prevent cyber security breaches, especially because the Funds do not directly control the systems or operations of issuers in which a Fund may invest, trading counterparties or third-party service providers. There is also a risk that cyber security breaches may not be detected. The Funds and their shareholders could be negatively impacted by such disruptive events or cyber security incidents.

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**Shareholder INFORMATION**

**Distribution of Fund Shares** 

Foreside Fund Services, LLC, a wholly owned subsidiary of Foreside Financial Group, LLC (dba ACA Group) (the "Distributor"), is the exclusive distributor of Creation Units of a Fund. The Distributor or its agent offers Creation Units for the Funds on an agency basis. The Distributor does not maintain a secondary market in Shares of the Fund. The Distributor has no role in determining the investment policies of the Funds or the securities that are purchased or sold by the Fund. The Distributor's principal address is 190 Middle Street, Suite 301, Portland, ME 04101.

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

RIM and/or its affiliates may make payments to broker-dealers, registered investment advisers or other Financial Intermediaries related to activities that are designed to make registered representatives, other professionals and individual investors more knowledgeable about the Funds, or for other activities, such as participation in marketing activities and presentations, educational training programs, the support or purchase of technology platforms/software and/or reporting systems. RIM and/or its affiliates may also make payments to Financial Intermediaries for certain printing, publishing and mailing costs associated with the Funds or materials relating to exchange-traded funds in general and/or for the provision of analytical or other data to RIM or its affiliates relating to the sales of Fund Shares. In addition, RIM and/or its affiliates may make payments to Financial Intermediaries that make Fund Shares available to their clients or for otherwise promoting the Funds, including through provision of consultative services to RIM or its affiliates relating to marketing of the Funds and/or sale of Fund Shares and other Russell Investments funds. These may include payments to Financial Intermediaries that agree not to charge their customers any trading commissions when those customers purchase or sell Fund Shares and/or that promote the availability of commission-free ETF trading to their customers. Such payments, which may be significant to the Financial Intermediary, are not made by the Funds. Rather, such payments are made by RIM and/or its affiliates from their own resources, which may come directly or indirectly in part from advisory fees paid by the Funds. Payments of this type are sometimes referred to as marketing support or revenue sharing payments. A Financial Intermediary may make decisions about which investment options it recommends or makes available, or the level of services provided, to its customers based on the revenue sharing payments it is eligible to receive. Therefore, such payments to a Financial Intermediary create conflicts of interest between the Financial Intermediary and its customers and may cause the Financial Intermediary to recommend a Fund over another investment. You should contact your Financial Intermediary for more information regarding any such payments the Financial Intermediary firm may receive from RIM and/or its affiliates.

**HOW NET ASSET VALUE IS DETERMINED**

**Net Asset Value Per Share**

Each Fund will normally determine net asset value as of the close of regular trading on the New York Stock Exchange ("NYSE") (normally 4:00 p.m. Eastern Time) on any Business Day (as defined below). If the NYSE has an unscheduled early closing on a day it has opened for business, the Funds reserve the right to treat such day as a Business Day of the Funds and calculate a Fund's net asset value as of the normally-scheduled close of regular trading on the NYSE for that day, so long as the Funds' management believes there remains an adequate market to meet purchase and redemption orders for that day. Market volatility regulations provide for circuit breakers which represent the thresholds at which trading is halted market-wide for single-day declines in the S&P 500<sup>®</sup> Index. Circuit breakers halt trading on the nation's stock markets during dramatic drops and are set at 7%, 13% and 20% of the closing price for the previous day. For a Level 3 halt (20% decline), trading will halt for the remainder of the trading day and each Fund will determine net asset value as of the early close of trading on the NYSE.

A Fund reserves the right to close, and therefore not calculate a Fund's net asset value for that day, if the primary trading markets of the Fund's portfolio instruments are closed (such as holidays on which such markets are closed) and the Fund's management believes that there is not an adequate market to meet purchase or redemption requests on such day.

The price of Fund Shares is based on a Fund's net asset value and is computed by dividing the current value of a Fund's assets (less liabilities) by the number of Shares of the Fund outstanding and rounding to the nearest cent. Investments in other open-end management investment companies registered under the 1940 Act (if any), are valued

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based upon the net asset value of those open-end management investment companies. The prospectuses for these companies explain the circumstances under which fair value pricing will be used and the effects of using fair value pricing. Investments in ETFs will generally be valued at the last sale price or official closing price on the exchange on which they are principally traded. Shares of the Funds may be purchased and sold by investors in the secondary market at market price, which may vary throughout the trading day and may differ from NAV. See "Buying and Selling Shares" for more information. Information regarding each Fund's current net asset value per Share is available at https://russellinvestments.com.

**Valuation of Portfolio Securities**

The Funds value portfolio instruments according to securities valuation procedures, which include market value procedures, fair value procedures, other key valuation procedures and a description of the pricing sources and services used by the Funds. With respect to a Fund's investments that do not have readily available market quotations, the Board has designated RIM as the valuation designee to perform fair valuations pursuant to Rule 2a-5 under the 1940 Act. However, the Board retains oversight over the valuation process.

Ordinarily, the Funds value each portfolio instrument based on prices provided by pricing sources and services or brokers (when permitted by the market value procedures). Equity securities (including exchange traded funds) are generally valued at the last quoted sale price or the official closing price as of the close of the exchange's or other market's regular trading hours on the day the valuation is made. Listed options are valued on the basis of the closing mean price and exchange listed futures contracts are valued on the basis of settlement price. Swaps may be valued at the closing price, clean market price or clean exchange funded price provided by a pricing service or broker or based on the valuation of the underlying security depending on the type of swap being valued. Listed fixed income securities that have greater than 60 days remaining until maturity at the time of purchase are generally valued at the last quoted sale price as of the close of the exchange's or other market's regular trading hours on the day the valuation is made. Non-listed fixed income securities that have greater than 60 days remaining until maturity at the time of purchase are generally valued using the price supplied by a pricing service or broker, which may be an evaluated bid (a form of fair value pricing). Evaluated bids are derived from a matrix, formula or other objective method that takes into consideration actual trading activity and volume, market indexes, credit quality, maturity, yield curves or other specific adjustments. Fixed income securities that have 60 days or less remaining until maturity at the time of purchase are valued using the amortized cost method of valuation, unless it is determined that the amortized cost method would result in a price that would be deemed to be not reliable. Issuer-specific conditions (e.g., creditworthiness of the issuer and the likelihood of full repayment at maturity) and conditions in the relevant market (e.g., credit, liquidity and interest rate conditions) are among the factors considered in this determination. While amortized cost provides certainty in valuation, it may result in periods when the value of an instrument is higher or lower than the price a Fund would receive if it sold the instrument.

If market quotations or pricing service prices are not readily available for an instrument or are considered not reliable because of market and/or issuer-specific information, the instrument will be valued at fair value, as determined in accordance with the fair value procedures. The fair value procedures may involve subjective judgments as to the fair value of securities. The effect of fair value pricing is that securities may not be priced on the basis of quotations from the primary market in which they are traded, but rather may be priced by another method that RIM believes reflects fair value. The use of fair value pricing by a Fund may cause the net asset value of its Shares to differ significantly from the net asset value that would be calculated using current market values. Fair value pricing could also cause discrepancies between the daily movement of the value of Fund Shares and the daily movement of the benchmark index if the index is valued using another pricing method.

This policy is intended to assure that the Funds' net asset values fairly reflect portfolio instrument values as of the time of pricing. Events or circumstances affecting the values of portfolio instruments that occur between the closing of the principal markets on which they trade and the time the net asset value of Fund Shares is determined may be reflected in the calculation of the net asset values for each applicable Fund when the Fund deems that the particular event or circumstance would materially affect such Fund's net asset value. Funds that invest primarily in frequently traded exchange listed securities will use fair value pricing in limited circumstances since reliable market quotations will often be readily available.

Because foreign securities can trade on non-Business Days, the net asset value of a Fund's portfolio that includes foreign securities may change on days when shareholders will not be able to purchase or redeem Fund Shares.

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**BOOK ENTRY**

The Depository Trust Company ("DTC") serves as securities depository for the Shares. The Shares may be held only in book-entry form; stock certificates will not be issued. DTC, or its nominee, is the record or registered owner of all outstanding shares. Beneficial ownership of shares will be shown on the records of DTC or its participants (described below). Beneficial owners of Shares are not entitled to have shares registered in their names, will not receive or be entitled to receive physical delivery of certificates in definitive form and are not considered the registered holder thereof. Accordingly, to exercise any rights of a holder of Shares, each beneficial owner must rely on the procedures of: (i) DTC; (ii) "DTC Participants," i.e., securities brokers and dealers, banks, trust companies, clearing corporations and certain other organizations, some of whom (and/or their representatives) own DTC; and (iii) "Indirect Participants," i.e., brokers, dealers, banks and trust companies that clear through or maintain a custodial relationship with a DTC Participant, either directly or indirectly, through which such beneficial owner holds its interests. The Trust understands that under existing industry practice, in the event the Trust requests any action of holders of shares, or a beneficial owner desires to take any action that DTC, as the record owner of all outstanding shares, is entitled to take, DTC would authorize the DTC Participants to take such action and that the DTC Participants would authorize the Indirect Participants and beneficial owners acting through such DTC Participants to take such action and would otherwise act upon the instructions of beneficial owners owning through them. As described above, the Trust recognizes DTC or its nominee as the owner of all shares for all purposes.

**BUYING AND SELLING SHARES**

Shares of a Fund may be acquired or redeemed directly from a Fund at NAV only in Creation Units or multiples thereof, as discussed in the Creations and Redemptions section of the Prospectus. Only an Authorized Participant (as defined in the Creations and Redemptions section below) may engage in creation or redemption transactions directly with a Fund. Once created, Shares of a Fund generally trade in the secondary market in amounts less than a Creation Unit.

Shares of a Fund are listed for trading on a national securities exchange during the trading day. Shares can be bought and sold throughout the trading day at market price like shares of other publicly traded companies. However, there can be no guarantee that an active trading market will develop or be maintained, or that the Fund Shares listing will continue or remain unchanged. The Trust does not impose any minimum investment for shares of the Fund purchased on an exchange. Buying or selling the Fund's Shares involves certain costs that apply to all securities transactions. When buying or selling Shares of the Fund through a Financial Intermediary, you may incur a brokerage commission or other charges determined by your Financial Intermediary. Due to these brokerage costs, if any, frequent trading may detract significantly from investment returns. In addition, you may also incur the cost of the spread (the difference between the bid price and the ask price). The commission is frequently a fixed amount and may be a significant cost for investors seeking to buy or sell small amounts of Shares. The spread varies over time for Shares of the Fund based on its trading volume and market liquidity, and is generally less if the Fund has more trading volume and market liquidity and more if the Fund has less trading volume and market liquidity.

Each Fund's primary listing exchange is [ ] (the "Listing Exchange"). The Listing Exchange is open for trading Monday through Friday and is closed on the following holidays: New Year's Day, Martin Luther King, Jr. Day, Presidents' Day, Good Friday, Memorial Day, Juneteenth National Independence Day, Independence Day, Labor Day, Thanksgiving Day and Christmas Day.

A "Business Day" with respect to the Funds is each day the NYSE, the Listing Exchange and the Trust are open and includes any day that a Fund is required to be open under Section 22(e) of the 1940 Act. Orders from Authorized Participants to create or redeem Creation Units will only be accepted on a Business Day. On days when NYSE and/or the Listing Exchange closes earlier than normal, a Fund may require orders to create or redeem Creation Units to be placed earlier in the day. See the SAI for more information.

The Trust's Board of Trustees has not adopted a policy of monitoring for frequent purchases and redemptions of Fund Shares ("frequent trading") that appear to attempt to take advantage of potential arbitrage opportunities presented by a lag between a change in the value of a Fund's portfolio securities after the close of the primary markets for the Fund's portfolio securities and the reflection of that change in the Fund's NAV ("market timing"). The Trust believes this is appropriate because ETFs, such as the Funds, are intended to be attractive to arbitrageurs, as trading activity is critical to

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ensuring that the market price of Fund Shares remains at or close to NAV. Since each Fund issues and redeems Creation Units at NAV plus applicable transaction fees, and a Fund's Shares may be purchased and sold on the Listing Exchange at prevailing market prices, the risks of frequent trading are limited.

Section 12(d)(1) of the 1940 Act generally restricts investments by investment companies, including foreign and unregistered investment companies, in the securities of other investment companies. For example, a registered investment company (the "Acquired Fund"), such as a Fund, may not knowingly sell or otherwise dispose of any security issued by the Acquired Fund to any investment company (the "Acquiring Fund") or any company or companies controlled by the Acquiring Fund if, immediately after such sale or disposition: (i) more than 3% of the total outstanding voting stock of the Acquired Fund is owned by the Acquiring Fund and any company or companies controlled by the Acquiring Fund, or (ii) more than 10% of the total outstanding voting stock of the Acquired Fund is owned by the Acquiring Fund and other investment companies and companies controlled by them. However, registered investment companies may be permitted to invest in a Fund beyond the limits set forth in Section 12(d)(1), subject to certain terms and conditions set forth in SEC rules. In order for a registered investment company to invest in Shares of a Fund beyond the limitations of Section 12(d)(1) in reliance on Rule 12d1-4 under the 1940 Act, the registered investment company must, among other things, enter into an agreement with the Trust. Foreign investment companies are permitted to invest in the Funds only up to the limits set forth in Section 12(d)(1), subject to any applicable SEC Staff no-action relief.

The Funds and the Distributor will have the sole right to accept orders to purchase Shares and reserve the right to reject any purchase order in whole or in part.

**Creations and Redemptions** 

Prior to trading in the secondary market, Shares of a Fund are "created" at NAV by market makers, large investors and institutions only in block-size Creation Units or multiples thereof. Each "creator" or authorized participant (an "Authorized Participant") enters into an Authorized Participant agreement with the Funds' Distributor. An Authorized Participant is a member or participant of a clearing agency registered with the SEC, which has a written agreement with the Fund or one of its service providers that allows such member or participant to place orders for the purchase and redemption of Creation Units.

A creation transaction, which is subject to acceptance by State Street, as the Trust's transfer agent, generally takes place when an Authorized Participant deposits into the Fund a designated portfolio of securities (including any portion of such securities for which cash may be substituted) and/or a specified amount of cash in exchange for a specified number of Creation Units.

Similarly, Shares can be redeemed only in Creation Units, generally for a designated portfolio of securities (including any portion of such securities for which cash may be substituted) held by a Fund and a specified amount of cash. Except when aggregated in Creation Units, Shares are not redeemable by a Fund.

The prices at which creations and redemptions occur are based on the next calculation of NAV after a creation or redemption order is received in an acceptable form under the Authorized Participant agreement.

Only an Authorized Participant may create or redeem Creation Units directly with the Fund.

In the event of a system failure or other interruption, including disruptions at market makers or Authorized Participants, orders to purchase or redeem Creation Units either may not be executed according to the Fund's instructions or may not be executed at all, or the Fund may not be able to place or change orders.

To the extent the Fund engages in in-kind transactions, the Fund intends to comply with the U.S. federal securities laws in accepting securities for deposit and satisfying redemptions with redemption securities by, among other means, assuring that any securities accepted for deposit and any securities used to satisfy redemption requests will be sold in transactions that would be exempt from registration under the Securities Act of 1933, as amended (the "Securities Act"). Further, an Authorized Participant that is not a "qualified institutional buyer," as such term is defined under Rule 144A of the Securities Act, will not be able to receive restricted securities eligible for resale under Rule 144A.

The in-kind arrangements are intended to protect ongoing shareholders from adverse effects on the Fund's portfolio that could arise from frequent cash creation and redemption transactions and generally will not lead to a tax event for the Fund or its ongoing shareholders.

Creations and redemptions must be made through a firm that is either a member of the Continuous Net Settlement System of the National Securities Clearing Corporation or a DTC Participant and has executed an agreement with the

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Distributor with respect to creations and redemptions of Creation Unit aggregations. Information about the procedures regarding creation and redemption of Creation Units (including the cut-off times for receipt of creation and redemption orders) and the applicable transaction fees is included in the Fund's SAI.

**PORTFOLIO HOLDINGS**

A full list of Fund holdings will be provided on https://russellinvestments.com on each Business Day prior to the opening of regular trading on the listing exchange.

Additional information about each Fund's portfolio holdings disclosure policy is available in the Funds' Statement of Additional Information.

**DIVIDENDS AND DISTRIBUTIONS**

Each Fund distributes substantially all of its net investment income and net capital gains to shareholders each year.

**Income Dividends**

The amount and frequency of distributions are not guaranteed; all distributions are at the Board's discretion. Currently, the Board intends to declare dividends from net investment income, if any, according to the following schedule:

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| | | |
|:---|:---|:---|
| **Declared** | **Payable** | **Funds** |
| Monthly | &nbsp;&nbsp; Early in the following month <br> (December distribution paid <br> mid-December)<br>| Core Plus Bond ETF |
| Annually | Mid-December | Global Real Estate ETF |

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An additional distribution of net investment income may be declared and paid by a Fund if required to avoid the imposition of a federal tax on the Fund.

**Capital Gains Distributions**

The Board will declare capital gains distributions (both short-term and long-term) once a year in mid-December to reflect any net short-term and net long-term capital gains, if any, realized by a Fund in the prior fiscal year. An additional distribution may be declared and paid by a Fund if required to avoid the imposition of a federal tax on the Fund. Distributions that are declared in October, November or December to shareholders of record in such months, and paid in January of the following year, will be treated for tax purposes as if received on December 31 of the year in which they were declared.

**Dividend Reinvestment Service**

No dividend reinvestment service is provided by the Funds. Financial Intermediaries may make available the DTC book-entry dividend reinvestment service for use by beneficial owners of the Funds for reinvestment of their dividend distributions. You should contact your Financial Intermediary to determine the availability and costs of the service and the details of participation therein. Your Financial Intermediary may require you to adhere to specific procedures and timetables. If this service is available and used, dividend distributions of both income and realized capital gains will be automatically reinvested in additional whole shares of a Fund purchased in the secondary market.

**additional information about TAXES**

Unless you are investing through an IRA, 401(k) or other tax-advantaged retirement account, distributions from a Fund are generally taxable to you as either ordinary income or capital gains. This is true whether you reinvest your distributions in additional Shares or receive them in cash. Any long-term capital gains distributed by a Fund are taxable to you as long-term capital gains no matter how long you have owned your Shares. Early each year, you will receive a statement that shows the tax status of distributions you received for the previous year.

Foreign exchange gain or loss arising from a Fund's foreign currency-denominated investments may increase or reduce the amount of ordinary income distributions made to investors.

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If you are an individual investor, a portion of the dividends you receive from a Fund may be treated as "qualified dividend income" which is taxable to individuals at the same rates that are applicable to long-term capital gains. A Fund distribution is treated as qualified dividend income to the extent that the Fund receives dividend income from taxable domestic corporations and certain qualified foreign corporations, provided that certain holding period and other requirements are met. Fund distributions generally will not qualify as qualified dividend income to the extent attributable to interest, capital gains, REIT distributions and, in some cases, distributions from non-U.S. corporations. There can be no assurance that any portion of the dividends you receive from a Fund will qualify as qualified dividend income.

When you sell Shares, you may have capital gains or losses. Any losses you incur on a sale of Shares that you have held for six months or less will be treated as long-term capital losses to the extent that the Fund has paid you long-term capital gains dividends with respect to those Shares during that period. The tax rate on any gains from the sale of your Shares depends on how long you have held your Shares.

No Fund makes any representation as to the amount or variability of its capital gains distributions which may vary as a function of several factors including, but not limited to, gains and losses related to the sale of securities, prevailing dividend yield levels, general market conditions, shareholders' redemption patterns and Fund cash equitization activity.

Fund distributions and gains from the sale of your Shares will generally be subject to federal and state and local income taxes. Non-U.S. investors may be subject to U.S. withholding and estate taxes. Shareholders who are not citizens or residents of the United States and certain foreign entities will generally be subject to withholding of U.S. tax of 30% on distributions made by a Fund of investment income (other than exempt-interest dividends) and short-term capital gains. A portion of Fund distributions received by a non-U.S. investor may be exempt from U.S. withholding tax to the extent attributable to U.S. source interest income and short-term capital gains earned by the Fund if properly reported by the Fund. The Funds will be required to withhold U.S. tax (at a 30% rate) on payments of taxable dividends made to certain non-U.S. 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. Shareholders may be requested to provide additional information to the Funds to enable the Funds to determine whether withholding is required. You should consult your tax professional about federal, state, local or foreign tax consequences of holding Shares.

When a Fund invests in securities of certain foreign issuers, the Fund may have taxes withheld on the income received from these securities. If more than 50% of the total fair market value of a Fund's assets at the close of its taxable year is made up of foreign securities, the Fund may elect to pass through such taxes to shareholders who may then (subject to limitations) claim a foreign tax credit or deduction.

Non-corporate taxpayers generally may deduct 20% of "qualified business income" derived either directly or through partnerships or S corporations. For this purpose, "qualified business income" generally includes ordinary REIT dividends. A Fund may pass through to shareholders the character of ordinary REIT dividends so as to allow non-corporate shareholders to claim this deduction.

If you are a corporate investor, a portion of the dividends from net investment income paid by the Funds will generally qualify, in part, for the corporate dividends-received deduction. However, the portion of the dividends so qualified depends on the aggregate qualifying dividend income received by each Fund from domestic (U.S.) sources. Certain holding period and debt financing restrictions may apply to corporate investors seeking to claim the deduction. There can be no assurance that any portion of the dividends paid by the Funds will qualify for the corporate dividends-received deduction. You should consult your tax professional with respect to the applicability of these rules.

*Creations and Redemptions.* A person who exchanges securities for Creation Units generally will recognize a gain or loss. The gain or loss will be equal to the difference between the market value of the Creation Units at the time of exchange and the sum of the exchanger's aggregate basis in the securities surrendered and the amount of any cash paid for such Creation Units. A person who exchanges Creation Units for securities will generally recognize a gain or loss equal to the difference between the exchanger's basis in the Creation Units and the sum of the aggregate market value of the securities received and the amount of any cash received for such Creation Units. The IRS, however, may assert that a loss realized upon an exchange of primarily securities for Creation Units cannot be deducted currently under the rules governing "wash sales," or on the basis that there has been no significant change in economic position. Persons exchanging securities for Creation Units or redeeming Creation Units should consult their own tax adviser with respect to whether wash sale rules apply and when a loss might be deductible and the tax treatment of any creation or redemption transaction.

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Under current U.S. federal income tax laws, any capital gain or loss realized upon a redemption (or creation) of Creation Units is generally treated as long-term capital gain or loss if the Fund Shares (or securities surrendered) have been held for more than one year and as a short-term capital gain or loss if the Fund Shares (or securities surrendered) have been held for one year or less.

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

You may be subject to backup withholding at a rate of 24% with respect to taxable distributions if you do not provide your correct taxpayer identification number, certify that such number is correct, or (if applicable) certify that you are exempt from backup withholding, or if you have been notified by the IRS that you are subject to backup withholding.

Reporting to you and the IRS is required annually on Form 1099-B with respect to not only the gross proceeds of Fund Shares you sell or redeem but also their cost basis. Shareholders should contact their intermediaries with respect to reporting of cost basis and available elections with respect to their accounts. You should carefully review the cost basis information provided by the applicable intermediary and make any additional basis, holding period or other adjustments that are required when reporting these amounts on your federal income tax returns.

Because each investor's tax circumstances are unique and the tax laws may change, you should consult your tax advisor about your investment.

**The tax discussion set forth above is included for general information only. You should consult your own tax adviser concerning the federal, state, local or foreign tax consequences of an investment in a Fund.** 

Additional information on these and other tax matters relating to each Fund and its shareholders is included in the section entitled "Taxes" in the Funds' Statement of Additional Information.

**Cost Basis Reporting** 

Reporting to you and the IRS is required annually on Form 1099-B with respect to not only the gross proceeds of Fund Shares you sell or redeem but also their cost basis. Shareholders should contact their Financial Intermediaries with respect to reporting of cost basis and available elections with respect to their accounts. You should carefully review the cost basis information provided by the applicable intermediary and make any additional basis, holding period or other adjustments that are required when reporting these amounts on your federal income tax returns.

You should consult your own tax advisor(s) when selecting your cost basis tracking and relief methodology.

**PREMIUM/DISCOUNT INFORMATION**

Each Fund has not yet commenced operations and, therefore, does not have information about the differences between a Fund's daily market price on the Listing Exchange and its NAV. Information regarding how often the closing trading price of the Shares of a Fund was above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Shares of the Fund for the most recently completed calendar year and the most recently completed calendar quarter(s) since that year (or the life of the Fund, if shorter) can be found at https://russellinvestments.com.

**CONTINUOUS OFFERING INFORMATION**

The method by which Creation Units are created and traded may raise certain issues under applicable securities laws. Because new Creation Units are issued and sold by the Trust on an ongoing basis, a "distribution," as such term is used in the Securities Act may occur at any point. Broker dealers and other persons are cautioned that some activities on their part may, depending on the circumstances, result in their being deemed participants in a distribution in a manner which could render them statutory underwriters and subject them to the prospectus delivery and liability provisions of the Securities Act.

For example, a broker dealer firm or its client may be deemed a statutory underwriter if it takes Creation Units after placing an order with the Funds' transfer agent, breaks them down into constituent shares, and sells such shares directly to customers, or if it chooses to couple the creation of a supply of new shares with an active selling effort involving

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solicitation of secondary market demand for shares. A determination of whether one is an underwriter for purposes of the Securities Act must take into account all the facts and circumstances pertaining to the activities of the broker dealer or its client in the particular case, and the examples mentioned above should not be considered a complete description of all the activities that could lead to a categorization as an underwriter.

Broker dealers who are not "underwriters" but are participating in a distribution (as contrasted to ordinary secondary trading transactions), and thus dealing with shares that are part of an "unsold allotment" within the meaning of Section 4(a)(3)(C) of the Securities Act, would be unable to take advantage of the prospectus delivery exemption provided by Section 4(a)(3) of the Securities Act. This is because the prospectus delivery exemption in Section 4(a)(3) of the Securities Act is not available in respect of such transactions as a result of Section 24(d) of the 1940 Act. As a result, broker dealer firms should note that dealers who are not underwriters but are participating in a distribution (as contrasted with ordinary secondary market transactions) and thus dealing with the shares that are part of an overallotment within the meaning of Section 4(a)(3)(A) of the Securities Act would be unable to take advantage of the prospectus delivery exemption provided by Section 4(a)(3) of the Securities Act. Firms that incur a prospectus delivery obligation with respect to shares are reminded that, under Rule 153 of the Securities Act, a prospectus delivery obligation under Section 5(b)(2) of the Securities Act owed to an exchange member in connection with a sale on the Listing Exchange is satisfied by the fact that the prospectus is available at the Listing Exchange upon request. The prospectus delivery mechanism provided in Rule 153 is only available with respect to transactions on an exchange.

In addition, certain affiliates of the Funds and the Adviser may purchase and resell Fund Shares pursuant to this Prospectus.

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**FINANCIAL HIGHLIGHTS**

No financial information is provided for the Funds because they had not yet commenced operations as of the date of this Prospectus. Financial information will be provided in the first Form N-CSR filed after commencement of operations.

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**MONEY MANAGER INFORMATION**

The money managers are not affiliates of the Funds, RIM, RIFUS or the Distributor other than as a result of their management of Fund assets. Each money manager may be engaged in managing institutional investment accounts and/or may serve as manager or adviser to other investment companies unaffiliated with the Trust, other Funds, or to other clients of RIM or its affiliates, including Russell Investments Trust Company, Russell Investment Company and Russell Investment Funds. Investments in the Funds are not deposits with or other liabilities of any of the money managers and are subject to investment risk, including loss of income and principal invested and possible delays in investors' receipt of redemption or sale proceeds. The money managers do not guarantee the performance of a Fund or any particular rate of return.

The Funds may engage or terminate a money manager at any time, subject to the approval of the Funds' Board, without a shareholder vote. RIM may change a Fund's asset allocation at any time. A complete list of current money managers for the Funds can also be found at https://russellinvestments.com.

**Russell Investments Core Plus Bond ETF**

RBC Global Asset Management (U.S.) Inc., 250 Nicollet Mall, Suite 1550, Minneapolis, MN 55401 and RBC Global Asset Management (UK) Limited, 100 Bishopsgate London, EC2N 4AA, United Kingdom.

Schroder Investment Management North America Inc., 7 Bryant Park, 19<sup>th</sup> Floor, New York, NY 10018.

**Russell Investments Global Real Estate ETF**

AEW Capital Management, L.P., Two Seaport Lane, Boston, MA 02210-2021.

Resolution Capital Limited, Level 3, 20 Bond Street, Sydney, NSW, 2000 and Resolution Capital (US) Limited, 800 Westchester Avenue, Suite 641 North, Rye Brook, NY 10573.

RREEF America L.L.C. 222 S. Riverside Plaza, Chicago, IL 60606, DWS Investments Australia Limited, Deutsche Bank Place, Level 16, Corner of Hunter and Phillip Streets, Sydney, NSW 2000, Australia and DWS Alternatives Global Limited, 45 Cannon Street 1st Floor, London EC4M 5SB, United Kingdom, operating under the brand name DWS.

**When considering an investment in the Funds, do not rely on any information unless it is contained in this Prospectus or in the Funds' Statement of Additional Information. The Funds have not authorized anyone to add any information or to make any additional statements about the Funds. The Funds may not be available in some jurisdictions or to some persons. The fact that you have received this Prospectus should not, in itself, be treated as an offer to sell Shares to you. Changes in the affairs of the Funds may occur after the date on the cover page of this Prospectus. This Prospectus will be amended or supplemented to reflect any material changes to the information it contains.**

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For more information about the Funds, the following documents are available without charge:

ANNUAL/SEMIANNUAL REPORTS: Additional information about each Fund's investments is or will be available in the Funds' annual and semiannual reports to shareholders and in Form N-CSR. In each Fund's annual report, when available, you will find a discussion of the market conditions and investment strategies that significantly affected each Fund's performance during its last fiscal year. In Form N-CSR, when available, you will find each Fund's annual and semi-annual financial statements.

STATEMENT OF ADDITIONAL INFORMATION (SAI): The SAI provides more detailed information about the Funds.

The annual and semiannual reports for each Fund (when available) and the SAI are incorporated into this Prospectus by reference. You may obtain free copies of the annual report (when available), semiannual report (when available), the Funds' SAI, and other information such as the Funds' financial statements, and may request other information or make other inquiries, by contacting your Financial Intermediary or the Funds at:

Russell Investments <br>Attn: Transfer Agent Services <br>401 Union Street <br>18<sup>th</sup> Floor <br>Seattle, WA 98101 <br>Telephone: 1-800-787-7354

The Funds' SAI, annual and semiannual reports to shareholders (when available) and other information such as the Funds' financial statements (when available) are available, free of charge, on the Funds' website at https://connect.rightprospectus.com/russellinvestments?Site=ETF.

Each year you are automatically sent an updated Prospectus and annual and semiannual reports for the Funds. You may also occasionally receive notifications of Prospectus changes and proxy statements for the Funds. In order to reduce the volume of mail you receive, when possible, only one copy or one mailing of these documents will be sent to shareholders who are part of the same family, sharing the same name and the same household address. If you would like to opt out of the household-based mailings, please call your Financial Intermediary.

Some Financial Intermediaries may offer electronic delivery of the Funds' Prospectus and annual and semiannual reports. Please contact your Financial Intermediary for further details.

You can review reports and other information about the Funds on the EDGAR Database on the Securities and Exchange Commission's website at http://www.sec.gov. Copies of this information may be obtained, after paying a duplicating fee, by electronic request at the following e-mail address: publicinfo@sec.gov.

Frank Russell Company is the owner of the Russell trademarks contained in this material and all trademark rights related to the Russell trademarks, which the members of the Russell Investments group of companies are permitted to use under license from Frank Russell Company. The members of the Russell Investments group of companies are not affiliated in any manner with Frank Russell Company or any entity operating under the "FTSE RUSSELL" brand.

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![](g923237russelllogo.gif)

Russell Investments Exchange Traded Funds' SEC File No. 811-24027

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**The information in this Statement of Additional Information is not complete and may be changed. A registration statement relating to these securities has been filed with the Securities and Exchange Commission. We may not sell these securities until the registration statement is effective. This Statement of Additional Information is not a prospectus.**

**Subject to completion, dated August 28, 2025**

**RUSSELL INVESTMENTS EXCHANGE TRADED FUNDS** <br>**401 Union Street, 18**<sup>th</sup> **Floor** <br>**Seattle, Washington 98101** 

**Telephone 1-800-787-7354**

**STATEMENT OF ADDITIONAL INFORMATION**

**Russell Investments Core Plus Bond ETF and Russell Investments Global Real Estate ETF**

**[ ], 2025**

Russell Investments Exchange Traded Funds ("RIETF" or the "Trust") is a single legal entity organized as a Delaware statutory trust. The Trust operates investment portfolios referred to as "Funds." The Trust offers shares of beneficial interest ("Shares") in the Funds in a separate Prospectus.

This Statement of Additional Information ("SAI") is not a Prospectus; this SAI should be read in conjunction with the Funds' Prospectus dated [ ], 2025 and any supplements thereto. You should retain this SAI for future reference.

Capitalized terms not otherwise defined in this SAI shall have the meanings assigned to them in the Prospectus.

A copy of the Funds' Prospectus, any Prospectus Supplements and Annual Report (when available) are available free of charge on the Funds' website at https://connect.rightprospectus.com/russellinvestments?Site=ETF or by calling Russell Investments at 1-800-787-7354 to request a copy.

As of the date of this SAI, the Trust is comprised of seven Funds. This SAI relates to two of these Funds.

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| | | |
|:---|:---|:---|
| **Fund** | **Principal U.S. Listing Exchange** | **Ticker** |
| Russell Investments Core Plus Bond ETF | [Exchange] | [BD] |
| Russell Investments Global Real Estate ETF  | [Exchange] | [CRIB] |

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**TABLE OF CONTENTS** <br>

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| | |
|:---|:---|
| Structure And Governance | 1  |
| &nbsp;&nbsp;&nbsp; ORGANIZATION AND BUSINESS HISTORY. | 1  |
| &nbsp;&nbsp;&nbsp; SHAREHOLDER MEETINGS. | 2  |
| &nbsp;&nbsp;&nbsp; CONTROLLING SHAREHOLDERS. | 2  |
| &nbsp;&nbsp;&nbsp; TRUSTEES AND OFFICERS. | 2  |
| Operation Of The Trust | 9  |
| &nbsp;&nbsp;&nbsp; SERVICE PROVIDERS. | 9  |
| &nbsp;&nbsp;&nbsp; ADVISER. | 9  |
| &nbsp;&nbsp;&nbsp; ADMINISTRATOR. | 10  |
| &nbsp;&nbsp;&nbsp; PORTFOLIO MANAGERS. | 11  |
| &nbsp;&nbsp;&nbsp; MONEY MANAGERS. | 13  |
| &nbsp;&nbsp;&nbsp; CUSTODIAN AND PORTFOLIO ACCOUNTANT. | 13  |
| &nbsp;&nbsp;&nbsp; DISTRIBUTOR. | 13  |
| &nbsp;&nbsp;&nbsp; TRANSFER AND DIVIDEND DISBURSING AGENT. | 13  |
| &nbsp;&nbsp;&nbsp; INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM. | 13  |
| &nbsp;&nbsp;&nbsp; CODES OF ETHICS. | 13  |
| &nbsp;&nbsp;&nbsp; FUND EXPENSES. | 14  |
| &nbsp;&nbsp;&nbsp; EXCHANGE LISTING AND TRADING | 14  |
| &nbsp;&nbsp;&nbsp; CREATIONS AND REDEMPTIONS OF SHARES | 14  |
| &nbsp;&nbsp;&nbsp; VALUATION OF FUND SHARES. | 18  |
| &nbsp;&nbsp;&nbsp; VALUATION OF PORTFOLIO SECURITIES. | 18  |
| &nbsp;&nbsp;&nbsp; PORTFOLIO TURNOVER RATES OF THE FUNDS. | 19  |
| &nbsp;&nbsp;&nbsp; DISCLOSURE OF PORTFOLIO HOLDINGS. | 19  |
| &nbsp;&nbsp;&nbsp; PROXY VOTING POLICIES AND PROCEDURES. | 20  |
| &nbsp;&nbsp;&nbsp; FORUM FOR ADJUDICATION OF DISPUTES. | 21  |
| &nbsp;&nbsp;&nbsp; BROKERAGE ALLOCATIONS. | 21  |
| &nbsp;&nbsp;&nbsp; BROKERAGE COMMISSIONS. | 22  |
| &nbsp;&nbsp;&nbsp; FOREIGN CURRENCY FEES. | 22  |
| Investment Restrictions, Policies And CERTAIN INVESTMENTS | 23  |
| &nbsp;&nbsp;&nbsp; INVESTMENT RESTRICTIONS. | 23  |
| &nbsp;&nbsp;&nbsp; INVESTMENT POLICIES. | 24  |
| &nbsp;&nbsp;&nbsp; INVESTMENT STRATEGIES AND PORTFOLIO INSTRUMENTS. | 24  |
| Taxes | 64  |
| Money Manager Information | 67  |
| credit Rating definitions | 68  |
| Financial Statements | 73  |
| Appendix | 74 |

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**Structure And Governance**

**ORGANIZATION AND BUSINESS HISTORY.** 

The Trust commenced business operations as a Delaware statutory trust on August 6, 2024.

The Trust is currently organized and operating under an Amended and Restated Declaration of Trust dated February 24, 2025 (as amended, the "Declaration of Trust"), and the provisions of Delaware law governing the operation of a Delaware statutory trust. The Board of Trustees ("Board" or the "Trustees") may amend and/or restate the Declaration of Trust from time to time. The Trustees may, without the affirmative vote of a majority of the outstanding voting Shares (as defined in the Investment Company Act of 1940, as amended (the "1940 Act")) of the Trust or a Fund by a vote of a majority of the Trustees or written instrument executed by a majority of their number then in office, terminate, liquidate or reorganize any Fund at any time by written notice to affected shareholders. The Trust is a registered open-end management investment company. The Core Plus Bond ETF is diversified. The Global Real Estate ETF is non-diversified. Under the 1940 Act, a diversified company is defined as a management company which meets the following requirements: at least 75% of the value of its total assets is represented by cash and cash items (including receivables), government securities, securities of other investment companies, and other securities for the purposes of this calculation limited in respect of any one issuer to an amount not greater in value than five percent of the value of the total assets of such management company and to not more than 10% of the outstanding voting securities of such issuer.

The Trust is authorized to issue Shares of beneficial interest, and may divide the Shares into two or more series, each of which evidences a pro rata ownership interest in a different investment portfolio — a "Fund." The Trustees may, without seeking shareholder approval, create additional Funds at any time. The Declaration of Trust provides that shareholders may be required to redeem their Shares at any time (i) if the Trustees determine in their sole discretion that failure to so redeem may have material adverse consequences to the shareholders of the Trust or of any Fund or (ii) upon such other conditions as may from time to time be determined by the Trustees and set forth in the Prospectus with respect to the maintenance of shareholder accounts of a minimum amount. However, shareholders can only be required to redeem their Shares to the extent consistent with the 1940 Act, the rules thereunder and Securities and Exchange Commission ("SEC") interpretations thereof.

The Funds are authorized to issue Shares of beneficial interest in one or more classes, though the Funds do not presently do so.

Shares of each Fund have a par value of $0.01 per share, are fully paid and nonassessable, and have no preemptive or conversion rights. Shares of each Fund represent proportionate interests in the assets of that Fund. Shares of each Fund are entitled to the dividends and distributions earned on the assets belonging to the Fund that the Board declares.

Under Delaware law, the shareholders of a Fund are not generally subject to liability for the debts or obligations of the Trust. Similarly, Delaware law provides that a series of the Trust will not be liable for the debts or obligations of any other series of the Trust. However, no similar statutory or other authority limiting statutory trust shareholder liability exists in other states. As a result, to the extent that a Delaware statutory trust or a shareholder is subject to the jurisdiction of courts of such other states, the courts may not apply Delaware law and may thereby subject the Delaware statutory trust shareholders to liability. To guard against this risk, the Declaration of Trust contains an express disclaimer of shareholder liability for acts or obligations of a series. The Declaration of Trust provides for indemnification by the relevant series for all loss suffered by a shareholder as a result of an obligation of the series. The Declaration of Trust also provides that a series shall, upon request, assume the defense of any claim made against any shareholder for any act or obligation of the series and satisfy any judgment thereon. In view of the above, the risk of personal liability of shareholders of a Delaware statutory trust is remote.

The Funds' investment adviser is Russell Investment Management, LLC ("RIM" or the "Adviser"). RIM provides or oversees the provision of all investment advisory and portfolio management services for the Funds. The Funds divide responsibility for investment advice between RIM and a number of money managers unaffiliated with RIM.

Pursuant to claims for exclusion from the definition of the term "commodity pool operator" under the Commodity Exchange Act ("CEA"), RIM is not subject to registration or regulation as a commodity pool operator under the CEA with respect to the Funds. In order to maintain the exclusion, RIM on behalf of each Fund must annually affirm to the National Futures Association that RIM and the Fund have met and will continue to meet the conditions necessary to qualify for the exclusion. If a Fund's transactions require registration as a commodity pool operator and the Fund subsequently operates subject to Commodity Futures Trading Commission ("CFTC") regulation, it may incur additional expenses.

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**SHAREHOLDER MEETINGS.** 

The Trust will not hold annual meetings of shareholders, but special meetings may be held. Special meetings may be convened (i) by the Board, (ii) upon written request to the Board by shareholders holding at least 10% of the Trust's outstanding Shares, or (iii) upon the Board's failure to honor the shareholders' request described above, by shareholders holding at least 10% of the outstanding Shares by giving notice of the special meeting to shareholders. The Board will provide the assistance required by the 1940 Act in connection with any special meeting called by shareholders following a failure of the Board to honor a shareholder request for a special meeting. Each Share of a Fund has one vote in Trustee elections and other matters submitted for shareholder vote. On any matter which affects only a particular Fund, only Shares of that Fund are entitled to vote. There are no cumulative voting rights.

**CONTROLLING SHAREHOLDERS.** 

The Trustees have the authority and responsibility under applicable state law to direct the management of the business of the Trust, and hold office unless they retire (or upon reaching the mandatory retirement age of 75), resign or are removed by, in substance, a vote of two-thirds of the number of Trustees or of the Trust Shares outstanding. Under these circumstances, no one person, entity or shareholder "controls" the Trust. Because the Funds are new, there were no Shares outstanding as of the date of this SAI.

**TRUSTEES AND OFFICERS.** 

The Board of Trustees is responsible under applicable state law for generally overseeing management and operations of the business and affairs of the Trust and does not manage operations on a day-to-day basis. The officers of the Trust, all of whom are employed by and are officers of RIM or its affiliates, are responsible for the day-to-day management and administration of the Funds' operations. The Board of Trustees carries out its general oversight responsibilities in respect of the Funds' operations by, among other things, meeting with the Trust's management at the Board's regularly scheduled meetings and as otherwise needed and, with the assistance of the Trust's management, monitoring or evaluating the performance of the Funds' service providers, including RIM, the Funds' custodian and the Funds' transfer agent. As part of this oversight process, the Board of Trustees consults not only with management and RIM, but with the Trust's independent auditors, Fund counsel and independent counsel to the independent trustees ("Independent Trustees"). The Board of Trustees monitors Fund performance as well as the quality of services provided to the Funds. As part of its monitoring efforts, the Board of Trustees reviews Fund fees and expenses in light of, among other things, the nature, scope and overall quality of services provided to the Funds. The Board of Trustees is required under the 1940 Act to review and approve the Funds' advisory contract with RIM and RIM's sub-advisory contracts with the money managers.

The Trustees and the Trust's officers may amend the Prospectus, any summary prospectus, the SAI and any contracts to which the Trust or a Fund is a party and interpret the investment objective(s), policies, restrictions and contractual provisions applicable to any Fund without shareholder input or approval, except in circumstances in which shareholder approval is specifically required by law (such as changes to fundamental investment policies) or where a shareholder approval requirement is specifically disclosed in the Prospectus or SAI. Neither the Prospectus, any summary prospectus, the SAI, any contracts filed as exhibits to the Trust's registration statement, nor any other communications or disclosure documents from or on behalf of the Trust creates a contract between a shareholder of a Fund and: (i) the Trust; (ii) a Fund; (iii) a service provider to the Trust or a Fund; and/or (iv) the Trustees or officers of the Trust.

Generally, a Trustee may be removed at any time by a vote of two-thirds of the number of Trustees or of the Trust's Shares outstanding. A vacancy in the Board shall be filled by a vote of a majority of the remaining Trustees so long as after filling such vacancy, at least two-thirds of the Trustees have been elected by shareholders.

The Board of Trustees is currently comprised of nine Trustees, one of whom, Vernon Barback, is an Interested Trustee. Mr. Barback serves as Vice Chairman of an affiliate of RIM, the Funds' adviser, and is thus classified as an Interested Trustee. There are eight Independent Trustees, including Raymond P. Tennison, Jr. and Julie Dien Ledoux, who serve as the Chairman and Vice Chairman of the Board respectively. Mr. Tennison has served as Chairman of the Board since 2024 and Ms. Ledoux has served as Vice Chairman of the Board since 2024.

The Board of Trustees has established a standing Audit Committee, a standing Nominating and Governance Committee and a standing Regulatory and Investment Compliance Committee which assist in performing aspects of its role in oversight of the Funds' operations and are described in more detail in the following paragraphs.

The Board's role in risk oversight of the Funds reflects its responsibility under applicable state law to oversee generally, rather than to manage, the operations of the Funds. In line with this oversight responsibility, the Board receives reports and makes inquiry at its regular meetings and as needed regarding the nature and extent of significant Fund risks (including investment, operational, compliance and valuation risks) that potentially could have a material adverse impact on the business operations,

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investment performance or reputation of the Funds, but relies upon the Funds' management (including the Funds' portfolio managers), the Funds' Chief Compliance Officer ("CCO"), who reports directly to the Board, and the Adviser (including the Adviser's Chief Risk Officer ("CRO")) to assist it in identifying and understanding the nature and extent of such risks and determining whether, and to what extent, such risks may be eliminated or mitigated. Under the Funds' multi-manager structure, the Adviser is responsible for oversight, including risk management oversight, of the services provided by the Funds' money managers, and providing reports to the Board with respect to the money managers. In addition to reports and other information received from Fund management and the Adviser regarding the Funds' investment program and activities, the Board as part of its risk oversight efforts meets at its regular meetings and as needed with representatives of the Funds' senior management, including the Funds' CCO, to discuss, among other things, risk issues and issues regarding the policies, procedures and controls of the Funds. The Board receives quarterly reports from the CCO and the CRO and other representatives of the Funds' senior management which include information regarding risk issues. The Board may be assisted in performing aspects of its role in risk oversight by the Audit Committee, the Regulatory and Investment Compliance Committee and such other standing or special committees as may be established from time to time by the Board. For example, the Audit Committee of the Board regularly meets with the Funds' independent public accounting firm to review, among other things, the independent public accounting firm's comments with respect to the Funds' financial policies, procedures and internal accounting controls and management's responses thereto. The Board believes it is not possible to identify all risks that may affect the Funds; it is not practical or cost-effective to eliminate or mitigate all risks; and it is necessary for the Funds to bear certain risks (such as investment-related risks) to achieve their investment objectives. The processes or controls developed to address risks may be limited in their effectiveness and some risks may be beyond the reasonable control of the Board, the Funds, the Adviser, the Adviser's affiliates or other service providers. Because the Chairman and Vice Chairman of the Board and the Chairman and Vice Chairman (as applicable) of each of the Board's Audit, Regulatory and Investment Compliance and Nominating and Governance Committees are Independent Trustees, the manner in which the Board administers its risk oversight efforts is not expected to have any significant impact on the Board's leadership structure. The Board has determined that its leadership structure, including its role in risk oversight, is appropriate given the characteristics and circumstances of the Funds, including such factors as the number of Funds it oversees, the Funds' distribution arrangements and the Funds' manager of managers structure. In addition, the Board believes that its leadership structure facilitates the independent and orderly exercise of its oversight responsibilities.

The Trust's Board of Trustees has adopted and approved a formal written charter for the Audit Committee, which sets forth the Audit Committee's current responsibilities. The Audit Committee's primary functions are: (1) to assist Board oversight of (a) the integrity of the Funds' financial statements, (b) the Trust's compliance with legal and regulatory requirements that relate to financial reporting, as appropriate, (c) the independent registered public accounting firm's qualifications and independence, and (d) the performance of the Trust's independent registered public accounting firm; (2) to oversee the Trust's accounting and financial reporting policies and practices and its internal controls; and (3) to act as a liaison between the Trust's independent registered public accounting firm and the full Board. The Audit Committee reviews both the audit and non-audit work of the Trust's independent registered public accounting firm, submits a recommendation to the Board as to the selection of the independent registered public accounting firm, and pre-approves all audit and non-audit services to be rendered by the independent registered public accounting firm for the Trust. It is management's responsibility to prepare, or oversee the preparation of, the Funds' financial statements and to maintain appropriate systems for accounting and internal controls and the auditor's responsibility to plan and carry out a proper audit and to express an opinion on the Funds' financial statements. Currently, the Audit Committee members are Messrs. Jeremy May and Jack R. Thompson and Mses. Michelle L. Cahoon and Ellen M. Needham, each of whom is an Independent Trustee.

The Trust's Board of Trustees has adopted and approved a formal written charter for the Regulatory and Investment Compliance Committee, which sets forth the Regulatory and Investment Compliance Committee's current responsibilities. The Regulatory and Investment Compliance Committee: (1) shall regularly receive, review and consider reports on certain regulatory and investment-related compliance and risk matters regarding the operation of the Funds, separately and as a whole; (2) shall review with RIM and its affiliates the kind, scope, and format of, and the time periods covered by the reports provided to the Committee; (3) may review with RIM and its affiliates such other regulatory and investment-related compliance matters that are related to the operation of the Funds as the Committee may deem to be necessary or appropriate; and (4) may meet with any officer of the Trust, or officer or other representative of RIM, any money manager to a Fund or other service provider to the Trust. Currently, the Regulatory and Investment Compliance Committee members are Messrs. Vernon Barback, Michael Day and Raymond P. Tennison, Jr. and Mses. Julie Dien Ledoux and Jeannie Shanahan.

The Trust's Board of Trustees has adopted and approved a formal written charter for the Nominating and Governance Committee, which sets forth the Nominating and Governance Committee's current responsibilities. The primary functions of the Nominating and Governance Committee are to: (1) nominate and evaluate individuals for Trustee membership on the Board, including individuals who are not interested persons of the Trust for Independent Trustee membership; (2) supervise an

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annual assessment by the Trustees taking into account such factors as the Committee may deem appropriate; (3) review the composition of the Board; (4) review Independent Trustee compensation; and (5) make nominations for membership on all Board committees and review the responsibilities of each committee. In evaluating all candidates for membership on the Board, the Nominating and Governance Committee considers, among other factors that it may deem relevant: whether or not the person is willing and able to commit the time necessary for the performance of the duties of a Trustee; whether the person is otherwise qualified under applicable laws and regulations to serve as a Trustee; the contribution which the person may be expected to make to the Board the Trust, with consideration being given to the person's business and professional experience, board experience, education, diversity and such other factors as the Committee, in its sole judgment, may consider relevant; and the character and integrity of the person. In identifying and evaluating Independent Trustee candidates, the Nominating and Governance Committee considers factors it deems relevant which include: whether or not the person is an "interested person" as defined in the 1940 Act and whether the person is otherwise qualified under applicable laws and regulations to serve on the Board of Trustees of the Trust; whether or not the person has any relationship that might impair his or her independence, such as any business, financial or family relationships with Fund management, the investment adviser of the Funds, Fund service providers or their affiliates; whether or not the person serves on boards of, or is otherwise affiliated with, competing organizations or funds; and the character and integrity of the person and the contribution which the person can make to the Board. The Nominating and Governance Committee does not have a formal diversity policy but it may consider diversity of professional experience, education and skills when evaluating potential nominees. The Committee will not consider nominees recommended by shareholders of the Funds. Currently, the Nominating and Governance Committee members are Messrs. Jeremy May, Raymond P. Tennison, Jr. and Jack R. Thompson and Ms. Julie Dien Ledoux, each of whom is an Independent Trustee.

Independent Trustees are paid an annual retainer. Meeting attendance fees are paid for meetings of the Nominating and Governance Committee and for special Board meetings related to consideration or approval of new investment advisory agreements required as a result of any future change of control of RIM. Chairperson and vice-chairperson fees are paid at the Board and Committee levels. In addition, Independent Trustees are reimbursed for any travel and other expenses incurred in attending Board and Committee meetings. The Trust's officers are paid by RIM or its affiliates.

Each Trustee was selected to join the Board based upon a variety of factors, including, but not limited to, the Trustee's background, business and professional experience, qualifications and skills. No factor, by itself, has been controlling in the selection evaluations.

The following tables provide information for each officer and Trustee of the Funds. The Russell Investments Fund Complex consists of the Trust, the Russell Investments Strategic Credit Fund ("RISCF"), a registered closed-end investment company operating as an "interval fund," the Russell Investments New Economy Infrastructure Fund ("RINEIF"), a registered closed-end investment company operating as an "interval fund," Russell Investment Company ("RIC"), a registered investment company which has 29 mutual funds, and Russell Investment Funds ("RIF"), a registered investment company which has nine mutual funds. Each of the Trustees is a trustee of the Trust, RISCF, RINEIF, RIC and RIF. The first table provides information for the Interested Trustee. The second table provides information for the Independent Trustees. The third table provides information for the officers.

Each Trustee possesses the following specific attributes: Ms. Cahoon has had experience as the senior financial executive of other investment companies and their investment adviser and distributor, as well as a certified public accountant who previously provided audit services in the financial sector at a multi-national accounting firm and has been determined by the Board to be an "audit committee financial expert"; Mr. Day has had experience as an executive-level leader in corporate finance and accounting, as a member of the boards of other companies and non-profit organizations, and as a certified public accountant; Ms. Ledoux has had investment experience as a portfolio manager and has had experience as a member of the board of trustees of other investment companies; Mr. May has had business, financial services, accounting and investment management experience as a senior executive and board member of financial services, investment management and other organizations, as well as experience as a board member of other investment companies and as a certified public accountant; Ms. Needham has had experience in executive management roles with other financial services institutions and has had experience as a member of the board of trustees of other investment companies; Ms. Shanahan has had financial, risk management, governance and compliance experience in highly regulated industries as a senior executive at large financial institutions, and as a member of the board of a non-profit organization; Mr. Tennison has had business, financial and investment experience as a senior executive of a corporation with international activities and was trained as an accountant; and Mr. Thompson has had experience in business, governance, investment and financial reporting matters as a senior executive of an organization sponsoring and managing other investment companies, and, subsequently, has served as a board member of

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other investment companies. Mr. Barback has had experience as a senior executive of other financial services companies with responsibility for investment, financial, and operational matters affecting asset managers and related service providers. As a senior officer of an affiliate of RIM, Mr. Barback is in a position to provide the Board with such entity's perspectives on the management, operations and distribution of the Funds.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Age, Address** | &nbsp;&nbsp; **Position(s) Held**<br> **With Fund and**<br> **Length of**<br> **Time Served**<br>| **Term of Office\*** | &nbsp;&nbsp; **Principal Occupation(s)**<br> **During the Past 5 Years**<br>| &nbsp;&nbsp; **No. of**<br> **Portfolios**<br> **in Russell**<br> **Investments Fund**<br> **Complex Overseen**<br> **by Trustee**<br>| &nbsp;&nbsp; **Other**<br> **Directorships**<br> **Held by Trustee** <br> **During the Past 5** <br> **Years**<br>|
| **INTERESTED TRUSTEE** | **INTERESTED TRUSTEE** |  |  |  |  |
| Vernon Barback<sup>#</sup> <br>Born August 24, 1956<br> 401 Union Street, <br> 18<sup>th</sup> Floor,<br> Seattle, WA 98101<br>| &nbsp;&nbsp;&nbsp;&nbsp; ●President and <br> Chief Executive <br> Officer since <br> 2024<br> ●Trustee since <br> 2024<br>| &nbsp;&nbsp;&nbsp;&nbsp; ●Until successor is <br> chosen and <br> qualified by <br> Trustees<br> ●Until successor is <br> duly elected and <br> qualified<br>| &nbsp;&nbsp;&nbsp;&nbsp; ●President and CEO, RIC <br> and RIF<br> ●Vice Chairman, Russell <br> Investments<br> ●From 2022 to 2024, <br> Chief Operating Officer, <br> Russell Investments<br> ●From 2021 to 2022, <br> Chief Administrative <br> Officer, Russell <br> Investments<br> ●From 2019 to 2021, <br> Vice Chairman, Russell <br> Investments<br> ●Until 2020, Director, <br> NorthStar Topco, LLC <br> (technology and services <br> outsourcing company)<br>| 47 | &nbsp;&nbsp;&nbsp;&nbsp; ●Until 2020, <br> Director of <br> NorthStar Topco, <br> LLC (technology <br> and services <br> outsourcing <br> company)<br>|

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\*

Each Trustee shall retire from service on the Board of Trustees at the end of the calendar year in which the Trustee reaches 75 years of age. However, at the discretion of the Board, a one-year waiver may be granted from the application of the policy, which will allow the Trustee to continue to serve on the Board for an additional one-year period following the end of the calendar year in which the Trustee reaches 75 years of age. A maximum of five one-year waivers may be granted by the Board to the Trustee.

#

Mr. Barback is Vice Chairman of an affiliate of RIM and is therefore an Interested Trustee.

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|:---|:---|:---|:---|:---|:---|
| **Name, Age, Address** | &nbsp;&nbsp; **Position(s) Held**<br> **With Fund and**<br> **Length of**<br> **Time Served**<br>| **Term of Office\*** | &nbsp;&nbsp; **Principal Occupation(s)**<br> **During the Past 5 Years**<br>| &nbsp;&nbsp; **No. of Portfolios**<br> **in Russell Investments** <br> **Fund Complex**<br> **Overseen**<br> **by Trustee**<br>| &nbsp;&nbsp; **Other**<br> **Directorships**<br> **Held by Trustee**<br> **During the Past 5** <br> **Years**<br>|
| **INDEPENDENT TRUSTEES**  | **INDEPENDENT TRUSTEES**  |  |  |  |  |
| Michelle L. Cahoon<br> Born July 5, 1966<br> 401 Union Street, <br> 18<sup>th</sup> Floor,<br> Seattle, WA 98101<br>| &nbsp;&nbsp;&nbsp;&nbsp; ●Trustee since <br> 2024<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ●Chairman of the <br> Audit<br> Committee since <br> 2024<br>| &nbsp;&nbsp;&nbsp;&nbsp; ●Until successor is <br> duly elected and <br> qualified<br> ●Until successor is <br> duly elected and <br> qualified<br>| &nbsp;&nbsp;&nbsp;&nbsp; ●Retired<br> ●Trustee and Audit <br> Committee Chair <br> Fairway Private Equity <br> & Venture Capital <br> Opportunities Fund <br> (investment company)<br>| 47 | &nbsp;&nbsp;&nbsp;&nbsp; ●Trustee and Audit <br> Committee Chair <br> Fairway Private <br> Equity & Venture <br> Capital <br> Opportunities <br> Fund (investment <br> company)<br>|
| Michael Day<br> Born October 23, 1957<br> 401 Union Street, <br> 18<sup>th</sup> Floor,<br> Seattle, WA 98101<br>| &nbsp;&nbsp;&nbsp;&nbsp; ●Trustee since <br> 2024<br>| &nbsp;&nbsp;&nbsp;&nbsp; ●Until successor is <br> duly elected and <br> qualified<br>| &nbsp;&nbsp;&nbsp;&nbsp; ●From 2019 to 2023, <br> President and Chief <br> Executive Officer, Topa <br> Insurance Group <br> (insurance company) <br>| 47 | &nbsp;&nbsp;&nbsp;&nbsp; ●From 2016 to <br> 2023, Director, <br> Topa Insurance <br> Group (insurance <br> company)<br> ●From 2020 to <br> 2022, Director, <br> Puppet, Inc. <br> (information <br> technology <br> company)<br> ●Director, Somos, <br> Inc. (information <br> technology <br> company)<br>|
| Julie Dien Ledoux<br> Born August 17, 1969<br> 401 Union Street, <br> 18<sup>th</sup> Floor,<br> Seattle, WA 98101<br>| &nbsp;&nbsp;&nbsp;&nbsp; ●Trustee since <br> 2024<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ●Vice Chairman <br> since 2024<br>| &nbsp;&nbsp;&nbsp;&nbsp; ●Until successor is <br> duly elected and <br> qualified<br> ●Approved <br> Annually<br>| ●Retired | 47 |  |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Age, Address** | &nbsp;&nbsp; **Position(s) Held**<br> **With Fund and**<br> **Length of**<br> **Time Served**<br>| **Term of Office\*** | &nbsp;&nbsp; **Principal Occupation(s)**<br> **During the Past 5 Years**<br>| &nbsp;&nbsp; **No. of Portfolios**<br> **in Russell Investments** <br> **Fund Complex**<br> **Overseen**<br> **by Trustee**<br>| &nbsp;&nbsp; **Other**<br> **Directorships**<br> **Held by Trustee**<br> **During the Past 5** <br> **Years**<br>|
| **INDEPENDENT TRUSTEES**  | **INDEPENDENT TRUSTEES**  |  |  |  |  |
| Jeremy May<br> Born March 30, 1970<br> 401 Union Street, <br> 18<sup>th</sup> Floor,<br> Seattle, WA 98101<br>| &nbsp;&nbsp;&nbsp;&nbsp; ●Trustee since <br> 2024<br> ●Chairman of the <br> Nominating and <br> Governance <br> Committee since <br> 2025<br>| &nbsp;&nbsp;&nbsp;&nbsp; ●Until successor is <br> duly elected and <br> qualified<br> ●Until successor is <br> duly elected and <br> qualified<br>| &nbsp;&nbsp;&nbsp;&nbsp; ●Founder and Chief <br> Executive Officer, <br> Paralel Technologies <br> LLC (information <br> technology company)<br> ●Until 2024, Director, <br> TFIN.AI LLC (financial <br> services company)<br> ●Until March 2021, Chief <br> Operating Officer of <br> Magnifi LLC <br> (information technology <br> company)<br>| 47 | &nbsp;&nbsp;&nbsp;&nbsp; ●Independent <br> Trustee and <br> Chairman, New <br> Age Alpha Funds <br> Trust and New <br> Age Alpha <br> Variable Funds <br> Trust (investment <br> companies)<br> ●Until 2024, <br> Director, TFIN.AI <br> LLC (financial <br> services <br> company)<br> ●Trustee and <br> Chairman of Bow <br> River Capital <br> Evergreen Fund <br> (investment <br> company)<br> ●Until November <br> 2022, Trustee and <br> Chairman of New <br> Age Alpha ETF <br> Trust (investment <br> company)<br> ●Until March <br> 2021, Interested <br> Director of <br> Reaves Utility <br> Income Trust <br> (investment <br> company)<br> ●Until February <br> 2021, Interested <br> Director of ALPS <br> Series Trust <br> (investment <br> company)<br>|

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Age, Address** | &nbsp;&nbsp; **Position(s) Held**<br> **With Fund and**<br> **Length of**<br> **Time Served**<br>| **Term of Office\*** | &nbsp;&nbsp; **Principal Occupation(s)**<br> **During the Past 5 Years**<br>| &nbsp;&nbsp; **No. of Portfolios**<br> **in Russell Investments** <br> **Fund Complex**<br> **Overseen**<br> **by Trustee**<br>| &nbsp;&nbsp; **Other**<br> **Directorships**<br> **Held by Trustee**<br> **During the Past 5** <br> **Years**<br>|
| **INDEPENDENT TRUSTEES**  | **INDEPENDENT TRUSTEES**  |  |  |  |  |
| Ellen M. Needham<br> Born January 4, 1967<br> 401 Union Street, <br> 18<sup>th</sup> Floor,<br> Seattle, WA 98101<br>| &nbsp;&nbsp;&nbsp;&nbsp; ●Trustee since <br> 2024<br>| &nbsp;&nbsp;&nbsp;&nbsp; ●Until successor is <br> duly elected and <br> qualified<br>| &nbsp;&nbsp;&nbsp;&nbsp; ●Retired<br> ●Until 2023, Senior <br> Managing Director, <br> State Street Global <br> Advisors; Chairman, <br> SSGA Funds <br> Management, Inc.; <br> President and Director, <br> SSGA Funds <br> Management, Inc., and <br> Director, State Street <br> Global Advisors, Funds <br> Distributors, LLC <br> (financial services <br> companies)<br>| 47 | &nbsp;&nbsp;&nbsp;&nbsp; ●Trustee of The <br> 2023 ETF Series <br> Trust (investment <br> company)<br> ●Trustee of The <br> 2023 ETF Series <br> Trust II <br> (investment <br> company)<br> ●Until 2023, <br> Interested Trustee <br> of State Street <br> Navigator <br> Securities <br> Lending Trust, <br> State Street <br> Institutional <br> Investment Trust, <br> State Street <br> Institutional <br> Funds, State <br> Street Master <br> Funds, SSGA <br> Funds and Elfun <br> Funds <br> (investment <br> companies)<br> ●Until 2023, <br> Interested <br> Director of State <br> Street Variable <br> Insurance Series <br> Funds, Inc. <br> (investment <br> company)<br>|
| Jeannie Shanahan<br> Born February 15, 1964<br> 401 Union Street, <br> 18<sup>th</sup> Floor,<br> Seattle, WA 98101<br>| &nbsp;&nbsp;&nbsp;&nbsp; ●Trustee since <br> 2024<br> ●Chairman of the <br> Regulatory and <br> Investment <br> Compliance <br> Committee since <br> 2024<br>| &nbsp;&nbsp;&nbsp;&nbsp; ●Until successor is <br> duly elected and <br> qualified<br> ●Until successor is <br> duly elected and <br> qualified<br>| &nbsp;&nbsp;&nbsp;&nbsp; ●Until 2021, President of <br> Twin Star Consulting, <br> LLC (consulting <br> company)<br>| 47 |  |
| Raymond P. Tennison, Jr.<br> Born December 21, 1955<br> 401 Union Street, <br> 18<sup>th</sup> Floor,<br> Seattle, WA 98101<br>| &nbsp;&nbsp;&nbsp;&nbsp; ●Trustee since <br> 2024<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ●Chairman since <br> 2024<br>| &nbsp;&nbsp;&nbsp;&nbsp; ●Until successor is <br> duly elected and <br> qualified<br> ●Approved <br> Annually<br>| ●Retired | 47 |  |
| Jack R. Thompson<br> Born March 21, 1949<br> 401 Union Street, <br> 18<sup>th</sup> Floor,<br> Seattle, WA 98101<br>| &nbsp;&nbsp;&nbsp;&nbsp; ●Trustee since <br> 2024<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>| &nbsp;&nbsp;&nbsp;&nbsp; ●Until successor is <br> duly elected and <br> qualified<br>| ●Retired | 47 |  |

---

\*

Each Trustee shall retire from service on the Board of Trustees at the end of the calendar year in which the Trustee reaches 75 years of age. However, at the discretion of the Board, a one-year waiver may be granted from the application of the policy, which will allow the Trustee to continue to serve on the Board for an additional one-year period following the end of the calendar year in which the Trustee reaches 75 years of age. A maximum of five one-year waivers may be granted by the Board to the Trustee.

------

---

| | | | |
|:---|:---|:---|:---|
| **Name, Age, Address** | &nbsp;&nbsp; **Position(s) Held**<br> **With Fund**<br> **and Length**<br> **of Time Served**<br>| **Term of Office** | &nbsp;&nbsp; **Principal Occupation(s)**<br> **During the Past 5 Years**<br>|
| **OFFICERS** | **OFFICERS** |  |  |
| Vernon Barback<br> Born August 24, 1956<br> 401 Union Street, <br> 18<sup>th</sup> Floor,<br> Seattle, WA 98101<br>| &nbsp;&nbsp;&nbsp;&nbsp; ●President and Chief <br> Executive Officer <br> since 2024<br>| &nbsp;&nbsp;&nbsp;&nbsp; ●Until successor is <br> chosen and qualified <br> by Trustees<br>| &nbsp;&nbsp;&nbsp;&nbsp; ●President and CEO, RIC, RIF, RIETF, RISCF and RINEIF<br> ●Vice Chairman, Russell Investments<br> ●From 2022 to 2024, Chief Operating Officer, Russell <br> Investments<br> ●From 2021 to 2022, Chief Administrative Officer, Russell <br> Investments<br> ●From 2019 to 2021, Vice Chairman, Russell Investments<br> ●Until 2020, Director, NorthStar Topco, LLC (technology <br> and services outsourcing company)<br>|
| Cheryl Wichers<br> Born December 16, 1966 <br> 401 Union Street, <br> 18<sup>th</sup> Floor,<br> Seattle, WA 98101<br>| &nbsp;&nbsp;&nbsp;&nbsp; ●Chief Compliance <br> Officer since 2024<br>| &nbsp;&nbsp;&nbsp;&nbsp; ●Until removed by <br> Independent Trustees<br>| &nbsp;&nbsp;&nbsp;&nbsp; ●Chief Compliance Officer, RIC, RIF, RIETF, RISCF and <br> RINEIF<br> ●Chief Compliance Officer, Russell Investments Fund <br> Services, LLC ("RIFUS")<br> ●Chief Compliance Officer, Venerable Variable Insurance <br> Trust<br>|
| Ross Erickson<br> Born April 9, 1970<br> 401 Union Street, <br> 18<sup>th</sup> Floor,<br> Seattle, WA 98101<br>| &nbsp;&nbsp;&nbsp;&nbsp; ●Treasurer, Chief <br> Accounting Officer <br> and Chief Financial <br> Officer since 2025<br>| &nbsp;&nbsp;&nbsp;&nbsp; ●Until successor is <br> chosen and qualified <br> by Trustees<br>| &nbsp;&nbsp;&nbsp;&nbsp; ●Director, Head of North American Fund Operations, Russell <br> Investments<br> ●Treasurer, Chief Accounting Officer and Chief Financial <br> Officer, RIC, RIF, RIETF, RISCF and RINEIF<br> ●Treasurer, Venerable Variable Insurance Trust<br> ●Principal Executive Officer, Russell Investments Trust <br> Company<br> ●President, Russell Investments Fund Management, LLC<br> ●Director, Russell Investments Financial Services, LLC <br> ("RIFIS") and RIFUS <br> ●Until June 2025, Assistant Treasurer, RIC, RIF, RIETF, <br> RISCF and RINEIF <br> ●Until March 2022, Director, Fund Administration<br>|
| Kate El-Hillow<br> Born August 17, 1974<br> 401 Union Street, <br> 18<sup>th</sup> Floor,<br> Seattle, WA 98101<br>| &nbsp;&nbsp;&nbsp;&nbsp; ●Chief Investment <br> Officer since 2024<br>| &nbsp;&nbsp;&nbsp;&nbsp; ●Until removed by <br> Trustees<br>| &nbsp;&nbsp;&nbsp;&nbsp; ●Chief Investment Officer and President, Russell <br> Investments<br> ●Chief Investment Officer, RIC, RIF, RIETF, RISCF and <br> RINEIF<br> ●President, RIM<br> ●Until 2021, Deputy Chief Investment Officer, Senior <br> Portfolio Manager, Head of Strategy Selection and Head of <br> Portfolio Management & Risk, Goldman Sachs <br>|
| Mary Beth Albaneze<br> Born April 25, 1969<br> 401 Union Street, <br> 18<sup>th</sup> Floor,<br> Seattle, WA 98101<br>| &nbsp;&nbsp;&nbsp;&nbsp; ●Secretary and Chief <br> Legal Officer since <br> 2024<br>| &nbsp;&nbsp;&nbsp;&nbsp; ●Until successor is <br> chosen and qualified <br> by Trustees<br>| &nbsp;&nbsp;&nbsp;&nbsp; ●Associate General Counsel, Russell Investments<br> ●Secretary, RIM, RIFUS and RIFIS<br> ●Secretary and Chief Legal Officer, RIC, RIF, RIETF, <br> RISCF and RINEIF<br> ●Secretary, U.S. One, LLC<br>|

---

**Trustee Compensation Table** <br>**For The Fiscal Year Ended September 30, 2025** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **AGGREGATE**<br> **COMPENSATION**<br> **FROM THE TRUST**<br>| **PENSION OR**<br> **RETIREMENT**<br> **BENEFITS ACCRUED**<br> **AS PART OF THE TRUST**<br> **EXPENSES**<br>| **ESTIMATED ANNUAL**<br> **BENEFITS UPON**<br> **RETIREMENT**<br>| **TOTAL COMPENSATION**<br> **FROM THE TRUST AND**<br> **RUSSELL INVESTMENTS**<br> **FUND COMPLEX**<br> **PAID TO TRUSTEES**<br>|
| **INTERESTED TRUSTEE** |  |  |  |  |
| Vernon Barback | N/A | N/A | N/A | N/A |
| **INDEPENDENT TRUSTEES** |  |  |  |  |
| Michelle L. Cahoon | $[ ] | $[ ] | $[ ] | $[ ] |
| Michael Day | $[ ] | $[ ] | $[ ] | $[ ] |
| Julie Dien Ledoux | $[ ] | $[ ] | $[ ] | $[ ] |
| Jeremy May | $[ ] | $[ ] | $[ ] | $[ ] |
| Ellen M. Needham | $[ ] | $[ ] | $[ ] | $[ ] |
| Jeannie Shanahan | $[ ] | $[ ] | $[ ] | $[ ] |
| Raymond P. Tennison, Jr. | $[ ] | $[ ] | $[ ] | $[ ] |
| Jack R. Thompson | $[ ] | $[ ] | $[ ] | $[ ] |

---

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**Equity Securities Beneficially Owned By Trustees** <br>**AS OF The Calendar Year Ended December 31, 2024** 

---

| | | |
|:---|:---|:---|
|  | **DOLLAR RANGE OF EQUITY**<br> **SECURITIES IN EACH FUND**<br>| **AGGREGATE DOLLAR**<br> **RANGE OF**<br> **EQUITY SECURITIES**<br> **IN ALL REGISTERED**<br> **INVESTMENT**<br> **COMPANIES**<br> **OVERSEEN**<br> **BY TRUSTEES IN**<br> **RUSSELL INVESTMENTS**<br> **FUND COMPLEX**<br>|
| **INTERESTED TRUSTEE** | **INTERESTED TRUSTEE** | **INTERESTED TRUSTEE** |
| Vernon Barback | N/A | Over $100,000 |
| **INDEPENDENT TRUSTEES** | **INDEPENDENT TRUSTEES** | **INDEPENDENT TRUSTEES** |
| Michelle L. Cahoon | N/A | Over $100,000 |
| Michael Day | N/A | $50001-$100000 |
| Julie Dien Ledoux | N/A | Over $100,000 |
| Jeremy May | N/A | Over $100,000 |
| Ellen M. Needham<sup>1</sup> <br>| N/A |  |
| Jeannie Shanahan | N/A | Over $100,000 |
| Raymond P. Tennison, Jr. | N/A | Over $100,000 |
| Jack R. Thompson | N/A | Over $100,000 |

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<sup>1</sup> Ms. Needham became a Trustee on July 1, 2024.

Prior to the date of this SAI, the Funds had not yet commenced operations and therefore, as of December 31, 2024, the Trustees and officers of the Fund, as a group, did not beneficially own any Shares of the Funds.

**Operation Of The Trust**

**SERVICE PROVIDERS.**

The Trust's principal service providers are:

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| | |
|:---|:---|
| Adviser | Russell Investment Management, LLC ("RIM") |
| Administrator  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Russell Investments Fund Services, LLC <br> ("RIFUS")<br>|
| Transfer and Dividend Disbursing Agent | State Street Bank and Trust Company |
| Money Managers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Multiple professional discretionary <br> and/or non-discretionary investment <br> management organizations<br>|
| Custodian and Fund Accountant  | State Street Bank and Trust Company  |
| Distributor and Principal Underwriter | Foreside Fund Services, LLC |
| Independent Registered Public Accounting Firm | PricewaterhouseCoopers LLP |

---

The Trustees, on behalf of the Trust, enter into service agreements with RIM, RIFUS and other service providers in order to provide, and in some cases authorize service providers to procure through other parties, necessary or desirable services on behalf of the Trust and the Funds. Shareholders are not third-party beneficiaries of such agreements.

**ADVISER.**

The Funds' investment adviser is RIM, 401 Union Street, 18<sup>th</sup> Floor, Seattle, WA 98101. RIM was established in 1982 and pioneered the "multi-style, multi-manager" investment method in mutual funds. As of June 30, 2025, RIM managed over $43.3 billion in registered fund portfolios. RIM provides or oversees the provision of all investment advisory and portfolio management services and makes the day-to-day investment decisions for the Funds. In rendering investment advisory services to certain Funds, RIM may use the portfolio management, research or other resources of a foreign (non-U.S.) affiliate of RIM and may provide services to a Fund through a "participating affiliate" arrangement, as that term is used in relief granted by the staff of the SEC. Under this relief, U.S. registered investment advisers are allowed to use portfolio management or research resources of advisory affiliates subject to the regulatory supervision of the registered investment adviser.

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RIM is an indirect, wholly-owned subsidiary of Russell Investments Group, Ltd., through which the limited partners of certain private equity funds affiliated with TA Associates Management, L.P. ("TA Associates") (the "TA Funds") indirectly have a majority ownership interest through alternative investment vehicles (the "TA Alternative Investment Vehicles") and the limited partners of certain private equity funds affiliated with Reverence Capital Partners, L.P. ("Reverence Capital") (the "Reverence Capital Funds") indirectly have a significant minority controlling ownership interest through certain Reverence Capital Funds and alternative investment vehicles (the "Reverence Capital Entities") in RIM and its affiliates ("Russell Investments"). The TA Alternative Investment Vehicles are ultimately controlled by TA Associates Cayman, LLC, and the Reverence Capital Entities are ultimately controlled by Milton Berlinski, Alexander Chulack and Peter Aberg. TA Associates is one of the oldest and most experienced global growth private equity firms. Reverence Capital is a private investment firm, focused on investing in leading financial services companies. Certain of Russell Investments' employees and Hamilton Lane Advisors, LLC, also hold minority, non-controlling positions in Russell Investments Group, Ltd.

Subject to the approval of the Funds' Board, RIM selects, oversees and evaluates the performance results of the Funds' money managers and allocates all or a portion of Fund assets among multiple money manager investment strategies. RIM may change a Fund's asset allocation at any time. A money manager may have (1) a discretionary asset management assignment pursuant to which it is allocated a portion of Fund assets to manage directly and selects the individual portfolio instruments for the assets assigned to it, (2) a non-discretionary assignment pursuant to which it provides a model portfolio to RIM representing its investment recommendations or (3) both a discretionary and non-discretionary assignment. RIM does not evaluate the investment merits of a money manager's individual security selections or recommendations. Money managers are unaffiliated with RIM. RIM manages Fund assets not allocated to money manager strategies. RIM also manages Fund assets for which a Fund's non-discretionary money managers provide model portfolios to RIM and each Fund's cash balances. RIM may also manage portions of the Fund during transitions between money managers. RIM, as agent for the Trust, pays the money managers' fees for the Funds, as a fiduciary for the Funds, out of the advisory fee paid by the Funds to RIM. The remainder of the advisory fee is retained by RIM as compensation for the services described above and to pay expenses.

The Board has approved a unitary advisory fee structure for the Funds. Under the unitary fee structure, RIM will pay all expenses of the Funds except for payments under a Fund's 12b-1 plan, if any, interest expenses, dividend and interest expenses related to short sales, taxes, the expenses of other investment companies in which a Fund invests which are borne indirectly by the Fund, brokerage commissions and any other transaction-related expenses and fees arising out of transactions effected on behalf of a Fund, costs of holding shareholder meetings, costs of any securities lending program, any and all costs, fees and expenses, including legal fees, associated with litigation or potential litigation, any and all contingency fees paid to vendors out of amounts received by a Fund (for example, contingency fees paid to vendors for foreign tax reclaims and contingency fees paid to vendors for certain securities litigation recoveries) and any infrequent and/or unusual expenses.

Each Fund pays the following annual advisory fee directly to RIM, billed monthly on a pro rata basis and calculated as a specified percentage of the average daily net assets of each Fund:

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| | | |
|:---|:---|:---|
| **Fund** | **Asset Level** | **Fee** |
| Core Plus Bond ETF | All assets | &nbsp;&nbsp;&nbsp;&nbsp; 0.39% |
| Global Real Estate ETF | All assets | &nbsp;&nbsp;&nbsp;&nbsp; 0.49% |

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Each Fund invests any cash held in an unregistered cash management fund advised by RIM. RIM has waived its 0.05% advisory fee for the unregistered fund.

Prior to the date of this SAI, the Funds had not yet commenced operations and therefore, as of the prior fiscal year, the Funds paid no advisory fees to RIM.

**ADMINISTRATOR.**

RIFUS, with the assistance of RIM and its affiliates, provides the Funds with office space, equipment and the personnel necessary to operate and administer the Funds' business and to supervise the provision of services by certain third parties such as the custodian. RIFUS is a wholly-owned subsidiary of RIM (the Funds' adviser).

Each Fund invests any cash held in an unregistered cash management fund administered by RIFUS. RIFUS charges a 0.05% administrative fee to the unregistered fund.

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**PORTFOLIO MANAGERS.** 

The RIM Managers (RIM's employees who manage the Funds, oversee the Funds' asset allocations and have primary responsibility for the management of the Funds) are compensated by RIM with salaries, annual incentive awards (paid in cash and/or awarded as part of an equity incentive plan) and profit-sharing contributions. Salaries are fixed annually and are driven by the marketplace. Although compensation is not directly affected by an increase in Fund assets, RIM Managers are responsible for aiding in client retention and assistance in RIM assets under management growth.

Annual incentive awards for the RIM Managers of the Funds are assessed by senior management based on the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Qualitative measures, such as a RIM Manager's quality of decisions made for the accounts, contributions to client services efforts and improvement of RIM's investment process. RIM Managers are evaluated on the performance of the total portfolio and all related decisions, for example, money manager selection, timing of money manager change decisions, direct investment activities and risk management.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Quantitative measures (fund performance). RIM Managers receive a quantitative performance assessment score for the Funds they manage. Fund performance is measured relative to the Fund's primary or secondary benchmarks and relative to senior management approved peer groups, as indicated below. The score is predominantly based on 1-year and 3-year measurement horizons. A 2-year horizon may be used for a Fund that does not have 3-years of performance history. A 5-year horizon may be used for a Fund with longer absolute return assessment components.

In determining the relevant peer group, senior management assigns the peer group which in their judgment most closely represents the habitat of the Fund. The RIM Manager does not choose the peer group. For most Funds, the peer group assigned by senior management matches the assigned Morningstar peer group for the Fund.

---

| | |
|:---|:---|
| Core Plus Bond ETF | &nbsp;&nbsp; Performance is generally assessed 25% relative to the <br> Fund's primary or secondary benchmark index and 75% <br> relative to the Fund's relevant peer group.<br>|
| Global Real Estate ETF | &nbsp;&nbsp; Performance is generally assessed relative to the Fund's <br> primary or secondary benchmark index.<br>|

---

RIM Managers may be responsible for one or more funds. In determining annual incentive awards, fund weightings for RIM Managers who are responsible for more than one fund are determined at the beginning of each yearly assessment period and signed off by the Managing Director, Head of Portfolio Management ("Head of PM"). These funds and the assessment weighting for each fund are recorded in a central system at the beginning of the assessment period. Each fund may have an equal weight, could be asset weighted, could be a combination of the two, or could be a custom set of applicable weights. Importantly, the assessment weighting for each fund is approved by the Head of PM at the beginning of the assessment period. The central system tracks the performance of the allocations throughout the assessment period and delivers a score at the end of the period to be used in the RIM Manager's evaluation.

As of [ ], 2025, the market indexes and peer group averages used for the RIM Managers' quantitative performance assessment for the Funds are as follows:

Core Plus Bond ETF Bloomberg U.S. Aggregate Bond Index <br> [Morningstar Intermediate Core-Plus Bond] <br> Global Real Estate ETF FTSE EPRA Nareit Developed Index (net of tax on dividends from foreign holdings)

RIM Manager evaluations, salary and annual incentive award recommendations are conducted and reviewed by the Head of PM. Russell Investments' compensation committee approves salaries and annual incentive awards after the Head of PM's recommendations have been reviewed by the Chief Investment Officer.

The equity incentive plan provides key professionals with shares and/or options, the values of which are tied to Russell Investments' financial performance. Awards under the equity incentive plan are based on the expected future contribution to the success of Russell Investments and vest over a number of years. Based on Russell Investments' Board of Directors' approval, the shares may also be eligible for dividend payments. The market value of the equity incentive plan is reviewed and approved annually by Russell Investments' Board of Directors.

RIM Managers earning over a specified amount of total cash compensation (salary plus annual incentive awards) are eligible to participate in the Deferred Compensation Plan. The Deferred Compensation Plan allows the RIM Manager to voluntarily elect to defer receipt of a portion of his/her cash compensation for a given year. Deferred amounts are placed at the RIM Manager's discretion in either a retirement or scheduled withdrawal account with distributions made accordingly.

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For the profit sharing plan, contributions by Russell Investments will be made at the discretion of Russell Investments' Board of Directors based on a profitability assessment (which may include factors in addition to achieving the operating profit plan). The annual determination of whether or not Russell Investments' profitability warrants a discretionary contribution will be solely within the Russell Investments' Board of Directors' discretion and not based on a static formula. Russell Investments matches employee contributions to the profit sharing plan up to 5% of eligible base pay.

**Equity Securities Beneficially Owned By Rim Managers In The FundS** <br>**They Manage AS OF The Fiscal Year Ended September 30, 2025** 

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| | | |
|:---|:---|:---|
| **RIM Managers Of The Funds** | &nbsp;&nbsp;&nbsp;&nbsp; **Dollar Range Of Equity Securities In The**<br> **Funds Managed By The RIM Manager** | &nbsp;&nbsp;&nbsp;&nbsp; **Dollar Range Of Equity Securities In The**<br> **Funds Managed By The RIM Manager** |
| Adrianna Giesey | N/A | Global Real Estate ETF |
| Ryan Parker | N/A | Global Real Estate ETF |
| Brian Pringle | N/A | Core Plus Bond ETF |
| Riti Samanta | N/A | Core Plus Bond ETF |

---

Prior to the date of this SAI, the Funds had not yet commenced operations and therefore, as of September 30, 2025, the RIM Managers did not own any Shares of the Funds.

RIM Managers typically manage multiple portfolios. These portfolios may include mutual funds, exchange-traded funds, interval funds, separate accounts, unregistered funds and commingled trusts. Russell Investments' investment process, which includes money manager selection and proprietary asset allocation, is guided by the principle that all portfolios will be treated in a fair and equitable manner. To adhere to this guiding principle, RIM Managers follow a process of constructing portfolios in accordance with regulatory and investment guidelines and then selecting money managers to fulfill those needs. Specifically, RIM Managers make money manager selection and allocation decisions for each portfolio based on a variety of factors relevant to that portfolio. The investment process dictates that RIM Managers utilize RIM's manager research analysis and manager rankings to assist in selecting the most suitable money manager(s) to meet the unique investment needs of the various portfolios they manage. <br>

At the core of Russell Investments' investment process is a robust oversight and peer review program for money manager selection. It includes the hiring, termination and retention of money managers. This process is overseen by Russell Investments' Investment Strategy Committee ("ISC") and the Head of PM.

Occasionally, a particular money manager may restrict the total amount of capacity they will allocate to Russell Investments portfolios. If, however, the total allocation is too small to be shared in a meaningful size across all Russell Investments portfolios or if the money manager restricts the absolute number of assignments they will accept from Russell Investments, it is the RIM Manager's responsibility to determine which portfolios receive the allocation. In cases where a RIM Manager is managing multiple portfolios and must allocate a manager differently across her/his funds, or multiple RIM Managers must allocate the same manager differently across their funds, both the Head of PM and the ISC must review and ratify the recommendations.

**Other Accounts Managed By Rim Managers** <br>**And Assets Under Management In The Accounts** <br>**As Of [September 30], 2025** 

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **RIM Manager** | **Number of**<br> **Registered**<br> **Investment**<br> **Companies**<br>| **Assets Under**<br> **Management**<br> **(in millions)**<br>| **Number**<br> **of Pooled**<br> **Investment**<br> **Vehicles**<br>| **Assets Under**<br> **Management**<br> **(in millions)**<br>| **Other Types**<br> **of Accounts**<br>| **Assets Under**<br> **Management**<br> **(in millions)**<br>| **Asset Total**<br> **(in millions)**<br>|
| Adrianna Giesey | &nbsp;&nbsp;&nbsp;&nbsp; [ ] | &nbsp;&nbsp;&nbsp;&nbsp; $[ ] | &nbsp;&nbsp;&nbsp;&nbsp; [ ] | &nbsp;&nbsp;&nbsp;&nbsp; $[ ] | &nbsp;&nbsp;&nbsp;&nbsp; [ ] | &nbsp;&nbsp;&nbsp;&nbsp; $[ ] | &nbsp;&nbsp;&nbsp;&nbsp; $[ ] |
| Ryan Parker | &nbsp;&nbsp;&nbsp;&nbsp; [ ] | &nbsp;&nbsp;&nbsp;&nbsp; $[ ] | &nbsp;&nbsp;&nbsp;&nbsp; [ ] | &nbsp;&nbsp;&nbsp;&nbsp; $[ ] | &nbsp;&nbsp;&nbsp;&nbsp; [ ] | &nbsp;&nbsp;&nbsp;&nbsp; $[ ] | &nbsp;&nbsp;&nbsp;&nbsp; $[ ] |
| Brian Pringle | &nbsp;&nbsp;&nbsp;&nbsp; [ ] | &nbsp;&nbsp;&nbsp;&nbsp; $[ ] | &nbsp;&nbsp;&nbsp;&nbsp; [ ] | &nbsp;&nbsp;&nbsp;&nbsp; $[ ] | &nbsp;&nbsp;&nbsp;&nbsp; [ ] | &nbsp;&nbsp;&nbsp;&nbsp; $[ ] | &nbsp;&nbsp;&nbsp;&nbsp; $[ ] |
| Riti Samanta | &nbsp;&nbsp;&nbsp;&nbsp; [ ] | &nbsp;&nbsp;&nbsp;&nbsp; $[ ] | &nbsp;&nbsp;&nbsp;&nbsp; [ ] | &nbsp;&nbsp;&nbsp;&nbsp; $[ ] | &nbsp;&nbsp;&nbsp;&nbsp; [ ] | &nbsp;&nbsp;&nbsp;&nbsp; $[ ] | &nbsp;&nbsp;&nbsp;&nbsp; $[ ] |

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[\* These accounts, which are a subset of the preceding row, are those for which the advisory fee is based on the performance of the account.]

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**MONEY MANAGERS.**

The Funds' money managers are discretionary or non-discretionary managers for a portion of a Fund's portfolio. The money managers are not affiliates of the Trust or RIM. Some money managers (and their affiliates) may effect brokerage transactions for the Funds (see "Brokerage Allocations" and "Brokerage Commissions"). Money managers may serve as advisers or discretionary and/or non-discretionary managers for RIC, RIF, Russell Investments Trust Company, other investment vehicles sponsored or advised by RIM or its affiliates, consulting clients of RIM, offshore vehicles and/or for accounts which have no business relationship with RIM or its affiliates.

From its advisory fees received from the Funds, RIM, as agent for the Trust, pays all fees to the money managers for their investment advisory services. Money manager fees are determined through arm's-length negotiations with RIM. These negotiations take into account, among other factors, the anticipated nature and quality of services to be rendered, the current and expected future level of business with the money manager, and fees charged by the money manager and other money managers for services provided to funds and accounts with similar investment mandates. Typically, a sliding fee scale corresponding to future levels of assets is agreed upon to reflect economies of scale that may be achieved as a result of cash inflows or market appreciation. RIM periodically reviews money manager fee levels and renegotiates these agreements as appropriate. Quarterly, each money manager is paid the pro rata portion of an annual fee, which is typically based on the average for the quarter of all the assets with respect to which the money manager provides its services. Prior to the date of this SAI, the Funds had not yet commenced operations and therefore, as of the end of the prior fiscal year, RIM paid no fees to the money managers.

Each money manager has agreed that it will look only to RIM for the payment of the money manager's fee, after the Trust has paid RIM. Fees paid to the money managers are not affected by any voluntary or statutory expense limitations. Some money managers may benefit as a result of brokerage commissions received by their broker-dealer affiliates that execute portfolio transactions for the Funds.

**CUSTODIAN AND PORTFOLIO ACCOUNTANT.** 

State Street Bank and Trust Company ("State Street") serves as the custodian and fund accountant for the Funds. As custodian, State Street is responsible for the safekeeping of the Funds' assets and the appointment of any subcustodian banks and clearing agencies. State Street also provides basic portfolio recordkeeping required for each Fund for regulatory and financial reporting purposes. The mailing address for State Street is: 1776 Heritage Drive, North Quincy, MA 02171.

**DISTRIBUTOR.** 

Foreside Fund Services, LLC, a wholly owned subsidiary of Foreside Financial Group, LLC (dba ACA Group) (the "Distributor"), is the exclusive distributor of "Creation Units," which are aggregations of a specified number of Shares of a Fund. The Distributor continually distributes Shares using commercially reasonable efforts and has no obligation to sell any specific quantity of Shares. The Distributor or its agent distributes Creation Units for the Funds on an agency basis. The Distributor does not maintain a secondary market in Shares of the Fund. The Distributor has no role in determining the investment policies of the Funds or the securities that are purchased or sold by the Fund. The Distributor's principal address is 190 Middle Street, Suite 301, Portland, ME 04101.

**TRANSFER AND DIVIDEND DISBURSING AGENT.** 

State Street serves as the transfer and dividend disbursing agent for the Trust. For this service, State Street is paid a fee for transfer agency and dividend disbursing services provided to the Trust. State Street's mailing address is 1776 Heritage Drive, North Quincy, MA 02171.

**INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM.** 

PricewaterhouseCoopers LLP ("PwC") serves as the Independent Registered Public Accounting Firm of the Trust. PwC is responsible for performing annual audits of the financial statements of the Funds in accordance with the auditing standards of the Public Company Accounting Oversight Board (United States) and providing federal tax return preparation services and other tax compliance services. The mailing address of PwC is 1420 Fifth Avenue, Suite 2800, Seattle, WA 98101.

**CODES OF ETHICS.** 

The Trust, RIM and each money manager have each adopted a code of ethics which complies in all material respects with applicable law and which is intended to protect the interests of each Fund's shareholders. The codes of ethics are designed to prevent affiliated persons of the Trust, RIM and the money managers from engaging in deceptive, manipulative, or fraudulent activities in connection with securities held or to be acquired by the Funds (which may also be held by persons subject to a

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code of ethics). There can be no assurance that the codes of ethics will be effective in preventing such activities. The codes of ethics generally permit investment personnel to trade securities for their own account, including securities that may be purchased or held by a Fund, subject to restrictions on personal securities trading specified in the applicable code of ethics. Each code of ethics has been filed with the SEC and may be viewed by the public.

Because each money manager is an entity not affiliated with the Trust or RIM, RIM relies on each money manager to monitor the personal trading activities of the money manager's personnel in accordance with that money manager's code of ethics. Each money manager provides RIM with a quarterly certification of the money manager's compliance with its code of ethics and a report of any significant violations of its code.

**FUND EXPENSES.** 

The Funds pay expenses other than those expressly assumed by RIM under the Funds' unitary fee structure. The principal expenses of the Funds are the annual advisory fee. The Funds' other expenses include payments under a Fund's 12b-1 plan, if any, interest expenses, dividend and interest expenses related to short sales, taxes, the expenses of other investment companies in which a Fund invests which are borne indirectly by the Fund, brokerage commissions and any other transaction-related expenses and fees arising out of transactions effected on behalf of a Fund, costs of holding shareholder meetings, costs of any securities lending program, any and all costs, fees and expenses, including legal fees, associated with litigation or potential litigation, any and all contingency fees paid to vendors out of amounts received by a Fund (for example, contingency fees paid to vendors for foreign tax reclaims and contingency fees paid to vendors for certain securities litigation recoveries) and any infrequent and/or unusual expenses. Whenever an expense can be attributed to a particular Fund, the expense is charged to that Fund. Common expenses are allocated among the Funds based primarily upon their relative net assets.

**EXCHANGE LISTING AND TRADING**

A discussion of exchange listing and trading matters associated with an investment in the Funds is contained in the Buying and Selling Shares section of the Funds' Prospectus. The discussion below supplements, and should be read in conjunction with, that section of each of the Prospectus.

Shares of each Fund are listed for trading, and trade throughout the day, on [ ] (the "Listing Exchange") and in other secondary markets. Shares of each Fund may also be listed on certain non-U.S. exchanges. There can be no assurance that the requirements of the Listing Exchange necessary to maintain the listing of Shares of the Fund will continue to be met. The Listing Exchange may, but is not required to, remove the Shares of the Fund from listing if, among other things: (i) following the initial 12-month period beginning upon the commencement of trading of Fund Shares, there are fewer than 50 record and/or beneficial owners of Shares of the Fund; (ii) the Fund is no longer eligible to operate in reliance on Rule 6c-11 under the 1940 Act; (iii) any of the other listing requirements are not continuously maintained; or (iv) any event shall occur or condition shall exist that, in the opinion of the Listing Exchange, makes further dealings on the Listing Exchange inadvisable. The Listing Exchange will also remove Shares of the Fund from listing and trading upon termination of the Fund. As in the case of other publicly-traded securities, when you buy or sell Shares of the Funds through a broker, you may incur a brokerage commission determined by that broker, as well as other charges. The Trust reserves the right to adjust the share price of the Fund in the future to maintain convenient trading ranges for investors. Any adjustments would be accomplished through stock splits or reverse stock splits, which would have no effect on the net assets of the Fund or an investor's equity interest in the Fund.

**CREATIONS AND REDEMPTIONS OF SHARES**

The Trust issues and sells Shares of each Fund only in Creation Units on a continuous basis through the Distributor, without a sales load, at the NAV next determined after receipt of an order in proper form as described in the Participant Agreement (as defined below), on any Business Day (as defined below). Shares are either issued in exchange for a basket of securities and/or instruments (the "Deposit Securities") together with a deposit of a specified cash payment (the "Cash Component"), or in exchange for cash (the "Cash Deposit").

A transaction fee is imposed for the transfer and other transaction costs associated with the purchase or redemption of Creation Units, as applicable. Investors who are authorized to deal in Creation Units ("Authorized Participants") will be required to pay a fixed creation transaction fee and/or a fixed redemption transaction fee, as applicable, on a given day regardless of the number of Creation Units created or redeemed on that day. The Funds may adjust the transaction fee from time to time, and a Fund may waive all or a portion of its applicable transaction fee. An additional charge or a variable charge will be applied to certain creation and redemption transactions, including non-standard orders and whole or partial cash purchases or redemptions. Specifically, a Fund may charge an additional variable fee for creations and redemptions in cash to offset brokerage and other impact expenses associated with the cash transaction. With respect to creation orders, Authorized Participants are responsible for the costs of transferring the securities constituting the Deposit Securities to the account of a

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Fund and with respect to redemption orders, Authorized Participants are responsible for the costs of transferring the securities received on redemption from a Fund to their account or on their order. Investors who use the services of a broker or other such intermediary may also be charged a fee for such services. In no event will fees charged by a Fund in connection with a redemption exceed 2% of the value of each Creation Unit. To the extent a Fund does not recoup the amount of transaction costs incurred in connection with a purchase or redemption (because of the 2% cap or otherwise), those transaction costs will be borne by a Fund and may negatively affect the Fund's performance.

In its discretion, RIM reserves the right to increase or decrease the number of a Fund's Shares that constitute a Creation Unit. The Board reserves the right to declare a split or a consolidation in the number of Shares outstanding of a Fund, and to make a corresponding change in the number of Shares constituting a Creation Unit, in the event that the per share price in the secondary market rises (or declines) to an amount that falls outside the range deemed desirable by the Board.

A "Business Day" with respect to the Funds is each day the New York Stock Exchange ("NYSE"), the Listing Exchange and the Trust are open, including any day that a Fund is required to be open under Section 22(e) of the 1940 Act, which excludes weekends and the following holidays: New Year's Day, Martin Luther King, Jr. Day, Presidents' Day, Good Friday, Memorial Day, Juneteenth National Independence Day, Independence Day, Labor Day, Thanksgiving Day and Christmas Day. Orders from Authorized Participants who have entered into agreements with the Funds' Distributor to create or redeem Creation Units will only be accepted on a Business Day.

The time at which transactions and Shares are priced and the time by which orders must be received may be changed in case of an emergency or if regular trading on the NYSE and/or the Listing Exchange is stopped at a time other than its regularly scheduled closing time. The Trust reserves the right to reprocess creation and redemption transactions that were initially processed at a NAV other than a Fund's official closing NAV (as each may be subsequently adjusted), and to recover amounts from (or distribute amounts to) Authorized Participants based on the official closing NAV. The Trust reserves the right to advance the time by which creation and redemption orders must be received for same Business Day credit as otherwise permitted by the SEC.

**Fund Deposit**

The consideration for purchase of Creation Units may consist of Deposit Securities together with the Cash Component or a Cash Deposit. Deposit Securities together with the Cash Component or the Cash Deposit constitute a "Fund Deposit," which represents the minimum initial and subsequent investment amount for a Creation Unit of a Fund. The portfolio of securities required may be different than the portfolio of securities such Fund will deliver upon redemption of Fund Shares.

The function of the Cash Component, where applicable, is to compensate for any differences between the NAV per Creation Unit and the Deposit Amount (as defined below). The Cash Component would be an amount equal to the difference between the NAV of the Shares (per Creation Unit) and the "Deposit Amount," which is an amount equal to the market value of the Deposit Securities. If the Cash Component is a positive number (the NAV per Creation Unit exceeds the Deposit Amount), the Authorized Participant will deliver the Cash Component. If the Cash Component is a negative number (the NAV per Creation Unit is less than the Deposit Amount), the Authorized Participant will receive the Cash Component. Computation of the Cash Component excludes any stamp duty or other similar fees and expenses payable upon transfer of beneficial ownership of the Deposit Securities, which shall be the sole responsibility of the Authorized Participant. The Cash Component may also include a "Dividend Equivalent Payment," which enables each Fund to make a complete distribution of dividends on the next dividend payment date, and is an amount equal, on a per Creation Unit basis, to the dividends on all the securities held by the Fund with ex-dividend dates within the accumulation period for such distribution (the "Accumulation Period"), net of expenses and liabilities for such period, as if all of the securities had been held by the Fund for the entire Accumulation Period. The Accumulation Period begins on the ex-dividend date for each Fund and ends on the next ex-dividend date.

The Custodian, through the National Securities Clearing Corporation ("NSCC"), makes available on each Business Day, prior to the opening of business on the Listing Exchange (currently 9:30 a.m., Eastern time), the identity and the required number or amount of each Deposit Security and the amount of the Cash Component (or cash deposit) to be included in the current Fund Deposit (based on information at the end of the previous Business Day). Such Fund Deposit is applicable, subject to any adjustments, as described below, in order to effect purchases of Creation Units of that Fund until such time as the next-announced composition of the Fund Deposit is made available.

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**Procedures of Creating Creation Units**

To be eligible to place orders with the Transfer Agent and to create a Creation Unit of a Fund, an entity must be a member or participant of a clearing agency registered with the SEC, which has a written agreement with the Fund or one of its service providers that allows the Authorized Participant to place orders for the purchase and redemption of Creation Units (a "Participant Agreement"). All Shares of the Funds, however created, will be entered on the records of the Depository Trust Company ("DTC") in the name of its nominee for the account of a participant of DTC ("DTC Participant").

Except as described below, and in all cases subject to the terms of the applicable Participant Agreement and any instructions in the Transfer Agent's electronic order system, all orders to create Creation Units of a Fund must be received by the Transfer Agent no later than the closing time of the regular trading session of the Listing Exchange ("Order Cutoff Time") (ordinarily 4:00 p.m., Eastern time) in each case on the date such order is placed for creation of Creation Units to be effected based on the NAV of Shares of such Fund as next determined after receipt of an order in proper form. Earlier Order Cutoff Times may apply to particular Funds, as instructed in the Transfer Agent's electronic order system. A "Custom Order" may be placed by an Authorized Participant in the event that a Fund accepts (or delivers, in the case of a redemption) a basket of securities and/or cash that differs from a basket of Deposit Securities and/or cash published or transacted on a Business Day (discussed below). Custom Orders must be received by the Transfer Agent at such earlier time as provided in the Transfer Agent's electronic order system. On days when the Listing Exchange closes earlier than normal (such as the day before a holiday), the Global Real Estate ETF requires standard orders to create Creation Units to be placed by the earlier closing time and Custom Orders to create Creation Units to be placed no later than one hour prior to the earlier closing time and the Core Plus Bond ETF requires all orders to create Creation Units to be placed no later than two hours prior to the earlier closing time. Notwithstanding the foregoing, the Trust may, but is not required to, permit Custom Orders until 4:00 p.m., Eastern time, or until the market close (in the event the Listing Exchange closes early). The date on which an order to create Creation Units (or an order to redeem Creation Units, as discussed below) is placed is referred to as the "Transmittal Date." Orders must be transmitted by an Authorized Participant through the Transfer Agent's electronic order system or by telephone or other transmission method acceptable to the Transfer Agent and approved by the Distributor pursuant to procedures set forth in the Participant Agreement. Economic or market disruptions or changes, or telephone or other communication failure may impede the ability to reach the Transfer Agent, Distributor or an Authorized Participant.

All investor orders to create Creation Units shall be placed with an Authorized Participant in the form required by such Authorized Participant. In addition, an Authorized Participant may request that an investor make certain representations or enter into agreements with respect to an order (to provide for payments of cash). Investors should be aware that their particular broker may not have executed a Participant Agreement and, therefore, orders to create Creation Units of a Fund will have to be placed by the investor's broker through an Authorized Participant. In such cases, there may be additional charges to such investor. A limited number of broker-dealers are expected to execute a Participant Agreement and only a small number of such Authorized Participants are expected to have international capabilities.

Creation Units may be created in advance of the receipt by a Fund of all or a portion of the Fund Deposit. In such cases, the Authorized Participant will remain liable for the full deposit of the missing portion(s) of the Fund Deposit and will be required to post collateral with a Fund consisting of cash at least equal to a percentage of the marked to market value of such missing portion(s) that is specified in the Participant Agreement. A Fund may use such collateral to buy the missing portion(s) of the Fund Deposit at any time and will subject such Authorized Participant to liability for any shortfall between the cost to the Fund of purchasing such securities and the value of such collateral. A Fund will have no liability for any such shortfall. A Fund will return any unused portion of the collateral to the Authorized Participant once the entire Fund Deposit has been properly received by the Transfer Agent and deposited into the Fund.

Orders for Creation Units that are affected outside the clearing process through the Continuous Net Settlement System of the NSCC (the "Clearing Process") are likely to require transmittal by the DTC Participant earlier on the Transmittal Date than orders effected using the Clearing Process. Those persons placing orders outside the Clearing Process should ascertain the deadlines applicable to DTC and the Federal Reserve Bank wire system by contacting the operations department of the broker or depository institution effectuating such transfer of Deposit Securities and Cash Component.

**Acceptance of Creation Orders**

The Trust reserves the right to reject a creation order transmitted to it by the Distributor, for any reason, provided that such action does not result in a suspension of sales of Creation Units in contravention of Rule 6c-11 and the SEC's positions thereunder. For example, a Fund may reject or revoke acceptance of a creation order when: (a) the order is not in proper form; (b) the creator or creators, upon obtaining the Shares, would own 80% or more of the currently outstanding Shares of a Fund; (c) the Deposit Securities delivered are not as specified by the Transfer Agent, as described above; (d) the acceptance of the Fund Deposit would, in the opinion of counsel, be unlawful; or (e) in the event that circumstances outside the control of

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the Trust, the Distributor and RIM make it for all practical purposes impossible to process creation orders. Examples of such circumstances include, without limitation, acts of God or public service or utility problems such as earthquakes, fires, floods, extreme weather conditions and power outages resulting in telephone, telecopy and computer failures; wars; civil or military disturbances, including acts of civil or military authority or governmental actions; terrorism; sabotage; epidemics; riots; labor disputes; market conditions or activities causing trading halts; systems failures involving computer or other information systems affecting the Trust, RIM, the Distributor, DTC, the NSCC or any other participant in the creation process, and similar extraordinary events. The Transfer Agent will notify an Authorized Participant if an order is rejected. The Trust, the Custodian, any sub-custodian, the Distributor and the Transfer Agent are under no duty, however, to give notification of any defects or irregularities in the delivery of Fund Deposits to Authorized Participants nor shall any of them incur any liability to Authorized Participants for the failure to give any such notification. All questions as to the amounts of the Deposit Securities and the validity, form, eligibility and acceptance for deposit of any securities to be delivered shall be determined by the Trust, and the Trust's determination shall be final and binding.

**Redemption of Creation Units**

Shares may be redeemed only in Creation Units at their NAV next determined after receipt of a redemption request in proper form on a Business Day and only through an Authorized Participant or DTC Participant who has executed a Participant Agreement. The Funds will not redeem Shares in amounts less than Creation Units (except each Fund may redeem Shares in amounts less than a Creation Unit in the event the Fund is being liquidated). Beneficial owners must accumulate enough Shares in the secondary market to constitute a Creation Unit in order to have such Shares redeemed by the Trust. There can be no assurance, however, that there will be sufficient liquidity in the public trading market at any time to permit assembly of a Creation Unit. Authorized Participants should expect to incur brokerage and other costs in connection with assembling a sufficient number of Shares to constitute a redeemable Creation Unit. All redemptions are subject to the procedures contained in the applicable Participant Agreement.

With respect to a Fund, the Custodian, through the NSCC, makes available prior to the opening of business on the Listing Exchange (currently 9:30 a.m., Eastern time) on each Business Day, the identity and number or amount of each Fund's securities ("Fund Securities") and/or an amount of cash that will be applicable (subject to possible amendment or correction) to redemption requests received in proper form (as described below) on that day. All orders are subject to acceptance by the Distributor. Fund Securities received on redemption may not be identical to Deposit Securities that are applicable to creations of Creation Units.

Unless cash-only redemptions are available or specified for a Fund, the redemption proceeds for a Creation Unit will generally consist of Fund Securities – as published on the Business Day of the request for a redemption order received in proper form – plus cash in an amount equal to the difference between the NAV of the Shares being redeemed, as next determined after a receipt of a request in proper form, and the value of the Fund Securities, less the redemption transaction fee and variable fees described above. Notwithstanding the foregoing, the Trust reserves the right to deliver a basket of securities and/or cash that differs from a basket of Fund Securities and/or cash published or transacted on a Business Day, or to substitute an amount of cash (a "cash-in-lieu" amount) to be added to the Cash Component to replace any Fund Security. Where "cash-in-lieu" is used, the amount of cash paid out in such cases will be equivalent to the value of the instrument listed as a Deposit Security. In the event that the Fund Securities have a value greater than the NAV of the Shares, a compensating cash payment equal to the difference is required to be made by an Authorized Participant.

Redemptions of Shares for Fund Securities will be subject to compliance with applicable U.S. federal and state securities laws, and each Fund reserves the right to redeem Creation Units for cash to the extent that the Trust could not lawfully deliver specific Fund Securities upon redemptions or could not do so without first registering the Fund Securities under such laws. An Authorized Participant, or a beneficial owner of Shares for which it is acting, subject to a legal restriction with respect to a particular security included in the redemption of a Creation Unit may be paid an equivalent amount of cash. This would specifically prohibit delivery of Fund Securities that are not registered in reliance upon Rule 144A under the Securities Act of 1933, as amended (the "Securities Act") to a redeeming beneficial owner of Shares that is not a "qualified institutional buyer," as such term is defined under Rule 144A of the Securities Act. The Authorized Participant may request the redeeming beneficial owner of the Shares to complete an order form or to enter into agreements with respect to such matters as compensating cash payment.

The right of redemption may be suspended or the date of payment postponed with respect to a Fund: (i) for any period during which the NYSE is closed (other than customary weekend and holiday closings); (ii) for any period during which trading on the NYSE is suspended or restricted; (iii) for any period during which an emergency exists as a result of which disposal by the Fund of securities it owns or determination of the Fund's NAV is not reasonably practicable; or (iv) in such other circumstances as permitted by the SEC.

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If the Trust determines, based on information available to the Trust when a redemption request is submitted by an Authorized Participant, that (i) the short interest of a Fund in the marketplace is greater than or equal to 100% and (ii) the orders in the aggregate from all Authorized Participants redeeming Fund Shares on a Business Day represent 25% or more of the outstanding Shares of the Fund, such Authorized Participant will be required to verify to the Trust the accuracy of its representations that are deemed to have been made by submitting a request for redemption. If, after receiving notice of the verification requirement, the Authorized Participant does not verify the accuracy of its representations that are deemed to have been made by submitting a request for redemption in accordance with this requirement, its redemption request will be considered not to have been received in proper form.

*Regular Foreign Holidays.* A Fund may effect deliveries of Creation Units and portfolio securities on a basis other than the normal settlement periods in order to accommodate local holiday schedules, to account for different treatment among foreign and U.S. markets of dividend record dates and ex-dividend dates or under certain other circumstances. The ability of the Trust to effect in-kind creations and redemptions within the normal settlement periods is subject, among other things, to the condition that, within the time period from the date of the order to the date of delivery of the securities, there are no days that are holidays in the applicable foreign market. For every occurrence of one or more intervening holidays in the applicable foreign market that are not holidays observed in the U.S. equity market, the redemption settlement cycle may be extended by the number of such intervening holidays. In addition to holidays, other unforeseeable closings in a foreign market due to emergencies may also prevent the Trust from delivering securities within normal settlement periods. The securities delivery cycles currently practicable for transferring portfolio securities to redeeming Authorized Participants, coupled with foreign market holiday schedules, will require a delivery process longer than seven calendar days for a Fund, in certain circumstances. In such cases, the local market settlement procedures will not commence until the end of the local holiday periods. The timing of settlement may also be affected by the proclamation of new holidays, the treatment by market participants of certain days as "informal holidays" (e.g., days on which no or limited securities transactions occur, as a result of substantially shortened trading hours), the elimination of existing holidays or changes in local securities delivery practices. Because the portfolio securities of a Fund may trade on days that the Listing Exchange is closed or on days that are not Business Days for the Fund, Authorized Participants may not be able to redeem their Shares of the Fund, or to purchase and sell Shares of the Fund on the Listing Exchange, on days when the NAV of a Fund could be significantly affected by events in the relevant non-U.S. markets.

