# EDGAR Filing Document

**Accession Number:** 0000811161
**File Stem:** 0001193125-26-192120
**Filing Date:** 2026-4
**Character Count:** 1303238
**Document Hash:** 7235b3d1838e6d73448bc022147481d8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-192120.hdr.sgml**: 20260429

**ACCESSION NUMBER**: 0001193125-26-192120

**CONFORMED SUBMISSION TYPE**: 485BPOS

**PUBLIC DOCUMENT COUNT**: 75

**FILED AS OF DATE**: 20260429

**DATE AS OF CHANGE**: 20260429

**EFFECTIVENESS DATE**: 20260430

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CLEARWATER INVESTMENT TRUST
- **CENTRAL INDEX KEY:** 0000811161

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05038
- **FILM NUMBER:** 26917536

**BUSINESS ADDRESS:**
- **STREET 1:** 2000 WELLS FARGO PLACE
- **STREET 2:** 30 EAST 7TH STREET
- **CITY:** ST PAUL
- **STATE:** MN
- **ZIP:** 55101-4930
- **BUSINESS PHONE:** 651-228-0935

**MAIL ADDRESS:**
- **STREET 1:** 2000 WELLS FARGO PLACE
- **STREET 2:** 30 EAST 7TH STREET
- **CITY:** ST PAUL
- **STATE:** MN
- **ZIP:** 55101
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CLEARWATER INVESTMENT TRUST
- **CENTRAL INDEX KEY:** 0000811161

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 033-12289
- **FILM NUMBER:** 26917535

**BUSINESS ADDRESS:**
- **STREET 1:** 2000 WELLS FARGO PLACE
- **STREET 2:** 30 EAST 7TH STREET
- **CITY:** ST PAUL
- **STATE:** MN
- **ZIP:** 55101-4930
- **BUSINESS PHONE:** 651-228-0935

**MAIL ADDRESS:**
- **STREET 1:** 2000 WELLS FARGO PLACE
- **STREET 2:** 30 EAST 7TH STREET
- **CITY:** ST PAUL
- **STATE:** MN
- **ZIP:** 55101

## Series and Classes Contracts Data

### Clearwater Core Equity Fund (Series ID: S000000697)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000002050 | Clearwater Core Equity Fund | QWVPX           |

### Clearwater Select Equity Fund (Series ID: S000000698)

| Class ID   | Class Name                    | Ticker Symbol   |
|:---|:---|:---|
| C000002051 | Clearwater Select Equity Fund | QWVOX           |

### Clearwater Tax-Exempt Bond Fund (Series ID: S000000699)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000002052 | Clearwater Tax-Exempt Bond Fund | QWVQX           |

### CLEARWATER INTERNATIONAL FUND (Series ID: S000024756)

| Class ID   | Class Name                    | Ticker Symbol   |
|:---|:---|:---|
| C000073549 | CLEARWATER INTERNATIONAL FUND | QCVAX           |

?xml version='1.0' encoding='ASCII'? 485BPOS

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#### As filed with the Securities and Exchange Commission on April 29, 2026

#### File Nos. 33-12289; 811-05038

### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

### REGISTRATION STATEMENT

#### UNDER

---

| | |
|:---|:---|
| **THE SECURITIES ACT OF 1933** | ☒ |
| **Pre-Effective Amendment No.** |  |
| **Post-Effective Amendment No. 70** | ☒ |

---

#### and/or

### REGISTRATION STATEMENT

#### UNDER

---

| | |
|:---|:---|
| **THE INVESTMENT COMPANY ACT OF 1940** | ☒ |
| **Amendment No. 70** | ☒ |

---

#### (Check appropriate box or boxes)

## CLEARWATER INVESTMENT TRUST

#### (Exact name of registrant as specified in charter)

#### 30 East 7th Street, Suite 2000, St. Paul, Minnesota 55101-4930

#### (Address of principal executive office)

#### Registrant's Telephone Number, including Area Code: (651) 228-0935

#### Jason K. Mitchell

#### Fiduciary Counselling, Inc.

#### 30 East 7th Street, Suite 2000

#### St. Paul, Minnesota 55101-4930

#### (Name and address of agent for service)

#### Copy to:

#### John V. O'Hanlon, Esquire

#### Dechert LLP

#### One International Place, 40th Floor

#### Boston, MA 02110
It is proposed that this filing will become effective (check appropriate box):

☐ immediately upon filing pursuant to paragraph (b) of Rule 485.

☒ On April 30, 2026, pursuant to paragraph (b) of Rule 485.

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

☐ On (date) pursuant to paragraph (a)(1) of Rule 485.

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

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

------

#### Clearwater Investment Trust
Clearwater Core Equity Fund - Ticker Symbol: QWVPX

Clearwater Select Equity Fund - Ticker Symbol: QWVOX

Clearwater Tax-Exempt Bond Fund - Ticker Symbol: QWVQX

Clearwater International Fund - Ticker Symbol: QCVAX

Prospectus

April 30, 2026

*Offered exclusively to clients and employees of Fiduciary Counselling, Inc. –not available for sale to the general public.* 

*As with all mutual funds, the Securities and Exchange Commission has not approved or disapproved of these securities or determined whether this prospectus is accurate or complete.* 

*Any representation to the contrary is a criminal offense.* 

#### Not FDIC Insured — May Lose Value — No Bank Guarantee

------

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
|  **Summary Section** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Clearwater Core Equity Fund](#tx274160_1) | 3.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Clearwater Select Equity Fund](#tx274160_2) | 9.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Clearwater Tax-Exempt Bond Fund](#tx274160_3) | 15.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Clearwater International Fund](#tx274160_4) | 21.0 |
|  [Clearwater Core Equity Fund](#tx274160_5) | 30.0 |
|  [Clearwater Select Equity Fund](#tx274160_6) | 37.0 |
|  [Clearwater Tax-Exempt Bond Fund](#tx274160_7) | 42.0 |
|  [Clearwater International Fund](#tx274160_8) | 46.0 |
|  [Other Investments and Investment Strategies](#tx274160_9) | 55.0 |
|  [Management](#tx274160_10) | 59.0 |
|  [Buying Shares](#tx274160_11) | 67.0 |
|  [Exchanging and Redeeming Shares](#tx274160_12) | 67.0 |
|  [Frequent Purchases and Redemption of Fund Shares](#tx274160_13) | 69.0 |
|  [Other Things to Know About Share Transactions](#tx274160_14) | 69.0 |
|  [Dividends, Distributions and Taxes](#tx274160_15) | 72.0 |
|  [Financial Highlights](#tx274160_16) | 74.0 |
|  [Privacy Notice](#tx274160_17) | 82.0 |

---

------

#### Summary Section

#### Clearwater Core Equity Fund

#### Investment Objective
The Fund seeks long-term growth of capital.

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

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

---

| | |
|:---|:---|
|  Management Fees | 0.9% |
|  Other Expenses | 0.0% |
|  Acquired Fund Fees and Expenses | 0.0% |
|  Total Annual Fund Operating Expenses | 0.9% |

---

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

---

| | | | |
|:---|:---|:---|:---|
| **1 year** | **3 years** | **5 years** | **10 years** |
| $92 | $287 | $498 | $1108 |

---

#### Portfolio Turnover
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 23.81% of the average value of its portfolio.

#### Principal Investment Strategies
Under normal market conditions, the Fund pursues its investment objective by investing at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in equity securities of U.S. companies. The equity securities in which the Fund primarily invests are common and preferred stocks. The Fund employs a multi-style (growth and value) and multi-manager approach whereby portions of the Fund are allocated to different subadvisers who employ distinct investment styles. The Fund's adviser allocates portions of the Fund's assets among subadvisers. The Fund currently allocates assets among the following subadvisers who provide day-to-day management for the Fund: Parametric Portfolio Associates LLC ("Parametric") and AQR Capital Management, LLC ("AQR"). Fiduciary Counselling, Inc. ("FCI") also acts as a subadviser to the Fund, but does not provide day-to-day management. FCI provides the Fund with the following investment-related services: investment strategy advice, manager recommendations and related duties as requested by the Fund's adviser.

------

Clearwater Management Co., Inc. ("CMC") serves as the investment manager to the Fund and is responsible for the oversight of the Fund's subadvisers. The allocation among subadvisers will vary over time, but the current intent of the Fund's adviser is that under normal market conditions approximately 40% to 60% of the Fund's total assets will be allocated to Parametric and the remaining assets will be allocated to AQR.

Parametric manages its portion of the Fund's assets using a passive management strategy to seek investment results that track, before fees and expenses, the investment results of the S&P 500<sup>®</sup> Index as closely as possible without requiring the Fund to realize taxable gains. Parametric utilizes a representative sampling strategy, meaning that it does not intend that the portion of the Fund's assets it manages will be invested in all the components of the S&P 500<sup>®</sup> Index at any given time. As of December 31, 2025, the market capitalization of the companies included in the S&P 500<sup>®</sup> Index was between $15.2 billion and $4.2 trillion.

AQR's strategy invests, under normal market conditions, at least 80% of the net assets, plus the amount of any borrowings for investment purposes, of the portion of the Fund it manages in equity or equity-related securities (including futures contracts). AQR follows a disciplined, systematic approach that employs multiple measures of value, momentum and quality and seeks to invest in attractively valued companies with positive momentum and a stable business. AQR's approach generally invests in companies that are large cap U.S. companies at the time of purchase. AQR may rely heavily on quantitative models as part of its investment strategy.

#### Principal Risks of Investing in the Fund
Please remember that with any mutual fund investment you may lose money. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The principal risks of investing in the Fund include:

#### Market Risk
The price of equity securities may fluctuate, sometimes rapidly and unpredictably. Market risk may impact individual securities based on general market or economic conditions and/or real or perceived factors affecting specific industries or individual company fundamentals. These factors may include corporate earnings outlooks, changes in interest rates, investor sentiment, or industry competitive conditions. Additionally, events such as war, military conflict, geopolitical disputes, acts of terrorism, social or political unrest, natural disasters, recessions, inflation, rapid interest rate changes, supply chain disruptions, tariffs and other restrictions on trade, sanctions, the spread of infectious illness or other public health threats, or the threat or potential of one or more such events and developments, could also have a significant impact. Equity markets tend to be cyclical, with periods when prices generally rise and periods when prices generally decline, and are also generally more volatile than fixed income markets.

#### Active Management Risk
The adviser may actively allocate the Fund's assets among subadvisers and, in addition, certain subadvisers provide active management. As a result, the Fund's performance will reflect in part the adviser's or subadvisers' ability to make investment decisions that are suited to achieving the Fund's investment objective. To the extent it is actively managed, the Fund could under-perform other mutual funds with similar investment objectives.

#### Passive Management Risk
Because a portion of the Fund is managed to seek investment results that track, before fees and expenses, those of the Index, the Fund faces a risk of poor performance if:

• The S&P 500<sup>®</sup> Index declines generally or performs poorly relative to other indexes or individual stocks.

------

• The stocks of companies which comprise the S&P 500<sup>®</sup> Index fall out of favor with investors.

• An adverse company specific event, such as an unfavorable earnings report, negatively affects the stock price of one of the larger companies in the S&P 500<sup>®</sup> Index.

In addition, the performance of the portion of the Fund and the index may differ due to factors such as the use of representative sampling, the fees and expenses of the Fund, transaction costs, and the use of a tax-managed strategy in seeking to track the index. The difference in performance is referred to as "tracking error."

#### Multi-Manager Risk
Because each subadviser makes investment decisions independently, it is possible that the security selection process of the subadvisers may not complement one another. As a result, the Fund's exposure to a given security, industry sector or market capitalization could be smaller or larger than would be the case if the Fund were managed by a single subadviser. It is possible that one or more of the subadvisers may, at any time, take positions that may be opposite of positions taken by other subadvisers. In such cases, the Fund will incur brokerage and other transaction costs, without accomplishing any net investment results. Subadvisers also may be competing with one another for similar positions at the same time, which could have the result of increasing a security's cost. As a general proposition, a multi-manager approach increases the Fund's portfolio turnover rate over the portfolio turnover rate of a single manager fund which may result in higher levels of realized capital gains or losses with respect to the Fund's portfolio securities, higher brokerage commissions and other transaction costs. The subadvisers selected may under-perform the market generally or other subadvisers that could have been selected for the Fund.

#### Equity Securities Risk
Since it purchases equity securities, the Fund is subject to the risk that stock prices will fall over short or extended periods of time. Historically, the equity markets have moved in cycles, and the value of the Fund's securities may fluctuate drastically from day to day. Individual companies may report poor results or be negatively affected by industry and/or economic trends and developments. The prices of securities issued by such companies may suffer a decline in response.

#### Small- and Medium-Sized Company Risk
Stocks of small- and medium-sized companies may lack the management expertise, financial resources, product diversification, and competitive strengths of larger companies. Prices of such stocks may be subject to more abrupt or erratic movements than stock prices of larger, more established companies or the market averages in general. In addition, the frequency and volume of their trading may be less than is typical of larger companies, making them subject to wider price fluctuations. In some cases, there could be difficulties in selling the stocks of small- and medium-sized companies at the desired time and price.

#### Derivatives Risk
In general, a derivative instrument, including a futures contract, typically involves leverage, i.e., it provides exposure to potential gain or loss from a change in the level of the market price of the underlying security, currency or commodity (or a basket or index) in a notional amount that exceeds the amount of cash or assets required to establish or maintain the derivative instrument. Adverse changes in the value or level of the underlying asset or index, which the Fund may not directly own, can result in a loss to the Fund substantially greater than the amount invested in the derivative itself. The use of derivative instruments also exposes the Fund to additional risks and transaction costs. A risk of the Fund's use of derivatives is that the fluctuations in their values may not correlate perfectly with the overall securities markets.

------

#### Model and Data Risk
One or more of the Fund's subadvisers may rely heavily on quantitative models and information and data supplied by third parties ("Models and Data"). Models and Data are used to construct sets of transactions and investments, to provide risk management insights, and to assist in hedging the Fund's investments.

When Models and Data prove to be incorrect or incomplete, including because data is stale, missing or unavailable, any decisions made in reliance thereon expose the Fund to potential risks. Similarly, any hedging based on faulty Models and Data may prove to be unsuccessful. Some of the models used for the Fund are predictive in nature. The use of predictive models has inherent risks. Because predictive models are usually constructed based on historical data supplied by third parties, the success of relying on such models may depend heavily on the accuracy and reliability of the supplied historical data. A subadviser may also use machine learning, which could also result in errors or omissions. The Fund bears the risk that the quantitative models will not be successful in selecting investments or in determining the weighting of investment positions that will enable the Fund to achieve its investment objective.

All models rely on correct market data inputs. If incorrect market data is entered into even a well-founded model, the resulting information will be incorrect. However, even if market data is input correctly, "model prices" will often differ substantially from market prices, especially for instruments with complex characteristics, such as derivative instruments.

#### Tax-Managed Investment Risk
Market conditions may limit the Fund's ability to generate tax losses or to generate dividend income taxed at favorable rates. Use of a tax-managed strategy for a portion of the Fund's assets may affect the investment decisions made for the Fund. For example, the Fund's tax-managed strategy may cause the Fund to hold a security in order to achieve more favorable tax treatment or to sell a security in order to create tax losses. The Fund's ability to utilize various tax-management techniques may be curtailed or eliminated in the future by tax legislation or regulation. Although a smaller portion of the Fund's total return may consist of taxable distributions to shareholders as compared to non-tax managed funds, there can be no assurance about the size of taxable distributions to shareholders. The performance of the Fund may deviate from that of non-tax managed funds and may not provide as high a return before consideration of U.S. federal income tax consequences as non-tax managed funds. Although a tax-managed strategy is used with respect to a portion of the Fund's assets, the Fund can realize capital gains.

#### Investment Style Risks:
• **Value Investing Risk** 

To the extent a Fund subadviser employs a value style strategy, that portion of the Fund's assets is subject to the possibility that value stocks may fall out of favor or perform poorly relative to other types of investments. With value investing, there is the risk that the market will not recognize that the securities selected are undervalued and they might not appreciate in value in the way the subadviser anticipates.

• **Growth Investing Risk** 

To the extent a Fund subadviser employs a growth style strategy, that portion of the Fund's assets is subject to the possibility that these stocks can have relatively high valuations. Because of these high valuations, an investment in a growth stock can be more risky than an investment in a company with more modest growth expectations. Growth investing does not guarantee a profit or eliminate risk.

• **Momentum Investing Risk** 

Investing in or having exposure to securities with positive momentum entails investing in securities that have had above-average recent returns. These securities may be more volatile than a broad cross-section of securities. In addition, there may be periods during which the investment performance of the Fund while using a momentum strategy may suffer.

------

#### Preferred Securities Risk
Preferred securities may pay fixed or adjustable rates of return. Preferred securities are subject to issuer-specific and market risks applicable generally to equity securities. In addition, a company's preferred securities generally pay dividends only after the company makes required payments to holders of its bonds and other debt. For this reason, the value of preferred securities will usually react more strongly than bonds and other debt to actual or perceived changes in the company's financial condition or prospects. Preferred securities of smaller companies may be more vulnerable to adverse developments than preferred stock of larger companies.

#### Past Performance
The bar chart illustrates some of the risks of investing in the Fund by showing the performance of the Fund's shares for each of the past 10 calendar years. The total return table illustrates some of the risks of investing in the Fund by comparing the average annual total return of the Fund for the periods shown to that of the Russell 1000<sup>®</sup> Index, which represents a broad measure of market performance and is generally representative of the market sectors or types of investments in which the Fund invests. Past performance, both before and after taxes, does not necessarily indicate how the Fund will perform in the future.

![LOGO](g274160g08x08.jpg)

#### During the periods shown in the chart above, the highest and lowest quarterly returns were as follows:
Highest: 21.03% in 2nd Quarter 2020

Lowest: (21.87)% in 1st Quarter 2020

#### Clearwater Core Equity Fund Average Annual Total Returns
(For the Periods Ended December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** |
|  Return Before Taxes | 19.40% | 14.91% | 14.44% |
|  Return After Taxes on Distributions | 19.12% | 14.48% | 13.65% |
|  Return After Taxes on Distributions and Sale of Fund Shares | 11.68% | 11.92% | 11.85% |
|  Russell 1000<sup>®</sup> Index (reflects no deduction for expenses or taxes) | 17.37% | 13.59% | 14.59% |

---

After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns will depend on an investor's tax situation and may differ from those shown. If you hold your Fund shares through a tax-deferred account, such as a 401(k) plan or individual retirement account, after-tax returns are not relevant.

------

#### Fund Adviser and Portfolio Managers
The Fund's adviser is CMC. FCI acts as a subadviser to the Fund, but does not provide day-to-day management.

---

| | | |
|:---|:---|:---|
| **Subadvisers** | **Portfolio Managers** | **Period of Service** |
| Parametric | Xiaozhen Li, PhD, CFA, Director, Custom Core Portfolio Management<br> Gordon Wotherspoon, Managing Director, Advisor Channel Portfolio Management | Ms. Li has been a portfolio manager of the Fund since 2017.<br> Mr. Wotherspoon has been a portfolio manager of the Fund since 2024. |
| AQR | Clifford S. Asness, Managing and Founding Principal<br> Michele L. Aghassi, Principal<br> John J. Huss, Principal<br> Laura Serban, Principal<br> Nathan Sosner, Principal | Mr. Asness has been a portfolio manager of the Fund since 2015. Ms. Aghassi has been a portfolio manager of the Fund since 2020. Mr. Huss and Mr. Sosner have been portfolio managers of the Fund since 2022. Ms. Serban has been a portfolio manager of the Fund since 2024. |

---

#### Purchase and Redemption of Fund Shares
Initial and subsequent investments in the Fund must be at least $1,000. You may exchange or redeem shares by telephone. Telephone exchange and redemption requests may be made by calling the transfer agent at (855) 684-9144 between 9:00 a.m. and 6:00 p.m. Eastern Time on any business day; provided that orders received will be processed at the net asset value per share next determined after receipt of your request in good order. You may also redeem your shares by mail; contact the transfer agent at the number above for more information.

#### Tax Information
The Fund's distributions are taxable, and will be taxed as ordinary income or capital gains, unless you are investing through a tax-deferred arrangement, such as a 401(k) plan or an individual retirement account. Such tax-deferred arrangements may be taxed later upon withdrawal of monies from those arrangements.

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#### Clearwater Select Equity Fund

#### Investment Objective
The Fund seeks long-term growth of capital.

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

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

---

| | |
|:---|:---|
|  Management Fees | 1.35% |
|  Other Expenses | 0.0% |
|  Acquired Fund Fees and Expenses | 0.0% |
|  Total Annual Fund Operating Expenses | 1.35% |

---

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

---

| | | | |
|:---|:---|:---|:---|
| **1 year** | **3 years** | **5 years** | **10 years** |
| $137 | $428 | $739 | $1624 |

---

#### Portfolio Turnover
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 183.49% of the average value of its portfolio.

#### Principal Investment Strategies
Under normal market conditions, the Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in equity securities. Equity securities in which the Fund invests consist primarily of exchange-traded common and preferred stocks. The Fund may also invest in a type of equity security called a convertible security to reduce volatility or correlation risk in the portfolio. A convertible security generally entitles the holder to receive interest paid or accrued on debt securities or the dividend paid on preferred stock until the convertible security matures or is redeemed, converted or exchanged. While the Fund is permitted to invest in securities of any market capitalization, the Fund invests primarily in securities of micro-, small- and medium-sized companies. The Fund may obtain exposure to equity securities through investment in exchange-traded funds and other investment companies.

Clearwater Management Co., Inc. ("CMC") serves as the investment manager to the Fund and is responsible for the oversight of the Fund's subadvisers. The Fund uses a "multi-style, multi-manager" approach. The Fund's adviser allocates portions of the Fund's assets among subadvisers who employ distinct investment styles. The

------

Fund currently allocates assets among the following subadvisers who provide day-to-day management for the Fund: Acadian Asset Management LLC ("Acadian"), Cooke & Bieler, L.P. ("Cooke & Bieler"), Parametric Portfolio Associates LLC ("Parametric") and Rice Hall James & Associates, LLC ("RHJ"). The allocation among subadvisers will vary over time, but the current intent of the Fund's adviser is that under normal market conditions approximately 15% of the Fund's assets will be allocated to Parametric and the remaining assets will be allocated to one or more of the Fund's three other subadvisers that provide day-to-day management of the Fund. A subadviser may focus its investments in micro-, small-and/or medium-sized companies. Parametric manages its portion of the Fund's assets using a passive management strategy to seek investment results that track, before fees and expenses, the investment results of the S&P SmallCap 600<sup>®</sup> Index as closely as possible without requiring the Fund to realize taxable gains. Parametric utilizes a representative sampling strategy, meaning that it does not intend that the portion of the Fund's assets it manages will be invested in all the components of the S&P SmallCap 600<sup>®</sup> Index at any given time. As of December 31, 2025, the market capitalization of the companies included in the S&P SmallCap 600<sup>®</sup> Index was between $2.0 billion and $9.3 billion. Acadian utilizes a multi-factor, risk-controlled framework that combines a mix of valuation, quality, earnings growth, and technical signals. Cooke & Bieler seeks to buy businesses that it believes will compound value over time and to reduce risk through its stringent research process and decisions to purchase stocks at attractive prices. RHJ utilizes a Micro Cap Opportunities strategy that employs a fundamental, bottom-up analytical process to identify companies that meet three primary criteria: high earnings growth, high or improving return-on-invested capital ("ROIC"), and sustainable competitive advantages. Fiduciary Counselling, Inc. ("FCI") also acts as a subadviser to the Fund, but does not provide day-to-day management. FCI provides the Fund with the following investment-related services: investment strategy advice, manager recommendations and related duties as requested by the Fund's adviser.

#### Principal Risks of Investing in the Fund
Please remember that with any mutual fund investment you may lose money. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The principal risks of investing in the Fund include:

#### Market Risk
The price of equity securities may fluctuate, sometimes rapidly and unpredictably. Market risk may impact individual securities based on general market or economic conditions and/or real or perceived factors affecting specific industries or individual company fundamentals. These factors may include corporate earnings outlooks, changes in interest rates, investor sentiment, or industry competitive conditions. Additionally, events such as war, military conflict, geopolitical disputes, acts of terrorism, social or political unrest, natural disasters, recessions, inflation, rapid interest rate changes, supply chain disruptions, tariffs and other restrictions on trade, sanctions, the spread of infectious illness or other public health threats, or the threat or potential of one or more such events and developments, could also have a significant impact. Equity markets tend to be cyclical, with periods when prices generally rise and periods when prices generally decline, and are also generally more volatile than fixed income markets.

#### Active Management Risk
The Fund's overall allocation to subadvisers is actively managed and certain subadvisers also provide active management and as a result, the Fund's performance will reflect in part the adviser's or subadvisers' ability to make investment decisions that are suited to achieving the Fund's investment objective. To the extent it is actively managed, the Fund could under-perform other mutual funds with similar investment objectives.

------

#### Passive Management Risk
Because portions of the Fund are managed to seek investment results that track, before fees and expenses, those of the S&P SmallCap 600<sup>®</sup> Index, the Fund faces a risk of poor performance if:

• The S&P SmallCap 600<sup>®</sup> Index declines generally or performs poorly relative to other indexes or individual stocks.

• The stocks of companies which comprise the S&P SmallCap 600<sup>®</sup> Index fall out of favor with investors.

• An adverse company specific event, such as an unfavorable earnings report, negatively affects the stock price of one of the larger companies in the S&P SmallCap 600<sup>®</sup> Index.

In addition, the performance of the portion of the Fund and the index may differ due to factors such as the use of representative sampling, the fees and expenses of the Fund, transaction costs, and the use of a tax-managed strategy in seeking to track the index.

#### Multi-Manager Risk
Because each subadviser makes investment decisions independently, it is possible that the security selection process of the subadvisers may not complement one another. As a result, the Fund's exposure to a given security, industry sector or market capitalization could be smaller or larger than would be the case if the Fund were managed by a single subadviser. It is possible that one or more of the subadvisers may, at any time, take positions that may be opposite of positions taken by other subadvisers. In such cases, the Fund will incur brokerage and other transaction costs, without accomplishing any net investment results. Subadvisers also may be competing with one another for similar positions at the same time, which could have the result of increasing a security's cost. As a general proposition, a multi-manager approach increases the Fund's portfolio turnover rate over the portfolio turnover rate of a single manager fund which may result in higher levels of realized capital gains or losses with respect to the Fund's portfolio securities, higher brokerage commissions and other transaction costs. The subadvisers selected may under-perform the market generally or other subadvisers that could have been selected for the Fund.

#### Equity Securities Risk
Since it purchases equity securities, the Fund is subject to the risk that stock prices will fall over short or extended periods of time. Historically, the equity markets have moved in cycles, and the value of the Fund's securities may fluctuate drastically from day to day. Individual companies may report poor results or be negatively affected by industry and/or economic trends and developments. The prices of securities issued by such companies may suffer a decline in response.

#### Small- and Medium-Sized Company Risk
Stocks of small- and medium-sized companies may lack the management expertise, financial resources, product diversification, and competitive strengths of larger companies. Prices of such stocks may be subject to more abrupt or erratic movements than stock prices of larger, more established companies or the market averages in general. In addition, the frequency and volume of their trading may be less than is typical of larger companies, making them subject to wider price fluctuations. In some cases, there could be difficulties in selling the stocks of small- and medium-sized companies at the desired time and price.

#### Micro-Sized Company Risk
The Fund is also subject to the general risk that the stocks of micro-sized companies can involve greater risks than those associated with larger, more established companies. Micro-sized company stocks may be subject to more abrupt or erratic price movements due to a number of reasons, including that the stocks are traded in lower

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volume and that the issuers are more sensitive to changing conditions and have less certain growth prospects. Also, there are fewer market makers for these stocks and wider spreads between quoted bid and ask prices in the over-the-counter market for these stocks. Micro-sized stocks tend to be less liquid, particularly during periods of market disruption. There normally is less publicly available information concerning these securities. Micro-sized companies in which the Fund may invest typically have limited product lines, markets or financial resources or may be dependent on a small management group.

#### Investment Style Risks:
• **Value Investing Risk** 

To the extent a Fund subadviser employs a value style strategy, that portion of the Fund's assets is subject to the possibility that value stocks may fall out of favor or perform poorly relative to other types of investments. With value investing, there is the risk that the market will not recognize that the securities selected are undervalued and they might not appreciate in value in the way the subadviser anticipates.

**•** **Growth Investing Risk** 

To the extent a Fund subadviser employs a growth style strategy, that portion of the Fund's assets is subject to the possibility that these stocks can have relatively high valuations. Because of these high valuations, an investment in a growth stock can be more risky than an investment in a company with more modest growth expectations. Growth investing does not guarantee a profit or eliminate risk.

#### Preferred Securities Risk
Preferred securities may pay fixed or adjustable rates of return. Preferred securities are subject to issuer-specific and market risks applicable generally to equity securities. In addition, a company's preferred securities generally pay dividends only after the company makes required payments to holders of its bonds and other debt. For this reason, the value of preferred securities will usually react more strongly than bonds and other debt to actual or perceived changes in the company's financial condition or prospects. Preferred securities of smaller companies may be more vulnerable to adverse developments than preferred stock of larger companies.

#### Convertible Securities Risk
Convertible securities may be subordinate to other securities. In part, the total return for a convertible security depends upon performance of the underlying stock into which it can be converted. Also, issuers of convertible securities are often rated below investment grade or are not rated, are generally subject to a high degree of credit risk, are more likely to encounter financial difficulties and typically are more vulnerable to changes in the economy, such as a recession or a sustained period of rising interest rates, which could affect their ability to make interest and principal payments. If an issuer stops making interest and/or principal payments, the Fund could lose its entire investment.

#### Exchange-Traded Fund ("ETF") and Underlying Investment Company Risk
The risks of owning an ETF or other investment company generally reflect the risks of owning the underlying securities they are designed to track, although lack of liquidity in an ETF or investment company could result in its value being more volatile than the underlying portfolio of securities. Disruptions in the markets for the securities underlying ETFs and underlying investment companies purchased or sold by the Fund could result in losses on the Fund's investment. ETFs and other investment companies also have management fees that increase their costs versus the costs of owning the underlying securities directly.

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#### Tax-Managed Investment Risk
Market conditions may limit the Fund's ability to generate tax losses or to generate dividend income taxed at favorable rates. Use of a tax-managed strategy for a portion of the Fund's assets may affect the investment decisions made for the Fund. For example, the Fund's tax-managed strategy may cause the Fund to hold a security in order to achieve more favorable tax treatment or to sell a security in order to create tax losses. The Fund's ability to utilize various tax-management techniques may be curtailed or eliminated in the future by tax legislation or regulation. Although a smaller portion of the Fund's total return may consist of taxable distributions to shareholders as compared to non-tax managed funds, there can be no assurance about the size of taxable distributions to shareholders. The performance of the Fund may deviate from that of non-tax managed funds and may not provide as high a return before consideration of U.S. federal income tax consequences as non-tax managed funds. Although a tax-managed strategy is used with respect to a portion of the Fund's assets, the Fund can realize capital gains.

#### Past Performance
The bar chart illustrates some of the risks of investing in the Fund by showing the performance of the Fund's shares for each of the past 10 calendar years. The total return table illustrates some of the risks of investing in the Fund by comparing the average annual total returns of the Fund for the periods shown to the returns of the Russell 3000<sup>®</sup> Index, which represents a broad measure of market performance, and to the returns of the Russell 2000<sup>®</sup> Index, which is generally representative of the market sectors or types of investments in which the Fund invests. Past performance, both before and after taxes, does not necessarily indicate how the Fund will perform in the future.

![LOGO](g274160g14x14.jpg)

#### During the periods shown in the chart above, the highest and lowest quarterly returns were as follows:
Highest: 32.93% in 4th Quarter 2020

Lowest: (35.45)% in 1st Quarter 2020

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#### Clearwater Select Equity Fund Average Annual Total Returns
(For the Periods Ended December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** |
|  Return Before Taxes | 4.14% | 3.68% | 7.19% |
|  Return After Taxes on Distributions | 3.92% | 2.81% | 5.78% |
|  Return After Taxes on Distributions and Sale of Fund Shares | 2.61% | 2.68% | 5.41% |
|  Russell 3000<sup>®</sup> Index (reflects no deduction for expenses or taxes) | 17.15% | 13.15% | 14.29% |
|  Russell 2000<sup>®</sup> Index (reflects no deduction for expenses or taxes) | 12.81% | 6.09% | 9.62% |

---

After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns will depend on an investor's tax situation and may differ from those shown. If you hold your Fund shares through a tax-deferred account, such as a 401(k) plan or individual retirement account, after-tax returns are not relevant.

#### Fund Adviser and Portfolio Managers
The Fund's adviser is CMC. FCI acts as a subadviser to the Fund, but does not provide day-to-day management.

---

| | | |
|:---|:---|:---|
| **Subadvisers** | **Portfolio Managers** | **Period of Service** |
| Acadian | Brendan Bradley, Ph.D.<br> Fanesca Young, Ph.D., CFA | Both have been portfolio managers of the Fund since 2024. |
| Cooke & Bieler | Steve Lyons, CFA, Partner<br> Michael M. Meyer, CFA, Partner<br> Edward W. O'Connor, CFA, Partner<br> R. James O'Neil, CFA, Partner<br> Mehul Trivedi, CFA, Partner<br> William Weber, CFA, Partner<br> Cathy Zhu | Messrs. Meyer, O'Connor, O'Neil, Trivedi and Weber have been portfolio managers of the Fund since 2017. Mr. Lyons has been a portfolio manager of the Fund since 2025.<br>Ms. Zhu has been a portfolio manager of the Fund since 2026. |
| Parametric | Xiaozhen Li, PhD, CFA, Director, Custom Core Portfolio Management<br> Gordon Wotherspoon, Managing Director, Advisor Channel Portfolio Management | Ms. Li has been a portfolio manager of the Fund since 2020. Mr. Wotherspoon has been a portfolio manager of the Fund since 2024. |
| RHJ | Louis M. Holtz, CFA<br> Yossi Lipsker, CFA | Both have been portfolio managers of the Fund since 2021. |

---

#### Purchase and Redemption of Fund Shares
Initial and subsequent investments in the Fund must be at least $1,000. You may exchange or redeem shares by telephone. Telephone exchange and redemption requests may be made by calling the transfer agent at (855) 684-9144 between 9:00 a.m. and 6:00 p.m. Eastern Time on any business day; provided that orders received will be processed at the net asset value per share next determined after receipt of your request in good order. You may also redeem your shares by mail; contact the transfer agent at the number above for more information.

#### Tax Information
The Fund's distributions are taxable, and will be taxed as ordinary income or capital gains, unless you are investing through a tax-deferred arrangement, such as a 401(k) plan or an individual retirement account. Such tax-deferred arrangements may be taxed later upon withdrawal of monies from those arrangements.

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#### Clearwater Tax-Exempt Bond Fund

#### Investment Objective
The Fund seeks high current income that is exempt from U.S. federal income tax, consistent with preservation of capital.

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

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

---

| | |
|:---|:---|
|  Management Fees | 0.6% |
|  Other Expenses | 0.0% |
|  Acquired Fund Fees and Expenses | 0.11% |
|  Total Annual Fund Operating Expenses<sup>1</sup> | 0.71% |

---

1 *Differs from the ratio of expenses, before waivers, to average net assets in the Financial Highlights, which reflects the operating expenses of the Fund and does not include acquired fund fees and expenses.*

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

---

| | | | |
|:---|:---|:---|:---|
| **1 year** | **3 years** | **5 years** | **10 years** |
| $73 | $227 | $395 | $883 |

---

#### Portfolio Turnover
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 24.96% of the average value of its portfolio.

#### Principal Investment Strategies
Under normal market conditions, the Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in tax-exempt bonds, which are debt obligations issued by or for the U.S. states, territories and possessions and the District of Columbia. The interest on these bonds is generally exempt from both U.S. regular federal income tax and U.S. federal alternative minimum tax. However, the Fund may invest up to 20% of its assets in bonds that generate interest income subject to federal alternative minimum tax for individuals.

The Fund invests in both revenue bonds, which are backed by and payable only from the revenues derived from a specific facility or specific revenue source, and in general obligation bonds, which are secured by the full faith, credit and taxation power of the issuing municipality.

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The Fund primarily invests in bonds rated investment grade at the time of purchase or, if unrated, determined to be of comparable quality by the Fund's subadviser. However, the Fund may invest up to 30% of its assets in bonds rated below investment grade (rated below Baa3 by Moody's Investors Service, Inc. ("Moody's") and BBB- by S&P Global Ratings ("S&P") or Fitch, Inc. ("Fitch"), commonly referred to as "junk" bonds) or determined to be of comparable quality by the applicable subadviser. The Fund may not invest in bonds rated at the time of purchase lower than B3 by Moody's or B- by S&P or Fitch. The Fund may invest in closed-end funds that invest in the same types of securities in which the Fund may invest directly. The average effective duration for the portfolio is typically approximately three to eight years. Duration is a measure of the sensitivity of the price of a fixed-income security to changes in interest rates and is expressed as a number of years. A longer duration generally means the price is more sensitive to changes in interest rates. For every 1% change in interest rate, the Fund's net asset value is expected to change inversely by approximately 1% for each year of duration. For example, a 1% increase in interest rate would be expected to cause a fixed-income portfolio with an average dollar weighted duration of five years to decrease in value by approximately 5% (1% interest rate increase multiplied by the five-year duration). From time to time, the Fund's subadvisers utilize interest rate futures contracts to hedge interest rate risk associated with the Fund's portfolio.

Clearwater Management Co., Inc. ("CMC") serves as the investment manager to the Fund and is responsible for the oversight of the Fund's subadvisers. The Fund uses a "multi-style, multi-manager" approach. The Fund's adviser allocates portions of the Fund's assets among subadvisers who employ distinct investment styles. The Fund currently allocates assets among the following subadvisers who provide day-to-day management to the Fund: MacKay Shields LLC ("MacKay Shields") and Sit Fixed Income Advisors II, LLC ("Sit"). The allocation among subadvisers will vary over time. Fiduciary Counselling, Inc. ("FCI") also acts as a subadviser to the Fund, but does not provide day-to-day management. FCI provides the Fund with the following investment-related services: investment strategy advice, manager recommendations and related duties as requested by CMC.

MacKay Shields' relative-value investment strategy combines a top-down macro view with bottom-up credit research driven security selection. The investment process seeks to identify mispricings and opportunities for total return with an emphasis and focus on risk management. Sit selects bonds that offer high tax-exempt income. In selecting which bonds to buy and sell for the Fund, Sit analyzes the general outlook on the economy and interest rate forecasts, while also evaluating a security's structure, credit quality, yield, maturity, and liquidity.

#### Principal Risks of Investing in the Fund
Please remember that with any mutual fund investment you may lose money. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The principal risks of investing in the Fund include:

#### Market Risk
The price of fixed income securities may fluctuate, sometimes rapidly and unpredictably. Market risk may impact fixed income securities based on general market or economic conditions. These factors may include government economic outlooks, changes in interest rates, investor sentiment, or changes in government or tax policy. Additionally, events such as war, military conflict, geopolitical disputes, acts of terrorism, social or political unrest, natural disasters, recessions, inflation, rapid interest rate changes, supply chain disruptions, tariffs and other restrictions on trade, sanctions, the spread of infectious illness or other public health threats, or the threat or potential of one or more such events and developments, could also have a significant impact.

#### Active Management Risk
The Fund is actively managed and as a result, the Fund's performance will reflect in part the subadviser's ability to make investment decisions that are suited to achieving the Fund's investment objective. The Fund could under-perform other mutual funds with similar investment objectives.

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#### Multi-Manager Risk
Because each subadviser makes investment decisions independently, it is possible that the security selection process of the subadvisers may not complement one another. As a result, the Fund's exposure to a given security, industry sector or market capitalization could be smaller or larger than would be the case if the Fund were managed by a single subadviser. It is possible that one or more of the subadvisers may, at any time, take positions that may be opposite of positions taken by other subadvisers. In such cases, the Fund will incur brokerage and other transaction costs, without accomplishing any net investment results. Subadvisers also may be competing with one another for similar positions at the same time, which could have the result of increasing a security's cost. As a general proposition, a multi-manager approach increases the Fund's portfolio turnover rate over the portfolio turnover rate of a single manager fund which may result in higher levels of realized capital gains or losses with respect to the Fund's portfolio securities, higher brokerage commissions and other transaction costs. The subadvisers selected may under-perform the market generally or other subadvisers that could have been selected for the Fund.

#### Credit Risk
The Fund could lose money if the issuers or guarantors of securities owned by the Fund default on the payment of principal or interest, or on other obligations to the Fund. The revenue bonds in which the Fund invests may entail greater credit risk than the Fund's investments in general obligation bonds. Revenue bond prices can decline if related projects become unprofitable. Municipal bonds are subject to the risk that political events, local business or economic conditions could have a significant effect on an issuer's ability to make payments of principal and/or interest.

#### Interest Rate Risk
Interest rate risk is the risk that a fixed income security will lose value because of changes in interest rates. An increase in interest rates likely will lower the Fund's value and the overall return on your investment. The Fund is also subject to call or prepayment risk when, generally as a result of declining interest rates, the issuer of a security exercises its right to prepay principal earlier than scheduled, forcing the Fund to reinvest in lower yielding securities. Declining interest rates may compel borrowers to prepay mortgages and debt obligations underlying securities owned by the Fund. Many factors can cause interest rates to rise. Some examples include central bank monetary policy, rising inflation rates and general economic conditions.

#### Below Investment Grade Securities Risk
Investments in high-yield debt securities (commonly referred to as "junk" bonds) are sometimes considered speculative as they present a greater risk of loss than higher quality debt securities. Such securities may, under certain circumstances, be less liquid than higher rated debt securities. These securities pay investors a premium (a high interest rate or yield) because of the increased risk of loss. These securities can also be subject to greater price volatility. In times of unusual or adverse market, economic or political conditions, these securities may experience higher than normal default rates.

#### Tax Risk
There is no guarantee that the Fund's income will be exempt from U.S. federal or state income taxes. Events occurring after the date of issuance of a municipal bond (including as a result of a deemed reissuance) or after the Fund's acquisition of a municipal bond may result in a determination that interest on that bond is includible in gross income for U.S. federal income tax purposes retroactively to its date of issuance. Such a determination may cause a portion of prior distributions by the Fund to its shareholders to be taxable to those shareholders in the year of receipt. Federal or state changes in income or alternative minimum tax rates or in the tax treatment of municipal bonds may make municipal bonds less attractive as investments and cause them to lose value.

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#### Investing in Closed-End Funds Risk
Closed-end funds generally do not continuously offer their shares for sale. Rather, they sell a fixed number of shares at one time, after which the shares typically trade on a secondary market, such as the New York Stock Exchange. The price of closed-end fund shares that trade on a secondary market is determined by the market and may be greater or less than the shares' net asset value. Closed-end fund shares generally are not redeemable. The investment portfolios of closed-end funds generally are managed by investment advisers.

#### Derivatives Risk
In general, a derivative instrument, including a futures contract, typically involves leverage, i.e., it provides exposure to potential gain or loss from a change in the level of the market price of the underlying security, currency or commodity (or a basket or index) in a notional amount that exceeds the amount of cash or assets required to establish or maintain the derivative instrument. Adverse changes in the value or level of the underlying asset or index, which the Fund may not directly own, can result in a loss to the Fund substantially greater than the amount invested in the derivative itself. The use of derivative instruments also exposes the Fund to additional risks and transaction costs. A risk of the Fund's use of derivatives is that the fluctuations in their values may not correlate perfectly with the overall securities markets. The use of derivatives may also involve counterparty risk, which is the risk that other parties to an agreement or other participants in a transaction (e.g., a broker or swap counterparty), may default on a contract or fail to perform by failing to pay amounts due or failing to fulfill delivery conditions of the contract or transaction.

#### Please note that, under normal market conditions, the Clearwater Tax-Exempt Bond Fund is not a suitable investment for tax-deferred accounts.
*Please note that the Fund is not a money market fund and is not intended to be a money market fund substitute. The Fund does not attempt to maintain a stable net asset value and is not subject to the rules that govern the quality, maturity, liquidity and other features of securities that money market funds may purchase. Under normal conditions, the Fund's investments may be more susceptible than a money market fund to interest rate risk and credit risks relevant to the Fund's investments.* 

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#### Past Performance
The bar chart illustrates some of the risks of investing in the Fund by showing the performance of the Fund's shares for each of the past 10 calendar years. The total return table illustrates some of the risks of investing in the Fund by comparing the average annual total returns of the Fund for the periods shown to the returns of the Bloomberg Municipal Bond Index, which represents a broad measure of market performance, and to the returns of the Bloomberg Municipal Bond 5 Year (4-6) Index, which is generally representative of the market sectors or types of investments in which the Fund invests. Past performance, both before and after taxes, does not necessarily indicate how the Fund will perform in the future.

![LOGO](g274160g21x21.jpg)

#### During the periods shown in the chart above, the highest and lowest quarterly returns were as follows:
Highest: 7.13% in 4th Quarter 2023

Lowest: (6.96)% in 1st Quarter 2022

#### Clearwater Tax-Exempt Bond Fund Average Annual Total Returns
(For the Periods Ended December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** |
|  Return Before Taxes | 5.00% | 1.57% | 3.19% |
|  Return After Taxes on Distributions | 5.00% | 1.51% | 3.10% |
|  Return After Taxes on Distributions and Sale of Fund Shares<sup>1</sup> | 4.83% | 2.09% | 3.39% |
|  Bloomberg Municipal Bond Index (reflects no deduction for expenses or taxes) | 4.25% | 0.80% | 2.34% |
|  Bloomberg Municipal Bond 5 Year (4-6) Index (reflects no deduction for expenses or taxes) | 5.03% | 1.05% | 1.93% |

---

<sup>1</sup> *In calculating the U.S. federal income taxes due on redemptions, capital gains taxes resulting from redemptions are subtracted from the redemption proceeds and the tax benefits from capital losses resulting from the redemption are added to the redemption proceeds. Under certain circumstances, the addition of the tax benefits from capital losses resulting from redemptions may cause the returns after taxes on distributions and sale of Fund shares to be greater than the returns after taxes on distributions or even the returns before taxes.* 

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After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns will depend on an investor's tax situation and may differ from those shown. If you hold your Fund shares through a tax-deferred account, such as a 401(k) plan or individual retirement account, after-tax returns are not relevant.

#### Fund Adviser and Portfolio Managers
The Fund's adviser is CMC. FCI acts as a subadviser to the Fund, but does not provide day-to-day management.

---

| | | |
|:---|:---|:---|
| **Subadvisers** | **Portfolio Managers** | **Period of Service** |
| MacKay Shields | Robert DiMella, CFA<br> David Dowden<br> Michael Denlinger, CFA<br> Michael Petty<br> Matthew Hage | Messrs. DiMella, Dowden, Denlinger and Petty have been portfolio managers of the Fund since 2023. Mr. Hage has been a portfolio manager of the Fund since 2024. |
| Sit | Paul J. Jungquist, CFA, CPA, Vice President<br> Todd S. Emerson, CFA<br> Kevin P. O'Brien, CFA<br> Michael C. Hubbard, CFA | Mr. Jungquist has been a portfolio manager of the Fund since 1999. Messrs. Emerson and O'Brien have been portfolio managers of the Fund since 2019. Mr. Hubbard has been a portfolio manager of the Fund since 2024. |

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#### Purchase and Redemption of Fund Shares
Initial and subsequent investments in the Fund must be at least $1,000. You may exchange or redeem shares by telephone. Telephone exchange and redemption requests may be made by calling the transfer agent at (855) 684-9144 between 9:00 a.m. and 6:00 p.m. Eastern Time on any business day; provided that orders received will be processed at the net asset value per share next determined after receipt of your request in good order. You may also redeem your shares by mail; contact the transfer agent at the number above for more information.

#### Tax Information
The Fund's distributions of interest on municipal bonds generally are not subject to U.S. federal income tax; however, the Fund may distribute taxable dividends, including distributions of short-term capital gains, and long-term capital gains. In addition, interest on certain bonds may be subject to the federal alternative minimum tax. Because liability for the alternative minimum tax depends upon the regular tax liability and tax preference items of a specific taxpayer, the extent, if any, to which any tax preference items resulting from investment in the Fund will be subject to the tax will depend upon each shareholder's individual situation. For shareholders with substantial tax preferences, the alternative minimum tax could reduce the after-tax economic benefits of an investment in the Fund. To the extent that the Fund's distributions are derived from interest on bonds that are not exempt from applicable state and local taxes, such distributions will be subject to such state and local taxes.

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#### Clearwater International Fund

#### Investment Objective
The Fund seeks long-term growth of capital.

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

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

---

| | |
|:---|:---|
|  Management Fees | 1.0% |
|  Other Expenses | 0.0% |
|  Acquired Fund Fees and Expenses | 0.01% |
|  Total Annual Fund Operating Expenses<sup>1</sup> | 1.01% |

---

<sup>1</sup> *Differs from the ratio of expenses, before waivers, to average net assets in the Financial Highlights, which reflects the operating expenses of the Fund and does not include acquired fund fees and expenses.*

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

---

| | | | |
|:---|:---|:---|:---|
| **1 year** | **3 years** | **5 years** | **10 years** |
| $103 | $322 | $558 | $1236 |

---

#### Portfolio Turnover
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 73.95% of the average value of its portfolio.

#### Principal Investment Strategies
Under normal market conditions, the Fund intends to invest at least 80% of the value of its net assets, plus the amount of any borrowings for investment purposes, in equity securities of companies organized or located outside the United States and doing a substantial amount of business outside the United States. Equity securities in which the Fund invests include common and preferred stock, sponsored and unsponsored American Depositary Receipts, European Depositary Receipts, and Global Depositary Receipts, and exchange-traded funds and other investment companies. The Fund diversifies its investments among a number of different countries throughout the world, and may invest in companies of any size. The Fund does not intend to invest more than 20% of its net assets in the equity securities of developing or emerging market issuers (including frontier market issuers). The Fund defines emerging markets to be markets that are included in the MSCI Emerging Markets Index and defines frontier markets to be markets that are included in the MSCI Frontier Markets 100 Index.

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In order to hedge against adverse movements in currency exchange rates, the Fund may enter into foreign currency exchange contracts. The Fund may use options, futures contracts, and options on futures contracts to attempt to manage market or business risks. The Fund does not intend to invest in foreign currency exchange contracts, options, futures contracts, or options on futures contracts for speculative purposes.

Clearwater Management Co., Inc. ("CMC") serves as the investment manager to the Fund and is responsible for the oversight of the Fund's subadvisers. The Fund uses a "multi-style, multi-manager" approach. The Fund's adviser allocates portions of the Fund's assets among subadvisers who employ distinct investment styles. The Fund currently allocates assets among the following subadvisers who provide day-to-day management to the Fund: Parametric Portfolio Associates LLC ("Parametric"), Artisan Partners Limited Partnership ("Artisan Partners"), and WCM Investment Management, LLC ("WCM"). Fiduciary Counselling, Inc. ("FCI") also acts as a subadviser to the Fund, but does not provide day-to-day management. FCI provides the Fund with the following investment-related services: investment strategy advice, manager recommendations and related duties as requested by the Fund's adviser.

The allocation among subadvisers will vary over time, but the current intent of the Fund's adviser is that under normal market conditions approximately 15% to 25% of the Fund's assets will be allocated to Parametric and the remaining assets will be allocated to one or more of the Fund's three other subadvisers that provide day-to-day management of the Fund. Parametric manages its portion of the Fund's assets using a passive management strategy to seek investment results that track, before fees and expenses, the investment results of the MSCI World Ex U.S.A. Index—Net Dividends as closely as possible without requiring the Fund to realize taxable gains. Parametric utilizes a representative sampling strategy, meaning that it does not intend that the portion of the Fund's assets it manages will be invested in all the components of the MSCI World Ex U.S.A. Index—Net Dividends at any given time. The MSCI World Ex U.S.A. Index—Net Dividends is an unmanaged, free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets. The MSCI World Ex U.S.A. Index—Net Dividends consists of the following 22 developed market country indices: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and the United Kingdom. Parametric selects securities for inclusion in the portfolio based upon their contribution to the portfolio's market capitalization, industry weightings and other fundamental characteristics. Securities are selected and purchased from the constituents of the index to create a portfolio that will closely replicate the performance of the index. Perfect replication of the index is not desirable for taxable investors, as it can create unnecessary turnover, realization of gains, and reduce after-tax return.

Artisan Partners utilizes two separate strategies in managing its portion of the Fund's assets. With respect to its International Value strategy, Artisan Partners seeks to build a diversified portfolio of non-U.S. companies of all sizes. With respect to its International Explorer strategy, Artisan Partners invests in non-U.S. small capitalization companies (those that have a market capitalization of less than $5 billion at the time of purchase). In both strategies, Artisan Partners invests in companies that it believes to be undervalued. WCM utilizes two separate strategies in managing its portion of the Fund's assets. With respect to its Focused Growth International strategy, WCM invests in approximately 30-40 large capitalization non-U.S. companies (companies with market capitalizations greater than $3.5 billion). With respect to its International Small Cap Growth Strategy, WCM invests in equity securities or depositary receipts of small capitalization companies domiciled outside of the United States, including in emerging and frontier market countries. WCM considers small capitalization companies to be companies with market capitalizations within the range of those companies included in the MSCI ACWI Ex-US Small Cap Index at the time of purchase. In both strategies, WCM seeks to identify companies believed to have above-average potential for growth in revenue and earnings. Overall, the Fund may be invested across all capitalization levels.

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#### Principal Risks of Investing in the Fund
Please remember that with any mutual fund investment you may lose money. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The principal risks of investing in the Fund include:

#### Market Risk
The price of equity securities may fluctuate, sometimes rapidly and unpredictably. Market risk may impact individual securities based on general market or economic conditions and/or real or perceived factors affecting specific industries or individual company fundamentals. These factors may include corporate earnings outlooks, changes in interest rates, investor sentiment, or industry competitive conditions. Additionally, events such as war, military conflict, geopolitical disputes, acts of terrorism, social or political unrest, natural disasters, recessions, inflation, rapid interest rate changes, supply chain disruptions, tariffs and other restrictions on trade, sanctions, the spread of infectious illness or other public health threats, or the threat or potential of one or more such events and developments, could also have a significant impact. Equity markets tend to be cyclical, with periods when prices generally rise and periods when prices generally decline, and are also generally more volatile than fixed income markets.

#### Active Management Risk
The adviser may actively allocate the Fund's assets among subadvisers and, in addition, certain subadvisers provide active management. As a result, the Fund's performance will reflect in part the adviser's or subadvisers' ability to make investment decisions that are suited to achieving the Fund's investment objective. To the extent it is actively managed, the Fund could under-perform other mutual funds with similar investment objectives.

#### Passive Management Risk
Because a portion of the Fund is managed to seek investment results that track, before fees and expenses, those of the MSCI World Ex U.S.A. Index – Net Dividends, the Fund faces a risk of poor performance if:

• The MSCI World Ex U.S.A. Index – Net Dividends declines generally or performs poorly relative to other indexes or individual stocks.

• The stocks of companies which comprise the MSCI World Ex U.S.A. Index – Net Dividends fall out of favor with investors.

• An adverse company specific event, such as an unfavorable earnings report, negatively affects the stock price of one of the larger companies in the MSCI World Ex U.S.A. Index – Net Dividends.

In addition, the performance of the portion of the Fund and the index may differ due to factors such as the use of representative sampling, the fees and expenses of the Fund, transaction costs, and the use of a tax-managed strategy in seeking to track the index.

#### Multi-Manager Risk
Because each subadviser makes investment decisions independently, it is possible that the security selection process of the subadvisers may not complement one another. As a result, the Fund's exposure to a given security, industry sector or market capitalization could be smaller or larger than would be the case if the Fund were managed by a single subadviser. It is possible that one or more of the subadvisers may, at any time, take positions that may be opposite of positions taken by other subadvisers. In such cases, the Fund will incur brokerage and other transaction costs, without accomplishing any net investment results. Subadvisers also may

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be competing with one another for similar positions at the same time, which could have the result of increasing a security's cost. As a general proposition, a multi-manager approach increases the Fund's portfolio turnover rate

over the portfolio turnover rate of a single manager fund which may result in higher levels of realized capital gains or losses with respect to the Fund's portfolio securities, higher brokerage commissions and other transaction costs. The subadvisers selected may under-perform the market generally or other subadvisers that could have been selected for the Fund.

#### Equity Securities Risk
Since it purchases equity securities, the Fund is subject to the risk that stock prices will fall over short or extended periods of time. Historically, the equity markets have moved in cycles, and the value of the Fund's securities may fluctuate drastically from day to day. Individual companies may report poor results or be negatively affected by industry and/or economic trends and developments. The prices of securities issued by such companies may suffer a decline in response.

#### Small- and Medium-Sized Company Risk
Stocks of small- and medium-sized companies may lack the management expertise, financial resources, product diversification, and competitive strengths of larger companies. Prices of such stocks may be subject to more abrupt or erratic movements than stock prices of larger, more established companies or the market averages in general. In addition, the frequency and volume of their trading may be less than is typical of larger companies, making them subject to wider price fluctuations. In some cases, there could be difficulties in selling the stocks of small- and medium-sized companies at the desired time and price.

#### Micro-Sized Company Risk
The Fund is also subject to the general risk that the stocks of micro-sized companies can involve greater risks than those associated with larger, more established companies. Micro-sized company stocks may be subject to more abrupt or erratic price movements due to a number of reasons, including that the stocks are traded in lower volume and that the issuers are more sensitive to changing conditions and have less certain growth prospects. Also, there are fewer market makers for these stocks and wider spreads between quoted bid and ask prices in the over-the-counter market for these stocks. Micro-sized stocks tend to be less liquid, particularly during periods of market disruption. There normally is less publicly available information concerning these securities. Micro-sized companies in which the Fund may invest typically have limited product lines, markets or financial resources or may be dependent on a small management group.

#### Investment Style Risks:
• **Value Investing Risk** 

To the extent a Fund subadviser employs a value style strategy, that portion of the Fund's assets is subject to the possibility that value stocks may fall out of favor or perform poorly relative to other types of investments. With value investing, there is the risk that the market will not recognize that the securities selected are undervalued and they might not appreciate in value in the way the subadviser anticipates.

• **Growth Investing Risk** 

To the extent a Fund subadviser employs a growth style strategy, that portion of the Fund's assets is subject to the possibility that these stocks can have relatively high valuations. Because of these high valuations, an investment in a growth stock can be more risky than an investment in a company with more modest growth expectations. Growth investing does not guarantee a profit or eliminate risk.

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#### Foreign Securities and Currency Risks:
• **Foreign Securities Market Risk** 

The Fund is also subject to the risk that international equity securities may under-perform other segments of the equity markets or the equity markets as a whole. Securities of companies traded in some countries outside of the U.S., particularly in emerging markets, may be subject to further risks due to the inexperience of local investment professionals and financial institutions. Additionally, foreign stock exchanges may be subject to less regulation, and there may be delays in the settlement of foreign stock exchange transactions.

• **Emerging Markets Risk** 

The risks of international investing are particularly significant in emerging markets. Investing in emerging markets generally involves exposure to economic structures that are less diverse and mature, and to political systems that are less stable, than those of developed countries. Risk of loss may also be greater due to more or less foreign government regulation, less public information, and less stringent investor protections and disclosure standards. The imposition of sanctions, exchange controls (including repatriation restrictions), confiscations, trade restrictions (including tariffs) and other government restrictions by the United States and other governments, or from problems in share registration, settlement or custody, may also result in losses. The type and severity of sanctions and other similar measures, including counter sanctions and other retaliatory actions, that may be imposed could vary broadly in scope, and their impact is impossible to predict. For example, the imposition of sanctions and other similar measures could, among other things, cause a decline in the value and/or liquidity of securities issued by the sanctioned country or companies located in or economically tied to the sanctioned country and increase market volatility and disruption in the sanctioned country and throughout the world. Sanctions and other similar measures could limit or prevent the Fund from buying and selling securities (in the sanctioned country and other markets), significantly delay or prevent the settlement of securities transactions, and significantly impact the Fund's liquidity and performance. In addition, issuers in emerging markets typically are subject to a greater degree of change in earnings and business prospects than are companies in developed markets.

• **Currency Risk** 

Because the foreign securities in which the Fund invests, except for American Depositary Receipts, generally trade in currencies other than the U.S. dollar, changes in currency exchange rates will affect the Fund's net asset value, the value of dividends and interest earned, and gains and losses realized on the sale of securities. A strong U.S. dollar relative to those other currencies will adversely affect the value of the Fund.

• **Information Risk** 

Non-U.S. companies may not be subject to uniform accounting, auditing, and financial reporting standards or to other regulatory requirements applicable to U.S. companies. As a result, less information may be available to investors concerning non-U.S. investments.

• **Investment Restriction Risk** 

Some countries restrict foreign investments in their securities markets. In some circumstances, these restrictions may limit or preclude investment in certain countries or may increase the cost of investing in securities of particular companies.

• **Political and Economic Risks** 

International investing subjects investors to the risk of political, social, or economic instability in the country of the issuer of a security, the difficulty of predicting international trade patterns, the possibility of the imposition of exchange controls, limits on removal of currency or other assets, and nationalization of assets.

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• **Foreign Currency Hedging Transaction Risk** 

In order to hedge against adverse movements in currency exchange rates, the Fund may enter into forward foreign currency exchange contracts. If the adviser's or subadviser's forecast of exchange rate movements is incorrect, the Fund may realize losses on its foreign currency transactions. Additionally, the Fund's hedging transactions may prevent the Fund from realizing the benefits of a favorable change in the value of foreign currencies.

#### Derivatives Risk
In general, a derivative instrument, including options, typically involves leverage, i.e., it provides exposure to potential gain or loss from a change in the level of the market price of the underlying security, currency or commodity (or a basket or index) in a notional amount that exceeds the amount of cash or assets required to establish or maintain the derivative instrument. Adverse changes in the value or level of the underlying asset or index, which the Fund may not directly own, can result in a loss to the Fund substantially greater than the amount invested in the derivative itself. The use of derivative instruments also exposes the Fund to additional risks and transaction costs. A risk of the Fund's use of derivatives is that the fluctuations in their values may not correlate perfectly with the overall securities markets. The use of derivatives may also involve counterparty risk, which is the risk that other parties to an agreement or other participants in a transaction (e.g., a broker or swap counterparty), may default on a contract or fail to perform by failing to pay amounts due or failing to fulfill delivery conditions of the contract or transaction.

#### Preferred Securities Risk
Preferred securities may pay fixed or adjustable rates of return. Preferred securities are subject to issuer-specific and market risks applicable generally to equity securities. In addition, a company's preferred securities generally pay dividends only after the company makes required payments to holders of its bonds and other debt. For this reason, the value of preferred securities will usually react more strongly than bonds and other debt to actual or perceived changes in the company's financial condition or prospects. Preferred securities of smaller companies may be more vulnerable to adverse developments than preferred stock of larger companies.

#### Exchange-Traded Fund ("ETF") and Underlying Investment Company Risk
The risks of owning an ETF or other investment company generally reflect the risks of owning the underlying securities they are designed to track, although lack of liquidity in an ETF or investment company could result in its value being more volatile than the underlying portfolio of securities. Disruptions in the markets for the securities underlying ETFs and underlying investment companies purchased or sold by the Fund could result in losses on the Fund's investment. ETFs and other investment companies also have management fees that increase their costs versus the costs of owning the underlying securities directly.

#### Depositary Receipts Risk
The Fund may invest in foreign securities through American Depositary Receipts (ADRs), European Depositary Receipts (EDRs), and Global Depositary Receipts (GDRs). ADRs represent the right to receive securities of foreign issuers deposited in a domestic bank or a correspondent bank. ADRs do not eliminate all the risk inherent in investing in the securities of foreign issuers. However, by investing in ADRs rather than directly in foreign issuers' stocks, a Fund can avoid currency risks during the settlement period for either purchases or sales. EDRs and GDRs are securities that are typically issued by foreign banks or foreign trust companies, although U.S. banks or U.S. trust companies may issue them. EDRs and GDRs are structured similarly to the arrangements of ADRs. Investment in Depositary Receipts that are not sponsored by a financial institution ("Unsponsored Depositary Receipts") is subject to additional risks. The issuers of Unsponsored Depositary Receipts are not obligated to disclose information that is, in the United States, considered material. Therefore, there may be less information available regarding their issuers and there may not be a correlation between such information and the market value of the Unsponsored Depositary Receipts. Further, the prices of Unsponsored Depositary Receipts

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may be more volatile than the prices of sponsored depositary receipts. Additionally, the issuers of depositary receipts may discontinue issuing new depositary receipts and withdraw existing depositary receipts at any time, which may result in costs and delays in the distribution of the underlying assets to the Fund and may negatively impact the Fund's performance.

#### Tax-Managed Investment Risk
Market conditions may limit the Fund's ability to generate tax losses or to generate dividend income taxed at favorable rates. Use of a tax-managed strategy for a portion of the Fund's assets may affect the investment decisions made for the Fund. For example, the Fund's tax-managed strategy may cause the Fund to hold a security in order to achieve more favorable tax treatment or to sell a security in order to create tax losses. The Fund's ability to utilize various tax-management techniques may be curtailed or eliminated in the future by tax legislation or regulation. Although a smaller portion of the Fund's total return may consist of taxable distributions to shareholders as compared to non-tax managed funds, there can be no assurance about the size of taxable distributions to shareholders. The performance of the Fund may deviate from that of non-tax managed funds and may not provide as high a return before consideration of U.S. federal income tax consequences as non-tax managed funds. Although a tax-managed strategy is used with respect to a portion of the Fund's assets, the Fund can realize capital gains.

#### Model and Data Risk
One or more of the Fund's subadvisers may rely heavily on quantitative models and information and data supplied by third parties ("Models and Data"). Models and Data are used to construct sets of transactions and investments, to provide risk management insights, and to assist in hedging the Fund's investments.

When Models and Data prove to be incorrect or incomplete, including because data is stale, missing or unavailable, any decisions made in reliance thereon expose the Fund to potential risks. Similarly, any hedging based on faulty Models and Data may prove to be unsuccessful. Some of the models used for the Fund are predictive in nature. The use of predictive models has inherent risks. Because predictive models are usually constructed based on historical data supplied by third parties, the success of relying on such models may depend heavily on the accuracy and reliability of the supplied historical data. A subadviser may also use machine learning, which could also result in errors or omissions. The Fund bears the risk that the quantitative models will not be successful in selecting investments or in determining the weighting of investment positions that will enable the Fund to achieve its investment objective.

All models rely on correct market data inputs. If incorrect market data is entered into even a well-founded model, the resulting information will be incorrect. However, even if market data is input correctly, "model prices" will often differ substantially from market prices, especially for instruments with complex characteristics, such as derivative instruments.

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#### Past Performance
The bar chart illustrates some of the risks of investing in the Fund by showing the performance of the Fund's shares for each of the past 10 calendar years. The total return table illustrates some of the risks of investing in the Fund by comparing the average annual total return of the Fund for the periods shown to that of the MSCI World Ex U.S.A. Index – Net Dividends, which represents a broad measure of market performance and is generally representative of the market sectors or types of investments in which the Fund invests. Past performance, both before and after taxes, does not necessarily indicate how the Fund will perform in the future.

![LOGO](g274160g29x29.jpg)

#### During the periods shown in the chart above, the highest and lowest quarterly returns were as follows:
Highest: 21.68% in 2nd Quarter 2020

Lowest: (23.67)% in 1st Quarter 2020

#### Clearwater International Fund Average Annual Total Returns
(For the Periods Ended December 31, 2025)

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| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** |
|  Return Before Taxes | 22.21% | 7.46% | 9.13% |
|  Return After Taxes on Distributions | 19.18% | 6.10% | 8.12% |
|  Return After Taxes on Distributions and Sale of Fund Shares | 15.02% | 5.79% | 7.37% |
|  MSCI World Ex U.S.A. Index - Net Dividends (reflects no deduction for expenses) | 31.85% | 9.46% | 8.55% |

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After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns will depend on an investor's tax situation and may differ from those shown. If you hold your Fund shares through a tax-deferred account, such as a 401(k) plan or individual retirement account, after-tax returns are not relevant.

#### Fund Adviser and Portfolio Managers
The Fund's adviser is CMC. FCI acts as a subadviser to the Fund, but does not provide day-to-day management.