**VALUATION OF FUND SHARES.** 

The net asset value per Share is calculated separately for each Fund on each Business Day. Net asset value per share is computed by dividing the current value of the Fund's assets, less liabilities, by the number of Shares of the Fund outstanding and rounding to the nearest cent. Information regarding each Fund's current net asset value per Share is available at https://russellinvestments.com. For additional information regarding the calculation of Fund net asset value, please see the section titled "Net Asset Value Per Share" in the Prospectus.

Each Fund's portfolio securities actively trade on foreign exchanges which may trade on Saturdays and on days that the Funds do not offer or redeem Shares. The trading of portfolio securities on foreign exchanges on such days may significantly increase or decrease the net asset value of Fund Shares when the shareholder is not able to purchase or redeem Fund Shares. Further, because foreign securities markets may close prior to the time the Funds determine their net asset values, events affecting the value of the portfolio securities occurring between the time prices are determined and the time the Funds calculate their net asset values may not be reflected in the calculations of net asset value unless RIM (with the assistance of RIFUS) determines that a particular event would materially affect the net asset value.

**VALUATION OF PORTFOLIO SECURITIES.** 

The Funds value their portfolio instruments according to securities valuation procedures, which include market value procedures, fair value procedures and a description of the pricing sources and services used by the Funds. With respect to a Fund's investments that do not have readily available market quotations, the Trustees have designated RIM as the valuation designee to perform fair valuations pursuant to Rule 2a-5 under the 1940 Act. However, the Board retains oversight over the valuation process.

Ordinarily, the Funds value each portfolio instrument based on prices provided by pricing sources and services or brokers (when permitted by the market value procedures). Equity securities (including exchange traded funds) are generally valued at the last quoted sale price or the official closing price as of the close of the Listing Exchange's or other market's regular trading hours on the day the valuation is made. Listed options are valued on the basis of the closing mean price and exchange listed futures contracts are valued on the basis of settlement price. Swaps may be valued at the closing price, clean market price or clean exchange funded price provided by a pricing service or broker or based on the valuation of the underlying security depending on the type of swap being valued. Listed fixed income securities that have greater than 60 days remaining

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until maturity at the time of purchase are generally valued at the last quoted sale price as of the close of the Listing Exchange's or other market's regular trading hours on the day the valuation is made. Non-listed fixed income securities that have greater than 60 days remaining until maturity at the time of purchase are generally valued using the price supplied by a pricing service or broker, which may be an evaluated bid (a form of fair value pricing). Evaluated bids are derived from a matrix, formula or other objective method that takes into consideration actual trading activity and volume, market indexes, credit quality, maturity, yield curves or other specific adjustments. Fixed income securities that have 60 days or less remaining until maturity at the time of purchase are valued using the amortized cost method of valuation, unless it is determined that the amortized cost method would result in a price that would be deemed to be not reliable. Issuer-specific conditions (e.g., creditworthiness of the issuer and the likelihood of full repayment at maturity) and conditions in the relevant market (e.g., credit, liquidity and interest rate conditions) are among the factors considered in this determination. While amortized cost provides certainty in valuation, it may result in periods when the value of an instrument is higher or lower than the price a Fund would receive if it sold the instrument.

If market quotations or pricing service prices are not readily available for an instrument or are considered not reliable because of market and/or issuer-specific information, the instrument will be valued at fair value, as determined in accordance with the fair value procedures. The fair value procedures may involve subjective judgments as to the fair value of securities. The effect of fair value pricing is that securities may not be priced on the basis of quotations from the primary market in which they are traded, but rather may be priced by another method that RIM believes reflects fair value. The use of fair value pricing by a Fund may cause the net asset value of its Shares to differ significantly from the net asset value that would be calculated using current market values. Fair value pricing could also cause discrepancies between the daily movement of the value of Fund Shares and the daily movement of the benchmark index if the index is valued using another pricing method.

This policy is intended to assure that the Funds' net asset values fairly reflect portfolio instrument values as of the time of pricing. Events or circumstances affecting the values of portfolio instruments that occur between the closing of the principal markets on which they trade and the time the net asset value of Fund Shares is determined may be reflected in the calculation of the net asset values for each applicable Fund when the Fund deems that the particular event or circumstance would materially affect such Fund's net asset value. Funds that invest primarily in frequently traded exchange listed securities will use fair value pricing in limited circumstances since reliable market quotations will often be readily available.

Because foreign securities can trade on non-Business Days, the net asset value of a Fund's portfolio that includes foreign securities may change on days when shareholders are not able to purchase or redeem Fund Shares.

**PORTFOLIO TURNOVER RATES OF THE FUNDS.** 

Portfolio turnover measures how frequently securities held by a Fund are bought and sold. The portfolio turnover rate for each Fund is calculated by dividing the lesser of purchases or sales of portfolio securities for the particular year, by the monthly average value of the portfolio securities owned by the Fund during the year. For purposes of determining the rate, all short–term securities, including options, futures, forward contracts, and repurchase agreements, are excluded. The portfolio turnover rates for multi-manager Funds are a function of the portfolio turnover rate of each of the Fund's money managers and any changes to a Fund's money managers during a fiscal year (for example, replacing a money manager, hiring a new money manager or changing the allocations among money managers). It is possible that over certain time periods, a multi-manager Fund may have a higher portfolio turnover rate than a mutual fund with a single money manager. Because the Funds had not yet commenced operations as of the most recent fiscal year end, no portfolio turnover rates are available for the Funds.

A high portfolio turnover rate generally will result in higher brokerage transaction costs and may result in higher levels of realized capital gains or losses with respect to a Fund's portfolio securities (see "Taxes").

**DISCLOSURE OF PORTFOLIO HOLDINGS.**

The Funds maintain portfolio holdings disclosure policies that govern the timing and circumstances of disclosure to shareholders and third parties of information regarding the portfolio investments held by a Fund. These portfolio holdings disclosure policies have been approved by the Board. Disclosures of portfolio holdings information are made pursuant to these Board-approved policies and procedures.

*Public Disclosures of Portfolio Holdings Information*

Each Fund's portfolio holdings are publicly disseminated each day the Fund is open for business through the Fund's website at https://russellinvestments.com. In addition, a basket composition file, which includes the security names and share quantities to deliver in exchange for Creation Units, together with estimates and actual cash components, is publicly disseminated daily prior to the opening of the Listing Exchange via the NSCC. The basket represents one Creation Unit of the Fund.

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Each Fund discloses its complete portfolio holdings information as of the end of the third month of every fiscal quarter in Form N-PORT within 60 days of the end of the fiscal quarter and in its annual and semiannual financial statements in Form N-CSR within 60 days after the second and fourth quarter ends of the Fund's fiscal year. The portfolio holdings information in Form N-PORT and Form N-CSR is not required to be delivered to shareholders but is made public through the SEC electronic filings at www.sec.gov. The Funds also make their annual and semiannual financial statements in Form N-CSR and portfolio holdings information as of the end of the first and third quarters of each fiscal year available on their website at https://connect.rightprospectus.com/russellinvestments?Site=ETF.

Upon the occurrence of an unexpected, out of the ordinary event with respect to one or more portfolio holdings or the market as a whole, RIM may, consistent with the statement of policy set forth above and with the prior approval of the CCO, prepare and make available on the Funds' website a statement relating to such event which may include information regarding the Funds' portfolio holdings.

Portfolio managers and other senior officers or spokespersons of the Funds may disclose or confirm the ownership of any individual portfolio holdings position to reporters, brokers, shareholders, consultants or other interested persons only if such information has been previously publicly disclosed in accordance with the portfolio holdings disclosure policies.

*Administration of the Portfolio Holdings Disclosure Policies*

The Funds' CCO is responsible for ensuring that RIM has adopted and implemented policies and procedures reasonably designed to ensure compliance with the portfolio holdings disclosure policies, and, to the extent the CCO considers necessary, the CCO shall monitor RIM's compliance with its policies and procedures. If the CCO determines that RIM's policies and procedures do not meet the above standard, the CCO shall notify RIM of the deficiency and request that RIM indicate how it intends to address the deficiency. If the deficiency is not addressed to the CCO's satisfaction within a reasonable time after such notification (as determined by the CCO), then the CCO shall promptly notify the Fund's Board of Trustees of the deficiency and shall discuss with the Board possible responses.

**PROXY VOTING POLICIES AND PROCEDURES.** 

RIM, as the Trust's investment adviser, is primarily responsible for monitoring, evaluating and voting proxies solicited by or with respect to issuers of securities in which assets of the Funds may be invested. RIM has established an Active Ownership Committee ("Committee") and has adopted written Proxy Voting Policies and Procedures and an Engagement Policy (together, the "P&P") and written proxy voting guidelines ("Guidelines"). RIM has also hired a third-party service provider to serve as proxy administrator ("Proxy Administrator"), which may provide RIM with research, analysis and/or recommendations relating to proxy voting. The Proxy Administrator utilizes an automated platform that collects and documents RIM's voting decisions and interfaces directly with the tabulator of each proxy vote to help ensure timely and accurate votes on the matters being voted. The automated platform is not a substitute for RIM's judgment or discretion; RIM (whether acting directly or through the Committee) retains final authority with respect to proxy voting and maintains records of all votes cast and other relevant information as may be required by applicable law or regulation.

The P&P are designed to ensure that proxy voting decisions are made in accordance with the best interests of RIM's clients (including the Funds) and to enable the Committee to receive timely notice of and resolve any material conflicts of interest between the Funds on the one hand, and RIM or its affiliates, on the other, before voting proxies with respect to a matter in which such a conflict may be present. In order to assure that proxies are voted in accordance with the best interests of clients at all times, the P&P authorize votes to be cast in accordance with the Guidelines and delegate to the Proxy Administrator responsibility for performing research and making proxy voting recommendations to RIM. Conflicts are addressed in the P&P by requiring the implementation of a process requiring additional diligence and documentation if ballots are not voted in accordance with the Guidelines or pursuant to the recommendation of the Proxy Administrator.

The Guidelines address matters that are commonly submitted to shareholders of a company for voting, including, but not limited to, issues relating to corporate governance, auditors, the board of directors, capital structure, executive and director compensation, and mergers and corporate restructurings. RIM, through the Committee, constructs the Guidelines based on its assessment of each matter covered by the Guidelines. This assessment may take into account or adopt pertinent third-party research, including research provided by the Proxy Administrator. Subject to the supervision and oversight of the Committee, and the authority of the Committee to intervene with respect to a particular proxy matter, the Proxy Administrator is obligated to vote all proxies as set forth in the Guidelines.

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Matters that are not covered in the Guidelines or that the Committee determines to be more appropriately examined on a case-by-case basis are voted by the Committee. Regardless of whether a matter is voted pursuant to the Guidelines or by the Committee, RIM, through the Committee, exercises its proxy voting authority in the best interests of the Funds based on its analysis of relevant facts and circumstances; pertinent internal and third party research; reasonably available subsequent information; applicable law and regulation; as well as certain best practices.

Information on how the Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is not currently available, but once it is available, can be obtained without charge, upon request by contacting the Funds at 1-800-787-7354, at https://connect.rightprospectus.com/russellinvestments?Site=ETF and on the SEC's website at http://www.sec.gov. The Guidelines are available, without charge, at https://russellinvestments.com.

**FORUM FOR ADJUDICATION OF DISPUTES.**

The Trust's Bylaws provide that, unless the Trust consents to the selection of an alternative forum, the sole and exclusive forum for any claims, suits, actions or proceedings (except for any claims, suits, actions or proceedings arising under the Securities Act) relating to: (i) any action to assert a claim arising pursuant to the Trust's Declaration of Trust or the Bylaws, (ii) any action regarding the duties (including fiduciary duties), obligations or liabilities of the Trustees, officers, or other employees of the Trust to the Trust or the Trust's shareholders or each other, (iii) any action regarding the rights or powers of, or restrictions on, the Trustees, the officers, the Trustees or the shareholders, (iv) any action pertaining to the laws of the State of Delaware pertaining to the Trust, or (v) any action relating to any other instrument, document, agreement or certificate contemplated by the Declaration of Trust or the Bylaws relating in any way to the Trust, shall be the Delaware Court of Chancery or, if such court does not have subject matter jurisdiction thereof, any other court in the State of Delaware with subject matter jurisdiction (each, a "Covered Action"). The Bylaws further provide that if any Covered Action is filed in a court other than the relevant court of the State of Delaware in the name of any shareholder, such shareholder shall be deemed to have consented to (i) the personal jurisdiction of the relevant court of the State of Delaware in connection with any action brought in any such courts to enforce the preceding sentence (an "Enforcement Action") and (ii) having service of process made upon such shareholder in any such Enforcement Action by mailing, certified mail, return receipt requested, a copy thereof to such shareholder at the address in effect for notices under the Bylaws.

**BROKERAGE ALLOCATIONS.** 

The selection of a broker or dealer to execute portfolio transactions for a Fund is made by either RIM or the money manager. The Trust's arrangements with RIM and the money managers provide that in executing portfolio transactions and selecting brokers or dealers, the principal objective is to seek best execution. The factors that may be considered in assessing the best execution available for any transaction include the depth of market in a security or breadth of market access, the price of the security, the financial condition and execution capability of the broker or dealer, the reasonableness of the commission, if any, and the value of research services (as that term is defined in Section 28(e) of the Securities Exchange Act of 1934). In assessing whether the best overall terms have been obtained, RIM and the money managers are not obligated to select the broker offering the lowest commission. Any commission, fee or other remuneration paid to an affiliated broker-dealer is paid in compliance with the Trust's Board-approved policies and procedures.

Substantially all of the equity transactions that RIM effects for the Funds are executed through Russell Investments Implementation Services, LLC ("RIIS"), a registered broker and an affiliate of RIM. This presents a conflict of interest because RIIS generates revenue from executing equity transactions for the Funds, which is a financial incentive for RIM to favor the ongoing selection of RIIS for execution of the Funds' equity transactions. To oversee its use of RIIS to execute equity transactions for the Funds, RIM reviews third-party reports regarding RIIS' trade execution quality and commission rates relative to commission rates for comparable services. RIIS uses a multi-venue trade approach whereby RIIS trades through its network of independent venues, including third-party brokers for clearing and settlement services, to which RIIS pays a portion of its commission.

Fixed income portfolio transactions that RIM effects for the Funds are primarily executed directly in the over-the-counter markets. In the case of securities traded in the over-the-counter market and depending on where best execution is believed to be available, transactions may be effected either (1) on an agency basis, which involves the payment of negotiated brokerage commissions to the broker-dealer, including electronic communication networks, or (2) on a principal basis at net prices, which include compensation to the broker-dealer in the form of a mark-up or mark-down without commission.

A money manager may effect portfolio transactions for the segment of a Fund's portfolio assigned to the money manager with a broker-dealer affiliated with a Fund, the money manager or RIM, including RIIS, as well as with brokers affiliated with other money managers.

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A discretionary money manager may effect transactions for the segment of a Fund's portfolio assigned to the money manager with a broker-dealer for the purposes of generating research services for the money manager's use. Research services will generally be obtained from unaffiliated third parties at market rates, which may be included in commission costs. Research provided to the money manager may benefit the particular Fund generating the trading activity and may also benefit other fund accounts managed by the money manager or its affiliates. A money manager using Fund trading to obtain research services for their use, may only do so if, including the value of the research services, the Fund will receive best execution. RIM does not effect trades to obtain research services.

To the extent creation or redemption transactions are conducted on a cash or "cash in lieu" basis, a Fund may contemporaneously transact with broker-dealers for the purchase or sale of portfolio securities in connection with such transactions. Such orders may be placed with RIIS, an Authorized Participant in its capacity as broker-dealer, a broker-dealer that is affiliated with the Authorized Participant, or a third-party broker-dealer. Specifically, following a Fund's receipt of a creation or redemption order, to the extent such purchases or redemptions consist of a cash portion, the Fund may enter an order with RIIS, the Authorized Participant, its affiliated broker-dealer or a third-party broker-dealer to purchase or sell the portfolio securities, as applicable.

**BROKERAGE COMMISSIONS.** 

As of the date of this SAI, there were no brokerage commissions paid by the Funds because the Funds had not yet commenced operations.

As of the date of this SAI, there were no securities purchased that were issued by regular brokers or dealers as defined by Rule 10b-1 of the 1940 Act because the Funds had not yet commenced operations.

**FOREIGN CURRENCY FEES.**

RIIS may execute foreign currency transactions ("FX Transactions") on an agency basis on behalf of the Funds. RIIS may charge the Funds an agency fee for effecting FX Transactions ("FX Fee"). As of the date of this SAI, there were no FX Fees paid to RIIS because the Funds had not yet commenced operations.

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**Investment Restrictions, Policies And CERTAIN INVESTMENTS**

Each Fund's investment objective is "non-fundamental." Having a non-fundamental investment objective means that it may be changed without the vote of a majority of the outstanding voting securities of the relevant Fund. If a Fund's investment objective is changed by the Board of Trustees, the Prospectus will be supplemented to reflect the new investment objective. Certain investment policies and restrictions may be fundamental, which means that they may only be changed with the vote of a majority of the outstanding voting securities of the relevant Fund. The vote of a majority of the outstanding voting securities of each Fund means the vote of the lesser of (a) 67% or more of the voting securities of the Fund present at the meeting, if the holders of more than 50% of the outstanding voting securities of the Fund are present or represented by proxy; or (b) more than 50% of the outstanding voting securities of the Fund. Other policies and restrictions may be changed by a Fund without shareholder approval. The Funds' investment objectives are set forth in their Prospectus.

**INVESTMENT RESTRICTIONS.** 

Each Fund is subject to the following fundamental investment restrictions.

Unless otherwise stated, all restrictions, percentage limitations and credit quality limitations on Fund investments listed in this SAI apply on a fund-by-fund basis at the time of investment. There would be no violation of any of these requirements unless a Fund fails to comply with any such limitation immediately after and as a result of an investment. A later change in circumstances will not require the sale of an investment if it was proper at the time it was made.

**No Fund may:** 

1. Purchase securities if, as a result of such purchase, the Fund's investments would be concentrated within the meaning of the 1940 Act in securities of issuers in a particular industry or group of industries.

Investments in other investment companies shall not be considered an investment in any particular industry or group of industries for purposes of this investment restriction.

This investment restriction shall not apply to securities issued or guaranteed by the U.S. government or any of its agencies or instrumentalities.

This investment restriction shall not apply to the Global Real Estate ETF.

The Global Real Estate ETF will invest in the securities of companies directly or indirectly engaged in the real estate industry without limitation as to concentration.

**Each Fund may:**

2. Purchase or sell real estate, except as prohibited under the 1940 Act, the rules and regulations thereunder (except as permitted by an exemption therefrom), as such statute, rules or regulations may be amended or interpreted by the SEC from time to time.

3. Purchase or sell commodities or commodity contracts, except as prohibited under the 1940 Act, the rules and regulations thereunder (except as permitted by an exemption therefrom), as such statute, rules or regulations may be amended or interpreted by the SEC from time to time.

4. Borrow money, except as prohibited under the 1940 Act, the rules and regulations thereunder (except as permitted by an exemption therefrom), as such statute, rules or regulations may be amended or interpreted by the SEC from time to time.

5. Underwrite securities of other issuers, except as prohibited under the 1940 Act, the rules and regulations thereunder (except as permitted by an exemption therefrom), as such statute, rules or regulations may be amended or interpreted by the SEC from time to time.

6. Make loans to other persons, except as prohibited under the 1940 Act, the rules and regulations thereunder (except as permitted by an exemption therefrom), as such statute, rules or regulations may be amended or interpreted by the SEC from time to time.

7. Issue senior securities (as defined under the 1940 Act), except as prohibited under the 1940 Act, the rules and regulations thereunder (except as permitted by an exemption therefrom), as such statute, rules or regulations may be amended or interpreted by the SEC from time to time.

With regard to investment restriction 1, above, concentration within the meaning of the 1940 Act refers to the position of the staff of the SEC that a fund is concentrated if it invests 25% or more of the value of its total assets in any one industry or group of industries. The Global Real Estate ETF concentrates its investments in real estate securities.

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With regard to investment restriction 1, above, mortgage-backed securities that are issued or guaranteed by the U.S. Government, its agencies or instrumentalities are not subject to the Funds' industry concentration restrictions, by virtue of the exclusion from that test available to all U.S. Government securities. Privately-issued mortgage-backed securities are, however, subject to the Funds' industry concentration restrictions.

Each Fund is also subject to the following non-fundamental investment restriction (one that can be changed by the Trustees without shareholder approval):

No Fund may borrow money for purposes of leveraging or investment. Provisional credits related to contractual settlements shall not be considered to be a form of leverage.

Under the 1940 Act, the Funds may borrow for temporary or emergency purposes. Each Fund is presently permitted to borrow up to 5% of its total assets from any person for temporary purposes, and may also borrow from banks, provided that if borrowings exceed 5%, the Fund must have assets totaling at least 300% of the borrowing when the amount of the borrowing is added to the Fund's other assets. Put another way, an investment company may borrow, in the aggregate, from banks and others, amounts up to one-third (33 <sup>1</sup>∕3%) of its total assets (including those assets represented by the borrowing). Accordingly, if a Fund were required to pledge assets to secure a borrowing, it would pledge no more than one-third (33 <sup>1</sup>∕3%) of its assets.

The Funds will not purchase additional securities while outstanding cash borrowings exceed 5% of total assets.

A Fund may, from time to time, take temporary defensive positions that are inconsistent with the Fund's principal investment strategies in attempting to respond to adverse market, economic, political or other conditions. During these times, a Fund may invest up to 100% of its assets in cash or cash equivalents, shares of money market mutual funds, commercial paper, zero coupon bonds, repurchase agreements, and other securities RIM believes to be consistent with the Fund's best interests. During a period in which a Fund takes a temporary defensive position, the Fund may not achieve its investment objective.

**INVESTMENT POLICIES.**

The investment objective and principal investment strategies for each Fund are provided in their Prospectus. The following discussion describes certain investment strategies that the Funds may pursue and certain types of instruments in which the Funds may invest. The Funds may not invest in all of the instruments listed below. The Funds use investment techniques commonly used by other funds. The instruments and investment strategies listed below are discretionary, which means that RIM or the money managers may or may not use them.

Unless otherwise stated, all percentage and credit quality limitations on Fund investments listed in this SAI apply at the time of investment. There would be no violation of any of these limitations unless an excess or deficiency exists immediately after and as a result of an investment.

**INVESTMENT STRATEGIES AND PORTFOLIO INSTRUMENTS.**

Each Fund's principal investment strategies and the related risks are described in the Fund's Prospectus. The following discussion provides additional information regarding those investment strategies and risks, as well as information regarding non-principal investment strategies and risks. An investment strategy and related risk that is described below, but which is not described in the Fund's Prospectus, is a non-principal strategy and risk of the Fund.

**Cash and Being Fully Invested.** The Funds usually, but not always, pursue a strategy of being fully invested by exposing all or a portion of any cash held to the performance of certain markets by purchasing equity securities, fixed income securities and/or derivatives (also known as "equitization"), which typically include futures contracts, foreign currency contracts, swaps and to be announced securities. This is intended to cause the Fund to perform as though its cash were actually invested in those markets. This exposure may or may not match the Fund's benchmark(s) and RIM may use the cash equitization process to manage Fund exposures. RIM may not equitize all or a portion of the Fund's cash or use the cash equitization process to reduce market exposure.

RIM generally invests any remaining cash in short-term investments, including the U.S. Cash Management Fund, an unregistered fund advised by RIM and administered by RIFUS, whose investment objective is to seek to preserve principal and provide liquidity and current income (the "Cash Management Fund"). In addition, for the Core Plus Bond ETF, any remaining cash may also at times be invested in fixed income securities with a typical average portfolio duration of one year and individual effective maturities of up to five years, which may include U.S. and non-U.S. corporate debt securities,

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asset-backed securities (which may include, among others, credit card and automobile loan receivables) and money market securities similar to those invested in by the U.S. Cash Management Fund. RIM has waived its 0.05% advisory fee with respect to cash invested in the Cash Management Fund. RIFUS charges a 0.05% administrative fee on the cash invested in the Cash Management Fund.

The Cash Management Fund invests in a portfolio of high quality U.S. dollar denominated money market securities. The dollar-weighted average maturity of the Cash Management Fund's portfolio is 90 days or less. The Cash Management Fund primarily invests in (1) securities issued by U.S. and foreign banks; (2) commercial paper, including asset-backed commercial paper, and short-term debt of U.S. and foreign corporations and trusts; (3) bank instruments, including certificates of deposit, Eurodollar certificates of deposit, Eurodollar time deposits and Yankee certificates of deposit; (4) Yankee Bonds; (5) other money market funds; (6) demand notes; (7) repurchase agreements; (8) investment-grade municipal debt obligations; (9) securities issued or guaranteed by the U.S. government or its agencies; (10) variable and floating rate securities and (11) asset backed securities.

**Hedging Strategies.** Financial futures contracts may be used by the Funds during or in anticipation of adverse market events such as interest rate changes for the Core Plus Bond ETF or declining equity prices for the Global Real Estate ETF. For example, if interest rates were anticipated to rise or equity prices were anticipated to fall, financial futures contracts may be sold (short hedge), which would have an effect similar to short selling bonds or equities. Once interest rates increase or equity prices fall, securities held in a Fund's portfolio may decline, but the futures contract value may increase, partly offsetting the loss in value of the Fund's securities by enabling the Fund to repurchase the futures contract at a lower price to close out the position.

The Global Real Estate ETF may purchase a put and/or sell a call option or enter into an option spread on a stock index futures contract instead of selling a futures contract in anticipation of an equity market decline. Conversely, purchasing a call and/or selling a put option or entering into an option spread on a stock index futures contract may be used instead of buying a futures contract in anticipation of an equity market advance, or to temporarily create an equity exposure for cash held until those balances are invested in equities. Options on financial futures are used in a similar manner in order to hedge portfolio securities against anticipated market changes.

*Risk Associated with Hedging Strategies.* There are certain investment risks involved with using futures contracts and/or options as a hedging technique. One risk is the imperfect correlation between the price movement of the futures contracts or options and the price movement of the portfolio securities, stock index or currency subject of the hedge. Another risk is that a liquid market may not exist for a futures contract causing a Fund to be unable to close out the futures contract thereby affecting the Fund's hedging strategy. Position limits may constrain a Fund from being able to enter into hedging transactions.

In addition, foreign currency options and foreign currency futures involve additional risks. Such transactions 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 could also be adversely affected by (1) other complex foreign, political, legal and economic factors; (2) lesser availability of data on which to make trading decisions than in the United States; (3) delays in a Fund's ability to act upon economic events occurring in foreign markets during non-business hours in the United States; (4) the imposition of different exercise and settlement terms and procedures and margin requirements than in the United States and (5) lesser trading volume.

**Illiquid and Restricted Securities.** No more than 15% of a Fund's net assets will be invested in certain investments, including repurchase agreements of more than seven days' duration, that are deemed to be "illiquid" as defined in Rule 22e-4 under the 1940 Act. This limitation is applied at the time of purchase. An investment is generally deemed to be illiquid if it is not reasonably expected to be sold or disposed of in current market conditions in seven calendar days or less without significantly changing the market value of the investment. A Fund may not be able to sell an illiquid or less liquid investment quickly and at a fair price, which could cause the Fund to realize losses on the investment if the investment is sold at a price lower than that at which it had been valued. An illiquid investment may also have large price volatility.

The expenses of registration of restricted securities that are illiquid (excluding securities that may be resold by the Funds pursuant to Rule 144A) may be negotiated at the time such securities are purchased by a Fund. When registration is required, a considerable period may elapse between a decision to sell the securities and the time the sale would be permitted. Thus, a Fund may not be able to obtain as favorable a price as that prevailing at the time of the decision to sell. A Fund also may acquire, through private placements, securities having contractual resale restrictions, which might lower the amount realizable upon the sale of such securities.

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**When-Issued Securities and Delayed-Delivery Transactions.** A Fund may contract to purchase securities for a fixed price at a future date beyond customary settlement time (a "when-issued" transaction or "forward commitment") or purchase or sell securities for delayed delivery (i.e., payment or delivery occur beyond the normal settlement date at a stated price and yield) so long as such transactions are consistent with the Fund's ability to manage its investment portfolio and meet redemption requests. In addition, certain rules of the Financial Industry Regulatory Authority, Inc. ("FINRA") include mandatory margin requirements that require the Funds to post collateral in connection with their to-be-announced ("TBA") transactions. There is no similar requirement applicable to the Funds' TBA counterparties. The required collateralization of TBA trades could increase the cost of TBA transactions to the Funds and impose added operational complexity. The Funds will enter into a when-issued transaction for the purpose of acquiring portfolio securities and not for the purpose of leverage but may dispose of a forward commitment or when-issued transaction prior to settlement if it is appropriate to do so and may realize short-term profits or losses upon such sale. The payment obligation and the interest rate that will be received on when-issued securities are fixed at the time the buyer enters into the commitment. Due to fluctuations in the value of securities purchased or sold on a when-issued or delayed-delivery basis, the yields obtained on such securities may be higher or lower than the yields available in the market on the dates when the investments are actually delivered to the buyers. When-issued and delayed-delivery transactions involve a risk of loss if the value of the security to be purchased declines prior to the settlement date or the other party to the transaction fails to complete the transaction.

Additionally, under certain circumstances, certain Funds may occasionally engage in "free trade" transactions in which delivery of securities sold by the Fund is made prior to the Fund's receipt of cash payment therefor or the Fund's payment of cash for portfolio securities occurs prior to the Fund's receipt of those securities. Cash payment in such instances generally occurs on the next business day in the local market. "Free trade" transactions involve the risk of loss to a Fund if the other party to the "free trade" transaction fails to complete the transaction after a Fund has tendered cash payment or securities, as the case may be.

There can be no assurance that a when-issued security will be issued or that a security purchased or sold on a delayed delivery basis or through a forward commitment will be delivered. Also, the value of securities in these transactions on the delivery date may be more or less than the price paid by a Fund to purchase the securities. A Fund will lose money if the value of the when-issued security declines below the purchase price and will not benefit if the value of the security appreciates above the sale price during the commitment period. If deemed advisable as a matter of investment strategy, a Fund may dispose of or renegotiate a commitment after it has been entered into, and may sell securities it has committed to purchase before those securities are delivered to the Fund on the settlement date. Regulations of prudential regulators require certain bank-regulated counterparties and certain of their affiliates to include in certain financial contracts, including many agreements with respect to when issued, TBA and forward commitment transactions, terms that delay or restrict the rights of counterparties, such as a Fund, to terminate such agreements, foreclose upon collateral, exercise other default rights or restrict transfers of credit support in the event that the counterparty and/or its affiliates are subject to certain types of resolution or insolvency proceedings. These regulations and any potential future regulation by prudential regulators could adversely affect a Fund's ability to terminate existing agreements with respect to these transactions or to realize amounts to be received under such agreements.

**Investment Company Securities and Pooled Investment Vehicles.** The Funds may invest in securities of other open-end or closed-end investment companies. If a Fund invests in other investment companies, shareholders will bear not only their proportionate share of the Fund's expenses (including operating expenses and the advisory fee paid by the Fund to RIM), but also, indirectly, the similar expenses of the underlying investment companies. Shareholders would also be exposed to the risks associated not only to the investments of the Funds but also to the portfolio investments of the underlying investment companies.

Some emerging market countries have laws and regulations that currently preclude direct foreign investments in the securities of their companies. However, indirect foreign investments in the securities of companies listed and traded on the stock exchanges in these countries are permitted through pooled investment vehicles or investment funds that have been specifically authorized.

**Exchange Traded Funds or "ETFs."** The Funds may invest in shares of open-end mutual funds or unit investment trusts that are traded on a stock exchange, called exchange-traded funds or ETFs. An "index-based ETF" seeks to track the performance of an index, such as the S&P 500<sup>®</sup>, the NASDAQ 100, the ICE BofA 1-3 Year U.S. Treasury Index or the Bloomberg Capital 1-15 Year Municipal Bond Index, by holding in its portfolio either the same securities that comprise the index, or a representative sample of the index. Investing in an index-based ETF will give a Fund exposure to the securities comprising

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the index on which the ETF is based, and the Fund will gain or lose value depending on the performance of the index. An "actively-managed ETF" invests in securities based on an adviser's investment strategy. ETFs have expenses, including advisory and administrative fees paid by ETF shareholders, and, as a result, if a Fund invests in an ETF, an investor in the Fund will indirectly bear the fees and expenses of the underlying ETF.

Unlike shares of typical mutual funds or unit investment trusts, shares of ETFs are bought and sold based on market values throughout each trading day, and not at net asset value. For this reason, shares could trade at either a premium or discount to net asset value. The Funds may invest in ETFs that track equity market indices. The portfolios held by these ETFs are publicly disclosed on each trading day, and an approximation of actual net asset value is disseminated throughout the trading day. Because of this transparency, the trading prices of these index-based ETFs tend to closely track the actual net asset value of the underlying portfolios. The Funds may invest in ETFs that are based on fixed income indices, or that are actively managed. Actively managed ETFs may not have the transparency of index-based ETFs, and therefore, may be more likely to trade at a discount or premium to actual net asset values. If an ETF held by a Fund trades at a discount to net asset value, the Fund could lose money even if the securities in which the ETF invests go up in value.

**Foreign Securities.**

**Investment in Foreign Securities.** The Funds may invest in foreign (non-U.S.) securities traded on U.S. or foreign exchanges or in the over-the-counter market. Investing in securities issued by foreign governments and corporations involves considerations and possible risks not typically associated with investing in obligations issued by the U.S. government and domestic corporations. Less information may be available about foreign companies than about domestic companies, and foreign companies generally are not subject to the same uniform accounting, auditing and financial reporting standards or other regulatory practices and requirements comparable to those applicable to domestic companies. The values of foreign investments are affected by changes in currency rates or exchange control regulations, application of foreign tax laws, including withholding taxes, changes in governmental administration or economic or monetary policy (in the United States or abroad) or changed circumstances in dealings between nations. Costs are incurred in connection with conversions between various currencies. In addition, foreign brokerage commissions are generally higher than in the United States, and foreign securities markets may be less liquid, more volatile and less subject to governmental supervision than in the United States. Investments in foreign countries could be affected by other factors not present in the United States, including nationalization, expropriation, confiscatory taxation, lack of uniform accounting, financial reporting and auditing standards and potential difficulties in enforcing contractual obligations and could be subject to extended settlement periods or restrictions affecting the prompt return of capital to the United States. To the extent that a Fund's principal investment strategies involve foreign (non-U.S.) securities, the Fund may tend to have a greater exposure to liquidity risk.

Investment in foreign countries may also be affected by a country's political climate which could result in regulatory restrictions, including restrictions on transacting in certain foreign securities ("restricted securities"), being contemplated or imposed in the U.S. or in the foreign country that could have a material adverse effect on a Fund's ability to invest in accordance with its investment policies and/or achieve its investment objective. Geopolitical developments, including regional and global conflict, in certain countries in which a Fund may invest have caused, or may in the future cause, significant volatility in financial markets. For example, the United Kingdom's exit from the European Union, or Brexit, resulted in market volatility and caused additional market disruption on a global basis. To the extent that a Fund is unable to transact in a restricted security on a U.S. exchange, the Fund will have to seek other markets in which to transact in such securities which could increase the Fund's costs. Certain restricted securities may have less liquidity as a result of such designation and the market price of such security may decline and a Fund may incur a loss as a result.

Economic sanctions and other similar governmental actions could, among other things, effectively restrict or eliminate a Fund's ability to purchase or sell securities or groups of securities (in the sanctioned country and other markets), and thus may make the Fund's investments in such securities less liquid or more difficult to value. In addition, as a result of economic sanctions, the Fund may be forced to sell or otherwise dispose of investments at inopportune times or prices, which could result in losses to the Fund and increased transaction costs. These conditions may be in place for a substantial period of time and enacted with limited advance notice to the Fund.

Foreign (non-U.S.) securities that trade in, and receive revenues in, foreign (non-U.S.) currencies are subject to the risk that those currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency being hedged. Currency rates in foreign countries may fluctuate significantly over short periods of time due to market events, actions of governments or their central banks or political developments in the U.S. or abroad. As a result, investments in non-U.S. dollar-denominated securities and currencies may reduce the returns of a Fund. Securities held by a Fund which are denominated in U.S. dollars are still subject to currency risk.

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**Investment in Emerging Markets.** The Global Real Estate ETF may invest in emerging markets stocks. The Core Plus Bond ETF may also invest in the following types of emerging market debt: bonds; notes and debentures of emerging market governments; debt and other fixed-income securities issued or guaranteed by emerging market government agencies, instrumentalities or central banks; and other fixed-income securities issued or guaranteed by banks or other companies in emerging markets which are believed to be suitable investments for the Fund. As a general rule, the Funds consider emerging market countries to include every country in the world except Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Iceland, Ireland, Israel, Italy, Japan, Luxembourg, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the United Kingdom and the United States. Foreign investment may include emerging market stock and emerging market debt.

*Risks Associated with Emerging Markets.* The considerations outlined above when making investments in foreign securities also apply to investments in emerging markets. The risks associated with investing in foreign securities are often heightened for investments in developing or emerging markets. Investments in emerging or developing markets involve exposure to economic structures that are generally less diverse and mature, and to political systems which can be expected to have less stability, than those of more developed countries. As a result, emerging market governments are more likely to take actions that are hostile or detrimental to private enterprise or foreign investment than those of more developed countries, including expropriation of assets, confiscatory taxation or unfavorable diplomatic developments. In general, this can be expected to result in less stringent investor protection standards as compared with investments in U.S. or other developed market equity securities. In the past, governments of such nations have expropriated substantial amounts of private property, and most claims of the property owners have never been fully settled. There is no assurance that such expropriations will not reoccur. In such an event, it is possible that a Fund could lose the entire value of its investments in the affected market. Some countries have pervasiveness of corruption and crime that may hinder investments. Practices in relation to settlement of securities transactions in emerging markets involve higher risks than those in developed markets, in part because the Funds will need to use brokers and counterparties that are less well capitalized, and custody and registration of assets in some countries may be unreliable. Emerging market countries typically have less established legal, accounting and financial reporting systems than those in more developed markets, which may reduce the scope or quality of financial information available to investors. In addition, there is the risk that the Public Company Accounting Oversight Board ("PCAOB") may not be able to inspect audit practices and work conducted by audit firms in emerging market countries – such as the People's Republic of China – and, therefore, there is no guarantee that the quality of financial reporting or the audits conducted by audit firms of emerging market issuers meet PCAOB standards. The possibility of fraud, negligence, undue influence being exerted by the issuer or refusal to recognize that ownership exists in some emerging markets, along with other factors, could result in ownership registration being completely lost. The Funds would absorb any loss resulting from such registration problems and may have no successful claim for compensation. In addition, communications between the United States and emerging market countries may be unreliable, increasing the risk of delayed settlements or losses of security certificates. Moreover, the economies of individual emerging market countries may differ favorably or unfavorably from the U.S. economy in such respects as the rate of growth in gross domestic product, the rate of inflation, capital reinvestment, resource self-sufficiency and balance of payments position. Furthermore, U.S. regulatory authorities' ability to enforce legal and/or regulatory obligations against individuals or entities, and shareholders' ability to bring derivative litigation or otherwise enforce their legal rights, in emerging market countries may be limited. Because the Funds' foreign securities will generally be denominated in foreign currencies, the value of such securities to the Funds will be affected by changes in currency exchange rates and in exchange control regulations. A change in the value of a foreign currency against the U.S. dollar will result in a corresponding change in the U.S. dollar value of the Funds' foreign securities. In addition, some emerging market countries may have fixed or managed currencies which are not free-floating against the U.S. dollar. Further, certain emerging market countries' currencies may not be internationally traded. Certain of these currencies have experienced devaluations relative to the U.S. dollar. Many emerging market countries have experienced substantial, and in some periods extremely high, rates of inflation for many years. Inflation and rapid fluctuations in inflation rates have had, and may continue to have, negative effects on the economies and securities markets of certain emerging market countries.

Investments in frontier markets are generally subject to all of the risks of investments in non-U.S. and emerging markets securities, but to a heightened degree. Because frontier markets are among the smallest, least developed, least liquid, and most volatile of the emerging markets, investments in frontier markets are generally subject to a greater risk of loss than investments in developed or traditional emerging markets. Many frontier market countries operate with relatively new and unsettled securities laws and are heavily dependent on commodities, foreign trade and/or foreign aid. Compared to developed and traditional emerging market countries, frontier market countries typically have less political and economic stability, face greater risk of a market shutdown, and impose greater governmental restrictions on foreign investments.

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Investments in emerging market country government debt securities involve special risks. Certain emerging market countries have historically experienced high rates of inflation, high interest rates, exchange rate fluctuations, large amounts of external debt, balance of payments and trade difficulties and extreme poverty and unemployment. The issuer or governmental authority that controls the repayment of an emerging market country's debt may not be able or willing to repay the principal and/or interest when due in accordance with the terms of such debt. As a result, a government obligor may default on its obligations. If such an event occurs, a Fund may have limited legal recourse against the issuer and/or guarantor.

*Investments in the People's Republic of China.* The Funds may invest in securities and instruments that are economically tied to the People's Republic of China ("PRC"). In determining whether an instrument is economically tied to the PRC, RIM uses the criteria for determining whether an instrument is economically tied to an emerging market country as set forth in the Prospectus. Investing in securities and instruments economically tied to the PRC subjects a Fund to the risks listed under "Foreign Securities" in this section, including those associated with investment in emerging markets.

The PRC is dominated by the one-party rule of the Communist Party. Investments in the PRC involve risks of greater governmental control over the economy. Unlike in the U.S., the PRC's currency is not determined by the market, but is instead managed at artificial levels relative to the U.S. dollar. This system could result in sudden, large adjustments in the currency, which could negatively impact foreign investors. The PRC could also restrict the free conversion of its currency into foreign currencies, including the U.S. dollar. Currency repatriation restrictions could cause securities and instruments tied to the PRC to become relatively illiquid, particularly in connection with redemption requests. The PRC government exercises significant control over economic growth through direct and heavy involvement in resource allocation and monetary policy, control over payment of foreign currency denominated obligations and provision of preferential treatment to particular industries and/or companies. Economic reform programs in the PRC have contributed to growth, but there is no guarantee that such reforms will continue.

The application of tax laws (e.g., the imposition of withholding taxes on dividend or interest payments) or confiscatory taxation may also affect a Fund's investments in the PRC. Because the rules governing taxation of investments in securities and instruments economically tied to the PRC are unclear, RIM may provide for capital gains taxes on a Fund investing in such securities and instruments by reserving both realized and unrealized gains from disposing or holding securities and instruments economically tied to the PRC. This approach is based on current market practice and RIM's understanding of the applicable tax rules. Changes in market practice or understanding of the applicable tax rules may result in the amounts reserved being too great or too small relative to actual tax burdens.

In addition, as much of China's growth over recent decades has been a result of significant investment in substantial export trade, international trade tensions may arise from time to time which can result in trade tariffs, embargoes, trade limitations, trade wars and other negative consequences. These consequences may trigger a significant reduction in international trade, the oversupply of certain manufactured goods, substantial price reductions of goods and possible failure of individual companies and/or large segments of China's export industry with a potentially severe negative impact to the Funds. In addition, it is possible that the continuation or worsening of the current political climate could result in regulatory restrictions being contemplated or imposed in the US or in China that could have a material adverse effect on a Fund's ability to invest in accordance with its investment policies and/or achieve its investment objective. In November 2020, the President of the United States issued an executive order ("CCMC Order") prohibiting US persons, including the Funds, from transacting in securities of any Chinese company identified by the Secretary of Defense as a "Communist Chinese military company" ("CCMC") or in instruments that are derivative of, or are designed to provide investment exposure to, prohibited CCMC securities. The CCMC order was amended in June 2021 when the President of the United States issued an executive order ("CMIC Order") prohibiting US persons, including the fund, from purchasing or selling publicly traded securities (including publicly traded securities that are derivative of, or are designed to provide exposure to, such securities) of any Chinese company identified as a Chinese Military Industrial Complex Company ("CMIC"). This prohibition expands on the CCMC order. To the extent that a Fund holds securities of a Chinese issuer and the issuer of a Fund portfolio holding is deemed to be a CMIC, it may have a material adverse effect on the Fund's ability to pursue its investment objective and/or strategy. To the extent that a Fund currently transacts in securities of a foreign company on a U.S. exchange but is unable to do so in the future, the Fund will have to seek other markets in which to transact in such securities which could increase the Fund's costs. In addition, to the extent that a Fund holds a security of a CMIC, one or more Fund intermediaries may decline to process customer orders with respect to such Fund unless and until certain representations are made by the Trust and/or RIM or the CMIC holding(s) are divested. Certain CMIC securities may have less liquidity as a result of such designation and the market price of such CMIC may decline and a Fund may incur a loss as a result. In addition, the market for securities of other Chinese-based issuers may also be negatively impacted resulting in reduced liquidity and price declines.

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*Investing through Stock Connect.* The Global Real Estate ETF may invest in certain eligible securities ("Stock Connect Securities") that are listed and traded on the Shanghai Stock Exchange through the Hong Kong – Shanghai Stock Connect program or the Shenzhen Stock Exchange through the Hong Kong – Shenzhen Stock Connect program ("Stock Connect"). The Stock Exchange of Hong Kong Limited ("SEHK"), Shanghai Stock Exchange, Shenzhen Stock Exchange, Hong Kong Securities Clearing Company Limited and China Securities Depository and Clearing Corporation Limited developed Stock Connect as a securities trading and clearing program to establish mutual market access between SEHK and the Shanghai Stock Exchange and Shenzhen Stock Exchange. Unlike other means of foreign investment in Chinese securities, investors in Stock Connect Securities are not subject to individual investment quotas or licensing requirements. Additionally, no lock-up periods or restrictions apply to the repatriation of principal and profits.

However, a number of restrictions apply to Stock Connect trading that could affect the Fund's investments and returns. For example, the home market's laws and rules apply to investors in the Stock Connect program. This means that investors in Stock Connect Securities are generally subject to PRC securities regulations and Shanghai Stock Exchange or Shenzhen Stock Exchange listing rules, among other restrictions. Further, an investor may not sell, purchase or transfer its Stock Connect Securities by any means other than through Stock Connect, in accordance with applicable rules. Although individual investment quotas do not apply, Stock Connect participants are subject to daily and aggregate investment quotas, which could restrict or preclude the Fund's ability to invest in Stock Connect Securities.

*Investing through Bond Connect.* The Core Plus Bond ETF may invest in certain eligible securities ("Bond Connect Securities") that are listed and traded through China's Bond Connect Program ("Bond Connect") which allows non-Chinese investors (such as the Core Plus Bond ETF) to purchase certain fixed-income investments available from China's interbank bond market. Bond Connect uses the trading infrastructure of both Hong Kong and China and is therefore not available on trading holidays in Hong Kong. As a result, prices of securities purchased through Bond Connect may fluctuate at times when a Fund is unable to add to or exit its position. Securities offered through Bond Connect may lose their eligibility for trading through the program at any time. If Bond Connect Securities lose their eligibility for trading through the program, they may be sold but can no longer be purchased through Bond Connect.

Bond Connect is subject to regulation by both Hong Kong and China and there can be no assurance that further regulations will not affect the availability of securities in the program, the frequency of redemptions or other limitations. In China, the Hong Kong Monetary Authority Central Money Markets Unit holds Bond Connect Securities on behalf of ultimate investors (such as the Core Plus Bond ETF) via accounts maintained with China's two fixed-income securities clearinghouses. While the ultimate investor may hold beneficial interest in Bond Connect Securities, courts in China have limited experience in applying the concept of beneficial ownership. Additionally, a Fund may not be able to participate in corporate actions affecting Bond Connect Securities due to time constraints or for other operational reasons. As a result, payments of distributions could be delayed. Bond Connect trades are settled in Chinese currency, the renminbi ("RMB"). It cannot be guaranteed that investors will have timely access to a reliable supply of RMB in Hong Kong.

*Investing through Variable Interest Entities.* Certain Funds may obtain exposure to companies based or operated in the PRC by investing through legal structures known as variable interest entities ("VIEs"). Due to PRC governmental restrictions on non-PRC ownership of companies in certain industries in the PRC, certain PRC companies have used VIEs to facilitate foreign investment without distributing direct ownership of companies based or operated in the PRC. In such cases, the PRC operating company establishes an offshore company, and the offshore company enters into contractual arrangements (such as powers of attorney, equity pledge agreements and other services or business cooperation agreements) with the operating company. These contractual arrangements are intended to give the offshore company the ability to exercise power over and obtain economic rights from the operating company. Shares of the offshore company, in turn, are listed and traded on exchanges outside of the PRC and are available to non-PRC investors such as a Fund. This arrangement allows non-PRC investors in the offshore company to obtain economic exposure without direct equity ownership in the PRC company.

Although VIEs are a longstanding industry practice and well known to officials and regulators in the PRC, VIEs are not formally recognized under PRC law. On February 17, 2023, the China Securities Regulatory Commission ("CRSC") released the "Trial Administrative Measures of Overseas Securities Offering and Listing by Domestic Companies" (the "Trial Measures") which came into effect on March 31, 2023. The Trial Measures require Chinese companies that pursue listings outside of mainland China, including those that do so using the VIE structure, to make a filing with the CSRC. While the Trial Measures do not prohibit the use of VIE structures, the Trial Measures are not an endorsement of VIE structures by the PRC. There is a risk that the PRC may cease to tolerate VIEs at any time or impose new restrictions on the structure, in each case either generally or with respect to specific industries, sectors or companies. Investments involving a VIE may also pose additional risks because such investments are made through a company whose interests in the underlying operating company are established through contract rather than through equity ownership. For example, in the event of a dispute, the offshore company's contractual claims with respect to the operating company may be deemed unenforceable in the PRC, thus limiting

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(or eliminating) the remedies and rights available to the offshore company and its investors. Such legal uncertainty may also be exploited against the interests of the offshore company and its investors. Further, the interests of the equity owners of the operating company may conflict with the interests of the investors of the offshore company, and the fiduciary duties of the officers and directors of the operating company may differ from, or conflict with, the fiduciary duties of the officers and directors of the offshore company. Foreign companies listed on U.S. exchanges, including offshore companies that utilize a VIE structure, also could face delisting or other ramifications for failure to meet the requirements of the SEC, the PCAOB or other United States regulators. Any of the foregoing risks and events could negatively impact a Fund's performance. There is also uncertainty related to the PRC's taxation of VIEs and the PRC tax authorities may take positions which may result in increased tax liabilities for VIEs.

*Investments in Saudi Arabia.* Certain Funds may invest in securities and instruments of Saudi Arabian issuers. These issuers may be impacted by the significant ties in the Saudi Arabian economy to petroleum exports. As a result, changes within the petroleum industry could have a significant impact on the overall health of the Saudi Arabian economy. Additionally, the Saudi Arabian economy relies heavily on foreign labor and changes in the availability of this labor supply could have an adverse effect on the economy.

The Saudi Arabian government exerts substantial influence over many aspects of the private sector. While the political situation in Saudi Arabia is generally stable, future political instability or instability in the larger Middle East region could adversely impact the economy of Saudi Arabia, particularly with respect to foreign investments. Certain issuers located in Saudi Arabia may operate in, or have dealings with, countries subject to sanctions and/or embargoes imposed by the U.S. government and/or the United Nations and/or countries identified by the U.S. government as state sponsors of terrorism. The Funds are also subject to the risk of expropriation or nationalization of assets or the risk of restrictions on foreign investments and repatriation of capital.

The ability of foreign investors to invest in Saudi Arabian issuers is relatively new and untested, and such ability may be revoked or restricted by the government of Saudi Arabia in the future, which may materially affect a Fund. A Fund may be unable to obtain or maintain the required licenses, which would affect the Fund's ability to buy and sell securities at full value. Additionally, a Fund's ownership of any single issuer listed on the Saudi Arabian Stock Exchange may be limited by the Saudi Arabia Capital Market Authority ("CMA"). The securities markets in Saudi Arabia may not be as developed as those in other countries. As a result, securities markets in Saudi Arabia are subject to greater risks associated with market volatility, lower market capitalization, lower trading volume, illiquidity, inflation, greater price fluctuations, uncertainty regarding the existence of trading markets, governmental control and heavy regulation of labor and industry. Major disruptions or regulatory changes may occur in the Saudi Arabian market, which could negatively impact a Fund.

A Fund's ability to invest in Saudi Arabian securities depends on the ability of RIM, a money manager and/or the Fund to maintain its respective status as a Foreign Portfolio Manager and/or a Qualified Foreign Investor ("QFI"), as applicable, with the CMA and, if applicable, a Fund as a client of a QFI who has been approved by the CMA ("QFI Client"). QFI regulations and local market infrastructure are relatively new and have not been tested and the CMA may discontinue the QFI regime at any time. Any change in the QFI system generally, including the possibility of RIM, a money manager or a Fund losing its Foreign Portfolio Manager, QFI and/or QFI Client status, as applicable, may adversely affect the Fund.

A Fund is required to use a trading account to buy and sell securities in Saudi Arabia. Under the Independent Custody Model ("ICM"), securities are under the control of the local custodian, while assets are held within a trading account at the Saudi Arabian depository and would be recoverable in the event of the bankruptcy of the local custodian. When a Fund utilizes the ICM approach, the Fund relies on a local broker's instruction to authorize transactions in Saudi Arabian securities. The risk of a fraudulent or erroneous transaction through the ICM approach is mitigated by a manual affirmation process conducted by the local custodian, which validates a Fund's settlement instructions with the local broker's instructions and the transaction report from the depository. Additionally, instructions may only be given by a Fund's authorized brokers and these brokers are unable to view the holdings within a Fund's trading account.

**Foreign Government Securities.** Foreign government securities which the Funds may invest in generally consist of obligations issued or backed by the national, state or provincial government or similar political subdivisions or central banks in foreign countries. Foreign government securities also include debt obligations of supranational entities, which include international organizations designated or backed by governmental entities to promote economic reconstruction or development, international banking institutions and related government agencies. These securities also include debt securities of "quasi-government agencies" and debt securities denominated in multinational currency units of an issuer.

The global economic crisis brought several governments close to bankruptcy and many other economies into recession and weakened the banking and financial sectors of many countries. For example, the governments of Greece, Spain, Portugal, and the Republic of Ireland have all recently experienced large public budget deficits, the effects of which remain unknown and

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may slow the overall recovery of economies from the recent global economic crisis. In addition, due to large public deficits, some countries may be dependent on assistance from other governments and institutions or multilateral agencies and offices. Such assistance may require a country to implement reforms or reach a certain level of performance. If a country receiving assistance fails to reach certain objectives or receives an insufficient level of assistance it could cause a deep economic downturn which could significantly affect the value of a Fund's investments.

**Synthetic Foreign Equity/Fixed Income Securities (also referred to as International Warrants, Local Access Products, Participation Notes or Low Exercise Price Warrants).** Certain Funds may invest in local access products. Local access products, also called participation notes, are a form of derivative security issued by foreign banks that either give holders the right to buy or sell an underlying security or securities for a particular price or give holders the right to receive a cash payment relating to the value of the underlying security or securities. The instruments may or may not be traded on a foreign exchange. Local access products are similar to options in that they are exercisable by the holder for an underlying security or the value of that security, but are generally exercisable over a longer term than typical options. These types of instruments may be exercisable in the American style, which means that they can be exercised at any time on or before the expiration date of the instrument, or exercisable in the European style, which means that they may be exercised only on the expiration date. Local access products have an exercise price, which is fixed when they are issued.

Investments in these instruments involve the risk that the issuer of the instrument may default on its obligation to deliver the underlying security or its value. These instruments may also be subject to counterparty risk, liquidity risk, currency risk and the risks associated with investment in foreign securities. In the case of any exercise of the instruments, there may be a time delay between the time a holder gives instructions to exercise and the time the price of the security or the settlement date is determined, during which time the price of the underlying security could change significantly. In addition, the exercise or settlement date of the local access products may be affected by certain market disruption events, such as difficulties relating to the exchange of a local currency into U.S. dollars, the imposition of capital controls by a local jurisdiction or changes in the laws relating to foreign investments. These events could lead to a change in the exercise date or settlement currency of the instruments, or postponement of the settlement date. In some cases, if the market disruption events continue for a certain period of time, the local access products may become worthless resulting in a total loss of the purchase price.

**Equity Linked Notes.** Certain Funds may invest in equity linked notes, which are instruments whose return is determined by the performance of a single equity security, a basket of equity securities or an equity index. The principal payable at maturity is based on the current price of the linked security, basket or index. Equity linked notes are generally subject to the risks associated with the securities of foreign issuers and with securities denominated in foreign currencies and, because they are equity-linked, may return a lower amount at maturity because of a decline in value of the linked security or securities. Equity linked notes are also subject to default risk and counterparty risk.

**Foreign Currency Exchange.** Since the Funds may invest in securities denominated in currencies other than the U.S. dollar, and since the Funds may temporarily hold funds in bank deposits or other money market investments denominated in foreign currencies, the Funds may be affected favorably or unfavorably by exchange control regulations or changes in the exchange rate between such currencies and the dollar. A change in the value of a foreign currency relative to the U.S. dollar will result in a corresponding change in the dollar value of the Fund assets denominated in that foreign currency. Changes in foreign currency exchange rates may also affect the value of dividends and interest earned, gains and losses realized on the sale of securities and net investment income and gains, if any, to be distributed to shareholders by the Funds. The rate of exchange between the U.S. dollar and other currencies is determined by the forces of supply and demand in the foreign exchange markets. Changes in the exchange rate may result over time from the interaction of many factors directly or indirectly affecting economic and political conditions in the U.S. and a particular foreign country, including economic and political developments in other countries. Governmental intervention may also play a significant role. National governments rarely voluntarily allow their currencies to float freely in response to economic forces. Sovereign governments use a variety of techniques, such as intervention by a country's central bank or imposition of regulatory controls or taxes, to affect the exchange rates of their currencies. The Funds may use hedging techniques with the objective of protecting against loss through the fluctuation of the value of foreign currencies against the U.S. dollar, particularly the forward market in foreign exchange, currency options and currency futures.

**Equity Securities.**

**Common Stocks.** The Funds may invest in common stocks, which are shares of a corporation or other entity that entitle the holder to a pro rata share of the profits of the entity, if any, without preference over any other shareholder or class of shareholders, including holders of the entity's preferred stock and other senior equity. Common stock usually carries with it the right to vote and frequently an exclusive right to do so. The Funds may invest in common stocks and other securities issued by medium capitalization, small capitalization and micro capitalization companies and companies with capitalization smaller than the Russell 2000<sup>®</sup> Index.

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Investments in securities of medium capitalization companies are subject to the risks of common stocks. However, investments in medium capitalization companies may involve greater risks than those associated with larger, more established companies. Securities of such issuers may be thinly traded, and thus, difficult to buy and sell in the market. These companies often have narrower markets, more limited operating or business history, more limited product lines, and more limited managerial or financial resources than larger, more established companies. As a result, their performance can be more volatile and they face greater risk of business failure and bankruptcy, which could increase the volatility of a Fund's portfolio.

Investments in securities of small capitalization companies are subject to the risks of common stocks, including the risks of investing in securities of medium capitalization companies. However, investments in small capitalization companies may involve greater risks, as, generally, the smaller the company size, the greater these risks.

Investments in securities of micro capitalization companies and companies with capitalizations smaller than the Russell 2000<sup>®</sup> Index are subject to the risks of common stocks, including the risks of investing in securities of medium and small capitalization companies. However, investments in such companies may involve greater risks, as, generally, the smaller the company size, the greater these risks. In addition, micro capitalization companies and companies with capitalization smaller than the Russell 2000<sup>®</sup> Index may be newly formed with more limited track records and less publicly available information.

**Preferred Stocks.** The Funds may invest in preferred stocks, which are shares of a corporation or other entity that pay dividends at a specified rate and have precedence over common stock in the payment of dividends. If the corporation or other entity is liquidated or declares bankruptcy, the claims of owners of preferred stock will have precedence over the claims of owners of common stock, but not over the claims of owners of bonds. Some preferred stock dividends are non-cumulative, but some are "cumulative," meaning that they require that all or a portion of prior unpaid dividends be paid to preferred stockholders before any dividends are paid to common stockholders. Certain preferred stock dividends are "participating" and include an entitlement to a dividend exceeding the specified dividend rate in certain cases. Investments in preferred stocks carry many of the same risks as investments in common stocks and debt securities, as well as the risk that interest rates will rise and make the fixed dividend feature, if any, less appealing to investors resulting in a decline in price. Preferred stock does not usually have voting rights. The absence of voting rights may result in approval by the holders of the common stock of a corporate action to restructure a company for the benefit of the holders of the common stock to the detriment of the holders of the preferred stocks.

**Initial Public Offering Stocks.** The Funds may invest in initial public offering ("IPO") stocks. Investments in IPO stocks expose a Fund to the risks associated with companies that have little operating history as public companies, as well as to the risks inherent in those sectors of the market where these new issuers operate. Although investments in IPO stocks may have had a positive impact on a Fund's performance in the past, there can be no assurance that a Fund will identify favorable IPO investment opportunities in the future. The purchase of IPO stock may involve high transaction costs. IPO stocks are also subject to liquidity risk.

**Convertible Securities.** The Funds may invest in convertible securities, which entitle the holder to acquire the issuer's common stock by exchange or purchase for a predetermined rate. Convertible securities can be bonds, notes, debentures, preferred stock or other securities which are convertible into common stock. Convertible securities are subject both to the credit and interest rate risks associated with fixed income securities and to the stock market risk associated with equity securities. Convertible securities rank senior to common stocks in a corporation's capital structure. They are consequently of higher quality and 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. The Funds may purchase convertible securities rated Ba or lower by Moody's Investors Service, Inc. ("Moody's"), BB or lower by Standard & Poor's Ratings Group ("S&P") or BB+ or lower by Fitch Investors Services, Inc. ("Fitch") and may also purchase non-rated securities considered to be of comparable quality. Although these securities are selected primarily on the basis of their equity characteristics, investors should be aware that debt securities rated in these categories are considered high risk securities; the rating agencies consider them speculative, and payment of interest and principal is not considered well assured. To the extent that such convertible securities are acquired by the Funds, there is a greater risk as to the timely payment of the principal of, and timely payment of interest or dividends on, such securities than in the case of higher rated convertible securities. In connection with their investments in convertible securities, the Core Plus Bond ETF may invest in equity-related derivatives for hedging purposes.

The Funds may invest in contingent convertible securities. Unlike traditional convertible securities, contingent convertible securities generally provide for mandatory conversion into common stock of the issuer under certain circumstances. The mandatory conversion might be automatically triggered, for instance, if a company fails to meet the minimum amount of capital described in the security, the company's regulator makes a determination that the security should convert or the company receives specified levels of extraordinary public support. Since the common stock of the issuer may not pay a dividend, a Fund could experience a reduced income rate, potentially to zero. Conversion would deepen the subordination of a

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Fund, hence worsening the Fund's standing in the case of an issuer's insolvency. In addition, some contingent convertible securities have a set stock conversion rate that would cause a reduction in value of the security if the price of the stock is below the conversion price on the conversion date. Under certain circumstances, contingent convertible securities may be subject to an automatic write-down of the principal amount or value of the securities, sometimes to zero and thereby cancelling the securities. If such an event occurs, a Fund could lose the entire value of its investment in the securities even if the issuer remains in business and may not have any rights to repayment of the principal amount of the securities that has not become due.

**Rights and Warrants.** The Funds may invest in rights and warrants. Rights and warrants are instruments which entitle the holder to buy an equity security at a specific price for a specific period of time. Rights are similar to warrants but typically have shorter durations and are offered to current stockholders of the issuer. Changes in the value of a right or a warrant do not necessarily correspond to changes in the value of its underlying security. The price of a right or a warrant may be more volatile than the price of its underlying security, and a right or a warrant may offer greater potential for capital loss.

**Real Estate Investment Trusts or "REITs."** The Funds may invest in REITs. REITs are characterized as equity REITs, mortgage REITs and hybrid REITs. 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.

A Fund's investments in REITs are subject to the risks associated with particular properties and with the real estate market in general, including the risks of a general downturn in real estate values. Mortgage REITs may be affected by the creditworthiness of the borrower. The value of securities issued by REITs is affected by tax and regulatory requirements and by perceptions of management skill. A Fund's investments in REITs is also subject to changes in availability of debt financing, heavy cash flow dependency, tenant defaults, self-liquidation, and, for U.S. REITs, the possibility of failing to qualify for the exemption from tax for distributed income under the Internal Revenue Code of 1986, as amended (the "Code") or failing to maintain exemption from the 1940 Act. By investing in REITs indirectly through a Fund, a shareholder will bear expenses of the REITs in addition to expenses of the Fund.

**Depositary Receipts.** The Funds may hold securities of foreign issuers in the form of American Depositary Receipts ("ADRs"), American Depositary Shares ("ADSs") and European Depositary Receipts ("EDRs"), Global Depositary Receipts ("GDRs"), or other securities convertible into securities of eligible non-U.S. issuers. These securities may not necessarily be denominated in the same currency as the securities for which they may be exchanged. ADRs and ADSs typically are issued by an American bank or trust company and evidence ownership of underlying securities issued by a foreign corporation. EDRs, which are sometimes referred to as Continental Depositary Receipts, are issued in Europe typically by foreign banks and trust companies and evidence ownership of either foreign or domestic securities. Generally, ADRs and ADSs in registered form are designed for use in United States securities markets and EDRs in bearer form are designed for use in European securities markets. GDRs allow companies in Europe, Asia, the United States and Latin America to offer shares in many markets around the world. GDRs are traded on major stock exchanges, particularly the London SEAQ International trading system. For purposes of a Fund's investment policies, the Fund's investments in ADRs, ADSs, GDRs and EDRs will be deemed to be investments in the equity securities representing securities of foreign issuers into which they may be converted.

ADR facilities may be established as either "unsponsored" or "sponsored." While ADRs issued under these two types of facilities are in some respects similar, there are distinctions between them relating to the rights and obligations of ADR holders and the practices of market participants. A depositary may establish an unsponsored facility without participation by (or even necessarily the acquiescence of) the issuer of the deposited securities, although typically the depositary requests a letter of non-objection from such issuer prior to the establishment of the facility. Holders of unsponsored ADRs generally bear all the costs of such facilities. The depositary usually charges fees upon the deposit and withdrawal of the deposited securities, the conversion of dividends into U.S. dollars, the disposition of non-cash distributions, and the performance of other services. The depositary of an unsponsored facility frequently is under no obligation to distribute shareholder communications received from the issuer of the deposited securities or to pass through voting rights to ADR holders with respect to the deposited securities. Sponsored ADR facilities are created in generally the same manner as unsponsored facilities, except that the issuer of the deposited securities enters into a deposit agreement with the depositary. The deposit agreement sets out the rights and responsibilities of the issuer, the depositary and the ADR holders. With sponsored facilities, the issuer of the deposited securities generally will bear some of the costs relating to the facility (such as dividend payment fees of the depositary), although ADR holders continue to bear certain other costs (such as deposit and withdrawal fees). Under the terms of most sponsored arrangements, depositories agree to distribute notices of shareholder meetings and voting instructions, and to

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provide shareholder communications and other information to the ADR holders at the request of the issuer of the deposited securities. Unsponsored depositary receipts tend to trade over the counter, and are issued without the involvement of the underlying non-U.S. company whose stock underlies the depositary receipts. Shareholder benefits, voting rights and other attached rights may not be extended to the holder of an unsponsored depositary receipt. The Funds may invest in sponsored and unsponsored ADRs.

Depositary receipts have the same currency and economic risks as the underlying shares they represent. They are affected by the risks associated with the underlying non-U.S. securities, such as changes in political or economic conditions of other countries and changes in the exchange rates of foreign currencies. The value of depositary receipts will rise and fall in response to the activities of the company that issued the securities represented by the depositary receipts, general market conditions and/or economic conditions. Also, if there is a rise in demand for the underlying security and it becomes less available to the market, the price of the depositary receipt may rise, causing a Fund to pay a premium in order to obtain the desired depositary receipt. Conversely, changes in foreign market conditions or access to the underlying securities could result in a decline in the value of the depositary receipt.

**"Special Situation" Companies.** The Funds may invest in "special situation companies." "Special situation companies" are companies involved in an actual or prospective acquisition or consolidation; reorganization; recapitalization; merger, liquidation or distribution of cash, securities or other assets; a tender or exchange offer; a breakup or workout of a holding company; or litigation which, if resolved favorably, would improve the value of the company's stock. If the actual or prospective situation does not materialize as anticipated, the market price of the securities of a "special situation company" may decline significantly. The Funds believe, however, that if RIM or a money manager analyzes "special situation companies" carefully and invests in the securities of these companies at the appropriate time, it may assist the Funds in achieving their investment objectives. There can be no assurance, however, that a special situation that exists at the time of its investment will be consummated under the terms and within the time period contemplated.

**Master Limited Partnerships ("MLPs").** The Funds may invest in MLPs. An MLP is a publicly traded limited partnership. Holders of MLP units have limited control on matters affecting the partnership. An investment in MLP units involves some risks that differ from an investment in the common stock of a corporation. Investing in MLPs involves certain risks related to investing in the underlying assets of the MLPs and risks associated with pooled investment vehicles. MLPs that concentrate in a particular industry or a particular geographic region are subject to risks associated with such industry or region. The benefit derived from a Fund's investment in MLPs is largely dependent on the MLPs being treated as partnerships for federal income tax purposes. Any return of capital distributions received from an MLP equity security may require a Fund to restate the character of distributions made by the Fund as well as amend any previously issued shareholder tax reporting information.

**Debt Instruments and Money Market Instruments.**

To the extent a Fund invests in the following types of debt securities, its net asset value may change as the general levels of interest rates fluctuate. When interest rates decline, the value of debt securities can be expected to rise. Conversely, when interest rates rise, the value of debt securities can be expected to decline. Fluctuations in interest rates may have unpredictable effects on markets, may result in heightened market volatility and may increase a Fund's exposure to risks associated with such interest rates. A Fund's investments in debt securities with longer terms to maturity are subject to greater volatility than a Fund's shorter-term obligations. Debt securities 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.

**U.S. Government Obligations.** The types of U.S. government obligations the Core Plus Bond ETF may purchase include: (1) a variety of U.S. Treasury obligations which differ only in their interest rates, maturities and times of issuance: (a) U.S. Treasury bills that at time of issuance have maturities of one year or less, (b) U.S. Treasury notes that at time of issuance have maturities of one to ten years and (c) U.S. Treasury bonds that at time of issuance generally have maturities of greater than ten years; and (2) obligations issued or guaranteed by U.S. government agencies and instrumentalities and supported by any of the following: (a) the full faith and credit of the U.S. Treasury (such as Government National Mortgage Association ("GNMA") participation certificates), (b) the right of the issuer to borrow an amount limited to a specific line of credit from the U.S. Treasury, (c) discretionary authority of the U.S. government agency or instrumentality or (d) the credit of the agency or instrumentality (examples of agencies and instrumentalities are: Federal Land Banks, Farmers Home Administration, Central Bank for Cooperatives, Federal Intermediate Credit Banks, Federal Home Loan Banks and Federal National Mortgage Association ("FNMA")). No assurance can be given that the U.S. government will provide financial support to such U.S. government agencies or instrumentalities described in (2)(b), (2)(c) and (2)(d) in the future since it is not obligated to do so by law. Accordingly, such U.S. government obligations may involve risk of loss of principal and interest. The Fund may invest in fixed-rate and floating or variable rate U.S. government obligations. The Fund may purchase U.S. government obligations on a forward commitment basis.

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The Core Plus Bond ETF may also purchase Treasury Inflation Protected Securities ("TIPS"). TIPS are U.S. Treasury securities issued at a fixed rate of interest but with principal adjusted every six months based on changes in the Consumer Price Index. As changes occur in the inflation rate, as represented by the Consumer Price Index, the value of the security's principal is adjusted by the same proportion. If the inflation rate falls, the principal value of the security will be adjusted downward, and consequently, the interest payable on the securities will be reduced.

**Reverse Repurchase Agreements and Dollar Rolls.** The Core Plus Bond ETF may enter into reverse repurchase agreements. A reverse repurchase agreement is a transaction whereby a Fund transfers possession of a portfolio security to a bank or broker–dealer in return for a percentage of the portfolio security's market value. The Fund retains record ownership of the security involved including the right to receive interest and principal payments. At an agreed upon future date, the Fund repurchases the security by paying an agreed upon purchase price plus interest. Reverse repurchase agreements are generally subject to a number of risks such as leverage risk, liquidity risk, operational risk and legal risk (i.e., the risk of insufficient documentation, insufficient capacity or authority of the counterparty, or legality or enforceability of a contract). Reverse repurchase agreements are also subject to the risk that the other party may fail to return the security in a timely manner or at all. A Fund may lose money if the market value of the security transferred by the Fund declines below the repurchase price.

The Core Plus Bond ETF may purchase dollar rolls. A "dollar roll" is similar to a reverse repurchase agreement in certain respects. In a "dollar roll" transaction, a Fund sells a mortgage-related security, such as a security issued by GNMA, to a dealer and simultaneously agrees to repurchase a similar security (but not the same security) in the future at a pre-determined price. A "dollar roll" can be viewed, like a reverse repurchase agreement, as a collateralized borrowing in which a Fund pledges a mortgage-related security to a dealer to obtain cash. Unlike in the case of reverse repurchase agreements, the dealer with which a Fund enters into a dollar roll transaction is not obligated to return the same securities as those originally sold by the Fund, but only securities which are "substantially identical." To be considered "substantially identical," the securities returned to a Fund generally must: (1) be collateralized by the same types of underlying mortgages; (2) be issued by the same agency and be part of the same program; (3) have a similar original stated maturity; (4) have identical net coupon rates; (5) have similar market yields (and therefore price); and (6) satisfy "good delivery" requirements, meaning that the aggregate principal amounts of the securities delivered and received back must be within 0.01% of the initial amount delivered. Dollar rolls are generally subject to a number of risks such as leverage risk, liquidity risk, market risk, credit risk, default risk, counterparty risk, management risk, operational risk and legal risk. Furthermore, because dollar roll transactions may be for terms ranging between one and six months, dollar roll transactions may be deemed "illiquid" and subject to a Fund's overall limitations on investments in illiquid securities.

Successful use of mortgage dollar rolls depends on a Fund's ability to predict interest rates and mortgage payments. Dollar roll transactions involve the risk that the market value of the securities a Fund is required to purchase may decline below the agreed upon repurchase price.

**Corporate Debt Securities.** The Funds may invest in debt securities, such as convertible and non-convertible bonds, preferred stock, notes and debentures, issued by corporations, limited partnerships and other similar entities. Investments in securities that are convertible into equity securities and preferred stock have characteristics of equity as well as debt securities, and their value may be dependent in part on the value of the issuer's equity securities. The Funds may also invest in debt securities that are accompanied by warrants which are convertible into the issuer's equity securities, which have similar characteristics. See "Equity Securities" above for a fuller description of convertible securities.

The Core Plus Bond ETF may invest in corporate debt securities issued by infrastructure companies.

**Securities Issued in Connection with Reorganizations and Corporate Restructuring.** In connection with reorganizing or restructuring of an issuer or its capital structure, an issuer may issue common stock or other securities to holders of debt instruments. A Fund may hold such common stock and other securities even though it does not ordinarily purchase or may not be permitted to purchase such securities.

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**Zero Coupon Securities.** The Core Plus Bond ETF may invest in zero coupon securities. Zero coupon securities are notes, bonds and debentures that (1) do not pay current interest and are issued at a substantial discount from par value, (2) have been stripped of their unmatured interest coupons and receipts or (3) pay no interest until a stated date one or more years into the future. These securities also include certificates representing interests in such stripped coupons and receipts. Zero coupon securities trade at a discount from their par value and are subject to greater fluctuations of market value in response to changing interest rates.

**Government Zero Coupon Securities.** The Core Plus Bond ETF may invest in (i) government securities that have been stripped of their unmatured interest coupons, (ii) the coupons themselves and (iii) receipts or certificates representing interests in stripped government securities and coupons (collectively referred to as "Government zero coupon securities").

**Mortgage-Related And Other Asset-Backed Securities.** 

The forms of mortgage-related and other asset-backed securities the Core Plus Bond ETF may invest in include the securities described below.

**Agency Mortgage-Backed Securities.** Certain MBS may be issued or guaranteed by the U.S. government or a government-sponsored entity, such as Fannie Mae (the Federal National Mortgage Association) or Freddie Mac (the Federal Home Loan Mortgage Corporation). Although these instruments may be guaranteed by the U.S. government or a government-sponsored entity, many such MBS are not backed by the full faith and credit of the United States and are still exposed to the risk of non-payment. Since 2008, Fannie Mae and Freddie Mac have been operating under Federal Housing Finance Administration ("FHFA") conservatorship and are dependent upon the continued support of the U.S. Department of the Treasury and FHFA in order to continue their business operations. The FHFA has made public statements regarding plans to consider ending the conservatorships. In the event that Fannie Mae and Freddie Mac are taken out of conservatorship, it is unclear how their respective capital structures would be constructed and what impact, if any, there would be on Fannie Mae's or Freddie Mac's creditworthiness and guarantees of certain mortgage-backed securities. Should the conservatorships end, there could be an adverse impact on the value of Fannie Mae or Freddie Mac securities, which could cause losses to a Fund.

**Privately-Issued Mortgage-Backed Securities.** MBS held by a Fund may be issued by private issuers including commercial banks, savings associations, mortgage companies, investment banking firms, finance companies and special purpose finance entities (called special purpose vehicles or SPVs) and other entities that acquire and package mortgage loans for resale as MBS. These privately issued non-governmental MBS may offer higher yields than those issued by government entities, but also may be subject to greater price changes and other risks than governmental issues. Subprime loans refer to loans made to borrowers with weakened credit histories or with a lower capacity to make timely payments on their loans. Alt-A loans refer to loans extended to borrowers who have incomplete documentation of income, assets, or other variables that are important to the credit underwriting processes. Non-conforming mortgages are loans that do not meet the standards that allow purchase by government-sponsored enterprises. MBS with exposure to subprime loans, Alt-A loans or non-conforming loans have had in many cases higher default rates than those loans that meet government underwriting requirements. The risk of non-payment is greater for MBS that are backed by mortgage pools that contain subprime, Alt-A and non-conforming loans, but a level of risk exists for all loans.

**Reverse Mortgages.** The Core Plus Bond ETF may invest in mortgage-related securities that reflect an interest in reverse mortgages. Due to the unique nature of the underlying loans, reverse mortgage-related securities may be subject to risks different than other types of mortgage-related securities. The date of repayment for such loans is uncertain and may occur sooner or later than anticipated. The timing of payments for the corresponding mortgage-related security may be uncertain.

**Mortgage Pass-Through Securities.** Mortgage pass-through securities are securities representing interests in "pools" of mortgages in which payments of both interest and principal on the securities are generally made monthly. The securities are "pass-through" securities because they provide investors with monthly payments of principal and interest which in effect are a "pass-through" of the monthly payments made by the individual borrowers on the underlying mortgages, net of any fees paid to the issuer or guarantor. The principal governmental issuer of such securities is the GNMA, which is a wholly-owned U.S. government corporation within the Department of Housing and Urban Development. Government related issuers include the Federal Home Loan Mortgage Corporation ("FHLMC"), a corporate instrumentality of the United States created pursuant to an Act of Congress, and which is owned entirely by the Federal Home Loan Banks, and the FNMA, a government sponsored corporation owned entirely by private stockholders. Commercial banks, savings and loan institutions, private mortgage insurance companies, mortgage bankers and other secondary market issuers also create pass-through pools of conventional residential mortgage loans. Such issuers may be the originators of the underlying mortgage loans as well as the guarantors of the mortgage-related securities.

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**Commercial Mortgage-Backed Securities.** Commercial mortgage-backed securities ("CMBS") include securities that reflect an interest in, and are secured by, mortgage loans on commercial real property. Many of the risks of investing in CMBS reflect the risks of investing in the real estate securing the underlying mortgage loans, including the effects of local and other economic conditions on real estate markets, the ability of property owners to make loan payments, the ability of tenants to make lease payments, and the ability of a property to attract and retain tenants. Investments in CMBS are also subject to the risks of asset-backed securities generally and may be particularly sensitive to prepayment and extension risks. CMBS securities may be less liquid and exhibit greater price volatility than other types of asset-backed securities. In addition, certain of the mortgaged properties securing the pools of commercial mortgage loans underlying CMBS may have a higher degree of geographic concentration in a few states or regions. The values of, and income generated by, CMBS may be adversely affected by changing interest rates and other developments impacting the commercial real estate market, such as population shifts and other demographic changes, increasing vacancies (potentially for extended periods) and reduced demand for commercial and office space as well as maintenance or tenant improvement costs and costs to convert properties for other uses. These developments could result from, among other things, changing tastes and preferences (such as for remote work arrangements) as well as cultural, technological, global or local economic and market developments. In addition, changing interest rate environments and associated changes in lending standards and higher refinancing rates may adversely affect the commercial real estate and CMBS markets. The occurrence of any of the foregoing developments would likely increase default risk for the properties and loans underlying these investments as well as impact the value of, and income generated by, these investments.

**Collateralized Mortgage Obligations.** The Core Plus Bond ETF may invest in collateralized mortgage obligations ("CMOs"), which are mortgage-backed securities ("MBS") that are collateralized by mortgage loans or mortgage pass-through securities, and multi-class pass-through securities, which are equity interests in a trust composed of mortgage loans or other MBS. Unless the context indicates otherwise, the discussion of CMOs below also applies to multi-class pass through securities.

CMOs may be issued by governmental or government-related entities or by private entities, such as banks, savings and loan institutions, private mortgage insurance companies, mortgage bankers and other secondary market traders. CMOs are issued in multiple classes, often referred to as "tranches," with each tranche having a specific fixed or floating coupon rate and stated maturity or final distribution date. Under the traditional CMO structure, the cash flows generated by the mortgages or mortgage pass-through securities in the collateral pool are used to first pay interest and then pay principal to the holders of the CMOs. Subject to the various provisions of individual CMO issues, the cash flow generated by the underlying collateral (to the extent it exceeds the amount required to pay the stated interest) is used to retire the bonds.

The principal and interest on the underlying collateral may be allocated among the several tranches of a CMO in innumerable ways including "interest only" and "inverse interest only" tranches. In a common CMO structure, the tranches are retired sequentially in the order of their respective stated maturities or final distribution dates (as opposed to the pro-rata return of principal found in traditional pass-through obligations). The fastest-pay tranches would initially receive all principal payments. When those tranches are retired, the next tranches in the sequence receive all of the principal payments until they are retired. The sequential retirement of bond groups continues until the last tranche is retired. Accordingly, the CMO structure allows the issuer to use cash flows of long maturity, monthly-pay collateral to formulate securities with short, intermediate, and long final maturities and expected average lives and risk characteristics.

The primary risk of CMOs is the uncertainty of the timing of cash flows that results from the rate of prepayments on the underlying mortgages serving as collateral and from the structure of the particular CMO transaction (that is, the priority of the individual tranches). An increase or decrease in prepayment rates (resulting from a decrease or increase in mortgage interest rates) may cause the CMOs to be retired substantially earlier than their stated maturities or final distribution dates and will affect the yield and price of CMOs. In addition, if the collateral securing CMOs or any third-party guarantees are insufficient to make payments, a Fund could sustain a loss. The prices of certain CMOs, depending on their structure and the rate of prepayments, can be volatile. Some CMOs may also not be as liquid as other types of mortgage securities. As a result, it may be difficult or impossible to sell the securities at an advantageous time or price.

Privately issued CMOs are arrangements in which the underlying mortgages are held by the issuer, which then issues debt collateralized by the underlying mortgage assets. Such securities may be backed by mortgage insurance, letters of credit, or other credit enhancing features. Although payment of the principal of, and interest on, the underlying collateral securing privately issued CMOs may be guaranteed by the U.S. Government or its agencies and instrumentalities, these CMOs represent obligations solely of the private issuer and are not insured or guaranteed by the U.S. Government, its agencies and

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instrumentalities or any other person or entity. Privately issued CMOs are subject to prepayment risk due to the possibility that prepayments on the underlying assets will alter the cash flow. Yields on privately issued CMOs have been historically higher than the yields on CMOs backed by mortgages guaranteed by U.S. government agencies and instrumentalities. The risk of loss due to default on privately issued CMOs, however, is historically higher since the U.S. Government has not guaranteed them.

New types of CMO tranches have evolved. These include floating rate CMOs, planned amortization classes, accrual bonds and CMO residuals. These newer structures affect the amount and timing of principal and interest received by each tranche from the underlying collateral. For example, an inverse interest-only class CMO entitles holders to receive no payments of principal and to receive interest at a rate that will vary inversely with a specified index or a multiple thereof. Under certain of these newer structures, given classes of CMOs have priority over others with respect to the receipt of prepayments on the mortgages. Therefore, depending on the type of CMOs in which a Fund invests, the investment may be subject to a greater or lesser risk of prepayment than other types of MBS.

**Stripped Mortgage-Backed Securities.** The Core Plus Bond ETF may invest in stripped mortgage-backed securities ("SMBS"). 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 the entire 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 Fund's yield to maturity from these securities. If the underlying mortgage assets experience greater than anticipated pre- payments of principal, a Fund 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. Conversely, PO classes tend to increase in value if prepayments are greater than anticipated and decline if prepayments are slower than anticipated. The secondary market for SMBS may be more volatile and less liquid than that for other mortgage-backed securities, potentially limiting the Fund's ability to buy or sell those securities at any particular time.

**Covered Bonds.** The Core Plus Bond ETF may invest in covered bonds, which are debt instruments issued by banks or other financial institutions that are backed by both the issuing financial institution and a segregated pool of financial assets (a "cover pool"), typically comprised of residential or commercial mortgage loans or loans to public sector institutions. The cover pool, typically maintained by the issuing financial institution, is designed to pay covered bond holders in the event that there is a default on the payment obligations of a covered bond. To the extent the cover pool assets are insufficient to repay amounts owing in respect of the bonds, bondholders also have a senior, unsecured claim against the issuing financial institution. Covered bonds differ from other debt instruments, including asset-backed securities, in that covered bondholders have claims against both the cover pool and the issuing financial institution. Market practice surrounding the maintenance of a cover pool, including custody arrangements, varies based on the jurisdiction in which the covered bonds are issued. Certain jurisdictions may afford lesser protections regarding the amount cover pools are required to maintain or the manner in which such assets are held. The value of a covered bond is affected by factors similar to other types of mortgage-backed securities, and a covered bond may lose value if the credit rating of the issuing financial institution is downgraded or the quality of the assets in the cover pool deteriorates.

**Asset-Backed Securities.** Asset-backed securities represent undivided fractional interests in pools of instruments, such as consumer loans, and are similar in structure to mortgage-related pass-through securities. Payments of principal and interest are passed through to holders of the securities and are typically supported by some form of credit enhancement, such as a letter of credit liquidity support, surety bond, limited guarantee by another entity or by priority to certain of the borrower's other securities. The degree of enhancement varies, generally applying only until exhausted and covering only a fraction of the security's par value. If the credit enhancement held by a Fund has been exhausted, and if any required payments of principal and interest are not made with respect to the underlying loans, the Fund may experience loss or delay in receiving payment and a decrease in the value of the security.

**To-Be-Announced Mortgage-Backed Securities.** As with other delayed-delivery transactions, a seller agrees to issue a to-be-announced mortgage-backed security (a "TBA") at a future date. A TBA transaction arises when a mortgage-backed security, such as a GNMA pass-through security, is purchased or sold with specific pools that will constitute that GNMA pass-through security to be announced on a future settlement date. However, at the time of purchase, the seller does not specify the particular mortgage-backed securities to be delivered. Instead, the buyer agrees to accept any mortgage-backed

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security that meets specified terms. Thus, the buyer and the seller would agree upon the issuer, interest rate and terms of the underlying mortgages, but the seller would not identify the specific underlying mortgages until shortly before it issues the mortgage-backed security. A Fund may enter into TBA commitments to purchase securities and/or enter into TBA sale commitments to hedge its portfolio positions, to sell securities it owns under delayed delivery arrangements, or to take a short position in mortgage-backed securities. A Fund may also purchase or sell an option to buy or sell a TBA sale commitment. When a Fund enters into a TBA commitment for the sale of mortgage-backed securities for a fixed price, with payment and delivery on an agreed upon future settlement date (which may be referred to as having a short position in such TBA securities), the Fund may or may not hold the types of mortgage-backed securities required to be delivered. TBA commitments involve a risk of loss due to changes in the value of the security prior to the settlement date as well as the risk that the counterparty to the transaction will not perform its obligations. In addition, TBA purchase commitments are subject to the risk that the underlying mortgages may be less favorable than anticipated by a Fund.

*Risk Factors.* The value of a Fund's MBS may be affected by, among other things, changes or perceived changes in interest rates, factors concerning the interests in and structure of the issuer or the originator of the mortgage, or the quality of the underlying instruments. The mortgages underlying the securities may default or decline in quality or value. Through its investments in MBS, a Fund has exposure to prime loans, subprime loans, Alt-A loans and non-conforming loans as well as to the mortgage and credit markets generally. Underlying collateral related to prime, subprime, Alt-A and non-conforming mortgage loans may be susceptible to defaults and declines in quality or value, especially in a declining residential real estate market. In addition, regulatory or tax changes may adversely affect the mortgage securities markets as a whole.

MBS often have stated maturities of up to thirty years when they are issued, depending upon the length of the mortgages underlying the securities. In practice, however, unscheduled or early payments of principal and interest on the underlying mortgages may make the securities' effective maturity shorter than this, and the prevailing interest rates may be higher or lower than the current yield of a Fund's portfolio at the time the Fund receives the payments for reinvestment.

Rising or high interest rates may result in slower than expected principal payments which may tend to extend the duration of MBS, making them more volatile and more sensitive to changes in interest rates. This is known as extension risk.

MBS may have less potential for capital appreciation than comparable fixed income securities due to the likelihood of prepayments of mortgages resulting from foreclosures or declining interest rates. These foreclosed or refinanced mortgages are paid off at face value (par) or less, causing a loss, particularly for any investor who may have purchased the security at a premium or a price above par. In such an environment, this risk limits the potential price appreciation of these securities.

Unlike MBS issued or guaranteed by the U.S. government or a government sponsored entity (e.g., Fannie Mae (the FNMA) and Freddie Mac (the Federal Home Loan Mortgage Corporation)), MBS issued by private issuers do not have a government or government-sponsored entity guarantee, but may have credit enhancements provided by external entities such as banks or financial institutions or achieved through the structuring of the transaction itself. Examples of such credit support arising out of the structure of the transaction include the issue of senior and subordinated securities (e.g., the issuance of securities by an SPV in multiple classes or "tranches," with one or more classes being senior to other subordinated classes as to the payment of principal and interest, with the result that defaults on the underlying mortgage loans are borne first by the holders of the subordinated class); creation of "reserve funds" (in which case cash or investments, sometimes funded from a portion of the payments on the underlying mortgage loans, are held in reserve against future losses); and "overcollateralization" (in which case the scheduled payments on, or the principal amount of, the underlying mortgage loans exceeds that required to make payment on the securities and pay any servicing or other fees). However, there can be no guarantee that credit enhancements, if any, will be sufficient to prevent losses in the event of defaults on the underlying mortgage loans. In addition, MBS that are issued by private issuers are not subject to the underwriting requirements for the underlying mortgages that are applicable to those MBS that have a government or government-sponsored entity guarantee. As a result, the mortgage loans underlying private MBS may, and frequently do, have less favorable collateral, greater credit risk or different underwriting characteristics than government or government-sponsored MBS and have wider variances in a number of terms including interest rate, term, size, purpose and borrower characteristics. Privately issued pools more frequently include second mortgages, high loan-to-value mortgages and manufactured housing loans. The coupon rates and maturities of the underlying mortgage loans in a private-label MBS pool may vary to a greater extent than those included in a government guaranteed pool, and the pool may include subprime mortgage loans. Delinquencies, defaults and losses on residential mortgage loans may increase substantially over certain periods, which may affect the performance of the MBS in which certain Funds may invest. Mortgage loans backing non-agency MBS are more sensitive to economic factors that could affect the ability of borrowers to pay their obligations under the mortgage loans backing these securities. In addition, housing prices and appraisal values in many states and localities over certain periods have declined or stopped appreciating. A sustained decline or an extended flattening of those values may result in additional increases in delinquencies and losses on MBS generally.

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Privately issued MBS are not traded on an exchange and there may be a limited market for the securities, especially when there is a perceived weakness in the mortgage and real estate market sectors. Without an active trading market, MBS held in a Fund's portfolio may be particularly difficult to value because of the complexities involved in assessing the value of the underlying mortgage loans.

Adverse changes in market conditions and the regulatory climate may reduce the cash flow which a Fund, to the extent it invests in MBS or other asset-backed securities, receives from such securities and increase the incidence and severity of credit events and losses in respect of such securities. In the event that interest rate spreads for MBS and other asset-backed securities widen following the purchase of such assets by a Fund, the market value of such securities is likely to decline and, in the case of a substantial spread widening, could decline by a substantial amount. Furthermore, adverse changes in market conditions may result in reduced liquidity in the market for MBS and other asset-backed securities and an unwillingness by banks, financial institutions and investors to extend credit to servicers, originators and other participants in the market for MBS and other asset-backed securities. As a result, the liquidity and/or the market value of any MBS or asset-backed securities that are owned by a Fund may experience declines after they are purchased by a Fund.

Asset-backed securities may include MBS, loans, receivables or other assets. The value of a Fund's asset-backed securities may be affected by, among other things, actual or perceived changes in interest rates, factors concerning the interests in and structure of the issuer or the originator of the receivables, the market's assessment of the quality of underlying assets or actual or perceived changes in the creditworthiness of the individual borrowers, the originator, the servicing agent or the financial institution providing the credit support.

Payment of principal and interest may be largely dependent upon the cash flows generated by the assets backing the securities. Rising or high interest rates tend to extend the duration of asset-backed securities, making them more volatile and more sensitive to changes in interest rates. The underlying assets are sometimes subject to prepayments, which can shorten the security's weighted average life and may lower its return. Defaults on loans underlying asset-backed securities have become an increasing risk for asset-backed securities that are secured by home-equity loans related to sub-prime, Alt-A or non-conforming mortgage loans, especially in a declining residential real estate market.

Asset-backed securities (other than MBS) present certain risks that are not presented by MBS. Primarily, these securities may not have the benefit of any security interest in the related assets. Credit card receivables are generally unsecured and the debtors are entitled to the protection of a number of state and federal consumer credit laws, many of which give such debtors the right to set off certain amounts owed on the credit cards, thereby reducing the balance due. There is the possibility that recoveries on repossessed collateral may not, in some cases, be available to support payments on these securities. Asset-backed securities are often backed by a pool of assets representing the obligations of a number of different parties. To lessen the effect of failures by obligors on underlying assets to make payments, the securities may contain elements of credit support which fall into two categories: (i) liquidity protection, and (ii) protection against losses resulting from ultimate default by an obligor on the underlying assets. Liquidity protection refers to the provision of advances, generally by the entity administering the pool of assets, to ensure that the receipt of payments on the underlying pool occurs in a timely fashion. Protection against losses results from payment of the insurance obligations on at least a portion of the assets in the pool. This protection may be provided through guarantees, policies or letters of credit obtained by the issuer or sponsor from third parties, through various means of structuring the transaction or through a combination of such approaches. The Fund will not pay any additional or separate fees for credit support. The degree of credit support provided for each issue is generally based on historical information respecting the level of credit risk associated with the underlying assets. Delinquency or loss in excess of that anticipated or failure of the credit support could adversely affect the return on an investment in such a security. The availability of asset-backed securities may be affected by legislative or regulatory developments. It is possible that such developments may require the Fund to dispose of any then existing holdings of such securities.

**Collateralized Loan Obligations.** The Core Plus Bond ETF may invest in collateralized loan obligations ("CLOs"). CLOs are special purpose entities which are collateralized mainly by a pool of loans, which may include, among others, domestic and foreign senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans. CLOs may charge management and other administrative fees. Payments of principal and interest are passed through to investors in a CLO and divided into several tranches of rated debt securities and typically at least one tranche of unrated subordinated securities, which may be debt or equity ("CLO Securities"). CLO Securities generally receive some variation of principal and/or interest installments and, with the exception of certain subordinated securities, bear different interest rates. If there are defaults or a CLO's collateral otherwise underperforms, scheduled payments to senior tranches typically take priority over less senior tranches.

*Risk Factors.* In addition to normal risks associated with debt obligations and fixed income and/or asset-backed securities as discussed elsewhere in this SAI and the Prospectus (e.g., credit risk, interest rate risk, market risk, default risk and prepayment risk), CLOs carry additional risks including, but not limited to: (i) the possibility that distributions from collateral securities

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will not be adequate to make interest or other payments and one or more tranches may be subject to up to 100% loss of invested capital; (ii) the quality of the collateral may decline in value or default; (iii) the Core Plus Bond ETF may invest in CLOs 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.

A CLO's investments in its underlying assets may be CLO Securities that are privately placed and thus are subject to restrictions on transfer to meet securities law and other legal requirements. In the event that any Fund does not satisfy certain of the applicable transfer restrictions at any time that it holds CLO Securities, it may be forced to sell the related CLO Securities and may suffer a loss on sale. CLO Securities may be considered illiquid investments in the event there is no secondary market for the CLO Securities.

**Loans and Other Direct Indebtedness.** The Core Plus Bond EFT may purchase loans or other direct indebtedness, or participations in loans or other direct indebtedness, that entitle the acquiror of such interest to payments of interest, principal and/or other amounts due under the structure of the loan or other direct indebtedness. This may include investments in floating rate "bank loans" or "leveraged loans," which are generally loans issued to below investment grade companies that carry floating coupon payments. This may also include debtor-in-possession financing for companies currently going through the bankruptcy process. In addition to being structured as secured or unsecured, such investments could be structured as novations or assignments or represent trade or other claims owed by a company to a supplier. Loan participations typically represent direct participation in a loan to a borrower, and generally are offered by banks or other financial institutions or lending syndicates.

*Risk Factors.* Loans and other direct indebtedness involve the risk that a Fund will not receive payment of principal, interest and other amounts due in connection with these investments, which depend primarily on the financial condition of the borrower. Loans that are fully secured offer a Fund more protection than an unsecured loan in the event of non-payment of scheduled interest or principal, although there is no assurance that the liquidation of collateral from a secured loan would satisfy the borrower's obligation, or that the collateral can be liquidated. Some loans or claims may be in default at the time of purchase. Certain of the loans and the other direct indebtedness acquired by a Fund may involve revolving credit facilities or other standby financing commitments which obligate a Fund to pay additional cash on a certain date or on demand. These commitments may require a Fund to increase its investment in a company at a time when that Fund might not otherwise decide to do so (including at a time when the company's financial condition makes it unlikely that such amounts will be repaid). Default or an increased risk of default in the payment of interest or principal on a loan results in a reduction in income to a Fund, a reduction in the value of the loan and a potential decrease in a Fund's net asset value. The risk of default increases in the event of an economic downturn or a substantial increase in interest rates. If a borrower defaults on its obligations, a Fund may end up owning any underlying collateral securing the loan and there is no assurance that sale of the collateral would raise enough cash to satisfy the borrower's payment obligation or that the collateral can be liquidated. If the terms of a loan do not require the borrower to pledge additional collateral in the event of a decline in the value of the original collateral, a Fund will be exposed to the risk that the value of the collateral will not at all times equal or exceed the amount of the borrower's obligations under the loan. To the extent that a loan is collateralized by stock in the borrower or its subsidiaries, such stock may lose all of its value in the event of bankruptcy of the borrower. Senior loans are subject to the risk that a court may not give lenders the full benefit of their senior positions. In addition, there is less readily available, reliable information about most senior loans than is the case for many other types of securities. With limited exceptions, a Fund will generally take steps intended to ensure that it does not receive material non-public information about the issuers of senior or floating rate loans who also issue publicly-traded securities and, therefore, a Fund may have less information than other investors about certain of the senior or floating rate loans in which the Fund seeks to invest. A Fund's intentional or unintentional receipt of material non-public information about such issuers could limit the Fund's ability to sell certain investments held by the Fund or pursue certain investment opportunities, potentially for a substantial period of time. Loans and other forms of direct indebtedness are not registered under the federal securities laws and, therefore, do not offer securities law protections against fraud and misrepresentation. Each Fund relies on RIM's and/or the money manager(s)' research in an attempt to avoid situations where fraud or misrepresentation could adversely affect the Fund. The market for loan obligations may be subject to extended trade settlement periods. Because transactions in many loans are subject to extended trade settlement periods, a Fund may not receive the proceeds from the sale of a loan for a period after the sale. As a result, sale proceeds related to the sale of loans may not be available to make additional investments or to meet a Fund's redemption obligations for a period after the sale of the loans, and, as a result, a Fund may have to sell other investments or take other actions if necessary to raise cash to meet its obligations.

Investments in floating rate "bank loans" or "leveraged loans" are generally rated below investment grade and are expected to exhibit credit risks similar to "high yield" or "junk" bonds. The highly leveraged nature of many such loans and other direct indebtedness may make such loans and other direct indebtedness especially vulnerable to adverse changes in economic or market conditions and/or changes in the financial condition of the debtor. Bank loans have recently experienced significant

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investment inflows and if inflows reverse, bank loans could be subject to liquidity risk and lose value. Bank loans generally are subject to legal or contractual restrictions on resale and to illiquidity risk, including potential illiquidity resulting from extended trade settlement periods. In addition, investments in bank loans are typically subject to the risks of floating rate securities and "high yield" or "junk bonds." Investments in such loans and other direct indebtedness may involve additional risk to a Fund. Senior loans made in connection with highly leveraged transactions are subject to greater risks than other senior loans. For example, the risks of default or bankruptcy of the borrower or the risks that other creditors of the borrower may seek to nullify or subordinate a Fund's claims on any collateral securing the loan are greater in highly leveraged transactions.

As a Fund may be required to rely on an interposed bank or other financial intermediary to collect and pass on to the Fund amounts payable with respect to the loan and to enforce the Fund's rights under the loan and other direct indebtedness, an insolvency, bankruptcy or reorganization of the lending institution may delay or prevent the Fund from receiving such amounts.

A Fund's investment in "leveraged loans" may include an investment in "covenant lite" loans. Covenant lite loans, the terms and conditions of which may vary by instrument, may contain fewer or less restrictive financial maintenance covenants or restrictions compared to other loans that might otherwise enable an investor to proactively enforce financial covenants or prevent undesired actions by the borrower. As a result, a Fund may experience relatively greater difficulty or delays in enforcing its rights on its holdings of covenant lite loans than its holdings of loans or debt securities with more restrictive covenants, which may result in losses to the Fund. In addition, covenants contained in loan documentation are intended to protect lenders and investors by imposing certain restrictions and other limitations on a borrower's operations or assets and by providing certain information and consent rights to lenders. In addition to operational covenants, loans and other debt obligations often contain financial covenants which require a borrower to satisfy certain financial tests at periodic intervals or to maintain compliance with certain financial metrics. The Funds are exposed to loans and other similar debt obligations that are sometimes referred to as "covenant-lite" loans or obligations, which are generally subject to more risk than investments that contain traditional financial maintenance covenants and financial reporting requirements.

In purchasing loans or loan participations, a Fund assumes the credit risk associated with the corporate borrower and may assume the credit risk associated with the interposed bank or other financial intermediary. The participation may not be rated by a nationally recognized rating service. Further, loan participations may not be readily marketable and may be subject to restrictions on resale. Loan participations may be illiquid investments and are priced through a nationally recognized pricing service which determines loan prices by surveying available dealer quotations.

**Credit Linked Notes, Credit Options and Similar Instruments.** The Core Plus Bond ETF may invest in credit linked notes, credit options and similar instruments. Credit linked notes are obligations between two or more parties where the payment of principal and/or interest is based on the performance of some obligation, basket of obligations, index or economic indicator (a "reference instrument"). In addition to the credit risk associated with the reference instrument and interest rate risk, the buyer and seller of a credit linked note or similar structured investment are subject to counterparty risk. Credit options are options whereby the purchaser has the right, but not the obligation, to enter into a transaction involving either an asset with inherent credit risk or a credit derivative, at terms specified at the initiation of the option. These transactions involve counterparty risk.

**Brady Bonds.** The Core Plus Bond ETF may invest in Brady Bonds, the products of the "Brady Plan," under which bonds are issued in exchange for cash and certain of a country's outstanding commercial bank loans. The Brady Plan offers relief to debtor countries that have effected substantial economic reforms. Specifically, debt reduction and structural reform are the main criteria countries must satisfy in order to obtain Brady Plan status. Brady Bonds may be collateralized or uncollateralized, are issued in various currencies (primarily U.S.-dollar) and are actively traded on the over-the-counter market.

**Yankee Bonds.** The Core Plus Bond ETF may invest in Yankee Bonds. Non-U.S. corporations and banks issuing dollar denominated instruments in the U.S. are not necessarily subject to the same regulatory requirements that apply to U.S. corporations and banks, such as accounting, auditing and recordkeeping standards, the public availability of information and, for banks, reserve requirements, loan limitations and examinations. This complicates efforts to analyze these securities and may increase the possibility that a non-U.S. corporation or bank may become insolvent or otherwise unable to fulfill its obligations on these instruments.

**Bank Obligations.** The Core Plus Bond ETF may invest in obligations issued or guaranteed by U.S. or foreign banks. Bank obligations, including time deposits, bankers' acceptances and certificates of deposit, may be general obligations of the parent bank or may be limited to the issuing branch by the terms of the specific obligations or by government regulations. In addition, the Core Plus Bond ETF may invest in bank instruments, which include Eurodollar certificates of deposit ("ECDs"), Eurodollar time deposits ("ETDs") and Yankee Certificates of Deposit ("Yankee CDs").

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*Risk Factors.* An adverse development in the banking industry may affect the value of a Fund's investments. Banks may be particularly susceptible to certain economic factors such as interest rate changes, adverse developments in the real estate market, fiscal and monetary policy and general economic cycles. Banks are subject to extensive but different government regulations which may limit both the amount and types of loans which may be made and interest rates which may be charged. The profitability of the banking industry is largely dependent upon the availability and cost of funds for the purpose of financing lending operations under prevailing money market conditions. General economic conditions as well as exposure to credit losses arising from possible financial difficulties of borrowers play an important part in the operation of this industry. The banking industry may also be impacted by legal and regulatory developments. The specific effects of such developments are not yet fully known.

ECDs, ETDs, and Yankee CDs are subject to somewhat different risks from the obligations of domestic banks. ECDs are U.S. dollar denominated certificates of deposit issued by foreign branches of U.S. and foreign banks; ETDs are U.S. dollar denominated time deposits in a foreign branch of a U.S. bank or a foreign bank; and Yankee CDs are certificates of deposit issued by a U.S. branch of a foreign bank denominated in U.S. dollars and held in the United States.

Different risks may also exist for ECDs, ETDs, and Yankee CDs because the banks issuing these instruments, or their domestic or foreign branches, are not necessarily subject to the same regulatory requirements that apply to domestic banks, such as reserve requirements, loan limitations, examinations, accounting, auditing and recordkeeping, and the public availability of information. This complicates efforts to analyze these securities and may increase the possibility that a non-U.S. bank may become insolvent or otherwise unable to fulfill its obligations on these instruments.

**High Yield Bonds.** The Core Plus Bond ETF may invest in debt securities that are rated below investment grade (commonly referred to as "high-yield" or "junk bonds"), which include securities rated below BBB- by S&P, below Baa3 by Moody's or below BBB- by Fitch (using highest of split ratings), or in unrated securities judged to be of similar credit quality to those designations.

*Risks Associated with High Yield Bonds.* Lower rated debt securities, or junk bonds, generally offer a higher yield than that available from higher grade issues but involve higher risks because they are especially subject to adverse changes in general economic conditions and in the industries in which the issuers are engaged, to changes in the financial condition of the issuers and to price fluctuation in response to changes in interest rates, and because they are relatively less liquid than higher rated securities. As a result, issuers of lower rated debt securities are more likely than other issuers to miss principal and interest payments or to default, which could result in a loss to a Fund.

Lower rated or unrated debt securities may be more susceptible to real or perceived adverse economic and competitive industry conditions than investment grade securities. The prices of lower rated debt securities are often less sensitive to interest rate changes than investment grade securities, but more sensitive to economic downturns, individual corporate developments, and price fluctuations in response to changing interest rates. A projection of an economic downturn, for example, could cause a sharper decline in the prices of lower rated debt securities because the advent of a recession could lessen the ability of a highly leveraged company to make principal and interest payments on its debt securities. If the issuer of lower rated debt securities defaults, a Fund may incur additional expenses to seek financial recovery and may not recover the full amount or any of its investment. In the event of an issuer's bankruptcy, the claims of other creditors may have priority over the claims of lower rated debt holders, leaving insufficient assets to repay the holders of lower rated debt securities.

In addition, the markets in which lower rated or unrated debt securities are traded are generally thinner, more limited and less active than those for higher rated securities. The existence of limited markets for particular securities may diminish a Fund's ability to sell the securities at fair value either to meet redemption requests or to respond to changes in the economy or in the financial markets and could adversely affect and cause fluctuations in the daily net asset value of the Fund's shares. While such debt may have some quality and protective characteristics, these are generally outweighed by large uncertainties or major risk exposure to adverse conditions.

Adverse publicity and investor perceptions, whether or not based on fundamental analysis, may decrease the values and liquidity of low rated debt securities, especially in a thinly traded market. Analysis of the creditworthiness of issuers of low rated securities may be more complex than for issuers of investment grade securities, and the ability of a Fund to achieve its investment objectives may be more dependent on credit analysis than would be the case if the Fund was investing only in investment grade securities.

**Distressed Securities.** The Funds may invest in debt securities that are the subject of bankruptcy proceedings, in default as to the payment of principal or interest, or rated in the lowest rating category by an NRSRO ("distressed securities"). Investments in distressed securities may be considered speculative and may involve substantial risks not normally associated with investments in healthier companies, including the increased possibility that adverse business, financial or economic conditions will cause the issuer to default or initiate insolvency proceedings. Investments in distressed securities inherently have more

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credit risk than investments in non-distressed issuers, and the degree of risk associated with particular distressed securities may be difficult or impossible to determine. Distressed securities may also be illiquid, difficult to value and experience extreme price volatility. In the event that an issuer of distressed securities defaults or initiates insolvency proceedings, a Fund may lose all of its investment in the distressed security, or it may be required to accept cash or securities with a value less than a Fund's original investment.

**Lowest Rated Investment Grade Securities.** The Funds may invest in debt securities that have the lowest investment grade rating provided by a rating agency. Securities rated BBB- by S&P, Baa3 by Moody's or BBB- by Fitch are the lowest ratings which are considered "investment grade," although Moody's considers securities rated Baa3, S&P considers bonds rated BBB- and Fitch considers bonds rated BBB-, to have some speculative characteristics.

Securities rated BBB- by S&P, Baa3 by Moody's or BBB by Fitch may involve greater risks than securities in higher rating categories. Securities receiving S&P's BBB- rating are regarded as having adequate capacity to pay interest and repay principal. Such securities typically exhibit adequate investor protections but adverse economic conditions or changing circumstances are more likely to lead to a weakened capacity to pay interest and repay principal for debt in this category than in higher rating categories. For further description of the various rating categories, see "Credit Rating Definitions."

Securities possessing Moody's Baa3 rating are considered medium grade obligations, i.e., they are neither highly protected nor poorly secured. Interest payments and principal security are judged adequate for the present, but certain protective elements may be lacking or may be characteristically unreliable over any great length of time. Such securities lack outstanding investment characteristics and in fact may have speculative characteristics as well.

Securities possessing Fitch's BBB- rating indicate that there are currently expectations of low credit risk. The capacity for payment of financial commitments is considered adequate but adverse changes in circumstances and economic conditions are more likely to impair this capacity.

Ratings may be used to assist in investment decisions. Ratings of debt securities represent a rating agency's opinion regarding their quality and are not a guarantee of quality. Rating agencies attempt to evaluate the safety of principal and interest payments and do not evaluate the risks of fluctuations in market value. Also, rating agencies may fail to make timely changes in credit ratings in response to subsequent events, so that an issuer's current financial condition may be better or worse than a rating indicates.

**Alternative Minimum Tax Bonds.** The Core Plus Bond ETF may invest in "Alternative Minimum Tax Bonds," which are certain bonds issued after August 7, 1986 to finance certain non-governmental activities. While the income from Alternative Minimum Tax Bonds is exempt from regular federal income tax, it is a tax preference item for purposes of the federal individual "alternative minimum tax." The alternative minimum tax is a special tax that applies to taxpayers who have certain adjustments or tax preference items. Available returns on Alternative Minimum Tax Bonds acquired by a Fund may be lower than those from other Municipal Obligations acquired by the Fund due to the possibility of federal, state and local alternative minimum or minimum income tax liability on Alternative Minimum Tax Bonds.

**Deferred Interest, Pay-In-Kind and Capital Appreciation Bonds.** The Core Plus Bond ETF investments in fixed income securities may include deferred interest, pay-in-kind ("PIK") and capital appreciation bonds. Deferred interest and capital appreciation bonds are debt securities issued or sold at a discount from their face value and which do not entitle the holder to any periodic payment of interest prior to maturity or a specified date. The original issue discount varies depending on the time remaining until maturity or cash payment date, prevailing interest rates, the liquidity of the security and the perceived credit quality of the issuer. The deferral of PIK interest increases the loan-to-value ratio, which is a measure of the riskiness of the loan. These securities also may take the form of debt securities that have been stripped of their unmatured interest coupons, the coupons themselves or receipts or certificates representing interests in such stripped debt obligations or coupons. The market prices of deferred interest, capital appreciation bonds and PIK securities generally are more volatile than the market prices of interest bearing securities and are likely to respond to a greater degree to changes in interest rates than interest bearing securities having similar maturities and credit quality or securities that pay interest in cash.

PIK securities may be debt obligations or preferred shares that provide the issuer with the option of paying interest or dividends on such obligations in cash or in the form of additional securities rather than cash. Similar to deferred interest bonds, PIK securities are designed to give an issuer flexibility in managing cash flow. PIK securities that are debt securities can be either senior or subordinated debt and generally trade flat (i.e., without accrued interest). The trading price of PIK debt securities generally reflects the market value of the underlying debt plus an amount representing accrued interest since the last interest payment. The higher interest rates of PIK securities reflect the payment deferral and increased credit risk associated with those securities and such investments generally represent a significantly higher credit risk than coupon loans.