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| | | |
|:---|:---|:---|
| **Subadvisers** | **Portfolio Managers** | **Period of Service** |
| Parametric | Xiaozhen Li, PhD, CFA, Director, Custom Core Portfolio Management<br> Gordon Wotherspoon, Managing Director, Advisor Channel Portfolio Management | Ms. Li has been a portfolio manager of the Fund since 2017. Mr. Wotherspoon has been a portfolio manager of the Fund since 2024. |

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| | | |
|:---|:---|:---|
| **Subadvisers** | **Portfolio Managers** | **Period of Service** |
| Artisan Partners | N. David Samra, Managing Director and Lead Portfolio Manager<br> Ian P. McGonigle, CFA, Managing Director and Co-Portfolio Manager<br> Beini Zhou, CFA, Co-Portfolio Manager<br> Anand Vasagiri, Co-Portfolio Manager | Mr. Samra has been a portfolio manager of the Fund since 2009. Mr. McGonigle has been a co-portfolio manager of the Fund since 2018. Messrs. Zhou and Vasagiri have been co-portfolio managers of the Fund since 2025. |
| WCM | Paul Black, Co-CEO and Portfolio Manager<br> Mike Trigg, President and Co-CEO, Portfolio Manager and Business Analyst<br> Sanjay Ayer, CFA, Portfolio Manager<br> Greg Ise, CFA, Portfolio Manager<br> Jon Tringale, Portfolio Manager | Messrs. Black and Trigg have been portfolio managers of the Fund since 2012. Messrs. Ayer and Ise have been portfolio managers of the Fund since 2019. Mr. Tringale has been a portfolio manager of the Fund since 2022. |

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#### Purchase and Redemption of Fund Shares
Initial and subsequent investments in the Fund must be at least $1,000. You may exchange or redeem shares by telephone. Telephone exchange and redemption requests may be made by calling the transfer agent at (855) 684-9144 between 9:00 a.m. and 6:00 p.m. Eastern Time on any business day; provided that orders received will be processed at the net asset value per share next determined after receipt of your request in good order. You may also redeem your shares by mail; contact the transfer agent at the number above for more information.

#### Tax Information
The Fund's distributions are taxable, and will be taxed as ordinary income or capital gains, unless you are investing through a tax-deferred arrangement, such as a 401(k) plan or an individual retirement account. Such tax-deferred arrangements may be taxed later upon withdrawal of monies from those arrangements.

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#### Clearwater Core Equity Fund

#### Investment Objectives
Clearwater Core Equity Fund (the "Fund") seeks long-term growth of capital. The Fund's investment objective is classified as non-fundamental and may be changed by the Board of Trustees without shareholder approval.

#### Principal Investment Strategies
Under normal market conditions, the Fund pursues its investment objective by investing at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in equity securities of U.S. companies. The equity securities in which the Fund primarily invests are common and preferred stocks. The Fund employs a multi-style (growth and value) and multi-manager approach whereby portions of the Fund are allocated to different subadvisers who employ distinct investment styles. The Fund's adviser allocates portions of the Fund's assets among subadvisers. The Fund currently allocates assets among the following subadvisers who provide day-to-day management for the Fund: Parametric Portfolio Associates LLC ("Parametric") and AQR Capital Management, LLC ("AQR"). Fiduciary Counselling, Inc. ("FCI") also acts as a subadviser to the Fund, but does not provide day-to-day management. FCI provides the Fund with the following investment-related services: investment strategy advice, manager recommendations and related duties as requested by the Fund's adviser. The Fund's 80% policy may be changed by the Board of Trustees on 60 days' prior written notice to shareholders.

Clearwater Management Co., Inc. ("CMC") serves as the investment manager to the Fund and is responsible for the oversight of the Fund's subadvisers. The Fund's adviser considers a variety of factors in determining the allocation of the Fund's assets among subadvisers. The adviser may consider a subadviser's investment style, performance record, and the characteristics of the Fund's typical portfolio investments such as capitalization, size, growth and profitability measures, valuation measures, economic sector weightings and earning and price volatility statistics. The allocation among subadvisers will vary over time, but the current intent of the Fund's adviser is that under normal market conditions approximately 40% to 60% of the Fund's assets will be allocated to Parametric and the remaining assets will be allocated to AQR.

Parametric manages its portion of the Fund's assets using a passive management strategy to seek investment results that track, before fees and expenses, the investment results of the S&P 500<sup>®</sup> Index as closely as possible without requiring the Fund to realize taxable gains. Parametric utilizes a representative sampling strategy, meaning that it does not intend that the portion of the Fund's assets it manages will be invested in all the components of the S&P 500<sup>®</sup> Index at any given time. In the tax loss-harvesting process, securities are sold primarily for their ability to reduce the tax impact of other securities being sold at a gain in the portfolio, or outside of the portfolio. Realized losses can often be used to offset gains from a variety of other sources or gains from other investment subadvisers, rebalancing decisions or subadviser changes, as applicable. In connection with this process, Parametric is not required to buy and sell securities to match changes in the composition of the S&P 500<sup>®</sup> Index. Instead, Parametric focuses on minimizing tax implications and can adjust its portion of the Fund's portfolio periodically, and when taxably efficient to do so, to achieve performance similar to the S&P 500<sup>®</sup> Index. As of December 31, 2025, the market capitalization of the companies included in the S&P 500<sup>®</sup> Index was between $15.2 billion and $4.2 trillion.

AQR's strategy invests, under normal market conditions, at least 80% of the net assets, plus the amount of any borrowings for investment purposes, of the portion of the Fund it manages in equity or equity-related securities (including futures contracts). AQR seeks to invest in attractively valued companies with positive momentum and stable businesses. AQR considers companies to be attractive value investments if they appear cheap based on multiple fundamental measures, such as price-to-book and price-to-earnings ratios relative to other securities in its relevant universe at the time of purchase. In assessing positive momentum, AQR favors securities with strong medium-term performance or improving fundamental measures relative to other securities in its relevant universe at the time of purchase. Further, AQR favors stable companies in good business health, including those with

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strong profitability and stable earnings. AQR may add to or modify the economic factors employed in selecting securities. AQR may rely heavily on quantitative models as part of its investment strategy.

AQR follows a disciplined, systematic approach that employs multiple measures of value, momentum and quality. AQR's approach generally invests in companies that are large cap U.S. companies at the time of purchase. AQR determines the weight of each security in the portfolio using a combination of its assessment of the liquidity of the security, the attractiveness of the security based on the factors described above and additional criteria that form part of AQR's security selection process. AQR utilizes portfolio optimization techniques to determine trading activity, taking into account both anticipated transaction costs and potential tax consequences associated with trading each equity instrument.

While AQR invests the portion of the Fund it manages significantly in common stocks, AQR may also invest in or use financial futures contracts, as well as exchange-traded funds and similar pooled investment vehicles including real estate investment trusts ("REITs" or REIT-like entities), for hedging purposes and to gain exposure to the equity market. When selecting securities for the portfolio, AQR also employs a tax management strategy which considers the potential impact of U.S. federal income tax on the investment returns of the portion of the Fund it manages. AQR employs a variety of techniques designed to reduce the impact of taxes on portfolio returns, seeking to maximize after-tax returns.

Overall, the Fund may be invested across all capitalization levels.

#### Principal Risks of Investing in the Fund
Please remember that with any mutual fund investment you may lose money. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The principal risks of investing in the Fund include:

#### Market Risk
The price of equity securities may fluctuate, sometimes rapidly and unpredictably. Market risk may impact individual securities based on general market or economic conditions and/or real or perceived factors affecting specific industries or individual company fundamentals. These factors may include corporate earnings outlooks, changes in interest rates, investor sentiment, or industry competitive conditions. Additionally, events such as war, military conflict, geopolitical disputes, acts of terrorism, social or political unrest, natural disasters, recessions, inflation, rapid interest rate changes, supply chain disruptions, tariffs and other restrictions on trade, sanctions, the spread of infectious illness or other public health threats, or the threat or potential of one or more such events and developments, could also have a significant impact. The Fund could be negatively impacted if the value of a portfolio holding were harmed by such political or economic conditions or events. In addition, governmental and quasi-governmental organizations have taken a number of unprecedented actions designed to support the markets. Such conditions, events and actions may result in greater market risk. Equity markets tend to be cyclical, with periods when prices generally rise and periods when prices generally decline, and are also generally more volatile than fixed income markets.

#### Active Management Risk
The adviser may actively allocate the Fund's assets among subadvisers and, in addition, certain subadvisers provide active management. As a result, the Fund's performance will reflect in part the adviser's or the subadvisers' ability to make investment decisions that are suited to achieving the Fund's investment objective. To the extent it is actively managed, the Fund could under-perform other mutual funds with similar investment objectives.

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#### Passive Management Risk
Because a portion of the Fund is managed to seek investment results that track, before fees and expenses, those of the S&P 500<sup>®</sup> Index, the Fund faces a risk of poor performance if:

• The S&P 500<sup>®</sup> Index declines generally or performs poorly relative to other indexes or individual stocks.

• The stocks of companies which comprise the S&P 500<sup>®</sup> Index fall out of favor with investors.

• An adverse company specific event, such as an unfavorable earnings report, negatively affects the stock price of one of the larger companies in the S&P 500<sup>®</sup> Index.

Even though the Fund invests a portion of its assets in common stocks of companies represented in the S&P 500<sup>®</sup> Index, the Fund cannot guarantee the performance of that portion of the Fund will match the S&P 500<sup>®</sup> Index because:

• The Fund does not invest in all components of the S&P 500<sup>®</sup> Index in the weighting such components have in the S&P 500<sup>®</sup> Index, but instead invests in a sample of securities included in the S&P 500<sup>®</sup> Index;

• The Fund must have an amount of cash or other liquid securities available to meet redemption requests;

• Parametric manages the Fund to limit the tax liability to the Fund's shareholders; and

• Unlike the Fund, the returns of the Index are not reduced by investment and other operating expenses, including the costs of buying and selling investments.

#### Multi-Manager Risk
Because each subadviser makes investment decisions independently, it is possible that the security selection process of the subadvisers may not complement one another. As a result, the Fund's exposure to a given security, industry sector or market capitalization could be smaller or larger than would be the case if the Fund were managed by a single subadviser. It is possible that one or more of the subadvisers may, at any time, take positions that may be opposite of positions taken by other subadvisers. In such cases, the Fund will incur brokerage and other transaction costs, without accomplishing any net investment results. Subadvisers also may be competing with one another for similar positions at the same time, which could have the result of increasing a security's cost. As a general proposition, a multi-manager approach increases the Fund's portfolio turnover rate over the portfolio turnover rate of a single manager fund which may result in higher levels of realized capital gains or losses with respect to the Fund's portfolio securities, higher brokerage commissions and other transaction costs. The subadvisers selected may under-perform the market generally or other subadvisers that could have been selected for the Fund.

#### Equity Securities Risk
Since it purchases equity securities, the Fund is subject to the risk that stock prices will fall over short or extended periods of time. Historically, the equity markets have moved in cycles, and the value of the Fund's securities may fluctuate drastically from day to day. Individual companies may report poor results or be negatively affected by industry and/or economic trends and developments. The prices of securities issued by such companies may suffer a decline in response.

#### Small- and Medium-Sized Company Risk
To the extent a Fund subadviser invests in stocks of small- and medium-sized companies, that portion of the Fund's assets will be subject to additional risks. These companies may lack the management expertise, financial resources, product diversification, and competitive strengths of larger companies, which may lead to a higher

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level of volatility. Prices of such stocks may be subject to more abrupt or erratic movements than stock prices of larger, more established companies or the market averages in general. In addition, the frequency and volume of their trading may be less than is typical of larger companies, making them subject to wider price fluctuations. In some cases, there could be difficulties in selling the stocks of small- and medium-sized companies at the desired time and price.

#### Derivatives Risk
In general, a derivative instrument, including a futures contract, typically involves leverage, i.e., it provides exposure to potential gain or loss from a change in the level of the market price of the underlying security, currency or commodity (or a basket or index) in a notional amount that exceeds the amount of cash or assets required to establish or maintain the derivative instrument. Adverse changes in the value or level of the underlying asset or index, which the Fund may not directly own, can result in a loss to the Fund substantially greater than the amount invested in the derivative itself. The use of derivative instruments also exposes the Fund to additional risks and transaction costs. A risk of the Fund's use of derivatives is that the fluctuations in their values may not correlate perfectly with the overall securities markets. The use of derivatives may also involve counterparty risk, which is the risk that other parties to an agreement or other participants in a transaction (e.g., a broker or swap counterparty), may default on a contract or fail to perform by failing to pay amounts due or failing to fulfill delivery conditions of the contract or transaction.

#### Model and Data Risk
One or more of the Fund's subadvisers may rely heavily on quantitative models and information and data supplied by third parties ("Models and Data"). Models and Data are used to construct sets of transactions and investments, to provide risk management insights, and to assist in hedging the Fund's investments.

When Models and Data prove to be incorrect or incomplete, including because data is stale, missing or unavailable, any decisions made in reliance thereon expose the Fund to potential risks. Similarly, any hedging based on faulty Models and Data may prove to be unsuccessful. Some of the models used for the Fund are predictive in nature. The use of predictive models has inherent risks. Because predictive models are usually constructed based on historical data supplied by third parties, the success of relying on such models may depend heavily on the accuracy and reliability of the supplied historical data. A subadviser may also use machine learning, which could also result in errors or omissions. The Fund bears the risk that the quantitative models will not be successful in selecting investments or in determining the weighting of investment positions that will enable the Fund to achieve its investment objective.

All models rely on correct data inputs. If incorrect data is entered into even a well-founded model, the resulting information will be incorrect. However, even if data is inputted correctly, "model prices" will often differ substantially from market prices, especially for instruments with complex characteristics, such as derivative instruments. Due to the importance of technology with respect to quantitative models, use of Models and Data carries the risk of potential issues with the design, coding, implementation or maintenance of the computer programs, data and/or other technology used in the model.

The Fund is unlikely to be successful unless the assumptions underlying the models are realistic and either remain realistic and relevant in the future or are adjusted to account for changes in the overall market environment. If such assumptions are inaccurate or become inaccurate and are not promptly adjusted, it is likely that profitable trading signals will not be generated, and major losses may result.

A Fund subadviser, in its sole discretion, will continue to test, evaluate and add new models, which may result in the modification of existing models from time to time. There can be no assurance that model modifications will enable the Fund to achieve its investment objective.

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#### Tax-Managed Investment Risk
Market conditions may limit the Fund's ability to generate tax losses or to generate dividend income taxed at favorable rates. Use of a tax-managed strategy for a portion of the Fund's assets may affect the investment decisions made for the Fund. For example, the Fund's tax-managed strategy may cause the Fund to hold a security in order to achieve more favorable tax treatment or to sell a security in order to create tax losses. The Fund's ability to utilize various tax-management techniques may be curtailed or eliminated in the future by tax legislation or regulation. Although a smaller portion of the Fund's total return may consist of taxable distributions to shareholders as compared to non-tax managed funds, there can be no assurance about the size of taxable distributions to shareholders. The performance of the Fund may deviate from that of non-tax managed funds and may not provide as high a return before consideration of U.S. federal income tax consequences as non-tax managed funds. Although a tax-managed strategy is used with respect to a portion of the Fund's assets, the Fund can realize capital gains.

#### Investment Style Risks:
• **Value Investing Risk** 

To the extent a Fund subadviser employs a value style strategy, that portion of the Fund's assets is subject to the possibility that value stocks may fall out of favor or perform poorly relative to other types of investments. With value investing, there is the risk that the market will not recognize that the securities selected are undervalued and they might not appreciate in value in the way the subadviser anticipates.

• **Growth Investing Risk** 

To the extent a Fund subadviser employs a growth style strategy, that portion of the Fund's assets is subject to the possibility that these stocks can have relatively high valuations. Because of these high valuations, an investment in a growth stock can be more risky than an investment in a company with more modest growth expectations. Growth investing does not guarantee a profit or eliminate risk.

• **Momentum Investing Risk** 

Investing in or having exposure to securities with positive momentum entails investing in securities that have had above-average recent returns. These securities may be more volatile than a broad cross-section of securities. In addition, there may be periods during which the investment performance of the Fund while using a momentum strategy may suffer.

#### Additional Risks of Investing in the Fund
Additional risks of investing in the Fund include:

#### Foreign Securities Market Risk
The Fund may invest in non-U.S. traded securities. There are risks and costs involved in investing in non-U.S. traded securities which are in addition to the usual risks inherent in securities that trade on a U.S. exchange. These risks will vary from time to time and from country to country, especially if the country is considered an emerging market or developing country and may be different from or greater than the risks associated with investing in developed countries. These risks may include, but are not limited to, higher transaction costs, the imposition of additional foreign taxes, less market liquidity, security registration requirements and less comprehensive security settlement procedures and regulations, significant currency devaluation relative to the U.S. dollar, restrictions on the Fund's ability to repatriate investment income or capital, less government regulation and supervision, less public information, less economic, political and social stability and adverse changes in diplomatic relations between the United States and that foreign country. Securities of companies traded in some countries outside of the U.S., particularly in emerging markets, may be subject to further risks due to the inexperience of local investment professionals and financial institutions. In addition, international equity securities may under-perform other segments of the equity markets or the equity markets as a whole.

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#### Emerging Markets Risk
The risks of international investing are particularly significant in emerging markets. Investing in emerging markets generally involves exposure to economic structures that are less diverse and mature, and to political systems that are less stable, than those of developed countries. Risk of loss may also be greater due to more or less foreign government regulation, less public information, and less stringent investor protections and disclosure standards. The imposition of sanctions, exchange controls (including repatriation restrictions), confiscations, trade restrictions (including tariffs) and other government restrictions by the United States and other governments, or from problems in share registration, settlement or custody, may also result in losses. The type and severity of sanctions and other similar measures, including counter sanctions and other retaliatory actions, that may be imposed could vary broadly in scope, and their impact is impossible to predict. For example, the imposition of sanctions and other similar measures could, among other things, cause a decline in the value and/or liquidity of securities issued by the sanctioned country or companies located in or economically tied to the sanctioned country and increase market volatility and disruption in the sanctioned country and throughout the world. Sanctions and other similar measures could limit or prevent the Fund from buying and selling securities (in the sanctioned country and other markets), significantly delay or prevent the settlement of securities transactions, and significantly impact the Fund's liquidity and performance. In addition, issuers in emerging markets typically are subject to a greater degree of change in earnings and business prospects than are companies in developed markets.

#### Currency Risk
Because the foreign securities in which a portion of the Fund's assets may be invested, except for American Depositary Receipts, generally trade in currencies other than the U.S. dollar, changes in currency exchange rates may affect the Fund's net asset value, the value of dividends and interest earned, and gains and losses realized on the sale of securities. A strong U.S. dollar relative to those other currencies will adversely affect the value of the Fund.

#### Information Risk
Non-U.S. companies may not be subject to uniform accounting, auditing, and financial reporting standards or to other regulatory requirements applicable to U.S. companies. As a result, less information may be available to investors concerning non-U.S. investments.

#### Convertible Securities Risk
A convertible security generally entitles the holder to receive interest paid or accrued on debt securities or the dividend paid on preferred stock until the convertible security matures or is redeemed, converted or exchanged. Before conversion, convertible securities generally have characteristics similar to both debt and equity securities. The value of convertible securities tends to decline as interest rates rise and, because of the conversion feature, tends to vary with fluctuations in the market value of the underlying securities. In addition, because of the conversion feature, the market value of convertible securities tends to vary with fluctuations in the market value of the underlying common stock. Convertible securities are usually subordinated to comparable nonconvertible securities. Convertible securities may be converted at either a stated price or stated rate into underlying shares of common stock. Convertible securities are subject to the risk that their issuers may default on their obligations. There can be no assurance of capital appreciation for convertible securities because securities prices fluctuate.

#### Preferred Securities Risk
Preferred securities may pay fixed or adjustable rates of return. Preferred securities are subject to issuer-specific and market risks applicable generally to equity securities. In addition, a company's preferred securities generally pay dividends only after the company makes required payments to holders of its bonds and other debt. For this

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reason, the value of preferred securities will usually react more strongly than bonds and other debt to actual or perceived changes in the company's financial condition or prospects. Preferred securities of smaller companies may be more vulnerable to adverse developments than preferred stock of larger companies.

#### Investing in Investment Companies and Other Pooled Investment Vehicles Risk
The risks of owning an ETF or other investment company generally reflect the risks of owning the underlying securities they are designed to track, although lack of liquidity in an ETF or investment company could result in its value being more volatile than the underlying portfolio of securities. Disruptions in the markets for the securities underlying ETFs and underlying investment companies purchased or sold by the Fund could result in losses on the Fund's investment. ETFs and other investment companies also have management fees that increase their costs versus the costs of owning the underlying securities directly. Investments in REITs or securities with similar characteristics that pool investor's capital to purchase or finance real estate investments involve certain unique risks, including concentration risk (by geography or property type) and interest rate risk (i.e., in a rising interest rate environment, the stock prices of real estate-related investments may decline and the borrowing costs of these companies may increase).

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#### Clearwater Select Equity Fund

#### Investment Objectives
The Clearwater Select Equity Fund (the "Fund") seeks long-term growth of capital. The Fund's investment objective is classified as non-fundamental and may be changed by the Board of Trustees without shareholder approval.

#### Principal Investment Strategies
Under normal market conditions, the Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in equity securities. Equity securities in which the Fund invests consist primarily of exchange-traded common and preferred stocks. The Fund may also invest in a type of equity security called a convertible security to reduce volatility or correlation risk in the portfolio. A convertible security generally entitles the holder to receive interest paid or accrued on debt securities or the dividend paid on preferred stock until the convertible security matures or is redeemed, converted or exchanged. While the Fund is permitted to invest in securities of any market capitalization, the Fund invests primarily in securities of micro-, small- and medium-sized companies. The Fund may obtain exposure to equity securities through investment in exchange-traded funds and other investment companies. The Fund's 80% policy may be changed by the Board of Trustees on 60 days' prior written notice to shareholders.

CMC serves as the investment manager to the Fund and is responsible for the oversight of the Fund's subadvisers. The Fund's adviser allocates portions of the Fund's assets among subadvisers who employ distinct investment styles. The Fund currently allocates assets among the following subadvisers who provide day-to-day management for the Fund: Acadian Asset Management LLC ("Acadian"), Cooke & Bieler, L.P. ("Cooke & Bieler"), Parametric Portfolio Associates LLC ("Parametric") and Rice Hall James & Associates, LLC ("RHJ"). FCI also acts as a subadviser to the Fund, but does not provide day-to-day management. FCI provides the Fund with the following investment-related services: investment strategy advice, manager recommendations and related duties as requested by the Fund's adviser.

CMC considers a variety of factors in determining the allocation of the Fund's assets among the subadvisers. The adviser may consider a subadviser's investment style, performance record, and the characteristics of the Fund's typical portfolio investments, such as capitalization size, growth and profitability measures, valuation measures, economic sector weightings, and earnings and price volatility statistics. The allocation among subadvisers will vary over time, but the current intent of the Fund's adviser is that under normal market conditions approximately 15% of the Fund's net assets will be allocated to Parametric and the remaining assets will be allocated to one or more of Acadian, Cooke & Bieler and RHJ. A subadviser may focus its investments in micro-, small- and/or medium-sized companies.

Parametric manages its portion of the Fund's assets using a passive management strategy to seek investment results that track, before fees and expenses, the investment results of the S&P SmallCap 600<sup>®</sup> Index as closely as possible without requiring the Fund to realize taxable gains. Parametric utilizes a representative sampling strategy, meaning that it does not intend that the portion of the Fund's assets it manages will be invested in all the components of the S&P SmallCap 600<sup>®</sup> Index at any given time. In the tax loss-harvesting process, securities are sold primarily for their ability to reduce the tax impact of other securities being sold at a gain in the portfolio, or outside of the portfolio. Realized losses can often be used to offset gains from a variety of other sources or gains from other investment subadvisers, rebalancing decisions or subadviser changes, as applicable. This means that Parametric is not required to buy and sell securities to match changes in the composition of securities in the S&P SmallCap 600<sup>®</sup> Index. Instead, Parametric adjusts its portion of the Fund's portfolio periodically to reflect the holdings and weightings of the S&P SmallCap 600<sup>®</sup> Index, while seeking to minimize realization of taxable gains. As of December 31, 2025, the market capitalization of the companies included in the S&P SmallCap 600<sup>®</sup> Index was between $2.0 billion and $9.3 billion.

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Acadian seeks long-term capital appreciation by investing primarily in common stocks of United States small capitalization issuers. Acadian's process is founded in its belief in the first principles of investing, as it seeks to identify companies with strong fundamental attributes that are currently mispriced. Acadian's process utilizes a multi-factor, risk-controlled framework that combines a mix of valuation, quality, earnings growth, and technical signals. Acadian seeks to invest in companies that it believes are attractively priced, exhibit strong earnings growth (from high quality and sustainable sources) and show some history of positive price momentum. Likewise, Acadian seeks to avoid companies with limited growth opportunities, deteriorating financial health, limited upside potential, and poor technical characteristics.

Cooke & Bieler seeks to buy businesses that it believes will compound value over time and to reduce risk through its stringent research process and decisions to purchase stocks at attractive prices. Potential investment ideas are subject to research and analysis using quantifiable factors with a focus on determining a business's ability to generate attractive and sustainable returns. Cooke & Bieler also evaluates subjective factors, including management strategy and stewardship. Cooke & Bieler's strategy is typically composed of 40 to 60 holdings, each generally within the small cap market range at the time of purchase.

RHJ utilizes a Micro Cap Opportunities strategy that employs a fundamental, bottom-up analytical process to identify companies that meet three primary criteria: high earnings growth, high or improving return-on-invested capital ("ROIC"), and sustainable competitive advantages. RHJ's philosophy is rooted in its belief that high relative returns are achieved by owning companies that not only exhibit earnings growth, but also can sustainably generate high returns on invested capital for long periods of time. Companies with improving ROIC are those RHJ expects to generate high RIOC within RHJ's investment horizon as they grow. Sustainable competitive advantages are factors (such as patents or scale advantages) that RHJ believes will allow a company to maintain high returns and margins over a longer period of time. RHJ generally sells a stock if it determines that there has been an adverse change in the company's fundamentals or competitive advantage, or relative valuation (for example, as a result of a change in the competitive dynamic of a company's industry).

#### Principal Risks of Investing in the Fund
Please remember that with any mutual fund investment you may lose money. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The principal risks of investing in the Fund include:

#### Market Risk
The price of equity securities may fluctuate, sometimes rapidly and unpredictably. Market risk may impact individual securities based on general market or economic conditions and/or real or perceived factors affecting specific industries or individual company fundamentals. These factors may include corporate earnings outlooks, changes in interest rates, investor sentiment, or industry competitive conditions. Additionally, events such as war, military conflict, geopolitical disputes, acts of terrorism, social or political unrest, natural disasters, recessions, inflation, rapid interest rate changes, supply chain disruptions, tariffs and other restrictions on trade, sanctions, the spread of infectious illness or other public health threats, or the threat or potential of one or more such events and developments, could also have a significant impact. The Fund could be negatively impacted if the value of a portfolio holding were harmed by such political or economic conditions or events. In addition, governmental and quasi-governmental organizations have taken a number of unprecedented actions designed to support the markets. Such conditions, events and actions may result in greater market risk. Equity markets tend to be cyclical, with periods when prices generally rise and periods when prices generally decline, and are also generally more volatile than fixed income markets.

#### Active Management Risk
The Fund's overall allocation to subadvisers is actively managed and the subadvisers also provide active management and as a result the Fund's performance will reflect in part the adviser's or the subadvisers' ability to

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make investment decisions that are suited to achieving the Fund's investment objective. To the extent it is actively managed, the Fund could under-perform other mutual funds with similar investment objectives.

#### Passive Management Risk
Because portions of the Fund are managed to seek investment results that track, before fees and expenses, those of the S&P SmallCap 600<sup>®</sup> Index, the Fund faces a risk of poor performance if:

• The S&P SmallCap 600<sup>®</sup> Index declines generally or performs poorly relative to other indexes or individual stocks.

• The stocks of companies which comprise the S&P SmallCap 600<sup>®</sup> Index fall out of favor with investors.

• An adverse company specific event, such as an unfavorable earnings report, negatively affects the stock price of one of the larger companies in the S&P SmallCap 600<sup>®</sup> Index.

Even though the Fund invests a portion of its assets in common stocks of companies represented in the S&P SmallCap 600<sup>®</sup> Index, the Fund cannot guarantee the performance of the Fund will match the S&P SmallCap 600<sup>®</sup> Index because:

• The Fund does not invest in all components of the S&P SmallCap 600<sup>®</sup> Index in the weighting such components have in the S&P SmallCap 600<sup>®</sup> Index, but instead invests in samples of securities included in the S&P SmallCap 600<sup>®</sup> Index;

• The Fund must have an amount of cash or other liquid securities available to meet redemption requests;

• Parametric manages the Fund to limit the tax liability to the Fund's shareholders; and

• Unlike the Fund, the returns of the Index are not reduced by investment and other operating expenses, including the costs of buying and selling investments.

#### Multi-Manager Risk
Because each subadviser makes investment decisions independently, it is possible that the security selection process of the subadvisers may not complement one another. As a result, the Fund's exposure to a given security, industry sector or market capitalization could be smaller or larger than would be the case if the Fund were managed by a single subadviser. It is possible that one or more of the subadvisers may, at any time, take positions that may be opposite of positions taken by other subadvisers. In such cases, the Fund will incur brokerage and other transaction costs, without accomplishing any net investment results. Subadvisers also may be competing with one another for similar positions at the same time, which could have the result of increasing a security's cost. As a general proposition, a multi-manager approach increases the Fund's portfolio turnover rate over the portfolio turnover rate of a single manager fund which may result in higher levels of realized capital gains or losses with respect to the Fund's portfolio securities, higher brokerage commissions and other transaction costs. The subadvisers selected may under-perform the market generally or other subadvisers that could have been selected for the Fund.

#### Equity Securities Risk
Since it purchases equity securities, the Fund is subject to the risk that stock prices will fall over short or extended periods of time. Historically, the equity markets have moved in cycles, and the value of the Fund's securities may fluctuate drastically from day to day. Individual companies may report poor results or be negatively affected by industry and/or economic trends and developments. The prices of securities issued by such companies may suffer a decline in response.

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#### Small- and Medium-Sized Company Risk
Investment in stocks of small- and medium-sized companies may be riskier than investment in stocks of larger companies. These companies may lack the management expertise, financial resources, product diversification, and competitive strengths of larger companies, which may lead to a higher level of volatility. Prices of such stocks may be subject to more abrupt or erratic movements than stock prices of larger, more established companies or the market averages in general. In addition, the frequency and volume of their trading may be less than is typical of larger companies, making them subject to wider price fluctuations. In some cases, there could be difficulties in selling the stocks of small- and medium-sized companies at the desired time and price.

#### Micro-Sized Company Risk
The Fund is also subject to the general risk that the stocks of micro-sized companies can involve greater risks than those associated with larger, more established companies. Micro-sized company stocks may be subject to more abrupt or erratic price movements due to a number of reasons, including that the stocks are traded in lower volume and that the issuers are more sensitive to changing conditions and have less certain growth prospects. Also, there are fewer market makers for these stocks and wider spreads between quoted bid and ask prices in the over-the-counter market for these stocks. Micro-sized stocks tend to be less liquid, particularly during periods of market disruption. There normally is less publicly available information concerning these securities. Micro-sized companies in which the Fund may invest typically have limited product lines, markets or financial resources or may be dependent on a small management group.

#### Investment Style Risks:
• **Value Investing Risk.** 

To the extent a Fund subadviser employs a value style strategy, that portion of the Fund's assets is subject to the possibility that value stocks may fall out of favor or perform poorly relative to other types of investments. With value investing, there is the risk that the market will not recognize that the securities selected are undervalued and they might not appreciate in value in the way the subadviser anticipates.

• **Growth Investing Risk.** 

To the extent a Fund subadviser employs a growth style strategy, that portion of the Fund's assets is subject to the possibility that these stocks can have relatively high valuations. Because of these high valuations, an investment in a growth stock can be more risky than an investment in a company with more modest growth expectations. Growth investing does not guarantee a profit or eliminate risk.

#### Preferred Securities Risk
Preferred securities may pay fixed or adjustable rates of return. Preferred securities are subject to issuer-specific and market risks applicable generally to equity securities. In addition, a company's preferred securities generally pay dividends only after the company makes required payments to holders of its bonds and other debt. For this reason, the value of preferred securities will usually react more strongly than bonds and other debt to actual or perceived changes in the company's financial condition or prospects. Preferred securities of smaller companies may be more vulnerable to adverse developments than preferred stock of larger companies.

#### Convertible Securities Risk
A convertible security generally entitles the holder to receive interest paid or accrued on debt securities or the dividend paid on preferred stock until the convertible security matures or is redeemed, converted or exchanged. Before conversion, convertible securities generally have characteristics similar to both debt and equity securities. The value of convertible securities tends to decline as interest rates rise and, because of the conversion feature,

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tends to vary with fluctuations in the market value of the underlying securities. In addition, because of the conversion feature, the market value of convertible securities tends to vary with fluctuations in the market value of the underlying common stock. Convertible securities are usually subordinated to comparable nonconvertible securities. Convertible securities may be converted at either a stated price or stated rate into underlying shares of common stock. Convertible securities are subject to the risk that their issuers may default on their obligations. There can be no assurance of capital appreciation for a convertible security because securities prices fluctuate.

#### Exchange-Traded Fund ("ETF") and Underlying Investment Company Risk
The risks of owning an ETF or other investment company generally reflect the risks of owning the underlying securities they are designed to track, although lack of liquidity in an ETF or investment company could result in it being more volatile than the underlying portfolio of securities. Disruptions in the markets for the securities underlying ETFs and underlying investment companies purchased or sold by the Fund could result in losses on the Fund's investment. ETFs and other investment companies also have management fees that increase their costs versus the costs of owning the underlying securities directly. Investments in real estate investment trusts or securities with similar characteristics that pool investor's capital to purchase or finance real estate investments involve certain unique risks, including concentration risk (by geography or property type) and interest rate risk (i.e., in a rising interest rate environment, the stock prices of real estate-related investments may decline and the borrowing costs of these companies may increase).

#### Tax-Managed Investment Risk
Market conditions may limit the Fund's ability to generate tax losses or to generate dividend income taxed at favorable rates. Use of a tax-managed strategy for a portion of the Fund's assets may affect the investment decisions made for the Fund. For example, the Fund's tax-managed strategy may cause the Fund to hold a security in order to achieve more favorable tax treatment or to sell a security in order to create tax losses. The Fund's ability to utilize various tax-management techniques may be curtailed or eliminated in the future by tax legislation or regulation. Although a smaller portion of the Fund's total return may consist of taxable distributions to shareholders as compared to non-tax managed funds, there can be no assurance about the size of taxable distributions to shareholders. The performance of the Fund may deviate from that of non-tax managed funds and may not provide as high a return before consideration of U.S. federal income tax consequences as non-tax managed funds. Although a tax-managed strategy is used with respect to a portion of the Fund's assets, the Fund can realize capital gains.

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#### Clearwater Tax-Exempt Bond Fund

#### Investment Objectives
Clearwater Tax-Exempt Bond Fund (the "Fund") seeks high current income that is exempt from U.S. federal income tax, consistent with preservation of capital. The Fund's investment objective is classified as non-fundamental and may be changed by the Board of Trustees without shareholder approval.

#### Principal Investment Strategies
Under normal market conditions, the Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in tax-exempt bonds, which are debt obligations issued by or for the U.S. states, territories and possessions and the District of Columbia. The interest on these bonds is generally exempt from both U.S. regular federal income tax and U.S. federal alternative minimum tax. However, the Fund may invest up to 20% of its assets in bonds that generate interest income subject to federal alternative minimum tax for individuals.

The Fund invests in both revenue bonds, which are backed by and payable only from the revenues derived from a specific facility or specific revenue source, and in general obligation bonds, which are secured by the full faith, credit and taxation power of the issuing municipality. The Fund's 80% policy may not be changed without the affirmative vote of a majority of the Fund's outstanding shares as defined under the Investment Company Act of 1940, as amended.

CMC serves as the investment manager to the Fund and is responsible for the oversight of the Fund's subadvisers. The Fund uses a "multi-style, multi-manager" approach. The Fund's adviser allocates portions of the Fund's assets among subadvisers who employ distinct investment styles. The Fund currently allocates assets among the following subadvisers who provide day-to-day management to the Fund: MacKay Shields LLC ("MacKay Shields") and Sit Fixed Income Advisors II, LLC ("Sit"). FCI also acts as a subadviser to the Fund, but does not provide day-to-day management. FCI provides the Fund with the following investment-related services: investment strategy advice, manager recommendations and related duties as requested by CMC.

The Fund primarily invests in bonds rated investment grade at the time of purchase or, if unrated, determined to be of comparable quality by the applicable subadviser. However, the Fund may invest up to 30% of its assets in bonds rated below investment grade (rated below Baa3 by Moody's Investors Service, Inc. ("Moody's") and BBB- by S&P Global Ratings ("S&P") or Fitch, commonly referred to as "junk" bonds) or determined to be of comparable quality by MacKay Shields or Sit. The Fund may not invest in bonds rated at the time of purchase lower than B3 by Moody's or B- by S&P or Fitch Ratings. The Fund may invest in closed-end funds that invest in the same types of securities in which the Fund may invest directly.

The average effective duration for the portfolio is typically approximately three to eight years. Duration is a measure of the sensitivity of the price of a fixed-income security to changes in interest rates and is expressed as a number of years. A longer duration generally means the price is more sensitive to changes in interest rates. For every 1% change in interest rate, the Fund's net asset value is expected to change inversely by approximately 1% for each year of duration. For example, a 1% increase in interest rate would be expected to cause a fixed-income portfolio with an average dollar weighted duration of five years to decrease in value by approximately 5% (1% interest rate increase multiplied by the five-year duration). From time to time, the Fund's subadvisers utilize interest rate futures contracts to hedge interest rate risk associated with the Fund's portfolio.

CMC considers a variety of factors in determining the allocation of the Fund's assets among the subadvisers. The adviser may consider a subadviser's investment style, performance record, and the characteristics of the Fund's typical portfolio investments, such as credit quality, sector weightings and yield curve positioning. The allocation among subadvisers will vary over time.

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MacKay Shields' relative-value investment strategy combines a top-down macro view with bottom-up credit research driven security selection. The investment process seeks to identify mispricings and opportunities for total return with an emphasis and focus on risk management.

MacKay Shields' investment discipline begins by outlining a macro view of the economy, interest rates, inflation and both national and regional political concerns. The top-down component guides decisions relating to the strategy's credit distribution, sector distribution, state exposure and yield curve positioning. The investment strategy seeks to maintain duration neutrality, typically expressed as a range around the duration of the relevant benchmark. MacKay Shields' approach is driven by fundamental bottom-up security analysis using deep credit research and spread analysis.

Sit selects bonds that offer high tax-exempt income. In selecting which bonds to buy and sell for the Fund, Sit analyzes the general outlook on the economy and interest rate forecasts, while also evaluating a security's structure, credit quality, yield, maturity, and liquidity.

#### Principal Risks of Investing in the Fund
Please remember that with any mutual fund investment you may lose money. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The principal risks of investing in the Fund include:

#### Market Risk
The price of fixed income securities may fluctuate, sometimes rapidly and unpredictably. Market risk may impact fixed income securities based on general market or economic conditions. These factors may include government economic outlooks, changes in interest rates, investor sentiment, or changes in government or tax policy. Additionally, events such as war, military conflict, geopolitical disputes, acts of terrorism, social or political unrest, natural disasters, recessions, inflation, rapid interest rate changes, supply chain disruptions, tariffs and other restrictions on trade, sanctions, the spread of infectious illness or other public health threats, or the threat or potential of one or more such events and developments, could also have a significant impact. The Fund could be negatively impacted if the value of a portfolio holding were harmed by such political or economic conditions or events. In addition, governmental and quasi-governmental organizations have taken a number of unprecedented actions designed to support the markets. Such conditions, events and actions may result in greater market risk.

#### Multi-Manager Risk
Because each subadviser makes investment decisions independently, it is possible that the security selection process of the subadvisers may not complement one another. As a result, the Fund's exposure to a given security, industry sector or market capitalization could be smaller or larger than would be the case if the Fund were managed by a single subadviser. It is possible that one or more of the subadvisers may, at any time, take positions that may be opposite of positions taken by other subadvisers. In such cases, the Fund will incur brokerage and other transaction costs, without accomplishing any net investment results. Subadvisers also may be competing with one another for similar positions at the same time, which could have the result of increasing a security's cost. As a general proposition, a multi-manager approach increases the Fund's portfolio turnover rate over the portfolio turnover rate of a single manager fund which may result in higher levels of realized capital gains or losses with respect to the Fund's portfolio securities, higher brokerage commissions and other transaction costs. The subadvisers selected may under-perform the market generally or other subadvisers that could have been selected for the Fund.

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#### Active Management Risk
The Fund is actively managed and as a result the Fund's performance will reflect in part the subadviser's ability to make investment decisions that are suited to achieving the Fund's investment objective. The Fund could, therefore, under-perform other mutual funds with similar investment objectives.

#### Credit Risk
The Fund could lose money if the issuers or guarantors of securities owned by the Fund default on the payment of principal or interest, or on other obligations to the Fund. The revenue bonds in which the Fund invests may entail greater credit risk than the Fund's investments in general obligation bonds. In particular, weaknesses in federal housing subsidy programs and their administration may result in a decrease of subsidies available for the payment of principal and interest on certain multi-family housing authority bonds. Revenue bond prices can decline if related projects become unprofitable.

Municipal bonds are subject to the risk that political events, local business or economic conditions could have a significant effect on an issuer's ability to make payments of principal and/or interest. On July 18, 2013, the City of Detroit filed for federal bankruptcy protection. 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 the Fund were to hold securities that are affected by a bankruptcy filing or a default, the Fund's investments in those securities may lose value, which could cause the Fund's performance to decline. A security's credit rating may reflect its degree of inherent credit risk. The value of the Fund may also be adversely affected by future changes in federal or state income tax laws.

#### Interest Rate Risk
Interest rate risk is the risk that a fixed income security will lose value because of changes in interest rates. An increase in interest rates likely will lower the Fund's value and the overall return on your investment. The Fund is also subject to call or prepayment risk when, generally as a result of declining interest rates, the issuer of a security exercises its right to prepay principal earlier than scheduled, forcing the Fund to reinvest in lower yielding securities. Declining interest rates may compel borrowers to prepay mortgages and debt obligations underlying securities owned by the Fund. The proceeds received by the Fund from prepayments will likely be reinvested at interest rates lower than the original investment, thus resulting in a reduction of income to the Fund. Conversely, rising interest rates could reduce prepayments and extend the life of securities with lower interest rates, which may increase the sensitivity of the Fund's value to rising interest rates. Many factors can cause interest rates to rise. Some examples include central bank monetary policy, rising inflation rates and general economic conditions. Changing interest rates may have unpredictable effects on markets, may result in heightened market volatility and may detract from the Fund's performance. In addition, changes in monetary policy may exacerbate the risks associated with changing interest rates. To the extent the Fund has a bank deposit or holds a debt instrument with a negative interest rate to maturity, the Fund would generate a negative return on that investment. Rising interest rates may lead to decreased liquidity in the bond markets, making it more difficult for the Fund to value or sell some or all of its bond holdings at any given time. It is difficult to predict the magnitude, timing or direction of interest rate changes and the impact these changes will have on the markets in which the Fund invests.

#### Below Investment Grade Securities Risk
Investments in high-yield debt securities (commonly referred to as "junk" bonds) are sometimes considered speculative as they present a greater risk of loss than higher quality debt securities. Such securities may, under

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certain circumstances, be less liquid than higher rated debt securities. These securities pay investors a premium (a high interest rate or yield) because of the increased risk of loss. These securities can also be subject to greater price volatility. In times of unusual or adverse market, economic or political conditions, these securities may experience higher than normal default rates.

#### Tax Risk
There is no guarantee that the Fund's income will be exempt from U.S. federal or state income taxes. Events occurring after the date of issuance of a municipal bond (including as a result of a deemed reissuance) or after the Fund's acquisition of a municipal bond may result in a determination that interest on that bond is includible in gross income for U.S. federal income tax purposes retroactively to its date of issuance. Such a determination may cause a portion of prior distributions by the Fund to its shareholders to be taxable to those shareholders in the year of receipt. Federal or state changes in income or alternative minimum tax rates or in the tax treatment of municipal bonds may make municipal bonds less attractive as investments and cause them to lose value.

#### Investing in Closed-End Funds Risk
Closed-end funds generally do not continuously offer their shares for sale. Rather, they sell a fixed number of shares at one time, after which the shares typically trade on a secondary market, such as the New York Stock Exchange. The price of closed-end fund shares that trade on a secondary market is determined by the market and may be greater or less than the shares' net asset value. Closed-end fund shares generally are not redeemable. The investment portfolios of closed-end funds generally are managed by investment advisers.

#### Derivatives Risk
In general, a derivative instrument, including a futures contract, typically involves leverage, i.e., it provides exposure to potential gain or loss from a change in the level of the market price of the underlying security, currency or commodity (or a basket or index) in a notional amount that exceeds the amount of cash or assets required to establish or maintain the derivative instrument. Adverse changes in the value or level of the underlying asset or index, which the Fund may not directly own, can result in a loss to the Fund substantially greater than the amount invested in the derivative itself. The use of derivative instruments also exposes the Fund to additional risks and transaction costs. A risk of the Fund's use of derivatives is that the fluctuations in their values may not correlate perfectly with the overall securities markets. The use of derivatives may also involve counterparty risk, which is the risk that other parties to an agreement or other participants in a transaction (e.g., a broker or swap counterparty), may default on a contract or fail to perform by failing to pay amounts due or failing to fulfill delivery conditions of the contract or transaction.

#### Please note that, under normal circumstances, the Clearwater Tax-Exempt Bond Fund is not a suitable investment for tax-deferred accounts.
***Please note that the Fund is not a money market fund and is not intended to be a money market fund substitute. The Fund does not attempt to maintain a stable net asset value and is not subject to the rules that govern the quality, maturity, liquidity and other features of securities that money market funds may purchase. Under normal conditions, the Fund's investment may be more susceptible than a money market fund to interest rate risk and credit risks relevant to the Fund's investments.***

#### Shareholder Information on Taxes
The Fund could generate some taxable income and may realize taxable gains on the sale of its securities or other transactions. Generally, distributions of interest income from the Fund's tax-exempt securities are exempt from U.S. federal income tax, and distributions from other sources, including capital gain distributions, are not. You should consult a tax advisor about any taxes, including state and local taxes, on your Fund distribution.

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#### Clearwater International Fund

#### Investment Objectives
The Clearwater International Fund (the "Fund") seeks long-term growth of capital. The Fund's investment objective is classified as non-fundamental and may be changed by the Board of Trustees without shareholder approval.

#### Principal Investment Strategies
Under normal market conditions, the Fund intends to invest at least 80% of the value of its net assets, plus the amount of any borrowings for investment purposes, in equity securities of companies organized or located outside the United States and doing a substantial amount of business outside the United States.

Equity securities in which the Fund invests include common and preferred stock, sponsored and unsponsored American Depositary Receipts, European Depositary Receipts, and Global Depositary Receipts, and exchange-traded funds and other investment companies. The Fund diversifies its investments among a number of different countries throughout the world, and may invest in companies of any size. The Fund does not intend to invest more than 20% of its net assets in the equity securities of developing or emerging market issuers (including frontier market issuers). The Fund defines emerging markets to be markets that are included in the MSCI Emerging Markets Index and defines frontier markets to be markets that are included in the MSCI Frontier Markets 100 Index. The Fund may invest in master limited partnerships. The Fund's 80% policy may be changed by the Board of Trustees on 60 days' prior written notice to shareholders.

CMC serves as the investment manager to the Fund and is responsible for the oversight of the Fund's subadvisers. The Fund uses a "multi-style, multi-manager" approach. The Fund's adviser allocates portions of the Fund's assets among subadvisers who employ distinct investment styles. The Fund currently allocates assets among subadvisers who provide day-to-day management to the Fund: Parametric Portfolio Associates LLC ("Parametric"), Artisan Partners Limited Partnership ("Artisan Partners"), and WCM Investment Management, LLC ("WCM"). FCI also acts as a subadviser to the Fund, but does not provide day-to-day management. FCI provides the Fund with the following investment-related services: investment strategy advice, manager recommendations and related duties as requested by CMC.

CMC considers a variety of factors in determining the allocation of the Fund's assets among the subadvisers. The adviser may consider a subadviser's investment style, performance record, and the characteristics of the Fund's typical portfolio investments, such as capitalization size, growth and profitability measures, valuation measures, economic sector weightings, and earnings and price volatility statistics. The allocation among subadvisers will vary over time, but the current intent of the Fund's adviser is that under normal market conditions approximately 15% to 25% of the Fund's net assets will be allocated to Parametric and the remaining assets will be allocated to one or more of Artisan Partners and WCM. Parametric manages its portion of the Fund's assets using a passive management strategy to seek investment results that track, before fees and expenses, the investment results of the MSCI World Ex U.S.A. Index – Net Dividends as closely as possible without requiring the Fund to realize taxable gains. Parametric utilizes a representative sampling strategy, meaning that it does not intend that the portion of the Fund's assets it manages will be invested in all the components of the MSCI World Ex U.S.A. Index – Net Dividends at any given time.

In order to hedge against adverse movements in currency exchange rates, the Fund may enter into foreign currency exchange contracts. The Fund may use options, futures contracts, and options on futures contracts to attempt to manage market or business risks. The Fund does not intend to invest in foreign currency exchange contracts, options, futures contracts, or options on futures contracts for speculative purposes.

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#### Parametric
As noted above, Parametric manages its portion of the Fund's assets using a passive management strategy to seek investment results that track, before fees and expenses, the investment results of the MSCI World Ex U.S.A. Index – Net Dividends as closely as possible without requiring the Fund to realize taxable gains. The MSCI World Ex U.S.A. Index – Net Dividends is an unmanaged, free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of the following 22 developed market country indices: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, and the United Kingdom. Parametric selects securities for inclusion in the portfolio based upon their contribution to the portfolio's market capitalization, industry weightings and other fundamental characteristics. Securities are selected and purchased from the constituents of the index to create a portfolio that will closely replicate the performance of the index. Perfect replication of the index is not desirable for taxable investors, as it can create unnecessary turnover, realization of gains, and reduce after-tax return.

Even though the passively-managed portion of the Fund invests substantially all of its assets in common stocks of companies represented in the MSCI World Ex U.S.A. Index – Net Dividends, the investment results of that portion of the Fund will not mirror the MSCI World Ex U.S.A. Index – Net Dividends perfectly because: the Fund does not invest in all components of the MSCI World Ex U.S.A. Index – Net Dividends in the weighting such components have in the MSCI World Ex U.S.A. Index – Net Dividends, but instead invests in a sample of securities included in the MSCI World Ex U.S.A. Index – Net Dividends; the Fund must have an amount of cash or other liquid securities available to meet redemption requests; Parametric manages the Fund to limit the tax liability to the Fund's shareholders; and the Fund bears certain expenses the MSCI World Ex U.S.A. Index – Net Dividends does not bear. In the tax loss-harvesting process, securities are sold primarily for their ability to reduce the tax impact of other securities being sold at a gain in the portfolio, or outside of the portfolio. Realized losses can often be used to offset gains from a variety of other sources or gains from other investment subadvisers, rebalancing decisions or subadviser changes, as applicable. In connection with this process, Parametric is not required to buy and sell securities to match changes in the composition of the MSCI World Ex U.S.A. Index—Net Dividends. Instead, Parametric focuses on minimizing tax implications and can adjust its portion of the Fund's portfolio periodically, and when taxably efficient to do so, to achieve performance similar to the MSCI World Ex U.S.A. Index – Net Dividends.

#### Artisan Partners
The portion of the Fund's portfolio allocated to Artisan Partners' International Value strategy is invested primarily in stocks of non-U.S. companies of all sizes, primarily in developed markets but also in emerging and less developed markets. The portion of the Fund's portfolio allocated to Artisan Partners' International Explorer strategy is invested primarily in stocks of non-U.S., including emerging markets, companies that have market capitalization of less than $5 billion at the time of purchase. Artisan Partners employs a fundamental stock selection process focused on identifying long-term growth opportunities, and generally buys and sells securities based on that process.

#### WCM
The portion of the Fund's portfolio allocated to WCM's Focused Growth International strategy is invested in approximately 30-40 large capitalization non-U.S. companies (companies with market capitalizations greater than $3.5 billion). The portion of the Fund's portfolio allocated to WCM's International Small Cap Growth strategy is invested in equity securities or depositary receipts of small capitalization companies domiciled outside of the United States, including in emerging and frontier market countries. WCM considers small capitalization companies to be companies with market capitalizations within the range of those companies included in the MSCI ACWI Ex-US Small Cap Index at the time of purchase. Because small capitalization companies are defined by reference to an index, the range of market capitalization of companies in which this portion of the

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Fund invests may vary with market conditions. In both strategies, WCM seeks to identify companies believed to have above-average potential for growth in revenue and earnings.

#### Additional Information as to How Subadvisers Select the Fund's Investments
The Fund's subadvisers select securities that they believe will help the Fund to reach its objective.

#### Parametric
Parametric manages its portion of the Fund's assets using a passive management strategy to seek investment results that track, before fees and expenses, the investment results of the MSCI World Ex U.S.A. Index—Net Dividends as closely as possible without requiring the Fund to realize taxable gains. This means that the Fund is not required to buy and sell securities to match changes in the composition of securities in the MSCI World Ex U.S.A. Index—Net Dividends. Instead, the subadviser adjusts the Fund's portfolio periodically to reflect the holdings and weightings of the MSCI World Ex U.S.A. Index—Net Dividends but only after consideration of the Fund's policy to minimize realization of taxable gains.

With respect to the Fund's assets allocated to Parametric, Parametric will seek capital growth while considering tax consequences arising from the Fund's portfolio management activities. Parametric's allocation will attempt to reduce the amount of capital gains the Fund realizes under U.S. tax laws in three primary ways: replicate the performance of the MSCI World Ex U.S.A. Index—Net Dividends while minimizing the realization of capital gains; realize capital losses in the Parametric portfolio to offset capital gains arising in other subadviser portfolios; and minimize wash sale issues between the Parametric portfolio and other subadviser portfolios by limiting transactions in the Parametric portfolio that would be deemed constructive sales based on recent activity of other subadvisers.

#### Artisan Partners
Artisan Partners' strategy is to focus on high quality, undervalued companies with strong balance sheets and shareholder-oriented management teams. Artisan Partners focuses on four key characteristics: undervaluation, business quality, financial strength, and shareholder-oriented management. Companies that make it through Artisan Partners' analytical process are ranked at the time the position is initiated according to the degree of the discount of the current market price of the company's stock to Artisan Partners' estimate of the company's intrinsic value. Artisan Partners manages the portfolios by generally taking larger positions in companies where the discount is greatest and smaller positions in companies with narrower discounts (subject to adjustments for investment-related concerns, including diversification, risk management, and liquidity).

#### WCM
WCM uses a bottom-up approach that seeks to identify companies believed to have above-average potential for growth in revenue and earnings. WCM's investment process seeks companies that are industry leaders with sustainable competitive advantages; corporate cultures emphasizing strong, quality and experienced management; little or no debt; and attractive relative valuations. In selecting securities, WCM also considers other factors including, among others, political risk, monetary policy risk, and regulatory risk specific to an issuer's country of domicile.

#### Principal Risks of Investing in the Fund
Please remember that with any mutual fund investment you may lose money. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The principal risks of investing in the Fund include:

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#### Market Risk
The price of equity securities may fluctuate, sometimes rapidly and unpredictably. Market risk may impact individual securities based on general market or economic conditions and/or real or perceived factors affecting specific industries or individual company fundamentals. These factors may include corporate earnings outlooks, changes in interest rates, investor sentiment, or industry competitive conditions. Additionally, events such as war, military conflict, geopolitical disputes, acts of terrorism, social or political unrest, natural disasters, recessions, inflation, rapid interest rate changes, supply chain disruptions, tariffs and other restrictions on trade, sanctions, the spread of infectious illness or other public health threats, or the threat or potential of one or more such events and developments, could also have a significant impact. The Fund could be negatively impacted if the value of a portfolio holding were harmed by such political or economic conditions or events. In addition, governmental and quasi-governmental organizations have taken a number of unprecedented actions designed to support the markets. Such conditions, events and actions may result in greater market risk. Equity markets tend to be cyclical, with periods when prices generally rise and periods when prices generally decline, and are also generally more volatile than fixed income markets.

#### Active Management Risk
The adviser may actively allocate the Fund's assets among subadvisers and, in addition, certain subadvisers provide active management. As a result, its performance will reflect in part the adviser's or the subadvisers' ability to make investment decisions that are suited to achieving the Fund's investment objective. To the extent it is actively managed, the Fund could under-perform other mutual funds with similar investment objectives.

#### Passive Management Risk
Because a portion of the Fund is managed to seek investment results that track, before fees and expenses, those of the MSCI World Ex U.S.A. Index—Net Dividends, the Fund faces a risk of poor performance if:

• The MSCI World Ex U.S.A. Index—Net Dividends declines generally or performs poorly relative to other indexes or individual stocks.

• The stocks of companies which comprise the MSCI World Ex U.S.A. Index—Net Dividends fall out of favor with investors.

• An adverse company specific event, such as an unfavorable earnings report, negatively affects the stock price of one of the larger companies in the MSCI World Ex U.S.A. Index—Net Dividends.

Even though the Fund invests a portion of its assets in common stocks of companies represented in the MSCI World Ex U.S.A. Index—Net Dividends, the Fund cannot guarantee the performance of that portion of the Fund will match the MSCI World Ex U.S.A. Index—Net Dividends because:

• The Fund does not invest in all components of the MSCI World Ex U.S.A. Index—Net Dividends in the weighting such components have in the MSCI World Ex U.S.A. Index—Net Dividends, but instead invests in a sample of securities included in the MSCI World Ex U.S.A. Index—Net Dividends;

• The Fund must have an amount of cash or other liquid securities available to meet redemption requests;

• Parametric manages the Fund to limit the tax liability to the Fund's shareholders; and

• Unlike the Fund, the returns of the Index are not reduced by investment and other operating expenses, including the costs of buying and selling investments.

#### Multi-Manager Risk
Because each subadviser makes investment decisions independently, it is possible that the security selection process of the subadvisers may not complement one another. As a result, the Fund's exposure to a given security,

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industry sector or market capitalization could be smaller or larger than would be the case if the Fund were managed by a single subadviser. It is possible that one or more of the subadvisers may, at any time, take positions that may be opposite of positions taken by other subadvisers. In such cases, the Fund will incur brokerage and other transaction costs, without accomplishing any net investment results. Subadvisers also may be competing with one another for similar positions at the same time, which could have the result of increasing a security's cost. As a general proposition, a multi-manager approach increases the Fund's portfolio turnover rate over the portfolio turnover rate of a single manager fund which may result in higher levels of realized capital gains or losses with respect to the Fund's portfolio securities, higher brokerage commissions and other transaction costs. The subadvisers selected may under-perform the market generally or other subadvisers that could have been selected for the Fund.

#### Equity Securities Risk
Since it purchases equity securities, the Fund is subject to the risk that stock prices will fall over short or extended periods of time. Historically, the equity markets have moved in cycles, and the value of the Fund's securities may fluctuate drastically from day to day. Individual companies may report poor results or be negatively affected by industry and/or economic trends and developments. The prices of securities issued by such companies may suffer a decline in response.

#### Small- and Medium-Sized Company Risk
To the extent a Fund subadviser invests in stocks of small- and medium-sized companies, that portion of the Fund's assets will be subject to additional risks. Stocks of small- and medium-sized companies involve substantial risk. These companies may lack the management expertise, financial resources, product diversification, and competitive strengths of larger companies. Prices of such stocks may be subject to more abrupt or erratic movements than stock prices of larger, more established companies or the market averages in general. In addition, the frequency and volume of their trading may be less than is typical of larger companies, making them subject to wider price fluctuations. In some cases, there could be difficulties in selling the stocks of small- and medium-sized companies at the desired time and price.

#### Micro-Sized Company Risk
The Fund is also subject to the general risk that the stocks of micro-sized companies can involve greater risks than those associated with larger, more established companies. Micro-sized company stocks may be subject to more abrupt or erratic price movements due to a number of reasons, including that the stocks are traded in lower volume and that the issuers are more sensitive to changing conditions and have less certain growth prospects. Also, there are fewer market makers for these stocks and wider spreads between quoted bid and ask prices in the over-the-counter market for these stocks. Micro-sized stocks tend to be less liquid, particularly during periods of market disruption. There normally is less publicly available information concerning these securities. Micro-sized companies in which the Fund may invest typically have limited product lines, markets or financial resources or may be dependent on a small management group.

#### Investment Style Risks:
• **Value Investing Risk.** 

To the extent a Fund subadviser employs a value style strategy, that portion of the Fund's assets is subject to the possibility that value stocks may fall out of favor or perform poorly relative to other types of investments. With value investing, there is the risk that the market will not recognize that the securities selected are undervalued and they might not appreciate in value in the way the subadviser anticipates.

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• **Growth Investing Risk.** 

To the extent a Fund subadviser employs a growth style strategy, that portion of the Fund's assets is subject to the possibility that these stocks can have relatively high valuations. Because of these high valuations, an investment in a growth stock can be more risky than an investment in a company with more modest growth expectations. Growth investing does not guarantee a profit or eliminate risk.

#### Foreign Securities and Currency Risks:
• **Foreign Securities Market Risk** 

There are risks and costs involved in investing in non-U.S. traded securities which are in addition to the usual risks inherent in securities that trade on a U.S. exchange. These risks will vary from time to time and from country to country, especially if the country is considered an emerging market or developing country and may be different from or greater than the risks associated with investing in developed countries. These risks may include, but are not limited to, higher transaction costs, the imposition of additional foreign taxes, less market liquidity, security registration requirements and less comprehensive security settlement procedures and regulations, significant currency devaluation relative to the U.S. dollar, restrictions on the Fund's ability to repatriate investment income or capital, less government regulation and supervision, less public information, less economic, political and social stability and adverse changes in diplomatic relations between the United States and that foreign country. Securities of companies traded in some countries outside of the U.S., particularly in emerging markets, may be subject to further risks due to the inexperience of local investment professionals and financial institutions. In addition, international equity securities may under-perform other segments of the equity markets or the equity markets as a whole.

• **Emerging Markets Risk** 

The risks of international investing are particularly significant in emerging markets. Investing in emerging markets generally involves exposure to economic structures that are less diverse and mature, and to political systems that are less stable, than those of developed countries. Risk of loss may also be greater due to more or less foreign government regulation, less public information, and less stringent investor protections and disclosure standards. The imposition of sanctions, exchange controls (including repatriation restrictions), confiscations, trade restrictions (including tariffs) and other government restrictions by the United States and other governments, or from problems in share registration, settlement or custody, may also result in losses. The type and severity of sanctions and other similar measures, including counter sanctions and other retaliatory actions, that may be imposed could vary broadly in scope, and their impact is impossible to predict. For example, the imposition of sanctions and other similar measures could, among other things, cause a decline in the value and/or liquidity of securities issued by the sanctioned country or companies located in or economically tied to the sanctioned country and increase market volatility and disruption in the sanctioned country and throughout the world. Sanctions and other similar measures could limit or prevent the Fund from buying and selling securities (in the sanctioned country and other markets), significantly delay or prevent the settlement of securities transactions, and significantly impact the Fund's liquidity and performance. In addition, issuers in emerging markets typically are subject to a greater degree of change in earnings and business prospects than are companies in developed markets.

• **Currency Risk** 

Because the foreign securities in which the Fund invests, except for American Depositary Receipts, generally trade in currencies other than the U.S. dollar, changes in currency exchange rates will affect the Fund's net asset value, the value of dividends and interest earned, and gains and losses realized on the sale of securities. A strong U.S. dollar relative to those other currencies will adversely affect the value of the Fund.

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• **Information Risk** 

Non-U.S. companies may not be subject to uniform accounting, auditing, and financial reporting standards or to other regulatory requirements applicable to U.S. companies. As a result, less information may be available to investors concerning non-U.S. investments.

• **Investment Restriction Risk** 

Some countries restrict foreign investments in their securities markets. In some circumstances, these restrictions may limit or preclude investment in certain countries or may increase the cost of investing in securities of particular companies.

• **Political and Economic Risks** 

International investing subjects investors to the risk of political, social, or economic instability in the country of the issuer of a security, the difficulty of predicting international trade patterns, the possibility of the imposition of exchange controls, limits on removal of currency or other assets, and nationalization of assets.

• **Foreign Currency Hedging Transaction Risk** 

In order to hedge against adverse movements in currency exchange rates, the Fund may enter into forward foreign currency exchange contracts. If the adviser's or subadviser's forecast of exchange rate movements is incorrect, the Fund may realize losses on its foreign currency transactions. Additionally, the Fund's hedging transactions may prevent the Fund from realizing the benefits of a favorable change in the value of foreign currencies.

#### Derivatives Risk
In general, a derivative instrument, including options, typically involves leverage, i.e., it provides exposure to potential gain or loss from a change in the level of the market price of the underlying security, currency or commodity (or a basket or index) in a notional amount that exceeds the amount of cash or assets required to establish or maintain the derivative instrument. Adverse changes in the value or level of the underlying asset or index, which the Fund may not directly own, can result in a loss to the Fund substantially greater than the amount invested in the derivative itself. The use of derivative instruments also exposes the Fund to additional risks and transaction costs. A risk of the Fund's use of derivatives is that the fluctuations in their values may not correlate perfectly with the overall securities markets. The use of derivatives may also involve counterparty risk, which is the risk that other parties to an agreement or other participants in a transaction (e.g., a broker or swap counterparty), may default on a contract or fail to perform by failing to pay amounts due or failing to fulfill delivery conditions of the contract or transaction.

#### Preferred Securities Risk
Preferred securities may pay fixed or adjustable rates of return. Preferred securities are subject to issuer-specific and market risks applicable generally to equity securities. In addition, a company's preferred securities generally pay dividends only after the company makes required payments to holders of its bonds and other debt. For this reason, the value of preferred securities will usually react more strongly than bonds and other debt to actual or perceived changes in the company's financial condition or prospects. Preferred securities of smaller companies may be more vulnerable to adverse developments than preferred stock of larger companies.

#### Exchange-Traded Fund ("ETF") and Underlying Investment Company Risk
The risks of owning an ETF or other investment company generally reflect the risks of owning the underlying securities they are designed to track, although lack of liquidity in an ETF or investment company could result in it being more volatile than the underlying portfolio of securities. Disruptions in the markets for the securities

underlying ETFs and underlying investment companies purchased or sold by the Fund could result in losses on the Fund's investment. ETFs and other investment companies also have management fees that increase their

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costs versus the costs of owning the underlying securities directly. Investments in real estate investment trusts or securities with similar characteristics that pool investor's capital to purchase or finance real estate investments involve certain unique risks, including concentration risk (by geography or property type) and interest rate risk (i.e., in a rising interest rate environment, the stock prices of real estate-related investments may decline and the borrowing costs of these companies may increase).

#### Depositary Receipts Risk
The Fund may invest in foreign securities through American Depositary Receipts (ADRs), European Depositary Receipts (EDRs), and Global Depositary Receipts (GDRs). ADRs represent the right to receive securities of foreign issuers deposited in a domestic bank or a correspondent bank. ADRs do not eliminate all the risk inherent in investing in the securities of foreign issuers. However, by investing in ADRs rather than directly in foreign issuers' stocks, a Fund can avoid currency risks during the settlement period for either purchases or sales. EDRs and GDRs are securities that are typically issued by foreign banks or foreign trust companies, although U.S. banks or U.S. trust companies may issue them. EDRs and GDRs are structured similarly to the arrangements of ADRs. Investment in Depositary Receipts that are not sponsored by a financial institution ("Unsponsored Depositary Receipts") is subject to additional risks. The issuers of Unsponsored Depositary Receipts are not obligated to disclose information that is, in the United States, considered material. Therefore, there may be less information available regarding their issuers and there may not be a correlation between such information and the market value of the Unsponsored Depositary Receipts. Further, the prices of Unsponsored Depositary Receipts may be more volatile than the prices of sponsored depositary receipts. Additionally, the issuers of depositary receipts may discontinue issuing new depositary receipts and withdraw existing depositary receipts at any time, which may result in costs and delays in the distribution of the underlying assets to the Fund and may negatively impact the Fund's performance.