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Deferred interest, capital appreciation and PIK securities involve the additional risk that, unlike securities that periodically pay interest to maturity, a Fund will realize no cash until a specified future payment date unless a portion of such securities is sold and, if the issuer of such securities defaults, the Fund may, even if accounting conditions are met, obtain no return at all on its investment. PIK securities may have unreliable valuations because their continuing accruals require ongoing judgments about the collectability of the deferred payments and the value of any associated collateral. In addition, even though such securities do not provide for the payment of current interest in cash, a Fund is nonetheless required to accrue income on such investments for each taxable year and generally is required to distribute such accrued amounts (net of deductible expenses, if any) to avoid being subject to tax. Because no cash is generally received at the time of the accrual and in the event that accrued income is not realized, a Fund may be required to liquidate other portfolio securities to obtain sufficient cash to satisfy federal tax distribution requirements applicable to the Fund. As a result, a Fund may have difficulty meeting the annual distribution requirement necessary to maintain favorable tax treatment. If a Fund is not able to obtain cash from other sources, and chooses not to make a qualifying share distribution, it may become subject to corporate-level income tax. A portion of the discount with respect to stripped tax-exempt securities or their coupons may be taxable.

**Municipal Debt Instruments.**

Economic downturns and budgetary constraints may make municipal securities more susceptible to downgrade, default and bankruptcy. In addition, difficulties in the municipal securities markets could result in increased illiquidity, price volatility and credit risk, and a decrease in the number of municipal securities investment opportunities. The value of municipal securities may also be affected by uncertainties involving the taxation of municipal securities or the rights of municipal securities holders in the event of a bankruptcy, as expanded further below. Proposals to restrict or eliminate the federal income tax exemption for interest on municipal securities are introduced before Congress from time to time. These uncertainties could affect the municipal securities market generally, certain specific segments of the market, or the relative credit quality of particular securities.

The City of Detroit filed for federal bankruptcy protection on July 18, 2013. The bankruptcy of large cities such as Detroit is relatively rare, making the consequences of such bankruptcy filings difficult to predict. Accordingly, it is unclear what impact a large city's bankruptcy filing would have on the city's outstanding obligations or on the obligations of other municipal issuers in that state. It is possible that the city could default on, restructure or otherwise avoid some or all of these obligations, which may negatively affect the marketability, liquidity and value of securities issued by the city and other municipalities in that state. If a Fund holds securities that are affected by a city's bankruptcy filing, the Fund's investments in those securities may lose value, which could cause the Fund's performance to decline.

**Municipal Obligations and Bonds.** The Core Plus Bond ETF may invest in "municipal obligations." Municipal obligations are debt obligations issued by states, territories and possessions of the United States and the District of Columbia and their political subdivisions, agencies and instrumentalities, or multi-state agencies or authorities the interest from which may be exempt from federal income tax in the opinion of bond counsel to the issuer. Municipal obligations include debt obligations issued to obtain funds for various public purposes and certain industrial development bonds issued by or on behalf of public authorities. Municipal obligations are classified as general obligation bonds, revenue bonds and notes. Municipal bonds generally have maturities of more than one year when issued and have two principal classifications—General Obligation Bonds and Revenue Bonds. Municipal bonds include:

**General Obligation Bonds** – are secured by the issuer's pledge of its faith, credit and taxing power for the payment of principal and interest. Timely payments on general obligation bonds depend on the issuer's credit quality, ability to raise tax revenues and ability to maintain an adequate tax base.

**Revenue Bonds** – are payable only from the revenues derived from a particular facility or group of facilities or from the proceeds of special excise or other specific revenue service and may be negatively affected by the general credit of the user of the facility.

**Additional types of municipal obligations include the following:** 

**Industrial Development Bonds** – are a type of revenue bond and do not generally constitute the pledge of credit of the issuer of such bonds but rather the pledge of credit by the core obligor. The payment of the principal and interest on such bonds is dependent on the facility's user to meet its financial obligations and the pledge, if any, of real and personal property financed as security for such payment. Industrial development bonds are issued by or on behalf of public authorities to raise money to finance public and private facilities for business, manufacturing, housing, ports, pollution control, airports, mass transit and other similar type projects. Industrial development bonds issued after the effective date of the Tax Reform Act of 1986, as well as certain other bonds, are now classified as "private activity bonds." Some, but not all, private activity bonds issued after that date qualify to pay tax-exempt interest.

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**Private Activity Bonds** – are issued by municipalities and other public authorities to finance development of industrial facilities for use by a private enterprise, which is solely responsible for paying the principal and interest on the bond, and payment under these bonds depends on the private enterprise's ability to do so.

**Moral Obligation Bonds** – are generally issued by special purpose public authorities of a state or municipality. If the issuer is unable to meet its obligations, repayment of these bonds becomes a moral commitment, but not a legal obligation, of the state or municipality.

**Municipal Lease Obligations** – are obligations in which the issuer agrees to make payments when due on the lease obligation. Although the issuer does not pledge its unlimited taxing power for payment of the lease obligation, the lease obligation is secured by the leased property.

**Pre-Refunded Municipal Bonds** – are tax-exempt bonds that have been refunded to a call date prior to the maturity of principal (or to the final maturity of principal, in the case of pre-refunded municipal bonds known as "escrowed-to-maturity bonds") and remain outstanding in the municipal market. Principal and interest payments on pre-refunded municipal bonds are funded from securities in designated escrow accounts holding U.S. Treasury securities or other obligations of the U.S. government and its agencies and instrumentalities. Issuers use pre-refunded municipal bonds to obtain more favorable terms with respect to bonds that are not yet callable or redeemable. Issuers can refinance their debt at lower rates when market interest rates decline, improve cash flow by restructuring the debt, or eliminate certain restrictive covenants. However, other than a change in revenue source from which principal and interest payments are made, the pre-refunded municipal bonds remain outstanding on their original terms until maturity or until redeemed by the issuer. These bonds often sell at a premium over face value. In the event a Fund sells a pre-refunded municipal bond prior to its maturity, the price received may be less than the bond's original cost, depending on market conditions at the time of sale.

Municipal obligations are subject to interest rate, credit and illiquidity risk and are affected by economic, business and political developments. Lower rated municipal obligations are subject to greater credit and market risk than higher quality municipal obligations. The value of these securities, or an issuer's ability to make payments, may be subject to provisions of litigation, bankruptcy and other laws affecting the rights and remedies of creditors, or may become subject to future laws extending the time for payment of principal and/or interest, or limiting the rights of municipalities to levy taxes. Timely payments by issuers of industrial development bonds are dependent on the money earned by the particular facility or amount of revenues from other sources, and may be negatively affected by the general credit of the user of the facility.

Municipal securities can be significantly affected by political changes as well as uncertainties in the municipal market related to taxation, legislative changes, or the rights of municipal security holders. In addition, the perceived increased likelihood of default among issuers of municipal bonds has resulted in increased illiquidity, increased price volatility and credit downgrades of such issuers. In addition, the current economic climate and the perceived increased likelihood of default among issuers of municipal bonds has resulted in increased illiquidity, increased price volatility and credit downgrades of such issuers. A lack of information regarding certain issuers may make their municipal securities more difficult to assess. Additionally, uncertainties in the municipal securities market could negatively affect a Fund's net asset value and/or the distributions paid by a Fund. Certain municipal obligations in which a Fund invests may pay interest that is subject to the alternative minimum tax.

To be tax exempt, municipal bonds must meet certain regulatory requirements. The failure of a municipal bond to meet these requirements may cause the interest received by a Fund from such bonds to be taxable. Interest on a municipal bond may be declared taxable after the issuance of the bond, and such a determination could be applied retroactively to the date of the issuance of the bond, causing a portion of prior distributions made by a Fund to be taxable to shareholders in the year of receipt. Additionally, income from municipal bonds may be declared taxable due to unfavorable changes in tax law, adverse interpretations by the Internal Revenue Service (the "IRS") or noncompliant conduct of a bond issuer.

Municipal obligations include the obligations of the governments of Puerto Rico and other U.S. territories and their political subdivisions, such as the U.S. Virgin Islands and Guam. General obligations and/or revenue bonds of issuers located in U.S. territories may be affected by political, social and economic conditions in such U.S. territories. The sources of payment for such obligations and the marketability thereof may be affected by financial and other difficulties experienced by such issuers. While the Commonwealth of Puerto Rico (the "Commonwealth" or "Puerto Rico") has taken significant steps toward fiscal stabilization, the Commonwealth continues to face serious fiscal challenges, including an extended period of chronic budget deficits, high debt levels, a protracted recession, high unemployment, and low workforce participation. In September 2017, Puerto Rico was hit by two successive hurricanes that caused severe damage to Puerto Rico's infrastructure. Additionally, Puerto Rico experienced significant political instability in 2019. Puerto Rico has high levels of national debt and its general obligation credit rating has been rated below investment grade by a number of nationally recognized statistical rating

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organizations. The Commonwealth's ratings reflect an economy in prolonged recession, limited economic activity, lower-than-estimated revenue collections, lackluster revenue growth, high government debt levels relative to the size of the economy, structural budget gaps, high spending and other potential fiscal challenges. The market prices and yields of Puerto Rican general obligations may be adversely affected by the ratings downgrade and any future downgrades. There can be no assurance that current or future economic difficulties in Puerto Rico will not adversely affect the market value of Puerto Rico municipal obligations or the ability of particular issuers to make timely payments of debt service on these obligations. Municipal bankruptcies are relatively rare, and certain provisions of the U.S. Bankruptcy Code governing such bankruptcies are unclear and remain untested. Although Puerto Rico is a U.S. Territory, neither Puerto Rico nor its subdivisions or agencies are eligible to file under the U.S. Bankruptcy Code in order to seek protection from creditors or restructure their debt. However, the U.S. Congress approved legislation that establishes an oversight board, temporarily stays creditor legislation and provides for a restructuring process. From 2017-2022, the Commonwealth, its Sales Tax Financing Corporation, Highways and Transportation Authority, Employees' Retirement System, Public Buildings Authority, and Aqueduct and Sewer Authority, were subject to the equivalent of municipal bankruptcy proceedings, known as "PROMESA" cases. During those proceedings, these municipal entities were unable to issue new municipal securities or repay existing municipal debt. At this time, Puerto Rico's Electric Power Authority ("PREPA") remains in such proceedings and subject to such restrictions. Moreover, the validity of PREPA's debt instruments (and thus whether the holders are entitled to any recovery at all) has been called into question and may be litigated as part of its PROMESA case. PROMESA is a novel federal law and many of its provisions have been disputed. Those agencies of the Commonwealth that are not currently debtors in PROMESA proceedings at this time may enter such proceedings in the future and, in any event, can be expected to be subject to many of the same stressors that caused the proceedings mentioned above. For these and other reasons, the timing and rate of recovery on municipal securities that have been or will be issued by the Commonwealth or any of its agencies are highly unpredictable. Further legislation by the U.S. Congress, or actions by the oversight board, or court approval of an unfavorable debt restructuring deal could have a negative impact on the marketability, liquidity or value of certain investments held by a Fund and could reduce a Fund's performance. Guam's economy depends in large measure on tourism and the U.S. military presence, each of which is subject to uncertainties as a result of global economic, social and political events. Any reduction in tourism or the U.S. military presence could adversely affect Guam's economy. Tourism accounts for a substantial portion of the U.S. Virgin Islands' gross domestic product. A weak economy, war, natural disasters, epidemic outbreaks or the threat of terrorist activity, among other influences that are beyond the control of the territory, can adversely affect its tourism.

Some municipal bonds 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 bond should default. Municipal bond insurance, which is usually purchased by the bond issuer from a private, non-governmental insurance company, provides an unconditional and irrevocable assurance that the insured bond's principal and interest will be paid when due. Insured municipal bonds typically receive a higher credit rating than uninsured municipal bonds, which means the issuer of the bond pays a lower interest rate. Insurance does not guarantee the price of the bond or the share price of a Fund.

The credit rating of an insured bond may reflect 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, and conditions or changes to ratings criteria of municipal bonds could adversely impact the ratings of the insurer. Rating agencies have lowered their ratings and withdrawn ratings on some municipal bond insurers. In such cases, the insurance may provide little or no enhancement of credit or resale value to the municipal bond, and the bond rating will reflect the higher of the insurer rating or the rating of the underlying bond.

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.

**Municipal Notes.** The Core Plus Bond ETF may invest in municipal notes. Municipal notes generally have maturities of one year or less when issued and are used to satisfy short-term capital needs. Municipal notes pay interest that is, in the opinion of bond counsel, generally excludable from gross income for federal income tax purposes (although the interest may be includable in taxable income for purposes of the alternative minimum tax). If there is a shortfall in the anticipated proceeds, the notes may not be fully repaid and a Fund may lose money. Municipal notes include:

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**Tax Anticipation Notes** – issued to finance working capital needs of municipalities and are generally issued in anticipation of future tax revenues.

**Bond Anticipation Notes** – issued in expectation of a municipality issuing a long-term bond in the future. Usually the long-term bonds provide the money for the repayment of the notes.

**Revenue Anticipation Notes** – issued in expectation of receipt of other types of revenues such as certain federal revenues.

**Construction Loan Notes** – sold to provide construction financing and may be insured by the Federal Housing Administration. After completion of the project, FNMA or GNMA frequently provides permanent financing.

**Pre-Refunded Municipal Bonds** – bonds no longer secured by the credit of the issuing entity, having been escrowed with U.S. Treasury securities as a result of a refinancing by the issuer. The bonds are escrowed for retirement either at original maturity or at an earlier call date.

**Tax Free Commercial Paper** – a promissory obligation issued or guaranteed by a municipal issuer and frequently accompanied by a letter of credit of a commercial bank. It is used by agencies of state and local governments to finance seasonal working capital needs, or as short-term financing in anticipation of long-term financing.

**Project Notes** – sold by the U.S. Department of Housing and Urban Development but issued by a state or local housing agency to provide financing for a variety of programs. They are backed by the full faith and credit of the U.S. government and generally carry a term of one year or less.

**Variable Rate Demand Notes** – long-term, taxable, or tax-exempt bonds issued on a variable rate basis that can be tendered for purchase at par whenever rates reset upon contractual notice by the investor. The bonds tendered are then resold by the remarketing agent in the secondary market to other investors. Variable Rate Demand Notes can be converted to a long term fixed rate security upon appropriate notice by the issuer. The pricing, quality and liquidity of the floating and variable rate demand instruments held by a Fund will continually be monitored.

**Tax Free Participation Certificates** – tax free floating, or variable rate demand notes which are issued by a municipal or governmental entity that sells a participation in the note. The pricing, quality and liquidity of the participation certificates will be continually monitored.

A participation certificate gives a Fund an undivided interest in the municipal obligation in the proportion that the Fund's participation interest bears to the total principal amount of the municipal obligation and provides the demand feature described below. Each participation is backed by: an irrevocable letter of credit or guaranty of a bank which may be the bank issuing the participation certificate, a bank issuing a confirming letter of credit to that of the issuing bank, or a bank serving as agent of the issuing bank with respect to the possible repurchase of the certificate of participation; or an insurance policy of an insurance company that has been determined to meet the prescribed quality standards for a Fund. A Fund has the right to sell the participation certificate back to the institution and draw on the letter of credit or insurance on demand after thirty days' notice for all or any part of the full principal amount of the Fund's participation interest in the security plus accrued interest. The demand feature is only intended to be exercised (1) upon a default under the terms of the bond documents, (2) as needed to provide liquidity to the Funds in order to make redemptions of Fund Shares, or (3) to maintain the required quality of its investment portfolios.

The institutions issuing the participation certificates will retain a service and letter of credit fee and a fee for providing the demand feature, in an amount equal to the excess of the interest paid on the instruments over the negotiated yield at which the participations were purchased by a Fund. The total fees generally range from 5% to 15% of the applicable prime rate or other interest rate index. A Fund will attempt to have the issuer of the participation certificate bear the cost of the insurance. A Fund retains the option to purchase insurance if necessary, in which case the cost of insurance will be a capitalized expense of the Fund.

**Puts, Stand-by Commitments and Demand Notes.** The Core Plus Bond ETF may purchase municipal obligations with the right to a "put" or "stand-by commitment." A "put" on a municipal obligation obligates the seller of the put to buy within a specified time and at an agreed upon price a municipal obligation the put is issued with. A stand-by commitment gives the holder the right to sell the underlying security to the seller at an agreed-upon price or yield on certain dates or within a specified period prior to maturity.

The Funds will enter into put and stand-by commitments with institutions such as banks and broker-dealers that are believed to continually satisfy the Funds' credit quality requirements.

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The Core Plus Bond ETF may also invest in demand notes and variable rate demand notes that are supported by credit and liquidity enhancements from entities such as banks, insurance companies, other financial institutions, or U.S. government agencies. Demand notes are obligations with the right to a "put," obligating the provider of the put to buy the security within a specified time and at an agreed upon price. Variable rate demand notes are floating rate instruments with terms of as much as 40 years which pay interest monthly or quarterly based on a floating rate that is reset daily or weekly based on an index of short-term municipal rates. Liquidity is provided with a put feature, which allows the holder to put the security at par plus accrued interest on any interest rate reset date, usually with one or seven days notice. Variable rate demand notes almost always have credit enhancements in the form of either a letter of credit or bond insurance.

The Funds may purchase floating or variable rate municipal obligations, some of which are subject to payment of principal by the issuer on demand by the Funds (usually not more than thirty days' notice). The Funds may also purchase floating or variable rate municipal obligations or participations therein from banks, insurance companies or other financial institutions which are owned by such institutions or affiliated organizations. Each participation is usually backed by an irrevocable letter of credit, or guaranty of a bank or insurance policy of an insurance company.

*Risk Factors.* The ability of the Funds to exercise the put or stand-by commitment may depend on the seller's ability to purchase the securities at the time the put or stand-by commitment is exercised or on certain restrictions in the buy back arrangement. A seller may be unable to honor a put or stand-by commitment for financial reasons. In the event the seller is unable to honor a put or stand-by commitment for financial reasons, a Fund may be a general creditor of the seller. Restrictions in the buy back arrangement may not obligate the seller to repurchase the securities or may prohibit the Funds from exercising the put or stand-by commitment except to maintain portfolio flexibility and liquidity. If there is a shortfall in the anticipated proceeds from demand notes, including variable rate demand notes, the notes may not be fully repaid and a Fund may lose money. (See "Investment Strategies and Portfolio Instruments —Municipal Notes—Tax Free Participation Certificates.")

**Variable Amount Master Demand Notes.** The Core Plus Bond ETF may invest in variable amount master demand notes. Variable amount master demand notes are unsecured obligations redeemable upon notice that permit investment of fluctuating amounts at varying rates of interest pursuant to direct arrangements with the issuer of the instrument. A variable amount master demand note differs from ordinary commercial paper in that (1) it is issued pursuant to a written agreement between the issuer and the holders, (2) its amount may, from time to time, be increased (may be subject to an agreed maximum) or decreased by the holder of the issue, (3) it is payable on demand, (4) its rate of interest payable varies with an agreed upon formula and (5) it is not typically rated by a rating agency.

**Variable and Floating Rate Securities.** The Core Plus Bond ETF may invest in variable and floating rate securities. A floating rate security is one whose terms provide for the automatic adjustment of an interest rate whenever the specified interest rate changes. A variable rate security is one whose terms provide for the automatic establishment of a new interest rate on set dates. The interest rate on floating rate securities is ordinarily tied to and is a specified margin above or below the prime rate of a specified bank or some similar objective standard, such as the yield on the 90-day U.S. Treasury Bill, and may change as often as daily. Generally, changes in interest rates on variable and floating rate securities will reduce changes in the securities' market value from the original purchase price resulting in the potential for capital appreciation or capital depreciation being less than for fixed–income obligations with a fixed interest rate. Variable and floating rate securities may decline in value if their interest rates do not rise as much, or as quickly, as interest rates in general. Conversely, floating rate securities will not generally increase in value if interest rates decline. Inverse floating rate securities may decrease in value if the interest rates increase. Inverse floating rate securities, which are securities whose interest rate bears an inverse relationship to the interest rate on another security, may also exhibit greater price volatility than a fixed rate obligation with similar credit quality.

The Core Plus Bond ETF may purchase variable rate U.S. government obligations which are instruments issued or guaranteed by the U.S. government, or an agency or instrumentality thereof, which have a rate of interest subject to adjustment at regular intervals but no less frequently than every 762 days. Variable rate U.S. government obligations whose interest rates are readjusted no less frequently than every 762 days will be deemed to have a maturity equal to the period remaining until the next readjustment of the interest rate.

**Commercial Paper.** The Core Plus Bond ETF may invest in commercial paper, which consists of short-term (usually 1 to 270 days) unsecured promissory notes issued by corporations in order to finance their current operations.

**Money Market Securities.** The Core Plus Bond ETF may invest in money market securities. Prices of money market securities rise and fall in response to interest rate changes. Generally, when interest rates rise, prices of money market securities fall. Money market securities are also subject to reinvestment risk. As interest rates decline, a money market fund's dividends (income) may decline because the fund must then invest in lower-yielding instruments. A Fund's ability to redeem

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shares of a money market fund may be impacted by recent regulatory changes relating to money market funds which require the imposition of liquidity fees unless certain exceptions apply. There is also a risk that money market securities will be downgraded in credit rating or go into default. Lower-rated securities, and securities with longer final maturities, generally have higher credit risks.

**Asset-Backed Commercial Paper.** The Core Plus Bond ETF may invest in asset-backed commercial paper. Asset-backed commercial paper is a fixed income obligation generally issued by a corporate-sponsored special purpose entity to which the corporation has contributed cash-flowing receivables such as credit card receivables or auto and equipment leases. Investment in asset-backed commercial paper is subject to the risk that insufficient proceeds from the projected cash flows of the contributed receivables are available to repay the commercial paper. Asset-backed commercial paper is usually unregistered and, therefore, transfer of these securities is restricted by the Securities Act of 1933.

**Indexed Commercial Paper.** The Core Plus Bond ETF may invest in indexed commercial paper, which is U.S.-dollar denominated commercial paper the yield of which is linked to certain foreign exchange rate movements. The yield to the investor on indexed commercial paper is established at maturity as a function of spot exchange rates between the U.S. dollar and a designated currency as of or about that time. The yield to the investor will be within a range stipulated at the time of purchase of the obligation, generally with a guaranteed minimum rate of return that is below, and a potential maximum rate of return that is above, market yields on U.S.-dollar denominated commercial paper, with both the minimum and maximum rates of return on the investment corresponding to the minimum and maximum values of the spot exchange rate two business days prior to maturity.

While such commercial paper entails risk of loss of principal, the potential for realizing gains as a result of changes in foreign currency exchange rates enables a Fund to hedge (or cross-hedge) against a decline in the U.S. dollar value of investments denominated in foreign currencies while providing an attractive money market rate of return.

**Credit and Liquidity Enhancements.** The Core Plus Bond ETF may invest in securities supported by credit and liquidity enhancements from third parties, generally letters of credit from foreign or domestic banks. Liquidity enhancements may be used to shorten the maturity of the debt obligation through a demand feature. Adverse changes in the credit quality of the entity issuing the enhancement, if contemporaneous with adverse changes in the enhanced security, could cause losses to a Fund and may affect its net asset value. The use of credit and liquidity enhancements exposes a Fund to counterparty risk, which is the risk that the entity issuing the credit and/or liquidity enhancement may not be able to honor its financial commitments.

**Funding Agreements.** The Core Plus Bond ETF may invest in various types of funding agreements. A funding agreement is an obligation of indebtedness negotiated privately between an investor and an insurance company. A funding agreement has a fixed maturity date and may have either a fixed or variable interest rate that is based on an index and guaranteed for a set time period. Because there is normally no secondary market for these investments, funding agreements purchased by a Fund may be regarded as illiquid and therefore will be subject to the Fund's limitation on illiquid investments.

**Other Financial Instruments Including Derivatives.**

**Options, Futures and Other Financial Instruments.** The Funds may use various types of financial instruments, some of which are derivatives, to attempt to manage the risk of the Funds' investments or for investment purposes (e.g., as a substitute for investing in securities). These financial instruments include, but are not limited to, options, futures, forward contracts and swaps. Derivatives may be used to take long or short positions. Positions in these financial instruments may expose a Fund to an obligation to another party.

Derivatives are generally subject to a number of risks such as leverage risk, liquidity risk, market risk, credit risk, default risk, counterparty risk, management risk, operational risk and legal risk. Certain of these risks do not apply to derivative instruments entered into for hedging or cash equitization, certain cleared derivative instruments, and written options contracts. Derivatives also involve the risk of mispricing or improper valuation and the risk that changes in the value of the derivative may not correlate exactly with the change in the value of the underlying asset, rate or index.

**Options and Futures.** The Funds may purchase and sell (write) both call and put options on securities, securities indexes, foreign currencies and other assets, and purchase and sell interest rate, foreign currency, index and other types of futures contracts and purchase and write options on such futures contracts for hedging purposes or to effect investment transactions consistent with a Fund's investment objective and strategies. If other types of options, futures contracts, or options on futures contracts are traded in the future, the Funds may also use those instruments, provided that their use is consistent with the Funds' investment objectives, and provided that their use is consistent with restrictions applicable to options and futures contracts currently eligible for use by the Funds.

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**Options on Securities and Indexes.** Each Fund may purchase and write both call and put options on securities and securities indexes in standardized contracts traded on foreign or national securities exchanges, boards of trade, or similar entities, or quoted on NASDAQ or on a regulated foreign or national over-the-counter market, and agreements, sometimes called cash puts, which may accompany the purchase of a new issue of bonds from a dealer.

Exchange-listed options are issued by a regulated intermediary, such as the Options Clearing Corporation ("OCC"), which guarantees the performance of the obligations of the parties to such options. This discussion uses the OCC as an example but is also applicable to other financial intermediaries. With certain exceptions, OCC-issued and exchange-listed options generally settle by physical delivery of the underlying security or currency, although cash settlements may sometimes be available. Index options and Eurodollar instruments are cash settled for the net amount, if any, by which the option is "in-the-money" (i.e., where the value of the underlying instruments exceeds, in the case of a call option, or is less than, in the case of a put option, the strike price of the option) at the time the option is exercised. Frequently, rather than taking or making delivery of the underlying instrument through the process of exercising the option, listed options are closed by entering into offsetting purchase or sale transactions that do not result in ownership of the new option.

A Fund's ability to close out its position as a purchaser or seller of an OCC or exchange-listed put or call option is dependent, in part, upon the liquidity of the option market. If one or more exchanges decide to discontinue the trading of an option (or a particular class or series of an option), the relevant market for that option on that exchange would cease to exist, although outstanding options on that exchange would generally continue to be exercisable in accordance with their terms.

Over-the-counter options ("OTC Options") are purchased from or sold to securities dealers, financial institutions or other parties ("Counterparties") through a direct bilateral agreement with the Counterparty. In contrast to exchange-listed options, which generally have standardized terms and performance mechanics, all the terms of an OTC Option, including such terms as method of settlement, term, exercise price, premium, guarantees and security, are set by negotiation of the parties.

Certain OTC Options will eventually be exchange-traded and cleared. Although these changes are expected to decrease the counterparty risk involved in bi-laterally negotiated contracts, exchange-trading and clearing would not make the contracts risk-free. Where OTC Options remain uncleared, if the Counterparty fails to make or take delivery of the security, currency or other instrument underlying an OTC Option it has entered into with a Fund or fails to make a cash settlement payment due in accordance with the terms of that option, the Fund will lose any anticipated benefits of the transaction. Accordingly, the creditworthiness of each such Counterparty or any guarantor or credit enhancement of the Counterparty's credit must be assessed to determine the likelihood that the terms of the OTC Option will be satisfied. A Fund will engage in OTC Option transactions only with U.S. Government securities dealers recognized by the Federal Reserve Bank of New York as "primary dealers" or broker/dealers, domestic or foreign banks or other financial institutions that have received (or the guarantors or the obligations of which have received) a minimum long-term Counterparty credit rating, including reassignments, of BBB- or better as defined by S&P or an equivalent rating from any nationally recognized statistical rating organization (using highest of split ratings) or determined to be of equivalent credit.

An option on a security (or securities index) is a contract that gives the purchaser of the option, in return for a premium, the right (but not the obligation) to buy from (in the case of a call) or sell to (in the case of a put) the writer of the option the security underlying the option at a specified exercise price at any time during the option period or on a specified date or dates, for certain types of options. The writer of an option on a security has the obligation upon exercise of the option, to deliver the underlying security upon payment of the exercise price (in the case of a call), or to pay the exercise price upon delivery of the underlying security (in the case of a put). Upon exercise, the writer of an option on an index is obligated to pay the difference between the cash value of the index and the exercise price multiplied by the specified multiplier (established by the exchange upon which the stock index is traded) for the index option. (An index is designed to reflect specified facets of a particular financial or securities market, a specified group of financial instruments or securities, or certain economic indicators.) Options on securities indexes are similar to options on specific securities except that settlement is in cash and gains and losses depend on price movements in the stock market generally (or in a particular industry or segment of the market), rather than price movements in a specific security.

A Fund may purchase a call option on securities to protect against substantial increases in prices of securities the Fund intends to purchase pending its ability or desire to purchase such securities in an orderly manner or as a cost-efficient alternative to acquiring the securities for which the option is intended to serve as a proxy. A Fund may purchase a put option on securities to protect holdings in an underlying or related security against a substantial decline in market value. Securities are considered related if their price movements generally correlate positively to one another.

A Fund, except for the Core Plus Bond ETF, will write call and put options only if they are "covered." In the case of written call options that are not legally required to cash settle, the option is "covered" if the Fund (a) owns the security underlying the call or purchases a call option on the same security or index where the purchased call is scheduled to settle before or at

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the same time as the call written (i) with a strike price no greater than the strike price of the call option sold or (ii) if the strike price is greater, the Fund segregates liquid assets at least equal to the difference in value or (b) has segregated liquid assets at least equal in value to the market value of the underlying security or index, less any margin on deposit. A written put option that is not legally required to cash settle is "covered" if the Fund (a) sells the underlying security short at a price at least equal to the strike price where the short sale is scheduled to settle before or at the same time as the written put option is written or (b) holds a put on the same security or index where the put held is scheduled to settle before or at the same time as the put written, and where the exercise price of the put held is (i) equal to or greater than the strike price of the put written, or (ii) less than the strike price of the put written, provided the difference is maintained by the Fund in liquid segregated assets. Written call and put options that are legally required to cash settle are covered if the Fund segregates liquid assets in an amount at least equal in value to the Fund's daily marked-to-market obligation, if any, less any margins on deposit.

If an option written by a Fund expires out of the money, the Fund realizes a capital gain equal to the premium received at the time the option was written. If an option purchased by a Fund expires unexercised, the Fund realizes a capital loss (long- or short-term depending on whether the Fund's holding period for the option is greater than one year) equal to the premium paid.

Prior to the earlier of exercise or expiration, as noted above, an option may generally be closed out by an offsetting purchase or sale of an option of the same series (type, exchange, underlying security or index, exercise price and expiration).

A Fund will realize a capital gain from a closing transaction on an option it has written if the cost of closing the option is less than the premium received from writing the option. If the cost of closing the option is more than the premium received from writing the option, the Fund will realize a capital loss. If the premium received from a closing sale transaction is more than the premium paid to purchase the option, the Fund will realize a capital gain. If the premium received from a closing sale transaction is less than the premium paid to purchase the option, the Fund will realize a capital loss. With respect to closing transactions on purchased options, the capital gain or loss realized will be short- or long-term depending on the holding period of the option closed out. The principal factors affecting the market value of a put or a call option include supply and demand, interest rates, the current market price of the underlying security or index in relation to the exercise price of the option, the volatility of the underlying security or index, and the time remaining until the expiration date.

The premium paid for a put or call option purchased by a Fund is an asset of the Fund. The premium received for an option written by a Fund is recorded as a liability. The value of an option purchased or written is marked-to-market daily and is valued at the closing price on the exchange on which it is traded or, if not traded on an exchange or no closing price is available, at the last bid.

*Risks Associated With Options On Securities and Indexes.* There are several risks associated with transactions in options on securities and on indexes. For example, there are significant differences between the securities and options markets that could result in an imperfect correlation between these markets, causing a given transaction not to achieve its objectives. A decision as to whether, when and how to use options involves the exercise of skill and judgment, and even a well-conceived transaction may be unsuccessful to some degree because of market behavior or unexpected events.

If a put or call option purchased by a Fund is not sold when it has remaining value, and if the market price of the underlying security or index, in the case of a put, upon expiration, remains equal to or greater than the exercise price or, in the case of a call, remains less than or equal to the exercise price, the Fund will lose its entire investment (i.e., the premium paid) on the option. When a Fund writes an option on a security or index, movements in the price of the underlying security or value of the index may result in a loss to the Fund. Also, where a put or call option on a particular security is purchased to hedge against price movements in a related security, the price of the put or call option may move more or less than the price of the related security.

There can be no assurance that a liquid market will exist if a Fund seeks to close out an option position. If a Fund were unable to close out an option that it had purchased on a security, it would have to exercise the option in order to realize any profit or the option may expire worthless. If a Fund were unable to close out a covered call option that it had written on a security, it would not be able to sell the underlying security unless the option expired without exercise.

As the writer of a covered call option (i.e., where a Fund holds the security underlying the option), a Fund forgoes, during the option's life, the opportunity to profit from increases in the market value of the underlying security above the exercise price, but, as long as its obligation as a writer continues, has retained a risk of loss should the price of the underlying security increase above the exercise price. It also retains a risk of loss on the underlying security should the price of the underlying security decrease. Where a Fund writes a put option, it is exposed during the term of the option to a decline in the price of the underlying security.

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If trading were suspended in an option purchased by a Fund, the Fund would not be able to close out the option. If restrictions on exercise were imposed, the Fund might be unable to exercise an option it has purchased. Except to the extent that a call option on an index written by the Fund is covered by an option on the same index purchased by the Fund, movements in the index may result in a loss to the Fund; however, such losses may be mitigated by changes in the value of the Fund's securities during the period the option was outstanding.

**Options on Foreign Currency.** A Fund may buy and sell put and call options on foreign currencies either on exchanges or in the over-the-counter market for the purpose of hedging against changes in future currency exchange rates or to effect investment transactions consistent with a Fund's investment objectives and strategies. Call options convey the right to buy the underlying currency at a price which is expected to be lower than the spot price of the currency at the time the option expires. Put options convey the right to sell the underlying currency at a price which is anticipated to be higher than the spot price of the currency at the time the option expires. Currency options traded on U.S. or other exchanges may be subject to position limits, which may limit the ability of a Fund to reduce foreign currency risk using such options. OTC Options differ from traded options in that they are two-party contracts with price and other terms negotiated between buyer and seller, and generally do not have as much market liquidity as exchange-traded options.

**Futures Contracts and Options on Futures Contracts.** A Fund may invest in interest rate futures contracts, foreign currency futures contracts, Secured Overnight Financing Rate ("SOFR") futures or stock index futures contracts, and options thereon that are traded on a U.S. or foreign exchange or board of trade or over-the-counter. A futures contract provides for the future sale by one party and purchase by another party of a specified quantity of financial instruments (such as GNMA certificates or Treasury bonds) or foreign currency at a specified price at a future date. A futures contract on an index (such as the S&P 500<sup>®</sup>) is an exchange-traded contract to take or make delivery of an amount of cash equal to the difference between the value of the index at the close of the last trading day of the contract and the price at which the index contract was originally written. In the case of futures contracts traded on U.S. exchanges, the exchange itself or an affiliated clearing corporation assumes the opposite side of each transaction (i.e., as buyer or seller). A futures contract may be satisfied or closed out by delivery or purchase, as the case may be, of the financial instrument or by payment of the change in the cash value of the index. Although the value of an index may be a function of the value of certain specified securities, no delivery of these securities is made. A public market exists in futures contracts covering several indexes as well as a number of financial instruments and foreign currencies, for example: the S&P 500<sup>®</sup>; the Russell 2000<sup>®</sup>; Nikkei 225; CAC-40; FTSE 100; the NYSE composite; U.S. Treasury bonds; U.S. Treasury notes; GNMA Certificates; three-month U.S. Treasury bills; Eurodollar certificates of deposit; the Australian Dollar; the Canadian Dollar; the British Pound; the Swiss Franc; the Mexican Peso and certain multinational currencies, such as the Euro. It is expected that other futures contracts will be developed and traded in the future. SOFR futures are typically dollar-denominated futures contracts or options on those contracts that are linked to SOFR, which is a broad measure of the cost of borrowing cash overnight collateralized by Treasury securities. In addition, foreign currency denominated instruments are available from time to time. SOFR futures contracts enable purchasers to obtain a fixed rate for the lending of funds and sellers to obtain a fixed rate for borrowings. A Fund might use SOFR futures contracts and options thereon to hedge against changes in SOFR, to which many interest rate swaps and fixed income instruments are linked.

A Fund may use futures contracts for both hedging purposes and to effect investment transactions consistent with its investment objective and strategies. For example, a Fund might use futures contracts to hedge against anticipated changes in interest rates that might adversely affect either the value of the Fund's securities or the price of the securities which the Fund intends to purchase. In addition, a Fund may use futures contracts to create equity exposure for its cash or, conversely, to reduce market exposure. See "Cash and Being Fully Invested" and "Hedging Strategies" for a fuller description of these strategies.

Frequently, using futures to affect a particular strategy instead of using the underlying or related security or index will result in lower transaction costs being incurred.

A Fund may also purchase and write call and put options on futures contracts. Options on futures contracts possess many of the same characteristics as options on securities and indexes (discussed above). A futures option gives the holder the right, in return for the premium paid, to assume a long position (in the case of a call) or short position (in the case of a put) in a futures contract at a specified exercise price at any time during the period of the option. Upon exercise of a call option, the holder acquires a long position in the futures contract and the writer is assigned the opposite short position. In the case of a put option, the opposite is true. An option on a futures contract may be closed out (before exercise or expiration) by an offsetting purchase or sale of an option on a futures contract of the same series.

There can be no assurance that a liquid market will exist at a time when a Fund seeks to close out a futures contract or an option position. Most futures exchanges and boards of trade limit the amount of fluctuation permitted in futures contract prices during a single day. Once the daily limit has been reached on a particular contract, no trades may be made that day at a

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price beyond that limit. In addition, certain of these instruments are relatively new and without a significant trading history. As a result, there is no assurance that an active secondary market will develop or continue to exist. Lack of a liquid market for any reason may prevent a Fund from liquidating an unfavorable position and the Fund would remain obligated to meet margin requirements until the position is closed.

When a purchase or sale of a futures contract is made by a Fund, the Fund is required to deposit with the broker a specified amount of cash or U.S. government securities ("initial margin"). The initial margin required for a futures contract is set by the exchange on which the contract is traded and, in certain cases, by the Fund's futures commission merchant ("FCM"). The required initial margin may be modified during the term of the contract including, among other reasons, as a result of periods of significant market volatility which affect the value of the initial margin deposited. Such requirements to deposit or maintain additional margin may be imposed at times when a Fund is unable to, or would face potential challenges in, meeting the additional margin requirement. Under these circumstances, a Fund could be required to, among other actions, reduce the Fund's exposure(s) giving rise to the additional margin requirement, sell or otherwise transfer other investments of the Fund to raise cash to satisfy the additional margin requirement, and/or hold cash on an ongoing basis – potentially at a disadvantageous time to the Fund – to satisfy the additional margin requirement. The initial margin is in the nature of a performance bond or good faith deposit on the futures contract which is returned to the Fund upon termination of the contract, assuming all contractual obligations have been satisfied. Each Fund expects to earn interest income on its initial margin deposits.

A futures contract held by a Fund is valued daily at the official settlement price of the exchange on which it is traded. Each day the Fund 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 a Fund, but is instead a settlement between the Fund and the FCM of the amount one would owe the other if the futures contract expired. In computing daily net asset value, each Fund will mark-to-market its open futures positions.

A Fund is also required to deposit and maintain margin with respect to put and call options on futures contracts written by it. Such margin deposits will vary depending on the nature of the underlying futures contract (and the related initial margin requirements), the current market value of the option, and other futures positions held by the Fund.

Although some futures contracts call for making or taking delivery of the underlying securities or other assets, generally these obligations are closed out prior to delivery by offsetting purchases or sales of matching futures contracts (same exchange, underlying security or index, and delivery month). If an offsetting purchase price is less than the original sale price, the Fund realizes a capital gain, or if it is more, the Fund realizes a capital loss. Conversely, if an offsetting sale price is more than the original purchase price, the Fund realizes a capital gain, or if it is less, the Fund realizes a capital loss. The transaction costs must also be included in these calculations. In the case of transactions, if any, involving certain regulated futures contracts, any gain or loss arising from the lapse, closing out or exercise of such positions generally will be treated as 60% long-term and 40% short-term capital gain or loss. In addition, at the close of each taxable year, such positions generally will be marked-to-market (i.e., treated as sold for fair market value), and any resulting gain or loss will be treated as 60% long-term and 40% short-term capital gain or loss.

**Limitations on Use of Futures and Options on Futures Contracts.** 

A Fund will only enter into futures contracts or options on futures contracts which are standardized and traded on a U.S. or foreign exchange, board of trade or similar entity, or quoted on an automated quotation system.

The Funds are limited in entering into futures contracts, options on futures contracts and swaps to positions which constitute "bona fide hedging" positions within the meaning and intent of applicable CFTC rules and, with respect to positions for non-"bona fide hedging" purposes, to positions for which (a) the aggregate initial margins and premiums required to establish non-hedging positions in futures and options on futures when aggregated with the independent amounts required to establish non-hedging positions in swaps, less the amount by which any such options are "in-the-money," do not exceed 5% of the Fund's net assets after taking into account unrealized profits and losses on those positions or (b) the aggregate net notional value of such instruments does not exceed 100% of the Fund's net assets, after taking into account unrealized profits and losses on those positions.

*Risks Associated with Futures and Options on Futures Contracts.* There are several risks associated with the use of futures and options on futures contracts as hedging techniques. A purchase or sale of a futures contract may result in losses in excess of the amount invested in the futures contract. There can be no guarantee that there will be a correlation between price movements in the hedging vehicle and in the portfolio securities being hedged. In addition, there are significant differences between the securities and futures markets that could result in an imperfect correlation between the markets, causing a given hedge not to achieve its objectives. The degree of imperfection of correlation depends on circumstances such as variations in speculative market demand for futures and options on futures contracts on securities, including technical influences in futures

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trading and options on futures contracts, and differences between the financial instruments being hedged and the instruments underlying the standard contracts available for trading in such respects as interest rate levels, maturities and creditworthiness of issuers. An incorrect correlation could result in a loss on both the hedged securities in a Fund and the hedging vehicle so that the portfolio return might have been greater had hedging not been attempted. A decision as to whether, when and how to hedge involves the exercise of skill and judgment, and even a well-conceived hedge may be unsuccessful to some degree because of market behavior or unexpected interest rate or other trends.

Futures exchanges may limit the amount of fluctuation permitted in certain futures contract prices during a single trading day. The daily limit establishes the maximum amount that the price of a futures contract may vary either up or down from the previous day's settlement price at the end of the current trading session. Once the daily limit has been reached in a futures contract subject to the limit, no more trades may be made on that day at a price beyond that limit. As a result, there can be no assurance that a liquid market will exist at a time when a Fund seeks to close out a futures contract or a futures option position. The daily limit governs only price movements during a particular trading day and therefore does not limit potential losses because the limit may work to prevent the liquidation of unfavorable positions. For example, futures prices have occasionally moved to the daily limit for several consecutive trading days with little or no trading, thereby preventing prompt liquidation of positions and subjecting some holders of futures contracts to substantial losses.

In addition, certain of these instruments are relatively new and without a significant trading history. As a result, there is no assurance that an active secondary market will develop or continue to exist. Lack of a liquid market for any reason may prevent a Fund from liquidating an unfavorable position and the Fund would remain obligated to meet margin requirements until the position is closed.

**Foreign Currency Futures Contracts.** The Funds are also permitted to enter into foreign currency futures contracts in accordance with their investment objectives and as limited by the procedures outlined above.

A foreign currency futures contract is an exchange-traded contract pursuant to which a party makes or accepts delivery of a specified type of currency at a specified price. Although such futures contracts by their terms call for actual delivery or acceptance of currency, in most cases the contracts are closed out before the settlement date without the making or taking of delivery.

The Funds may sell a foreign currency futures contract to hedge against possible variations in the exchange rate of the foreign currency in relation to the U.S. dollar or other currencies or to effect investment transactions consistent with the Funds' investment objectives and strategies. When a manager anticipates a significant change in a foreign exchange rate while intending to invest in a foreign security, a Fund may purchase a foreign currency futures contract to hedge against a rise in foreign exchange rates pending completion of the anticipated transaction or as a means to gain portfolio exposure to that currency. Such a purchase would serve as a temporary measure to protect the Fund against any rise in the foreign exchange rate which may add additional costs to acquiring the foreign security position. The Funds may also purchase call or put options on foreign currency futures contracts to obtain a fixed foreign exchange rate. The Funds may purchase a call option or write a put option on a foreign exchange futures contract to hedge against a decline in the foreign exchange rates or the value of its foreign securities. The Funds may write a call option or purchase a put option on a foreign currency futures contract as a partial hedge against the effects of declining foreign exchange rates on the value of foreign securities or as a means to gain portfolio exposure to a currency.

**Forward Foreign Currency Exchange Transactions ("Forward Currency Contracts").** The Funds may engage in forward currency contracts to hedge against uncertainty in the level of future exchange rates or to effect investment transactions consistent with the Funds' investment objectives and strategies. The Funds will conduct their forward foreign currency exchange transactions either on a spot (i.e., cash) basis at the rate prevailing in the currency exchange market, or through entering into forward currency exchange contracts to purchase or sell currency at a future date. A forward currency contract involves an obligation to purchase or sell a specific currency on a specific date in the future. For example, a forward currency contract may require a Fund to exchange a certain amount of U.S. dollars for a certain amount of Japanese Yen at a future date, which may be any fixed number of days from the date of the contract agreed upon by the parties, at a price set at the time of the contract. Forward currency contracts are (a) traded in an interbank market conducted directly between currency traders (typically, commercial banks or other financial institutions) and their customers, (b) often have deposit or initial margin requirements and (c) are consummated without payment of any commissions. The Funds may engage in forward contracts that involve transacting in a currency whose changes in value are considered to be linked (a proxy) to a currency or currencies in which some or all of the Funds' portfolio securities are or are expected to be denominated. A Fund's dealings in forward contracts may involve hedging involving either specific transactions or portfolio positions or taking a position in a foreign currency. Transaction hedging is the purchase or sale of foreign currency with respect to specific receivables or payables of a

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Fund generally accruing in connection with the purchase or sale of its portfolio securities. Position hedging is the sale of foreign currency with respect to portfolio security positions denominated or quoted in the currency. The Funds may enter into a forward currency contract to purchase a currency other than that held in the Funds' portfolios. Forward currency transactions may be made from any foreign currency into U.S. dollars or into other appropriate currencies.

At or before the maturity of a forward foreign currency contract, a Fund may either sell a portfolio security and 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 Fund will obtain, on the same maturity date, the same amount of the currency which it is obligated to deliver. If a Fund retains the portfolio security and engages in an offsetting transaction, the Fund, at the time of execution of the offsetting transaction, will incur a gain or a loss to the extent that movement has occurred in forward currency contract prices. Should forward prices decline during the period between the Fund's entering into a forward contract for the sale of a currency and the date that it enters into an offsetting contract for the purchase of the currency, the Fund will realize a gain to the extent that the price of the currency that it has agreed to sell exceeds the price of the currency that it has agreed to purchase. Should forward prices increase, the Fund will suffer a loss to the extent that the price of the currency it has agreed to purchase exceeds the price of the currency that it has agreed to sell.

Upon maturity of a forward currency contract, a Fund may (a) pay for and receive, or deliver and be paid for, the underlying currency, (b) negotiate with the dealer to roll over the contract into a new forward currency contract with a new future settlement date or (c) negotiate with the dealer to terminate the forward contract by entering into an offset with the currency trader whereby the parties agree to pay for and receive the difference between the exchange rate fixed in the contract and the then-current exchange rate. A Fund also may be able to negotiate such an offset prior to maturity of the original forward contract. There can be no assurance that new forward contracts or offsets will be available to the Funds.

The cost to a Fund of engaging in currency transactions varies with factors such as the currency involved, the length of the contract period and the market conditions then prevailing. Because transactions in currency exchange are usually conducted on a principal basis, no fees or commissions are typically involved. The use of a forward foreign currency contract does not eliminate fluctuations in the price of the underlying securities, but it does establish a rate of exchange that can be achieved in the future. In addition, although forward foreign currency contracts limit the risk of loss due to a decline in the value of a hedged currency, at the same time, they limit any potential gain that might result should the value of the currency increase.

If a devaluation is generally anticipated, a Fund may be able to contract to sell the currency at a price above the devaluation level that it anticipates. A Fund will not enter into a currency transaction if, as a result, it will fail to qualify as a regulated investment company under the Code for a given year.

Many foreign currency forwards will eventually be exchange-traded and cleared as discussed further below. Although these changes are expected to decrease the counterparty risk associated with bi-laterally negotiated contracts, exchange-trading and clearing would not make the contracts risk-free. In the forward foreign currency market, there are no daily price fluctuation limits, and adverse market movements could therefore continue to an unlimited extent over a period of time. Moreover, as with foreign currency futures contracts, a trader of forward contracts could lose amounts substantially in excess of its initial investments, due to the collateral requirements associated with such positions.

The market for forward currency contracts may be limited with respect to certain currencies. These factors will restrict a Fund's ability to hedge against the risk of devaluation of currencies in which the Fund holds securities and are unrelated to the qualitative rating that may be assigned to any particular portfolio security. Where available, the successful use of forward currency contracts draws upon special skills and experience with respect to such instruments and usually depends on the ability to forecast interest rate and currency exchange rate movements correctly. Should interest or exchange rates move in an unexpected manner, a Fund may not achieve the anticipated benefits of forward currency contracts or may realize losses and thus be in a worse position than if such strategies had not been used. In addition, the correlation between movements in the prices of such instruments and movements in the price of the securities and currencies hedged or used for cover will not be perfect. In the case of proxy hedging, there is also a risk that the perceived linkage between various currencies may not be present or may not be present during the particular time a Fund is engaged in that strategy.

A Fund's ability to dispose of its positions in forward currency contracts will depend on the availability of active markets in such instruments. It is impossible to predict the amount of trading interest that may exist in various types of forward currency contracts. Forward currency contracts may be closed out only by the parties entering into an offsetting contract. Therefore, no assurance can be given that the Fund will be able to utilize these instruments effectively for the purposes set forth above. Many foreign currency forward contracts will eventually be exchange-traded and cleared. Although these changes are expected to decrease the credit risk associated with bi-laterally negotiated contracts, exchange-trading and clearing would not make the contracts risk-free.

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*Additional Risks of Options on Securities, Futures Contracts, Options on Futures Contracts, and Forward Currency Contracts and Options Thereon Traded on Foreign Exchanges.* Options on securities, futures contracts, options on futures contracts, forward currency contracts and options on currencies may be traded on foreign exchanges. Such transactions 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 (1) other complex foreign, political, legal and economic factors; (2) lesser availability of data on which to make trading decisions than in the United States; (3) delays in a Fund's ability to act upon economic events occurring in foreign markets during non-business hours in the United States; (4) the imposition of different exercise and settlement terms and procedures and margin requirements than in the United States and (5) lesser trading volume.

**Swap Agreements and Swaptions.** The Funds may enter into swap agreements, on either an asset-based or liability-based basis, depending on whether they are hedging their assets or their liabilities, and will usually enter into swaps on a net basis (i.e., the two payment streams are netted out) with the Funds receiving or paying, as the case may be, only the net amount of the two payments. The Funds may also enter into swap agreements for investment purposes. When a Fund enters into a swap, it exchanges its obligations to pay or rights to receive payments for the obligations or rights to receive payments of another party (e.g., an exchange of floating rate payments for fixed rate payments).

The Funds may enter into several different types of swap agreements, including total return (equity and/or index), interest rate, currency, credit default and recovery lock swaps. Total return swaps are agreements where two parties exchange two sets of cash flows on predetermined dates for an agreed-upon amount of time. In a standard total return swap, the two parties agree to exchange the returns (or differentials in rates of return) earned or realized on particular investments or instruments. The returns may, for example, be an equity index value swapped with a floating rate plus or minus a pre-defined spread. The returns to be exchanged between the parties are calculated with respect to a "notional amount" (e.g., a specified dollar amount that is hypothetically invested in a "basket" of securities representing a particular index). Interest rate swaps are agreements that can be customized to meet each party's needs, and involve the exchange of a fixed payment per period for a payment that is not fixed. Currency swaps are agreements where two parties exchange specified principal amounts of different currencies which are followed by each paying the other a series of interest payments that are based on the principal cash flow. At maturity, the principal amounts are returned. Credit default swaps are agreements which allow the transfer of third-party credit risk (the possibility that an issuer will default on an obligation by failing to pay principal or interest in a timely manner) from one party to another. The lender faces the credit risk from a third party and the Counterparty in the swap agrees to insure this risk in exchange for regular periodic payments. Credit default swaps may include index credit default swaps, which are contracts on baskets or indices of credit instruments, which may include tranches of CMBS. Recovery lock swaps are agreements between two parties that provide for a fixed payment by one party and the delivery of a reference obligation, typically a bond, by the other party upon the occurrence of a credit event, such as a default, by the issuer of the reference obligation.

The Funds generally expect to enter into these transactions primarily to preserve a return or spread on a particular investment or portion of their portfolios or to protect against any increase in the price of securities they anticipate purchasing at a later date or for return enhancement. The Funds may also enter into these transactions as a substitute for holding securities directly. Under most swap agreements entered into by a Fund, the parties' obligations are determined on a "net basis." If there is a default by the other party to such a transaction, a Fund will have contractual remedies pursuant to the agreement related to the transaction.

The Funds may enter into swap agreements with Counterparties that meet RIM's credit quality limitations. The Funds will not enter into any swap agreement unless the Counterparty has a minimum senior unsecured credit rating or long-term Counterparty credit rating, including reassignments, of BBB- or better as defined by S&P or an equivalent rating from any nationally recognized statistical rating organization (using highest of split ratings) at the time of entering into such transaction. Some swaps the Fund may enter into, such as interest rate and certain credit default swaps, are traded on exchanges and subject to central clearing.

Certain derivatives, including swaps, may be subject to fees and expenses, and by investing in such derivatives indirectly through a Fund, a shareholder will bear the expenses of such derivatives in addition to expenses of the Fund.

There is a possibility of future regulatory changes altering, perhaps to a material extent, the nature of an investment in the Funds or the ability of the Funds to continue to implement their investment strategies. The futures markets are subject to comprehensive statutes, regulations, and margin requirements. In addition, the SEC, CFTC and the exchanges are authorized to take extraordinary actions in the event of a market emergency, including, for example, the retroactive implementation of

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speculative position limits or higher margin requirements, the establishment of daily price limits and the suspension of trading. The regulation of swaps and futures transactions in the United States is a rapidly changing area of law and is subject to modification by government and judicial action. The effect of any future regulatory change on the Funds is impossible to predict, but could be substantial and adverse.

In particular, the Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Dodd-Frank Act") is changing the way in which the U.S. financial system is supervised and regulated. Title VII of the Dodd-Frank Act sets forth the legislative framework for over-the-counter ("OTC") derivatives, including financial instruments, such as swaps, in which the Funds may invest. Title VII of the Dodd-Frank Act makes broad changes to the OTC derivatives market, grants significant new authority to the SEC and the CFTC to regulate OTC derivatives and market participants, and requires clearing and exchange trading of certain OTC derivatives transactions. The CFTC and SEC have approved joint final rules and interpretations that further define the terms "swap" and "security-based" swap and govern "mixed swaps" (the "Swap Definitions"). Under the Swap Definitions, the term "swap" includes OTC foreign exchange options, among other OTC contracts. The U.S. Department of the Treasury has determined that certain deliverable foreign exchange forwards and deliverable foreign exchange swaps are exempt from the definition of "swap." The occurrence of the effective date for the Swap Definitions triggered numerous effective and compliance dates for other rules promulgated by the CFTC and SEC under the Dodd-Frank Act. The Swap Definitions are broad and encompass a number of transactions that were historically not subject to CFTC or SEC regulation. The impact of the effectiveness of the Swap Definitions along with the implementation of the various other rules contingent on the promulgation of the Swap Definitions is impossible to predict, but could be substantial and adverse.

Provisions in the Dodd-Frank Act include registration, recordkeeping, capital and margin requirements for "swap dealers" and "major swap participants" as determined by the Dodd-Frank Act and applicable regulations, and the required use of clearinghouse mechanisms for many OTC derivative transactions. The CFTC, SEC and other federal regulators have adopted numerous rules and regulations implementing the provisions of the Dodd-Frank Act. It is not possible at this time to gauge the exact nature and scope of the impact of the Dodd-Frank Act on any Funds, but it is expected that swap dealers, major market participants and swap Counterparties, including the Funds, will experience new and/or additional compliance burdens and associated costs. The Dodd-Frank Act and the rules may negatively impact a Fund's ability to meet its investment objective either through limits or requirements imposed on it or its Counterparties. In particular, new position limits imposed on a Fund or its Counterparties' on-exchange and OTC trading may impact that Fund's ability to invest in a manner that efficiently meets its investment objective, and new requirements, including capital and mandatory clearing and margin, may increase the cost of a Fund's investments and cost of doing business, which could adversely affect investors. Similar to initial margin for futures contracts as discussed above, the required initial margin for cleared derivatives transactions may be modified during the term of the contract including, among other reasons, as a result of periods of significant market volatility which affect the value of the initial margin deposited.

The CFTC and the various exchanges have established limits referred to as "speculative position limits" on the maximum net long or net short positions that any person may hold or control in a particular futures contract, option on futures contract, and in some cases, OTC transaction that is economically equivalent to certain futures or options contracts on physical commodities. The CFTC's adoption of new and amended position limits for 25 specified physical commodity futures and related options contracts traded on exchanges, other futures contracts and related options directly or indirectly linked to such 25 specified contracts, and OTC transactions that are economically equivalent to the 25 specified contracts is a fairly new development. In addition, the CFTC also recently modified the bona fide hedging exemption for which certain swap dealers were previously eligible. This development could limit the amount of speculative OTC transaction capacity each swap dealer would have available for the Fund. Trading limits are imposed on the number of contracts that any person may trade on a particular trading day. An exchange or the CFTC may order the liquidation of positions found to be in violation of these limits and may impose sanctions or restrictions. Position limits may adversely affect the market liquidity of the futures, options and economically equivalent derivatives in which the Funds may invest. It is possible that positions held by a Fund may have to be liquidated in order to avoid exceeding such limits. Such modification or liquidation, if required, could adversely affect the operations and performance of a Fund.

*Credit Default Swaps.* The Core Plus Bond ETF may enter into credit default swaps. A credit default swap can refer to corporate issues, asset-backed securities or an index of assets, each known as the reference entity or underlying asset. Credit default swaps allow a Fund to acquire or reduce credit exposure to a particular issuer, asset or basket of assets. A Fund may act as either the buyer or the seller of a credit default swap. Depending upon the terms of the contract, the credit default swap may be closed via physical settlement. However, due to the possible or potential instability in the market, there is a risk that a Fund may be unable to deliver the underlying debt security to the other party to the agreement. Additionally, a Fund may not receive the expected amount under the swap agreement if the other party to the agreement defaults or becomes bankrupt. In an unhedged credit default swap, a Fund enters into a credit default swap without owning the underlying asset or debt

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issued by the reference entity. Certain standardized swaps, including certain credit default swaps, are subject to mandatory clearing, and more are expected to be subject to mandatory clearing in the future. The counterparty risk for cleared derivatives is generally lower than for uncleared derivatives, but cleared contracts are not risk-free. Clearing may subject a Fund to increased costs or margin requirements.

As the seller of protection in a credit default swap, a Fund would be required to pay the par or other agreed-upon value (or otherwise perform according to the swap contract) of a reference debt obligation to the Counterparty in the event of a default (or other specified credit event), and the Counterparty would be required to surrender the reference debt obligation. In return, the Fund would receive from the Counterparty a periodic stream of payments over the term of the contract provided that no credit event has occurred. If no credit event occurs, the Fund would keep the stream of payments and would have no payment obligations. As a seller of protection, a Fund would effectively add leverage to its portfolio because in addition to its total net assets, that Fund would be subject to investment exposure on the notional amount of the swap.

The Core Plus Bond ETF may also purchase protection via credit default swap contracts in order to offset the risk of default of debt securities held in their portfolios, in which case a Fund would function as the Counterparty referenced in the preceding paragraph.

Credit default swap agreements on corporate issues involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a default or other credit event. If a credit event occurs and cash settlement is not elected, a variety of other deliverable obligations may be delivered in lieu of the specific reference obligation. The ability to deliver other obligations may result in a cheapest-to-deliver option (the buyer of protection's right to choose the deliverable obligation with the lowest value following a credit event). The Core Plus Bond ETF may use credit default swaps on corporate issues to provide a measure of protection against defaults of the issuers (i.e., to reduce risk where a Fund owns or has exposure to the reference obligation) or to take an active long or short position with respect to the likelihood (as measured by the credit default swap's spread) of a particular issuer's default.

Credit default swap agreements on asset-backed securities also involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a default or other credit event. Unlike credit default swaps on corporate issues, deliverable obligations in most instances would be limited to the specific reference obligation as performance for asset-backed securities can vary across deals. Prepayments, principal paydowns, and other write-down or loss events on the underlying mortgage loans will reduce the outstanding principal balance of the reference obligation. These reductions may be temporary or permanent as defined under the terms of the swap agreement and the notional amount for the swap agreement generally will be adjusted by corresponding amounts. The Core Plus Bond ETF may use credit default swaps on asset-backed securities to provide a measure of protection against defaults (or other defined credit events) of the reference obligation or to take an active long or short position with respect to the likelihood of a particular reference obligation's default (or other defined credit events).

Credit default swap agreements on credit indices involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the reference obligations comprising the credit index. A credit index is a basket of credit instruments or exposures designed to be representative of some part of the credit market as a whole. These indices are made up of reference credits that are judged by a poll of dealers to be the most liquid entities in the credit default swap market based on the sector of the index. Components of the indices may include, but are not limited to, investment grade securities, high yield securities, asset-backed securities, emerging markets, and/or various credit ratings within each sector. Credit indices are traded using credit default swaps with standardized terms including a fixed spread and standard maturity dates. An index credit default swap references all the names in the index, and if there is a default, the credit event is settled based on that name's weight in the index. The composition of the indices changes periodically, usually every six months, and for most indices, each name has an equal weight in the index. Traders may use credit default swaps on indices to speculate on changes in credit quality.

Credit default swaps could result in losses if a Fund does not correctly evaluate the creditworthiness of the company or companies on which the credit default swap is based. Credit default swap agreements may involve greater risks than if a Fund had invested in the reference obligation directly since, in addition to risks relating to the reference obligation, credit default swaps are subject to the risks inherent in the use of swaps, including illiquidity risk and counterparty risk. A Fund will generally incur a greater degree of risk when selling a credit default swap than when purchasing a credit default swap. As a buyer of a credit default swap, a Fund may lose its investment and recover nothing should a credit event fail to occur and the swap is held to its termination date. As seller of a credit default swap, if a credit event were to occur, the value of any

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deliverable obligation received by a Fund, coupled with the upfront or periodic payments previously received, may be less than what it pays to the buyer, resulting in a loss of value to the Fund. In addition, there may be disputes between the buyer and seller of a credit default swap agreement or within the swaps market as a whole as to whether a credit event has occurred or what the payment should be. Such disputes could result in litigation or other delays, and the outcome could be adverse for the buyer or seller.

If the creditworthiness of a Fund's uncleared swap Counterparty declines, the risk that the Counterparty may not perform could increase, potentially resulting in a loss to the Fund. To limit the counterparty risk involved in uncleared swap agreements, the Funds will only enter into uncleared swap agreements with Counterparties that meet certain standards of creditworthiness. Although there can be no assurance that the Funds will be able to do so, the Funds may be able to reduce or eliminate their exposure under a swap agreement either by assignment or other disposition, or by entering into an offsetting swap agreement with the same party or another creditworthy party. The Funds may have limited ability to eliminate their exposure under a credit default swap if the credit of the reference entity or underlying asset has declined.

*Interest Rate Swaps.* The use of interest rate swaps is a highly specialized activity which involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. If this technique is incorrect in its forecast of market values, interest rates and other applicable factors, the investment performance of a Fund might diminish compared to what it would have been if this investment technique were not used.

Interest rate swaps do not involve the delivery of securities or other underlying assets or principal. Accordingly, the risk of loss with respect to interest rate swaps is limited to the net amount of interest payments that a Fund is contractually obligated to make. Interest rate swaps are traded on exchanges and are subject to central clearing. If the clearing house or FCM defaults, a Fund's risk of loss consists of the net amount of interest payments that the Funds are contractually entitled to receive. The counterparty risk for cleared derivatives is generally lower than for uncleared derivatives. However, clearing may subject a Fund to increased costs or margin requirements.

*Recovery Lock Swaps.* The Core Plus Bond ETF may enter into recovery lock swaps. Recovery lock swaps are used to "lock in" a recovery amount on the reference obligation at the time the parties enter into the agreement. In contrast to a credit default swap where the final settlement amount may be dependent on the market price for the reference obligation upon the credit event, a recovery lock swap fixes the settlement amount in advance and is not dependent on the market price of the reference obligation at the time of the credit event. Unlike certain other types of derivatives, recovery lock swaps generally do not involve upfront or periodic cash payments by either of the parties. Instead, payment and settlement occurs after there has been a credit event. If a credit event does not occur prior to the termination date of a recovery lock swap, the agreement terminates and no payments are made by either party. A party may enter into a recovery lock swap to purchase or sell a reference obligation upon the occurrence of a credit event. Recovery lock swaps are subject to certain risks, including, without limitation, the risk that a Counterparty will not accurately forecast the value of a reference obligation upon the occurrence of a credit event. In addition to general market risks, recovery lock swaps are subject to illiquidity risk, counterparty risk and credit risk. The market for recovery lock swaps is relatively new and is smaller and relatively less liquid than the market for credit default swaps and other derivatives. Elements of judgment may play a role in determining the value of a recovery lock. In addition, it may not be possible to enter into a recovery lock swap at an advantageous time or price.

*Swaptions.* The Funds may enter into swaptions (an option on a swap). In a swaption, in exchange for an option premium, the buyer gains the right but not the obligation to enter into a specified swap agreement with the issuer on a specified future date. The writer of the contract receives the premium and bears the risk of unfavorable changes in the preset rate on the underlying interest rate swap. Unrealized gains/losses on swaptions are reflected in investment assets and investment liabilities in the Fund's statements of financial condition.

*Equity Swaps (Total Return Swaps).* The Global Real Estate ETF may invest in certain types of equity swaps. Equity swaps allow the parties to a swap agreement to exchange the dividend income or other components of return on a basket of equity securities (an "equity basket swap") or individual equity security for another payment stream. An equity swap may be used by a Fund to invest in a market without owning or taking physical custody of securities in circumstances in which direct investment may be restricted for legal reasons or is otherwise deemed impractical or disadvantageous. A Fund will receive all of the economic benefits and risks equivalent to direct investments in the reference equity positions such as capital appreciation (depreciation), corporate actions, and dividends and interest received and paid, all of which are reflected in the swap value. The swap value may also include interest charges and credits related to the notional values of the equity positions and any cash balances within the swap. These interest charges and credits are based on defined market rates plus or minus a specified spread. The value of some components of an equity swap (such as the dividends on a common stock) may also be sensitive to changes in interest rates. Equity basket swaps provide a Fund exposure to a portfolio of long and/or short equity securities. These swaps are designed to function as a portfolio of direct investments in long and short equity positions and a Fund has the ability to trade in and out of long and short positions within the swap. A Fund may also gain exposure to

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long and/or short equity securities through multiple swaps on individual equity securities. Equity swaps normally do not involve the delivery of securities or other underlying assets. Accordingly, the risk of loss with respect to equity swaps is normally limited to the net amount of payments that a Fund is contractually obligated to make. If the other party to an equity swap defaults, a Fund's risk of loss consists of the net amount of payments that a Fund is contractually entitled to receive, if any.

*Index Swap Agreements.* The Funds may enter into index swap agreements to expose cash reserves to markets or to effect investment transactions consistent with the Funds' investment objectives and strategies. Index swap agreements are two-party contracts entered into primarily by institutional investors for periods ranging from a few weeks to more than one year. In a standard index swap transaction, the two parties agree to exchange the returns (or differentials in rates of return) earned or realized on particular investments or instruments. The returns to be exchanged between the parties are calculated with respect to a "notional amount" (i.e., a specified dollar amount that is hypothetically invested in a "basket" of securities representing a particular index).

No Fund will enter into a swap agreement, other than a centrally cleared or other swap not involving a securities-related issuer, with any single party if the net amount owed or to be received under existing contracts with that party would exceed 5% of that Fund's net assets.

**SEC Regulatory Matters.** The SEC rule related to the use of derivatives, reverse repurchase agreements and certain other transactions by registered investment companies requires that the Funds trade derivatives and other transactions that create future payment or delivery obligations subject to a value-at-risk ("VaR") leverage limit and certain derivatives risk management program and reporting requirements. Generally, these requirements apply unless a Fund qualifies as a "limited derivatives user," as defined in the rule. Under the rule, when a Fund trades reverse repurchase agreements or similar financing transactions, including certain tender option bonds, it needs to aggregate the amount of indebtedness associated with the reverse repurchase agreements or similar financing transactions with the aggregate amount of any other senior securities representing indebtedness when calculating the Fund's asset coverage ratio or treat all such transactions as derivatives transactions. Reverse repurchase agreements or similar financing transactions aggregated with other indebtedness do not need to be included in the calculation of whether a Fund is a limited derivatives user, but for Funds subject to the VaR testing, reverse repurchase agreements and similar financing transactions must be included for purposes of such testing whether treated as derivatives transactions or not. The SEC also provided guidance in connection with the rule regarding use of securities lending collateral that may limit the Funds' securities lending activities. In addition, under the rule, a Fund is permitted to invest in a security on a when-issued or forward-settling basis, or with a non-standard settlement cycle, and the transaction will be deemed not to involve a senior security under the 1940 Act, provided that (i) the Fund intends to physically settle the transaction and (ii) the transaction will settle within 35 days of its trade date (the "Delayed-Settlement Securities Provision"). A Fund may otherwise engage in such transactions that do not meet the conditions of the Delayed-Settlement Securities Provision so long as the Fund treats any such transaction as a "derivatives transaction" for purposes of compliance with the rule. Furthermore, under the rule, a Fund will be permitted to enter into an unfunded commitment agreement, and such unfunded commitment agreement will not be subject to the asset coverage requirements under the 1940 Act, if the Fund reasonably believes, at the time it enters into such agreement, that it will have sufficient cash and cash equivalents to meet its obligations with respect to all such agreements as they come due.

**Uncovered Options Transactions.** The Core Plus Bond ETF may write options that are not covered (or so called "naked options"). When a Fund sells an uncovered call option, it does not simultaneously have a long position in the underlying security. When a Fund sells an uncovered put option, it does not simultaneously have a short position in the underlying security. Uncovered options are riskier than covered options because there is no underlying security held by the Fund that can act as a partial hedge. Uncovered calls have speculative characteristics and the potential for loss is unlimited. There is also a risk, especially with relatively less liquid preferred and debt securities, that the securities may not be available for purchase. Uncovered call and put options have speculative characteristics and the potential loss is substantial.

**Stand-By Commitment Agreements.** The Core Plus Bond ETF may invest in "stand-by commitments" with respect to securities held in their portfolios. Under a stand-by commitment, a dealer agrees to purchase at a Fund's option specified securities at a specified price. A Fund's right to exercise stand-by commitments is unconditional and unqualified. Stand-by commitments acquired by a Fund may also be referred to as "put" options. A stand-by commitment is not transferable by a Fund, although a Fund can sell the underlying securities to a third party at any time. The principal risk of stand-by commitments is that the writer of a commitment may default on its obligation to repurchase the securities. When investing in stand-by commitments, a Fund will seek to enter into stand-by commitments only with brokers, dealers and banks that are believed to present minimal credit risks. A Fund acquires stand-by commitments only in order to facilitate portfolio liquidity and does not expect to exercise its rights under stand-by commitments for trading purposes.

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The amount payable to a Fund upon its exercise of a stand-by commitment is normally (i) the Fund's acquisition cost of the securities (excluding any accrued interest which the Fund paid on their acquisition), less any amortized market premium or plus any amortized market or original issue discount during the period the Fund owned the securities, plus (ii) all interest accrued on the securities since the last interest payment date during that period. A Fund expects that stand-by commitments will generally be available without the payment of any direct or indirect consideration. However, if necessary or advisable, a Fund may pay for a stand-by commitment either separately in cash or by paying a higher price for portfolio securities which are acquired subject to the commitment (thus reducing the yield-to-maturity otherwise available for the same securities). The total amount paid in either manner for outstanding stand-by commitments held in a Fund's portfolio will not exceed 1/2 of 1% of the value of the Fund's total assets calculated immediately after each stand-by commitment is acquired.

The acquisition of a stand-by commitment would not affect the valuation or assumed maturity of the underlying securities. Stand-by commitments acquired by a Fund would be valued at zero in determining net asset value. Where a Fund paid any consideration directly or indirectly for a stand-by commitment, its cost would be reflected as unrealized depreciation for the period during which the commitment was held by the Fund.

The IRS has issued a revenue ruling to the effect that a regulated investment company will be treated for federal income tax purposes as the owner of the municipal obligations acquired subject to a stand-by commitment and the interest on the municipal obligations will be tax-exempt to a Fund.

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**Taxes**

**Tax Information for All Funds.**

The following is only a summary of certain additional federal income tax considerations generally affecting the Trust, the Funds and their shareholders. No attempt is made to present a detailed explanation of the federal, state or local tax treatment of the Trust, the Funds or shareholders, and the discussion here and in each Fund's Prospectus is not intended to be a substitute for careful tax planning.

The following general discussion of certain federal income tax consequences is based on the Code and the regulations issued thereunder as in effect on the date of this SAI. New legislation, as well as administrative changes or court decisions, may significantly change the conclusions expressed herein, and may have a retroactive effect with respect to the transactions contemplated herein.

Each Fund of the Trust is generally treated as a separate corporation for federal income tax purposes. Thus, the provisions of the Code generally will be applied to each Fund separately, rather than to the Trust as a whole.

**Distributions of Net Investment Income.** Each Fund receives income generally in the form of dividends and interest on its investments. This income, less expenses incurred in the operation of the Fund, constitutes the Fund's net investment income from which dividends may be paid to you. If you are a taxable investor, any distributions by the Fund from such income (other than certain qualified dividend income, described below) will be taxable to you as ordinary income, whether you receive them in cash or in additional Shares.

If you are an individual investor, a portion of the dividends you receive from certain Funds may be treated as "qualified dividend income" which is taxable to individuals at the same rates that are applicable to long-term capital gains. A Fund's distribution is treated as qualified dividend income to the extent that the Fund receives dividend income from taxable domestic corporations and certain qualified foreign corporations, provided that certain holding period and other requirements are met. Fund distributions generally will not qualify as qualified dividend income to the extent attributable to interest, capital gains, REIT distributions and, in many cases, distributions from non-U.S. corporations. For individual and other non-corporate taxpayers, the maximum rate applicable to qualified dividend income is 20%.

**Sale of Shares.** When a shareholder's Shares are sold, redeemed or otherwise disposed of in a transaction that is treated as a sale for tax purposes, the shareholder will generally recognize gain or loss equal to the difference between the shareholder's adjusted tax basis in the Shares and the cash, or fair market value of any property, received. To aid in computing that tax basis, a shareholder should generally retain its account statements for the period that it holds Shares. If the shareholder holds the Shares as a capital asset at the time of sale, the character of the gain or loss should be capital, and treated as long-term if the shareholder's holding period is more than one year and short-term otherwise, subject to the rules below.

Certain special tax rules may apply to a shareholder's capital gains or losses on Fund Shares. If a shareholder receives a capital gain dividend with respect to Shares and such Shares have a tax holding period of six months or less at the time of a sale of such Shares, then any loss the shareholder realizes on the sale will be treated as a long-term capital loss to the extent of such capital gain dividend. Additionally, any loss realized on a sale of Shares of the Fund may be disallowed under "wash sale" rules to the extent the Shares disposed of are replaced with other Shares of the same Fund 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 the Fund. If disallowed, the loss will be reflected in an adjustment to the basis of the Shares acquired. If the Fund 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 sale would be the securities' fair market value on the date of the in-kind sale.

**Distributions of Capital Gain.** A Fund may realize a capital gain or loss in connection with sales or other dispositions of its portfolio securities. Distributions from net short-term capital gain will be taxable to you as ordinary income. Distributions from net long-term capital gain will be taxable to you as long-term capital gain, regardless of how long you have held your Shares in the Fund. Any net capital gain realized by a Fund generally will be distributed once each year, and may be distributed more frequently, if necessary, to reduce or eliminate excise or income taxes on the Fund. For individual and other non-corporate taxpayers, the maximum rate applicable to long-term capital gains is 20%.

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

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**Effect of Foreign Investments on Distributions.** Certain Funds may invest in foreign securities and may be subject to foreign withholding taxes on income from these securities. This, in turn, could reduce ordinary income distributions to you. If more than 50% of such a Fund's total assets at the end of the fiscal year is invested in foreign securities, the Fund may elect to pass through to you your pro rata share of foreign taxes paid by the Fund. If this election is made, the year-end statement you receive from the Fund will show more taxable income than was actually distributed to you. In that case, you will be entitled either to deduct your share of these taxes in computing your taxable income or to claim a foreign tax credit for these taxes against your U.S. federal income tax (subject to limitations for certain shareholders). The Fund will provide you with the information necessary to complete your personal income tax return if it makes this election.

**Information on the Amount and Tax Character of Distributions.** Character and tax status of all distributions will be available to shareholders after the close of each calendar year.

**Election to be Taxed as a Regulated Investment Company.** Each Fund intends to elect to be treated as a regulated investment company under Subchapter M of the Code. As a regulated investment company, a Fund generally pays no federal income tax on the income and gain it distributes to you. The Board of Trustees reserves the right not to maintain the qualification of a Fund as a regulated investment company if it determines such a course of action to be beneficial to shareholders. In such a case, the Fund would be subject to federal, and possibly state, corporate taxes on its taxable income and gain, and distributions to you would be taxed as ordinary dividend income to the extent of the Fund's earnings and profits.

**Creation Units.** As a result of U.S. federal income tax requirements, the Trust on behalf of a Fund, has the right to reject an order for a creation of Shares if the creator (or group of creators) would, upon obtaining the Shares so ordered, own 80% or more of the outstanding Shares of the Fund and if, pursuant to Section 351 of the Code, the Fund would have a basis in the Deposit Securities different from the market value of such securities on the date of deposit. The Trust also has the right to require information necessary to determine beneficial share ownership for purposes of the 80% determination. See "Creations and Redemptions."

A person who exchanges securities for Creation Units generally will recognize a gain or loss. The gain or loss will be equal to the difference between the market value of the Creation Units at the time of exchange and the sum of the exchanger's aggregate basis in the securities surrendered and the amount of any cash paid for such Creation Units. A person who exchanges Creation Units for securities will generally recognize a gain or loss equal to the difference between the exchanger's basis in the Creation Units and the sum of the aggregate market value of the securities received and the amount of any cash paid for such Creation Units. The IRS, however, may assert that a loss realized upon an exchange of primarily securities for Creation Units cannot be deducted currently under the rules governing "wash sales," or on the basis that there has been no significant change in economic position. Persons exchanging securities for Creation Units or redeeming Creation Units should consult their own tax adviser with respect to whether wash sale rules apply and when a loss might be deductible and the tax treatment of any creation or redemption transaction.

Under current U.S. federal income tax laws, any capital gain or loss realized upon a redemption (or creation) of Creation Units is generally treated as long-term capital gain or loss if the Fund Shares (or securities surrendered) have been held for more than one year and as a short-term capital gain or loss if the Fund Shares (or securities surrendered) have been held for one year or less.

**State and Local Tax Considerations.** Rules of state and local taxation of dividend and capital gains from regulated investment companies often differ from the rules for federal income taxation described above. Shareholders are urged to consult their tax advisors as to the consequences of these and other state and local tax rules regarding an investment in a Fund.

**Excise Tax Distribution Requirements.** To avoid federal excise taxes, the Code requires a Fund to distribute to you by December 31 of each year, at a minimum, the following amounts: 98% of its taxable ordinary income earned during the calendar year; 98.2% of its capital gain net income earned during the twelve-month period ending October 31; and 100% of any undistributed amounts from the prior year on which the Fund paid no federal income tax. Each Fund intends to declare and pay these distributions in December (or to pay them in January, in which case you must treat them as received in December) but can give no assurances that its distributions will be sufficient to eliminate all taxes.

**Sale of Fund Shares.** Sales of Fund Shares are taxable transactions for federal and state income tax purposes. If you held your Shares as a capital asset, the gain or loss that you realize will be capital gain or loss and will be long-term or short-term, generally depending on how long you held your Shares.

**Sales at a Loss Within Six Months of Purchase.** Any loss incurred on a sale of Shares held for six months or less will be treated as long-term capital loss to the extent of any long-term capital gain distributed to you by a Fund on those Shares.

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**Wash Sales.** All or a portion of any loss that you realize on a sale of your Fund Shares is disallowed to the extent that you buy other Shares in the Fund (through reinvestment of dividends or otherwise) within 30 days before or after you sell your Shares. Any loss disallowed under these rules is added to your tax basis in the new Shares.

**U.S. Government Securities.** The income earned on certain U.S. government securities is generally exempt from state and local personal income taxes if earned directly by you. States also grant tax-free status to dividends paid to you from interest earned on these securities, subject in some states to minimum investment or reporting requirements that must be met by a Fund. The income on Fund investments in certain securities, such as repurchase agreements, commercial paper and federal agency-backed obligations (e.g., Government National Mortgage Association ("GNMA") or Federal National Mortgage Association ("FNMA") securities), generally does not qualify for tax-free treatment. The rules on exclusion of this income are different for corporations.

**Dividends-Received Deduction for Corporations.** If you are a corporate shareholder, a percentage of the dividends paid by certain Funds for the most recent fiscal year may have qualified for the dividends-received deduction. You may be allowed to deduct a portion of these qualified dividends, thereby reducing the tax that you would otherwise be required to pay on these dividends, if certain holding period and other requirements are met. The dividends-received deduction will be available only with respect to dividends reported by a Fund as eligible for such treatment. If a Fund's income is derived primarily from either investments in foreign rather than domestic securities or interest rather than dividends, generally none of its distributions are expected to qualify for the corporate dividends-received deduction.

**Investment in Complex Securities.** Certain Funds may invest in complex securities that may be subject to numerous special and complex tax rules. These rules could affect whether gain or loss recognized by the Fund is treated as ordinary or capital, or as interest or dividend income. These rules could also accelerate the recognition of income to the Fund (possibly causing the Fund to sell securities to raise the cash for necessary distributions). These rules could defer the Fund's ability to recognize a loss, and, in limited cases, subject the Fund to U.S. federal income tax on income from certain foreign securities. These rules could, therefore, affect the amount, timing or character of the income distributed to you by the Fund.

**Non-U.S. Investors.** Non-U.S. investors are generally subject to U.S. withholding tax and may be subject to U.S. estate taxes, and are subject to special U.S. tax certification requirements. A portion of Fund distributions received by a non-U.S. investor may be exempt from U.S. withholding tax to the extent attributable to U.S. source interest income and short-term capital gains earned by a Fund if properly reported by the Fund. If a non-U.S. investor were to hold an interest of more than 5% in a Fund that were deemed to be a "U.S. real property holding company" by reason of holding significant interests (other than as a creditor) in other U.S. real property holding companies (including REITs) or "U.S. real property," certain Fund distributions could be taxable to such investor and require the investor to file U.S. tax returns and may also be subject to withholding taxes. Non-U.S. investors holding an interest of 5% or less in such a Fund may be subject to withholding tax with respect to certain Fund distributions that are attributable to U.S. real property gains, as well as ordinary income dividends.

A Fund will be required to withhold U.S. tax (at a 30% rate) on payments of dividends made to certain non-U.S. entities that fail to comply or be deemed compliant with extensive reporting and withholding requirements designed to inform the U.S. Department of the Treasury of U.S.-owned foreign investment accounts. Shareholders may be requested to provide additional information to a Fund to enable the Fund to determine whether withholding is required.

**Backup Withholding.** By law, each Fund must withhold a portion of your taxable distributions and sale proceeds unless you provide your correct social security or taxpayer identification number, certify that this number is correct, and certify that you are not subject to or are exempt from backup withholding. A Fund also must withhold if the IRS instructs it to do so. When withholding is required, the rate is 24%.

**Tax Considerations Relating to REIT and MLP Investments.** Non-corporate taxpayers generally may deduct 20% of "qualified business income." For this purpose, "qualified business income" generally includes ordinary REIT dividends and income derived from MLP investments. A Fund may pass through to shareholders the character of ordinary REIT dividends so as to allow non-corporate shareholders to claim this deduction. There currently is no mechanism for a Fund that invests in MLPs to similarly pass through to non-corporate shareholders the character of income derived from MLP investments. It is uncertain whether future legislation or other guidance will enable the Funds to pass through to non-corporate shareholders the ability to claim this deduction with respect to income derived from MLP investments.

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**Money Manager Information** 

**Russell Investments Core Plus Bond ETF**

RBC Global Asset Management (U.S.) Inc. and RBC Global Asset Management (UK) Limited are wholly owned subsidiaries of the Royal Bank of Canada, a publicly traded company.

Schroder Investment Management North America Inc. is an indirect wholly-owned subsidiary of Schroder PLC, a publicly-traded company.

**Russell INvestments Global Real Estate ETF**

AEW Capital Management, L.P. is controlled by the Caisse d'Epargne regional savings banks and the Banque Populaire regional cooperative banks through their indirect controlling ownership.

Resolution Capital Limited and Resolution Capital (US) Limited are controlled by Pinnacle Investment Management Group Limited, a public company listed on the Australian Securities Exchange, through its indirect controlling ownership.

RREEF America L.L.C. is a wholly-owned subsidiary of Deutsche Bank AG, a publicly-traded company. DWS Investments Australia Limited and DWS Alternatives Global Limited are indirect wholly-owned subsidiaries of Deutsche Bank AG, a publicly-traded company.

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**credit Rating definitions**

**MOODY'S INVESTORS SERVICE, INC. (MOODY'S):** 

**Global Long-Term Rating Scale**

Aaa –– Obligations rated 'Aaa' are judged to be of the highest quality, subject to the lowest level of credit risk.

Aa –– Obligations rated 'Aa' are judged to be of high quality and are subject to very low credit risk.

A –– Obligations rated 'A' are judged to be upper-medium grade and are subject to low credit risk.

Baa –– Obligations rated 'Baa' are judged to be medium-grade and subject to moderate credit risk and as such may possess certain speculative characteristics.

Ba –– Obligations rated 'Ba' are judged to be speculative and are subject to substantial credit risk.

B –– Obligations rated 'B' are considered speculative and are subject to high credit risk.

Caa –– Obligations rated 'Caa' are judged to be speculative and of poor standing and are subject to very high credit risk.

Ca –– Obligations rated 'Ca' are highly speculative and are likely in, or very near, default, with some prospect of recovery of principal and interest.

C –– Obligations rated 'C' are the lowest rated and are typically in default, with little prospect for recovery of principal or interest.

Moody's appends numerical modifiers 1, 2, and 3 to each generic rating classification from Aa through Caa. The modifier 1 indicates that the obligation ranks in the higher end of its generic rating category; the modifier 2 indicates a mid-range ranking; and the modifier 3 indicates a ranking in the lower end of that generic rating category. Additionally, a "(hyb)" indicator is appended to all ratings of hybrid securities issued by banks, insurers, finance companies, and securities firms.

**STANDARD & POOR'S RATINGS GROUP ("S&P"):** 

**Long-Term Issue Credit Ratings** 

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

AA –– An obligation rated 'AA' differs from the highest-rated obligations only to a small degree. The obligor's capacity to meet its financial commitments on the obligation is very strong.

A –– An obligation rated 'A' is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in higher-rated categories. However, the obligor's capacity to meet its financial commitments on the obligation is still strong.

BBB –– An obligation rated 'BBB' exhibits adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely to weaken the obligor's capacity to meet its financial commitments on the obligation.

BB, B, CCC, CC, C –– Obligations rated 'BB', 'B', 'CCC', 'CC', and 'C' are regarded as having significant speculative characteristics. 'BB' indicates the least degree of speculation and 'C' the highest. While such obligations will likely have some quality and protective characteristics, these may be outweighed by large uncertainties or major exposure to adverse conditions.

BB –– An obligation rated 'BB' is less vulnerable to nonpayment than other speculative issues. However, it faces major ongoing uncertainties or exposure to adverse business, financial, or economic conditions that could lead to the obligor's inadequate capacity to meet its financial commitments on the obligation.

B –– An obligation rated 'B' is more vulnerable to nonpayment than obligations rated 'BB', but the obligor currently has the capacity to meet its financial commitments on the obligation. Adverse business, financial, or economic conditions will likely impair the obligor's capacity or willingness to meet its financial commitments on the obligation.

CCC –– An obligation rated 'CCC' is currently vulnerable to nonpayment and is dependent upon favorable business, financial, and economic conditions for the obligor to meet its financial commitments on the obligation. In the event of adverse business, financial, or economic conditions, the obligor is not likely to have the capacity to meet its financial commitments on the obligation.

CC –– An obligation rated 'CC' is currently highly vulnerable to nonpayment. The 'CC' rating is used when a default has not yet occurred but S&P Global Ratings expects default to be a virtual certainty, regardless of the anticipated time to default.

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

D –– An obligation rated 'D' is in default or in breach of an imputed promise. For non-hybrid capital instruments, the 'D' rating category is used when payments on an obligation are not made on the date due, unless S&P Global Ratings believes that such payments will be made within the next five business days in the absence of a stated grace period or within the earlier of the stated grace period or the next 30 calendar days. The 'D' rating also will be used upon the filing of a bankruptcy petition or the taking of similar action and where default on an obligation is a virtual certainty, for example due to automatic stay provisions. A rating on an obligation is lowered to 'D' if it is subject to a distressed debt restructuring.

**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 rating categories.

NR indicates that a rating has not been assigned or is no longer assigned.

**FITCH INVESTORS SERVICE, INC. ("FITCH"):**

**Long-Term Ratings Scales**

AAA –– Highest credit quality. 'AAA' ratings denote the lowest expectation of default risk. They are assigned only in cases of exceptionally strong capacity for payment of financial commitments. This capacity is highly unlikely to be adversely affected by foreseeable events.

AA –– Very high credit quality. 'AA' ratings denote expectations of very low default risk. They indicate very strong capacity for payment of financial commitments. This capacity is not significantly vulnerable to foreseeable events.

A –– High credit quality. 'A' ratings denote expectations of low default risk. The capacity for payment of financial commitments is considered strong. This capacity may, nevertheless, be more vulnerable to adverse business or economic conditions than is the case for higher ratings.

BBB –– Good credit quality. 'BBB' ratings indicate that expectations of default risk are currently low. The capacity for payment of financial commitments is considered adequate, but adverse business or economic conditions are more likely to impair this capacity.

BB –– Speculative. 'BB' ratings indicate an elevated vulnerability to default risk, particularly in the event of adverse changes in business or economic conditions over time; however, business or financial flexibility exists that supports the servicing of financial commitments.

B –– Highly speculative. 'B' ratings indicate that material default risk is present, but a limited margin of safety remains. Financial commitments are currently being met; however, capacity for continued payment is vulnerable to deterioration in the business and economic environment.

CCC –– Substantial credit risk. Very low margin for safety. Default is a real possibility.

CC –– Very high levels of credit risk. Default of some kind appears probable.

C - Near default. A default or default-like process has begun, or for a closed funding vehicle, payment capacity is irrevocably impaired. Conditions that are indicative of a 'C' category rating for an issuer include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the issuer has entered into a grace or cure period following non-payment of a material financial obligation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the formal announcement by the issuer or their agent of a distressed debt exchange;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● a closed financing vehicle where payment capacity is irrevocably impaired such that it is not expected to pay interest and/or principal in full during the life of the transaction, but where no payment default is imminent.

RD - Restricted default.

'RD' ratings indicate an issuer that in Fitch's opinion has experienced:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● an uncured payment default or distressed debt exchange on a bond, loan or other material financial obligation, but

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● has not entered into bankruptcy filings, administration, receivership, liquidation, or other formal winding-up procedure, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● has not otherwise ceased operating.

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This would include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the selective payment default on a specific class or currency of debt;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the uncured expiry of any applicable grace period, cure period or default forbearance period following a payment default on a bank loan, capital markets security or other material financial obligation.

D –– Default. 'D' ratings indicate an issuer that in Fitch's opinion has entered into bankruptcy filings, administration, receivership, liquidation or other formal winding-up procedure or that has otherwise ceased business and debt is still outstanding.

Default ratings are not assigned prospectively to entities or their obligations; within this context, non-payment on an instrument that contains a deferral feature or grace period will generally not be considered a default until after the expiration of the deferral or grace period, unless a default is otherwise driven by bankruptcy or other similar circumstance, or by a distressed debt exchange.

In all cases, the assignment of a default rating reflects the agency's opinion as to the most appropriate rating category consistent with the rest of its universe of ratings and may differ from the definition of default under the terms of an issuer's financial obligations or local commercial practice.

**Note to Long-Term Ratings:**

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' ratings and ratings below the 'CCC' category.

**SECTOR SPECIFIC CREDIT RATING SERVICES**

**MOODY'S:** 

**U.S. Municipal Short-Term Debt and Demand Obligation Ratings**

**MIG Ratings**

We use the MIG scale for US municipal cash flow notes, bond anticipation notes and certain other short-term obligations, which typically mature in three years or less.

MIG-1 –– This designation denotes superior credit quality. Excellent protection is afforded by established cash flows, highly reliable liquidity support, or demonstrated broad-based access to the market for refinancing.

MIG-2 –– This designation denotes strong credit quality. Margins of protection are ample, although not as large as in the preceding group.

MIG-3 –– This designation denotes acceptable credit quality. Liquidity and cash-flow protection may be narrow, and market access for refinancing is likely to be less well-established.

SG –– This designation denotes speculative-grade credit quality. Debt instruments in this category may lack sufficient margins of protection.

**VMIG Ratings**

For variable rate demand obligations (VRDOs), Moody's assigns both a long-term rating and a short-term payment obligation rating. The long-term rating addresses the issuer's ability to meet scheduled principal and interest payments. The short-term payment obligation rating addresses the ability of the issuer or the liquidity provider to meet any purchase price payment obligation resulting from optional tenders ("on demand") and/or mandatory tenders of the VRDO. The short-term payment obligation rating uses the VMIG scale. Transitions of VMIG ratings with conditional liquidity support differ from transitions of Prime ratings reflecting the risk that external liquidity support will terminate if the issuer's long-term rating drops below investment grade. Please see our methodology that discusses obligations with conditional liquidity support. For VRDOs, we typically assign a VMIG rating if the frequency of the payment obligation is less than every three years. If the frequency of the payment obligation is less than three years, but the obligation is payable only with remarketing proceeds, the VMIG short-term rating is not assigned and it is denoted as "NR". Industrial development bonds in the US where the obligor is a corporate may carry a VMIG rating that reflects Moody's view of the relative likelihood of default and loss. In these cases, liquidity assessment is based on the liquidity of the corporate obligor.

VMIG 1 –– This designation denotes superior credit quality. Excellent protection is afforded by the superior short-term credit strength of the liquidity provider and structural and legal protections.

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VMIG 2 –– This designation denotes strong credit quality. Good protection is afforded by the strong short-term credit strength of the liquidity provider and structural and legal protections.

VMIG 3 –– This designation denotes acceptable credit quality. Adequate protection is afforded by the satisfactory short-term credit strength of the liquidity provider and structural and legal protections.

SG –– This designation denotes speculative-grade credit quality. Demand features rated in this category may be supported by a liquidity provider that does not have an investment grade short-term rating or may lack the structural or legal protections.

**S&P:** 

**Municipal Short-Term Note Ratings**

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Amortization schedule—the larger the final maturity relative to other maturities, the more likely it will be treated as a note; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Source of payment—the more dependent the issue is on the market for its refinancing, the more likely it will be treated as a note.

Note rating symbols are as follows:

SP-1 –– Strong capacity to pay principal and interest. An issue determined to possess a very strong capacity to pay debt service is given a plus (+) designation.

SP-2 –– Satisfactory capacity to pay principal and interest, with some vulnerability to adverse financial and economic changes over the term of the notes.

SP-3 –– Speculative capacity to pay principal and interest.

D -- is assigned upon failure to pay the note when due, completion of a distressed debt restructuring, or the filing of a bankruptcy petition or the taking of similar action and where default on an obligation is a virtual certainty, for example due to automatic stay provisions.

**SHORT-TERM RATINGS**

**MOODY'S:**

P-1 –– Ratings of Prime-1 reflect a superior ability to repay short-term obligations.

P-2 –– Ratings of Prime-2 reflect a strong ability to repay short-term obligations.

P-3 –– Ratings of Prime-3 reflect an acceptable ability to repay short-term obligations.

NP –– Issuers (or supporting institutions) rated Not Prime do not fall within any of the Prime rating categories.

**S&P:** 

A-1 –– A short-term obligation rated "A–1" is rated in the highest category by S&P Global Ratings. The obligor's capacity to meet its financial commitments on the obligation is strong. Within this category, certain obligations are designated with a plus sign (+). This indicates that the obligor's capacity to meet its financial commitments on these obligations is extremely strong.

A-2 –– A short-term obligation rated "A–2" is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in higher rating categories. However, the obligor's capacity to meet its financial commitments on the obligation is satisfactory.

A-3 –– A short-term obligation rated "A–3" exhibits adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely to weaken an obligor's capacity to meet its financial commitment on the obligation.

B –– A short-term obligation rated "B" is regarded as vulnerable and has significant speculative characteristics. The obligor currently has the capacity to meet its financial commitments; however, it faces major ongoing uncertainties which could lead to the obligor's inadequate capacity to meet its financial commitments.

C –– A short-term obligation rated "C" is currently vulnerable to nonpayment and is dependent upon favorable business, financial, and economic conditions for the obligor to meet its financial commitments on the obligation.

------

D –– A short-term obligation rated "D" is in default or in breach of an imputed promise. For non-hybrid capital instruments, the 'D' rating category is used when payments on an obligation are not made on the date due, unless S&P Global Ratings believes that such payments will be made within any stated grace period. However, any stated grace period longer than five business days will be treated as five business days. The 'D' rating also will be used upon the filing of a bankruptcy petition or the taking of similar action and where default on an obligation is a virtual certainty, for example due to automatic stay provisions. A rating on an obligation is lowered to 'D' if it is subject to a distressed debt restructuring.

**FITCH:**

F1 –– Highest short-term credit quality. Indicates the strongest intrinsic capacity for timely payment of financial commitments; may have an added "+" to denote any exceptionally strong credit feature.

F2 –– Good short-term credit quality. Good intrinsic capacity for timely payment of financial commitments.

F3 –– Fair short-term credit quality. The intrinsic capacity for timely payment of financial commitments is adequate.

B –– Speculative short-term credit quality. Minimal capacity for timely payment of financial commitments, plus heightened vulnerability to near term adverse changes in financial and economic conditions.

C –– High short-term default risk. Default is a real possibility.

RD –– Restricted default. Indicates an entity that has defaulted on one or more of its financial commitments, although it continues to meet other financial obligations. Typically applicable to entity ratings only.D –– Default. Indicates a broad-based default event for an entity, or the default of a short-term obligation.

------

**Financial Statements**

Because the Funds have not yet commenced operations, their financial information is not available.

------

**Appendix**

Prior to the date of this SAI, the Funds had not yet commenced operations and the Trust does not know of any persons who own of record or beneficially 5% or more of a Fund's shares as of such date.

------

PART C<u> </u>

<u>OTHER INFORMATION</u>

Item 28. <u>Exhibits</u> 

---

| | | |
|:---|:---|:---|
| (a) | (1) | [Certificate of Trust dated August 6, 2024 (incorporated by reference to the Registrant's Registration Statement on Form N-1A filed on November 19, 2024)](http://www.sec.gov/Archives/edgar/data/2042513/000119312524261555/d803996dex99a1.htm) |
|  | (2) | [Initial Declaration of Trust dated August 6, 2024 (incorporated by reference to the Registrant's Registration Statement on Form N-1A filed on November 19, 2024)](http://www.sec.gov/Archives/edgar/data/2042513/000119312524261555/d803996dex99a2.htm) |
|  | (3) | [Amended and Restated Declaration of Trust (filed herewith)](d937830dex99a3.htm) |
| (b) | (1) | [By-Laws (incorporated by reference to the Registrant's Registration Statement on Form N-1A filed on March 17, 2025)](http://www.sec.gov/Archives/edgar/data/2042513/000119312525055591/d923205dex99b1.htm) |
| (c) | (1) | Instruments Defining Rights of Security Holders (none) |
| (d) | (1) | [First Amended and Restated Advisory Agreement between Russell Investment Management, LLC and Russell Investments Exchange Traded Funds dated April 22, 2025 (filed herewith)](d937830dex99d1.htm) |
|  | (1)(a) | [Form of First Amendment to First Amended and Restated Advisory Agreement between Russell Investment Management, LLC and Russell Investments Exchange Traded Funds (filed herewith)](d937830dex99d1a.htm) |
|  | (2) | [Form of Non-Discretionary Investment Advisory Contract with Money Managers and Russell Investment Management, LLC (incorporated by reference to the Registrant's Registration Statement on Form N-1A filed on March 17, 2025)](http://www.sec.gov/Archives/edgar/data/2042513/000119312525055591/d923205dex99d2.htm) |
|  | (2)(a) | [Form of Portfolio Management Contract with Money Managers and Russell Investment Management, LLC (filed herewith)](d937830dex99d2a.htm) |
| (e) | (1) | [Distribution Agreement (incorporated by reference to the Registrant's Registration Statement on Form N-1A filed on March 17, 2025)](http://www.sec.gov/Archives/edgar/data/2042513/000119312525055591/d923205dex99e1.htm) |
|  | (1)(a) | [Form of First Amendment to Distribution Agreement (filed herewith)](d937830dex99e1a.htm) |
| (f) | (1) | Bonus or Profit Sharing Plans (none) |
| (g) | (1) | [Custody Agreement between State Street Bank and Trust Company and Russell Investments Exchange Traded Funds dated December 10, 2024 (incorporated by reference to the Registrant's Registration Statement on Form N-1A filed on January 31, 2025)](http://www.sec.gov/Archives/edgar/data/2042513/000119312525018021/d803984dex99g1.htm) |
|  | (1)(a) | [Form of Amendment Number 1 to Custody Agreement (filed herewith)](d937830dex99g1a.htm) |
| (h) | (1) | [Administration Agreement between Russell Investments Fund Services, LLC and Russell Investments Exchange Traded Funds dated February 25, 2025 (incorporated by reference to the Registrant's Registration Statement on Form N-1A filed on March 17, 2025)](http://www.sec.gov/Archives/edgar/data/2042513/000119312525055591/d923205dex99h1.htm) |
|  | (1)(a) | [Form of First Amendment to Administrative Agreement (filed herewith)](d937830dex99h1a.htm) |

---

------

---

| | | |
|:---|:---|:---|
|  | (2) | [Transfer Agency and Service Agreement between State Street Bank and Trust Company and Russell Investments Exchange Traded Funds dated January 22, 2025 (incorporated by reference to the Registrant's Registration Statement on Form N-1A filed on January 31, 2025)](http://www.sec.gov/Archives/edgar/data/2042513/000119312525018021/d803984dex99h2.htm) |
|  | (2)(a) | [Form of Amendment Number 1 to Transfer Agency and Service Agreement (filed herewith)](d937830dex99h2a.htm) |
|  | (3) | [Master Accounting Services Agreement between State Street Bank and Trust Company and Russell Investments Exchange Traded Funds dated January 22, 2025 (incorporated by reference to the Registrant's Registration Statement on Form N-1A filed on January 31, 2025)](http://www.sec.gov/Archives/edgar/data/2042513/000119312525018021/d803984dex99h3.htm) |
|  | (3)(a) | [Form of Amendment Number 1 to Master Accounting Services Agreement (filed herewith)](d937830dex99h3a.htm) |
|  | (4) | [Form of Authorized Participant Agreement (incorporated by reference to Post-Effective Amendment No. 1 filed on April 1, 2025)](http://www.sec.gov/Archives/edgar/data/2042513/000119312525070104/d940284dex99h4.htm) |
|  | (5) | [Form of Letter Agreements regarding fee waivers dated April 1, 2025 (incorporated by reference to the Registrant's Registration Statement on Form N-1A filed on March 17, 2025)](http://www.sec.gov/Archives/edgar/data/2042513/000119312525055591/d923205dex99h4.htm) |
|  | (5)(a) | [Letter Agreement regarding a fee waiver for the Global Equity Active ETF dated May 12, 2025 (filed herewith)](d937830dex99h5a.htm) |
| (i) | (1) | Opinion and Consent of Counsel (to be filed by amendment) |
| (j) | (1) | Other Opinions (none) |
| (k) | (1) | Financial Statements omitted from Item 27 (none) |
| (l) | (1) | [Form of Subscription Agreement (incorporated by reference to the Registrant's Registration Statement on Form N-1A filed on March 17, 2025)](http://www.sec.gov/Archives/edgar/data/2042513/000119312525055591/d923205dex99l1.htm) |
| (m) | (1) | Distribution Plan Pursuant to Rule 12b-1 (none) |
| (n) | (1) | Rule 18f-3 Plan (none) |
| (p) | Codes of Ethics of the following advisors and sub-advisors: | Codes of Ethics of the following advisors and sub-advisors: |
|  | (1) | [AEW Capital Management, L.P. (filed herewith)](d937830dex99p1.htm) |
|  | (2) | [Algert Global LLC (incorporated by reference to the Registrant's Registration Statement on Form N-1A filed on March 17, 2025)](http://www.sec.gov/Archives/edgar/data/2042513/000119312525055591/d923205dex99p1.htm) |
|  | (3) | [Ancora Advisors, LLC (incorporated by reference to the Registrant's Registration Statement on Form N-1A filed on March 17, 2025)](http://www.sec.gov/Archives/edgar/data/2042513/000119312525055591/d923205dex99p2.htm) |
|  | (4) | [Axiom Investors LLC (incorporated by reference to the Registrant's Registration Statement on Form N-1A filed on March 17, 2025)](http://www.sec.gov/Archives/edgar/data/2042513/000119312525055591/d923205dex99p3.htm) |
|  | (5) | [Barrow, Hanley, Mewhinney & Strauss, LLC (incorporated by reference to the Registrant's Registration Statement on Form N-1A filed on March 17, 2025)](http://www.sec.gov/Archives/edgar/data/2042513/000119312525055591/d923205dex99p4.htm) |
|  | (6) | [Boston Partners Global Investors, Inc. (filed herewith)](d937830dex99p6.htm) |
|  | (7) | [Calamos Advisors LLC (filed herewith)](d937830dex99p7.htm) |
|  | (8) | [Cohen & Steers (filed herewith)](d937830dex99p8.htm) |
|  | (9) | [Copeland Capital Management, LLC (incorporated by reference to the Registrant's Registration Statement on Form N-1A filed on March 17, 2025)](http://www.sec.gov/Archives/edgar/data/2042513/000119312525055591/d923205dex99p8.htm) |
|  | (10) | [DePrince, Race & Zollo, Inc. (incorporated by reference to the Registrant's Registration Statement on Form N-1A filed on March 17, 2025)](http://www.sec.gov/Archives/edgar/data/2042513/000119312525055591/d923205dex99p9.htm) |
|  | (11) | [First Sentier Investors (incorporated by reference to the Registrant's Registration Statement on Form N-1A filed on March 17, 2025)](http://www.sec.gov/Archives/edgar/data/2042513/000119312525055591/d923205dex99p10.htm) |

---

------

(12) [Intermede Investment Partners Limited (incorporated by reference to the Registrant's Registration Statement on Form N-1A filed on March 17, 2025)](http://www.sec.gov/Archives/edgar/data/2042513/000119312525055591/d923205dex99p11.htm)

(13) [Jacobs Levy Equity Management, Inc. (incorporated by reference to the Registrant's Registration Statement on Form N-1A filed on March 17, 2025)](http://www.sec.gov/Archives/edgar/data/2042513/000119312525055591/d923205dex99p12.htm)

(14) [Lord, Abbett & Co. LLC (incorporated by reference to the Registrant's Registration Statement on Form N-1A filed on March 17, 2025)](http://www.sec.gov/Archives/edgar/data/2042513/000119312525055591/d923205dex99p13.htm)

(15) [Numeric Investors LLC (incorporated by reference to Post-Effective Amendment No. 1 filed April 1, 2025)](http://www.sec.gov/Archives/edgar/data/2042513/000119312525070104/d940284dex99p14.htm)

(16) [Oaktree Fund Advisors, LLC (incorporated by reference to the Registrant's Registration Statement on Form N-1A filed on March 17, 2025)](http://www.sec.gov/Archives/edgar/data/2042513/000119312525055591/d923205dex99p14.htm)

(17) [Penn Capital Management Company, LLC (incorporated by reference to the Registrant's Registration Statement on Form N-1A filed on March 17, 2025)](http://www.sec.gov/Archives/edgar/data/2042513/000119312525055591/d923205dex99p15.htm)

(18) [Pzena Investment Management, LLC (incorporated by reference to the Registrant's Registration Statement on Form N-1A filed on March 17, 2025)](http://www.sec.gov/Archives/edgar/data/2042513/000119312525055591/d923205dex99p16.htm)

(19) [Ranger Investment Management, L.P. (incorporated by reference to the Registrant's Registration Statement on Form N-1A filed on March 17, 2025)](http://www.sec.gov/Archives/edgar/data/2042513/000119312525055591/d923205dex99p17.htm)

(20) [RBC Global Asset Management (UK) Limited (filed herewith)](d937830dex99p20.htm)

(21) [RBC Global Asset Management (U.S.) Inc. (filed herewith)](d937830dex99p21.htm)

(22) [Resolution Capital Limited (filed herewith)](d937830dex99p22.htm)

(23) [RREEF America L.L.C. (filed herewith)](d937830dex99p23.htm)

(24) [Russell Investment Management, LLC Code of Ethics (incorporated by reference to the Registrant's Registration Statement on Form N-1A filed on January 31, 2025)](http://www.sec.gov/Archives/edgar/data/2042513/000119312525018021/d803984dex99p1.htm)

(25) [Form of Russell Investments Exchange Traded Funds Independent Trustees' Code of Ethics (incorporated by reference to the Registrant's Registration Statement on Form N-1A filed on March 17, 2025)](http://www.sec.gov/Archives/edgar/data/2042513/000119312525055591/d923205dex99p19.htm)

(26) [Sands Capital Management, LLC (filed herewith)](d937830dex99p26.htm)

(27) [Sanders Capital, LLC (incorporated by reference to the Registrant's Registration Statement on Form N-1A filed on March 17, 2025)](http://www.sec.gov/Archives/edgar/data/2042513/000119312525055591/d923205dex99p21.htm)

(28) [Schroder Investment Management North America Inc. (filed herewith)](d937830dex99p28.htm)

(29) [Wellington Management Company LLP (incorporated by reference to the Registrant's Registration Statement on Form N-1A filed on March 17, 2025)](http://www.sec.gov/Archives/edgar/data/2042513/000119312525055591/d923205dex99p22.htm)

(30) Code of Ethics for Foreside Fund Services, LLC not applicable per Rule 17j-1(c)(3)

Item 29. <u>Persons Controlled by or Under Common Control with Registrant</u>

Item 30. [Indemnification (incorporated by reference to the Registrant's Registration Statement on Form N-1A filed on March 17, 2025)](http://www.sec.gov/Archives/edgar/data/2042513/000119312525055591/d923205dn1aa.htm)

Item 31. <u>Business and Other Connections of Investment Advisor</u> 

See Registrant's prospectus sections "Management of the Funds" and "The Money Managers," and the Statement of Additional Information sections "Structure and Governance—Trustees and Officers," and "Operation of The Trust."

Information as to the directors and officers of RIM, the Registrant's investment adviser, is included in its Form ADV filed with the SEC and is incorporated herein by reference thereto (SEC File No. 801-17141).

For information as to the business, profession, vocation or employment of a substantial nature of each money manager and the officers and directors of each money manager, reference is made to the current Form ADVs of each money manager filed under the Investment Advisers Act of 1940, incorporated herein by reference and the file numbers of which are as follows: <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• AEW Capital Management, L.P.

File No. 801-53421

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Algert Global LLC

File No. 801-61878

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Ancora Advisors, LLC

File No. 801-61770

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Axiom Investors LLC

File No. 801-56651

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Barrow, Hanley, Mewhinney & Strauss, LLC

File No. 801-31237

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Boston Partners Global Investors, Inc.

File No. 801-61786

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Calamos Advisors LLC

File No. 801-29688

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cohen & Steers Asia Limited

File No. 801-66371

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cohen & Steers Capital Management, Inc.

File No. 801-27721

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cohen & Steers UK Limited

File No. 801-67297

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Copeland Capital Management, LLC

File No. 801-68586

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• DePrince, Race & Zollo, Inc.

File No. 801-48779

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• DWS Alternatives Global Limited

File No. 801-66274

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• DWS Investments Australia Limited

File No. 801-57743

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• First Sentier Investors (Australia) IM Ltd

File No. 801-73006]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Intermede Global Partners Inc.

File No. 801-110691

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Intermede Investment Partners Limited

File No. 801-110745

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Jacobs Levy Equity Management, Inc.

File No. 801-28257

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Lord, Abbett & Co. LLC

File No. 801-6997

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Numeric Investors LLC

File No. 801-63276

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Oaktree Fund Advisors, LLC

File No. 801-112570

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Penn Capital Management Company, LLC

File No. 801-31452

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Pzena Investment Management, LLC

File No. 801-50838

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Ranger Investment Management, L.P.

File No. 801-62397

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• RBC Global Asset Management (U.S.) Inc.

File No. 801-20303

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• RBC Global Asset Management (UK) Limited

File No. 801-78436

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Resolution Capital Limited

File 801-67600

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• RREEF America L.L.C.

801-55209

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Sands Capital Management, LLC

File No. 801-64820

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Sanders Capital, LLC

File No. 801-70661

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Schroder Investment Management North America Inc.

File No. 801-15834

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Wellington Management Company LLP

File No. 801-15908

Item 32. <u>Principal Underwriters</u>

(a) Foreside Fund Services, LLC (the "Distributor") serves as principal underwriter for the following
investment companies registered under the Investment Company Act of 1940, as amended:

1. AB Active ETFs, Inc.

2. ABS Long/Short Strategies Fund

3. ActivePassive Core Bond ETF, Series of Trust for Professional Managers

4. ActivePassive Intermediate Municipal Bond ETF, Series of Trust for Professional Managers

5. ActivePassive International Equity ETF, Series of Trust for Professional Managers

6. ActivePassive U.S. Equity ETF, Series of Trust for Professional Managers

7. AdvisorShares Trust

8. AFA Private Credit Fund

9. AGF Investments Trust

10. AIM ETF Products Trust

11. Alexis Practical Tactical ETF, Series of Listed Funds Trust

12. AlphaCentric Prime Meridian Income Fund

13. American Century ETF Trust

14. Amplify ETF Trust

15. Applied Finance Dividend Fund, Series of World Funds Trust

16. Applied Finance Explorer Fund, Series of World Funds Trust

17. Applied Finance Select Fund, Series of World Funds Trust

18. Ardian Access LLC

19. ARK ETF Trust

20. ARK Venture Fund

21. Bitwise Funds Trust

22. BondBloxx ETF Trust

23. Bramshill Multi-Strategy Income Fund, Series of Investment Managers Series Trust

24. Bridgeway Funds, Inc.

25. Brinker Capital Destinations Trust

26. Brookfield Real Assets Income Fund Inc.

27. Build Funds Trust

28. Calamos Convertible and High Income Fund

29. Calamos Convertible Opportunities and Income Fund

30. Calamos Dynamic Convertible and Income Fund

31. Calamos Global Dynamic Income Fund

32. Calamos Global Total Return Fund

33. Calamos Strategic Total Return Fund

34. Carlyle Tactical Private Credit Fund

35. Cascade Private Capital Fund

------

36. Catalyst Strategic Income Opportunities Fund

37. CBRE Global Real Estate Income Fund

38. Center Coast Brookfield MLP & Energy Infrastructure Fund

39. Clifford Capital Partners Fund, Series of World Funds Trust

40. Cliffwater Corporate Lending Fund

41. Cliffwater Enhanced Lending Fund

42. Coatue Innovative Strategies Fund

43. Cohen & Steers ETF Trust

44. Convergence Long/Short Equity ETF, Series of Trust for Professional Managers

45. CornerCap Small-Cap Value Fund, Series of Managed Portfolio Series

46. CrossingBridge Pre-Merger SPAC ETF, Series of Trust for Professional
Managers

47. Curasset Capital Management Core Bond Fund, Series of World Funds Trust

48. Curasset Capital Management Limited Term Income Fund, Series of World Funds Trust

49. CYBER HORNET S&P 500<sup>®</sup> and Bitcoin 75/25 Strategy
ETF, Series of ONEFUND Trust

50. Davis Fundamental ETF Trust

51. Defiance Connective Technologies ETF, Series of ETF Series Solutions

52. Defiance Quantum ETF, Series of ETF Series Solutions

53. Denali Structured Return Strategy Fund

54. Dividend Performers ETF, Series of Listed Funds Trust

55. Dodge & Cox Funds

56. DoubleLine ETF Trust

57. DoubleLine Income Solutions Fund

58. DoubleLine Opportunistic Credit Fund

59. DoubleLine Yield Opportunities Fund

60. DriveWealth ETF Trust

61. EIP Investment Trust

62. Ellington Income Opportunities Fund

63. ETF Opportunities Trust

64. Exchange Listed Funds Trust

65. Exchange Place Advisors Trust

66. FlexShares Trust

67. Fortuna Hedged Bitcoin Fund, Series of Listed Funds Trust

68. Forum Funds

69. Forum Funds II

70. Forum Real Estate Income Fund

71. Fundrise Growth Tech Fund, LLC

72. Gramercy Emerging Markets Debt Fund, Series of Investment Managers Series Trust

73. Grayscale Funds Trust

74. Guinness Atkinson Funds

75. Harbor ETF Trust

76. Harris Oakmark ETF Trust

77. Hawaiian Tax-Free Trust

78. Horizon Kinetics Blockchain Development ETF, Series of Listed Funds Trust

79. Horizon Kinetics Energy and Remediation ETF, Series of Listed Funds Trust

80. Horizon Kinetics Inflation Beneficiaries ETF, Series of Listed Funds Trust

81. Horizon Kinetics Japan Owner Operator ETF, Series of Listed Funds Trust

82. Horizon Kinetics Medical ETF, Series of Listed Funds Trust

83. Horizon Kinetics SPAC Active ETF, Series of Listed Funds Trust

84. IDX Funds

85. Innovator ETFs Trust

86. Ironwood Institutional Multi-Strategy Fund LLC

87. Ironwood Multi-Strategy Fund LLC

88. Jensen Quality Growth ETF, Series of Trust for Professional Managers

89. John Hancock Exchange-Traded Fund Trust

------

90. Kurv ETF Trust

91. Lazard Active ETF Trust

92. LDR Real Estate Value-Opportunity Fund, Series of World Funds Trust

93. Mairs & Power Balanced Fund, Series of Trust for Professional Managers

94. Mairs & Power Growth Fund, Series of Trust for Professional Managers

95. Mairs & Power Minnesota Municipal Bond ETF, Series of Trust for Professional Managers

96. Mairs & Power Small Cap Fund, Series of Trust for Professional Managers

97. Manor Investment Funds

98. MoA Funds Corporation

99. Moerus Worldwide Value Fund, Series of Northern Lights Fund Trust IV

100. Morgan Stanley ETF Trust

101. Morgan Stanley Pathway Large Cap Equity ETF, Series of Morgan Stanley Pathway Funds

102. Morgan Stanley Pathway Small-Mid Cap Equity ETF, Series of Morgan
Stanley Pathway Funds

103. Morningstar Funds Trust

104. NEOS ETF Trust

105. Niagara Income Opportunities Fund

106. North Square Evanston Multi-Alpha Fund

107. NXG Cushing<sup>®</sup> Midstream Energy Fund

108. NXG NextGen Infrastructure Income Fund

109. OTG Latin American Fund, Series of World Funds Trust

110. Overlay Shares Core Bond ETF, Series of Listed Funds Trust

111. Overlay Shares Foreign Equity ETF, Series of Listed Funds Trust

112. Overlay Shares Hedged Large Cap Equity ETF, Series of Listed Funds Trust

113. Overlay Shares Large Cap Equity ETF, Series of Listed Funds Trust

114. Overlay Shares Municipal Bond ETF, Series of Listed Funds Trust

115. Overlay Shares Short Term Bond ETF, Series of Listed Funds Trust

116. Overlay Shares Small Cap Equity ETF, Series of Listed Funds Trust

117. Palmer Square Funds Trust

118. Palmer Square Opportunistic Income Fund

119. Partners Group Private Income Opportunities, LLC

120. Perkins Discovery Fund, Series of World Funds Trust

121. Philotimo Focused Growth and Income Fund, Series of World Funds Trust

122. Plan Investment Fund, Inc.

123. Point Bridge America First ETF, Series of ETF Series Solutions

124. Precidian ETFs Trust

125. Preferred-Plus ETF, Series of Listed Funds Trust

126. Rareview 2x Bull Cryptocurrency & Precious Metals ETF, Series of Collaborative Investment Series Trust

127. Rareview Dynamic Fixed Income ETF, Series of Collaborative Investment Series Trust

128. Rareview Systematic Equity ETF, Series of Collaborative Investment Series Trust

129. Rareview Tax Advantaged Income ETF, Series of Collaborative Investment Series Trust

130. Rareview Total Return Bond ETF, Series of Collaborative Investment Series Trust

131. REX ETF Trust

132. Renaissance Capital Greenwich Funds

133. Reynolds Funds, Inc.

134. RMB Investors Trust

135. Robinson Opportunistic Income Fund, Series of Investment Managers Series Trust

136. Robinson Tax Advantaged Income Fund, Series of Investment Managers Series Trust

137. Roundhill Ball Metaverse ETF, Series of Listed Funds Trust

138. Roundhill Cannabis ETF, Series of Listed Funds Trust

139. Roundhill ETF Trust

140. Roundhill Magnificent Seven ETF, Series of Listed Funds Trust

141. Roundhill Sports Betting & iGaming ETF, Series of Listed Funds Trust

142. Roundhill Video Games ETF, Series of Listed Funds Trust

143. Rule One Fund, Series of World Funds Trust

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144. Securian AM Real Asset Income Fund, Series of Investment Managers Series Trust

145. Six Circles Trust

146. Sound Shore Fund, Inc.

147. SP Funds Trust

148. Sparrow Funds

149. Spear Alpha ETF, Series of Listed Funds Trust

150. STF Tactical Growth & Income ETF, Series of Listed Funds Trust

151. STF Tactical Growth ETF, Series of Listed Funds Trust

152. Strategic Trust

153. Strategy Shares

154. Swan Hedged Equity US Large Cap ETF, Series of Listed Funds Trust

155. Tekla World Healthcare Fund

156. Tema ETF Trust

157. The 2023 ETF Series Trust

158. The 2023 ETF Series Trust II

159. The Community Development Fund

160. The Cook & Bynum Fund, Series of World Funds Trust

161. The Finite Solar Finance Fund

162. The Private Shares Fund **  

163. The SPAC and New Issue ETF, Series of Collaborative Investment Series Trust

164. Third Avenue Trust

165. Third Avenue Variable Series Trust

166. Tidal Trust I

167. Tidal Trust II

168. Tidal Trust III

169. TIFF Investment Program

170. Timothy Plan High Dividend Stock Enhanced ETF, Series of The Timothy Plan

171. Timothy Plan High Dividend Stock ETF, Series of The Timothy Plan

172. Timothy Plan International ETF, Series of The Timothy Plan

173. Timothy Plan Market Neutral ETF, Series of The Timothy Plan

174. Timothy Plan US Large/Mid Cap Core ETF, Series of The Timothy Plan

175. Timothy Plan US Large/Mid Core Enhanced ETF, Series of The Timothy Plan

176. Timothy Plan US Small Cap Core ETF, Series of The Timothy Plan

177. Total Fund Solution

178. Touchstone ETF Trust

179. T-Rex 2X Inverse Bitcoin Daily Target ETF, Series of World Funds Trust

180. T-Rex 2x Inverse Ether Daily Target ETF, Series of World Funds Trust

181. T-Rex 2X Long Bitcoin Daily Target ETF, Series of World Funds Trust

182. T-Rex 2x Long Ether Daily Target ETF

183. TrueShares Structured Outcome (April) ETF, Series of Listed Funds Trust

184. TrueShares Structured Outcome (August) ETF, Series of Listed Funds Trust

185. TrueShares Structured Outcome (December) ETF, Series of Listed Funds Trust

186. TrueShares Structured Outcome (February) ETF, Series of Listed Funds Trust

187. TrueShares Structured Outcome (January) ETF, Series of Listed Funds Trust

188. TrueShares Structured Outcome (July) ETF, Series of Listed Funds Trust

189. TrueShares Structured Outcome (June) ETF, Series of Listed Funds Trust

190. TrueShares Structured Outcome (March) ETF, Series of Listed Funds Trust

191. TrueShares Structured Outcome (May) ETF, Listed Funds Trust

192. TrueShares Structured Outcome (November) ETF, Series of Listed Funds Trust

193. TrueShares Structured Outcome (October) ETF, Series of Listed Funds Trust

194. TrueShares Structured Outcome (September) ETF, Series of Listed Funds Trust

195. U.S. Global Investors Funds

196. Union Street Partners Value Fund, Series of World Funds Trust

197. Vest Bitcoin Strategy Managed Volatility Fund, Series of World Funds Trust

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198. Vest S&P 500<sup>®</sup> Dividend Aristocrats Target Income
Fund, Series of World Funds Trust

199. Vest US Large Cap 10% Buffer Strategies Fund, Series of World Funds Trust

200. Vest US Large Cap 10% Buffer Strategies VI Fund, Series of World Funds Trust

201. Vest US Large Cap 20% Buffer Strategies Fund, Series of World Funds Trust

202. Vest US Large Cap 20% Buffer Strategies VI Fund, Series of World Funds Trust

203. Virtus Stone Harbor Emerging Markets Income Fund

204. Volatility Shares Trust

205. WEBs ETF Trust

206. Wedbush Series Trust

207. Wellington Global Multi-Strategy Fund

208. Wilshire Mutual Funds, Inc.

209. Wilshire Variable Insurance Trust

210. WisdomTree Digital Trust

211. WisdomTree Trust

212. XAI Octagon Floating Rate & Alternative Income Term Trust

(b) The following are the Officers and Manager of the Distributor, the Registrant's underwriter. The Distributor's main business address is 190 Middle Street, Suite 301, Portland, Maine 04101.

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| | | | |
|:---|:---|:---|:---|
| Name | Address | Position with<br> Underwriter | Position with<br>Registrant |
| Teresa Cowan | 190 Middle Street, Suite<br>301, Portland, ME 04101 | President/Manager |  |
| Chris Lanza | 190 Middle Street, Suite<br>301, Portland, ME 04101 | Vice President |  |
| Kate Macchia | 190 Middle Street, Suite<br>301, Portland, ME 04101 | Vice President |  |
| Alicia Strout | 190 Middle Street, Suite<br>301, Portland, ME 04101 | Vice President and Chief Compliance Officer |  |
| Kelly B. Whetstone | 190 Middle Street, Suite<br>301, Portland, ME 04101 | Secretary |  |
| Susan L. LaFond | 190 Middle Street, Suite<br>301, Portland, ME 04101 | Treasurer |  |
| Weston Sommers | 190 Middle Street, Suite<br>301, Portland, ME 04101 | Financial and Operations Principal and Chief Financial Officer |  |

---

(c) Not applicable.

Item 33. <u>Location of Accounts and Records</u>

All accounts and records required to be maintained by section 31(a) of the 1940 Act and Rules 31a-1 to 31a-3 thereunder are maintained in the following locations:

---

| | |
|:---|:---|
| Registrant | RIM |
| Russell Investments Exchange<br> Traded Funds | Russell Investment<br> Management, LLC |
| 1301 Second Avenue, | 1301 Second Avenue |
| 18<sup>th</sup> Floor | 18<sup>th</sup> Floor |
| Seattle, Washington 98101 | Seattle, Washington 98101 |

---

------

---

| | |
|:---|:---|
| Fund Administration |  |
| Russell Investments Fund Services, LLC<br> 1301 Second Avenue,<br> 18<sup>th</sup> Floor<br> Seattle, Washington 98101 |  |
| Custodian | MM |
| State Street Bank and Trust | Money Managers |
| Company | &nbsp;&nbsp;&nbsp;&nbsp; <u>See</u>, Prospectus Section |
| 1776 Heritage Drive | &nbsp;&nbsp;&nbsp;&nbsp; "Money Manager Information" |
| North Quincy, Massachusetts 02171 | &nbsp;&nbsp;&nbsp;&nbsp; for Names and Addresses |

---

Item 34. <u>Management Services</u>

None except as described in Parts A and B.

Item 35. <u>Undertakings</u>

------

**SIGNATURES** 

Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant, Russell Investments Exchange Traded Funds, has duly caused this Post Effective Amendment No. 2 to its Registration Statement to be signed on its behalf by the undersigned, duly authorized, in the City of Seattle, and State of Washington, on the 28th day of August, 2025.

---

| | |
|:---|:---|
| <u>RUSSELL INVESTMENTS EXCHANGE TRADED FUNDS</u> | <u>RUSSELL INVESTMENTS EXCHANGE TRADED FUNDS</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Registrant | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Registrant |
| By: | /s/Vernon Barback |
|  | Vernon Barback, Trustee, President and Chief Executive |
|  | Officer (Principal 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 indicated on August 28, 2025.

---

| | |
|:---|:---|
| Signatures | Signatures |
| /s/ Vernon Barback | /s/ Ross Erickson |
| Vernon Barback, Trustee, President and | Ross Erickson, Treasurer, Chief Financial |
| Chief Executive Officer | Officer (Principal Financial Officer) and Chief |
| (Principal Executive Officer) | Accounting Officer (Principal Accounting Officer) |
| /s/ Michelle L. Cahoon | /s/ Michael Day |
| Michelle L. Cahoon, Trustee | Michael Day, Trustee |
| /s/ Julie Dien Ledoux | /s/ Jeremy May |
| Julie Dien Ledoux, Trustee | Jeremy May, Trustee |
| /s/ Ellen M. Needham | /s/ Jeannie Shanahan |
| Ellen M. Needham, Trustee | Jeannie Shanahan, Trustee |
| /s/ Raymond P. Tennison, Jr. | /s/ Jack R. Thompson |
| Raymond P. Tennison, Jr., Trustee | Jack R. Thompson, Trustee |

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------

**POWERS OF ATTORNEY** 

KNOW ALL PERSONS BY THESE PRESENTS, that the undersigned Trustees and Officers of Russell Investments Exchange Traded Funds (the "Trust") do hereby severally constitute and appoint Mary Beth Albaneze, Jessica Gates and Andrea Hood, or any of them, the true and lawful agents and attorneys-in-fact of the undersigned with respect to all matters arising in connection with the Trust's Registration Statement on Form N-1A (File Nos. 333-283326 and 811-24027), Post-Effective Amendments and any and all amendments or supplements thereto and any other of the Trust's filings with the Securities Exchange Commission, including proxy statements, with full power and authority to execute said Registration Statement, Post-Effective Amendment or filing for and on behalf of the undersigned, in our names and in the capacity indicated below, and to file the same, together with all exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission. The undersigned hereby give to said agents and attorneys-in-fact full power and authority to act in the premises, including, but not limited to, the power to appoint a substitute or substitutes to act hereunder with the same power and authority as said agents and attorneys-in-fact would have if personally acting. The undersigned hereby ratify and confirm all that said agents and attorneys-in-fact, or any substitute or substitutes, may do by virtue hereof. This Power of Attorney shall be revocable with respect to an undersigned at any time by a writing signed by such undersigned and shall terminate automatically with respect to an undersigned if such undersigned ceases to be a Trustee or Officer of the Trust.

WITNESS the due execution hereof on the date and in the capacity set forth below.

---

| | | |
|:---|:---|:---|
| SIGNATURE | TITLE | DATE |
| /s/ Ross Erickson | Treasurer, Chief Financial | August 19, 2025 |
| Ross Erickson | Officer and Chief |  |
|  | Accounting Officer |  |

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RUSSELL INVESTMENTS EXCHANGE TRADED FUNDS

FILE NO. 333-283326

<u>FILE NO. 811-24027</u> 

<u>EXHIBITS</u> 

Listed in Part C, Item 28

To Post-Effective Amendment No. 2

and Amendment No. 4

to

Registration Statement on Form N-1A

Under

Securities Act of 1933

and

Investment Company Act of 1940

## Ex-99.(A)(3)

**RUSSELL INVESTMENTS EXCHANGE TRADED FUNDS** 

**AMENDED AND RESTATED** 

**DECLARATION OF TRUST** 

**FEBRUARY 24, 2025** 

------

**TABLE OF CONTENTS** 

---

| | | |
|:---|:---|:---|
|  |  | **Page** |
| ARTICLE I THE TRUST | ARTICLE I THE TRUST | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 1.1. | Name | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 1.2. | Definitions | 1 |
| ARTICLE II PURPOSE OF TRUST | ARTICLE II PURPOSE OF TRUST | 2 |
| ARTICLE III THE TRUSTEES | ARTICLE III THE TRUSTEES | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.1. | Number, Designation, Election, Term, etc. | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.2. | Powers of Trustees | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.3. | Certain Contracts | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.4. | Payment of Trust Expenses and Compensation of Trustees | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.5. | Ownership of Assets of the Trust | 7 |
| ARTICLE IV SHARES | ARTICLE IV SHARES | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.1. | Description of Shares | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.2. | Establishment and Designation of Series | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.3. | Establishment and Designation of Classes of the Series | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.4. | Ownership of Shares | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.5. | Investments in the Trust | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.6. | No Pre-emptive Rights | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.7. | Status of Shares and Limitation of Personal Liability | 13 |
| ARTICLE V SHAREHOLDERS' VOTING POWERS AND MEETINGS | ARTICLE V SHAREHOLDERS' VOTING POWERS AND MEETINGS | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.1. | Voting Powers | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.2. | Meetings | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.3. | Record Dates | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.4. | Quorum and Required Vote | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.5. | Action by Written Consent | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.6. | Inspection of Records | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.7. | Additional Provisions | 15 |
| ARTICLE VI LIMITATION OF LIABILITY; INDEMNIFICATION | ARTICLE VI LIMITATION OF LIABILITY; INDEMNIFICATION | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6.1. | Trustees, Shareholders, etc. Not Personally Liable; Notice | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6.2. | Trustees' Good Faith Action; Expert Advice; No Bond or Surety | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6.3. | Indemnification of Shareholders | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6.4. | Indemnification of Trustees, Officers, etc | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6.5. | Compromise Payment | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6.6. | Indemnification Not Exclusive, etc | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6.7. | Liability of Third Persons Dealing with Trustees | 17 |
| ARTICLE VII MISCELLANEOUS | ARTICLE VII MISCELLANEOUS | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 7.1. | Duration; Termination of the Trust or Any Series or Class. | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 7.2. | Reorganization | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 7.3. | Amendments | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 7.4. | Filing of Copies; References; Headings | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 7.5. | Governing Law | 19 |

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-i-

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**RUSSELL INVESTMENTS EXCHANGE TRADED FUNDS** 

**AMENDED AND RESTATED DECLARATION OF TRUST** 

AMENDED AND RESTATED DECLARATION OF TRUST made as of the 24th day of February, 2025, by the Trustees hereunder.

WHEREAS this Trust is authorized to issue its shares of beneficial interest in separate series, all in accordance with the provisions hereinafter set forth;

WHEREAS the Trustees have agreed to manage all property coming into their hands as trustees of a Delaware statutory trust in accordance with the provisions hereinafter set forth;

WHEREAS the Trustees have determined to amend and restate in its entirety the Trust's Declaration of Trust dated as of August 6, 2024.

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

**ARTICLE I** 

**THE TRUST** 

Section 1.1. <u>Name</u>. This Trust shall be known as "RUSSELL INVESTMENTS EXCHANGE TRADED FUNDS" and the Trustees shall conduct the business of the Trust under that name or any other name or names as they may from time to time determine. Any name change shall become effective upon the approval by the Trustees of the new name and the effectiveness of a filing of a certificate of amendment pursuant to Section 3810(b) of the Delaware Statutory Trust Act. Any such instrument shall not require the approval of the Shareholders, but shall have the status of an amendment to this Declaration of Trust.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "Bylaws" shall mean the Bylaws of the Trust, as amended or restated from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "Classes" shall mean a sub-division of the Trust, established by this Declaration of Trust or by action of the Trustees, consisting of a portion of the Shares of a Series, provided that all Shares of a Series shall have a proportionate undivided interest in the assets of such Series as determined in accordance with the rights and preferences established as to each such Class;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "Declaration of Trust" shall mean this Amended and Restated Declaration of Trust as amended or restated from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "Delaware General Corporation Law" means the Delaware General Corporation Law, 8 <u>Del</u>. <u>C</u>. § 100, <u>et</u>. <u>seq</u>., as amended from time to time.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "Delaware Statutory Trust Act" shall mean the provisions of the Delaware Statutory Trust Act, 12 <u>Del</u>. <u>C</u>. § 3801, <u>et</u>. <u>seq</u>., as such Act may be amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) "Distribution Plan" refers to any plan adopted in accordance with Rule 12b-1 of the 1940 Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) "Interested Person" shall have the meaning given to such term in the 1940 Act;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) "Shareholder Services Plan" shall mean any Shareholder Services Plan of the Trust as amended from time to time, including a Shareholder Services Plan that also provides for distribution services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) "Shares" refers to the transferable units of interest into which the beneficial interest in the Trust and each Series of the Trust (as the context may require) shall be divided from time to time;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) The "Trust" refers to the Delaware statutory trust established by this Declaration of Trust, as amended from time to time, inclusive of each and every Series established hereunder;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) The "1940 Act" refers to the Investment Company Act of 1940 or any successor statute enacted by Congress and the Rules and Regulations thereunder or exemptive orders issued thereunder which are applicable to the Trust, all as amended from time to time.

**ARTICLE II** 

PURPOSE OF TRUST

The purpose of the Trust is to operate as an investment company and to offer Shareholders of the Trust and each Series of the Trust one or more investment vehicles investing primarily in securities and other financial instruments.

**ARTICLE III** 

**THE TRUSTEES** 

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) [Reserved].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Number</u>. The Trustees serving as such, whether currently a Trustee or hereafter becoming a Trustee, may increase or decrease the number of Trustees to a number other than the number previously determined. No decrease in the number of Trustees shall have the effect of removing any Trustee from office prior to the expiration of such Trustee's term, but the number of Trustees may be decreased in conjunction with the removal of a Trustee pursuant to subsection (e) of this Section 3.1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Election and Term</u>. Each Trustee, whether currently a Trustee or hereafter becoming a Trustee, shall serve as a Trustee of the Trust during the lifetime of this Trust and until its termination as hereinafter provided except as such Trustee sooner dies, retires, resigns or is removed. Subject to Section 16(a) of the 1940 Act, the Trustees may elect their own successors, designate new and additional Trustees, and may, pursuant to

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Section 3.1(f) hereof, appoint Trustees to fill vacancies; provided, however, that the selection and nomination of the Trustees who are not interested persons of the Trust (as that term is defined in the 1940 Act) shall be, and is, committed to the discretion of such disinterested Trustees. Trustees need not be shareholders upon their nomination or election; provided, that nothing in this Declaration of Trust shall be deemed to prohibit the Board of Trustees from adopting a policy mandating Trustee share ownership following nomination or election.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Resignation and Retirement</u>. Any Trustee may resign his or her trust or retire as a Trustee, by written instrument signed by him or her and delivered to the Chairman of the Board, the President or the Secretary (other than to himself or herself), or at a meeting of the Board of Trustees. Such resignation or retirement shall take effect upon such delivery or upon such later date as is specified in such instrument. Notwithstanding the foregoing, a retirement by a Trustee required by or in accordance with any policy approved and adopted by a majority of the Trustees with respect to retirements of Trustees (including, but not limited to, any policy providing for mandatory retirement of Trustees upon their attainment of a specified age) shall be governed by and take effect in accordance with such policy. Except to the extent expressly provided in a written agreement with the Trust or resolution of the Board of Trustees, no Trustee resigning shall have any right to any compensation for any period following his or her resignation.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Vacancies</u>. Any vacancy or anticipated vacancy resulting from any reason, including without limitation the death, resignation, retirement, removal or incapacity of any of the Trustees, or resulting from an increase in the number of Trustees by the other Trustees, may (but need not, unless required by the 1940 Act) be filled by a majority of the remaining Trustees, subject to the provisions of Section 16(a) of the 1940 Act, through the appointment in writing of such other person as such remaining Trustees in their discretion shall determine, and such appointment shall be effective upon the written acceptance of the person named therein to serve as a Trustee and agreement by such person to be bound by the provisions of this Declaration of Trust, except that any such appointment in anticipation of a vacancy to occur by reason of retirement, resignation, or increase in number of Trustees to be effective at a later date shall become effective only at or after the effective date of said retirement, resignation, or increase in number of Trustees. As soon as any Trustee so appointed shall have accepted such appointment and shall have agreed in writing to be bound by this Declaration of Trust and the appointment is effective, the Trust estate shall vest in the new Trustee, together with the continuing Trustees, without any further act or conveyance.

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

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

Section 3.2. <u>Powers of Trustees</u>. Except as otherwise provided by the 1940 Act or other applicable law, this Declaration of Trust or the Bylaws, any action to be taken by the Trustees on behalf of the Trust or any Series may be taken by (1) a quorum of the Trustees then in office at a meeting held as permitted in accordance with the Bylaws, or (2) written consents of a majority of the Trustees then in office.

To the fullest extent permitted by applicable law, except as the Trustees may otherwise determine: (a) any requirements in this Declaration of Trust or in the Bylaws that any action be taken by means of any writing, including, without limitation, any written instrument, any written consent or any written agreement, shall be deemed to be

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satisfied by means of any electronic record in such form that is capable of conversion into a written form within a reasonable time; and (b) any requirements in this Declaration of Trust or in the Bylaws that any writing be signed shall be deemed to be satisfied by any electronic signature.

Subject to the provisions of this Declaration of Trust, the business of the Trust shall be managed by the Trustees, and they shall have all powers necessary or convenient to carry out that responsibility and the purpose of the Trust. Without limiting the foregoing, the Trustees may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• adopt Bylaws not inconsistent with this Declaration of Trust providing for the conduct of the business and
affairs of the Trust and may amend and repeal them to the extent that such Bylaws do not reserve that right to the Shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• may from time to time in accordance with the provisions of Section 4.2 and 4.3, respectively, hereof
establish Series and Classes of Series, each such Series to operate as a separate and distinct investment medium and with separately defined investment objectives and policies and distinct investment purpose;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• as they consider appropriate elect and remove officers and appoint and terminate agents and consultants and hire
and terminate employees, any one or more of the foregoing of whom may be a Trustee, and may provide for the compensation of all of the foregoing; they may appoint from their own number, and terminate, any one or more committees consisting of two or
more Trustees, including without implied limitation an executive committee, which may, when the Trustees are not in session and subject to the 1940 Act, exercise some or all of the power and authority of the Trustees as the Trustees may determine;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• in accordance with the Bylaws, they may appoint from their own number, and terminate, a Chairman or Vice Chairman
for the purpose of presiding at meetings of the Board of Trustees and exercising and performing such other powers and duties as the Board may determine;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• in accordance with Section 3.3, they may employ one or more advisers, administrators, depositaries and
custodians and may authorize any depositary or custodian to employ subcustodians or agents and to deposit all or any part of such assets in a system or systems for the central handling of securities and debt instruments, retain transfer, dividend,
accounting or Shareholder servicing agents or any of the foregoing, provide for the distribution of Shares by the Trust through one or more distributors, principal underwriters or otherwise, set record dates or times for the determination of
Shareholders or various of them with respect to various matters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• compensate or provide for the compensation of the Trustees, officers, advisers, administrators, custodians, other
agents, consultants and employees of the Trust or the Trustees on such terms as they deem appropriate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• in general delegate to any Chairman, Vice Chairman, to any officer of the Trust, to any committee of the Trustees
(including any Chairman and/or Vice Chairman thereof) and to any employee, adviser, administrator, distributor, depositary, custodian, transfer and dividend disbursing agent, or any other agent or consultant of the Trust such authority, powers,
functions and duties as they consider desirable or appropriate for the conduct of the business and affairs of the Trust, including without implied limitation the power and authority to act in the name of the Trust and of the Trustees, to sign
documents, to act as attorney-in-fact for the Trustees and to exercise any right or power of the Trustees under this Declaration of Trust and the Bylaws.

In construing the provisions of this Declaration of Trust, the presumption shall be in favor of a grant of power to the Trustees. The Trustees have the power to construe and interpret this Declaration of Trust and to act upon any such construction or interpretation. Any construction or interpretation of this Declaration of Trust by the Trustees and any action taken pursuant thereto made by the Trustees in good faith shall, in each case, be conclusive and binding on all Shareholders and all other persons for all purposes. Except as required by federal law including the 1940 Act, the

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Trustees shall not owe any fiduciary duty to the Trust or any Series or Class or any Shareholder. Unless another standard is specified herein, in conducting the business of the Trust and in exercising their rights and powers hereunder, the Trustees may take any actions and make any determinations in their subjective belief that such actions or determinations are in, or not opposed to, the best interest of the Trust. Unless otherwise expressly provided herein or required by federal law including the 1940 Act, the Trustees shall act in their sole discretion and may take any action or exercise any power without any vote or consent of the Shareholders. The term "good faith" as used in this Declaration of Trust shall mean the subjective belief of the person permitted or required to make a decision or take an action.

Without limiting the foregoing and to the extent not inconsistent with the 1940 Act or other applicable law, the Trustees shall have the following power and authority for and on behalf of the Trust and each Series:

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

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

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

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

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

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

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

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) <u>Resident Agent</u>. To appoint an agent as the Trust's resident agent in the State of Delaware and to appoint any successor or additional resident agent in the State of Delaware.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) <u>Listing</u>. To list the Shares of any Series or Class of the Trust on one or more exchanges or other trading markets in accordance with applicable law and applicable rules of the exchange or trading market;

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

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

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

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

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

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

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

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

The same person may be the Contracting Party for some or all of the services, duties and responsibilities to, for and of the Trust and/or the Trustees, and the contracts with respect thereto may contain such terms interpretive of or in addition to the delineation of the services, duties and responsibilities provided for, including provisions that are not inconsistent with the 1940 Act relating to the standard of duty of and the rights to indemnification of the Contracting Party and others, as the Trustees may determine. Nothing herein shall preclude, prevent or limit the Trust or a Contracting Party from entering into sub-contractual arrangements relative to any of the matters referred to in Sections 3.3(a) through (g) hereof.

The fact 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;(i) any of the Shareholders, Trustees or officers of the Trust is a shareholder, director, officer, partner, trustee, employee, manager, adviser, principal underwriter or distributor or agent of or for any Contracting Party, or of or for any parent or affiliate of any Contracting Party or that the Contracting Party or any parent or affiliate thereof is a Shareholder or has an interest in the Trust or any Series, or 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;(ii) any Contracting Party may have a contract providing for the rendering of any similar services to one or more other corporations, trusts, associations, partnerships, limited partnerships or other organizations, or have other business or interests,

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

Section 3.4. <u>Payment of Trust Expenses and Compensation of Trustees</u>. The Trustees are authorized to pay or to cause to be paid out of the principal or income of the Trust or any Series, or partly out of principal and partly out of income, and to charge or allocate the same to, between or among such one or more of the Series that may be established and designated pursuant to Article IV, as the Trustees deem fair, all expenses, fees, charges, taxes and liabilities incurred or arising in connection with the Trust or any Series or Class, or in connection with the management thereof, including, but not limited to, the Trustees' compensation and such expenses and charges for the services of the Trust's officers, employees, investment adviser, administrator, distributor, principal underwriter, auditor, counsel, depositary, custodian, transfer agent, dividend disbursing agent, accounting agent, shareholder servicing agent, and such other agents, consultants, and independent contractors and such other expenses and charges as the Trustees may deem necessary or proper to incur.

Section 3.5. <u>Ownership of Assets of the Trust</u>. Title to all of the assets of the Trust shall at all times be considered as vested in the Trust, except that the Trustees shall have power to cause legal title to any Trust property to be held by or in the name of one or more of the Trustees, or in the name of the Trust, or in the name of any other person as nominee, on such terms as the Trustees may determine with the same effect as if such property were held in the name of the Trust.

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**ARTICLE IV** 

**SHARES** 

Section 4.1. <u>Description of Shares</u>. The beneficial interest in the Trust shall be divided into Shares, all at $.01 par value, but the Trustees shall have the authority from time to time to divide the Shares into two or more Series of Shares (each of which Series of Shares shall be a separate and distinct Series of the Trust, including without limitation those Series specifically established and designated in Schedule A attached hereto ("<u>Schedule A</u>"), as they deem necessary or desirable. The Trustees shall have exclusive power without the requirement of shareholder approval to establish and designate such separate and distinct Series, and to fix and determine the relative rights and preferences as between the shares of the separate Series as to right of redemption and the price, terms and manner of redemption, special and relative rights as to dividends and other distributions and on liquidation, sinking or purchase fund provisions, conversion rights, and conditions under which the several Series shall have separate voting rights or no voting rights.

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

In addition, the Trustees shall have the exclusive power, with or without Shareholder approval, to establish and designate, and to issue by Classes, Shares of any Series or to divide the Shares of any Series into Classes, each Class having such different dividend, liquidation, voting, and other rights as the Trustees may determine in their sole discretion. The fact that Shares of a Series shall have been issued without the designation of any Classes of such Series, or of any specific Class of such Series, shall not limit the authority of the Trustees to establish and designate such Shares as a Class, or to establish and designate one or more Classes or additional Classes, without the approval of Shareholders of such Series, provided that the establishment and designation of any Class of a Series shall not materially adversely affect the rights of any existing Shareholder. In furtherance thereof, any Shares designated and issued by a Series for which no Class shall have been designated shall be deemed to be Class S Shares of the Series.

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

The establishment of any Series or Class of Shares shall be effective upon the adoption by the Trustees of a resolution that sets forth the designation of, or otherwise identifies, such Series or Class, whether directly in such resolution or by reference to, or approval of, another document that sets forth the designation of, or otherwise identifies, such Series or Class including any registration statement, any amendment and/or restatement of this Declaration of Trust and/or Schedule A or as otherwise provided in such resolution. Upon the establishment of any Series or Class of Shares or the termination of any existing Series or Class of Shares (as set forth in Section 7.1), Schedule A shall be amended to reflect the addition or termination of such Series or Class and any officer of the Trust is hereby authorized to make such amendment; provided that the amendment of Schedule A shall not be a condition precedent to the establishment or termination of any Series or Class in accordance with this Declaration of Trust. The relative rights and preferences of each Series and each Class shall be as set forth herein and as set forth in any registration statement relating thereto, unless otherwise provided in the resolution establishing such Series or Class.

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Any action that may be taken by the Trustees with respect to any Series or Class, including any addition, modification, division, combination, classification, reclassification, change of name or termination may be made in the same manner as the establishment of such Series or Class (without vote of the Shareholders).

Notwithstanding anything contained herein to the contrary, the Trustees in their discretion may, from time to time, without vote of the Shareholders, determine to issue Shares of any Series or Class only in lots of such aggregate number of Shares as shall be determined at any time by the Trustees in their sole discretion to be called "Creation Units," and to charge such transaction fees or such other fees as the Trustees shall determine, and the Trustees in their discretion may, from time to time, without vote of the Shareholders, determine to alter the number of Shares constituting a Creation Unit. The amount of shares constituting a Creation Unit for one Series or Class shall not affect the amount of shares constituting a Creation Unit for another Series or Class. The issuance of Creation Units by any Series or Class shall not affect the ability of any other Series or Class to issue Shares that do not comprise Creation Units.

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

Section 4.2. <u>Establishment and Designation of Series</u>. Without limiting the authority of the Trustees set forth in Section 4.1 to establish and designate any further Series, the Trust shall consist of the Series indicated on Schedule A, as such Schedule A may be amended from time to time.

Shares of the above-referenced Series and any Shares of any further Series that may from time to time be established and designated by the Trustees shall (unless the Trustees otherwise determine with respect to some further Series at the time of establishing and designating the same) have the following relative rights and preferences, and the power of the Trustees to establish relative rights and preferences of Series pursuant to this Section 4.2 shall not detract from or limit the power of the Trustees under Section 4.1 to determine and set the relative rights and preferences of any Class thereof:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Assets Belonging to Series</u>. All consideration received by the Trust for the issue or sale of Shares of a particular Series, together with all assets in which such consideration is invested or reinvested, all income, earnings, profits, and proceeds thereof, including any proceeds derived from the sale, exchange or liquidation of such assets, and any funds or payments derived from any reinvestment of such proceeds in whatever form the same may be, shall be held by the Trustees in trust for the benefit of the holders of Shares of that Series and shall irrevocably belong to that Series for all purposes, and shall be so recorded upon the books of account of the Trust. Such consideration, assets, income, earnings, profits, and proceeds thereof, including any proceeds derived from the sale, exchange or liquidation of such assets, and any funds or payments derived from any reinvestment of such proceeds, in whatever form the same may be, together with any General Items (as hereinafter defined) allocated to that Series as provided in the following sentence, are herein referred to as "assets belonging to" that Series. In the event that there are any assets, income, earnings, profits, and proceeds thereof, funds, or payments which are not readily identifiable as belonging to any particular Series (collectively "General Items"), the Trustees shall allocate such General Items to and among any one or more of the Series established and designated from time to time in such manner and on such basis as they, in their sole discretion, deem fair and equitable; and any General Items so allocated to a particular Series shall belong to that Series. Each such allocation by the Trustees shall be conclusive and binding upon the Shareholders of all Series for all purposes.

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

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charges and reserves by the Trustees shall be conclusive and binding upon the Shareholders of all Series for all purposes. Any creditor of any Series may look only to the assets of that Series to satisfy such creditor's debt. All liabilities belonging to a particular Series shall be enforceable against the assets belonging to such Series only and not against the assets of the Trust generally or against the assets belonging to any other Series and, except as otherwise provided in this Declaration of Trust with respect to the allocation of General Items, none of the debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to the Trust generally or any other Series thereof shall be enforceable against the assets of such Series. Notice of this limitation on inter-Series liabilities shall be set forth in the Certificate of Trust or in an amendment thereto. To the extent required by Section 3804(a) of the Delaware Statutory Trust Act in order to give effect to the limitation on inter-Series liabilities set forth in this Section 4.2(b), (i) separate and distinct records shall be maintained for each Series, (ii) the assets held with respect to each Series shall be held in such separate and distinct records (directly or indirectly, including through a nominee or otherwise) and accounted for in such separate and distinct records separately from the assets held with respect to all other Series and the general assets of the Trust not allocated to such Series and/or (iii) the records maintained for each Series shall account for the assets held with respect to such Series separately from the assets of any other Series and from the general assets of the Trust not allocated to such Series.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Voting</u>. On each matter submitted to a vote of the Shareholders, each holder of a Share of each Series shall be entitled to one vote for each whole Share and to a proportionate fractional vote for each fractional Share standing in his name on the books of the Trust and all Shares of each Series entitled to vote shall vote as a separate class except as otherwise required by the 1940 Act. As to any matter which does not affect the interest of a particular Series, only the holders of Shares of the one or more affected Series shall be entitled to vote thereon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Redemption by Shareholder</u>. Each holder of Shares of a particular Series shall have the right at such times as may be permitted by the Trust to require the Trust to redeem all or any part of such holder's Shares of that Series at a redemption price equal to the net asset value per Share of that Series next determined in accordance with subsection (g) of this Section 4.2 after the Shares are properly tendered for redemption, less such redemption fee or other charge (including, with respect to the redemption of Creation Units, any transaction fees charged in connection with such a redemption), if any, as may be fixed by the Trustees; provided however that if the Trustees determine, pursuant to Article IV, Section 4.1 hereof, to issue Shares of any Series or Class in Creation Units, then Shares of such Series or Class constituting a Creation Unit shall be redeemable hereunder. Payment of the redemption price of Shares of the Trust or any Series or Class thereof shall be made in cash, in property or in any combination thereof, out of the assets of the Trust or, as applicable, the assets held with respect to such Series, and the composition of any such payment may be different among Shareholders (including differences among Shareholders in the same Series or Class), at such time and in the manner as may be specified from time to time in the applicable registration statement.

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Notwithstanding the foregoing, the Trust may postpone payment of the redemption price and may suspend the right of the holders of Shares of any Series to require the Trust to redeem Shares of that Series during any period or at any time when and to the extent permissible under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Redemption by Trust</u>. Each Share of each Series that has been established and designated is subject to redemption by the Trust at the redemption price which would be applicable if such Share was then being redeemed by the Shareholder pursuant to subsection (e) of this Section 4.2 for any reason as determined by the Trustees, in their sole discretion, including (i) the determination of the Trustees that direct or indirect ownership of Shares of the Trust or any Series has or may become concentrated in such Shareholder to an extent that would disqualify any Series as a regulated investment company under the Internal Revenue Code of 1986, as amended ("Internal Revenue Code") (or any successor statute thereto), (ii) the failure of a Shareholder to supply a tax identification number if required to do so, or to have the minimum investment required (which may vary by Series or Class), (iii) if the Share activity of the account or ownership of Shares by a particular Shareholder is deemed by the Trustees either to affect adversely the management of the Trust or any Series or Class or not to be in the best interests of the remaining Shareholders of the Trust or any Series or Class or (iv) the failure of a Shareholder to pay when due for the purchase of Shares issued to him.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Transfer</u>. Subject to the limitations set forth in Section 4.2(f) above, and in the following paragraph, all Shares of each particular Series shall be freely transferable, but transfers of Shares of a particular Series will be recorded on the Share transfer records of the Trust applicable to that Series only at such times as Shareholders shall have the right to require the Trust to redeem Shares of that Series and at such other times as may be permitted by the Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Equality</u>. Subject to the provisions herein relating to the issuance of Shares of a Series in one or more Classes, all Shares of each particular Series shall represent an equal proportionate interest in the assets belonging to that Series (subject to the liabilities belonging to that Series), and each Share of any particular Series shall be equal to each other Share of that Series; but the provisions of this sentence shall not restrict any distinctions permissible under subsection (c) of this Section 4.2 that may exist with respect to dividends and distributions on Shares of the same Series. The Trustees may from time to time divide or combine the Shares of any particular Series into a greater or lesser number of Shares of that Series without thereby changing the proportionate beneficial interest in the assets belonging to that Series or in any way affecting the rights of Shares of any other Series.

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

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>Conversion Rights</u>. Subject to compliance with the requirements of the 1940 Act, the Trustees shall have the authority to provide that holders of Shares of any Series shall have the right to convert said Shares into Shares of one or more other Series in accordance with such requirements and procedures as may be established by the Trustees.

Section 4.3. <u>Establishment and Designation of Classes of the Series</u>. Without limiting the authority of the Trustees set forth in Section 4.1 of this Declaration of Trust to establish and designate any further Series and Classes of Series, and without affecting the rights and preferences of existing Series and Classes, the Trust shall consist of the Series and Classes indicated on Schedule A, as such Schedule A may be amended from time to time.

The Trustees direct that each Class of Shares of each Series shall have all the relative rights and preferences set forth herein, shall represent an equal proportionate interest in the underlying assets and liabilities of such Series, and shall generally have identical voting, dividend, liquidation and other rights, preferences, powers, restrictions, limitations, obligations, qualifications and terms and conditions as all other Shares of such Series, except that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• each Class of Shares offered in connection with a Distribution Plan will bear, as a charge against
distributable income or gains or as a reduction in interest, certain fees under its Distribution Plan and will have exclusive voting rights on matters pertaining to the Distribution Plan of the Class and any related agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• each Class of Shares offered in connection with a Shareholder Services Plan will bear, as a charge against
distributable income or gains or as a reduction in interest, certain fees under its respective Shareholder Services Plan and will have exclusive voting rights on matters pertaining to the Shareholder Services Plan of the Class and any related
agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• each Class of Shares of a Series shall contain such conversion feature as may be required to comply with
regulations applicable to the Series or to the issuance of Shares of the Series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• each Class of Shares of a Series will bear, as a charge against distributable income or gains or as a
reduction in interest, differing amounts of certain expenses attributable to the Class;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Trustees shall provide for differing payments of dividends from income or distributions of gains on a
Class of Shares of a Series to reflect different charges against such income or gains or otherwise to equalize the net asset values of the Classes or, in the absence of such policies, the net asset value per share of different Classes of a
Series may differ at certain times;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• each Class of Shares of a Series may be accorded such different exchange privileges from Shares of another
Class as the Board may deem proper from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• each Class of Shares of a Series shall be subject to such different conditions of redemption, as shall be
set forth in the Trust's registration statement from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• each Share of any Class of a Series will vote exclusively on matters solely affecting Shares of that Class,
and shall not vote upon matters which do not affect such Class;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• each Class of Shares of a Series will have a different class designation from any other Class of that
Series; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• each Class of Shares of a Series may have such additional rights and preferences, or be subject to such
restrictions and qualifications, as the Trustees by resolution may determine, consistent with the provisions of the 1940 Act and the Internal Revenue Code, and not otherwise identified above.

Section 4.4. <u>Ownership of Shares</u>. The ownership of Shares shall be recorded on the books of the Trust or of a transfer or similar agent for the Trust, which books shall be maintained separately for the Shares of each Series that has been established and designated. No certificates certifying the ownership of Shares need be issued except as the Trustees may otherwise determine from time to time as set forth in the Bylaws.

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Section 4.5. <u>Investments in the Trust</u>. The Trustees may accept investments in the Trust and each Series thereof from such persons and on such terms and for such consideration, not inconsistent with the provisions of the 1940 Act, as they from time to time authorize. The Trustees may authorize any distributor, principal underwriter, custodian, transfer agent or other person to accept orders for the purchase of Shares that conform to such authorized terms and to reject any purchase orders for Shares whether or not conforming to such authorized terms.

To the extent permitted by the 1940 Act and to the extent that the portfolio management and operations of any Series are not adversely affected, each Series may invest its cash assets in Shares of any Series to the extent permitted by the then current Prospectus applicable to such Series. For all Trust purposes, such investments in any Series by other Series will be deemed the issuance of Shares by such Series to the Series and the withdrawal of such investments will be deemed a redemption of Shares of such Series. Similarly, each of the other Series will deem such an investment a purchase or redemption of Shares of such Series. Any Series investing in any Series pursuant to this procedure, will participate equally on a pro-rata basis in all income, capital gains and net assets of such Series and will have all rights and obligations of a Shareholder as provided in this Declaration of Trust, including voting rights hereunder provided, however, that such Shares of such Series issued to such other Series shall be voted by the Trustees in the same proportion as the Shares of such Series which are not held by the other Series.

Section 4.6. <u>No Pre-emptive Rights</u>. Shareholders shall have no pre-emptive or other right to subscribe to any additional Shares or other securities issued by the Trust.

Section 4.7. <u>Status of Shares and Limitation of Personal Liability</u>. Shares shall be deemed to be personal property giving only the rights provided in this Declaration of Trust. Every Shareholder by virtue of having become a Shareholder shall be held to have expressly assented and agreed to be bound by the terms hereof. The death, incapacity, dissolution, termination, or bankruptcy of a Shareholder during the existence of the Trust shall not operate to terminate the Trust, nor entitle the representative of any such Shareholder to an accounting or to take any action in court or elsewhere against the Trust or the Trustees, but entitles such representative only to the rights of such Shareholder under this Declaration of Trust. Ownership of Shares shall not entitle the Shareholder to any title in or to the whole or any part of the Trust property or right to call for a participation or division of the same or for an accounting, nor shall the ownership of Shares constitute the Shareholders as partners. No Shareholder shall be personally liable for the debts, liabilities, obligations and expenses incurred by, contracted for, or otherwise existing with respect to, the Trust or any Series or Class. Neither the Trust nor the Trustees, nor any officer, employee, or agent of the Trust shall have any power to bind personally any Shareholders, nor, except as specifically provided herein, to call upon any Shareholder for the payment of any sum of money or assessment whatsoever other than such as the Shareholder may at any time personally agree to pay. Shareholders shall have the same limitation of personal liability as is extended to shareholders of a private corporation for profit organized under the Delaware General Corporation Law.

**ARTICLE V** 

**SHAREHOLDERS' VOTING POWERS AND MEETINGS** 

Section 5.1. <u>Voting Powers</u>. (a) Shareholders shall have no power to vote on any matter except matters on which a vote of Shareholders is required by applicable law, this Declaration of Trust or resolution of the Trustees. There shall be no cumulative voting in the election or removal of Trustees. Any Shareholder may vote part of the Shares in favor of the proposal and refrain from voting the remaining Shares or vote them against the proposal, but if the Shareholder fails to specify the number of Shares which the Shareholder is voting affirmatively, it will be conclusively presumed that the Shareholder's approving vote is with respect to the total Shares that the shareholder is entitled to vote on such proposal. Shares may be voted in person or by proxy; provided that a proxy with respect to Shares must be validly executed in accordance with the Bylaws. Until Shares are issued, the Trustees may exercise all rights of Shareholders and may take any action required by law, this Declaration of Trust or the Bylaws to be taken by Shareholders. Ownership of Shares shall not make any Shareholder a third-party beneficiary of any contract entered into by the Trust or any Series or Class.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding any other provision of this Declaration of Trust, on any matters submitted to a vote of the Shareholders, all Shares of the Trust then-entitled to vote shall be voted in aggregate, except: (i) when required by the 1940 Act and/or other applicable law, Shares shall be voted by individual Series or Class; (ii) when

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the matter involves any action that the Trustees have determined will affect only the interests of one or more Series, then only the Shareholders of such Series shall be entitled to vote thereon; and (iii) when the matter involves any action that the Trustees have determined will affect only the interests of one or more Classes, then only the Shareholders of such Class or Classes shall be entitled to vote thereon.

Section 5.2. <u>Meetings</u>. No annual or regular meeting of Shareholders is required. Special meetings may be called, and notice of any such meeting provided, in accordance with the Bylaws. The Trustees shall promptly call and give notice of a meeting of Shareholders for the purpose of voting upon removal of any Trustee of the Trust when requested to do so in writing by Shareholders holding not less than 10% of the Shares then outstanding. If the Trustees shall fail to call or give notice of any meeting of Shareholders for a period of 30 days after written application by Shareholders holding at least 10% of the Shares then outstanding requesting a meeting be called for any other purpose requiring action by the Shareholders as provided herein or in the Bylaws, then Shareholders holding at least 10% of the Shares then outstanding may call and give notice of such meeting, and thereupon the meeting shall be held in the manner provided for herein in case of call thereof by the Trustees.

Section 5.3. <u>R</u><u>ecord Dates</u>. (a) For the purpose of determining the Shareholders who are entitled to vote or act at any meeting or any adjournment thereof, or for the purpose of any other action, the Trustees may from time to time close the transfer books for such period, not exceeding thirty days (except at or in connection with the termination of the Trust), as the Trustees may determine; or without closing the transfer books, the Trustees may fix a date and time not more than one hundred and twenty days prior to the original date of any meeting of Shareholders or other action as the date and time of record for the determination of Shareholders entitled to vote at such meeting or any adjournment thereof, or to be treated as Shareholders of record for purposes of such other action, and any Shareholder who was a Shareholder at the date and time so fixed shall be entitled to vote at such meeting or any adjournment thereof or to be treated as a Shareholder of record for purposes of such other action, even though such holder has since that date and time disposed of such Shares, and no Shareholder becoming such after that date and time shall be so entitled to vote at such meeting or any adjournment thereof or to be treated as a Shareholder of record for purposes of such other action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For the purpose of determining the Shareholders who are entitled to participate in any dividend or distribution, the Trustees may, from time to time, close the transfer books for such period, not exceeding thirty days (except at or in connection with the termination of the Trust), as the Trustees may determine; or without closing the transfer books, the Trustees may fix a date and time not more than sixty days prior to the date of any dividend or distribution as the date and time of record for the determination of Shareholders entitled to be treated as Shareholders of record for purposes of such dividend or distribution, even though such Shareholder has since that date and time disposed of such Shares, and no Shareholder becoming such after that date and time shall be so entitled to be treated as a Shareholder of record for purposes of such dividend or distribution.

Section 5.4. <u>Quorum and Required Vote</u>. (a) The holders of one-third of the Shares entitled to vote on any matter at a meeting present in person or by proxy shall constitute a quorum at such meeting of the Shareholders for purposes of conducting business on such matter. When any one or more Series or Classes is to vote separately from any other Series or Classes of Shares, holders of one-third of the Shares entitled to vote of each such Series or Class shall constitute a quorum at a Shareholders' meeting of that Series or Class. The absence from any meeting, in person or by proxy, of a quorum of Shareholders for action upon any given matter shall not prevent action at such meeting upon any other matter or matters which may properly come before the meeting, if there shall be present thereat, in person or by proxy, a quorum of Shareholders in respect of such other matters. With respect to actions of the Trustees and any committee of the Trustees, Trustees who are Interested Persons in any action to be taken may be counted for quorum purposes under this Section and shall be entitled to vote to the extent not prohibited by the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to any provision of applicable law, this Declaration of Trust or a resolution of the Trustees specifying a greater or a lesser vote requirement for the transaction of any item of business at any meeting of Shareholders, the affirmative vote of a majority of the Shares present in person or represented by proxy and entitled to vote on the subject matter shall be the act of the Shareholders with respect to such matter; provided that, (i) where any provision of law or of this Declaration of Trust requires that the holders of any Series or Class shall vote as a Series or Class, then the affirmative vote of a majority of the Shares of such Series or Class present in person or represented by proxy and entitled to vote on the subject matter shall decide that matter insofar as that Series or Class is concerned, and provided that (ii) the Trustees shall be elected by a plurality of the votes of the Shares present in person or represented by proxy at the meeting and entitled to vote on the election of Trustees.

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Section 5.5. <u>Action by Written Consent</u>. Subject to the provisions of the 1940 Act and other applicable law, any action taken by Shareholders may be taken without a meeting if the minimum number of Shareholders that would have been required to approve the action if the vote were taken at a duly held meeting consent to the action in writing and such written consents are filed with the records of the meetings of Shareholders. Such consent shall be treated for all purposes as a vote taken at a meeting of Shareholders.

Section 5.6. <u>Inspection of Records</u>. No shareholder shall have any right to inspect any account or book or document of the Trust except as conferred by law or otherwise by the Trustees or by resolution of the shareholders.

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

**ARTICLE VI** 

**LIMITATION OF LIABILITY; INDEMNIFICATION** 

Section 6.1. <u>Trustees, Shareholders, etc</u><u>. Not Personally Liable; Notice</u>. All persons extending credit to, contracting with or having any claim against the Trust shall look only to the assets of the Series with which such person dealt for payment under such credit, contract or claim; and neither the Shareholders of any Series nor the Trustees, nor any of the Trust's officers, employees or agents, whether past, present or future, nor any other Series shall be personally liable therefor. Every note, bond, contract, instrument, certificate or undertaking and every other act or thing whatsoever executed or done by or on behalf of the Trust, any Series or the Trustees or any of them in connection with the Trust shall be conclusively deemed to have been executed or done only by or for the Trust (or the Series) or the Trustees and not personally. Nothing in this Declaration of Trust shall protect any Trustee or officer against any liability to the Trust or the Shareholders to which such Trustee or officer would otherwise be subject by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of the office of Trustee or of such officer.

Section 6.2. <u>Trustees</u><u>'</u> <u>Good Faith Action; Expert Advice; No Bond or Surety</u>. The exercise by the Trustees of their powers and discretion hereunder shall be binding upon everyone interested. A Trustee shall be liable for the Trustee's own willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of the office of Trustee, and for nothing else, and shall not be liable for errors of judgment or mistakes of fact or law. Subject to the foregoing, (a) the Trustees shall not be responsible or liable in any event for any neglect or wrongdoing of any officer, agent, employee, consultant, adviser, administrator, distributor or principal underwriter, custodian or transfer, dividend disbursing, shareholder servicing or accounting agent of the Trust, nor shall any Trustee be responsible for the act or omission of any other Trustee; (b) the Trustees may take advice of counsel or other experts with respect to the meaning and operation of this Declaration of Trust and their duties as Trustees, and shall be under no liability for any act or omission in accordance with such advice or for failing to follow such advice; and (c) in discharging their duties, the Trustees, when acting in good faith, shall be entitled to rely upon the books of account of the Trust and upon written reports made to the Trustees by any officer appointed by them, any independent public accountant, and (with respect to the subject matter of the contract involved) any officer, partner or responsible employee of a Contracting Party appointed by the Trustees pursuant to Section 3.3. The Trustees as such shall not be required to give any bond or surety or any other security for the performance of their duties.

Section 6.3. <u>Indemnification of Shareholders</u>. In case any Shareholder (or former Shareholder) of any Series of the Trust shall be charged or held to be personally liable for any obligation or liability of the Trust solely by reason of being or having been a Shareholder and not because of such Shareholder's acts or omissions or for some other reason, said Series (upon proper and timely request by the Shareholder) shall assume the defense against such charge and satisfy any judgment thereon, and the Shareholder or former Shareholder (or such Shareholder's or former Shareholder's heirs, executors, administrators or other legal representatives or in the case of a corporation or other entity, its corporate or other general successor) shall be entitled out of the assets of said Series estate to be held harmless from and indemnified against all loss and expense arising from such liability.

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Section 6.4. <u>Indemnification of Trustees, Officers, etc</u>. The Trust shall indemnify (from the assets of the Series in question) each of its Trustees and officers (including persons who serve at the Trust's request as directors, officers or trustees of another organization in which the Trust has any interest as a shareholder, creditor or otherwise (hereinafter referred to as a "Covered Person")) to the fullest extent consistent with Delaware law and the 1940 Act against all liabilities, including but not limited to amounts paid in satisfaction of judgments, in compromise or as fines and penalties, and expenses, including reasonable accountants' and counsel fees, incurred by any Covered Person in connection with the defense or disposition of any action, suit or other proceeding, whether civil or criminal, before any court or administrative or legislative body, in which such Covered Person may be or may have been involved as a party or otherwise or with which such person may be or may have been threatened, while in office or thereafter, by reason of being or having been such a Trustee or officer, director or trustee, except with respect to any matter as to which it has been determined that such Covered Person (i) did not act in good faith in the reasonable belief that such Covered Person's action was in or not opposed to the best interests of the Trust or (ii) had acted with willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of such Covered Person's office (either and both of the conduct described in (i) and (ii) being referred to hereafter as "Disabling Conduct"). A determination that the Covered Person is entitled to indemnification may be made by (i) a final decision on the merits by a court or other body before whom the proceeding was brought that the person to be indemnified was not liable by reason of Disabling Conduct, (ii) dismissal of a court action or an administrative proceeding against a Covered Person for insufficiency of evidence of Disabling Conduct, or (iii) a reasonable determination, based upon a review of the facts, that the Covered Person was not liable by reason of Disabling Conduct by (a) a vote of a majority of a quorum of Trustees who are neither "interested persons" of the Trust as defined in section 2(a)(19) of the 1940 Act nor parties to the proceeding, or (b) an independent legal counsel in a written opinion. Expenses, including accountants' and counsel fees so incurred by any such Covered Person (but excluding amounts paid in satisfaction of judgments, in compromise or as fines or penalties), may be paid from time to time by the Series in question in advance of the final disposition of any such action, suit or proceeding, provided that the Covered Person shall have undertaken to repay the amounts so paid to the Series in question if it is ultimately determined that indemnification of such expenses is not authorized under this Article VI and (i) the Covered Person shall have provided security for such undertaking, (ii) the Trust shall be insured against losses arising by reason of any lawful advances, or (iii) a majority of a quorum of Trustees who are neither "interested persons" of the Trust as defined in section 2(a)(19) of the 1940 Act nor parties to the proceeding, or an independent legal counsel in a written opinion, shall have determined, based on a review of readily available facts (as opposed to a full trial-type inquiry), that there is reason to believe that the Covered Person ultimately will be found entitled to indemnification. Notwithstanding anything to the contrary in this Declaration of Trust, (i) for all purposes of this Article VI, a majority of Trustees who are neither "interested persons" of the Trust as defined in section 2(a)(19) of the 1940 Act nor parties to the proceeding shall constitute a quorum unless there is only one such Trustee, in which case such one such Trustee shall constitute a quorum, and (ii) any limitation on indemnification or advancement in this Article VI (including any requirements to be entitled to receive indemnification or advancement) shall apply only to the extent required under the 1940 Act.

Section 6.5. <u>Compromise Payment</u>. As to any matter disposed of by a compromise payment by any such Covered Person referred to in Section 6.4, pursuant to a consent decree or otherwise, no such indemnification either for said payment or for any other expenses shall be provided unless such indemnification shall be approved (a) by a majority of the disinterested Trustees who are not a party to the proceeding or (b) by an independent legal counsel in a written opinion. Approval by the Trustees pursuant to clause (a) or by independent legal counsel pursuant to clause (b) shall not prevent the recovery from any Covered Person of any amount paid to such Covered Person in accordance with any of such clauses as indemnification if such Covered Person is subsequently adjudicated by a court of competent jurisdiction not to have acted in good faith in the reasonable belief that such Covered Person's action was in or not opposed to the best interests of the Trust or to have been liable to the Trust or its Shareholders by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of such Covered Person's office.

Section 6.6. <u>Indemnification Not Exclusive, etc</u>. The right of indemnification provided by this Article VI shall not be exclusive of or affect any other rights to which any such Covered Person may be entitled. As used in this Article VI, "Covered Person" shall include such person's heirs, executors and administrators, an "interested Covered Person" is one against whom the action, suit or other proceeding in question or another action, suit or other proceeding on the same or similar grounds is then or has been pending or threatened, and a "disinterested" person is a person against whom none of such actions, suits or other proceedings or another action, suit or other proceeding on the same or similar grounds is then or has been pending or threatened. Nothing contained in this Article VI shall affect

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any rights to indemnification to which personnel of the Trust, other than Trustees and officers, and other persons may be entitled by contract or otherwise under law, nor the power of the Trust to purchase and maintain liability insurance on behalf of any such person.

Section 6.7. <u>Liability of Third Persons Dealing with Trustees</u>. No person dealing with the Trustees shall be bound to make any inquiry concerning the validity of any transaction made or to be made by the Trustees or to see to the application of any payments made or property transferred to the Trust or upon its order.

**ARTICLE VII** 

**MISCELLANEOUS** 

Section 7.1. <u>Duration; Termination of the Trust or Any Series or Class</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Unless terminated as provided herein, the Trust shall continue without limitation of time. The Trust may be dissolved at any time by the Trustees (without Shareholder approval). Any Series of Shares may be dissolved at any time by the Trustees (without Shareholder approval). Any Class may be terminated at any time by the Trustees (without Shareholder approval). Any action to dissolve the Trust shall be deemed to also be an action to dissolve each Series, and to terminate each Class.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding anything contained herein to the contrary of this Section 7.1 and in accordance with Section 3808 of the Delaware Statutory Trust Act, upon the requisite action by the Trustees to dissolve the Trust or any one or more Series of Shares, after paying or otherwise providing for all charges, taxes, expenses and liabilities, whether due or accrued or anticipated, of the Trust or of the particular Series as may be determined by the Trustees, the Trust shall in accordance with such procedures as the Trustees consider appropriate reduce the remaining assets of the Trust or of the affected Series to distributable form in cash or Shares (if any Series remain) or other securities, or any combination thereof, and distribute the proceeds to the Shareholders of the Trust or any applicable Series, ratably according to the number of Shares of the Trust or such Series held by the several Shareholders of the Trust or such Series on the date of distribution. Thereupon, any affected Series shall terminate and the Trustees and the Trust shall be discharged of any and all further liabilities and duties relating thereto or arising therefrom, and the right, title and interest of all parties with respect to such Series shall be canceled and discharged. Upon the requisite action by the Trustees to terminate any Class, the Trustees may, to the extent they deem it appropriate, follow the procedures set forth in this Section 7.1(b) with respect to such Class that are specified in connection with the dissolution and winding up of the Trust or any Series of Shares. Alternatively, in connection with the termination of any Class, the Trustees may treat such termination as a redemption of the Shareholders of such Class effected pursuant to Section 4.2(e) of this Declaration of Trust, provided that the costs relating to the termination of such Class shall be included in the determination of the net asset value of the Shares of such Class for purposes of determining the redemption price to be paid to the Shareholders of such Class (to the extent not otherwise included in such determination). In connection with the dissolution and liquidation of the Trust or any Series and in connection with the termination of any Class, the Trustees may provide for the establishment of a liquidating trust or similar vehicle.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Following completion of winding up of the Trust's business, the Trustees shall cause a certificate of cancellation of the Trust's Certificate of Trust to be filed in accordance with the Delaware Statutory Trust Act, which certificate of cancellation may be signed by any one Trustee. Upon the filing of such certificate of cancellation, the Trust shall terminate, the Trustees shall be discharged of any and all further liabilities and duties relating thereto or arising therefrom, and the right, title and interest of all parties with respect to the Trust shall be canceled and discharged.

Section 7.2. <u>Reorganization</u>. Any transaction effected pursuant to this Section 7.2 with respect to the Trust or any Series may be authorized in accordance with Section 3.2 of this Declaration of Trust and without Shareholder approval unless such approval is required by the 1940 Act. The Trustees shall provide written notice to affected Shareholders of a transaction effected under this Section 7.2.

The Trustees may, without Shareholder approval unless such approval is required by the 1940 Act, sell, convey, merge and transfer the assets of the Trust (any such transaction is referred to in this Section 7.2 as a "transfer"), to another trust, partnership, association or corporation organized under the laws of any state of the United States, in

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exchange for cash, shares or other securities with such transfer either (1) being made subject to, or with the assumption by the transferee of, the liabilities belonging to the Trust, or (2) not being made subject to, or not with the assumption of such liabilities.

The Trustees may, without Shareholder approval unless such approval is required by the 1940 Act, transfer the assets belonging to any one or more Series, to another trust, partnership, association or corporation organized under the laws of any state of the United States, or to the Trust to be held as assets belonging to another Series of the Trust, in exchange for cash, shares or other securities (including, in the case of a transfer to another Series of the Trust, Shares of such other Series) with such transfer either (1) being made subject to, or with the assumption by the transferee of, the liabilities belonging to each Series the assets of which are so transferred, or (2) not being made subject to, or not with the assumption of such liabilities. Following such transfer, the Trustees shall distribute such cash, shares or other securities (giving due effect to the assets and liabilities belonging to and any other differences among the various Series the assets belonging to which have so been transferred) among the Shareholders of the Series the assets belonging to which have been so transferred; and if all of the assets of the Series have been so transferred, the Series shall be terminated.

The Trustees may, without Shareholder approval unless such approval is required by the 1940 Act, (1) consolidate the Trust, either as successor, survivor or non-survivor, with one or more other trusts, partnerships, associations or corporations organized under the laws of the State of Delaware or any other state of the United States, to form a new consolidated trust, partnership, association or corporation under the laws of which any one of the constituent entities is organized, or (2) merge the Trust, either as successor, survivor or non-survivor, into one or more other trusts, partnerships, associations or corporations organized under the laws of the State of Delaware or any other state of the United States, or have one or more such trusts, partnerships, associations or corporations merged into it, any such consolidation or merger to be upon such terms and conditions as are specified in an agreement and plan of reorganization entered into by the Trust, in connection therewith.

The Trustees may, without Shareholder approval unless such approval is required by the 1940 Act, (1) consolidate any one or more Series, either as successor, survivor or non-survivor, with one or more other trusts, partnerships, associations or corporations organized under the laws of the State of Delaware or any other state of the United States, to form a new consolidated trust, partnership, association or corporation under the laws of which any one of the constituent entities is organized, or (2) merge any one or more Series, either as successor, survivor or non-survivor, into one or more other trusts, partnerships, associations or corporations organized under the laws of the State of Delaware or any other state of the United States, or have one or more such trusts, partnerships, associations or corporations merged into it, any such consolidation or merger to be upon such terms and conditions as are specified in an agreement and plan of reorganization entered into by one or more Series, as the case may be, in connection therewith. The terms "merge" or "merger" as used herein shall also include the purchase or acquisition of any assets of any other trust, partnership, association or corporation which is an investment company organized under the laws of the State of Delaware or any other state of the United States.

The foregoing provisions shall also apply, with appropriate modifications as determined by the Trustees, to the transfer, consolidation or merger of any Class of any Series.

Section 7.3. <u>Amendments</u>. This Declaration of Trust may be restated and/or amended at any time by (i) an instrument in writing signed by a majority of the Trustees then holding office or (ii) adoption by a majority of the Trustees then holding office of a resolution specifying the restatement and/or amendment. Any such restatement and/or amendment hereto shall be effective immediately upon such execution or adoption. No vote or consent of any Shareholder shall be required for any amendment to this Declaration of Trust except (i) as determined by the Trustees in their sole discretion or (ii) as required by federal law, including the 1940 Act, but only to the extent so required. Any officer of the Trust is authorized from time to time to restate this Declaration of Trust into a single instrument to reflect all amendments hereto made in accordance with the terms hereof. The Certificate of Trust of the Trust may be restated and/or amended by any Trustee as necessary or desirable to reflect any change in the information set forth therein, and any such restatement and/or amendment shall be effective immediately upon filing with the Office of the Secretary of the State of Delaware or upon such future date as may be stated therein. Notwithstanding anything else herein, no amendment hereof shall limit the rights to indemnification referenced in Article VI of this Declaration of Trust with respect to any actions or omissions of persons covered thereby prior to such amendment nor shall any

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amendment impair the exemption from personal liability of the Shareholders, Trustees, officers, employees and agents of the Trust or permit assessments upon Shareholders.

Section 7.4. <u>Filing of Copies; References; Headings</u>. The original or a copy of this instrument and of each amendment hereto shall be kept at the office of the Trust or maintained electronically where it may be inspected by any Shareholder in accordance with the Bylaws. Anyone dealing with the Trust may rely on a certificate by an officer of the Trust as to whether or not any such amendments have been made, as to the identities of the Trustees and officers, and as to any matters in connection with the Trust hereunder; and, with the same effect as if it were the original, may rely on a copy certified by an officer of the Trust to be a copy of this instrument or of any such amendments. In this instrument and in any such amendment, references to this instrument, and all expressions like "herein", "hereof" and "hereunder" shall be deemed to refer to this instrument as a whole as the same may be amended or affected by any such amendments. The masculine gender shall include the feminine and neuter genders. Headings are placed herein for convenience of reference only and shall not be taken as a part hereof or control or affect the meaning, construction or effect of this instrument. This instrument may be executed in any number of counterparts each of which shall be deemed an original.

Section 7.5. <u>Governing Law</u>. This Declaration of Trust is created under and is to be governed and construed in accordance with the laws of the State of Delaware (except for conflict-of-laws provisions or doctrines thereof), and the rights of all parties and the validity and construction of every provision hereof shall be subject to and construed according to laws of said State, and reference shall be specifically made to the Delaware Statutory Trust Act as to the construction of matters not specifically covered herein or as to which an ambiguity exists, although such law shall not be viewed as limiting the powers otherwise granted to the Trustees hereunder and any ambiguity shall be viewed in favor of such powers.

Notwithstanding the foregoing, there shall not be applicable to the Trust, the Trustees or this Declaration of Trust, the provisions of Section 3540 of Title 12 of the Delaware Code or any provisions of the laws (statutory or common) of the State of Delaware (other than the Delaware Statutory Trust Act) pertaining to trusts that relate to or regulate: (i) the filing with any court or governmental body or agency of trustee accounts or schedules of trustee fees and charges, (ii) affirmative requirements to post bonds for trustees, officers, agents or employees of a trust, (iii) the necessity for obtaining a court or other governmental approval concerning the acquisition, holding or disposition of real or personal property, (iv) fees or other sums applicable to trustees, officers, agents or employees of a trust, (v) the allocation of receipts and expenditures to income or principal, (vi) restrictions or limitations on the permissible nature, amount or concentration of trust investments or requirements relating to the titling, storage or other manner of holding of trust assets, or (vii) the establishment of fiduciary or other standards or responsibilities or limitations on the acts or powers of trustees that are inconsistent with the limitations or liabilities or authorities and powers of the Trustees set forth or referenced in this Declaration of Trust.

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IN WITNESS WHEREOF, the undersigned have hereunto set their hands and seals for themselves and their assigns, this 24th day of February, 2025. This instrument may be executed in one or more counterparts, all of which shall together constitute a single instrument.

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| | |
|:---|:---|
| <br> /s/ Vernon Barback<br> Vernon Barback<br>/s/ Michael Day<br> Michael Day<br>/s/ Ellen M. Needham<br> Ellen M. Needham<br>/s/ Jeannie Shanahan<br> Jeannie Shanahan<br>/s/ Jack R. Thompson<br> Jack R. Thompson | <br> /s/ Michelle L. Cahoon<br> Michelle L. Cahoon<br>/s/ Julie Dien Ledoux<br> Julie Dien Ledoux<br>/s/ Jeremy May<br> Jeremy May<br>/s/ Raymond P. Tennison, Jr.<br> Raymond P. Tennison, Jr. |

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**SCHEDULE A** 

**<u>SERIES</u>**

**As of August 25, 2025** 

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; Series | Class |
| &nbsp;&nbsp;&nbsp; U.S. Small Cap Equity Active ETF<br> (effective October 1, 2025, Russell Investments U.S. Small Cap Equity ETF) | N/A |
| &nbsp;&nbsp;&nbsp; International Developed Equity Active ETF<br> (effective October 1, 2025, Russell Investments International Developed Equity ETF) | N/A |
| &nbsp;&nbsp;&nbsp; Global Equity Active ETF<br> (effective October 1, 2025, Russell Investments Global Equity ETF) | N/A |
| &nbsp;&nbsp;&nbsp; Emerging Markets Equity Active ETF<br> (effective October 1, 2025, Russell Investments Emerging Markets Equity ETF) | N/A |
| &nbsp;&nbsp;&nbsp; Global Infrastructure Active ETF<br> (effective October 1, 2025, Russell Investments Global Infrastructure ETF) | N/A |
| &nbsp;&nbsp;&nbsp;Russell Investments Global Real Estate ETF | N/A |
| &nbsp;&nbsp;&nbsp;Russell Investments Core Plus Bond ETF | N/A |

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## Ex-99.(D)(1)

**FIRST AMENDED AND RESTATED ADVISORY AGREEMENT** 

**RUSSELL INVESTMENTS EXCHANGE TRADED FUNDS** 

**THIS FIRST AMENDED AND RESTATED ADVISORY AGREEMENT** dated this 22<sup>nd</sup> day of April, 2025 (this "Agreement"), with an effective date as set forth in Section 7(a) below, between RUSSELL INVESTMENTS EXCHANGE TRADED FUNDS, a Delaware statutory trust hereinafter called the "Trust," and RUSSELL INVESTMENT MANAGEMENT, LLC, a Washington Limited Liability Company hereinafter called the "Adviser," amends and restates in its entirety the Advisory Agreement dated February 25<sup>th</sup>, 2025.

**WHEREAS**, the Trust operates as an investment company of the "series" type registered under the Investment Company Act of 1940, as amended ("1940 Act"), for the purpose of investing and reinvesting its assets in securities and other instruments, with each series having distinct investment objectives and policies, as set forth more fully in its Amended and Restated Declaration of Trust, its bylaws and its registration statement under the 1940 Act and the Securities Act of 1933, all as heretofore amended and supplemented; and the Trust on behalf of each series of the Trust listed on Exhibit A hereto (as amended from time to time) (each such series, a "Fund") desires to avail itself of the services set forth herein; and

**WHEREAS,** the Adviser is principally engaged in the business of rendering investment advisory services and is registered with the Securities and Exchange Commission ("SEC") as an investment adviser under the Investment Advisers Act of 1940 ("Advisers Act"); and

**WHEREAS**, the Trust will offer shares of beneficial interest ("Shares") in its Funds to the public; and

**WHEREAS**, the Trust presently intends to offer Shares of each Fund listed on Exhibit A hereto (as amended from time to time); and

**WHEREAS**, the Trust desires to retain the Adviser to render investment advisory services to the Trust and each of the Funds and the Adviser is willing to so render such services;

**NOW, THEREFORE**, in consideration of the premises and mutual covenants hereinafter set forth, it is agreed between the Trust and the Adviser as follows:

1. <u>Appointment of</u> <u>Adviser</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Trust hereby employs the Adviser to manage the investment and reinvestment of the Trust's assets in the manner set forth in Section 2 of this Agreement, subject to the direction of the Board of Trustees (the "Board") and the officers of the Trust, for the period, in the manner, and on the terms hereinafter set forth. The Adviser accepts such appointment for the compensation herein provided and agrees to render the services and assume the obligations set forth in this Agreement. The Adviser shall for all purposes

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herein be deemed to be an independent contractor and shall, except as expressly provided or authorized (whether herein or otherwise), have no authority to act for or represent the Trust in any way.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the event that the Trust establishes one or more Funds (other than the current Funds listed on Exhibit A) and desires to retain the Adviser to act as investment adviser for such new Funds, the Trust shall notify the Adviser in writing. If the Adviser is willing to render such services under this Agreement for any new Funds, the Adviser shall notify the Trust in writing and such new Funds shall be subject to the provisions of this Agreement to the same extent as the current Funds except to the extent that said provisions (including those relating to the compensation payable by the Trust to the Adviser with respect to any new Funds) are modified with respect to such new Fund in writing by the Trust and the Adviser at that time.

2. <u>Duties of</u> <u>Adviser</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to the general supervision of the Board, the Adviser shall manage the investment operations of each Fund and the composition of each Fund's assets, including the purchase, retention and disposition thereof. In this regard, the Adviser:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) shall provide supervision of each Fund's assets, furnish a continuous investment program for each Fund in accordance with each Fund's Prospectus and Statement of Additional Information ("SAI") included as part of the Trust's registration statement filed with the SEC, and shall determine, from time to time, what investments or securities will be purchased, retained or sold by each Fund and what portion of the assets of each Fund will be invested or held uninvested as cash;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) shall provide periodic reports to the Board concerning the Adviser's discharge of its duties and responsibilities under this Agreement as the Board shall reasonably request;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) shall vote or, in accordance with the Adviser's proxy voting policies, procedures and guidelines, cause to be voted, proxies, exercise consents, and exercise all other rights appertaining to securities and assets held by each Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) shall, as appropriate, select broker-dealers to execute portfolio transactions for each Fund. All purchase and sale orders will be placed with broker-dealers who are selected by the Adviser as able to provide "best execution" of such orders for the Funds. However, this responsibility shall not be deemed to obligate the Adviser to solicit competitive bids for each transaction. The Adviser may execute any portfolio transactions and foreign exchange transaction through an affiliate, including through Russell Investments Implementation Services, LLC ("RIIS"), for which the Fund pays the affiliate a commission, fee, or other remuneration. The Adviser agrees that all portfolio transactions it executes with a broker or dealer which is an "affiliated person" (as defined in the 1940 Act) of the Adviser, including RIIS, will be executed pursuant to the Trust's Rule 17e-1 Policies and Procedures or the Russell Investment Management, LLC SEC No

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Action Letter (Dec. 16, 2026). "Best execution" shall mean prompt and reliable execution at the most favorable securities price, taking into account the other provisions hereinafter set forth. Whenever the Adviser places orders, or directs the placement of orders, for the purchase or sale of portfolio securities or other instruments on behalf of each Fund, in selecting brokers or dealers to execute such orders, the Adviser is expressly authorized to consider the fact that a broker or dealer has furnished statistical, research or other information or services that may enhance the Adviser's research and portfolio management capability generally. It is further understood in accordance with Section 28(e) of the Securities Exchange Act of 1934, as amended ("1934 Act"), that the Adviser may use a broker whose commissions on transactions may exceed the commissions that another broker would have charged for effecting the transactions, provided that the Adviser determines in good faith that the amount of commission charged was reasonable in relation to the value of brokerage and/or research services (as defined in Section 28(e)) provided by such broker, viewed in terms either of each Fund or the Adviser's overall responsibilities to the Adviser's discretionary accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) may, on occasions when it deems the purchase or sale of a security or other instrument to be in the best interests of a Fund as well as other fiduciary or agency accounts managed by the Adviser, aggregate, to the extent permitted by applicable laws and regulations, the securities or other instruments to be sold or purchased in order to obtain best execution. In such event, allocation of the securities or other instruments so purchased or sold, as well as the expenses incurred in the transaction, will be made by the Adviser in the manner it considers to be most equitable and consistent with its fiduciary obligations to such Fund and to such other accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) may execute all documents and agreements with brokers and dealers for the purposes of managing a Fund provided that: (i) the Adviser does not contravene the Prospectus or SAI; (ii) should the Adviser aggregate transactions of the Fund with other client accounts managed by the Adviser, any liability or amounts due from other client accounts will not be attributable or chargeable to the Fund; and (iii) Adviser shall reasonably determine that the terms of any such document or contract are not disadvantageous to the Fund and that the interests of the Fund are adequately protected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) shall make available and provide financial, accounting, and statistical information required by the Trust for the preparation of registration statements, reports, and other documents required by applicable federal and state securities laws, and with such information as the Trust may reasonably request for use in the preparation of such documents or of other materials necessary or helpful for the underwriting and distribution of the Trust's shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) in connection with its management of each Fund, shall take into account, where possible, anticipated purchases and redemptions of Shares;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) shall provide information and assistance as reasonably requested by the other service providers of the Trust in connection with the registration of Shares of each Fund in accordance with applicable state and foreign law securities requirements and regulatory requirements applicable to investors in each Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) shall furnish to the Trust or its designees, such statistical information with respect to the assets or investments that a Fund (or portions of any Fund) may hold or contemplate purchasing as the Board or its designees may reasonably request;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) shall furnish to the Board such periodic and special reports as the Board may reasonably request;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) shall make available its officers and employees to the Board and officers of the Trust for consultation and discussions regarding the management of the Trust and its investment activities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) shall, subject to the general supervision of the Board, on behalf of the Trust, supervise and monitor the services provided by the Trust's distributor and transfer agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Adviser, in connection with its rights and duties with respect to the Trust:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) shall use the same skill and care in the management of the Funds as it uses in the management of other accounts to which it provides investment advisory services, but shall not be obligated to give the Trust more favorable or preferential treatment vis-a-vis its other clients; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) shall act in conformity with the Trust's Amended and Restated Declaration of Trust, bylaws, registration statement, Prospectus, SAI, any exemptive orders, and written instructions and directions of the Board, and comply with and conform to the requirements of all applicable securities and tax laws and rules, including the 1940 Act, the Advisers Act, the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code"), and all other applicable federal and state laws, regulations and rulings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Adviser shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) use reasonable efforts to manage each Fund so that it will qualify, and continue to qualify, as a regulated investment company under Subchapter M of the Internal Revenue Code and the regulations thereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) discharge the foregoing responsibilities subject to the control and supervision of the Board and in compliance with such policies and procedures of the Trust (regarding each Fund) that the Board may from time to time establish;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) promptly notify the Trust in the event that the Adviser or any of its affiliates: (I) becomes aware that it is subject to a statutory disqualification that prevents the Adviser from serving as investment adviser pursuant to this Agreement or (II) becomes aware that it is the subject of an administrative proceeding or enforcement action by the SEC or other regulatory authority with respect to its services under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In providing investment advisory services to each Fund, the Adviser will provide each Fund with ongoing investment guidance, policy direction, including oral and written research, analysis, advice, statistical and economic data and judgments regarding individual investments, general economic conditions and trends and long-range investment policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Adviser may delegate some or all of its duties and obligations under this Agreement to one or more investment sub-advisers ("Money Managers"); provided, however, that any such delegation shall be pursuant to an agreement with terms agreed upon by the Board and approved in a manner consistent with the 1940 Act and applicable exemptive relief. However, no such delegation shall relieve the Adviser of its duties and obligations with respect to the management of each Fund's assets pursuant to this Agreement and in accordance with applicable law. In the Adviser's sole discretion, any such Money Manager (i) may have full or partial investment discretion and may make all determinations with respect to the investment of a Fund's assets assigned to the Money Manager and the purchase and sale of portfolio securities and other instruments with those assets, and such steps as may be necessary to implement its decision; or (ii) may be engaged to provide advice on a non-discretionary basis to the Adviser for use in making investment decisions for a Fund.

Subject to compliance with the 1940 Act and Fund policies and procedures, the Adviser may delegate to a Money Manager the voting of proxies relating to a Fund's portfolio securities in accordance with the proxy voting policies and procedures of the Fund. If the Adviser expressly directs a Money Manager in writing to vote a proxy in such Money Manager's discretion, such Money Manager shall vote such proxies solely in the best interests of the Fund's shareholders and in accordance with applicable state and federal law, statutes, rules and regulations governing the voting of proxies by registered investment advisers, investment companies and fiduciaries. If a Money Manager requests that the Adviser vote a proxy in a specified manner, such request by a Money Manager, which shall not be binding upon Adviser, shall be made solely in accordance with the foregoing standards applicable to such Money Manager's discretionary voting of proxies. Each such request shall be accompanied by information satisfactory to the Adviser explaining the requested vote which information shall set forth any interest, direct or indirect, of the Money Manager in the outcome of the vote. In connection with each such request, a Money Manager shall be deemed to have made a representation to the Adviser and the Trust that such request has been made in compliance with this Section 2 and that all information provided in connection with such request is accurate and complete in all material respects.

To the extent the Adviser determines to delegate some or all of its duties and obligations under this Agreement to one or more discretionary or non-discretionary Money

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Managers, the Adviser shall research and evaluate Money Managers and shall advise the Board of the Money Manager(s) which the Adviser believes are best suited for each Fund; shall monitor and evaluate the investment performance, or quality of recommendations, of each Money Manager employed by the Trust; shall determine the portion of each Fund's assets to be managed by each Money Manager, if applicable; shall recommend changes or additions of Money Managers when appropriate; shall coordinate the investment activities of the Money Managers; and acting as a fiduciary for the Trust shall compensate the Money Managers from the Adviser's own resources. The Adviser shall not be responsible or liable for the investment merits of any decision or recommendation by a Money Manager to purchase, hold, or sell a security or other instrument for a Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Adviser shall treat as confidential and proprietary information regarding each Fund, including each Fund's records and other information relative to each Fund and its prior, current or potential shareholders. The Adviser shall not use such records and information for any purpose other than the performance of its duties and responsibilities under this Agreement, except after prior notification to and approval in writing by the applicable Fund, which approval shall not be unreasonably withheld and may not be withheld where the Adviser may be exposed to civil or criminal contempt proceedings for failure to comply, when requested to divulge such information by duly constituted authorities, or when so requested by such Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The services of the Adviser hereunder are not deemed exclusive and the Adviser shall be free to render similar services to others (including other investment companies) so long as its services under this Agreement are not impaired thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Adviser is hereby authorized to utilize the research and other resources of its affiliates in providing investment advisory services pursuant to this Agreement. The Trust shall not be obligated to pay any fee to an affiliate of the Adviser for these services.

3. <u>Expenses of the Trust</u>. It is understood that the Adviser will pay all of the expenses of the Trust relating to each Fund covered by this Agreement and of each Fund (inclusive of any expenses of a wholly-owned subsidiary of a Fund), except for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The fee payment pursuant to Section 4 of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Payments under the Fund's 12b-1 plan (if any);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Interest expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Dividend and interest expenses related to short sales;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Taxes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Acquired fund fees and expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Brokerage commissions and any other transaction-related expenses and fees arising out of transactions effected on behalf of the Fund;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Costs of holding shareholder meetings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Costs of any securities lending program;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Any and all costs, fees and expenses, including legal fees, associated with litigation and potential litigation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Any and all contingency fees paid to vendors out of amounts received by a Fund (for example, contingency fees paid to vendors for foreign tax reclaims and contingency fees paid to vendors for certain securities litigation recoveries); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) Any other infrequent and/or unusual expenses.

For the avoidance of doubt, the Adviser's payment of such expenses may be accomplished through the Fund's payment of such expenses and a corresponding reduction in the fee payable to the Adviser pursuant to paragraph 4 hereof; provided, however, that if the amount of expenses paid by the Fund exceeds the fee payable to the Adviser pursuant to Section 4 of this Agreement, the Adviser will reimburse the Fund for such excess amount.

4. <u>Compensation</u>.

As compensation for the services provided and expenses assumed by the Adviser under this Agreement, the Trust will arrange for each Fund to pay the Adviser at the end of each calendar month an advisory fee computed daily at an annual rate equal to the amount of average daily net assets listed opposite each Fund's name in Exhibit A, attached hereto. The "average daily net assets" of each Fund shall mean the average of the values placed on each Fund's net assets as of 4:00 p.m. (New York time) on each day on which the net asset value of each Fund is determined consistent with the provisions of Rule 22c-1 under the 1940 Act or, if each Fund lawfully determines the value of its net assets as of some other time on each Business Day (as defined in the Funds' Prospectus or SAI), as of such other time. The value of net assets of each Fund shall always be determined pursuant to the applicable provisions of the Amended and Restated Declaration of Trust, the registration statement and the Fund's securities valuation procedures. If, pursuant to such provisions, the determination of net asset value is suspended for any particular Business Day, then for the purposes of this Section 4, the value of the net assets of each Fund as last determined shall be deemed to be the value of its net assets as of the close of the New York Stock Exchange, or as of such other time as the value of the net assets of each Fund's portfolio may lawfully be determined, on that day. If the determination of the net asset value of the shares of each Fund has been so suspended for a period including any month end when the Adviser's compensation is payable pursuant to this Section 4, then the Adviser's compensation payable at the end of such month shall be computed on the basis of the value of the net assets of each Fund as last determined (whether during or prior to such month). If each Fund determines the value of the net assets of its portfolio more than once on any day, then the last such determination thereof on that day shall be deemed to be the sole determination thereof on that day for the purposes of this Section 4. For the avoidance of doubt, the compensation set forth herein does not include compensation for

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the execution of portfolio or foreign exchange transactions, including the execution of portfolio or foreign exchange transactions by RIIS, an affiliate of Adviser, for which the Fund pays a separate commission or compensation, respectively.

5. <u>Books and Records</u>. The Adviser agrees to maintain and preserve for the periods prescribed by Rule 31a-2 under the 1940 Act, such records as are required to be maintained by Rule 31a-1 under the 1940 Act (other than clause (b)(4) and paragraphs (c), (d) and (e) thereof). The Adviser further agrees that all records which it maintains for the Trust are the property of the Trust and it shall surrender promptly to the Trust any of such records upon the Trust's request.

6. <u>Liabilities of the</u> <u>Adviser</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In the absence of willful misfeasance, bad faith, gross negligence, or reckless disregard of obligations or duties hereunder or on the part of the Adviser or its corporate affiliates, the Adviser and its corporate affiliates shall not be subject to liability to the Trust or to any shareholder of the Trust for any act or omission in the course of, or connected with, rendering services hereunder or for any losses that may be sustained in the purchase, holding, or sale of any security or other instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No provision of this Agreement shall be construed to protect any Trustee or officer of the Trust, or the Adviser and its corporate affiliates, from liability in violation of Section 17(h) and (i) of the 1940 Act.

7. <u>Term, Renewal and Termination</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement shall become effective on the date the first Fund is offered for sale, and shall continue in effect through the period ending two years from such date. For any new Fund for which the Adviser is retained as investment adviser pursuant to Section 1(b) of this Agreement, this Agreement shall become effective on the date such Fund is offered to the public and shall continue in effect as to such Fund for two years from its effective date. In each case, the Agreement is renewable annually thereafter for successive one-year periods (a) by a vote of a majority of the Trustees of the Trust, or (b) as to any Fund, by a vote of a majority of the outstanding voting securities of that Fund, and in either case by a majority of the Trustees who are not parties to this Agreement or interested persons of any parties to the Agreement (other than as Trustees of the Trust), cast in accordance with the requirements of the 1940 Act (as amended) and the rules and regulations thereunder, or in accordance with such regulatory guidance, interpretations, or exemptive relief issued by the SEC or its staff from time to time; provided, however, that if the shareholders of any one or more Funds fail to approve the Agreement as provided herein, the Adviser may continue to serve in such capacity in the manner and to the extent permitted by the 1940 Act and Rules and Regulations thereunder with respect to any other Fund or Funds.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) May at any time be terminated without the payment of any penalty either by vote of the Board or, as to any Fund, by vote of a majority of the outstanding voting securities of the Fund, on 60 days' written notice to the Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Shall immediately terminate in the event of its assignment; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) May be terminated by the Adviser on 60 days' written notice to the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) As used in this Section 7, the terms "assignment," "interested person" and "vote of a majority of the outstanding voting securities" shall have the meanings set forth for any such terms in the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any notice under this Agreement shall be given in writing addressed and delivered, or mailed postpaid, to the other party at any office of such party.

8. <u>Trade Names and Trademarks</u>. The parties hereto acknowledge that: (i) the Trust has been granted non-exclusive use of the name "Russell Investments," subject to certain restrictions and limitations; and (ii) the Trust's right to use the name may be withdrawn.

9. <u>Amendment of Agreement</u>. This Agreement may be amended by mutual consent, and the consent of the Trust must be approved by (i) vote of a majority of those Trustees of the Trust who are not parties to this Agreement or interested persons (as defined in the 1940 Act) of any such party, cast in accordance with the requirements of the 1940 Act (as amended) and the rules and regulations thereunder, or in accordance with such regulatory guidance, interpretations, or exemptive relief issued by the SEC or its staff from time to time, and, (ii) to the extent required by the 1940 Act and interpretations thereof by the SEC and its staff, by vote of a majority of the outstanding Shares (as defined with respect to voting securities by the 1940 Act) representing the interests in each Fund affected by such amendment.

10. <u>Limitation of Liability</u>. It is understood and expressly stipulated that none of the Trustees, officers, agents or shareholders of the Trust shall be personally liable hereunder. All persons dealing with the Trust must look solely to the property of the Trust for the enforcement of any claims against the Trust, as none of the Trustees, officers, agents or shareholders assume any personal liability for obligations entered into on behalf of the Trust.

11. <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 construed in accordance with applicable federal law and the laws of the State of Delaware and shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors. The sole parties to this Agreement are the Trust and the Adviser and the Trust is the sole beneficiary of the

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Adviser's services hereunder. The parties to this Agreement do not intend for this Agreement to benefit any third party, including without limitation a record owner or beneficial owner of the Shares, that is not expressly identified as a party to this Agreement. The terms of this Agreement may be enforced solely by a party to this Agreement. Anything herein to the contrary notwithstanding, this Agreement shall not be construed to require, or to impose any duty upon, either of the parties to do anything in violation of any applicable laws or regulations. Any provision in this Agreement requiring compliance with any statute or regulation shall mean such statute or regulation as amended and in effect from time to time.

12. <u>Counterparts</u>. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

**IN WITNESS WHEREOF**, the parties hereto have caused this Agreement to be executed as of the day and year first written above.

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| | |
|:---|:---|
| **RUSSELL INVESTMENTS EXCHANGE TRADED FUNDS** | **RUSSELL INVESTMENTS EXCHANGE TRADED FUNDS** |
| By: | /s/ Vernon Barback |
| Name: | Vernon Barback |
| Title: | President and Chief Executive Officer |
| **RUSSELL INVESTMENT MANAGEMENT, LLC** | **RUSSELL INVESTMENT MANAGEMENT, LLC** |
| By: | /s/ Katherine El-Hillow |
| Name: | Katherine El-Hillow |
| Title: | President and Chief Investment Officer |

---

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**Exhibit A** 

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Fund** | **Fee** |
| &nbsp;&nbsp;&nbsp;U.S. Small Cap Equity Active ETF | 0.69% |
| &nbsp;&nbsp;&nbsp;International Developed Equity Active ETF | 0.59% |
| &nbsp;&nbsp;&nbsp;Global Equity Active ETF | 0.59% |
| &nbsp;&nbsp;&nbsp;Emerging Markets Equity Active ETF | 0.79% |
| &nbsp;&nbsp;&nbsp;Global Infrastructure Active ETF | 0.59% |

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## Ex-99.(D)(1)(A)

**FIRST AMENDMENT TO** 

**FIRST AMENDED AND RESTATED ADVISORY AGREEMENT** 

**RUSSELL INVESTMENTS EXCHANGE TRADED FUNDS** 

This First Amendment ("Amendment") dated _______ is made to the First Amended and Restated Advisory Agreement dated April 22, 2025 (the "Agreement") between RUSSELL INVESTMENTS EXCHANGE TRADED FUNDS, a Delaware statutory trust hereinafter called the "Trust," and RUSSELL INVESTMENT MANAGEMENT, LLC, a Washington limited liability company hereinafter called the "Adviser." Capitalized terms used herein and not otherwise defined shall have the meanings set forth in the Agreement.

WHEREAS, the Trust and the Adviser desire to restate Exhibit A of the Agreement to add new Funds and reflect Fund name changes.

NOW THEREFORE, in consideration of the foregoing and the mutual covenants and agreements hereinafter contained, the parties hereby agree to amend the Agreement, pursuant to the terms thereof, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Exhibit A to the Agreement is hereby amended and restated in its entirety as set forth on Exhibit A attached
hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Except as expressly amended by this Amendment, the provisions of the Agreement shall remain in full force and
effect.

IN WITNESS WHEREOF, each of the parties hereto has caused this First Amendment to the First Amended and Restated Advisory Agreement to be executed in its name and behalf by its duly authorized representative as of the date first written above.

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| | |
|:---|:---|
| **RUSSELL INVESTMENTS EXCHANGE**<br> **TRADED FUNDS** | **RUSSELL INVESTMENT MANAGEMENT, LLC** |
| By: | By: |
| Name: | Name: |
| Title: | Title: |

---

------

**Exhibit A** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**<u>Fund</u>** |  **<u>Fee</u>** |
| &nbsp;&nbsp;&nbsp; Russell Investments U.S. Small Cap Equity ETF<br> (f/k/a U.S. Small Cap Equity Active ETF) | 0.69% |
| &nbsp;&nbsp;&nbsp; Russell Investments International Developed Equity ETF<br> (f/k/a International Developed Equity Active ETF | 0.59% |
| &nbsp;&nbsp;&nbsp; Russell Investments Global Equity ETF<br> (f/k/a Global Equity Active ETF | 0.59% |
| &nbsp;&nbsp;&nbsp; Russell Investments Emerging Markets Equity ETF<br> (f/k/a Emerging Markets Equity Active ETF) | 0.79% |
| &nbsp;&nbsp;&nbsp; Russell Investments Global Infrastructure ETF<br> (f/k/a Global Infrastructure Active ETF) | 0.59% |
| &nbsp;&nbsp;&nbsp; Russell Investments Global Real Estate ETF | 0.49% |
| &nbsp;&nbsp;&nbsp; Russell Investments Core Plus Bond ETF | 0.39% |

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## Ex-99.(D)(2)(A)

**PORTFOLIO MANAGEMENT CONTRACT** 

**[Insert Money Manager's Name Here]** 

**and** 

**Russell Investment Management, LLC** 

Effective Date: <br> Termination Date: May 31, 20___

Page 1 of 22

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**PORTFOLIO MANAGEMENT CONTRACT** 

Dated ________________________________.

Between:

Russell Investment Management, LLC ("RIM"), as fiduciary for Russell Investments Exchange Traded Funds (referred to herein as the "Investment Company"); and

____________________________ ("Money Manager").

**WHEREAS,** RIM acts as the advisor of the Investment Company pursuant to the terms of a Management Agreement with the Investment Company. RIM is an "investment adviser" to the Investment Company as defined in Section 2(a)(20) of the Investment Company Act of 1940, as amended (the "Act"). Investment Company, a Delaware statutory trust, is an open-end management investment company registered as an investment company under the Act and is subject to the rules and regulations promulgated thereunder (the "Rules"). The Investment Company is a "series" company. The Investment Company issues shares evidencing beneficial interests in separate investment portfolios, each with different investment objectives and policies (individually, a "Fund" and collectively, the "Funds").

**WHEREAS,** RIM is responsible for the day-to-day management and administration of the Investment Company and for the coordination of investment of each Fund's assets in portfolio securities. However, specific portfolio purchases and sales for each Fund's investment portfolio, or a portion thereof, are to be made by portfolio management organizations selected and appointed by RIM, subject to the pre-approval of the Board of Trustees of the Investment Company (the "Board").

**WHEREAS,** RIM and Money Manager desire to enter into this Portfolio Management Contract (this "Contract"), pursuant to which Money Manager will serve as a discretionary money manager to the Fund(s) of the Investment Company as designated on **Exhibit A**.

Now, therefore, in consideration of the foregoing and of the mutual covenants contained herein, the parties agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Appointment as a Money Manager</u>.

(a) RIM, being duly authorized, hereby appoints and employs Money Manager as a discretionary money manager to the
Fund(s) of the Investment Company as designated on **Exhibit A**, on the terms and conditions set forth herein, for those assets of the Fund(s) which RIM, as a fiduciary for Investment Company, determines to assign to Money Manager (those assets
being referred to for the Fund(s) individually and collectively as the "Fund Account"). The Money Manager acknowledges and agrees that RIM may determine at any given time that no Fund assets will be assigned to Money Manager.

(b) The Money Manager shall for all purposes herein be deemed to be an independent contractor and shall, unless
otherwise expressly provided or authorized in this Contract or another writing by RIM or the Investment Company to the Money Manager, have no authority to act for or be deemed an agent of RIM, the Investment Company or the Fund Account in any way.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Acceptance of Appointment.</u> Money Manager accepts the appointment as a discretionary money manager and agrees to manage the Fund Account in accordance with the terms and conditions of this Contract. In performing its obligations under this Contract, the Money Manager may not delegate performance of its investment advisory services to any other person or entity, including any one or more of its affiliates.

Page 2 of 22

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Standard of Performance</u>. The Money Manager shall exercise all due diligence and vigilance in carrying out its functions, powers and duties under this Contract including the degree of care, diligence and skill that a reasonably prudent manager would exercise under the circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Portfolio Management Services of Money Manager</u>.

(a) Money Manager is hereby employed and authorized to select portfolio securities for investment by the Fund
Account, to determine to purchase and sell securities of the Fund Account, and upon making any purchase or sale decision, to place orders for the execution of such portfolio transactions in accordance with this Contract.

(b) In providing portfolio management services to and in exercising any investment discretion for the Fund Account,
Money Manager shall be subject to and shall comply with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Act, the Rules and any other requirement of state or federal laws including the rules, regulations and
policy statements approved or issued by the Securities and Exchange Commission (the "SEC") thereunder and all applicable laws in the jurisdiction where the Money Manager is located or in which the Fund Account invests, as amended from
time to time (collectively, "Relevant Law"),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Investment Guidelines (as defined in **Section 5**) of the Fund Account furnished
pursuant to **Section 5**,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) This Contract,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The investment restrictions, objectives, strategies and policies set forth in the then current prospectus and
statement of additional information of the Fund(s), as amended from time to time (the "Disclosure Documents"),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) The Fund's policies and procedures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) The supervision and control of the Board,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Such specific instructions as the Board or RIM may adopt and communicate to Money Manager, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) Any other instructions from RIM.

Money Manager shall immediately notify RIM if it is unable to comply with any of the foregoing.

(c) Money Manager shall monitor its compliance with the Investment Guidelines and the Disclosure Documents at all
times and shall report to RIM immediately any transactions or holdings that may be in violation of the Investment Guidelines or the Disclosure Documents. Money Manager shall have the sole obligation to correct any violation of the Investment
Guidelines or Disclosure Documents and shall reimburse RIM, the Fund(s) or Fund Account for any and all losses, costs or damages resulting from such violation if such violation was due to the negligence of the Money Manager.

(d) If for any reason which is beyond the control of the Money Manager, including market movements, contributions
to or withdrawals from the Fund Account or a change in the nature of any investment (whether through change in business activity or credit rating), the Fund Account ceases to comply with the Investment Guidelines or the Disclosure Documents, then
the Money Manager must promptly remedy the non-compliance.

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(e) RIM may, at any time, instruct Money Manager in the performance of Money Manager's functions. Money
Manager is not required to act on any instructions which it knows would violate Relevant Law, provided it advises RIM in writing and provides reasonable detail regarding the reason(s) for noncompliance.

(f) At RIM's reasonable request, Money Manager will consult with RIM, with respect to any decision made by it
with respect to the investments of the Fund Account.

(g) RIM, in its sole discretion, may authorize a withdrawal from the Fund Account in cash or in assets of the Fund
Account. Money Manager must use reasonable endeavors to satisfy such instruction promptly.

(h) RIM must advise Money Manager of any additional money made available for investment and management pursuant to
this Contract, prior to transfer into the Fund Account's account at the Custodian.

(i) Money Manager shall not consult with any other money manager acting as a sub-advisor to the Investment Company concerning transactions of the Fund in securities or other assets in the Fund Account managed by Money Manager other than for purposes of complying with the conditions of
paragraphs (a) and (b) of Rule 12d3-1 under the Act.

(j) Understanding that the Fund is valued on a daily basis, Money Manager shall provide timely assistance to RIM
and/or the Fund's administrator (together, "RI") in determining or confirming, consistent with the policies stated in the Fund's Disclosure Documents, the value of any portfolio securities or other assets in the Fund Account
for which RI seeks assistance from Money Manager or identifies for review by Money Manager. This assistance shall include (but is not limited to):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) designating and providing access to one or more employees of Money Manager who are knowledgeable about the
security/issuer, its financial condition, trading and/or other relevant factors for valuation, which employees shall be made available by Money Manager for consultation with RI upon reasonable advance notice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) assisting RI in obtaining bids and offers or quotes from broker/dealers or market-makers with respect to
securities or other assets held in the Fund Account (to the extent reasonably practicable);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) confirming pricing and/or providing recommendations for fair valuations of securities or other assets where a
market value is not readily available or has otherwise been deemed by Money Manager to be not reliable (e.g., "Level 3" assets within the ASC 820 fair value hierarchy);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) taking into account the time sensitive nature of the matter, promptly informing RIM of significant developments
that in the judgment of Money Manager affect the value of any security or other asset held in the Fund Account with respect to the aforementioned fair valuation recommendations that have been made by the Money Manager; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) maintaining adequate records and written backup information with respect to the securities valuation assistance
provided hereunder, and providing such information to RIM upon request, with such records being deemed Fund records.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Investment Objectives, Policies and Restrictions</u>. RIM shall provide Money Manager with a statement of the investment objectives and policies of the Fund Account and any specific investment restrictions applicable thereto, as amended from time to time (the "Investment Guidelines"), the Disclosure Documents and the applicable Fund policies and procedures. RIM retains the right, on written notice to Money Manager from RIM, to modify the Investment Guidelines in any manner at any time and Money Manager shall comply with the amended Investment Guidelines in accordance with the timelines established for such change.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Transaction Procedures</u>.

(a) All transactions in the assets of the Fund Account will be consummated by payment to or delivery by State
Street Bank & Trust Company or any successor custodian identified in writing by RIM to Money Manager (the "Custodian"), or such depositories, or agents, as may be designated by the Custodian, as custodian for the Investment
Company, of all cash and/or securities due to or from the Fund Account. Money Manager shall not have possession or custody of any assets of the Fund Account.

(b) Money Manager shall (i) advise the Custodian of all investment orders for the Fund Account placed by it in
the manner instructed to Money Manager by the Custodian and/or RIM and shall (ii) reconcile its Fund Account records to the month end statements from the Custodian within the later of seven (7) business days following month end or three
(3) business days after receipt and resolve any differences with the Custodian. Money Manager will provide copies of these monthly reconciliations to RIM if requested. Additionally, Money Manager shall establish connectivity with SS&C
Technologies, Inc. or any successor agent identified in writing by RIM (the "middle office provider") and deliver daily trade and position files in the manner instructed by RIM to enable the middle office provider to maintain RIM's
investment book of record.

(c) Notwithstanding Section 13 hereof, (i) if a Money Manager's instructions to the Custodian cause
an overdraft in the Fund Account, Money Manager shall bear the expense of any resulting Custodian overdraft fees; and (ii) if an error or delay in the daily executed securities trade information provided by Money Manager to the Custodian causes
an error in the computation of the Fund's net asset value that results in a loss to the Fund, Money Manager shall reimburse the Fund for the amount of the Fund's loss in accordance with the Investment Company's NAV Error Correction
Procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Brokerage</u>. Subject to the provisions of this **Section 7** and any restrictions described in **Section 4**, Money Manager shall have authority and discretion to select brokers and dealers to execute portfolio transactions initiated by Money Manager, and for the selection of the markets on/in which the transaction will be executed. References in this Contract to "brokers", "dealers", and "broker-dealers" shall be deemed to include any other type of counterparty, unless the context otherwise requires.

(a) In doing so, the Money Manager's primary objective shall be to seek to select a broker-dealer that can be
expected to obtain the best execution for the Investment Company. However, this responsibility shall not be deemed to obligate the Money Manager to solicit competitive bids for each transaction; and Money Manager shall have no obligation to seek the
lowest available commission cost to Investment Company, so long as Money Manager believes in good faith, based upon its knowledge of the capabilities of the firm selected, that the broker or dealer can be expected to obtain the best execution on a
particular transaction and that the commission cost is reasonable in relation to the total quality and reliability of the brokerage and research services made available by the broker to Money Manager viewed in terms of either that particular
transaction or of Money Manager's overall responsibilities with respect to its clients, including the Investment Company, as to which Money Manager exercises investment discretion, notwithstanding that Investment Company may not be the direct
or exclusive beneficiary of any such services or that another broker may be willing to charge Investment Company a lower commission on the particular transaction.

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(b) RIM may request that the Money Manager execute a certain percentage of listed equity security transactions
giving rise to brokerage commissions through those brokers and dealers as notified to Money Manager by RIM, which provide brokerage or research services to RIM or as to which an ongoing relationship will be of value to RIM in its management of the
Fund(s), which services and relationship may, but need not, be of direct benefit to the Fund Account, so long as: (i) Money Manager believes in good faith, based upon its knowledge of the capabilities of the firm selected, that the broker or
dealer can be expected to obtain the best execution on a particular transaction; and (ii) RIM determines that the commission cost is reasonable in relation to the total quality and reliability of the brokerage and research services made
available to RIM for the benefit of its clients for which it exercises investment discretion, notwithstanding that the Fund Account may not be the direct or exclusive beneficiary the brokerage research services.

(c) Money Manager agrees that it will not execute any portfolio transactions with a broker or dealer which is an
"affiliated person" (as defined in the Act) of the Money Manager or RIM except pursuant to Investment Company's Board approved 17e-1 Policies and Procedures for Affiliated Brokerage
Transactions. RIM agrees that it will provide Money Manager with a list of brokers and dealers that are "affiliated persons" of RIM.

(d) On occasions when the Money Manager deems the purchase or sale of a security or futures contract to be in the
best interest of the Investment Company as well as other advisory clients of the Money Manager, the Money Manager, to the extent permitted by applicable laws and regulations, may, but shall be under no obligation to, aggregate the securities or
futures contracts to be sold or purchased in order to obtain the most favorable price or lower brokerage commissions and efficient execution. In such event, allocation of the securities or futures contracts so purchased or sold, as well as the
expenses incurred in the transaction, will be made by the Money Manager in the manner the Money Manager considers to be the most equitable and consistent with its fiduciary obligations to the Investment Company and to such other clients.

(e) Money Manager may execute all documents and agreements with brokers and dealers for the purposes of managing
the Fund Accounts provided that: (i) the Money Manager does not contravene the Investment Guidelines or Disclosure Documents; (ii) should the Money Manager aggregate transactions of the Fund Account with other client accounts managed by
the Money Manager, any liability or amounts due from other client accounts will not be attributable or chargeable to the Fund Account and (iii) Money Manager shall reasonably determine that the terms of any such document or contract are not
disadvantageous to the Fund and that the interests of the Fund are adequately protected.

(f) As used in this **Section 7**, "brokerage and research services" shall have
the meaning defined in Section 28(e)(3) of the Securities Exchange Act of 1934.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Responsibilities Regarding Proxy Voting and Legal Proceedings.</u>

(a) <u>Exercise of Voting Rights</u>. Money Manager shall not vote any proxies solicited by or with respect to the
issuers of securities in which assets of the Fund Account may be invested and will promptly forward any proxies it may receive as directed by RIM. If Money Manager requests that RIM vote a proxy in a specified manner, such request by Money Manager,
which shall not be binding upon RIM, shall be made on the sole basis that such vote is in the best interests of the Investment Company's shareholders and is in accordance with applicable state and federal law, statutes, rules and regulations
governing the voting of proxies by registered investment advisers, investment companies and fiduciaries. Each such request shall be accompanied by information satisfactory to RIM explaining the requested vote which information shall set forth any
interest, direct or indirect, of Money Manager in the outcome of the vote. In connection with each such request, Money Manager shall be deemed to have made a representation to RIM and the Investment Company that such request has been made in
compliance with this Section 8 and that all information provided in connection with such request is accurate and complete in all material respects.