#### Tax-Managed Investment Risk
Market conditions may limit the Fund's ability to generate tax losses or to generate dividend income taxed at favorable rates. Use of a tax-managed strategy for a portion of the Fund's assets may affect the investment decisions made for the Fund. For example, the Fund's tax-managed strategy may cause the Fund to hold a security in order to achieve more favorable tax treatment or to sell a security in order to create tax losses. The Fund's ability to utilize various tax-management techniques may be curtailed or eliminated in the future by tax legislation or regulation. Although a smaller portion of the Fund's total return may consist of taxable distributions to shareholders as compared to non-tax managed funds, there can be no assurance about the size of taxable distributions to shareholders. The performance of the Fund may deviate from that of non-tax managed funds and may not provide as high a return before consideration of U.S. federal income tax consequences as non-tax managed funds. Although a tax-managed strategy is used with respect to a portion of the Fund's assets, the Fund can realize capital gains.

#### Model and Data Risk
One or more of the Fund's subadvisers may rely heavily on quantitative models and information and data supplied by third parties ("Models and Data"). Models and Data are used to construct sets of transactions and investments, to provide risk management insights, and to assist in hedging the Fund's investments.

When Models and Data prove to be incorrect or incomplete, including because data is stale, missing or unavailable, any decisions made in reliance thereon expose the Fund to potential risks. Similarly, any hedging based on faulty Models and Data may prove to be unsuccessful. Some of the models used for the Fund are predictive in nature. The use of predictive models has inherent risks. Because predictive models are usually constructed based on historical data supplied by third parties, the success of relying on such models may depend heavily on the accuracy and reliability of the supplied historical data. A subadviser may also use machine learning, which could also result in errors or omissions. The Fund bears the risk that the quantitative models will

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not be successful in selecting investments or in determining the weighting of investment positions that will enable the Fund to achieve its investment objective.

All models rely on correct data inputs. If incorrect data is entered into even a well-founded model, the resulting information will be incorrect. However, even if data is inputted correctly, "model prices" will often differ substantially from market prices, especially for instruments with complex characteristics, such as derivative instruments. Due to the importance of technology with respect to quantitative models, use of Models and Data carries the risk of potential issues with the design, coding, implementation or maintenance of the computer programs, data and/or other technology used in the model.

The Fund is unlikely to be successful unless the assumptions underlying the models are realistic and either remain realistic and relevant in the future or are adjusted to account for changes in the overall market environment. If such assumptions are inaccurate or become inaccurate and are not promptly adjusted, it is likely that profitable trading signals will not be generated, and major losses may result.

A Fund subadviser, in its sole discretion, will continue to test, evaluate and add new models, which may result in the modification of existing models from time to time. There can be no assurance that model modifications will enable the Fund to achieve its investment objective.

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#### Other Investments and Investment Strategies
**Fixed Income Securities.** Each Fund may invest in fixed income securities including bonds and notes. Clearwater Core Equity Fund (the "Core Equity Fund") will generally only invest in fixed income securities of companies represented in the Russell 1000<sup>®</sup> Index, if any. The Funds' fixed income securities may have all types of interest rate payment and reset terms, including fixed rate, adjustable rate, zero coupon, deferred, payment in kind and auction rate features. Each Fund's fixed income securities may be of any maturity. The Core Equity Fund and the Clearwater Select Equity Fund (the "Select Equity Fund") will only invest in fixed income securities rated investment grade. The Clearwater International Fund (the "International Fund") may invest in fixed income securities that are not rated investment grade.

**Credit Quality and Risk.** Securities are investment grade if they:

• are rated in one of the top four long-term rating categories of a nationally recognized statistical rating organization;

• have received a comparable short-term or other rating; or

• are unrated securities that the Fund's subadviser believes to be of comparable quality.

The value of a Fund's fixed income securities may go down if:

• interest rates rise, which will make the prices of fixed income securities go down; or

• the issuer of a security owned by the Fund has its credit rating downgraded or defaults on its obligation to pay principal and/or interest.

**Derivatives.** Each Fund may utilize several different types of derivatives for various purposes expanded on further below. The Core Equity Fund, International Fund and Select Equity Fund may engage in options trading on securities and securities indices. Options trading involves buying ("purchasing") or selling ("writing") the right to buy ("call") or sell ("put") an underlying security at a future date. The Core Equity Fund, International Fund and Select Equity Fund may also engage in futures and options on futures trading on various underlying instruments. A future is an agreement to buy or sell an underlying instrument at a future date. Futures investing may involve a small initial investment relative to the risk assumed, which could result in losses greater than if they had not been used. Due to fluctuations in the price of a security underlying an option, a Fund may not be able to profitably exercise an option and may lose its entire investment in an option. The Core Equity Fund's use of derivatives may be limited as a significant portion of the Fund is managed with a strategy of minimizing tax liability and maintaining a low turnover rate.

In addition, the International Fund may enter into foreign currency exchange contracts in order to hedge against adverse movements in currency exchange rates. If the adviser's or subadviser's forecast of exchange rate movements is incorrect, the Fund may realize losses on its foreign currency transactions. Additionally, the Fund's hedging transactions may prevent the Fund from realizing the benefits of a favorable change in the value of foreign currencies. The Fund may use options, futures contracts, and options on futures contracts to attempt to manage market or business risks. The Fund does not intend to invest in foreign currency exchange contracts options, futures contracts, or options on futures contracts for speculative purposes. Futures investing may involve a small initial investment relative to the risk assumed, which could result in losses greater than if they had not been used. Due to fluctuations in the price of a security or future underlying an option, the Fund may not be able to profitably exercise an option and may lose its entire investment in an option.

The Clearwater Tax-Exempt Bond Fund ("Tax-Exempt Bond Fund") may invest in interest rate futures contracts, interest rate index futures contracts and options on such contracts and may also invest in options by buying or selling puts or calls on debt securities that are exchange-traded. The Tax-Exempt Bond Fund may only engage in these transactions as a defensive strategy or in order to hedge interest rate risk associated with the Fund's portfolio, each a type of risk management.

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A Fund may enter into swap agreements for purposes of attempting to obtain a particular investment return at a lower cost to the Fund than if the Fund had invested directly in an instrument that provided that desired return. The Tax-Exempt Bond Fund may invest in swaptions for such purposes, including to manage or adjust the Fund's duration or exposures. The Core Equity Fund and International Fund may also enter into swap agreements for hedging purposes and to gain exposure to the equity market. Swap agreements are two- party contracts entered into primarily by institutional investors in which two parties agree to exchange the returns (or differential rates of return) earned or realized on particular predetermined investments or instruments. Swaptions are contracts that give a counterparty the right (but not the obligation) in return for payment of a premium, to enter into a new swap agreement or to shorten, extend, cancel or otherwise modify an existing swap agreement, at some designated future time on specified terms. In a bilateral swap, a Fund also bears the risk of default by its swap counterparty. Certain swaps are centrally-cleared and will eventually be exchange-traded. Although central clearing is expected to decrease the credit risk involved in bilateral swaps, central clearing would not make the contracts risk-free. Exchange-trading is expected to improve swap liquidity, but there is no guarantee that a Fund could consider exchange-traded swaps to be liquid. Additionally, in a centrally-cleared swap, a Fund would bear the risk of a default of the central clearing counterparty.

Even a small investment in derivative contracts can have a big impact on the Funds' market exposure. Therefore, using derivatives can disproportionately increase losses and reduce opportunities for gains when market prices are changing. A Fund may not fully benefit from or may lose money on derivatives if changes in their value do not correspond accurately to changes in the value of the Fund's holdings. The other parties to certain derivative contracts present the same types of credit risk as issuers of fixed income securities. Derivatives can also make a Fund less liquid and harder to value, especially in declining markets.

As discussed in more detail in the SAI, the U.S. Securities and Exchange Commission (the "Commission") adopted a final rule related to the use of derivatives, short sales, reverse repurchase agreements and certain other transactions by registered investment companies.

**Foreign Securities.** The Core Equity Fund may invest up to 20% of its total assets and the Select Equity Fund may invest up to 25% of its total assets in securities of foreign issuers from a variety of countries, including emerging markets. The Core Equity Fund's foreign securities will primarily be limited to those that are represented in the Russell 1000<sup>®</sup> Index. The Fund may, however, hold foreign securities not contained in the Russell 1000<sup>®</sup> Index. Many foreign countries in which the Funds may invest have markets that are less liquid and more volatile than markets in the U.S. In some foreign countries, less information is available about foreign issuers and markets because of less rigorous accounting and regulatory standards than in the U.S. Currency fluctuations could erase investment gains or add to investment losses. The risk of investing in foreign securities is greater in the case of emerging markets.

**ETFs and Investment Companies.** Each Fund may invest in ETFs and investment companies. The risks of owning an ETF or other investment company generally reflect the risks of owning the underlying securities they are designed to track, although lack of liquidity in an ETF or investment company could result in it being more volatile than the underlying portfolio of securities. Disruptions in the markets for the securities underlying ETFs and underlying investment companies purchased or sold by the Fund could result in losses on the Fund's investment. ETFs and other investment companies also have management fees that increase their costs versus the costs of owning the underlying securities directly.

**Depositary Receipts.** The Core Equity Fund, Select Equity Fund and International Fund may invest in foreign securities through American Depositary Receipts (ADRs), European Depositary Receipts (EDRs), and Global Depositary Receipts (GDRs). ADRs represent the right to receive securities of foreign issuers deposited in a domestic bank or a correspondent bank. ADRs do not eliminate all the risk inherent in investing in the securities of foreign issuers. However, by investing in ADRs rather than directly in foreign issuers' stocks, a Fund can avoid currency risks during the settlement period for either purchases or sales. EDRs and GDRs are securities that are typically issued by foreign banks or foreign trust companies, although U.S. banks or U.S. trust companies

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may issue them. EDRs and GDRs are structured similarly to the arrangements of ADRs. A Fund is permitted to invest in Depositary Receipts that are not sponsored by a financial institution ("Unsponsored Depositary Receipts"). The issuers of Unsponsored Depositary Receipts are not obligated to disclose information that is, in the United States, considered material. Therefore, there may be less information available regarding their issuers and there may not be a correlation between such information and the market value of the Unsponsored Depositary Receipts. Further, the prices of Unsponsored Depositary Receipts may be more volatile than the prices of sponsored depositary receipts. Additionally, the issuers of depositary receipts may discontinue issuing new depositary receipts and withdraw existing depositary receipts at any time, which may result in costs and delays in the distribution of the underlying assets to the Fund and may negatively impact the Fund's performance.

**ReFlow Liquidity Program.** Each Fund may participate in the liquidity program offered by ReFlow Fund, LLC ("ReFlow"), which is designed to provide an alternative liquidity source for mutual funds experiencing net redemptions of their shares (the "ReFlow Liquidity Program"). The ReFlow Liquidity Program provides each Fund with a potential source of cash to meet net shareholder redemptions by standing ready each business day to purchase Fund shares up to the value of the net shares redeemed by other shareholders that are to settle the next business day. Following purchases of Fund shares, ReFlow then generally redeems those shares when the Fund experiences net sales, at the end of a maximum holding period determined by ReFlow or at other times at ReFlow's discretion. While ReFlow holds Fund shares, it will have the same rights and privileges with respect to those shares as any other shareholder. ReFlow will periodically redeem its entire share position in a Fund and request that such redemption be met in kind in accordance with the Fund's redemption in kind policies described below under "Exchanging and Redeeming Shares." For the use of the ReFlow Liquidity Program, a Fund pays a fee to ReFlow each time ReFlow purchases Fund shares, calculated by applying to the purchase amount a fee rate determined through an automated daily auction among funds participating in the ReFlow Liquidity Program. The current minimum fee rate is 0.14% of the value of the Fund shares purchased by ReFlow although a Fund may submit a bid at a higher fee rate if it determines that doing so is in the best interest of the Fund. ReFlow's purchases of Fund shares through the ReFlow Liquidity Program are made on an investment-blind basis without regard to the Fund's investment objective, policies, or anticipated performance. ReFlow purchases are not subject to any investment minimum applicable to such shares. ReFlow is under no obligation to purchase Fund shares. In accordance with federal securities laws, ReFlow is prohibited from acquiring more than 3% of the outstanding voting securities of a Fund. The Funds' investment manager believes that the ReFlow Liquidity Program may assist in stabilizing a Fund's net assets to the benefit of the Fund and its shareholders. To the extent a Fund's net assets do not decline, the investment adviser and subadvisers may also benefit.

**Portfolio Turnover.** Parametric believes that a passive portfolio management strategy, combined with tax management techniques, provides the best opportunity for optimal after-tax total return. Parametric also believes that passive portfolio management will limit the International Fund's and Core Equity Fund's portfolio turnover rate to a lower level than if each Fund were completely actively managed. Although the Core Equity Fund's and the International Fund's passively-managed allocation do not purchase or sell securities for short-term profits, each Fund will sell portfolio securities without regard to the amount of time they have been held whenever such action seems advisable.

Although the Select Equity Fund, Tax-Exempt Bond Fund, and the actively-managed portions of the Core Equity Fund and International Fund do not generally purchase or sell securities for short-term profits, any of the Funds may engage in active and frequent trading to achieve its principal investment strategies. Frequent trading increases transaction costs, which could decrease a Fund's performance, and may result in increased net short-term capital gains, distributions that are taxable to shareholders as ordinary income.

**Temporary Defensive Investments.** When in the judgment of its subadvisers, adverse market conditions warrant, each Fund may adopt a temporary defensive position by investing up to 100% of its assets in cash and cash equivalents. If a Fund takes a temporary defensive position, it may be unable to achieve its investment goal.

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**Portfolio Holdings.** A description of the Funds' policies and procedures with respect to the disclosure of the Funds' portfolio securities is available in the Funds' Statement of Additional Information ("SAI").

**Lending of Portfolio Securities.** Core Equity Fund, Select Equity Fund and International Fund may earn additional income by lending portfolio securities to brokers/dealers that are members of the New securities to broker/dealers that are members of the New York Stock Exchange (the "NYSE") and other financial institutions under agreements which require that the loans be secured continuously by collateral in cash, cash equivalents or U.S. Treasury bills maintained on a current basis at an amount at least equal to the market value of the securities loaned. However, at no time will the value of securities loaned by any Fund exceed 33 1/3% of such Fund's total assets. A Fund will continue to receive the equivalent of the interest or dividends paid by the issuer on the securities loaned and also will receive compensation based on investment of the collateral. A Fund will not, however, have the right to vote any securities having voting rights during the existence of the loan, but will attempt to call the loan in anticipation of an important vote to be taken among holders of the securities or of an opportunity to give or withhold consent on a material matter affecting the investment.

**Cybersecurity Risk**. The Funds may be susceptible to operational and information security risks resulting from cyber-attacks. Cyber-attacks include, among others, stealing or corrupting confidential information and other data that is maintained online or digitally for financial gain, denial-of-service attacks on websites causing operational disruption, and the unauthorized release of confidential information and other data. Cyber-attacks have the ability to cause significant disruptions and impact business operations; to result in financial losses; to prevent shareholders from transacting business; to interfere with a Fund's calculation of NAV; and to lead to violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage, reimbursement or other compensation costs and/or additional compliance costs. Cyber-attacks affecting a Fund, CMC, a subadviser, or its custodian, transfer agent, or other third-party service providers may adversely impact a Fund and its shareholders.

**Banking Sector Risk.** U.S. and global markets recently have experienced increased volatility, including as a result of the recent failures of certain U.S. and non-U.S. banks, which could be harmful to the Funds and issuers in which they invest. For example, if a bank in which a Fund or issuer has an account fails, any cash or other assets in bank accounts may be temporarily inaccessible or permanently lost by the Fund or issuer. If a bank that provides a subscription line credit facility, asset-based facility, other credit facility and/or other services to an issuer fails, the issuer could be unable to draw funds under its credit facilities or obtain replacement credit facilities or other services from other lending institutions with similar terms. Even if banks used by issuers in which the Funds invest remain solvent, continued volatility in the banking sector could cause or intensify an economic recession, increase the costs of banking services or result in the issuers being unable to obtain or refinance indebtedness at all or on as favorable terms as could otherwise have been obtained. Conditions in the banking sector are evolving, and the scope of any potential impacts to the Funds and issuers, both from market conditions and also potential legislative or regulatory responses, are uncertain. Continued market volatility and uncertainty and/or a downturn in market and economic and financial conditions, as a result of developments in the banking industry or otherwise (including as a result of delayed access to cash or credit facilities), could have an adverse impact on the Funds and issuers in which they invest.

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#### Management

#### Management Services and Fees
Clearwater Management Co., Inc. ("CMC") serves as the Funds' investment manager. CMC is a privately owned registered investment adviser. The investment manager has been in the investment management business since 1987. Its address is 30 East Seventh Street, Suite 2000, St. Paul, Minnesota 55101. Clearwater Investment Trust (the "Trust") and CMC have received an exemptive order from the Commission permitting CMC, subject to the approval of the Board of Trustees of the Trust, to select subadvisers to serve as portfolio managers of the Funds or to materially modify an existing subadvisory contract without obtaining shareholder approval of a new or amended subadvisory contract. CMC has ultimate responsibility to oversee and to recommend the hiring, termination and replacement of any subadviser. As a result, CMC selects and supervises subadvisers for the Funds and administers the Funds' business operations. Under its management contract with each Fund, CMC is also responsible for paying directly or reimbursing the Funds for all direct expenses other than commissions and other direct charges relating to the purchase and sale of portfolio securities and other assets, taxes, interest and extraordinary expenses, including without limitation, litigation expenses. For these services for the fiscal year ended December 31, 2025, CMC was contractually entitled to receive a fee from the Core Equity Fund, the Select Equity Fund, the Tax-Exempt Bond Fund and the International Fund equal to 0.90%, 1.35%, 0.60% and 1.00%, respectively, of each Fund's average daily net assets.

For the fiscal year ended December 31, 2025, CMC received a fee, after waivers, from the Core Equity Fund, the Select Equity Fund, the Tax-Exempt Bond Fund and the International Fund equal to 0.21%, 0.80%, 0.28% and 0.76%, respectively, of each Fund's average daily net assets.

Effective July 1, 2025, CMC has voluntarily agreed to waive a portion of the management fee for the Core Equity Fund and Tax-Exempt Bond Fund to achieve an effective management fee rate equal to 0.21% and 0.28%, respectively, of each Fund's average daily net assets. Effective April 1, 2026, CMC has voluntarily agreed to waive a portion of the management fee for the Select Equity Fund and International Fund to achieve an effective management fee rate equal to 0.79% and 0.75%, respectively, of each Fund's average daily net assets. It is CMC's current intent to continue these fee reductions indefinitely. Nonetheless, the investment manager may terminate any voluntary fee reduction at any time.

A discussion regarding the basis for the Board of Trustees' approval of the management contract with CMC and each subadvisory contract, as applicable, is included in the Trust's Form N-CSR for the fiscal year ended December 31, 2025. William Driscoll is CMC's Chairman, President and Treasurer.

CMC has engaged Parametric as a subadviser to select investments for a portion of the Core Equity Fund, a portion of the Select Equity Fund and a portion of the International Fund. Parametric is a wholly-owned subsidiary of Morgan Stanley, a publicly held company that is traded on the New York Stock Exchange under the ticker symbol MS. Parametric is a part of the asset management division of Morgan Stanley, Morgan Stanley Investment Management, with approximately $1.7 trillion in assets under management as of December 31, 2025. As of December 31, 2025, Parametric had approximately $684 billion in assets under management. Parametric is owned directly by Eaton Vance Acquisitions LLC, a privately held subsidiary of Morgan Stanley. Parametric is located at 800 Fifth Avenue, Suite 2800, Seattle, Washington 98104.

CMC has engaged Cooke & Bieler, L.P. ("Cooke & Bieler") as a subadviser to select investments for the Select Equity Fund. Cooke & Bieler is a registered investment adviser under the Advisers Act. Cooke & Bieler was organized in 2001 as a limited partnership under the laws of the Commonwealth of Pennsylvania. Cooke & Bieler's address is Two Commerce Square, 2001 Market Street, Suite 4000, Philadelphia, PA 19103. As of December 31, 2025, Cooke & Bieler had approximately $10.6 billion in assets under management.

CMC has engaged Rice Hall James & Associates, LLC ("RHJ") as a subadviser to select investments for a portion of the Select Equity Fund. RHJ is a privately owned Delaware limited liability company and is a registered investment adviser under the Advisers Act. RHJ's address is 600 West Broadway, Suite 1000, San

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Diego, California 92101. As of December 31, 2025, RHJ had approximately $1.7 billion in assets under management.

CMC has engaged MacKay Shields as a subadviser to select investments for a portion of the Tax-Exempt Bond Fund. MacKay Shields is 100% owned by New York Life Investment Management Holdings LLC, which is wholly owned by New York Life Insurance Company, and is a registered investment adviser under the Advisers Act. MacKay Shields' address is 299 Park Avenue, New York, New York 10171. As of December 31, 2025, MacKay Shields had approximately $158.9 billion in assets under management.

CMC has engaged Sit Fixed Income Advisors II, LLC ("Sit"), a subsidiary of Sit Investment Associates, Inc., as subadviser to select investments for a portion of the Tax-Exempt Bond Fund. Sit, which is organized under the laws of the State of Minnesota and is registered under the Advisers Act, devotes its time to investment counseling and provides advice, management and other services to investors and accounts, including other mutual funds. Sit's address is 3300 IDS Center, 80 South Eighth Street, Minneapolis, Minnesota 55402-4130. As of December 31, 2025, Sit had approximately $18.5 billion in assets under management.

CMC has engaged Artisan Partners Limited Partnership ("Artisan Partners") as a subadviser to select investments for a portion of the International Fund. Artisan Partners is a limited partnership organized under the laws of Delaware. Artisan Partners is managed by its general partner, Artisan Investments GP LLC, a Delaware limited liability company wholly owned by Artisan Partners Holdings LP, a limited partnership organized under the laws of Delaware whose sole general partner is Artisan Partners Asset Management Inc. ("APAM"), a publicly-traded Delaware corporation. Artisan Partners was founded in March 2009 and succeeded to the investment management business of Artisan Partners Holdings LP during 2009. Artisan Partners Holdings LP was founded in December 1994 and began providing investment management services in March 1995. The principal address of Artisan Partners is 875 East Wisconsin Avenue, Suite 800, Milwaukee, Wisconsin 53202. As of December 31, 2025, Artisan Partners had approximately $180 billion in assets under management.

CMC has engaged AQR Capital Management, LLC ("AQR") as a subadviser to select investments for a portion of the Core Equity Fund. AQR is a registered investment adviser under the Advisers Act. AQR is a Delaware limited liability company formed in 1998. As of December 31, 2025, AQR had approximately $187.3 billion in assets under management. AQR's address is One Greenwich Plaza, Suite 130, Greenwich, CT 06830.

CMC has engaged WCM Investment Management, LLC ("WCM") as a subadviser to select investments for a portion of the International Fund. WCM is a Delaware limited liability company founded in 1976 and has been registered with the Commission as an investment adviser under the Advisers Act since 1976. Kurt Winrich, Chairman, and Paul Black, co-CEO, are deemed to be control persons of WCM by virtue of each holding greater than 25% of the aggregate ownership of WCM. WCM is located at 281 Brooks Street, Laguna Beach, California 92651-2974. As of December 31, 2025, WCM had approximately $117.3 billion in assets under management.

CMC has engaged Acadian as a subadviser to select investments for the Select Equity Fund. Acadian is a wholly-owned subsidiary of U.S.-based Acadian Asset Management, Inc. (formerly known as BrightSphere Investment Group, Inc.), a Delaware corporation publicly listed on the NYSE, and is a registered investment adviser under the Advisers Act. Acadian's address is 260 Franklin Street, Boston, MA 02110. As of December 31, 2025, Acadian had approximately $177.4 billion in assets under management.

CMC has engaged Fiduciary Counselling, Inc. ("FCI") as a subadviser for each Fund. FCI is a registered investment adviser under the Advisers Act, with its principal executive office located at 30 East 7th Street, Suite 2000, St. Paul, Minnesota 55101-4930. FCI was founded in 1941, and provides discretionary and nondiscretionary investment services consistent with the individual needs and objectives of each client account. FCI provides the Fund with the following investment-related services: investment strategy advice, manager recommendations and related duties as requested by CMC. FCI also provides certain services related to due diligence, performance reporting, compliance, and other administrative functions, which support the investment management services and subadviser oversight services provided to the Trust by CMC.

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#### The Portfolio Managers
The portfolio managers are primarily responsible for the day-to-day operation of the Funds indicated beside their names.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Subadviser** | **Portfolio Manager** | **Since** | **Past 5 years' business experience** |
| Core Equity Fund | Parametric | Xiaozhen Li, PhD, CFA | 2017 | Xiaozhen Li is supervisor for Parametric's Private Client Direct Group that manages US, developed non-US, and global Custom Core<sup>®</sup> portfolios, primarily serving Parametric's wealth management, family office, and institutional client base. She has been with the company since 2000. She earned a Ph.D. in economics and an M.S. in physics from the University of Washington. |
| Core Equity Fund | Parametric | Gordon Wotherspoon | 2024 | Gordon Wotherspoon is currently Managing Director, Advisor Channel Portfolio management for Parametric and is responsible for overseeing portfolio management of Parametric's Custom Core<sup>®</sup> Equity product for Parametric's brokerage and bank-sponsored channels. He has been with Parametric since 2004. He earned an M.B.A. and a B.S. in economics from the University of Washington. |
| Core Equity Fund | AQR | Clifford S. Asness | 2015 | Clifford S. Asness, Ph.D., M.B.A., is the Managing and Founding Principal of AQR. Dr. Asness cofounded AQR in 1998 and serves as its chief investment officer. He earned a B.S. in economics from the Wharton School and a B.S. in engineering from the Moore School of Electrical Engineering at the University of Pennsylvania, as well as an M.B.A. and a Ph.D. in finance from the University of Chicago. |
| Core Equity Fund | AQR | Michele L. Aghassi | 2020 | Michele L. Aghassi, Ph.D., is a Principal of AQR. Dr. Aghassi joined AQR in 2005 and serves as a portfolio manager for the firm's equity strategies. Dr. Aghassi earned a B.Sc. in applied mathematics from Brown University and a Ph.D. in operations research from the Massachusetts Institute of Technology. |
| Core Equity Fund | AQR | John J. Huss | 2022 | John J. Huss is a Principal of AQR. Mr. Huss rejoined AQR in 2013 and is the Co-Head of Global Stock Selection. Mr. Huss earned an S.B. in mathematics from the Massachusetts Institute of Technology. |
| Core Equity Fund | AQR | Nathan Sosner | 2022 | Nathan Sosner, Ph.D., is a Principal of AQR. Dr. Sosner joined AQR in 2015 and is Head of the Specialized Investments Group, which focuses on situations where laws and regulations have meaningful effects on trading decisions, portfolio design and the choice of investment vehicles. Dr. Sosner earned a B.A. and M.A. in economics from Tel Aviv University and a Ph.D. in economics from Harvard University. |
| Core Equity Fund | AQR | Laura Serban | 2024 | Laura Serban, Ph.D., is a Principal of AQR. Dr. Serban joined AQR in 2011 and is the Co-Head of Global Stock Selection. She earned a B.A. in applied mathematics and economics, an S.M. in computer science and a Ph.D. in business economics, all from Harvard University. |
| Select Equity Fund | Cooke & Bieler | Steve Lyons, CFA | 2025 | Steve Lyons, CFA, is a Partner and Analyst/Portfolio Manager. Steve Lyons earned a BS in Finance with honors from Arizona State University. Steve worked in the investment services industry, specializing in private equity and business valuation before receiving his MBA from the University of Chicago. After working as a summer intern, Steve joined Cooke & Bieler in 2006. |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Subadviser** | **Portfolio Manager** | **Since** | **Past 5 years' business experience** |
| Select Equity Fund | Cooke & Bieler | Michael M. Meyer,<br>CFA | 2017 | Michael Meyer, CFA, is a Partner and Analyst/Portfolio Manager. Michael Meyer earned his undergraduate degree in Economics from Davidson College, graduating with distinction. In 1993, following four years at Sterling Capital Management as an equity analyst and head equity trader, Michael Meyer earned his M.B.A. in Finance from the Wharton School of Business and joined Cooke & Bieler. |
| Select Equity Fund | Cooke & Bieler | Edward W. O'Connor, CFA | 2017 | Edward O'Connor, CFA, is a Partner and Analyst/Portfolio Manager. Edward O'Connor graduated with honors in Economics and Philosophy from Colgate University. He served as a U.S. diplomat in Cuba and Guatemala prior to receiving his M.B.A. with concentrations in Finance and International Business in 1999 from the University of Chicago. He then joined Cambiar Investors where he worked as an equity analyst and portfolio manager until 2001. Edward O'Connor joined Cooke & Bieler in 2002. |
| Select Equity Fund | Cooke & Bieler | R. James O'Neil, CFA | 2017 | R. James O'Neil, CFA, is a Partner and Analyst/Portfolio Manager. R. James O'Neil received his undergraduate degree in Economics from Colby College, graduating with distinction. He was an Investment Officer in the Capital Markets Department at Mellon Bank for three years before entering Harvard Business School to earn his M.B.A. R. James O'Neil joined Cooke & Bieler in 1988. |
| Select Equity Fund | Cooke & Bieler | Mehul Trivedi, CFA | 2017 | Mehul Trivedi, CFA, is a Partner and Analyst/Portfolio Manager. Mehul Trivedi graduated magna cum laude with dual degrees in both Economics (with concentrations in Finance and Statistics) and International Relations from the University of Pennsylvania. After working as a fixed-income analyst at Blackrock Financial Management and then as a product manager at PNC Asset Management, Mehul Trivedi earned his M.B.A. from the Wharton School of Business, joining Cooke & Bieler in 1998. |
| Select Equity Fund | Cooke & Bieler | William Weber, CFA | 2017 | William Weber, CFA, is a Partner and Analyst/Portfolio Manager. William. Weber graduated magna cum laude from Villanova University in 2002 with dual degrees in Finance and English. He then worked at Cooke & Bieler for six years in various roles including marketing, operations and research support, before earning his M.B.A. with honors from the University of Chicago Booth School of Business in 2010. While at Booth, William Weber interned at T. Rowe Price Associates as an equity research analyst. William Weber returned to Cooke & Bieler in 2010. |
| Select Equity Fund | Cooke & Bieler | Cathy Zhu | 2026 | Cathy Zhu, is an Analyst/Portfolio Manager. Cathy earned her undergraduate degrees in Statistics and Quantitative Modeling from Baruch College as a Macaulay Honors Scholar. She began her career at WeWork in Indirect Tax, rising to Lead, before earning her MBA at the Tuck School of Business at Dartmouth. She joined Cooke & Bieler as a Summer Equity Research Associate in 2024 and returned in 2025 as an Analyst/Portfolio Manager upon her graduation. |
| Select Equity Fund | Parametric | Xiaozhen Li, PhD, CFA | 2020 | Xiaozhen Li is supervisor for Parametric's Private Client Direct Group that manages US, developed non-US, and global Custom Core<sup>®</sup> portfolios, primarily serving Parametric's wealth management, family office, and institutional client base. She has been with the company since 2000. She earned a Ph.D. in economics and an M.S. in physics from the University of Washington. |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Subadviser** | **Portfolio Manager** | **Since** | **Past 5 years' business experience** |
| Select Equity Fund | Parametric | Gordon Wotherspoon | 2024 | Gordon Wotherspoon is currently Managing Director, Advisor Channel Portfolio management for Parametric and is responsible for overseeing portfolio management of Parametric's Custom Core<sup>®</sup> Equity product for Parametric's brokerage and bank-sponsored channels. He has been with Parametric since 2004. He earned an M.B.A. and a B.S. in economics from the University of Washington. |
| Select Equity Fund | RHJ | Louis M. Holtz, CFA | 2021 | Mr. Holtz is Chief Investment Officer and a Portfolio Manager and Analyst with RHJ and manages the Micro, Small and SMID Opportunities strategies. He joined the firm in 2008. |
| Select Equity Fund | RHJ | Yossi Lipsker, CFA | 2021 | Mr. Lipsker is a Portfolio Manager and Analyst with RHJ and manages the Micro, Small and SMID Opportunities strategies. He joined the firm in 2008. |
| Select Equity Fund | Acadian | Brendan Bradley, Ph.D. | 2024 | Executive Vice President, Chief Investment Officer of Acadian. Mr. Bradley joined Acadian in 2004 and is the firm's Chief Investment Officer. He previously served as Director of Portfolio Management, overseeing portfolio management policy, and also as the Director of Acadian's Managed Volatility strategies. Mr. Bradley is a member of several oversight committees at Acadian, including the Board of Managers, Executive Management Team, Executive Committee, and Responsible Investing Committee. Prior to Acadian, he was a vice president at Upstream Technologies, where he designed and implemented investment management systems and strategies. His professional background also includes work as a research analyst and consultant at Samuelson Portfolio Strategies. Mr. Bradley earned a Ph.D. in applied mathematics from Boston University and a B.A. in physics from Boston College. |
| Select Equity Fund | Acadian | Fanesca Young, Ph.D., CFA | 2024 | Senior Vice President, Director, Equity Portfolio Management of Acadian. Ms. Young is a member of the firm's Senior Investment Leadership Team and helps to oversee and direct investment and research processes used by Acadian and the individuals that implement those processes. Prior to joining Acadian, she led the Global Systematic Equities team at GIC and is responsible for the management of long-only, active extension, and absolute return equity strategies. Prior to joining GIC, she was a Principal at Los Angeles Capital Management and served as Managing Director and Director of Quantitative Research, where she oversaw the firm's proprietary stock selection model and supervised the execution of technical methodologies in the firm's strategies. Ms. Young has served on several editorial boards, including the Financial Analyst Journal and the Journal of Systematic Investing, and has published applied research in industry journals. She earned a Ph.D. in statistics from Columbia University and an M.Phil. and an M.A. in statistics from Columbia University. She also holds a B.A. in mathematics from the University of Virginia. Ms. Young is a CFA charterholder. |
| Tax-Exempt Bond Fund | MacKay Shields | Robert DiMella, CFA | 2023 | Robert DiMella, CFA, is a Senior Portfolio Manager, an Executive Managing Director of MacKay Shields, and a Co-Head of MacKay Municipal Managers. Robert joined MacKay Shields in July 2009 when the firm acquired the assets of Mariner Municipal Managers LLC. He was the President and co-founder of Mariner Municipal Managers from 2007 to 2009. He has been a municipal portfolio manager since 1992, with a broad range of trading and portfolio management experience in the municipal |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Subadviser** | **Portfolio Manager** | **Since** | **Past 5 years' business experience** |
|  |  |  |  | markets. Robert was a Managing Director and Co-Head of BlackRock's Municipal Portfolio Management Group (from 2006 to 2007). Prior to BlackRock's merger with Merrill Lynch Investment Managers, he served as a Senior Portfolio Manager and Managing Director of the Municipal Products Group. He was employed by Merrill Lynch from 1993 to 2006. Robert is a member of the firm's Senior Leadership Team. He earned his M.S. at Rutgers University Business School and a B.S. in Finance at the University of Connecticut. He is a CFA Charterholder. |
| Tax-Exempt Bond Fund | MacKay Shields | David Dowden | 2023 | David Dowden is a Senior Portfolio Manager and Managing Director of MacKay Shields. Mr. Dowden joined MacKay Shields in 2009. Before joining the firm, he was Chief Investment Officer at Financial Guaranty Insurance Company. Mr. Dowden was previously with Alliance Capital Management as a Senior Portfolio Manager and at Merrill Lynch & Co. as a Municipal Strategist. Mr. Dowden has an A.B. from Brown University and an M.B.A. from Columbia University. He has been in the investment management industry since 1989. |
| Tax-Exempt Bond Fund | MacKay Shields | Michael Denlinger,<br>CFA | 2023 | Michael Denlinger is a Portfolio Manager, Trader, and Managing Director of MacKay Shields. Mr. Denlinger joined MacKay Shields in 2019. Before joining the firm, he was an institutional municipal credit trader at Bank of America Merrill Lynch with a primary focus on taxable and healthcare securities. Prior to trading credit, he was a high grade municipal trader. He started at Bank of America Merrill Lynch in 2014. Mr. Denlinger earned a B.S. in Economics from Johns Hopkins University in 2014. He is a CFA Charterholder. He has been in the financial services industry since 2014. |
| Tax-Exempt Bond Fund | MacKay Shields | Michael Petty | 2023 | Michael Petty is a Portfolio Manager, Trader and Senior Managing Director of MacKay Shields. Mr. Petty joined MacKay Shields in July 2009. Before joining the firm, he was a Portfolio Manager for Mariner Municipal Managers. He has been a municipal bond portfolio manager since 1992, and has worked in the municipal products market since 1985. Mike has a broad array of trading, portfolio management, and sales experience. Prior to joining Mariner Municipal Managers, he was a Senior Portfolio Manager at Dreyfus Corporation from 1997 to 2009. From 1992 to 1997, he served as a Portfolio Manager for Merrill Lynch Investment Managers. Mike graduated from Hobart College with a B.S. in Mathematics and Economics. |
| Tax-Exempt Bond Fund | MacKay<br> Shields | Matthew Hage | 2024 | Matthew Hage joined MacKay Shields in 2024 as a trader and Portfolio Manager with a primary focus on the investment-grade component of the market.<br>Previously, he was a senior underwriter and institutional trader at both Citigroup and Bank of America Merrill Lynch. He has worked in the financial services industry since 2011. Prior to his municipal career, Matthew served on active duty in the United States Navy. He held various operations linked positions and ultimately was honorably discharged after achieving the rank of Lieutenant. Matthew earned a B.S. in Economics from the United States Naval Academy and an M.B.A. from the University of Maryland Business School. |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Subadviser** | **Portfolio Manager** | **Since** | **Past 5 years' business experience** |
| Tax-Exempt Bond Fund | Sit | Paul J. Jungquist, CFA, CPA | 1999 | Senior Vice President of Sit Fixed Income since August 2016, and Vice President of Sit Fixed Income since 1997. |
| Tax-Exempt Bond Fund | Sit | Todd S. Emerson, CFA | 2019 | Vice President of Sit Fixed Income since 2014, and Research Analyst with Sit Fixed Income since 2006. |
| Tax-Exempt Bond Fund | Sit | Kevin P. O'Brien, CFA | 2019 | Vice President of Sit Fixed Income since 2018, and Municipal Bond Trader and Research Analyst with Sit Fixed Income since 2008. |
| Tax-Exempt Bond Fund | Sit | Michael C. Hubbard, CFA | 2024 | Vice President of Sit Fixed Income since 2020, and Research Analyst with Sit Fixed Income since 2011. |
| International Fund | Parametric | Xiaozhen Li, PhD,<br>CFA | 2017 | Xiaozhen Li is supervisor for Parametric's Private Client Direct Group that manages US, developed non-US, and global Custom Core<sup>®</sup> portfolios, primarily serving Parametric's wealth management, family office, and institutional client base. She has been with the company since 2000. She earned a Ph.D. in economics and an M.S. in physics from the University of Washington. |
| International Fund | Parametric | Gordon<br>Wotherspoon | 2024 | Gordon Wotherspoon is currently Managing Director, Advisor Channel Portfolio management for Parametric and is responsible for overseeing portfolio management of Parametric's Custom Core<sup>®</sup> Equity product for Parametric's brokerage and bank-sponsored channels. He has been with Parametric since 2004. He earned an M.B.A. and a B.S. in economics from the University of Washington. |
| International Fund | Artisan<br> Partners | N. David Samra | 2009 | David Samra is a Managing Director of Artisan Partners. He joined Artisan Partners in May 2002. David Samra holds a B.S. degree from Bentley College and an M.B.A. from Columbia Business School. |
| International Fund | Artisan<br> Partners | Ian P. McGonigle,<br>CFA | 2018 | Ian P. McGonigle is a Managing Director of Artisan Partners. He joined Artisan Partners in June 2009 as an analyst. Prior to becoming portfolio manager in February 2026, Ian P. McGonigle had served as co-portfolio manager from October 2018 until February 2026; prior thereto he had served as an associate portfolio manager since November 2015. Ian P. McGonigle holds a bachelor's degree in Business from Franklin & Marshall College. |
| International Fund | Artisan<br> Partners | Benjamin L.<br>Herrick, CFA<sup>1</sup> | 2022 | Benjamin L. Herrick joined Artisan Partners in December 2015 as an analyst and became an associate portfolio manager in July 2022. Benjamin L. Herrick holds a bachelor's degree in economics from Claremont McKenna College and a master's degree in business administration from UCLA Anderson School of Management. |
| International Fund | Artisan Partners | Beini Zhou, CFA | 2025 | Mr. Zhou, CFA, has served as a co-portfolio manager for Artisan Partners since 2020. Prior to returning to Artisan Partners in 2020, he was a portfolio manager at Matthews Asia. Mr. Zhou holds a B.A. in Applied Mathematics from Harvard College and a M.S. in Computer Science from the University of California-Berkeley. |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Subadviser** | **Portfolio Manager** | **Since** | **Past 5 years' business experience** |
| International Fund | Artisan Partners | Anand Vasagiri | 2025 | Mr. Vasagiri has served as a co-portfolio manager of Artisan Partners since 2020. Prior to returning to Artisan Partners in 2020, Mr. Vasagiri was co-head and portfolio manager at Paradice Investment Management from 2010 to 2019. Mr. Vasagiri holds a B.E. in Mechanical Engineering from M.N. National Institute of Technology, India, an M.I.M from the Thunderbird School of Global Management (ASU), and an M.B.A. from The University of Chicago Booth School of Business. |
| International Fund | WCM | Paul Black | 2012 | Co-CEO of WCM and Portfolio Manager. He joined WCM in 1989. |
| International Fund | WCM | Mike Trigg | 2012 | President and Co-CEO of WCM and Portfolio Manager. He joined WCM in 2006. |
| International Fund | WCM | Sanjay Ayer, CFA | 2019 | Portfolio Manager and Business Analyst at WCM. He joined WCM in 2007. |
| International Fund | WCM | Greg Ise, CFA | 2019 | Portfolio Manager and Business Analyst at WCM. He joined WCM in 2014. Prior to joining WCM, Greg Ise was a Senior International Research Analyst at Rainier Investment Management. |
| International Fund | WCM | Jon Tringale | 2022 | Portfolio Manager at WCM. He joined WCM in 2015. |

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1 Mr. Herrick does not have direct management responsibilities or final decision making authority with respect to the International Fund's investments.

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

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#### Buying Shares

#### Investment Minimums
Initial and subsequent investments in any Fund must be at least $1,000. The minimum investment requirement is waived for the ReFlow Liquidity Program.

#### Buying Shares by Mail
*Initial Purchases* 

• For initial purchases of any Fund's shares, complete the Purchase Order and Account Application and send it with your check to The Northern Trust Company, the Funds' transfer agent. If you need additional copies, call (855) 684-9144.

• Send a completed purchase application together with a check for the amount of the investment to:

Clearwater Investment Trust Funds (specify fund)

c/o The Northern Trust Company

P.O. Box 4766

Chicago, IL 60680-4766

• Checks drawn on foreign banks must be payable in U.S. dollars and have the routing number of the U.S. bank encoded on the check.

*Subsequent Purchases* 

• Send a check for the amount of the subsequent purchase by mail directly to the transfer agent at the address above.

• Be sure to include your Fund and account number on checks for subsequent investments.

#### Exchanging and Redeeming Shares

#### Exchange Privilege
Contact The Northern Trust Company, the Funds' transfer agent, to exchange into other Clearwater Funds. An exchange of shares from one Fund to another is a taxable transaction.

• You may exchange shares only for shares of another Clearwater Fund.

• You must meet the minimum investment amount for each Fund unless you are exchanging into a Fund you already own.

• Your Fund may suspend or terminate your exchange privilege if you engage in an excessive pattern of exchanges.

*To learn more about the exchange privilege, contact The Northern Trust Company or consult the SAI.* 

#### Exchanging and Redeeming Shares by Phone
You may exchange or redeem shares by telephone. Redemption proceeds can be sent by check to your address of record. You may be asked to provide proper identification information. Telephone exchange and redemption requests may be made by calling the transfer agent at (855) 684-9144 between 8:00 a.m. and 6:00 p.m. Eastern Time on any business day; provided that orders received will be processed at the net asset value per share next determined after receipt of your request in good order. If telephone exchanges or redemptions are not available for any reason, you may use the Fund's exchange or redemption by mail procedure described elsewhere in this prospectus.

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#### Redemptions by Mail
You may redeem some or all of your shares by sending a written request to:

Clearwater Investment Trust

(specify fund)

P.O. Box 4766

Chicago, IL 60680-4766

The written request for redemption must be in good order. A request in good order means that you have provided the following information. Your request will not be processed without this information.

• Name of the Fund

• Account number

• Dollar amount or number of shares being redeemed

• Signature of each owner exactly as account is registered

Other documentation required by The Northern Trust Company may include, if applicable, endorsed share certificates.

#### Redemptions in Kind
Although the Funds generally expect to redeem shares in cash, each Fund may, in its discretion, effect redemptions in kind (i.e., pay redemption proceeds consisting of portfolio securities or other non-cash assets), subject to compliance with applicable regulations. The securities will be chosen by the Fund and valued using the same procedures as used in calculating the Fund's net asset value.

#### Redemption Payments
In all cases, your redemption price is the net asset value per share next determined after your request is received in good order. The Funds typically expect to pay redemption proceeds as follows: for proceeds by wire or through an intermediary, the Funds expect to settle and transfer the proceeds to the intermediary or a shareholder's account on the next business day following the receipt of a redemption request that is in proper form; however, if you recently purchased your shares by check, your redemption proceeds will not be sent to you until your original check clears. The Funds nevertheless reserve the right to pay redemption proceeds within up to seven days, as permitted by law.

Under normal market conditions, the Funds generally expect to meet redemption requests by using holdings of cash or cash equivalents. The Funds maintain cash reserves and CMC may arrange for the subadvisers to increase or decrease cash reserves in anticipation of redemption activity. The Funds may also utilize the ReFlow Liquidity Program, which is designed to provide an alternative liquidity source when a Fund experiences net redemptions of its shares. Under stressed market conditions, the Funds may be forced to sell securities in order to meet redemption requests, which may result in a Fund selling such securities at an inopportune time and/or for a price lower than the Fund would expect to receive under normal market conditions. While the Funds do not generally use redemptions in kind, the Funds reserve the right to use redemptions in kind to manage the impact of large redemptions and in the case of certain shareholders. See "Redemptions in Kind" and "ReFlow Liquidity Program" above for additional information.

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#### Frequent Purchases and Redemption of Fund Shares

#### Risks that Frequent Purchases and Redemptions May Present for Long-Term Shareholders
It is the position of the Funds that frequent purchases and redemptions (sometimes referred to as "round trips" or "market timing"), including exchanges, by certain shareholders may create additional risk for serious Fund investors. These risks include the potential dilution in value of Fund shares, interference with the efficient implementation of a Fund's investment strategy, increased brokerage and other trading costs, and increased administration costs. The Funds discourage frequent purchases and redemptions and encourage long-term investing.

#### Policies and Procedures with Respect to Frequent Purchases and Redemptions
The Funds' Board of Trustees has adopted policies and procedures with respect to frequent purchases and redemptions of Fund shares by Fund shareholders. The Funds' Board of Trustees discourages frequent purchases and redemption of Fund shares by Fund shareholders.

The Trust administers these market timing policies and procedures and considers suspicious behavior under such policies and procedures to be suspicious under its anti-money laundering policy. In administering these policies and procedures, the Funds do not discriminate regarding the method by which a share transaction is delivered to its transfer agent. To the extent possible, the Trust enforces these policies and procedures equally regardless of whether share transactions occur directly, through broker-dealers or other omnibus accounts. Pursuant to the Funds' policies and procedures, the Funds seek to detect and prevent frequent purchases and redemptions (including exchanges) primarily through the monitoring of share transactions. Generally, purchases and redemptions within five days of each other are deemed to be suspicious. Round trip transactions over a period greater than five days are not necessarily deemed to be innocent. The Funds do not specifically limit the number of round trips a shareholder may make in any given year, but do consider an excessive number of round trips to be detrimental to serious investors. The Funds specifically reserve the right to reject any purchase request for any reason and to suspend or terminate shareholders' exchange privileges if they engage in an excessive pattern of exchanges. In addition, as discussed below under "Other Things to Know About Share Transactions -Share Price," the Funds use fair value pricing to, among other things, reflect changes in value of a security if the investment manager determines that the closing market price on the primary exchange where the security is traded no longer accurately reflects the value of the security at the time the Fund calculates its net asset value. Fair value pricing results in an estimated price and may reduce the possibility that short-term traders could take advantage of potentially "stale" prices of portfolio holdings. However, it cannot eliminate the possibility of short-term trading and excessive exchange activities.

Where a shareholder can clearly demonstrate that a suspicious trade was in fact due to an innocent mistake, such as the innocent failure to anticipate a cash need, such mistake will not result in the termination of purchase or exchange privileges. However, these privileges will be terminated should the pattern of mistakes be such as to either appear suspicious regardless of explanation or have the potential to create the types of risks described above.

While the Funds use reasonable efforts to detect frequent trading activity, there can be no assurance that such efforts will be successful or that market timers will not employ tactics designed to evade detection. If unsuccessful, your return from an investment in a Fund may be adversely affected.

#### Other Things to Know About Share Transactions
Each Fund has the right to:

• Suspend the offering of shares

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• Waive or change minimum and additional investment amounts

• Reject any purchase or exchange order

• Change, revoke or suspend the exchange privilege

• Suspend telephone transactions

• Suspend or postpone redemptions of shares on any day when trading on the NYSE is restricted, or as otherwise permitted by the Commission

• Pay redemption proceeds consisting of portfolio securities or non-cash assets for redemptions of greater than $1 million

#### Small Account Balances
If your account falls below $1,000 because of redemption of Fund shares, the Fund may ask you to bring your account up to the minimum requirement. If your account is still below $1,000 after 30 days, the Fund may close your account and send you the redemption proceeds. The minimum account size requirement is waived for the ReFlow Liquidity Program.

#### Share Price
You may buy, exchange, or redeem shares at the net asset value per share next determined after receipt of your request in good order. Each Fund's net asset value per share is the value of its assets minus its liabilities divided by the total shares outstanding. Each Fund calculates its net asset value when regular trading closes on the NYSE (normally 4:00 p.m., Eastern Time) if such calculation is then required to properly process a purchase order, redemption request or exchange request for shares of the Fund. The NYSE is closed on weekends and certain holidays listed in the SAI.

The Funds generally value their portfolio securities based on market prices or quotations. When closing market prices or market quotations are not available or are considered by the investment manager to be unreliable for a security, the Fund values the security at its fair value. All methods of determining the value of a security used by the Fund on a basis other than market value are forms of fair value. All fair valuations of securities are made pursuant to procedures approved by the Board of Trustees. The use of fair value pricing by a Fund may cause the net asset value of its shares to differ from the net asset value that would be calculated only using market prices. The use of fair valuation involves the risk that the values used by a Fund to price its investments may be higher or lower than the values used by other unaffiliated investment companies and investors to price the same investments. For market prices and quotations, as well as for some fair value methods, the Funds rely upon securities prices provided by pricing vendors.

With respect to the Funds' investments that do not have readily available market prices or quotations, the Board of Trustees have designated CMC as the valuation designee to perform fair valuations pursuant to Rule 2a-5 under the Investment Company Act of 1940, as amended. The Funds use the fair value of a security, including a non-U.S. security, when the valuation designee determines that the closing market price on the primary exchange where the security is traded no longer accurately reflects the value of the security at the time the Fund calculates its net asset value. This may occur for a variety of reasons that affect either the relevant securities markets generally or the specific issuer. For example, with respect to non-U.S. securities held by a Fund, developments relating to specific events, the securities markets or the specific issuer may occur between the time the primary market closes and the time the Fund determines its net asset value. This may occur particularly with respect to certain foreign securities held by a Fund, in which case the Fund may use adjustment factors obtained from an independent evaluation service that are intended to reflect more accurately the value of those securities as of the time the Fund's net asset value is calculated. International securities markets may be open on days when the U.S. markets are closed. For this reason, the values of any international securities owned by a Fund could change on a day you cannot buy or sell shares of the Fund.

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The Funds may use a pricing matrix to determine the value of fixed income securities that do not trade daily. A pricing matrix is a means of valuing a debt security on the basis of current market prices for other debt securities and historical trading patterns in the market for fixed income securities. To the extent that a Fund invests in the shares of other registered open-end investment companies that are not traded on an exchange (mutual funds), such shares are valued at their published net asset values per share as reported by those investment companies.

In order to buy, redeem or exchange shares at that day's price, you must place your order with the transfer agent before the NYSE closes. If the NYSE closes early, you must place your order prior to the actual closing time. Otherwise, you will receive the next business day's price.

You may have difficulty contacting the Funds by telephone during times of market volatility or disruption in telephone service. On NYSE holidays or on days when the exchange closes early, the telephone center will adjust its hours accordingly. If you are unable to reach the Funds by telephone, you should communicate with the Funds in writing.

#### Household Delivery of Fund Documents
With your consent, the transfer agent of the Clearwater Investment Trust may send a single prospectus and shareholder report to your residence for you and any other member of your household who has an account with any of the Funds. If you wish to revoke your consent to this practice, you may do so by notifying the transfer agent by telephone or in writing. The transfer agent will begin providing or sending separate prospectuses and shareholder reports to you within 30 days after receiving your notice.

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#### Dividends, Distributions and Taxes
The Funds normally pay dividends and distribute capital gain, if any, as follows:

Annual distributions of income and capital gain are made at the end of the year in which the income or gain is realized, or the beginning of the next year.

The Core Equity Fund expects to make annual distributions primarily from dividends as well as some capital gain, the International Fund expects to make annual distributions primarily from dividends, and the Select Equity Fund expects to make annual distributions primarily from capital gain. The Funds may pay additional distributions and dividends at other times if necessary to avoid a U.S. federal income or excise tax.

The Tax-Exempt Bond Fund declares any dividends from net investment income daily and pays the dividends monthly. The Tax-Exempt Bond Fund intends to meet certain U.S. federal income tax requirements so that distributions of tax-exempt interest income will be treated as "exempt-interest dividends." These dividends are not subject to regular U.S. federal income tax. The Tax-Exempt Bond Fund may invest up to 20% of its assets in municipal securities that generate interest income subject to the alternative minimum tax for individuals. The Tax-Exempt Bond Fund expects that its distributions will consist primarily of exempt-interest dividends. The Tax-Exempt Bond Fund's exempt-interest dividends may be subject to state and local taxes. Any capital gains or income dividends, other than exempt-interest dividends, distributed by the Tax-Exempt Bond Fund will be taxable.

Capital gain distributions and dividends are reinvested in additional Fund shares. Alternatively, you can instruct the transfer agent to have your distributions and/or dividends paid in cash. You can change your choice at any time to be effective as of the next distribution or dividend, except that any change given to the transfer agent less than five days before the payment date will not be effective until the next distribution or dividend is made.

In general, redeeming and exchanging shares and receiving distributions other than exempt-interest dividends (whether in cash or additional shares) are all taxable events.

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| | |
|:---|:---|
| **Transaction** | **U.S. Federal Income Tax Status** |
| Redemption or exchange of shares | Usually capital gain or loss in an amount equal to the difference between the net amount of the redemption proceeds (or in the case of an exchange, the fair market value of the shares) that you receive and your tax basis for the shares you redeem or exchange; long-term only if shares owned more than one year |
| Long-term capital gain distributions | Long-term capital gain |
| Short-term capital gain distributions | Ordinary income |
| Taxable income dividends | Ordinary income or "qualified dividend income" |
| Exempt-interest dividends (Tax-Exempt Bond Fund only) | Exempt from regular U.S. federal income tax; may in some cases increase liability for alternative minimum tax for individuals |

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The Funds (or their administrative agents) are required to report to the IRS and furnish to shareholders the cost basis information for sale transactions of shares purchased on or after January 1, 2012. Shareholders may elect to have one of several cost basis methods applied to their account when calculating the cost basis of shares sold, including average cost, FIFO ("first-in, first-out") or some other specific identification method. Unless you instruct otherwise, the Funds will use average cost as their default cost basis method, and will treat sales as first

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coming from shares purchased prior to January 1, 2012. The cost basis method a shareholder elects may not be changed with respect to a redemption of shares after the settlement date of the redemption. Shareholders should consult with their tax advisors to determine the best cost basis method for their tax situation. Shareholders that hold their shares through a financial intermediary should contact such financial intermediary with respect to reporting of cost basis and available elections for their accounts.

If the Core Equity Fund, the Select Equity Fund, or the International Fund reports a dividend as "qualified dividend income" and certain other conditions are met by the Fund and the shareholder, including holding period requirements, such dividends are taxable to individual shareholders at a maximum U.S. federal income tax rate of either 15% or 20% (depending on whether the individual's income exceeds certain threshold amounts). The Tax-Exempt Bond Fund does not expect to pay any dividends that are "qualified dividend income."

Long-term capital gain distributions are taxable to you as long-term capital gain regardless of how long you have owned your shares. If you buy shares of a Fund before it makes a distribution, the distribution will be taxable to you even though it may actually be a return of a portion of your investment. This is known as "buying into a dividend."

Under current provisions of the Internal Revenue Code of 1986, as amended, the maximum individual rate applicable to long-term capital gains is 15% or 20%, depending on whether the individual's income exceeds certain threshold amounts. Fund distributions to noncorporate shareholders attributable to dividends received by the Funds from U.S. and certain qualified foreign corporations will generally be taxed at the preferential rates described above, as long as certain other requirements are met. For these lower rates to apply, the noncorporate shareholder must own the relevant Fund shares for at least 61 days during the 121-day period beginning 60 days before the Fund's ex-dividend date. The amount of a Fund's distributions that would otherwise qualify for this favorable tax treatment will be reduced as a result of a Fund's securities lending activities or high portfolio turnover rate.

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

After the end of each year, the Funds will provide you with information about the distributions and dividends that you received and any redemption of shares during the previous year. If you do not provide a Fund with your correct taxpayer identification number and any required certifications or if a Fund is otherwise legally required to do so, you may be subject to back-up withholding of 24% on your distributions, dividends and redemption proceeds. Because each shareholder's circumstances are different and special tax rules may apply, you should consult your tax advisor about your investment in a Fund.

The International Fund may be subject to withholding or other taxes imposed by foreign countries. Tax conventions between certain countries and the United States may reduce or eliminate such taxes. If the International Fund has more than 50% of its total assets invested in securities of foreign corporations at the end of its taxable year, it may make an election to treat a proportionate amount of eligible foreign taxes as constituting a taxable distribution to each shareholder, which would, subject to certain limitations, generally allow the shareholder to either: (i) credit that proportional amount of taxes against U.S. federal income tax liability as a foreign tax credit; or (ii) take that amount as an itemized deduction. If the International Fund makes this election, you will be notified and provided with sufficient information to calculate the amount you may deduct as foreign taxes paid or your foreign tax credit.

Shareholders other than U.S. persons may be subject to different U.S. federal income tax treatment, including withholding tax at the rate of 30% (or lower applicable treaty rate) on amounts treated as ordinary dividends from a Fund.

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#### Financial Highlights
The financial highlights tables are intended to help you understand the performance of each Fund for the periods shown. Certain information reflects financial results for a single share. Total return represents the rate that a shareholder would have earned (or lost) on a Fund share assuming reinvestment of all dividends and distributions. The following information has been derived from the Funds' financial statements, which have been audited by KPMG LLP, independent registered public accounting firm, whose report, along with the Funds' financial statements, are included in the Trust's Form N-CSR dated December 31, 2025 (available upon request and on the Funds' website at https://connect.rightprospectus.com/Clearwater).

#### CORE EQUITY FUND
Financial Highlights

Per share data (rounded to the nearest cent) for a share of capital stock outstanding throughout the years ended and selected information for each year ended is as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
| **Core Equity Fund** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of year | $86.13 | 69.31 | 55.93 | 68.01 | 55.11 |
|  Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.99 | 0.91 | 0.97 | 0.81 | 0.72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) | 15.72 | 16.84 | 13.40 | (12.06) | 14.36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 16.71 | 17.75 | 14.37 | (11.25) | 15.08 |
|  Less distributions to shareholders from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (1.02) | (0.90) | (0.99) | (0.76) | (0.69) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain |  |  |  | (0.07) | (1.49) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax return of capital |  | (0.03) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders: | (1.02) | (0.93) | (0.99) | (0.83) | (2.18) |
|  Net asset value, end of year | $101.82 | 86.13 | 69.31 | 55.93 | 68.01 |
|  Total return (a) | 19.40% | 25.57% | 25.71% | (16.58)% | 27.44% |
|  Net assets, end of year (000s omitted) | $1443710 | 1103261 | 871969 | 718170 | 879589 |
|  Ratio of expenses, net of waivers, to average net assets (b), (c), (d), (e), (f), (g), (h), (i), (j), (k), (l), (m) | 0.22% | 0.24% | 0.26% | 0.26% | 0.29% |
|  Ratio of expenses, before waivers, to average net assets (b), (c), (d), (e), (f), (g), (h), (i), (j), (k), (l), (m) | 0.90% | 0.90% | 0.90% | 0.90% | 0.90% |
|  Ratio of net investment income (loss), net of waivers, to average net assets (c), (d), (e), (f), (g), (h), (i), (j), (k), (l), (m) | 1.10% | 1.14% | 1.51% | 1.50% | 1.13% |
|  Ratio of net investment income (loss), before waivers, to average net assets (c), (d), (e), (f), (g), (h), (i), (j), (k), (l), (m) | 0.42% | 0.48% | 0.87% | 0.86% | 0.52% |
|  Portfolio turnover rate (excluding short-term securities) | 23.81% | 27.90% | 67.52% | 62.80% | 33.97% |

---

(a) Total return figures are based on the change in net asset value of a share during the year and assume reinvestment of distributions at net asset value.

(b) In addition to fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any acquired funds in which it invests. Such indirect expenses are not included in the above reported expense ratios and are excluded from the voluntary waivers reflected above and described in the below footnotes.

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(c) Effective July 1, 2025, the investment advisory fee, net of voluntary waivers, decreased to 0.21%. Also effective July 1, 2025, the Adviser increased the voluntary waiver to 0.69%.

(d) Effective April 1, 2025, the investment advisory fee, net of voluntary waivers, decreased to 0.22%. Also effective April 1, 2025, the Adviser increased the voluntary waiver to 0.68%.

(e) Effective October 1, 2024, the investment advisory fee, net of voluntary waivers, decreased to 0.23%. Also effective October 1, 2024, the Adviser increased the voluntary waiver to 0.67%.

(f) Effective April 1, 2024, the investment advisory fee, net of voluntary waivers, decreased to 0.24%. Also effective April 1, 2024, the Adviser increased the voluntary waiver to 0.66%.

(g) Effective January 1, 2024, the investment advisory fee, net of voluntary waivers, increased to 0.26%. Also effective January 1, 2024, the Adviser decreased the voluntary waiver to 0.64%.

(h) Effective April 1, 2023, the investment advisory fee, net of voluntary waivers, decreased to 0.25%. Also effective April 1, 2023, the Adviser increased the voluntary waiver to 0.65%.

(i) Effective January 1, 2023, the investment advisory fee, net of voluntary waivers, increased to 0.28%. Also effective January 1, 2023, the Adviser decreased the voluntary waiver to 0.62%.

(j) Effective July 1, 2022, the investment advisory fee, net of voluntary waivers, increased to 0.27%. Also effective July 1, 2022, the Adviser decreased the voluntary waiver to 0.63%.

(k) Effective April 1, 2022, the investment advisory fee, net of voluntary waivers, increased to 0.26%. Also effective April 1, 2022, the Adviser decreased the voluntary waiver to 0.64%.

(l) Effective October 1, 2021, the investment advisory fee, net of voluntary waivers, decreased to 0.25%. Also effective October 1, 2021, the Adviser increased the voluntary waiver to 0.65%.

(m) Effective April 1, 2021, the investment advisory fee, net of voluntary waivers, decreased to 0.30%. Also effective April 1, 2021, the Adviser increased the voluntary waiver to 0.60%.

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#### SELECT EQUITY FUND
Financial Highlights

Per share data (rounded to the nearest cent) for a share of capital stock outstanding throughout the years ended and selected information for each year ended is as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
| **Select Equity Fund** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of year | $19.81 | 18.01 | 15.08 | 19.76 | 20.09 |
|  Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.07 | 0.10 | 0.05 | 0.03 | 0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) | 0.75 | 1.70 | 2.96 | (4.37) | 2.20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.82 | 1.80 | 3.01 | (4.34) | 2.27 |
|  Less distributions to shareholders from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.18) |  | (0.08) |  | (0.06) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain |  |  |  | (0.34) | (2.54) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders: | (0.18) |  | (0.08) | (0.34) | (2.60) |
|  Net asset value, end of year | $20.45 | 19.81 | 18.01 | 15.08 | 19.76 |
|  Total return (a) | 4.14% | 10.00% | 19.97% | (22.01)% | 11.77% |
|  Net assets, end of year (000s omitted) | $451963 | 454278 | 427064 | 364947 | 534067 |
|  Ratio of expenses, net of waivers, to average net assets (b), (c), (d), (e), (f), (g), (h), (i), (j), (k), (l), (m) | 0.93% | 0.88% | 0.96% | 0.94% | 0.88% |
|  Ratio of expenses, before waivers, to average net assets (b), (c), (d), (e), (f), (g), (h), (i), (j), (k), (l), (m) | 1.35% | 1.35% | 1.35% | 1.35% | 1.35% |
|  Ratio of net investment income (loss), net of waivers, to average net assets (c), (d), (e), (f), (g), (h), (i), (j), (k), (l), (m) | 0.35% | 0.43% | 0.27% | 0.16% | 0.26% |
|  Ratio of net investment income (loss), before waivers, to average net assets (c), (d), (e), (f), (g), (h), (i), (j), (k), (l), (m) | (0.07)% | (0.04)% | (0.12)% | (0.25)% | (0.21)% |
|  Portfolio turnover rate (excluding short-term securities) | 183.49% | 125.13% | 50.13% | 55.76% | 109.01% |

---

(a) Total return figures are based on the change in net asset value of a share during the year and assume reinvestment of distributions at net asset value.

(b) In addition to fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any acquired funds in which it invests. Such indirect expenses are not included in the above reported expense ratios and are excluded from the voluntary waivers reflected above and described in the below footnotes.

(c) Effective July 1, 2025, the investment advisory fee, net of voluntary waivers, decreased to 0.93%. Also effective July 1, 2025, the Adviser increased the voluntary waiver to 0.42%.

(d) Effective April 1, 2025, the investment advisory fee, net of voluntary waivers, increased to 0.94%. Also effective April 1, 2025, the Adviser decreased the voluntary waiver to 0.41%.

(e) Effective January 1, 2025, the investment advisory fee, net of voluntary waivers, decreased to 0.92%. Also effective January 1, 2025, the Adviser increased the voluntary waiver to 0.43%.

(f) Effective October 1, 2024, the investment advisory fee, net of voluntary waivers, increased to 0.94%. Also effective October 1, 2024, the Adviser decreased the voluntary waiver to 0.41%.

(g) Effective April 1, 2024, the investment advisory fee, net of voluntary waivers, decreased to 0.82%. Also effective April 1, 2024, the Adviser increased the voluntary waiver to 0.53%.

(h) Effective January 1, 2024, the investment advisory fee, net of voluntary waivers, increased to 0.96%. Also effective January 1, 2024, the Adviser decreased the voluntary waiver to 0.40%.

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(i) Effective October 1, 2023, the investment advisory fee, net of voluntary waivers, decreased to 0.94%. Also effective October 1, 2023, the Adviser increased the voluntary waiver to 0.41%.

(j) Effective July 1, 2022, the investment advisory fee, net of voluntary waivers, increased to 0.97%. Also effective July 1, 2022, the Adviser decreased the voluntary waiver to 0.38%.

(k) Effective April 1, 2022, the investment advisory fee, net of voluntary waivers, increased to 0.93%. Also effective April 1, 2022, the Adviser decreased the voluntary waiver to 0.42%.

(l) Effective October 1, 2021, the investment advisory fee, net of voluntary waivers, increased to 0.89%. Also effective October 1, 2021, the Adviser decreased the voluntary waiver to 0.46%.

(m) Effective April 1, 2021, the investment advisory fee, net of voluntary waivers, decreased to 0.87%. Also effective April 1, 2021, the Adviser increased the voluntary waiver to 0.48%.