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(b) <u>Legal Proceedings.</u> Responsibility to initiate, consider or participate in any bankruptcy, class action
or other litigation against or involving any issuer of securities held in or formerly held in the Fund Account or to advise or take any action with respect to any litigation shall remain with RIM, and Money Manager shall not have any responsibility
to, and shall not, initiate, consider or participate in any such matters on behalf of RIM or the Fund Account. However, Money Manager shall reasonably consult with RIM at RIM's request in this regard.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Reports and Records</u>. Money Manager shall:

(a) Maintain on behalf of the Investment Company the records listed in **Exhibit B** hereto (as amended from
time to time) and any other records that are required to be maintained under any other applicable federal or state law relating to the services it provides hereunder.

(b) Provide, upon request, information which is complete and accurate in all material respects to the extent the
necessary information is within the reasonable control of Money Manager, as to the making of, and return on, the investments in the Fund Account and as is necessary to enable RIM to assess the Money Manager and otherwise to comply with Relevant Law.

(c) Keep the Fund Account under review and confer with RIM as RIM may reasonably request regarding the investment
and management of the Fund Account.

(d) Provide RIM with such periodic reports concerning the status of the Fund Account as RIM may from time to time
reasonably request.

(e) With the consent of RIM, or as required by law upon notice to RIM, give any information and assistance and make
available any records relating to the Fund Account reasonably required by the auditors of the Fund, or to any other governmental or regulatory authority or as required by law or any court of competent jurisdiction.

(f) Promptly provide to RIM any other information required by Investment Company to fulfill Investment
Company's obligation under its Declaration of Trust or any Relevant Law and complete returns to regulatory authorities, including taxation authorities, and, if requested by RIM, promptly provide the information required by RIM and/or
Investment Company to fulfill its obligations.

(g) Provide access to, and a copy of, the accounts and other records relating to the Fund Account whenever
reasonably requested by RIM to any person duly authorized by RIM.

(h) Within ten (10) business days of each calendar quarter end, Money Manager's compliance officer shall
complete and deliver a compliance questionnaire to RIM, certifying that no material breaches of policy or procedures have occurred in relation to the Fund Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Fees for Services</u>. The compensation of Money Manager for its services under this Contract shall be paid by RIM, acting as a fiduciary for Investment Company, in accordance with the attached **Exhibit C** (which may include multiple exhibits covering different fee schedules for different Funds, as agreed between the parties from time to time). To the extent that the Investment Company, as principal, has discharged or been relieved of its duty to pay over to RIM, by reason of its payment to RIM,

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in its capacity as a fiduciary for Investment Company, any or all amounts payable to the Money Manager, the Money Manager agrees to look solely to RIM for payment of amounts payable to Money Manager hereunder. Money Manager shall disclose to RIM any monetary benefit, fee or commission received by it or any affiliate in relation to the investment of the Fund Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Other Investment Activities of Money Manager</u>. RIM acknowledges that Money Manager, or one or more of its affiliates, may have investment responsibilities or render investment advice to, or perform other investment advisory services for, other individuals or entities ("Affiliated Accounts"). Subject to the provisions of **Section 3** hereof, RIM agrees that Money Manager or its affiliates may give advice or exercise investment responsibility and take such other action with respect to other Affiliated Accounts which may differ from advice given or the timing or nature of action taken with respect to the Fund Account, provided that Money Manager acts in good faith, and provided, further, that it is Money Manager's policy to allocate, within its reasonable discretion, investment opportunities to the Fund Account over a period of time on a fair and equitable basis relative to the Affiliated Accounts, taking into account the investment objectives and policies of the Fund Account and any specific investment restrictions applicable thereto. RIM acknowledges that one or more of the Affiliated Accounts may at any time hold, acquire, increase, decrease, dispose of or otherwise deal with positions in investments in which the Fund Account may have an interest from time to time, whether in transactions which may involve the Fund Account or otherwise. Money Manager shall have no obligation to acquire for the Fund Account a position in any investment which any Affiliated Account may acquire, and RIM shall have no first refusal, coinvestment or other rights in respect of any such investment, either for the Fund Account or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Certificate of Authority</u>. From time to time, each party shall provide to the other and/or to a third party as directed by the other party a certified list of officers and employees who are authorized to act on its behalf (the "Authorized Persons"). Each party may rely on any instruction that it reasonably believes to have been given by an Authorized Person. **Exhibit D** sets forth those persons who are authorized to: (a) execute this Contract and any amendments to the Contract; and (b) amend the Investment Guidelines. Each party may amend its list of Authorized Persons upon written notice to the other party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Limitation of Liability; Indemnification</u>.

(a) Money Manager shall not be liable for any action taken, omitted or suffered to be taken by it in its reasonable
judgment, in good faith and believed by it to be authorized or within the discretion or rights or powers conferred upon it by this Contract, or in accordance with (or in the absence of) specific directions or instructions from RIM; provided,
however, that such acts or omissions shall not have resulted from Money Manager's willful misfeasance, bad faith or negligence, violation of the standard of care established by and applicable to Money Manager in its actions under this
Contract, or reckless disregard or breach of its duty or of its obligations hereunder. Notwithstanding the foregoing, federal and state securities laws (and ERISA, if applicable) impose liability under certain circumstances on persons who act in
good faith, and therefore nothing herein shall in any way constitute a waiver or limitation of any rights which Investment Company and/or RIM may have under federal or state securities laws of the United States of America or under any other
applicable law (including ERISA, if applicable).

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(b) Money Manager shall be liable for losses suffered by the Investment Company, RIM or the Fund as a result of RIM
acting on instructions believed by RIM to be from the Money Manager or one of its affiliates provided, however, that such losses have not resulted from RIM's willful misconduct, bad faith or negligence.

(c) Money Manager agrees to indemnify RIM, its affiliates, the Investment Company and the Fund against any and all
liability, loss, claim, damages, court costs or expenses (including reasonable attorneys' fees) which any of them may incur or suffer as a result of or in connection with Money Manager's (or its employees' or agents')
violation of Relevant Law or Money Manager's willful misfeasance, bad faith or negligence, violation of the standard of care established by and applicable to Money Manager in its actions under this Contract, or reckless disregard or breach of
its duty or of its obligations hereunder. Notwithstanding Section 13(a), to the extent that RIM is found by a court of competent jurisdiction, the SEC or any other regulatory agency to be liable to the Investment Company or any shareholder of
the Investment Company (a "liability") for any acts undertaken by Money Manager or its corporate affiliates pursuant to this Contract, Money Manager shall indemnify RIM and each of its affiliates, officers, directors and employees (each
a "RIM Indemnified Party") from, against, for and in respect of all losses, damages, costs and expenses incurred by the RIM Indemnified Party with respect to such liability, together with all legal and other expenses reasonably incurred
by any such RIM Indemnified Party, in connection with such liability.

(d) RIM agrees to indemnify the Money Manager and its affiliates against any and all liability, loss, claim,
damages, court costs or expenses (including reasonable attorneys' fees) which the Money Manager or its affiliates may incur or suffer as a result of or in connection with RIM's (or its employees' or agents') violation of this
Contract or Relevant Law, or RIM's negligence or willful misfeasance, or reckless disregard in carrying out its duties under this Contract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. <u>Confidentiality</u>. Each party expressly undertakes to protect and to preserve the confidentiality of all information and know-how made available under or in connection with this Contract, or the parties' activities hereunder that is either designated as being confidential, or which, by the nature of the circumstances surrounding the disclosure, ought in good faith be treated as proprietary or confidential (the "Confidential Information"). The Money Manager understands that the holdings, performance or any other information regarding the Fund Account managed by the Money Manager is the property of the Fund and may be used by the Fund or by RIM as its agent in their discretion, including with respect to RIM's investment advisory services to the Fund. Each party shall take reasonable security precautions, at least as great as the precautions it takes to protect its own confidential information but in any event using a reasonable standard of care, to keep confidential the Confidential Information. Neither party shall disclose Confidential Information except: (a) to its employees, consultants, legal advisors or auditors having a need to know such Confidential Information; (b) in accordance with a judicial or other governmental order or when such disclosure is required by law, provided that prior to such disclosure the receiving party shall provide the disclosing party with at least 15 days prior written notice (or, if 15 days prior written notice is not possible given the terms of the order, with prompt verbal notice followed by next day written notice), shall seek, or permit the disclosing party to seek, a protective order or equivalent to the extent one does not already apply, and shall comply with the terms of any such protective order or equivalent; or (c) in accordance with a regulatory audit or inquiry, without prior notice to the disclosing party, provided that the receiving party shall obtain a confidentiality undertaking from the regulatory agency where possible; provided further that with respect to (b) and (c), the receiving party shall only disclose such Confidential Information as is minimally required to respond to the order or inquiry, based upon the advice of counsel.

Neither party will make use of any Confidential Information except as expressly authorized in this Contract or as agreed to in writing between the parties. However, the receiving party shall have no obligation to maintain the confidentiality of information that: (a) it received rightfully from another party prior to its receipt from the disclosing party; (b) the disclosing party discloses generally without any obligation of confidentiality; (c) is or subsequently becomes publicly available without the receiving party's breach of

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any obligation owed to the disclosing party; or (d) is independently developed by the receiving party without reliance upon or use of any Confidential Information. Each party's obligations under this clause shall survive for a period of three (3) years following the expiration or termination of this Contract.

Notwithstanding anything herein to the contrary, each party to this Contract may disclose any information with respect to the United States federal income tax treatment and tax structure (and any fact that may be relevant to understanding the purported or claimed federal income tax treatment of the transaction) of the transactions contemplated hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. <u>Assignment</u>. No assignment, as that term is defined in Section 2(a)(4) of the Act, of this Contract shall be made by Money Manager, and this Contract shall terminate automatically in the event that it is assigned.

Money Manager shall notify RIM in writing of: (1) any proposed change in ownership of Money Manager that may be considered to be a change of control (as defined in Section 2(a)(9) of the Act) of Money Manager; and (2) whether or not an assignment as defined in Section 2(a)(4) of the Act will result. If Money Manager determines that a proposed ownership change described in (1) above does not constitute a change of control as defined in Section 2(a)(9) of the Act, Money Manager shall provide RIM, at Money Manager's expense, an independent legal opinion stating that no change of control as defined in Section 2(a)(9) will occur as a result of the ownership change (the "Legal Opinion"). If Money Manager would not otherwise obtain a Legal Opinion, RIM may, in its sole discretion, determine that Money Manager may provide an independent legal memorandum in lieu of the Legal Opinion.

The written notice required by the preceding paragraph shall be provided at least 90 days in advance of the ownership change to enable RIM to review the Legal Opinion or legal memorandum and, if required, take the steps necessary to consider a new Contract with Money Manager, including seeking the approval of the Board at a regularly scheduled quarterly in-person meeting, and create, file and deliver a supplement to its Disclosure Documents. Money Manager agrees to: (a) bear the reasonable expenses of supplementing the Disclosure Documents and any marketing or other materials and of notifying Fund(s) shareholders and regulators of any such assignment by Money Manager or change in control of Money Manager as RIM reasonably deems necessary; (b) bear the reasonable expenses, including meeting fees and travel costs, of a special meeting of the Board if a special meeting of the Board is required to be called to approve any such assignment by Money Manager or change in control of Money Manager as a result of Money Manager not providing sufficient notice for the consideration by the Board of a new Contract at a regularly scheduled quarterly in-person meeting; and (c) bear the reasonable legal expenses associated with the foregoing, including expenses of Fund counsel and counsel to the independent trustees of the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. <u>Representations, Warranties and Agreements of RIM</u>. RIM represents, warrants and agrees that:

(a) Money Manager has been duly appointed by the Investment Company Board to provide investment services to the
Fund Account as contemplated hereby.

(b) RIM will deliver to Money Manager a true and complete copy of Investment Company's current Disclosure
Documents and applicable policies and procedures as effective from time to time, such other documents or instruments governing the investments of the Fund Account, and such other information as is necessary for Money Manager to carry out its
obligations under this Contract.

(c) The organization of the Investment Company and the conduct of the business of the Fund(s) and the Fund Account
as contemplated by this Contract, complies, and shall at all times comply, with the requirements imposed upon the Investment Company by Relevant Law.

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(d) It has policies and procedures reasonably designed to detect, prevent and respond to cyberattacks, including
providing training to its employees with respect to cybersecurity and monitoring compliance with its cybersecurity policies and procedures, and it will promptly notify Money Manager of any cybersecurity breach which may affect Money Manager.

(e) RIM has received Part 2 of Money Manager's Form ADV on or before its execution of this Contract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. <u>Representations, Warranties and Agreements of Money Manager</u>. Money Manager represents, warrants and agrees that:

(a) Money Manager is registered as an "investment adviser" under the Investment Advisers Act of 1940
("Advisers Act").

(b) Money Manager will maintain, keep current and preserve on behalf of the Investment Company, in the manner
required or permitted by the Act, the records identified in **Exhibit B**. Money Manager agrees that such records (other than those required by No. 4 of **Exhibit B**) are the property of the Investment Company, and will be surrendered to
the Investment Company promptly upon request. Money Manager may retain copies of such records, subject to the continued applicability of the confidentiality provisions set forth in **Section 14** of this Contract for as long as
Money Manager retains such copies.

(c) Money Manager has adopted, maintains and enforces a written code of ethics complying with the requirements of
Rule 17j-1 under the Act, will provide to RIM a copy of the code of ethics and evidence of its adoption, and will make such reports to RIM as required by Rule 17j-1 under the Act.

(d) In accordance with Rule 206(4)-7 under the Advisers Act, Money Manager
has adopted and implemented and will maintain written policies and procedures reasonably designed to prevent violation by Money Manager and its supervised persons (as such term is defined in the Advisers Act) of the Advisers Act and the rules the
SEC has adopted under the Advisers Act and to the extent that Sub-Adviser's activities or services could reasonably be expected to materially affect the Fund Account, Money Manager has adopted and
implemented and will maintain written policies and procedures that are reasonably designed to prevent violation of the "federal securities laws" (as such term is defined in Rule 38a-1) by the Fund
Account. Money Manager will promptly notify RIM upon detection of any material violations of Money Manager's compliance policies and procedures that relate to its activities or duties hereunder

(e) If Money Manager is a partnership, Money Manager will notify RIM of any changes in the membership of its
partnership within a reasonable time after such change.

(f) It is not currently the subject of, and has not been the subject of during the last three (3) years, any
enforcement action by a regulator.

(g) It maintains insurance coverage in an appropriate amount and shall upon request provide to RIM any information
it may reasonably require concerning the amount of or scope of such insurance.

(h) It has policies and procedures reasonably designed to detect, prevent and respond to cyberattacks, including
providing training to its employees with respect to cybersecurity and monitoring compliance with its cybersecurity policies and procedures, and it will promptly notify RIM of any cybersecurity breach which may affect the Investment Company or Money
Manager's duties under this Contract.

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(i) It has a reasonably prudent disaster recovery plan, business continuity plan or similar plan and, in the case
of a force majeure event, will use commercially reasonable endeavors to mitigate the effect of any such event, carry out its obligations under this Contract and resume the performance of its obligations as soon as reasonably possible.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. <u>Marketing Materials, Trademarks and other Intellectual Property</u>.

(a) RIM, and/or its affiliates (collectively "Russell Investment Group"), may use certain identifying
information including, but not limited to, trade names, trademarks, service marks, photographs, biographical information and general firm background information (the "Proprietary Materials") of the Money Manager, in Sales Materials, as
defined below, only for the purpose of identifying the Money Manager *'s* relationship and activities with respect to the Funds. Money Manager shall provide such Proprietary Materials upon Russell Investment Group's request. Sales
Materials include, but are not limited to, advertisements (such as material published, or designed, for use in a newspaper, magazine, or other periodical, radio, television, telephone or tape recording, videotape display, signs or billboards, motion
pictures, electronic media, or other public media), sales literature (i.e., any written communication distributed or made generally available to customers or the public, including brochures, circulars, research reports, market letters, form letters,
seminar texts, reprints, press releases or excerpts of any other advertisement, sale literature, or published article), and educational or training materials. Money Manager hereby warrants that it has the necessary rights to and does hereby grant to
the Russell Investment Group, a non-exclusive, limited license to use the Proprietary Materials in the manner set forth herein. Money Manager  **** ** hereby represents that it has the necessary
authorization and has secured any appropriate releases from each individual portfolio manager within its firm who acts as a portfolio manager to Russell Investment Group products to grant the Russell Investment Group permission to use such
manager's photograph and biographical information as provided herein. Money Manager hereby warrants that to the best of its knowledge the Proprietary Materials and Russell Investment Group's use thereof pursuant to this **Section 18** do not infringe the intellectual property rights of any third party and Money Manager hereby indemnifies the Russell Investment Group against any costs, expenses, losses or damages suffered by or payable by the
Russell Investment Group arising out of the breach of this warranty. Money Manager's grant under this Contract shall extend to Sales Materials distributed by financial intermediaries who have been approved by the Russell Investment
Group to distribute Russell Investment Group products.

(b) The Russell Investment Group shall not, by virtue of this Contract, acquire any right, title or interest in or
to any of the Proprietary Materials or any associated goodwill of the Money Manager or its affiliates. The Russell Investment Group shall not take any unauthorized action that could infringe, interfere with or diminish the rights, title or interest
in the Proprietary Materials or any associated goodwill of the Money Manager or its affiliates (including but not limited to the use of confusingly similar names or marks in connection with the advertisement, marketing or sale of a good or service).
The Russell Investment Group shall use appropriate symbols and footnotes to protect the status of such Proprietary Materials in accordance with the Money Manager *'s* reasonable policies adopted from time to time and provided to Russell
Investment Group. Money Manager shall not look to the Investment Company for satisfaction of RIM's obligations under this **Section 18.** 

(c) Money Manager and its affiliates may issue Sales Materials that solely identify Money Manager as a sub-adviser of the Fund but shall not issue any Sales Materials that provide any other information or make any other representations concerning the Fund (such as a description of the Fund and/or its investment
strategies, a description of the Money Manager's investment strategy with respect to the Fund Account, or the assets under management of the Fund Account) without the prior written consent of Russell Investment Group.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. <u>Amendment</u>. This Contract may be amended at any time, but only by written agreement between Money Manager and RIM, which amendment, other than amendments to **Exhibit B**, must be approved by the Board in the manner required under the Act. The Investment Guidelines may be amended by specific written instruction from an Authorized Person of RIM to the Money Manager.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. <u>Effective Date; Term</u>. This Contract shall become effective for the Fund(s) on the effective date set forth on the cover page of this Contract, and shall continue in effect until the termination date set forth on the cover page of this Contract. Thereafter, the Contract shall continue in effect for successive annual periods only so long as its continuance has been specifically approved at least annually by the Board in the manner required under the Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21. <u>Termination</u>.

(a) This Contract may be terminated without the payment of any penalty:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) At any time by RIM or the Investment Company upon written notice to the Money Manager; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) By Money Manager upon ninety (90) days written notice to RIM.

(b) Termination of this Contract does not affect any:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Transactions properly entered into prior to termination;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Claims by Money Manager in respect of accrued management fees and expenses incurred in respect of the period
prior to termination; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Other claims which either party may have against the other.

(c) Promptly after any written notice of any termination of this Contract, Money Manager shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Notify RIM and the Custodian of any transactions that remain unsettled as of the termination date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Notify RIM and the Custodian of any fees, charges and expenses due Money Manager through the termination date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Deliver to RIM (or as RIM directs) copies of all records which may be reasonably required by RIM in respect of
the Fund Account; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Provide RIM with a report on the Fund Account as of the termination date, including all transactions in the
Fund Account since the last report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22. <u>Applicable Law</u>. To the extent that state law shall not have been preempted by the provisions of any laws of the United States heretofore or hereafter enacted, as the same may be amended from time to time, this Contract shall be administered, construed, and enforced according to the laws of the State of Washington excluding the laws relating to conflicts of laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23. <u>No Waiver</u>. No failure to exercise and no delay in exercising any right, power or remedy under this Contract will operate as a waiver. Nor will any single or partial exercise of any right, power or remedy preclude any other or further exercise of that or any other right, power or remedy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24. <u>Entire Agreement</u>. This Contract contains the entire agreement between the parties with respect to its subject matter. It supersedes all earlier conduct by the parties or prior agreement between the parties with respect to its subject matter.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25. <u>Severance</u>. Any provision of this Contract that is prohibited or unenforceable in any jurisdiction will be ineffective in that jurisdiction to the extent of the prohibition or unenforceability. That will not invalidate the remaining provisions of this Contract nor affect the validity or enforceability of that provision in any other jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26. <u>Third-Party Beneficiaries</u>. The only parties to this Contract are RIM and the Money Manager, and RIM and the Investment Company are the only beneficiaries of the Money Manager's services hereunder. The parties do not intend for this Contract to benefit any other person including, without limitation, a record owner or beneficial owner of the shares of the Investment Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27. <u>Counterparts</u>. This Contract may be executed in any number of counterparts. All counterparts taken together will be deemed to constitute one document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28. <u>Notices</u>.

(a) The Money Manager shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Notify RIM immediately of any instruction given to it pursuant to the terms of this Contract (including the
Investment Guidelines) or of any Relevant Law which has not been complied with;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Notify RIM immediately of any event having a significant adverse effect on the financial position of the Fund
Account, with such particulars as RIM may reasonably require; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Notify RIM immediately if Money Manager is, or if Money Manager is of the opinion that it may soon be, in
breach of any of the representations, warranties or agreements set out in this Contract.

(b) Any notice given under this Contract shall be in writing and shall be sent to the address or email address as
set out in **Exhibit E** or to any other address or email address that either party may specify in writing to the other. A notice shall be deemed to have been delivered:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) In the case of delivery in person or by post or by reputable courier service, when delivered, received or left
at the party's address; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) In the case of delivery by email, when sent.

If delivery or receipt occurs on a day which is not a business day or is later than 4:00 p.m. (local time), it shall be taken to have been duly given at the commencement of the next business day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29. <u>Representative Clientele List</u>. RIM consents to Money Manager's use of Investment Company's name in its representative client list that is distributed to potential clients so long as this Contract is in effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30. <u>Submission of Target Portfolio</u>.

(a) Upon request of RIM and prior to the date that the Money Manager assumes discretionary authority in a respect
of the Fund Account, the Money Manager shall submit a list of securities which the Money Manager desires the portfolio of the relevant Fund Account to comprise (the "Target Portfolio"). Subsequent to the date that Money Manager assumes
discretionary authority for the Fund Account, if there are substantial contributions to or withdrawals from the Fund Account, RIM may, in its discretion, request a Target Portfolio from the Money Manager and implement the Target Portfolio for the
Fund Account.

Page 14 of 22

------

(b) It is Money Manager's sole obligation to ensure that any Target Portfolio provided to RIM by the Money
Manager is in compliance with the Investment Guidelines, Disclosure Documents and Relevant Law at all times. During implementation of the Target Portfolio by RIM, if there are any changes to the Target Portfolio or if the Target Portfolio would no
longer be in compliance with the Investment Guidelines, Disclosure Documents and Relevant Law, Money Manager shall provide RIM with an updated Target Portfolio.

(c) RIM shall use commercially reasonable efforts to implement the Target Portfolio.

Page 15 of 22

------

This Portfolio Management Contract is effective as of the date set forth on the cover page hereof.

---

| | |
|:---|:---|
| [Insert Money Manager's Name Here] | Russell Investment Management, LLC, |
|  | as a fiduciary for Investment |
|  | Company |
| BY: | BY: |
| NAME: | NAME: |
| TITLE: | TITLE: |
| DATE: | DATE: |

---

EXHIBITS: A. Funds Subject to Portfolio Management Contract

B. Records to be Maintained by Money Manager

C. Fees for Investment Management Services

D. Authorized Persons

E. Notice Information

Page 16 of 22

------

**EXHIBIT A** 

**<u>FUNDS SUBJECT TO PORTFOLIO MANAGEMENT CONTRACT</u>**

[Fund Name]

Page 17 of 22

------

**EXHIBIT B** 

**<u>RECORDS TO BE MAINTAINED BY MONEY MANAGER</u>**

\*1. A record of each brokerage order, and all other portfolio purchases and sales, given by Money Manager or on behalf of the Investment Company for, or in connection with, the purchase or sale of securities, whether executed or unexecuted. Such records shall include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The name of the broker,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The terms and conditions of the order, and of any modification or cancellation thereof,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. The time of entry or cancellation,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. The price at which executed,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. The time of receipt of report of execution, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. The name of the person who placed the order on behalf of the Investment Company (1940 Act Rule, 31a-1(b)(5) and (6)).

---

| | |
|:---|:---|
| \*2. | A record for each fiscal quarter, completed within ten (10) days after the end of the quarter, showing specifically the basis or bases upon which the allocation of orders for the purchase and sale of portfolio securities to brokers or dealers, and the division of brokerage commissions or other compensation on such purchase and sale orders. The record:  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Shall include the consideration given to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The sale of shares of the Investment Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The supplying of services or benefits by brokers or dealers to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Investment Company,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Investment Management Company,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Yourself (i.e., the Money Manager), and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any person other than the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Any other considerations other than the technical qualifications of the brokers and dealers as such.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Shall show the nature of the services or benefits made available.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Shall describe in detail the application of any general or specific formula or other determinant used in
arriving at such allocation of purchase and sale orders and such division of brokerage commissions or other compensation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. The identities of the persons responsible for making the determination of such allocation and such division of
brokerage commissions or other compensation (1940 Act, Rule 31a-1(b)(9)).

Page 18 of 22

------

---

| | |
|:---|:---|
| \*3. | A record in the form of an appropriate memorandum identifying the person or persons, committees, or groups authorizing the purchase or sale of portfolio securities. Where an authorization is made by a committee or group, a record shall be kept of the names of its members who participate in the authorization. There shall be retained as part of this record any memorandum, recommendation, or instruction supporting or authorizing the purchase or sale of portfolio securities (1940 Act, Rule 31a-1(b)(10)) and such other information as is appropriate to support the authorization.\*\*  |

---

4. Such accounts, books and other documents as are required to be maintained by registered investment advisers by
rule adopted under Section 204 of the Investment Advisers Act of 1940, to the extent such records are necessary or appropriate to record Money Manager's transactions on behalf of the Investment Company (1940 Act, Rule 31a-1(f)).

*\** *Maintained as property of the Investment Company pursuant to 1940 Act Rule 31a-3(a).* 

*\*\** *Such information might include: the current Form 10-K, annual and quarterly reports, press releases, reports by analysts and from brokerage firms (including their recommendations, i.e., buy, sell, hold), and any internal reports or portfolio manager reviews.* 

Page 19 of 22

------

**EXHIBIT C** 

**<u>FEES FOR INVESTMENT MANAGEMENT SERVICES</u>**

**[INSERT MONEY MANAGER'S NAME HERE]** 

**IN RESPECT OF RUSSELL INVESTMENTS EXCHANGE TRADED FUNDS** 

**[INSERT FUND NAME HERE]** 

For investment management services provided to the Fund Account under this Contract, RIM, as a fiduciary for Investment Company, shall pay Money Manager a fee determined by multiplying the Average Total Net Assets (as defined below) by the percentage specified in the table below. All fees shall be calculated and paid quarterly in arrears. Fees for partial periods shall be prorated for the portion of the period for which services were rendered. Fees for individual accounts shall be determined by dividing the Average Account Net Assets by the Average Total Net Assets and multiplying by the fee as calculated above.

___ b.p. on the first U.S. $__________

___ b.p. on the next U.S. $__________

___ b.p. on the next U.S. $__________

___ b.p. on the balance

(expressed as annualized rates)

(Aggregated across Russell Investments Group of Companies)

For purposes of this Exhibit:

"Average Account Net Assets" for any quarter shall mean the average of the assets in the Fund Account as reported by the custodian for the last business day of each month ended in the calendar quarter and the last business day of the month ended immediately prior to the calendar quarter.

"Average Total Net Assets" for any quarter shall mean the sum of the Average Account Net Assets and the average for the same quarter of all other assets in other accounts (calculated in the same manner as Average Account Net Assets) managed by Money Manager for the Russell Investments Group of Companies which use a substantially equivalent investment strategy to that employed by Money Manager for the Fund Account.

If the Money Manager manages such other accounts, as defined above, and the fee is based on the aggregate total value of those accounts, the Money Manager must include the value of each such other account on any investment management invoice.

"Russell Investments Group of Companies" shall mean RIM and any affiliated company which is a direct or indirect subsidiary of Russell Investments Group, Ltd.

Invoices will be calculated and submitted in USD.

***[insert Money Manager name]***

Portfolio Management Contract

***Effective Date: _____________***

**<u>Invoice Instructions</u>**

Send fee invoices to:

<u>russellinvestments_invoicecapture@concursolutions.com</u>

Billing related inquiries may be addressed to GlobalMoneyManagerFeeTeam@russellinvestments.com

Page 20 of 22

------

**EXHIBIT D** 

**<u>AUTHORIZED PERSONS</u>**

Authorized Persons of RIM:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Execution and Termination of Portfolio Management Contract and Amendments:

Jon Eggins, Managing Director, Head of Portfolio Management

Josh Houchin, Head of Portfolio Implementation, North America

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Amending Investment Guidelines to Portfolio Management Contract:

Persons listed above in section (a), and

Christina Martin, Associate Director, Product Operations

Justin Minaker, Associate Director, Investment Operations

Authorized Persons of Money Manager:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Execution of Portfolio Management Contract and Amendments and Acknowledgement of Termination:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Acknowledgement of Receipt of Amended Investment Guidelines to Portfolio Management Contract:

Page 21 of 22

------

**EXHIBIT E** 

**<u>NOTICE INFORMATION</u>**

---

| | | |
|:---|:---|:---|
| **1.** | **RIM** |  |
|  | Attention: | General Counsel |
|  | Address: | 1301 2<sup>nd</sup> Ave., 18<sup>th</sup> Floor |
|  |  | Seattle, WA 98101 |
|  | Email: | legalnotices@russellinvestments.com |

---

---

| | |
|:---|:---|
| **2.** | **Money Manager** |
|  | Attention: |
|  | Address: |
|  | Email: |

---

Page 22 of 22

## Ex-99.(E)(1)(A)

**FIRST AMENDMENT TO** 

**ETF DISTRIBUTION AGREEMENT** 

This first amendment ("<u>Amendment</u>") to the ETF Distribution Agreement (the "<u>Agreement</u>") dated as of February 28, 2025, by and between Russell Investments Exchange Traded Funds and Foreside Fund Services, LLC (together, the "<u>Parties</u>") is effective as of ___________, 2025.

**WHEREAS**, the Parties desire to amend Exhibit A of the Agreement to reflect an updated Funds list; and,

**WHEREAS**, Section 8(b) of the Agreement requires that all amendments and modifications to the Agreement be in writing and executed by the Parties.

**NOW THEREFORE**, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereby agree as follows:

1. Capitalized terms not otherwise defined herein shall have the meanings set forth in Agreement.

2. Exhibit A of the Agreement is hereby deleted in its entirety and replaced by Exhibit A attached hereto.

3. Except as expressly amended hereby, all the provisions of the Agreement shall remain unamended and in full force and effect to the same extent as if fully set forth herein.

4. This Amendment shall be governed by, and the provisions of this Amendment shall be construed and interpreted under and in accordance with, the laws of the State of Delaware.

**IN WITNESS WHEREOF**, the Parties have caused this Amendment to be executed in their names and on their behalf by and through their duly authorized officers.

---

| | |
|:---|:---|
| **Russell Investments Exchange Traded Funds** | **Foreside Fund Services, LLC** |
| By: | By: |
| Name: | Name: |
| Title: | Title: |
| Date: | Date: |

---

------

**EXHIBIT A** 

U.S. Small Cap Equity Active ETF

International Developed Equity Active ETF

Global Equity Active ETF

Emerging Markets Equity Active ETF

Global Infrastructure Active ETF

Russell Investments Core Plus Bond ETF

Russell Investments Global Real Estate ETF

## Ex-99.(G)(1)(A)

**AMENDMENT NUMBER 1 TO CUSTODY AGREEMENT** 

This Amendment Number 1 to the Custody Agreement (this "Amendment") is made as of ______, 2025 and effective as of ______, 2025, by and between State Street Bank and Trust Company ("State Street") and each entity identified on Appendix A, whose jurisdiction of formation is identified opposite its name (the "Client");

Capitalized terms used in this Amendment without definition shall have the respective meanings given to such terms in the Agreement (as defined below).

WHEREAS, the Client and State Street entered into a Custody Agreement dated as of December 10, 2024 (as amended, restated, supplemented or otherwise modified and in effect from time to time, the "Agreement"); and

WHEREAS, State Street and the Client desire to amend the Agreement as more particularly set forth herein.

NOW THEREFORE, in consideration of the foregoing and the mutual covenants and agreements hereinafter contained, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereby agree to amend the Agreement, pursuant to the terms thereof, as follows:

1. <u>Amendments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Appendix A of the Agreement is hereby deleted in its entirety and replaced with Appendix A attached hereto.

2. <u>Miscellaneous</u> 

A Except as expressly amended by this Amendment, all provisions of the Agreement shall remain in full force and effect.

---

| | |
|:---|:---|
| B | This Amendment may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. Counterparts may be executed in either original or electronically transmitted form (e.g., faxes or emailed portable document format (PDF) form), and the parties hereby adopt as original any signatures received via electronically transmitted form.  |

---

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

Information Classification: Confidential

------

Signed by the Parties:

RUSSELL INVESTMENTS EXCHANGE TRADED FUNDS ON BEHALF OF EACH OF THE

ENTITIES SET FORTH ON APPENDIX A HERETO

---

| |
|:---|
| BY: |
| NAME: |
| TITLE: |
| DATE: |
| STATE STREET BANK AND TRUST COMPANY |
| BY: |
| NAME: |
| TITLE: |
| DATE: |

---

Information Classification: Confidential

------

**CUSTODY AGREEMENT** 

**Appendix A** 

**List of Funds** 

**(as of _______, 2025)** 

---

| | |
|:---|:---|
| **Fund Name** | **Jurisdiction of Formation** |
| Russell Investments Emerging Markets Equity ETF<br> (f/k/a Emerging Markets Equity Active ETF) | Delaware |
| Russell Investments Global Infrastructure ETF<br> (f/k/a Global Infrastructure Active ETF) | Delaware |
| Russell Investments Global Equity ETF<br> (f/k/a Global Equity Active ETF) | Delaware |
| Russell Investments International Developed Equity ETF<br> (f/k/a International Developed Equity Active ETF) | Delaware |
| Russell Investments U.S. Small Cap Equity ETF<br> (f/k/a U.S. Small Cap Equity Active ETF) | Delaware |
| Russell Investments Core Plus Bond ETF | Delaware |
| Russell Investments Global Real Estate ETF | Delaware |

---

Information Classification: Confidential

## Ex-99.(H)(1)(A)

**FIRST AMENDMENT TO** 

**ADMINISTRATIVE AGREEMENT** 

This First Amendment ("Amendment") dated _______ is made to the Administrative Agreement dated February 25<sup>th</sup>, 2025 (the "Agreement") between RUSSELL INVESTMENTS EXCHANGE TRADED FUNDS, a Delaware statutory trust hereinafter called the "Trust," and RUSSELL INVESTMENTS FUND SERVICES, LLC, a Washington limited liability company hereinafter called the "Administrator." Capitalized terms used herein and not otherwise defined shall have the meanings set forth in the Agreement.

WHEREAS, the Trust and the Administrator desire to restate Exhibit A of the Agreement to add new Funds and reflect Fund name changes.

NOW THEREFORE, in consideration of the foregoing and the mutual covenants and agreements hereinafter contained, the parties hereby agree to amend the Agreement, pursuant to the terms thereof, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;1. Exhibit A to the Agreement is hereby amended and restated in its entirety as set forth on Exhibit A attached
hereto.

&nbsp;&nbsp;&nbsp;&nbsp;2. Except as expressly amended by this Amendment, the provisions of the Agreement shall remain in full force and
effect.

IN WITNESS WHEREOF, each of the parties hereto has caused this First Amendment to the Administrative Agreement to be executed in its name and behalf by its duly authorized representative as of the date first written above.

---

| | |
|:---|:---|
| **RUSSELL INVESTMENTS EXCHANGE**<br> **TRADED FUNDS** | **RUSSELL INVESTMENTS FUND<br>SERVICES, LLC** |
| By: | By: |
| Name: | Name: |
| Title: | Title: |

---

------

**Exhibit A** 

As consideration for the Administrator's services to the Funds listed below (as amended from time to time), the Administrator shall receive from each of those Funds an annual administration fee, accrued daily at the rate of 1/365th of the applicable administration fee on each day and payable monthly. The applicable administration fee will be based upon total Fund average daily net assets as set forth below.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Funds** | **Fee in Basis Points** |
| &nbsp;&nbsp;&nbsp; Russell Investments U.S. Small Cap Equity ETF<br> (f/k/a U.S. Small Cap Equity Active ETF) | **0.048%** |
| &nbsp;&nbsp;&nbsp; Russell Investments International Developed Equity ETF<br> (f/k/a International Developed Equity Active ETF | **0.048%** |
| &nbsp;&nbsp;&nbsp; Russell Investments Global Equity ETF<br> (f/k/a Global Equity Active ETF | **0.048%** |
| &nbsp;&nbsp;&nbsp; Russell Investments Emerging Markets Equity ETF<br> (f/k/a Emerging Markets Equity Active ETF) | **0.048%** |
| &nbsp;&nbsp;&nbsp; Russell Investments Global Infrastructure ETF<br> (f/k/a Global Infrastructure Active ETF) | **0.048%** |
| &nbsp;&nbsp;&nbsp;Russell Investments Global Real Estate ETF | **0.048%** |
| &nbsp;&nbsp;&nbsp;Russell Investments Core Plus Bond ETF | **0.048%** |

---

## Ex-99.(H)(2)(A)

**AMENDMENT NUMBER 1 TO TRANSFER AGENCY AND SERVICE AGREEMENT** 

This Amendment Number 1 to the Transfer Agency and Service Agreement (this "Amendment") is made as of ______, 2025 and effective as of ______, 2025, by and between STATE STREET BANK AND TRUST COMPANY, a Massachusetts trust company having its principal office and place of business at One Lincoln Street, Boston, Massachusetts 02111 ("State Street" or the "Transfer Agent"), and RUSSELL INVESTMENTS EXCHANGE TRADED FUNDS, a Delaware statutory trust having its principal office and place of business at 1301 2nd Ave, 18th Floor, Seattle, Washington 98101 (the "Trust");

Capitalized terms used in this Amendment without definition shall have the respective meanings given to such terms in the Agreement (as defined below).

WHEREAS, the Trust and State Street entered into a Transfer Agency and Service Agreement dated as of January 22, 2025 (as amended, restated, supplemented or otherwise modified and in effect from time to time, the "Agreement"); and

WHEREAS, State Street and the Trust desire to amend the Agreement as more particularly set forth herein.

NOW THEREFORE, in consideration of the foregoing and the mutual covenants and agreements hereinafter contained, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereby agree to amend the Agreement, pursuant to the terms thereof, as follows:

1. <u>Amendments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Schedule A of the Agreement is hereby deleted in its entirety and replaced with Schedule A attached hereto.

2. <u>Miscellaneous</u> 

A Except as expressly amended by this Amendment, all provisions of the Agreement shall remain in full force and effect.

---

| | |
|:---|:---|
| B | This Amendment may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. Counterparts may be executed in either original or electronically transmitted form (e.g., faxes or emailed portable document format (PDF) form), and the parties hereby adopt as original any signatures received via electronically transmitted form.  |

---

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

Information Classification: Confidential

------

IN WITNESS WHEREOF, each of the parties has caused this Amendment to be executed in its name and behalf by its duly authorized representative as of the date first above written.

---

| | |
|:---|:---|
| RUSSELL INVESTMENTS EXCHANGE TRADED FUNDS | RUSSELL INVESTMENTS EXCHANGE TRADED FUNDS |
| BY: |  |
|  | NAME: |
|  | TITLE: |
| STATE STREET BANK AND TRUST COMPANY | STATE STREET BANK AND TRUST COMPANY |
| BY: |  |
|  | NAME: |
|  | TITLE: |

---

Information Classification: Confidential

------

TRANSFER AGENCY AND SERVICE AGREEMENT

<u>Schedule A</u> 

LIST OF PORTFOLIOS

(dated as of _____, 2025)

Russell Investments Emerging Markets Equity ETF

(f/k/a Emerging Markets Equity Active ETF)

Russell Investments Global Infrastructure ETF

(f/k/a Global Infrastructure Active ETF)

Russell Investments Global Equity ETF

(f/k/a Global Equity Active ETF)

Russell Investments International Developed Equity ETF

(f/k/a International Developed Equity Active ETF)

Russell Investments U.S. Small Cap Equity ETF

(f/k/a U.S. Small Cap Equity Active ETF)

Russell Investments Core Plus Bond ETF

Russell Investments Global Real Estate ETF

Information Classification: Confidential

## Ex-99.(H)(3)(A)

**AMENDMENT NUMBER 1 TO MASTER ACCOUNTING SERVICES AGREEMENT** 

This Amendment Number 1 to the Master Accounting Services Agreement (this "Amendment") is made as of ______, 2025 and effective as of ______, 2025, by and among each management investment company identified on Appendix A hereto (each such management investment company and each management investment company made subject to this Agreement in accordance with Section 8.5 of the Agreement shall hereinafter be referred to as a "***Fund***" and are sometimes collectively hereinafter referred to as the "***Funds***"), and STATE STREET BANK AND TRUST COMPANY, a Massachusetts trust company, having its principal place of business at 1 Congress Street, Boston, Massachusetts 02114-2016 (the "***Accounting Agent***");

Capitalized terms used in this Amendment without definition shall have the respective meanings given to such terms in the Agreement (as defined below).

WHEREAS, the Accounting Agent and the Funds entered into a Master Accounting Services Agreement dated as of January 22, 2025 (as amended, restated, supplemented or otherwise modified and in effect from time to time, the "Agreement"); and

WHEREAS, the Accounting Agent and the Funds desire to amend the Agreement as more particularly set forth herein.

NOW THEREFORE, in consideration of the foregoing and the mutual covenants and agreements hereinafter contained, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereby agree to amend the Agreement, pursuant to the terms thereof, as follows:

1. <u>Amendments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Appendix A of the Agreement is hereby deleted in its entirety and replaced with Appendix A attached hereto.

2. <u>Miscellaneous</u> 

A Except as expressly amended by this Amendment, all provisions of the Agreement shall remain in full force and effect.

---

| | |
|:---|:---|
| B | This Amendment may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. Counterparts may be executed in either original or electronically transmitted form (e.g., faxes or emailed portable document format (PDF) form), and the parties hereby adopt as original any signatures received via electronically transmitted form.  |

---

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

Information Classification: Confidential

------

**IN WITNESS WHEREOF**, each of the parties has caused this instrument to be executed in its name and behalf by its duly authorized representative and its seal to be hereunder affixed as of the date first above-written.

---

| | |
|:---|:---|
| **EACH MANAGEMENT INVESTMENT COMPANY SET FORTH ON APPENDIX A HERETO** | **EACH MANAGEMENT INVESTMENT COMPANY SET FORTH ON APPENDIX A HERETO** |
| BY: |  |
|  | NAME: |
|  | TITLE: |
| **STATE STREET BANK AND TRUST COMPANY** | **STATE STREET BANK AND TRUST COMPANY** |
| BY: |  |
|  | NAME: |
|  | TITLE: |

---

Information Classification: Confidential

------

MASTER ACCOUNTING SERVICES AGREEMENT

**APPENDIX A** 

**TO** 

**<u>MASTER ACCOUNTING SERVICES AGREEMENT</u>**

(dated as of _____, 2025)

<u>MANAGEMENT INVESTMENT COMPANIES AND PORTFOLIOS THEREOF, IF ANY</u> 

**RUSSELL INVESTMENTS EXCHANGE TRADED FUNDS** 

Russell Investments Emerging Markets Equity ETF

(f/k/a Emerging Markets Equity Active ETF)

Russell Investments Global Infrastructure ETF

(f/k/a Global Infrastructure Active ETF)

Russell Investments Global Equity ETF

(f/k/a Global Equity Active ETF)

Russell Investments International Developed Equity ETF

(f/k/a International Developed Equity Active ETF)

Russell Investments U.S. Small Cap Equity ETF

(f/k/a U.S. Small Cap Equity Active ETF)

Russell Investments Core Plus Bond ETF

Russell Investments Global Real Estate ETF

Information Classification: Confidential

## Ex-99.(H)(5)(A)

Global Equity Active ETF

Advisory Fee Waiver

05/12/25 to 01/28/27

May 12, 2025

Ms. Kari Seabrands

Treasurer, Chief Financial Officer and Chief Accounting Officer

Russell Investments Exchange Traded Funds

1301 Second Avenue, 18<sup>th</sup> Floor

Seattle, WA 98101

Re: <u>Russell Investments Exchange Traded Funds Global Equity Active ETF (the "Fund")</u>

Dear Ms. Seabrands:

Russell Investment Management, LLC ("RIM"), as adviser to Russell Investments Exchange Traded Funds, agrees to waive, until January 28, 2027, 0.10% of its advisory fee for the Fund.

This waiver (1) supersedes any prior contractual advisory fee waiver or reimbursement arrangements and any prior non-contractual advisory fee waiver or reimbursement arrangements, (2) may not be terminated during the relevant period except at the Board's discretion and (3) may, at RIM's option, continue after the date stated above, but may be revised or eliminated at any time thereafter without notice.

If this arrangement is acceptable to you, please sign below to indicate your acceptance and agreement and return a copy of this letter to me.

Sincerely,

---

| | |
|:---|:---|
| **RUSSELL INVESTMENT MANAGEMENT, LLC** | **RUSSELL INVESTMENT MANAGEMENT, LLC** |
| By: | /s/ Katherine El-Hillow |
|  | Katherine El-Hillow |
|  | President |

---

Accepted and Agreed:

---

| | |
|:---|:---|
| **RUSSELL INVESTMENTS EXCHANGE TRADED FUNDS** | **RUSSELL INVESTMENTS EXCHANGE TRADED FUNDS** |
| By: | /s/ Kari Seabrands |
|  | Kari Seabrands |
|  | Treasurer, Chief Financial Officer and Chief Accounting Officer |

---

## Ex-99.(P)(1)

**AEW Capital Management, L.P.** 

**AEW'S CODE OF ETHICS** 

*Revised February 28, 2023* 

**1.** **GENERAL PRINCIPLES** 

This Code of Ethics (the "Code") has been adopted by AEW Capital Management, L.P. ("AEW" or the "Firm").

One of the most valued assets of the Firm is the dedication, service and integrity of its employees. AEW strives to maintain the highest level of ethical business practices, which its clients expect and deserve. Exactly what constitutes an unethical business practice or a conflict of interest is both a moral and legal question. The Firm recognizes and respects each employee's right to engage in activities outside of his or her employment which are private in nature and do not in any way conflict with or reflect poorly on the Firm. Management reserves the right, however, to determine when an employee's activities represent a conflict with the Firm's interest and to take whatever action is necessary to resolve the situation.

To this end, employees of AEW and its subsidiaries may not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• use for their own benefit (or the benefit of anyone other than the client) information about the Firm, it
clients, or the Firm's investments or recommendations for client accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• take advantage of investment opportunities that would otherwise be available for the Firm's clients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• misuse proprietary or privileged information or reveal confidential data to outsiders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• pay, solicit or accept bribes or kickbacks;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• conduct personal business activity that could conflict with the execution or management of any client account or
that could impair AEW's ability to make impartial decisions with respect to any client account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• act on any potential improper pressures from clients, colleagues, managers and others; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• engage in any other form of conduct raising an issue regarding a possible conflict of interest with AEW or one or
more of its clients.

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Also, as a matter of business policy, the Firm wants to avoid even the appearance that the Firm, its personnel or others receive any improper benefit from information about client investments or accounts, or from our relationships with our clients or with the brokerage community.

The Firm expects all personnel to comply with the spirit of the Code, as well as the specific rules contained in the Code. ***Any violations must be reported promptly to the Chief Compliance Officer.***

The Firm treats violations of this Code (including violations of the spirit of the Code) very seriously. If you violate either the letter or the spirit of this Code, the Firm may take disciplinary measures against you, including, without limitation, imposing penalties or fines, reducing your compensation, demoting you, requiring unwinding of the offending transaction, requiring disgorgement of gains, suspending or terminating your employment, or any combination of the foregoing.

Improper trading activity can constitute a violation of this Code. But you can also violate this Code by failing to file required reports, or by making inaccurate or misleading reports or statements concerning trading activity or securities accounts. Your conduct can violate this Code even if no clients are harmed by your conduct.

If you have any doubt or uncertainty about what this Code requires or permits, you should ask the **Chief Compliance Officer**. Please do not guess at the answer.

The Chief Compliance Officer and the Legal & Compliance Group will review the terms and provisions of this Code at least annually and make amendments as necessary. Any amendments to this Code will be provided to you.

**2.** **COMPLIANCE WITH THE FEDERAL SECURITIES LAWS** 

More generally, Firm personnel are required to comply with applicable federal securities laws at all times. This Code has been drafted to comply with the provisions of both Rule 17j-1 of the Investment Company Act of 1940 and Rule 204A-1 under the Investment Advisors Act of 1940.

**3.** **INVESTMENT ADVSERS ACT – SECTION 203(e)** 

Section 203(e) of the Investment Advisers Act provides that the SEC may place limitations on the activities, functions, or operations of, suspend or revoke the registration of an investment adviser if it finds that the investment adviser, or any person associated with the investment adviser, whether prior to or subsequent to becoming so associated, has engaged in certain types of objectionable conduct. The provisions of Section 203(e) are attached to this Code. Please note that your certification as to compliance with the provisions of this Code also constitutes your representation that you have not engaged in any of the activities described in

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clauses (1) through (9) of Section 203 (e). Any conduct that may implicate your ability to provide this certification must be brought to the attention of the **Chief Compliance Officer** immediately.

If you have any questions regarding Section 203(e), you should ask the **Chief Compliance Officer**.

**4.** **KEY TERMS** 

Terms **in boldface type** have special meanings as used in this Code. To understand the Code, you need to read the definitions of these terms. The definitions of all the terms are included in Section 12 at the end of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.1 Covered Securities** 

The term **Covered Security** is very broadly defined and generally includes all types of securities, (such as common and preferred stock and corporate and government bonds or notes) as well as other securities (including some instruments you might not generally think of as securities - for example, options, limited partnership interests, and interests in private investment funds). The term **Covered Security** does not include open-end mutual funds (other than **Reportable Funds)**, U.S. Treasuries and money market instruments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.2 Reportable Funds** 

**Reportable Funds** are mutual funds with respect to which the Firm or one of its affiliated companies serves as an investment adviser, sub-adviser or principal underwriter. **Reportable Funds** are included within the definition of **Covered Securities.** Purchases or sales of shares of **Reportable Funds** by Firm personnel and members of their **Family/Household** are subject to special scrutiny, because of the fiduciary duty that our Firm or its affiliates owe to the mutual funds which they advise, sub-advise or distribute. For personnel of a firm like ours that is part of a large organization where there are a number of firms under common control that may advise, sub-advise or distribute mutual funds, the universe of **Reportable Funds** is large. The **Chief Compliance Officer** maintains a list of the mutual funds that are classified as **Reportable Funds,** a copy of which is available on the Legal & Compliance Section of the AEW Intranet.

**5.** **MAINTAINING PERSONAL ACCOUNTS** 

All **Access Persons** who have personal accounts that hold or can hold **Covered Securities** or **Reportable Funds** must report those accounts to Legal & Compliance. Immediately upon commencing employment with AEW the accounts should be disclosed on the Initial Holdings Report (see Section 8.2). During employment with AEW, all new accounts should be immediately disclosed in StarCompliance.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.1 Approved Brokers** 

Accounts with **Approved Brokers** generally allow for electronic transmission to AEW of transactions and holdings in **Reportable Securities** and **Covered Funds**. **Access Persons** are strongly encouraged to open all new accounts with an **Approved Broker.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.2 Duplicate Brokerage Statements** 

Duplicate brokerage statements will generally be required for accounts with brokers who are not on AEW's **Approved Broker** list. Paper statements should mailed to AEW's Boston office to the attention of the **Chief Compliance Officer.** Electronic statements should be e-mailed <u>to AEWCompliance@aew.com</u>.

If it is discovered that statements are not being delivered to AEW, copies of the statements will be requested from the employee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.3 Discretionary Accounts** 

A **Discretionary Account**, also known as a Fully Managed Account, is an account where: (a) an independent financial advisor or manager has absolute discretion for the buying and selling of securities in the account; (b) the independent financial advisor is not acting on trading instructions from anyone with a beneficial interest in the account; and (c) the account holder has no prior knowledge of trading decisions or the timing of any trades within the account. The advisor or manager maintaining discretion over the account must be an independent third party and not affiliated with or related to you or members of your **Family/Household**.

A **Discretionary Account**, although discretionary, still has the ability to hold and trade **Covered Securities** and **Reportable Funds** and therefore the account must be disclosed. However, an exemption from the reporting and pre-clearance requirements under the Code may be granted by the Legal & Compliance Group, provided you:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Provide a copy of the **Discretionary Account** agreement indicating that the account is fully discretionary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Complete an initial certification in StarCompliance indicating that you and/or members of your **Family/Household** do not participate in investment decisions relating to the account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Complete a quarterly certification in StarCompliance indicating that the account remains a discretionary account
and that you and members of your **Family/Household** do not participate in investment decisions relating to the account; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Ensure that copies of broker statements are delivered to AEW.

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If the account is held with an **Approved Broker** this information can be sent

electronically via StarCompliance. If not held with an **Approved Broker**, duplicate statements must be delivered as outlined in Section 5.2.

An initial and annual certification may also be required from the independent financial advisor or manger indicating that the account owner does not have direct or indirect influence or control over the account. If required, the certification must be on advisor letterhead. A template certification is available from the Legal & Compliance Group. Employees are responsible for obtaining the certification from their financial advisor or manager.

If the required information has not been received, the account will not be considered a **Discretionary Account** and you will not be able to rely on the reporting and pre-clearance exemption set forth above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.4 Blind Trusts** 

A **Blind Trust** is an arrangement in which an independent trustee manages an investment account for an individual who has no knowledge of the trustee's actions and no power to direct or interfere with the trustee's actions. An exemption from the reporting and pre-clearance requirements set forth in this Code is available in relation to **Blind Trusts**. Please consult with AEW's Legal & Compliance team if you think you may qualify for this exemption. Additional information will be required in order to qualify for this exemption.

**6.** **RESTRICTIONS ON TRADING** 

Set forth below are AEW's policies relating to trading in **Covered Securities**, including further limitations relating to trading in **Real Estate Securities** and **Limited Offering Securities.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.1 Covered Securities - General Rule for ALL Employees** 

You and members of your **Family/Household** are prohibited from trading in any **Covered Security** if you have actual knowledge that such security is being considered for purchase or sale on a client's behalf. This prohibition applies during the entire period that the Covered Security is being considered by the Firm for purchase or sale and regardless of whether the Covered Security is actually purchased or sold for the client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.2 Real Estate Securities - General Rule for ALL Employees** 

AEW actively trades **Real Estate Securities** on behalf of its clients. Accordingly, AEW has adopted special rules relating to trading of **Real Estate Securities** by employees.

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You and members of your **Family/Household** are prohibited from trading in **Real Estate Securities** without submitting a request for pre-clearance and receiving approval. Pre-Clearance requests must be submitted through StarCompliance.

The term **Real Estate Securities** is very broad and there is not a precise definition. If in doubt as to whether a security is considered a **Real Estate Security**, the name can be entered in StarCompliance for confirmation. If preclearance is obtained, the approval is valid for the day on which it is granted and the immediately following business day. The **Chief Compliance Officer** may revoke pre-clearance any time after it is granted and before you execute the transaction. The **Chief Compliance Officer** may deny or revoke pre-clearance for any reason.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.3 Real Estate Securities - Special Rule for ALL Employees in the Real Estate Securities Group** 

Any employees of AEW's Securities Group, including those who recommend or execute trades in securities for client accounts are prohibited from trading such securities for themselves or for members of their **Family/Household**. This policy is designed to prevent "front running" and conflicts or potential conflicts with the interests of the Firm's clients.

Any employees of AEW who recommend or execute trades in securities for client accounts are also prohibited from undertaking personal investment transactions with the same individual employee at a broker-dealer firm with whom business is conducted on behalf of clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.4 Limited Offering Securities - General Rule for ALL Employees** 

**Limited Offering Securities** includes securities sold in a "limited offering," such as an initial public offering (an IPO), an Initial Coin or other similar offering (an ICO), or an offering which is represented as being over-subscribed or which is limited by its terms to a fixed number of purchasers, whether or not oversubscribed, such as a private placement offered pursuant to an exemption from registration under federal or state securities laws.

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You and members of your **Family/Household** are prohibited from trading in any **Limited Offering Securities** (regardless of whether or not such securities are real estate related securities) without submitting a request for pre-clearance and receiving approval. Pre-Clearance requests must be submitted through StarCompliance. If pre-clearance is obtained, the approval is valid for the day on which it is granted and the immediately following business day. The **Chief Compliance Officer** may revoke pre-clearance any time after it is granted and before you execute the transaction. The **Chief Compliance Officer** may deny or revoke pre-clearance for any reason.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.5 Short-Term Trading of Covered Securities and Reportable Funds – General Rule for ALL Employees** 

While the Firm does not expressly prohibit short-term trading in **Covered Securities** or **Reportable Funds** by you or any member of your **Family/Household,** the Firm strongly discourages such activity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.6 Exceptions** 

The prohibitions set forth above do not apply to certain transactions, as set forth below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Transactions that occur by operation of law or under any other circumstance in which neither you nor any member
of your **Family/Household** exercises any discretion to buy or sell or makes recommendations to a person who exercises such discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Purchases of **Covered Securities** pursuant to an automatic dividend reinvestment plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Purchases pursuant to the exercise of rights issued pro rata to all holders of the class of **Covered Securities** and received by you (or a member of your **Family/Household**) from the issuer.

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**7.** **PROHIBITION AGAINS INSIDER TRADING** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.1 Insider Trading** 

You and the members of your **Family/Household** are prohibited from engaging in, or helping others engage in, insider trading. Generally, the "insider trading" doctrine under U.S. federal securities laws prohibits any person (including investment advisers) from knowingly or recklessly breaching a duty owed by that person by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• trading while in possession of material, nonpublic information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• communicating ("tipping") such information to others;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• recommending the purchase or sale of securities on the basis of such information; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• providing substantial assistance to someone who is engaged in any of the above activities.

This means that, if you trade with respect to a particular security or issuer at a time when you know or should know that you are in possession of material nonpublic information about the issuer or security, you (and, by extension, the Firm) may be deemed to have violated the insider trading laws. Information is considered "material" if there is a substantial likelihood that a reasonable investor would consider it important in making his or her investment decisions, or if it could reasonably be expected to affect the price of a company's securities. (Note that the information need not be so important that it would have changed the investor's decision to buy or sell.) Information that should be considered material includes, but is not limited to, changes in dividend policies, earnings estimates, changes in previously released earnings estimates, significant merger or acquisition proposals or agreements, major litigation, liquidity problems and significant new products, services or contracts. Material information can also relate to events or circumstances affecting the market for a company's securities such as information that a brokerage house is about to issue a stock recommendation or that a forthcoming newspaper column will contain information that is expected to affect the market price of a security. Information is considered nonpublic until such time as it has been disseminated in a manner making it available to investors generally (e.g., through national business and financial news wire services).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.2 Sanctions** 

Insider trading violations may result in severe sanctions being imposed on the individual(s) involved and on the Firm. These could involve administrative sanctions by the Securities and Exchange Commission (the "SEC"), such as being barred from employment in the securities industry, SEC suits for disgorgement and civil penalties of, in the aggregate, up to three times the profits gained or losses avoided by the trading, private damage suits brought by persons who traded in the market at about the same time as the person who traded on inside information, and criminal prosecution which could result in substantial fines and jail sentences. As noted above, even in the absence of legal action, violation of insider trading prohibitions or failure to comply with this Code may result in termination of your employment and referral to the appropriate authorities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.3 No Fiduciary Duty to Use Inside Information** 

Although the Firm has a fiduciary relationship with its clients, it has no legal obligation to trade or recommend trading on the basis of information its employees know to be "inside" information. In fact, as noted above, such conduct often violates the federal securities laws.

If you have any doubt or uncertainty about whether any particular course of action will give rise to one or more insider trading violations, you should consult with the **Chief Compliance Officer**.

**8.** **REPORTING REQUIREMENTS** 

One of the most complicated parts of complying with this Code is understanding what holdings, transactions and accounts you must report and what accounts are subject to trading restrictions. To be sure you understand what holdings, transactions and accounts are covered, it is essential that you carefully review the definitions of **Covered Security**, **Family/Household** and **Beneficial Ownership** in Section 12 Definitions.

Please note that you must file the reports described below even if you have no holdings, transactions or accounts to list in the reports.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.1 Initial Holdings Report and Acknowledgement of the Code** 

No later than 10 calendar days after you become an **Access Person**, you must file with Legal & Compliance an Initial Holdings Report.

The Initial Holdings Report requires you to list all **Covered Securities** and **Reportable Funds** (including title and type of security and, as applicable, the exchange ticker symbol or CUSIP number, interest rate and maturity date, the number of shares and principal amount) in which you (or members of your **Family/Household**) have **Beneficial Ownership**. The information contained in the report must be current as of a date no more than 45 days prior to the date you became an **Access Person**.

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You must also list all brokers, dealers and banks where you and members of your **Family/Household** maintain accounts in which any securities (not just **Covered Securities**) are held or could be held for the direct or indirect benefit of you or a member of your **Family/Household** on the date you became an employee, including any **Discretionary Accounts** or **Blind Trusts**.

An acknowledgement must also be completed confirming: (a) your receipt of this Code and that you have read and understand this Code; (b) that it applies to you and members of your **Family/Household;** and (c) that you are an **Access Person** under the Code. This acknowledgement is completed in StarCompliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.2 Quarterly Transaction Reports** 

No later than 30 calendar days after the end of March, June, September and December each year, you must file a Quarterly Transaction Report.

The Quarterly Transaction Report requires you to list all transactions during the most recent calendar quarter in **Covered Securities** and **Reportable Funds** in which you (or a member of your **Family/Household**) had **Beneficial Ownership**. This Report must include the following: the date of each transaction; the title and type of each security; the exchange ticker symbol or CUSIP number; as applicable the interest rate and maturity date; the number of shares; principal amount; the nature of the transaction (i.e., purchase, sale or any other type of acquisition or disposition); the price of the security at which the transaction was effected; and the name of the broker, dealer or bank with or through which the transaction was effected**.**

You need not report transactions effected pursuant to an automatic investment plan. An "automatic investment plan" means a program in which regular periodic purchases (or withdrawals) are made automatically in (or from) investment accounts in accordance with a predetermined schedule and allocation. An automatic investment plan includes a dividend reinvestment plan.

If no transactions in **Covered Securities** or **Reportable Funds** were effected during a quarterly period, a report must still be filed through StarCompliance stating that there were no reportable transactions for the period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.3 Annual Holdings Reports** 

Within 45 days following the close of each calendar year, you must file with the **Chief Compliance Officer** an Annual Holdings Report.

The Annual Holdings Report requires you to list all **Covered Securities** and **Reportable Funds** in which you (or a member of your **Family/Household**) had

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**Beneficial Ownership** as of December 31 of the prior year. You must report the title and type of security and, as applicable, the exchange ticker symbol or CUSIP number, interest rate and maturity date, the number of shares and principal amount). It also requires you to list all brokers, dealers and banks where you or a member of your **Family/Household** maintained an account in which any securities (not just **Covered Securities**) were held or could be held for the direct or indirect benefit of you or a member of your **Family/Household** on December 31 of the prior year.

If you do not hold any **Covered Securities** or **Reportable Funds** as of the close of the respective calendar year, a report must still be filed through StarCompliance stating that there were not reportable holdings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.4 Code of Ethics Certification** 

On an annual basis you must complete an Annual Code of Ethics Certification confirming: (a) that you have read and understand this Code (including, if applicable, any material amendments to the Code) and have complied with its requirements (including the Section 203(e) disclosure/certification requirements described in Section 3); (b) that it applies to you and members of your **Family/Household;** and (c) that you are an **Access Person** under the Code.

This acknowledgement is completed in StarCompliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.5 Review of Reports** 

For purposes of reviewing transactions and reports under this Code, including any transactions by the **Chief Compliance Officer**, the functions of the **Chief Compliance Officer** are performed by Kerri A. Quimby.

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**9.** **EXCEPTIONS** 

The **Chief Compliance Officer** has the authority to grant exceptions of the provisions of this Code in appropriate instances. However, the Firm expects that exceptions will be granted only in rare instances; and some provisions of the Code that are prescribed by SEC rules cannot be waived. These provisions include, but are not limited to, the requirements that **Access Persons** file reports and obtain pre-approval of investments in IPOs, ICOs and private placements.

**10.** **SANCTIONS** 

All violations of this Code are generally handled on a case by case basis and as set forth in the Firm's current Policies Related to AEWs Code of Ethics: "Training, Inadvertent Unauthorized Trading and Late Reporting", which are included in AEW's Compliance Manual.

**11.** **NON-ACCESS DIRECTORS** 

**Non-Access Directors** are only subject Sections 1, 2, 3 and 7 of this Code.

**12.** **DEFINITIONS** 

The special meanings of these terms as used in this Code of Ethics are explained below. Some of these terms (such as "beneficial ownership") are sometimes used in other contexts, not related to Codes of Ethics, where they have different meanings. For example, "beneficial ownership" has a different meaning in this Code of Ethics than it does in the SEC's rules for proxy statement disclosure of corporate directors' and officers' stockholdings, or in determining whether an investor has to file 13D or 13G reports with the SEC.

**IMPORTANT: If you have any doubt or question about whether an investment, account or person is covered by any of these definitions, ask the Chief Compliance Officer. Please do <u>not</u> guess at the answer.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Approved Broker** 

**"Approved Broker"** means the current list on AEW's Legal & Compliance section of the AEW Intranet of brokers with whom AEW has an established electronic broker feed transfer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Access Person** 

The term **"Access Person"** includes:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• All employees of AEW and its subsidiaries and/or controlled affiliates, including AEW Asia Pte. Ltd. (Singapore),
AEW Asia Limited (Hong Kong), AEW Japan Corporation and AEW Global Advisors (Europe) Limited, in each case regardless of honorific title;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Every member of the board of directors of AEW Capital Management, Inc., the general partner of AEW (other than **Non-Access Directors**);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any employee, director, officer or general partner of any company that directly or indirectly has a 25% or
greater interest in the Firm and who, in connection with his or her regular functions or duties, makes, participates in or obtains information regarding the purchase or sale of a **Covered Security** for any client account, or whose functions
relate to the making of any recommendations with respect to purchases and sales;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• All on-site contract employees (including contractors, consultants,
vendors, etc.) whose tenure with AEW will exceed 90 days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Every other person (whether or not an employee of the Firm) who is subject to the Firm's supervision and
control who has access to nonpublic information regarding any client's purchase or sale of securities or nonpublic information regarding the portfolio holdings of any **Reportable Fund** or who is involved in making securities
recommendations to clients or who has access to such recommendations that are nonpublic.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Beneficial Ownership** 

"**Beneficial Ownership**" means any opportunity, directly or indirectly, to profit or share in the profit from any transaction in securities. It also includes transactions over which you exercise investment discretion (other than for a client of the Firm), even if you don't share in the profits.

**Beneficial Ownership** is a very broad concept. Some examples of forms of **Beneficial Ownership** include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Securities held in a person's own name, or that are held for the person's benefit in nominee,
custodial or "street name" accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Securities held by members of your **Family/Household**;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Securities owned by or for a partnership in which the person is a general partner (whether the ownership is under
the name of that partner, another partner or the partnership or through a nominee, custodial or "street name" account);

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Securities in a person's individual retirement account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Securities in a person's account in a 401(k) or similar retirement plan, even if the person has chosen to
give someone else investment discretion over the account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Securities owned by a trust of which the person is either a trustee or a beneficiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Securities owned by a corporation, partnership or other entity that the person controls (whether the ownership is
under the name of that person, under the name of the entity or through a nominee, custodial or "street name" account); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Securities owned by an investment club in which the person participates.

This is not a complete list of the forms of ownership that could constitute **Beneficial Ownership** for purposes of this Code. You should ask the **Chief Compliance Officer** if you have any questions or doubts about whether you or a member of your **Family/Household** would be considered to have **Beneficial Ownership** in any particular situation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Blind Trust** 

**"Blind Trust"** is defined in Section 5.3 of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Chief Compliance Officer** 

The Firm's **Chief Compliance Officer** is Carrie A. Bellerby, or another person that she designates to perform the functions of **Chief Compliance Officer** when she is not available. For purposes of reviewing transactions and reports under this Code, including any transactions by the Chief Compliance Officer, the functions of the **Chief Compliance Officer** are performed by Kerri A. Quimby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Covered Security** 

"**Covered Security**" is a very broad term and <u>includes</u> anything that is considered a "security" under the Investment Company Act of 1940 or the Investment Advisers Act of 1940 (which includes not only stocks and bonds, but other instruments that you might not ordinarily think of as "securities"), such as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• options on securities, on indexes and on currencies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• investments in all kinds of limited partnerships; i

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• investments in foreign unit trusts and foreign mutual funds;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• investments in exchange traded funds, including open-end exchange traded
funds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• investments in private investment funds and hedge funds (note that investments in private investment funds and
hedge funds advised by the Firm are not subject to the prohibitions and preclearance requirements set forth above).

The term "**Covered Securities**" <u>does not include</u>:<u> </u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Direct obligations of the U.S. Government.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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;• Shares of <u>open-end</u> investment companies that are registered under
the Investment Company Act (mutual funds) other than **Reportable Funds**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares issued by money market funds.

If you have any question or doubt about whether an investment is a considered a security or a **Covered Security** under this Code, ask the **Chief Compliance Officer**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Discretionary Account** 

"**Discretionary Account**" is defined in Section 5.3 of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Family/Household** 

This Code covers transactions in which members of your **Family/Household** have **Beneficial Ownership**. The SEC regards any benefit to a person that you help support financially as indirectly benefiting you (because it could reduce the amount that you might otherwise contribute to that person's support). Additionally, members of your household could, in some circumstances, learn of information regarding the Firm's trading or recommendations for client accounts, and must not be allowed to benefit from that information.

Members of your "**Family/Household**" include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• your spouse or domestic partner residing in the same household;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• your children residing in the same household (including financially dependent children away at school);

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any relative by blood, adoption or marriage living in your household (this includes stepchildren, grandchildren,
parents, stepparents, grandparents, siblings, or siblings-in-law);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• and live-in partners who share your household and combines his/her
financial resources in a manner similar to that of married persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Limited Offering Securities** 

The term "Limited **Offering Securities"** include securities sold in a limited offering, such as an initial public offering, an initial coin offering or other similar offering, or an offering which is represented as being over-subscribed or which is limited by its terms to a fixed number of purchasers, whether or not oversubscribed, or is offered pursuant to an exemption from registration under federal or state securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Non-Access Director** 

The term "**Non-Access Director"** means any person who is a director of the Firm's corporate general partner but who is not an officer or employee of the Firm or of such corporate general partner and who meets all of the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• He or she, in connection with his or her regular functions or duties, does not make, participate in or obtain
information regarding the purchase or sale of **Covered Securities** by a registered investment company, and whose functions do not relate to the making of recommendations with respect to such purchases or sales;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• He or she does not have access to nonpublic information regarding any Firm clients' purchase or sale of
securities, or nonpublic information regarding the portfolio holdings of any **Reportable Fund;** and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• He or she is not involved in making securities recommendations to Firm clients, and does not have access to such
recommendations that are nonpublic.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Real Estate Securities** 

The term "Real **Estate Securities"** means securities issued by Real Estate Investment Trusts (REITs) and other real estate related operating companies. Pre-clearance is required for all **Real Estate Securities** that are included in the Securities Group current investment universe. The Securities Group investment universe is subject to change at any time. If you have any question or doubt as to whether a **Real Estate Security** requires pre-clearance, the name can be entered in StarCompliance or ask the **Chief Compliance Officer.**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Reportable Fund** 

The term "**Reportable Fund**" means any investment companies (other than money market funds) that are registered under the Investment Company Act and with respect to which the Firm serves as an investment adviser (or sub-adviser) or whose investment adviser or principal underwriter controls the Firm, is controlled by the Firm, or is under common control with the Firm. Accordingly, the term **Reportable Fund** includes registered investment companies that are advised or sub-advised by the Firm or its affiliates. The **Chief Compliance Officer** maintains a list of the mutual funds that are classified as **Reportable Funds,** a copy of which is available on the Legal & Compliance Section of the AEW Intranet. See also Section 4.2 of the Code.

------

***(To be completed in StarCompliance)***

**Acknowledgment** 

I have received the Code of Ethics (the "Code") of AEW Capital Management, L.P. ("AEW") and have read and understand the code.

I acknowledge that the Code applies to me and to members of my Family/Household, and that I am an **Access Person** under the Code.

I understand that I am responsible for, and I certify that I have, to date, complied and will continue to comply with, the policies and procedures in the Code. I understand that any violation of such policies and procedures may lead to sanctions, including dismissal.

I have also received the Section 203(e) disclosure /certification requirements attached to the Code and confirm that I have not engaged in any of the activities described in clauses (1) through (9) of Section 203 (e)

---

| | |
|:---|:---|
| Signature | Date |
| Printed Name |  |

---

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**<u>Attachment</u>**

**SECTION 203(e) OF THE INVESTMENT ADVISERS ACT OF 1940** 

(e) The Commission, by order, shall censure, place limitations on the activities, functions, or operations of,
suspend for a period not exceeding 12 months, or revoke the registration of any investment adviser if it finds, on the record after notice and opportunity for hearing, that such censure, placing of limitations, suspension, or revocation is in the
public interest and that such investment adviser, or any person associated with such investment adviser, whether prior to or subsequent to becoming so associated:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Has willfully made or caused to be made in any application for registration or report required to be filed with
the Commission under this title, or in any proceeding before the Commission with respect to registration, any statement which was at the time and in light of the circumstances under which it was made false or misleading with respect to any material
fact, or has omitted to state in any such application or report any material fact which is required to be stated therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Has been convicted within ten years preceding the filing of any application for registration or at any time
thereafter of any felony or misdemeanor or of a substantially equivalent crime by a foreign court of competent jurisdiction which the Commission finds:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) Involves the purchase or sale of any security, the taking of a false oath, the making of a false report,
bribery, perjury, burglary, any substantially equivalent activity however denominated by the laws of the relevant foreign government, or conspiracy to commit any such offense;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) Arises out of the conduct of business of a broker, dealer, municipal securities dealer, investment adviser,
bank, insurance company, government securities broker, government securities dealer, fiduciary transfer agent, foreign person performing a function substantially equivalent to any of the above, or entity or person required to be registered under the
Commodity Exchange Act or any substantially equivalent statute or regulation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) Involves the larceny, theft, robbery, extortion, forgery, counterfeiting, fraudulent concealment, embezzlement,
fraudulent conversion, or misappropriation of funds or securities; or substantially equivalent activity however denominated by the laws of the relevant foreign government; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) Involves the violation of Section 152, 1341, 1342, or 1343 or Chapter 25 or 47 of Title 18, United States
Code, or a violation of any substantially equivalent foreign statute.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Has been convicted during the 10-year period preceding the date of the
filing of any application for registration, or at any time thereafter, of

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(A)***  ***any crime that is punishable by imprisonment for one or more years, and that is not described in paragraph (2); or*** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(B)***  ***a substantially equivalent crime by a foreign court of competent jurisdiction.*** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Is permanently or temporarily enjoined by order, judgment, or decree of any court of competent jurisdiction,
including any foreign court of competent jurisdiction, from acting as an investment adviser, underwriter, broker, dealer, municipal securities dealer, government securities broker, government securities dealer, transfer agent, foreign person
performing a function substantially equivalent to any of the above, or entity or person required to be registered under the Commodity Exchange Act or any substantially equivalent statute or regulation, or as an affiliated person or employee of any
investment company, bank, insurance company, foreign entity substantially equivalent to any of the above, or entity or person to be registered under the Commodity Exchange Act or any substantially equivalent statute or regulation, or from 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.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Has willfully violated any provision of the Securities Act of 1933, the Securities Exchange Act of 1934, the
Investment Company Act of 1940, this title, the Commodity Exchange Act, or the rules or regulations under any such statutes or any rule of the Municipal Securities Rulemaking Board, or is unable to comply with any such provision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) Has willfully aided, abetted, counseled, commanded, induced, or procured the violation by any other person of
any provision of the Securities Act of 1933, the Securities Exchange Act of 1934, the Investment Company Act of 1940, this title, the Commodity Exchange Act, the rules or regulations under any such statutes, or the rules of the Municipal Securities
Rulemaking Board, or has failed reasonably to supervise, with a view to preventing violations of the provisions of such statutes, rules, and regulations, another person who commits such a violation, if such other person is subject to his
supervision. For the purposes of this paragraph no person shall be deemed to have failed reasonably to supervise any person, if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) There have been established procedures, and a system for applying such procedures, which would reasonably be
expected to prevent and detect, insofar as practicable, any such violation by such other person, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) Such person has reasonably discharged the duties and obligations incumbent upon him by reason of such
procedures and system without reasonable cause to believe that such procedures and system were not being complied with.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) Is subject to an order of the Commission entered pursuant to subsection (f) of this section barring or
suspending the right of such person to be associated with an investment adviser which order is in effect with respect to such person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) Has been found by a foreign financial regulatory authority to have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) Made or caused to be made in any application for registration or report required to be filed with a foreign
securities authority, or in any proceeding before a foreign securities authority with respect to registration, any statement that was at the time and in light of the circumstances under which it was made false or misleading with respect to any
material fact, or has omitted to state in any application or report to a foreign securities authority any material fact that is required to be stated therein:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) Violated any foreign statute or regulation regarding transactions in securities or contracts of sale of a
commodity for future delivery traded or subject to the rules of a contract market or any board of trade;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) Aided, abetted, counseled, commanded, induced, or procured the violation by any other person of any foreign
statute or regulation regarding transactions in securities or contracts of sale of a commodity for future delivery traded on or subject to the rules of a contract market or any board of trade, or has been found, by the foreign financial regulatory
authority to have failed reasonably to supervise, with a view to preventing violations of statutory provisions, and rules and regulations promulgated thereunder, another person who commits such a violation, if such other person is subject to his
supervision, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) Is subject to any final order of a State securities commission (or any agency or officer performing like
functions), State authority that supervises or examines banks, savings associations, or credit unions, State insurance commission (or any agency or office performing like functions), an appropriate Federal banking agency (as defined in section 3 of
the Federal Deposit Insurance Act (12 U.S.C. 1813(q))), or the National Credit Union Administration, that—

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) Bars such person from association with an entity regulated by such commission, authority, agency, or officer,
or from engaging in the business of securities, insurance, banking, savings association activities, or credit union activities; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) Constitutes a final order based on violations of any laws or regulations that prohibit fraudulent,
manipulative, or deceptive conduct.

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**AEW Capital Management, L.P.** 

**POLICIES RELATED TO** 

**AEW'S CODE OF ETHICS AND COMPLIANCE PROGRAM:** 

**TRAINING AND CONDUCT BREACHES** 

*As of May 1, 2023* 

To maintain compliance with the requirements set forth in AEW's Code of Ethics, firmwide policies and procedures and the Natixis Code of Conduct, AEW has adopted the following policies.

**<u>Training related to AEW's Compliance Program and Code of Ethics</u>**

All new employees receive mandatory training related to AEW's Code of Ethics and the Compliance Program shortly after the commencement of employment. The training includes information related to the requirements and administration of the Code of Ethics as well as information on various policies and procedures, which are part of AEW's overall Compliance Program. All new employees are required to affirm the receipt and their understanding of the Code of Ethics and firmwide Compliance Manual.

Employees of AEW receive ongoing training on a regular basis in various formats regarding the Code of Ethics and Compliance Program. Such training may include e-mail reminders, online tutorials or in person training sessions. On an annual basis, a formal training is conducted. This annual training is mandatory for all employees. Employees also receive training on any new and/or material changes to existing policies and procedures as necessary.

Annually, all employees must affirm their review, understanding and compliance with the Code of Ethics and firmwide Compliance Manual.

**<u>Conduct Breaches</u>**

AEW has formed a Conduct Committee to support AEW's Risk Compliance and Operations Committee and the Legal & Compliance Group in the establishment and enforcement of AEW's Code of Ethics and Natixis' enterprise-wide Code of Conduct.

*<u>Conduct Committee</u>*

AEW's Conduct Committee (the "Committee") serves as a sub-committee of the Risk Compliance and Operations Committee (the "RCOC"). The Committee consists of AEW's Chief Compliance Officer, Chief Executive Officer, and Chief People Officer. For matters relating to the Asia Pacific offices, AEW's Asia Pacific Chief Investment Officer is a member.

The Committee will review conduct breaches and determine appropriate action to manage each breach. Generally, conduct breaches reviewed by the Committee include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Violation of a legal or regulatory requirement

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Violation of AEW's Code of Ethics (including pre-clearance and
reporting violations)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Material violation of AEW's policies and procedures

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Blatant disregard of company policies applicable to employees, including the Code of Ethics

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Employee criminal offenses (e.g., corruption, insider trading, fraud, market manipulation)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Inappropriate sharing of material non-public information

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Knowingly breaching risk procedures (including risk policy, model risk, liquidity risk)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Repetitive active/passive breaches of investment constraints by the same portfolio manager

*<u>General Conduct Breach Handling</u>*

Each conduct breach is reviewed by the Committee on a case-by-case basis.

Conduct breaches will generally result in a violation memo that is issued to the employee with a copy to their direct manager, the Chief Compliance Officer, and the Chief People Officer. Additional sanctions may be imposed depending on the facts and circumstances of the conduct breach.

All conduct breaches are reported to the Human Resources Group annually and may be considered as part of the year-end review and compensation process.

*<u>Code of Ethics Related Breaches and Violations</u>*

Each Code of Ethics related breach or violation is reviewed on a case-by-case basis by the Committee. Late reporting, reporting exceptions, failure to complete required acknowledgements, or failure to complete required training are generally considered to be minor violations of the Code of Ethics. Inadvertent unauthorized trading violations are generally considered to be more substantive violations. Violations are tracked over a two-year period. Subsequent violations within the two-year period may result in additional sanctions.

All Code of Ethics violations will generally result in a violation memo that is issued to the employee with a copy to their direct manager, the Chief Compliance Officer, and the Chief People Officer. For more substantive violations additional sanctions may also be imposed, including a fine or disgorgement of profits.

While the foregoing generally reflects the firm's policy with regard to late reporting, reporting exceptions and inadvertent unauthorized trading activity, the consequences may vary depending upon the circumstances. For example, repeat violations or knowing and intentional violations could result in additional fines and other sanctions up to and including termination of employment.

All Code of Ethics breaches or violations are reported to the Human Resources Group annually and may be considered as part of the year-end review and compensation process.

## Ex-99.(P)(6)

**COMPLIANCE POLICIES** 

&nbsp;&nbsp;&nbsp;&nbsp;&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. Code of Ethics** 

Boston Partners has built a reputation for integrity and professionalism among its clients. We value the confidence and trust those clients have placed in us and strive to protect that trust. This Code of Ethics (the "Code") is our commitment to protecting our clients' trust by establishing formal standards for general personal and professional conduct. Furthermore, this Code does not attempt to identify all potential conflicts of interest or conduct abuses, and violations regarding the spirit of the Code may be subject to disciplinary action. Questions regarding the interpretation of the Code or its application to particular conduct should be addressed with Legal or the CD.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A. <u>APPLICABILITY AND DEFINITIONS</u>** 

This Code and all sections, unless specifically noted otherwise, apply to all Supervised Persons.

"***Supervised Persons"*** for purposes of this Code means:

1. Directors, and officers of Boston Partners (or other persons occupying a similar status or performing similar
functions);

2. Employees of Boston Partners and registered representatives of Boston Partners Securities LLC (collectively
"Employees");

3. Any other person who provides investment advisory advice on behalf of Boston Partners and is subject to Boston
Partners' supervision and control; and

4. Certain other persons designated by the CD, such as temporary/contract workers who support our businesses.

"***Access Person***" for purposes of this Code means any Supervised Person:

1. Who has access to non-public information regarding any client's
purchases or sales of securities;

2. Who has non-public information regarding the portfolio holdings of any
mutual fund, managed account, or private investment fund managed by Boston Partners ("client accounts");

3. Who is involved in making securities recommendations to clients or who has access to such recommendations that
are nonpublic;

4. Who is a director or officer of Boston Partners. Excepted from this requirement are Directors of Boston
Partners who are not involved in the day-to-day business activities of the firm or do not have access to confidential information regarding client securities holdings,
transactions, or recommendations. Also exempted from this requirement are Boston Partners Funds' directors who are not employees of Boston Partners nor have access to confidential information regarding client securities holdings, transactions
or recommendations;

5. Certain other persons designated by the CD, such as temporary/contract workers who support our businesses.

The CD will notify all individuals of their status as either a Supervised Person or an Access Person.

May 2025

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B. <u>STANDARDS OF BUSINESS CONDUCT</u>** 

The following principles are intended to guide in the applicability of this Code of Ethics:

1. Boston Partners is a fiduciary and its Supervised Persons have a duty to act for the benefit of Boston
Partners' clients and shall at all times place the financial interests of the client ahead of Boston Partners;

2. Boston Partners holds all Supervised Persons responsible to high standards of integrity, professionalism, and
ethical conduct; and

3. Boston Partners fosters a spirit of cohesiveness and teamwork while ensuring the fair treatment of all
Supervised Persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C. <u>COMPLIANCE WITH FEDERAL SECURITIES LAWS</u>** 

All Supervised Persons must comply with applicable federal securities laws. Federal securities laws means the Securities Act of 1933, the Securities Exchange Act of 1934, the Sarbanes-Oxley Act of 2002, the Investment Company Act of 1940 (the "Investment Company Act"), the Advisers Act, Title V of the Gramm-Leach-Bliley Act, any rules adopted by the Commission under any of these statutes, the Bank Secrecy Act as it applies to funds and investment advisers, and any rules adopted thereunder by the Commission or the Department of the Treasury. The applicable laws are designed to prevent the following practices, which should not be viewed as all-encompassing and are not intended to be exclusive of others.

Supervised Persons must never:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Defraud any client in any manner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Mislead any client, including by making a statement that omits material facts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Engage in any act, practice or course of conduct which operates or would operate as a fraud or deceit upon any
client, including misappropriation of an investment opportunity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Engage in any manipulative practice with respect to any client or security, including price manipulation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D. <u>CONFLICTS OF INTEREST</u>** 

As a fiduciary, Boston Partners has an affirmative duty of care, loyalty, honesty to its clients and a duty of utmost good faith to act in the best interests of Boston Partners' clients. Compliance with this fiduciary responsibility can be accomplished by avoiding conflicts of interest and by fully, adequately, and fairly disclosing all material facts concerning any conflict which arises with respect to any client.

The following specific guidelines should not be viewed as all-encompassing and are not intended to be exclusive of others:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• No Supervised Person shall take inappropriate advantage of their position with respect to a client, advancing
their position for self-gain;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• No Supervised Person shall use knowledge about pending or currently considered client securities transactions to
profit personally as a result of such transactions;

May 2025

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• All securities transactions affected for the benefit of a client account shall avoid inappropriate favoritism of
one client over another client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• All securities transactions affected for the benefit of a Supervised Person shall be conducted in such a manner
as to avoid abuse of that individual's position of trust and responsibility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E. <u>CONFIDENTIALITY</u>** 

Boston Partners generates, maintains, and possesses information that it views as proprietary, and it must be held strictly confidential by all Supervised Persons. This information includes, but is not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the financial condition and business activity of Boston Partners or any enterprise with which Boston Partners is
conducting business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• investment management agreements and partnership agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• client specific information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• holdings in client accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• research analyses and trading strategies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• internal communications;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• legal advice; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• computer access codes.

Supervised Persons may not use proprietary information for their own benefit or for the benefit of any party other than the client. Failure to maintain the confidentiality of this information may have serious detrimental consequences for Boston Partners, its clients, and the Supervised Person who breached the confidence.

In order to safeguard Boston Partners' proprietary information, Supervised Persons are expected to abide by the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Never share proprietary information with anyone at Boston Partners except on a needs-to-know basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Never disclose proprietary information to anyone outside of Boston Partners, except in connection with Boston
Partners' business and in a manner consistent with the client's interests, or unless required in order to make a statement not misleading, or to otherwise comply with the law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Disclosing proprietary information in connection with Boston Partners' business is permissible in
accordance with Boston Partners' Selective Disclosure and Disclosing Portfolio Holdings Policy, Boston Partners' Privacy and Disposal Policy, and Boston Partners' Media Policy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Never remove any proprietary information from Boston Partners' premises, unless absolutely necessary for
business purposes (and, if so, the information must be kept in the possession of the Supervised Person or in a secure place at all times and returned promptly to Boston Partners' premises);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exercise caution in displaying documents or discussing information in public places such as in elevators,
restaurants, or airplanes, or in the presence of outside vendors or others not employed by Boston Partners;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exercise caution when using e-mail, cellular telephones, facsimile
machines or messenger services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Never leave documents containing proprietary information in conference rooms, wastebaskets, or desks, or anywhere
else where the information could be seen or retrieved.

May 2025

------

Boston Partners' restrictions on the use of proprietary information continue in effect after termination of employment with Boston Partners, unless specific written permission is obtained from the General Counsel. For purposes of clarification, the terms of any separate confidentiality agreement between an Employee and Boston Partners or any of its affiliates shall supersede this general restriction, to the extent applicable.

Federal law protects the ability of "whistleblowers" to report violations of applicable law. Nothing in any agreement between yourself and Boston Partners shall be interpreted or deemed to limit you in any way from communicating with the Securities and Exchange Commission and/or other regulators about any actions that you reasonably believe to be a violation of applicable securities laws or with any other regulatory or enforcement agency about any actions that you reasonably believe to be a violation of any other applicable law.

Any questions regarding policies and procedures on the use of proprietary information should be brought to the attention of the CCO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**F. <u>EMPLOYEE PERSONAL SECURITIES MONITORING</u>** 

**<u>DEFINITIONS</u>**

*"****Covered Security***" shall include any type of equity or debt instrument, including any rights, warrants, derivatives, convertibles, options, puts, calls, straddles, exchange traded funds (including single-stock ETFs), shares of closed-end mutual funds, shares of open end mutual funds that are advised or sub advised by Boston Partners, its affiliates or, in general, any interest or investment commonly known as a security.

***"Non-Covered Security"*** shall include shares of open-ended mutual funds that are not advised or sub-advised by Boston Partners or its affiliates, direct obligations of the US government, bankers' acceptances, bank certificates of deposit, commercial paper, high quality short-term debt instruments, including repurchase agreements, which have a maturity at issuance of less than 366 days and that are rated in one of the two highest rating categories by a Nationally Recognized Statistical Rating Organization ("NRSRO").

*"****Investment Personnel****"* shall include portfolio managers, research analysts, traders and any other person who provides information or advice to portfolio managers, or who helps execute or implement the portfolio manager's decisions as designated by the CD.

***"Beneficial Interest"*** shall include any Covered Security in which a Supervised Person has an opportunity directly or indirectly to provide or share in any profit derived from a transaction in a Covered Security, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• accounts personally held by the Supervised Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• accounts held by the Supervised Person's immediate family members related by blood or marriage sharing the
same household;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any person or organization (such as an investment club) with whom a Supervised Person has an opportunity to
directly or indirectly share in any profit from a transaction in a Covered Security; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any trusts of which a Supervised Person is trustee with investment control and/or trading authority.

***"Designated Broker/Dealer"*** is one who has contracted with Boston Partners to make available Supervised Persons' investment accounts, statements and confirmations via electronic download. A list of designated broker/dealers is available upon request from the CD.

May 2025

------

***"Outside Account"*** shall include any Supervised Person's Covered Securities account not held at a Designated Broker/Dealer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **ACCESS TO SUPERVISED PERSONS' ACCOUNTS, CONFIRMATIONS AND STATEMENTS** 

Supervised Persons are required to maintain all discretionary or non-discretionary securities or commodities accounts with a Designated Broker/Dealer, unless prior written permission to maintain an Outside Account has been granted by the CD. This includes any account over which the Supervised Person has the power to exercise investment control, including but not limited to accounts in which the Supervised Person has a direct or indirect Beneficial Interest. If an Outside Account is approved, the Supervised Person must instruct their broker to send duplicate statements and confirmations to the CD.

The CD will supervise the review of all confirmations and/or account statements to ensure the required pre-approvals were obtained and to verify the accuracy of the information submitted in the quarterly reports.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **INVESTMENT ACTIVITIES** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Supervised Persons may not offer investment advice or manage any person's portfolio in which he/she does
not have a beneficial interest without prior written approval.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Supervised Persons may not participate in an investment club without prior written approval.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **PRE-CLEARANCE** 

Unless otherwise noted, the following provisions apply to all Covered Securities beneficially owned by Supervised Persons:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.**  **<u>Covered Securities Transactions</u>** 

Mandatory written/electronic pre-clearance prior to the execution of any transaction involving a Covered Security. The CD may approve transactions. See Section 6 for exemptions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.**  **<u>Approvals</u>** 

Pre-clearance is valid only for the day of approval. If the trade is not executed on the approved date, the pre-clearance process must be repeated *<u>prior to</u>* execution on the day the transaction is to be effected.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.**  **<u>Initial Public Offering (IPO) Transactions</u>** 

Mandatory written/electronic pre-clearance prior to participation in an IPO, except for Government Bonds and Municipal Securities. Approval is determined on a case-by-case basis; documentation supporting the decision rationale will be maintained on all requests.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.**  **<u>Private Limited Opportunity Investments</u>** 

Mandatory written/electronic pre-clearance prior to the execution of any private limited opportunity investment in a security. Private limited opportunity investments include, but are not limited to, private investments in hedge funds and Delaware Statutory Trusts, as well as any private business investment in a security, including a family business. Any questions regarding whether or not a particular investment requires written/electronic consent should be addressed with the CD prior to investment. Approval is determined on a case-by-case basis; documentation supporting the decision rationale will be maintained on all requests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E.**  **<u>Short Sales/Cover Shorts/Options</u>** 

Mandatory written/electronic pre-clearance prior to execution of any personal transaction involving a short position or option position except for ETFs/ETNs. Supervised Persons may not sell a security short if it is currently held long in a client account. This prohibition includes writing naked call options, or buying naked put options . Approval is determined based on the underlying security and transactions are subject to all blackout policies including the short-term profit prohibition. Short positions on ETFs/ETNs do not require pre-clearance and are not subject to the blackout periods or a 30-day holding period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**F.**  **<u>Gifts of Securities</u>** 

Gifts of securities do not need pre-clearance but must be reported on quarterly transaction and annual holdings statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**G.**  **<u>Single-Stock ETFs</u>** 

Mandatory written/electronic pre-clearance prior to investing in any single-stock ETFs.

Exemptions under Section 6. B. 2. will not apply to single-stock ETFs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **HOLDING PERIODS** 

Unless otherwise noted, the following provisions apply to all Covered Securities beneficially owned by Supervised Persons:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Supervised Persons may not profit from the purchase and sale, or sale and purchase, of the same (or equivalent)
securities within 30 calendar days. "Equivalent" security means any option, warrant, convertible security, stock appreciation right, or similar right with an exercise or conversion privilege at a price related to the subject security or
similar securities with a value derived from the value of the subject security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Multiple purchases/sales of the same or equivalent security will be considered on a First-In-First-Out ("FIFO") basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Closing transactions resulting in a loss may be made after a holding period of one day. Note that pre-clearance is still required for transactions that do not meet the *de minimis* exemption under Section 6. B. 2.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Trading of a security in both directions (buy/sell or sell/buy), ("Day Trading") is prohibited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **BLACK OUT PERIODS** 

No Supervised Persons shall purchase or sell any Covered Security for which an open order currently exists in a client portfolio.

Investment Personnel are prohibited from purchasing or selling any Covered Security for which they have responsibility for a Client Transaction or should have knowledge that the security may be under active consideration 3 days before a "Client Transaction." Transactions are allowed on the third day.

Supervised Persons are prohibited from purchasing or selling any Covered Security that is also held in client accounts 3 days after a "Client Transaction." Employee trades are allowed on the third day.

"Client Transaction" is generally defined as any trade across all or a significant number of portfolios in one strategy whereby the Covered Security: 1) has been newly established, or 2) the percent holding has been increased or decreased, 3) or a new account is being funded and a significant position, as determined by Boston Partners, is being established.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.** **EXEMPT TRANSACTIONS** 

Outlined below are certain exemptions to the Code; however, such exemptions may be withheld by Boston Partners in its sole discretion. Additional exemptions may be permitted on a case-by-case basis to any provision in this Code when the circumstances of the situation strongly support an exemption.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.**  **<u>Black Out Period Exemptions</u>** 

Covered Security transactions for which a Supervised Person has requested and received preclearance from the CD will not be deemed to have violated any blackout period in Section 5 based upon subsequent information or events unless the Supervised Person is the Portfolio Manager or other Investment Person directly responsible for recommending, approving/initiating, or executing the client transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.**  **<u>Pre-Clearance and Black Out Period Exemptions</u>** 

The following transactions are exempt from the Pre-Clearance provisions as defined in Section 3 and from the Black Out Period provisions as defined in Section 5.

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These transactions are **<u>NOT</u>** exempt from Holding Period provisions as defined in Section 4 or from the Reporting provisions as defined in Section 7.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Purchases and Sales of shares of mutual funds advised or sub-advised by Boston Partners or its affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Purchases and sales involving a <u>long\*</u> position in a common stock, exchange traded fund, or a closed end fund when:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i) the market cap is in excess of $3 billion; AND

ii) the aggregate share amount executed across all accounts in which the Employee has a Beneficial Interest is 1,000 shares or fewer over a 30-day period. 

**\*Note, this exemption does not apply to single stock ETFs, short positions or options.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Purchases and sales of Corporate Bonds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.**  **<u>Pre-Clearance, Holding, and Black Out Period, Period Exemptions</u>** 

The following transactions are exempt from all Pre-Clearance provisions defined in Section 3, Holding Period provisions as defined in Section 4, and Black Out Period provisions as defined in Section 5.

These transactions are **<u>NOT</u>** exempt from the Reporting provisions as defined in Section 7.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Covered Security transactions executed on a fully discretionary basis by a Registered Investment Adviser (other
than Boston Partners) on behalf of a Supervised Person and a letter stating such is maintained in the file;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Purchases and sales of Exchange traded funds ("ETFs") / Exchange traded notes ("ETN")
or options on ETFs/ETNs. (\*Exemption applies to 30 days hold for profit, does not apply to prohibition of Day Trading. Day Trading of ETFs/ETNs or options on ETFs/ETNs is prohibited);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Purchases or sales effected in any account over which there is no direct or indirect influence or control;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Purchases or sales that are non-volitional such as margin calls, stock
splits, stock dividends, bond maturities, automatic dividend reinvestment plans, mergers, consolidations, spin-offs, or other similar corporate reorganizations or distributions generally applicable to all holders of the same class of securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Systematic investment plans provided the CCO, or designee, has been previously notified of the participation in
the plan;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Any acquisition of a Covered Security through the exercise of rights issued pro rata to all holders of the
class, to the extent such rights were acquired in the issue (and not through the acquisition of transferable rights);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Transactions by an Investment Person acting as a portfolio manager for an investment limited partnership or
investment company where Boston Partners is the contractual investment adviser and in which the Investment Person has a Beneficial Interest or for or any account in which Boston Partners has a proprietary interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.** **REPORTING REQUIREMENTS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.**  **<u>Quarterly Transaction Reports</u>** 

All Supervised Persons must submit to the CD a report of every Covered Security transaction, IPO, private limited opportunity investment, and gift of covered securities in which they received/participated or in which they beneficially owned/participated during the calendar quarter no later than 30 days after the end of that quarter.

The report shall include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The name of the security, the date of the transaction, the interest rate and maturity (if applicable), the
number of shares, and the principal amount of each Covered Security involved;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. 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;3. The price at which the transaction was effected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The name of the broker, dealer, or bank through which the transaction was effected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. With respect to any account established by an Access Person during the quarter, the name of the broker, dealer,
or bank with whom the account was established;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. The date the account was established; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. The date the report was submitted.

**<u>ACCOUNTS HELD AT DESIGNATED BROKER/DEALERS EXCEPTION</u>** 

For securities transactions for which the CD has direct access through a Designated Broker/Dealer electronic confirmation, such electronic access is deemed to be sufficient reporting to comply with the above requirement although a quarterly certification of completeness is still required. Each Supervised Person must verify that the CD has this required access prior to taking advantage of this exception.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.**  **<u>Initial Holdings Report</u>** 

All Access Persons shall disclose to the CD, no later than 10 days after becoming an Access Person, a listing of Covered Securities in which the Access Person has a Beneficial Interest as of a date no more than 45 days before the report is submitted.

The report shall include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The name of the security, the number of shares, and the principal amount of each Covered Security in which the
Access Person had any direct or indirect Beneficial Interest when the person became an Access Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The name of any broker, dealer, or bank with whom the Access Person maintained an account in which any
securities are held for the direct or indirect benefit of the Access Person as of the date the person became an Access Person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The date the report is submitted.

The CD will review all Initial Holdings Reports in an effort to monitor potential conflicts of interest and to understand the full nature of the Access Person's current holdings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.**  **<u>Annual Holdings Reports</u>** 

Annually, on a date determined by the CD, Access Persons shall deliver to the CD, a listing of Covered Securities in which the Access Person has a Beneficial Interest that must be current as of a date no more than 45 days before the report is submitted.

The report shall include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The name of the security, the number of shares, and the principal amount of each Covered Security in which the
Access Person had any direct or indirect Beneficial Interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The name of any broker, dealer, or bank with whom the Access Person maintains an account in which any
securities are held for the direct or indirect benefit of the Access Person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The date the report is submitted.

The CD will review all Annual Holdings Reports in an effort to monitor potential conflicts of interest and to understand the full nature of the Access Person's current holdings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.** **RESTRICTED SECURITIES LIST** 

The CD maintains a Restricted Security List (the "Restricted List") which includes all securities where a Supervised Person has, or is in a position to receive, material non-public information about a company, such as information about a company's earnings or dividends, as a result of a special relationship between Boston Partners or a Supervised Person and the company.

If a Supervised Person knows or believes they have material, non-public information, they must immediately notify Legal or the CD. The decision whether to place a security on the Restricted List and the amount of time a security will remain on the Restricted List shall be made by Legal.

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If it is determined that the Supervised Person is in possession of material, non-public information, the CD will establish a "Protective Wall" around the Supervised Person, to the extent reasonably possible. In order to avoid inadvertently imposing greater restrictions on trading than are necessary, a Supervised Person may not discuss this information with anyone without the approval of Legal. In addition, Supervised Persons having access to the Restricted List are to be reminded that the securities on the list are confidential and proprietary and should not be disclosed to anyone without the prior approval of Legal.

When a pre-clearance request is received from a Supervised Persons in a security on the Restricted List, ComplySci will automatically deny the request. The CD maintains procedures for adding securities to the Restricted List as well as monitoring and removal of those securities from the list.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.** **TRADING ACTIVITY REVIEW** 

Supervised Persons are expected to devote their full time and attention to their work responsibilities. Boston Partners may take steps to curtail an individual's trading activity if, in the judgment of the appropriate department manager or the CD, the Supervised Person's trading activity is having or may have an adverse impact on their job performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**G.**  **<u>INSIDER TRADING AND MATERIAL NON-PUBLIC INFORMATION</u>** 

Boston Partners has developed the following policies to monitor, restrict if necessary, and educate Supervised Persons with respect to acquiring and investing when in possession of material, nonpublic information.

Insider trading is generally defined as purchasing or selling securities while in the possession of material, non-public information in violation of a duty not to trade. However, if no duty exists, it is permissible to trade when in possession of this information. The question of duty is complex and depends on facts and circumstances. Situations which could require a fiduciary duty not to act include but are not limited to: information gained directly from corporate insiders or temporary insiders (i.e. officers, directors and employees of a company), information gained from participation on formal or informal creditors' committees, and information prohibited from disclosure by confidentiality agreements. Additionally, a misappropriation theory exists whereby an individual who possesses inside information would be prohibited from trading on such information if they are found to owe a duty to a third party and not the corporation whose securities are being traded. You must refer any questions to Legal for a correct interpretation if you believe you may be in possession of material non-public information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.**  **<u>What is Material Information?</u>** 

There is no statutory definition of material information. Information an investor would find useful in deciding whether or when to buy or sell a security is generally material. In most instances, any non-public information that, if announced, could affect the price of the security should be considered to be material information. If you are not sure whether non-public information is material, you must consult Legal.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.**  **<u>What is Non-public Information?</u>** 

Non-public information is information that is not generally available to the investing public. Information is public if it is generally available through the media or disclosed in public documents such as corporate filings with the SEC. If it is disclosed in a national business or financial wire service (such as Dow Jones or Bloomberg), in a national news service (such as AP or Reuters), in a newspaper, magazine, on the television, on the radio or in a publicly disseminated disclosure document (such as a proxy statement, quarterly or annual report, or prospectus), consider the information to be public. If the information is not available in the general media or in a public filing, consider the information to be non-public. If you are uncertain as to whether material information is non-public, you must consult Legal.

While Supervised Persons must be especially alert to sensitive information, you may consider information directly from a company representative to be public information unless you know or have reason to believe that such information is not generally available to the investing public. In addition, information you receive from company representatives during a conference call that is open to the investment community is public. The disclosure of this type of information is covered by SEC Regulation FD. Please contact Legal if you have any questions with regard to this Regulation.

Supervised Persons working on a private securities transaction who receive information from a company representative regarding the transaction or who have knowledge of an affiliate's private equity transactions should treat the information as non-public. The termination or conclusion of the negotiations in many instances will not change the status of that information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.**  **<u>Examples of Material, Non-Public Information</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Material information may be about the issuer itself such as:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Information about a company's earnings or dividends, (such as whether they will be increasing or
decreasing);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any merger, acquisition, tender offer, joint venture or similar transaction involving the company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• information about a company's physical assets (e.g., an oil discovery, or an environmental problem);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• information about a company's personnel (such as a valuable employee leaving or becoming seriously ill); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• information about a company's financial and/or legal status (e.g., any plans or other developments
concerning financial restructuring or the issuance or redemption of, any payments on any securities and/or major litigation).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Information may be material that is not directly about a company, if the information is relevant to that company or its products, business, or assets such as:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Information that a company's primary supplier is going to increase dramatically the prices it charges; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• information that a competitor has just developed a product that may cause sales of a company's products to
decrease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Material information may include information about Boston Partners' portfolio management activities such as:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any information that Boston Partners is considering when assessing whether to purchase or sell a security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any actual purchase or sale decisions; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all client holdings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.**  **<u>Boston Partners' Use of Material, Non-Public Information</u>** 

Supervised Persons may receive or have access to material, non-public information in the course of their work at Boston Partners. Company policy, industry practice and federal and state law establish strict guidelines for the use of material, non-public information. To ensure that Supervised Persons adhere to the applicable laws, Boston Partners has adopted the following policies:

Supervised Persons:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• may not use material, non-public information about an issuer for
investment purposes to benefit client or proprietary accounts, for personal gain, or share such information with others for their personal benefit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• may not pass material, non-public information about an issuer on to
others or recommend that others trade the issuer's securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• must treat as confidential all information defined in Section E, Confidentiality, of this Code and preserve the
confidentiality of such information and disclose it only as defined in that section;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• must consider all client holdings as material, nonpublic information. In addition, if a Supervised Person is
aware that Boston Partners is considering or actually trading any security for any account it manages, the Supervised Person must regard that as material, nonpublic information. While deemed material, nonpublic information, securities which Boston
Partners is considering or actually trading for client accounts may be traded by Boston Partners and are exempt from reporting to Legal, but remain subject to all other confidentiality provisions discussed above in Section E as well as Boston
Partners' Privacy Policy, Selective Disclosure and Disclosing Portfolio Holdings Policy, and Investment Recommendations Policy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• are prohibited from discussing the following when sourcing or analyzing investment ideas with buy-side investment professionals:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• disclosing whether or not a particular security is held in client accounts;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• disclosing Boston Partners' immediate buy/sell intent with respect to a specific security, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• making consensus buy/sell decisions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• for material nonpublic information other than Boston Partners client holdings or transactions must contact Legal
immediately and disclose that they are in possession of material nonpublic information and may not communicate such information to anyone without the advance approval of Legal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.**  **<u>Penalties for Insider Trading</u>** 

Trading securities while in possession of material, nonpublic information or improperly communicating that information to others may expose you to stringent penalties. Criminal sanctions may include a monetary fine and/or imprisonment. The SEC can recover the profits gained or losses avoided through the volatile trading, a penalty of up to three times the illicit windfall and an order permanently barring you from the securities industry. Finally, investors seeking to recover damages for insider trading violations may sue you.

Regardless of whether a government inquiry occurs, Boston Partners views seriously any violation of this Policy Statement. Disciplinary sanctions may be imposed on any person committing a violation, including, but not necessarily limited to, censure, suspension, or termination of employment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.**  **<u>Monitoring</u>** 

In addition to maintaining a Restricted List, Boston Partners maintains Value Added Investor Procedures to monitor potential conflicts of interest and potential insider trading due to the nature of these relationships. Furthermore, the CD monitors for instances of insider trading which include, but are not limited to, reviews of personal trading activity and email surveillance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.**  **<u>Engagement of Research Consultants</u>** 

No research consultant may be engaged by Boston Partners without the prior approval of the Head of Research and the CCO or his delegate in the CD. An engagement of a research consultant must be undertaken with appropriate safeguards to prevent the transmission of inside information from the consultant to Boston Partners. Any engagement of a research consultant shall be pursuant to a written agreement that shall, at a minimum, (i) impose confidentiality obligations on the consultant, (ii) contain an acknowledgement by the Consultant that Boston Partners is not requesting and does not want to be provided with material non-public information regarding any issuer of securities or information the provision of which would breach any duty, and (iii) contain a covenant by the consultant not to provide any material non-public information to Boston Partners. Prior to approval, the CD shall undertake sufficient due diligence to ensure that the consultant is suitable for retention by Boston Partners, including, in particular, that the consultant has in place reasonable procedures to prevent the transmission to Boston Partners of material nonpublic information. Boston Partners personnel should notify any prospective consultant as soon as reasonably possible at the inception of any discussions about the engagement or services that the consultant may perform for Boston Partners that Boston Partners does not wish to receive any material nonpublic information and requests that the consultant not provide any such information.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**H.**  **<u>GIFTS AND ENTERTAINMENT POLICY</u>** 

Supervised Persons or their family members should not offer or accept gifts, favors, entertainment or other things of value that could be viewed as overly generous or aimed at influencing decision-making or making a client feel beholden to the firm or the Supervised Person. The following guidelines will further clarify this general principal. Please refer to *Boston Partners' Gift & Entertainment Policy Supplement* for specific examples and additional guidance.

**DEFINITIONS:** 

***"Gift"*** – anything of value, including, but not limited to gratuities, tokens, objects, clothing, or certificates for anything of value. The definition also includes any meal, tickets or admission to events where the person supplying the meal or event is not present.

***"Entertainment"*** – business meals and events such as sporting events, shows, concerts where the person supplying the meal or event is present.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **GIFTS POLICY** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. In a given calendar year, no Supervised Person shall **accept** any Gift(s), in the aggregate, of more than
$100 value from the same person or entity that does business with or on behalf of a client (or any of its portfolios), or any entity that provides a service to Boston Partners . Gifts of greater than $100 value are to be declined or returned in
order not to compromise the reputation of Boston Partners or the individual. Gifts valued at less than $100 and that are considered customary in the industry, are considered appropriate. Further, small, inconsequential gifts, such as gifts received
at a conference that were provided to all attendees, inexpensive promotional items from vendors, and other mementos of the like can be accepted without consequence, as long as they meet the conditions listed above. Additional exemptions may be
permitted on a case-by-case basis when the circumstances of the situation strongly support an exemption.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. No Supervised Person shall **provide** Gifts of more than $100 value, per person, per year, to existing
clients, prospective clients, or any entity that does business with or on behalf of a client (or any of its portfolios), or any entity that provides a service to Boston Partners . Gifts valued at less than $100 and considered customary in the
industry, are considered appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Generally, a Supervised Person may not accept or provide a Gift of cash or cash equivalent, (such as a gift
card, gift certificate or gift check). Exceptions may be permissible with the approval of a member of Boston Partners' Management Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Supervised Persons are expressly prohibited from soliciting anything of value from a client, or other entity
with which the firm does business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. Similarly, Supervised Persons should not agree to provide a Gift that is requested by a client, or other entity
with which the firm does business, (such as concert, sporting event or theater

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tickets,), except if (1) providing the Gift is permissible under this Policy or (2) if not permissible under this Policy, assisting a client or other entity in acquiring tickets for which they intend to pay full value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **ENTERTAINMENT POLICY** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Supervised Persons may engage in normal and customary business entertainment. Entertainment that is
extraordinary or extravagant, or that does not pertain to business, is not permitted.

Importantly, please note that certain rules and regulations enacted by the client or a regulator of the client may exist which prevent any form of Gifts or Entertainment. You must be cognizant of what each client allows, especially pertaining to public funds, where rules may be very stringent. Prior to providing Entertainment or a Gift to a representative of a public entity, contact the CD to verify interpretation of state or municipal regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **STANDARD OF REASONABLENESS** 

The terms "extraordinary" or "extravagant," "customary in the industry," and "normal and customary" may be subjective. Reasonableness is a standard that may vary depending on the facts and circumstances. If you have questions regarding a gift or entertainment, contact your supervisor, or Legal or the CD.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **RECORDS AND REPORTING** 

Boston Partners must retain records of all Gifts and Entertainment given or received for a period of a minimum of five years. Records of all received Gifts and Entertainment must be logged in ComplySci. Outgoing Gifts and Entertainment are not reported through ComplySci. Records of outgoing Gifts and Entertainment are retained by administration responsible for purchasing and disseminating the Gifts and Entertainment, which are recorded using travel and expense reimbursement forms/systems retained by Boston Partners Finance Department.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I.**  **<u>FOREIGN CORRUPT PRACTICES ACT POLICY</u>** 

In addition to Boston Partners internal Code of Ethics, salespersons soliciting in foreign jurisdictions must be aware of compliance with the Foreign Corrupt Practices Act (the "FCPA").

Anti-bribery Provisions

The FCPA makes it unlawful to bribe foreign government officials to obtain or retain business.

*<u>5 Elements:</u>*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Who: The law applies to any individual, firm, officer, director, employee or agent of a firm and any
stockholder acting on behalf of a firm.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Corrupt intent: The person making the payment must have a corrupt intent and the payment must be intended to
induce the recipient to misuse his official position to direct business wrongfully to the payer (or firm.)

May 2025

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Payment: Money or anything of value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Recipient: Corrupt payments to a foreign official, a foreign political party or party official, or any
candidate for foreign political office. "Foreign official" means any officer or employee of a foreign government, a public international organization, or any department or agency thereof or any person acting in an official capacity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Business Purpose Test – Payments made in order to assist the firm in obtaining or retaining business.
Interpreted broadly.