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#### TAX-EXEMPT BOND FUND
Financial Highlights

Per share data (rounded to the nearest cent) for a share of capital stock outstanding throughout the years ended and selected information for each year ended is as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
| **Tax-Exempt Bond Fund** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of year | $8.79 | 8.76 | 8.59 | 10.17 | 10.14 |
|  Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.38 | 0.39 | 0.38 | 0.34 | 0.36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) | 0.05 | 0.03 | 0.17 | (1.50) | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.43 | 0.42 | 0.55 | (1.16) | 0.39 |
|  Less distributions to shareholders from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.39) | (0.39) | (0.38) | (0.35) | (0.36) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain |  |  |  | (0.07) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax return of capital | (0.01) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders: | (0.40) | (0.39) | (0.38) | (0.42) | (0.36) |
|  Net asset value, end of year | $8.82 | 8.79 | 8.76 | 8.59 | 10.17 |
|  Total return (a) | 5.00% | 4.86% | 6.64% | (11.39)% | 3.89% |
|  Net assets, end of year (000s omitted) | $830398 | 755327 | 700464 | 565634 | 732494 |
|  Ratio of expenses, net of waivers, to average net assets (b), (c), (d), (e), (f), (g), (h), (i), (j) | 0.28% | 0.31% | 0.30% | 0.27% | 0.28% |
|  Ratio of expenses, before waivers, to average net assets (b), (c), (d), (e), (f), (g), (h), (i), (j) | 0.60% | 0.60% | 0.60% | 0.60% | 0.60% |
|  Ratio of net investment income (loss), net of waivers, to average net assets (c), (d), (e), (f), (g), (h), (i), (j) | 4.44% | 4.35% | 4.45% | 3.79% | 3.52% |
|  Ratio of net investment income (loss), before waivers, to average net assets (c), (d), (e), (f), (g), (h), (i), (j) | 4.12% | 4.06% | 4.15% | 3.46% | 3.20% |
|  Portfolio turnover rate (excluding short-term securities) | 24.96% | 23.55% | 47.10% | 29.22% | 16.91% |

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(a) Total return figures are based on the change in net asset value of a share during the year and assume reinvestment of distributions at net asset value.

(b) In addition to fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any acquired funds in which it invests. Such indirect expenses are not included in the above reported expense ratios and are excluded from the voluntary waivers reflected above and described in the below footnotes.

(c) Effective July 1, 2025, the investment advisory fee, net of voluntary waivers, decreased to 0.28%. Also effective July 1, 2025, the Adviser increased the voluntary waiver to 0.32%.

(d) Effective October 1, 2024, the investment advisory fee, net of voluntary waivers, decreased to 0.29%. Also effective October 1, 2024, the Adviser increased the voluntary waiver to 0.31%.

(e) Effective April 1, 2024, the investment advisory fee, net of voluntary waivers, decreased to 0.31%. Also effective April 1, 2024, the Adviser increased the voluntary waiver to 0.29%.

(f) Effective January 1, 2024, the investment advisory fee, net of voluntary waivers, increased to 0.32%. Also effective January 1, 2024, the Adviser decreased the voluntary waiver to 0.28%.

(g) Effective October 1, 2023, the investment advisory fee, net of voluntary waivers, increased to 0.31%. Also effective October 1, 2023, the Adviser decreased the voluntary waiver to 0.29%.

(h) Effective January 1, 2023, the investment advisory fee, net of voluntary waivers, increased to 0.29%. Also effective January 1, 2023, the Adviser decreased the voluntary waiver to 0.31%.

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(i) Effective July 1, 2022, the investment advisory fee, net of voluntary waivers, increased to 0.28%. Also effective July 1, 2022, the Adviser decreased the voluntary waiver to 0.32%.

(j) Effective October 1, 2021, the investment advisory fee, net of voluntary waivers, decreased to 0.27%. Also effective October 1, 2021, the Adviser increased the voluntary waiver to 0.33%.

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#### INTERNATIONAL FUND
Financial Highlights

Per share data (rounded to the nearest cent) for a share of capital stock outstanding throughout the years ended and selected information for each year ended is as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
| **International Fund** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of year | $19.57 | 19.64 | 16.81 | 21.14 | 20.16 |
|  Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.32 | 0.37 | 0.33 | 0.34 | 0.36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) | 4.00 | 0.74 | 2.96 | (4.45) | 2.68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 4.32 | 1.11 | 3.29 | (4.11) | 3.04 |
|  Less distributions to shareholders from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.45) | (0.47) | (0.46) | (0.16) | (0.42) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain | (1.90) | (0.71) |  | (0.06) | (1.64) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders: | (2.35) | (1.18) | (0.46) | (0.22) | (2.06) |
|  Net asset value, end of year | $21.54 | 19.57 | 19.64 | 16.81 | 21.14 |
|  Total return (a) | 22.21% | 5.45% | 19.66% | (19.45)% | 15.39% |
|  Net assets, end of year (000s omitted) | $1173849 | 1023473 | 1015382 | 878046 | 1090945 |
|  Ratio of expenses, net of waivers, to average net assets (b), (c), (d), (e), (f), (g), (h), (i), (j), (k), (l), (m) | 0.75% | 0.73% | 0.71% | 0.66% | 0.65% |
|  Ratio of expenses, before waivers, to average net assets (b), (c), (d), (e), (f), (g), (h), (i), (j), (k), (l), (m) | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
|  Ratio of net investment income (loss), net of waivers, to average net assets (c), (d), (e), (f), (g), (h), (i), (j), (k), (l), (m) | 1.33% | 1.71% | 1.77% | 1.99% | 1.61% |
|  Ratio of net investment income (loss), before waivers, to average net assets (c), (d), (e), (f), (g), (h), (i), (j), (k), (l), (m) | 1.08% | 1.44% | 1.48% | 1.65% | 1.26% |
|  Portfolio turnover rate (excluding short-term securities) | 73.95% | 43.82% | 29.09% | 73.81% | 39.50% |

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(a) Total return figures are based on the change in net asset value of a share during the year and assume reinvestment of distributions at net asset value.

(b) In addition to fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any acquired funds in which it invests. Such indirect expenses are not included in the above reported expense ratios and are excluded from the voluntary waivers reflected above and described in the below footnotes.

(c) Effective July 1, 2025, the investment advisory fee, net of voluntary waivers, decreased to 0.75%. Also effective July 1, 2025, the Adviser increased the voluntary waiver to 0.25%.

(d) Effective April 1, 2025, the investment advisory fee, net of voluntary waivers, increased to 0.76%. Also effective April 1, 2025, the Adviser decreased the voluntary waiver to 0.24%.

(e) Effective January 1, 2025, the investment advisory fee, net of voluntary waivers, increased to 0.75%. Also effective January 1, 2025, the Adviser decreased the voluntary waiver to 0.25%.

(f) Effective January 1, 2024, the investment advisory fee, net of voluntary waivers, increased to 0.73%. Also effective January 1, 2024, the Adviser decreased the voluntary waiver to 0.27%.

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(g) Effective October 1, 2023, the investment advisory fee, net of voluntary waivers, increased to 0.72%. Also effective October 1, 2023, the Adviser decreased the voluntary waiver to 0.28%.

(h) Effective April 1, 2023, the investment advisory fee, net of voluntary waivers, decreased to 0.70%. Also effective April 1, 2023, the Adviser increased the voluntary waiver to 0.30%.

(i) Effective January 1, 2023, the investment advisory fee, net of voluntary waivers, increased to 0.71%. Also effective January 1, 2023, the Adviser decreased the voluntary waiver to 0.29%.

(j) Effective July 1, 2022, the investment advisory fee, net of voluntary waivers, increased to 0.70%. Also effective July 1, 2022, the Adviser decreased the voluntary waiver to 0.30%.

(k) Effective April 1, 2022, the investment advisory fee, net of voluntary waivers, increased to 0.65%. Also effective April 1, 2022, the Adviser decreased the voluntary waiver to 0.35%.

(l) Effective October 1, 2021, the investment advisory fee, net of voluntary waivers, decreased to 0.60%. Also effective October 1, 2021, the Adviser increased the voluntary waiver to 0.40%.

(m) Effective April 1, 2021, the investment advisory fee, net of voluntary waivers, decreased to 0.67%. Also effective April 1, 2021, the Adviser increased the voluntary waiver to 0.33%.

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#### Privacy Notice
Clearwater Management Co., Inc. and Clearwater Investment Trust (collectively referred to as "Clearwater") are committed to protecting the privacy and security of the nonpublic personal information that you provide to us. Clearwater has adopted policies and procedures we believe are reasonably designed to protect the nonpublic personal information of our fund shareholders. You trust us with your personal and financial information and we will honor that trust by handling your information carefully and using it only in your best interests. Because your personal and financial data is your private information, we hold ourselves to the highest standards in its safekeeping and use.

This notice will help you understand the types of information we collect and maintain, how that information is used and the safeguards in place to protect it.

#### Information We Collect and Maintain
We collect personally identifiable financial information from you when you open an account or conduct transactions in a Clearwater account. We collect this information from your account application, your transaction forms and information about your transactions, which we obtain while servicing your account. Examples of personally identifiable information that we may collect include:

• Name and address

• Social Security or taxpayer identification number

• Account balance

• Investment activity and history

#### What We Do With Your Personal Information
We do not disclose any nonpublic personal information about current or former fund shareholders or their accounts to third parties except when needed to complete your transactions, as permitted by law or as directed by you.

For example:

• In order to open an account or execute transactions or account changes that you direct, it may be necessary to provide identifying information to companies, individuals or groups that are not affiliated with Clearwater, such as another financial institution if you were to transfer assets between Clearwater and that institution.

• Where permitted by law, we may disclose your nonpublic personal information to service providers, including nonaffiliated companies, to perform services on behalf of Clearwater (such as Fiduciary Counselling, Inc., a subadviser to the Clearwater Funds).

In all such cases, we provide the third party with only the information necessary to carry out its assigned responsibilities and only for that purpose. We also require these third parties to treat your private information with the same high degree of confidentiality that we do.

We will release information about you only if you direct us to do so, if we are compelled by law to do so, or in other legally limited circumstances (for example, to prevent fraud or to comply with the anti-money laundering provisions of the USA PATRIOT Act).

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#### How We Safeguard Your Personal Information
Clearwater maintains strict physical, electronic and procedural safeguards to protect the confidentiality, integrity and security of your nonpublic personal information. These safeguards include procedures regarding physical security, data security, and records retention.

We restrict access to information about you to those Clearwater employees who need to know the information in order to provide services to you. We have also implemented measures to protect your information from unauthorized access to or use of the information in connection with its disposal.

When information is required or directed to be shared with nonaffiliated third parties as necessary to conduct authorized activities on your behalf, Clearwater requires such third parties to adhere to strict privacy standards.

#### We Will Keep You Informed
As required by federal law, we will notify you of our privacy policy annually. We reserve the right to modify this policy at any time, but be assured that if we do change our policy, we will tell you promptly.

If you have any questions or concerns regarding this policy, please contact us.

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#### Clearwater Investment Trust

#### EXECUTIVE OFFICERS
Justin H. Weyerhaeuser, President and Treasurer

Jason K. Mitchell, Secretary

#### INVESTMENT MANAGER
Clearwater Management Co., Inc.

2000 Wells Fargo Place

30 East 7th Street

St. Paul, MN 55101-4930

#### CUSTODIAN FOR THE FUNDS
The Northern Trust Company

50 South LaSalle Street

Chicago, IL 60603

#### COUNSEL FOR THE FUNDS
Dechert LLP

One International Place

40th Floor

100 Oliver Street

Boston, MA 02110-2605

#### INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
KPMG LLP

191 West Nationwide Blvd.

Columbus, OH 43215

#### ADMINISTRATOR AND ACCOUNTING SERVICES AGENT FOR THE FUNDS
The Northern Trust Company

50 South LaSalle Street

Chicago, IL 60603

#### TRANSFER AGENT FOR THE FUNDS
The Northern Trust Company

50 South LaSalle Street

Chicago, IL 60603

#### TRUSTEES
Dylan Ambauen

Sara G. Dent

Julia L.W. Heidmann

Charles W. Rasmussen

Laura E. Rasmussen

Lindsay R. Schack

David M. Weyerhaeuser

Justin H. Weyerhaeuser

#### CLEARWATER CORE EQUITY FUND SUBADVISERS
Parametric Portfolio Associates LLC

800 Fifth Avenue, Suite 2800

Seattle, WA 98104

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AQR Capital Management, LLC

One Greenwich Plaza, Suite 130

Greenwich, CT 06830

Fiduciary Counselling, Inc.

30 East 7th Street, Suite 2000

St. Paul, Minnesota 55101-4930

#### CLEARWATER SELECT EQUITY FUND SUBADVISERS
Parametric Portfolio Associates LLC

800 Fifth Avenue, Suite 2800

Seattle, WA 98104

Cooke & Bieler, L.P.

Two Commerce Square, 2001 Market Street, Suite 4000

Philadelphia, PA 19103

Rice Hall James & Associates, LLC

600 West Broadway, Suite 1000

San Diego, California 92101

Fiduciary Counselling, Inc.

30 East 7th Street, Suite 2000

St. Paul, Minnesota 55101-4930

Acadian Asset Management LLC

260 Franklin Street

Boston, MA 02110

#### CLEARWATER TAX-EXEMPT BOND FUND SUBADVISERS
MacKay Shields LLC

1345 Avenue of the Americas 43<sup>rd</sup> Floor

New York, New York 10105

Sit Fixed Income Advisors II, LLC

3300 IDS Center 80 South Eighth Street

Minneapolis, MN 55402-4130

Fiduciary Counselling, Inc.

30 East 7th Street, Suite 2000

St. Paul, Minnesota 55101-4930

#### CLEARWATER INTERNATIONAL FUND SUBADVISERS
Parametric Portfolio Associates LLC

800 Fifth Avenue, Suite 2800

Seattle, WA 98104

Artisan Partners Limited Partnership

875 East Wisconsin Avenue, Suite 800

Milwaukee, WI 53202

WCM Investment Management, LLC

281 Brooks Street

Laguna Beach, CA 92651-2974

Fiduciary Counselling, Inc.

30 East 7th Street, Suite 2000

St. Paul, Minnesota 55101-4930

*If someone makes a statement about the Funds that is not in this prospectus, you should not rely upon that information. The Funds are not offering to sell shares of the Funds to any person to whom the Funds may not lawfully sell their shares.* 

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#### Clearwater Investment Trust
Clearwater Core Equity Fund - Ticker Symbol: QWVPX

Clearwater Select Equity Fund - Ticker Symbol: QWVOX

Clearwater Tax-Exempt Bond Fund - Ticker Symbol: QWVQX

Clearwater International Fund - Ticker Symbol: QCVAX

#### Additional Information About the Funds

#### Shareholder Reports and Financial Statements
Additional information about each Fund's investments is available in the Funds' annual and semiannual reports to shareholders and the related financial statements, which are included in the Funds' Form N-CSR filed with the SEC. The annual reports discuss the market conditions and investment strategies that significantly affected each Fund's performance during its last fiscal year.

#### Statement of Additional Information ("SAI")
The SAI provides more detailed information about each Fund. It is incorporated by reference into (and is legally a part of) this prospectus.

#### How to Obtain Additional Information
You can make inquiries about the Funds or obtain shareholder reports, financials statements, the SAI or other information (without charge) by calling the Funds' transfer agent, The Northern Trust Company, at (855) 684-9144 or by written request to The Northern Trust Company, P.O. Box 4766, Chicago, IL 60680-4766 (Attention: Clearwater Investment Trust). You can review the Funds' reports for free on the Funds' website: https://connect.rightprospectus.com/Clearwater.

You can view the reports indicated above and others for free on the EDGAR Database on the Commission's website at *http://www.sec.gov*. You can obtain copies from the Commission, after paying a duplicating fee and sending an electronic request to publicinfo@sec.gov.

Investment Company Act File Number 811-05038

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#### April 30, 2026

#### CLEARWATER INVESTMENT TRUST
Clearwater Core Equity Fund - Ticker Symbol: QWVPX

Clearwater Select Equity Fund - Ticker Symbol: QWVOX

Clearwater Tax-Exempt Bond Fund - Ticker Symbol: QWVQX

Clearwater International Fund - Ticker Symbol: QCVAX

#### STATEMENT OF ADDITIONAL INFORMATION
This Statement of Additional Information ("SAI") is not a prospectus, but should be read in conjunction with the prospectus dated April 30, 2026 (the "Prospectus") of Clearwater Core Equity Fund ("Core Equity Fund"), Clearwater Select Equity Fund ("Select Equity Fund"), Clearwater Tax-Exempt Bond Fund ("Tax-Exempt Bond Fund"), and Clearwater International Fund ("International Fund"). A copy of the Prospectus can be obtained free of charge by calling The Northern Trust Company at 1-855-684-9144 or by written request to The Northern Trust Company at P.O. Box 4766, Chicago, IL 60680-4766 (Attention: Clearwater Investment Trust), or by visiting the Funds' website at https://connect.rightprospectus.com/Clearwater. T[he Trust's Form N-CSR for the most recent fiscal year end](http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/0000811161/000206657826000856/8de762059632ba1.htm) accompanies this SAI and is incorporated herein.

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#### **TABLE OF CONTENTS**

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| | |
|:---|:---|
|  [INVESTMENT OBJECTIVES AND POLICIES](#sai274160_1) | 3 |
|  [RISK FACTORS](#sai274160_2) | 14 |
|  [INVESTMENT RESTRICTIONS](#sai274160_3) | 24 |
|  [PORTFOLIO TURNOVER](#sai274160_4) | 26 |
|  [DISCLOSURE OF PORTFOLIO HOLDINGS](#sai274160_5) | 27 |
|  [BROKERAGE](#sai274160_6) | 28 |
|  [MANAGEMENT, ADVISORY AND OTHER SERVICES](#sai274160_7) | 29 |
|  [ADDITIONAL INFORMATION ABOUT THE PORTFOLIO MANAGERS](#sai274160_8) | 37 |
|  [EXECUTIVE OFFICERS AND TRUSTEES](#sai274160_9) | 63 |
|  [NET ASSET VALUE](#sai274160_10) | 68 |
|  [HOW ARE SHARES PURCHASED?](#sai274160_11) | 68 |
|  [EXCHANGE OF SHARES](#sai274160_12) | 69 |
|  [HOW ARE SHARES REDEEMED?](#sai274160_13) | 69 |
|  [TAXES](#sai274160_14) | 70 |
|  [MORE INFORMATION ABOUT THE FUNDS](#sai274160_15) | 78 |
|  [FINANCIAL STATEMENTS](#sai274160_16) | 79 |
|  [PROXY VOTING](#sai274160_17) | 79 |
|  [APPENDIX A—DESCRIPTION OF RATINGS](#sai274160_18) | A-1 |
|  [APPENDIX B—PROXY VOTING POLICIES AND PROCEDURES](#sai274160_19) | B-1 |

---

#### THIS STATEMENT OF ADDITIONAL INFORMATION IS NOT A

#### PROSPECTUS AND IS AUTHORIZED FOR DISTRIBUTION

#### TO PROSPECTIVE INVESTORS ONLY IF PRECEDED OR

#### ACCOMPANIED BY AN EFFECTIVE PROSPECTUS.

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#### INVESTMENT OBJECTIVES AND POLICIES
*General.* Core Equity Fund, International Fund, Select Equity Fund and Tax-Exempt Bond Fund (each, a "Fund" and collectively, the "Funds" or the "Clearwater Funds") are each separate, diversified investment portfolios of Clearwater Investment Trust (the "Trust"), an open-end, management investment company organized as a Massachusetts business trust on January 12, 1987, under the laws of the Commonwealth of Massachusetts. On November 30, 2020, the Select Equity Fund changed its name from Clearwater Small Companies Fund to Clearwater Select Equity Fund. The prospectus of Core Equity Fund, International Fund, Select Equity Fund and Tax-Exempt Bond Fund, dated April 30, 2026, identifies the investment objectives and principal investment policies of the Funds. Each Fund's investment objective is classified as non-fundamental and may be changed by the Board of Trustees of the Trust ("Board of Trustees") without shareholder approval.

Under normal market conditions, Core Equity Fund invests approximately 80% of its net assets, plus the amount of any borrowings for investment purposes, in equity securities of U.S. companies. The Core Equity Fund may invest in certain short-term fixed income securities such as cash equivalents, although cash and cash equivalents are normally expected to represent less than 5% of the Core Equity Fund's total assets. Under normal market conditions, Select Equity Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in equity securities. Under normal market conditions, Tax-Exempt Bond Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in tax-exempt bonds, which are debt obligations issued by or for the U.S. states, territories and possessions and the District of Columbia. Under normal market conditions, International Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in equity securities of companies organized or located outside the United States and doing a substantial amount of business outside the United States. The International Fund may invest in certain short-term fixed income securities such as cash equivalents, although cash and cash equivalents are normally expected to represent less than 5% of the International Fund's total assets.

Other policies of the Funds are set forth below.

EQUITY SECURITIES

Each of Core Equity Fund's, International Fund's and Select Equity Fund's portfolio of equity securities may consist of common and preferred stocks that trade on one of the numerous organized and regulated securities exchanges worldwide and either have the potential for capital appreciation or pay dividends or both, as well as securities convertible into such common or preferred stocks. Tax-Exempt Bond Fund's investment in equity securities will be limited to other open-end and closed-end tax-exempt investment companies, or equity securities received in the course of a "work-out" situation subsequent to a bankruptcy.

*Common Stocks.* Each of Core Equity Fund, International Fund and Select Equity Fund invests primarily in common stocks. Common stocks are shares of a corporation or other entity that entitle the holder to a pro rata share of the profits of the corporation, 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.

*Preferred Securities and Convertible Securities.* Each of Core Equity Fund, International Fund and Select Equity Fund may invest in convertible debt and preferred stock. Convertible debt securities and preferred stock entitle the holder to acquire the issuer's stock by exchange or purchase at a predetermined rate. 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.

*Warrants and Rights.* Each of Core Equity Fund, International Fund and Select Equity Fund may invest in warrants and rights. Warrants are instruments giving holders the right, but not the obligation, to buy equity or fixed income securities of a company at a given price during a specified period. Rights are similar to warrants but normally have a short life span to expiration. Warrants and rights are subject to the same market risks as stocks, but may be more volatile in price. The purchase of rights or warrants involves the risk that a Fund could lose the

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purchase value of a right or warrant if the right to subscribe to additional shares is not exercised prior to the right's or warrant's expiration. Also, the purchase of rights and/or warrants involves the risk that the effective price paid for the right and/or warrant added to the subscription price of the related security may exceed the value of the subscribed security's market price such as when there is no movement in the level of the underlying security.

Buying a right or warrant does not make the Fund a shareholder of the underlying stock. The right or warrant holder has no voting or dividend rights with respect to the underlying stock. A right or warrant does not carry any right to assets of the issuer, and for this reason such investments may be more speculative than other equity-based investments.

*Foreign Securities.* The Core Equity Fund may invest up to 20% of its total assets and the Select Equity Fund may invest up to 25% of its total assets in equity securities of foreign issuers from developed and developing countries throughout the world. Under normal market conditions, the International Fund expects to invest at least 80% of its net assets in equity securities of foreign issuers from developed and developing countries. Changes in foreign currency exchange rates will affect the value of foreign securities that are denominated in foreign currencies and investment in such securities may result in higher expenses due to costs associated with converting U.S. dollars to foreign currencies.

FIXED INCOME SECURITIES

*Corporate Debt Obligations.* Core Equity Fund, Select Equity Fund and International Fund each may invest in corporate debt obligations and zero coupon securities issued by financial institutions and corporations. Each of Select Equity Fund and International Fund may invest in long-term fixed income securities (with maturities exceeding ten years) and intermediate-term fixed income securities (with maturities ranging from one to ten years) and all three Funds may invest in short-term fixed income securities (with maturities of less than one year). Core Equity Fund invests in short-term fixed income securities primarily for temporary defensive purposes. Because fixed income securities tend to decrease in value when interest rates rise and increase in value when interest rates fall, each Fund's performance may be affected by its subadviser's ability to anticipate and respond to fluctuations in market interest rates.

In order to reduce the risk of nonpayment of principal or interest on fixed income securities, Core Equity Fund and Select Equity Fund will invest in such securities only if they are rated, at the time of investment, BBB or better by S&P Global Ratings or Baa or better by Moody's Investors Service, Inc. ("Moody's") or, if unrated, determined to be of equivalent quality by the subadviser (i.e., investment grade). Fixed income securities in the lowest investment grade category (i.e., BBB or Baa) may have speculative characteristics and changes in economic conditions or other circumstances are more likely to lead to a weakened capacity to make principal and interest payments than is the case with higher grade securities. Such Funds are not required to dispose of securities whose ratings drop below investment grade, but a Fund may do so if considered appropriate by its portfolio subadviser. International Fund may invest in investment grade fixed income securities as well as fixed income securities that are not investment grade (commonly referred to as "junk" bonds). See Appendix A for a description of the corporate bond ratings assigned by Moody's and S&P Global Ratings.

*Exchange-Traded Notes ("ETNs").* Core Equity Fund may invest in ETNs. ETNs are a type of unsecured, unsubordinated debt security that has characteristics similar to those of fixed-income securities and trade on a major exchange similar to shares of exchange-traded funds ("ETFs"). Unlike other types of fixed income securities, however, the performance of ETNs is based upon that of a market index or other reference asset minus fees and expenses, no coupon payments are made and no principal protection exists. The value of an ETN may be affected by time to maturity, level of supply and demand for the ETN, volatility and lack of liquidity in underlying commodities or securities markets, changes in the applicable interest rates, changes in the issuer's credit rating and economic, legal, political or geographic events that affect the referenced commodity or security. The Fund's ability to sell its ETN holdings also may be limited by the availability of a secondary market and the Fund may have to sell such holdings at a discount. ETNs also incur certain expenses not incurred by their applicable index.

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*U.S. Government Securities.* U.S. Government securities in which each Fund may invest include: (1) U.S. Treasury obligations, which differ only in their interest rates, maturities and dates of issuance and include U.S. Treasury bills (maturities of one year or less), U.S. Treasury notes (maturities of one to ten years) and U.S. Treasury bonds (generally maturities of greater than ten years); and (2) obligations of varying maturities issued or guaranteed by agencies or instrumentalities of the U.S. Government. Although the payment when due of interest and principal on U.S. Treasury securities is backed by the full faith and credit of the United States, such guarantee does not extend to the market value of such securities and, accordingly, each Fund's investments in such securities will cause its net asset value to fluctuate.

Securities issued by the U.S. Treasury historically have presented minimal credit risk. However, events in recent years have led to a downgrade in the long-term U.S. credit rating by at least one major rating agency and have introduced greater uncertainty about the ability of the U.S. to repay its obligations. A further credit rating downgrade or a U.S. credit default could decrease the value and increase the volatility of a Fund's investments. Further, the high and rising national debt may adversely impact the U.S. economy and securities in which the Funds may invest. Moreover, the total amount of debt the U.S. Treasury is authorized to incur is subject to a statutory limit. Once the U.S. Treasury reaches the debt limit, Congress must raise, extend or otherwise modify the limit to enable the U.S. Treasury to incur additional debt to pay the obligations of the U.S. government, including principal and interest payments on certain U.S. Government Securities (such as Treasury bills, notes and bonds). Failure to, or potential failure to, increase the statutory debt limit could: increase the risk that the U.S. government defaults on payments on certain U.S. Government Securities; cause the credit rating of the U.S. government to be downgraded or increase volatility in both stock and bond markets; result in higher debt servicing payments by the U.S. government; reduce prices of Treasury securities; and/or increase the costs of certain kinds of debt.

MUNICIPAL OBLIGATIONS (Tax-Exempt Bond Fund only)

Tax-Exempt Bond Fund invests primarily in municipal securities. The yields on municipal securities are dependent on a variety of factors, including the general level of interest rates, the financial condition of the issuer, general conditions of the tax-exempt securities market, the size of the issue, the maturity of the obligation and the rating of the issue. Ratings are general, and not absolute, standards of quality. Consequently, securities of the same maturity, interest rate and rating may have different yields, while securities of the same maturity and interest rate with different ratings may have the same yield.

Certain types of municipal bonds known as private activity bonds are issued to obtain funding for privately operated facilities. Under current tax law, the Fund's distribution (as an exempt-interest dividend) of interest income earned by the Fund from certain private activity bonds is an item of tax preference for a shareholder that is subject to the alternative minimum tax.

Municipal securities in which the Fund invests include securities that are issued by a state or its agencies, instrumentalities, municipalities and political subdivisions, or by territories or possessions of the United States. Tax-exempt municipal securities include municipal bonds, municipal notes, municipal commercial paper and municipal leases.

*Municipal Bonds.* Municipal bonds generally have maturities at the time of issuance ranging from one to thirty years, or more. Municipal bonds are issued to raise money for various public purposes. The two principal types of municipal bonds are general obligation bonds and revenue bonds. The Fund may invest in both in any proportion. General obligation bonds are secured by the full faith, credit and taxing power of the issuing

municipality and not from any particular fund or revenue source. Revenue bonds are not backed by the municipality's general taxing power but by the revenues derived from a facility or class of facilities or from the proceeds of a special excise or other specific revenue source.

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*Municipal Notes.* Municipal notes generally mature in three months to three years.

*Municipal Commercial Paper.* Municipal commercial paper generally matures in one year or less.

*Municipal Leases.* Tax-Exempt Bond Fund may invest up to 25% of its net assets in municipal lease obligations issued by state and local governments or authorities to finance the acquisition of equipment and facilities. Municipal leases may take the form of a lease, an installment purchase contract or a conditional sales contract in any of the above. In determining leases in which the Fund will invest, the subadviser will carefully evaluate the outstanding credit rating of the issuer (and the probable secondary market acceptance of such credit rating). Additionally, the subadviser may require that certain municipal lease obligations be issued or backed by a letter of credit or put arrangement with an independent financial institution.

Municipal leases frequently have special risks not normally associated with general obligation or revenue bonds. The constitutions and statutes of all states contain requirements that the state or a municipality must meet to incur debt. These often include voter referendum, interest rate limits and public sale requirements. Leases and installment purchase or conditional sale contracts (which normally provide for title to the leased asset to pass eventually to the governmental issuer) have evolved as a means for governmental issuers to acquire property and equipment without meeting the constitutional and statutory requirements for the issuance of debt. The debt-issuance limitations are deemed to be inapplicable because of the inclusion in many leases or contracts of "nonappropriation" clauses that provide that the governmental issuer has no obligation to make future payments under the lease or contract unless money is appropriated for such purpose by the appropriate legislative body on a yearly or other periodic basis.

In addition to the "nonappropriation" risk, municipal leases have additional risk aspects because they do not have the depth of marketability associated with conventional bonds; moreover, although the obligations will be secured by the leased equipment, the disposition of the equipment in the event of non-appropriation or foreclosure might, in some cases, prove difficult. In addition, in certain instances the tax-exempt status of the obligations will not be subject to the legal opinion of a nationally recognized "bond counsel," as is customarily required in larger issues of municipal securities.

Municipal lease obligations, except in certain circumstances, are considered illiquid by the staff of the Securities and Exchange Commission ("Commission" or "SEC"). Municipal lease obligations held by the Fund will be treated as illiquid if the Fund reasonably expects they cannot be sold in seven calendar days or less without significantly changing the market value of the investment, based on relevant considerations as set out in the Trust's liquidity risk management program as required under Rule 22e-4 under the Investment Company Act of 1940, as amended (the "1940 Act").

*Housing Authority Bonds.* Tax-Exempt Bond Fund may invest without limitation in obligations of municipal housing authorities, which include both single family and multifamily mortgage revenue bonds. Weaknesses in federal housing subsidy programs and their administration may result in a decrease of subsidies available for payment of principal and interest on multifamily housing authority bonds. Economic developments, including fluctuations in interest rates and increasing construction and operating costs, may also adversely impact revenues of housing authorities. In the case of some housing authorities, inability to obtain additional financing could also reduce revenues available to pay existing obligations. Mortgage revenue bonds are subject to extraordinary mandatory redemption at par in whole or in part from the proceeds derived from prepayments of underlying mortgage loans and also from the unused proceeds of the issue within a stated period of time.

The exclusion from gross income for U.S. federal income tax purposes of the interest on certain housing authority bonds depends on qualification under relevant provisions of the Internal Revenue Code of 1986, as amended (the "Tax Code") and on other provisions of federal law. These provisions of federal law contain certain ongoing requirements relating to the cost and location of the residences financed with the proceeds of the single family mortgage bonds and the income levels of occupants of the housing units financed with the proceeds

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of the single and multifamily housing bonds. While the issuers of the bonds, and other parties, including the originators and servicers of the single family mortgages and the owners of the rental projects financed with the multifamily housing bonds, covenant to meet these ongoing requirements and generally agree to institute procedures designed to insure that these requirements are met, there can be no assurance that these ongoing requirements will be consistently met. The failure to meet these requirements could cause the interest on the bonds to become taxable, possibly retroactively from the date of issuance, thereby reducing the value of the bonds, subjecting shareholders to unanticipated tax liabilities and possibly requiring the Fund to sell the bonds at the reduced value. Furthermore, any failure to meet these ongoing requirements might not constitute an event of default under the applicable mortgage, which might otherwise permit the holder to accelerate payment of the bond or require the issuer to redeem the bond. In any event, where the mortgage is insured by the Federal Housing Administration ("FHA"), the consent of the FHA may be required before insurance proceeds would become payable to redeem the mortgage subsidy bonds.

*Industrial Development Revenue Bonds.* Tax-Exempt Bond Fund may invest in industrial development revenue bonds. Industrial development revenue bonds are backed by the user of the facilities and the specific revenues of the project to be financed. The credit quality of industrial development bonds is usually directly related to the credit standing of the user of the facilities or the credit standing of a third-party guarantor or other credit enhancement participant, if any.

*Zero Coupon Securities.* Tax-Exempt Bond Fund may invest in zero coupon securities. Such securities are debt obligations, which do not entitle the holder to periodic interest payments prior to maturity and are issued and traded at a discount from their face amounts. The discount varies depending on the time remaining until maturity, prevailing interest rates, liquidity of the security and the perceived credit quality of the issuer. The discount, in the absence of financial difficulties of the issuer, decreases as the final maturity of the security approaches and this accretion (adjusted for amortization) is recognized as interest income. Zero coupon securities can be sold prior to their due date in the secondary market at the then-prevailing market value which depends primarily on the time remaining to maturity, prevailing levels of interest rates and the perceived credit quality of the issuer. The market prices of zero coupon securities are more volatile than the market prices of securities of comparable quality and similar maturity that pay interest periodically and may respond to a greater degree to fluctuations in interest rates than do such non-zero coupon securities.

DERIVATIVES

To the extent the Funds intend to engage in commodity interest trading which includes trading futures, commodity options, options on futures and swaps, the Funds and their operator intend to rely on an exclusion from registration as a "commodity pool operator" pursuant to Rule 4.5 of the Commodity Futures Trading Commission ("CFTC"), which excludes certain otherwise regulated entities that meet the conditions of the exclusion and have made the appropriate notice filing with the National Futures Association from CFTC regulation. Investors should note that the CFTC has adopted certain amendments to Rule 4.5 that make qualification for the exclusion contingent on a Fund only engaging in a de minimis amount of commodity interest trading. There is no certainty that a Fund, its investment manager, and other parties will be able to rely on this exclusion in the future. If commodity pool operator registration is necessary with regard to a Fund, that Fund may incur additional costs.

The SEC and its staff have rescinded and withdrawn previous guidance and relief regarding asset segregation and coverage transactions. A Fund's trading of derivatives and other transactions that create future payment or delivery obligations is now 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 satisfies a "limited derivatives users" exception. 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 (e.g., bank borrowings, if applicable) when calculating a Fund's asset

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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 satisfies the limited derivatives users exception, but for funds subject to the VaR testing requirement, reverse repurchase agreements and similar financing transactions must be included for purposes of such testing whether treated as derivatives transactions or not. SEC guidance regarding the use of securities lending collateral may limit securities lending activities. These requirements may limit the ability of a Fund to use derivatives, short sales, and reverse repurchase agreements and similar financing transactions as part of its investment strategies. These requirements may increase the cost of a Fund's investments and cost of doing business, which could adversely affect investors. Clearwater Management Co., Inc. ("CMC") cannot predict the effects of these regulations on a Fund. CMC intends to monitor developments and seek to manage the Funds in a manner consistent with achieving each Fund's investment objective.

*Options on Securities and Securities Indices.* Core Equity Fund may write (sell) covered call and put options and purchase call and put options on any securities in which it may invest or on any securities index composed of securities in which it may invest. The Core Equity Fund's use of derivatives may be limited as a significant portion of the Fund is managed with a strategy of minimizing tax liability and maintaining a low turnover rate.

Select Equity Fund may write (sell) covered call options in standard contracts traded on national securities exchanges or those which may be traded over-the-counter ("OTC") and quoted in a NASDAQ market, provided that Select Equity Fund continues to own the securities covering each call until the call has been exercised or has expired, or until Select Equity Fund has purchased a closing call to offset its obligations to deliver securities pursuant to the call it has written.

Core Equity Fund, International Fund and Select Equity Fund may not write covered call options on more than 25% of the market value of any single portfolio security. In addition, none of the Funds has a present intention of writing covered call options on portfolio securities with an aggregate market value exceeding 5% of such Fund's net assets.

Tax-Exempt Bond Fund may purchase and write (sell) exchange-traded put and call options on debt securities of an amount up to 5% of its net assets for the purpose of hedging. The Tax-Exempt Bond Fund may, from time to time, write exchange-traded covered call options on debt securities, but the Fund will not write put options on debt securities. A put option (sometimes called a standby commitment) gives the purchaser of the option, in return for a premium paid, the right to sell the underlying security at a specified price during the term of the option. The writer of the put option receives the premium and has the obligation to buy the underlying securities upon exercise at the exercise price during the option period. A call option (sometimes called a reverse standby commitment) gives the purchaser of the option, in return for a premium, the right to buy the security underlying the option at a specified exercise price at any time during the term of the option. The writer of the call option receives the premium and has the obligation at the exercise of the option, to deliver the underlying security against payment of the exercise price during the option period. A principal risk of standby commitments is that the writer of a commitment may default on its obligation to repurchase or deliver the securities.

*Futures Contracts and Options on Futures Contracts.* To hedge against changes in interest rates or securities prices and to gain exposure to the equity market, Core Equity Fund may purchase and sell various kinds of futures contracts, and purchase and write call and put options on any of such futures contracts. To hedge against changes in interest rates or securities prices, International Fund may purchase and sell various kinds of futures contracts, and purchase and write call and put options on any of such futures contracts. The Core Equity Fund and International Fund may also enter into closing purchase and sale transactions with respect to any such contracts and options. The futures contracts may be based on various securities and securities indices. The International Fund may engage in futures and the Select Equity Fund and International Fund may engage in related options transactions for hedging purposes. The Core Equity Fund may engage in futures and related options transactions for hedging purposes and to gain exposure to the equity market. These transactions involve brokerage costs and require margin deposits.

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Tax-Exempt Bond Fund may invest in interest rate futures contracts, interest rate index futures contracts and may buy options on such contracts for the purpose of hedging its portfolio of fixed income securities (and not for speculative purposes) against the adverse effects of anticipated movements in interest rates.

An interest rate futures contract is an agreement to purchase or deliver an agreed amount of debt securities in the future for a stated price on a certain date. The Fund may use interest rate futures solely as a defense or hedge against anticipated interest rate changes and not for speculation. The Fund presently could accomplish a similar result to that which it hopes to achieve through the use of futures contracts by selling debt securities with long maturities and investing in debt securities with short maturities when interest rates are expected to increase, or conversely, selling short-term debt securities and investing in long-term debt securities when interest rates are expected to decline. However, because of the liquidity that is often available in the futures market, such protection is more likely to be achieved, perhaps at a lower cost and without changing the rate of interest being earned by the Fund, through using futures contracts.

Tax-Exempt Bond Fund may purchase and sell put and call options and options on interest rate futures contracts which are traded on a United States exchange or board of trade as a hedge against changes in interest rates, and will enter into closing transactions with respect to such options to terminate existing positions. An interest rate futures contract provides for the future sale by one party and the purchase by the other party of a certain amount of a specific financial instrument (debt security) at a specified price, date, time and place. An option on an interest rate futures contract, as contrasted with the direct investment in such a contract, gives the purchaser the right, in return for the premium paid, to assume a position in an interest rate futures contract at a specified exercise price at any time prior to the expiration date of the option. Options on interest rate futures contracts are similar to options on securities, which give the purchaser the right, in return for the premium paid, to purchase or sell securities.

A call option gives the purchaser of such option the right to buy, and obliges its writer to sell, a specified underlying futures contract at a stated exercise price at any time prior to the expiration date of the option. A purchaser of a put option has the right to sell, and the writer has the obligation to buy, such contract at the exercise price during the option period. Upon exercise of an option, the delivery of the futures position by the writer of the option to the holder of the option will be accompanied by delivery of the accumulated balance in the writer's futures margin account, which represents the amount by which the market price of the futures contract exceeds, in the case of a call, or is less than, in the case of a put, the exercise price of the option on the futures contract. If an option is exercised on the last trading day prior to the expiration date of the option, the settlement will be made entirely in cash equal to the difference between the exercise price of the option and the closing price of the interest rate futures contract on the expiration date. The potential loss related to the purchase of an option on interest rate futures contracts is limited to the premium paid for the option (plus transaction costs). Because the value of the option is fixed at the point of sale, there are no daily cash payments to reflect changes in the value of the underlying contract; however, the value of the option does change daily and that change would be reflected in the net asset values of the Fund.

*Purchase of Put Options on Futures Contracts.* Tax-Exempt Bond Fund may purchase put options on futures contracts if the subadviser anticipates a rise in interest rates. Because the value of an interest rate or municipal bond index futures contract moves inversely in relation to changes in interest rates, a put option on such a contract becomes more valuable as interest rates rise. By purchasing put options on futures contracts at a time when the subadviser expects interest rates to rise, the Fund will seek to realize a profit to offset the loss in value of its portfolio securities, which is a form of hedging.

*Purchase of Call Options on Futures Contracts.* Tax-Exempt Bond Fund may purchase call options on futures contracts if the subadviser anticipates a decline in interest rates. The purchase of a call option on an interest rate or index futures contract represents a means of obtaining temporary exposure to market appreciation at limited risk. Because the value of an interest rate or index futures contract moves inversely in relation to changes to interest rates, a call option on such a contract becomes more valuable as interest rates decline. The Fund will

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purchase a call option on a futures contract to hedge against a decline in interest rates in a market advance when the Fund is holding cash. The Fund can take advantage of the anticipated rise in the value of long-term securities without actually buying them until the market is stabilized. At that time, the options can be liquidated and the Fund's cash can be used to buy long-term securities.

*Swap Agreements.* Each Fund may enter into swap agreements. Swap agreements are two party contracts entered into primarily by institutional investors in which two parties agree to exchange the returns (or differential rates of return) earned or realized on particular predetermined investments or instruments. Certain swaps are centrally-cleared and will eventually be exchange-traded. Although central clearing is expected to decrease the credit risk involved in bilateral swaps, central clearing would not make the contracts risk-free. Exchange-trading is expected to improve swap liquidity, but there is no guarantee that a Fund could consider exchange-traded swaps to be liquid.

A Fund may enter into swap agreements for purposes of attempting to obtain a particular investment return at a lower cost to the Fund than if the Fund had invested directly in an instrument that provided that desired return. The Tax-Exempt Bond Fund may invest in swaptions for such purposes, including to manage or adjust the Fund's duration or exposures. The Core Equity Fund and International Fund may also enter into swap agreements for hedging purposes and to gain exposure to the equity market. Even a small investment in a swap can have a big impact on the Fund's market exposure. Swaptions are contracts that give a counterparty the right (but not the obligation) in return for payment of a premium, to enter into a new swap agreement or to shorten, extend, cancel or otherwise modify an existing swap agreement, at some designated future time on specified terms. In a bilateral swap, a Fund bears the risk of default by its swap counterparty. In a centrally-cleared swap, the Fund bears the risk of a default by the central clearing counterparty. In either case, a Fund may not be able to terminate its obligations under the swap agreement when it is most advantageous to do so. In addition, certain tax aspects of swap agreements limit their use by the Fund as a regulated investment company under the Tax Code.

*Forward Foreign Currency Exchange Contracts.* A forward foreign currency exchange contract involves an obligation to purchase or sell a specific currency 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. These contracts are traded directly between currency traders (usually large commercial banks) and their customers. Eventually, many but not all forward foreign currency exchange contracts will be exchange-traded and centrally-cleared. The International Fund will not enter into such forward contracts or maintain a net exposure in such contracts where it would be obligated to deliver an amount of foreign currency in excess of the value of its securities or other assets denominated in that currency. The International Fund generally will not enter into a forward contract with a term longer than one year.

*Foreign Currency Futures Transactions.* Unlike forward foreign currency exchange contracts, foreign currency futures contracts and options on foreign currency futures contracts are standardized as to amount and delivery period and may be traded on boards of trade and commodities exchanges or directly with a dealer which makes a market in such contracts and options. It is anticipated that such contracts may provide greater liquidity and lower cost than forward foreign currency exchange contracts. As part of its financial futures transactions, the International Fund may use foreign currency futures contracts and options on such futures contracts.

*Foreign Currency Options.* A foreign currency option provides the option buyer with the right to buy or sell a stated amount of foreign currency at the exercise price at a specified date or during the option period. A call option gives its owner the right, but not the obligation, to buy the currency, while a put option gives its owner the right, but not the obligation, to sell the currency. The option seller (writer) is obligated to fulfill the terms of the option sold if it is exercised. However, either seller or buyer may close its position during the option period in the secondary market for such options at any time prior to expiration.

A foreign currency call option rises in value if the underlying currency appreciates. Conversely, a foreign currency put option rises in value if the underlying currency depreciates. While purchasing a foreign currency

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option may protect the International Fund against an adverse movement in the value of a foreign currency, it would limit the gain which might result from a favorable movement in the value of the currency. For example, if the International Fund were holding securities denominated in an appreciating foreign currency and had purchased a foreign currency put to hedge against a decline in the value of the currency, it would not have to exercise its put. In such an event, however, the amount of the International Fund's gain would be offset in part by the premium paid for the option. Similarly, if the International Fund entered into a contract to purchase a security denominated in a foreign currency and purchased a foreign currency call to hedge against a rise in the value of the currency between the date of purchase and the settlement date, the International Fund would not need to exercise its call if the currency instead depreciated in value. In such a case, the International Fund could acquire the amount of foreign currency needed for settlement in the spot market at a lower price than the exercise price of the option.

ILLIQUID AND RESTRICTED SECURITIES.

Each Fund may invest up to 15% of its net assets in illiquid securities, defined as securities that it cannot sell or dispose of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. The liquidity of a particular security will be determined based on relevant factors as set out in the Trust's liquidity risk management program as required by Rule 22e-4 under the 1940 Act. Illiquid securities include repurchase agreements and time deposits with notice/termination dates of more than seven days, certain variable-amount master demand notes that cannot be called within seven days, certain insurance funding agreements, certain unlisted OTC options and other securities that are traded in the U.S. but are subject to trading restrictions because they are not registered under the Securities Act of 1933, as amended (the "1933 Act"). Because illiquid and restricted securities may be difficult to sell at an acceptable price, they may be subject to greater volatility and may result in a loss to a Fund. The continued viability of a market is dependent upon the willingness of market participants to purchase such securities. Securities that are liquid may become illiquid.

Restricted securities are subject to legal restrictions on resale. The International Fund may purchase securities that have been privately placed but that are eligible for purchase and sale under Rule 144A ("Rule 144A securities") under the 1933 Act. The practice of investing in Rule 144A Securities could increase the level of the Fund's illiquidity during any period that qualified buyers become uninterested in purchasing these securities.

Rule 144A is a nonexclusive safe-harbor for certain secondary market transactions involving securities subject to restrictions on resale under federal securities laws. Rule 144A provides an exemption from registration for resales of otherwise restricted securities to qualified institutional buyers. Rule 144A was expected to further enhance the liquidity of the secondary market for securities eligible for resale.

The SEC defines "liquidity risk" as the risk that a Fund may not be able to meet redemption requests without significantly diluting the interests of remaining shareholders. Liquidity risk exists when particular investments are or become difficult to purchase or sell at the price at which a Fund has valued the security, whether because of current market conditions, the financial condition of the issuer, or the specific type of investment. If the market for a particular security becomes illiquid (for example, due to changes in the issuer's financial condition), a Fund may be unable to sell such security at an advantageous time or price due to the difficulty in selling such securities. Additionally, the market for certain equity or debt securities may become illiquid under adverse market or economic conditions independent of any specific adverse changes in the conditions of a particular issuer.

OTHER INVESTMENT TECHNIQUES

*Repurchase Agreements.* In order to earn income for periods as short as overnight, each Fund may enter into repurchase agreements with commercial and investment banks that furnish collateral at least equal in value or market price to the amount of their repurchase obligations. Under a repurchase agreement, a Fund acquires a

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money market instrument (generally a U.S. Government security) which is subject to resale by the Fund on a specified date (within one week) at a specified price (which price reflects an agreed-upon interest rate effective for the period of time the Fund holds the investment and is unrelated to the interest rate on the instrument). Repurchase agreements entered into by a Fund will be fully collateralized by obligations with a market value, monitored daily by the portfolio manager, of not less than 100% of the obligation plus accrued interest. Collateral will be held in a segregated, safekeeping account for the benefit of the Fund. The staff of the Commission has taken the position that repurchase agreements of more than seven days' duration are illiquid securities.

*Lending of Portfolio Securities.* Core Equity Fund, Select Equity Fund and International Fund may earn additional income by lending portfolio securities to broker/dealers that are members of the New York Stock Exchange (the "NYSE") and other financial institutions under agreements which require that the loans be secured continuously by collateral in cash, cash equivalents or U.S. Treasury bills maintained on a current basis at an amount at least equal to the market value of the securities loaned. However, at no time will the value of securities loaned by any Fund exceed 33 1/3% of the value of such Fund's total assets. A Fund will continue to receive the equivalent of the interest or dividends paid by the issuer on the securities loaned and also will receive compensation based on investment of the collateral. A Fund will not, however, have the right to vote any securities having voting rights during the existence of the loan, but will attempt to call the loan in anticipation of an important vote to be taken among holders of the securities or of an opportunity to give or withhold consent on a material matter affecting the investment.

*Foreign Currency Transactions*. International Fund may invest in securities which are purchased and sold in foreign currencies as a principal investment strategy. The value of the International Fund's assets as measured in U.S. dollars therefore may be affected favorably or unfavorably by changes in foreign currency exchange rates and exchange control regulations. The International Fund also will incur costs in converting U.S. dollars to local currencies, and vice versa.

The International Fund will conduct its foreign currency exchange transactions either on a spot (i.e., cash) basis at the spot rate prevailing in the foreign currency exchange market, or through forward contracts to purchase or sell foreign currencies. A forward foreign currency exchange contract involves an obligation to purchase or sell an amount of a specific currency at a specific price on a future date agreed upon by the parties. These forward currency contracts are traded directly between currency traders (usually large commercial banks) and their customers. Eventually, many but not all forward foreign currency exchange contracts will be exchange-traded and centrally-cleared.

The International Fund may enter into forward currency contracts in order to hedge against adverse movements in exchange rates between currencies. The International Fund may engage in "transaction hedging" to protect against a change in the foreign currency exchange rate between the date the International Fund contracts to purchase or sell a security and the settlement date, or to "lock in" the U.S. dollar equivalent of a dividend or interest payment made in a foreign currency. The International Fund also may engage in "portfolio hedging" to protect against a decline in the value of its portfolio securities as measured in U.S. dollars which could result from changes in exchange rates between the U.S. dollar and the foreign currencies in which the portfolio securities are purchased and sold. The International Fund also may hedge foreign currency exchange rate risk by engaging in currency futures and options transactions.

Although a foreign currency hedge may be effective in protecting the International Fund from losses resulting from unfavorable changes in exchanges rates between the U.S. dollar and foreign currencies, it also would limit the gains which might be realized by the International Fund from favorable changes in exchange rates. The subadviser's decision whether to enter into currency hedging transactions will depend in part on its view regarding the direction and amount in which exchange rates are likely to move. The forecasting of movements in exchange rates is extremely difficult, so that it is highly uncertain whether a hedging strategy, if undertaken, would be successful. To the extent that the subadviser's view regarding future exchange rates proves to have been incorrect, the International Fund may realize losses on its foreign currency transactions.

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*Depositary Receipts.* Each of Core Equity Fund's, Select Equity Fund's and International Fund's investments in foreign securities may include investment in depositary receipts, including American Depositary Receipts (ADRs), European Depositary Receipts (EDRs), and Global Depositary Receipts (GDRs). U.S. dollar-denominated ADRs, which are traded in the United States on exchanges or over-the-counter, are issued by domestic banks. ADRs represent the right to receive securities of foreign issuers deposited in a domestic bank or a correspondent bank. ADRs do not eliminate all the risk inherent in investing in the securities of foreign issuers. However, by investing in ADRs rather than directly in foreign issuers' stock, a Fund can avoid currency risks during the settlement period for either purchases or sales. In general, there is a large, liquid market in the United States for many ADRs. The information available for ADRs is subject to the accounting, auditing and financial reporting standards of the domestic market or exchange on which they are traded, which standards are more uniform and more exacting than those to which many foreign issuers may be subject. The Core Equity Fund, Select Equity Fund and International Fund also may invest in EDRs, GDRs, and in other similar instruments representing securities of foreign companies. EDRs and GDRs are securities that are typically issued by foreign banks or foreign trust companies, although U.S. banks or U.S. trust companies may issue them. EDRs and GDRs are structured similarly to the arrangements of ADRs. EDRs, in bearer form, are designed for use in European securities markets and are not necessarily denominated in the currency of the underlying security.

Certain depositary receipts, typically those denominated as unsponsored, require the holders thereof to bear most of the costs of the facilities while issuers of sponsored facilities normally pay more of the costs thereof. The depository 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 the voting rights to facility holders in respect to the deposited securities, whereas the depository of a sponsored facility typically distributes shareholder communications and passes through voting rights.

The market value of depositary receipts is dependent upon the market value of the underlying securities and fluctuations in the relative value of the currencies in which the depositary receipts and the underlying securities are quoted. In addition, the issuers of depositary receipts may discontinue issuing new depositary receipts and withdraw existing depositary receipts at any time, which may result in costs and delays in the distribution of the underlying assets to a Fund and may negatively impact a Fund's performance. However, by investing in depositary receipts, such as ADRs, which are quoted in U.S. dollars, a Fund may avoid currency risks during the settlement period for purchases and sales.

*Temporary Defensive Investments*. When in the judgment of its subadviser adverse market conditions warrant, each Fund may adopt a temporary defensive position by investing up to 100% of its assets in cash, repurchase agreements and money market instruments, including short-term U.S. Government securities, bankers' acceptances, commercial paper rated at least A3 by S&P Global Ratings, Prime by Moody's or, if not rated, determined to be of equivalent quality by the Fund's subadviser.

*When-Issued Securities*. Each Fund may purchase securities on a when-issued basis and may purchase or sell securities on a delayed delivery basis. These terms refer to securities that have been created and for which a market exists, but which are not available for immediate delivery.

*Real Estate Investment Trusts*. Core Equity Fund and Select Equity Fund may invest in real estate investment trusts ("REITs"). REITs are pooled investment vehicles that invest primarily in income-producing real estate or real estate related loans or interests. Like regulated investment companies such as the Funds, REITs are not taxed on income distributed to shareholders so long as they comply with several requirements of the Tax Code. REITs may have limited financial resources, may trade less frequently and in limited volume and may be more volatile than other securities. In addition, some REITs have limited diversification because they invest in a limited number of properties, a narrow geographic area or a single type of property. A REIT may be affected by changes in the value of the underlying property owned by such REIT or by the quality of any credit extended by the REIT. Also, the organizational documents of a REIT may contain provisions that make changes in control of the REIT difficult and time-consuming. Because REITs are pooled investment vehicles that have expenses of their own, the Fund will indirectly bear its proportionate share of those expenses.

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#### RISK FACTORS
The investment risks specific to each Fund are as follows:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Core<br>Equity<br>Fund** | **Core<br>Equity<br>Fund** | **Select Equity<br>Fund** | **Select Equity<br>Fund** | **International<br>Fund** | **International<br>Fund** | **Tax-Exempt<br>Bond Fund** | **Tax-Exempt<br>Bond Fund** |
|  **Market Risk** |  | **X** |  | **X** |  | **X** |  | **X** |
|  **Active Management Risk** |  | **X** |  | **X** |  | **X** |  | **X** |
|  **Multi-Manager Risk** |  | **X** |  | **X** |  | **X** |  | **X** |
|  **Micro-Sized Company Risk** |  |  |  | **X** |  | **X** |  |  |
|  **Small Company Risk** |  | **X** |  | **X** |  | **X** |  |  |
|  **Medium-Sized Company Risk** |  | **X** |  | **X** |  | **X** |  |  |
|  **International Investing Risk** |  | **X** |  | **X** |  | **X** |  |  |
|  **Emerging Markets Risk** |  | **X** |  |  |  | **X** |  |  |
|  **Foreign Securities Market Risk** |  | **X** |  | **X** |  | **X** |  |  |
|  **Investment Restriction Risk** |  |  |  |  |  | **X** |  |  |
|  **Model and Data Risk** |  | **X** |  |  |  | **X** |  |  |
|  **Tax-Managed Investment Risk** |  | **X** |  | **X** |  | **X** |  |  |
|  **Investment Style Risks:** |  |  |  |  |  |  |  |  |
|  **Growth Investing Risk** |  | **X** |  | **X** |  | **X** |  |  |
|  **Value Investing Risk** |  | **X** |  | **X** |  | **X** |  |  |
|  **Momentum Investing Risk** |  | **X** |  |  |  |  |  |  |
|  **Passive Investing Risk** |  | **X** |  | **X** |  | **X** |  |  |
|  **Issuer Risk** |  | **X** |  | **X** |  | **X** |  | **X** |
|  **When-Issued Securities Risk** |  | **X** |  | **X** |  | **X** |  | **X** |
|  **Credit Risk** |  |  |  |  |  |  |  | **X** |
|  **Interest Rate Risk** |  |  |  |  |  |  |  | **X** |
|  **Call Risk** |  |  |  |  |  |  |  | **X** |
|  **Lending of Portfolio Securities Risk** |  | **X** |  | **X** |  | **X** |  |  |
|  **Equity Securities Risk** |  | **X** |  | **X** |  | **X** |  |  |
|  **Fixed Income Securities Risk** |  | **X** |  | **X** |  | **X** |  | **X** |
|  **Below Investment Grade Securities Risk** |  |  |  |  |  | **X** |  | **X** |
|  **Repurchase Agreements Risk** |  | **X** |  | **X** |  | **X** |  | **X** |
|  **Derivative Instruments Risk** |  | **X** |  | **X** |  | **X** |  | **X** |
|  **Option on Securities and Securities Indices Risk** |  | **X** |  | **X** |  | **X** |  | **X** |
|  **Futures Contracts and Options on Futures Contracts Risk** |  | **X** |  | **X** |  | **X** |  | **X** |
|  **Investing in Investment Companies and Other Pooled Investment Vehicles Risk** |  | **X** |  | **X** |  | **X** |  | **X** |
|  **Preferred Securities Risk** |  | **X** |  | **X** |  | **X** |  |  |
|  **Convertible Securities Risk** |  | **X** |  | **X** |  | **X** |  |  |
|  **Valuation Risk** |  | **X** |  | **X** |  | **X** |  | **X** |
|  **Tax Risk** |  |  |  |  |  |  |  | **X** |
|  **Cybersecurity Risk** |  | **X** |  | **X** |  | **X** |  | **X** |
|  **Initial Public Offering Risk** |  |  |  | **X** |  |  |  |  |

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*Market Risk*. The price of equity and fixed income securities may fluctuate, sometimes rapidly and unpredictably. Market risk may impact individual securities based on general market or economic conditions and/or real or perceived factors affecting specific industries or individual company fundamentals. These factors may include corporate earnings outlooks, changes in interest rates, investor sentiment, or industry competitive conditions. Additionally, events such as war, military conflicts, geopolitical disputes, acts of terrorism, social or political unrest, natural disasters, recessions, inflation, rapid interest rate changes, supply chain disruptions, tariffs and other restrictions on trade, sanctions, the spread of infectious illness or other public health threats, or the threat or

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potential of one or more such events and developments, could also have a significant impact. Equity markets tend to be cyclical, with periods when prices generally rise and periods when prices generally decline, and are also generally more volatile than fixed income markets.

In the aftermath of the 2007-2008 financial crisis, the financial sector experienced reduced liquidity in credit and other fixed income markets, and an unusually high degree of volatility, both domestically and internationally. While entire markets were impacted, issuers that had exposure to the real estate, mortgage and credit markets were particularly affected. The instability in the financial markets led the U.S. Government to take a number of unprecedented actions designed to support certain financial institutions and certain segments of the financial markets. For example, the Dodd-Frank Act, which was enacted in 2010, provides for broad regulation of financial institutions, consumer financial products and services, broker-dealers, over-the-counter derivatives, investment advisers, credit rating agencies and mortgage lending.

In March 2023, several financial institutions experienced a larger-than-expected decline in deposits and two banks, Silicon Valley Bank ("SVB") and Signature Bank, were placed into receivership. Given the interconnectedness of the banking system, the Federal Reserve invoked the systemic risk exception, temporarily transferred all deposits—both insured and uninsured—and substantially all the assets of the two banks into respective bridge banks and guaranteed depositors' full access to their funds. This type of systemic risk event and/or resulting government actions can negatively impact the Fund, for example, through less credit being available to issuers or uncertainty regarding safety of deposits at other institutions. These risks also may adversely affect financial intermediaries, such as clearing agencies, clearing houses, banks, securities firms, and exchanges, with which the Fund interacts.

Governments or their agencies may also acquire distressed assets from financial institutions and acquire ownership interests in those institutions. The implications of government ownership and disposition of these assets are unclear, and such ownership or disposition may have positive or negative effects on the liquidity, valuation and performance of the Funds' portfolio holdings.

In addition, global economies and financial markets are becoming increasingly interconnected, and political, economic and other conditions and events in one country, region, or financial market may adversely impact issuers in a different country, region or financial market. The occurrence of, among other events, natural or man-made disasters, severe weather or geological events, fires, floods, earthquakes, outbreaks of disease (such as COVID-19, avian influenza or H1N1/09), epidemics, pandemics, malicious acts, cyber-attacks, terrorist acts or the occurrence of climate change, may also adversely impact the performance of the Funds and disrupt the processes necessary for a Fund's operations. Such events may result in, among other things, closing borders, exchange closures, health screenings, healthcare service delays, quarantines, cancellations, supply chain disruptions, lower consumer demand, market volatility and general uncertainty. Such events could adversely impact issuers, markets and economies over the short- and long-term, including in ways that cannot necessarily be foreseen. Further, such events can be highly disruptive to economies and markets, significantly disrupt the operations of individual companies (including, but not limited to, the Funds' investment adviser, subadvisers, and third party service providers), sectors, industries, markets, securities and commodity exchanges, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of the Funds' investments. Governments, their regulatory agencies, or self-regulatory organizations may take actions that affect the instruments in which a Fund invests, or the issuers of such instruments, in ways that could also have a significant negative impact on a Fund's investment performance.

*Active Management Risk*. For the portions of the Funds' portfolios that are actively managed, performance will reflect in part the ability of a subadviser to select securities and to make investment decisions that help to meet the Fund's investment objective. A Fund could, therefore, underperform relevant benchmarks or other mutual funds with similar investment objectives.

*Multi-Manager Risk.* Because each subadviser makes investment decisions independently, using different styles, a Fund could experience overlapping security selections that may not be complementary. Certain advisers may be

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purchasing securities at the same time other advisers may be selling those same securities, which may lead to higher transaction expenses compared to a Fund using a single investment management style.

*Micro-Sized Company Risk*. Micro-sized company stocks may be very sensitive to changing economic conditions and market downturns because the issuers often have narrow markets, fewer product lines, and limited managerial and financial resources, resulting in volatile stock prices and a limited ability to sell them at a desirable time or price.

*Small Company Risk.* Stocks of smaller companies may lack the management expertise, financial resources, product diversification, and competitive strengths of larger companies. Prices of such stocks may be subject to more abrupt or erratic movements than stock prices of larger, more established companies or the market averages in general. In addition, the frequency and volume of their trading may be less than is typical of larger companies, making them subject to wider price fluctuations and creating difficulties in selling the stocks at the desired time and price.

*Medium-Sized Company Risk.* Medium-sized companies may lack the management expertise, financial resources, product diversification, and competitive strengths of larger companies. Prices of such stocks may be subject to more abrupt or erratic movements than stock prices of larger, more established companies or the market averages in general.

*International Investing Risks*. International equities may underperform and may be more volatile than investments in U.S. equities. Investing in international equity securities involves additional risks, including but not limited to the following:

• <u>Country Risks</u> —Including less liquidity, potentially high inflation rates and unfavorable economic practices.

• <u>Currency Risk</u> —Because the foreign securities in which a portion of a Fund's assets may be invested, except for American Depositary Receipts, generally trade in currencies other than the U.S. dollar, changes in currency exchange rates may affect a Fund's net asset value, the value of dividends and interest earned, and gains and losses realized on the sale of securities.

• <u>Information Risk</u> —Differences in financial reporting standards and less stringent regulation of existing standards which leads to a lack of uniformity.

• <u>Foreign Currency Hedging Transaction Risk</u> —In order to hedge against adverse movements in currency exchange rates, a Fund may enter into forward foreign currency exchange contracts. If the adviser's or subadviser's forecast of exchange rate movements is incorrect, a Fund may realize losses on its foreign currency transactions. Additionally, a Fund's hedging transactions may prevent a Fund from realizing the benefits of a favorable change in the value of foreign currencies.

• <u>Less Available Public Information about the Issuers of Securities</u> —Non-U.S. companies may not be subject to uniform accounting, auditing, and financial reporting standards or to other regulatory requirements applicable to U.S. companies. As a result, less information may be available to investors concerning non-U.S. investors.

• <u>Less Strict Regulation of Security Markets</u> —Foreign countries generally have less government supervision and regulation of stock exchanges, brokers and listed issuers than in the United States. Foreign issuers often are subject to less stringent requirements regarding accounting, auditing, financial reporting and record keeping than are U.S. issuers, and, therefore, not all material information regarding these foreign issuers will be available.

• <u>Political and Economic Instability</u> —International investing subjects investors to the risk of political, social, or economic instability in the country or region of the issuer of a security, the difficulty of predicting international trade patterns, the possibility of the imposition of exchange controls and sanctions, limits on removal of currency or other assets, and nationalization of assets.

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*Emerging Markets Risk*. The risks of international investing (see above) are particularly significant in emerging markets and less developed markets. Investing in emerging markets generally involves exposure to economic structures that are less diverse and mature, and to political systems that are less stable, than those of developed countries. Issuers in emerging markets typically are subject to a greater degree of change in earnings and business prospects than are companies in developed markets. In addition, many emerging markets governments participate to a significant degree in their economies and securities markets, which may negatively impact companies in those markets. Risk of loss may also be greater due to more or less foreign government financial regulation, less public information, and less stringent investor protections and disclosure standards. Further, no accounting standards exist in many developing countries. Finally, even though certain currencies may be convertible into U.S. dollars, the conversion rates may be artificial to the actual market values and may be adverse to International Fund shareholders.

Certain countries, which do not have market economies, are characterized by an absence of developed legal structures governing private and foreign investments and private property. Certain countries require governmental approval prior to investments by foreign persons, or limit the amount of investment by foreign persons in a particular company, or limit the investment of foreign persons to only a specific class of securities of a company that may have less advantageous terms than securities of the company available for purchase by nationals.

Certain of the companies may operate in, or have dealings with, countries subject to sanctions or embargos imposed by the U.S. government, foreign governments, or the United Nations or other international organizations. In particular, economic sanctions may be imposed against companies in various sectors of the Russian economy, including the financial services, energy, metals and mining, engineering, and defense and defense-related materials sectors. Such sanctions, if imposed, could impair a Fund's ability to meet its investment objective. For example, a Fund may be prohibited from investing in securities issued by companies subject to such sanctions. In addition, the sanctions may require a Fund to freeze its existing investments in companies operating in or having dealings with sanctioned countries, prohibiting a Fund from selling or otherwise transacting in these investments. This could impact a Fund's ability to sell securities or other financial instruments as needed to meet shareholder redemptions. A Fund could seek to suspend redemptions in the event that an emergency exists in which it is not reasonably practicable for the Fund to dispose of its securities or to determine the value of its net assets.