<u>Exception:</u> 

Payments to facilitate or expedite performance of a "routine governmental action." Such as: obtaining permits; licenses; or other official documents; processing governmental papers such as visas; providing police protection; mail pick-up and delivery; providing phone service; power and water supply; loading and unloading cargo; protecting perishable products; scheduling inspections.

<u>Procedures:</u> 

Gift giving, entertainment and political contribution policies are incorporated in this policy. Employees may not make payments on behalf of Boston Partners.

In the case of a request for facilitation or other payment by any foreign official, candidate, organization, agency or government or any person acting on their behalf, payment on behalf of Boston Partners requires the review and authorization by both the CFO and CLO.

<u>Violations:</u> 

<u>The sanctions for FCPA violations can be significant. Companies and individuals that have committed violations of the FCPA may have to disgorge their ill-gotten gains plus pay prejudgment interest and substantial civil penalties. Companies may also be subject to oversight by an independent consultant.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**J.**  **<u>CHARITABLE CONTRIBUTIONS POLICY</u>** 

From time to time, Boston Partners or its Supervised Persons may be asked by a client to make a charitable contribution. To avoid any real or perceived conflict of interests, Boston Partners has adopted the following procedures.

If a contribution is requested by a client, Boston Partners may agree to charitable contributions subject to the following terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The check must be made in Boston Partners' name (not the client or the Supervised Person)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any tax benefit is taken by Boston Partners

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. The contribution does not directly benefit the client

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. The contribution is not made to satisfy a pledge made by the client

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. The contribution must be made payable to the 501c3 charitable organization (otherwise, the contribution may be
subject to LM-10 filing with the DOL). Upon receiving a charitable contribution request from a labor organization or employee, please contact the CD.

Charitable contributions must be pre-approved by your supervisor. Check request records and corresponding payments will be maintained by Boston Partners Finance Department.

May 2025

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**K.**  **<u>POLITICAL CONTRIBUTIONS POLICY</u>** 

From time to time, Boston Partners or its employees may be asked by a client to make political contributions. In addition, Supervised Persons and members of their household, by their own volition, may seek to make individual political contributions. As an investment adviser , Boston Partners is often eligible to manage money on behalf of a state or municipality. To avoid any real or perceived conflict of interests, Boston Partners requires that all personal political contributions, including members of their household, be subject to a preclearance policy.

For the purposes of this policy, political contribution includes a direct payment of money or contribution of goods or services to, purchase of a ticket to and costs of hosting a fundraising event for, a campaign organization, or fund raising work done on behalf of, or to benefit, a political campaign organization or candidate.

Certain contributions, even within your voting jurisdiction, may restrict or prohibit Boston Partners from transacting business with a related public entity. If a Supervised Person or a member of their household exceeds the stated contribution guidelines, Boston Partners is prohibited from providing advisory services for compensation to the effected government entity for two years after the contribution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **FIRM CONTRIBUTIONS** 

Boston Partners does not make political contributions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **INDIVIDUAL CONTRIBUTIONS** 

<u>For all Supervised Persons (including members of the household)</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Boston Partners will not reimburse any employee for individual political contributions. In addition, the Boston
Partners' corporate credit card cannot be used to make contributions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Preclearance is required for all individual contributions to state, municipal and local candidates and
campaigns, whether inside or outside your voting jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Preapproval is required prior to becoming a member of or contributor to any Political Action Committee
("PAC").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Preclearance is not required prior to individual personal contributions to national electioncampaigns, national
political parties, or candidates for national office such as President of the U.S. or members of the U.S. Senate or House of Representatives unless the candidate is a current state or municipal office holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Under federal laws personal contributions for which preclearance is required will be limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $350 per household per election per year for candidates for whom a supervised person is eligible to vote.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $150 per household per election per year for candidate for whom a supervised person is not eligible to vote.

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Limitations under state or municipals laws may differ.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Coordinating or soliciting contributions or payments to elected officials or any state or local political party
is prohibited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. If a Supervised Person becomes aware that he or she has exceeded the limitations above, he or she shall contact
the CD immediately and the contribution may be required to be returned.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. If there is a chance that an individual contribution may cause a conflict of interest with Boston
Partners' business, please consult with the CD.

Political contribution preclearance is effectuated through ComplySci's system. All political contributions, whether subject to pre-clearance or not, must be logged in ComplySci.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**L.**  **<u>OUTSIDE BUSINESS ACTIVITIES</u>** 

A potential conflict of interest exists between a Supervised Person's duties to Boston Partners and its clients when individuals are permitted to engage in outside business activities.

Written requests must be submitted to the Supervised Person's supervisor with a copy to the CD prior to a Supervised Person seeking to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• engage in any outside business activity, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• accept any position as an officer or director of any corporation, organization, association, or mutual fund.

The written request must contain all the information necessary to review the activity. The request should contain the name of the organization, whether the organization is public or private, profit or non-profit or charitable, the nature of the business, the capacity in which the employee will serve, an identification of any possible conflicts, the term of the contemplated relationships and any compensation to be received. Supervised Persons are prohibited from serving on the boards of directors of publicly traded companies.

The CD, in conjunction with the Supervised Person's supervisor and the Director of Human Resources, will review and/or identify any potential conflicts.

If approved, the CD will provide the Supervised Person with written approval. In addition, if applicable, the CD will ensure that a registered representative's Form U4 is updated with the FINRA. If a resolution to the conflict cannot be reached, the Supervised Person may be asked to terminate either his/her outside employment or his/her position with Boston Partners.

Finally, upon employment and annually thereafter, Supervised Persons are required to fill out the New Employee/Annual Compliance Acknowledgement Form and accompanying Conflicts Questionnaire ("Questionnaire"). The Questionnaire requests information regarding a Supervised Person's outside business activities. The CD will verify items reported on the Questionnaire against written requests received throughout the year.

May 2025

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**M.**  **<u>REPORTING VIOLATIONS</u>** 

All Supervised Persons must report violations of this Code promptly to the CD and the General Counsel. Boston Partners is committed to treating all Supervised Persons in a fair and equitable manner.

Individuals are encouraged to voice concerns regarding any personal or professional issue that may impact their ability or Boston Partners' ability to provide a quality product to its clients while operating under the highest standards of integrity. Retaliation against any individual making such a report is prohibited and constitutes a violation of the Code. Any such reports will be treated confidentially to the extent permitted by law and investigated promptly and appropriately. Based on facts and circumstances, the CD may escalate the matter to Boston Partners' Management Committee for resolution. Supervised Persons may make use of Boston Partners' Global Whistle Blowing Policy as summarized in the Employee Handbook.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**N.**  **<u>ANNUAL REVIEWS AND CERTIFICATIONS</u>** 

The CD will review the Code annually and update any provisions and/or attachments which Boston Partners deems require revision.

Upon employment, all Supervised Persons are required to certify that they have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Received a copy of the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Read and understand all provisions of the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Agreed to comply with all provisions of the Code.

At the time of any material amendments to this Code, all Supervised Persons are required to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Certify they have read and understood the amendments to the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Agree to comply with the amendment and all other provisions of the Code.

Annually, all Supervised Persons are required to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Certify they have read and understand all provisions of the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Agree to comply with all provisions of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**O.**  **<u>MATERIAL VIOLATIONS AND SANCTIONS</u>** 

A material code of ethics violation means a breach of the Code that raises relatively serious issues that suggest the possibility of a violation of the securities laws, particularly Section 17(j) of the Investment Company Act of 1940 and Rule 17j-1 thereunder or Section 206 of the Investment Advisers Act of 1940. The triggering event can vary based on the specific facts and circumstances of a situation, but may include issues such as insider trading, front running, short-term trading, market timing or other circumstances or patterns of incidents or transactions or a series of minor violations which in their aggregate may constitute a serious violation.

Regardless of whether a government inquiry occurs, Boston Partners views seriously any violation of its Code of Ethics. Disciplinary sanctions may be imposed on any Supervised Persons committing a violation, including, but not necessarily limited to, censure, suspension, monetary penalties, or termination of employment.

May 2025

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**P.**  **<u>FURTHER INFORMATION</u>** 

Any Supervised Person that has any questions with regard to the applicability of the provisions of this Code, generally or with regard to any attachment referenced herein, should consult Legal or the CD.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Q.**  **<u>RECORDKEEPING</u>** 

Boston Partners shall maintain the following records at its principal offices as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. This Code and any related procedures, and any code of ethics of Boston Partners that has been in effect during
the past five years, shall be maintained in an easily accessible place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. A record of any violation of this Code and of any action taken as a result of the violation, to be maintained
in an easily accessible place for at least five years after the end of the fiscal year in which the violation occurs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. A copy of each report under this Code made by (or duplicate brokerage statements and/or confirmations for the
account of) an Access Person, to be maintained for at least five years after the end of the fiscal year in which the report is made or the information is provided, the first two years in an easily accessible place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. A copy of each report by the CCO to the Board, to be maintained for at least five years after the end of the
fiscal year in which it is made, the first two years in an easily accessible place; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. A record of any decision, and the reasons supporting the decision, to approve an acquisition by a Supervised
Person of securities offered in an Initial Public Offering or in a Limited Offering, to be maintained for at least five years after the end of the fiscal year in which the approval is granted.

May 2025

## Ex-99.(P)(7)

![LOGO](g937830g57v84.jpg)

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**Table of Contents** 

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| | | |
|:---|:---|:---|
|  |  | Page |
| **UNDERSTANDING AND APPLYING THE CODE** | **UNDERSTANDING AND APPLYING THE CODE** | **3** |
| 1. | Understanding the Terms | 3 |
| 2. | Purpose of the Code of Ethics and Insider Trading Policy | 8 |
| 3. | Scope | 9 |
| 4. | Reporting Violations of the Code | 9 |
| **CONSEQUENCES OF FAILURE TO COMPLY WITH THE CODE** | **CONSEQUENCES OF FAILURE TO COMPLY WITH THE CODE** | **9** |
| **RESTRICTIONS ON THE USE AND DISCLOSURE OF CONFIDENTIAL INFORMATION BY CALAMOS PERSONNEL** | **RESTRICTIONS ON THE USE AND DISCLOSURE OF CONFIDENTIAL INFORMATION BY CALAMOS PERSONNEL** | **9** |
| 1. | Insider Trading and Tipping | 9 |
| 2. | General Prohibitions | 10 |
| 3. | Material Nonpublic Information about Other Companies | 10 |
| 4. | Information about Calamos Exchange Traded Funds ("ETFs") | 11 |
| 5. | Public Disclosure of Information about Calamos, its Closed-End Funds and ETFs | 11 |
| 6. | Permitted Disclosures to Governmental Agencies and Entities and Self-Regulatory Organizations | 12 |
| **REPORTING REQUIREMENTS** | **REPORTING REQUIREMENTS** | **12** |
| 1. | Initial Disclosure of Accounts and Covered Securities | 13 |
| 2. | Confirmations and Statements for all Brokerage and Investment Accounts | 13 |
| 3. | Quarterly Transactions Reports (Quarterly Account Statements) | 14 |
| 4. | Annual Holdings Reports | 14 |
| 5. | Certification of Compliance | 15 |
| 6. | Report to Fund Board | 15 |
| **THE PURCHASE AND SALE OF SECURITIES BY CALAMOS PERSONNEL** | **THE PURCHASE AND SALE OF SECURITIES BY CALAMOS PERSONNEL** | **15** |
| 1. | Pre-Clearance of Covered Securities Transactions | 16 |
| 2. | Holding Period Requirement | 17 |
| 3. | Trading Restrictions | 17 |
| 4. | Trading Calamos Closed-End Funds and Exchange Traded ETFs | 19 |
| 5. | Private Securities Transactions | 19 |
| 6. | Additional Exceptions and Exemptions to Trading Policies, Procedures and Restrictions | 20 |
| **TRADING POLICIES AND PROCEDURES FOR OUTSIDE TRUSTEES, UNAFFILIATED TRUSTEES, OUTSIDE DIRECTORS AND THEIR RELATED PERSONS** | **TRADING POLICIES AND PROCEDURES FOR OUTSIDE TRUSTEES, UNAFFILIATED TRUSTEES, OUTSIDE DIRECTORS AND THEIR RELATED PERSONS** | **21** |
| 1. | No Transactions with Clients | 22 |
| 2. | No Conflicting Transactions | 22 |
| 3. | Section 16 Reporting and Prohibitions | 22 |
| **OTHER REGULATORY REQUIREMENTS** | **OTHER REGULATORY REQUIREMENTS** | **23** |

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| | | |
|:---|:---|:---|
| 1. | Outside Employment or Outside Business Activity | 23 |
| 2. | Service as a Director or Officer | 24 |
| 3. | Gifts and Entertainment | 24 |
| 4. | Identifying and Reporting Conflicts of Interest and Other Ethical Concerns | 25 |
| **RECORD RETENTION** | **RECORD RETENTION** | **26** |
| **APPENDIX A: IN-SCOPE ENTITIES** | **APPENDIX A: IN-SCOPE ENTITIES** | **27** |
| **APPENDIX B: SECTION 16 INDIVIDUALS** | **APPENDIX B: SECTION 16 INDIVIDUALS** | **28** |
| **APPENDIX C: FIRMS WITH ELECTRONIC FEEDS TO FIRM'S COMPLIANCE MONITORING SYSTEM** | **APPENDIX C: FIRMS WITH ELECTRONIC FEEDS TO FIRM'S COMPLIANCE MONITORING SYSTEM** | **29** |

---

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**UNDERSTANDING AND APPLYING THE CODE** 

**1.**  **<u>Understanding the Terms</u>** 

Capitalized terms used in this Code have special meanings defined below. It is important for you to read and become familiar with each definition used in the Code.

**"Access Person"** 

Access Persons means any director, officer, employee of Calamos or an investment company advised or sub-advised by Calamos with the exception of Outside Trustees, Unaffiliated Trustees or Outside Directors or as otherwise provided under this Code. Access Persons includes consultants and agents to Calamos who have access to Material Nonpublic Information. **All** employees of Calamos and investment companies managed by Calamos are also Access Persons.

**"Automatic Investment Plan"** 

Automatic Investment Plan means a program in which regular periodic purchases (or withdrawals) are made automatically in (or from) investment accounts in accordance with a predetermined schedule and allocation. An Automatic Investment Plan includes a dividend reinvestment plan.

**"Beneficial Ownership Interest"** 

Beneficial Ownership Interest shall be interpreted in the same manner as it would be under Rule 16a-1(a)(2) under the Securities Exchange Act of 1934 in determining whether a person is a beneficial owner of a security for the purposes of Section 16 of the Securities Exchange Act of 1934 and Section 30(h) of the Investment Company Act of 1940 ("the 1940 Act") and the rules and regulations thereunder. As a general matter, you have Beneficial Ownership Interest in a Covered Security, defined below, if you have or share a direct or indirect Pecuniary Interest (as defined below) in the security, including through any contract, arrangement, understanding, relationship or otherwise. Although this list is not exhaustive, you generally would be the beneficial owner of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Securities held in your own name;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Securities held with another in joint tenancy, as tenants in common, or in other joint ownership arrangements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Securities held by a bank or broker as a nominee or custodian on your behalf or pledged as collateral for a loan;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Securities owned by a corporation which is directly or indirectly Controlled by, or under common Control with,
you.

(See also the definitions of Immediate Family and Related Persons)

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**"Broad-based Security"** 

A Broad-based Security generally refers to any security index that would not be classified as a narrow-based security index under the definitions or exclusions set forth in the Commodity Exchange Act and the Securities Exchange Act of 1934 or that meets certain criteria specified jointly by the U.S. Commodities Futures Trading Commission and the U.S. Securities and Exchange Commission. Examples include but are not limited to; the S&P 500, NASDAQ-100, Wilshire 5000, Russell 3000, AMEX Major Market and the Value Line Composite indices.

**"Control"** 

Control means the power to exercise a controlling influence, which is intended to include situations where there is less than absolute and complete domination and includes not only the active exercise of power, but also the latent existence of power (e.g., the ability to exercise power). Anyone who beneficially owns, either directly or through one or more controlled entities, more than 25% of the voting securities of an entity is presumed to control that entity. In interpreting "Control," the CCO will interpret the term consistent with Section 2(a)(9) of the 1940 Act.

**"Corporate Account"** 

Corporate Account means any account maintained by any Calamos entity for the investment in Covered Securities, including Calamos-sponsored registered investment companies.

**"Covered Security"** 

Covered Security means any stock, bond, future, investment contract, shares of closed-end funds, shares of open-end mutual funds for which Calamos is the adviser or sub adviser, exchange traded funds or products, or any other instrument that is considered a "security" under the 1940 Act. The term "Covered Security" is very broad and includes items you might not ordinarily think of as "securities," such as: **options** on securities, indexes, and currencies; **limited partnership interests**; **interests in a foreign unit trust** or **foreign mutual fund**; **municipal securities**; **interests in a private investment fund**, **hedge fund**, or **investment club**; or any **right to acquire any security** such as a warrant or convertible. In addition, purchase and sale transactions of **Covered Securities in any 401(k) plan** are considered transactions in Covered Securities.

The term Covered Security **does not include** commodities including Bitcoin and other cryptocurrencies, direct obligations of the U.S. government (U.S. treasury bills, notes and bonds), money market instruments (including bank certificates of deposit, bankers' acceptances, commercial paper and repurchase agreements), shares of open-end mutual funds not advised or sub advised by Calamos or units in 529 College Savings Plans.

**"Fund"** 

Fund means an investment company, or series of investment companies, advised or sub-advised by Calamos.

**"Immediate Family"** 

Immediate Family means family members sharing the same household, which could include any child, stepchild, grandchild, parent, stepparent, grandparent, spouse or equivalent domestic partner, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law, and includes adoptive relationships. (See also the definition of Beneficial Ownership Interest and Related Persons).

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**"Investment Person"** 

Investment Person means each person who makes, or participates in making, investment decisions or recommendations for Calamos clients, or who, in connection with his or her regular functions or duties with Calamos, makes, participates in, or obtains information regarding the purchase or sale of securities by a client. Investment Person includes each Calamos portfolio manager, each research analyst, each support staff member working directly with portfolio managers and analysts, and each trader. This definition also includes outside consultants, contractors or agents hired by Calamos to perform investment related activities; as well as IT or systems' consultants who have access to trading or investment systems.

**"Material Information"** 

Information should be regarded as material if it could be important to decisions to buy, sell or hold a company's securities. Any information that could reasonably be expected to affect the price of company securities should be considered material. Material information can be positive or negative, and can relate to historical facts, projections, or future events. Material information can pertain to a company, as a whole, or to divisions or subsidiaries of a company.

During their employment, Calamos personnel might learn material information about many companies. Information dealing with the following subjects is likely to be found material in particular situations. See below:

**Financial Related Subjects:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Financial results

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Changes in earnings forecasts

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Unusual significant gains, losses or charges

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Significant write-downs in assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Significant changes in revenues

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Significant liquidity issues

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Changes in dividends

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Stock splits

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Stock repurchases

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Changes in debt ratings

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Significant new equity or debt offerings

**Corporate Developments:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Proposals, plans or agreements, even if preliminary in nature, involving significant mergers, acquisitions,
divestitures, recapitalizations, or strategic alliances

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Major changes in directors or executive officers

**Product Related Subjects:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Important new product offerings

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Significant developments related to a company's product offerings

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Significant developments related to a company's distribution relationships

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Significant developments related to intellectual property

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**Other Subjects:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Developments regarding significant litigation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Developments regarding government agency actions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Execution or termination of significant contracts

This list is only illustrative, and certainly is not all-encompassing. Many other types of information may be considered material. 

**"Material Nonpublic Information"** 

Material Nonpublic Information ("MNPI") is information that is not known to the general public, that, if known to the public, could reasonably be expected to affect the price of a company's securities, or be considered important in deciding whether to buy, sell or hold a security. It is often referred to as "inside information"

*When in doubt about whether particular information about another company is material, exercise caution and consult with the CCO or the General Counsel.* 

An Access Person who receives Material Nonpublic Information may not act on it nor share it. The information must be kept confidential. The Access Person should inform the Global Head Trader (or his designee in his absence) of the security so it may be added to the Restricted List until such time as the information is publicly released.

*It is illegal to trade using MNPI; it is also illegal to share MNPI.* 

**"Nonpublic Information"** 

Information about a company is considered nonpublic if it is not available to the general public. In order for information to be considered available to the general public, it must have been widely disseminated in a manner designed to reach investors. This is generally done by the company issuing a national press release or making a publicly available filing with the SEC. The circulation of rumors, even if accurate and reported in the media, does not constitute effective public dissemination.

**"Outside Directors"** 

Outside Directors means those directors of Calamos Asset Management, Inc. ("CAM") who are not officers or employees of CAM.

"**Outside Trustees"** 

Outside Trustees means those trustees of a fund who are not "interested persons" of the Fund, as that term is defined in Section 2(a)(19) of the 1940 Act.

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**"Pecuniary Interest"** 

Pecuniary Interest in a security means the opportunity, directly or indirectly, to profit or share in any profit or fees derived from a transaction in the security. An indirect Pecuniary Interest includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Covered Securities held by a member of an Access Person's "Immediate Family". For
example, you would be presumed to have an indirect Pecuniary Interest in Covered Securities held by your minor child who lives with you but not in Covered Securities held by your adult child who does not live with you. You may request that a member
of your Immediate Family be excluded from the Code's reach by contacting the CCO and demonstrating why it would be appropriate. For example, it may be appropriate to exclude your adult uncle who lives with you from the Code's reach.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A general partner's proportionate interest in the portfolio's Covered Securities held by a general or
limited partnership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A person's right to dividends that are separated or separable from the Covered Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A beneficiary's pecuniary interest in Covered Securities holdings of a trust and any pecuniary interest of
any Immediate Family member of such beneficiary (such Pecuniary Interest being to the extent of the person's pro rata interest in the trust).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Remainder interests do not create a pecuniary interest unless the person with such interest has the power,
directly or indirectly, to exercise or share investment Control over the trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A settlor or grantor of a trust (i.e., you establish the trust) if you reserve the right to revoke the trust
without the consent of another person, unless you do not exercise or share investment Control over the Covered Securities.

A shareholder will not be deemed to have a Pecuniary Interest in the portfolio Covered Securities held by a corporation or similar entity in which the person owns Covered Securities if the shareholder is not a controlling shareholder of the entity and does not have or share investment Control over the entity's portfolio.

**"Related Person"** 

Related Person includes your spouse or equivalent domestic partner, minor children, relative living in your home, and certain trusts under which you or a related party is a beneficiary or held under other arrangements, including a sharing of financial interest. **Calamos personnel are responsible for ensuring that their Related Persons comply with the personal trading and reporting provisions of the Code.** 

(See also definitions for Beneficial Ownership Interest and Immediate Family.)

**"Supervised Person"** 

Supervised Person means any partner, officer, director (or other person occupying a similar status or performing similar functions) or employee of Calamos. It may also include other persons who provide investment advice on behalf of Calamos and are subject to Calamos' supervision and control. For purposes of this Code, all Supervised Persons are considered Access Persons.

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**"Tipping"** 

Tipping is the disclosure of Material Nonpublic Information to another person in breach of a fiduciary or other obligation for the purpose of enabling the recipient (the tipee) to engage in insider trading or other improper activity. Tipping can result in liability for both the tipper and tipee.

**"Unaffiliated Trustees"** 

Unaffiliated Trustees means those Trustees of a Fund who are not affiliated persons of Calamos but are not Outside Trustees.

**2.**  **<u>Purpose of the Code of Ethics and Insider Trading Policy</u>** 

The financial services industry is highly regulated and is subject to many laws and regulations designed to protect investors. Rule 17j-1 of the 1940 Act, as amended and Rule 204A-1 of the Investment Advisers Act of 1940, as amended (the "Advisers Act") require that funds and advisers adopt a Code of Ethics that set forth standards of conduct and require compliance with federal securities laws.

Rule 17j-1 makes it unlawful for investment company personnel and other "Access Persons" to engage in fraudulent, deceptive, or manipulative practices in connection with their personal transactions in securities when those securities are held or to be acquired by an investment company. The Rule also requires every investment company, the investment company's investment adviser, and, in certain cases, the investment company's principal underwriter to adopt a Code of Ethics containing provisions "reasonably necessary to prevent" such prohibited practices.

Calamos and its subsidiaries and affiliated companies are primarily involved in the investment management, registered investment companies, consisting of open-end mutual funds and closed-end funds (the "Funds"), and financial services industries. Therefore, the Firm is adopting this Code of Ethics and Insider Trading Policy (the "Code").

The Code outlines the fiduciary principles governing an investment adviser's fiduciary obligations to clients and personal trading by Access Persons of funds and investment advisers. These principles reflect:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The duty of Access Persons to place the interests of shareholders and clients ahead of their own interests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The requirement that Access Persons comply with applicable Federal Securities Laws and to report any
violations of the Code promptly to the Chief Compliance Officer ("CCO") of Calamos;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The requirement that all Access Persons of a fund or investment adviser engage in personal securities
transactions in accordance with the Code and in such a manner as to avoid any actual or potential conflict of interest or any abuse of an individual's position of trust and responsibility; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The fundamental standard that Access Persons should not take inappropriate advantage of their positions.

The Code supplements the Code of Business Conduct and Ethics and the Calamos Employee Handbook.

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**3.**  **<u>Scope</u>** 

The Code applies to all directors, officers, employees, and other Access Persons of Calamos. The Code also applies to any outsiders, including agents and consultants that have access through Calamos to Material Nonpublic Information. Supervised Persons are considered Access Persons under this Code.

Questions regarding the Code or its application to specific transactions should be directed to the CCO or General Counsel of Calamos.

**4.**  **<u>Reporting Violations of the Code</u>** 

Access Persons must promptly report any known or suspected violations of the Code to the CCO or General Counsel of Calamos.

A Supervised Person's reporting obligations do not prevent him or her from (i) initiating communications directly with, cooperating with, providing relevant information to or otherwise assisting in an investigation by any governmental or regulatory body regarding a possible violation of any applicable law, rule, or regulation; (ii) responding to any inquiry from any such governmental or regulatory body; or (iii) testifying, participating in, or otherwise assisting in an action or proceeding relating to a possible violation of any such law, rule, or regulation. A Supervised Person is not required to notify Calamos of any such communications, cooperation, assistance, responses to inquiries, testimony, or participation.

**CONSEQUENCES OF FAILURE TO COMPLY WITH THE CODE** 

Compliance with the provisions of the Code is a condition of employment of Calamos. Taking into consideration all relevant circumstances, the CCO and management of Calamos will determine what action is appropriate for any breach of the provisions of the Code. Possible actions include disgorgement of profits, monetary fines, letters of sanction, suspension of trading privileges, and suspension or termination of employment.

The Board of Trustees of any investment company for which Calamos Advisors LLC ("CAL") is the investment adviser or subadviser will determine what action is appropriate for any breach of the provisions of the Code by an Outside Trustee or Unaffiliated Trustee, which may include removal from the Board. The Board of Directors of CAM will determine what action is appropriate for any breach of the provisions of the Code by an Outside Director, which may include removal from the Board.

***It is the responsibility of each Access Person to make sure that a transaction in any Covered Security by any Related Person complies with the provisions of the Code.***

**RESTRICTIONS ON THE USE AND DISCLOSURE OF CONFIDENTIAL INFORMATION BY CALAMOS PERSONNEL** 

**1.**  **<u>Insider Trading and Tipping</u>** 

Calamos Access Persons may not act on Material Nonpublic Information. Calamos Access Persons may not share Material Nonpublic Information, except in accordance with the provisions of the Code section entitled "Permitted Disclosures to Governmental Agencies and Entities and Self-Regulatory Organizations."

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Legal penalties for trading on or tipping Material Nonpublic Information are severe. They include criminal fines, civil fines of several times the profits gained, or losses avoided, imprisonment and private party damages. The penalties also may apply to anyone who directly or indirectly controlled the person who committed the violation, including the employer and its management and supervisory personnel. Significant penalties have been imposed even when the disclosing person did not profit from the trading.

In addition to these possible outside sanctions, Calamos Access Persons who violate prohibitions on insider trading or tipping will face additional action from Calamos itself, up to and including termination of employment.

**2.**  **<u>General Prohibitions</u>** 

Material Nonpublic Information is an important type of confidential information, but it is only one type of confidential information. Our clients and suppliers entrust Calamos with important information relating to their personal and business matters. The nature of these relationships requires Calamos' strict confidentiality and trust. In safeguarding the information received, Calamos earns the respect and further trust of our clients and suppliers. All employees, agents and consultants will be required to sign a Confidentiality Agreement at the time they are hired and this agreement carries an obligation to maintain strict confidentiality of confidential information, even after an Access Person's employment is terminated.

Any violation of confidentiality seriously injures Calamos' reputation and effectiveness. Therefore, except as permitted under the Code section entitled "Permitted Disclosures to Governmental Agencies and Entities and Self-Regulatory Organizations," personnel are not to discuss confidential Calamos business with anyone who does not work for Calamos and should never discuss business transactions with another Calamos employee who does not have a direct association with the transaction. Even casual remarks can be misinterpreted and repeated; therefore, employees should develop the personal discipline necessary to maintain confidentiality. If an employee becomes aware of anyone breaking this trust, they should report the incident immediately to the CCO or General Counsel.

If someone outside Calamos or the employee's department asks questions regarding confidential matters, you are not required to answer, and you *should not* answer except as permitted under the Code section entitled "Permitted Disclosures to Governmental Agencies and Entities and Self-Regulatory Organizations." Instead, you should refer the request to the department supervisor or a member of senior management which includes the Chairman, CEO, General Counsel, Head of Human Resources, Chief Financial Officer and the CCO of Calamos (collectively, "Senior Management"). Inquiries to Calamos from Regulators should be immediately referred to the CCO or General Counsel.

No one is permitted to remove or make copies of any Calamos records, reports, or documents without prior approval from management.

**3.**  **<u>Material Nonpublic Information about Other Companies</u>** 

Calamos personnel may become aware of confidential information concerning another company. This information may be Material Nonpublic Information and, as noted above, trading of securities, including futures or options of the company, based on this information is a violation of federal securities law.

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Even after public disclosure of material information regarding a company, an insider with prior knowledge of the information must wait a period of one full trading day after the publication for the information to be absorbed before that person can treat the information as public.

For purposes of the Code, a full trading day means from the opening of trading on NASDAQ to the closing of trading on NASDAQ on that day. Accordingly, and by way of example, if an announcement is made before the commencement of trading on a Tuesday, an employee in possession of such information may trade in the company securities starting on Wednesday of that week (subject to any applicable blackout period and assuming the employee is not aware of other Material Nonpublic Information at that time), because one full trading day would have elapsed by then (all of Tuesday). If the announcement is made on Tuesday after trading has begun on NASDAQ, an employee in possession of the information may not trade in the company securities until Thursday of that week. If the announcement is made on Friday after trading begins, an employee may not trade in the company securities until Tuesday of the following week. NASDAQ holidays do not count as trading days and will impact this schedule.

**4.**  **<u>Information about Calamos Exchange Traded Funds ("ETFs")</u>** 

Calamos has erected a "firewall" between Calamos Advisors LLC on the one hand, and Calamos Financial Services LLC ("CFS"), an affiliated broker-dealer, on the other, with respect to access to information regarding the portfolio composition of Calamos ETFs, or changes thereto, for which Calamos Advisors LLC is the investment adviser prior to when this information is published on the Funds' website. No partner, officer, director, or other employee or agents and consultants of Calamos Advisors LLC may communicate with or provide information about the portfolio composition of Calamos ETFs, or changes thereto, with any partner, officer, director, or other employee of CFS.

The Code addresses the use of Material Nonpublic Information by any director, officer, or partner of Calamos Advisors LLC, or any supervised person of Calamos Advisors LLC regarding the portfolio composition of Calamos ETFs, or changes thereto. Such director, officer, partner, or Supervised Person who has Material Nonpublic Information regarding the portfolio composition of any Calamos ETF, or changes thereto, is prohibited from purchasing, selling, or recommending the purchase or sale of that ETF, and from purchasing, selling, or recommending the purchase or sale of any securities that are a part of the Calamos ETF's portfolio. In addition, such director, officer, partner, or Supervised Person may not disclose ("tip") Material Nonpublic Information about the portfolio composition of a Calamos ETF, or any changes thereto, to any persons, including any Related Persons, not authorized by Calamos to have such information.

**5.**  **<u>Public Disclosure of Information about Calamos, its Closed-End Funds and ETFs</u>** 

In the event any director, officer, employee, agent, or consultant of Calamos receives any inquiry from outside the company, such as from the media, a stock analyst or investors, for information that may be Nonpublic Information (particularly financial results or projections), the inquiry must be referred to the Director of Marketing other than where the communications are within the scope of the Code section entitled "Permitted Disclosures to Governmental Agencies and Entities and Self-Regulatory Organizations." Since Calamos' closed-end funds and ETFs are also publicly traded, the same restrictions apply to disclosure of information about those products. The Head

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of Marketing is responsible for coordinating and overseeing the release of such information to the media, investing public, analysts and others in compliance with applicable laws and regulations, including Regulation FD<sup>1</sup>.

In communicating with the general public, Calamos will observe the following practices:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Communications to the general public regarding Calamos should be made only by the Chairman, the Chief Executive
Officer, the Chief Financial Officer, or the Head of Marketing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Calamos will not issue projections of, or comment on, future investment performance of itself or any of its
products.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• All disclosure of material information made by Calamos about the closed-end funds and ETFs will be broadly disseminated to the public.

Ordinary communications of material information by and about Calamos generally will be through press release, through regular channels. The Firm will not issue materials regarding itself "for broker-dealer use only" or with similar restrictions; instead, any such materials will be distributed as press releases. If conference telephone calls to discuss material information are scheduled by Calamos with analysts, Calamos will provide adequate notice of the calls, and permit investors to listen in by telephone or internet web casting.

If any Calamos Access Person inadvertently discloses Material Nonpublic Information to analysts or other market professionals about the closed-end funds, open-end funds, or the ETFs managed by Calamos, Calamos is obligated to provide that information to the general public no later than 24 hours after the statement is made, or the commencement of the next day's trading on NASDAQ, NYSE and CBOE. The Head of Marketing and the Legal Department must be notified immediately of any such inadvertent disclosure that comes to the attention of any Calamos personnel. The same obligation applies if the disclosure is intentional.

**6.**  **<u>Permitted Disclosures to Governmental Agencies and Entities and Self-Regulatory Organizations</u>** 

The Code does not prohibit or restrict any person from reporting possible violations of federal, state, or local law or regulation to, or discussing any such possible violations with, any governmental agency or entity or self-regulatory organization, including by initiating communications directly with, responding to any inquiry from, or providing testimony before any federal, state, or local regulatory authority or agency or self-regulatory organization, including without limitation the Securities and Exchange Commission ("SEC"), the Equal Employment Opportunity Commission, Financial Industry Regulatory Authority ("FINRA"), and the Occupational Safety and Health Administration, or making any other disclosures that are protected by the whistleblower provisions of any federal, state, or local law or regulation.

**REPORTING REQUIREMENTS** 

As part of its obligations under the securities laws, Calamos is required to obtain and maintain information about the trading activity of its Access Persons. Access Persons and their Related

<sup>1</sup> Reg FD – Regulation Fair Disclosure, promulgated by the SEC, mandates that all publicly traded companies must disclose material information to all investors at the same time.

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Persons are required to have personal trading accounts at brokers, dealers or banks with which Calamos has an electronic connection established so that information about account transactions is systematically sent to Calamos (eliminates paper statements). The Compliance Department maintains a current list of available firms, which is attached hereto as Appendix C. Access Persons and their Related Persons must transfer existing accounts to one of the available firms within one calendar quarter of the date of employment unless otherwise approved in writing by the CCO or General Counsel.

**1.**  **<u>Initial Disclosure of Accounts and Covered Securities</u>** 

When an Access Person *begins employment* with Calamos, the Access Person must, within 10 days, provide a holdings report regarding all investment or brokerage accounts with Covered Securities in which he or she has a Beneficial Ownership Interest. The information required should be input into the Firm's compliance monitoring system. This report must contain the following information which must be current as of a date no more than 45 days prior to the date the person becomes an Access Person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The issuer name and type of security, and as applicable, the exchange ticker symbol or CUSIP number, number of
shares and principal amount of each Covered Security in which the Access Person had any direct or indirect Beneficial Ownership Interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The name of any broker, dealer or bank with whom the Access Person maintained an account in which any Covered
Securities were held for the Access Person's direct or indirect benefit; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The date that the Access Person submits the report. (This will be the date the report is submitted into the
Firm's compliance monitoring system.)

In addition, a current Access Person must notify the Compliance Department via the "Brokerage Account Pre-Approval" form within the Firm's compliance monitoring system and wait for approval from Compliance *BEFORE* opening a new investment or brokerage account in which the Access Person will have a Beneficial Ownership Interest. The Compliance Department will issue an approval for an account opening letter to the brokerage firm and request that the account be added to the electronic feed. Once the account is open the Access Person must disclose the details of the account by completing a "Brokerage Account Disclosure" form in the Firm's compliance monitoring system within 10 days.

**2.**  **<u>Confirmations and Statements for all Brokerage and Investment Accounts</u>** 

Until the electronic feed is set up, each Access Person is required to direct brokers, dealers or banks to supply to the Compliance Department, on a timely basis, duplicate copies of all confirmations of personal securities transactions and copies of periodic statements for all Covered Securities accounts in which he or she has a Beneficial Ownership Interest.

**You are responsible for ensuring initially that the Compliance Department receives these confirmations and statements and for following up subsequently if Compliance notifies you that they are not being received. The Compliance Department will direct you to close an account if it is not on an electronic feed.<sup>2</sup>** 

<sup>2</sup> An exception may be made if the account is managed by a financial advisor and is held on a discretionary basis.

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**3.**  **<u>Quarterly Transaction Reports (Quarterly Account Statements)</u>** 

Each Access Person shall report all personal transactions in Covered Securities in which he or she has a Beneficial Ownership Interest during a quarter to the CCO no later than 30 days after the end of the calendar quarter. Quarterly transaction reports shall include the following information for each individual transaction:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the date of the transaction, issuer name, and as applicable the exchange ticker symbol or CUSIP number, interest
rate and maturity date, and number of shares and principal amount of each Covered Security involved;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the nature of the transaction (i.e., purchase, sale, exchange, gift, or other type of acquisition or
disposition);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the price of the Covered Security at which the transaction was effected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the name of the broker, dealer or bank with or through which the transaction was effected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the account number; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the date that the Access Person submits the report.

In addition, each quarter an Access Person must review the list of accounts and certify its accuracy. If a new account was opened in the previous quarter, the Access Person must ensure the applicable information including the date the account was established and the name of the broker, dealer or bank with whom the account has been established has been entered into the Firm's compliance monitoring system and is included on the list for which they are certifying.

In addition, quarterly transaction reports are not required to include transactions in Covered Securities made pursuant to an Automatic Investment Plan and reported in broker trade confirmations or account statements received by the Compliance Department.

Note that although all Access Persons must complete the quarterly affirmation, specific information (quarterly transaction report) relating to trading activity need not be submitted under this section if it would duplicate information contained in electronic feeds.

**4.**  **<u>Annual Holdings Reports</u>** 

On an annual basis, Access Persons are required to provide a annual holdings report to the CCO that contains certain information which must be current as of a date no more than 45 days before the report is submitted. Annual holdings reports shall be delivered to the Compliance Department between January 2 and January 30 of each year. This report must contain the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the issuer name and type of security, and as applicable the exchange ticker symbol or CUSIP number, number of
shares and principal amount of each Covered Security in which the Access Person had any direct or indirect Beneficial Ownership Interest; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the name of any broker, dealer or bank with which the Access Person maintained an account in which any securities
were held for the Access Person's direct or indirect benefit; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the date that the Access Person submits the report.

This report will be distributed to Access Persons annually via the Firm's compliance monitoring system in which they are responsible for reviewing and affirming the accuracy of the information.

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Note that although all Access Persons must complete the annual affirmation, the annual holding report need not be submitted if it will duplicate information contained in the electronic feeds to the Firm's compliance monitoring system.

The CCO's accounts and reports are approved and reviewed by General Counsel.

**5.**  **<u>Certification of Compliance</u>** 

The CCO shall annually distribute a copy of the Code and any amendment and require certification by all Access Persons as described below. The CCO shall be responsible for ensuring that all personnel comply with the certification requirement. Each Access Person is required to certify annually that: (i) he or she has read and understands the Code; (ii) recognizes that he or she is subject to the Code; (iii) he or she has complied with the requirements of the Code; and (iv) he or she has disclosed or reported all personal securities transactions required to be disclosed or reported under the Code.

Any Access Person who has not engaged in any personal securities transaction during the preceding year for which a report was required to be filed pursuant to the Code shall include a certification to that effect in his or her annual certification.

**6.**  **<u>Report to Fund Board</u>** 

The CCO of the Calamos Funds shall provide an annual written report to the Board of Trustees of the Fund that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• summarizes existing procedures concerning personal investing and any changes in those procedures during the past
year

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• describes issues that arose during the previous year under the Code or related procedures concerning personal
investing, including but not limited to information about material violations of the Code and sanctions imposed in response to the material violations

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• certifies to the board that the Fund has adopted procedures reasonably necessary to prevent its Access Persons
from violating the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• identifies any recommended changes in existing restrictions or procedures based upon experience under the Code,
evolving industry practices, or developments in applicable laws or regulations.

In addition, the Fund CCO shall report to the Board of the Fund on a quarterly basis any material violations of the Code.

**THE PURCHASE AND SALE OF SECURITIES BY CALAMOS PERSONNEL** 

Persons involved in the financial services industry are subject to restrictions on the way in which they can buy and sell securities for their own accounts. These restrictions are imposed by the SEC and other regulators on the assumption that industry employees have a greater opportunity for access to Material Nonpublic Information than do employees in other types of businesses and have a fiduciary obligation with respect to trading vis-à-vis client accounts. All personal trading must be done in a manner consistent with the provisions of this Code.

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**1.**  **<u>Pre-Clearance of Covered Securities Transactions</u>** 

EACH transaction in a Covered Security must be pre-cleared by the employee and approved by the Compliance Department via the Compliance monitoring system.

Access Persons and Related Persons must obtain approval from the Compliance Department before acquiring a Beneficial Ownership Interest in any Covered Securities unless the transaction is subject to one of the exclusions below. If the transaction is not approved, the Access Person or Related Person shall not participate in the transaction in any manner, whether directly or indirectly.

For Investment Personnel certain of their trades (e.g., securities in their sector) may require approval by their team's CIO or his designee prior to the Investment Personnel's pre-clearance request via the compliance monitoring system. The written approval by the CIO should be attached to the pre-clearance request.

A pre-clearance request is submitted via the Firm's compliance monitoring system and reviewed by the Compliance Department, which will either approve or deny the request. If approved, the transaction may *<u>not</u>* be placed for a share amount greater than that which was pre-cleared. Generally, any approved trade must be executed prior to the NASDAQ close the same business day when pre-clearance was approved.

When an Access Person *begins employment* with Calamos, the Access Person will be given a 10 business day grace period to sell their security positions in which the Firm is continuously trading. These trade exceptions must be pre-cleared via the Firm's compliance monitoring system and when denied, they will be approved by the CCO. The Access Person must receive the approval from the Compliance monitoring system prior to making his/her transaction in his/her brokerage account.

**Exceptions to the Pre-Clearance Requirement:** 

The provisions of this Code are intended to limit the personal investment activities of Access Persons only to the extent necessary to accomplish the purposes of the Code. Therefore, the pre-clearance provisions of the Code *shall not apply to*:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Purchases* of shares of open-end mutual funds advised or sub-advised by Calamos (sales must be precleared)<sup>3</sup>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Purchases or sales made in any account over which Access Persons or Related Persons have no direct or indirect
influence or control, including discretionary accounts and managed account programs. See "Exceptions and Exemptions to Trading Policies, Procedures and Restrictions" below for further discussion of the policies, procedures and
restrictions relating to discretionary and managed accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Purchases or sales that are non-volitional on the part of either the
Access Person or Related Person (including transactions pursuant to preexisting Rule 10b5-1 plans, discussed below) such as assignment of options or an exercise of an option at expiration, This exemption does *not* apply to margin calls satisfied by the broker selling securities in your account;

<sup>3</sup> Sales of shares of Calamos Funds or subadvised funds are subject to the pre-clearance requirement and cannot be made prior to the required 60 calendar day holding period.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Automatic dividend reinvestment plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reoccurring automatic investment plan purchases (*<u>excluding</u> the initial purchase* of the covered
security);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Purchases affected upon the exercise of rights issued by an issuer *pro rata* to all holders of a class of
securities to the extent such rights were acquired from such issuer, and sales of such rights so acquired.

**2.**  **<u>Holding Period Requirement</u>** 

The Code requires each Access Person to *avoid excessive, short-term and speculative trading* in their Covered Account(s) that may cause undue financial risk or reduce their effectiveness in carrying out responsibilities at Calamos. It is important to note that market fluctuation in leveraged securities may require you to liquidate within a relatively short window of time. Access Persons are further prohibited from conducting transactions for the purpose of market timing in any Covered Security.

To avoid instances of excessive, short-term and speculative trading, **a minimum holding period of 60 calendar days** is required from the time of purchase. For purpose of counting the 60 calendar days, the beginning of the holding period for all transactions starts with the most recent transaction or LIFO ("last-in-first-out"). This prohibition includes short sales and applies without regard to tax lot considerations and without regard to profitability. The 60-day holding period may be waived by Compliance if the security is trading at a significant loss (20% or greater) from where the Access Person purchased the security. The 60 calendar day holding period also applies to Calamos advised or subadvised open-end mutual funds.

If a long call option is exercised after being held for 60 days, the holding period for the equity shares resulting from the exercised option will be satisfied.<sup>4</sup> Please note these transactions must be precleared and meet the other requirements of the Code.

**3.**  **<u>Trading Restrictions</u>** 

The trading limitations described below are designed to prevent violations of the federal securities laws, as well as to avoid even the appearance of impropriety in trading by Calamos Access Persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **No Transactions with Clients** 

No Access Person shall knowingly sell to or purchase from a client any security or other property except securities issued by that client.

<sup>4</sup> The Firm's compliance monitoring system does not recognize the new shares resulting from the exercised option as an equivalent security. The system restarts the holding period when the shares are created. Therefore, if the Access Person wishes to sell the shares, the Access Person must contact the Compliance Department for approval of the "sell" request (All other trading rules apply). 

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **No Conflicting Transactions** 

No Access Person, nor any Related Person shall purchase or sell, directly or indirectly, any Covered Security in which such persons has, or by reason of such transaction acquires, any direct or indirect Beneficial Ownership Interest (other than shares of an open-end fund advised or sub advised by Calamos) that the person knows or has reason to believe is being purchased or sold or considered for purchase or sale by a client, until the client's transactions have been completed or consideration of such transactions has been abandoned.

A security is being "actively considered": (a) when a recommendation to purchase or sell has been made for the client and is pending; or (b) with respect to the person making the recommendation, when that person is seriously considering making the recommendation.

A personal securities transaction of the same *(or equivalent<sup>5</sup>)* securities (excluding a Broad-based Security<sup>6</sup>) shall not be executed until the ***sixth business day*** following the completion of any transaction for a client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The purchase and redemption of shares of any Calamos advised or sub advised open-end fund by an Investment Person, Access Person, Outside Trustee or Outside Director shall not be viewed as a conflicting transaction for the purpose of this section.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Restricted List** 

When Calamos has access to Material Nonpublic Information on a security, the security will be placed on the Restricted List. NO personal trading is allowed in the security until it is removed from the Restricted List. The trading and compliance departments are not required to answer your questions about what is on the restricted list.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Event Specific Trading Restrictions** 

Calamos reserves the right to impose other trading restrictions from time to time on specified securities and on groups of its directors, officers, employees, consultants, Related Persons or the entire firm when, in the judgment of the General Counsel, restrictions are warranted. Calamos will notify those affected by such trading restriction, when it begins and when it ends. Those affected should not disclose to others the fact of such trading suspension.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Other Trading Restrictions** 

Calamos reserves the right to impose other trading restrictions from time to time on types of securities, specified securities and on individual Access Persons, groups of its directors, officers, employees, consultants, Related Persons, or the entire firm when the CCO, General Counsel, Chairman, or CEO believe it is warranted for any reason. These may be short-term or permanent restrictions.

<sup>5</sup> For the purposes of identifying an equivalent security, for individual entities, the Compliance Department will review client transactions at the issuer level. Therefore, a request for an equity purchase will be denied if a conflicting convertible security in the same name has been placed for a client within **five** business days. Barring any further activity or conflicts, the associate could trade on the sixth business day. 

<sup>6</sup> Trades in Broad-based Securities require pre-clearance approval subject to the 60 day holding period.

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• **No Initial Public Offerings** No Access Person or Related Person, and as provided by FINRA Rule 5130,
no director, officer, or registered representative of CFS, shall acquire a Beneficial Ownership Interest in any security in an Initial Public Offering ("IPO"),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Margin Accounts** 

Although margining and pledging securities as collateral is not prohibited, ***it is strongly discouraged.*** In any margin or loan account, the securities used as collateral may be sold without your consent to meet a margin call or to satisfy a loan. If such a sale occurs when a security is on the restricted list, during a black out period or when you have access to Material Nonpublic Information, it may raise questions of whether unlawful insider trading and/or violations to the provisions of Section 16 of the Securities and Exchange Act of 1934, as amended (the "Exchange Act") have occurred.

If you are unable to meet a margin call, you must contact the CCO in advance of the call date to discuss plausible exit strategies.

**4.**  **<u>Trading Calamos Closed-End Funds and Exchange Traded Funds</u> *<u> </u>*** 

**Closed-end Funds and <u>ETFs</u> are Covered Securities and therefore require employees to obtain pre-clearance within the Firm's Compliance Monitoring System to purchase or sell shares of these funds.** In addition, those persons identified as Section 16 individuals (Appendix B) must consult with an attorney in the Legal Department, prior to engaging in such transactions to ensure the security is not on the restricted list, and must notify the Legal Department on the day such transaction was made so the appropriate filing can be made with the SEC. This excludes dividend or capital gain reinvestments pursuant to a dividend or capital gain reinvestment plans. Such notification is required to meet reporting obligations under Section 16 of the Exchange Act and the rules thereunder. *See the Policy and Procedures for Filings under the Exchange Act Sections 13 and 16 for more information.* 

**5.**  **<u>Private Securities Transactions</u>** 

No Access Person shall acquire a Beneficial Ownership Interest in any security in a private securities transaction without the *express written prior approval* of the Chairman or CEO of Calamos (FINRA Rule 3280). Access persons must notify the Compliance Department via the Firm's compliance monitoring system and await receipt of the written approval before engaging in any private securities transaction.

Private securities transactions are any non-publicly traded securities transactions including, transactions in unregistered offerings of securities, and purchases or sales of limited partnership interests.

In deciding whether that approval should be granted, consideration will be given to whether the investment opportunity should be reserved for clients and whether the opportunity has been offered because of the person's relationship with Calamos or its clients.

An Investment Person who holds a private security must disclose that investment to a Co-Chief Investment Officer *and* the CCO if he or she later participates in consideration of an investment in that issuer for a client's account. Any investment decision for the client relating to that security must be made by *other* Investment Persons.

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**6.**  **<u>Additional Exceptions and Exemptions to Trading Policies, Procedures and Restrictions</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Discretionary and Managed Account Exemptions** 

Security transactions in an account in which an Access Person or a Related Person has a Beneficial Ownership Interest shall not be subject to the prohibitions of the Code *if* the Access Person or a Related Person **has no direct or indirect influence or control over the account** (i.e., the account is managed on a discretionary basis) and the Access Person or Related Person does not have knowledge of the transaction until after it has been executed and provided the Access Person has previously identified the account to the Compliance Department via the Firm's compliance monitoring system.

Discretionary Accounts must be requested within the Compliance monitoring system and approved by Compliance. For an account to be deemed discretionary, supporting documentation must be provided, from the financial adviser of the discretionary or managed account as well as a copy of the most recent account statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•  ***De Minimis* Exceptions** 

Purchases or sales in an amount of no more than $10,000<sup>7</sup> in a Covered Security<sup>8</sup> of an issuer (other than shares of mutual funds) that has a market capitalization of at least $100 billion are exempt from the prohibitions with respect to whether Calamos is trading the same or equivalent security for the accounts of its clients, however pre-clearance is still required. Further, trades falling within this *de minimis* exception still must be reported pursuant to the requirements of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Hardships or other Exceptions** 

Under unusual circumstances, such as a personal financial emergency, or when it is determined that no conflict of interest or other breach of duty is involved, application for an exemption from certain restrictions on trading (but not pre-clearance or reporting requirements) under this Code may be made to the CCO, which application may be denied or granted in the CCO's discretion. To request consideration of an exemption, submit a written request containing details on your circumstances and the reason(s) for the exception requested.

The CCO may approve such exceptions from the Code applicable to an individual, based on the unique circumstances of such individual and based on a determination that the exceptions can be granted (i) consistent with the individual's fiduciary obligations to clients and (ii) pursuant to procedures that are reasonably designed to avoid a conflict of interest for the individual.

<sup>7</sup> May not exceed an aggregate of $10,000 within 30 calendar days. In calculating the value of options for purposes of the *de minimis* exception, the calculation is based on the market value of the shares underlying the option contract (notional value), and not the value of the option contract itself. 

<sup>8</sup> This excludes trades in Broad-based Securities which require pre-clearance approval subject to the 60 day holding period.

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In addition, the CCO may exempt from Access Person status any individual or class of individual employee that is not required under Rule 204A-1 or Rule 17j-1 to be covered by the Code in circumstances that are deemed likely to not raise any conflicts with Calamos clients.

Any such exceptions shall be subject to such additional procedures, reviews and reporting as determined appropriate by the CCO in connection with granting such exception.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Corporate Accounts Hedging Transactions** 

Certain affiliates of Calamos and its owners ("Calamos Family") may invest in and hedge<sup>9</sup> investments made by them in products managed by Calamos to support the continued growth of our investment products and strategies, including investments to seed new products. Notwithstanding any provision to the contrary in this Code, investments, and the corresponding hedging transactions, made by certain Calamos affiliates and the Calamos Family in Calamos products (excluding Closed-End Funds and ETFs) are not subject to the substantive restrictions in this Code, such as the short-term trading ban. However, the hedging transactions are subject to pre-clearance by the Corporate Investment Committee. The Adviser's CCO and Funds' CCO are copied in the approval process. In addition, these entities do not receive preferential treatment over clients (They may, however, be traded together with discretionary client transactions).

The General Counsel may approve additional strategies or instruments based on unusual market circumstances and on the determination that the transactions would not impact on the broader market or conflict with any client activity.

**TRADING POLICIES AND PROCEDURES FOR OUTSIDE TRUSTEES, UNAFFILIATED TRUSTEES, OUTSIDE DIRECTORS AND THEIR RELATED PERSONS** 

Although an Outside Trustee, or an Unaffiliated Trustee, or Outside Director are generally exempt from certain reporting requirements, they are required to file quarterly transaction reports under certain circumstances. They shall report in writing to the CCO of the Calamos Funds, within 30 days after the end of a calendar quarter, any transaction by him or her or a Related Person in a Covered Security if, at the time of the transaction he or she knew, or in the ordinary course of fulfilling his or her duties as a Trustee or Director should have known, that on the day of the transaction or within 15 days before or after that day a purchase or sale of that Covered Security was made by or considered for a Fund. Such reporting, if required, shall contain the same information required for Access Persons (as described above in the Section entitled: "Reporting Requirements").

An Outside Trustee or Unaffiliated Trustee or Related Persons shall also report in writing to the Fund CCO and the Calamos Legal Department, for the filing of Form 3 and Form 4, **<u>within one business day</u>**, any personal securities transaction by him or her or a Related Person of any of him or her in shares of Calamos Closed-End Funds and ETFs. Such reporting is required to meet obligations under Section 16 of the Exchange Act and the rules thereunder.

<sup>9</sup> For purposes of the Code, hedging transactions, or a series of hedging transactions, are defined as instruments used to reduce the overall risk and volatility of investments made in Calamos products only. The instruments used to complete the hedging transactions must be Broad-based Securities which can be long and/or short instruments that may include, but not limited to, indices, ETFs, and futures as well as options on these instruments. Hedging transactions may also include index collars which are commonly employed in order to add downside protection while making a trade-off and limiting upside profit potential by writing calls to help finance the cost of the puts. 

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**1.**  **<u>No Transactions with Clients</u>** 

No Outside Trustee or Related Persons shall knowingly sell to or purchase from a client any security or other property except securities issued by that client.

**2.**  **<u>No Conflicting Transactions</u>** 

No Outside Director, Outside Trustee, Unaffiliated Trustee nor any Related Person of any of them**,** shall purchase or sell, directly or indirectly, any Covered Security in which such persons has, or by reason of such transaction acquires, any direct or indirect Beneficial Ownership Interest (other than shares of an open-end fund advised or sub advised by Calamos) that the person knows or has reason to believe is being purchased or sold or considered for purchase or sale by a client, until the client's transactions have been completed or consideration of such transactions has been abandoned.

A security is being "actively considered" (a) when a recommendation to purchase or sell has been made for the client and is pending or (b) with respect to the person making the recommendation, when that person is seriously considering making the recommendation.

Absent extraordinary circumstances, a personal securities transaction of the same *(or equivalent<sup>10</sup>)* securities (excluding a Broad-based Security) shall not be executed until the ***<u>sixth business day</u>*** following the completion of any transaction for a client.

The purchase and sale of shares of any open-end fund advised or sub advised by Calamos by an Investment Person, Outside Trustee, Outside Director or Related Persons shall not be viewed as a conflicting transaction for the purpose of this section.

A purchase or sale of securities in an account in which an Outside Trustee or a Related Person has a Beneficial Ownership Interest shall not be subject to the prohibitions of the Code if the Outside Trustee or a Related Person of the Outside Trustee **has no direct or indirect influence or control over the account** (i.e., the account is managed on a discretionary basis by someone other than the Outside Trustee or the Related Person, and the Outside Trustee or Related Person does not have knowledge of the transaction until after it has been executed).

**3.**  **<u>Section 16 Reporting and Prohibitions</u>** 

Under the requirements of Section 16 of the Exchange Act and the rules thereunder, certain parties are required to report any transactions in the Calamos Advised Closed-End Funds and Calamos Advised ETFs or other than acquisitions resulting from the reinvestment of dividends or interest pursuant to a dividend or interest reinvestment plan.

<sup>10</sup> For the purposes of identifying an equivalent security, for individual entities, the Compliance Department will review client transactions at the issuer level. Therefore, a request for an equity purchase will be denied if a conflicting convertible security in the same name has been placed for a client within **five** business days. Barring any further activity or conflicts, the associate could trade on the sixth business day. 

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These persons include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• CEO

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Funds principal financial officer or principal accounting officer

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any trustee of the Funds, including Outside Trustees

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any directors of CAM, including Outside Directors

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any vice-president of Calamos in charge of a principal business unit, division, or function (such as sales,
administration or finance)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any other officer or person of Calamos who performs a policy-making function.

Individuals subject to this requirement are listed in Appendix B, which may be amended from time to time.

Directors, officers, and principal shareholders of the Funds are subject to the "short swing" trading provisions of Section 16. Subject to certain exceptions, an officer, director, or principal shareholder who engages in any combination of purchase and sale, or sale and purchase, of the Funds within any period of less than six months must turn over to the Funds any profit realized, or loss avoided by such a combination of transactions. ***This is an absolute penalty imposed by law, and it is imposed regardless of any intention on the part of the director, officer, or owner.***

Transactions of Immediate Family members of the persons listed above are generally subject to the reporting requirements, on the theory that such persons will financially benefit from these transactions.

These persons must also file an Initial Statement of Beneficial Ownership of Securities (known as "Form 3") to report share ownership, or when becoming a reporting party, and Statement of Changes of Beneficial Ownership of Securities (known as "Form 4") for subsequent reports of transactions. Although the Legal Department is prepared to assist these persons in preparing such filings, *the responsibility for such filings*, including notifying the Legal Department of the transaction and obtaining prior approval, as stated above, *is that of the individual.* 

**OTHER REGULATORY REQUIREMENTS** 

Certain other restrictions are imposed upon Calamos personnel, other than Outside Trustees, Unaffiliated Trustees and Outside Directors, as a result of being in a highly regulated industry.

**1.**  **<u>Outside Employment or Outside Business Activity</u>** 

What employees do outside the office on their own time is their business as long as it does not reflect negatively on or otherwise conflict with the company and its activities. However, for full-time employees of Calamos, it is expected that their position with the company is their primary employment. Any outside activity must not interfere with an employee's ability to properly perform his or her job responsibilities.

Personnel contemplating a second job or other outside activity must notify their supervisor immediately. The supervisor will thoroughly discuss this opportunity with the employee to ensure it will not interfere with job performance at Calamos, nor pose a conflict of interest. All outside business activities must be preapproved by your supervisor and reported to the CCO via the Firm's compliance monitoring system *before* you engage in the activity.

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**2.**  **<u>Service as a Director or Officer</u>** 

No Access Person may serve as a member of the board of directors or trustees, or as an officer, of any publicly held company without the prior written approval of the Chairman, CEO, President or the CCO, based on a determination that the board service would not be inconsistent with the interests of Calamos clients. If an Investment Person is serving as a board member, that Investment Person shall not participate in making investment decisions relating to the securities of the company on whose board he or she sits. Because of the potential for real or apparent conflicts of interests, such service is strongly discouraged.

**3.**  **<u>Gifts and Entertainment</u>** 

Conflicts of interest may arise when employees are presented with gifts or entertainment from persons doing business with Calamos or hoping to do business with same. The Advisers Act as well as the 1940 Act require that Firms address these potential conflicts by adopting policies and procedures pertaining to Gifts and Entertainment. If a conflict does arise, the burden of proof falls on Calamos to prove they acted in the best interest of the client(s). So, if ever there is a doubt regarding if a conflict exists, an employee should assume a conflict does exist, and therefore, he or she should not give or accept a gift or entertainment.

Regulations require Calamos to monitor gifts and entertainment. See also the separate policy on Gifts and Entertainment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Gifts** 

Employees may not give or receive a gift with a value greater than $100 per year, per giver or recipient. If multiple gifts are given or received, their combined value may not exceed $100 per year.

Cash or cash equivalents are not allowed to be given or accepted. This includes a gift card that may be converted into cash. Any gift accepted must only be accepted by an employee who is certain that there is no conflict of interest, or appearance of same, raised by the acceptance of such gift. No gifts in poor taste may be given or accepted.

Pre-approval is required when giving gifts. An employee should enter the gift via the Firm's compliance monitoring system providing the recipient's name, title, and company, as well as a description of the gift and its actual or estimated value. The employee must await approval from the Compliance Department *before* giving the gift.

Gifts *received* must be reported upon occurrence to the Compliance Department via the Firm's compliance monitoring system. The report should include the name of the giver, with title and company name as well as a description of the gift and its' actual or estimated value. The CCO reserves the right to require the employee to return any gift if it determines such return is appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Entertainment** 

Entertainment provided or accepted must be appropriate and reasonable. The employee must consider any conflicts or potential conflicts prior to providing or participating in entertainment.

Employees may obtain Calamos owned tickets to, for example, a sporting event. When the tickets are used by an employee with a client or vendor, it is considered entertainment. If the employee gives the tickets to a client (or vendor, etc.) and does not attend the event himself, the

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tickets are considered a gift and the $100 limit applies. The same is true if a Calamos employee accepts tickets from a client or vendor and attends the event without that client or vendor, this is a gift and it should be pre-approved by the Compliance Department.

An employee should not provide or accept entertainment to or from the same client (or vendor, etc.) on a frequent basis. Invitations for excessive or extravagant entertainment must be declined. If such entertainment is accepted inadvertently, it must be reported to the Compliance Department via the Firm's compliance monitoring system.

**4.**  **<u>Identifying and Reporting Conflicts of Interest and Other Ethical Concerns</u>** 

Calamos believes that the interests of Calamos and its clients can and should be aligned, despite the potential for conflicts of interest in the investment adviser/client relationship. In addition to being in the best interests of our clients to avoid conflicts of interest, it is in the best interest of Calamos itself to avoid actual and even, if possible, potential conflicts of interest.

In a company of our size and complexity, it can become difficult to identify conflicts of interest and other potential problems. But identification is the first and most necessary step in resolving those issues. Calamos believes that those dealing with the details of running its business operations are in just as good a position – often a better one – as Calamos' management to identify potential problems.

All Calamos employees have an interest in identifying and solving potential problems. Each employee should feel free to raise questions and analyze what he or she is doing. In the end, Calamos is paying all of us to think and use our best judgment, and that includes raising questions and joining the discussion that shapes our business policies and practices. If any person subject to the Code is concerned about an apparent conflict of interest, or any other legal or ethical question involving our businesses, that person should raise their concerns with the CCO or General Counsel.

An employee may report concerns directly to his or her manager or to Senior Management". Calamos encourages open-door, in-person reporting of concerns but also recognizes that some individuals may feel uncomfortable raising issues, especially if they question the propriety of something that is occurring. Thus, as an alternative to direct reporting, a person may report concerns via EthicsPoint, which is an independent third-party service provider contracted to facilitate anonymous reporting of concerns. Ethics Point is described more completely on the Calamos intranet site and also is accessible through <u>https://secure.ethicspoint.com/domain/media/en/gui/6143/index.html</u>.

Calamos will not tolerate retaliation in any form against employees, contractors or agents who in good faith report actual or suspected concerns under this policy or against individuals who assist in the investigation of reported illegal or unethical conduct. Any act of retaliation should be reported immediately. Unless the employee, contractor or agent was involved in illegal or unethical conduct, Calamos will not take adverse action against such person for good faith reporting or investigation assistance.

This policy should be read in conjunction with the "Calamos Internal Whistleblower Policy", accessible on the Calamos intranet site.

This policy is intended to encourage persons subject to the Code to raise any concerns regarding illegal or unethical conduct. However, consistent with SEC Rule 21F-17, nothing in this policy or

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any other policy or agreement, limits an individual from initiating communications directly with, responding to any inquiry from, volunteering information to, or providing testimony before, the SEC, the Department of Justice, FINRA., any other self-regulatory organization or any other governmental, law enforcement, or regulatory authority, in connection with any reporting of, investigation into, or proceeding regarding suspected violations of law, and no individual is required to advise or seek permission before engaging in any such activity. In connection with such activity, individuals should identify any information that is confidential and ask the government agency for confidential treatment of such information. Despite the foregoing, individuals are not permitted to reveal to any third party, including any governmental, law enforcement, or regulatory authority, information that is protected from disclosure by any applicable confidentiality provisions or privilege, including but not limited to the attorney-client privilege, attorney work product doctrine and/or other applicable legal privileges. Calamos does not waive any applicable privileges or the right to continue to protect its privileged attorney-client information, attorney work product, and other confidential or privileged information. Additionally, an individual's ability to disclose information may be limited or prohibited by applicable law and Calamos does not consent to disclosures that would violate applicable law. Applicable laws include, without limitation, laws and regulations restricting disclosure of confidential supervisory information or disclosures subject to the Bank Secrecy Act (31 U.S.C. §§ 5311-5330), including information that would reveal the existence or contemplated filing of a suspicious activity report. Confidential supervisory information includes any information or materials relating to the examination and supervision of Calamos by applicable regulatory agencies, materials responding to or referencing non-public information relating to examinations or supervision by regulatory agencies and correspondence to or from applicable regulators.

**RECORD RETENTION** 

The Compliance Department shall maintain the records listed below for a period of five years in a readily accessible place:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a copy of each Code that has been adopted or been in effect at any time during the past five years;

&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;• 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, a Supervised Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a record of each holding and transaction report made pursuant to the Code, including any brokerage confirmation
and account statements made in lieu of these reports;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a record of any decision and supporting reasons for approving the acquisition of securities in limited offerings
for at least five years after the end of the fiscal year in which approval was granted; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a copy of each SEC Form 3, Form 4, and Annual Statement of Beneficial Ownership of Securities.

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**Appendix A – In-Scope Entities** 

This policy pertains to the entities listed in the following tables (collectively referred herein as "Calamos" or "the Firm").

Companies

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| | |
|:---|:---|
| **Company name** | **Description** |
|  Calamos Asset Management, Inc. | Holding company |
|  Calamos Investments LLC | Consolidated company managed by CAM |
|  Calamos Advisors LLC | U.S. Investment Advisor |
|  Calamos Wealth Management LLC | U.S. Investment Advisor |
|  Calamos Financial Services LLC | U.S. Distributor |

---

*Table 1 - List of In-Scope Companies* 

Funds for U.S. Investors

---

| |
|:---|
| **Open-End Fund Name** |
|  Calamos Investment Trust |
|  Calamos Advisors Trust |
|  Calamos ETF Trust (excluding the Calamos Antetokounmpo Global Sustainable Equities ETF series) |
| **Closed-End Fund Name** |
|  Calamos Convertible Opportunities and Income Fund |
|  Calamos Convertible and High Income Fund |
|  Calamos Strategic Total Return Fund |
|  Calamos Global Total Return Fund |
|  Calamos Global Dynamic Income Fund |
|  Calamos Dynamic Convertible and Income Fund |
|  Calamos Long/Short Equity & Dynamic Income Trust |

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*Table 2 - List of In-Scope U.S. Funds* 

Funds for non-U.S. Investors

---

| |
|:---|
| **UCIT Name** |
|  Calamos Global Convertible Fund |
|  Calamos Growth and Income Fund |

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*Table 3 - List of In-Scope E.U. Funds* 

Revision Date

---

| |
|:---|
| **Date** |
|  Adopted: June 30, 2005 |
|  Revised: March 17, 2009 |
|  Revised: December 04, 2013 |
|  Revised: June 23, 2014 |
|  Revised: September 25, 2014 |
|  Revised: July 1, 2016 effective August 1, 2016 |
|  Revised: November 1, 2016 |
|  Revised: January 24, 2017 |
|  Revised: December 12, 2017 |
|  Revised: October 12, 2018 |
|  Revised: July 9, 2019 |
|  Revised: September 25, 2019 |
|  Revised: June 30, 2020 |
|  Revised: March 24, 2021 |
|  Revised: June 30, 2021 |
|  Revised: October 31, 2022 |
|  Revised: January 26, 2023 |
|  Revised: September 26, 2023 |
|  Revised: December 12, 2023 |
|  Revised: March 28, 2024 |
|  Revised: April 10, 2025 |

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*Table 4 - List of Revision Dates for Policy* 

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**<u>APPENDIX B</u>**

<u>SECTION 16 INDIVIDUALS</u> 

(Dated: 12/17/24)

John P. Calamos, Sr., Chairman, Trustee and President, Calamos Funds

John S. Koudounis, Vice President, Calamos Funds

Erik D. Ojala, Vice President and Secretary, Calamos Funds

Thomas Kiley, Vice President, Calamos Funds

Thomas E. Herman, Vice President and Chief Financial Officer, Calamos Funds

Daniel L. Dufresne, Vice President, Calamos Funds

Mark J. Mickey, Chief Compliance Officer, Calamos Funds

Stephen Atkins, Treasurer, Calamos Funds

John E. Neal, Trustee

William R. Rybak, Trustee

Virginia G. Breen, Trustee

Lloyd A. Wennlund, Trustee

Karen L. Stuckey, Trustee

Christopher M. Toub, Trustee

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**<u>APPENDIX C</u>**

<u>FIRMS WITH ELECTRONIC FEEDS TO FIRM'S COMPLIANCE MONITORING SYSTEM</u> 

(Updated 12/12/2024)

Ameriprise

Charles Schwab

Chase Investment Services

Citigroup Global Markets Inc.

Edward Jones

E\*Trade

Fidelity

Interactive Brokers

JP Morgan

Merrill Lynch

Morgan Stanley Smith Barney

Raymond James & Associates

RBC Wealth Management

TD Ameritrade

T. Rowe Price

UBS

U S Bank

Vanguard

Wells Fargo

William Blair

## Ex-99.(P)(8)

![LOGO](g937830g0823061112686.jpg)

**Code of Ethics** 

Amended and restated: October 1, 2009

Last updated: May 2025

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**Contents** 

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Overview and Scope | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Overview and Scope | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Statement of General Fiduciary Principles | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;II. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Definitions | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;III. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Personal Securities Transactions | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preclearance Requests | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preclearance of Private Placement/Private Investment transactions | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CNSREIT | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transactions Exempt from Preclearance | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Managed Accounts | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IV. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restrictions | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Blackout Periods | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Holding Periods | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excessive Trading | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Public Offerings | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cohen & Steers Closed-End Funds | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CNSREIT | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cohen & Steers Open-End Funds | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prohibition on Gifts | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Clubs | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Outside Directorships | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;K. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restricted List | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;V. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reporting | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Holdings Reports | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Quarterly Transaction Reports | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annual Holdings Reports | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Opening a New Brokerage Account | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Compliance Review | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exception | 17 |

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annual Certification | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Independent Directors | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CNSREIT Independent Directors | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Confidentiality | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;K. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Disclaimer | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VI. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration of the Code of Ethics | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Use of Preferred Brokers | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Duplicate Confirms and Statements | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exemptions from the Code | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund Board of Directors Reporting and Approval | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Violations and Sanctions | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acknowledgments | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Records | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Appendix A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Appendix A | 22 |

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**Overview and Scope** 

The Cohen & Steers Code of Ethics (the "Code") applies to Cohen & Steers, Inc. ("CNS") as well as its current or future subsidiaries and affiliates (together with CNS, "Cohen & Steers") and the Cohen & Steers U.S. registered investment companies. The provisions of this Code shall apply to all Cohen & Steers employees, wherever located though certain non-U.S. countries local laws or customs may impose requirements in addition to the Code. This Code does not apply to directors of Cohen & Steers who are not also Cohen & Steers employees, but sections of this Code do apply to the independent directors of the Cohen & Steers U.S. registered investment companies and Cohen & Steers Income Opportunities REIT, Inc., a public reporting, non-listed corporation qualified as a real estate investment trust for U.S. federal income tax purposes ("CNSREIT").

CNS is a publicly-traded company with securities listed on the New York Stock Exchange. Accordingly, any transactions in CNS securities by directors, officers and employees of Cohen & Steers must comply not only with the terms and provisions of the Code but also the separate, written *Policies and Procedures for Transacting in Securities of Cohen & Steers, Inc.*, as may be modified or amended from time to time (the "CNS Insider Trading Policy"). The CNS Insider Trading Policy is accessible on the Legal & Compliance intranet under Corporate Policies. The CNS Insider Trading Policy will also be a publicly-available exhibit to CNS Annual Reports on Form 10-K filed with the Securities and Exchange Commission ("SEC"), beginning with the 10-K to be filed in respect of the 2024 fiscal year.

CNSREIT is a corporation registered with the U.S. Securities and Exchange Commission ("SEC"), in accordance with applicable rules and regulations. Accordingly, any transactions in CNSREIT securities by directors, officers and employees of Cohen & Steers must comply not only with the terms and provisions of the Code but also the separate, written *Policies and Procedures for Transacting in Securities of Cohen & Steers Income Opportunities REIT, Inc.*, as may be modified or amended from time to time (the "CNSREIT Insider Trading Policy"). The CNSREIT Insider Trading Policy is accessible on the Legal & Compliance intranet under Corporate Policies. The CNSREIT Insider Trading Policy will also be a publicly-available exhibit to CNSREIT Annual Reports on Form 10-K filed with the SEC, beginning with the 10-K to be filed in respect of the 2024 fiscal year.

The Code is structured as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Section I contains a statement of general fiduciary principles

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Section II defines certain terms used in the Code

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Section III describes the preclearance requirements for personal securities transactions, among other things

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Section IV details the limitations and restrictions imposed by the Code

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Section V describes the reporting requirements under the Code

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Section VI details the administration and procedural requirements of the Code

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**I. Statement of General Fiduciary Principles** 

The following general fiduciary principles shall govern personal investment activities and the interpretation and administration of this Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The interests of clients must be placed first at all times;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• All investment opportunities must first be offered to clients before Cohen & Steers or its employees may
act on them;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• All personal securities transactions must be conducted in a manner that is consistent with the Code (and, if
applicable, the CNS Insider Trading Policy and the CNSREIT Insider Trading Policy) and in a way to avoid any actual or potential conflict of interest or any abuse of an individual's position of trust and responsibility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Individuals must not take advantage of their own positions at Cohen & Steers to misappropriate
investment opportunities from clients; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Individuals must comply with the applicable federal and state securities laws and regulations<sup>1</sup>.

When making personal investment decisions, all employees must exercise extreme care to avoid violating the prohibitions of this Code. Furthermore, employees should conduct their personal investing in such a manner that will minimize the employee's time and attention that are devoted to personal investments at the expense of time and attention that should be devoted to duties at Cohen & Steers.

It is not possible for this policy to address every situation involving Cohen & Steers employees' personal trading. The Global Chief Compliance Officer of Cohen & Steers Capital Management, Inc. ("GCCO") or designee in consultation with the Cohen & Steers' Executive Committee is charged with oversight and interpretation of this Code in a manner considered fair and equitable, with a view in all cases of placing Cohen & Steers clients' interests first. Technical compliance with the Code will not insulate an employee from scrutiny of, or sanctions for, employee abuses of his or her position, fiduciary duty or securities transactions which may potentially conflict with any client of Cohen & Steers.

<sup>1</sup> For purposes of this Code, "applicable federal securities laws" is defined as the Securities Act of 1933, the Securities Exchange Act of 1934, the Sarbanes-Oxley Act of 2002, the Investment Company Act of 1940 (the "Investment Company Act"), the Investment Advisers Act of 1940, Title V of the Gramm-Leach-Bliley Act of 1999, any rules adopted by the Securities and Exchange Commission (the "SEC") under any of these statutes, the Bank Secrecy Act of 1970 as it applies to funds and investment advisors, any rules adopted thereunder by the SEC or the Department of the Treasury, and any applicable local legislation, including the rules and regulations of the United Kingdom Financial Conduct Authority, the rules and regulations of the Financial Services Agency of Japan and the rules and regulations of the Hong Kong Securities and Futures Commission. 

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**II. Definitions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. "Access Person" means any employee, director, officer, or general partner of Cohen &
Steers Capital Management, Inc., its affiliated investment advisors or CNSREIT.  **<u>All employees are considered Access Persons.</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. "Automatic Investment Plan" means a program in which regular periodic purchases (or withdrawals)
are automatically made in (or from) investment accounts in accordance with a predetermined schedule and allocation. An Automatic Investment Plan includes a dividend reinvestment plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. "Beneficial Ownership" shall be interpreted in the same manner as it would be under Rule 16a-1(a)(2) under the Securities Exchange Act of 1934 in determining whether a person is the beneficial owner of a security for the purposes of Section 16 of the Securities Exchange Act of 1934 and the rules
thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. "Board of Directors" shall mean the directors of the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. "CNSREIT Affiliated Directors and Officers" shall mean affiliated directors and "executive
officers" (as such term is defined in Rule 3b-7 promulgated under the Exchange Act) of CNSREIT.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. "CNSREIT Independent Director" means those members of the CNSREIT board of directors who have been
determined to be independent in accordance with the CNSREIT articles of amendment and restatement (as may be amended and restated from time to time) and applicable rules and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. "Code" shall mean this Code of Ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. "Control" shall have the same meaning as that set forth in Section 2(a)(9)of the Investment
Company Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. "Covered Account" means any account held by the Access Person's spouse, domestic partner,
dependent household members, immediate family members sharing the same household and any account over which the Access Person has beneficial interest or control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J. "Covered Security" shall have the meaning set forth in Section 2(a)(36) of the Investment
Company Act. This definition includes, but is not limited to, any note, stock, treasury stock, security future, cryptocurrency futures, bond, debenture, evidence of indebtedness, certificate of interest or participation in any profit-sharing
agreement, collateral- trust certificate, preorganization certificate or subscription, transferable share, investment contract, voting- trust certificate, certificate of deposit for a security, fractional undivided interest in oil, gas, or other
mineral rights, any put, call, straddle, option, or privilege on any security (including a certificate of deposit) or on any group or index of securities (including any interest therein or based on the value thereof), or any put, call, straddle,
option, or privilege entered into on a national securities exchange relating to foreign currency, or, in general, any interest or instrument commonly known as a "security", or any certificate of interest or participation in, temporary or
interim certificate for, receipt for, guarantee of, or warrant or right to subscribe to or purchase, any of the foregoing.

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Covered Security shall **<u>not</u>** include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Direct obligations of the government of the United States or any other sovereign country or supra-national
agency; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Bankers' acceptances, bank certificates of deposit, commercial paper and high-quality short-term debt
instruments <sup>2</sup> , including repurchase agreements; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Shares issued by an open-end registered investment company, including
Cohen & Steers open-end investment companies, other than shares of Exchange Traded Funds (including Cohen & Steers Exchange Traded Funds) and Exchange Traded Notes; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Any digital or virtual currency (cryptocurrency) held in a device or physical medium for storing cryptocurrency
transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;K. "Exchange Traded Fund" or "ETF" is an open-end management company (a) that issues
(and redeems) creating units to (and from) authorized participants in exchange for a basket and a cash balancing amount, if any and (b) whose shares are listed on a national securities exchange and traded at market-determined prices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;L. "Exchange Traded Notes" or "ETNs" are senior, unsubordinated debt securities that are
linked to the performance of a market index and trade on a national securities exchange.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;M. "Executive Committee" shall mean the Executive Committee of Cohen & Steers, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N. "Firm Investment Universe" generally will include securities in relevant benchmarks and any
security held in a client account in the past three (3) years. Certain exclusions<sup>3</sup> apply.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;O. "Fund" or "Funds" mean the U.S. registered Cohen & Steers open (including the
Cohen & Steers Exchange Traded Funds) and closed-end registered investment companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;P. "Independent Director" means a director of the Funds who is not an "interested person"
of the Fund within the meaning of Section 2(a)(19) of the Investment Company Act, and who would be required to make a report under Section V of this Code solely by reason of being a director of the Funds.

<sup>2</sup> High quality short-term debt instrument means any instrument that has a maturity at issuance of less than 366 days and that is rated in one of the two highest rating categories by a Nationally Recognized Statistical Rating Organization.

<sup>3</sup> Exclusions include securities held in Daiwa North America Equity Income Fund (DAI9855), Cohen & Steers Digital Infrastructure (CNSDIGI) and certain ETFs (EIPI, IWD, IWM, MBB, PFF, SPY and VOO).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Q. "Initial Public Offering" means an offering of securities registered under the Securities Act of
1933 the issuer of which, immediately before the registration, was not subject to the reporting requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, including the rules and regulations promulgated thereunder (the
"Exchange Act").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R. "Investment Personnel" refers to any employee who, in connection with his or her regular functions
or duties, makes or participates in making recommendations regarding the purchase or sale of securities on behalf of client accounts. Investment Personnel include portfolio managers and analysts but does not include traders or portfolio manager
assistants

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;S. "Personal Trading System" means the automated personal trading system used by Cohen &
Steers for administration of this Code, as well as the CNS Insider Trading Policy and the CNSREIT Insider Trading Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T. "Portfolio Manager Assistants ("PMAs") & Traders" refers to any employee who, in
connection with his or her regular functions or duties, works alongside Investment Personnel to implement investment decisions and/or is responsible for executing securities purchases and sales authorized by Investment Personnel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U. "Private Placement/Private Investment" means a security offering that is exempt from registration
under certain provisions of the U.S. securities laws and/or similar laws of non-U.S. jurisdictions (if you are unsure whether the securities are issued in a private placement you must consult with the
Compliance department).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;V. "Purchase or sale of a Covered Security" includes, among other things, the writing of an option to
purchase or sell a Covered Security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;W. "Real Estate Security" means any security of a company that derives at least 50% of its revenues
from the ownership, construction, financing, management or sale of commercial, industrial or residential real estate, or has at least 50% of its assets in such real estate. It also means equity and debt securities of both publicly traded and private
companies, including REITs and pass-through entities, that own real property or loans secured by real estate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;X. "Reportable Fund" means any open-end fund for which Cohen & Steers acts as investment
advisor or subadvisor or principal underwriter. See <u>Appendix A</u> for a list of Reportable Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Y. "Reportable Security" means any Covered Security and Reportable Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Z. "Restricted List" means a security or current list of issuers whose securities may not be traded by
the firm, Access Persons and others specified in the Code.

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**III. Personal Securities Transactions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A. Preclearance Requests** 

Except as specifically exempted in this section, all Access Persons must obtain preclearance approval prior to executing a personal securities transaction in any Covered Security, including closed-end funds and ETFs. This includes personal securities transactions in any Covered Account. For U.S. employees, preclearance approval for personal securities transactions is valid only for the day the request is submitted and approved. Any preclearance request submitted and approved after the market close, must be executed in the after-market trading hours for that same trade date. For non-U.S. employees' preclearance approval for personal securities transactions is valid only for the day of approval plus the following business day. Any personal securities transaction for which preclearance approval has been granted and is not executed in accordance with the above, must be resubmitted for approval on a subsequent business day during an open trading window.

In order to obtain preclearance approval, an Access Person must submit a preclearance request using the Personal Trading System on the day they intend to trade. A preclearance request may be denied for any reason. An Access Person is not entitled to receive an explanation or reason if their preclearance request is denied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B. Preclearance of Private Placement/Private Investment transactions** 

Access Persons must obtain prior approval from the GCCO or a designee before directly or indirectly acquiring Beneficial Ownership in a Private Placement/Private Investment. The GCCO or designee may consult a member of the Executive Committee and other appropriate parties in evaluating the request. To request preclearance approval, Access Persons must submit a Private Placement Approval Request using the Personal Trading System along with sufficient supporting documentation (e.g., subscription documentation, offering memorandum, prospectus, etc.). In most cases the Compliance department expects to notify Access Persons within five (5) business days of submitting their request if it has been approved or denied.

If the request is approved, the Access Person must confirm and certify to the trade on their Quarterly Transaction certification (see Section V). Access Persons must report any capital call on a Private Placement/Private Investment that has been previously approved to the Compliance department. Subsequent investments must also be submitted for preclearance approval and reported.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C. CNSREIT** 

Access Persons who meet the eligibility standards set forth in the CNSREIT prospectus are permitted to buy shares of CNSREIT through their financial advisor, a participating broker-dealer or other financial intermediary that has a selling agreement with Cohen & Steers Securities, [[C. Access Persons must obtain preclearance approval prior to entering into a decision to execute a personal security transaction in CNSREIT. To obtain preclearance approval, an Access Person must submit a preclearance request using the Personal Trading System.

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Notwithstanding the provisions of <u>Section III(A.)</u> above, preclearance approval granted during an open window period to an Access Person with respect to a personal transaction in the securities of CNSREIT shall remain in effect for the duration of such open window period. Accordingly, a request for preclearance approval for any single transaction need not be submitted by an Access Person more than once in a single open window period. Access Persons who obtain preclearance approval to execute a personal securities transaction in CNSREIT must take all reasonable steps necessary to complete the transaction by the relevant deadline and otherwise comply with the terms and conditions set forth in the CNSREIT Insider Trading Policy.

Requests to participate in the monthly repurchase plan for CNSREIT must be submitted for preclearance using the Personal Trading System. Access Persons may be subject to repurchase and other trading restrictions in addition to those that apply to shareholders of CNSREIT generally. Such restrictions include closed trading window periods (as further described in <u>Section IV(F)(2)</u> herein), a minimum required 60-day holding period for acquired CNSREIT securities (as further described in <u>Section IV(B)</u> herein), and subordination of repurchase eligibility to other CNSREIT shareholders in certain circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D. Transactions Exempt from Preclearance** 

Preclearance approval is **<u>not</u>** required for the below list of transactions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Purchases or sales of a security that is not a Covered Security

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Purchases or sales that are not volitional (e.g., option assignment, dividend reinvestment)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Purchases or sales which are part of an Automatic Investment Plan that has been disclosed to the Compliance
department in advance

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Trades in an account where trading discretion is delegated to an independent third party (see Managed Accounts
below) except transactions in securities of CNS (the preclearance approval requirements for which are as further described in the CNS Insider Trading Policy and this Code), any of the Cohen & Steers closed- end funds or Exchange Traded
Funds which must be submitted for preclearance approval

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Purchases or sales of Cohen & Steers Real Estate Opportunities Fund, L.P. by Access Persons who have
been identified as an eligible employee (under the securities laws and by Cohen & Steers) and invited by Cohen & Steers to participate in the offering

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E. Managed Accounts** 

Transactions in personal accounts for which an Access Person does not have direct or indirect influence or control (e.g., a professionally managed account over which the Access Person has authorized complete trading discretion to the financial advisor or investment manager) are not subject to the preclearance requirements of the Code. These accounts are referred to as discretionary or managed accounts. All transactions in CNS (as further described in the CNS Insider Trading Policy and this Code), any of the Cohen & Steers closed-end funds, Exchange Traded Funds or CNSREIT must be submitted for preclearance approval before trading in Managed Accounts.

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If an Access Person has beneficial interest in an account but does not have direct or indirect influence or control, the Access Person must provide the Compliance department with written confirmation of their lack of trading discretion over the account. For most managed accounts an executed copy of the relevant agreement with the person who does control the account (e.g., trustee or discretionary third-party manager) or a signed letter from the third party investment manager on company letterhead with the account information will be required.

Upon approval from the GCCO or a designee, transactions in such accounts will not require preclearance or be subject to the restrictions as set forth in Section IV below. At least annually, the Compliance department will require Access Persons to certify to the accounts over which the Access Person does not have direct or indirect trading influence or control.

**IV. Restrictions** 

Preclearance requests will be denied under the circumstances described below. Please note that the following restrictions are equally applied to the Covered Security and to instruments related to the Covered Security. A related instrument is any security or instrument that gives the right to acquire additional units of the Covered Security including options, rights, warrants, and instruments otherwise convertible into the Covered Security, or any other instrument derived from a Covered security (e.g., OTC options) regardless of issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A. Blackout Periods** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Real Estate Securities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. No Access Person shall purchase or sell any Real Estate Security (as defined in Section II) except that an
Access Person may invest in shares of open-end funds, closed-end funds, ETFs, CNSREIT and Cohen & Steers Real Estate Opportunities Fund, L.P., subject to the
applicable preclearance and reporting requirements of this Code and, in the case of CNSREIT securities, the CNSREIT Insider Trading Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Non-Real Estate Securities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. No Access Person shall execute any securities transaction on a day during which any client has a pending buy or
sell order in that same security unless preclearance approval was granted prior to the initiation of the order or until that order is executed or withdrawn.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Investment Personnel are prohibited from trading a security in a personal account or Covered Account as
described in Section II that is in the investment universe of the strategy in which they specialize. Generally, the investment universe includes securities in the relevant benchmarks and may also include some out of benchmark securities, and any
security held in a client account in the past three (3) years.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Traders and PMAs are prohibited from trading a security in a personal or Covered Account as described in
Section II that is in the Firm Investment Universe.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B. Holding Periods** 

All personal securities transactions in any Reportable Security, other than CNSREIT, by an Access Person in their account or any Covered Account are subject to a 30-day holding period. Personal securities transactions in CNSREIT by an Access Person in their account or any Covered Account are subject to a 60-day holding period. Option transactions are subject to the 30-day holding period from the date on which you entered the contract. All Access Persons are prohibited from profiting from the purchase and sale or the sale and purchase of the same security (or equivalent) within 30 calendar days (within 60 calendar days for CNSREIT). Any profits realized from the purchase and sale or the sale and purchase of the same security (or equivalent) within the 30-day restriction period, or 60 day restriction period for CNSREIT, **shall be disgorged**. Transactions that would result in a loss are not subject to the minimum holding periods described above.

The holding period is calculated using FIFO method (first-in-first out) and therefore the holding period rule is violated if there is a profit when:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The first purchase(s) during the timeframe are followed by a sale at a higher price; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The first sale(s) during the timeframe are followed by a purchase at a lower price in the same account.

The price is calculated by looking at the price of the earliest opposite-side transactions during the thirty-day period.

*FIFO Example:* 

If an employee purchased 100 shares of XYZ on March 1 and 100 more on March 15,on April 1 the employee would be permitted to sell at a profit only the 100 shares purchased on March 1. She/he would have to wait until April 15 to sell the additional 100 shares at a profit.

Certain limited exceptions to this holding period are available on a case-by-case basis and must be approved by the GCCO or a designee prior to execution. Exceptions to this policy include, but are not limited to, hardships and extended disability. Non- volitional trades such as automatic investment and withdrawal programs and automatic rebalancing are permitted transactions under this policy.

The 30-day holding period also applies to transactions in Cohen & Steers open-end funds. However, the holding period does not apply to shares acquired through an Automatic Investment Plan and Access Persons will be permitted to fully redeem a Cohen & Steers open-end fund in their 401K account as long as any transaction in the previous thirty (30) days was an automatic pay-period contribution.

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Officers and directors of the Cohen & Steers' closed-end funds are subject to additional holding periods as set forth in Section IV. E below and the Cohen & Steers Inside Information Policy and Procedures.

Officers and directors of the Cohen & Steers' Exchange Traded Funds are subject to the Cohen & Steers Inside Information Policy and Procedures.

CNSREIT Independent Directors and CNSREIT Affiliated Directors and Officers are subject to additional holding periods as set forth in Section IV.F below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C. Excessive Trading** 

Excessive or inappropriate trading is prohibited. The Compliance department monitors all employees' personal trading and provides reporting to the Executive Committee regarding the volume and nature of employee personal securities transactions. A pattern of excessive trading may lead to disciplinary action under the Code, up to and including termination.

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

All Access Persons are prohibited from purchasing equity securities in an initial public offering. The purchase of corporate bonds at the time of issuance is allowed subject to submitting and receiving preclearance approval.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E. Cohen & Steers Closed-End Funds** 

Additional restrictions regarding the closed-end funds managed by Cohen & Steers, in order to ensure no improper trading takes place, include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Holding Period: Directors and officers of the Cohen & Steers closed-end Funds are prohibited by the federal securities laws from selling shares of these Funds within six months of purchasing them, or purchasing shares of these Funds within six months of selling them,
and must advise the Fund Legal department of transactions in order for forms to be filed promptly with the SEC regarding their transactions in shares of these Funds. Any violation of this six- month holding
period will require disgorgement of any profits<sup>4</sup>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Blackout Periods: Independent Directors and Access Persons may not purchase or sell shares of the
Cohen & Steers closed-end Funds on certain days prior to board meetings and/or dividend declarations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. For Independent Directors, the blackout period begins on the date of receipt of information pertaining to
quarterly dividend declarations and ends with the public announcement of dividends declared in a formal press release. Independent Directors may be further restricted after the dividend declaration press release through the end of the board meeting
in the event information in their possession related to the upcoming meeting is material and non-public.

<sup>4</sup> Pursuant to Section 16 of the Securities Exchange Act of 1934, the holding period for the closed-end funds and CNSREIT is calculated using LIFO ("last in-first out") whereas the holding period in Section IV.B above is calculated using FIFO.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. For Access Persons, the blackout period customarily begins three (3) weeks prior to the end of the quarter
or when internal dividend discussions become material. The blackout period may but will not always end after the press release announcing dividend declarations for the closed-end funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. The GCCO or General Counsel may impose additional blackout periods for trading in the closed-end funds as necessary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**F. CNSREIT** 

Additional restrictions regarding CNSREIT, to ensure no improper trading takes place and, in some cases, to ensure legal liabilities are not otherwise incurred by an Access Person, include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. "Short Swing Profit" Rules: Upon the effectiveness of a filing by CNSREIT of a Form 8-A registration statement with the SEC, CNSREIT Independent Directors, CNSREIT Affiliated Directors and Officers and any other persons deemed to be CNSREIT reporting persons pursuant to Section 16 of the
Exchange Act will become subject to liability under the federal securities laws (including Section 16(b) of the Exchange Act and the rules promulgated thereunder) in connection with "non- exempt" acquisitions and dispositions of
CNSREIT securities consummated within a six month period, from which a profit is derived ("Short Swing Profit Liability"). Access Persons subject to Short Swing Profit Liability must therefore avoid execution of non-exempt acquisitions and dispositions within a six-month period that may be "matched" with one another, if a profit would be deemed to derive from such
transactions, to prevent such liability from arising.

Short Swing Profit Liability incurred by any such person will require disgorgement to CNSREIT of any profits derived from such matching transactions in accordance with applicable rules and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Monthly Trading Blackout Periods: CNSREIT Independent Directors, CNSREIT Affiliated Directors and Officers and
all other Access Persons may not participate in restricted transactions in CNSREIT<sup>5</sup> from the 26<sup>th</sup> calendar day of each month through and
including the day of publication of CNSREIT's monthly net asset value (NAV) in the immediately subsequent month. The monthly trading window will open on the calendar day immediately following the date of such NAV publication.

<sup>5</sup> Restricted transactions in CNSREIT during a blackout period include the submission of subscription orders and redemption requests, execution of subscriptions or redemptions (other than pursuant to a submission precleared and properly placed during an open trading window period), withdrawals of subscription orders and redemption requests, dividend reinvestment plan ("DRIP") enrollment and de-enrollment decisions, gifts, trust transfers, estate planning and redemptions of operating partnership units. 

Restricted transactions in CNSREIT do not include vesting of CNSREIT shares or operating partnership units, automatic CNSREIT share acquisitions via prior enrollment in the DRIP, automatic receipt of operating partnership distribution units and conversion of operating partnership units into CNSREIT shares. Redemption of operating partnership units converted into CNSREIT shares is a restricted transaction. <br>

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The GCCO or General Counsel may impose additional or longer blackout periods for trading securities of CNSREIT as necessary or appropriate in either such officer's discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**G. Cohen & Steers Open-End Funds** 

All Access Persons are subject to the same frequent trading policies that apply to the shareholders of the Cohen & Steers open-end funds. As such, with respect to those Cohen & Steers open-end funds that do not operate as Exchange Traded Funds, no Access Person or Independent Director may make more than two (2) round trips in a sixty (60) calendar day period. A round trip is defined by a purchase and sale/exchange of shares of the same fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**H. Prohibition on Gifts** 

No Access Person shall give or receive any gift in violation of the Cohen & Steers Gifts and Entertainment Policy and Procedures which permit gifts valued cumulatively at $100 or less per person per calendar year. Additional restrictions are set forth in the Cohen & Steers Gifts and Entertainment Policy and Procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I. Investment Clubs** 

Employee participation in Investment Clubs is permitted but all Investment Club transactions are subject to the preclearance and reporting requirements in this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**J. Outside Directorships** 

No Access Person shall serve on the board of directors of a publicly traded company unless approved in advance by Senior Management. This authorization will be provided only if the Executive Committee concludes that service on the board would not be inconsistent with the interests of Cohen & Steers' clients. Access Persons who have received this approval shall not trade for a client or their own account in the securities of the company while in possession of material, non-public information. Outside business activities, other than service on a board of a publicly traded company, are addressed in the Cohen & Steers Outside Activities and Related Persons Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**K. Restricted List** 

Occasionally, the GCCO or their designee may place a Reportable Security on a Restricted List as deemed necessary. As such, Access Persons are prohibited from effecting any transactions in any security on the Restricted List in any Covered Account over which they have discretion in trading.

For Managed Accounts: This prohibition applies to CNS (as further described in the CNS Insider Trading Policy and this Code) or any of the Cohen & Steers closed-end or open- end funds when placed on the Restricted List.

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**V. Reporting** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A. Initial Holdings Reports** 

Within 10 calendar days of the commencement of employment with Cohen & Steers, each Access Person must provide the Compliance department with a statement of all Reportable Securities and brokerage accounts including any Covered Account as set forth in the Initial Holdings Report. Statements must be current as of a date no more than 45 days prior to becoming an Access Person. The Initial Holdings Report will be provided to the Access Person upon the commencement of employment. More specifically, each Access Person must provide the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The title and type of security, and as applicable the exchange ticker symbol or CUSIP number, number of shares,
and principal amount of each Reportable Security in which the Access Person has any direct or indirect beneficial ownership;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The name of any broker, dealer or bank with which the Access Person maintains an account or the Covered Account
in which any securities are held for the Access Person's direct or indirect benefit; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The date the Access Person submits the report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B. Quarterly Transaction Reports** 

Within 30 days after the end of a calendar quarter, all Access Persons must report and certify to the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. With respect to transactions during the quarter in any Reportable Security in which such Access Person has, or
by reason of such transaction acquires, any direct or indirect beneficial ownership in the Reportable Security:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The date of the transaction, the title, and as applicable the exchange ticker symbol or CUSIP number, interest
rate and maturity date, number of shares, and principal amount of each Reportable Security involved;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The nature of the transaction (i.e., purchase, sale or any other type of acquisition or disposition);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The price of the security at which the transaction was effected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The name of the broker, dealer or bank with or through which the transaction was effected; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The date the Access Person submits the report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. With respect to any account established by the Access Person including any Covered Account in which any
securities were held during the quarter for the direct or indirect benefit of the Access Person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The name of the broker, dealer or bank with whom the Access Person established the account or the Covered
Account;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The date the account or Covered Account was established; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The date the Access Person submits the report.

Quarterly transactions are uploaded into the Personal Trading System throughout the quarter. At the end of the quarter, all Access Persons must review and certify to their transactions in the Personal Trading System or through comparable means.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C. Annual Holdings Reports** 

Annually, all Access Persons must report the following information (which must be current as of a date no more than 45 days before the report is submitted):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The title and type of security, and as applicable the exchange ticker symbol or CUSIP number, number of shares,
and principal amount of each Reportable Security in which the Access Person has any direct or indirect beneficial ownership;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The name of any broker dealer or bank with which the Access Person maintains an account or any Covered Account in
which any securities are held for the Access Person's direct or indirect benefit; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The date the Access Person submits the report.

Each Access Person shall submit an Annual Holdings certification through the Personal Trading System or an equivalent format within 45 days after the beginning of each calendar year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D. Opening a New Brokerage Account** 

Access Persons must receive written approval from the Compliance department prior to opening new brokerage accounts or any Covered Account and must disclose the account(s) immediately to Compliance.

Failure to comply with the requirements above will be considered a violation of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E. Compliance Review** 

The GCCO or a designee shall be responsible for reviewing the reports made pursuant to this section. The GCCO will not approve his/her own preclearance requests nor will he/she be responsible for the review of his/her own reports made pursuant to this section. Such responsibility to review the GCCO's submitted transactions and reports shall be delegated to another member of the Compliance team.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**F. Exception** 

An Access Person need not make a report under this section with respect to securities held in any account over which that person had no direct or indirect influence or control.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**G. Annual Certification** 

Each Access Person must certify annually within sixty (60) days of year-end that he or she has read and understands the Code and recognizes that he or she is subject to the Code. In addition, each Access Person must certify annually that he or she has complied with all the requirements of the Code and that he or she has disclosed or reported all personal securities transactions and accounts required to be disclosed or reported pursuant to the requirements of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**H. Independent Directors** 

An Independent Director shall report transactions in Reportable Securities only if the director knew or, in the ordinary course of fulfilling his or her official duties as a director should have known, that during the 15-day period immediately preceding or following the date of the transaction (or such period prescribed by applicable law), such security was purchased or sold, or was being considered for purchase or sale, by any Cohen & Steers client.

The "should have known standard" implies no duty of inquiry, does not presume there should have been any deduction or extrapolation from discussions or memoranda dealing with tactics to be employed meeting any Fund's investment objectives, or that any knowledge is to be imputed because of prior knowledge of any Fund's portfolio holdings, market considerations, or any Fund's investment policies, objectives and restrictions.

Independent Directors need not provide an Initial or Annual Holdings Report and they are not subject to the restrictions in Section IV other than E and G.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I. CNSREIT Independent Directors** 

A CNSREIT Independent Director shall report transactions in Reportable Securities only if the director knew or, in the ordinary course of fulfilling his or her official duties as a director should have known, that during the 15-day period immediately preceding or following the date of the transaction (or such period prescribed by applicable law), such security was purchased or sold, or was being considered for purchase or sale, by any Cohen & Steers client. Generally speaking, Cohen & Steers does not expect to transact in shares of CNSREIT on behalf of any client.

The "should have known standard" implies no duty of inquiry, does not presume there should have been any deduction or extrapolation from discussions or memoranda dealing with tactics to be employed meeting CNSREIT's investment objectives, or that any knowledge is to be imputed because of prior knowledge of CNSREIT's portfolio holdings, market considerations, or CNSREIT's investment policies, objectives and restrictions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**J. Confidentiality** 

All reports of securities transactions and any other information filed with the Compliance department pursuant to this Code shall be treated as confidential. In this regard, no Access Person shall reveal to any other person (except in the normal course of his or her duties on behalf of Cohen & Steers) any information regarding securities transactions made or being considered by or on behalf of any client account.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**K. Disclaimer** 

Any such report may contain a statement that the report shall not be construed as an admission by the person making such report that he has any direct or indirect beneficial ownership in the Reportable Security to which the report relates.

**VI. Administration of the Code of Ethics** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A. Use of Preferred Brokers** 

All Access Persons located in the United States (US) must maintain their personal trading accounts and any Covered Account at, and execute all transactions in Reportable Securities through, one or more brokers that offer electronic data feeds. Accounts held at electronically feeding brokers provide more accurate account information and require less reconciliation for the Access Person at certification time. The Compliance department maintains a list of such brokers. Any exception to this requirement for US employees will be determined on a case-by-case basis by the GCCO or a designee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B. Duplicate Confirms and Statements** 

All Access Persons must require their brokers to supply duplicate confirmations of all personal securities transactions on a timely basis to the Compliance department. When possible, the duplicate confirmation requirement will be satisfied by an electronic data feed directly from the brokers to the Personal Trading System.

If under local market practice, brokers are restricted by law from delivering duplicate confirmations to the Compliance department, it is the Access Person's responsibility to provide promptly to the Compliance department with a duplicate confirmation for each trade. If a broker is unwilling to deliver duplicate confirmations for any other reason, the employee will not be permitted to maintain an account with that broker.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C. Exemptions from the Code** 

In cases of hardship, the GCCO, the General Counsel or their respective designees can grant exemptions from the personal trading restrictions in this Code. The decision will be based on a determination that a hardship exists and the transaction for which an exemption is requested would not result in a conflict with Cohen & Steers clients' interests. Other factors that may be considered include: the size and holding period of the Access Person's position in the security, the market capitalization of the issuer, the liquidity of the security, the amount and timing of client trading in the same or a related security and other relevant factors.

Any Access Persons seeking an exemption should submit a written request setting forth the nature of the hardship along with any pertinent facts and reasons why the Access Person believes the exemption should be granted. Access Persons are cautioned that exemptions are exceptions and repetitive requests for exemptions by an Access Person are not likely to be granted.

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Records of the approval of exemptions and the reasons for granting the exemptions will be maintained by the Compliance department.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D. Fund Board of Directors Reporting and Approval** 

The Board of Directors of each Fund, as applicable, including a majority of the Independent Directors, must approve this Code and any material changes to it. This approval shall be based on a determination that this Code contains provisions reasonably necessary to prevent Access Persons from engaging in any conduct prohibited by Rule 17j-1 under the Investment Company Act or any other applicable rules and regulations. In connection with this approval, Cohen & Steers shall provide a certification to the Board that Cohen & Steers and the Funds have adopted procedures reasonably necessary to prevent Access Persons from violating this Code.

No less frequently than annually, Cohen & Steers shall furnish to the Board of Directors, and the Board of Directors must consider, a written report that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Describes any issues arising under the Code or procedures since the last report to the Board of Directors,
including, but not limited to, information about material violations of the Code or procedures or sanctions imposed in response to the material violations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Certifies that the Funds and Cohen & Steers have adopted procedures reasonably necessary to prevent
Access Persons from violating the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E. Violations and Sanctions** 

Access Persons must report any violations or potential violations of this Code promptly to the GCCO or another member of the Compliance department. This policy forbids any form of intimidation or retaliation against an Access Person for fulfilling this obligation. Retaliation against an Access Person who reports a Code violation is in itself a violation of the Code.

Upon discovering a violation of this Code, Cohen & Steers may impose such sanctions as it deems appropriate, including, but not limited to, Compliance retraining, meeting with the Executive Committee and Regulatory Compliance disgorgement of profits, reduction in bonus and/or monetary penalty, personal trading suspension, a letter of censure, possible termination of the employment of the violator.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**F. Acknowledgments** 

Each Access Person must be provided with a copy of this Code and any amendments. In addition, each Access Person must provide the Compliance department with a written (or electronic) acknowledgment of their receipt of the Code and any amendments.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**G. Records** 

The Compliance department shall maintain records<sup>6</sup> in the manner and to the extent set forth below, under the conditions described in Rule 31a-2 of the Investment Company Act and Rule 204-2 the Investment Advisers Act of 1940, or under no-action letters or interpretations under these rules, and shall be available for examination by the SEC or any representatives of the SEC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A copy of this Code of Ethics shall be preserved in an easily accessible place (including for five (5) years
after this Code of Ethics is no longer in effect).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A record of any violation of this Code of Ethics and of any action taken as a result of such violation shall be
preserved in an easily accessible place for a period of not less than five (5) years following the end of the fiscal year in which the violation occurs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A copy of each report, including annual reports to the Fund Board of Directors, and any information provided in
lieu of a report, made by an Access Person pursuant to this Code of Ethics shall be preserved for a period of not less than five (5) years from the end of the fiscal year in which it is made or the information is provided, the first two years
in an easily accessible place.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A record of any decision, and the reasons supporting the decision, to approve the acquisition of an IPO (if an
exception is made) or Private Placement/Private Investment shall be preserved in an easily accessible place for a period of not less than five (5) years after the end of the fiscal year in which the approval is granted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A list of all Access Persons who are, or within the past five (5) years have been, required to make reports
or are responsible for reviewing these reports, pursuant to this Code of Ethics shall be maintained in an easily accessible place.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A record of all written acknowledgments for each Access Person who is currently, or within the past five years
was, an Access Person of the investment advisor.

<sup>6</sup> For Funds, records shall be maintained at the Funds' principal place of business. For advisors, records shall be maintained at an appropriate office of the investment advisor.

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**Appendix A** 

**Reportable Funds** 

As of May 2025\*

**Cohen & Steers Open-End Funds** 

Cohen & Steers Realty Shares

Cohen & Steers Real Estate Securities Fund

Cohen & Steers Global Infrastructure Fund

Cohen & Steers Global Realty Shares

Cohen & Steers International Realty Fund

Cohen & Steers Institutional Realty Shares

Cohen & Steers Preferred Securities and Income Fund

Cohen & Steers Real Assets Fund

Cohen & Steers Future of Energy Fund

Cohen & Steers Low Duration Preferred and Income Fund

Cohen & Steers Preferred Securities & Income SMA Shares, Inc.

**Cohen & Steers Sub-Advised Funds** 

Goldman Sachs Trust II - Goldman Sachs Multi-Manager Real Assets Strategy Fund

Jackson Real Assets Fund

Northern Multi-Manager Global Listed Infrastructure Fund

Penn Series Real Estate Securities Fund

Russell Investments Multi-Strategy Income Fund

\* *Reportable Funds include any future open-end investment companies advised or sub-advised by Cohen & Steers.*

## Ex-99.(P)(20)

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|  ![LOGO](g937830g0824133300955.jpg)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Policy & Procedure Library**<br>**Publish Date: March 2022**<br> **Title: GAM UK – Code of Ethics** | **Page 1** |

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**Code of Ethics** 

**Owners:** RBC Global Asset Management UK Compliance

**Approved by:** Chief Compliance Officer for RBC Global Asset Management UK

**Next Review Date:** February 2023

**RBC Global Asset Management UK** 

**(For Internal Use Only)** 

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<u> GAM UK – Code of Ethics </u>     <u> Page 2 </u>  

**Table of Contents** 

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| | | |
|:---|:---|:---|
|  Code of Ethics | Code of Ethics | 1 |
|  **Table of Contents** | **Table of Contents** | 2 |
|  Most Recent Changes | Most Recent Changes | 3 |
|  Policy | Policy | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 | Policy Summary Statement | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 | Rationale | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | Scope | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 | Applicable Regulations | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 | Related Policies and Procedures | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 | Definitions | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 | Standards of Business Conduct | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 | Personal Account Dealing | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9 | Personal Relationships and Personal Financial Relationships | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | Escalation | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11 | Declarations | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 | Limited Exemptions | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13 | Record-Keeping | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 | Changes to this Code | 8 |
|  Approval, Responsibility and Review Schedule | Approval, Responsibility and Review Schedule | 11 |

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<u> GAM UK – Code of Ethics </u>     <u> Page 3 </u>  

**Most Recent Changes** 

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| | |
|:---|:---|
|  February 2022 | Annual Review. Clarification on the status of Affiliate Employees with GAM UK as Access Persons. Amendment of record keeping requirements to clarify SEC access under the Participating Affiliate Arrangement with GAM Asia. |
|  February 2021 | Annual Review. Requirements within Record Keeping section have been enhanced to include annual acknowledgment of Code of Ethics. |
|  July 2020 | Inclusion of two requirements in the Record Keeping section with respect to government entities |
|  February 2020 | Annual Review |
|  September 2019 | Inclusion of rules around Personal Finances and Relationships in definitions and at section 9. |
|  March 2019 | Annual Review |
|  March 2018 | No material changes |

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<u> GAM UK – Code of Ethics </u>     <u> Page 4 </u>  

**Policy** 

**1 Policy Summary Statement** 

High ethical standards are essential for the success of <u>GAM UK</u> to maintain the confidence of our <u>Clients</u>. GAM UK's business interests are best served by adherence to the principle that the interests of our Clients come first.

This Code of Ethics (this "**Code**") should be read in conjunction with RBC's <u>Code of Conduct</u>, available on RBC's intranet.

**2 Rationale** 

In recognition of GAM UK's fiduciary duty to our Clients and our desire to maintain high ethical standards, GAM UK has adopted this Code. This Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Sets out standards of business conduct in accordance with our fiduciary duty to Clients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fosters compliance with applicable U.S. federal securities laws; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Strives to eliminate transactions that could be suspected of being in conflict with the best interests of our
Clients.

**3 Scope** 

This Code applies to all <u>Employees</u> and adherence to this Code is a condition of employment by GAM UK.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Violations or suspected violations of this Code (including the discovery of any violation committed by another
Employee) should be reported immediately to <u>GAM UK Compliance</u>, which will determine which persons or units are appropriate to handle the matter thereafter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Violations of this Code may result in written warnings, written reprimands, fines, and the cancellation of
transactions, disgorgement of profits, the suspension or cancellation of personal trading privileges, up to and including the suspension or termination of employment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If you are uncertain about how any provision of this Code applies to you, you should contact your line manager,
GAM UK Compliance or Human Resources.