*Foreign Securities Market Risk.* Fixed commissions on foreign securities exchanges are generally higher than negotiated commissions on U.S. exchanges. Foreign markets also have different clearance and settlement procedures, and in some markets there have been times when settlements have been unable to keep pace with the volume of securities transactions, making it difficult to conduct such transactions. Delays in settlement could result in temporary periods when a portion of the assets of a Fund is uninvested. In addition, settlement problems could cause a Fund to miss attractive investment opportunities or to incur losses due to an inability to sell or deliver securities in a timely fashion. In the event of a default by an issuer of foreign securities, it may be more difficult for a Fund to obtain or to enforce a judgment against the issuer.

*Investment Restriction Risk*. Some countries restrict foreign investments in their securities markets. In some circumstances, these restrictions may limit or preclude investment in certain countries or may increase the cost of investing in securities of particular companies.

*Model and Data Risk.* One or more of the Fund's subadvisers may rely heavily on quantitative models and information and data supplied by third parties ("Models and Data"). Models and Data are used to construct sets of transactions and investments, to provide risk management insights, and to assist in hedging the Fund's investments.

When Models and Data prove to be incorrect or incomplete, any decisions made in reliance thereon expose the Fund to potential risks. Similarly, any hedging based on faulty Models and Data may prove to be unsuccessful.

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Some of the models used for the Fund are predictive in nature. The use of predictive models has inherent risks. Because predictive models are usually constructed based on historical data supplied by third parties, the success of relying on such models may depend heavily on the accuracy and reliability of the supplied historical data. A subadviser may also use machine learning, which typically has less out-of-sample evidence and is less transparent or interpretable, which could result in errors or omissions. The Fund bears the risk that the quantitative models will not be successful in selecting companies for investment or in determining the weighting of investment positions that will enable the Fund to achieve its investment objective.

All models rely on correct market data inputs. If incorrect market data is entered into even a well-founded model, the resulting information will be incorrect. However, even if market data is input correctly, "model prices" will often differ substantially from market prices, especially for instruments with complex characteristics, such as derivative instruments.

*Tax-Managed Investment Risk*. Market conditions may limit the Fund's ability to generate tax losses or to generate dividend income taxed at favorable rates. Use of a tax-managed strategy for a portion of the Fund's assets may affect the investment decisions made for the Fund. For example, the Fund's tax-managed strategy may cause the Fund to hold a security in order to achieve more favorable tax treatment or to sell a security in order to create tax losses. The Fund's ability to utilize various tax-management techniques may be curtailed or eliminated in the future by tax legislation or regulation. Although a smaller portion of the Fund's total return may consist of taxable distributions to shareholders as compared to non-tax managed funds, there can be no assurance about the size of taxable distributions to shareholders. The performance of the Fund may deviate from that of non-tax managed funds and may not provide as high a return before consideration of U.S. federal income tax consequences as non-tax managed funds. Although a tax-managed strategy is used with respect to a portion of the Fund's assets, the Fund can realize capital gains.

*Investment Style Risks*. A Fund is subject to investment style risk, which is the chance that returns differ from funds employing a similar style. Styles can be characterized with labels including growth or value, active or passive, tax sensitivity and/or quantitative techniques:

• <u>Growth Investing Risk</u> —Growth stocks include companies that are believed to have above-average potential for growth in revenue, earnings, cash flow or other similar criteria. Growth stock prices may be more sensitive to changes in current or expected earnings than the prices of other stocks, and they may fall or not appreciate in step with the broader securities markets.

• <u>Value Investing Risk</u> —Value investing attempts to identify strong companies whose stocks are selling at a discount from their perceived true worth. It is subject to the risk that the stocks' intrinsic value may never be fully recognized or realized by the market, their prices may go down, or that stocks judged to be undervalued may actually be appropriately priced.

• <u>Momentum Investing Risk</u> —Investing in or having exposure to securities with positive momentum entails investing in securities that have had above-average recent returns. These securities may be more volatile than a broad cross-section of securities. In addition, there may be periods during which the investment performance of the Fund while using a momentum strategy may suffer.

*Passive Investing Risk.* Because a portion of a Fund is managed so that its holdings match those of a certain market index, a Fund faces a risk of poor performance if the target index declines generally or performs poorly relative to other U.S. equity indexes or individual stocks. Even though a Fund invests a portion of its assets in the common stocks of companies represented in the target index, a Fund cannot guarantee the performance of that portion of a Fund will match the target index due to the need to maintain cash or other liquid securities available to meet redemption requests.

*Issuer Risk*. The value of an individual security may decline for any number of reasons related to the specific issuer, such as financial strength, consumer demand and company performance.

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*When-Issued Securities Risk*. There may be a risk of loss to a Fund that engages in these transactions if the value of the security declines prior to the settlement date.

*Credit Risk.* The Fund could lose money if the issuers or guarantors of securities owned by the Fund default on the payment of principal or interest, or on other obligations to the Fund. The revenue bonds in which the Fund invests may entail greater credit risk than the Fund's investments in general obligation bonds. In particular, weaknesses in federal housing subsidy programs and their administration may result in a decrease of subsidies available for the payment of principal and interest on certain multi-family housing authority bonds.

Municipal bonds are subject to the risk that political events, local business or economic conditions could have a significant effect on an issuer's ability to make payments of principal and/or interest. On July 18, 2013, the City of Detroit filed for federal bankruptcy protection. 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. More recently, Puerto Rico defaulted on certain of its debt obligations. If the Fund were to hold securities that are affected by a bankruptcy filing or a default, the Fund's investments in those securities may lose value, which could cause the Fund's performance to decline. A security's credit rating may reflect its degree of inherent credit risk.

*Interest Rate Risk.* Interest rate risk is the risk that a fixed income security will lose value because of changes in interest rates. An increase in interest rates likely will lower the Fund's value and the overall return on your investment. The Fund is also subject to call or prepayment risk when, generally as a result of declining interest rates, the issuer of a security exercises its right to prepay principal earlier than scheduled, forcing the Fund to reinvest in lower yielding securities. Declining interest rates may compel borrowers to prepay mortgages and debt obligations underlying securities owned by the Fund. The proceeds received by the Fund from prepayments will likely be reinvested at interest rates lower than the original investment, thus resulting in a reduction of income to the Fund. Conversely, rising interest rates could reduce prepayments and extend the life of securities with lower interest rates, which may increase the sensitivity of the Fund's value to rising interest rates. Many factors can cause interest rates to rise. Some examples include central bank monetary policy, rising inflation rates and general economic conditions. Changing interest rates may have unpredictable effects on markets, may result in heightened market volatility and may detract from the Fund's performance. In addition, changes in monetary policy may exacerbate the risks associated with changing interest rates. To the extent the Fund has a bank deposit or holds a debt instrument with a negative interest rate to maturity, the Fund would generate a negative return on that investment. Rising interest rates may lead to decreased liquidity in the bond markets, making it more difficult for the Fund to value or sell some or all of its bond holdings at any given time. It is difficult to predict the magnitude, timing or direction of interest rate changes and the impact these changes will have on the markets in which the Fund invests.

The Fund's investments, payment obligations and financing terms may be based on floating rates, such as Euro Interbank Offered Rate, Secured Overnight Financing Rate ("SOFR"), a term SOFR rate published by CME Group Benchmark Administration Limited (CBA) calculated using certain derivatives markets ("Term SOFR"), and other similar types of reference rates (each, a "Reference Rate"). The termination of Reference Rates presents risks to the Fund. It is not possible to exhaustively identify or predict the effect of any such changes, any establishment of alternative Reference Rates or any other reforms to Reference Rates that may be enacted in the United Kingdom, the United States or elsewhere. The elimination of a Reference Rate or any other changes or reforms to the determination or supervision of Reference Rates may affect the value, liquidity or return on the Fund's investments and may result in costs incurred in connection with closing out positions and entering into new trades, adversely impacting the Fund's overall financial condition or results of operations. The impact of any successor or substitute Reference Rate, if any, will vary on an investment-by-investment basis, and any differences may be material and/or create material economic mismatches, especially if investments are used

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for hedging or similar purposes. In addition, although the Fund's investments may provide for a successor or substitute Reference Rate (or terms governing how to determine a successor or substitute Reference Rate) if the Reference Rate becomes unavailable, certain Fund investments may not provide such a successor or substitute Reference Rate (or terms governing how to determine a successor or substitute Reference Rate). Accordingly, there may be disputes as to: (i) any successor or substitute Reference Rate; or (ii) the enforceability of the Fund's investment that does not provide such a successor or substitute Reference Rate (or terms governing how to determine a successor or substitute Reference Rate). The Fund may have discretion to determine a successor or substitute Reference Rate, including any price or other adjustments to account for differences between the successor or substitute Reference Rate and the previous rate. The successor or substitute Reference Rate and any adjustments selected may negatively impact the Fund's investments, performance or financial condition, including in ways unforeseen by the Fund. In addition, any successor or substitute Reference Rate and any pricing adjustments imposed by a regulator or by counterparties or otherwise may adversely affect the Fund's performance and/or NAV, and may expose the Fund to additional tax, accounting and regulatory risks.

*Call Risk.* Many bonds may be redeemed ("called") at the option of the issuer before their stated maturity date. In general, an issuer will call its bonds if they can be refinanced by issuing new bonds which bear a lower interest rate. The Fund may then be forced to invest the unanticipated proceeds at lower interest rates, resulting in a decline in the Fund's income.

*Lending of Portfolio Securities Risk.* Lending portfolio securities involves risk of delay in recovery of the loaned securities and in some cases loss of rights in the collateral should the borrower fail financially. Loans of portfolio securities will be made only to borrowers that have been approved in advance by the Trust's Board of Trustees. The Board of Trustees will monitor the creditworthiness of such firms on a continuing basis. At no time will the value of securities loaned by any Fund exceed 33 1/3% of the value of such Fund's total assets.

*Equity Securities Risk.* Equity securities are subject to the risk that stock prices will fall over short or extended periods of time. Historically, the equity markets have moved in cycles, and the value of the equity securities may fluctuate drastically from day to day. Individual companies may report poor results or be negatively affected by industry and/or economic trends and developments. The prices of securities issued by such companies may suffer a decline in response.

*Fixed Income Securities Risk*. Debt obligations are subject to the risk of an issuer's inability to meet principal and interest payments on obligations and may also be subject to price volatility due to such factors as market interest rates, market perception of creditworthiness of the issuer and general market liquidity. Zero coupon securities are securities sold at a discount to par value and on which interest payments are not made during the life of the security. Each Fund's investments in zero coupon, stripped or certain other fixed income securities with original issue discount (or market discount if an election is made to take market discount into account annually) could require the Fund to sell certain of its portfolio securities in order to generate sufficient cash to satisfy certain income distribution requirements.

*Below Investment Grade Securities Risk*. Investments in high-yield debt securities (commonly referred to as "junk" bonds) are sometimes considered speculative as they present a greater risk of loss than higher quality debt securities. Such securities may, under certain circumstances, be less liquid than higher rated debt securities. These securities pay investors a premium (a high interest rate or yield) because of the increased risk of loss. These securities can also be subject to greater price volatility. In times of unusual or adverse market, economic or political conditions, these securities may experience higher than normal default rates.

*Repurchase Agreements Risk*. If the other party or "seller" defaults on its repurchase obligation, a Fund might suffer a loss to the extent that the proceeds from the sale of the underlying securities and other collateral held by the Fund in connection with the related repurchase agreement are less than the repurchase price. In addition, in such event, a Fund could suffer a loss of interest on or principal of the security and could incur costs associated with delay and enforcement of the repurchase agreement.

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*Derivative Instruments Risk*. In accordance with its investment policies, each Fund may invest in certain derivative instruments, which are securities or contracts that provide for payments based on or "derived" from the performance of an underlying asset, index or other economic benchmark. Essentially, a derivative instrument is a financial arrangement or a contract between two parties. Transactions in derivative instruments can be, but are not necessarily, riskier than investments in conventional stocks, bonds and money market instruments. The risk of unlimited losses is possible for a Fund with regard to some derivatives investing.

Derivative contracts include options, futures contracts, forward contracts, forward commitments and when-issued securities transactions, forward foreign currency exchange contracts and interest rate, mortgage, equity, equity index and currency swaps. The following are the principal risks associated with derivative instruments.

• <u>Market Risk</u> —Market risk is the risk that the instrument will decline in value or that an alternative investment would have appreciated more.

• <u>Leverage and Associated Price Volatility</u> —Leverage causes increased volatility in the price and magnifies the impact of adverse market changes.

• <u>Credit Risk</u> —The issuer of the instrument may default on its obligations under the contract.

• <u>Liquidity and Valuation Risk</u> —Many derivative instruments are traded in institutional markets rather than on an exchange. Derivative instruments that are custom designed to meet the specialized investment needs of a relatively narrow group of institutional investors such as the Funds are not readily marketable and are subject to a Fund's restrictions on illiquid investments.

• <u>Correlation Risk</u> —There may be imperfect correlation between the price of the derivative and the underlying asset. For example, there may be price disparities between the trading markets for the derivative contract and the underlying asset.

*Options on Securities and Securities Indices Risk*. The writing and purchase of options is a highly specialized activity, which involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The use of options to seek to increase total return involves the risk of loss if the subadviser is incorrect in its expectation of fluctuations in securities prices or interest rates. The successful use of options for hedging purposes also depends in part on the ability of the subadviser to manage future price fluctuations and the degree of correlation between the options and securities markets. If the subadviser is incorrect in its expectation of changes in securities prices or determination of the correlation between the securities indices on which options are written and purchased and the securities in a Fund's investment portfolio, the investment performance of the Fund will be less favorable than it would have been in the absence of such options transactions.

As the writer of a call option, a Fund receives a premium less commission and, in exchange, forgoes the opportunity to profit from increases in the market value of the security covering the call above the sum of the premium and the exercise price of the option during the life of the option. The purchaser of such a call has the ability to purchase the security from the Fund's portfolio at the option price at any time during the life of the option. Portfolio securities on which options may be written are purchased solely on the basis of investment considerations consistent with the Fund's investment objectives.

*Futures Contracts and Options on Futures Contracts Risk*. While transactions in futures contracts and options on futures may reduce certain risks, such transactions themselves entail certain risks. Thus, while a Fund may benefit from the use of futures and options on futures, unanticipated changes in securities prices may result in poorer overall performance than if the Fund had not entered into any futures contracts or options transactions. Because perfect correlation between a futures position and the portfolio position that is intended to be protected is impossible to achieve, the desired protection may not be obtained and the Fund may be exposed to risk of loss. The loss incurred by a Fund in entering into futures contracts and in writing call options on futures is potentially unlimited and may exceed the amount of the premium received. Futures markets are highly volatile and the use

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of futures may increase the volatility of the Fund's net asset value. The profitability of a Fund's trading in futures to seek to increase total return depends upon the ability of the subadviser to correctly analyze the futures markets. In addition, because of the low margin deposits normally required in futures trading, a relatively small price movement in a futures contract may result in substantial losses to the Fund. Further, futures contracts and options on futures may be illiquid, and exchanges may limit fluctuations in futures contract prices during a single day (generally referred to as "daily price fluctuation limits"). The maximum or minimum price of a contract as a result of these limits is referred to as a "limit price." If the limit price has been reached in a particular contract, no trades may be made beyond the limit price. Limit prices have the effect of precluding trading in a particular contract or forcing the liquidation of contracts at disadvantageous times or prices.

*Investing in Investment Companies and Other Pooled Investment Vehicles Risk*. The risks of owning an ETF or other investment company generally reflect the risks of owning the underlying securities they are designed to track, although lack of liquidity in an ETF or investment company could result in its value being more volatile than the underlying portfolio of securities. Disruptions in the markets for the securities underlying ETFs and underlying investment companies purchased or sold by the Fund could result in losses on the Fund's investment. ETFs and other investment companies also have management fees that increase their costs versus the costs of owning the underlying securities directly. Investments in real estate investment trusts or securities with similar characteristics that pool investor's capital to purchase or finance real estate investments involve certain unique risks, including concentration risk (by geography or property type) and interest rate risk (i.e., in a rising interest rate environment, the stock prices of real estate-related investments may decline and the borrowing costs of these companies may increase). Closed-end funds generally do not continuously offer their shares for sale. Rather, they sell a fixed number of shares at one time, after which the shares typically trade on a secondary market, such as the New York Stock Exchange. The price of closed-end fund shares that trade on a secondary market is determined by the market and may be greater or less than the shares' net asset value. Closed-end fund shares generally are not redeemable. The investment portfolios of closed-end funds generally are managed by investment advisers.

*Preferred Stock Risk.* Preferred securities may pay fixed or adjustable rates of return. Preferred securities are subject to issuer-specific and market risks applicable generally to equity securities. In addition, a company's preferred securities generally pay dividends only after the company makes required payments to holders of its bonds and other debt. For this reason, the value of preferred securities will usually react more strongly than bonds and other debt to actual or perceived changes in the company's financial condition or prospects.

*Convertible Securities Risk*. A convertible security generally entitles the holder to receive interest paid or accrued on debt securities or the dividend paid on preferred stock until the convertible security matures or is redeemed, converted or exchanged. Before conversion, convertible securities generally have characteristics similar to both debt and equity securities. The value of convertible securities tends to decline as interest rates rise and, because of the conversion feature, tends to vary with fluctuations in the market value of the underlying securities. Although to a lesser extent than with fixed-income securities, the market value of convertible securities tends to decline as interest rates increase. In addition, because of the conversion feature, the market value of convertible securities tends to vary with fluctuations in the market value of the underlying common stock. Convertible securities are usually subordinated to comparable nonconvertible securities. Convertible securities may be converted at either a stated price or stated rate into underlying shares of common stock. Although convertible securities provide for a stable stream of income, they are subject to the risk that their issuers may default on their obligations. Convertible securities also offer the potential for capital appreciation through the conversion feature, although there can be no assurance of capital appreciation because securities prices fluctuate.

Contingent convertible securities are subject to additional risk factors. A contingent convertible security is a hybrid debt security typically issued by a non-U.S. bank that may be convertible into equity or may be written down if a pre-specified trigger event such as a decline in capital ratio below a prescribed threshold occurs. If such a trigger event occurs, a Fund may lose the principal amount invested on a permanent or temporary basis or the contingent convertible security may be converted to equity. Coupon payments on contingent convertible

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securities may be discretionary and may be cancelled by the issuer. Holders of contingent convertible securities may suffer a loss of capital when comparable equity holders do not.

*Valuation Risk.* A Fund may hold securities for which prices from pricing vendors may be unavailable or are deemed unreliable. With respect to a Fund's investments that do not have readily available market prices or quotations, the Board of Trustees has designated CMC as the valuation designee to perform fair valuations pursuant to Rule 2a-5 under the 1940 Act. There is a risk that the fair value determined by the valuation designee may be different than the actual sale prices of such securities.

*Tax Risk.* Tax-Exempt Bond Fund could generate some taxable income and may realize taxable gains on the sale of its securities or other transactions. Generally, distributions of interest income from the Fund's tax-exempt securities are exempt from U.S. federal income tax, and distributions from other sources, including capital gain distributions, are not. However, there is no guarantee that the Fund's income will be exempt from U.S. federal or state income taxes. Events occurring after the date of issuance of a municipal bond or after the Fund's acquisition of a municipal bond may result in a determination that interest on that bond is includible in gross income for U.S. federal income tax purposes retroactively to its date of issuance. Such a determination may cause a portion of prior distributions by the Fund to its shareholders to be taxable to those shareholders in the year of receipt. Federal or state changes in income or alternative minimum tax rates or in the tax treatment of municipal bonds may make municipal bonds less attractive as investments and cause them to lose value.

You should consult a tax adviser about any taxes, including state and local taxes, on your Fund distribution.

*Cybersecurity Risk.* As the use of technology has become more prevalent in the course of business, the Funds have become potentially more susceptible to operational and information security risks resulting from breaches in cybersecurity. A breach in cybersecurity refers to both intentional and unintentional cyber events that may, among other things, cause a Fund to lose proprietary information, suffer data corruption and/or destruction or lose operational capacity, result in the unauthorized release or other misuse of confidential information, or otherwise disrupt normal business operations. Cybersecurity breaches may involve unauthorized access to a Fund's digital information systems (e.g., through "hacking" or malicious software coding), but may also result from outside attacks such as denial-of-service attacks (i.e., efforts to make network services unavailable to intended users). In addition, cybersecurity breaches involving a Fund's third party service providers (including but not limited to advisers, sub-advisers, administrators, transfer agents, custodians and other third parties), trading counterparties or issuers in which a Fund invests can also subject a Fund to many of the same risks associated with direct cybersecurity breaches. Moreover, cybersecurity breaches involving trading counterparties or issuers in which a Fund invests could adversely impact such counterparties or issuers and cause the Fund's investment to lose value.

The Funds have established business continuity plans and risk management systems designed to reduce the risks associated with cybersecurity. However, there are inherent limitations in these plans and systems, including that certain risks may not have been identified, in large part because different or unknown threats may emerge in the future. As such, there is no guarantee that such efforts will succeed, especially because the Funds do not directly control the cybersecurity systems of issuers in which a Fund may invest, trading counterparties or third party service providers to the Funds. There is also a risk that cyber security breaches may not be detected. The Funds and their shareholders could be negatively impacted as a result.

*Initial Public Offering Risk.* The market value of shares issued in an initial public offering ("IPO") may fluctuate considerably due to factors such as the absence of a prior public market, unseasoned trading, the small number of shares available for trading and limited information about a company's business model, quality of management, earnings growth potential, and other criteria used to evaluate its investment prospects. The purchase of IPO shares may involve high transaction costs. Investments in IPO shares, which are subject to market risk and liquidity risk, involve greater risks than investments in shares of companies that have traded publicly on an exchange for extended periods of time.

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#### INVESTMENT RESTRICTIONS
*Fundamental Investment Restrictions*. Each Fund has adopted certain fundamental investment restrictions which may not be changed without the affirmative vote of the holders of a majority of that Fund's outstanding voting securities which, as used in the Prospectus and the SAI, means approval of the lesser of (1) the holders of 67% or more of the shares represented at a meeting if the holders of more than 50% of the outstanding shares are present in person or by proxy or (2) the holders of more than 50% of the outstanding shares.

A Fund may not:

(1) Invest more than 5% of its assets in commodities or commodity contracts, except that each Fund may invest without regard to the 5% limitation in interest rate futures contracts, options on securities, securities indices, currency and other financial instruments, futures contracts on securities, securities indices, currency and other financial instruments, options on such futures contracts, forward commitments, securities index put and call warrants and repurchase agreements entered into in accordance with the Fund's investment policies;

(2) Underwrite any issue of securities;

(3) Make loans to any person except by (a) the acquisition of debt securities and making portfolio investments, (b) entering into repurchase agreements, or (c) lending portfolio securities;

(4) Purchase securities on margin, except for short-term credit necessary for clearance of portfolio transactions;

(5) Borrow money, except that a Fund may borrow money for temporary or emergency purposes (not for leveraging or investment) in an amount not exceeding 33 1/3% of its total assets (including the amount borrowed) less liabilities (other than borrowings). Any borrowings that come to exceed this amount will be reduced within three days (not including Sundays and holidays) to the extent necessary to comply with the 33 1/3% limitation. A Fund also may not issue senior securities, within the meaning of the 1940 Act;

(6) Invest more than 25% of its net assets in securities of issuers in a particular industry or group of industries except that this limitation does not apply to (i) obligations of the U.S. Government or any of its agencies or instrumentalities (i.e., U.S. Government securities), or (ii) Clearwater Core Equity Fund to the extent that the investment manager or subadviser determines that investment without regard to the stated limits is necessary in order for the applicable portion of the Fund to pursue its policy of tracking the Russell 1000<sup>®</sup> Index or any substitute index;

(7) With respect to 75% of its total assets, purchase any security (other than U.S. Government securities) if, immediately after and as a result of such purchase, (a) more than 5% of the value of the Fund's total assets would be invested in securities of the issuer or (b) the Fund would hold more than 10% of the voting securities of the issuer;

(8) Buy or sell real estate in the ordinary course of its business; provided, however, that the Fund may (i) invest in readily marketable debt securities secured by real estate or interests therein or issued by companies, including real estate investment trusts, which invest in real estate or interests therein and (ii) hold and sell real estate acquired as the result of its ownership of securities.

For purposes of fundamental investment policy 5 above, the entering into of options, short sales, futures, forwards and other investment techniques or derivatives contracts, and collateral and margin arrangements with respect to such transactions, are not deemed to include the issuance of senior securities provided such transactions are "covered" in accordance with procedures established by the Board of Trustees and applicable regulatory guidance.

In addition, with regard to the Tax-Exempt Bond Fund, the Trust has adopted a fundamental policy to invest at least 80% of the value of the Fund's net assets, plus the amount of any borrowings for investment purposes, in

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the particular type of investments suggested by its name. Specifically, as a fundamental policy, under normal market conditions, Tax-Exempt Bond Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in tax-exempt bonds, which are debt obligations issued by or for the U.S. states, territories and possessions and the District of Columbia.

*Nonfundamental Investment Restrictions*. The following investment restrictions are designated as nonfundamental and may be changed by the Trust's Board of Trustees without the approval of the shareholders.

A Fund may not:

(1) Invest in companies for the purpose of exercising control or management;

(2) Acquire any illiquid investment if, immediately after the acquisition, the Fund would have invested more than 15% of its net assets in illiquid investments that are assets. For these purposes, an "illiquid investment" means any investment that the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment; or

(3) Sell securities short, except to the extent that the Fund contemporaneously owns or has the right to acquire at no additional cost securities identical to those sold short.

The Tax-Exempt Bond Fund will not invest more than 25% of its assets in revenue bonds payable only from revenues derived from facilities or projects within a single industry; however, because other appropriate available investments may be in limited supply, the industry limitation does not apply to housing authority obligations or securities issued by governments or political subdivisions of governments. Appropriate available investments may be in limited supply from time to time in the opinion of the subadviser due to the Fund's investment policy of investing primarily in "investment grade" securities.

*Nonfundamental Investment Policies Related to Fund Names.* With regard to the Core Equity Fund, Select Equity Fund and International Fund, the Trust has adopted a non-fundamental policy to invest at least 80% of the value of each respective Fund's net assets, plus the amount of any borrowings for investment purposes, in the particular type of investments suggested by its name. Furthermore, with respect to each of these Funds, the Trust has adopted a policy to provide a Fund's shareholders with at least 60 days prior notice of any change in the policy of a Fund to invest at least 80% of its assets in the manner described below.

As a non-fundamental policy, under normal market conditions, Core Equity Fund will not invest less than 80% of its net assets, plus the amount of any borrowings for investment purposes, in equity securities of U.S. companies.

As a non-fundamental policy, under normal market conditions, Select Equity Fund will not invest less than 80% of its net assets, plus the amount of any borrowings for investment purposes, in equity securities.

As a non-fundamental policy, under normal market conditions, International Fund will not invest less than 80% of the value of its net assets, plus the amount of any borrowings for investment purposes, in equity securities of companies organized or located outside the United States and doing a substantial amount of business outside the United States.

Except with respect to borrowing, all of the percentage limitations and investment restrictions recited in the Funds' Prospectus and SAI apply only at the time a transaction is entered into. From time to time, a Fund may acquire additional security types not referenced in the Prospectus or SAI as a result of corporate actions, reorganizations or other similar events.

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#### PORTFOLIO TURNOVER
Although none of the Funds purchase and sell securities for short-term profits, each Fund will sell portfolio securities without regard to the time they have been held whenever such action seems advisable. A high rate of portfolio turnover (100% or more) involves correspondingly greater transaction costs, which must be borne by a Fund and its shareholders. Select Equity Fund pursues the policy of selling that security in its portfolio which seems the least attractive security owned, whenever it is desired to obtain funds not otherwise available for the purchase of a security that is considered more attractive. The resulting rate of portfolio turnover is not a consideration. The Core Equity Fund and Tax-Exempt Bond Fund did not experience significant variations in their respective portfolio turnover rates over the prior fiscal year. The Select Equity Fund and International Fund each experienced a higher turnover rate during the fiscal year ended December 31, 2025, as compared to the previous fiscal year due to the transition of subadvisers within each Fund.

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#### DISCLOSURE OF PORTFOLIO HOLDINGS
A complete schedule of each Fund's portfolio holdings is available after the Trust's semi-annual and annual periods in Form N-CSR, and after the Trust's first and third fiscal quarters in Form N-PORT. Form N-CSR and Form N-PORT are filed with the SEC and are generally available free of charge on the SEC's website at sec.gov. The N-PORT is filed within sixty (60) days after the end of the Funds' first and third fiscal quarters. Form N-CSR is filed within ten (10) days after the transmission of the applicable semi-annual or annual shareholder report, which transmission is required to occur within sixty (60) days after the end of the relevant semi-annual or annual period.

The Trust believes that the selective disclosure of the Funds' portfolio holdings generally is not in the best interests of long-term shareholders and could encourage short term trading strategies that can hurt serious investors. Accordingly, it is the policy of the Trust not to selectively disclose portfolio holdings before they are made available to the general public, except for a legitimate business purpose which does not conflict with the interests of a Fund's shareholders, and pursuant to a confidentiality agreement or fiduciary relationship. The portfolio holdings of each Fund are known on a daily basis to each Fund's subadviser, custodian and securities lending agent. In addition, selected individuals with the Trust's transfer agent have daily access to the Funds' portfolios as a part of performing their duties for the Trust. The subadvisers provide monthly or quarterly portfolio reviews that include portfolio holdings. The Trust or its service providers may also disclose portfolio holdings to the auditors, accountants, liquidity classification provider or other fiduciaries of the Trust, the investment manager or the subadviser as part of the performance of the duties of the personnel of the Trust or such service providers. Nevertheless, such disclosures are made pursuant to contractual arrangements or fiduciary relationships that prohibit such service providers and their personnel from disclosing the Funds' holdings to anyone who does not have a legitimate Trust business need to know. Moreover, the personnel of the custodian, subadvisers and other service providers are not permitted to purchase shares of the Funds.

A subadviser may disclose holdings information to third party administrators or other service providers it uses, such as proxy voting service providers. Such third parties include, as of the date of this SAI, Abel Noser LLC, ACA Compliance Group, ACA Performance Services, LLC, Bloomberg L.P., Broadridge Investor Communications Solutions, Inc., Brown Smith Wallace LLC, Compliance Solutions Strategies, DTCC Omgeo OASYS, DTCC Omgeo TradeSuite, DTCC Solutions, LLC, Egan Jones Proxy Services, Electra Information Systems, Factset Research Systems Inc., FundApps Limited, Glass, Lewis & Co., LLC, INDATA Corporation, Global Relay Communications Inc., ICE Data Services, Infit Outsourcing, Inc., Institutional Shareholder Services Inc., MD Solutions, Inc., The Bank of New York Mellon, The Northern Trust Company, SWIFT, and ZD Proxy Shareholder Services Ltd.

Any requests to disclose non-public portfolio holdings information to a third party other than as set forth above must be directed to the Funds' chief compliance officer, who will evaluate whether the disclosure would conflict with the interests of a Fund's shareholders based on the particular facts and circumstances.

Compliance with the Trust's portfolio holdings disclosure policy is subject to oversight and monitoring by the investment manager and the Funds' chief compliance officer, as well as periodic review by the Board of Trustees. Neither the investment manager nor any Fund receives any compensation or other consideration for the release of the Funds' portfolio holdings information. Other than as described above, the Trust has no ongoing arrangements to make portfolio holding information available to any person.

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#### BROKERAGE
Decisions relating to the purchase and sale of portfolio securities for each Fund, the allocation of portfolio transactions and, where applicable, the negotiation of commission rates or transaction costs are made by the respective portfolio subadvisers. It is the primary consideration in all portfolio transactions to seek the most favorable price and execution and to deal directly with principal market makers in over-the-counter transactions except when, in the opinion of such subadviser, an equal or better market exists elsewhere.

The determination of what may constitute best price and execution by a broker-dealer in effecting a securities transaction involves a number of considerations (some of which are subjective), including, without limitation, the overall net economic result to the portfolio (involving price paid or received, any commissions and other costs paid) and the efficiency with which the transaction is effected, the ability to effect the transaction at all where a large block is involved, availability of the broker to stand ready to execute possibly difficult transactions in the future and the financial strength and stability of the broker. Because of such factors, a broker-dealer effecting a transaction may be paid a commission higher than that charged by another broker-dealer. As permitted by Section 28(e) of the Securities Exchange Act of 1934, as amended (the "1934 Act"), and subject to such policies as the Trustees may adopt, each Fund may pay an unaffiliated broker or dealer that provides "brokerage and research services" (as defined in the 1934 Act) an amount of commission for effecting a portfolio investment transaction in excess of the amount of commission another broker or dealer would have charged for effecting that transaction if the applicable portfolio subadviser determines in good faith that the amount of commissions charged by the broker is reasonable in relation to the value of the brokerage and research services provided by such broker. The subadvisers have received brokerage and research services consisting of written research reports, access to investment analysis and information services and related electronic components, all of which may be used for any of their respective clients. Except for the following exceptions, the subadvisers of Core Equity Fund, Select Equity Fund, Tax-Exempt Bond Fund and International Fund have advised the investment manager that none of them has paid any such excess in connection with brokerage transactions for the Funds. Each of AQR Capital Management, LLC (Core Equity Fund), Cooke & Bieler, L.P. (Select Equity Fund), Rice Hall James & Associates, LLC (Select Equity Fund) and WCM Investment Management, LLC (International Fund) have advised the investment manager that their respective policies are to engage in only soft commission arrangements that are within the "safe harbor" provision of Section 28(e) of the 1934 Act and are consistent with applicable regulatory guidance.

During the most recent three fiscal years ended December 31, the Funds paid brokerage commissions as follows:

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| | | | |
|:---|:---|:---|:---|
|  | **2023** | **2024** | **2025** |
|  Core Equity Fund | $40989 | $13349 | $26320 |
|  Select Equity Fund | $284979 | $136409 | $1479036 \* |
|  Tax-Exempt Bond Fund | $171738 | $14031 | $13002 |
|  International Fund | $376022 | $216956 | $678359 \* |

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\* The Select Equity Fund and International Fund each paid higher brokerage commissions during the fiscal year ended December 31, 2025, as compared to the two previous fiscal years due to the transition of subadvisers within each Fund.

As of the fiscal year ended December 31, 2025, each of the following Funds held securities of its regular broker/dealers, as that term is defined in Rule 10b-1 of the 1940 Act, or such broker/dealers' parents in the approximate amounts set forth below:

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| | | |
|:---|:---|:---|
| **Fund** | **Name of Regular Broker/Dealer** | **Approximate<br>Aggregate Market<br>Value of Securities** |
| Clearwater International Fund | UBS Securities LLC  | $20796539 |
| Clearwater International Fund | Daiwa Capital Markets America Inc.  | $199258 |
| Clearwater International Fund | Deutsche Bank Securities Inc.  | $7142373 |
| Clearwater Core Equity Fund | Goldman Sachs & Co. LLC  | $6661941 |
| Clearwater Core Equity Fund | JP Morgan Chase & Co. | $18073964 |
| Clearwater Core Equity Fund | The Northern Trust Company | $273180 |

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#### MANAGEMENT, ADVISORY AND OTHER SERVICES

#### Trustees and Officers
The Board of Trustees has overall responsibility for management and supervision of the Funds. The Trust also has several officers who provide executive services to the Trust. More information concerning the Trustees and the officers is set forth below in the section "Executive Officers and Trustees".

#### Investment Manager
*Clearwater Management Co., Inc.* The Trust has contracted with Clearwater Management Co., Inc. ("CMC"), 2000 Wells Fargo Place, 30 East 7th Street, St. Paul, Minnesota (the "investment manager"), to act as investment manager of the Trust. The investment manager is equally owned by the ten members of its board of directors. The initial term of the management contract between the Trust and the investment manager is two years and is renewable annually for successive one-year terms. The initial term of the contract for the management of the Core Equity Fund and Select Equity Fund commenced on March 1, 1998. The initial term of the contract for the management of the Tax-Exempt Bond Fund commenced on December 3, 1999. The initial term of the contract for the management of the International Fund commenced on January 24, 2009. Under the terms of the management contract, the investment manager supervises all of the Trust's business operations and is responsible for formulating and implementing investment strategies for the Funds. The investment manager performs all administrative and other management functions necessary to the supervision and conduct of the affairs of the Funds.

Pursuant to the management contract, the investment manager pays for office space and equipment, clerical, secretarial and administrative services and executive and other personnel as are necessary to fulfill its responsibilities and all other ordinary operating expenses related to its services for the Trust, including executive salaries of the Trust. Pursuant to the management contract, the investment manager also pays all of the Funds' other expenses, except brokerage, taxes, interest and extraordinary expenses.

As compensation for its management services and expenses assumed, the investment manager is contractually entitled to receive a management fee at the annual rate of 0.90%, 1.35%, 0.60% and 1.00% of the net assets of Core Equity Fund, Select Equity Fund, Tax-Exempt Bond Fund and International Fund, respectively. Effective July 1, 2025, CMC has voluntarily agreed to waive a portion of the management fee for the Core Equity Fund and Tax-Exempt Bond Fund to achieve an effective management fee rate equal to 0.21% and 0.28%, respectively, of each Fund's average daily net assets. Effective April 1, 2026, CMC has voluntarily agreed to waive a portion of the management fee for the Select Equity Fund and International Fund to achieve an effective management fee rate equal to 0.79% and 0.75%, respectively, of each Fund's average daily net assets.

It is the investment manager's current intent to continue these fee reductions indefinitely. Nonetheless, the investment manager may terminate any voluntary fee reduction at any time. The investment manager's fees are calculated and accrued daily as a percentage of each Fund's daily net assets, and are paid quarterly.

During the three years ended December 31, 2025, CMC voluntarily waived the management fee for each of the Funds as follows:

• For Core Equity Fund, between January 1, 2023 and March 31, 2023, to 0.28%; between April 1, 2023 and December 31, 2023, to 0.25%; between January 1, 2024 and March 31, 2024, to 0.2575%; between April 1, 2024 and September 30, 2024, to 0.24%; and between October 1, 2024 and December 31, 2024, to 0.23%; between January 1, 2025 and March 31, 2025, to 0.23%; between April 1, 2025 and June 30, 2025, to 0.22%; and between July 1, 2025 and December 31, 2025, to 0.21%.

• For the Select Equity Fund, between January 1, 2023 and September 30, 2023, to 0.97%; between October 1, 2023 and December 31, 2023, to 0.94%; between January 1, 2024 and March 31, 2024, to

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0.9550%; between April 1, 2024 and September 30, 2024, to 0.82%; and between October 1, 2024 and December 31, 2024, to 0.94%; between January 1, 2025 and March 31, 2025, to 0.92%; between April 1, 2025 and June 30, 2025, to 0.94%; and between July 1, 2025 and December 31, 2025, to 0.93%. <br>

• For the Tax-Exempt Bond Fund, between January 1, 2023 and September 30, 2023, to 0.29%; between October 1, 2023 and December 31, 2023, to 0.31%; between January 1, 2024 and March 31, 2024, to 0.3175%; between April 1, 2024 and September 30, 2024, to 0.31%; and between October 1, 2024 and December 31, 2024, to 0.29%; between January 1, 2025 and June 30, 2025, to 0.29%; and between July 1, 2025 and December 31, 2025, to 0.28%.

• For the International Fund, between January 1, 2023 and March 31, 2023, to 0.71%; between April 1, 2023 and September 30, 2023, to 0.70%, between October 1, 2023 and December 31, 2023, to 0.72%; between January 1, 2024 and March 31, 2024, to 0.7275%; and between April 1, 2024 and December 31, 2024, to 0.73%; between January 1, 2025 and March 31, 2025, to 0.75%; between April 1, 2025 and June 30, 2025, to 0.76%; and between July 1, 2025 and December 31, 2025, to 0.75%.

During the three years ended December 31, 2025, the total management fees incurred by the Funds were as follows:

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| | | | |
|:---|:---|:---|:---|
|  | **2023** | **2024** | **2025** |
|  Core Equity Fund | $2013977 | $2434596 | $2743237 |
|  Select Equity Fund | $3681645 | $3868616 | $4055165 |
|  Tax-Exempt Bond Fund | $1905179 | $2260336 | $2254429 |
|  International Fund | $6696661 | $7652368 | $8569087 |

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#### Portfolio Subadvisers
*General*. Under the terms of the management contract, the investment manager is authorized to enter into subadvisory contracts with one or more investment advisers, which will have responsibility for rendering investment advice to all or a portion of the Funds' portfolios.

*Parametric Portfolio Associates<sup>®</sup> LLC*. Parametric Portfolio Associates<sup>®</sup> LLC ("Parametric") has managed the Core Equity Fund's portfolio since November 1, 1997. Parametric is a registered investment adviser offering a variety of structured portfolio solutions. As of December 31, 2025, Parametric's assets under management totaled approximately $684 billion. Parametric is a wholly-owned indirect subsidiary of Morgan Stanley ("MS"), a publicly held company that is traded on the New York Stock Exchange under the ticker symbol MS. Parametric is a part of Morgan Stanley Investment Management, the asset management division of MS. Parametric is owned directly by Eaton Vance Acquisitions LLC, a privately held subsidiary of MS. Parametric is located at 800 Fifth Avenue, Suite 2800, Seattle, Washington 98104.

Under the Core Equity Fund subadvisory contract, Parametric develops, recommends and implements an investment program and strategy for a portion of the Core Equity Fund, which is consistent with the Fund's investment objectives and policies. Parametric is also responsible for making all portfolio and brokerage decisions for its allocation of the Fund's assets.

Fees payable to Parametric under the agreement are calculated on the basis of average daily net assets and are paid quarterly by CMC. The Core Equity Fund is not responsible for payment of the subadvisory fees to Parametric. During the years ended December 31, 2023, 2024, and 2025, the investment manager paid subadvisory fees of $462,902, $568,735 and $740,168, respectively, to Parametric related to the Core Equity Fund.

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Under the Select Equity Fund subadvisory contract, Parametric develops, recommends and implements an investment program and strategy for a portion of the Select Equity Fund, which is consistent with the Fund's investment objectives and policies. Parametric is also responsible for making all portfolio and brokerage decisions for its allocation of the Fund's assets.

Fees payable to Parametric under the agreement are calculated on the basis of average daily net assets and are paid quarterly by CMC. The Select Equity Fund is not responsible for payment of the subadvisory fees to Parametric. During the fiscal years ended December 31, 2023, 2024, and 2025, the investment manager paid subadvisory fees of $37,691, $99,069 and $56,288, respectively, to Parametric.

Under the International Fund subadvisory contract dated January 5, 2009, Parametric develops, recommends and implements an investment program and strategy for a portion of the International Fund, which is consistent with the Fund's investment objectives and policies. Parametric is also responsible for making all portfolio and brokerage decisions with respect to its portion of the International Fund.

Fees payable to Parametric under the agreement are calculated on the basis of average daily net assets and are paid quarterly by CMC. The International Fund is not responsible for payment of the subadvisory fees to Parametric. During the years ended December 31, 2023, 2024, and 2025, the investment manager paid subadvisory fees of $223,538, $203,344 and $170,233, respectively, to Parametric.

*Cooke & Bieler, L.P.* Cooke & Bieler, L.P. ("Cooke & Bieler") is a registered investment adviser under the Investment Advisers Act of 1940 (the "Advisers Act"). Cooke & Bieler was organized in 2001 as a limited partnership under the laws of the Commonwealth of Pennsylvania. Cooke & Bieler's address is Two Commerce Square, 2001 Market Street, Suite 4000, Philadelphia, PA 19103. Cooke & Bieler is an independent firm owned by its partners, one of whom is a passive external minority partner who owns approximately 20%. Cooke & Bieler entered into a subadvisory contract dated September 11, 2017 to manage a portion of the Select Equity Fund's portfolio. Cooke & Bieler is not affiliated with CMC or the Trust. Cooke & Bieler performs its duties and provides services subject to the oversight and supervision of CMC. As of December 31, 2025, Cooke & Bieler had approximately $10.6 billion in assets under management.

Under the terms of the Select Equity Fund subadvisory contract, Cooke & Bieler develops, recommends and implements an investment program and strategy for the portfolio of the Fund assets allocated to it, consistent with the Fund's investment objectives and policies. Cooke & Bieler is also responsible for making all portfolio and brokerage decisions for the portion of Fund assets allocated to it.

Fees payable to Cooke & Bieler under the agreement are calculated on the basis of average daily net assets and are paid quarterly by CMC. The Select Equity Fund is not responsible for payment of the subadvisory fees to Cooke & Bieler. For the years ended December 31, 2023, 2024, and 2025, the investment manager paid subadvisory fees of $617,859, $669,099 and $683,149, respectively, to Cooke & Bieler.

*Rice Hall James & Associates, LLC.* Rice Hall James & Associates, LLC ("RHJ") is a privately owned Delaware limited liability company and is a registered investment adviser under the Advisers Act. RHJ's address is 600 West Broadway, Suite 1000, San Diego, California 92101. RHJ entered into a subadvisory contract dated November 5, 2021 to manage a portion of the Select Equity Fund's portfolio. RHJ is not affiliated with CMC or the Trust. RHJ performs its duties and provides services subject to the oversight and supervision of CMC. As of December 31, 2025, RHJ had approximately $1.7 billion in assets under management.

Under the terms of the Select Equity Fund subadvisory contract, RHJ will provide a continuous investment program for the portion of Fund assets allocated to it, consistent with the Fund's investment objectives and applicable policies. RHJ is also responsible for making all portfolio and brokerage decisions for the portion of Fund assets allocated to it.

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Fees payable to RHJ under the agreement are calculated on the basis of average daily net assets and are paid quarterly by CMC. During the years ended December 31, 2023, 2024, and 2025, the investment manager paid subadvisory fees of $480,282, $451,855 and $484,031, respectively, to RHJ.

*Sit Fixed Income Advisors II, L.L.C*. In connection with the management of Tax-Exempt Bond Fund, the Trust, the investment manager and Sit Fixed Income Advisors II L.L.C. ("Sit"), a subsidiary of Sit Investment Associates, Inc., entered into a subadvisory contract dated December 15, 1999 ("Tax-Exempt Bond Fund subadvisory contract"). Sit Investment Associates, Inc., which is organized under the laws of the State of Minnesota and is registered under the Advisers Act, devotes its time to investment counseling and provides advice, management and other services to investors and accounts, including other mutual funds. Sit Investment Associates, Inc. is 100% privately held by members of the Sit family, employees, directors and initial private investors. Sit's address is 3300 IDS Center, 80 South Eighth Street, Minneapolis, Minnesota 55402-4130. As of December 31, 2025, Sit had approximately $18.5 billion in assets under management.

Under the Tax-Exempt Bond Fund subadvisory contract, Sit develops, recommends and implements an investment program and strategy for Tax-Exempt Bond Fund which is consistent with the Fund's investment objectives and policies. Sit is also responsible for making all portfolio and brokerage decisions for the portion of Fund assets allocated to it. Fees payable to Sit under the agreement are calculated on the basis of average daily net assets and are paid quarterly by CMC. The Tax-Exempt Bond Fund is not responsible for payment of the subadvisory fees to Sit. During the years ended December 31, 2023, 2024, and 2025, the investment manager paid subadvisory fees of $1,048,132, $987,984 and $1,011,841, respectively, to Sit.

*Artisan Partners Limited Partnership*. Artisan Partners Limited Partnership ("Artisan Partners") is a registered investment adviser under the Advisers Act. Artisan Partners is managed by its general partner Artisan Investments GP LLC, which is wholly-owned by Artisan Partners Holdings LP. Artisan Partners Holdings LP's sole general partner is Artisan Partners Asset Management Inc., a publicly traded company. Artisan Partners entered into a subadvisory contract dated March 12, 2014 to manage a portion of the International Fund's portfolio. The contract was amended on December 19, 2024 to reflect an additional strategy to be used by Artisan Partners in managing a portion of the Fund's assets. Artisan Partners' address is 875 East Wisconsin Avenue, Suite 800, Milwaukee, WI 53202. As of December 31, 2025, Artisan Partners had approximately $180 billion in assets under management.

Under the International Fund subadvisory contract, Artisan Partners develops, recommends and implements an investment program and strategy for each of its portions of the International Fund, which is consistent with the International Fund's investment objectives and policies. Artisan Partners is also responsible for making all portfolio and brokerage decisions with respect to the portion of the International Fund's assets it manages.

Fees payable to Artisan Partners under the agreement are calculated on the basis of average daily net assets and are paid quarterly by CMC. The International Fund is not responsible for payment of the subadvisory fees to Artisan Partners. During the years ended December 31, 2023, 2024, and 2025, the investment manager paid subadvisory fees of $1,291,033, $1,498,159 and $2,714,546, respectively, to Artisan Partners.

*WCM Investment Management.* WCM Investment Management, LLC ("WCM") has been a registered investment adviser under the Advisers Act since 1976. WCM is a Delaware limited liability company founded in 1976. Kurt Winrich, Chairman, and Paul Black, co-CEO, are control persons of WCM via their partial ownership of WCM. WCM entered into a subadvisory contract dated October 16, 2012 to manage a portion of the International Fund's portfolio. WCM's address is 281 Brooks Street, Laguna Beach, California 92651-2974. As of December 31, 2025, WCM had approximately $117.3 billion in assets under management.

Under the International Fund subadvisory contract, WCM develops, recommends and implements an investment program and strategy for the International Fund, which is consistent with the International Fund's investment objectives and policies. WCM is also responsible for making all portfolio and brokerage decisions with respect to the portion of the Fund's assets it manages.

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Fees payable to WCM under the agreement are calculated on the basis of average daily net assets and are paid quarterly by CMC. The International Fund is not responsible for payment of the subadvisory fees to WCM. During the years ended December 31, 2023, 2024, and 2025, the investment manager paid subadvisory fees of $2,625,488, $2,885,378 and $3,415,000, respectively, to WCM.

*AQR Capital Management, LLC.* AQR Capital Management, LLC ("AQR") is a registered investment adviser under the Advisers Act. AQR is a Delaware limited liability company formed in 1998. AQR's address is One Greenwich Plaza, Suite 130, Greenwich, CT 06830. As of December 31, 2025, AQR had approximately $187.3 billion in assets under management. AQR is a wholly-owned subsidiary of AQR Capital Management Holdings, LLC ("AQR Holdings"), which has no activities other than holding the interests of AQR. Clifford S. Asness, Ph.D., M.B.A., may be deemed to control AQR through his voting control of the Board of Members of AQR Holdings. AQR entered into a subadvisory contract dated February 3, 2015 to manage a portion of the Core Equity Fund's portfolio. AQR is not affiliated with CMC or the Trust. AQR performs its duties and provides services subject to the oversight and supervision of CMC. Under the terms of the subadvisory contract, AQR develops, recommends and implements an investment program and strategy for the portfolio of the Fund assets allocated to it, consistent with the Fund's investment objectives and policies. AQR is also responsible for making all portfolio and brokerage decisions for the portfolio of Fund assets allocated to it.

Fees payable to AQR under the agreement are calculated on the basis of the average of the month-end net asset values of the assets allocated to AQR during the relevant calendar quarter and are paid quarterly by CMC. The Core Equity Fund is not responsible for payment of the subadvisory fees to AQR. During the years ended December 31, 2023, 2024, and 2025, the investment manager paid subadvisory fees of $492,278, $756,423 and $923,211, respectively, to AQR.

*MacKay Shields LLC*. MacKay Shields LLC ("MacKay Shields") is 100% owned by New York Life Investment Management Holdings LLC, which is wholly owned by New York Life Insurance Company, and is a registered investment adviser under the Advisers Act. MacKay Shields's address is 299 Park Avenue, New York, New York 10171. MacKay Shields entered into a subadvisory contract dated May 18, 2023 to manage a portion of the Tax-Exempt Bond Fund's portfolio. MacKay Shields is not affiliated with CMC or the Trust. MacKay Shields performs its duties and provides services subject to the oversight and supervision of CMC. As of December 31, 2025, MacKay Shields had approximately $158.9 billion in assets under management.

Under the Tax-Exempt Bond Fund subadvisory contract, MacKay Shields develops, recommends and implements an investment program and strategy for Tax-Exempt Bond Fund which is consistent with the Fund's investment objectives and policies. MacKay Shields is also responsible for making all portfolio and brokerage decisions for the portion of Fund assets allocated to it.

Fees payable to MacKay Shields under the agreement are calculated on the basis of average daily net assets and are paid quarterly by CMC. The Tax-Exempt Bond Fund is not responsible for payment of the subadvisory fees to MacKay Shields. During the years ended December 31, 2023, 2024, and 2025, the investment manager paid subadvisory fees of $129,299, $425,404 and $442,439, respectively, to MacKay Shields.

*Acadian Asset Management LLC.* Acadian Asset Management LLC ("Acadian") is a wholly-owned subsidiary of U.S.-based Acadian Asset Management, Inc. (formerly known as BrightSphere Investment Group, Inc.), a Delaware corporation publicly listed on the NYSE, and is a registered investment adviser under the Advisers Act. Acadian's address is 260 Franklin Street, Boston, MA 02110. Acadian entered into a subadvisory contract dated September 25, 2024 to manage a portion of the Select Equity Fund's portfolio. Acadian is not affiliated with CMC or the Trust. Acadian performs its duties and provides services subject to the oversight and supervision of CMC. As of December 31, 2025, Acadian had approximately $177.4 billion in assets under management.

Under the Select Equity Fund subadvisory contract, Acadian develops, recommends and implements an investment program and strategy for Select Equity Fund which is consistent with the Fund's investment objectives and policies. Acadian is also responsible for making all portfolio and brokerage decisions for the portion of Fund assets allocated to it.

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Fees payable to Acadian under the agreement are calculated on the basis of average daily net assets and are paid quarterly by CMC. The Select Equity Fund is not responsible for payment of the subadvisory fees to Acadian. During the period ended December 31, 2024 and during the year ended December 31, 2025, the investment manager paid subadvisory fees of $6,358 and $599,085, respectively, to Acadian.

*Fiduciary Counselling, Inc.* Fiduciary Counselling, Inc. ("FCI") is a registered investment adviser under the Advisers Act, with its principal executive office located at 30 East 7th Street, Suite 2000, St. Paul, Minnesota 55101-4930. FCI's stock is held by a holding company, Cassiopeia Holdings Company ("Cassiopeia"), which also wholly owns Fiduciary Services Company, LLC ("FSC"). Cassiopeia is wholly owned by a special purpose trust, Ties That Bind Special Purpose Trust, for which FSC serves as trustee. Under a subadvisory agreement entered into with each Fund respectively on September 30, 2023, FCI, subject to the supervision of CMC and the Board of Trustees, regularly provides the Funds with various investment-related services, including investment strategy advice, manager recommendations and related duties as requested by CMC. FCI also provides certain services related to due diligence, performance reporting, compliance, and other administrative functions, which support the investment management services and subadviser oversight services provided to the Trust by CMC.

For its services, FCI is entitled to a subadvisory fee payable by CMC of 0.20% of each Fund's net assets, paid on a quarterly basis. FCI is compensated out of the fees CMC receives from the respective Funds. FCI has agreed to waive the difference between the amount calculated under the subadvisory fee schedule and a fixed amount agreed to with CMC. The effect of this waiver agreement is that fees paid to FCI under the subadvisory agreement approximate the fees previously paid to FCI under a consulting agreement previously in effect between CMC and FCI.

The compensation paid as a percent of average daily net assets on an annualized basis to FCI with respect to each Fund for the year ended December 31, 2025 is as follows:

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| | |
|:---|:---|
| **Fund** | **Percent** |
|  Core Equity Fund | 0.01% |
|  Select Equity Fund | 0.01% |
|  Tax-Exempt Bond Fund | 0.01% |
|  International Fund | 0.01% |

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The Funds are not responsible for payment of the subadvisory fees to FCI. During the years ended December 31, 2023, 2024 and 2025, the investment manager paid the following subadvisory fees to FCI.

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| | | | |
|:---|:---|:---|:---|
| **Fund** | **2023<br>Dollar Amount** | **2024<br>Dollar Amount** | **2025<br>Dollar Amount** |
|  Core Equity Fund | $49847 | $51342 | $52883 |
|  Select Equity Fund | $49847 | $51342 | $52883 |
|  Tax-Exempt Bond Fund | $49847 | $51342 | $52883 |
|  International Fund | $49847 | $51342 | $52883 |

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*Other Provisions of the Contracts*. Generally, the amendment of management contracts requires approval by vote of: (a) a majority of the outstanding voting securities of the affected Fund and (b) a majority of the trustees who are not interested persons of the Trust or of any other party to such contract. However, the Trust and the investment manager have received an exemptive order from the Commission permitting the investment manager, subject to the approval of the Board of Trustees, to select subadvisers to serve as portfolio managers of the Funds or to materially modify an existing subadvisory management contract without obtaining shareholder approval of a new or amended management contract. Each management contract terminates automatically in the event of its assignment and the subadvisory contracts terminate automatically upon termination of the management contract. Also, each contract may be terminated by not more than 60 days or less than 30 days' written notice by either the Trust or the investment manager or upon not less than 60 days' notice by the subadviser. Each contract provides

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that the investment manager or the subadviser shall not be liable to the Trust, to any shareholder of the Trust, or to any other person, except for loss resulting from willful misfeasance, bad faith, gross negligence or reckless disregard of duty.

Subject to the above-described termination provisions, each contract has an initial term of one or two years and will continue in effect thereafter if such continuance is approved at least annually by: (a) a majority of the trustees who are not interested persons of the Trust or of any other party to such contract and (b) either (i) a majority of all of the trustees of the Trust or (ii) by vote of a majority of the outstanding voting securities of the affected Funds.

#### Prior Subadvisers
*O'Shaughnessy Asset Management, LLC. ("OSAM").* Effective March 3, 2023, the subadvisory agreement with OSAM was terminated.

The Core Equity Fund was not responsible for payment of the subadvisory fees to OSAM. During the year ended December 31, 2023, the investment manager paid subadvisory fees of $223,603 to OSAM.

*Jackson Square Partners, LLC ("Jackson Square").* Effective March 8, 2024, the subadvisory agreement with Jackson Square was terminated.

The Select Equity Fund was not responsible for payment of the subadvisory fees to Jackson Square. During the years ended December 31, 2023 and 2024, the investment manager paid subadvisory fees of $523,576 and $233,023, respectively, to Jackson Square.

*LSV Asset Management ("LSV")*. Effective January 10, 2025, the subadvisory agreement with LSV was terminated.

The International Fund was not responsible for payment of the subadvisory fees to LSV. During the years ended December 31, 2023, 2024 and 2025, the investment manager paid subadvisory fees of $1,219,754, $1,428,575 and $381,957, respectively, to LSV.

*Pzena Investment Management LLC ("Pzena").* Effective December 11, 2025, the subadvisory agreement with Pzena was terminated.

The Select Equity Fund was not responsible for payment of the subadvisory fees to Pzena. During the years ended December 31, 2023, 2024 and 2025, the investment manager paid subadvisory fees of $833,142, $868,712 and $863,376, respectively, to Pzena.

*Wasatch Global Investors ("Wasatch").* Effective December 11, 2025, the subadvisory agreement with Wasatch was terminated.

The Select Equity Fund was not responsible for payment of the subadvisory fees to Wasatch. During the years ended December 31, 2023, 2024 and 2025, the investment manager paid subadvisory fees of $590,385, $659,564 and $713,776, respectively, to Wasatch.

#### Principal Underwriter
The Trust distributes the shares of the Funds and does not have a principal underwriter.

#### Custodian
The Northern Trust Company ("Northern Trust"), 50 South LaSalle Street, Chicago, IL 60603 serves as the custodian of the Funds' assets. The custodian is responsible for, among other things, safeguarding and controlling the Funds' cash and securities.

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#### Independent Registered Public Accounting Firm
KPMG LLP, 191 West Nationwide Blvd., Columbus, OH 43215 acts as the Funds' independent registered public accounting firm and provides audit and tax services to the Funds, including audits of the Funds' annual financial statements.

#### Fund Accounting and Administrative Services Agent
The Trust has entered into a Fund Administration and Accounting Services Agreement with Northern Trust. Pursuant to this agreement, Northern Trust provides certain administrative and accounting services, including portfolio accounting services, expense accrual and payment services, fund valuation and financial reporting services, tax accounting services and compliance control services. Northern Trust charges certain separate asset-based fees for its accounting services and fund administration services, as well as fund-based fees relating to the multi-manager structure and for fair valuation services. It also receives payment for customary out-of-pocket expenses. As discussed above, the investment manager is ultimately responsible for paying this compensation.

#### Transfer Agency and Service Agreement
The Trust has entered into a Transfer Agency and Service Agreement with Northern Trust. Under this agreement, Northern Trust provides transfer agent, dividend paying, shareholder servicing and other administrative services to the Funds. As compensation for its services, Northern Trust is paid a set annual fee. Such expenses are paid for or reimbursed by the investment manager.

#### Securities Lending Agent
Pursuant to an agreement between the Trust and Securities Finance Trust Company, the Core Equity Fund, Select Equity Fund and the International Fund may lend their securities through Securities Finance Trust Company as securities lending agent (the lending agent) to borrowers who post collateral for those loaned securities. As the lending agent, Securities Finance Trust Company operates and maintains the Funds' securities lending program.

These services include entering into securities lending agreements with each borrowing counterparty on behalf of the Funds.

For the fiscal year ended December 31, 2025, the Funds earned income and incurred the following costs and expenses as a result of their securities lending activities:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Gross<br>Income<sup>1</sup>** | **Revenue<br>Split<sup>2</sup>** | **Cash<br>Collateral<br>Management<br>Fees** | **Rebates to<br>Borrowers** | **Other<br>Fees** | **Total Cost<br>of the<br>Securities<br>Lending<br>Activities** | **Net Income<br>from the<br>Securities<br>Lending<br>Activities** |
|  Select Equity Fund | $268969 | $22936 | $– $– $– $| 154291 | $– $| 177227 | $91742 |
|  Core Equity Fund<sup>3</sup> | $— | $— | $– $– $– $|  | $– $|  | $— |
|  International Fund | $570092 | $49086 | $– $– $– $| 324663 | $– $| 373748 | $196343 |

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<sup>1</sup> Gross income includes income from the reinvestment of cash collateral.

<sup>2</sup> Revenue split represents the share of revenue generated by the securities lending program and paid to Securities Finance Trust Company.

<sup>3</sup> The Core Equity Fund did not lend securities during the period.

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#### ADDITIONAL INFORMATION ABOUT THE PORTFOLIO MANAGERS
*Other Accounts the Portfolio Managers are Managing*. The table below indicates for each portfolio manager of each Fund information about the accounts over which the portfolio manager has day-to-day investment responsibility. All information on the number of accounts and total assets in the table is as of December 31, 2025. For purposes of the table, "Other Pooled Investment Vehicles" may include investment partnerships and group trusts, and "Other Accounts" may include separate accounts for institutions or individuals, insurance company general or separate accounts, pension funds, and other similar institutional accounts.

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| | | |
|:---|:---|:---|
| **Portfolio Manager** | **Fund** | **Other Accounts Managed by the Portfolio Manager** |
| Xiaozhen Li,PhD, CFA | Core Equity Fund,<br> Select Equity Fund<br> International Fund | Other Registered Investment Companies: 7 funds with approximately $1.47 billion in assets.<br>Other Pooled Investment Vehicles: None.<br>Other Accounts: 140,741 accounts with approximately $371.88 billion in assets. |
| Gordon Wotherspoon | Core Equity Fund,<br> Select Equity Fund,<br> International Fund | Other Registered Investment Companies: 47 funds with approximately $18.77 billion in assets.<br>Other Pooled Investment Vehicles: None.<br>Other Accounts: 113,834 accounts with approximately $374.92 billion in assets. |
| Clifford S. Asness, Ph.D., M.B.A. | Core Equity Fund | Other Registered Investment Companies: 27 funds with approximately $28.08 billion in assets.<br>Other Pooled Investment Vehicles: 82 pools with approximately $34.52 billion in assets, including 41 pools with a performance based fee and approximately $16.99 billion in assets.<br>Other Accounts: 1 accounts with approximately $97.00 million in assets.  |
| Michele L. Aghassi, Ph.D. | Core Equity Fund | Other Registered Investment Companies: 19 funds with approximately $17.73 billion in assets, including 1 fund with a performance based fee and approximately $161.60 million in assets.<br>Other Pooled Investment Vehicles: 81 pools with approximately $35.70 billion in assets, including 18 pools with a performance based fee and approximately $16.78 billion in assets.<br>Other Accounts: 126 accounts with approximately $82.27 billion in assets, including 18 accounts with a performance based fee and approximately $11.79 billion in assets. |
| John J. Huss | Core Equity Fund | Other Registered Investment Companies: 36 funds with approximately $28.80 billion in assets, including 1 fund with a performance based fee and approximately $161.60 million in assets. |

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| | | |
|:---|:---|:---|
| **Portfolio Manager** | **Fund** | **Other Accounts Managed by the Portfolio Manager** |
|  |  | <br> Other Pooled Investment Vehicles: 163 pools with approximately $70.22 billion in assets, including 59 pools with a performance based fee and approximately $33.77 billion in assets.<br>Other Accounts: 127 accounts with approximately $82.37 billion in assets, including 18 accounts with a performance based fee and approximately $11.79 billion in assets. |
| Laura Serban, Ph.D. | Core Equity Fund | Other Registered Investment Companies: 14 funds with approximately $17.21 billion in assets, including 1 fund with a performance based fee and approximately $161.60 million in assets.<br>Other Pooled Investment Vehicles: 81 pools with approximately $35.70 billion in assets, including 18 pools with a performance based fee and approximately $16.78 billion in assets.<br>Other Accounts: 126 accounts with approximately $82.27 billion in assets, including 18 accounts with a performance based fee and approximately $11.79 billion in assets. |
| Nathan Sosner, Ph.D. | Core Equity Fund | Other Registered Investment Companies: 8 funds with approximately $822.94 million in assets.<br>Other Pooled Investment Vehicles: None.<br>Other Accounts: 1 account with approximately $188.76 million in assets. |
| Steve Lyons, CFA | Select Equity Fund | Other Registered Investment Companies: 2 funds with approximately $2.81 billion in assets, including 1 fund with a performance based fee with approximately $2.50 billion in assets.<br>Other Pooled Investment Vehicles: 3 pools with approximately $607.04 million in assets.<br>Other Accounts: 149 accounts with approximately $7.00 billion in assets, including 18 accounts with a performance based fee and approximately $1.58 billion in assets. |
| Michael M. Meyer, CFA | Select Equity Fund | Other Registered Investment Companies: 2 funds with approximately $2.81 billion in assets, including 1 fund with a performance based fee with approximately $2.50 billion in assets.<br>Other Pooled Investment Vehicles: 3 pools with approximately $607.04 million in assets.<br>Other Accounts: 149 accounts with approximately $7.00 billion in assets, including 18 accounts with a performance based fee and approximately $1.58 billion in assets. |

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| | | |
|:---|:---|:---|
| **Portfolio Manager** | **Fund** | **Other Accounts Managed by the Portfolio Manager** |
| Edward W. O'Connor, CFA | Select Equity Fund | Other Registered Investment Companies: 2 funds with approximately $2.81 billion in assets, including 1 fund with a performance based fee with approximately $2.50 billion in assets.<br>Other Pooled Investment Vehicles: 3 pools with approximately $607.04 million in assets.<br>Other Accounts: 149 accounts with approximately $7.00 billion in assets, including 18 accounts with a performance based fee and approximately $1.58 billion in assets. |
| R. James O'Neil, CFA | Select Equity Fund | Other Registered Investment Companies: 2 funds with approximately $2.81 billion in assets, including 1 fund with a performance based fee with approximately $2.50 billion in assets.<br>Other Pooled Investment Vehicles: 3 pools with approximately $607.04 million in assets.<br>Other Accounts: 149 accounts with approximately $7.00 billion in assets, including 18 accounts with a performance based fee and approximately $1.58 billion in assets. |
| Mehul Trivedi, CFA | Select Equity Fund | Other Registered Investment Companies: 2 funds with approximately $2.81 billion in assets, including 1 fund with a performance based fee with approximately $2.50 billion in assets.<br>Other Pooled Investment Vehicles: 3 pools with approximately $607.04 million in assets.<br>Other Accounts: 149 accounts with approximately $7.00 billion in assets, including 18 accounts with a performance based fee and approximately $1.58 billion in assets. |
| William Weber, CFA | Select Equity Fund | Other Registered Investment Companies: 2 funds with approximately $2.81 billion in assets, including 1 fund with a performance based fee with approximately $2.50 billion in assets.<br>Other Pooled Investment Vehicles: 3 pools with approximately $607.04 million in assets.<br>Other Accounts: 149 accounts with approximately $7.00 billion in assets, including 18 accounts with a performance based fee and approximately $1.58 billion in assets. |
| Cathy Zhu | Select Equity Fund | Other Registered Investment Companies: 2 funds with approximately $2.81 billion in assets, including 1 fund with a performance based fee with approximately $2.50 billion in assets. |

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| | | |
|:---|:---|:---|
| **Portfolio Manager** | **Fund** | **Other Accounts Managed by the Portfolio Manager** |
|  |  | Other Pooled Investment Vehicles: 3 pools with approximately $607.04 million in assets.<br>Other Accounts: 149 accounts with approximately $7.00 billion in assets, including 18 accounts with a performance based fee and approximately $1.58 billion in assets. |
| Louis M. Holtz, CFA | Select Equity Fund | Other Registered Investment Companies: None. <br>Other Pooled Investment Vehicles: 5 pools with approximately $501 million in assets.<br>Other Accounts: 143 accounts with approximately<br> $848 million in assets. |
| Yossi Lipsker, CFA | Select Equity Fund | Other Registered Investment Companies: None. <br>Other Pooled Investment Vehicles: 5 pools with approximately $501 million in assets.<br>Other Accounts: 143 accounts with approximately<br> $848 million in assets. |
| Brendan Bradley, Ph.D.+ | Select Equity Fund | Other Registered Investment Companies: 13 funds with approximately $10.48 billion in assets.<br>Other Pooled Investment Vehicles: 98 pools with approximately $47.98 billion in assets, including 18 pools with a performance based fee and approximately $7.63 billion in assets.<br>Other Accounts: 230 accounts with approximately $117.81 billion in assets, including 29 accounts with a performance based fee and approximately $16.99 billion in assets. |
| Fanesca Young, Ph.D., CFA+ | Select Equity Fund | Other Registered Investment Companies: 13 funds with approximately $10.48 billion in assets.<br>Other Pooled Investment Vehicles: 98 pools with approximately $47.98 billion in assets, including 18 pools with a performance based fee and approximately $7.63 billion in assets.<br>Other Accounts: 230 accounts with approximately $117.81 billion in assets, including 29 accounts with a performance based fee and approximately $16.99 billion in assets. |
| Paul J. Jungquist, CFA, CPA | Tax-Exempt Bond Fund | Other Registered Investment Companies: 2 funds with approximately $501 million in assets.<br>Other Pooled Investment Vehicles: 2 pools with approximately $21.3 million in assets.<br>Other Accounts: 50 accounts with approximately $3.5 billion in assets. |

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| | | |
|:---|:---|:---|
| **Portfolio Manager** | **Fund** | **Other Accounts Managed by the Portfolio Manager** |
| Todd S. Emerson, CFA | Tax-Exempt Bond Fund | Other Registered Investment Companies: 2 funds with approximately $501 million in assets.<br>Other Pooled Investment Vehicles: 1 pool with approximately $5.0 million in assets.<br>Other Accounts: None. |
| Kevin P. O'Brien, CFA | Tax-Exempt Bond Fund | Other Registered Investment Companies: 2 funds with approximately $501 million in assets.<br>Other Pooled Investment Vehicles: 1 pool with approximately $5.0 million in assets.<br>Other Accounts: 14 accounts with approximately $1.2 billion in assets. |
| Michael C. Hubbard, CFA | Tax-Exempt Bond Fund | Other Registered Investment Companies: None.<br>Other Pooled Investment Vehicles: 1 pool with approximately $16.3 million in assets.<br>Other Accounts: 5 accounts with approximately $819 million in assets. |
| Robert DiMella, CFA | Tax-Exempt Bond Fund | Other Registered Investment Companies: 20 funds with approximately $40.19 billion in assets.<br>Other Pooled Investment Vehicles: 7 pools with approximately $9.55 billion in assets, including 2 pools with a performance based fee and approximately $914.48 million in assets.<br>Other Accounts: 94 accounts with approximately $27.87 billion in assets, including 1 account with a performance based fee and approximately $692.15 million in assets. |
| David Dowden | Tax-Exempt Bond Fund | Other Registered Investment Companies: 22 funds with approximately $39.55 billion in assets.<br>Other Pooled Investment Vehicles: 7 pools with approximately $9.55 billion in assets, including 2 pools with a performance based fee and approximately $914.48 million in assets.<br>Other Accounts: 94 accounts with approximately $27.87 billion in assets, including 1 account with a performance based fee and approximately $692.15 million in assets. |
| Michael Denlinger, CFA | Tax-Exempt Bond Fund | Other Registered Investment Companies: 22 funds with approximately $31.30 billion in assets.<br>Other Pooled Investment Vehicles: 7 pools with approximately $9.55 billion in assets, including 2 pools with a performance based fee and approximately $914.48 million in assets.<br>Other Accounts: 94 accounts with approximately $27.87 billion in assets, including 1 account with a performance based fee and approximately $692.15 million in assets. |

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| | | |
|:---|:---|:---|
| **Portfolio Manager** | **Fund** | **Other Accounts Managed by the Portfolio Manager** |
| Michael Petty | Tax-Exempt Bond Fund | Other Registered Investment Companies: 16 funds with approximately $31.77 billion in assets.<br>Other Pooled Investment Vehicles: 7 pools with approximately $9.55 billion in assets, including 2 pools with a performance based fee and approximately $914.48 million in assets.<br>Other Accounts: 94 accounts with approximately $27.87 billion in assets, including 1 account with a performance based fee and approximately $692.15 million in assets. |
| Matthew Hage | Tax-Exempt Bond Fund | Other Registered Investment Companies: 11 funds with approximately $14.24 billion in assets.<br>Other Pooled Investment Vehicles: 7 pools with approximately $9.55 billion in assets, including 2 pools with a performance based fee and approximately $914.48 million in assets.<br>Other Accounts: 94 accounts with approximately $27.87 billion in assets, including 1 account with a performance based fee and approximately $692.15 million in assets.<br>|
| N. David Samra | International Fund | Other Registered Investment Companies: 1 fund with approximately $42.0 billion in assets.<br>Other Pooled Investment Vehicles: 9 pools with approximately $6.1 billion in assets.<br>Other Accounts: 13 accounts with approximately $4.6 billion in assets. |
| Ian P. McGonigle, CFA | International Fund | Other Registered Investment Companies: 1 fund with approximately $42.0 billion in assets.<br>Other Pooled Investment Vehicles: 9 pools with approximately $6.1 billion in assets.<br>Other Accounts: 13 accounts with approximately $4.6 billion in assets. |
| Beini Zhou, CFA | International Fund | Other Registered Investment Companies: 1 fund with approximately $406 million in assets.<br>Other Pooled Investment Vehicles: 2 pools with a performance fee and approximately $196 million in assets.<br>Other Accounts: 1 account with approximately $135 million in assets. |
| Anand Vasagiri | International Fund | Other Registered Investment Companies: 1 fund with approximately $406 million in assets.<br>Other Pooled Investment Vehicles: 2 pools with a performance fee and approximately $196 million in assets.<br>Other Accounts: 1 account with approximately $135 million in assets. |

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| | | |
|:---|:---|:---|
| **Portfolio Manager** | **Fund** | **Other Accounts Managed by the Portfolio Manager** |
| Paul Black | International Fund | Other Registered Investment Companies: 19 funds with approximately $31.1 billion in assets.<br>Other Pooled Investment Vehicles: 22 pools with approximately $14.0 billion in assets.<br>Other Accounts: 503 accounts with approximately $59.2 billion in assets, including 11 accounts with a performance based fee and approximately $2.9 billion in assets. |
| Mike Trigg | International Fund | Other Registered Investment Companies: 23 funds with approximately $33.2 billion in assets.<br>Other Pooled Investment Vehicles: 29 pools with approximately $15.1 billion in assets.<br>Other Accounts: 506 accounts with approximately $59.2 billion in assets, including 11 accounts with a performance based fee and approximately $2.9 billion in assets. |
| Sanjay Ayer, CFA | International Fund | Other Registered Investment Companies: 25 funds with approximately $33.8 billion in assets.<br>Other Pooled Investment Vehicles: 35 pools with approximately $18.1 billion in assets.<br>Other Accounts: 519 accounts with approximately $60.2 billion in assets, including 12 accounts with a performance based fee and approximately $2.9 billion in assets. |
| Greg Ise, CFA | International Fund | Other Registered Investment Companies: 7 funds with approximately $2.1 billion in assets.<br>Other Pooled Investment Vehicles: 9 pools with approximately $1.5 billion in assets.<br>Other Accounts: 8 accounts with approximately $857.4 million in assets, including 1 account with a performance based fee and approximately $20.2 million in assets. |
| Jon Tringale | International Fund | Other Registered Investment Companies: 19 funds with approximately $31.0 billion in assets.<br>Other Pooled Investment Vehicles: 22 pools with approximately $14.0 billion in assets.<br>Other Accounts: 503 accounts with approximately $59.2 billion in assets, including 11 accounts with a performance based fee and approximately $2.9 billion in assets. |

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| | |
|:---|:---|
| *+* | *For all core equity products offered by the firm, including the subject strategy, Acadian manages a single process that is custom-tailored to the objectives of its clients. The investment professionals shown above function as part of a core equity team of 24 portfolio managers, all of whom are responsible for working with the dedicated research team to develop and apply quantitative techniques to evaluate securities and markets and for final quality-control review of portfolios to ensure mandate compliance. The data shown for*  |

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 *these managers reflect firm-level numbers of accounts and assets under management, segregated by investment vehicle type. Not reflected: $1.35 billion in model advisory contracts where Acadian does not have trading authority. Acadian has been appointed as adviser or sub-advisor to numerous public and private funds domiciled in the U.S. and abroad. Acadian is not an investment company and does not directly offer mutual funds. The asset data shown under "Other Registered Investment Companies" reflects advisory and sub-advisory relationships with U.S. registered investment companies offering funds to retail investors. The asset data shown under "Other Pooled Investment Vehicles" reflects a combination of 1) Advisory and sub-advisory relationships with U.S. registered investment companies offering funds to retail investors or U.S. collective investment trusts; 2) Delaware- or Cayman-based private funds where Acadian has been appointed adviser or sub-adviser; and 3) Non-U.S.-based funds where Acadian has been appointed adviser or sub-adviser.* 

*Conflicts of Interest.* Any material conflicts of interest that may arise in connection with the portfolio manager's management of the Funds' investments and the investments of the other accounts which they manage.

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| | | |
|:---|:---|:---|
| **Portfolio Manager** | **Fund** | **Conflict of Interest** |
| Xiaozhen Li, PhD, CFA<br> Gordon Wotherspoon | Core Equity Fund,<br> Select Equity Fund<br> International Fund | Parametric is a wholly-owned subsidiary of Morgan Stanley, a global financial institution that provides a broad spectrum of investment banking and financial services. Parametric and its affiliates advise other clients and investment funds with a wide variety of investment objectives that may in some instances overlap or conflict with the Funds' investment objectives and present conflicts of interest. Parametric may face conflicts in the allocation of investment opportunities among the Funds and other clients. Parametric may have incentives to favor one account over another, such as if one client pays higher management fees. Additionally, Parametric and its affiliates may invest their own assets in an investment opportunity that falls within the Funds' investment objectives, which may reduce the number of investment opportunities available to the Fund. To seek to reduce potential conflicts of interest and to attempt to allocate such investment opportunities in a fair and equitable manner, Parametric has implemented allocation policies and procedures. These policies and procedures are intended to give all clients of Parametric, including the Funds, fair access to investment opportunities consistent with the requirements of organizational documents, investment strategies, applicable laws and regulations, and the fiduciary duty of Parametric.<br>Parametric and its affiliates may invest in different classes of securities of the same issuer. As a result, Parametric and its affiliates, at times, will seek to satisfy fiduciary obligations to certain clients owning one class of securities of a particular issuer by pursuing or enforcing right on behalf of those clients with respect to such class of securities, and those activities may have an adverse effect on another client which owns a different class of securities of such issuer. For example, if one client holds debt securities of an issuer and another client holds equity securities of the same issuer, if the issuer experiences financial or |

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| | | |
|:---|:---|:---|
| **Portfolio Manager** | **Fund** | **Conflict of Interest** |
|  |  | operational challenges, Parametric and its affiliates may seek a liquidation of the issuer on behalf of the client that holds the debt securities, whereas the client holding the equity securities may benefit from a reorganization of the issuer. Thus, in such situations, the actions taken by Parametric or its affiliates on behalf of one client can negatively impact securities held by another client. In addition, Parametric or its affiliates may invest in or advise a company that is or becomes a competitor of a company held by the Funds. Such investment could create a conflict between the Funds on the one hand, and Parametric and its affiliates and their clients on the other hand. |
|  |  | Parametric and its affiliates may give advice and recommend securities to other clients and their own accounts which may differ from advice given to, or securities recommended be bought for, the Fund even though such other clients' investment objectives may be similar to those of the Fund. Additionally, certain securities or instruments may be held in some client accounts, including the Funds but not in others, or client accounts may have different levels of holdings in certain securities or instruments. In addition, Parametric and its affiliates manage long and short portfolios. The simultaneous management of long and short portfolios creates conflicts of interest in that a short sale activity could adversely affect the market value of long positions in one or more portfolios (and vice versa). Parametric and its affiliates maintain separate trading desks that operate independently of each other and do not share information with each other. These desks may compete against each other when implementing buy and sell transactions, possibly causing certain accounts of Parametric and its affiliates to pay more or receive less for a security than other client accounts. |
|  |  | Parametric and its affiliates may from time-to-time receive confidential or material non-public information regarding an investment and may be limited in its ability to utilize such information or to transact in such securities, potentially adversely affecting the Funds. Parametric and its affiliates may be precluded from sharing such information with each other or with its investment team. In addition, Parametric may, in certain instances, be required to aggregate its holdings with its affiliates, potentially causing Parametric to refrain from making investments due to position limit restrictions. Parametric and its affiliates have sought to limit the impact of these potential restrictions by establishing certain information barriers and other policies which limit the sharing of information between different groups within Morgan Stanley. |
|  |  | In the course of its business, Morgan Stanley engages in activities where Morgan Stanley's interest or the interests of |

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| | | |
|:---|:---|:---|
| **Portfolio Manager** | **Fund** | **Conflict of Interest** |
|  |  | its clients may conflict with the interests of Parametric's clients, including the Funds. Morgan Stanley engages in investment banking and broker-dealer activities. This may create conflicts of interests between those activities and the Funds. For example, Morgan Stanley's provision of financial advice to issuers of securities held by the Funds regarding matters such as mergers, acquisitions, restructurings or financings may impact the price of such securities. Morgan Stanley will also publish research and analysis which may impact the price of securities held by the Funds. Activities conducted by Morgan Stanley may affect Parametric's ability to transact in certain securities from time-to-time. |
|  |  | All of the transactions and activities described above involve the potential for conflicts of interest between Parametric, its affiliates, and their clients. The Advisers Act, 1940 Act and ERISA impose certain requirements designed to decrease the possibility of conflicts of interest between an adviser and its clients. In some cases, transactions may be permitted subject to fulfillment of certain conditions. Certain other transactions may be prohibited. Parametric has instituted policies and procedures, including a code of ethics, designed to prevent conflicts of interest from arising and, when they do arise, to ensure that it effects transactions for clients in a manner that is consistent with its fiduciary duty to its clients and in accordance with applicable law. Parametric seeks to ensure that potential or actual conflicts of interest are appropriately resolved taking into consideration the overriding best interests of the client. For more information about these and other conflicts of interest of Parametric, please see Parametric's Form ADV Part 2A. |
| Paul J. Jungquist, CFA, CPA<br> Todd S. Emerson, CFA<br> Kevin P. O'Brien, CFA<br> Michael C. Hubbard, CFA | Tax-Exempt Bond Fund | Sit and its affiliates provide similar fee based investment management services to other clients, including clients that may be affiliated with Fiduciary Counselling, Inc. Sit's other clients may have investment objectives and strategies similar to the Fund. Sit is subject to various conflicts of interest in the performance of its duties and obligations in connection with Fund's investments and the investments of the other client accounts managed by Sit. Such conflicts include: the advice and action taken with respect to the Fund's investments may differ from the advice given or the timing or nature of action taken with respect to other clients; and the allocation of management time, resources, investment opportunities and aggregated transactions among the clients' accounts including the Fund. Conflicts of interest may be heightened by the existence of performance based fees and Sit's proprietary investments. Sit has adopted policies and procedures designed to address these conflicts to ensure that whenever conflicts of interest arise Sit will endeavor to exercise its discretion in a manner that it believes is equitable to all interested persons. |

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|:---|:---|:---|
| **Portfolio Manager** | **Fund** | **Conflict of Interest** |
| Robert DiMella, CFA<br> David Dowden<br> Michael Denlinger, CFA<br> Michael Petty<br> Matthew Hage | Tax-Exempt Bond Fund | MacKay Shields does not favor the interest of one client over another and it has adopted a Trade Allocation Policy designed so that all client accounts will be treated fairly and no one client account will receive, over time, preferential treatment over another. |
|  |  | We maintain investment teams with their own distinct investment process that operate independent of each other when making portfolio management decisions. Certain investment teams consist of Portfolio Managers, Research Analysts, and Traders, while certain other investment teams share Research Analysts and/or Traders. MacKay Shields' investment teams may compete with each other for the same investment opportunities and/or take contrary positions. At times, two or more of MacKay Shields' investment teams may jointly manage the assets of a single client portfolio ("Crossover Mandate"). In such instances, the asset allocation decisions will be discussed amongst the various investment teams, but the day-to-day investment decision-making process will typically be made independently by each team for the portion of the Crossover Mandate that team is responsible for managing. Orders within an investment team will typically be aggregated or bunched to reduce the costs of the transactions. Orders are typically not aggregated across investment teams even though there may be orders by separate investment teams to execute the same instrument on the same trading day; provided, however, that orders for the same instrument are typically aggregated across investment teams that are supported by a shared trading desk. |
|  |  | MacKay Shields' clients have held, and it is expected that in the future they will at times hold, different segments of the capital structure of the same issuer that have different priorities. These investments create conflicts of interest, particularly because MacKay Shields can take certain actions for clients that can have an adverse effect on other clients. For example, certain MacKay Shields clients may hold instruments that are senior or subordinated relative to instruments of the same issuer held by other clients, and any action that the portfolio managers were to take on behalf of the issuer's senior instrument, for instance, could have an adverse effect on the issuer's junior instrument held by other clients, and vice versa, particularly in distressed or default situations. To the extent MacKay Shields or any of its employees were to serve on a formal or informal creditor or similar committee on behalf of a client, such conflicts of interest may be exacerbated. |
|  |  | MacKay Shields engages in transactions and investment strategies for certain clients that differ from the transactions and strategies executed on behalf of other clients, including |

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| | | |
|:---|:---|:---|
| **Portfolio Manager** | **Fund** | **Conflict of Interest** |
|  |  | clients that have retained the services of the same investment team. MacKay Shields may make investments for certain clients that they conclude are inappropriate for other clients. For instance, clients within one investment strategy may take short positions in the debt or equity instruments of certain issuers, while at the same time those instruments or other instruments of that issuer are acquired or held long by clients in another investment strategy, or within the same strategy, and vice versa. |
|  |  | Additionally, MacKay Shields' investment strategies are available through a variety of investment products, including, without limitation, separately managed accounts, private funds, mutual funds and ETFs. Given the different structures of these products, certain clients are subject to terms and conditions that are materially different or more advantageous than available under different products. For example, mutual funds offer investors the ability to redeem from the fund daily, while private funds offer less frequent liquidity. Similarly a client with a separately managed account may have more transparency regarding the positions held in its account than would be available to an investor in a collective investment vehicle. Further, separately managed account clients have the ability to terminate their investment management agreement with little or no notice (subject to the terms of the investment advisory agreement or similar agreement). |
|  |  | As a result of these differing liquidity and other terms, MacKay Shields may acquire and/or dispose of investments for a client either prior to or subsequent to the acquisition and/or disposition of the same or similar securities held by another client. In certain circumstances, purchases or sales of securities by one client could adversely affect the value of the same securities held in another client's portfolio. In addition, MacKay Shields has caused, and expects in the future to cause, certain clients to invest in opportunities with different levels of concentration or on different terms than that to which other clients invest in the same securities. These differences in terms and concentration could lead to different investment outcomes among clients investing in the same securities. MacKay Shields seeks to tailor its investment advisory services to meet each client's investment objective, constraints and investment guidelines and MacKay Shields' judgments with respect to a particular client will at times differ from its judgments for other clients, even when such clients pursue similar investment strategies. |
|  |  | MacKay Shields permits its personnel, including portfolio managers and other investment personnel, to engage in personal securities transactions, including buying or selling |

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| | | |
|:---|:---|:---|
| **Portfolio Manager** | **Fund** | **Conflict of Interest** |
|  |  | securities that it has recommended to, or purchased or sold on behalf of, clients. These transactions raise potential conflicts of interest, including when they involve securities owned or considered for purchase or sale by or on behalf of a client account. MacKay Shields has adopted a Code of Ethics to assist and guide the portfolio managers and other investment personnel when faced with a conflict. MacKay Shields' services to each client are not exclusive. The nature of managing accounts for multiple clients creates a conflict of interest with regard to time available to serve clients. MacKay Shields and its portfolio managers will devote as much of their time to the activities of each client as they deem necessary and appropriate. Although MacKay Shields strives to identify and mitigate all conflicts of interest, and seeks to treat its clients in a fair and reasonable manner consistent with its fiduciary duties, there may be times when conflicts of interest are not resolved in a manner favorable to a specific client. Additional material conflicts of interest are presented within Part 2A of MacKay Shields' Form ADV. |
| Clifford S. Asness, Ph.D., M.B.A.<br> Michele L. Aghassi, Ph.D.<br> John J. Huss<br> Laura Serban, Ph.D.<br> Nathan Sosner, Ph.D. | Core Equity Fund | Each of the portfolio managers is also responsible for managing other accounts in addition to the Fund, including other accounts of AQR or its affiliates. Other accounts may include, without limitation, separately managed accounts for foundations, endowments, pension plans, and high net-worth families; registered investment companies; unregistered investment companies relying on either Section 3(c)(1) or Section 3(c)(7) of the 1940 Act (such companies are commonly referred to as "hedge funds"); foreign investment companies; and may also include accounts or investments managed or made by the portfolio managers in a personal or other capacity ("Proprietary Accounts"). Management of other accounts in addition to the Fund can present certain conflicts of interest, as described below. |
|  |  | From time to time, potential conflicts of interest may arise between a portfolio manager's management of the investments of the Fund, on the one hand, and the management of other accounts (including, for purposes of this discussion, other funds and Proprietary Accounts), on the other. The other accounts might have similar investment objectives or strategies as the Fund, or otherwise hold, purchase, or sell securities that are eligible to be held, purchased or sold by the Fund. Because of their positions with the Fund, the portfolio managers know the size, timing and possible market impact of the Fund's trades. A potential conflict of interest exists where portfolio managers could use this information to the advantage of other accounts they manage and to the possible detriment of the Fund. |

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| | | |
|:---|:---|:---|
| **Portfolio Manager** | **Fund** | **Conflict of Interest** |
|  |  | A number of potential conflicts of interest may arise as a result of AQR's or a portfolio manager's management of a number of accounts with similar investment strategies. Often, an investment opportunity may be suitable for the Fund and other accounts, but may not be available in sufficient quantities for the Fund and the other accounts to participate fully. Similarly, there may be limited opportunity to sell an investment held by the Fund and another account. In circumstances where the amount of total exposure to a strategy or investment type across accounts is, in the opinion of AQR, capacity constrained, the availability of the strategy or investment type for the Fund and other accounts may be reduced in AQR's discretion. The Fund may therefore have reduced exposure to a capacity constrained strategy or investment type, which could adversely affect the Fund's return. AQR is not obligated to allocate capacity pro rata and may take its financial interests into account when allocating capacity among the Fund and other accounts. |
|  |  | Another conflict could arise where different account guidelines and/or differences within particular investment strategies lead to the use of different investment practices for portfolios with a similar investment strategy. AQR will not necessarily purchase or sell the same instruments at the same time or in the same direction (particularly if different accounts have different strategies), or in the same proportionate amounts for all eligible accounts (particularly if different accounts have materially different amounts of capital under management, different amounts of investable cash available, different investment restrictions, or different risk tolerances). As a result, although AQR manages numerous accounts and/or portfolios with similar or identical investment objectives, or may manage accounts with different objectives that trade in the same instruments, the portfolio decisions relating to these accounts, and the performance resulting from such decisions, may differ from account to account. AQR may, from time to time, implement new trading strategies or participate in new trading strategies for some but not all accounts, including the Fund. Strategies may not be implemented in the same manner among accounts where they are employed, even if the strategy is consistent with the objectives of such accounts. In certain circumstances, investment opportunities that are in limited supply and/or have limited return potential in light of administrative costs of pursuing such investments (e.g., IPOs) are only allocated to accounts where the given opportunity is more closely aligned with the applicable strategy and/or trading approach. Whenever decisions are made to buy or sell investments by the Fund and one or more other accounts simultaneously, AQR or portfolio manager may aggregate the purchases and sales of |

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| | | |
|:---|:---|:---|
| **Portfolio Manager** | **Fund** | **Conflict of Interest** |
|  |  | the investments and will allocate the transactions in a manner that it believes to be equitable under the circumstances. To this end, AQR has adopted policies and procedures that are intended to ensure that investment opportunities are allocated equitably among accounts over time. As a result of the allocations, there may be instances where the Fund will not participate in a transaction that is allocated among other accounts or the Fund may not be allocated the full amount of the investments sought to be traded. These aggregation and allocation policies could have a detrimental effect on the price or amount of the investments available to the Fund from time to time. Subject to applicable laws and/or account restrictions, AQR may buy, sell or hold securities for other accounts while entering into a different or opposite investment decision for the Fund. |
|  |  | To the extent that the Fund holds interests in an issuer that are different (or more senior or junior) than, or potentially adverse to, those held by other accounts, AQR may be presented with investment decisions where the outcome would benefit one account and would not benefit or would harm the other account. This may include, but is not limit ed to, an account investing in a different security of an issuer's capital structure than another account, an account investing in the same security but on different terms than another account, an account obtaining exposure to an investment using different types of securities or instruments than another account, an account engaging in short selling of securities that another account holds long, an account voting securities in a different manner than another account, and/or an account acquiring or disposing of its interests at different times than another account. This could have a material adverse effect on, or in some instances could benefit, one or more of such accounts, including accounts that are affiliates of AQR, accounts in which AQR has an interest, or accounts which pay AQR higher fees or a performance fee. These transactions or investments by one or more accounts could dilute or otherwise disadvantage the values, prices, or investment strategies of such accounts. When AQR, on behalf of an account, manages or implements a portfolio decision ahead of, or contemporaneously with, portfolio decisions of another account, market impact, liquidity constraints, or other factors could result in such other account receiving less favorable pricing or trading results, paying higher transaction costs, or being otherwise disadvantaged. In addition, in connection with the foregoing, AQR, on behalf of an account, is permitted to pursue or enforce rights or actions, or refrain from pursuing or enforcing rights or actions, with respect to a particular issuer in which action could materially adversely affect such other account. |

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| | | |
|:---|:---|:---|
| **Portfolio Manager** | **Fund** | **Conflict of Interest** |
|  |  | In addition, when the Fund and other accounts hold investments in the same issuer (including at the same place in the capital structure), the Fund may be prohibited by applicable law from participating in restructurings, work-outs or other activities related to its investment in the issuer. As a result, the Fund may not be permitted by law to make the same investment decisions as other accounts in the same or similar situations even if AQR believes it would be in the Fund's best economic interests to do so. The Fund may be prohibited by applicable law from investing in an issuer (or an affiliate) that other accounts are also investing in or currently invest in even if AQR believes it would be in the best economic interests of the Fund to do so. Furthermore, entering into certain transactions that are not deemed prohibited by law when made may potentially lead to a condition that raises regulatory or legal concerns in the future. This may be the case, for example, with issuers that AQR considers to be at risk of default and restructuring or work-outs with debt holders, which may include the Fund and other accounts. In some cases, to avoid the potential of future prohibited transactions, AQR may avoid allocating an investment opportunity to the Fund that it would otherwise recommend, subject to AQR's then-current allocation policy and any applicable exemptions. In certain circumstances, AQR may be restricted from transacting in a security or instrument because of material non-public information received in connection with an investment opportunity that is offered to AQR. In other circumstances, AQR will not participate in an investment opportunity to avoid receiving material non-public information that would restrict AQR from transacting in a security or instrument. These restrictions may adversely impact the Fund's performance. |
|  |  | AQR and the Fund's portfolio managers may also face a conflict of interest where some accounts pay higher fees to AQR than others, as they may have an incentive to favor accounts with the potential for greater fees. For instance, the entitlement to a performance fee in managing one or more accounts may create an incentive for AQR to take risks in managing assets that it would not otherwise take in the absence of such arrangements. Additionally, since performance fees reward AQR for performance in accounts which are subject to such fees, AQR may have an incentive to favor these accounts over those that have only fixed asset-based fees, with respect to areas such as trading opportunities, trade allocation, and allocation of new investment opportunities. |
|  |  | AQR has implemented specific policies and procedures (e.g., a code of ethics and trade allocation policies) that seek to address potential conflicts of interest that may arise in |

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| | | |
|:---|:---|:---|
| **Portfolio Manager** | **Fund** | **Conflict of Interest** |
|  |  | connection with the management of the Fund and other accounts and that are designed to ensure that all accounts, including the Fund, are treated fairly and equitably over time. |
| Steve Lyons, CFA<br> Michael M. Meyer, CFA<br> Edward W. O'Connor, CFA<br> R. James O'Neil, CFA<br> Mehul Trivedi, CFA<br> William Weber, CFA<br> Cathy Zhu | Select Equity Fund | The portfolio managers face potential conflicts of interest in their day-to-day management of the Fund and other accounts because the Fund may have different investment objectives, strategies and risk profiles than the other accounts managed by the portfolio managers. For instance, to the extent that the portfolio managers manage accounts with different investment strategies than the Fund, they may from time to time be inclined to purchase securities for one account but not for the Fund. Additionally, some of the accounts managed by the portfolio managers may have different fee structures, including performance fees, which are or have the potential to be higher or lower, in some cases significantly so, than the fees paid by the Fund. The differences in fee structures may provide an incentive to the portfolio managers to allocate more favorable trades to the higher-paying accounts. |
|  |  | To minimize the effects of these potential conflicts of interest, Cooke & Bieler has adopted and implemented policies and procedures, including brokerage and trade allocation policies and procedures, that they believe address the potential conflicts associated with managing portfolios for multiple clients and which are designed to ensure that all clients are treated fairly and equitably. Accordingly, security block purchases are allocated to all accounts with similar objectives in a fair and equitable manner. Furthermore, Cooke & Bieler has adopted a Code of Ethics under Rule 17j-1 under the 1940 Act and Rule 204A-1 under the Advisers Act to address potential conflicts associated with managing the Funds and any personal accounts the portfolio managers may maintain. |
| Louis M. Holtz, CFA<br> Yossi Lipsker, CFA | Select Equity Fund | The portfolio managers for the Micro Cap Opportunities strategy currently manage non-mutual fund accounts invested in this strategy. Also managing a mutual fund in this strategy would present potential conflict of interests, which include: (i) where the portfolio managers could favor one account, or type of account over another, (ii) where knowledge by the portfolio managers of the size, timing of trades, and market impact could be used to the advantage of other accounts and result in the disadvantage to a mutual fund that is managed in the same strategy, and (iii) where the portfolio managers could allocate profitable trades in the strategy to performance based fee accounts vs. non-performance based fee accounts. To address these potential conflicts, RHJ has detailed written policies and procedures covering, among other things, allocation of investment opportunities and aggregated trades, best execution, soft dollar arrangements, and principal and cross trading. |

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| | | |
|:---|:---|:---|
| **Portfolio Manager** | **Fund** | **Conflict of Interest** |
| Brendan Bradley, Ph.D.<br> Fanesca Young, Ph.D., CFA | Select Equity Fund | A conflict of interest may arise as a result of a portfolio manager being responsible for multiple accounts, including the subject Fund, which may have different investment guidelines and objectives. In addition to the subject Fund, these accounts may include other mutual funds managed on an advisory or sub-advisory basis, separate accounts and collective trust accounts. An investment opportunity may be suitable for the subject Fund as well as for any of the other managed accounts. However, the investment may not be available in sufficient quantity for all of the accounts to participate fully. In addition, there may be limited opportunity to sell an investment held by the subject Fund and the Other Accounts. The Other Accounts may have similar investment objectives or strategies as the subject Fund, may track the same benchmarks or indexes as the subject Fund tracks, and may sell securities that are eligible to be held, sold or purchased by the subject Fund. A portfolio manager may be responsible for accounts that have different advisory fee schedules, which may create the incentive for the portfolio manager to favor one account over another in terms of access to investment opportunities. A portfolio manager may also manage accounts whose investment objectives and policies differ from those of the subject Fund, which may cause the portfolio manager to effect trading in one account that may have an adverse effect on the value of the holdings within another account, including the subject Fund.<br>To address and manage these potential conflicts of interest, Acadian has adopted compliance policies and procedures to allocate investment opportunities and to ensure that each of its clients is treated on a fair and equitable basis. Such policies and procedures include, but are not limited to, trade allocation and trade aggregation policies, portfolio manager assignment practices and oversight by investment management and the Compliance team. |
| N. David Samra<br> Ian P. McGonigle, CFA<br> Beini Zhou, CFA<br> Anand Vasagiri | International Fund | There are a number of ways in which the interests of Artisan Partners, its portfolio managers and other personnel might conflict with the interests of International Fund and its shareholders. Artisan Partners has developed policies, procedures, and disclosures that it believes are reasonably designed to detect, manage, and mitigate the effects of conflicts of interest in the areas of sharing personnel, services, research and advice among client accounts, side-by-side management, allocating portfolio transactions among client accounts, investing in different parts of an issuer's capital structure, confidential information access, short selling, soft dollars and commission recapture, proprietary and personal investments by employees, proxy voting and fees. |

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| | | |
|:---|:---|:---|
| **Portfolio Manager** | **Fund** | **Conflict of Interest** |
|  |  | Artisan Partners generally does not tailor its investment management services to the individual needs of clients, but rather invests all of the accounts in a particular investment strategy in a similar manner. To prevent the potentially negative impact that the restrictions of one client account or multiple client accounts may have on the manner in which Artisan Partners invests on behalf of all of its client accounts, Artisan Partners generally does not accept accounts subject to restrictions that Artisan Partners believes would cause it to deviate from its stated investment strategy or adversely affects its ability to manage client accounts. However, under certain circumstances, Artisan Partners does accept accounts subject to certain limitations on specific types of investments or transactions (for example, derivatives or short selling) or certain markets (for example, India), which can result in such accounts having different exposures and/or having a different risk profile compared to other accounts in the strategy, including the Fund. |
|  |  | From time to time, clients in a particular investment strategy will invest in a security issued by a company, or an affiliate of a company, that is also a client of Artisan Partners or has another business relationship with Artisan Partners or its affiliates. Artisan Partners has written policies designed to prevent the misuse of material non-public information. The operation of those policies and of applicable securities laws may prevent the execution of an otherwise desirable purchase or sale in a public securities transaction in a client account if Artisan Partners believes that it is or may be in possession of material non-public information regarding the issuer or security that would be the subject of that transaction. |
|  |  | Like the fees Artisan Partners receives from Clearwater International Fund, the fees Artisan Partners or its affiliates receive as compensation from other client accounts are typically calculated as a percentage of the client's assets under management. Artisan Partners receives performance-based fees or allocations from private funds sponsored by Artisan Partners and expects to receive performance-based fees from accounts in its other strategies. In addition, Artisan Partners will, under certain circumstances, negotiate performance-based fee arrangements with other accounts. Artisan Partners had 14 other accounts with performance-based fees as of December 31, 2025. Although Artisan Partners may have an incentive to manage the assets of accounts with performance–based fees differently from its other accounts, Artisan Partners has in place policies and procedures that seek to mitigate such conflicts. |

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| | | |
|:---|:---|:---|
| **Portfolio Manager** | **Fund** | **Conflict of Interest** |
| Paul Black<br> Mike Trigg<br> Sanjay Ayer, CFA<br> Greg Ise, CFA<br> Jon Tringale | International Fund | Actual or apparent conflicts of interest may arise when a portfolio manager has day-to-day management responsibilities with respect to more than one fund or other account. Where conflicts of interest arise between the Fund and other accounts managed by the portfolio manager, WCM will proceed in a manner that ensures that the Fund will not be treated less favorably. There may be instances where similar portfolio transactions may be executed for the same security for numerous accounts managed by the portfolio managers. In such instances, securities will be allocated in accordance with the WCM's trade allocation policy. |

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*Compensation Structure.* 

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| | | |
|:---|:---|:---|
| **Portfolio Manager** | **Fund** | **Compensation Structure** |
| Xiaozhen Li, PhD, CFA<br> Gordon Wotherspoon | Core Equity Fund,<br> Select Equity Fund<br> International Fund | Parametric believes that its compensation packages, which are described below, are adequate to attract and retain high-caliber professional employees. Please note that compensation for investment professionals is not based directly on investment performance or assets managed, but rather on the overall performance of responsibilities. In this way, the interests of portfolio managers are aligned with the interests of investors without providing incentive to take undue or insufficient investment risk. It also removes a potential motivation for fraud. Parametric is a subsidiary of Morgan Stanley. Violations of Parametric's or Morgan Stanley's policies would be a contributing factor when evaluating an employee's discretionary bonus. |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; <u>Compensation Structure</u><br>Compensation of Parametric employees has the following components:<br>• Base salary<br>• Discretionary bonus<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• This bonus may be paid in cash, or for those who meet the eligibility for deferred compensation, may be paid in a combination of cash and deferred awards that may include Morgan Stanley restricted stock and Deferred Cash awards.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Deferred awards vest after 3 years.<br>|
|  |  | Parametric employees also receive certain retirement, health and welfare insurance, and other benefits that are broadly available to Morgan Stanley employees. Compensation of employees is reviewed on an annual basis. Considerations for adjustments in base salary and bonus decisions are typically paid and/or put into effect at, or shortly after, the firm's fiscal year-end. |

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| | | |
|:---|:---|:---|
| **Portfolio Manager** | **Fund** | **Compensation Structure** |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; The firm also maintains the following arrangements:<br>• Employment contracts for key investment professionals and senior leadership.<br>• Notice and Non-Solicit agreements for Managing Directors and Executive Directors of the company.<br>|
|  |  | <u>Method to Determine Compensation</u><br>Parametric seeks to compensate investment professionals commensurate with responsibilities and performance while remaining competitive with other firms within the investment management industry. |
|  |  | Compensation is also influenced by the operating performance of Parametric and Morgan Stanley. While the salaries of investment professionals are comparatively fixed, variable compensation in the form of bonuses may fluctuate from year-to-year, based on changes in financial performance and other factors. Parametric also offers opportunities to move within the organization, as well as incentives to grow within the organization by promotion. |
|  |  | Additionally, Parametric participates in compensation surveys that benchmark salaries against other firms in the industry. This data is reviewed, along with a number of other factors, so that compensation remains competitive with other firms in the industry. |
| Clifford S. Asness, Ph.D., M.B.A.<br> Michele L. Aghassi, Ph.D.<br> John J. Huss<br> Laura Serban, Ph.D.<br> Nathan Sosner, Ph.D. | Core Equity Fund | The compensation for each of the portfolio managers that is a Principal of AQR is in the form of distributions based on the net income generated by AQR and each Principal's relative ownership in AQR. A Principal's relative ownership in AQR is based on a number of factors including contribution to the research process, leadership and other contributions to AQR. |
| Clifford S. Asness, Ph.D., M.B.A.<br> Michele L. Aghassi, Ph.D.<br> John J. Huss<br> Laura Serban, Ph.D.<br> Nathan Sosner, Ph.D. |  | There is no direct linkage between assets under management, performance and compensation. However, there is an indirect linkage in that superior performance tends to attract assets and thus increase revenues and presumably net income allocable to the Principal. Each portfolio manager is also eligible to participate in AQR's 401(k) retirement plan which is offered to all employees of AQR. |
| Steve Lyons, CFA<br> Michael M. Meyer, CFA<br> Edward W. O'Connor, CFA<br> R. James O'Neil, CFA<br> Mehul Trivedi, CFA<br> William Weber, CFA<br> Cathy Zhu | Select Equity Fund | Cooke & Bieler gives careful thought to its compensation policies, seeking to blend incentives for individual and team performance over both the short and long term with the goal of aligning its interests with those of its clients. Compensation consists of three components – base salary, bonus (tied to investment performance for the investment team), and distribution of the profits based upon a partner's percentage ownership in the firm. |

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| | | |
|:---|:---|:---|
| **Portfolio Manager** | **Fund** | **Compensation Structure** |
|  |  | The investment team participates in a bonus pool which is allocated through a peer review process. The size of the pool varies with the overall success of the firm. Allocations among the investment team are largely determined by the investment results attributed to each individual. In order to match incentives with a long-term investment horizon, investment results are calculated using a 4-year rolling average. The years are time weighted with the trailing year weighted 40%, the prior year 30%, and years 3 and 4, 20%, and 10% respectively. Bonuses typically range from 1x to 4x one's base salary. |
| Louis M. Holtz, CFA<br> Yossi Lipsker, CFA | Select Equity Fund | Compensation for the portfolio managers is a combination of both salary and revenue-sharing, based on revenues generated by the strategies they manage. RHJ believes that this policy offers a sustainable balance between fixed and variable compensation in normalized market environments. It also aligns the interests of the team with those of RHJ. |
| Brendan Bradley, Ph.D.<br> Fanesca Young, Ph.D., CFA | Select Equity Fund | Compensation structure varies among professionals, although the basic package involves a generous base salary, strong bonus potential, profit sharing participation, various benefits, and, among the majority of senior investment professionals and certain other key employees, equity interest in the firm as part of the Acadian Key Employee Limited Partnership.<br>Compensation is highly incentive-driven, with Acadian often paying in excess of 100% of base pay for performance bonuses. Bonuses are tied directly to the individual's contribution and performance during the year, with members of the investment team evaluated on such factors as their contributions to the investment process, account retention, asset growth, and overall firm performance. Since portfolio management in our equity strategies is a team approach, investment team members' compensation is not linked to the performance of specific accounts but rather to the individual's overall contribution to the success of the team and the firm's profitability. This helps to ensure an "even playing field" as investment team members are strongly incentivized to strive for the best possible portfolio performance for all clients rather than only for select accounts. |
| Paul J. Jungquist, CFA, CPA<br> Todd S. Emerson, CFA<br> Kevin P. O'Brien, CFA<br> Michael C. Hubbard, CFA | Tax-Exempt <br>Bond Fund | The portfolio managers are employees of Sit and receive compensation from Sit. The compensation of the portfolio managers and analysts is comprised of a fixed base salary, an annual bonus, and periodic deferred compensation bonuses. Portfolio managers and analysts also participate in the profit sharing 401(k) plan of Sit. Competitive pay in the marketplace is considered in determining total compensation. The bonus awards are based on the |

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|:---|:---|:---|
| **Portfolio Manager** | **Fund** | **Compensation Structure** |
|  |  | attainment of personal and company goals which are comprised of a number of subjective and objective factors, including: the annual composite investment performance (pre-tax) of Sit's accounts (which may include the Fund) relative to the investment accounts' benchmark index (which may include the primary benchmark of the Fund); Sit's growth in assets under management from new assets (which may include assets of the Fund); profitability of Sit; and the quality of investment research efforts. Contributions made to Sit's profit sharing 401(k) plan are subject to the limitations of the Internal Revenue Code and Regulations. The portfolio managers own equity interests in Sit. |
| Robert DiMella, CFA<br> David Dowden<br> Michael Denlinger, CFA<br> Michael Petty<br> Matthew Hage | Tax-Exempt Bond Fund | Salaries are set by reference to a range of factors, taking account of seniority and responsibilities and the market rate of pay for the relevant position. Annual salaries are set at competitive levels to attract and maintain the best professional talent. Variable or incentive compensation, both cash bonus and deferred awards, are a significant component of total compensation for portfolio managers at MacKay Shields. Incentive compensation received by portfolio managers is generally based on both quantitative and qualitative factors. The quantitative factors may include: (i) investment performance; (ii) assets under management; (iii) revenues and profitability; and (iv) industry benchmarks. The qualitative factors may include, among others, leadership, adherence to the firm's policies and procedures, and contribution to the firm's goals and objectives. |
|  |  | MacKay Shields maintains a phantom equity plan for those employees who qualify whereby awards vest and pay out after several years, to attract, retain, motivate and reward key personnel. Portfolio managers that participate in the phantom equity plan share in the results and success of the firm as the value of award tracks the operating revenue and operating profit of Mackay Shields. This approach helps to instill a strong sense of commitment towards the overall success of the firm. |
|  |  | MacKay Shields maintains an employee benefit program, including health and non-health insurance, and a 401(k) defined contribution plan for all of its employees regardless of their job title, responsibilities or seniority. |
| N. David Samra<br> Ian P. McGonigle, CFA<br> Beini Zhou, CFA<br> Anand Vasagiri | International Fund | Artisan Partners' portfolio managers are compensated through a fixed base salary or similar payment and a subjectively determined incentive bonus or payment that is a portion of a bonus pool, the aggregate amount of which is tied to Artisan Partners' fee revenues generated by all accounts included within the manager's investment strategies, including the International Fund. Artisan Partners |

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|:---|:---|:---|
| **Portfolio Manager** | **Fund** | **Compensation Structure** |
|  |  | also provides certain cash-based awards to its investment professionals (referred to by Artisan Partners as franchise capital awards) that, prior to vesting, Artisan Partners will generally invest such award amounts in one or more of the investment strategies managed by the investment professional (including by investing in Artisan Partners Funds). Portfolio managers also receive a portion of the performance fee revenues or allocations from private funds sponsored by Artisan Partners. Performance fee accounts (including private funds) may be managed by certain portfolio managers of the Fund using strategies not offered in the Fund. Allocations to and weightings in these accounts will differ from allocations to and weightings in the Fund managed by these portfolio managers because they use different strategies. An investment strategy with a higher risk tolerance may substantially outperform or underperform an investment strategy with a lower risk tolerance even when managed by the same portfolio managers in a similar strategy. The portfolio managers also participate in group life, health, medical reimbursement, and retirement plans that are generally available to all of Artisan Partners' salaried associates. |
| Paul Black<br> Mike Trigg<br> Sanjay Ayer, CFA<br> Greg Ise, CFA<br> Jon Tringale | International Fund | Compensation for WCM portfolio management personnel consists of a salary with a possible bonus, fee-share, and ownership component. Salary levels are based on the individual's degree of industry tenure, experience, and responsibilities at the firm. The bonus component is discretionary based on the portfolio manager's individual performance and the overall performance of WCM, taking into account both qualitative and quantitative performance measures in the management of their funds, other responsibilities, and other firm factors, including, assets under management and company profitability. Portfolio managers may share in the revenue generated by the investment strategy for which they are responsible. Finally, portfolio managers may also receive long-term incentive bonus in the form of shares of the firm. |
|  |  | Portfolio managers are also eligible to participate in a 401(k) program which has a company match that includes a contribution based on the profitability of the firm. |

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*Share Ownership by Portfolio Managers.* The following table indicates as of December 31, 2025, the value within the indicated range, of shares beneficially owned by the portfolio managers in each Fund they manage. For purposes of this table, the following letters indicates the range indicated below:

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| A- | $0  |

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|:---|:---|
| B- | $1 - $10000  |

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|:---|:---|
| C- | $10001 - $50000  |

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|:---|:---|
| D- | $50001 - $100000  |

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|:---|:---|
| E- | $100001 - $500000  |

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|:---|:---|
| F- | $500001 - $1000000  |

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|:---|:---|
| G- | More than $1 million  |

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|:---|:---|:---|
| **Portfolio Manager** | **Fund** | **Ownership** |
| Xiaozhen Li, CFA | Core Equity Fund,<br> Select Equity Fund,<br> International Fund | A |
| Gordon Wotherspoon | Core Equity Fund,<br> Select Equity Fund,<br> International Fund | A |
| Clifford S. Asness, Ph.D., M.B.A. | Core Equity Fund | A |
| Michele L. Aghassi, Ph.D. | Core Equity Fund | A |
| John J. Huss | Core Equity Fund | A |
| Laura Serban, Ph.D. | Core Equity Fund | A |
| Nathan Sosner, Ph.D. | Core Equity Fund | A |
| Steve Lyons, CFA | Select Equity Fund | A |
| Michael M. Meyer, CFA | Select Equity Fund | A |
| Edward W. O'Connor, CFA | Select Equity Fund | A |
| R. James O'Neil, CFA | Select Equity Fund | A |
| Mehul Trivedi, CFA | Select Equity Fund | A |
| William Weber, CFA | Select Equity Fund | A |
| Cathy Zhu | Select Equity Fund | A |
| Louis M. Holtz, CFA | Select Equity Fund | A |
| Yossi Lipsker, CFA | Select Equity Fund | A |
| Brendan Bradley, Ph.D. | Select Equity Fund | A |
| Fanesca Young, Ph.D., CFA | Select Equity Fund | A |
| Paul J. Jungquist, CFA, CPA | Tax-Exempt Bond Fund | A |
| Todd S. Emerson, CFA | Tax-Exempt Bond Fund | A |
| Kevin P. O'Brien, CFA | Tax-Exempt Bond Fund | A |
| Michael C. Hubbard, CFA | Tax-Exempt Bond Fund | A |
| Robert DiMella, CFA | Tax-Exempt Bond Fund | A |
| David Dowden | Tax-Exempt Bond Fund | A |
| Michael Denlinger, CFA | Tax-Exempt Bond Fund | A |
| Michael Petty | Tax-Exempt Bond Fund | A |
| Matthew Hage | Tax-Exempt Bond Fund | A |
| N. David Samra | International Fund | A |
| Ian P. McGonigle, CFA | International Fund | A |
| Beini Zhou, CFA | International Fund | A |
| Anand Vasagiri | International Fund | A |

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| | | |
|:---|:---|:---|
| **Portfolio Manager** | **Fund** | **Ownership** |
| Paul Black | International Fund | A |
| Mike Trigg | International Fund | A |
| Sanjay Ayer, CFA | International Fund | A |
| Greg Ise, CFA | International Fund | A |
| Jon Tringale | International Fund | A |

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#### EXECUTIVE OFFICERS AND TRUSTEES

#### Information About the Independent Trustees

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Year of Birth**<br> **and Address** | **Positions Held**<br> **With the Funds** | **Term of Office** | **Principal Occupation or**<br> **Employment During the**<br> **Last Five Years and Other**<br> **Relevant Experience** | **Number of<br>Portfolios<br>in the Fund<br>Complex to<br>Be Overseen<br>by the Trustee** | **Other Directorships**<br> **Held by the Trustee**<br> **During the Last 5 Years** |
| Charles W. Rasmussen<sup>1</sup> (1967)<br> 30 East 7th Street<br> Saint Paul, Minnesota 55101 | Trustee, Chair of the Board | As Trustee:<br> Tenure: 2000–Present<br> Term: Indefinite<br> As Chair:<br> Tenure: 2020–Present<br> Term: Indefinite | President (2002–Present) and Chief Executive Officer (2002–2020), P&G Manufacturing, Inc. (air filtration equipment) | 4 | Forest History Society (non-profit, 2018–Present), Nu Star Inc. (private company, 2014–Present) |
| Laura E. Rasmussen<sup>1</sup> (1963)<br> 30 East 7th Street<br> Saint Paul, Minnesota 55101 | Trustee | Tenure: 2000–Present<br> Term: Indefinite | Business Owner, 3 Kittens Needle Arts (textile sales, 2006–Present) | 4 |  |
| Lindsay R. Schack (1978)<br> 30 East 7th Street<br> Saint Paul, Minnesota 55101 | Trustee, Chair of the Governance and Nominating Committee | Tenure: 2015–Present<br> Term: Indefinite<br> As Chair of the Governance and Nominating Committee:<br> Tenure: 2026–Present<br> Term: Indefinite | Owner and Architect, LS Architecture (2013–Present) | 4 |  |
| David M. Weyerhaeuser (1958)<br> 30 East 7th Street<br> Saint Paul, Minnesota 55101 | Trustee | Tenure: 2016–Present<br> Term: Indefinite | Vice President, Sales and Marketing, Northwest Hardwoods (lumber manufacturer and distributor, 1991–2016) | 4 | R.D. Merrill Company, Inc. (private company, 1992–Present) |
| Dylan Ambauen (1982)<br> 30 East 7th Street<br> Saint Paul, Minnesota 55101 | Trustee, Chair of the Audit Committee | As Trustee:<br> Tenure: 2022–Present<br> Term: Indefinite<br> As Chair of the Audit Committee:<br> Tenure: 2023–Present<br> Term: Indefinite | CEO, Seattle Pottery LLC (2019-Present), Vice President, Sunrise Pest Management (2008-Present) | 4 |  |

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1 Mr. Rasmussen and Ms. Rasmussen are siblings-in-law.

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#### Information about the Funds' Executive Officers and Interested Trustees

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Year of Birth**<br> **and Address** | **Positions Held**<br> **With the Funds** | **Term of Office** | **Principal Occupation or**<br> **Employment During the**<br> **Last Five Years and Other**<br> **Relevant Experience** | **Number of**<br> **Portfolios in**<br> **the Fund**<br> **Complex to**<br> **Be Overseen**<br> **by the**<br> **Officer/<br>Trustee** | **Other**<br> **Directorships**<br> **Held by the**<br> **Officer/Trustee**<br> **During the**<br> **Last 5 Years** |
| Sara G. Dent (1958)<sup>2</sup> 30 East 7th Street<br> Saint Paul, Minnesota 55101 | Trustee | Tenure: 2013–Present<br> Term: Indefinite | Private Investor; Previously, Chair of the Governance and Nominating Committee of the Trust (2019–2025) | 4 | Woods Hole Oceanographic Institution (non-profit, 2022–Present) |
| Julia L.W. Heidmann<sup>3</sup> (1958)<br> 30 East 7th Street<br> Saint Paul, Minnesota<br> 55101 | Trustee | Tenure: 2022–Present<br> Term: Indefinite | Docent (2006–Present), San Francisco Zoo | 4 | Member of the Board of Directors, and Conservation & Education Committee, San Francisco Zoo (non-profit, 2016–Present) |
| Justin H.<br> Weyerhaeuser<sup>4</sup> (1973)<br> 30 East 7th Street<br> Saint Paul, Minnesota<br> 55101 | Trustee, President and Treasurer | As Trustee:<br> Tenure: 2008–Present<br> Term: Indefinite<br> As President and Treasurer:<br> Tenure: 2013–Present<br> Term: Reappointed<br> Annually | Private Investor (February 2013–Present) | 4 |  |
| Jason K. Mitchell (1976)<br> 30 East 7th Street<br> Saint Paul, Minnesota<br> 55101 | Secretary and Chief Compliance Officer | As Secretary:<br> Tenure: 2021–Present<br> Term: Reappointed Annually<br> As Chief Compliance<br> Officer:<br> Tenure: 2021–Present<br> Term: Reappointed Annually | Chief Compliance and Operations Officer, Fiduciary Counselling, Inc. (March 2021–Present), Chief Compliance Officer, Clearwater Management Co., Inc. (March 2021–Present), Chief Compliance Officer, Summit Creek Advisors, LLC (February 2014–March 2021) | N/A | N/A |
| Shari L. Clifford (1969)<br> 30 East 7th Street<br> Saint Paul, Minnesota<br> 55101 | Assistant Treasurer | Tenure: 2014–Present<br> Term: Reappointed Annually | Chief Financial Officer and Treasurer, Fiduciary Counselling, Inc. (February 2014–Present) | N/A | N/A |

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2 Ms. Dent is an interested Trustee due to her son-in-law's position as a director of CMC.

3 Ms. Heidmann is an interested Trustee due to her sister's position as a director of CMC.

4 Mr. Justin H. Weyerhaeuser is an interested Trustee due to his position as the Funds' President and Treasurer.

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#### Responsibilities of the Board of Trustees
The business and affairs of the Trust are managed by the Trustees, and they have all powers and authority necessary, appropriate or desirable to perform that function. The Trustees have full power and authority to do any and all acts and to make and execute any and all contracts and instruments that they may consider necessary, appropriate or desirable in connection with the management of the Trust. The Board of Trustees initially approves investment management, subadvisory, and other service provider agreements. The Board of Trustees annually evaluates the services received under the investment management and subadvisory agreements to determine whether to continue these agreements. The members of the Board of Trustees were selected for their understanding of the Funds' distribution strategy and the general investment objectives of the shareholders of the Funds. Each Trustee also was selected due to their long-standing experience as private investors and ability to understand investment concepts and strategies, which allow the Trustees to provide effective oversight of CMC and the subadvisers. In addition, Charles W. Rasmussen, Laura E. Rasmussen and Lindsay R. Schack have management experience as business owners and Justin H. Weyerhaeuser has worked as an outside attorney. Sara G. Dent has an extensive background in both the financial services industry and business management. David M. Weyerhaeuser has extensive experience in business management. Dylan Ambauen has extensive experience in business management. Julia L.W. Heidmann has extensive experience in board and foundation oversight. Although the Board of Trustees does not have a formal diversity policy, it endeavors to comprise itself of members with a broad mix of professional and personal backgrounds.

The Board of Trustees' role includes monitoring risks identified during meetings of the Board or its Committees. The Board, or its Committees, receive and review reports from CMC and the Trust's subadvisers, chief compliance officer, fund counsel, and representatives of other service providers. These reports may cover risks related to a specific Fund, such as valuation or liquidity risk, or may address broader market or operational risks. Each of the Trust's subadvisers is responsible for the day-to-day management and monitoring of its respective portfolio(s). These subadvisers periodically present in-person to the Board of Trustees and also provide recurring written reports on portfolio activity to the chief compliance officer and president of CMC. These presentations and written reports may address specific market, investment or operational risks as appropriate. The Audit Committee of the Board of Trustees also meets at least annually with representatives of the Funds' independent auditors.

The Board of Trustees, including a majority of the Independent Trustees, has adopted a retirement policy pursuant which a trustee shall resign no later than the date of his or her 75th birthday, effective as of the first Board meeting occurring after such trustee's birthday, provided however that the Board, in its discretion, may waive such requirements.

During the fiscal year ended December 31, 2025, the Board held five meetings.

Charles W. Rasmussen, an Independent Trustee, serves as Chair of the Board of Trustees.

The Board of Trustees has appointed a standing Governance and Nominating Committee comprised solely of the Independent Trustees. Lindsay R. Schack serves as Chair of the Governance and Nominating Committee. The Governance and Nominating Committee has been established for the following purposes: (i) identify individuals qualified to become members of the Board of Trustees in the event that a position is vacated or created, (ii) consider all candidates proposed to become members of the Board of Trustees, (iii) select and nominate, or recommend for nomination by the Board of Trustees, candidates for election as Trustees (iv) set any necessary standards or qualifications for service on the Board of Trustees, (v) make recommendations regarding committees of the Board of Trustees, (vi) oversee the annual self-assessment of the Board of Trustees, (vii) periodically review the size and composition of the Board, and (viii) periodically review Trustee compensation. The Governance and Nominating Committee does not have a formal policy that specifically addresses whether the Governance and Nominating Committee will consider shareholder nominees for election to the Board of Trustees.

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During the fiscal year ended December 31, 2025, the Governance and Nominating Committee held one meeting.

The Board of Trustees has organized an Audit Committee comprised solely of the Independent Trustees. Dylan Ambauen serves as Chair of the Audit Committee. The duties of the Audit Committee include (i) overseeing the accounting and financial reporting processes and related internal controls, (ii) overseeing and reviewing the results of the independent audits, and (iii) evaluating the qualifications, independence and performance of the independent auditors and making recommendations to the Board of Trustees regarding the selection of independent auditors.

During the fiscal year ended December 31, 2025, the Audit Committee held three meetings.

Set forth below is information concerning investments in the Funds by each Trustee as of December 31, 2025.

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| | | | |
|:---|:---|:---|:---|
| **Name** | **Dollar Range of Equity Securities in<br>Each Fund** | **Dollar Range of Equity Securities in<br>Each Fund** | **Aggregate Dollar<br>Range of**<br>**Equity Securities in All**<br>**Registered Investment**<br>**Companies Overseen by**<br>**Trustee in Family of**<br>**Investment Companies** |
|  Sara G. Dent | Core Equity Fund<br> International Fund<br> Select Equity Fund<br> Tax-Exempt Bond Fund | Over $100,000<br> Over $100,000<br> Over $100,000<br> Over $100,000 | Over $100,000 |
|  Charles W. Rasmussen | Core Equity Fund<br> International Fund<br> Select Equity Fund<br> Tax-Exempt Bond Fund | Over $100,000<br> Over $100,000<br> Over $100,000<br> Over $100,000 | Over $100,000 |
|  Laura E. Rasmussen | Core Equity Fund<br> International Fund<br> Select Equity Fund<br> Tax-Exempt Bond Fund | Over $100,000<br> Over $100,000<br> Over $100,000<br> Over $100,000 | Over $100,000 |
|  Lindsay R. Schack | Core Equity Fund<br> International Fund<br> Select Equity Fund<br> Tax-Exempt Bond Fund | Over $100,000<br> $50,001-$100,000<br> $10,001-$50,000<br> $50,001-$100,000 | Over $100,000 |
|  David M. Weyerhaeuser | Core Equity Fund<br> International Fund<br> Select Equity Fund<br> Tax-Exempt Bond Fund | Over $100,000<br> Over $100,000<br> Over $100,000<br> Over $100,000 | Over $100,000 |
|  Justin H. Weyerhaeuser | Core Equity Fund<br> International Fund<br> Select Equity Fund<br> Tax-Exempt Bond Fund | Over $100,000<br> Over $100,000<br> Over $100,000<br> Over $100,000 | Over $100,000 |
|  Dylan Ambauen | Core Equity Fund<br> International Fund<br> Select Equity Fund<br> Tax-Exempt Bond Fund | Over $100,000<br> Over $100,000<br> Over $100,000<br> Over $100,000 | Over $100,000 |
|  Julia L.W. Heidmann | Core Equity Fund<br> International Fund<br> Select Equity Fund<br> Tax-Exempt Bond Fund | Over $100,000<br> Over $100,000<br> Over $100,000<br> Over $100,000 | Over $100,000 |

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As of April 1, 2026, members of the Board of Trustees and officers of the Trust, as a group, owned 3.41% of the Core Equity Fund, 3.03% of the Select Equity Fund, 3.18% of the International Fund and 3.66% of the Tax-Exempt Bond Fund.

#### Information Regarding Affiliations of the Independent Trustees
No independent Trustee or immediate family member of such Trustee owns any equity securities in any investment adviser, underwriter or other person who is directly or indirectly controlling, controlled by or under common control with an investment adviser or underwriter of the Funds. No independent Trustee or immediate family member has been involved in any transaction with such persons or organizations, or the provision of or receipt of any services to or from such persons or organizations (other than routine retail transactions). No officer of any such organization serves on the board of directors of any company of which any independent trustee serves as an officer.

#### Compensation of Trustees and Officers
The Trustees generally meet five times per year. Each Trustee is paid a $3,600 annual retainer (except as noted below), $3,600 per meeting attended in person, and $1,800 for remote meetings or in-person meetings attended remotely (unless a Trustee is ill or has a travel disruption, in which case they are compensated the full in-person meeting amount). Members of the Audit Committee and other Trustees in attendance are paid $780 for the Audit Committee meeting during which the annual report to shareholders, related annual financial statements, and the results of the annual audit are reviewed with the independent auditors, and for any other meeting that occurs separately from a regularly scheduled Trustee meeting. Charles W. Rasmussen, who serves as Chair of the Board of Trustees, receives an annual retainer of $12,500. Expenses incurred by Trustees in attending meetings are reimbursed. Justin H. Weyerhaeuser receives compensation of $188,493 annually for his services as President and Treasurer of the Trust. As a result, Justin H. Weyerhaeuser does not receive the annual retainer paid to Trustees. Such Trustee and officer fees and expenses are reimbursed or paid for by CMC under the advisory agreements. The following table sets forth the amounts of compensation received by each Trustee related to services during the year ended December 31, 2025.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name of Trustee** | **Aggregated<br>Compensation<br>From Trust** | **Pension or<br>Retirement<br>Benefits Accrued<br>As Part of the<br>Funds' Expenses** | **Estimated<br>Annual Benefits<br>Upon Retirement** | **Total<br>Compensation<br>From Trust<br>and Fund<br>Complex Paid<br>to Trustees** |
|  Dylan Ambauen | $22380 |  |  | $22380 |
|  Sara G. Dent | $22380 |  |  | $22380 |
|  Julia L.W. Heidmann | $22380 |  |  | $22380 |
|  Charles W. Rasmussen | $31280 |  |  | $31280 |
|  Laura E. Rasmussen | $22380 |  |  | $22380 |
|  Lindsay R. Schack | $22380 |  |  | $22380 |
|  David M. Weyerhaeuser | $22380 |  |  | $22380 |
|  Justin H. Weyerhaeuser (as Trustee) | $18780 |  |  | $18780 |
|  Justin H. Weyerhaeuser (as President and Treasurer) | $188493 |  |  | $188493 |

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*Personal Securities Transactions*. The Trust, the investment manager and each subadviser have each adopted a code of ethics under Rule 17j-1 of the 1940 Act, which is applicable to officers, trustees/directors and designated employees. Each code permits such persons to engage in personal securities transactions for their own accounts, including securities that may be purchased or held by a Fund, and is designed to prescribe the means reasonably necessary to prevent conflicts of interest from arising in connection with personal securities transactions. Each code is on public file with and available from the Commission.

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#### NET ASSET VALUE
The net asset value per share of each Fund is determined as of the close of regular trading on the NYSE (the "Closing Time") on each day that the NYSE is open for trading. The New York Stock Exchange is usually 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 and the previous Friday or following Monday if any holiday falls on a Saturday or Sunday. Net asset value per share is determined by dividing the value of all of a Fund's assets, less its liabilities, by the number of shares outstanding. Investments in securities are valued at the Closing Time at the last available sale price on the principal exchange or market where they are traded. The Funds generally value equity securities traded on the NASDAQ Stock Market at the NASDAQ Official Closing Price. Securities which have not traded on the date of valuation or securities for which sales prices are not generally reported are valued at the mean between the last bid and asked prices. With respect to the Funds' investments that do not have readily available market quotations, the Board of Trustees has designated CMC as the valuation designee to perform fair valuations pursuant to Rule 2a-5 under the 1940 Act. Additionally, the valuation designee, in its discretion, may make adjustments to the prices of equity securities held by a Fund if an event occurs after the publication of market values normally used by the Fund, but before the time as of which the Fund calculates its net asset value, depending on the nature and significance of the event, consistent with applicable regulatory guidance. In this case, a Fund may use adjustment factors obtained from an independent evaluation service that are intended to reflect more accurately the fair value of those securities as of the time the Fund's net asset value is calculated. The use of fair valuation involves the risk that the values used by the Funds to price their investments may be higher or lower than the values used by other unaffiliated investment companies and investors to price the same investments. The price at which a purchase order is filled is the net asset value per share next computed after payment and a properly completed application are received by the transfer agent.

#### HOW ARE SHARES PURCHASED?
Shares may be purchased directly from each Fund. There is no sales charge or underwriting commission on purchases of shares of the Funds. In order to purchase shares of a Fund, an investor must either send a check or wire funds to the transfer agent and deliver to the transfer agent a completed Purchase Order and Account Application.

*Minimum Purchases*. No initial investment of less than $1,000 will be accepted by the Funds. However, reinvestments of dividends and capital gain distributions will be permitted, even if the amount of any such reinvestment is less than $1,000. The minimum investment requirement is waived for the ReFlow Liquidity Program.

*Minimum Account Size*. If a shareholder holds shares of a Fund in an account which, as a result of redemptions, has an aggregate net asset value of less than $1,000, the Fund may redeem the shares held in such account at net asset value if the shareholder has not increased the net asset value of such shares in the account to at least $1,000 within three months of notice in writing by the Fund to the shareholder of the Fund's intention to redeem such shareholder's shares. During the three months following the mailing of such notice, each shareholder so notified has the opportunity to increase the value of his or her account to $1,000 and avoid redemption. An involuntary redemption consummated at a price below the shareholder's cost would result in a loss to the shareholder. The minimum account size requirement is waived for the ReFlow Liquidity Program.

Each Fund reserves the right to waive or change minimum and additional investment amounts, and minimum account sizes. The Trust reserves the right in its sole discretion to withdraw all or any part of the offering of shares of the Funds when, in the judgment of the trustees or the investment manager, such withdrawal is in the best interests of the Trust. An order to purchase shares is not binding on, and may be rejected by, the Trust until it has been confirmed in writing.