**4 Applicable Regulations** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Section 204A, Rule 204A-1, and Rule 206(4)-7 under the Advisers Act, as amended

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Section 17(j) and Rule 17j-1 under the Investment Company Act of
1940, as amended

**5 Related Policies and Procedures** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>RBC Code of Conduct</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>RBC Privacy and Risk Management policy</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Conflicts of Interest Policy</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Personal Account Dealing Policy</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Market Abuse Policy</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Gifts and Entertainment Policy</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Outside Activities and External Directorships Policy</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Political Contributions Policy</u> 

**6 Definitions** 

**'40 Act Fund** – A mutual fund formed under the Investment Company Act of 1940

**Access Person** – Subject to paragraph 12 below, any employee, director, or officer of GAM UK; and any other person the CCO has determined to be an Access Person because he or she is involved in making securities recommendations to Clients or has access to non-public information regarding (i) purchases or sales of securities, (ii) security recommendations or (iii) portfolio holdings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Note: GAM UK considers all of its Employees to be Access Persons, with certain exceptions for individuals who a)
do not carry out functions contributing directly to the day-to-day investment advisory business and b) have as their primary place of work an area separated from GAM
UK's investment advisory business to such an extent that they are not reasonably likely to receive inside information regarding purchases or sales of securities, security recommendations or portfolio holdings. In addition, certain employees of
affiliates or otherwise related persons may be considered Access Persons when they are in receipt of non-public information regarding securities transactions, recommendations and/or holdings in any
Client's account, this will always include any Institutional Portfolio Manager who wishes to attend the Investment/Team Meetings of any of GAM UK's Investment Teams.

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<u> GAM UK – Code of Ethics </u>     <u> Page 5 </u>  

**Advisers Act –** The Investment Advisers Act of 1940, as amended.

**Affiliate Employees** – any employee, director, officer or contractor for one of GAM UK's affiliate companies.

**Client** – Any person or entity GAM UK serves as investment adviser, sub-adviser or an equivalent role. Where GAM UK is the investment adviser to a fund or collective interest, the fund or collective interest – *not* any fund investor – is our client.

**CCO** – The Chief Compliance Officer of GAM UK.

**Employee** – Any person who works for, or otherwise represents, GAM UK and includes:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an officer, director, non-executive director or employee of GAM UK;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• consultants, contractors, part-time employees, or agents of GAM UK, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any person involved in making securities recommendations to Clients or who has access to nonpublic information
regarding (i) purchases or sales of securities, (ii) security recommendations or (iii) portfolio holdings.

**GAM UK –** RBC Global Asset Management (UK) Limited.

**GAM UK Compliance** – GAM UK's Chief Compliance Officer and his or her delegate.

**Personal Financial Relationships** – Relationships that include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• joint investments/business ventures between GAM UK Employees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• gambling;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• personal loans between Employees; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• benefits in kind offered and received between Employees.

**Personal Relationships** – Relationships that include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• relationships between RBC employees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• relationships with friends or family members working for the firm's regulators, auditors, a company that
does or seeks to do business with RBC, a competitor, or a supplier to RBC.

**7 Standards of Business Conduct** 

GAM UK shall conduct its business at all times in a manner consistent with its fiduciary duties to its Clients. This means GAM UK has affirmative duties of care, loyalty, honesty, and good faith in connection with all of its activities for its Clients, in particular ensuring that Client interests are put first at all times.

This Code and other RBC and GAM UK Policies and Procedures address certain specific elements of GAM UK's fiduciary obligations. However, they cannot, and are not intended to, address all circumstances in which a consideration of GAM UK's fiduciary obligations will arise.

Accordingly, GAM UK expects all Employees not only to adhere strictly to the specific requirements of this Code and other RBC and GAM UK Policies and Procedures, but also to use their own judgement and common sense in the proper application of such Policies and Procedures and to conduct themselves with honesty and integrity in accordance with GAM UK's fiduciary obligations. Any activity that compromises those obligations or that could be perceived as improper jeopardises GAM UK's integrity, even if it does not expressly violate a rule or a specific provision of this Code, and has the potential to harm GAM UK's reputation or that of the RBC Group.

**7.1 Compliance with Laws and Regulations** 

Section 204A-1(2) of the <u>Advisers Act</u> requires this Code to require all Employees to comply with all applicable laws including the Securities Act of 1933, as amended; the Securities Exchange Act of 1934, as amended; the Sarbanes Oxley Act of 2002, as amended; the Investment Company Act of 1940, as amended; and the Advisers Act, as amended. This Code and other RBC and GAM UK Policies and Procedures are intended to meet this requirement. Furthermore, Employees are required to comply with all applicable laws and regulations of jurisdictions to which GAM UK and its activities are subject. In particular, Employees are prohibited from carrying out any activity which directly or indirectly:

&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;• misleads a Client, including any statement that omits material facts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• operates or would operate as a fraud or deceit on a Client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• functions as a manipulative practice with respect to a Client; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• functions as a manipulative practice with respect to Securities.

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<u> GAM UK – Code of Ethics </u>     <u> Page 6 </u>  

**7.2 Confidentiality of Information** 

GAM UK and its Employees share a duty to ensure the confidentiality of Client information, including account numbers, holdings, transactions and securities recommendations. This includes the holdings and other nonpublic information related to accounts for which GAM UK provides investment advisory services. To ensure this duty is fulfilled, GAM UK has adopted this Code and RBC's Code of Conduct (which incorporates RBC's Privacy Risk Management Policy). All Employees are required to adhere to each of these policies and GAM UK's Privacy Guidelines. All Employees are also prohibited from disclosing confidential information concerning GAM UK, including any trade secrets, other proprietary information or materials marked for internal use only.

**7.3 Conflicts of Interest** 

At all times Employees shall comply with GAM UK's Conflicts of Interest Policy.

Employees should be aware of activities that may involve conflicts of interest. Given the nature of GAM UK's business and business relationships it may have with its affiliates, conflicts can arise in various contexts. Where possible, GAM UK's objective is to avoid any conflict between GAM UK, Employees, affiliates, and Clients. Where a conflict cannot be avoided, GAM UK has policies and procedures to manage those conflicts as outlined in its Conflicts of Interest Policy. As a fiduciary, GAM UK must always seek to act in the best interests of its Clients, which means the interests of GAM UK's Clients must always come first. If you are concerned that a situation you encounter or an activity that you are involved in may present a conflict between your personal interests and a Client's interests or between GAM UK's business interests and a Client's interests, contact your manager or the <u>CCO</u> for guidance.

**7.4 Material Non-Public Information** 

It is a violation of the fiduciary obligation owed to Clients and securities laws to use knowledge about trading activity or proposed trading activity in Clients' accounts to engage in trades for your own benefit. The terms "trading ahead" or "front running" are used to describe the improper practice where an Employee trades for his or her own account before a trade in the same security occurs on behalf of a Client's account, knowing that the effect of the trading in the Client's account will be to his or her personal benefit. The pre-clearance requirement and rules explained in the Personal Account Dealing Policy are designed to help prevent, detect and correct these and other improper practices.

GAM UK policies, rules and reporting requirements are also reasonably designed to allow GAM UK to address potential or actual issues related to trading when one might be holding material, non-public information, commonly referred to as "insider trading". If you believe you have come into possession of material, non-public information, you must immediately notify GAM UK Compliance, refrain from engaging in transactions in that security and maintain the confidentiality of the information. It is a violation of U.S. federal securities law to trade on material, non-public information.

At all times comply with all relevant GAM UK policies, including the Market Abuse Policy.

**8 Personal Account Dealing** 

The <u>Personal Account Dealing Policy</u> describes GAM UK's policies and procedures in relation to personal transactions in Securities. The Personal Account Dealing Policy applies to all Employees.

**9 Personal Relationships and Personal Financial Relationships** 

Employees are required to declare and escalate any <u>Personal Relationships</u> that may present an actual or perceived conflict to their supervisor and Compliance for review on joining or immediately after they form such a relationship during the course of their employment. The Compliance team will review and where appropriate log such relationships in the GAM UK Conflicts of Interest Register.

Any improper handling of Employee personal finances could undermine their credibility and GAM UK's. It could also cause others to question their decision making on the job or permit personal finances to influence Employees in a way that causes them to act in an unprofessional manner.

In general in order to mitigate the risk of potential, actual or perceived conflicts arising, the engagement in <u>Personal Financial Relationships</u> should be minimised and is subject to the following approval process;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Loans exceeding £1000, or any benefits in kind with a value in excess of £1000, made or given between
Employees must be pre-approved by the CEO, or in the case of the CEO by the Chairperson of the Board. Any requests, whether or not approved, should be recorded as part of

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<u> GAM UK – Code of Ethics </u>     <u> Page 7 </u>  

the unit's conflicts of interest controls by the GAM UK Compliance team. Examples of benefits in kind may include, but are not limited to, the free or discounted use of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a holiday home; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a boat; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an employee's sports season ticket/VIP lounges/exclusive member club facilities.

Any private investments engaged in by two or more Employees should be managed in accordance with the <u>Personal Account Dealing Policy (Private Investments)</u> or <u>Outside Business Activities policy</u> as relevant. Post approval this should be recorded as part of the business / functional unit's conflicts of interest controls.

Employees should also be mindful of actual, potential or perceived conflicts of interest that could arise from gambling and in all circumstances gambling should not be excessive (e.g. such that they could place an Employee into financial difficulty) or irresponsible.

**10 Escalation** 

Any breach of this Code or other policies referenced in paragraph 5 must be promptly reported to GAM UK Compliance or the CCO. The CCO will decide what further action to take.

**11 Declarations** 

All Employees will be required to complete an Annual Compliance Declaration confirming receipt of and compliance with the Code of Ethics and other policies outlined in paragraph 5 and any amendments.

**12 Limited Exemptions** 

**12.1 RBC Exempt Individuals** 

Certain GAM UK officers and/or directors ("**RBC Executives**") may not be GAM UK employees and may serve in such roles solely at the request of RBC or its affiliates. If ALL of the following conditions apply, such RBC Executives shall be exempt from this Code but will be required to provide an annual certification of the facts giving rise to their exempt status. These individuals will not be considered "<u>Access Persons</u>".

Exempt individuals must be individuals who:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Have no day to day involvement with GAM UK;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Do not predominantly use GAM UK premises as their workplace;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Do not make securities recommendations to GAM UK Clients or have access to such recommendations that are non-public;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Do not have access to non-public information regarding any Clients'
purchase or sale of securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Do not have access to non-public information regarding the portfolio
holdings of any Client account; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Are subject to other applicable similar Codes, including enterprise-wide policies related to trading RBC
securities.

**12.2 Extraordinary Exemptions** 

GAM UK Compliance may grant limited exemptions to certain requirements of the Code in its sole discretion, where extraordinary circumstances warrant and GAM UK Compliance is satisfied that granting the exemption would not represent a breach of relevant rules and regulations, a breach of GAM UK's fiduciary obligations or undue risk to its Clients or GAM UK. All requests for such exemptions shall be in writing and GAM UK Compliance will maintain a written record of its response.

**12.3 RBC Functions and Affiliate Employees** 

Members of RBC Functions and Affiliate Employees who, despite not being an employee, officer or contractor of GAM UK, have access to GAM UK's working area and/or may have or require access to non-public information regarding (i) purchases or sales of securities, (ii) security recommendations or (iii) portfolio holdings, may be considered Access Persons and will therefore be subject to the <u>Personal Account Dealing Policy</u> and the standards of conduct set out in paragraph 7 above, but will not be subject to other GAM UK policies where those individuals are subject to equivalent policies of RBC or other RBC entities. Affiliate Employees who wish to access GAM UK must complete the Affiliate Employee Access Person Confirmation in Appendix 1,at inception and on an ongoing basis an annual attestation, see the Annual Attestation in Appendix 2. Training on GAM UK Code of Ethics will be provided by the Compliance Team annually to all staff.

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<u> GAM UK – Code of Ethics </u>     <u> Page 8 </u>  

**13 Record-Keeping** 

**Records required to be kept for seven years (minimum two years on-site)** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A copy of the Code of Ethics and other GAM UK Related Policies and Procedures listed in paragraph 5 currently in
effect and any that have been in effect within the past seven years

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A record of any violation of the Code of Ethics and of any action taken as a result of the violation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• All written acknowledgements of the Code of Ethics for each person who is currently, or within the past seven
years was, an Access Person

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A list of persons who are currently, or within the past seven years were considered Access Persons

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any reports made to the Board of Directors of a <u>'40 Act Fund</u> advised or sub-advised by GAM UK related to this Code of Ethics and other policies identified in paragraph 5

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• All records related to the granting of exemptions to the Code of Ethics

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• All records documenting the annual review of the Code of Ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Annual acknowledgements of Code of Ethics

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Details on the government entities to which GAM UK provided investment advisory services (including instances
where government entities invested in any investment pool to which GAM UK provided investment advisory services).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The name and address of any firms that GAM UK has made payments to in order to solicit government entities to
award GAM UK investment advisory services contracts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Records required to be kept may be maintained or stored electronically using various media, provided that the
adviser establishes and maintains procedures:

- that limit access to authorized personnel;

- that reasonably assure that any reproduction of paper records onto electronic media is accurate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Electronic records must be arranged and indexed in a way that permits easy location, access, and retrieval of
each record; provided to the SEC staff promptly in the medium and format in which it is stored (or, if requested, printed out); and (to prevent their loss) the record must be backed-up at a separate location.

**14 Changes to this Code** 

Any material change to this Code must be notified to any '40 Act Fund advised or sub-advised by GAM UK promptly, so that the '40 Act Fund is able to approve the change within six months.

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<u> GAM UK – Code of Ethics </u>     <u> Page 9 </u>  

**Appendix – 1 Affiliate Employees Access Person Confirmation** 

**Name:** 

**Job Title:** 

**Employing GAM Affiliate*:*** *GAM Inc., GAM US, GAM Asia or BlueBay* (delete as appropriate)

**Rationale for Requesting Access:** 

**Confirmation** 

I confirm that I understand that being given access to GAM UK information, systems or areas makes me an Access Person pursuant to s.204 of the Investment Advisers Act 1940. I confirm that I am bound by the <u>RBC GAM UK Personal Account Dealing Policy</u> and will abide by all of its restrictions. Including (without limitation):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Disclosure of Personal and related trading accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Preclearance of public and private transactions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Quarterly and annual reporting of holdings.

I confirm that I have verified with the Compliance team responsible for my affiliate that the following policies applicable to my Affiliate are deemed equivalent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Conflicts of Interest Policy</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Market Abuse Policy</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Gifts and Entertainment Policy</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Outside Activities and External Directorships Policy</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Political Contributions Policy</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Aggregation Relief Policy</u> 

Signed:

Date:

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<u> GAM UK – Code of Ethics </u>     <u> Page 10 </u>  

**Appendix – 2 Affiliate Employees Access Person Annual Attestation** 

**Name:** 

**Job Title:** 

**Employing GAM Affiliate*:*** *GAM Inc., GAM US, GAM Asia or BlueBay* (delete as appropriate)

Either:

<u>I confirm that the undertakings provided to GAM UK Compliance in the Affiliate Employee Access Confirmation form remain accurate and that the requisite policies stated in the form remain equivalent.</u> 

<u>I confirm that I have adhered to GAM UK's Personal Account Dealing Policy requirements for personal trading preclearance requests and that I have made all necessary quarterly and annual disclosures.</u> 

<u>Confirmed [ ]</u> 

<u>OR</u> 

<u>Where you are unable to make the above attestations please provide an explanation:</u> 

<u>Signed:</u> 

<u>Dated:</u> 

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<u> GAM UK – Code of Ethics </u>     <u> Page 11 </u>  

**Approval, Responsibility and Review Schedule** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; **Contact Information:** | RBC Global Asset Management UK Compliance |
| &nbsp;&nbsp;&nbsp;&nbsp; **Responsibility for this Policy:** | RBC Global Asset Management UK Compliance |
| &nbsp;&nbsp;&nbsp;&nbsp; **<u>Policy Review and Approvals</u>:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Review Cycle:** | Annual |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Next Review Due:** | February 2023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Approved By:** | Chief Compliance Officer RBC Global Asset Management UK |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Approval Date:** | February 2022 |

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**End of Document**

## Ex-99.(P)(21)

![LOGO](g937830g43a95.jpg)

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![LOGO](g937830g0823064935742.jpg)

***"Client First: We will always earn the right to be our clients' first choice."***

As a fiduciary and in accordance with our Values, our clients' interests will always come first above our own. Each of us must take care that our actions do not create an actual, potential or perceived conflict of interest, or cause reputational damage to RBC.

All employees are expected to know and comply with both the letter and the spirit of the RBC GAM-US Code of Ethics and related policies and procedures, and integrate them into your daily work. Please read the Code carefully to ensure you understand what it requires of you. If something is unclear, or if you find yourself in a situation not addressed in the Code, please reach out to the Compliance team. Doing so is your responsibility and can help us identify areas for improvement.

Thank you all for adhering to our Code of Ethics, and your continued efforts to ensure we are in compliance with all our legal and regulatory obligations.

Best regards,

Donald Sanya and Brandon Lew

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**Table of Contents**

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| | | |
|:---|:---|:---|
| A message from Donald Sanya and Brandon Lew | A message from Donald Sanya and Brandon Lew | 2.0 |
| Most Recent Changes | Most Recent Changes | 5.0 |
| Summary and Rationale | Summary and Rationale | 5.0 |
| 1. | Applicable Regulations | 5.0 |
| 2. | Related Policies and Procedures | 6.0 |
| Scope | Scope | 6.0 |
| Limited Exemptions | Limited Exemptions | 7.0 |
| 1. | RBC Exempt Individuals | 7.0 |
| 2. | Extraordinary Exemptions | 7.0 |
| Standards of Business Conduct | Standards of Business Conduct | 7.0 |
| 1. | Values | 7.0 |
| 2. | Compliance with Laws and Regulations | 8.0 |
| 3. | Conflicts of Interest | 8.0 |
| 4. | Trading on Material Non-Public Information | 8.0 |
| Maintaining Accounts | Maintaining Accounts | 9.0 |
| 1. | Designated Brokers | 9.0 |
| 2. | Other Brokers | 9.0 |
| 3. | Third-Party Managed Accounts | 9.0 |
| 4. | Futures and Commodities Accounts | 10.0 |
| Trading Rules | Trading Rules | 10.0 |
| 1. | Preclearance Requirements | 10.0 |
| 2. | Short-Term Trading | 11.0 |
| 3. | Options Trading | 12.0 |
| 4. | Blackout Period Trading | 12.0 |
| 5. | Private Investments | 13.0 |
| 6. | RBC Private Funds | 13.0 |
| 7. | Royal Bank of Canada Securities | 13.0 |
| 8. | Initial Public Offerings Prohibited | 13.0 |
| 9. | Watch List or Restricted Securities | 14.0 |
| 10. | Frequent ! Unusual Trading Activity. | 14.0 |
| 11. | Compliance Department Personnel Trades | 14.0 |
| Reporting Requirements ! Certifications | Reporting Requirements ! Certifications | 14.0 |
| 1. | Covered Accounts | 14.0 |
| 2. | Initial Certifications | 14.0 |
| 3. | Quarterly Certifications | 15.0 |

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|:---|:---|
| ![LOGO](g937830g35p79.jpg) | <br> RBC GAM-US Code of Ethics \| August 1, 2024 \| Page 3 |

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| | | |
|:---|:---|:---|
| 4. | Quarterly Transaction Reports | 15.0 |
| 5. | Annual Holdings Report | 15.0 |
| 6. | Intern Certifications | 16.0 |
| 7. | Access Persons with Affiliate Entity Reporting Requirements and RBC Exempt Individuals | 16.0 |
| 8. | Compliance Committee and Client Reporting | 16.0 |
| Violations | Violations | 17.0 |
| 1. | Reporting Violations | 17.0 |
| 2. | Information Barrier Violations | 17.0 |
| 3. | Non-Material Violations | 17.0 |
| 4. | Material Violations | 17.0 |
| 5. | Observations | 18.0 |
| 6. | Disciplinary or Remedial Measures | 18.0 |
| 7. | Donation of Proceeds | 18.0 |
| 8. | No Liability for Losses | 19.0 |
| 9. | Confidentiality / Reporting Misconduct | 19.0 |
| Training | Training | 19.0 |
| Recordkeeping | Recordkeeping | 19.0 |
| Disclosure | Disclosure | 19.0 |
| Ownership | Ownership | 20.0 |
| Review Schedule | Review Schedule | 20.0 |
| Approval Date and Revisions | Approval Date and Revisions | 20.0 |
| Definitions | Definitions | 20.0 |
| Exhibit A – Quick Reference Guide | Exhibit A – Quick Reference Guide | 28.0 |
| Exhibit B – Frequently Asked Questions (FAQs) | Exhibit B – Frequently Asked Questions (FAQs) | 29.0 |

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| | |
|:---|:---|
| ![LOGO](g937830g35p79.jpg) | <br> RBC GAM-US Code of Ethics \| August 1, 2024 \| Page 4 |

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**Most Recent Changes** 

August 1, 2024

The RBC Global Asset Management (U.S.) Inc. ("RBC GAM-US") Code of Ethics ("Code of Ethics") message from leadership has been revised to reflect personnel changes to the Chief Executive Officer and President of RBC GAM-US positions.

**Summary and Rationale** 

The Securities and Exchange Commission ("SEC") requires registered investment advisers to establish, maintain and enforce a written code of ethics that includes, at a minimum, standards of business conduct, provisions requiring compliance with all applicable federal securities laws, and provisions requiring reporting of personal securities transactions and holdings. At RBC, consistent with our commitment to hold ourselves to the highest standards of integrity and to put our clients' needs above our own, whatever our role, we take these regulatory requirements very seriously. Our Values, RBC's Code of Conduct ("Code of Conduct"), and the Code of Ethics guide us and set expectations for our behavior.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. Applicable Regulations** 

<u>Section 204A, Investment Advisers Act of 1940, as amended ("Investment Advisers Act")</u> 

Section 204A of the Investment Advisers Act (*Prevention of misuse of nonpublic information*) requires investment advisers to establish, maintain, and enforce written policies and procedures reasonably designed to prevent the misuse of material, nonpublic information by such investment adviser or any person associated with such investment adviser, and provides for the adoption of rules and regulations requiring the same.

<u>Rule 204A-1 under the Investment Advisers Act</u> 

Rule 204A-1 under the Investment Advisers Act (*Investment adviser codes of ethics*) requires investment advisers to establish, maintain and enforce a written code of ethics that, at a minimum, includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Standards of business conduct reflecting fiduciary obligations of the investment adviser and those of its
supervised persons. <sup>1</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Provisions requiring compliance with applicable federal securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Provisions requiring all access persons to report, and for the investment adviser to review, their personal
securities transactions and holdings, at required intervals:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• No later than 10 days after becoming an access person, the information must be provided and be current as of a
date no more than 45 days prior to the date the person becomes an access person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• At least once every 12-month period, holdings information must be
reported and current as of a date no more than 45 days prior to the date the report was submitted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Transaction reports must be provided no later than 30 days after the end of each calendar quarter covering all
transactions during the quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Provisions requiring the preapproval of certain investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Provisions requiring supervised persons to report any code violations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Provisions requiring the investment adviser to provide each supervised person with a copy of the code of ethics
and any amendments, and requiring supervised persons to provide written acknowledgment of receipt.

<sup>1</sup> All Employees are deemed to be both supervised persons and Access Persons under the Rules.

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<u>Section 17(j) under the Investment Company Act of 1940, as amended ("Investment Company Act")</u> 

Section 17(j) under the Investment Company Act (*Transactions of certain affiliated persons and underwriters*) makes it unlawful for anyone affiliated with a registered investment company to engage in any act, practice, or course of business in connection with the purchase or sale, directly or indirectly, of any security held or to be acquired by such registered investment company as are fraudulent, deceptive or manipulative, and provides for the adoption of rules and regulations, including the adoption of codes of ethics, by registered investment companies and investment advisers of such investment companies.

<u>Rules 17j-1 under the Investment Company Act</u> 

Rule 17j-1 under the Investment Company Act (*Personal investment activities of investment company personnel*) requires every fund, and each investment adviser of every fund, to adopt a written code of ethics containing provisions reasonably necessary to prevent access persons from engaging in any conduct prohibited by the rules, and requires fund boards to approve the codes of ethics of each investment adviser and any material changes thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. Related Policies and Procedures** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>RBC Code of Conduct</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• RBC GAM-US Gifts and Entertainment Policies and Procedures

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• RBC GAM-US Material Nonpublic Information (MNPI) and Equity Research
Providers Policy

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• RBC GAM-US Outside Business Activities Policy

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• RBC GAM-US Political Contributions Policy

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• RBC Enterprise Conflicts of Interest Policy and Control Standards

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• RBC Enterprise-Wide Privacy & Security Policies

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• RBC Enterprise Personal Trading Standard

See <u>Definitions</u> for a description of capitalized terms used throughout the Code of Ethics.

**Scope** 

The Code of Ethics applies to all RBC GAM-US Access Persons. RBC GAM-US considers all of its Employees, including contractors and interns, to be Access Persons, with limited exceptions. In addition, certain employees of affiliates or otherwise related persons may be considered Access Persons when they are in receipt of or have access to nonpublic information regarding securities transactions or portfolio holdings in any client's account.

Understanding and complying with the Code of Ethics, the Code of Conduct, and other RBC Enterprise-wide policies, are conditions of employment. Violations may result in written warnings, cancellation of transactions, disgorgement of profits, fines, suspension or cancellation of personal trading privileges, suspension or termination of employment, or referral to criminal authorities (see <u>Violations</u>). If you are uncertain about how any provision of the Code of Ethics applies to you, please contact your manager or the Compliance Department.

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**Limited Exemptions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. RBC Exempt Individuals** 

Certain RBC GAM-US officers and/or directors ("RBC Executives") are not RBC GAM-US Employees and serve in such roles solely at the request of Royal Bank of Canada or its affiliates. If <u>all</u> of the following conditions apply <u>and</u> the RBC Executive certifies annually that they:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Have no day-to-day involvement
with RBC GAM-US.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Do not have an office on firm premises.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Do not make securities recommendations to RBC GAM-US clients or have
access to such nonpublic recommendations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Do not have access to nonpublic information regarding clients' purchase or sale of securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Do not have access to nonpublic information regarding clients' portfolio holdings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Are subject to another similar code, including Enterprise-wide policies related to trading RBC securities.

Then such RBC Executive will be exempt from the Code of Ethics ("RBC Exempt Individuals").

If any of the above conditions no longer apply, the RBC Executive shall immediately notify the Compliance Department. The Compliance Department will review the circumstances in order to determine whether the exempt status should remain in effect. While this determination is pending, the RBC Executive will not be permitted to engage in any personal securities transactions that would be subject to preclearance approval requirements.

The Compliance Department reserves the right to change an RBC Exempt Individual's status at any time for any reason.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. Extraordinary Exemptions** 

The Compliance Department may grant limited exemptions to certain requirements of the Code of Ethics in its sole discretion, where extraordinary circumstances warrant and the Compliance Department is satisfied that granting the exemption would not represent a breach of federal or state securities laws, a breach of the Firm's fiduciary obligations or undue risk to its clients or RBC GAM-US. All requests for such exemptions shall be in writing and the Compliance Department will maintain a written record of its response.

**Standards of Business Conduct** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. Values** 

As a part of One RBC, we are guided by our Values, which define what we stand for everywhere we do business and set the tone for our culture. Our Values are defined in RBC's <u>Code of Conduct</u>, which all Employees are required to read and understand. We each have a responsibility to be truthful, respect others, and comply with laws, regulations, and RBC's policies. At RBC, we bring our Values to life every day – continuing to earn the trust of RBC's clients and each other and ensuring our strong reputation for doing what's right.

All Employees are required to complete annual training on the RBC Code of Conduct. This required training is part of each Employee's Learning Plan in Workday.

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CLIENT FIRST: We will always earn the right to be our clients' first choice.

COLLABORATION: We win as One RBC.

ACCOUNTABILITY: We take ownership for personal and collective high performance.

DIVERSITY & INCLUSION: We embrace diversity for innovation and growth.

INTEGRITY: We hold ourselves to the highest standards to build trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. Compliance with Laws and Regulations** 

RBC GAM-US expects all Employees to respect and comply with all applicable federal and state securities laws and regulations. Employees are prohibited from any activity which directly or indirectly:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Defrauds a client in any manner.

&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;• Operates or would operate as a fraud or deceit on a client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Functions as a manipulative practice with respect to a client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Functions as a manipulative practice with respect to securities.

Breaking the law could result in civil, criminal and regulatory penalties, including fines, for RBC and the individual involved, as well as damage to both RBC's and the individual's reputation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. Conflicts of Interest** 

As a fiduciary and in accordance with our Values, our clients' interests will always come first above our own. All Employees must be watchful in terms of identifying situations that may present actual, potential (where there is a reasonable probability that an actual conflict will arise), or perceived conflicts of interest, if the perceived conflict could cause reputational damage to the Firm.

RBC GAM-US seeks to identify and appropriately manage all actual, potential or perceived conflicts between the Firm, Employees, affiliates, and clients. If you believe that a situation you encounter or an activity that you are involved in may present a conflict between your personal interests and a client's interests, or between the Firm's business interests and a client's interests, contact your manager or the Chief Compliance Officer ("CCO") for guidance.

Failure to disclose a potential or actual conflict of interest is a violation of the Code of Ethics and may result in disciplinary action, up to and including termination of employment. See <u>Violations</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4. Trading on Material Non-Public Information** 

From time to time, an Employee may have access to Material Non-Public Information ("MNPI") about a company, including RBC, or its clients. If you believe you have come into possession of MNPI, contact the Compliance Department immediately (or legal staff in the absence of Compliance staff), refrain from engaging in transactions or giving oral or written recommendations or advice related to the MNPI, and maintain the confidentiality of the information. It is a violation of federal securities law to trade on MNPI.

The preclearance requirements and rules contained in the Code of Ethics are designed to help prevent, detect and correct trading on MNPI.

Please see the RBC GAM-US Material Non-Public Information (MNPI) and Research Providers Policy for additional information to ensure you understand your compliance obligations.

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**Maintaining Accounts** 

These requirements apply to all accounts where an Access Person has a Beneficial Ownership Interest. An Access Person has a Beneficial Ownership Interest in an investment if the Access Person has or shares in the opportunity, directly or indirectly, to profit or share in the profits, regardless of the name in which the investment is held. Access Persons are assumed to have a Beneficial Ownership Interest in all Covered Accounts and Covered Investments held by Immediate Family Members, including accounts where the Access Person has discretionary control over the purchase or sale of Covered Investments, and interests in any partnerships, trusts or estates, or through a power-of-attorney.

Access Persons must promptly disclose all new accounts in the designated compliance reporting system as soon as the accounts are established, and in no event later than engaging in transactions in Covered Investments. Failure to disclose a Covered Account is a Violation of this Code of Ethics (see <u>Violations</u>).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. Designated Brokers** 

All Covered Accounts must be maintained with one of three Designated Brokers:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fidelity Investments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Charles Schwab & Co.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• RBC Wealth Management, a division of RBC Capital Markets, LLC ("RBCCM"), (or any RBC affiliate)

New Access Persons (with the exception of interns and contract workers) are required to transfer Covered Accounts to a Designated Broker within 30 days of commencement of employment or as soon thereafter as reasonably possible.

Access Persons are responsible for any costs associated with transferring accounts to a Designated Broker.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. Other Brokers** 

In certain circumstances, the Compliance Department may allow an account to be held with an outside broker (*e.g.*, a Third-Party Managed Account (see below)). If electronic feeds are not available from the outside broker, Access Persons must ensure that duplicate copies of account statements and broker trade confirmations are provided to the Compliance Department in accordance with the schedule set forth in <u>Reporting Requirements / Certifications</u>.<u> </u>

Access Persons may either complete an Outside Securities Account Preapproval Form in the designated compliance reporting system or contact the Compliance Department directly to seek preapproval to hold a Covered Account with a non-Designated Broker.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. Third-Party Managed Accounts** 

A Third-Party Managed Account is a Covered Account managed by a third-party manager who has investment management discretion regarding securities transactions pursuant an investment management or advisory agreement. In such an account, the account owner grants investment discretion to a third-party manager on a continuing basis. The account owner establishes the basic investment risk parameters and gives blanket authority to the third-party manager to trade in securities on his/her behalf without prior input or approval of individual transactions.

Subject to preapproval by Compliance, and as long as Access Persons or their Immediate Family Members are not exercising direct or indirect control over the account, Third-Party Managed Accounts will be monitored but exempt from preclearance requirements. Access Persons must provide the Compliance Department with a copy of the investment management agreement and make the following representations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The third-party manager's relationship to the account owner is an independent professional relationship
(versus friend or relative).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Access Person will not use the Third-Party Managed Account to circumvent the letter or spirit of the Code of
Ethics. This requirement includes but is not limited to the following:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Third-Party Managed Account will not purchase Private Investments without abiding by the procedures
established under the Code of Ethics to obtain preclearance approval. See Private Investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Third-Party Managed Account will not purchase initial public offerings or engage in other transactions
prohibited by this Code of Ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Access Person will not discuss with the investment manager or adviser any nonpublic information regarding any RBC
actual or contemplated transaction in securities or any of the Firm's nonpublic securities recommendations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In the event electronic feeds are not available from the broker, Access Person will arrange for duplicate
statements and broker trade confirmations to be provided to the Compliance Department.

If an Access Person suggests or directs a particular purchase or sale of securities in a Third-Party Managed Account, the Access Person must obtain preclearance approval for the transaction. However, if directing trades in any Third-Party Managed Account becomes more than a rare occurrence, and it appears Access Person is exercising direct or indirect control over the account, the account will be changed from a managed account to an account requiring preclearance.

Access Person will also be required to certify quarterly that they did not exercise direct or indirect influence or control over the Third-Party Managed Account (see <u>Reporting Requirements / Certifications)</u>.<u> </u>

The Compliance Department reserves the right to deny or revoke its approval of a Third-Party Managed Account at any time, for any reason.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4. Futures and Commodities Accounts** 

Futures and commodities accounts require preapproval by the Compliance Department. To request preapproval, an Access Person must either complete the Outside Securities Account Preapproval Form via the designated compliance reporting system, or contact the Compliance Department directly to seek preapproval. The Access Person shall provide whatever cooperation the Compliance Department requests in connection with its monitoring and oversight activities related to the Futures and commodities account.

RBC GAM-US is registered with the National Futures Association ("NFA") and is subject to Commodity Futures Trading Commission ("CFTC") rules, which requires Access Persons to obtain preapproval before opening commodities or futures accounts. Commodities or Futures accounts are generally maintained with R.J. O'Brien and OptionsXpress.

Failure to obtain preapproval of a Futures or commodities trading account is a violation of CFTC rules, as well as a violation of the Code of Ethics (see <u>Violations</u>).

**Trading Rules** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. Preclearance Requirements** 

Access Persons and their Immediate Family Members may not trade in a Covered Investment until the transaction has been preapproved ("precleared") through the designated compliance reporting system (or by email to a member of the Compliance Team in the event the system is unavailable). Obtaining preclearance approval does not relieve Access Person from conducting securities transactions in compliance with the other provisions of the Code of Ethics.

<u>Securities-Licensed Access Persons ("Registered Personnel") Only:</u> In addition to obtaining preclearance approval through the designated compliance reporting system, Registered Personnel are required to review the RBC Wealth Management Restricted Securities List prior to trading in any Covered Investment.

Trading in any security listed on the RBC Wealth Management restricted securities list by Registered Personnel during the restricted period is a material violation of the Code of Ethics (see <u>Violations)</u>.

Access Persons are not required to preclear the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Purchases or sales of open-end investment companies (including RBC
Managed Funds).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Purchases or sales of the following types of securities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exchange-Traded Funds (ETFs) (excludes single-security ETFs which must be precleared)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exchange-Traded Notes (ETNs)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• U.S. Government securities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Bankers' acceptances

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Bank certificates of deposit

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Commercial paper

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• High-quality short-term debt instruments (such as money market mutual funds)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Royal Bank Common Stock Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Transactions resulting from an Automatic Investment Plan in accordance with a predetermined schedule and
allocation, including a Dividend Reinvestment Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Transactions in preapproved Third-Party Managed Accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Stock gifts/donations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Transactions over which the Access Person has no control, such as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Changes in ownership positions related to corporate actions such as stock splits, stock dividends or other
similar actions by an issuer as well as purchases or sales of securities which are the result of a stock delivery or receipt upon assignment by a contra party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Purchases of securities effected upon exercise of rights issued by an issuer pro-rata to 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;• The expiration of an option contract or option exercise threshold that triggers an automatic exercise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. Any transaction in which the Compliance Department determines that the nature of the security traded or the
facts surrounding the transaction are sufficient to make preclearance unwarranted.

Preclearance approvals are good until the close of business/trading following the day the preclearance is granted. An Access Person must submit a new preclearance request for transactions not executed within the approval period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. Short-Term Trading** 

Access Persons and their Immediate Family Members are prohibited from **profiting** from the purchase and sale, or the sale and purchase, of the same Covered Investment within a 30-calendar-day period. This 30-day holding period requirement does not apply to transactions not subject to preclearance requirements. For purposes of this rule, a last-in, first-out ("LIFO") rule will be applied, matching any transaction with any opposite transaction within 30 days.

The purchase or sale of option contracts may not be used to circumvent the 30-day holding period requirement.

Exceptions may be granted in extraordinary circumstances. Any requests for an exception to the short-term trading restriction must be preapproved by the CCO (or designee).

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&nbsp;&nbsp;&nbsp;&nbsp; <br> **Selling at a loss**<br>The designated compliance reporting system is not able to determine whether a transaction will result in a profit or loss and will automatically deny a preclearance request for the sale of a Covered Investment held for less than 30 days. Prior to selling at a loss, an Access Person must first:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Complete a preclearance request in the designated compliance reporting system (which will be denied due to the 30-day rule).<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Provide a written explanation of the transaction to the Compliance Department.<br>If there are no other reasons for the preclearance denial (*e.g.*, Blackout Period prohibition), Access Person will be permitted to proceed with the transaction.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. Options Trading** 

An Option is a security which gives the investor the right, but not the obligation, to buy or sell a specific security at a specific price, within a specific time frame. An Access Person who buys/sells an option is deemed to have purchased/sold the underlying security when the option was purchased/sold.

&nbsp;&nbsp;&nbsp;&nbsp; <br> **Reminders**<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Access Persons must preclear the option ticker symbol, not the underlying symbol.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Preclearance is required when you engage in opening and closing Options transactions as well as when you exercise an option.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Preclearance is not required upon the expiration of an option contract or option exercise threshold that triggers an automatic exercise.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The purchase and/or sale of option contracts may not be used to circumvent the short-term trading restriction.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Options trading on RBC stock (RY) is prohibited.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4. Blackout Period Trading** 

Access Persons and their Immediate Family Members may not purchase or sell a Covered Investment if the same security has been purchased or sold in a portfolio managed by RBC GAM-US for seven calendar days before through seven calendar days after the portfolio trade date ("Blackout Period"). Preclearance requests for securities purchased or sold in a client account any time during the seven-day period preceding the preclearance request will be denied.

An Access Person's transaction will be flagged for review if there is a trade in the same security in a client portfolio within seven calendar days following the Access Person's trade date. The Compliance Department will investigate all such trades, including requiring the Access Person to submit a written explanation of the circumstances surrounding the transaction. If the Compliance Department is not satisfied that the Access Person effected the trade without knowledge of the impending RBC GAM-US managed portfolio transaction, the Access Person may be required to reverse the transaction, forfeit any resulting gains, and absorb any resulting financial and/or tax consequences (see <u>Violations</u>).

Access Persons' trades are cross-referenced against all client portfolio trades that occur during the Blackout Period to ensure there are no violations of the Blackout Period trading prohibition.

The "*De minimis*" exemption may apply to limit the application of the Blackout Period. Trades covered by the "*De minimis*" exemption must be precleared and are subject to all other requirements of the Code of Ethics. In addition, the following requirements must be met:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The transaction or aggregated transactions must be for the purchase or sale of 2,000 shares or less every 30
days. In the case of Options, the transaction must be for < 20 contracts.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The issuer of the securities must have a market capitalization of at least $1 billion. In the case of
Options, the underlying security must have a market capitalization of at least $1 billion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The transaction must be free from any actual, potential, or perceived conflicts of interest.

*De minimis* exemptions are generally not available to Investment Professionals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5. Private Investments** 

Private Placements or Limited Offerings ("Private Investments") include any investment in securities not executed through a securities market such as a stock exchange, automated quotation system or an over-the-counter market. Private Investments are exempt from registration under the Securities Act of 1933. Examples of Private Investments include but are not limited to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any securities obtained by prospectus exception, including tax shelter private investments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Private placements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Hedge funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Limited partnership investments or closely held corporations

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Income-producing real estate investments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Private investment opportunities offered by RBCCM or a previous employer

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• New offerings of unregistered securities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Investments in a private company (including family businesses, restaurants, consulting companies,
investment-based crowdfunding entities, etc.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Initial Coin Offerings ("ICOs"). Registered Personnel are prohibited from purchasing ICOs that may be
considered to be securities offerings.

An Access Person who owns Private Investments, whether held at the start of employment or acquired during their employment, may at any time be required to halt or divest in any and all transactions involving said Private Investments if potential or actual conflicts of interest arise.

Preapproval by both the Compliance Department and the Access Person's manager is required for initial and subsequent investments in all Private Investments. To request preapproval, Access Persons must complete and submit the Private Placement Preapproval Form in the designated compliance reporting system, and provide copies of the offering documents and subscription agreements, as applicable. Failure to seek preapproval for a Private Investment is a material violation of the Code of Ethics (see <u>Violations)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6. RBC Private Funds** 

Access Persons may not invest in Private Funds managed by RBC or any of its affiliates (including BlueBay alternative funds) unless the Access Person is directly involved in providing investment management services to the fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7. Royal Bank of Canada Securities** 

Access Persons are prohibited from trading in Options on Royal Bank of Canada (RY) securities. The only exception to this prohibition is for RBC affiliated company employees exercising Options in conjunction with a sale of their shares under an employee compensation plan, provided that settlement of the Options takes place within 10 days of the sale of the RBC shares. Certain RBC GAM-US directors or senior officers may also be subject to RBC Trading Windows.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8. Initial Public Offerings Prohibited** 

Access Persons and their Immediate Family Members are prohibited from participating in an Initial Public Offering ("IPO"). An IPO is an offering of securities registered under the Securities Act of 1933, the issuer of which, immediately before the registration, was not subject to the reporting requirements of sections 13 or 15(d) of the Securities Exchange Act of 1934.

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IPOs represent the same type of investment opportunity that may be considered on behalf of our clients. In addition, for Registered Personnel, participation in an IPO is prohibited under FINRA rules; this prohibition includes participation in an ICO that may be determined to be a securities offering

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9. Watch List or Restricted Securities** 

RBC GAM-US may from time to time, for a variety of reasons, identify issuers whose securities Access Persons are restricted from trading. If an issuer is on the Restricted List, no trading will be permitted. If an issuer is on the Watch List, trading may be approved, depending on the facts and circumstances surrounding the request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10. Frequent / Unusual Trading Activity.** 

Frequent trading activity is strongly discouraged. Access Persons' main focus should be on client interests and other work duties. Although no set limit of trades during a period of time is expressly stated, Access Persons should understand that frequent trading activity which is deemed excessive will be escalated to the Access Person's manager. The Compliance Department may also monitor patterns of personal trading activity and may require additional information from an Access Person with respect to a specific trade or series of transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11. Compliance Department Personnel Trades** 

Compliance Department personnel are not permitted to review or assess compliance with the Code of Ethics as it relates to their own personal trading activities. The CCO is responsible for administering the Code of Ethics with respect to personal trading activities of the compliance Employee who has been delegated with the responsibility for administering the Code of Ethics. The CCO's personal trading activity in Covered Investments is reported to the Compliance Committee quarterly.

**Reporting Requirements / Certifications** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. Covered Accounts** 

Covered Accounts include all brokerage or other investment accounts that can transact in Covered Investments, and where Access Persons and their Immediate Family Members have direct or indirect influence or control or Beneficial Ownership Interest, including interests in any partnerships, trusts or estates (see separate RBC GAM-US Outside Business Activities Policy for disclosure and approval requirements for partnerships, trusts and estates).

Access Persons must promptly disclose all new Covered Accounts in the designated compliance reporting system. All new Covered Accounts must be opened with a Designated Broker, unless preapproved by the Compliance Department. Failure to promptly disclose new Covered Accounts is a violation of the Code of Ethics (see <u>Violations)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. Initial Certifications** 

Within 10 calendar days of the start of employment, or any other occurrence that results in an individual being deemed an Access Person (*e.g.*, when certain employees of affiliates or otherwise related persons gain access to RBC GAM-US pre-execution trading activity and nonpublic holdings information), the Access Person is required to disclose all Covered Accounts and Covered Investments and provide the Compliance Department with electronic or paper statements dated within 45 days of becoming an Access Person. Each Access Person is responsible for entering initial holdings information manually into the designated compliance reporting system, if holdings are not automatically captured by an electronic feed.

In addition, each new Access Person is required to complete initial certifications confirming the accuracy of the holdings and account information disclosed, understanding of Code requirements, disclosure of outside business activities, and other disclosures, within 10 calendar days of becoming an Access Person.

Failure to disclose all Covered Accounts and holdings within 10 days of becoming an Access Person, with electronic or paper statements current as of a date no more than 45 days prior to the date the person becomes an Access Person, is a regulatory violation as well as a violation of the Code of Ethics (see <u>Violations)</u>.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. Quarterly Certifications** 

Access Persons must certify via the designated compliance reporting system quarterly that they have complied with all Code of Ethics requirements, including but not limited to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any personal securities transactions have been precleared as required by the Code of Ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Access Person has complied with the Code of Conduct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• All new accounts have been properly disclosed in the designated compliance reporting system. Access Persons are
required to complete a separate Quarterly Broker Account Report in the designated compliance reporting system confirming the accuracy of all accounts disclosed in the system and, if applicable, that all required statements have been provided to the
Compliance Department.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If Access Person is the beneficiary of any third-party managed account, beneficiary trust, or named as a
successor trustee:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• At no time did Access Person direct the trustee or third-party manager to make any particular purchases or sales
of securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• At no time did Access Person consult with the trustee or third-party manager as to the particular allocation of
investments to be made in said account(s) during the quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If applicable, all outside business activities, including modifications to existing approved activities, have
been reported to and approved by the Compliance Department and the Employee's manager.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Access Person has not been in receipt of MNPI, except as disclosed to the Compliance and Legal Departments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Employee has complied with the Political Contributions Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If applicable, any Code of Ethics violations made by the Access Person or the Access Person's Immediate
Family Member(s) have been brought to the attention of the Compliance Department.

Access Persons will be notified by the Compliance Department when quarterly certifications are due. Failure to complete the quarterly certifications before the deadline prescribed by the Compliance Department (absent extenuating circumstances such as a leave of absence) may be considered a violation of the Code (see <u>Violations)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4. Quarterly Transaction Reports** 

Within 30 calendar days after the end of each quarter, Access Persons are required to provide statements that identify all transactions in Covered Investments during the quarter ("Transaction Reports"). Access Persons do not need to facilitate the request to forward quarterly Transaction Reports to the Compliance Department if any one of the following conditions are met:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Access Person maintains Covered Accounts with a Designated Broker (the Compliance Department is able to obtain
electronic feeds through the designated compliance reporting system on these accounts).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Access Person has obtained preapproval from the Compliance Department and previously arranged to have the
required statements and broker confirms sent directly to the Compliance Department.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Compliance Department is receiving electronic feeds on the account(s) through the designated compliance
reporting system.

Failure to provide Transaction Reports within 30 days after the end of each quarter is a regulatory violation as well as a violation of the Code of Ethics (see <u>Violations)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5. Annual Holdings Report** 

At least once each 12-month period, with information current as of a date no more than 45 days prior to the date the report was submitted, Access Persons must submit a holdings report ("Annual Holdings Report") containing the following information.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The title and type of security, and as applicable the exchange ticket symbol or CUSIP number, number of shares,
and principal amount of each reportable security in which the Access Person has any direct or indirect Beneficial Ownership Interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The name of any broker, dealer or bank with which the Access Person maintains an account in which any securities
are held.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The date the Access Person submits the report.

**Exceptions:** Access Persons do not need to include securities that do not require preclearance on the Annual Holdings Report (*e.g.*, mutual funds or ETFs); provided, however, any fund for which RBC GAM-US serves as an investment adviser ("RBC Managed Funds") must be disclosed.

Currently, the Annual Holdings Report is required to be completed at the end of the third calendar quarter (September 30) through the designated compliance reporting system.

Failure to provide an Annual Holdings Report with information current as of a date no more than 45 days prior to the date the report is required is a regulatory violation as well as a violation of the Code of Ethics (see <u>Violations)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6. Intern Certifications** 

Intern Employees who will be with RBC GAM-US for less than one quarter and who will not be given access to non-public trading or holdings (*i.e.*, Intern Employees who are not considered Access Persons) may be required to complete initial and final certifications in lieu of the reporting and certification requirements described herein. The Compliance Department will provide training to Intern Employees not considered Access Persons in order to reinforce expectations and applicable policies and procedures. Intern Employees will not be required to transfer existing Covered Accounts to one of our Designated Brokers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7. Access Persons with Affiliate Entity Reporting Requirements and RBC Exempt Individuals** 

The Compliance Department may utilize the reports an Access Person provides to an affiliated entity to satisfy certain reporting requirements when the Access Person is subject to a Code of Ethics and reporting requirements for the affiliated entity with similar or more stringent reporting requirements.

RBC Exempt Individuals are required to make annual representations confirming the conditions of their exempt status as described above (see Limited Exemptions).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8. Compliance Committee and Client Reporting** 

The CCO shall report on the Compliance Department's monitoring and other related activities to the Compliance Committee and as requested by clients. The following will be reported quarterly:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Anticipated or recommended changes to the Code of Ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A written summary of all violations and any other significant information concerning application of the Code of
Ethics.

The following will be reported upon client request:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Certification that RBC GAM-US has adopted procedures reasonably necessary
to prevent Access Persons from violating the Code of Ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Summary of Code of Ethics violations.

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**Violations** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. Reporting Violations** 

Employees are required to report any violations of this Code of Ethics promptly, whether by Employee or others, to the Compliance Department. The Compliance Department will conduct a thorough review, including contacting the Employee for additional information, and conferring with the Employee's manager, where appropriate, in order to determine whether the violation is material, and whether any disciplinary or remedial actions need to be taken.

An Employee deemed in violation of the Code of Ethics will have the opportunity to respond to all charges and a written record will be maintained, along with any remedial action taken.

RBC GAM-US may report Code of Ethics violations to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• RBC GAM-US Senior Management

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• RBC GAM-US Board of Directors

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• RBC Funds Board

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Clients

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Prospective Clients

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• SEC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. Information Barrier Violations** 

RBC GAM-US maintains informational barriers and other reasonably designed controls to ensure that it conducts its business in accordance with its fiduciary obligations to clients and in compliance with all federal and state securities laws. All Employees share this responsibility. Any Employee who believes that there has been a violation of the Code of Ethics, any other Firm policy or procedure, or any applicable aspect of the federal or state securities laws or their related rules, must report the violation promptly to the CCO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. Non-Material Violations** 

If a violation is deemed to be non-material, a disciplinary communication will be sent to the Employee, with a copy to the Employee's manager. The Employee will be required to review the Code of Ethics requirements and respond to the communication acknowledging completion of the review and compliance going forward. Examples of non-material violations include but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• First inadvertent preclearance violation involving a transaction that would have been approved if preclearance
had been sought.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Possibly* failure to identify a personal securities account (such as rollovers, direct accounts, HSAs with
brokerage link and other non-traditional securities accounts) with the *ability* to trade securities (only if no securities have been transacted). This is a facts and circumstances situation. If
circumstances warrant a non-material determination, it will be a one-time-only exception.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Failure to complete required quarterly and annual certifications, absent extenuating circumstances, within the
time period prescribed by the Compliance Department.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Repeated administrative errors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4. Material Violations** 

If a violation represents a second or subsequent non-material violation, or if it is an initial violation deemed material, disciplinary or remedial measures may be taken as described below. Examples of material violations include but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A deliberate attempt to violate the Code of Ethics.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• First inadvertent preclearance violation if the transactions would not have been approved if preclearance had
been sought.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Repeated preclearance violations (even if the transaction would otherwise have been approved).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Failure to identify personal securities accounts in which securities had been transacted (regardless of whether
the transaction would have been approved).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Failure to obtain preapproval for a Private Investment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Failure to report an actual or potential conflict of interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Certain Blackout Period violations by Investment Professionals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Failure to obtain preapproval of a Futures or commodities trading account, in violation of CFTC rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Registered Personnel only:</u> Trading in any security listed on the RBC Wealth Management restricted
securities list during the restricted period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Failure to comply with all applicable federal and state securities laws and regulations.

Employees are expected to know and understand all Code requirements. Failure to comply with any Code requirement may be considered a material or non-material violation, as determined by the Compliance Department, and subject to disciplinary or remedial measures, including but not limited to termination of employment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5. Observations** 

If an Access Person makes repeated administrative errors such as preclearing in the wrong account, preclearing the wrong direction (*e.g.*, entering a buy instead of a sell) or makes other repeated input errors that cause transactions to be flagged in the designated compliance reporting system, disciplinary or remedial measures may be taken as described herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6. Disciplinary or Remedial Measures** 

Disciplinary or remedial measures may include but are not limited to any one or more of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Additional training

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Disgorgement of profits

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Trade reversals

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Trade restrictions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Salary reduction or monetary fine

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Suspension or termination of employment

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Referral to criminal authorities where appropriate

Employee's manager will be notified of all Code violations and any disciplinary or remedial actions taken. All repercussions beyond a disciplinary communication will be determined by the CCO in conjunction with the Employee's manager, or, where appropriate, the President of RBC GAM-US.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7. Donation of Proceeds** 

If an Access Person is required to disgorge profits, the proceeds shall be donated to the Ronald McDonald House Charities, or such charitable organization that may be approved by the Compliance Committee.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8. No Liability for Losses** 

RBC GAM-US and its affiliates will not be liable for any losses incurred or profits avoided by any Access Person resulting from the implementation or enforcement of the Code of Ethics. Access Persons must understand that their ability to buy and sell investments may be limited and that RBC GAM-US's trading activity may affect when an Access Person can buy or sell a particular security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9. Confidentiality / Reporting Misconduct** 

As noted above, Employees are required to report any violations of this Code of Ethics promptly, whether by Employee or others, to the Compliance Department. We all have a responsibility to report misconduct. RBC GAM-US strives to create an atmosphere that encourages the good faith reporting of suspected violations. Accordingly, senior management will take great care to protect the identity of Employees who report suspected violations. Employees may ask the CCO to meet outside of RBC GAM-US offices or to discuss a suspected violation via phone away from the office and outside of regular business hours.

We are guided by our Values to act with integrity and to always do the right thing, and are committed to creating an environment where Employees feel safe reporting in good faith any breaches, misconduct, suspicious or deceptive activities directly to the Chief Compliance Officer or other senior management. Please see GAMspace > Employee Resources > <u>Reporting Misconduct</u> for additional resources available to you. All good faith reports are taken seriously and investigated promptly and thoroughly, as appropriate, and retaliation is prohibited.

**Training** 

The Compliance Department provides initial training to all Access Persons and periodic training throughout the year, and keeps records of all training conducted.

**Recordkeeping** 

Records Required to Be Kept for Seven Years (minimum two years on-site):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• All initial and annual holdings reports.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• All transaction confirmations and quarterly account statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A copy of the Code of Ethics currently in effect and any previous versions of the Code of Ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A record of any violation of the Code of Ethics and of any action taken as a result of the violation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• All acknowledgements of the Code of Ethics for each person who is currently, or within the past seven years was,
an Employee of RBC GAM-US or otherwise is or was considered an "Access Person".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A list of persons who are currently, or within the past seven years were considered Access Persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• All records pertaining to training of the Code of Ethics, including new Access Person training and training
related to Code amendments, including who attended, when it was provided and what was covered.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• All records relating to the approval of Third-Party Managed Accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A list of persons who are currently, or within the past seven years were, considered an RBC Executive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• All records related to the granting of exemptions to the Code of Ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• All records documenting the annual review of the Code of Ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• All records of preclearance requests and the responses thereto.

**Disclosure** 

Form ADV Part 2A requires RBC GAM-US to describe its Code of Ethics and make it available to clients and potential clients.

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**Ownership** 

This document is maintained by the Chief Compliance Officer.

**Review Schedule** 

At least annually, the Code of Ethics and relevant policies and procedures will be reviewed for accuracy and effectiveness.

**Approval Date and Revisions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• August 1, 2024

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• December 8, 2023

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• November 22, 2022

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• April 8, 2022

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• September 17, 2020

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• November 1, 2018

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• October 18, 2017

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• October 19, 2016

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• September 9, 2015

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• September 5, 2014

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• August 22, 2013

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• August 1, 2012

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• February 14, 2012

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• September 6, 2011

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• January 1, 2010

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• December 18, 2009

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• October 6, 2008

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• December 13, 2007 (Code of Ethics original approval date)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• October 3, 2004 (Guidelines Regarding Insider Trading originally approved October 3, 2004, amended
December 12, 2005, and incorporated into the Code on December 18, 2009)

Any amendments to the Code of Ethics will be provided to Access Persons who will be required to acknowledge receipt and understanding of Code requirements.

**Definitions** 

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| **Access Person** | RBC GAM-US considers all of its Employees, directors and officers to be Access Persons, with limited exceptions (see <u>Limited Exemptions</u>). In addition, certain employees of affiliates or otherwise related persons may be considered Access Persons when they are in receipt of or have access to nonpublic information regarding securities transactions or portfolio holdings in any client's account.<br>|
|  | <br> Access Person may also include any other persons who the CCO determines to treat as Access Persons because of their status, the functions they perform, or the information they obtain or have the ability to access.<br>|

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| **American Depositary Receipt (ADR)** | A negotiable certificate issued by a U.S. bank representing a specified number of shares in a foreign company's stock. ADRs trade on American stock exchanges. |

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Preclearance Required

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| **Automatic Investment Plan** | A program in which regular periodic purchases (or withdrawals) are made automatically to/from investment accounts in accordance with a predetermined schedule and allocation. |
| Reporting Not Required | Examples include dividend reinvestment plans and direct stock purchase plans. |

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| **Beneficial Ownership Interest** | An Access Person has a Beneficial Ownership Interest in an investment if the Access Person has or shares in the opportunity, directly or indirectly, to profit or share in the profits, regardless of the name in which the investment is held.<br>Access Persons are assumed to have a Beneficial Ownership Interest in all Covered Accounts and Covered Investments held by Immediate Family Members (defined below); and in any Covered Account where the Access Person has discretionary control over the purchase or sale of Covered Investments; and any partnerships, trusts or estates (see separate RBC GAM-US Outside Business Activities Policy for disclosure and approval requirements for partnerships, trusts and estates). |

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| **Blackout Period** | The Blackout Period encompasses seven calendar days before through seven calendar days after a security is purchased or sold in a portfolio managed by RBC GAM-US. |

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| **CCO** | RBC GAM-US's Chief Compliance Officer. |

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| **Closed-End Fund**<br>Preclearance Required | A closed-end fund is a portfolio of pooled assets that raises a fixed amount of capital through an IPO and then lists shares for trade on a stock exchange. After all the shares sell, the offering is closed and no new shares are issued; the shares trade like stocks. |

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| **Covered Accounts**<br>Reporting Required | All brokerage or other investment accounts that can transact in Covered Investments and where Access Persons and their Immediate Family Members have direct or indirect influence or control or Beneficial Ownership Interest, including interests in any partnerships, trusts or estates (see separate Outside Business Activities Policies and Procedures for disclosure and approval requirements for partnerships, trusts and estates). |

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| **Covered Investments**<br>Preclearance Required | Investments in securities, broadly defined to include all types of equity and debt investments (including investments in a related security, such as an option or closed-end mutual funds). See Covered Investments Exceptions for a list of securities not included in Covered Investments. |

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| **Covered Investments Exceptions**<br>Preclearance Not Required | The following securities are excluded from the definition of Covered Investments and do not require preclearance:<br>• Exchange-Traded Funds (ETF) (except single-security ETFs, which must be precleared)<br>• Exchange-Traded Notes (ETN)<br>• U.S. government securities<br>• Bankers' acceptances<br>• Bank certificates of deposit<br>• Commercial paper<br>• High-quality short-term debt instruments (such as money market mutual funds)<br>• Royal Bank Common Stock Fund<br>• Registered investment companies (mutual funds) that are open-ended, including RBC Managed Funds.<sup>2</sup><br>If changes to this list occur between updates to the Code of Ethics, the Compliance Department will communicate such changes in writing to all Access Persons. |

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| **Cryptocurrency**<br>Preclearance Not Required | A digital or virtual currency secured by cryptography. Many cryptocurrencies are decentralized networks based on blockchain technology. |

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| ***De minimis***<br> **exemption** | The "*de minimis*" exemption may apply to limit the application of the Blackout Period. Trades covered by the "*de minimis*" exemption must be precleared and are subject to all other requirements of the Code of Ethics. See Blackout Period Trading.<br>|
|  | <br> *De minimis* exemptions are generally not available to Access Persons who qualify as Investment Professionals.<br>|

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| **Designated Brokers** | RBC GAM-US approved broker-dealers:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fidelity Investments<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Charles Schwab & Company<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• RBC Wealth Management, a division of RBC Capital Markets, LLC (or any RBC affiliate) |

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| **Dividend Reinvestment Plan**<br>Reporting Not Required | A type of automatic investment plan that allows investors to reinvest their cash dividends into additional shares or fractional shares on the dividend payment date.<br>See also Automatic Investment Plan. |

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| **Employee** | All RBC GAM-US Employees, including contract workers/consultants, and interns. |

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<sup>2</sup> Preclearance approval is not required for opened-ended mutual funds, but all mutual funds where RBC is either the adviser or sub-adviser must be disclosed in the designated compliance reporting system.

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| **Designated Compliance Reporting System** | The "designated compliance reporting system" is the system RBC GAM-US uses to administer the Code of Ethics; In addition to automating compliance with personal trading requirements, the designated compliance reporting system is also used for approval of outside business activities, political contributions, private securities transactions; various disclosures, including gifts and entertainment disclosures; and periodic certifications.<br>The designated compliance reporting system is subject to change from time to time, and all Access Persons will be notified accordingly, with training provided, as needed. |

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| **Employee Stock Purchase Plans**<br>Reporting and Preclearance Required (if stock is held in brokerage)<br>Reporting and preclearance not required (if stock is held with employer) | A company-run program in which participating employees can purchase company stock at a discounted price. The company stock is held in a brokerage account or with a transfer agent. |

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| **Exchange-Traded Fund (ETF)**<br>Preclearance Not Required (excludes single-security ETFs which must be precleared) | A type of security similar to a mutual fund that involves a collection of securities, such as stocks, that often track an underlying index. ETFs include those organized as open-end investment companies and those organized as unit investment trusts.<br>|
| **Exchange-Traded Fund (ETF)**<br>Preclearance Not Required (excludes single-security ETFs which must be precleared) | <br> Single-security or single stock ETFs, do not involve a collection of securities; rather, they track just a single stock but employ derivatives contracts to provide leveraged and/or inverse returns. ***Single-security ETFs must be precleared.***<br>|

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| **Exchange-Traded Note (ETN)**<br>Preclearance Not Required | A type of unsecured debt security, similar to bonds, that tracks an underlying index of securities. |

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| **Futures ! Commodities Contracts ! Accounts**<br>Compliance Preapproval Required | A futures contract requires a buyer to purchase assets, and a seller to sell them, on a specific future date, unless the holder's position is closed before the expiration date.<br>|
| **Futures ! Commodities Contracts ! Accounts**<br>Compliance Preapproval Required | <br> RBC GAM-US is registered with the National Futures Association and is subject to its rules, which requires Access Persons to obtain preapproval before opening a commodities or futures account.<br>|

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| **Initial Coin Offering (ICO)**<br>Compliance Preapproval Required | An Initial Coin Offering (ICO) is the cryptocurrency industry's equivalent to an IPO. A company seeking to raise money to create a new coin, app or service can launch an ICO as a way to raise funds. Depending on the facts and circumstances of each individual ICO, the virtual coins or tokens that are offered or sold may be securities.<br>Registered Personnel are prohibited from participating in an ICO that may be considered to be a securities offering. |

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| ![LOGO](g937830g35p79.jpg) | <br> RBC GAM-US Code of Ethics \| August 1, 2024 \| Page 23 |

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| **Immediate Family Member** | Generally, any relative by blood, adoption or marriage living in the Access Person's household, any domestic partner, and, whether or not living in the Access Person's household, any other relative with respect to whose investments the Access Person has influence or control. |

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| **Index Fund**<br>Preclearance Not Required | A type of mutual fund with a portfolio constructed to match or track the components of a financial market index, such as the Standard & Poor's 500 Index (S&P 500). |

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| **Initial Public Offering (IPO)**<br>Prohibited | An IPO is a company's first sale of stock to the public. An IPO refers to the process of offering shares of a private company to the public in a new stock issuance in order to raise capital. IPOs are usually underwritten by one or more investment banks. |

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| **Investment Professional** | Access Persons involved in security selection, research or trading, or function as a portfolio manager (investment decision-making role). Based on their roles, these Access Persons may be in receipt of material non-public information ("MNPI"). |

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| **Investment Club**<br>Prohibited | A group of individuals who pool their money to make investments. Investment clubs are usually organized as partnerships and, after the members study different investments, the group decides to buy or sell based on a majority vote of the members.<br>|
| **Investment Club**<br>Prohibited | Due to the high risks associated with accessing and sharing confidential, proprietary and material non-public information, Access Persons and their Immediate Family Members are prohibited from participating in Investment Clubs.<br>|

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| **Limited Offering**<br>Compliance Preapproval Required | See Private Investments. |

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| **Monitored Employees** | Monitored Employees are (1) Reporting insiders (2) pre-clearing officers (3) executive officers of RBC, and (4) other employees who are selected by RBC to be monitored because they may acquire inside information about RBC (RBC access employees) or any other reporting issuer (other access employees) in the ordinary course of business. Using a risk based analysis; some employees with no ordinary course access are classified as monitored employees due to their position and level of responsibilities. Monitored Employees are also subject to the RBC Enterprise-Wide Personal Trading Policy.<br>|
| **Monitored Employees** | All Monitored Employees who retire or leave RBC, or transfer to another role that does not require monitoring, must continue to adhere to personal trading restrictions for 90 days following their departure, including the Trading Window restrictions where appropriate.<br>|

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| ![LOGO](g937830g35p79.jpg) | <br> RBC GAM-US Code of Ethics \| August 1, 2024 \| Page 24 |

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| **MNPI (Material Non- Public Information)** | Any information for which there is a substantial likelihood that a reasonable investor would consider it important in making an investment decision or information that is reasonably certain to have a substantial effect on the price of a company's securities which has not been disseminated to the general public.<br>|
| **MNPI (Material Non- Public Information)** | Please refer to the RBC GAM-US Material Non-Public Information (MNPI) and Research Providers Policy for additional information.<br>|

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| **Municipal Bonds**<br>Preclearance Required | Municipal bonds are debt securities issued by state and local governments used to fund public works projects. |

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| **Open-End Mutual Fund**<br>Preclearance Not Required | An open-end mutual fund (also known as a registered investment company) is a mutual fund that issues new shares when people invest in it and buys back old shares when investors want to redeem them.<br>|
| **Open-End Mutual Fund**<br>Preclearance Not Required | RBC mutual funds do not require preclearance but must be disclosed in the designated compliance reporting system.<br>|

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| **Options**<br>Preclearance Required | Options are a derivative form of investment based on the value of an underlying security. Options give the investor the right, but not the obligation, to buy or sell a specific security at a specific price within a specific time frame. |

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| **Private Funds**<br>Compliance Preapproval Required | Private Funds are pooled investment vehicles excluded from the definition of investment company under the Investment Company Act of 1940, as amended, by Sections 3(c)(1) or 3(c)(7).<br>|
| **Private Funds**<br>Compliance Preapproval Required | Access Persons may not invest in Private Funds managed by RBC or any of its affiliates (including BlueBay alternative funds) unless the Access Person is directly involved in providing investment management services to that fund.<br>|

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|:---|:---|
| ![LOGO](g937830g35p79.jpg) | <br> RBC GAM-US Code of Ethics \| August 1, 2024 \| Page 25 |

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| **Private Investments**<br>Compliance Preapproval Required | Private Investments (also known as private placements or limited offerings) include any investment in securities which are not executed through a securities market such as a stock exchange, automated quotation system or an over-the-counter market. Examples of Private Investments include but are not limited to the following:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any securities obtained by prospectus exception, including tax shelter private investments<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Private placements<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Hedge funds<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Limited partnership investments or closely held corporations<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Income-producing real estate investments<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Private investment opportunities offered by a previous employer<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• New offerings of unregistered securities<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Investments in a private company (including family businesses, restaurants, consulting companies, investment-based crowdfunding entities, etc.)<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Initial coin offerings (ICOs). Registered Personnel are prohibited from participating in ICOs that may be considered to be securities offerings. |

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| **Private Placement**<br>Compliance Preapproval Required<br>| See Private Investments. |

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| **RBC** | Royal Bank of Canada |

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| **RBC Code of Conduct** | The <u>Code of Conduct</u> guides us and sets expectations for our behavior and decision-making. It applies to all RBC Employees, contract workers, interns, and members of the board of directors of RBC and all of its subsidiaries.<br>|
| **RBC Code of Conduct** | Understanding and complying with the Code of Conduct is a condition of employment.<br>|

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| **RBC Executive** | Any personnel listed in Part 1 of RBC GAM-US's most current Form ADV, Schedule A, Direct Owners and Executive Officers. |

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| **RBC GAM-US / Firm** | RBC Global Asset Management (U.S.) Inc. |

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| **RBC Managed Funds**<br>Reporting Required | Mutual funds where RBC is either the adviser or sub-adviser |

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| **Reportable Investments**<br>Reporting Required | Securities that must be reported in the designated reporting system but do not require preclearance, such as RBC Managed Funds and futures contracts. |

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| ![LOGO](g937830g35p79.jpg) | <br> RBC GAM-US Code of Ethics \| August 1, 2024 \| Page 26 |

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| **Third-Party Managed Accounts**<br>Compliance Preapproval Required | A Third-Party Managed Account is an account managed by a third-party manager who has investment management discretion regarding securities transactions pursuant an investment management or advisory agreement where the Access Person relinquishes direct or indirect influence or control over the account to the third-party manager. |

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| **Trading Window** | Periods of time set by calendar dates when trading in RBC Securities by Monitored Employees is either permitted ("open trading window") or prohibited ("closed trading window"). Such dates are set in advance by senior management based on the planned public release of RBC financial information. |

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| **Unit Investment Trust**<br>Preclearance Not Required | A Unit Investment Trust ("UIT") is an investment company that offers a fixed portfolio, generally of stocks and bonds, as redeemable units to investors. Some ETFs are structured as UITs. A UIT is not actively managed. |

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|:---|:---|
| ![LOGO](g937830g35p79.jpg) | <br> RBC GAM-US Code of Ethics \| August 1, 2024 \| Page 27 |

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| **Exhibit A – Quick Reference Guide** | Quick Reference Guide Last Updated December 8, 2023 |

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|:---|:---|:---|:---|:---|
| **REPORTING REQUIREMENTS** | **REPORTING REQUIREMENTS** | **PRECLEARANCE REQUIREMENTS** | **PRECLEARANCE REQUIREMENTS** | **COMPLIANCE REMINDERS** |
| **<u>Report in Designated Compliance Reporting System</u>**<br>&nbsp;&nbsp;&nbsp;&nbsp;• All brokerage accounts held by you and your Immediate Family Members sharing the same household (preapproval required for non-Designated Brokers)<br>&nbsp;&nbsp;&nbsp;&nbsp;• Employee stock purchase plans (stock held in brokerage account)<br>&nbsp;&nbsp;&nbsp;&nbsp;• Futures / commodities trading accounts (preapproval required)<br>&nbsp;&nbsp;&nbsp;&nbsp;• Health savings accounts (with brokerage link)<br>&nbsp;&nbsp;&nbsp;&nbsp;• Mutual funds where by RBC GAM-US is the adviser or sub-adviser<br>&nbsp;&nbsp;&nbsp;&nbsp;• Private Investments (preapproval required)<br>&nbsp;&nbsp;&nbsp;&nbsp;• Stock held at Transfer Agent<br>&nbsp;&nbsp;&nbsp;&nbsp;• Third-Party Managed Accounts (preapproval required)<br>&nbsp;&nbsp;&nbsp;&nbsp;• Trust accounts benefitting Access Person or where Access Person is Trustee or Co-Trustee | **<u>Reporting Not Required</u>**<br>&nbsp;&nbsp;&nbsp;&nbsp;• 401(k)s, 403(b)s or employer- directed pension accounts<br>&nbsp;&nbsp;&nbsp;&nbsp;• 529 Plans<br>&nbsp;&nbsp;&nbsp;&nbsp;• Automatic Investment Plans<br>&nbsp;&nbsp;&nbsp;&nbsp;• Bank Savings Accounts<br>&nbsp;&nbsp;&nbsp;&nbsp;• Bank Certificates of Deposit<br>&nbsp;&nbsp;&nbsp;&nbsp;• Cryptocurrencies in non- brokerage accounts<br>&nbsp;&nbsp;&nbsp;&nbsp;• Dividend Reinvestment Plans<br>&nbsp;&nbsp;&nbsp;&nbsp;• Employee stock purchase plans (stock held with employer)<br>&nbsp;&nbsp;&nbsp;&nbsp;• Health savings accounts (no brokerage link)<br>&nbsp;&nbsp;&nbsp;&nbsp;• Index funds<br>&nbsp;&nbsp;&nbsp;&nbsp;• Life insurance policies<br>&nbsp;&nbsp;&nbsp;&nbsp;• Money market funds<br>&nbsp;&nbsp;&nbsp;&nbsp;• Mutual funds not managed by RBC GAM-US<br>&nbsp;&nbsp;&nbsp;&nbsp;• Variable and fixed annuities | **<u>Preclearance Required</u>**<br>&nbsp;&nbsp;&nbsp;&nbsp;• American depositary receipt (ADR)<br>&nbsp;&nbsp;&nbsp;&nbsp;• Common and Preferred Stock<br>&nbsp;&nbsp;&nbsp;&nbsp;• Corporate Bonds<br>&nbsp;&nbsp;&nbsp;&nbsp;• Convertible Bonds<br>&nbsp;&nbsp;&nbsp;&nbsp;• Municipal Bonds<br>&nbsp;&nbsp;&nbsp;&nbsp;• Mutual funds – closed-end<br>&nbsp;&nbsp;&nbsp;&nbsp;• Options (opening, closing and exercising)<br>&nbsp;&nbsp;&nbsp;&nbsp;• Private Funds (see Prohibitions)<br>&nbsp;&nbsp;&nbsp;&nbsp;• Private placement investments (preapproval required for initial / subsequent investments)<br>&nbsp;&nbsp;&nbsp;&nbsp;• Royal Bank of Canada (RY) stock<br>&nbsp;&nbsp;&nbsp;&nbsp;• Rights and warrants (exercised<br>&nbsp;&nbsp;&nbsp;&nbsp;• Single-Security Exchange-Traded Funds (ETFs)<br>**<u>Approval Period</u>**<br>Preclearance approval is good until the close of business/trading following the day the preclearance is granted.<br>**<u>Registered Personnel</u>**<br>Registered Personnel must also review the RBC Capital Markets Restricted List prior to executing trades in personal accounts. | **<u>Preclearance Not Required</u>**<br>&nbsp;&nbsp;&nbsp;&nbsp;• Automatic Investment Plans<br>&nbsp;&nbsp;&nbsp;&nbsp;• Certificates of Deposit<br>&nbsp;&nbsp;&nbsp;&nbsp;• Cryptocurrencies<br>&nbsp;&nbsp;&nbsp;&nbsp;• Dividend Reinvestment Plans<br>&nbsp;&nbsp;&nbsp;&nbsp;• Exchange-Traded Funds (ETFs) (excludes single-security ETFs which must be precleared)<br>&nbsp;&nbsp;&nbsp;&nbsp;• Exchange-Traded Notes (ETNs)<br>&nbsp;&nbsp;&nbsp;&nbsp;• Futures / Commodities trading (preapproval of account required)<br>&nbsp;&nbsp;&nbsp;&nbsp;• Index funds (e.g., S&P 500)<br>&nbsp;&nbsp;&nbsp;&nbsp;• Money market funds<br>&nbsp;&nbsp;&nbsp;&nbsp;• Mutual funds – open-end<br>&nbsp;&nbsp;&nbsp;&nbsp;• Third-Party Managed Account transactions (preapproval required)<br>&nbsp;&nbsp;&nbsp;&nbsp;• RBC Mutual Funds<br>&nbsp;&nbsp;&nbsp;&nbsp;• Stock Donations<br>&nbsp;&nbsp;&nbsp;&nbsp;• Stock splits<br>&nbsp;&nbsp;&nbsp;&nbsp;• Swaps<br>&nbsp;&nbsp;&nbsp;&nbsp;• Unit Investment Trusts<br>&nbsp;&nbsp;&nbsp;&nbsp;• U.S. Government Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **<u>Prohibitions</u>**<br>&nbsp;&nbsp;&nbsp;&nbsp;• Investment Clubs<br>&nbsp;&nbsp;&nbsp;&nbsp;• Investment Apps with Robinhood, Stockpile, or other non-Designated Brokers<br>&nbsp;&nbsp;&nbsp;&nbsp;• Initial Public Offerings (IPOs)<br>&nbsp;&nbsp;&nbsp;&nbsp;• Options on Royal Bank of Canada (RY) stock<br>&nbsp;&nbsp;&nbsp;&nbsp;• Private funds managed by RBC or any of its affiliates (including BlueBay alternative funds)<br>&nbsp;&nbsp;&nbsp;&nbsp;• Restricted Securities<br>&nbsp;&nbsp;&nbsp;&nbsp;• Short-term trading <u>for profit</u> (30 days / LIFO rule) (Compliance preapproval required if selling at a loss; options may not be used to circumvent this restriction)<br>**<u>Designated Brokers</u>**<br>&nbsp;&nbsp;&nbsp;&nbsp;• Fidelity Investments<br>&nbsp;&nbsp;&nbsp;&nbsp;• Charles Schwab<br>&nbsp;&nbsp;&nbsp;&nbsp;• RBC Wealth Management (or any RBC affiliate)<br>**<u>Other PTA Reporting</u>**<br>&nbsp;&nbsp;&nbsp;&nbsp;• Initial, quarterly & annual certifications<br>&nbsp;&nbsp;&nbsp;&nbsp;• Gifts & entertainment\*<br>&nbsp;&nbsp;&nbsp;&nbsp;• Outside business activities\*<br>&nbsp;&nbsp;&nbsp;&nbsp;• Political contributions\*<br>\*See separate policies |

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| > | These requirements apply to all accounts and transactions where Access Person has a Beneficial Ownership Interest in an investment. An Access Person has a Beneficial Ownership Interest in an investment if the Access Person has or shares in the opportunity, directly or indirectly, to profit or share in the profits, regardless of the name in which the investment is held. Access Persons are assumed to have a Beneficial Ownership Interest in all Covered Accounts and Covered Investments held by Immediate Family Members sharing the same household and includes accounts where the Access Person has discretionary control over the purchase or sale of Covered Investments, and interests in any partnerships, trusts or estates (see separate Outside Business Activities Policies and Procedures for disclosure and approval requirements for partnerships, trusts and estates).  |

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> Obtaining preclearance approval does not relieve Access Person from conducting securities transactions in full compliance with the provisions of the Code.

> This chart is not all-inclusive and is subject to change. Please contact the Compliance Department with any questions.

RBC GAM-US Code of Ethics \| August 1, 2024 \| Page 28

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**Exhibit B – Frequently Asked Questions (FAQs)** 

**<u>BACKGROUND</u>**

**Why am I subject to the Code of Ethics?** 

As an Employee of RBC GAM-US ("Employee" includes interns and contract workers), you are considered both an access person and a supervised person, as those terms are defined in the SEC rules. As a registered investment adviser, RBC GAM-US is required, among other things, to monitor access persons' / supervised persons' (and their Immediate Family Members') personal securities transactions and holdings.

**Why are my Immediate Family Members subject to the Code of Ethics?** 

The SEC rules require that access persons' holdings and transaction reporting requirements apply to all holdings or transactions where the access person has any direct or indirect beneficial ownership interest. "An access person is presumed to be a beneficial owner of securities that are held by his or her immediate family members sharing the access person's household" (SEC Adopting Release July 6, 2004),

**<u>MAINTAINING ACCOUNTS</u>**

**Why do my personal brokerage accounts have to be held with a Designated Broker?** 

By using a Designated Broker, RBC GAM-US is able to obtain daily electronic feeds of trade activities in Covered Accounts, which assists in promptly identifying violations and automating the review process.

**What accounts do I need to disclose in the designated compliance reporting system?** 

All accounts that allow for trading in Covered Investments, even if the account does not currently hold Covered Investments, must be disclosed for both Access Persons and their Immediate Family Members, including all accounts where if you have been granted power-of attorney, or where you are able to exercise control over investment decisions (these situations will be reviewed on a case-by-case basis).

**Do I need to disclose an employee stock purchase plan held by me or my Immediate Family Member?** 

Yes. An employee stock purchase plan ("ESPP") is a company-run program in which participating employees can purchase company stock at a discounted price. The company stock purchased through an ESPP is held in a brokerage account or with a transfer agent and this account must be reported in the designated compliance reporting system. Preclearance is required before the stock can be sold.

**My Immediate Family Members have brokerage accounts with non-Designated Brokers. Do these accounts have to be moved to one of our Designated Brokers?** 

Yes, unless the account has been approved by the Compliance Department to be held with an outside broker. An exception is most likely to be approved if electronic feeds are available from the outside broker. If electronic feeds are not available, an exception may be granted in rare circumstances and only if the Access Person ensures duplicate account statements and broker trade confirmations are provided to the Compliance Department in accordance with the Reporting Requirements described in the Code of Ethics.

**I have been asked to serve as a trustee, co-trustee, executor to an estate, or have been granted power of attorney over a brokerage account. Do I need to disclose this account and holdings in PTA?** 

Yes. Being a trustee or co-trustee to a trust, or executor to an estate, creates an account interest and triggers the requirements of a Covered Account. As a trustee, co-trustee, executor to an estate, or where you have been granted a power of attorney over an account, you have beneficial ownership due to your discretionary control over the purchase or sale of investments. These accounts must be reported in the designated compliance reporting system and pre-clearance will be required. In addition, acting as a trustee may be deemed an outside business activity. See the Outside Business Activities Policy for additional information.

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| ![LOGO](g937830g35p79.jpg) | <br> RBC GAM-US Code of Ethics \| August 1, 2024 \| Page 29 |

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**I own RBC Mutual Funds in my 401(k). Do I need to report these holdings in the designated compliance reporting system?** 

Yes, you must report all RBC mutual funds in the designated compliance reporting system, even though preclearance is not required. All mutual funds where RBC GAM-US is the adviser or sub-adviser must be reported. However, you are not required to report the RBC Common Stock Fund in your RBC Fidelity 401(k).

Please contact the Compliance department if you need assistance.

**Why do I need pre-approval to open a Futures or a Commodities Account?** 

RBC GAM-US is registered with the NFA and is subject to CFTC rules, which requires Access Persons to obtain pre-approval before opening a commodities or futures account.

**I have been asked to join an Investment Club, or I am already a partner or member in an Investment Club. Do I need to report the account in the designated compliance reporting system and move my account to a Designated Broker?** 

Investment clubs are prohibited due to the high risks associated with accessing and sharing confidential, proprietary and material non-public information. If you are already a partner or member in an investment club, you will be required to cease your involvement.

**Can I open a brokerage account using an investment app, such as stockpile.com or robinhood.com?** 

No. With limited exceptions, all brokerage accounts must be held with one of our Designated Brokers. We are unable to automate the review process on investment app brokerage accounts with electronic feeds and do not have the resources to manually monitor such accounts.

**<u>TRADING RULES</u>**

**Why do I need pre-clearance or pre-approval when trading in Covered Investments?** 

The SEC rules require that investment advisers review their supervised persons' personal securities transactions and holdings and recommends that advisers require pre-clearance of access persons' personal securities transactions. The preclearance requirements contained in the Code of Ethics are designed to help prevent, detect and correct trading on MNPI and to avoid actual, potential, or perceived conflicts of interest.

**Do I need pre-clearance if my account is managed by a third-party manager?** 

If your account is managed by a third-party investment manager and you are not exercising direct or indirect control over the account, and this account has been pre-approved by the Compliance Department, you will not need to pre-clear trades.

**Why is there a blackout period?** 

Blackout periods restrict Access Persons from purchasing or selling the same security for a short period of time before and after a client trade occurs in order to prevent Access Persons from trading ahead of clients or allocating trades in a manner that could defraud clients or raise any conflicts of interest.

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| ![LOGO](g937830g35p79.jpg) | <br> RBC GAM-US Code of Ethics \| August 1, 2024 \| Page 30 |

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**What is a "*de minimis*" exemption?** 

"*De minimis*" ("of minimum importance"; insignificant"). A "*de minimis*" exemption applies to personal trading in the stock of a large capitalized company where employee transactions (or aggregate transactions) are not going to be significant enough to make any market impact. "*De minimis*" exemptions are generally not available to Access Persons who are Investment Professionals.

**What happens if an Investment Professional obtains approval through the designated compliance reporting system to execute a trade in a security that is subsequently traded in a client portfolio within the blackout period?** 

This scenario would be considered on a case-by-case basis but would ordinarily be a violation of the Code that would require corrective measures. The Compliance Department will investigate all such trades, including requiring the Investment Professional to submit a written explanation of the circumstances surrounding the transaction. If the Compliance Department is not satisfied that the Access Person effected the trade without knowledge of the impending firm trade, the Access Person may be required to reverse the transaction, forfeit any resulting gains, and absorb any resulting financial and/or tax consequences.

**What do I need to do if I want to participate or make a subsequent investment in a Private Placement, Limited Partnership, Hedge Fund or REIT?** 

Private placements, limited partnerships, hedge funds or REITS ("Private Investments") are subject to advance review and approval by the Compliance Department. Access Persons should complete and submit the Private Placement Pre-Approval Form found in the designated compliance reporting system Copies of the offering documents and subscription agreements must be provided.

**Why can't I buy shares in an Initial Public Offering?** 

Participation in an Initial Public Offering is prohibited for Access Persons and their Immediate Family Members because these types of transactions represent the same type of investment opportunities that may be considered on behalf of our clients. In addition, for securities-licensed Access Persons, participating in IPOs is prohibited under FINRA rules.

**I have an approved third-party managed account. Can my investment adviser/manager purchase an IPO or Private Investment?** 

You are prohibited from using a third-party managed account to circumvent Code requirements. IPOs are prohibited and Private Investments must be preapproved by both Compliance and your manager. The third-party managed account is prohibited from engaging in any transactions prohibited by the Code.

**Do I need preclearance approval to trade in cryptocurrencies or other digital assets?** 

Generally, no. For example, Bitcoin and Ether, both well-known examples of digital assets, are not considered by the SEC to be securities. Digital assets are generally held in a digital wallet, owned and controlled by the individual investor. The owner of the digital wallet remains anonymous, represented only by a public key. Preclearance approval and reporting is not required for Bitcoin- and Ether-type digital assets.

An initial coin offering ("ICO"), however, may be considered by the SEC to be a securities offering. Specifically, an ICO falls under the definition of "Private Investment" under the Code and, as such, requires prior approval by both Compliance and your manager. An ICO, sometimes referred to as a security token offering ("STO"), involves a crowdfunding exercise to fund project development. Sometimes, an STO can also be used as a security token (a digital representation) of an asset, meaning it could represent a share in a company, ownership of a piece of real estate, or participation in an investment fund. These securities tokens can then be traded on the secondary market of the issuer's choice.

Access Persons should complete the Private Placement Request Form in the designated compliance reporting system and obtain prior approval before purchasing an ICO/STO.

**Registered Personnel are prohibited from purchasing ICO shares that may be considered to be a securities offering.** 

Contact Compliance for questions on cryptocurrency reporting requirements.

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| ![LOGO](g937830g35p79.jpg) | <br> RBC GAM-US Code of Ethics \| August 1, 2024 \| Page 31 |

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**Can I purchase Royal Bank of Canada (RY) shares?** 

Yes, you can purchase RY in a personal investment account after obtaining pre-clearance approval through PTA. In your RBC 401(k), you can purchase shares of the RBC Common Stock Fund without transaction pre-approval. Options trading on RY stock is prohibited

**Can I buy RBC Mutual Funds shares? Do I need to report my holdings?** 

Yes, you can buy shares of RBC Funds and other open-ended funds advised or sub-advised by RBC GAM-US without obtaining preclearance approval; however, you must report these holdings in the designated compliance reporting system. Mutual funds not advised or sub-advised by RBC GAM-US are not Covered Investments and do not need to be pre-cleared or reported.

**When should options trading be precleared?** 

Option trading requires preclearance when you engage in an opening and closing options transaction as well as when you exercise an option.

**Does the short-term trading restriction apply to option trading?** 

Yes. The purchase and sale of option contracts may not be used to circumvent the short-term trading restriction. For example, Access Persons may not purchase an option that will expire within 30 days.

**I requested and received pre-clearance on a transaction. How long before the preclearance approval expires?** 

Pre-clearance approval expires at the end of the next business/trading day. For example, a preclearance approval received at 10:00 am on Thursday is good until the end of business Friday.

**<u>MATERIAL NON-PUBLIC INFORMATION ("MNPI")</u>**

**I overheard information regarding a change at RBC that will have a great impact on the Firm and its future. What should I do?** 

You should treat this information as material, non-public information and contact the Compliance Department immediately (or legal staff in the absence of Compliance staff). Refer to the Material Non-Public Information (MNPI) and Research Providers Policy for additional requirements.

**<u>CODE REPORTING REQUIREMENTS</u>**

**Why do I have to complete so many certifications?** 

The initial and quarterly certifications are designed to ensure all regulatory requirements are met. Accordingly, failure to complete all required certifications within the time period prescribed by the Compliance Department, absent extenuating circumstances, may be considered a Code violation.

**Why do you review my trade activity?** 

SEC rules require investment advisers to establish, maintain and enforce a written code of ethics that contains, among other things, provisions requiring the monitoring of personal securities transactions and holdings. Some Access Persons may face conflicts of interest when trading in securities for their own accounts because of their intimate knowledge of clients' securities transactions and, in some cases, because they have investment discretion to affect trades on behalf of clients.

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| ![LOGO](g937830g35p79.jpg) | <br> RBC GAM-US Code of Ethics \| August 1, 2024 \| Page 32 |

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**<u>ESCALATION</u>**

**Who gets notified if there is a violation of the Code of Ethics?** 

Code of Ethics violations are taken very seriously and are reported quarterly to certain of our existing client boards, and on an ongoing basis to prospective clients in Requests for Proposal. Our Code of Ethics and our collective efforts to comply with our Code of Ethics is a fundamental industry standard that measure our Firm's integrity and commitment to the protection of our clients' best interests. Employee's manager will be notified of all Code violations and any disciplinary or remedial actions taken.

**What are the repercussions of a violation of the Code of Ethics?** 

Disciplinary or remedial measures may include additional training, disgorgement of profits, trade reversals or restrictions, salary reduction or monetary fine, suspension or termination of employment, or referral to criminal authorities where appropriate. Each violation is considered on a case-by-case basis.

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| ![LOGO](g937830g35p79.jpg) | <br> RBC GAM-US Code of Ethics \| August 1, 2024 \| Page 33 |

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## Ex-99.(P)(22)

![LOGO](g937830g0824133301331.jpg)

**Resolution Capital Limited** 

**Code of Conduct** 

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**Document Control** 

**a. Version Control / Revision History** 

This document has been through the following revisions:

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| | | |
|:---|:---|:---|
| **Version** | **Date of Approval** | **Remarks / Key changes / Reason for Update** |
| 1 | Jul 2013 | Initial version |
| 2 | Oct 2014 | Revision |
| 2.1 | June 2015 | Revision |
| 2.2 | June 2016 | Reviewed |
| 2.3 | May 2017 | Reviewed |
| 2.4 | May 2018 | Annual review |
| 3 | May 2019 | Annual review – Addition of Political Contributions and Whistleblower sections in accordance with SEC requirements |
| 3.1 | March 2020 | Annual review – Updated whistle blowing section |
| 3.2 | November 2020 | Correction to a reference in 7.1 |
| 3.3 | November 2021 | Annual review – amendment of section 4 – anti-bribery and corruption |
| 3.4 | September 2022 | Annual review |
| 3.5 | August 2024 | Periodic Review, enhancement to Gifts & Entertainment |

---

**b. Authorisation** 

This document requires the following approvals:

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| | |
|:---|:---|
| **Authorisation** | **Name** |
|  Initial version | Board |
|  Revisions | Board |

---

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**Contents** 

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| | | |
|:---|:---|:---|
|  CONTENTS | CONTENTS | 3 |
| 1. | INTRODUCTION | 4 |
| 2. | DEFINITIONS | 4 |
| 3. | REVIEWING THE CODE | 4 |
| 4. | CONFLICTS OF INTEREST | 5 |
| 5. | ANTI-BRIBERY AND CORRUPTION | 5 |
| 6. | POLITICAL CONTRIBUTIONS | 6 |
| 7. | RESEARCH TRIPS | 6 |
| 8. | PERSONAL BENEFITS (GIFTS AND ENTERTAINMENT POLICY) | 7 |
| 9. | PERSONAL DEALING AND INSIDER TRADING | 9 |
| 10. | OUTSIDE EMPLOYMENT | 9 |
| 11. | PERSONAL CONDUCT | 9 |
| 12. | COPYRIGHT | 10 |
| 13. | CONFIDENTIALITY | 10 |
| 14. | WHISTLEBLOWING | 11 |

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**1. Introduction** 

Funds management is a business based to a large extent upon integrity and mutual trust. The Company prides itself on the long-standing reputation of the business for applying the highest ethical standards in all its dealings. It is necessary to have in place guidelines so that all Employees are aware of their obligations.

Employees must always avoid circumstances which may render them susceptible to actual or alleged conflicts of interest, fraud, forgery, corruption, illegal or inappropriate conduct. In order to maintain and safeguard the trust and confidence of clients, regulators and the public, it is essential that the Company be protected from involvement not only in any form of illegal or unethical conduct, but also in any situations or activities which might be perceived by others to constitute illegal or inappropriate conduct.

Set out below is the code of conduct which, subject to such modification as may be notified, shall apply to all employees of the Company. Any breach will give rise to disciplinary action.

**2. Definitions** 

In this code of conduct, unless the context otherwise indicates:

"Company" means Resolution Capital Limited.

"HOO" means the Head of Operations of the Company.

"Investment Operations Manager" means the Investment Operations Manager of the Company.

"Employees" means the employees of the Company.

"Group" means the Company and its related body corporates.

"Immediate Family" means spouse or de facto partner, any child of an employee, father, mother, brother or sister of an employee.

"Managing Director" means the Managing Director of the Company.

"Entertainment" includes meals, functions, travel, tickets for or participation in, leisure, social or sporting events. When the giver of the hospitality or entertainment does not attend, the event is defined as a gift.

"Gift" is defined as a non-contractually required payment or receipt. It excludes non-monetary benefits that have a genuine educational or training purpose. It is, however, a requirement that the attendee (or their employer) must pay for travel and accommodation relating to the educational or training course.

**3. Reviewing the Code** 

The Code will be reviewed regularly in accordance with the Governance Framework.

**Reporting breaches of the Code**

Employees who learn about or suspect a breach of this Code, the Company's policies or the law should promptly report it in accordance with the Incident and Breach Reporting Policy.

Failure by an employee to report a known breach of law or Company policy by someone else may result in disciplinary action for that employee. Where an employee is uncomfortable making such a report, they may make a confidential report under the Whistleblower Policy which is available on the Company's intranet.

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Conduct that violates the law or the Company's policies is grounds for prompt disciplinary or remedial action and may range from a warning up to and including summary termination of employment. It is against the Company's policy (and may be unlawful) for any employee to retaliate against any other person for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reporting what he or she believed in good faith to be a breach of this Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• expressing an intent to report what he or she believed in good faith to be a breach of this Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• assisting other employees to report a breach of this Code; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• participating in any investigation pursuant to this Code.

**4. Conflicts of Interest** 

Employees must not enter into any personal business (including business they conduct for their Immediate Family members or for investment vehicles which they or their Immediate Family control) which places them in a position where their or their Immediate Family's interests, are or may be perceived to be in conflict with the interest of the Company and its clients.

Where conflicts or potential conflicts arise, Employees must declare them promptly to the Managing Director or, in their absence, the Investment Operations Manager, and must comply with any directions given to them in that regard. If an employee is in any doubt as to whether a transaction might involve a conflict of interest, then they should discuss the matter with the Investment Operations Manager.

This document should be read in conjunction with the Conflict of Interest policy and all Employees must at all times comply with the policy.

**5. Anti-bribery and Corruption** 

**Bribery** is generally understood to mean offering, promising or giving, as well as accepting or soliciting, an inducement or reward in order to gain any commercial, contractual, regulatory or personal advantage.

Bribery can take the form of gifts, loans, fees, rewards, commissions, provision of services, awarding of contracts, making political or charitable donations or other advantages.

**Corruption** generally means an act or omission for an improper or unlawful purpose, which involves the abuse of a position of trust or power.

There are generally four main legislative obligations relating to anti-bribery and corruption depending on the jurisdiction:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an obligation not to bribe a public official including Commonwealth, state, local and foreign officials;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an obligation not to bribe a non-public official (i.e. private bribery);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an obligation not to receive a bribe; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an obligation to keep and maintain proper records.

The laws that apply to bribery and corruption offences in Australia include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the *Criminal Code Act 1995* (Cth) which criminalises bribery of foreign and Commonwealth public officials;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• State and Territory legislation which regulates private sector bribery and criminalises the corrupt giving of
rewards to an employee or agent, and the corrupt receiving of rewards by an employee or agent.

Personnel located in, or travelling to, jurisdictions outside Australia are subject to local laws and regulations that may differ from those applicable in Australia (including the *Bribery Act 2010* (UK) in the United Kingdom and the *Foreign Corrupt Practices Act 1977* (US) and the *Securities Exchange Act 1934* (US) in the United States). Certain laws may also apply even where business is carried out in another country (i.e. any legislation with extraterritorial effect).

The prevention, detection and reporting of bribery and other forms of corruption are the responsibility of all personnel. Accordingly, each personnel's responsibilities are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Comply with this Policy and the principle of zero tolerance towards bribery and corruption.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Avoid any activity that might lead to, or suggest, a breach of this Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If you believe or suspect that a conflict with, or breach of, this Policy has occurred, or may occur, notify the
Managing Director and/or Risk & Compliance or report in accordance with the Whistleblower Policy as soon as possible.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Keep records and register any gifts and entertainment provided or received as required under this Policy and the
Related Policies.

Employees must not offer any consideration (whether monetary or otherwise) to any person or company in order to obtain or retain business for the Company.

Employees must not initiate rumours or intentionally circulate false, misleading or deceptive information.

**6. Political Contributions** 

As an Investment Adviser registered with the SEC, ResCap is bound by the restrictions under Rule 206(4)-5 of the Advisers Act which regulates political contributions made to state and local governments, officials, candidates and political parties. This prohibits an investment adviser from providing services for compensation to a government entity, either directly or through a pooled investment vehicle, for two years after the adviser or any of its "covered associates" makes a political contribution above defined thresholds to an elected official or candidate for public office if the office is responsible for or can influence that government entity's selection of the adviser.

Any Employee intending to make a political contribution is required to obtain approval from the Investment Operations Manager or Head of Operations prior to making the contribution and log the payment in the Gift Register.

**7. Research Trips** 

The Company is committed to ongoing investment research and is supportive of research related trips, including broker/company sponsored/initiated trips. The Managing Director must approve such trips in advance.

Unless the Managing Director agrees, Employees participating in broker/company sponsored trips must ensure that the Company pays for the airfare directly, or, if not possible, that the Company is invoiced after the activity for the relevant proportion of the costs incurred.

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**8. Personal benefits (Gifts and Entertainment Policy)** 

**8.1 Purpose** 

This policy will ensure all material gifts or entertainment made to or by an Employee are monitored and reported. The purpose is to prevent the acceptance of excessive gifts or entertainment so that the Company's decisions are made in the best interests of clients and do not unfairly place the interests of one client ahead of other clients.

Employees must not encourage brokers or clients to offer personal benefits of any kind, including every type of gift, favour, service or anything of monetary value. Employees cannot offer or give, solicit or accept any gift, entertainment or other inducement which is likely to or could be perceived as influencing the performance of their duties to a client or to the Company.

However, if there is no reasonable likelihood of improper influence on the performance of their duties, Employees are permitted to accept personal benefits from clients/brokers/service providers in accordance with the requirements in section 8.3 and 8.4. Under no circumstances may Employees accept a monetary benefit.

**8.2 Scope** 

This Policy applies to gifts and entertainment given to or received from current or prospective clients, third parties and suppliers. Gifts and Entertainment includes gifts and entertainment provided to an employee or long-term contractor, as well as gifts and entertainment provided to a spouse or partner of an employee or long-term contractor.

This Policy does not cover gifts and entertainment given by the Company to its own members of staff.

**8.3 Gifts** 

**Acceptable gifts and entertainment** 

• Gifts and entertainment that are reasonable, proportionate and genuinely given as an act of common courtesy
associated with standard business practice are permitted to be given or accepted provided the gift or entertainment complies with the following requirements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• complies with all legal and regulatory requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• does not place any obligations or create expectations on the recipient;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• is given or accepted openly (i.e. not in secret);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• would not be perceived as being inappropriate or giving rise to actual or potential conflicts of interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• is documented and approved in accordance with this Policy; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• would not conflict with the Company's core values, especially the expectation that staff will at all times
act with and be perceived to act with honesty and integrity.

Examples of acceptable gifts include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• token or ceremonial gifts offered in business situations or to all participants and attendees (e.g. work related
seminars, conferences, trade and business events);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• general gifts (e.g. flowers, wine, chocolates, gift baskets);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• corporate merchandise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• products (e.g. promotional products, samples etc.); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• souvenirs.

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Disclosure and Approval Requirements

• Gifts received or offered over $100 must be recorded in the Gifts and Entertainment Register (located within the
GRC System).

• Gifts exceeding $100 per gift cannot be accepted or offered, except if it is approved by the Managing Director.
Reasons for the application of this discretion must be disclosed in the Gifts and Entertainment Register.

• A maximum cumulative value of $600 per employee and per calendar year for all gifts received from a single
external person or organisation is acceptable. Similarly, employees cannot offer gifts for a cumulative value greater than $600 to a single external person or organisation per calendar year.

**Unacceptable Gifts and Entertainment** 

Unacceptable gifts and entertainment include cash and cash equivalents (including electronic transfers or vouchers) or anything given or accepted for something in return that is not "arm's length" or in circumstances where a business relationship or transaction is proposed to be entered into and the gift or entertainment is intended to, or could be perceived as intending to influence the outcome.

Exceptions may apply to bona fide charities that are approved by the Managing Director.

Where any gift or entertainment is offered that is unacceptable, the offer should be politely rejected, and the matter reported promptly to the Managing Director and/or Head of Operations.

**8.4 Entertainment** 

• All entertainment above $300 per person for a single occasion or entertainment offered or accepted from the same
person/organisation 3 times per calendar year must be recorded in the Gifts and Entertainment Register.

• Any entertainment exceeding $300 per person for a single occasion can only be accepted or offered:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• in the case of the entertainment being received or offered by an employee of the Company, after approval is
received from the Managing Director or in the case of invitations for the Managing Director, from an appropriate Director of the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• in the case of Entertainment from a single external person or organisation can be accepted up to 3 times per
calendar year per employee. Similarly, entertainment to a single external person can be offered up to 3 times per calendar year.

**8.5 Discretion** 

Notwithstanding sections 8.3 and 8.4 above, the Managing Director, may exercise discretion and approve exemptions to the restrictions in this Policy. Reasons for the application of this discretion must be disclosed in the Gifts and Entertainment Register.

**8.6 Monitoring** 

The Gifts and Entertainment Registers will be reviewed quarterly by the Investment Operations Manager or Head of Operations.

**8.7 Reporting** 

The Gifts and Entertainment Register will be reported to the Company Board on a quarterly basis.

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**9. Personal Dealing and Insider Trading** 

This document should be read in conjunction with the Personal Dealing Policy. Employees must at all times comply with the Company's Personal Dealing Policy.

Specifically, as a result of their professional activities, Employees must not deal or encourage immediate family members to deal in a company's shares or securities if they have material, not publicly known, price sensitive information about a company or its business. To do so is a breach of the Corporations Act 2001 and a serious criminal offence.

In the event that an Employee receives inside information, it must be reported as soon as practical to the Investment Operations Manager or Chief Investment Officer (CIO). A restriction on trading that security will be put in place until the Investment Operations Manager or CIO agrees to deem the information to be publicly available and/or no longer material to the security price.

Employees are required to maintain a register of all interests, direct or indirect, held by them in public or listed securities and of all dealings in such securities whilst holding the proper authority.

**10. Outside employment** 

Employees may not hold any directorship or engage in any employment or commercial duties (whether full time, part time, paid or unpaid) outside of the Company if the interests of the Company or its customers would be or would likely be materially prejudiced or if the directorship, employment or duties would or would likely result in a conflict of interest. For this reason, all contemplated directorships, employment, or other commercial duties outside of the Company must be disclosed to the Managing Director or in the case of the Managing Director, to the Chairman of the Company.

**11. Personal conduct** 

When attending business activities or functions, Employees must always conduct themselves in a manner which does not bring the Company into disrepute.

Employees must also conduct themselves in a manner that is sensitive to the needs and feelings of their fellow Employees.

If you are aware of an Employee being discriminated against, harassed or bullied or the person who is engaging in this behaviour, you should notify the Managing Director and/or Head of Operations as soon as practicable.

It is the Company's intention that all reports will be treated seriously. Any Employee who needs support is encouraged to contact the Managing Director or, if this is inappropriate, the Head of Operations.

Any matter that is raised in relation to workplace behaviour will be immediately advised to:

a) the Managing Director for issues raised by staff about another staff member (other than the Managing Director); and

b) the Chair of the Board for issues raised by a staff member in relation to the Managing Director.

The Company will take whatever action it considers appropriate if there has been any inappropriate conduct of the type referred to in this Policy, including disciplining or dismissing offenders. The Company expects that all parties involved will treat all complaints confidentially and will make every attempt to resolve the problem at the lowest possible level. In the event that this is not possible, other steps may need to be taken that may include the activation of investigation and misconduct procedures.

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**12. Copyright** 

Unauthorised use of computer software developed or licensed by the Company is a breach of copyright. Employees are not permitted to take copies of software, or to remove software from the Company premises without the consent of the Managing Director or Head of Operations. Under the dual licensing provisions of the Microsoft copyright, Employees are permitted to load a copy of Microsoft Office on to a PC at home. Refer to the IT & Cybersecurity Policy for information regarding permitted use of the Company's IT resources.

**13. Confidentiality** 

13.1 Confidential information

"Confidential Information" means:

a) Client details, including but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Client lists

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Portfolio details, including valuations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Performance statistics.

b) Principal investment advisory agreements and guidelines.

c) Investment advisory/management agreements/guidelines.

d) Computer software, including but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Company developed, purchased or licensed computer programs; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any computer programs, including spreadsheets, developed by an Employee, during the course of their employment
with the Company or by other Employees.

e) Corporate information, including but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Management reports

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Budgets/business plans

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Advisor/Manager Information Database

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Discussion Database

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Advisor/Manager Performance Database

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Marketing materials

f) Any other information of the Group or any other person or information provided to an Employee in the course of
their employment with the Company which is marked confidential or ought reasonably to be understood as being confidential including memoranda, reports or correspondence of the Company or any other person.

g) And in the case of all of the information described in (a) to (f) above, in any form, including but not
limited to, hard/paper copies, electronic copies, source code or object code form.

Confidential Information also means all particulars, information and documents of any kind, whether marked "confidential" or otherwise which the Group provide to the Employee including but not limited to any information or documents relating to:

a) material prior to publication or broadcast;

b) information which is market sensitive;

c) advertising and marketing information;

d) business plans;

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e) customer information; and

f) contracts, documents or advice of a legal nature.

Confidential Information does not include information in the public domain, other than as a result of a breach of this undertaking.

**13.2 Ownership of Confidential Information** 

The Employee acknowledges that the Confidential Information provided by the Group, is secret and confidential to the Group, and that the Employee has no ownership interest in the Confidential Information.

**13.3 Use of Confidential Information** 

The Employee undertakes not to directly or indirectly use, disclose or publish any Confidential Information, unless:

a) the use, disclosure or publication of the Confidential Information by the Employee is required to discharge
obligations and responsibilities under the Employee's employment contract with the Company or any company within the Group, or

b) the Employee obtains prior written consent of the Company, or

c) the Employee is required to disclose the Confidential Information by any applicable law or legally binding
order of any court, tribunal or government authority.

**13.4 Return of Confidential Information** 

If requested by the Company, the Employee undertakes to immediately return to the Company, or destroy as the Company directs, all documents and other materials containing Confidential Information.

**13.5 Breach of undertaking** 

The Employee acknowledges that a breach of this undertaking will result in disciplinary action being taken against the Employee. Disciplinary action may include termination of employment.

The Employee undertakes to indemnify the Group in respect of any claim, action, damage, loss, liability, cost, expense or payment which the Company or the Group incurs or is liable for as a result of or in respect of a breach of this undertaking by the Employee.

The Employee acknowledges that damages may be inadequate compensation for breach of this undertaking and, subject to the court's discretion, the Group may restrain, by an injunction or similar remedy, any conduct, or threatened conduct that is or will be a breach of this undertaking.

**14. Whistleblowing** 

Resolution Capital is committed to the highest standards of ethical conduct and maintaining an open and transparent culture of corporate compliance, ethical and responsible behaviour and good corporate governance.

The Whistleblower Policy is an important tool for helping the company to identify wrongdoing that may not be uncovered unless there is a safe and secure means for disclosing wrongdoing.

The purpose of the policy is to help deter wrongdoing and to ensure individuals who disclose wrongdoing can do so safely, securely and with confidence that they will be protected and supported.

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## Ex-99.(P)(23)

![LOGO](g937830g10e78.jpg)

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**Table of Contents**

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| | |
|:---|:---|
|  1 / Key Data | 3 |
|  2 / Purpose | 4 |
|  3 / Scope and applicability | 5 |
|  4 / General Rule | 7 |
|  5 / Reporting Requirements | 8 |
|  6 / Pre-Clearance Requirements | 11 |
|  7 / Restrictions | 13 |
|  8 / Written Acknowledgement | 18 |
|  9 / Compliance Oversight | 19 |
|  10 / Interpretations and Exceptions | 21 |
|  11 / Associated Policies | 22 |
|  12 / Authoritative Guidance | 23 |
|  13 / Key Components | 24 |
|  14 / Key Regional Differences | 25 |
|  15 / Governance | 26 |
|  16 / Terms and Definitions | 27 |
|  17 / Document Retention | 30 |
|  18 / Appendices and Attachments | 31 |

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Code of Ethics - DWS Group (U.S. Registered Entities)

**1 / Key Data** 

Summary

The Code of Ethics – DWS Group (U.S. Registered Entities), the "Code", sets forth the specialized rules for personal trading and investment of all Supervised Persons, which includes Access Persons and Investment Persons<sup>1</sup>, of U.S. Registered Entities and seeks to prevent actual or potential conflicts of interest or any abuse of an individual's position to our clients<sup>2</sup>.

**Document category** 

☒ Policy

☐ Implementation Procedure (IP)

☐ Rule 

Applicability

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|:---|:---|
| Region/Country | All DWS regions for Access Persons |
| Regulation/ Regulator | US Regulators |
| DWS Legal Entity/ies | All DWS entities |
| Issuing Function | Compliance |
| Key Theme/Risk Type | Personal Trading and Outside Business Activity |
|  | Insider Dealing and Misuse of Inside Information |
| Applicable local jurisdictions | All |
| IP | DWS Personal Account Dealing – Implementation Procedure; Privat Investment Transactions / Outside Business Activities of the DWS Holding Executive Board; DWS Private Investment Transactions (PITs) - Implementation Procedure |

---

Implementation date

**24.04.2023** 

Review date

**24.04.2024** 

<sup>1</sup> In case you are an access persons or investment person who have been explicitly classified by compliance and confirmed your status. It is to be noted that every Investment Person is also an Access Person. Please refer also to the terms and definitions section in this document.

<sup>2</sup> Please note that as of the implementation data of this document, the Personal Account Dealing Policy – DB Group is not applicable anymore.

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Code of Ethics - DWS Group (U.S. Registered Entities)

**2 / Purpose** 

In conducting our activities, we must also be cognizant of our fiduciary obligations. We will, in varying degrees, participate in or be aware of fiduciary and investment services provided to Advisory Clients. As a fiduciary, we have an obligation to adhere to the highest standards of conduct and integrity and act solely in the best interest of our clients. ***Accordingly, we must place the interest of our clients first and avoid transactions, internal or external business activities, and relationships that might interfere or appear to interfere with making decisions in the best interests of such clients and conduct all personal securities transactions in such a manner as to avoid any actual or potential conflict of interest or any abuse of an individual's position of trust and responsibility.*** If a conflict of interest arises, it must be managed promptly, appropriately, and in the best interests of our clients. We will at all times conduct ourselves with integrity and distinction, putting the interests of our clients first and beyond all others.

It is ***your duty*** to conduct all activities in a manner that is consistent with all applicable laws and regulations, including the U.S. Federal Securities Laws, which include the Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as amended, the Sarbanes-Oxley Act of 2002, the Investment Company Act of 1940, as amended, the Investment Advisers Act of 1940, as amended, Title V of the Gramm-Leach-Bliley Act, any rules adopted by the SEC under any of these statutes, the Bank Secrecy Act as it applies to funds and investment advisers and any rules and/or regulations adopted thereunder by the Securities and Exchange Commission or the Department of the Treasury.

***You must promptly report to DWS Compliance and, if deemed appropriate, your Supervisor any suspected violation(s) of DWS policy, including this Code, or any illegal conduct.***

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Code of Ethics - DWS Group (U.S. Registered Entities)

**3 / Scope and applicability** 

OVERVIEW

**DWS's Values** 

DWS has established a clear set of values which lie at the core of what we do – Client Commitment, Entrepreneurial Spirit and Sustainable Action. These values guide our behavior with clients, with each other, with our shareholders and with the communities we serve. They define the type of institution DWS aspires to be. Each of the values rests on a set of beliefs which set out how we seek to conduct ourselves as we live our values and reflects our own history, the interests of our stakeholders and the changing environment in which we operate.