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*Fund Accounts*. When a shareholder first purchases shares of a Fund, an account is opened in his or her name on the records of that Fund. This account provides a convenient means to make additional investments and provides for regular transaction statements without the necessity of receiving and storing certificates. When a shareholder purchases or sells shares of a Fund, an account statement showing the details of such transaction will be sent to the shareholder.

*Share Certificates*. Certificates representing shares of a Fund ordinarily will not be issued. However, the Board of Trustees may, in its sole discretion, authorize the issuance of certificates for shares of a Fund to shareholders who make a specific written request for share certificates.

**Please be advised that abandoned or unclaimed property laws for certain states (to which your account may be subject) require financial organizations to transfer (escheat) unclaimed property (including shares of a Fund) to the appropriate state if no activity occurs in an account for a period of time specified by state law. If you are a resident of Texas, you may designate a representative to receive escheatment or abandoned property notices regarding Fund shares. Shareholders that hold their shares through a financial intermediary should contact such financial intermediary to designate a representative.** 

#### EXCHANGE OF SHARES
Subject to the restrictions set forth below, some or all of the shares of a Fund, including shares purchased with reinvested dividends and/or capital gain distributions, may be exchanged for shares of another Clearwater Fund on the basis of the net asset value per share of each Fund at the time of exchange.

Instructions for exchanges are made by delivery to the transfer agent of an exchange request signed by the record owner(s) exactly as the shares being exchanged are registered. New accounts must be established with the same registration information as the account from which the exchange is to be made. The dollar amount exchanged must at least equal the $1,000 minimum investment required for each of the Funds. However, exchanges of shares of one Fund for shares of the other Fund in which the shareholder has an existing account will be permitted, even if the value of the shares exchanged is less than $1,000.

A shareholder should consider the differences in investment objectives and policies of the Funds, as described in this Prospectus, before making any exchange. For federal and (generally) state income tax purposes, an exchange of shares is treated as a redemption of the shares exchanged followed by the purchase of new shares and, therefore, is a taxable transaction for the shareholder making the exchange.

Currently, there is no charge for the exchange privilege or limitation as to the frequency of exchanges. The Trust may terminate or suspend the right to make exchange requests, or impose a limit on the number of exchanges that may be effected by a shareholder within any calendar year, or impose a transaction fee in connection with any exchange, at any time with notice to shareholders as required by law.

#### HOW ARE SHARES REDEEMED?
Any shareholder of any of the Funds has the right to offer shares for redemption by the Trust. Redemptions will be effected at the net asset value per share next determined after receipt by the transfer agent of all required documents from the redeeming shareholder, unless a later redemption date is specified by the investor on the redemption request. Payment will be made within seven days after a redemption has been effected. However, if shares to be redeemed were recently purchased by check, a Fund may delay transmittal of redemption proceeds until it has assured itself that good funds have been collected for the purchase of such shares. This may take up to

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15 days. A Fund may effect redemptions in kind (i.e., pay redemption proceeds consisting of portfolio securities or other non-cash assets) for redemptions in excess of $1 million if the investment manager determines, in its sole discretion, that any such redemption would be in the best interests of the Fund. A Fund may also use redemption in kind for certain Fund shares held by ReFlow. The securities will be chosen by the Fund and valued using the same procedures as used in calculating the Fund's net asset value. In order to redeem shares of a Fund, a shareholder must deliver to the transfer agent a redemption request which has been endorsed by the record holder(s) exactly as the shares are registered, and where the redemption proceeds are to be sent to an address other that the address of record, with the signature(s) guaranteed by any one of the following institutions: (i) a bank; (ii) a securities broker or dealer, including a government or municipal securities broker or dealer, that is a member of a clearing corporation or has net capital of at least $100,000; (iii) a credit union having authority to issue signature guarantees; (iv) a savings and loan association, a building and loan association, a cooperative bank, a federal savings bank or association; or (v) a national securities exchange, a registered securities exchange or a clearing agency, provided that any such institution satisfies the standards established by the transfer agent.

If a share certificate has been issued at the discretion of the Board of Trustees, the shares represented by such certificate may be redeemed only if the share certificate is included with such redemption request and the certificate is properly endorsed with signature(s) so guaranteed or is accompanied by a properly endorsed stock power with signature(s) so guaranteed.

Net asset value per share for the purpose of redemption is determined in the manner described in "Net Asset Value." The net asset value per share received upon redemption may be more or less than the cost of shares to an investor, and a redemption is a taxable transaction for the redeeming shareholder.

Redemptions may be suspended or payment postponed during any period in which any of the following conditions exists: the NYSE is closed or trading on the NYSE is restricted; an emergency exists as a result of which disposal by the trust of securities owned by a Fund is not reasonably practicable or it is not reasonably practicable for the custodian fairly to determine the value of the Fund's net assets; or the Commission, by order, so permits.

#### TAXES
*General*. Under the Tax Code, each Fund is treated as a separate taxpayer for U.S. federal income tax purposes. The Funds do not expect to incur state income tax liability (other than in nominal amounts).

Each Fund has elected to be treated as a "regulated investment company" under the Tax Code, has qualified and intends to continue to qualify for such treatment for each taxable year. To qualify as a regulated investment company under the Tax Code and be free from any U.S. federal income tax on investment company taxable income and net capital gains distributed to shareholders in accordance with the Tax Code, each Fund must satisfy certain requirements relating to the sources of its income, diversification of its assets and timely distribution of its income to shareholders.

In order to qualify as a regulated investment company under the Tax Code, each Fund must, among other things, (i) derive at least 90% of its gross income for each taxable year from dividends, interest, payments with respect to securities loans, gains from the sale or other disposition of stock, securities or foreign currencies, or other income (including gains from options, futures and forward contracts) derived with respect to its business of investing in such stock, securities or currencies, and net income derived from an interest in a qualified publicly traded partnership (as defined in Section 851(h) of the Tax Code) ("the 90% income test") and (ii) diversify its holdings so that at the end of each quarter of each taxable year: (a) at least 50% of the value of the Fund's total assets is represented by (1) cash and cash items, U.S. government securities, securities of other regulated investment companies, and (2) other securities, with such other securities limited, in respect to any one issuer, to an amount not greater than 5% of the value of the Fund's total assets and to not more than 10% of the outstanding voting securities

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of such issuer and (b) not more than 25% of the value of the Fund's total assets is invested in (1) the securities (other than U.S. government securities and securities of other regulated investment companies) of any one issuer, (2) the securities (other than securities of other regulated investment companies) of two or more issuers that the Fund controls and that are engaged in the same, similar, or related trades or businesses, or (3) the securities of one or more qualified publicly traded partnerships. For purposes of the 90% income test, the character of income earned by certain entities in which a Fund invests that are not treated as corporations for U.S. tax purposes (e.g., partnerships or trusts) will generally pass through to such Fund. Consequently, a Fund may be required to limit its equity investments in such entities that earn gross income not qualifying under the 90% income test.

If each Fund qualifies as a regulated investment company and distributes to its shareholders each taxable year an amount equal to or exceeding the sum of (i) 90% of its "investment company taxable income" as that term is defined in the Code (which includes, among other things, dividends, taxable interest, and the excess of any net short-term capital gains over net long-term capital losses, as reduced by certain deductible expenses) without regard to the deduction for dividends paid and (ii) 90% of the excess of its gross tax-exempt interest, if any, over certain disallowed deductions, each Fund generally will not be subject to U.S. federal income tax on the portion of the income of the Fund that the Fund distributes to its shareholders, including "net capital gain" (the excess of net long-term capital gain over net short-term capital loss), distributed to shareholders. If a Fund meets such distribution requirements, but chooses to retain some portion of its investment company taxable income or net capital gain, it generally will be subject to U.S. federal income tax at regular corporate rates on the amount retained. Each Fund intends to distribute at least annually all or substantially all of its investment company taxable income, net tax-exempt interest, and net capital gain.

If a Fund decides to retain all or part of any net capital gains, the Fund will pay U.S. federal income tax thereon, and, if the Fund makes an election, the shareholders will include such undistributed gains in their income, and will increase their tax basis in Fund shares by the difference between the amount of the includable gains and the tax deemed paid by the shareholder in respect of such shares. The shareholder will be able to claim their share of the tax paid by the Fund as a refundable credit.

*4% Excise Tax*. Under the Tax Code, each of the Funds will be subject to a nondeductible 4% federal excise tax on a portion of its undistributed ordinary income (not including tax-exempt interest) and capital gain net income if it fails to meet certain distribution requirements by the end of each calendar year. Each Fund intends to make the required distributions in a timely manner and accordingly does not expect to be subject to the excise tax.

*Foreign Taxes*. Each of the Funds may be subject to foreign withholding or other foreign taxes on its income (including taxes on interest, dividends and capital gains) from certain of its foreign investments. Tax conventions between certain countries and the U.S. may reduce or eliminate such taxes in some cases. If more than 50% of the value of a Fund's total assets at the close of its taxable year consists of securities of foreign corporations, the Fund will be eligible to elect to "pass through" to the Fund's shareholders the amount of foreign income and similar taxes paid by the Fund. If this election is made, a shareholder generally subject to tax will be required to include in gross income (in addition to taxable dividends actually received) its pro rata share of the foreign taxes paid by the Fund, and may be entitled either to deduct (as an itemized deduction) his or her pro rata share of foreign taxes in computing his taxable income or to use it (subject to limitations) as a foreign tax credit against his or her U.S. federal income tax liability. No deduction for foreign taxes may be claimed by a shareholder who does not itemize deductions. Each shareholder will be notified after the close of the Fund's taxable year whether the foreign taxes paid by the Fund will "pass through" for that year. Various other limitations, including a minimum holding period requirement, apply to limit the credit and/or deduction for foreign taxes for purposes of regular federal tax and/or alternative minimum tax. While it is expected that the International Fund may be eligible to elect to pass such taxes and associated foreign tax credits or deductions through to its shareholders, it is expected that none of the Core Equity Fund, the Tax-Exempt Bond Fund or the Select Equity Fund will be so eligible.

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*Foreign Exchange Gains and Losses*. Foreign exchange gains and losses realized by a Fund in connection with certain transactions involving foreign currency-denominated debt securities, certain options, futures contracts and similar financial instruments relating to foreign currency, foreign currency forward contracts, foreign currencies, or payables or receivables denominated in a foreign currency are subject to Section 988 of the Tax Code, which generally causes such gains and losses to be treated as ordinary income and losses and may affect the amount, timing and character of distributions to shareholders. Under Treasury regulations that may be promulgated in the future, any such transactions that are not directly related to a Fund's investments in stock or securities (or its options contracts or futures contracts with respect to stock or securities) may have to be limited in order to enable a Fund to satisfy the 90% income test. If the net foreign exchange loss for a taxable year were to exceed a Fund's investment company taxable income (computed without regard to such loss), the resulting ordinary loss for such taxable year would not be deductible by a Fund or its shareholders in future taxable years.

*Passive Foreign Investment Companies*. If Core Equity Fund, Select Equity Fund or International Fund acquires any equity interest (under Treasury regulations that may be promulgated in the future, generally including not only stock but also an option to acquire stock such as is inherent in a convertible bond), in certain non-U.S. corporations that receive at least 75% of their annual gross income from passive sources (such as interest, dividends, certain rents and royalties, or capital gain) or that hold at least 50% of their assets in investments producing such passive income ("passive foreign investment companies"), the Fund could be subject to U.S. federal income tax and additional interest charges on "excess distributions" received from such companies or on gain from the sale of stock in such companies, even if all income or on gain actually received by the Fund is timely distributed to its shareholders. A Fund would not be able to pass through to its shareholders any credit or deduction for such a tax. Elections may generally be available that would ameliorate these adverse tax consequences, but such elections could require the Fund to recognize taxable income or gain (subject to tax distribution requirements) without the concurrent receipt of cash. These investments could also result in the treatment of capital gains from the sale of stock of private foreign investment companies as ordinary income. A Fund may limit and/or manage its holdings in passive foreign investment companies to limit its tax liability or maximize its return from these investments.

*Other Investments*. Investment by a Fund in zero coupon securities, payment-in-kind securities, deferred interest securities or, in general, any other securities with original issue discount or market discount (if the Fund elects to include market discount in income on a current basis) could require the Fund to recognize income or gain prior to the receipt of cash. However, a Fund must distribute at least annually, all or substantially all of its net taxable and tax-exempt income, including such accrued income, to shareholders to qualify for taxation as a regulated investment company under the Tax Code and avoid U.S. federal income and excise taxes. Therefore, a Fund may have to dispose of its securities under disadvantageous circumstances to generate cash, or may have to by borrow the cash, to satisfy distribution requirements. Management of the Funds will consider these potential adverse tax consequences in evaluating the appropriateness of these investments.

Options written or purchased and futures contracts entered into by a Fund on certain securities, indices and foreign currencies, as well as certain forward currency contracts, may cause a Fund to recognize gains or losses from marking-to-market even though such options may not have lapsed, been closed out, or exercised, or such futures or forward contracts may not have been performed or closed out. The tax rules applicable to these contracts may affect the characterization of some capital gains and losses realized by a Fund as long-term or short-term. Certain options, futures and forward contracts relating to foreign currency may be subject to Section 988 of the Tax Code as described above, and accordingly may produce ordinary income or loss. Additionally, a Fund may be required to recognize gain if an option, futures contract, forward contract, short sale against the box, swap or other transaction that is not subject to the mark-to-market rules is treated as a "constructive sale" of an "appreciated financial position" held by a Fund under Section 1259 of the Tax Code. Any net mark-to-market gains and/or gains from constructive sales may also have to be distributed to satisfy the distribution requirements referred to above even though a Fund may receive no corresponding cash amounts, possibly requiring the disposition of Fund securities or borrowing to obtain the necessary cash. Losses on certain options, futures or forward contracts, swaps and/or offsetting positions (portfolio securities or other positions

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with respect to which a Fund's risk of loss is substantially diminished by one or more options, futures or forward contracts) may also be deferred under the tax straddle rules of the Tax Code, which may also affect the characterization of capital gains or losses from straddle positions and certain successor positions as long-term or short-term. Certain tax elections may be available to ameliorate some adverse effects of the tax rules described in this paragraph. The tax rules applicable to options, futures, forward contracts, swaps and straddles may affect the amount, timing and character of the Fund's income and gains or losses and hence of its distributions to shareholders.

Tax-Exempt Bond Fund may invest in debt obligations that are rated below investment grade. Investments in debt obligations that are at risk or in default present special issues for Tax-Exempt Bond Fund. Tax rules are not entirely clear about issues such as when the Fund may cease to accrue interest, original issue discount or market discount, when and to what extent deductions may be taken for bad debts or worthless securities, how payments received on obligations in default should be allocated between principal and income and whether exchanges of debt obligations in a workout context are taxable. These and other issues will be addressed by the Fund, in the event it invests in such securities, in order to seek to ensure that it distributes sufficient income to preserve its status as a regulated investment company and does not become subject to U.S. federal income or excise tax.

*Capital Loss Carryovers*. For U.S. federal income tax purposes, a Fund is generally permitted to carry forward a net capital loss in any taxable year to offset its own capital gains, if any. These amounts are available to be carried forward to offset future capital gains to the extent permitted by the Tax Code and applicable tax regulations. Any such loss carryovers will retain their character as short-term or long-term. In the event that the Fund were to experience an ownership change as defined under the Tax Code, the capital loss carryovers and other favorable tax attributes of the Fund, if any, may be subject to limitation.

*Taxation of Shareholders*. Each of Core Equity Fund, Select Equity Fund and International Fund intends to distribute all of its net investment income, any excess of net short-term capital gain over net long-term capital loss, and any excess of net long-term capital gain over net short-term capital loss, after taking into account any capital loss carryovers of the Fund, if any, at least once each year. Tax-Exempt Bond Fund will declare its dividends from investment income daily and distribute these dividends monthly. Distributions from investment company taxable income (which does not include exempt-interest dividends paid by Tax-Exempt Bond Fund, as described below) will be taxable to shareholders either as ordinary income or, if so reported by a Fund and certain other conditions are met, as "qualified dividend income," as that term is defined in Section 1(h)(11)(B) of the Tax Code, and taxable to individual shareholders at a maximum U.S. federal income tax rate of either 15% or 20% (depending on whether the individual's income exceeds certain threshold amounts). Distributions from any Fund's net capital gain will be taxable to shareholders as long-term capital gain regardless of the shareholder's holding period for the shares.

Dividend distributions to individual shareholders may qualify for such preferential U.S. federal income tax rate to the extent that such dividends are attributable to qualified dividend income from a Fund's investment in common and preferred stock of U.S. companies and stock of certain foreign corporations, provided that certain holding period and other requirements are met by both the Fund and the shareholders.

A dividend that is attributable to qualified dividend income of a Fund that is paid by the Fund to an individual shareholder will not be taxable as qualified dividend income to such shareholder if (1) the dividend is received with respect to any share of such Fund held for fewer than 61 days during the 121-day period beginning on the date which is 60 days before the date on which such share became ex-dividend with respect to such dividend (or, in the case of certain preferred stock dividends paid by the Fund, for fewer than 91 days during the 181-day period beginning 90 days before the date on which such share became ex-dividend with respect to such dividend), (2) to the extent that the shareholder is under an obligation (whether pursuant to a short sale or otherwise) to make related payments with respect to positions in substantially similar or related property, or (3) the shareholder elects to have the dividend treated as investment income for purposes of the limitation on deductibility of investment interest. The amount of a Fund's distributions that would otherwise qualify for this

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favorable tax treatment will be reduced as a result of a Fund's securities lending activities or high portfolio turnover rate.

Capital gain dividends distributed by a Fund to individual shareholders generally will qualify for a maximum federal tax rate of 15% or 20% (depending on whether the individual's income exceeds certain threshold amounts) on long-term capital gains. A shareholder should also be aware that the benefits of the favorable tax rate on long-term capital gains and qualified dividend income may be impacted by the application of the alternative minimum tax to individual shareholders.

Individuals (and certain other non-corporate entities) are generally eligible for a 20% deduction with respect to taxable ordinary dividends from REITs and certain taxable income from publicly traded partnerships through 2025. Treasury regulations allow a regulated investment company to pass through to its shareholders such taxable ordinary dividends from REITs. Accordingly, individual (and certain other non-corporate) shareholders of a regulated investment company that have received taxable ordinary REIT dividends may be able to take advantage of the 20% deduction with respect to such amounts passed through. Currently, there is not a regulatory mechanism for regulated investment companies to pass through the special character of taxable income from publicly traded partnerships to shareholders.

Certain distributions reported by a Fund as section 163(j) interest dividends may be treated as interest income by shareholders for purposes of the tax rules applicable to interest expense limitations under Section 163(j) of the Tax Code. Such treatment by the shareholder is generally subject to holding period requirements and other potential limitations, although the holding period requirements are generally not applicable to dividends declared by money market funds and certain other funds that declare dividends daily and pay such dividends on a monthly or more frequent basis. The amount that a Fund is eligible to report as a section 163(j) dividend for a tax year is generally limited to the excess of the Fund's business interest income over the Fund's (i) business interest expense and (ii) other deductions properly allocable to the Fund's business interest income.

An additional 3.8% Medicare tax is imposed on certain net investment income (including ordinary dividends and capital gain distributions received from a Fund and net gains from redemptions or other taxable dispositions of Fund shares) of US 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.

Distributions by a Fund in excess of the Fund's current and accumulated earnings and profits will be treated as a return of capital to the extent of (and in reduction of) the shareholder's tax basis in the Fund's shares and any such amount in excess of that basis will be treated as gain from the sale or exchange of such Fund's shares, as discussed below.

Certain dividends declared by a Fund as of a record date in October, November or December and paid by a Fund in January of the following calendar year will be taxable to shareholders as if received on December 31 of the calendar year in which such dividends were declared. In addition, certain other distributions made after the close of a taxable year of a Fund may be "spilled back" and treated as paid by the Fund (except for purposes of the 4% excise tax) during such taxable year. In such case, shareholders generally will be treated as having received such dividends in the taxable year in which the distributions were actually received.

Dividends and/or capital gain distributions, if any, may be taken in cash or automatically reinvested (net of applicable withholding tax) in additional shares (at the net asset value per share). All distributions are taxable as described above whether a shareholder takes them in cash or reinvests them in additional shares of a Fund. Shareholders who purchase shares prior to a taxable distribution will nevertheless be required to treat the distribution as ordinary income or long-term capital gain as described above, even though economically it may represent a return of a portion of their investment. Distributions are taxable to shareholders even if they are paid from income or gain earned by a Fund before their investment (and thus were included in the price they paid for

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their Fund shares). Information regarding the tax status of each year's distributions will be provided to shareholders annually.

*Special Tax Issues Affecting Tax-Exempt Bond Fund's Shareholders*. The Tax Code permits tax-exempt interest received by a Fund to flow through as tax-exempt "exempt-interest dividends" to the Fund's shareholders, provided that the Fund qualifies as a regulated investment company and at least 50% of the value of the Fund's total assets at the close of each quarter of its taxable year consists of tax-exempt obligations, i.e., obligations described in Section 103(a) of the Tax Code. That part of a Fund's net investment income which is attributable to interest from tax-exempt obligations and which is distributed to shareholders will be reported by Tax-Exempt Bond Fund as an "exempt-interest dividend" under the Tax Code.

Tax-Exempt Bond Fund intends to take all actions required under the Tax Code to ensure that the Fund may pay "exempt-interest dividends." Distributions of net interest income from tax-exempt obligations that are reported by the Fund as exempt-interest dividends are excludable from the federal gross income of the Fund's shareholders. The Fund's present policy is to report exempt-interest dividends annually. The Fund will calculate exempt-interest dividends based on the average annual method and the percentage of income reported as tax-exempt for any particular distribution may be substantially different from the percentage of income that was tax-exempt during the period covered by the distribution. Shareholders are required for information purposes to report exempt-interest dividends and other tax-exempt interest on their U.S. federal income tax return. Distributions paid from taxable interest income from any net realized short-term capital gains and certain other taxable sources (e.g., possibly including certain swap payments, income from repurchase agreements, certain income from options or futures contracts or certain stripped tax-exempt obligations or their coupons, income from disposition of rights to when-issued securities prior to issuance, realized market discount, or certain other income) will be taxable to shareholders as ordinary income, whether received in cash or in additional Fund shares.

Under the Tax Code and applicable regulations, interest on indebtedness incurred or continued to purchase or carry shares of an investment company paying exempt-interest dividends, such as Tax-Exempt Bond Fund, will not be deductible by a shareholder in proportion to the ratio of exempt-interest dividends to all dividends (both taxable and tax-exempt) other than those treated as long-term capital gains. Indebtedness may be allocated to shares of Tax-Exempt Bond Fund even though not directly traceable to the purchase of such shares. Federal law also restricts the deductibility of other expenses allocable to shares of such Fund.

For U.S. federal income tax purposes, an alternative minimum tax ("AMT") is imposed on non-corporate taxpayers to the extent that such tax exceeds a taxpayer's regular income tax liability (with certain adjustments). Exempt-interest dividends attributable to interest income on private activity bonds are treated as an item of tax preference that is included in alternative minimum taxable income for purposes of computing the federal AMT for all non-corporate taxpayers. The Tax-Exempt Bond Fund may invest up to 20% of its assets in private activity bonds.

Because liability for the AMT depends upon the regular tax liability and tax preference items of a specific taxpayer, the extent, if any, to which any tax preference items resulting from investment in Tax-Exempt Bond Fund will be subject to the tax will depend upon each non-corporate shareholder's individual situation. For shareholders with substantial tax preferences, the AMT could reduce the after-tax economic benefits of an investment in Tax-Exempt Bond Fund. Each shareholder is advised to consult his or her tax adviser with respect to the possible effects of such tax preference items.

Shares of Tax-Exempt Bond Fund may not be an appropriate investment for persons who are "substantial users" of facilities financed by industrial development revenue or private activity bonds, or persons related to "substantial users." Consult your tax adviser if you think this may apply to you.

In addition, shareholders who are or may become recipients of Social Security or certain railroad retirement benefits should be aware that exempt-interest dividends are includable in computing "modified adjusted gross

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income" for purposes of determining the amount of such benefits, if any, that is required to be included in gross income. The maximum amount of Social Security benefits includable in gross income is 85%.

Proposals may be introduced before Congress in the future, the purpose of which will be to restrict or eliminate the U.S. federal income tax exemption for tax-exempt securities. Tax-Exempt Bond Fund cannot predict what additional legislation may be enacted that may affect shareholders. The Fund will avoid investment in tax-exempt securities, which, in the opinion of the investment manager, pose a material risk of the loss of tax exemption. Further, if a tax-exempt security in the Fund's portfolio loses its exempt status, the Fund will make every effort to dispose of such investment on terms that are not detrimental to the Fund.

*Dividends-Received Deduction.* Dividends received by Core Equity Fund or Select Equity Fund, if any, from U.S. domestic corporations in respect of any share of stock with a tax holding period of at least 46 days (91 days in the case of certain preferred stock) extending before and after each dividend and distributed and properly reported by the Fund (except for capital gain dividends received from a regulated investment company) may be eligible for the dividends received deduction generally available to corporations under the Tax Code. Any corporate shareholder should consult its tax advisor regarding the possibility that its tax basis in its shares may be reduced, for U.S. federal income tax purposes, by reason of "extraordinary dividends" received with respect to the shares and, to the extent such basis would be reduced below zero, current recognition of income may be required. In satisfying the minimum holding period requirement stated above (i.e., 46 or 91 days), corporate shareholders will need to take into account any holding period reductions from certain hedging or other transactions or positions that diminish risk of loss with respect to their Fund shares, in order to qualify for the dividends received deduction. Additionally, if corporate shareholders are considered to have entered into a borrowing transaction to acquire Fund shares or otherwise incur debt attributable to Fund shares, they may be denied a portion of the dividends-received deduction. The portion of such dividends eligible for such treatment may, however, be reduced as a result of a Fund's securities lending activities or by a high portfolio turnover rate.

*Redemptions.* Redemptions and exchanges of Fund shares generally are taxable events for shareholders that are subject to tax. Shareholders should consult their own tax advisers with reference to their individual circumstances to determine whether any particular transaction in Fund shares is properly treated as a sale for tax purposes, as the following discussion assumes, and the tax treatment of any gains or losses recognized in such transactions. In general, if Fund shares are sold, the shareholder will recognize gain or loss equal to the difference between the amount realized on the sale and the shareholder's adjusted basis in the shares. Such gain or loss generally will be treated as long-term capital gain or loss if the shares were held for more than one year and otherwise generally will be treated as short-term capital gain or loss.

The Funds (or their administrative agents) are required to report to the IRS and furnish to shareholders the cost basis information for sale transactions of shares purchased on or after January 1, 2012. Shareholders may elect to have one of several cost basis methods applied to their account when calculating the cost basis of shares sold, including average cost, FIFO ("first-in, first-out") or some other specific identification method. Unless you instruct otherwise, the Funds will use average cost as their default cost basis method, and will treat sales as first coming from shares purchased prior to January 1, 2012. The cost basis method a shareholder elects may not be changed with respect to a redemption of shares after the settlement date of the redemption. Shareholders should consult with their tax advisors to determine the best cost basis method for their tax situation. Shareholders that hold their shares through a financial intermediary should contact such financial intermediary with respect to reporting of cost basis and available elections for their accounts.

If a shareholder holds Fund shares for six months or less and sells, exchanges or redeems such shares at a loss, the loss will be treated as a long-term capital loss to the extent of any amounts treated as distributions of long-term capital gain with respect to such shares. Losses on redemptions or other dispositions of shares may be disallowed under "wash sale" rules in the event of other investments in a Fund (including those made pursuant to reinvestment of dividends and/or capital gain distributions) within a period of 61 days beginning 30 days before and ending 30 days after a redemption or other disposition of shares. In such a case, the disallowed portion of any loss would be included in the U.S. federal tax basis of the shares acquired in the other investments.

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*Backup Withholding and Other Rules.* Dividends, capital gain distributions and the proceeds of redemptions, exchanges or repurchases of shares of a Fund paid to a shareholder will be subject to 24% backup withholding of U.S. federal income tax if such shareholder does not provide the Fund with his or her correct taxpayer identification number and certain certifications required by the Internal Revenue Service ("IRS") or if the Fund is notified by the IRS or a broker that the shareholder is subject to such withholding. Please refer to the purchase order and account application for additional information.

Special tax rules apply to IRA or other retirement plans or accounts and to other special classes of investors, such as tax-exempt organizations, financial institutions and insurance companies. You should consult with your own tax adviser regarding the application of any such rules in your particular circumstances.

Under Treasury regulations, if a shareholder recognizes a loss with respect to a Fund's shares of $2 million or more for an individual shareholder, or $10 million or more for a corporate shareholder, in any single taxable year (or greater amounts over a combination of years), the shareholder must file with the IRS a disclosure statement on Form 8886. Shareholders who own portfolio securities directly are in many cases excepted from this reporting requirement but, under current guidance, shareholders of regulated investment companies are not excepted. A shareholder who fails to make the required disclosure to the IRS may be subject to substantial penalties. The fact that a loss is reportable under these regulations does not affect the legal determination of whether or not the taxpayer's treatment of the loss is proper. Shareholders should consult with their tax advisers to determine the applicability of these regulations in light of their individual circumstances.

<u>Applicability to Shareholders</u> 

*U.S. Shareholders.* The description above relates only to U.S. federal income tax consequences for shareholders who are U.S. persons (i.e., U.S. citizens or residents or U.S. corporations, partnerships, trusts, or estates) and who are subject to U.S. federal income tax and hold their shares as capital assets. In addition to federal taxes, a shareholder may be subject to foreign, state and local taxes on distributions from or on the value of shares of a Fund, depending on the laws of the shareholder's place of residence. The exemption of exempt-interest dividends for U.S. federal income tax purposes does not necessarily result in exemption under the tax laws of any state or local taxing authority, which vary with respect to the taxation of such income. Each shareholder is advised to consult his own tax adviser regarding the exemption, if any, of exempt-interest dividends under the state, local tax and foreign laws applicable to the shareholder.

*Non-U.S. Shareholders.* Shareholders who are not U.S. persons, as defined above, are subject to different tax rules, including a possible U.S. withholding tax at rates up to 30% on certain dividends treated as ordinary income (other than certain dividends derived from short-term capital gains and qualified interest income from U.S. sources of the Fund and reported so by the Fund) and possible backup withholding at the rate of 24% unless an effective IRS Form W-8BEN, IRS Form W-8BEN-E or other authorized withholding certificate is on file. In general, U.S. withholding tax will not apply to any gain or income realized by a non-U.S. shareholder in respect of any distributions of net long-term capital gains over net short-term capital losses, exempt-interest dividends, or upon the sale or other disposition of Fund shares. Non-U.S. shareholders may be subject to U.S. federal estate tax on the value of their shares. None of the Funds expect to be a "U.S. real property holding corporation" as defined in section 897(c)(2) of the Code or to be subject to look-through rules for gains from the sale or exchange of U.S. real property interests. If a Fund were a U.S. real property holding corporation, non-U.S. shareholders may be subject to adverse tax consequences with respect to their investment.

The Funds are required to withhold U.S. tax (at a 30% rate) on payments of dividends made to certain non-U.S. entities that fail to comply (or be deemed compliant) with extensive reporting and withholding requirements 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. Shareholders should consult their tax advisers for information on the application of these rules to their particular situations.

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#### MORE INFORMATION ABOUT THE FUNDS
*General.* Organized as a Massachusetts business trust, the Trust's operations are governed by its Declaration of Trust, dated January 12, 1987, as amended and restated March 1, 1998 and as further amended on April 27, 2012 and September 18, 2020 (the "Declaration of Trust"), a copy of which is on file with the office of the Secretary of the Commonwealth of Massachusetts. Unless otherwise required by the 1940 Act, ordinarily it will not be necessary for the Trust to hold annual meetings of shareholders. As a result, shareholders may not consider the election of trustees or the appointment of independent accountants for the Trust on an annual basis. The Board of Trustees, however, will call a special meeting of shareholders for the purpose of electing trustees if, at any time, less than a majority of trustees holding office at the time were elected by shareholders. The Board of Trustees may remove a trustee by the affirmative vote of at least a majority of the remaining trustees. Under certain circumstances, shareholders may communicate with other shareholders in connection with requesting a special meeting of shareholders.

Under Massachusetts law, shareholders of a Massachusetts business trust may, under certain circumstances, be held personally liable for the obligations of such trust. However, the Declaration of Trust contains an express disclaimer of shareholder liability for acts or obligations of the Trust and requires that notice of such disclaimer be given in each agreement, obligation or instrument entered into or executed by the Trust or its trustees. Moreover, the Declaration of Trust provides for the indemnification out of Trust property of any shareholders held personally liable for any obligations of the Trust. Thus, the risk of a shareholder incurring financial loss beyond his or her investment because of shareholder liability would be limited to circumstances in which the Trust itself would be unable to meet its obligations. In light of the nature of the Trust's business and the nature and amount of its assets, the possibility of the Trust's liabilities exceeding its assets, and therefore a shareholder's risk of personal liability, is extremely remote.

The Declaration of Trust further provides that the Trust shall indemnify each of its trustees for any neglect or wrongdoing of any advisory board member, officer, agent, employee, consultant, investment manager or other 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. The Declaration of Trust does not authorize the Trust to indemnify any trustee or officer against any liability to which he or she would otherwise be subject by reason of or for willful misfeasance, bad faith, gross negligence or reckless disregard of such person's duties.

*Voting.* Under the Declaration of Trust, the Board of Trustees is authorized to issue an unlimited number of shares of beneficial interest, which may, without shareholder approval, be divided into an unlimited number of series. Shares of the Trust are freely transferable, are entitled to dividends as declared by the Board of Trustees and, in liquidation, are entitled to receive the net assets of their series, but not of any other series. Shareholders are entitled to cast one vote per share (with proportional voting for fractional shares) on any matter requiring a shareholder vote.

Shareholders of each series vote separately as a class on any matter submitted to shareholders except when otherwise required by the 1940 Act, in which case the shareholders of all series affected by the matter in question will vote together as one class. If the Board of Trustees determines that a matter does not affect the interests of a series, then the shareholders of that series will not be entitled to vote on that matter.

As of April 1, 2026, no person owned five percent or more of the voting securities of Clearwater Core Equity Fund, Clearwater Select Equity Fund, Clearwater Tax-Exempt Bond Fund or Clearwater International Fund.

An owner of 25% or more of the outstanding voting securities of a Fund is deemed under the 1940 Act to have a "controlling" interest in the Fund. If the Fund held an annual meeting of shareholders, the effect of other shareholders' voting rights could be diminished by the influence of the controlling shareholder's substantial voting power.

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#### FINANCIAL STATEMENTS
The financial statements included in [the Trust's Form N-CSR for the fiscal year ended December 31, 2025](http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/0000811161/000206657826000856/8de762059632ba1.htm) (as filed with the Commission on March 5, 2026 and accompanying this SAI) are incorporated herein by reference.

#### PROXY VOTING
The investment manager is a fiduciary that owes each of its clients duties of care and loyalty with respect to all services undertaken on the client's behalf, including proxy voting. When the investment manager has been delegated proxy-voting authority for a client, the duty of care requires it to monitor corporate events and to vote the proxies. To satisfy its duty of loyalty, the investment manager must place its client's interests ahead of its own and must cast proxy votes in a manner consistent with the best interest of its clients. The Proxy Voting Policies and Procedures are designed to complement the investment process provided to each client. The investment manager believes that the subadviser of each of the Clearwater Funds is in the best position to monitor corporate events and vote proxies in the best interests of each Fund's shareholders. Therefore, the investment manager has delegated proxy voting authority of each Clearwater Fund to its respective subadviser and the Funds have adopted the proxy voting policies and procedures of their respective subadviser(s). More information about each subadviser's proxy voting policies and procedures is included in Appendix B. The Clearwater Funds report, on Form N-PX, how the Funds voted any such proxies during the most recent 12-month period ended June 30. Shareholders may request Form N-PX free of charge by calling Fiduciary Counselling, Inc. at 1-888-228-0935 or by sending a written request to: Fiduciary Counselling, Inc., 30 East 7th Street, Suite 2000, St. Paul, MN 55101 Attn: Clearwater Investment Trust. Form N-PX is also available from the EDGAR database on the Commission's Internet site at <u>https://www.sec.gov</u> and on the Funds' website at <u>https://connect.rightprospectus.com/Clearwater</u>.

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#### APPENDIX A—DESCRIPTION OF RATINGS

#### LONG-TERM ISSUE CREDIT RATINGS

#### S&P Global Ratings ("S&P") (Maturity > 1 Yr.)

---

| | |
|:---|:---|
| **Rating** | **Definition** |
|  AAA | 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 | 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 | 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 | 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 | 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 | 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 | 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 | Currently highly vulnerable to nonpayment. The 'CC' rating is used when a default has not yet occurred but S&P Global Ratings expects default to be a virtual certainty, regardless of the anticipated time to default. |
|  C | 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 | 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. |

---

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.

------

#### Moody's Investors Service, Inc. ("Moody's) (Maturity > 1 Yr.)

---

| | |
|:---|:---|
| **Rating** | **Definition** |
|  Aaa | Judged to be of the highest quality, subject to the lowest level of credit risk. |
|  Aa | Judged to be of high quality and are subject to very low credit risk. |
|  A | Judged to be upper-medium grade and are subject to low credit risk. |
|  Baa | Judged to be medium-grade and subject to moderate credit risk and as such may possess certain speculative characteristics. |
|  Ba | Judged to be speculative and are subject to substantial credit risk. |
|  B | Considered speculative and are subject to high credit risk. |
|  Caa | Judged to be speculative of poor standing and are subject to very high credit risk. |
|  Ca | Highly speculative and are likely in, or very near, default, with some prospect of recovery of principal and interest. |
|  C | 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. By their terms, hybrid securities allow for the omission of scheduled dividends, interest, or principal payments, which can potentially result in impairment if such an omission occurs. Hybrid securities may also be subject to contractually allowable write-downs of principal that could result in impairment. Together with the hybrid indicator, the long-term obligation rating assigned to a hybrid security is an expression of the relative credit risk associated with that security.

#### Fitch Ratings, Inc. ("Fitch") (Maturity > 1 Yr.)

---

| | |
|:---|:---|
| **Rating** | **Definition** |
|  AAA | Highest credit quality. The lowest expectation of default risk. 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. Very low default risk. Indicates very strong capacity for payment of financial commitments. This capacity is not significantly vulnerable to foreseeable events. |
|  A | High credit quality. 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. 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. 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. 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. Default is a real possibility. |

---

------

---

| | |
|:---|:---|
| **Rating** | **Definition** |
|  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. |
|  RD | Restricted default. Indicates an issuer that in Fitch's opinion has experienced an uncured payment default or distressed debt exchange on a bond, loan or other material financial obligation, but has not entered into bankruptcy filings, administration, receivership, liquidation, or other formal winding-up procedure, and has not otherwise ceased operating. |
|  D | Default. Indicates 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. |

---

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.

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' category, or to categories below the 'CCC' category.

#### SHORT-TERM CREDIT RATINGS

#### S&P (Maturity < 1 Yr)

---

| | |
|:---|:---|
| **Rating** | **Definition** |
|  A-1 | The obligor's capacity to meet its financial commitment 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 | The obligor's capacity to meet its financial commitments on the obligation is satisfactory. However, it is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in higher rating categories. |
|  A-3 | Exhibits adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely to weaken an obligor's capacity to meet its financial commitments on the obligation. |
|  B | Regarded as vulnerable and has significant speculative characteristics. The obligor currently has the capacity to meet its financial commitments; however, it faces major ongoing uncertainties that could lead to the obligor's inadequate capacity to meet its financial commitments. |
|  C | Currently vulnerable to nonpayment and is dependent upon favorable business, financial, and economic conditions for the obligor to meet its financial commitments on the obligation. |
|  D | A short-term obligation rated 'D' is in default or in breach of an imputed promise. For non-hybrid capital instruments, the 'D' rating category is used when payments on an obligation are not made on the date due, unless S&P Global Ratings believes that such payments will be made within any stated grace period. However, any stated grace period longer than five business days will be treated as five business days. The 'D' rating also will be used upon the filing of a bankruptcy petition or the taking of a similar action and where default on an obligation is a virtual certainty, for example due to automatic stay provisions. A rating on an obligation is lowered to 'D' if it is subject to a distressed debt restructuring. |

---

------

#### Moody's (Maturity < 13 months)

---

| | |
|:---|:---|
| **Rating** | **Definition** |
|  P-1 | Superior ability to repay short-term obligations. |
|  P-2 | Strong ability to repay short-term obligations. |
|  P-3 | Acceptable ability to repay short-term obligations. |
|  NP | Do not fall within any of the Prime rating categories. |

---

#### Fitch (Maturity < 13 months)

---

| | |
|:---|:---|
| **Rating** | **Definition** |
| 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. Indicates a good intrinsic capacity for timely payment of financial commitments. |
| F3 | Fair short-term credit quality. Indicates an adequate intrinsic capacity for timely payment of financial commitments. |
| B | Speculative short-term credit quality. Indicates 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. Indicates that 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. |

---

#### MUNICIPAL OBLIGATIONS RATINGS

#### S&P (Maturity < 3 Yrs)
*Municipal Notes* 

---

| | |
|:---|:---|
| **Rating\*** | **Definition** |
|  SP-1 | Strong capacity to pay principal and interest. An issue determined to possess a very strong capacity to pay debt service is given a plus (+) designation. |
|  SP-2 | Satisfactory capacity to pay principal and interest, with some vulnerability to adverse financial and economic changes over the term of the notes. |
|  SP-3 | Speculative capacity to pay principal and interest. |
|  D | 'D' is assigned upon failure to pay the note when due, completion of a distressed debt restructuring, or the filing of a bankruptcy petition or the taking of similar action and where default on an obligation is a virtual certainty, for example due to automatic stay provisions. |

---

#### Dual Ratings
Dual ratings may be assigned to debt issues that have a put option or demand feature. The first component of the rating addresses the likelihood of repayment of principal and interest as due, and the second component of the

rating addresses only the demand feature. The first component of the rating can relate to either a short-term or long-term transaction and accordingly use either short-term or long-term rating symbols. The second component

------

of the rating relates to the put option and is assigned a short-term rating symbol (for example, 'AAA/A-1+' or 'A-1+/A-1'). With U.S. municipal short-term demand debt, the U.S. municipal short-term note rating symbols are used for the first component of the rating (for example, 'SP-1+/A-1+').

#### Moody's Investors Service, Inc. (Maturity < 13 months)
*Investment Grade Short-Term Municipal Obligations* 

---

| | |
|:---|:---|
| **Rating** | **Definition** |
|  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. |

---

*Variable Municipal Investment Grade* 

---

| | |
|:---|:---|
| **Rating** | **Definition** |
|  VMIG 1 | This designation denotes superior credit quality. Excellent protection is afforded by the superior short-term credit strength of the liquidity provider and structural and legal protections. |
|  VMIG 2 | This designation denotes strong credit quality. Good protection is afforded by the strong short-term credit strength of the liquidity provider and structural and legal protections. |
|  VMIG 3 | This designation denotes acceptable credit quality. Adequate protection is afforded by the satisfactory short-term credit strength of the liquidity provider and structural and legal protections. |
|  SG | This designation denotes speculative-grade credit quality. Demand features rated in this category may be supported by a liquidity provider that does not have a sufficiently strong short-term rating or may lack the structural or legal protections. |

---

#### Sources:
Moody's: *Rating Symbols and Definitions* – January 2, 2025, available on Moody's website.

S&P: *S&P Global Ratings Definitions* – December 2, 2024, available on S&P's website.

Fitch: *Rating Definitions* – June 11, 2024, available on Fitch's website.

------

#### APPENDIX B—PROXY VOTING POLICIES AND PROCEDURES

#### CLEARWATER CORE EQUITY FUND, CLEARWATER SELECT EQUITY FUND AND

#### CLEARWATER INTERNATIONAL FUND

#### PARAMETRIC PORTFOLIO ASSOCIATES LLC

#### EQUITY PROXY VOTING POLICY AND PROCEDURES

#### Contents

---

| | |
|:---|:---|
|  [**Introduction**](#appb274160_127) | B-1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[A. PPA Approach to Proxy Voting](#appb274160_128) | B-1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[B. Applicability of Policy](#appb274160_129) | B-1 |
|  [**Proxy Voting Procedures**](#appb274160_130) | B-2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[A. Proxy Services Provided by Third Parties](#appb274160_131) | B-2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[B. Proxy Voting Operations](#appb274160_132) | B-2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[C. Proxy Voting Oversight](#appb274160_133) | B-3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[D. Securities Lending](#appb274160_134) | B-3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[E. Market and Operational Limitations](#appb274160_135) | B-3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[F. Conflicts of Interest](#appb274160_136) | B-4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[G. Proxy Voting Reporting & Recordkeeping](#appb274160_137) | B-4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[H. Review of Policy](#appb274160_138) | B-4 |
|  [**Proxy Voting Guidelines**](#appb274160_139) | B-4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[A. Board of Directors](#appb274160_140) | B-5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[B. Auditors](#appb274160_141) | B-6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[C. Executive & Director Compensation](#appb274160_142) | B-6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[D. Shareholder Rights and Defenses](#appb274160_143) | B-6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[E. Capital Structure](#appb274160_144) | B-7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[F. Corporate Transactions & Proxy Fights](#appb274160_145) | B-7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[G. Shareholder Proposals](#appb274160_146) | B-8 |

---

#### Introduction
This Proxy Voting Policy sets out the Parametric Portfolio Associates LLC ("PPA") approach to proxy voting, the procedures it follows with respect to Proxy Voting and the guidelines used to inform voting on key issues. The policy is reviewed annually and updated as necessary to address new and evolving proxy voting issues and standards.

**A.** **PPA Approach to Proxy Voting** 

PPA will vote proxies in a prudent and diligent manner and in the best interests of clients, in accordance with its fiduciary duties, consistent with the objectives of the relevant investment strategy ("Client Proxy Standard").

The Proxy Voting Coordinators are members of the Investment Strategy department and are responsible for ensuring shareholder meetings are voted in the best interest of the client and consistently apply this Policy. The Proxy Voting Coordinators oversee the proxy voting Policy implementation, operational processes, vote execution and research, and are involved in the Proxy Committee.

**B.** **Applicability of Policy** 

PPA votes proxies on behalf of the clients that have granted it the authority to do so and will vote the proxies in accordance with this Policy unless otherwise agreed with the client.

------

#### Proxy Voting Procedures
**A.** **Proxy Services Provided by Third Parties** 

PPA retains the services of Institutional Shareholder Services ("ISS") for proxy vote execution, reporting, record-keeping, and where appropriate, to provide company-level reports that summarize key data elements within an issuer's proxy statement or on specific thematic/market topics.

As part of our ongoing oversight of the proxy service providers, PPA performs periodic due diligence on ISS. Topics of the reviews include, but are not limited to, ISS' management of conflicts of interest, methodologies for developing their policies and vote recommendations, and resources.

**B.** **Proxy Voting Operations** 

The Client Relations Group ("CRG") is responsible for account setup, which includes proxy voting instructions. CRG records account-level proxy voting authority in Parametric's internal systems, reconciles this against information provided by the custodian for the account, and communicates any discrepancies to the advisor or consultant.

The Proxy Voting Coordinators (the "Coordinators") are members of the Investment Strategy department who are responsible for ensuring proxy ballots are voted in accordance with the Guidelines for all accounts where Parametric has been delegated voting authority. The Coordinators are also responsible for reporting on voting activity and policy, preparing materials for the Committee, maintaining proxy voting records, and other tasks related to administering votes.

The Director of Responsible Investing (the "Director"), or their delegate, is responsible for reviewing and recommending changes to the Guidelines and the Proxy Voting policy, and providing guidance on any votes that fall outside the Guidelines.

The Committee is responsible for monitoring Parametric's proxy voting practices and evaluating proxy advisors engaged to vote proxies on behalf of clients. The Committee is responsible for setting and annually reviewing the firm's Policies and Procedures and the Guidelines.

The Compliance Department is responsible for annually reviewing these policies and procedures to verify that they are adequate, appropriate and effective.

Procedures

Parametric has adopted and implemented procedures to ensure the firm's proxy voting policies are observed, executed properly and amended or updated, as appropriate. The procedures are summarized as follows:

Account Setup

• Parametric is generally delegated the responsibility to vote proxies on behalf of clients. This responsibility is typically established in the investment advisory agreement between the client and Parametric. If not set forth in the advisory agreement, Parametric will assume the responsibility to vote proxies on the client's behalf unless it has received written instruction from the client not to.

• Parametric views the custodian proxy voting setup as the book of record and will update its own internal systems to reflect this, even if it conflicts with the investment advisory agreement, once the advisor has been informed of the proxy voting authority discrepancy.

Proxy Voting Administration

• The Coordinators are responsible for ensuring proxies are voted in accordance with the Guidelines. This includes ongoing management of Parametric's voting environment and reviews of upcoming proxy meetings.

------

• The Director, or their delegate, will review research and guidance issued by third party proxy voting analysts regarding proxy voting issues relevant to Parametric's clients and monitor upcoming shareholder meetings and votes. The Director will provide guidance to the Coordinators with regard to the Guidelines and how they apply to proxy ballots. The Director will ensure that rationale for votes cast is properly documented and reviewed by other Committee members, as warranted.

• In the unlikely event that a ballot proposal is not addressed by the Guidelines, the Coordinators will consult with the Director to confirm that the Guidelines do not address the proxy issue. If confirmed, the Director may escalate the issue to the Committee for their consideration. The Committee can review research and guidance issued by third party proxy adviser when making a vote determination. A vote determination must be approved in writing by not less than two Committee members. The rationale for making the determination will be documented.

• Parametric may not vote one or more proxy ballots on behalf of a client account if the economic effect on shareholders' interests or the value of the holding is indeterminable or insignificant (e.g., the security is no longer held in the client portfolio) or if the cost of voting the proxy outweighs the potential benefit (e.g., international proxies which shareblocking practices may impose trading restrictions or voting requires filing a Power of Attorney).

• The Coordinators also conduct periodic reviews for all active accounts of proxies that are not voted or that are voted inconsistent with the Guidelines. Ballots voted differently than the Guidelines, and the rationale for why, are documented by the Coordinators.

**C.** **Proxy Voting Oversight** 

The Proxy Voting Committee has overall responsibility for this Policy. Parametric has established a Committee which shall meet on a quarterly basis to oversee and monitor the firm's proxy voting practices. Members of the Committee consist of investment team and compliance representation.

On an annual basis, the Committee will approve the firm's Proxy Voting Policies and Procedures and Proxy Voting Guidelines to ensure they are current, appropriate and designed to serve the best interests of clients and fund shareholders.

**D.** **Securities Lending** 

Accounts managed or advised by PPA may participate in a securities lending program through a third-party provider. The voting rights for shares that are out on loan are transferred to the borrower and therefore, the lender is not entitled to vote the lent shares at the company meeting.

**E.** **Market and Operational Limitations for Non-U.S. Companies** 

Voting proxies of companies located in some jurisdictions may involve several problems that can restrict or prevent the ability to vote such proxies or entail significant costs. These problems include, but are not limited to: (i) proxy statements and ballots being written in a language other than English; (ii) untimely and/or inadequate notice of shareholder meetings; (iii) restrictions on the ability of holders outside the issuer's jurisdiction of the listing organization to exercise votes; (iv) requirements to vote proxies in person; (v) the imposition of restrictions on the sale of the securities for a period of time in proximity to the shareholder meeting; and (vi) requirements to provide local agents with power of attorney to facilitate our voting instructions.

As a result, PPA uses reasonable efforts to vote clients' non-U.S. proxies, after weighing the costs and benefits of voting such proxies, consistent with the Client Proxy Standard.

------

**F.** **Conflicts of Interest** 

PPA is part of Morgan Stanley Investment Management, which is part of Morgan Stanley, a global financial services group, and, as such, PPA faces potential conflicts due to the role of other Morgan Stanley divisions which may have commercial relationships with companies in which PPA may invest. Such potential conflicts of interest involving divisions of Morgan Stanley outside MSIM are managed through the operation of policies and procedures creating and enforcing information barriers between Morgan Stanley and MSIM.

PPA has also enacted policies and procedures to address potential conflicts resulting from its own commercial or other relationships and to manage conflicts of interests so that proxies are voted in accordance with the Client Proxy Standard. Proxy voting is overseen by the Proxy Voting Committee which does not include individuals whose primary duties relate to client relations, sales, or marketing.

Where proxies are voted in accordance with this Policy, no material conflict of interest will be deemed to exist. In situations where a proxy proposal is not addressed by this Policy, Parametric may convene a special committee to determine how the proxy should be voted in accordance with the Client Proxy Standard. Any determinations of the special committee regarding a material conflict of interest where appropriate will be reported to the Fund Board.

PPA also faces potential conflicts of interest when voting proxies of its parent company Morgan Stanley. In such situations, PPA will seek to vote its shares in the same proportion as other holders of Morgan Stanley's shares ("echo vote").

**G.** **Proxy Voting Reporting & Recordkeeping** 

We will promptly provide a copy of this Policy to any client requesting it. We will also, upon client request, promptly provide a report indicating how each proxy was voted with respect to securities held in that client's account.

The Proxy Coordinators will maintain requisite proxy voting books and records, including but not limited to: (1) proxy voting policies and procedures, (2) proxy statements received on behalf of client accounts, (3) proxies voted, (4) copies of any relevant research documents and (5) Proxy Committee and Special Committee decisions and actions. This documentation will be maintained for such period as required by relevant law and regulation.

PPA also maintains rationales for its voting decisions at shareholder meetings including votes against management in a searchable database on an external website which is updated on a rolling 12-month basis.

Records are retained in accordance with Parametric's Books & Records Policy, which establishes general firm-wide standards and procedures regarding the retention, handling, and destruction of official books and records and other information of legal or operational significance.

The Parametric Books & Records Policy incorporates Morgan Stanley's Master Retention Schedule, which lists various record classes and associated retention periods on a global basis.

**H.** **Review of Policy** 

The Proxy Voting Committee reviews this Policy annually to ensure that it remains consistent with clients' best interests, regulatory requirements, governance trends and industry best practices.

#### PPA Proxy Voting Guidelines
Our proxy voting principles are rooted in the tenets of accountability, transparency and protection of shareholder rights. Stock ownership represents an opportunity to participate in the economic rewards of a long-lived asset and shareholder rights represent an important path to maximizing these rewards.

When reviewing proposals, PPA considers the financial materiality, including the company's exposure to the risk or opportunity, the management of such issues and company's current disclosures.

------

Parametric Portfolio Associates LLC (also defined as "We" within this section) therefore expects the companies in which it invests to adhere to effective governance practices and to protect their shareholders' interests. In addition to these proxy voting guidelines, PPA may review publicly disclosed information from the issuer, research, and other sources. Investment teams<sup>1</sup> will independently make voting decisions as appropriate for their strategies.

**A.** **Board of Directors** 

The board of directors plays a key role in overseeing management and ensuring effective execution of strategies to achieve long-term shareholder value creation. The board has several important responsibilities including, but not limited to, selecting the executive leadership, monitoring and incentivizing performance, succession planning, and overseeing company strategy. In order to effectively carry out its fiduciary duties, we believe it is crucial for the board to have the right mix of skills, be sufficiently independent, and have the proper accountability mechanisms in place.

<u>Board Composition</u> 

The role of the board of directors is to provide governance oversight and guidance to position the company for strategic success and drive long term value creation for shareholders. We believe that diverse perspectives on the board help directors assess and manage risks and opportunities comprehensively. Diversity on a board can include diversity of thought, background, skills, and experiences. Directors with a mix of tenures can also be beneficial to balance new perspectives with industry experience and knowledge. We generally expect the board to be composed of directors with adequate skill sets and diversity to provide oversight of the business, and in line with any local market regulations. Additionally, we expect the audit committee to have directors with appropriate financial expertise to serve on the committee.

<u>Board Independence</u> 

We generally expect boards to adhere at a minimum to their prevalent market or regulatory standards on board independence. In most markets, a majority independent board is considered best practice. When assessing independence of directors, we may consider relevant circumstances and relationships with the company and related parties such as senior management or large shareholders.

In our experience, the right leadership structure is critical to a strong board. When voting on matters related to board leadership, we may consider company performance and any evidence of entrenchment or perceived risk indicating power may be overly concentrated in a single individual. We also generally expect key board committees to be comprised of independent board members.

<u>Board Accountability</u> 

Director elections are the primary mechanism for shareholders to hold board members accountable. Therefore, we generally expect directors to be elected annually to serve on the board by majority vote. We generally expect directors who fail to receive majority shareholder support should resign from their position unless there is sufficient disclosure concerning the reasons why they failed to get support from a majority of the shareholders.

Boards should take into consideration the views of their long-term shareholders to ensure alignment, and to make appropriate efforts to communicate their plans and views broadly. To that end, we generally expect the board to engage meaningfully with long-term shareholders, especially to address concerns on matters that may affect the long-term value creation of the company.

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We may consider withholding support for directors where we have significant concerns due to inadequate risk oversight of potentially financially material issues<sup>2</sup>. We may consider withholding support for Audit Committee members for failure to address accounting irregularities or financial misstatements over consecutive years.

Directors should dedicate adequate time to their role and consider any other existing commitments alongside their board and/or committee memberships. We may look at meeting attendance to determine whether directors have adequate time for their responsibilities.

**B.** **Auditors** 

Investors rely on auditors to attest to the integrity of a company's financial statements, without which the business could not be properly evaluated. It is essential that auditors be independent, accurate, fair in the fees charged, and not subject to conflicts of interest. We therefore expect auditors to be independent in order to provide an objective opinion and assurance. We may consider non-audit related business, length of service and any other relevant context when assessing auditor independence. We generally expect non-audit related fees to be less than 50% of the total fee.

**C.** **Executive & Director Compensation** 

Properly structured compensation is essential to attracting and retaining effective corporate management. Poorly structured compensation plans can create perverse incentives. We expect compensations plans to be reasonable, and appropriately incentivize executives to make risk-reward decisions that align with the business strategy and goals, and long-term shareholder value creation. Compensation plans should also build in retention mechanisms for high performing executives. We generally expect compensation plan payouts to align with performance and long-term value creation.

We expect director compensation to follow market best practice and be aligned with long-term shareholder interests. For executives and directors who gain shares through equity compensation plans, we generally expect reasonable guidelines and holding requirements. Typically, stock options issued to executives should be priced at fair market value on the date of the grant and any re-pricing should not incur a significant cost to shareholders.

We generally expect employee ownership, retirement and severance plans to be designed in a manner that does not disadvantage shareholders. These plans should not be excessively dilutive or incur a high cost. We generally expect discounted employee stock purchase plans to be broad-based and include non-executive employees. Discount rates should be in line with market best practice and not excessive.

For compensation plans with performance metrics, in instances where performance milestones are not met, we may expect reasonable claw back provisions for executive or director compensation related to these missed milestones depending on the circumstances.

We generally evaluate each compensation plan and any related proposals, including shareholder proposals, within the context of the market and the company. In order to make a suitable evaluation about compensation and related matters, we expect appropriate disclosures on relevant aspects.

**D.** **Shareholder Rights and Defenses** 

Companies should take actions and make decisions with the intent of maximizing long-term shareholder value creation. We generally support proposals that enhance shareholder rights and vote against those that seek to undermine them. We believe that in most cases, each common share should have one vote, and that a simple majority of voting shares should be what is required to effect change.

<sup>2</sup> For example, we may withhold support for a director we believe is responsible for a company's involvement/remediation of breach of global conventions such as UN Global Compact Principles on Human Rights, Labor Standards, Environment and Business Malpractice.

------

<u>Shareholder Rights Plans</u> 

Shareholder rights plans, commonly known as poison pills, and similar take-over defenses should aim to promote long-term shareholder value creation. When designing plans and defenses, companies should ensure that they do not suppress potential value by unduly discouraging acquirers. We generally expect companies to seek shareholder approval or ratification of shareholder rights plans.

<u>Unequal Voting Rights</u> 

We generally expect companies to adhere to the one share one vote principle. When companies have dual-class structures, they should ensure that such structures are not misused to support instances where a few insiders may benefit at the cost of other shareholders. Ultimately, structures should strive to create alignment between the shareholders' economic interests and their voting power.

<u>Voting Requirements</u> 

We typically prefer a majority vote standard for binding votes. We also expect management to be responsive to non-binding votes that have received majority support. We generally expect companies to protect minority shareholder rights as their primary goal when considering supermajority vote requirements.

<u>Right to call Special Meetings</u> 

We generally expect companies to allow large shareholders to call special meetings. A large shareholder may be defined by a reasonable threshold or in line with prevalent market practices.

<u>Proxy Access</u> 

We generally consider ownership thresholds, holding periods, the number of directors that shareholders may nominate and any restrictions on forming a group in our evaluation of proposals related to proxy access.

**E.** **Capital Structure** 

We expect any changes to the capital structure to be driven by legitimate business needs and not as a means of anti-takeover defense. We generally expect companies to ensure that such changes do not disadvantage shareholders.

Companies should provide a clear business rationale when requesting the authorization, or increase in authorization, of new shares or new share classes. They ought to request a reasonable number of shares in relation to the purpose outlined. Companies should follow prevalent market practices, such as offering pre-emptive rights, to ensure shareholders are not excessively diluted, unless required by specific circumstances which are clearly stated.

We generally consider specific company and market context when we evaluate proposals on dividend payout ratios and related matters.

**F.** **Corporate Transactions & Proxy Fights** 

We expect companies to provide a clear economic and strategic rationale for proposed transactions. We also expect disclosure of any financial benefits to the board or executives from any proposed transaction and will generally look for assurances that shareholder interests were prioritized. We generally assess company-specific circumstances when evaluating voting matters related to mergers, acquisitions, other special corporate transactions, and contested elections.

------

**G.** **Shareholder Proposals** 

In assessing shareholder proposals, we will carefully consider the potential financial materiality (as appropriate to the investment strategy) of the issues raised in the proposal, as well as the company's exposure to relevant risks and opportunities, current disclosures on the topic, and the sector and geography in which the company operates. We generally seek to balance concerns of reputational, operational, litigation and other risks that lie behind the proposal against costs of implementation.

We generally support proposals that seek to enhance useful disclosure on potentially financially material issues (as appropriate to the investment strategy), including but not limited to climate, biodiversity, human rights, supply chain, workplace safety, human capital management and pay equity. We focus on understanding the company's business and commercial context and recognize that there is no one size fits all that can be applied across the board.

We generally do not support shareholder proposals on matters best left to the board's discretion, or addressed via legislation or regulation, or that would be considered unduly burdensome. We also generally do not support shareholder proposals related to matters that we do not consider to be financially material (as appropriate to the investment strategy) for the company.

------

#### CLEARWATER INTERNATIONAL FUND

#### ARTISAN PARTNERS

#### PROXY VOTING POLICY

#### Introduction
As a fiduciary, Artisan Partners Limited Partnership exercises its responsibility, if any, to vote its clients' securities in a manner that, in the judgment of Artisan Partners, is in the clients' economic best interests as shareholders. In accordance with that fiduciary obligation and Rule 206(4)-6 under the Investment Advisers Act of 1940, as amended, Artisan Partners has established the following proxy voting policy.

#### Responsibility for Voting
Artisan Partners Limited Partnership shall vote proxies solicited by or with respect to the issuers of securities in which assets of a client portfolio are invested, unless: (i) the client is subject to the Employees Retirement Income Securities Act (ERISA) and the advisory agreement between Artisan Partners and the client expressly precludes the voting of proxies by Artisan Partners; (ii) the client is not subject to ERISA and the client otherwise instructs Artisan Partners; or (iii) Artisan Partners has responsibility for proxy voting and, in Artisan Partners' judgment, the cost or disadvantages of voting the proxy would exceed the anticipated benefit to the client.

#### Primary Consideration in Voting
When Artisan Partners votes a client's proxy with respect to a specific issuer, a client's economic interest as a shareholder of that issuer is Artisan Partners' primary consideration in determining how proxies should be voted. Except as otherwise specifically instructed by a client, Artisan Partners generally doesn't take into account interests of other stakeholders of the issuer or interests the client may have in other capacities.

#### Engagement of Service Provider
Artisan Partners has engaged ISS (Institutional Shareholder Services) (ISS) to (i) make recommendations to Artisan Partners of proxy voting policies for adoption by Artisan Partners; (ii) perform research and make recommendations to Artisan Partners as to particular shareholder votes being solicited; (iii) perform the administrative tasks of receiving proxies and proxy statements, marking proxies as instructed by Artisan Partners and delivering those proxies; (iv) retain proxy voting records and information; and (v) report to Artisan Partners on its activities. In no circumstances shall ISS have the authority to vote proxies except in accordance with standing or specific instructions given to it by Artisan Partners. Artisan Partners retains final authority and fiduciary responsibility for the voting of proxies. If at any time Artisan Partners has engaged one or more other entities to perform the proxy administration and research services described above, all references to ISS in this policy shall be deemed to be references to those other entities. In addition to ISS, Artisan Partners has engaged an additional service provider Glass, Lewis & Co. (GL) to perform research and make recommendations to Artisan Partners as to particular shareholder votes being solicited.

#### Voting Guidelines
• Client Policy — If Artisan Partners has agreed to vote in accordance a client's proxy voting policy, Artisan Partners shall vote proxies solicited by or with respect to the issuers of securities held in that client's account in accordance with that policy.

• No Client Policy — If Artisan Partners has not agreed to vote in accordance with a client's proxy voting policy, Artisan Partners shall vote proxies solicited by or with respect to the issuers of securities

------

held in the client's account in the manner that, in the judgment of Artisan Partners, is in the economic best interests of the client as a shareholder in accordance with the standards described in this Policy. When making proxy voting decisions, Artisan Partners generally adheres to the proxy voting guidelines set forth in Appendix A hereto (the Guidelines). The Guidelines set forth Artisan Partners' proxy voting positions on recurring issues and criteria for addressing non-recurring issues. The Guidelines are based on Artisan Partners' own research and analyses and the research and analyses provided by ISS. Artisan Partners believes the Guidelines, if followed, generally will result in the casting of votes in the economic best interests of clients as shareholders. The Guidelines will be reviewed from time to time by the Proxy Voting Committee, which Committee is further described below. <br>

• Limitations on Exercising Right to Vote — In the following circumstances Artisan Partners will not vote a client's proxy:

• No Responsibility — In certain circumstances, a client may direct Artisan Partners not to vote on its behalf. If such a client is an ERISA plan, the advisory agreement must expressly preclude Artisan Partners from voting. In addition, Artisan Partners will not generally vote a client's proxy after a client has terminated its advisory relationship with Artisan Partners.

• Limited Value — Artisan Partners may abstain from voting the client's proxy in those circumstances where it has concluded to do so would have no identifiable economic benefit to the client-shareholder, such as when the security is no longer held in the client's portfolio or when the value of the portfolio holding is indeterminable or insignificant.

• Unjustifiable Costs or Disadvantages — Artisan Partners may also abstain from voting the client's proxy when the costs of or disadvantages resulting from voting, in Artisan Partners' judgment, outweigh the economic benefits of voting. For example, in some non-U.S. jurisdictions, the sale of securities voted may be prohibited for some period of time, usually between the record and meeting dates ("share blocking"). Artisan Partners believes that the loss of investment flexibility resulting from share blocking generally outweighs the benefit to be gained by voting. In addition, in some non-U.S. jurisdictions issuers may require documentation that is difficult to obtain or produce as a condition of voting. Therefore, in some cases, those shares will not be voted.

• Securities Lending — Certain of Artisan Partners' clients engage in securities lending programs under which shares of an issuer could be on loan while that issuer is conducting a proxy solicitation. As part of the securities lending program, if the securities are on loan at the record date, the client lending the security cannot vote that proxy. Therefore, in most cases, those shares will not be voted. Artisan Partners may seek to recall securities on loan to vote a proxy when Artisan Partners determines that the value of voting outweighs the cost of recalling shares.

#### Proxy Voting Committee
• Artisan Partners' Proxy Voting Committee is responsible for:

• Overseeing the proxy voting process

• Reviewing this Proxy Voting Policy at least annually and developing the Guidelines

• Granting authority to Proxy Administrators (as defined below) to perform administrative services relating to proxy voting

• Making determinations as to the votes to be cast with respect to Identified Issuers and Discretionary Votes (as described in the Guidelines) where there is an actual or potential conflict of interest

• Reviewing any voting discrepancies or operational issues identified through the Proxy Administrator's reconciliation process The Proxy Voting Committee is comprised of the persons appointed by Artisan Partners from time to time, as such may be amended from time to time.