**Risk Culture** 

With these guiding values, DWS has defined and embedded a set of risk culture behaviors that align with those values. These behaviors, listed below, operationalize DWS's values enhancing its corporate governance through a strong risk management culture and establishing DWS's expectations that all employees take a holistic approach to managing risk and return and effectively managing DWS's risk, capital and reputation. These behaviors include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Being fully responsible for managing and mitigating DWS's risks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Being rigorous, forward looking, and comprehensive in the assessment of risk.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reporting to DWS Compliance behaviors inconsistent with our risk culture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Identifying and mitigating potential and actual conflicts of interests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Troubleshooting collectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Placing both clients' best interests and DWS's reputation at the heart of all decisions.

**The Code and Access Persons** 

This Code sets forth the specialized rules for personal trading and investment of all Access Persons (as defined below) and seeks to prevent actual or potential conflicts of interest or any abuse of an individual's position to our clients.

**For purposes of this Code, all DWS Employees and Contingent Workers of DWS Investment Management Americas, Inc ("DIMA"), RREEF Americas L.L.C. ("RREEF"), DBX Advisors LLC ("DBX"), and DWS Distributors, Inc. ("DDI") are "Access Persons." For the avoidance of doubt, all DWS Employees and Contingent Workers in the US are "Access Persons." Each Chief Compliance Officer of DWS International GmbH ("DWSI"), DWS Alternatives Global Limited ("DWS Global"), DWS Investments Hong Kong Limited ("DWS HK"), and DWS Investments Australia Limited ("DIAL") shall identify, and maintain a list of, DWS Employees or Contingent Workers who are Access Persons under this Code<sup>3</sup>.** 

<sup>3</sup> The Board of Directors/Trustees (the "Board") of the DWS Funds, DBX Funds, and Germany Funds have adopted a separate code of ethics that applies to the members of the Boards.

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Code of Ethics - DWS Group (U.S. Registered Entities)

In addition to the Code, you should also review and comply with the requirements of the associated policies set forth in under Associated Policies. For access to the policies and procedures, see the Deutsche Bank AG ("DB") Policy Portal.

***Together, this Code, and other associated policies, as referenced herein, underscore DWS's commitment that we will act with fairness, decency and integrity, put our clients' interests before any other interests, adhere to the highest standards of ethics and comply with the U.S. federal securities laws. The success of this commitment depends on the conduct of each of us.***

Any questions relating to the Code should be directed to DWS Compliance.

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Code of Ethics - DWS Group (U.S. Registered Entities)

**4 / General Rule** 

The General Scope

While the restrictions in this Code apply only to an individual who is an Access Persons of a DWS Entity, the general principles underlying the Code apply to all Supervised Persons. The purpose of the Code is to ensure that, in connection with your personal trading, you do not violate any U.S. Federal Securities Laws.

You must report violations of one or more provisions contained within the Code to the Chief Compliance Officer(s) (or designee) or DWS Compliance senior management, and if you do not do so, you may be deemed in violation of this Code. The Chief Compliance Officer(s) (or designee) and DWS Compliance senior management will receive periodic reports of all violations of the Code. You should refer to the Raising Concerns (including Whistleblowing Policy) – Deutsche Bank Group for your responsibilities to report violations of U.S. Federal Securities Laws.

If you violate the Code, you may be subject to disciplinary actions, including but not limited to the issuance of a Red Flag<sup>4</sup>, disgorging profits, suspending trading, terminating employment, and being subject to regulatory sanctions and fines. Please refer to Section 9 of the Code for additional information.

<sup>4</sup> In Germany, the Red Flag process is limited to senior executives ("leitende Angestellte").

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Code of Ethics - DWS Group (U.S. Registered Entities)

**5 / Reporting Requirements** 

As an Access Person, you are required to make certain disclosures relating to Trading Accounts and Securities for which you have a Beneficial Ownership, to the extent permitted by local laws. Below are details of the reporting requirements applicable to all Access Persons of a DWS Entity.

**A.** **Initial Personal Securities Holdings and Trading Accounts Disclosures** 

All Access Persons are required to disclose all Trading Accounts along with applicable holdings in Securities no later than ten (10) calendar days after an individual becomes an Access Person. The information submitted must be current within 45 days prior to the date the individual becomes an Access Person. The information must include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. The title and type of security, and as applicable the exchange ticker symbol or CUSIP number<sup>5</sup>, number of shares, and principal amount of each Security in which the Access Person has any direct or indirect Beneficial Ownership when the person became an Access Person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. The name of any broker, dealer or bank with whom the Access Person maintained a Trading Account in which any
securities (including open-end Investment Companies) were held for the direct or indirect benefit of the Access Person as of the date the person became an Access Person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. The date that the report is submitted by the Access Person.

Please note that Private Investment Transactions fall under the definition of Security and must be reported accordingly.

**Access Persons that do not have any Beneficial Ownership in securities (including open-end Investment Companies) will be required to attest to that effect.** 

*(i)* Access Persons must report all Securities held in Trading Accounts via the StarCompliance system. A sample
Initial Personal Securities Holdings Report form is attached as Appendix B. *Designated Brokers.* 

All Access Persons must disclose their Trading Accounts in StarCompliance. In general, Access Persons must maintain new Trading Accounts with a Designated Broker (provided below).

DWS Entities in the U.S. require that Access Persons maintain their Trading Accounts with a Designated Broker. See the link below for a list of Designated Brokers.

<u>https://mydb.intranet.db.com/groups/dws-employee-compliance-team/overview</u> 

New Access Persons must complete the transfer of all Trading Accounts to a Designated Broker within 30 days of the start of employment, unless an exception is granted by DWS Compliance.

Exceptions to the Designated Broker requirement may be given on a case-by-case basis. Exceptions, include but are not limited to, approved Discretionary Managed Accounts or where a member of an Access Person's Immediate Family is employed by another financial institution with its own conflicting Designated Broker requirement. If an exception is granted for a Trading Account or to not be maintained with a Designated Broker, the Access Person must provide or arrange for duplicate account statements and confirmations be automatically provided.

<sup>5</sup> DWS Compliance considers the ISIN an equivalent uniform identifier to the CUSIP when obtaining holdings reports for Access Persons who are outside of North America.

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Code of Ethics - DWS Group (U.S. Registered Entities)

Please Note: Trading Accounts that are a U.S. 529 Plan (college savings plans) **where the investment options are only limited to Investment Companies, excluding plans offering products where a DWS Entity or an affiliate act as investment adviser, sub-adviser or principal underwriter**, do not need to be reported.

**B.** **Quarterly Transaction Reports** 

All Access Persons must submit a quarterly transaction report no later than 30 calendar days after the end of the calendar quarter. The information in the report shall contain the following information with respect to any transaction during the quarter in a Security within a Trading Account:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. The date of the transaction, the title, and as applicable the exchange ticker symbol or ISIN/CUSIP number,
interest rate and maturity date, number of shares, and principal amount of each Security involved;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. The nature of the transaction (i.e., purchase, sale or any other type of acquisition or disposition);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. The price of the Security at which the transaction was effected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. 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;v. The date the Access Person submits the report.

**Access Persons that do not have any transactions in Securities in a particular quarter will be required to attest that they did not have any such transactions for the respective quarter.** 

In addition, all Access Persons must report with respect to any Trading Account opened during the quarter:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The name of the broker, dealer or bank where the Access Person established the Trading Account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The date the Trading Account was established; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The date that the report is submitted by the Access Person.

Access Persons must complete the quarterly transaction report for all transactions in Securities during the prior calendar quarter via StarCompliance. A sample Quarterly Transaction Report form is attached as Appendix C.

All quarterly transaction reports will be reviewed to ensure compliance with the Code in accordance with applicable procedures.

**C.** **Annual Holdings and Trading Accounts Reports** 

Annually, all Access Person must submit a report that includes all Trading Accounts and all applicable holdings in Securities. The information submitted must be current within forty-five (45) calendar days of the report date. The information must include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. The title and type of security, and as applicable the exchange ticker symbol or ISIN/CUSIP number, number of
shares, and principal amount of each Security in which the Access Person has any direct or indirect Beneficial Ownership; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. The name of any broker, dealer or bank with whom the Access Person maintained a Trading Account in which any
securities (including open-end Investment Companies) were held for the direct or indirect benefit of the Access Person as of the date the person became an Access Person; and

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Code of Ethics - DWS Group (U.S. Registered Entities)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. The date that the report is submitted by the Access Person.

**Access Persons that do not have any Beneficial Ownership in securities (including open-end Investment Companies) will be required to attest to that effect.** 

Access Persons must complete the annual holdings report via StarCompliance. A sample Annual Personal Securities Holdings Disclosure form is attached as Appendix D.

All annual holdings reports will be reviewed to ensure compliance with the Code in accordance with applicable procedures.

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Code of Ethics - DWS Group (U.S. Registered Entities)

**6 / Pre-Clearance Requirements** 

All Access Persons must pre-clear transactions (e.g., purchases, sales, and gifting) in any Security (as defined below) prior to execution in a Trading Account. Access Persons must enter pre-clearance requests via StarCompliance, which will process such request. StarCompliance is available via DWS Network.

**Employees must not commit funds, place orders or execute transactions until written confirmation has been received from DWS Employee Compliance that the request has been approved. Approvals are valid only for the day granted**. For clarification, your order must be executed on the same day by the time the market on which the security is traded closes. If an approved transaction in a Security is not executed on the same day that the approval is granted, you must repeat the preclearance process before executing the transaction the next day. ***Good Till Cancelled ("GTC") orders, limit orders, or any other carry-over orders are NOT permitted***.

All pre-clearance requests will be routed to the DWS Employee's manager for review and approval before Compliance review. Managers have an important role in overseeing and ensuring DWS Employees conduct their personal trading activities in compliance with the Code. Specifically, managers are responsible for considering the activities performed by the DWS Employee on behalf of DWS and the activities of the business area, including, but not limited to, if the DWS Employee has access to information relating to DWS research or trade activity, whether the DWS Employee has access to inside information relating to the Security or related Securities (i.e., industry peers), and the frequency of transactions and time dedicated to personal trading by the DWS Employee's relative to his or her responsibilities to DWS and its clients. Managers should not approve requests that are considered prohibited transactions; present conflicts, actual or potential, with DB or DWS, clients or responsibilities; or present any other issues that are relevant to the business / DWS Employee situation that may indicate a concern. Additionally, managers should consider the nature, pattern and / or frequency of trading activity of DWS Employee and raise any concerns or questions to Compliance prior to approval.

For avoidance of doubt, approval by the DWS Employee's manager is not considered DWS Employee Compliance approval. Written confirmation from DWS Employee Compliance (whether manually or via StarCompliance) is required before proceeding with the transaction.

**In addition to the exclusions from the definition of Security below, the following transactions are exempted from the pre-clearance requirement:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Transactions in disclosed and approved Discretionary Managed Accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Transactions in DWS open-end Investment Companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Acquisitions or dispositions of Securities as the result of a stock dividend, stock split, reverse stock split,
merger, consolidation, spin-off or other similar corporate distribution or reorganization applicable to all holders of a class of Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Purchases of Securities through an employer sponsored share purchase plan, such as the DB or DWS Group Global
Stock Purchase Plan ("GSPP") (or similar plans), and the receipt of shares, rights, or options (including the exercise of options or other conversions to shares) from an employer as compensation. **(All sales of such Securities received through employer sponsored share purchase plans or as compensation must be precleared)**;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Receipt of underlying equity, including where the equity is provided net of tax, the transfer of equity received
to another disclosed account, or election to receive cash or notional value rather than shares at the time of vesting through a deferred compensation scheme/plan (including the exercise of Stock Appreciation Rights);

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Code of Ethics - DWS Group (U.S. Registered Entities)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Selling or purchasing rights solely to round the rights awarded or granted pursuant to a corporate action to be
able to purchase a complete share;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Purchases and sales of currencies transactions and in digital or crypto currencies; however, transactions in
digital or crypto currencies and assets during an ICO or IEO would be subject to pre-clearance. Additionally, any crypto currency trust or exchange traded products and any derivative or futures-related
transactions in digital or crypto currencies and related assets would be subject to pre-clearance. **Please note that mining digital or crypto currencies and assets using personal equipment or as a business must be pre-cleared as a Private Investment Transaction or Outside Business Activity. Mining digital or crypto currencies and assets using DWS equipment is strictly prohibited**;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Transactions in cash commodities where the Access Person accepts physical delivery;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Transfers from one Trading Account to another Trading Account of the same Access Person, provided that the second
Trading Account has been disclosed in accordance with the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Securities purchased under a program in which regular periodic purchases are made automatically in Trading
Accounts in accordance with a predetermined schedule and allocation (e.g. issuer sponsored DRIPs). **Additional or occasional purchases outside of the program and all sales of shares would be subject to pre-clearance;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Regular investments within a regular savings plan for DWS Access Persons located in Germany provided:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• DWS Employee Compliance is notified of regular savings plan upon setup,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Transactions are on a specified periodic basis and not ad-hoc transactions in Securities,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Transactions are made pursuant to a written agreement with the broker that clearly stipulates the investment
details (name of the product, frequency of transaction, investment value and the account number), and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The details of the written agreement with the broker do not change more than once in a 12 month period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Participating or receiving Securities in conjunction with tender offers. Subsequent sales of Securities must be pre-cleared and will be subject to the short-term trading and holding period requirements described above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Transactions in collective investment schemes that are not exchanged traded products;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares sold in accordance to Rule 10b5-1 Plan. Please note that any Rule 10b5-1 Plan must be disclosed (including a copy of the Rule 10b5-1 Plan) to DWS Compliance before being established, unless the Rule 10b5-1 Plan was established prior to employment at DWS; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Transactions in cash management vehicles, such as money market Investment Companies.

Access Persons are required to promptly provide Compliance with evidence of all trading activity; at a minimum this includes statements and copies of executed transaction details, however Compliance may request other evidence, as needed. To assist in fulfilling this requirement, Access Persons can directly arrange for their Broker(s) to provide this trading activity information to Compliance via StarCompliance. Access Persons are responsible for ensuring the arrangement is implemented and, upon leaving DWS, is terminated. In case this is not an available option within your region (e.g. in Germany), you are required to manually upload evidence as soon as reasonably possible.

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Code of Ethics - DWS Group (U.S. Registered Entities)

**7 / Restrictions** 

Access Persons must ensure conflicts or the appearance of conflicts are identified, mitigated and managed, between their duties and responsibilities to our Advisory Clients and their personal investment activities. Technical compliance with the Code will not automatically insulate any transaction in any Trading Accounts from scrutiny that indicates an abuse of your fiduciary duties or that creates an appearance of such abuse.

Note that violations of these restrictions may result in a Red Flag and/or other disciplinary actions, including but not limited to, disgorging profits, suspending trading, terminating employment, and being subject to regulatory sanctions and fines. Please refer to Section 9 for additional information.

**A.** **General** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*i.* *The Basic Policy*: Access Persons have a personal obligation to conduct transactions in Securities
lawfully and in a manner that avoids actual, perceived, or potential conflicts between their own interests and the interests of DWS and Advisory Clients. Access Persons must carefully consider the nature of their responsibilities – and the
type of information that he or she might be deemed to possess in light of any particular securities transaction – before engaging in that transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*ii.* *Inside Information (also referred to Material Non-public Information ("MNPI") or Price Sensitive Information ("PSI"))*: An Access Person who is in possession of or believes he or she is in possession of inside information about or affecting Securities or the Security's issuer must
promptly notify DWS Compliance (and no one else, including any other DWS Employee). Such Access Persons are prohibited from buying or selling such Securities or advising any other person to buy or sell such Securities;

See also the <u>Information Security Policy – DB Group and the Information Barriers Policy – DWS Group.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*iii.* *Firm and Departmental Restricted Lists*: Access Persons are not permitted to buy or sell any Securities
that are included on the DWS Restricted List (available at <u>https://gromit.intranet.db.com/rlweb/rl/overview.jsp?view=companies</u> or can be accessed from the intranet home page under Useful Links\Compliance) and/or other applicable restricted
lists for a DWS Entity. See "DWS Restricted List" below; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*iv.* *Front-Running/Piggybacking*: Access Persons are prohibited from buying or selling Securities or other
instruments in their Trading Accounts so as to benefit from the Access Person's knowledge of the DWS Entity's, an investment company's or other client's trading positions, plans or strategies, or forthcoming research
recommendations.

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Code of Ethics - DWS Group (U.S. Registered Entities)

**B.** **Specific Blackout Period Restrictions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. **SAME-DAY RULE**: Access Persons shall not knowingly or otherwise
effect the purchase or sale of a Security in their Trading Accounts on a day during which any Advisory Client has an open "buy" or "sell" order for the same Security, until that order is withdrawn or fully executed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. **5-DAY RULE**:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Investment Personnel shall not purchase or sell a Security in their Trading Accounts within **five calendar days before or five calendar days after** the same Security (i) is traded (or contemplated to be traded) for an Advisory Client account with which the individual is associated; or (ii) is added to/deleted from or has its weighting
changed in a model portfolio; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Access Persons who have real time access to Fixed Income and/or Equity global research, shall not purchase or
sell a Security in their Trading Accounts within five calendar days before or **five calendar days after** the same Security: (i) has its internal rating upgraded or downgraded; or (ii) has research coverage initiated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. **Deutsche Bank and DWS Issued Securities:** 

During certain times of the year, Access Persons are prohibited from conducting transactions in equity and debt securities of Deutsche Bank AG and DWS Group GmbH & Co. KgaA ("DWS Group"). DWS Compliance generally imposes these "blackout" periods around the fiscal reporting of corporate earnings. Blackouts typically begin three days prior to the expected quarterly or annual earnings announcement and end after earnings are released publicly. Additional restricted periods may be required for certain individuals and events, and DWS Compliance will advise when such additional restricted periods are in effect. Additionally, Access Persons are prohibited from short selling (e.g., selling a security that is not held in your Trading Account) or trading in options or derivatives with a DB or DWS Group security as an underlying instrument. (Transactions in DB and/or DWS Group securities are also subject to local requirements.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. **Exceptions to Blackout Periods (above items i and ii only):** The following transactions in Securities are
exempt from the Same Day Rule and 5-Day Rule noted above:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Purchases or sales of 500 shares or less of the equity Securities of issuers in the Stoxx 50, Eurostoxx 50, DAX,
MIB 30, CAC 40, Ibex 35, AEX, ATX, SMI, FTSE 100, ASX 200, and S&P 500 Indices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Transactions in Discretionary Managed Accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Securities purchased under a program in which automatic purchases are made in Trading Accounts in accordance with
a predetermined schedule and allocation (e.g. issuer sponsored Dividend Reinvestment Plan ("DRIPs")) but excluding any purchases outside of the program (However, the sale of such Securities will be subject to the Blackout Periods
above.);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• To the extent acquired from the issuer, Securities acquired upon the exercise of rights issued to holders of a
class of such Securities (However, the sale of such Securities will be subject to the Blackout Periods above.);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Currency (Excluding ICOs and IEOs);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Securities purchased through an employer sponsored share purchase plan, such as the Deutsche Bank or DWS GSPP (or
similar plans), and the receipt of shares, rights, or options (including the exercise of options or other conversions to shares) from an employer as compensation (However, the sale of such Securities will be subject to the Blackout Periods above.);
and

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Code of Ethics - DWS Group (U.S. Registered Entities)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Securities bought or sold in accordance to a Rule 10b5-1 Plan<sup>6</sup> or similar pre-established, written trading contract or plan that expressly specifies the amount, price, and date to buy or sell a security.<sup>7</sup> This written plan or contract must instruct another person to purchase or sell the Security for the instructing person's account and not permit the Access Person to exercise any subsequent
influence over how, when, or whether to effect sales, provided that any other person exercising such influence must not be aware of any inside information when doing so.

**C.** **Initial Public Offerings ("IPOs")** 

Access Persons are prohibited from purchasing or subscribing for Securities pursuant to an initial public offering or limited offering. This prohibition applies even if DB or DWS Group (or any affiliate) has no underwriting role and/or is not involved with the distribution.

**D.** **Short-Term Trading and Holding Period Requirement** 

Access Persons must always conduct their personal trading activities lawfully, properly and responsibly, and are encouraged to adopt long-term investment strategies that are consistent with their financial resources and objectives. DWS generally discourages personal short-term trading strategies, and Access Persons are cautioned that such personal short term trading strategies may inherently carry a higher risk of regulatory scrutiny. In any event, excessive or inappropriate trading that interferes with job performance or compromises the duty that DWS owes its Advisory Clients and shareholders is not appropriate and will not be tolerated.

Access Persons are prohibited from purchasing and selling any Securities within any 30 calendar day period. The 30 calendar day period is calculated using the Last In, First Out ("LIFO") basis (e.g. any additional purchases in the same security, regardless of Trading Account, would start the 30 calendar day period over). Requirements under the holding period may be waived in exceptional circumstances by DWS Compliance. For clarification, Securities must be held through 30 days and may not be traded until day 31. **The following are exempted from this restriction:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Securities purchased under a program in which automatic purchases are made in Trading Accounts in accordance with
a predetermined schedule and allocation (e.g. issuer sponsored DRIPs and Periodic Purchase Plans/Automatic Investment Plans/Regular savings plans for open-end Investment Companies advised by DWS). **Additional or occasional purchases of Securities outside of the program would be subject to the 30 calendar day short-term trading requirement**;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• To the extent acquired from the issuer, Securities acquired upon the automatic exercise of rights issued to
holders of a class of Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Purchases of Securities through an employer sponsored share purchase plan, such as the Deutsche Bank or DWS GSPP
(or similar plans), and the receipt of shares, rights, or options (including the exercise of options or other conversions to shares) from an employer as compensation;

<sup>6</sup> When a contract, instruction or plan is relied upon under this rule, it must meet detailed criteria set forth in Rule 10b5-1(c)(1)(i)(B) and (C). 

<sup>7</sup> The SEC has expressed its view about the concept of trading "on the basis of" material, non-public information in Rule 10b5-1. Under Rule 10b5-1, and subject to the affirmative defenses contained in the rule, a purchase or sale of a security of an issuer is "on the basis" of material non-public information about that security or issuer if the person making the purchase or sale was aware of the material, non-public information when the person made the purchase or sale. A person's purchase or sale is not "on the basis of" material, non-public information if he or she demonstrates that before becoming aware of the information, the person had entered into a binding contract to purchase or sell the security, instructed another person to purchase or sell the security for the instructing person's account, or adopted a written plan for trading securities 

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Securities purchased or sold in accordance to a Rule 10b5-1 Plan or
similar pre-established, written trading contract or plan; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cash management vehicles, such as money market Investment Companies.

**E.** **Short Sales** 

Access Persons may not sell short any Security, directly or indirectly (e.g. via options), including covered shorts (i.e. selling short "against the box").

**F.** **DWS Restricted List** 

The DWS Restricted List is comprised of Securities in which the normal trading or recommending activity of DWS Group, including the personal trading of Access Persons, is prohibited or subject to specified restrictions (e.g., inside information).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. All Access Persons are responsible for checking the DWS Restricted List prior to entering into any transaction,
soliciting customer orders or issuing research. Failure to observe the requirements of the Restricted List is considered a serious disciplinary matter and may result in sanctions, which could include dismissal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. The DWS Restricted List can be found at DWS Restricted List or can be accessed from the intranet home page
under Useful Links\Compliance.

For additional information, please also see the Restricted List Policy – Global.

**G.** **Investments in DB/DWS Shares** 

Trading in options and derivatives involving DB Shares, DWS Shares or with DB Group or DWS Group underlying is prohibited. For example, the following types of transactions are specifically prohibited:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Derivatives on DB Shares or DWS Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Short positions, including covered shorts; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Hedging of compensation awards that are not fully delivered and vested (hedging of FX exposure is permitted).

**H.** **Private Investment Transactions ("PITs")** 

A PIT is a financial investment or product that is either not listed or if listed cannot be traded on any exchange. It includes all hedge funds, other unlisted funds, private equity, direct investment in someone else's business, starting one's own business, and investing capital in a business of any sort. Exchanges include both regulated markets and multilateral trading facilities. In some circumstances a PIT might also need to be logged as an outside business activity. Please contact Compliance if you have any questions.

All PITs, both buys and sells, are subject to pre-clearance. Committed funds up to the value of that which has been approved by Compliance may be deposited without additional preclearance approval.

Prior to effecting a Private Investment Transaction, either buys or sells, such as subscribing to or purchasing interests of any kind in a private placement, privately held company, private investment partnership, or industrial/commercial property or other private interest, all Access Persons must first, in accordance with the Code, pre-clear the transaction and complete a conflicts of interest questionnaire. Supporting documentation must be provided to Compliance upon request. Approvals for Private Investment Transactions are good for 30 calendar days. Additional time may be granted by DWS Compliance.

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Code of Ethics - DWS Group (U.S. Registered Entities)

All existing PITs are required to be disclosed to Compliance within 10 days of becoming an Access Person, as noted above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**i.** **DB or DWS-Sponsored Private Placements, Private Investment Partnerships and Other Private Interests** 

Access Person investments or transactions (including liquidations) in DB or DWS private products raises special concerns regarding the potential for conflicts of interest or the appearance of conflicts. In addition, pursuant to the Volcker Rule, Access Persons may not invest in DB or DWS-sponsored private funds, that are exempt from the definition of "investment company" under Section 3(c)(1) or 3(c)(7) ("Related Covered Funds"), except for any Access Person who is directly providing investment advisory or other services to the fund. Accordingly, transactions in such Securities must be reported to and approved in advance via StarCompliance. DWS Compliance is responsible for reviewing and assessing an Access Person's requested trades in Related Covered Funds. Access Persons should not proceed with any such investments until they have obtained approval.

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Code of Ethics - DWS Group (U.S. Registered Entities)

**8 / Written Acknowledgement** 

Upon commencement of your employment, becoming an Access Person, or the effective date of this Code, whichever occurs later, and upon any material amendments to the Code, all Access Persons will be required to acknowledge in writing receipt of a copy of the Code by submitting an attestation via StarCompliance or via the attached Code of Ethics Acknowledgement form attached as Appendix A. By that acknowledgement, you will also agree:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• To read the Code, to make a reasonable effort to understand its provisions and that you have had the opportunity
to ask questions to DWS Compliance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• To comply with the Code, as amended or updated, including its general principles, its reporting requirements, its
prohibitions, its preclearance requirements, its short-term trading and holding period requirements and blackout periods;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• To advise the members of your Immediate Family about the existence of the Code, its applicability to their
personal transactions in Securities and your responsibility to assure that their personal transactions in Securities comply with the Code, to the extent permitted by local laws; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• To cooperate fully with any review or inquiry by or on behalf of the Chief Compliance Officer (or designee) to
determine your compliance with the provisions of the Code.

In addition, your acknowledgement will recognize that any failure to comply with the Code and to honor the commitments made by your acknowledgement may result in disciplinary actions, including Red Flags or dismissal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(i) Annual Attestation:* 

All Access Persons are required to attest in writing on an annual basis, via StarCompliance that they have complied with each provision of your initial acknowledgment (see above). In particular, the annual certification will require that Access Persons certify that they have received, read and understood the Code, that they recognize that they are subject to its provisions, that they have complied with the requirements of the Code during the period to which it applies, and that they have disclosed, reported, or caused to be reported all transactions required to be disclosed or reported pursuant to the requirements of the Code and that they have disclosed, reported or caused to be reported all Trading Accounts in which they have a Beneficial Ownership interest. In addition, all Access Persons will be required to confirm the accuracy of the Trading Accounts and Security records.

All Access Persons must also acknowledge receipt of any amendments made to the Code if a determination is made by DWS Compliance that such acknowledgement should occur prior to the next annual acknowledgement.

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Code of Ethics - DWS Group (U.S. Registered Entities)

**9 / Compliance Oversight** 

**A.** **DWS Compliance Oversight** 

DWS Employee Compliance Office administers, monitors and reports on violations of the requirements set forth in the Code. DWS Employee Compliance Office is also responsible for administering a preclearance system for all Access Persons in accordance with the requirements of the Code, collecting and reviewing the reports and attestations required under the Code and identifying and reporting to DWS Compliance with respect to (i) all violations and (ii) actions taken to address such violations based on DWS's Consequence Management Standards (see below).

DWS Employee Compliance Office is responsible for escalating any issues that fall outside of DWS's Consequence Management Standards to the Chief Compliance Officer(s) (or his or her designee) for the respective DWS Entity. The Chief Compliance Officer(s) (or his or her designee) for each DWS Entity will be responsible for providing oversight of DWS Employee Compliance Office and its administration of the Code. DWS Employee Compliance Office will provide reporting, no less frequently than monthly, of all violations of the Code to the Chief Compliance Officer(s) (or his or her designee) for each DWS Entity. Access Persons may contact DWS Employee Compliance Office with any interpretation questions relating to the Code by sending an email to your respective regional contacts:

<u>DWS-Americas.EC-CCR@db.com</u>

<u>DWS-APAC.EC-CCR@db.com</u>

<u>DWS-EMEA.EC-CCR@db.com</u>

<u>DWS-UKI.EC-CCR@db.com</u>

**B.** **DWS's Consequence Management Standards** 

The sanctions recommended by the Chief Compliance Officer may, to the extent permitted by local regulations, include, but not be limited to, written breaches of policy, issuance of Red Flags, full or partial disgorgement of profits, consideration of such violation during year-end performance and discretionary compensation review, imposition of a penalty, censure, trading suspension, or dismissal. As part of any sanction, (e.g., for violation of the Code's restrictions on short-term trading and holding period requirements or trading during blackout periods), Access Persons may be required to reverse or unwind a transaction and to forfeit any profit or to absorb any loss from the transaction. If a transaction in a Security cannot be reversed or unwound, you may be required to disgorge any profits associated with the transaction, which profits will be distributed in a manner prescribed by the respective DWS Entity in the exercise of its discretion. Profits derived from transactions in Securities in violation of the Code may not be offset by any losses from other transactions. In certain circumstances, the Chief Compliance Officer will escalate matters to DWS Anti-Financial Crime Investigations ("DWS AFCI") for an independent investigation.

The Red Flags process is an integral part of DWS's global Risk Culture initiatives, aimed at embedding a strong Risk Culture across the Firm. This includes making sure the Firm only rewards the right behaviors. Access Person personal account dealing is one of the categories that will be measured for compliance. An Access Person's Red Flags data will therefore be considered as one of the criteria during performance management, compensation and promotion decisions. Any Access Person who violates the Code may be subject to disciplinary actions, including the issuance of a Red Flag or possible termination

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Code of Ethics - DWS Group (U.S. Registered Entities)

of employment<sup>8</sup>. Additionally, violations of the Code are reported to Business Management no less than monthly. Finally, violations and suspected violations of criminal laws will be reported to the appropriate authorities as required by applicable laws and regulations. Additional information regarding the Red Flags Program can be found at the following link:

<u>https://mydb.intranet.db.com/groups/red-flags</u>

**C.** **Reports of Violations** 

In a timely manner, typically monthly, but not less frequently than quarterly, any known violations of the Code by an Access Person will be reported, as appropriate, to the Risk & Control Committee, regional operating committees, DB Employee Compliance, DWS Funds Board, DBX Funds Board, and Germany Funds Board along with the sanctions imposed in response to the violation.

On at least an annual basis, the DWS Funds Board, DBX Funds Board, and Germany Funds Board will each be presented with an annual report that, at a minimum:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Summarizes existing procedures concerning personal investing and any changes in the procedures made during the
past year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Identifies any violations requiring significant sanctions during the past year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Identifies any recommended changes in existing restrictions or procedures based on evolving industry practices
or developments in applicable laws or regulations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. Includes certifications from the Fund, investment advisers, and principal underwriter, stating that each entity
has adopted procedures reasonably necessary to prevent Access Persons from violating the Code.

<sup>8</sup> In Germany, the Red Flag process is limited to senior executives ("leitende Angestellte").

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Code of Ethics - DWS Group (U.S. Registered Entities)

**10 / Interpretations and Exceptions** 

The Chief Compliance Officer(s) (or his or her designee), in their discretion, may grant case-by-case exceptions to any of the requirements, restrictions, or prohibitions, except that the Chief Compliance Officer(s) (or his or her designee) may not exempt any transaction in a Security from the Code's reporting requirements. Exemptions from the Code's pre-clearance requirements and from the Code's restrictions on Short-Term Trading and trading during Blackout Periods will require a determination by the Chief Compliance Officer(s) (or his or her designee) that the exempted transaction does not involve a realistic possibility of violating the general principles described in this Code. An application for a case-by-case exemption, in accordance with this paragraph, should be made **in writing** to the Chief Compliance Officer (or his or her designee).

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Code of Ethics - DWS Group (U.S. Registered Entities)

**11 / Associated Policies** 

The following policies provide additional guidance to the Code. DWS Access Persons must also comply with the requirements of the following policies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Code of Conduct – DB Group</u> <u> </u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>CCF Risk Categories Global Requirements MaComp – Written Supervisory Procedures – DWS Global</u> <u> </u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Information Barriers – Policy – DWS Group</u> <u> </u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Anti-Bribery and Corruption Policy – DB Group</u> <u> </u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Information Security Policy – DB Group</u> <u> </u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Restricted List Policy – DB Group</u> <u> </u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Raising Concerns (including</u> <u>Whistleblowing Policy) – Deutsche Bank Group</u> <u> </u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Market Conduct Policy – Global</u> <u> </u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Conflicts of Interest Policy – DWS Group</u> <u> </u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Employee Compliance Policy – DWS Group</u> 

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Code of Ethics - DWS Group (U.S. Registered Entities)

**12 / Authoritative Guidance** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Section 10(b) of, and Rule 10b-5 under the Securities Exchange Act
of 1934 (15 USC § 78j and 17 CFR § 240.10b-5)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Section 204A of, and Rule 204A-1 under the Investment Advisers Act
of 1940 (15 USC § 80b-4a and 17 CFR § 275.204A-1)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Section 206 of the Investment Advisers Act of 1940

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Section 17(j) of, and Rule 17j-1 under the Investment Company Act of
1940 (15 USC § 80a-17 and 17 CFR § 270.17j-1)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• FINRA Rule 3210

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• FINRA Rule 3110(d)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• European Market Abuse Regulation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fund Manager Code of Conduct (Securities and Futures Commission – Hong Kong)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Gramm-Leach-Bliley Act

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Code of Ethics - DWS Group (U.S. Registered Entities)

**13 / Key Components** 

Staff Responsibilities

This Code sets forth the specialized rules for personal trading and investment of all Access Persons. Every Supervised Persons, which includes Access Persons and Investment Persons, has to be aware of the requirements outlined in this document, which includes complying to the requirements and responding to requests being made in relation to this document.

Transactions and Financial Instruments in Scope

Any Security, transactions or reporting obligations which fall into the scope of this document, need to be registered in StarCompliance.

Exclusions

Any exclusions or exceptions are outlined within the applicable section of this document and apply as described.

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Code of Ethics - DWS Group (U.S. Registered Entities)

**14 / Key Regional Differences** 

There are no regional differences.

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Code of Ethics - DWS Group (U.S. Registered Entities)

**15 / Governance** 

The policy is approved by the DWS Global Head of AFC & Compliance.

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| | |
|:---|:---|
| **Supervised Persons, including Access Persons and Investment Persons** | Ensure adherence to this Code of Ethics by DWS Employees. |
| **Business Signatory Officer (BSO)** | The manager(s) of each Access Person have to approve or deny the respective trade requests for personal account dealing or private investment transaction requests, before they are reviewed by Compliance. |
| **Compliance** | Regional teams are supporting in advising on matters related to this document and will ensure timely feedback of requests. In addition, Compliance is conducting further checks to ensure that adherence to this Code of Ethics has been demonstrated by Staff. pursuant to the Consequence Management Standards which is outlined in Section 9: Compliance Oversight. |

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Code of Ethics - DWS Group (U.S. Registered Entities)

**16 / Terms and Definitions** 

List any abbreviations used in the policy for example:

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|:---|:---|
| **Term** | **Definition** |
| **Access Person** | "**Access Person**" shall include individuals who are "access persons" under Rule 17j-1 of the Investment Company Act of 1940, as amended and Rule 204A-1 of the Investment Advisers Act of 1940, as amended, and shall include: |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A DWS Employee who, in the normal conduct of his/her job responsibilities, has access (or are likely to be perceived to have access) to inside information regarding any Advisory Client's purchase or sale of Securities or inside information regarding the portfolio holdings of any reportable fund; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A DWS Employee who is involved in making securities recommendations to advisory clients, or has access to such recommendations before they are public; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any officer or director of each DWS Entity; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any officer of an Investment Company advised or sub-advised by a DWS Entity; or |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any other individual determined by DWS Compliance. |
|  | **For purposes of the Code, all DWS Employees and Contingent Workers of DIMA, RREEF, DBX, and DDI are "Access Persons." For the avoidance of doubt, all DWS Employees and Contingent Workers in the US are "Access Persons."**<br>**The Chief Compliance Officers of DWSI, DWS Global, DWS HK, and DIAL shall identify, and maintain a list of, DWS Employees or Contingent Workers who are Access Persons under this Code.** |
|  | Staff who is not explicitly classified as access person (or investment person, see below) is a "Non-Access Person". |
| **Advisory Client** | "**Advisory Client**" shall mean a U.S. client, including a U.S. Investment Company or U.S. institutional client, for which a DWS Entity provides investment advisory services as an investment adviser or sub-adviser. |
| **Beneficial Ownership** | "**Beneficial Ownership**" as a general matter, shall mean the opportunity, directly or indirectly, to profit or share in any profit derived from a transaction in a Security. **You are presumed to have a Beneficial Ownership interest in any security held directly or indirectly by you or a member of your Immediate Family (as defined below).** |
|  | Some examples may include: |
|  | • You are named as having power of attorney on a Trading Account through any contract, arrangement, understanding, or otherwise; |
|  | • You own partnership interests in a partnership or limited company; |
|  | • You have or share investment control over a corporation's investment portfolio; or |
|  | • You have investment control over a trust's investments. |
|  | As a technical matter, the term "Beneficial Ownership" for purposes of this Code will be interpreted in the same manner as it would be under Rule 16a-1(a)(2) under the Securities Exchange Act of 1934, as amended, in determining whether a person has beneficial ownership of a Security. |
| **Contingent Workers** | "**Contingent Workers**" shall mean individuals working at or for a DWS Entity who are not directly employed by such DWS Entity. |
| **Discretionary Managed Account** | "**Discretionary Managed Account**" shall mean a Trading Account where (A) the investment making decision has been delegated to an independent third-party investment manager or financial institution, who is not a family member or related-party, by means of a written agreement, (B) the third-party investment manager or financial institution maintains full discretionary control over the Trading Account, and (C) the DWS Employee and a person with Beneficial Ownership may not direct or influence any activity in the Trading Account. |

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|:---|:---|
| **DWS Compliance** | "**DWS Compliance**" shall mean the designated compliance officer contact assigned to support a specific business line. |
| **DWS Employee** | "**DWS Employee**" shall include all employees of DWS Entities. For avoidance of doubt, DWS Employee includes individuals who are seconded into a DWS Entity, but employed by an affiliated entity. |
| **DWS Entity** | "DWS Entity" includes the following: |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• DWS Investment Management Americas, Inc. |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• RREEF America, L.L.C. |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• DWS Distributors Inc. |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• DWS International GmbH |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• DWS Alternatives Global Limited |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• DWS Investments Hong Kong Limited |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• DWS Investments Australia Limited |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• DBX Advisors LLC |
| **Immediate Family** | "**Immediate Family**" shall mean any of the following persons who **share the same household with you**: your spouse, partner, any child, stepchild, grandchild, parent, stepparent, grandparent, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law, including any adoptive relationships. ***Any questions relating to whether a person shares the same household*** with you should be directed to DWS Compliance. |
|  | **For the avoidance of doubt, this includes, but is not limited to, children in college or others for whom you are financial responsible.** |
| **Initial Coin Offerings ("ICOs") and Initial Exchange Offerings ("IEOs")** | "**Initial Coin Offerings**" or token sales are offerings of new digital assets to raise capital or participate in investment opportunities. In an ICO, a company offers digital tokens to potential investors to fund a certain project or platform, and distributes the token via a blockchain network.<br>"**Initial Exchange Offerings**" are offerings of digital assets (e.g., coins or tokens) to raise capital that are offered directly by online trading platforms on behalf of companies to provide immediate trading opportunities for the digital assets. |
| **Inside Information (also referred to as Material Nonpublic Information (MNPI) or Price Sensitive Information (PSI))** | Defined in the Information Barriers Policy – Deutsche Bank Group as precise information, not publicly available which relates directly or indirectly to one or more issuer or financial instrument, which, if publicly known, would likely have significant effect on the price of a publicly traded instrument. |
| **Investment Company** | "**Investment Company**" is a company that issues securities that represent an undivided interest in the net assets held by the company. This includes such companies, and their series, that are registered under the Investment Company Act of 1940, as amended, or similar non-U.S. regulatory regime. These companies may be structured as open end or closed end companies and may be offered at a share price equal to their net asset value or on an exchange based on market prices. |
| **Investment Personnel / Investment Persons** | "**Investment Personnel**" shall mean any Access Person who, in connection with his or her regular functions or duties, makes or participates in making recommendations regarding the purchase or sale of Securities for Advisory Clients or any natural person who controls the Investment Company or DWS Entity and who obtains information concerning recommendations made to the Investment Company regarding the purchase or sale of securities by such Investment Company. |
|  | Generally, this will include Portfolio Managers, Traders, Research Analysts (including other DWS Employees who work directly with these individuals in an assistant capacity) and others as may be determined by DWS Compliance. |
|  | As those responsible for making investment decisions (or participating in such decisions) for Advisory Clients, Investment Personnel occupy a comparatively sensitive position, and thus, additional rules outlined in this Code apply to these Access Persons. |
| **Private Investment Transaction** | "**Private Investment Transaction**" shall mean a transaction in a Security that is not listed on any exchange and is generally not available to the public. It includes subscribing to or purchasing interest, of any kind, in a hedge fund, private equity fund, other unlisted funds, a privately held company, private investment partnership, or industrial/commercial property or any direct investment in someone else's business, starting one's own business, and investing capital in a business of any sort. |

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| | |
|:---|:---|
| **Security or Securities** | "**Security or Securities**" shall mean any security or securities as defined in Section 2(a)(36) of the Investment Company Act of 1940, as amended, or Section 202(a)(18) of the Investment Advisers Act of 1940, as amended, but shall ***<u>not</u>*** include: |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Direct obligations of the Government of the United States and any debt obligations of the national governments included in the G10; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Bankers' acceptances, bank certificates of deposit, commercial paper, and high-quality short-term debt instruments, including repurchase agreements; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Shares issued by an open-end Investment Company, except for an open-end Investment Company for which a DWS Entity or an affiliate acts as investment adviser, sub-adviser or principal underwriter (e.g., Investmentfond-Anteile); and |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Shares issued by unit investment trusts that are invested exclusively in one or more open-end Investment Companies, none of which are advised by a DWS Entity or an affiliate (e.g., Dachfond); |
|  | A ***Security will generally include***, but not be limited to, equity or debt securities, ***closed-end Investment Companies, exchange traded products, including exchange traded funds (ETFs)***, hedge funds, private funds, or other unregistered investment fund securities, derivatives (such as options, warrants, futures, and swaps,) American Depository Receipts ("ADRs"), Global Depository Receipts ("GDRs"), commodities, securities indices, and municipal bonds and similar instruments. |
|  | ***Any questions relating to the definition of Securities should be directed to DWS Compliance.*** |
| **Supervised Persons** | "**Supervised Persons**" mean any partner, officer, director (or other person occupying a similar status or performing similar functions), or employee of an investment adviser, or other person who provides investment advice on behalf of the investment adviser and is subject to the supervision and control of the DWS Entity. |
| **Trading Account** | "**Trading Account**" shall mean any banking, investment or any other account through which an Access Person has, direct or indirect, Beneficial Ownership of Securities, excluding investments in 529 Plans (college savings plans) where products do not include any advised by a DWS Entity. |

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Code of Ethics - DWS Group (U.S. Registered Entities)

**17 / Document Retention** 

Books and records required to be maintained under this Policy must be maintained for 6 years, the first two years in a readily accessible place, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• copies of codes of ethics adopted, implemented and / or in effect at any time during the period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• records of any violations of the code of ethics and actions taken as a result thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• records of all written acknowledgements are required herein for each person who is currently, or during the
period was, a supervised person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• records of each report made by an access person, including any information provided in lieu of such reports;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• record of the names of persons who are currently, or within the past six years were, access persons of the
investment adviser; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• record of any decision, and the reasons supporting the decision, to approve the acquisition of securities by
access persons, for at least six years after the end of the fiscal year in which the approval is granted.

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Code of Ethics - DWS Group (U.S. Registered Entities)

**18 / Appendices and Attachments** 

Appendix A – Code of Ethics Acknowledgement

**Code of Ethics Acknowledgement** 

I hereby certify that:

• I have received, read, made a reasonable effort to understand the provisions of the Global Code of Ethics –
DWS Group ("the Code") and have had the opportunity to ask questions to DWS Compliance about the Code;

• I will comply with the Code, as amended or updated, including its general principles, its reporting requirements,
its prohibitions, its preclearance requirements, its short-term trading and holding period requirements and blackout periods;

• I will advise the members of my Immediate Family about the existence of the Code, its applicability to their
personal transactions in Securities and my responsibility to assure that their personal transactions in Securities comply with the Code; and

• I will cooperate fully with any review or inquiry by or on behalf of the Chief Compliance Officer (or designee)
to determine my compliance with the provisions of the Code.

In addition, pursuant to the requirements of the Code, I have reported all of my personal transactions requiring quarterly disclosure and all of my personal securities holdings requiring initial and annual disclosure. I recognize that any failure to comply with the Code and to honor the commitments made by my acknowledgement herein may result in disciplinary actions, including Red Flags or dismissal.

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| |
|:---|
| Print Name: |
| Signature: |
| Date: |

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Code of Ethics - DWS Group (U.S. Registered Entities)

Appendix B – Initial Personal Securities Holdings Disclosure

**INITIAL PERSONAL SECURITIES HOLDINGS DISCLOSURE** 

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| | |
|:---|:---|
| **Name in print (Legal & Preferred):** | **Department:** |
| **Date of Report:** |  |

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***<u>This information must be submitted within 10 days of you becoming an Access Person in order to comply with the Global Code of Ethics – DWS Group (the "Code") requirements.</u>***

***<u>This disclosure must include all Securities held within your Trading Accounts, as defined in the Code, including exchange traded funds (ETFs).</u>***

<u>\*</u> ***<u>Trading Accounts shall mean any banking, investment or other account through which an Access Person has, direct or indirect, Beneficial Ownership of Securities (e.g., accounts for which the DWS Employee has power of attorney), which may include accounts of members of an Access Person's Immediate Family sharing the same household that hold respective securities.</u>*** 

**\*** **Securities** shall mean any security or securities as defined in Section 2(a)(36) of the Investment Company Act of 1940, as amended, and Section 202(a)(18) of the Investment Advisers Act of 1940, as amended. A ***Security will generally include***, but not be limited to, equity or debt securities, ***DWS open-end Investment Companies, closed-end Investment Companies, exchange traded products, including exchange traded Investment Companies***, hedge funds, private funds, unregistered investments, derivatives (such as options, warrants, futures, and swaps,) American Depository Receipts, Global Depository Receipts, commodities, securities indices, and municipal bonds and similar instruments. 

***<u>Not all securities are reportable. You do not need to include the following:</u>***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Direct obligations of the Government of the United States and any debt obligations of the national governments
included in the G10;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Bankers' acceptances, bank certificates of deposit, commercial paper, and high quality short-term debt
instruments, including repurchase agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares issued by an open-end Investment Company, except for an open-end Investment Company for which a DWS Entity or an affiliate acts as investment adviser, sub-adviser or principal underwriter; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares issued by unit investment trusts that are invested exclusively in one or more open-end Investment Companies, none of which are advised by a DWS Entity or an affiliate.

***<u>All Access Persons are required to immediately disclose their Trading Accounts in StarCompliance. This disclosure requirement is separate and distinct from the requirement to complete this form.</u>***

***<u>New Access Persons will receive via email a new joiner attestation, which will include instructions on how to disclose their brokerage account information. If you do not receive this e-mail, please contact the DWS Employee Compliance team at one of the email addresses below</u>.***

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Code of Ethics - DWS Group (U.S. Registered Entities)

***<u>I certify that I have reported all Trading Accounts and have reportable Securities holdings and I have provided DWS Employee Compliance with current (dated within 45 days) account statements and have not disclosed outside DWS any information related to DWS client accounts. I do not maintain any Trading Accounts or any reportable Securities holdings as of my effective date of hire or transfer and have not disclosed outside DWS any information related to DWS client accounts.</u>***

---

| | |
|:---|:---|
| ***Signature*** | ***Date*** |

---

**<u>Send your completed form or any questions to</u>:** 

**DWS Employee Compliance Email:** 

<u>DWS-Americas.EC-CCR@db.com</u><u> </u><u> </u>

<u>DWS-APAC.EC-CCR@db.com</u><u> </u><u> </u>

<u>DWS-EMEA.EC-CCR@db.com</u><u> </u><u> </u>

<u>DWS-UKI.EC-CCR@db.com</u><u> </u>

------

Code of Ethics - DWS Group (U.S. Registered Entities)

**Initial Holdings Report** 

---

| | |
|:---|:---|
| **Name in print (Legal & Preferred):** | **Department:** |
| **Date of Report: DD/MMM/YYYY** | |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| As of Date | Security Name | Security<br>Type | ISIN / CUSIP /<br>Ticker Symbol | Number of<br>Shares | Principal Amount | Broker Name /<br> Account No. |

---

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Code of Ethics - DWS Group (U.S. Registered Entities)

Appendix C – Quarterly Transaction Report

**Quarterly Transaction Report** 

---

| | |
|:---|:---|
| **Name in print (Legal & Preferred):** | **Department:** |
| **Date of Report:** |  |

---

***<u>Compliance is required to maintain a register of all Trading Accounts and Securities held by Access Persons and Investment Personnel under the Code of Ethics – DWS Group (the "Code"), which is the DWS policy outlining the U.S. regulatory requirements for U.S. registered investment advisers.</u>***

***<u>This Quarterly Transaction Report must be submitted by all Access Persons/ Investment Personnel on a quarterly basis within 30 days from each quarter end. Please refer to the Code and the relevant procedures for a full explanation of reporting requirements on personal transactions.</u>***

***<u>Please check the appropriate boxes below and provide relevant information. Please note that even if you have not opened any new Trading Accounts as defined by the Code nor executed any reportable transaction during the quarter, you must check the appropriate boxes in 1 and 2 below.</u>***

***<u>\*</u>*** ***<u>Trading Accounts shall mean any banking, investment or other account through which an Access Person has, direct or indirect, Beneficial Ownership of Securities (e.g., accounts for which the DWS Employee has power of attorney), which may include accounts of members of an Access Person's Immediate Family sharing the same household that hold respective securities.</u>***

**\*** **Securities** shall mean any security or securities as defined in Section 2(a)(36) of the Investment Company Act of 1940, as amended, and Section 202(a)(18) of the Investment Advisers Act of 1940, as amended. A ***Security will generally include***, but not be limited to, equity or debt securities, ***DWS open-end Investment Companies, closed-end Investment Companies, exchange traded products, including exchange traded Investment Companies***, hedge funds, private funds, unregistered investments, derivatives (such as options, warrants, futures, and swaps,) American Depository Receipts, Global Depository Receipts, commodities, securities indices, and municipal bonds and similar instruments. 

***<u>Not all securities are reportable. You do not need to include the following:</u>***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Direct obligations of the Government of the United States and any debt obligations of the national governments
included in the G10;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Bankers' acceptances, bank certificates of deposit, commercial paper, and high quality short-term debt
instruments, including repurchase agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares issued by an open-end Investment Company, except for an open-end Investment Company for which a DWS Entity or an affiliate acts as investment adviser, sub-adviser or principal underwriter; including regular savings plans, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares issued by unit investment trusts that are invested exclusively in one or more open-end Investment Companies, none of which are advised by a DWS Entity or an affiliate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.**  ***<u>Trading Accounts (tick one and report detail)</u>*** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***<u>I have not opened any new Employee or Related Party Accounts during the Quarter</u> <u>and have not disclosed outside DWS any information related to DWS client accounts.</u>*** | ☐ |

---

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Code of Ethics - DWS Group (U.S. Registered Entities)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>***I newly opened new Employee or Related Party Account(s) during the Quarter as follows and have not disclosed outside DWS any information related to DWS client accounts.***</u> | ☐ |

---

---

| | | | |
|:---|:---|:---|:---|
| ***Name of Broker*** | ***Account Holder Name*** | ***Account No.*** | ***Relationship w/ Access Person*** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.**  ***<u>Discretionary Managed Accounts (i.e., accounts where the Access Person exercises no discretion in relation to the management of the account or selection of underlying investments);</u>*** 

***<u>Did you have any discretionary managed accounts(s) or trust(s) at any time during the period to which this certification applies?</u>***

***<u>Yes</u>*** ☐ ****

***<u>No</u>*** ☐ ****

***<u>If Yes, I hereby certify that:</u>***

***<u>(Please check all that apply)</u>***

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***<u>(a)</u> <u>I did not suggest that the trustee / third-party discretionary manager make any particular purchases or sales of securities for the account(s);</u>*** | ☐ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***<u>(b)</u> <u>I did not direct the trustee / third-party discretionary manager to make any particular purchases or sales of securities for the account(s);</u>*** | ☐ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***<u>(c)</u> <u>I did not consult with the trustee / third-party discretionary manager as to the particular allocation of investments to be made in the account(s)</u>;*** | ☐ |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.**  ***<u>Reportable Securities (tick one and report detail, as applicable)</u>*** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***<u>I have not made any transactions in Reportable Securities during the Quarter.</u>*** | ☐ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***<u>I have made the following transactions in Reportable Securities during the Quarter.</u>*** | ☐ |

---

**PLEASE ATTACH A COPY OF THE RESPECTIVE BROKER STATEMENT(S) / COPY CONTRACT NOTE(S) OR FILL IN THE INFORMATION IN THE TABLE ON THE NEXT PAGE.** 

**By signing this form, I confirm that I have not disclosed outside DWS any information related to DWS client accounts.** 

<br> *Signature* *Date*

**<u>Send your completed form or any questions to</u>:** 

<u>DWS-Americas.EC-CCR@db.com</u><u> </u><u> </u>

<u>DWS-APAC.EC-CCR@db.com</u><u> </u><u> </u>

<u>DWS-EMEA.EC-CCR@db.com</u><u> </u><u> </u>

<u>DWS-UKI.EC-CCR@db.com</u><u> </u>

------

Code of Ethics - DWS Group (U.S. Registered Entities)

**Quarterly Transaction Report** 

---

| | |
|:---|:---|
| **Name in print (Legal & Preferred):** | **Department:** |
| **Date of Report: DD/MMM/YYYY** | |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Transaction<br>Date | Security Name | ISIN / CUSIP /<br>Ticker Symbol | Number of<br>Shares | Nature of<br> Transaction (Buy,<br>Sell, etc.) | Price | Principal<br>Amount | Interest Rate (if<br>applicable) | Maturity<br> (if applicable) | Broker Name /<br>Account No. | Pre-cleared in<br>StarCompliance? |

---

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Code of Ethics - DWS Group (U.S. Registered Entities)

Appendix D – Annual Personal Securities Holdings Disclosure

**ANNUAL PERSONAL SECURITIES HOLDINGS** 

**DISCLOSURE** 

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| | |
|:---|:---|
| **Name in print (Legal & Preferred):** | **Department:** |
| **Date:** | |

---

DWS requires Access Persons to provide an Annual Personal Securities Holdings Disclosure once each year. The information submitted must be current within forty-five (45) calendar days of the report date.

This disclosure must include all Securities held within your Trading Accounts, as defined in the Code of Ethics – DWS Group, including exchange traded funds (ETFs).

**\*** **Trading Accounts** shall mean any banking, investment or other account through which an Access Person has, direct or indirect, Beneficial Ownership of Securities (e.g., accounts for which the DWS Employee has power of attorney), which may include accounts of members of an Access Person's Immediate Family sharing the same household that hold respective securities. 

**\*** **Securities** shall mean any security or securities as defined in Section 2(a)(36) of the Investment Company Act of 1940, as amended, and Section 202(a)(18) of the Investment Advisers Act of 1940, as amended. A ***Security will generally include***, but not be limited to, equity or debt securities, ***DWS open-end Investment Companies, closed-end Investment Companies, exchange traded products, including exchange traded Investment Companies***, hedge funds, private funds, unregistered investments, derivatives (such as options, warrants, futures, and swaps,) American Depository Receipts, Global Depository Receipts, commodities, securities indices, and municipal bonds and similar instruments. 

***<u>Not all securities are reportable. You do not need to include the following:</u>***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Direct obligations of the Government of the United States and any debt obligations of the national governments
included in the G10;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Bankers' acceptances, bank certificates of deposit, commercial paper, and high quality short-term debt
instruments, including repurchase agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares issued by an open-end Investment Company, except for an open-end Investment Company for which a DWS Entity or an affiliate acts as investment adviser, sub-adviser or principal underwriter; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares issued by unit investment trusts that are invested exclusively in one or more open-end Investment Companies, none of which are advised by a DWS Entity or an affiliate.

**Report on Holdings in Reportable Securities** 

☐ I certify that I have reported all Trading Accounts and have reportable Securities holdings and I have attached hereto are current (dated within 45 days) account statements and have not disclosed outside DWS any information related to DWS client accounts.

------

Code of Ethics - DWS Group (U.S. Registered Entities)

☐ I do not maintain any Trading Accounts or any reportable Securities holdings as of the report date and have not disclosed outside DWS any information related to DWS client accounts.

---

| | |
|:---|:---|
| **Signature** | **Date** |

---

**<u>Send your completed form or any questions to</u>**:

**DWS Employee Compliance Email:** 

------

Code of Ethics - DWS Group (U.S. Registered Entities)

**Annual Holdings Report** 

---

| | |
|:---|:---|
| **Name in print (Legal & Preferred):** | **Department:** |
| **Date of Report: DD/MMM/YYYY** | |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| As of Date | Security Name | Security Type | ISIN / CUSIP /<br>Ticker Symbol | Number of<br>Shares | Principal Amount | Broker Name /Account No. |

---

## Ex-99.(P)(26)

**CODE OF ETHICS** 

Most Recent Amendment: May 2025

Implementation Date: 2004

**PURPOSE** 

Sands Capital Management, LLC (*"Sands Capital Management"*) and its investment advisory affiliates (*"Sands Capital"*) have adopted this Code of Ethics and its related policies (this "*Code*") pursuant to Rule 204A-1 of the Investment Advisers Act of 1940, as amended (the "*Advisers Act*"), and Rule 17j-1 of the Investment Company Act of 1940, as amended (the "'*40 Act*").

The Advisers Act requires an investment adviser to adopt, maintain and enforce a written code of ethics regarding:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The investment adviser's fiduciary duties to clients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Compliance with applicable federal securities laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The reporting and review of personal securities transactions and holdings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The pre-approval of certain investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The reporting of violations of the code of ethics; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. The delivery of the code of ethics and any amendments thereto to each supervised person of the investment
adviser and a written acknowledgment of receipt.

The '40 Act requires the investment adviser to an investment company to adopt, maintain and enforce a written code of ethics reasonably necessary to prevent relevant persons from engaging in fraudulent, deceptive, or manipulative practices in connection with their personal transactions in securities when those securities are held or to be acquired by the investment company.

**SCOPE** 

This Code applies to each Access Person (as defined below). The Chief Compliance Officer ("*CCO*") has the discretion to exempt any Supervised Person (as defined below) from provisions of this Code, provided doing so would not violate applicable law or regulation.

**DEFINITIONS** 

"***Access Person***" means Sands Capital's directors, officers, partners, and Supervised Persons who (1) have access to nonpublic information regarding any client's purchase or sale of securities, or nonpublic information regarding the portfolio holdings of any reportable fund, or (2) are involved in making securities recommendations to clients, or who have access to such recommendations that are nonpublic. Sands Capital generally considers all Staff Members to be Access Persons.

"***Beneficial Owner***" means any person who, directly or indirectly, through any contract, arrangement, understanding, relationship, or otherwise has or shares a direct or indirect pecuniary interest in a security.

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| | |
|:---|:---|
|  | 1 |
| ![LOGO](g937830640.jpg) |  |

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"***Federal Securities Laws***" includes the Securities Act of 1933, the Securities Exchange Act of 1934, the Sarbanes-Oxley Act of 2002, the Investment Company Act of 1940, the Investment Advisers Act of 1940, Title V of the Gramm-Leach-Bliley Act, and any rules adopted by the U.S. Securities and Exchange Commission (the "SEC") under any of those statutes, the Bank Secrecy Act as it applies to registered investment advisers and investment companies, and any rules adopted thereunder by the SEC or the Department of the Treasury.

"***Free Trading Securities***" means securities that are freely tradable without seeking preclearance and without regard to an open trading window. These include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exchange-traded funds ()"*ETFs* "), except for highly concentrated ETFs\*;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Mutual funds\*;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exchange-traded notes (*"ETNs"*)\*;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Annuities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• REITs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Systematic investment plans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Foreign currency contracts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cryptocurrency on Coinbase's listed assets (<u>https://www.coinbase.com/browse);</u> and;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any securities that are not Reportable Securities.

\* ETFs and mutual funds advised or sub-advised by Sands Capital are Free Trading Securities. However, Staff Members should contact the Compliance team to obtain pre-clearance before trading in any ETF or ETN that holds few positions or is otherwise highly concentrated.

"***Immediate Family Member***" means the following persons sharing an Access Person's household: 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, and shall include adoptive relationships.

"***Outside Business Activity***" means any employment or other outside activity by a Supervised Person.

"***Reportable Security***" means any security, except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Transactions and holdings in direct obligations of the U.S. government (e.g., U.S. Treasury bills, notes and
bonds).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Money market instruments — bankers' acceptances, U.S. bank certificates of deposit, commercial
paper, repurchase agreements and other high quality short-term debt instruments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Shares of money market funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Transactions and holdings in shares of other types of open-end investment companies (i.e., mutual funds), unless the adviser or a control affiliate acts as the investment adviser or principal underwriter for the fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Transactions in units of a unit investment trust that are invested exclusively in unaffiliated mutual funds.

"***Staff Member***" means Sands Capital's directors, officers, partners, and employees. Any consultant, intern, or independent contractor hired or engaged by Sands Capital may also be considered a Staff Member for purposes of this Code at the discretion of the CCO.

---

| | |
|:---|:---|
|  | 2.0 |
| ![LOGO](g937830640.jpg) |  |

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"***Supervised Person***" means any partner, officer, director (or other person occupying a similar status or performing similar functions), or employee of Sands Capital, other person who provides investment advice on behalf of Sands Capital and is subject to the supervision and control of Sands Capital, or any individual the CCO deems a Supervised Person. Sands Capital considers all Staff Members to be Supervised Persons.

**CODE OF CONDUCT, FIDUCIARY STANDARDS, AND COMPLIANCE WITH FEDERAL SECURITIES LAWS** 

Each Staff Member is considered a Supervised Person and generally considered an Access Person of Sands Capital Management. Staff Members whose responsibility involves performing services with respect to an investment advisory affiliate are also Supervised Persons of Sands Capital Management. Staff Members must act ethically with integrity, competence, and dignity when dealing with the public, existing and prospective clients, third-party service providers, and colleagues. Staff Members must not engage in risky activity or improper behavior that would embarrass or harm Sands Capital's reputation. Staff Members must use reasonable care and exercise independent professional judgment when conducting investment analysis, making investment recommendations, trading, promoting Sands Capital's services, and engaging in other professional activities. In addition, Staff Members must comply with all applicable Federal Securities Laws and adhere to these general principals and the specific provisions of this Code at all times. All Staff Members shall certify in writing upon hire and at least annually that they have received, read and understand this Code, which should be read together with the Sands Capital Policies and Procedures Manual (the "*Manual*") and will comply with the requirements of this Code and the Manual.

Sands Capital owes fiduciary obligations to its clients. As a fiduciary, Sands Capital stands in a special relationship of trust, confidence, and responsibility to its clients. Accordingly, Sands Capital and its Staff Members must avoid activities, interests, and relationships that might interfere, or appear to interfere, with making decisions in clients' best interests. Staff Members must always seek to place clients' interests before their interests or the interests of Sands Capital. Staff Members may not cause a client to take any action, or not to take any action, for the personal benefit of the Staff Member, and must act for the sole benefit of Sands Capital's clients and investors.

**VIOLATIONS OF THE CODE** 

Improper actions by Sands Capital or its Staff Members could have severe negative consequences for Sands Capital and its clients, investors, and Staff Members. Impropriety, or even the appearance of impropriety, could negatively impact all Staff Members, including those who were not involved in the inappropriate activity.

Staff Members must promptly report any improper or suspicious activities to the CCO, including any suspected violations of this Code or applicable laws. Issues can be reported to the CCO in person, by telephone, email, or anonymously through Navex Global, which is available through the Sands Capital intranet. The CCO will investigate any reports of potential problems.

Sands Capital's senior executives will view a Staff Member's identification of a material compliance issue favorably. Retaliation against any Staff Member who reports a violation of this Code in good faith is strictly prohibited and will be cause for corrective action, up to and including dismissal. If Staff Members believe they have been retaliated against, they should notify the Head of Human Resources or Sands Capital's other senior management.

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| | |
|:---|:---|
|  | 3.0 |
| ![LOGO](g937830640.jpg) |  |

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Violations of this Code, or other policies and procedures outlined in the Manual, which should be read together with this Code, may warrant sanctions including, without limitation, requiring that personal trades be reversed, requiring the disgorgement of profits or gifts, issuing a letter of caution or warning, reporting to the Staff Member's supervisor, suspending personal trading rights, imposing a fine, taking misconduct into account when making compensation decisions, suspending employment (with or without compensation), making a civil referral to the SEC, making a criminal referral, terminating employment for cause, and a combination of the preceding. Violations may also subject a Staff Member to civil, regulatory, or criminal sanctions. Sanctions and other actions will be in accordance with applicable employment laws and regulations. All violations of the Code will be recorded on the violations log.

If the CCO determines that a material violation of the Code has occurred, the CCO will promptly report the offense and any association action(s) to Sands Capital's senior management. If senior management determines that the material violation may involve a fraudulent, deceptive, or manipulative act, Sands Capital will report its findings to the relevant registered investment company's Board of Directors or Trustees to the extent required under Rule 17j-1.

For the avoidance of doubt, nothing in this Code prohibits Staff Members from reporting potential violations of federal law or regulation to any governmental agency or entity, including but not limited to the Department of Justice, the SEC, or any agency's inspector general, or from making other disclosures that are protected under the whistleblower provisions of federal law or regulation. Staff Members do not need prior authorization from their supervisor, the CCO, or any other person or entity affiliated with Sands Capital to make any such reports or disclosures and do not need to notify Sands Capital that they have made such reports or disclosures. Additionally, nothing in this Code prohibits Staff Members from recovering an award under a whistleblower program of a government agency or entity.

In certain circumstances, violations of the Code or Federal Securities Laws may warrant Sands Capital to disclose the misconduct to regulators or other governmental authorities. In such an instance, the CCO and General Counsel will determine whether self-disclosure is in the best interest of Sands Capital's clients and investors. Sands Capital is committed to fostering a strong culture of compliance at all levels of the firm.

**INELIGIBLE PERSONS** 

Under Section 9 of the '40 Act, persons who have committed various acts are prohibited from serving in certain capacities with respect to mutual funds. Under Section 9(a), an "ineligible person" generally cannot serve as an employee, officer, trustee, member of the advisory board, investment adviser, or principal underwriter of a fund. Ineligible persons include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• persons with convictions within the last ten years who are tied to securities transactions or employment in the
securities field;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• persons with permanent or temporary injunctions from acting in certain capacities in the securities arena;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• persons who have an affiliate that is ineligible under clause (1) or (2) above; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• persons subject to an SEC order declaring them ineligible under Section 9 of the '40 Act.

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| | |
|:---|:---|
|  | 4.0 |
| ![LOGO](g937830640.jpg) |  |

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A Staff Member who becomes an "ineligible person" (or who believes they may have hired or employed an "ineligible person") as described above must promptly notify Compliance.

**CONFLICTS OF INTEREST** 

Conflicts of interest may exist between various individuals and entities, including Sands Capital, Staff Members, third-party service providers, and current or prospective clients and investors. Failure to identify or adequately address a conflict can have severe negative repercussions for Sands Capital and its Staff Members, clients, and investors. In some cases, the improper handling of a conflict could result in litigation and disciplinary action.

Sands Capital's policies and procedures have been designed to identify and adequately disclose, mitigate, and/or eliminate applicable conflicts of interest. However, written policies and procedures cannot address every potential conflict, so Staff Members must use good judgment in identifying and responding appropriately to actual or apparent conflicts. Conflicts of interest that involve Sands Capital or Staff Members on the one hand, and clients or investors on the other, will generally be fully disclosed or resolved in a way that favors the interests of clients or investors over the interests of Sands Capital and its Staff Members. Staff Members must promptly report any actual or potential conflict of interest to Compliance.

In some instances, conflicts of interest may arise between clients or investors. Responding appropriately to these types of conflicts can be challenging and may require robust disclosures if there is any appearance that one or more clients or investors have been unfairly disadvantaged. Staff Members should notify a member of the Compliance team promptly if it appears that any actual or apparent conflict of interest between clients or investors has not been appropriately identified or addressed.

<u>Sands Capital Conflicts Board</u>. The Conflicts Board is responsible for providing oversight over actual, potential, or apparent material conflicts of interest on behalf of Sands Capital. The Conflicts Board reviews and resolves situations involving enterprise or investment risks escalated to it by Compliance or Legal.

**PERSONAL SECURITIES TRANSACTIONS** 

Personal trades should be executed in a manner consistent with Sands Capital's fiduciary obligations to clients. Trades should avoid actual improprieties, as well as the appearance of impropriety. Personal trades must not be timed to precede orders placed for any client, nor should the trading activity be so excessive as to conflict with the Staff Member's ability to fulfill daily job responsibilities.

In the event of a material change to this section of this Code, the CCO shall notify each applicable registered investment company's board of directors or trustees of such modification and ensure that the change is approved by each no later than six months after the change is adopted.

<u>Reportable Accounts</u>. Sands Capital's policies and procedures apply to all personal accounts holding securities in which Staff Members or their Immediate Family Members have any beneficial ownership interest.

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| | |
|:---|:---|
|  | 5.0 |
| ![LOGO](g937830640.jpg) |  |

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------

Non-discretionary accounts, also known as managed accounts, must be reported and require an attestation from the Staff Member and account manager stating that the Staff Member does not exercise direct or indirect influence or control the investment decisions for the account. Staff Members should contact Compliance to obtain the appropriate forms. Staff Members are required to confirm the attestations and must report managed account holdings upon hire and on an annual basis.

<u>Reportable Securities</u>. Sands Capital requires Staff Members to provide periodic reports regarding transactions and holdings in Reportable Securities, including investments in private investments, IPOs and/or ICOs (See *Required Reporting*, below). ETFs, and ETNs, are, or are somewhat similar to, open-end registered investment companies. However, both ETFs and ETNs are subject to the reporting requirements described in *Required Reporting* below.

<u>Pre-Clearance Requirements</u>. Staff Members and Immediate Family Members are required to pre-clear all personal securities transactions (for example, individual stocks and corporate bonds) except for personal securities transactions in Free Trading Securities, those pursuant to an automatic investment plan (including dividend reinvestment plans), and those made within a non-discretionary account. Staff Members must submit pre-clearance requests through Sands Capital's compliance management system and obtain written Compliance approval prior to engaging in relevant personal securities transactions.

Compliance has the discretion to approve or decline any pre-clearance request. Any Compliance pre-approval, if granted, is valid until the end of the day when the pre-clearance request is approved plus the following trading day, unless determined otherwise by the CCO. Pre-clearance requests may be denied for various reasons, including but not limited to, the existence of conflicts of interest or the appearance of conflicts of interest, the security being listed on the Sands Capital restricted list (a confidential list of securities for which personal trading is not permitted), and/or Sands Capital's possession of material, nonpublic information.

<u>Open Windows</u>. Sands Capital allows personal securities transactions during "Open Windows," which occur monthly, and permits Staff Members to buy and sell equities for the duration of the Open Window. Compliance will communicate the dates of Open Windows to all Staff Members in advance.

<u>Private Investments, IPOs, and ICOs</u>. All investments and redemptions involving private or limited offerings, initial public offerings ("IPOs"), and initial coin offerings ("ICOs") require Staff Members to submit a pre-clearance request through Sands Capital's compliance management system. Pre-clearance requests should include relevant documentation, such as pitch decks, PPMs, LPAs, etc. Reviews of these requests require additional Compliance scrutiny and may take several days to complete. Compliance advises Staff Members to submit the pre-clearance request as early as possible so as not to delay the review.

Investments into Sands Capital's private funds do not require Staff Members to submit a preclearance request through Sands Capital's compliance management system, however, Staff Members will be required to submit subscription agreements to Sands Capital before an investment in such private fund can occur. Sales of distributions of stock from a Sands Capital private fund are subject to the same trading restrictions and reporting requirements as other individual equity securities, however, the 90-day holding requirement does not apply. Information on investing in any such private fund will be communicated to eligible Staff Members.

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Investments by Staff Members in Sands Capital Management, LP do not require pre-approval or reporting through Sands Capital's compliance management system.

<u>Trading</u>. Staff Members seeking approval to transact during an Open Window are subject to the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Sales**: Compliance will consider pre-clearance requests to sell any
Reportable Security held by the Staff Member.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Purchases**: Compliance will only consider pre-clearance requests to
purchase individual equity securities that are included in the portfolio of a Sands Capital strategy.

<u>Holding Periods</u>. Individual equity securities must be held for a minimum of 90 calendar days. All other securities must be held for a minimum of 30 calendar days unless the sale of the security would result in a loss.

<u>Options, Other Derivatives, and Short Sales</u>. Staff Members are strictly prohibited from engaging in personal trading activities involving options, derivatives, and short selling.

<u>Exceptions</u>. The CCO has the sole discretion to grant exceptions to this Personal Securities Transaction policy, for example, due to an unforeseen hardship (e.g., the purchase of a home or a significant medical expense). From time to time, an exception may be granted on a case-by-case basis after the consideration of all relevant facts and circumstances, if appropriate.

**REQUIRED REPORTING** 

<u>Initial and Annual Holdings Report(s)</u>. All Staff Members are required to disclose their Reportable Accounts, and holdings in Reportable Securities, including private investments, at the time of hire and at least once a year thereafter. The Initial Holdings Report must be submitted within 10 days of the individual becoming a Staff Member and on an annual basis thereafter (the Annual Holdings Report). The holdings report information contained in a Staff Member's Initial Holdings Report and Annual Holdings Report must be current as of a date no more than 45 days prior to the date of submission through Sands Capital's compliance management system.

<u>Quarterly Transactions Report</u>. Staff Members are required to submit a Quarterly Transactions Report of all personal transactions in Reportable Securities, including any investments in private investments, IPOs and/or ICOs, which is due no later than 30 days after the relevant calendar quarter-end. For purposes of clarity, personal securities transactions that are executed pursuant to an automatic investment plan or through a managed account do not need to be disclosed on the Quarterly Transactions Report (although any such holdings must be included on a Staff Member's Initial Holdings Report and Annual Holdings Report).

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Staff Members should connect their Reportable Accounts that hold Reportable Securities to Sands Capital's compliance management system to satisfy their reporting requirements. In the event this is not possible, Staff Members should notify the CCO or a Compliance team member. If approved by the CCO, monthly or quarterly account statements can be used to satisfy the disclosure requirements as an alternative to the compliance management system, provided the account statement(s) includes all transactions in Reportable Securities effected during the period and includes, at a minimum, all the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the date of each transaction, the title, and as applicable, the exchange ticker symbol or CUSIP number, interest
rate and maturity date, number of shares, and principal amount of each security involved;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the nature of the transaction (i.e., purchase, sale, or any other type of acquisition or disposition);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the price of the security at which the transaction was effected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the name of the firm with or through which the transaction was effected; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the date the Staff Member submits the report.

Staff Members will receive an automated notification and periodic reminders that they must complete the Quarterly Transaction Report in Sands Capital's compliance management system. The Compliance team will review Quarterly Transaction Reports to ensure that Staff Members have followed the policies.

<u>Additional Reporting</u>. Staff members are also required to report and certify to any outside business activities, political contributions, and disciplinary history upon hire and annually thereafter. Compliance may also require Staff Members to seek approval for outside business activities and political contributions, as further described in this Code.

**GIFTS AND ENTERTAINMENT** 

Sands Capital holds its Staff Members to high ethical standards and prohibits giving or receiving things of value that are designed to improperly influence the recipient. Anti-bribery and anti-corruption statutes in the U.S. and globally are broadly written, so Staff Members should consult with the CCO if there is even an appearance of impropriety associated with the giving or receipt of anything of value.

Under the U.S. Employee Retirement Income Security Act of 1974, as amended ("*ERISA*"), plan sponsors and fiduciaries of covered pension plans must exercise caution in accepting any gifts or gratuities from a service provider (including investment advisers), even those of reasonable value. Specifically, Section 406(b)(3) of ERISA makes it unlawful for a plan fiduciary to receive any consideration for its own personal account from any party dealing with the plan in connection with a transaction involving the assets of the plan.

While these requirements apply primarily to plan fiduciaries as the potential recipients of gifts or entertainment (rather than the giver), to prevent Sands Capital as a service provider from running afoul of ERISA and non-ERISA rules in these areas, Sands Capital requires that, with respect to ERISA and non-ERISA public pension plan clients, **no gifts be given** (other than immaterial token gifts, e.g., investor conference gift handouts) and no extravagant entertainment be provided without consulting with the CCO so they may be reviewed in advance for reasonableness and appropriateness. Certain clients or prospects maintain internal policies that prohibit Sands Capital and its Staff members from giving anything of value to their employees and/or representatives. In such cases, relevant Staff members will be notified by the Compliance team of such restrictions.

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The Foreign Corrupt Practices Act of 1977 ("*FCPA*") prohibits the direct or indirect giving of, or a promise to give, "things of value" in order to corruptly obtain a business benefit from an officer, employee, or other "instrumentality" of a foreign government. Companies owned, even partly, by a foreign government may be considered an "instrumentality" of that government. In particular, government investments in foreign financial institutions may apply the FCPA to those institutions. Individuals acting in an official capacity on behalf of a foreign government or a foreign political party may also be "instrumentalities" of a foreign government.

The FCPA includes provisions that may permit giving gifts and entertainment under certain circumstances, including certain gifts and entertainment that are lawful under the written laws and regulations of the recipient's country, as well as bona fide travel costs for certain legitimate business purposes. However, the availability of these exceptions is limited and is dependent on the relevant facts and circumstances. Civil and criminal penalties for violating the FCPA can be severe. See Sands Capital's Foreign Corrupt Practices Act Policy for additional information.

Staff Members are prohibited from giving or receiving gifts or entertainment that may appear lavish or excessive and must obtain Compliance approval to give or receive gifts of more than $250 USD per year or entertainment of more than $500 USD per year (the "*de minimis amount*") per individual that Sands Capital does or seeks to do business with. These limitations are in addition to the FCPA-related restrictions and the restrictions regarding pension plans described herein. Gifts such as holiday baskets or lunches delivered to Sands Capital offices, which are received on behalf of Sands Capital, do not require reporting.

Staff Members must pre-clear and obtain Compliance approval for any gifts and/or entertainment requests above the relevant de minimis amounts through Sands Capital's compliance management system.

**OUTSIDE BUSINESS ACTIVITIES** 

Business activities outside of work may present a conflict of interest or risk that could harm Sands Capital, its clients, or its investors. For instance, work that is investment-related or involves a significant amount of time or provides substantial income may conflict with a Staff Member's work at Sands Capital. For Sands Capital to identify and manage conflicts and risks, Staff Members must disclose and request Compliance pre-approval through Sands Capital's compliance management system prior to participating in any outside business activity. Staff Members may not share confidential information obtained through their outside business activities with other Staff Members. Any outside business activity that involves service on the board of directors of a publicly traded company will generally not be permitted. At all times, the interests of Sands Capital's clients take priority over the outside business activities of Staff Members.

<u>Exceptions</u>. Staff Members are not required to disclose or seek pre-clearance for unpaid service as a volunteer for a non-profit entity, including civic organizations (e.g., a local homeowners or resident association) unless the Staff Member performs investment-related functions on its behalf. Staff Members may also serve on a Sands Capital portfolio company's board of directors without separate disclosure or pre-clearance under this Code; however, such participation on a board may be subject to other policies of Sands Capital.

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**POLITICAL AND CHARITABLE CONTRIBUTIONS** 

Rule 206(4)-5 under the Advisers Act (the "*Pay-to-Play Rule*") was adopted by the SEC to combat "pay- to-play" arrangements in which investment advisers are chosen based on their campaign contributions to political officials rather than on merit. Such arrangements are viewed by the SEC as a breach of an investment adviser's fiduciary duties.

The Pay-to-Play Rule prohibits an investment adviser from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. receiving compensation from a government entity for advisory services for two years following contributions by
the investment adviser (or non de minimis contributions by a covered associate) (as defined below) to any official of that government entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. paying (or agreeing to pay) any person, directly or indirectly, to solicit a government entity for investment
advisory services unless such person is a regulated person (such as certain investment advisers or brokers) or an employee of the investment adviser; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. coordinating, or soliciting any person or political action committee to make, (a) any contribution to an
official of a government entity to which the adviser is providing or seeking to provide investment advisory services; or (b) payment to a political party of a State or locality where the adviser is providing or seeking to provide investment
advisory services to a government entity.

A "*covered associate*" of an investment adviser means any: (1) general partner, managing member or executive officer, or other individuals with a similar status or function, of the adviser; (2) any employee of the adviser that solicits a government entity for the adviser, as well as any direct or indirect supervisor of that employee; and (3) political action committee controlled by the adviser or any person that meets the definition of a "covered associate".

"*Contributions*" means any gifts, loans, payment of debts, or provision of any other thing of value made for purposes of influencing a federal, state, or local election, including payments of campaign debts and transition or inaugural expense incurred by successful candidates for state or local (but not federal) office. The definition may also include contributions to political parties or political action committees if such contributions are attributed to a particular candidate. The definition does not include the provision of personal time (such as volunteering time to a political campaign outside of working hours).

To ensure compliance with the Pay-to-Play Rule, Sands Capital has adopted in this Code certain policies and procedures with respect to political and charitable contributions and solicitation arrangements.

<u>Political Contributions</u>. Staff Members and their Immediate Family Members are prohibited from soliciting from others, or coordinating, contributions to certain elected officials or candidates or payments to political parties where the adviser is providing or seeking government business. Further, Staff Members and their Immediate Family Members are prohibited from making any other political contributions unless they receive CCO approval.

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If a Staff Member or their Immediate Family Member intends to make any political contribution (whether to a state or local government entity, an official, a candidate, a political party, or political action committee) the Staff Member must seek pre-clearance using Sands Capital's compliance management system. If preclearance is granted, it is valid for seven days before and after the intended contribution date. Any contributions outside of this date range require re-approval. The CCO will consider whether the proposed contribution is consistent with restrictions imposed by the Pay-to-Play Rule, and to the extent practicable, the CCO will seek to protect the confidentiality of all information regarding each proposed contribution. Generally, pre-clearance requests will be approved if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Staff Member is entitled to vote at the time of the contribution and contributions in the aggregate do not
exceed **$350** to any one official, per election; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Staff Member is not entitled to vote at the time of the contribution and contributions in the aggregate do
not exceed **$150** to any one official, per election.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The contribution is requested to be made to a national political candidate or party and the recipient does not
otherwise hold a state or local political office.

Sands Capital generally requires that a Staff Member donating to a political action committee or similar group obtain a certification from such committee or group that contributions will not be used to make or provide, directly or indirectly, (i) any gift, subscription, loan, advance or deposit of money or anything of value, to any official of, or candidate for, a U.S. state or local office or political subdivision, including any agency, authority or instrumentality of such U.S. state or political subdivision or any official of a U.S. state or local office or political subdivision seeking a federal elective office, or (ii) payment to a political party of a U.S. state or locality, including any election committee.

Any political contribution by Sands Capital must receive CCO approval, regardless of the proposed amount or recipient of the contribution. The CCO or his or her designee will maintain a chronological list of contributions in accordance with the requirements of the Pay-to-Play Rule and Rule 204-2(a)(18) under the Advisers Act, as well as a list of all clients and investors that meet the definition of a "government entity" for purposes of Rule 206(4)-5.

The restrictions imposed by the Pay-to-Play Rule can apply to the activities of Staff Members involved in soliciting clients or investors for the two years before they became covered associates of Sands Capital and the six months before they became covered associates for those not involved in soliciting clients or investors.

<u>Solicitation Arrangements</u>. Sands Capital will only compensate third parties for referrals of clients or investors that are affiliated with government entities if the solicitor is an eligible "regulated person," as defined by Rule 206(4)-5 and if the solicitor and its covered associates have not made any disqualifying contributions during the past two years.

The CCO is responsible for reviewing the eligibility of all solicitation arrangements that involve, or are expected to involve, government entities.

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<u>Charitable Donations</u>. Donations by Sands Capital or Staff Members to charities with the intention of influencing such charities to become clients or investors are prohibited. Staff Members should notify the CCO about any actual or apparent conflict of interest in connection with any charitable contribution or any contribution that could give an appearance of impropriety.

**BOOKS AND RECORDS** 

Sands Capital will maintain records relating to this Code in the manner and as required by Rule 204-2(a)(12) and (13) under the Advisers Act and Rules 17j-1(f) and 31a-1(f) under the '40 Act.

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## Ex-99.(P)(28)

![LOGO](g937830ss.jpg)

**SCOPE AND PURPOSE** 

This Code of Ethics (the "Code") for Schroder Investment Management North America Inc. ("SIMNA Inc." or the "Adviser"), is required by The Investment Advisers Act of 1940 and the Investment Company Act of 1940.

The Code applies to all officers, directors and full-time employees of the Adviser ("Access Persons"). Certain part-time employees and consultants to the Adviser may also be deemed as Access Persons and subject to this Code depending on the length of their employment contract and/or their access to sensitive client and/or investment information. Sections of this Code also apply to any persons who work for the firm in a Financial Operations Principal ("FINOPs") capacity. FINOPs are offsite persons who are associated with the firm's affiliated broker dealer, Schroder Fund Advisors LLC ("SFA"). These individuals are deemed "Associated Persons" rather than Access Persons.

In carrying out their job responsibilities, all Access Persons or Associated Persons must, at a minimum, comply with all applicable legal requirements, including applicable securities laws. In addition, all Access Persons or Associated Persons must: maintain professional integrity and behave with ethical conduct; place the interests of clients and the integrity of the investment profession above their own personal interests; use professional judgment when engaging in all professional activities and encourage peers to do the same; and behave in a manner that reflects well on themselves and Schroders.

Any breach by an Access Person or Associated Person of the laws, regulations and procedures outlined in the Code will be deemed to be a violation of the terms of his or her employment and may result in disciplinary action and/or dismissal, in addition to any other penalties or liabilities resulting from such violation.

**PERSONAL TRADING** 

**All employees deemed to be Access Persons** are subject to the restrictions contained in this Code with respect to their transactions in Covered Securities.

The below securities are considered Covered Securities, and therefore applicable to the personal trading restrictions and reporting policies contained herein:

• Stocks

• Bonds

• Exchange Traded Funds (ETFs)

• Closed end mutual funds<sup>1</sup>

• Derivatives of Covered Securities, including options

<sup>1</sup> Please note that this includes the Schroders-Hartford Securitized Income Fund. More details on this specific fund follow on the next page.

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The below securities are **<u>NOT</u>** considered to be Covered Securities, and therefore, are **<u>NOT</u>** required to be reported to Compliance:

• US open end mutual funds that are not Schroders Funds (see Appendix D for more detail)

• Money market funds

• Derivatives of non-covered securities (*i.e*., index futures)

• Unit investment trusts that are invested exclusively in open-end funds
that are not Schroders Funds

• Direct obligations of the U.S. Government (*i.e*., Treasuries).

• Bankers' acceptances, bank certificates of deposit, commercial paper, bitcoins, currencies, repurchase
agreements and other high quality short-term debt instruments<sup>2</sup>

**Please note that Access Persons are required to report ALL brokerage accounts that hold or have *<u>the ability to</u>* hold Covered Securities.** 

**PRE-CLEARANCE** 

Covered Securities require preclearance approval before being traded. *Please see Appendix C for in-depth breakdown, including exceptions.*

**Some key notes on preclearance:** 

• Preclearance is obtained via an electronic form on the MyCompliance system

• Preclearance expires at the end of the <u>same</u> business day that it is requested

• Preclearance for securities listed on non-US exchanges is valid until the
close of business on the following business day in order to compensate for different time zones

• It is Schroders' policy to discourage excessive personal trading by Access Persons. As such, <u>all Access Persons are limited to 40 personal trades in Covered Securities per quarter</u> <u>.</u> 

Preclearance approval can be influenced by a variety of factors, including: the sensitivity of the position of the person submitting the request, principal amount of the trade, market capitalization, and trading or investment activity in the security for the benefit of clients. When submitting a preclearance request, you are required to attest that you are not in possession of any inside or material non-public information and that the requested trade does not conflict with any pending client orders that you are aware of.

<u>NOTE: If you fail to pre-clear a transaction in a Covered Security, you may be fined and/or be subjected to a personal trading suspension. Violations of this Policy will be reported to senior management and will result in reprimands that could affect your employment with Schroders.</u> 

<sup>2</sup> High quality short-term debt instruments means any instrument having a maturity at issuance of less than 366 days and which is rated in one of the highest two rating categories by a Nationally Recognized Statistical Rating Organization, or which is unrated but is of comparable quality. 

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![LOGO](g937830ss.jpg)

**A special note on the Hartford-Schroders Securitized Income Fund:** 

In addition to preclearance, under Section 16 of the Exchange Act of 1934, these funds require additional reporting to Hartford and the SEC. Failure to comply with these preclearance and reporting requirements may result in regulatory violations. Please remember to preclear any transaction in these funds and reach out to Compliance with any questions or issues.

**The following transactions do <u>not</u> require pre-clearance**:

• Transactions in an account over which the Access Person has no influence or control such as where investment
discretion is delegated in writing to an independent fiduciary ("Managed Account" – see page 5).

• Transactions which are non-volitional on the part of the Access Person
(e.g., receipt of securities pursuant to a stock dividend or merger, a gift or inheritance). However, the volitional sale of securities acquired in a non-volitional manner requires pre-clearance. <sup>3</sup>

• Purchases of the securities of an issuer through an automatic investment plan which makes periodic purchases (or
withdrawals) automatically in (or from) investment accounts in accordance with a predetermined schedule and allocation. An automatic investment plan includes a dividend reinvestment plan ("DRIP") <sup>4</sup> . Any such plans should be reported to Compliance prior to them commencing. Any transactions in such a plan other than according to a predetermined schedule are subject to pre-clearance.

• The receipt or exercise of rights issued by an issuer on a pro rata basis to all holders of a class of security
and the sale of such rights are permitted without pre-clearance.

• Tender of shares already held into an offer if the tender offer is open on the same terms to all holders of the
securities covered by the offer.

• Conversion of convertible securities or participation in exchange offers provided that the conversion or offer is
available on the same terms to all holders.

• Transactions in collective investment schemes offered by plans that qualify under Section 529 of the
Internal Revenue Code.

• Transactions which are automatically exercised as part of a stop-loss or limit order, provided that the
parameters of stop-loss or limit order are placed when the initial trade is initiated.<sup>5</sup>

<sup>3</sup> This may include where options are exercised against a call written by the Access Person or where securities are exchanged for cash or other securities as part of a business transaction.

<sup>4</sup> Please note that the Access Person must speak with Compliance prior to setting up a Dividend Reinvestment Plan. While these automated transactions are not subject to preclearance, special rules relating to the holding policy may be in effect for some of these transactions. Please speak with Compliance for more detail. 

<sup>5</sup> Please note that the use of Stop Loss limits within the 60 day holding period are permitted ONLY if the details of the Stop Loss Order are disclosed to Compliance at the time of the preclearance request.

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![LOGO](g937830ss.jpg)

**Additional Restrictions for Investment Staff:** 

Investment Staff are required to inform Compliance via the My Compliance system when a trade request is within their own Investment Universe, irrespective of the size of the request.

Investment Universe includes investments in relation to which the individual or others on the same desk have undertaken research or analysis on the security or issuer as part of that desk's coverage, whether or not it has been held in a client portfolio, in the last 12 months; or in the case of dealers, within the dealing desk's scope of responsibility.

Additionally, Investment Staff are required to inform Compliance via the My Compliance system when a trade request is in a fund managed by their desk, irrespective of the size of the request.

Research Analysts, Research Associates and other staff involved in the production of internal investment research (including their PCAs), are prohibited from personal trading in an issuer (and its issues) or fund which they cover, in the five business days prior, and the five business days following the issuance of research reports covering that issuer or fund.

When pre-clearing personal account trades in My Compliance, Investment staff must attest that they have not and will not issue a research document in the five business days prior and the five business days following, in the financial instrument in which they are seeking pre-clearance.

**INITIAL PUBLIC OFFERINGS** 

If you wish to purchase an initial public offering, you must obtain permission from the Chief Compliance Officer. In such cases, an Access Person would submit a trade request via MyCompliance which will be routed for Compliance review. Once approved, the Access Person will receive a notice from the MyCompliance system.

**HOLDING PERIODS** 

All Access Persons are strongly advised against short-term trading and are prohibited from making trades that expose them to material open-ended liabilities. This includes CFD investing, spread betting and leveraged account management without putting an appropriate stop-loss mechanism in place. <u>Short selling in Covered Securities is prohibited.</u> 

Any Access Persons who appear to have established a pattern of short term trading may be subject to additional restrictions or penalties including, but not limited to, a limit or ban on future personal trading activity and a requirement to disgorge profits on short-term trades.

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![LOGO](g937830ss.jpg)

**All Covered Securities are subject to a <u>60 calendar day holding period</u>. Securities may not be sold within 60 days of any purchase in the security, regardless of how long ago the initial investment was made. <u>First in, first out does not apply</u>. The Chief Compliance Officer has exemptive authority to override the 60 day holding policy for good cause shown.** 

Schroders plc shares purchased in the market (rather than forming part of a remuneration award) are subject to a one-year holding period.

Please note that while Schroders Funds ("Reportable Funds" – Listed in Appendix D) are NOT subject to preclearance, they ARE subject to this 60 day holding policy.

**A NOTE ON OPTIONS** 

Options trading is subject to the aforementioned preclearance and 60 day holding policies. Further detail follows:

• Listed Call Options: You may purchase a listed call option only if the call option has a period to expiration of
at least 60 days from the date of purchase and you hold the call option for at least 60 days prior to sale. If you choose to exercise the option, you must also hold the underlying security delivered pursuant to the exercise for 60 days.

• Covered Calls: You may sell (or "write") a call option only if you have held the underlying security
(in the corresponding quantity) for at least 60 days.

• Listed Put Options: You may purchase a listed put option only if the put option has a period to expiration of at
least 60 days from the date of purchase and you hold the put option for at least 60 days prior to sale.

• If you purchase a put option on a security you already own, you may only exercise the put once you have held the
underlying security for 60 days.

• Selling Puts: You may sell (or "write") a put only if you have held the underlying security (in the
corresponding quantity) for at least 60 days.

**COVERED ACCOUNTS** 

A Covered Account is an account in which you are capable of purchasing Covered Securities, or an account in which you own a beneficial interest (except where you have no influence or control). This includes IRA accounts as well as any 401k account held from a former employer that holds a Covered Security, such as stock of the former employer. **Covered Accounts are covered by this policy and are subject to the aforementioned preclearance and holding policies.**

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*Accounts held by your spouse (including his/her IRA or 401k accounts), minor children and other members of your immediate family (children, stepchildren, grandchildren, parents, step parents, grandparents, siblings, in-laws and adoptive relationships) who share your household are also considered Covered Accounts, as are any other accounts over which you exercise investment discretion. In addition, accounts maintained by your domestic partner*<sup>6</sup> are Covered Accounts under this Policy.

<u>All US-based personnel</u> are required to maintain their Covered Accounts at an Approved Broker as listed in Appendix B unless otherwise exempted for unique circumstances. If an Access Person is permitted to maintain a Covered Account with a non-Approved Broker, the Access Person assumes the responsibility to manually report their transactions in Covered Securities and upload quarterly account statements directly in the MyCompliance system.

<u>Persons on secondment</u> from London or other offices may apply to Compliance for a waiver of the requirement to maintain their Covered Accounts at a US Approved Broker.

Robo-Advisors are only permissible only if they are Managed Accounts (more below). Apps which allow you to select specific covered securities for transactions (i.e., Robinhood) are not permitted.

**MANAGED ACCOUNTS** 

A Managed Account is an account over which the Access Person has no direct or indirect influence or control. **Managed Accounts are still considered Covered Accounts and must be reported to Compliance.** Compliance cannot approve a Managed Account until an official discretionary letter from the broker is received which expressly states that the Access Person does not have any investment discretion. Compliance must have a discretionary letter on file *for each Managed Account* and will request an updated letter periodically. It is the employee's responsibility to ensure the broker provides these updated letters. <u>Access Persons with managed accounts will also be required to complete an annual attestation confirming that they did not direct any investment decisions during the year.</u> 

Since the Access Person does not have any investment discretion on Managed Accounts, transactions in these accounts are **<u>not</u>** subject to the preclearance and holding policies; however, Compliance will conduct periodic reviews to check the transactions in Managed Accounts against the Global Stop List.

**A special note on Managed Accounts:** 

Managed Accounts must be held with an Approved Broker unless you have previously been given an exemption by Compliance. For new hires, any accounts that the Access Person has held prior to employment at Schroders that must be held with a broker outside of the Approved Brokers list must first receive approval from the Chief Compliance Officer, or his/her delegate.

<sup>6</sup> A domestic partner is defined as someone that you have a personal relationship with and that you share a household with, share assets, such as personal banking accounts, brokerage accounts, with and/or share housing or childcare expenses with. If you are unsure as to whether this definition is applicable to you, please consult a member of the Compliance team. 

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**OPENING A NEW COVERED ACCOUNT** 

Employees must receive written approval from Compliance before opening a covered account with a broker. This rule applies to all new covered accounts, whether or not the employee already holds other approved accounts with the same broker. This rule also applies to Managed Accounts.

**PRIVATE SECURITIES TRANSACTIONS AND TAX SHELTERS** 

No Access Person or Associated Person may participate in any type of private placement or tax shelter without obtaining the advance consent of their direct supervisor and the Chief Compliance Officer. This request should be submitted electronically through MyCompliance and the system will route it for both line manager and compliance review. Only passive investments (without operational, management or promotional duties) may be permitted.

Additional capital calls of an already approved private vehicle and/or exiting a private placement or tax shelter, whether by sale or redemption, do not need to be approved but must be reported to Compliance in the Access Person's next quarterly transactions report.

No Access Person or Associated Person who is a Registered Representative licensed with FINRA under the supervision of SFA may receive selling compensation in connection with a private securities transaction or tax shelter not offered through SFA. Any Access Person or Associated Person engaged in selling activity other than in connection with his or her duties as a Registered Representative must obtain prior permission in writing from his or her supervisor and the Chief Compliance Officer.

**REPORTING REQUIREMENTS** 

All personnel are required to complete various filings that are due at certain times of the year. Access Persons will receive notification of these filings and their respective deadlines via MyCompliance. Failure to comply with these time sensitive filings will result in a violation of the Code of Ethics.

**INITIAL REPORTING** 

No later than 10 calendar days after joining the Adviser, each Access Person must provide Compliance with a list of every Covered Security that s/he owns. The information provided must be current as of a date no more than 45 days prior and must include the title of the security; the exchange ticker symbol or CUSIP; and the number of shares owned (for equities) or principal amount (for debt securities). Access Persons may provide account statements in place of a written list.

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**Unless approved by the Chief Compliance Officer, all new Access Persons who maintain Covered Account(s) with brokers that are <u>not</u> on the list of Approved Brokers will have to move their accounts within a reasonable timeframe established by Compliance upon their hire. The Chief Compliance Officer will only allow an Access Person to keep a Covered Account with a broker outside of the Approved Brokers list in extenuating circumstances**. In such instances, the Access Person owns the responsibility of manually reporting all transactions in Covered Securities and uploading quarterly statements into the MyCompliance system.

**QUARTERLY REPORTS** 

No later than 30 days after the end of each calendar quarter, each Access Person will provide Compliance with a report of all transactions in Covered Securities in the quarter. All information requested on the form issued via MyCompliance must be provided.

Please note that transactions in shares of Reportable Funds<sup>7</sup> must be reported at this time.

**ANNUAL REPORTS** 

Within 45 days after the end of the calendar year, each Access Person must report all his/her holdings in Covered Securities as at December 31 of that year. All information requested on the form issued via MyCompliance must be provided.

**KNOWLEDGE OF THE CODE AND ANNUAL CERTIFICATION** 

Each Access Person is responsible for understanding the provisions of this Code. Access Persons will certify, at least annually, that s/he has reviewed the current version of this Code and has complied with its standards. The Code is maintained on the internal Compliance website.

**SELF-REPORTING OF VIOLATIONS** 

Access Persons and Associated Persons have an obligation to review their own trading to ensure that they have acted in compliance with the provisions of this Code. To the extent that such person determines that s/he has executed a transaction not in compliance with this Code, that person has an obligation to promptly report the violation to the Chief Compliance Officer.

<sup>7</sup> Transactions in Reportable Funds in the Schroders 401(k) and SERP plans do not need to be reported as Compliance monitors this information outside of the MyCompliance system.

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**GRANTING OF EXCEPTIONS** 

The Chief Compliance Officer and the General Counsel may, on a case-by-case basis, grant exceptions to any provision under this Code for good cause. Any such exceptions and the reasons for granting them will be maintained in writing by the Chief Compliance Officer and presented to the Board of Directors of the Adviser at the next scheduled meeting.

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| Adopted: | October 1, 1995 |
| Amended: | May 15, 1996<br> May 1, 1997<br> June 12, 1998<br> June 2, 1999<br> March 14, 2000<br> August 14, 2001<br> June 23, 2003<br> October 23, 2003<br> December 9, 2003<br> May 11, 2004<br> January 14, 2005<br> December 5, 2005<br> March 6, 2006<br> September 14, 2007<br> September 14, 2009<br> March 9, 2010<br> June 12, 2012<br> June 18, 2013<br> June 12, 2014<br> May 20, 2015<br> September 30, 2015<br> May 1, 2017<br> December 31, 2017<br> May 1, 2019<br> April 30, 2020<br> September 14, 2021 |

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**APPENDIX A OF THE CODE OF ETHICS – APPROVERS** 

In the event that the MyCompliance system is not accessible, the US Compliance team is authorized to preclear personal transactions.

Compliance email: <u>ussimcomp@schroders.com</u>

MyCompliance: <u>https://my.schroders.com/SitePages/Start.aspx</u> (under the "Apps" section)

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**APPENDIX B OF THE CODE OF ETHICS – APPROVED BROKERS** 

Alliance Bernstein

Charles Schwab

Citibank

E\*Trade

Fidelity

Goldman Sachs

Interactive Brokers

JP Morgan Securities / Private Bank

Lending Club<sup>8</sup>

Merrill Lynch

Morgan Stanley Smith Barney

Royal Bank of Canada (RBC)

TD Ameritrade

Vanguard

Wells Fargo

<sup>8</sup> Lending Club (and other peer-to-peer lending accounts) where the employee is the lender must be disclosed via the "Outside Activity" section of MyCompliance. Please note that these accounts require line manager approval prior to being opened.

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**APPENDIX C OF THE CODE OF ETHICS – RULE SET** 

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| **Security Type** | **Requires<br>preclearance?** | **Subject to 60 day<br>holding period?** |
| Equities | Yes | Yes |
| Broad based Exchange Traded Funds on major market indices | No | No |
| All other ETFs | Yes | Yes |
| Derivatives | Yes | Yes |
| Fixed Income securities | Yes | Yes |
| US Open ended Mutual Funds - (other than Reportable Funds) | No | No |
| Non US Open ended Mutual Funds - (Not managed by the Adviser or an affiliated adviser) | Yes | Yes |
| Reportable Funds and Non-US funds managed by Schroders (outside of your Schroders 401k) | No | Yes |
| Closed end Funds | Yes | Yes |
| Initial Public Offerings | Yes | Yes |
| Private Placements | Yes | n/a |
| Non-volitional dividend reinvestment transactions and corporate action elections for which formal public documents are issued | No | n/a |
| Schroders plc shares, purchased outside of a remuneration package | Yes | Yes, one year |
| Direct obligations of the US Government | No | No |
| Bankers acceptances, commercial paper, repurchase agreements, bitcoins, currencies | No | No |
| Crowdfunding & Crowdsourcing – non security based | No | No |
| Crowdfunding & Crowdsourcing – security based | Yes | Yes |

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**APPENDIX D OF THE CODE OF ETHICS – REPORTABLE FUNDS** 

<u>Affiliated Investment Companies Advised by SIMNA Inc.</u>

The Swiss Helvetia Fund, Inc.

<u>Investment Companies Sub-Advised by SIMNA Inc.</u> 

Brighthouse Funds Trust I – Schroders Global Multi-Asset Portfolio

Schroders Global Multi-Asset Portfolio, Ltd.

Columbia Funds Variable Series Trust II – Variable Portfolio – Partners International Core Equity Fund

Fidelity Rutland Square Trust II – Strategic Advisers<sup>®</sup> Emerging Markets Fund

Guardian Variable Products Trust – Guardian International Equity VIP Fund

Hartford Funds Exchange-Traded Trust – Hartford Schroders Commodity Strategy ETF

Hartford Schroders Cayman Commodity Strategy Fund, Ltd.

Hartford Funds Exchange-Traded Trust – Hartford Schroders ESG US Equity ETF

Hartford Funds Exchange-Traded Trust – Hartford Schroders Tax-Aware Bond ETF

The Hartford Mutual Funds, Inc. – Hartford Climate Opportunities Fund

The Hartford Mutual Funds II, Inc. – Hartford Schroders China A Fund

The Hartford Mutual Funds II, Inc. – Hartford Schroders Diversified Emerging Markets Fund

The Hartford Mutual Funds II, Inc. – Hartford Schroders Emerging Markets Equity Fund

The Hartford Mutual Funds II, Inc. – Hartford Schroders Emerging Markets Multi-Sector Bond Fund

The Hartford Mutual Funds II, Inc. – Hartford Schroders International Contrarian Value Fund

The Hartford Mutual Funds II, Inc. – Hartford Schroders International Multi-Cap Value Fund

The Hartford Mutual Funds II, Inc. – Hartford Schroders International Stock Fund

The Hartford Mutual Funds II, Inc. – Hartford Schroders Securitized Income Fund

The Hartford Mutual Funds II, Inc. – Hartford Schroders Sustainable Core Bond Fund

The Hartford Mutual Funds II, Inc. – Hartford Schroders Sustainable International Core Fund

The Hartford Mutual Funds II, Inc. – Hartford Schroders Tax-Aware Bond Fund

The Hartford Mutual Funds II, Inc. – Hartford Schroders US MidCap Opportunities Fund

The Hartford Mutual Funds II, Inc. – Hartford Schroders US Small Cap Opportunities Fund

Lincoln Variable Insurance Products Trust – LVIP American Century Select Mid Cap Managed Volatility Fund

Lincoln Variable Insurance Products Trust – LVIP BlackRock Dividend Value Managed Volatility Fund

Lincoln Variable Insurance Products Trust – LVIP Blended Large Cap Growth Managed Volatility Fund

Lincoln Variable Insurance Products Trust – LVIP Blended Mid Cap Managed Volatility Fund

Lincoln Variable Insurance Products Trust – LVIP ClearBridge Franklin Select Large Cap Managed Volatility Fund

Lincoln Variable Insurance Products Trust – LVIP Dimensional International Equity Managed Volatility Fund

Lincoln Variable Insurance Products Trust – LVIP Dimensional U.S. Equity Managed Volatility Fund

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Lincoln Variable Insurance Products Trust – LVIP Fidelity Institutional AM<sup>®</sup> Select Core Equity Managed Volatility Fund

Lincoln Variable Insurance Products Trust – LVIP Franklin Templeton Global Equity Managed Volatility Fund

Lincoln Variable Insurance Products Trust – LVIP Invesco Select Equity Income Managed Volatility Fund

Lincoln Variable Insurance Products Trust – LVIP JPMorgan Select Mid Cap Value Managed Volatility Fund

Lincoln Variable Insurance Products Trust – LVIP MFS International Equity Managed Volatility Fund

Lincoln Variable Insurance Products Trust – LVIP Multi-Manager Global Equity Managed Volatility Fund

Lincoln Variable Insurance Products Trust – LVIP SSGA Global Tactical Allocation Managed Volatility Fund

Lincoln Variable Insurance Products Trust – LVIP SSGA International Managed Volatility Fund

Lincoln Variable Insurance Products Trust – LVIP SSGA Large Cap Managed Volatility Fund

Lincoln Variable Insurance Products Trust – LVIP SSGA SMID Cap Managed Volatility Fund

Mercer Funds – Mercer Emerging Markets Equity Fund

Morgan Stanley Pathway Funds – International Equity Fund

PFM Multi-Manager Series Trust – PFM Multi-Manager International Equity Fund

Russell Investment Company – Strategic Bond Fund

Russell Investment Company – Investment Grade Bond Fund

Russell Investment Funds – Strategic Bond Fund

SunAmerica Series Trust – SA Schroders VCP Global Allocation Portfolio

Seasons Series Trust – SA Multi-Managed International Equity Portfolio

Seasons Series Trust – SA Multi-Managed Small Cap Portfolio

Vanguard Variable Insurance Funds – International Portfolio

Vanguard Whitehall Funds – Vanguard International ExplorerTM Fund

Vanguard World Fund – Vanguard International Growth Fund

Wilmington Funds – Wilmington International Fund

**APPENDIX E OF THE CODE OF ETHICS - INSIDER TRADING POLICY** 

It is a violation of United States federal law and a serious breach of the Adviser's policies for any Access or associated person to trade in, or recommend trading in, the securities of an issuer for his/her personal gain, or on behalf of the firm or its clients, while in possession of material, non-public information ("MNPI") which may come into his/her possession either in the course of performing his/her duties, or through a breach of any duty of trust and confidence.

Such violations could subject you, the Adviser, and its affiliates, to significant civil and criminal liability, including the imposition of monetary penalties, and could also result in irreparable harm to the reputation of the Adviser. Tippees (i.e., persons who receive MNPI) may also be held liable if they trade or pass along such information to others.

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Further, it is a violation of anti-fraud provisions of the Advisers Act for Access Persons or Associated Persons who are aware of transactions being considered for clients, or are aware of the portfolio holdings in the reportable funds to which the Adviser (or an affiliate) acts an adviser, to disclose such information to a party who has "no need to know" or to trade on such information for personal gain by, among other things, front-running or market timing.

The US Insider Trading and Securities Fraud Enforcement Act of 1988 ("ITSFEA") requires all broker-dealers and investment advisers to establish and enforce written policies and procedures reasonably designed to prevent misuse of MNPI.

The provisions of ITSFEA apply both to trading while in possession of such information, and to communicating such information to others who might trade on it improperly.

**MATERIALITY** 

Material information about transactions that the Adviser undertakes on behalf of clients is proprietary to the firm. Use of that information by Access and associated persons in personal securities dealings—or communication of the information to others with the expectation that they will trade—violates the duties that Access and associated persons owe to the Adviser and its clients. Information that Access Persons and Associated Persons obtain through research, or through communications with issuers on behalf of the Adviser, belongs to the Adviser and may not be used in connection with personal securities transactions other than in compliance with the personal securities transactions provisions of this Code of Ethics.

Where Access Persons or Associated Persons receive information from issuers or research providers that they believe is material and non-public in the course of their duties for the Adviser, they must immediately notify the General Counsel or Chief Compliance Officer.

Information which emanates from outside an issuer, but may affect the market price of an issuer's securities, can also be MNPI. For example, material, non-public information can originate within the Adviser itself. This would include knowledge of activities or plans of an affiliate, or knowledge of securities transactions that are being considered or executed by the Adviser itself on behalf of clients.

MNPI can also be obtained from knowledge about a client that a person has discovered in his/her dealings with that client. MNPI pertaining to a particular issuer could also involve information about another issuer that has a material relationship to the issuer, such as a major supplier's decision to increase its prices. Moreover, non-public information relating to portfolio holdings in a Reportable Fund should not be used to market-time or engage in other activities that are detrimental to the Reporting Fund and its shareholders.

In addition, Rule 14e-3 under the Exchange Act makes it unlawful to buy or sell securities while in possession of material information relating to a tender offer, if the person buying or selling the securities knows, or has reason to know, that the information is non-public and has been acquired,

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directly or indirectly, from the person making, or planning to make, the tender offer, from the target company, or from any officer, director, partner or employee or other person acting on behalf of either the bidder or the target company.

This rule prohibits not only trading, but also the communication of MNPI relating to a tender offer to another person in circumstances under which it is reasonably foreseeable that the communication will result in a trade by someone in possession of the MNPI. All staff is subject to the Global Market Abuse Policy which provides further guidance on what may be regarded as abusive behaviors.

**PROCEDURES AND RESPONSIBILITIES** 

Please see Compliance's <u>Market Abuse Policy</u> located on the Compliance intranet page for prohibitions regarding persons who acquire MNPI.

**PENALTIES** 

Penalties for trading on or communicating MNPI are severe, both for the individuals involved in such unlawful conduct and their employers. Under the law, a person can be subject to some or all of the penalties below, even if s/he does not personally benefit from the violation. Penalties include:

1) civil injunctions;

2) disgorgement of profits;

3) treble damages – fines for the Access Person or Associated Person who committed the violation, of up to 3 times the profit gained or loss avoided, whether or not the person actually benefited;

4) fines for the employer or other controlling person of up to the greater of $1,000,000, or 3 times the profit gained or loss avoided; and 

5) imprisonment.

**SPECIAL PROVISIONS FOR TRADING IN SCHRODERS PLC** 

Special restrictions apply to trading in the securities of Schroders plc because staff, by virtue of their employment, may be deemed to have MNPI:

1. Securities of Schroders plc will not be purchased for any client account without the permission of that client,
and then only if permitted by applicable law.

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2. Personal securities transactions in the securities of Schroders plc are subject to blackout periods and other
restrictions which are outlined in the UK Staff Dealing Rules. These can be found on the Group Compliance intranet page. A trade request must be submitted via MyCompliance and approved by the UK Corporate Secretariat prior to trading.

**STOP LIST** 

Schroders maintains a Global Stop List that includes company securities for which one or more persons at the Adviser and its affiliates may hold price sensitive information. The Stop List locally is maintained by the US Compliance team.

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