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Unless otherwise noted herein, action by any two members of the Proxy Voting Committee shall constitute the action of the Committee. To minimize the possibility that members of the Proxy Voting Committee could have certain potential conflicts of interest, none of the members of the Proxy Voting Committee shall be responsible for servicing existing clients or soliciting new clients. <br>

#### Administration
• Designation of Proxy Administrators — Members of the trading operations department of Artisan Partners, or such other persons as may be designated by the Proxy Voting Committee, shall serve as Proxy Administrators.

• Receipt and Recording of Proxy Information — The legal and compliance department is responsible for establishing in the records for each client if the client has:

• vested Artisan Partners with proxy voting authority or has reserved or delegated that responsibility to another designated person; and

• adopted a proxy voting policy that Artisan Partners is required to follow.

Such information shall be provided to a Proxy Administrator each time Artisan Partners enters into an advisory agreement with a new client. The legal and compliance department also shall be responsible for notifying a Proxy Administrator any time a client amends its voting instructions or voting policy.

• Notification to Custodian and ISS — For each client account for which Artisan Partners has discretion to vote shareholder proxies, a member of the trading operations department or a Proxy Administrator shall notify the client's custodian that all proxy materials and ballots shall be forwarded to ISS and shall notify ISS of those instructions.

• ISS Reports on Pending Proxy Solicitations — ISS publishes a periodic electronic report that identifies pending meetings and due dates for ballots. A Proxy Administrator shall review ISS' reports as necessary, but no less frequently than weekly.

• Potential Conflicts of Interest — In certain circumstances, Artisan Partners may have a relationship with an issuer that could pose a conflict of interest when voting the shares of that issuer on behalf of clients. Artisan Partners will be deemed to have a potential conflict of interest when voting proxies if: (i) Artisan Partners manages assets for that issuer or an affiliate of the issuer and also recommends that its other clients invest in such issuer's securities; (ii) a director, trustee or officer of the issuer or an affiliate of the issuer is an employee of Artisan Partners or a director of Artisan Partners Asset Management Inc., its subsidiaries or a fund sponsored by Artisan Partners; (iii) Artisan Partners is actively soliciting that issuer or an affiliate of the issuer as a client and the Proxy Administrator, member of the relevant investment team, or member of the Proxy Voting Committee who recommends, reviews or authorizes a vote has actual knowledge of such active solicitation; (iv) a director or executive officer of the issuer has a personal relationship with the Proxy Administrator, the member of the relevant investment team, or a member of the Proxy Voting Committee who recommends, reviews or authorizes the vote; or (v) another relationship or interest of Artisan Partners, or an employee of Artisan Partners, exists that may be affected by the outcome of the proxy vote and that the Proxy Voting Committee deems to be an actual or potential conflict for the purposes of this Proxy Voting Policy.

Each person who serves as a Proxy Administrator, is a member of an investment team that recommends votes or serves on the Proxy Voting Committee shall, on at least an annual basis, provide to Artisan Partners a list of any portfolio companies with or in which he or she has a relationship or could otherwise be deemed to have a conflict. Each such person shall also certify to Artisan Partners at least annually that he or she agrees to update such list promptly upon becoming aware of any relationship, interest or conflict other than what he or she originally disclosed.

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Artisan Partners will maintain a list of all such issuers with whom it has deemed that it has a potential conflict voting proxies (the Identified Issuers), and provide such list to each Proxy Administrator.

Artisan Partners believes that application of the Guidelines to vote client proxies should, in most cases, adequately address any possible conflicts of interest since the Guidelines are pre-determined. However, in the event an actual or potential conflict of interest has been identified, the procedures described below will be followed.

• Voting Analysis — ISS or GL deliver information relating to their research on particular votes and their vote recommendations electronically to the Proxy Administrators. A Proxy Administrator shall review the research and vote recommendations.

• *For votes directed by the investment team*:

• the investment team(s) whose portfolios hold the subject security may determine that following the Guidelines would not be in the economic best interests of Artisan Partners' clients as shareholders; in which case, the investment team(s) shall notify a Proxy Administrator, who will then provide a member of the Proxy Voting Committee with a summary of the information relating to the relevant proxy proposal and the recommended vote together with ISS's and/or GL's analyses. A member of the Proxy Voting Committee shall consider the investment team's recommended vote, any analysis available from ISS or GL and whether the vendor has a relationship with the issuer that could present a conflict of interest, the consistency of those recommendations with this Proxy Voting Policy and any identified conflict of interest and shall determine the vote to be cast, in accordance with the standards set forth in this Policy. In the absence of a conflict of interest, the Proxy Voting Committee will generally follow the recommendation.

• In certain circumstances, investment team(s) shall be granted access to cast their ballots directly with the proxy data provider. After submission, a Proxy Administrator shall follow standard record keeping processes to document the vote. In cases where the subject security could present a conflict of interest, the Proxy Administrator shall follow the process outlined below.

• *For votes relating to routine or corporate administrative items (as identified in the Guidelines) other than investment team directed votes as described above*:

• the Proxy Administrator shall confirm with ISS that the vote will be cast in accordance with the Guidelines.

• *For all other votes (identified as discretionary issues in the Guidelines)*:

• the Proxy Administrator shall contact the investment team(s) whose portfolios hold the subject security or a member of the Proxy Voting Committee to ascertain or confirm the team's recommendation with respect to the vote. If the vote pertains to an Identified Issuer, the Proxy Administrator will disclose the potential conflict and ask whether the potential conflict has influenced the voting recommendation.

• The Proxy Administrator will provide the voting recommendation to at least one member of the Proxy Voting Committee, who shall review the vote to evaluate whether the recommended vote appears to be the result of a conflict of interest. The member of the Proxy Voting Committee will consider the recommended vote, any analysis available from ISS or GL and whether ISS or GL have a relationship with the issuer that could present a conflict of interest, the consistency of those recommendations with this Proxy Voting Policy and any identified conflict of interest.

• In the absence of a conflict of interest, the Committee will generally follow the recommendation. If a conflict of interest is identified or the vote pertains to an Identified

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Issuer, the Committee will determine the course of action that it believes would best serve the interests of Artisan Partners' clients as shareholders.

• If the Committee concludes that a voting recommendation was influenced by a conflict of interest, the Committee may instruct the firm's Proxy Administrator to vote proxies in accordance with the recommendations of ISS or GL or provided that such service provider provides research and analysis with respect to the issuer in question and the Committee member has reason to believe the service provider is independent of the issuer. If none of the vendors meet these requirements, the Committee shall consider what course of action will best serve the interests of Artisan Partners' clients, consistent with Artisan Partners' obligations under applicable proxy voting rules.

In certain circumstances, ISS or GL may provide a recommendation with respect to a discretionary item for which no analysis or very limited analysis is provided. In such circumstances, the Proxy Administrator may request additional information from ISS and/or independently attempt to obtain additional information regarding the issuer in question. Any such additional information obtained will be provided to the relevant investment team. Regardless of the extent to which additional information is obtained, the recommendations of the team or a member of the Proxy Voting Committee shall be followed in accordance with and subject to the guidelines set forth above.

#### Review of Votes Cast
On a monthly basis, Artisan Partners monitors strategy votes to ensure ballots are processed on a consistent basis. On a quarterly basis, Artisan Partners engages in a vote reconciliation process for a representative account in each investment strategy managed by Artisan Partners. Artisan Partners determines whether proxy ballots for each meeting held during the quarter were voted in accordance with Artisan Partners' voting instructions and this Proxy Voting Policy. Any voting discrepancies or operational issues identified through this reconciliation are recorded and reviewed by the Proxy Voting Committee at its next meeting.

In some cases, particularly for clients participating in securities lending programs and clients in strategies with more active trading, a full reconciliation of votes cast and shares held is not possible. In addition, in some cases, ISS may not receive a ballot on behalf of a client from that client's custodian due to error of the custodian or failure of the custodian to receive the information from the issuer. A full reconciliation of votes cast and shares held by those clients also is not possible. However, if a discrepancy is identified, Artisan Partners shall use reasonable efforts to determine the reasons for the discrepancy, and if such discrepancy is due to an administrative error of ISS, Artisan Partners shall work with ISS to minimize the risk of such errors in the future.

#### Records and Reports
• Reports — Artisan Partners shall make a summary of this Proxy Voting Policy available to clients on at least an annual basis. That summary may be contained in Artisan Partners' Brochure. Artisan Partners shall also make the entire Proxy Voting Policy and Artisan Partners' proxy voting records with respect to a client's account available to that client or its representatives for review and discussion upon the client's request or as may be required by applicable law. Artisan Partners generally will not disclose publicly its past votes, share amounts voted or held or how it intends to vote on behalf of a client account except as required by applicable law, but may disclose such information to a client who itself may decide or may be required to make public such information. Upon a request from a person other than a client for information on Artisan Partners' proxy voting, Artisan Partners personnel will not disclose such information unless otherwise directed to do so by a client, in which case Artisan Partners personnel will direct the requesting party to the Proxy Administrator or a member of the Proxy Voting Committee who will handle the request.

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• Records — Basis for Vote — Artisan Partners shall maintain a copy of any document generated by Artisan Partners or its agents that was integral to formulating the basis for a proxy voting decision or that memorializes the basis for a proxy voting decision including:

• For votes relating to routine or corporate administrative matters, the basis for each vote cast is reflected in the Guidelines and no additional documentation is required.

• For all other votes, including votes relating to discretionary items or Identified Issuers, Artisan Partners shall maintain records relating to the independent review of the Proxy Voting Committee, including a copy of any request for consideration of a vote by the Proxy Voting Committee and any other correspondence relating to recommendations made by an investment team member or a member of the Proxy Voting Committee.

• Records — General — The following documents shall also be maintained by Artisan Partners or by ISS or another third party service provider, on behalf of Artisan Partners; provided that if such documents are maintained by ISS or a service provider of Artisan Partners, ISS or such third party shall undertake to provide Artisan Partners copies of such documents promptly upon Artisan Partners' request:

• a copy of each proxy statement received, provided that no copy need be retained of a proxy statement found on the SEC's EDGAR website;

• a record of each proxy vote cast, including the issuer, the number of shares voted, a description of the proposal, how the shares were voted and the date on which the proxy was returned;

• a copy of each written client request for Artisan Partners' proxy voting record with respect to such client and a copy of any written response from Artisan Partner to such client for that record; and

• a copy of Artisan Partners' Proxy Voting Policy, including the Guidelines.

• Records — Retention — All records kept under this Records and Reports section shall be retained no less than seven years, the first two years in an appropriate office of Artisan Partners, or, if instructed by a client, for such longer period as may be mutually agreed by Artisan Partners and such client.

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| | |
|:---|:---|
| Business Group Owner: | Trade Operations |
| Date of Last Revision: | 13 August 2025 |
| Applicable to: | Artisan Partners Limited Partnership<br> Artisan Partners UK LLP |

---

------

Appendix A

Proxy Voting Guidelines

---

| | | |
|:---|:---|:---|
| I. [BACKGROUND](#appb274160_1) | I. [BACKGROUND](#appb274160_1) | B-19 |
| II. [GENERAL GUIDELINES](#appb274160_2) | II. [GENERAL GUIDELINES](#appb274160_2) | B-19 |
| &nbsp;&nbsp;&nbsp;&nbsp;A. | [Reliance on Information Provided by and Due Diligence of the proxy data provider](#appb274160_3) | B-19 |
| &nbsp;&nbsp;&nbsp;&nbsp;B. | [Non-U.S. Securities](#appb274160_4) | B-19 |
| &nbsp;&nbsp;&nbsp;&nbsp;C. | [Securities Lending](#appb274160_5) | B-19 |
| &nbsp;&nbsp;&nbsp;&nbsp;D. | [Securities Not Acquired by Artisan Partners](#appb274160_6) | B-20 |
| &nbsp;&nbsp;&nbsp;&nbsp;E. | [Consideration of Relevant Factors](#appb274160_7) | B-20 |
| III. [ROUTINE AND CORPORATE ADMINISTRATIVE ITEMS](#appb274160_8) | III. [ROUTINE AND CORPORATE ADMINISTRATIVE ITEMS](#appb274160_8) | B-20 |
| &nbsp;&nbsp;&nbsp;&nbsp;A. | [Operational Items](#appb274160_9) | B-20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. | [Adjourn Meeting](#appb274160_10) | B-20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. | [Amend Quorum Requirements](#appb274160_11) | B-20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. | [Minor Amendment to Charter or Bylaws](#appb274160_12) | B-20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. | [Change Company Name](#appb274160_13) | B-20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. | [Change in Principal Place of Business or Registered Office](#appb274160_14) | B-20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. | [Change Date, Time, or Location of Annual Meeting](#appb274160_15) | B-20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. | [Virtual Meetings of Shareholders](#appb274160_16) | B-20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. | [Ratify Auditors](#appb274160_17) | B-20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. | [Authorize Board to Fix Remuneration of Auditors](#appb274160_18) | B-21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. | [Confidential Voting](#appb274160_19) | B-21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. | [Submission of Financial Statements and Statutory Reports](#appb274160_20) | B-21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. | [Dividend Distributions and Profit Distribution/Allocation Plans](#appb274160_21) | B-21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. | [Transact Other Business or Grant a Blank Proxy](#appb274160_22) | B-21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. | [Electronic Communications to Shareholders](#appb274160_23) | B-21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. | [Re-Registration of Shares](#appb274160_24) | B-21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. | [Routine Items of Foreign Issuers](#appb274160_25) | B-21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. | [Appoint Special Appraiser](#appb274160_26) | B-22 |
| &nbsp;&nbsp;&nbsp;&nbsp;B. | [Board of Directors](#appb274160_27) | B-22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. | [Director Nominees in Uncontested Elections](#appb274160_28) | B-22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. | [Service on Other Boards](#appb274160_29) | B-24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. | [Board Size](#appb274160_30) | B-24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. | [Classification/Declassification of the Board](#appb274160_31) | B-24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. | [Cumulative Voting](#appb274160_32) | B-24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. | [Indemnification and Liability Protection](#appb274160_33) | B-24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. | [Filling Vacancies](#appb274160_34) | B-25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. | [Director Resignations](#appb274160_35) | B-25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. | [Removal of Directors](#appb274160_36) | B-25 |

---

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. | [Majority Vote Requirements](#appb274160_37) | B-25 |
| &nbsp;&nbsp;&nbsp;&nbsp;C. | [Mergers and Corporate Restructuring](#appb274160_38) | B-25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. | [Appraisal Right](#appb274160_39) | B-25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. | [Conversion of Securities and Corporate Reorganizations](#appb274160_40) | B-25 |
| &nbsp;&nbsp;&nbsp;&nbsp;D. | [Antitakeover Defenses and Voting Related Issues](#appb274160_41) | B-25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. | [Amend Bylaws without Shareholder Consent](#appb274160_42) | B-25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. | [Control Share Acquisition Provisions](#appb274160_43) | B-25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. | [Fair Price Provisions](#appb274160_44) | B-25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. | [Greenmail](#appb274160_45) | B-25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. | [Issue Stock for Use with Rights Plan](#appb274160_46) | B-25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. | [Stakeholder Provisions](#appb274160_47) | B-25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. | [Supermajority Vote Requirements](#appb274160_48) | B-25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. | [Control Share Cash-Out Provisions](#appb274160_49) | B-25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. | [Disgorgement Provisions](#appb274160_50) | B-25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. | [Freeze-Out Provisions](#appb274160_51) | B-26 |
| &nbsp;&nbsp;&nbsp;&nbsp;E. | [Capital Structure](#appb274160_52) | B-26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. | [Adjustments to Par Value of Common Stock](#appb274160_53) | B-26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. | [Common Stock Authorization](#appb274160_54) | B-26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. | [Preferred Stock Authorization](#appb274160_55) | B-26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. | [Dual Class Stock](#appb274160_56) | B-26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. | [General Issuances of Equity, Equity-Linked or Other Securities not related to a merger (i.e., warrants, rights, convertibles, debt instruments)](#appb274160_57) | B-26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. | [Share Repurchase Programs](#appb274160_58) | B-27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. | [Reissuance of Repurchased Shares](#appb274160_59) | B-27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. | [Cancellation of Repurchased Shares](#appb274160_60) | B-27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. | [Stock Distributions: Splits and Dividends](#appb274160_61) | B-27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. | [Reverse Stock Splits](#appb274160_62) | B-27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. | [Stock Splits](#appb274160_63) | B-27 |
| &nbsp;&nbsp;&nbsp;&nbsp;F. | [Executive and Director Compensation](#appb274160_64) | B-27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. | [Stock Plans in Lieu of Cash](#appb274160_65) | B-27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. | [Director Retirement Plans](#appb274160_66) | B-27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. | [Incentive Bonus Plans and Tax Deductibility Proposals](#appb274160_67) | B-27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. | [Advisory Vote on Say on Pay Frequency](#appb274160_68) | B-28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. | [Executive Death Benefits (Golden Coffins)](#appb274160_69) | B-28 |
| &nbsp;&nbsp;&nbsp;&nbsp;G. | [Bundled Proposals (Routine Items Only)](#appb274160_70) | B-28 |
| IV. [DISCRETIONARY ISSUES](#appb274160_71) | IV. [DISCRETIONARY ISSUES](#appb274160_71) | B-28 |
| &nbsp;&nbsp;&nbsp;&nbsp;A. | [Shareholder Proposals](#appb274160_72) | B-28 |
| &nbsp;&nbsp;&nbsp;&nbsp;B. | [Environmental and Social Proposals](#appb274160_73) | B-28 |
| &nbsp;&nbsp;&nbsp;&nbsp;C. | [Board of Directors](#appb274160_74) | B-28 |

---

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---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. | [Majority of Independent Directors](#appb274160_75) | B-28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. | [Majority of Independent Committee Members](#appb274160_76) | B-29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. | [Cumulative Voting](#appb274160_77) | B-29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. | [Indemnification and Liability Protection](#appb274160_78) | B-29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. | [Establish/Amend Nominee Qualifications](#appb274160_79) | B-29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. | [Proxy access rights](#appb274160_80) | B-29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. | [Term/Tenure Limits](#appb274160_81) | B-29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. | [Age Limits](#appb274160_82) | B-29 |
| &nbsp;&nbsp;&nbsp;&nbsp;D. | [Proxy Contests](#appb274160_83) | B-29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. | [Director Nominees in Contested Elections](#appb274160_84) | B-29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. | [Non-Director Voting Items](#appb274160_85) | B-29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. | [Reimbursing Proxy Solicitation Expenses](#appb274160_86) | B-29 |
| &nbsp;&nbsp;&nbsp;&nbsp;E. | [Mergers and Corporate Restructuring](#appb274160_87) | B-29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. | [Mergers and Acquisitions, Asset Purchases and Asset Sales](#appb274160_88) | B-30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. | [Conversion of Securities and Corporate Reorganizations](#appb274160_89) | B-30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. | [Formation of Holding Company](#appb274160_90) | B-30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. | [Going Private and Going Dark Transactions (LBOs and Minority Squeezeouts)](#appb274160_91) | B-30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. | [Issuance of Warrants/Convertibles/Debentures related to a merger, acquisition or other corporate reorganization](#appb274160_92) | B-30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. | [Joint Ventures](#appb274160_93) | B-31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. | [Liquidations](#appb274160_94) | B-31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. | [Private Placements](#appb274160_95) | B-31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. | [Prepackaged Bankruptcy Plans](#appb274160_96) | B-31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. | [Recapitalizations](#appb274160_97) | B-32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. | [Spinoffs](#appb274160_98) | B-32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. | [Exclusive Venue](#appb274160_99) | B-32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. | [Related-party transactions](#appb274160_100) | B-32 |
| &nbsp;&nbsp;&nbsp;&nbsp;F. | [Antitakeover Defenses](#appb274160_101) | B-33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. | [Fair Price Provisions](#appb274160_102) | B-33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. | [Greenmail](#appb274160_103) | B-33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. | [Poison Pills (Shareholder Rights Plans)](#appb274160_104) | B-33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. | [Shareholders' Ability to Call Special Meetings](#appb274160_105) | B-33 |
| &nbsp;&nbsp;&nbsp;&nbsp;G. | [State or Country of Incorporation](#appb274160_106) | B-33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. | [State Takeover Statutes](#appb274160_107) | B-33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. | [Reincorporation Proposals](#appb274160_108) | B-33 |
| &nbsp;&nbsp;&nbsp;&nbsp;H. | [Capital Structure](#appb274160_109) | B-34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. | [Common Stock Authorization](#appb274160_110) | B-34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. | [Preferred Stock](#appb274160_111) | B-34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. | [Reverse Stock Splits](#appb274160_112) | B-34 |

---

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---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. | [Tracking Stock](#appb274160_113) | B-34 |
| &nbsp;&nbsp;&nbsp;&nbsp;I. | [Executive and Director Compensation](#appb274160_114) | B-34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. | [Bundled Compensation](#appb274160_115) | B-34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. | [Compensation Plans (Management "Say on Pay")](#appb274160_116) | B-34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. | [Remuneration Report](#appb274160_117) | B-34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. | [Stock Plans in Lieu of Cash](#appb274160_118) | B-34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. | [Management Proposals Seeking Approval to Reprice Options](#appb274160_119) | B-34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. | [Executive Stock Purchase Plans](#appb274160_120) | B-35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. | [Incentive Bonus Plans and Tax Deductibility Proposals](#appb274160_121) | B-35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. | [Golden and Tin Parachutes](#appb274160_122) | B-35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. | [Bonus Banking/Bonus Banking "Plus"](#appb274160_123) | B-35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. | [Shareholder Ratification of Director Pay Programs](#appb274160_124) | B-35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. | [Equity Plans for Non-Employee Directors](#appb274160_125) | B-36 |
| &nbsp;&nbsp;&nbsp;&nbsp;J. | [Bundled Proposals](#appb274160_126) | B-36 |

---

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**I.** **Background** 

The following proxy voting guidelines (Guidelines) summarize Artisan Partners' positions on various issues of concern to investors and give an indication of how portfolio securities generally will be voted on proposals dealing with particular issues. These Guidelines are based on Artisan Partners' own research and analyses and the research and analyses provided by the proxy data provider.

The Guidelines, together with the Proxy Voting Policy, will be used for voting proxies on behalf of all of Artisan Partners' clients for which Artisan Partners has voting authority. The proxy data provider is instructed to vote all proxies relating to portfolio securities in accordance with these Guidelines, except as otherwise instructed by Artisan Partners.

The Guidelines are not exhaustive and do not include all potential voting issues. Because proxy issues and the circumstances of individual companies are so varied, there may be instances when Artisan Partners votes differently than indicated in the Guidelines. Artisan Partners' investment teams are responsible for monitoring significant corporate developments, including proxy proposals submitted to shareholders, and notifying the Proxy Administrator of circumstances where the interests of clients may warrant a vote contrary to the Guidelines. In such instances, the investment team member may submit a recommendation to the Proxy Administrator in accordance with the procedures outlined in the Proxy Voting Policy.

In addition, due to the varying regulations, customs and practices of non-U.S. countries, Artisan Partners may vote contrary to the Guidelines in circumstances where following the Guidelines would be inconsistent with local regulations, customs or practices.

**II.** **General Guidelines** 

A. Reliance on Information Provided by and Due Diligence of the proxy data provider — Artisan Partners may rely on the information provided by and due diligence efforts of the proxy data provider in determining whether to vote for or against a particular matter, provided that the Proxy Administrator, the member of the relevant investment team, or the members of the Proxy Voting Committee who recommend, review or authorize the vote does not have actual knowledge that the information provided by the proxy data provider is incorrect.

B. Non-U.S. Securities — In some non-U.S. jurisdictions, the sale of securities voted may be prohibited for some period of time, usually between the record and meeting dates (share blocking). Artisan Partners believes that the loss of investment flexibility resulting from share blocking generally outweighs the benefit to be gained by voting. Artisan Partners (or the proxy data provider on behalf of Artisan Partners) maintains a list of jurisdictions in which share blocking occurs. In such jurisdictions, there may be circumstances in which the specific securities voted might not in fact be subject to share blocking. However, because of the complexity and variety of share blocking restrictions in the various jurisdictions in which shares are held, Artisan Partners generally does not vote proxies in those jurisdictions unless a client's proxy voting policy specifically requires other action. In some jurisdictions, a sub-custodian bank (record holder) may not have the power to vote shares, or may not receive ballots in a timely fashion, unless the client has fulfilled certain administrative requirements (for example, providing a power of attorney to the local sub-custodian), which may be imposed a single time or may be periodic. Artisan Partners does not have the ability to vote shares held in a client's account unless the client, in conjunction with the client's custodian, has fulfilled these requirements.

C. Securities Lending — Certain of Artisan Partners' clients engage in securities lending programs under which a client's shares of an issuer could be on loan while that issuer is conducting a proxy solicitation. As part of the securities lending program, if the securities are on loan at the record date, the client lending the security cannot vote that proxy. In some circumstances, a client may determine that recalling the security to vote is not in its best interest and may not be willing to do so. Therefore, in most cases, those shares will not be voted. Artisan Partners may seek to recall securities on loan to vote a proxy when Artisan Partners determines that the value of voting outweighs the cost of recalling shares.

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D. Securities Not Acquired by Artisan Partners — From time to time, Artisan Partners' client accounts may hold securities not specifically acquired for such accounts by Artisan Partners. Such securities are typically received through corporate or other actions, transfers in of securities acquired by other managers, or through clients' investments in short-term investment funds for cash management purposes. When Artisan Partners receives proxies relating to such securities and the position(s) remain within the account, it will vote in accordance with the recommendations of the proxy data provider.

E. Consideration of Relevant Factors — These Guidelines provide examples of factors to be considered in determining how to vote on certain issues. These factors should not be considered exclusive or exhaustive. The Proxy Committee shall consider such factors as it considers to be appropriate in light of the individual circumstances of a specific proposal or meeting. From time to time, this may result in certain account(s) voting differently on a given proposal than other accounts within the same strategy or in a manner that is inconsistent with these Guidelines.

**III.** **Routine and Corporate Administrative Items** 

A. Operational Items

1. Adjourn Meeting — Vote AGAINST proposals to provide management with the authority to adjourn an annual or special meeting absent compelling reasons to support the proposal. Vote FOR proposals if Artisan Partners favors all proposals following an agenda item to adjourn.

2. Amend Quorum Requirements — Vote AGAINST proposals to reduce quorum requirements for shareholder meetings below a majority of the shares outstanding unless there are compelling reasons to support the proposal.

3. Minor Amendment to Charter or Bylaws — Vote FOR bylaw or charter changes that are housekeeping or administrative in nature (updates or corrections) or changes required by or to conform to applicable law or requirements of national exchanges or other regulatory organizations.

4. Change Company Name — Vote FOR proposals to change the corporate name.

5. Change in Principal Place of Business or Registered Office — Vote FOR proposals to change principal place of business or registered office, unless the proposal appears unreasonable or would cause a change in the state or country of incorporation. Also, vote FOR proposals to grant authorization to the board of directors to amend organizational documents in connection with such change.

6. Change Date, Time, or Location of Annual Meeting — Vote FOR management proposals to change the date/time/location of the annual meeting unless the proposed change is unreasonable. Vote AGAINST shareholder proposals to change the date/time/location of the annual meeting unless the current scheduling or location is unreasonable.

7. Virtual Meetings of Shareholders **—** Generally vote FOR management proposals to hold shareholder meetings using audio and video transmission (including live webcasts or virtual), if the company discloses the circumstances under which virtual-only meetings will be held. These meetings should afford shareholders similar opportunities to participate electronically as they would at an in-person meeting.

8. Ratify Auditors — Vote FOR management proposals to ratify the selection of auditors, unless:

• An auditor has a significant professional or personal relationship with the issuer that compromises the firm's independence, including whether the amount of consulting or related services provided by the auditor to the issuer or the fees paid for non-audit services account for 50% or more of totals fees; or

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• There is reason to believe the independent auditor has rendered an opinion which is neither accurate nor indicative of the company's financial position; or

• Serious concerns about accounting practices are identified such as fraud, misapplication of GAAP, and material weaknesses identified in Section 404 disclosures.

9. Authorize Board to Fix Remuneration of Auditors — Vote FOR proposals to authorize the board to fix the remuneration of auditors unless the firm does not vote in favor of the proposal to ratify the selection of those auditors or would not have done so had a proposal to ratify the selection of those auditors been made.

10. Confidential Voting — Vote FOR proposals to adopt confidential voting, use independent vote tabulators or use independent inspectors of election.

11. Submission of Financial Statements and Statutory Reports — Vote FOR the adoption or approval of routine submissions of an issuer's annual financial statements and statutory reports.

12. Dividend Distributions and Profit Distribution/Allocation Plans — Vote FOR routine submissions of an issuer's cash or stock dividend payout and profit distribution/allocation plans (including dividend capitalization or share capital reduction plans accompanied by cash distributions), assuming pro rata payout or distribution to all shareholders. Also, vote FOR ratification of board actions taken with respect to such dividend payouts and profit distribution/allocation plans.

13. Transact Other Business or Grant a Blank Proxy — Vote AGAINST proposals to approve other business when it appears as a voting item or to give proxy authority to a specified person to vote, at that person's discretion, on any item that has yet to be raised and/or about which no information has been disclosed.

14. Electronic Communications to Shareholders — Vote FOR proposals to allow for delivery of notices and various corporate documents (such as prospectuses and annual reports, for example) to shareholders via electronic means to the extent shareholders are given the right to request hard copies of such notices and documents. Also, vote FOR proposals to grant authorization to the board of directors to amend organizational documents permitting such electronic communications to shareholders.

15. Re-Registration of Shares — Vote FOR the re-registration of shares to maintain investment flexibility.

16. Routine Items of Foreign Issuers — Vote FOR proposals to approve certain routine operational items frequently submitted by management of non-U.S. issuers, including, but not limited to the following:

• election of chairman of the annual general meeting (AGM);

• designation of an independent proxy;

• preparation and approval of list of shareholders entitled to vote at AGM;

• approval of meeting agenda;

• approval of minutes of previous AGM, and technical or immaterial amendments to previously approved minutes of such AGM;

• approval of routine capital budget requests in the absence of any known concerns or evidence of prior mismanagement;

• acceptance of the submission of various reports to shareholders, including but not limited to audit committee reports, chairman's reports, operations reports, reports on company performance, etc.;

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• appointment of internal statutory auditors, but vote AGAINST appointment of internal statutory auditors that are affiliated with the issuer and are listed as independent;

• board fees or remuneration schedule/plan paid to all directors, unless the amounts are excessive relative to other companies in the country/industry or paid for services other than a director's board-related activities;

• discharge of responsibility of the management, supervisory board or the auditor for the fiscal year in review, but vote AGAINST such proposal if there are serious questions about actions of the management or board members or legal action is being taken against the management or board members by other shareholders;

• approval of retirement plans or payments relating to those plans for employee directors;

• approval of general meeting guidelines;

• grant of authorization to the board of directors to ratify and execute approved resolutions;

• designation of inspector or shareholder representative for approval of the minutes of the AGM;

• acknowledgment of the proper convening of the AGM;

• adoption of or approval of changes to procedural rules for shareholders' general meetings, board meetings and supervisory committee meetings that are guidelines that seek to establish functions, powers, policies and procedures for these types of meetings in accordance with applicable law or requirements of national exchanges or other regulatory organizations;

• authorization to form a special committee and elect its members to conduct shareholder meeting formalities (i.e. verify quorum);

• authorization to hold general meetings (other than AGMs) with 14 days' notice in limited and time-sensitive circumstances where it would be to the advantage of shareholders as a whole;

• authorization to make donations to EU and/or UK political organizations for the purpose of preventing an inadvertent breach of applicable governing laws;

• approval to create corporate website and related amendments that govern the terms of use of the company's website;

• review and acceptance of the financial statements of subsidiaries;

• approval of affiliation agreements with subsidiaries;

• approval of provisional guarantees so long as the guarantee is not being provided to an unnamed entity or an entity that the company has less than 75% equity ownership in and the guarantee amount does not exceed the company's ownership;

• approval of loan financing requests, including applications for lines of credit, so long as the proceeds from the loan(s) will not be made to directors, supervisors, or senior management either directly or indirectly through its subsidiaries

In instances where a member of the Proxy Voting Committee believes that sufficient information is not available to make an informed voting decision on a matter, a vote will be placed in accordance with the recommendations of the proxy data provider.

17. Appoint Special Appraiser **—** Vote FOR proposals to appoint certain appraisers, special auditors or liquidators unless there are concerns noted related to the appointment.

B. Board of Directors

1. Director Nominees in Uncontested Elections — Vote FOR director nominees (including internal statutory auditors of Japanese companies) and nominees to any committee of the board of

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directors in uncontested elections, except that votes should be WITHHELD/AGAINST nominees who, as reported in the issuer's proxy statement or materials provided by the proxy data provider:

• Attended less than 75% of the board and committee meetings without a valid reason for the absences, if reported. Valid reasons include illness, absence due to company business, or other circumstances outside of the director's control where sufficient facts are available to suggest the absences were duly justified, unless the nominee has served on the board for less than one fiscal year. Participation via telephone is acceptable. In addition, if the director missed only one meeting or one day's meetings, votes should not be WITHHELD/AGAINST even if such absence reduced the director's attendance below 75%;

• In the case of chronic poor attendance without justification, in addition to voting WITHHOLD/AGAINST the director nominee, generally vote WITHHOLD/AGAINST from members of the nominating or governance committees or the full board.

• Have pledged a large portion of shares in terms of total common shares outstanding, market value, or trading volume. Nominees who meet these criteria will be treated on a CASE-BY-CASE basis;

• With respect to director candidates of U.S. companies, are non-independent nominees when the company lacks a key committee (audit, compensation, or nominating). Nominees who meet these criteria will be treated on a CASE-BY-CASE basis;

• With respect to director candidates of Non U.S. companies, are the chair of the nominating committee at companies where board independence concerns have been raised by the proxy data provider. Nominees who meet these criteria will be treated on a CASE-BY-CASE basis;

• Voted to implement or renew a dead-hand or slow-hand poison pill or voted to make material adverse modifications, without shareholder approval, to an existing pill. Nominees who meet these criteria will be treated on a CASE-BY-CASE basis;

• Voted to amend the company's charter or bylaws without shareholder approval in a manner that materially diminishes shareholders' rights or that could adversely impact shareholders. Nominees who meet these criteria will be treated on a CASE-BY-CASE basis;

• Ignored a shareholder proposal that was approved by a majority of the votes cast for two consecutive years (unless Artisan Partners did not support such proposal);

• Ignored a shareholder proposal approved by a majority of the shares outstanding (unless Artisan Partners did not support such proposal);

• Failed to act on a takeover offer where the majority of the shareholders had tendered their shares;

• With respect to director candidates of U.S. companies only, serves on the board of directors of more than five publicly-traded companies or serves as the chief executive officer of a publicly-traded company and also serves on the board of directors of more than two publicly-traded companies besides his/her own company (except that a vote will not be withheld for a candidate in director elections of the publicly traded company for which the director also serves as the chief executive officer; i.e., the vote will be withheld only in director elections for such candidate's outside boards);

• With respect to director candidates of non-U.S. companies, if our proxy data provider identifies a candidate as being over-boarded with respect to local market practices, the candidate's nomination will be voted on a CASE-BY-CASE basis;

• In the past ten years was convicted of or pled guilty or no contest in a domestic or foreign court to any felony or misdemeanor involving fraud, false statements, wrongful taking of

------

property, bribery, perjury, forgery, counterfeiting, extortion or conspiracy to commit any of these offenses, or has been found by a regulatory authority with jurisdiction over the nominee to have committed any such offense;

• Has egregiously failed in their risk oversight responsibilities such as, but not limited to, demonstrably poor oversight related to environmental or social issues. Nominees who meet this criteria will be treated on a CASE-BY-CASE basis;

• Are the Chair of the nominating committee at companies where there are no women on the company's board, unless the firm has made a commitment towards improving gender diversity by appointing at least one female to the board in the near term or there was a female on the board at the preceding annual meeting or other reasonable justification is provided by the company. Nominees who meet this criteria will be treated on a CASE-BY-CASE basis;

• Are the Chair of the nominating committee at companies where there is no apparent racial and/or ethnic diversity on the company's board, unless the firm has made a commitment to address the concern in the near term or there was racial and/or ethnic diversity on the board at the preceding annual meeting or other reasonable justification is provided by the company. Nominees who meet this criteria will be treated on a CASE-BY-CASE basis

If the number of candidates in an election is greater than the number of seats to be filled, such election will be deemed contested and will be voted in accordance with the requirements set forth in sub-section entitled "Proxy Contests" under Discretionary Issues section of the Guidelines.

2. Service on Other Boards — Vote FOR proposals to release restrictions of competitive activities of directors, which would permit the directors to serve on the boards of other companies to the extent such service on other boards is not otherwise limited or prohibited pursuant to applicable laws or regulations. Vote AGAINST any proposals that would impose restrictions on competitive activities of directors that would prohibit the directors from serving on the boards of other companies, unless such restrictions or prohibitions are warranted by the applicable laws or regulations.

3. Board Size — Vote FOR proposals seeking to fix the board size or designate a range for the board size. Vote AGAINST proposals that give management the ability to alter the size of the board outside a specified range without shareholder approval.

4. Classification/Declassification of the Board — Vote AGAINST proposals to classify the board, including proposals to amend charter or bylaws to, in effect, permit classification of the board. Vote FOR proposals to repeal classified boards and to elect all directors annually, including proposals to amend charter or bylaws to, in effect, eliminate classification of the board.

5. Cumulative Voting — Vote proposals to eliminate cumulative voting in accordance with the recommendations of each investment team or strategy based on the portfolio management's investment philosophy as follows:

AGAINST – Sustainable Emerging Markets, Global Equity, International Small-Mid, U.S. Value;

FOR – International Value, Global Value;

CASE-BY-CASE –Growth, Antero Peak Group, Developing World, EMsights Capital Group.

In director elections of companies in countries where cumulative voting is required by law or regulation, vote for the directors in accordance with the cumulative voting recommendations by the proxy data provider.

6. Indemnification and Liability Protection — Vote FOR proposals that indemnify directors and/or officers unless the proxy data provider has identified concerns with the proposal (e.g. the proposal indemnifies directors' and officers' in cases of fraud, gross negligence or criminal actions). In a circumstance were the proxy data vendor identifies a concern with the proposal vote CASE-BY-CASE

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7. Filling Vacancies — Vote AGAINST proposals that provide that only continuing directors may elect replacements to fill board vacancies. Vote FOR proposals that permit shareholders to elect directors to fill board vacancies.

8. Director Resignations — Vote FOR management proposals to accept resignations of directors from the board or committees on which they serve, unless there are apparent contentious issues relating to or requiring the resignation, in which case it shall be voted on a CASE-BY-CASE basis.

9. Removal of Directors — Vote AGAINST proposals that provide that directors may be removed only for cause. Vote FOR proposals to restore shareholder ability to remove directors with or without cause.

10. Majority Vote Requirements — Vote FOR management proposals to require election of directors by a majority of votes cast.

C. Mergers and Corporate Restructuring

1. Appraisal Right — Vote FOR proposals to restore, or provide shareholders with, rights of appraisal.

2. Conversion of Securities and Corporate Reorganizations — Vote FOR the conversion or reorganization if it is expected that the company will be subject to onerous penalties or will be forced to file for bankruptcy if the transaction is not approved.

D. Antitakeover Defenses and Voting Related Issues

1. Amend Bylaws without Shareholder Consent — Vote AGAINST proposals giving the board exclusive authority to amend the bylaws.

Vote FOR proposals giving the board the ability to amend the bylaws in addition to shareholders.

2. Control Share Acquisition Provisions — Vote AGAINST proposals to amend the charter to include control share acquisition provisions. Vote FOR proposals to restore voting rights to the control shares and to opt out of control share acquisition statutes unless doing so would enable the completion of a takeover that would be detrimental to shareholders.

3. Fair Price Provisions — Vote AGAINST fair price provisions with shareholder vote requirements greater than a majority of disinterested shares.

4. Greenmail **—** Vote FOR proposals to adopt anti-greenmail charter or bylaw amendments or otherwise restrict a company's ability to make greenmail payments.

5. Issue Stock for Use with Rights Plan — Vote AGAINST proposals that increase authorized common stock for the explicit purpose of implementing a shareholder rights plan (poison pill).

6. Stakeholder Provisions — Vote AGAINST proposals that ask the board to consider non-shareholder constituencies or other non-financial effects when evaluating a merger or business combination.

7. Supermajority Vote Requirements — Vote AGAINST proposals to require a supermajority shareholder vote. Vote FOR proposals to lower supermajority vote requirements.

8. Control Share Cash-Out Provisions **—** Vote FOR proposals to opt out of control share cash-out statutes. Such statutes give dissident shareholder(s) the right to "cash-out" of their position in a company at the expense of the shareholder who has taken a control position.

9. Disgorgement Provisions **—** Vote FOR proposals to opt out of state disgorgement provisions. Such provisions require an acquirer or potential acquirer of more than a certain percentage of a company's stock to disgorge to the company any profits realized from sale of that company's stock purchased 24 months before achieving control status.

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10. Freeze-Out Provisions **—** Vote FOR proposals to opt out of state freeze-out provisions. Freeze-out provisions force an investor who surpasses a certain ownership threshold in a company to wait a specified period of time before gaining control of the company.

E. Capital Structure

1. Adjustments to Par Value of Common Stock — Vote FOR management proposals to reduce or eliminate the par value of common stock (including through share capital reduction plans that provide for pro rata capital repayments) or to increase the par value of common stock in order to capitalize cash dividends paid to all shareholders on a pro rata basis, unless the action is being taken to facilitate an anti-takeover device or some other negative corporate governance action. Additionally, vote FOR any amendments to bylaws or other corporate documents related to the items above.

2. Common Stock Authorization — Vote FOR proposals to increase the number of authorized common shares where the primary purpose of the increase is to issue shares in connection with a transaction on the same ballot that warrants support.

Vote AGAINST proposals at companies with dual-class capital structures to increase the number of authorized shares of the class of stock that has superior voting rights unless clients hold the class with superior voting rights.

Vote FOR proposals to approve increases beyond the allowable increase when a company's shares are in danger of being delisted or if a company's ability to continue to operate as a going concern is uncertain.

3. Preferred Stock Authorization **—** Vote FOR proposals to increase the number of authorized preferred shares where the primary purpose of the increase is to issue shares in connection with a transaction on the same ballot that warrants support.

Vote AGAINST proposals to increase number of authorized shares of class or series of preferred stock that has superior voting rights, at a company that has more than one class or series of preferred stock, unless clients hold the class with superior voting rights.

Vote FOR proposals to create "declawed" blank check preferred stock (stock that cannot be used as a takeover defense without prior stockholder approval).

Vote FOR proposals to authorize preferred stock in cases where the company specifies the voting, dividend, conversion, and other rights of such stock and the terms of the preferred stock appear reasonable.

Vote AGAINST proposals authorizing the creation of new classes of preferred stock with unspecified voting, conversion, dividend distribution, and other rights (blank check preferred stock).

Vote AGAINST proposals to increase the number of blank check preferred stock authorized for issuance when no shares have been issued or reserved for a specific purpose.

4. Dual Class Stock — Vote AGAINST proposals to create a new class of common stock with superior voting rights. Vote FOR proposals to create a new class of nonvoting or subvoting common stock if:

• It is intended for financing purposes with minimal or no dilution to current shareholders;

• It is not designed to preserve the voting power of an insider or significant shareholder.

5. General Issuances of Equity, Equity-Linked or Other Securities not related to a merger (i.e., warrants, rights, convertibles, debt instruments) — Generally vote FOR proposals to issue equity, equity-linked or other securities with preemptive rights to a maximum of 100% over currently

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issued capital. Generally vote FOR such proposals without preemptive rights to a maximum of 20% over currently issued capital considering whether discount limits and the number of times the mandate may be refreshed are in line with local market practices. Proposal types that are commonly voted based on these criteria include, but are not limited to, non-executive employee stock purchase plans, restricted share issuances, and private placements not related to mergers or corporate restructuring. With respect to debt issuances, generally vote FOR proposals which increase debt-to-capital ratio by 15% or less, otherwise these proposals will be voted on a CASE-BY-CASE basis.

6. Share Repurchase Programs — Vote FOR management proposals to institute open-market share repurchase plans, except that proposals where there is evidence that a proposed repurchase plan is not fair to all shareholders or where the company indicates that a proposed repurchase plan may continue during a takeover period shall be voted on a CASE-BY-CASE basis.

Vote FOR management proposals to authorize the use of financial derivatives when repurchasing shares if voted FOR the approval of the relevant share repurchase plan.

Vote FOR management proposals to repurchase shares for the purpose of retiring them from special purpose plans, like corporate incentive or bonus schemes, if the repurchase is consistent with the terms of the plan/scheme.

7. Reissuance of Repurchased Shares — Vote FOR management proposals to reissue previously repurchased shares to the extent such reissuance would have a dilution effect of no more than 10%, unless there is clear evidence of abuse of this authority in the past.

8. Cancellation of Repurchased Shares — Vote FOR management proposals to cancel previously repurchased shares for routine accounting purposes unless the terms are unfavorable to shareholders.

9. Stock Distributions: Splits and Dividends **—** Vote FOR management proposals to increase the common share authorization for a stock split or share dividend, provided that the effective increase in authorized shares would not result in an excessive number of shares available for issuance relative to outstanding shares.

10. Reverse Stock Splits — Vote FOR management proposals to implement a reverse stock split when the number of authorized shares will be proportionately reduced or to avoid delisting.

11. Stock Splits — Vote FOR management proposals to implement a stock split when there is no dilution to existing shareholders.

F. Executive and Director Compensation

1. Stock Plans in Lieu of Cash — Vote FOR plans which provide a dollar-for-dollar cash for stock exchange for non-employee director plans only.

2. Director Retirement Plans — Vote AGAINST retirement plans for non-employee directors.

3. Incentive Bonus Plans and Tax Deductibility Proposals — Vote FOR cash or cash and stock bonus plans that are submitted to shareholders for the purpose of ensuring the deductibility of compensation under the provisions of Section 162(m) of the Internal Revenue Code if no increase in shares is requested and if the plan does not contain an evergreen provision.

Vote FOR proposals that simply amend shareholder-approved compensation plans to include administrative features or place a cap on the annual grants any one participant may receive to comply with the provisions of Section 162(m).

Vote FOR proposals to add performance goals to existing compensation plans to comply with the provisions of Section 162(m) unless they are clearly inappropriate.

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4. Advisory Vote on Say on Pay Frequency **—** Vote proposals regarding the frequency in which companies must present shareholders with an advisory vote on executive compensation in accordance with the recommendations of each investment team or strategy based on the portfolio management's investment philosophy as follows:

One Year – U.S. Value, International Value, Global Value, Global Equity, International Small-Mid, Growth, Antero Peak Group, Developing World, EMsights Capital Group;

Two Years – Sustainable Emerging Markets.

5. Executive Death Benefits (Golden Coffins) — Vote FOR proposals calling for companies to adopt a policy of obtaining shareholder approval for any future agreements and corporate policies that could oblige the company to make payments or awards following the death of a senior executive in the form of unearned salary or bonuses, accelerated vesting or the continuation in force of unvested equity grants, perquisites and other payments or awards made in lieu of compensation. This would not apply to any benefit programs or equity plan proposals for which the broad-based employee population is eligible.

G. Bundled Proposals (Routine Items Only) — Vote bundled or "conditioned" proposals that consist of routine items and that, if voted separately, would result in the same vote in alignment with the recommendation. However, if conflicting outcomes would result if voting individually, vote on a CASE-BY-CASE basis.

**IV.** **Discretionary Issues** 

A. Shareholder Proposals **—** Vote CASE-BY-CASE for all shareholder proposals, except for shareholder proposals to change the date, time or location of annual meeting, which shall be voted in accordance with Section III.A.6.

B. Environmental and Social Proposals – Votes on environmental or climate related and social proposals are voted on a CASE-BY-CASE basis considering, as applicable:

• If the matters presented in the proposal are more appropriately or effectively dealt with through legislation or government regulation;

• If the company has already responded in an appropriate and sufficient manner to the matter(s) raised in the proposal;

• Whether the proposal's request is unduly burdensome (scope or timeframe) or overly prescriptive;

• The company's approach compared with any industry standard practices for addressing the matter(s) raised by the proposal;

• Whether there are significant controversies, fines, penalties, or litigation associated with the company's environmental or social practices;

• If the proposal requests increased disclosure or greater transparency, whether reasonable and sufficient information is currently available to shareholders from the company or from other publicly available sources; and

• If the proposal requests increased disclosure or greater transparency, whether implementation would reveal proprietary or confidential information that could place the company at a competitive disadvantage.

C. Board of Directors

1. Majority of Independent Directors — Vote on proposals requiring the board to consist of a majority of independent directors on a CASE-BY-CASE basis.

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2. Majority of Independent Committee Members — Vote on proposals requiring the board audit, compensation and/or nominating committees be composed exclusively of independent directors on a CASE-BY-CASE basis.

3. Cumulative Voting — All proposals to restore or provide for cumulative voting should be evaluated on a CASE-BY-CASE basis relative to other governance provisions contained in the company's governing documents and the company's relative performance.

4. Indemnification and Liability Protection — Proposals providing expanded insurance coverage or indemnification or liability protection in cases when a director or officer was found to have acted in good faith and in a manner that he or she reasonably believed was in the best interests of the company, but the director's or officer's legal defense was nonetheless unsuccessful, should be evaluated on a CASE-BY-CASE basis.

5. Establish/Amend Nominee Qualifications **—** Vote CASE-BY-CASE on proposals that establish or amend director qualifications.

6. Proxy access rights – Vote management proposals to adopt proxy access rights on a CASE-BY-CASE basis.

7. Term/Tenure Limits – Vote CASE-BY-CASE on proposals that establish or amend director tenure or term limits taking into consideration the robustness of the company's board evaluation process, the proposed length of the limit, and rationale.

8. Age Limits — Vote CASE-BY-CASE on proposals to impose a mandatory retirement age for directors or proposals that seek to eliminate such a requirement.

D. Proxy Contests

1. Director Nominees in Contested Elections — Votes in a contested election of directors should be decided on a CASE-BY-CASE basis, with shareholders determining which directors are best suited to add value for shareholders, considering the following factors, as applicable:

• Performance of the company relative to its peers;

• Strategic plans of the incumbents and the dissidents;

• Independence of directors/nominees;

• Governance profile of the company;

• Evidence of management entrenchment;

• Experience and skills of board candidates;

• Responsiveness to shareholders;

• Whether takeover offer has been rebuffed.

If the number of candidates in an election is greater than the number of seats to be filled, such election will be deemed contested.

2. Non-Director Voting Items — Votes on matters other than election of directors in proxy contests should be decided on a CASE-BY-CASE basis, even if such matters would otherwise be routine voting items under this policy.

3. Reimbursing Proxy Solicitation Expenses — In cases where Artisan Partners votes FOR the dissidents, it also votes FOR reimbursing proxy solicitation expenses. Otherwise, voting to reimburse proxy solicitation expenses should be analyzed on a CASE-BY-CASE basis.

E. Mergers and Corporate Restructuring

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1. Mergers and Acquisitions, Asset Purchases and Asset Sales — Votes on mergers and acquisitions, issuance of securities to facilitate mergers and acquisitions, asset purchases and asset sales should be considered on a CASE-BY-CASE basis, determining whether the transaction enhances shareholder value by considering, as applicable:

• Strategic rationale for the transaction and financial and operational benefits;

• Offer price (cost vs. premium) and market reaction;

• How the transaction was negotiated and the process;

• Changes in corporate governance and their impact on shareholder rights;

• Conflicts of interest.

2. Conversion of Securities and Corporate Reorganizations — Votes on proposals regarding conversion of securities and corporate reorganizations are determined on a CASE-BY-CASE basis by considering, as applicable:

• Dilution to existing shareholders' position;

• Conversion price relative to market value;

• Financial issues;

• Control issues;

• Termination penalties;

• Terms of the offer;

• Management's efforts to pursue other alternatives;

• Conflicts of Interest.

3. Formation of Holding Company — Votes on proposals regarding the formation of a holding company should be determined on a CASE-BY-CASE basis by considering, as applicable:

• Reasons for the change;

• Any financial or tax benefits;

• Regulatory benefits;

• Increases in capital structure;

• Changes to the articles of incorporation or bylaws of the company.

4. Going Private and Going Dark Transactions (LBOs and Minority Squeezeouts) — Vote on going private transactions on a CASE-BY-CASE basis, taking into account, as applicable:

• Offer price/premium;

• Fairness opinion;

• How the deal was negotiated;

• Other alternatives/offers considered;

• Non-completion risk;

• Conflicts of interest.

5. Issuance of Warrants/Convertibles/Debentures related to a merger, acquisition or other corporate reorganization — Votes on proposals regarding issuance of warrants, convertibles and debentures should be determined on a CASE-BY-CASE basis by considering, as applicable:

• Dilution to existing shareholders' position;

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• Terms of the offer;

• Financial issues;

• Management's efforts to pursue alternatives;

• Control issues;

• Conflicts of interest.

6. Joint Ventures — Vote CASE-BY-CASE on proposals to form joint ventures, taking into account, as applicable:

• Percentage of assets/business contributed;

• Percentage ownership;

• Financial and strategic benefits;

• Governance structure;

• Conflicts of interest;

• Other alternatives;

• Non-completion risk.

7. Liquidations — Votes on liquidations should be determined on a CASE-BY-CASE basis after reviewing, as applicable:

• Management's efforts to pursue other alternatives;

• Appraisal value of the assets;

• Compensation plan for executives managing the liquidation.

Vote FOR the liquidation if the company will file for bankruptcy if the proposal is not approved.

8. Private Placements — Votes on proposals regarding private placements related to mergers or corporate restructuring should be determined on a CASE-BY-CASE basis by considering, as applicable:

• Dilution to existing shareholders' position;

• Terms of the offer;

• Financial issues;

• Management's efforts to pursue alternatives;

• Control issues;

• Conflicts of interest.

Vote FOR the private placement if it is expected that the company will file for bankruptcy if the transaction is not approved.

9. Prepackaged Bankruptcy Plans — Vote on proposals to increase common and/or preferred shares and to issue shares as part of a debt restructuring plan on a CASE-BY-CASE basis, after evaluating, as applicable:

• Dilution to existing shareholders' position;

• Terms of the offer;

• Financial issues;

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• Management's efforts to pursue other alternatives;

• Control issues;

• Conflicts of interest.

Vote FOR the debt restructuring if it is expected that the company will file for bankruptcy if the transaction is not approved.

10. Recapitalizations — Vote CASE-BY-CASE on recapitalizations (reclassifications of securities), taking into account, as applicable:

• More simplified capital structure;

• Enhanced liquidity;

• Fairness of conversion terms, including fairness opinion;

• Impact on voting power and dividends;

• Reasons for the reclassification;

• Conflicts of interest;

• Other alternatives considered.

11. Spinoffs — Votes on spinoffs should be considered on a CASE-BY-CASE basis, considering, as applicable:

• Tax and regulatory advantages;

• Planned use of the sale proceeds;

• Benefits that the spinoff may have on the parent company;

• Valuation of spinoff;

• Conflicts of interest;

• Any changes in corporate governance and their impact on shareholder rights;

• Change in the capital structure.

12. Exclusive Venue **—** Vote CASE-BY-CASE on exclusive venue proposals giving consideration to the following factors, as applicable:

• The company's stated rationale for adopting such a provision;

• Whether the company has appropriate governance features, such as an annually elected board, a majority vote standard in uncontested director elections and the absence of a poison pill, unless the pill was approved by shareholders.

13. Related-party transactions – Vote CASE-BY-CASE on related-party transactions giving consideration to the following factors, as applicable:

• The parties on either side of the transaction;

• The nature of the asset to be transferred/service to be provided;

• The pricing of the transaction (and any associated professional valuation);

• The views of independent directors, where provided;

• The views of an independent financial adviser, where appointed;

• Whether any parties to the transaction, including advisers, are conflicted;

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• The stated rationale for the transaction, including discussions of timing.

F. Antitakeover Defenses

1. Fair Price Provisions — Votes on proposals to adopt fair price provisions or opt out of state fair price provisions are determined on a CASE-BY-CASE basis giving consideration to the following factors, as applicable:

• Percentage of outstanding shares that an acquirer must obtain before triggering the defense;

• Formula employed in determining fair price;

• Vote needed to overcome the board's opposition to the acquisition;

• Vote required to repeal or amend the fair pricing provision;

• Size of the block of shares controlled by officers, directors, and their affiliates;

• Other takeover provisions;

• Company history relating to premium acquisition offers.

2. Greenmail — Votes on anti-greenmail proposals which are bundled with other charter or bylaw amendments should be determined on a CASE-BY-CASE basis after determining whether the overall effect of the proposal is positive or negative for shareholders.

3. Poison Pills (Shareholder Rights Plans) — Votes regarding management proposals to ratify a poison pill should be determined on a CASE-BY-CASE basis. Ideally, plans should embody the following attributes, as applicable:

• 20% or higher flip-in or flip-over;

• Two to three-year sunset provision;

• No dead-hand, slow-hand, no-hand or similar features;

• Shareholder redemption feature: If the board refuses to redeem the pill 90 days after an offer is announced, ten percent of the shares may call a special meeting or seek a written consent to vote on rescinding the pill.

4. Shareholders' Ability to Call Special Meetings — Votes on proposals to restrict or prohibit shareholders' ability to call special meetings or to remove restrictions on the right of shareholders to act independently of management should be evaluated on a CASE-BY-CASE basis.

G. State or Country of Incorporation

1. State Takeover Statutes — Votes on proposals to opt in or out of state takeover statutes (control share acquisition statutes, control share cash-out statutes, freezeout provisions, fair price provisions, stakeholder laws, poison pills endorsements, severance pay and labor contract provisions, anti-greenmail provisions and disgorgement provisions) should be considered on a CASE-BY-CASE basis.

2. Reincorporation Proposals — Votes on proposals to change a company's state or country of incorporation should be evaluated on a CASE-BY-CASE basis, giving consideration to both financial and corporate governance concerns, as applicable:

• Reasons for reincorporation;

• Comparison of company's governance provisions prior to and following the transaction;

• Comparison of corporation laws of original state or country and destination state or country.

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H. Capital Structure

1. Common Stock Authorization — Votes on proposals to increase the number of shares of common stock authorized for issuance are determined on a CASE-BY-CASE basis, taking into consideration the specific purpose of the proposed increase, the dilutive impact of the request, as well as the Board's past performance in using authorized shares among other factors.

2. Preferred Stock — Votes on proposals to increase the number of shares of blank check preferred shares are determined on a CASE-BY-CASE basis after analyzing the number of preferred shares available for issue given a company's industry and performance in terms of shareholder returns.

3. Reverse Stock Splits — Votes on proposals to implement a reverse stock split that does not proportionately reduce the number of shares authorized for issue should be determined on a CASE-BY-CASE basis, taking into consideration the company's rationale.

4. Tracking Stock — Votes on the creation of tracking stock are determined on a CASE-BY-CASE basis, weighing the strategic value of the transaction against the following factors, as applicable:

• Adverse governance changes;

• Excessive increases in authorized capital stock;

• Unfair method of distribution;

• Diminution of voting rights;

• Adverse conversion features;

• Negative impact on stock option plans;

• Other alternatives such as a spinoff.

I. Executive and Director Compensation

1. Bundled Compensation — Votes on non-executive director compensation proposals that include both cash and share-based components as well as proposals that bundle compensation for both non-executive and executive directors into a single resolution are determined on a CASE-BY-CASE basis.

2. Compensation Plans (Management "Say on Pay") — Votes on compensation plans for executives and directors, including advisory votes on compensation matters, are determined on a CASE-BY-CASE basis, taking into account the company's performance and pay practices relative to industry peers, potentially problematic pay practices, or unresponsiveness with respect to past proposals or shareholder feedback regarding compensation concerns among other factors.

3. Remuneration Report — Votes on an issuer's compensation policy as set out in a remuneration report are determined on a CASE-BY-CASE basis, taking into account the company's performance and pay practices relative to industry peers among other factors.

4. Stock Plans in Lieu of Cash — Votes for plans which do not provide a dollar-for-dollar cash for stock exchange should be determined on a CASE-BY-CASE basis taking into account the specific parameters of the proposed plan. Votes on plans which provide participants with the option of taking all or a portion of their cash compensation in the form of stock are determined on a CASE-BY-CASE basis.

5. Management Proposals Seeking Approval to Reprice Options — Votes on management proposals seeking approval to reprice options are evaluated on a CASE-BY-CASE basis giving consideration to the following, as applicable:

• Historic trading patterns;

• Rationale for the repricing;

• Value-for-value exchange and treatment of surrendered options;

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• Option vesting period and term of the option;

• Option exercise price.

6. Executive Stock Purchase Plans — Votes on qualified employee stock purchase plans for executives should be determined on a CASE-BY-CASE basis considering the following factors, as applicable:

• Purchase price compared to fair market value;

• Offering period;

• Potential voting power dilution.

Votes on non-qualified executive stock purchase plans should be determined on a CASE-BY-CASE basis considering the following factors, as applicable:

• Broad-based participation by company employees;

• Limits on employee contributions;

• Company matching contributions;

• Discounts on the stock price at the time of purchase.

7. Incentive Bonus Plans and Tax Deductibility Proposals — Votes on new or amended plan proposals containing evergreen provisions should be considered on a CASE-BY-CASE basis.

Votes to amend existing plans to increase shares reserved and to qualify for tax deductibility under the provisions of Section 162(m) should be considered on a CASE-BY-CASE basis taking into account the overall impact of the amendment(s).

8. Golden and Tin Parachutes — Vote on a CASE-BY-CASE basis on proposals to ratify or cancel golden parachutes (severance plans that cover senior level executives of a firm in the event that the firm undergoes a change in control) or tin parachutes (severance plans that cover all of the employees of a company in the event it undergoes a change in control). An acceptable parachute should include the following:

• The parachute should be less attractive than an ongoing employment opportunity with the firm; and

• The triggering mechanism should be beyond the control of management.

9. Bonus Banking/Bonus Banking "Plus" **—** Vote CASE-BY-CASE on proposals seeking deferral of a portion of annual bonus pay, with ultimate payout linked to sustained results based on performance metrics on which the bonus was earned, taking into account the following factors:

• The company's past practices regarding equity and cash compensation;

• Whether the company has a holding period or stock ownership requirements in place, such as a meaningful retention ratio;

• Whether the company has a rigorous claw-back policy in place.

10. Shareholder Ratification of Director Pay Programs **—** Vote CASE-BY-CASE on management proposals seeking the ratification of non-employee director compensation taking into account the features of the plan including, but not limited to, the following factors:

• If the equity plan is on the same ballot, whether or not the plan warrants support;

• The presence of problematic pay practices;

• Equity awards vesting schedules;

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• Meaningful limits on director compensation;

• Quality of disclosure surrounding director compensation.

11. Equity Plans for Non-Employee Directors **—** Vote CASE-BY-CASE on management compensation plans for non-employee directors taking into account the features of the plan including, but not limited to, the following factors:

• Total estimated cost of the plan relative to industry and market cap peers;

• The company's three-year burn rate or value-adjusted burn rate relative to industry and market cap peers;

• The presence of problematic pay practices.

J. Bundled Proposals — Vote bundled or "conditioned" proposals on a CASE-BY-CASE basis taking into account the aggregate effect of the items.

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#### WCM Investment Management

#### Proxy Voting Procedures
WCM accepts responsibility for voting proxies whenever requested by a Client or as required by law. Each Client's investment management agreement should specify whether WCM is to vote proxies relating to securities held for the Client's account. If the agreement is silent as to the proxy voting and no instructions from the client are on file, WCM will assume responsibility of proxy voting.

In cases in which WCM has proxy voting authority for securities held by its advisory clients, WCM will ensure securities are voted for the exclusive benefit, and in the best economic interest, of those clients and their beneficiaries, subject to any restrictions or directions from a client. Such voting responsibilities will be exercised in a manner that is consistent with the general antifraud provisions of the Advisers Act, the Proxy Voting Rule, **Rule 206(4)-6**, and for ERISA accounts, the DOL's Proxy Voting Rule, as well as with WCM's fiduciary duties under federal and state law to act in the best interests of its clients. Even when WCM has proxy voting authority, a Client may request that WCM vote in a certain manner. Any such instructions shall be provided to WCM, in writing or electronic communication, saved in the Client files and communicated to the Portfolio Associate and Proxy Admin.

#### Special Rules for ERISA.
Unless proxy voting responsibility has been expressly reserved by the plan, trust document, or investment management agreement, and is being exercised by another "named fiduciary" for an ERISA Plan Client, WCM, as the investment manager for the account, has the exclusive authority to vote proxies or exercise other shareholder actions relating to securities held for the Plan's account. The interests or desires of plan sponsors should not be considered. In addition, if a "named fiduciary" for the plan has provided WCM with written proxy voting guidelines, those guidelines must be followed, unless the guidelines, or the results of following the guidelines, would be contrary to the economic interests of the plan's participants or beneficiaries, imprudent or otherwise contrary to ERISA.

Investors in WCM Private Funds which are deemed to hold "plan assets" under ERISA accept WCM's investment policy statement and a proxy voting policy before they are allowed to invest.

**1.**  **<u>Role of the Independent Proxy Adviser</u>** 

WCM uses the proxy voting recommendations of Glass Lewis (our "Proxy Adviser"). The purpose of the Proxy Advisers proxy research and advice is to facilitate shareholder voting in favor of governance structures that will drive performance and create shareholder value. Because the Proxy Adviser is not in the business of providing consulting services to public companies, it can focus solely on the best interests of investors. The Proxy Adviser's approach to corporate governance is to look at each company individually and determine what is in the best interests of the shareholders of each particular company. Research on proxies covers more than just corporate governance – the Proxy Adviser analyzes accounting, executive compensation, compliance with regulation and law, risks and risk disclosure, litigation and other matters that reflect on the quality of board oversight and company transparency.

The voting recommendations of the Proxy Adviser are strongly considered; however, the final determination for voting in the best economic interest of the clients is the responsibility of the relevant strategy Investment Strategy Group ("ISG"). When a decision is reached to vote contrary to the recommendation of the Proxy Adviser, the ISG will address any potential conflicts of interest (as described in this policy) and proceed accordingly. They will maintain documentation to support the decision, which will be reviewed by the Compliance Team.

WCM will take reasonable steps under the circumstances to make sure that all proxies are received and for those that WCM has determined should be voted, are voted in a timely manner.

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**2.**  **<u>Role of the Portfolio Associate.</u>** 

The Portfolio Associate is responsible for the onboarding and maintenance of Client accounts. For each Client, the Portfolio Associate:

a. Determines whether WCM is vested with proxy voting responsibility or whether voting is reserved to the Client or delegated to another designee;

b. Instructs registered owners of record (*e.g.,* the Client, Trustee or Custodian) that receive proxy materials from the issuer or its information agent to send proxies electronically directly to Broadridge/ProxyEdge, a third party service provider, to: (1) provide notification of impending votes; (2) vote proxies based on the Proxy Adviser and/or WCM recommendations; and (3) maintain records of such votes electronically.

c. Assigns the appropriate proxy voting guidelines based on a Client's Investment Policy Guidelines; and

d. Reports proxy voting records to the Client, as requested.

**3.**  **<u>Role of the Proxy Admin.</u>** 

The Proxy Admin circulates proxy ballot information and administers the proxy vote execution process. The Proxy Admin:

a. Monitors the integrity of the data feed between the Client's registered owner of record and Broadridge/Proxy Edge;

b. Executes votes based on the recommendation of the Proxy Adviser or ISG; and

c. Ensures all votes are cast in a timely manner.

**4.**  **<u>Role of the ISG and Analysts</u>** 

With the support of the Analysts, and in consideration of the voting recommendation of the Proxy Adviser, the Investment Strategy Group (ISG) is responsible for review of the Proxy Adviser policy and final vote determination. The ISG:

a. Annually, reviews the policy of the Proxy Adviser to ensure voting recommendations are based on a Client's best interest;

b. Reviews the ballot voting recommendations of the Proxy Adviser; and

c. Investigates ballot voting issues during the normal course of research, company visits, or discussions with company representatives.

If the ISG:

a. Agrees with the voting recommendation of the Proxy Adviser, no further action is required;

b. Disagrees with the voting recommendation of the Proxy Adviser, they will:

1) Deal with conflicts of interest, as described below;

2) Provide updated voting instructions to the Proxy Admin; and 

3) Document the rationale for the decision, which is provided to Compliance.

**5.**  **<u>Certain Proxy Votes May Not Be Cast</u>** 

In some cases, WCM may determine that it is in the best interests of our clients to abstain from voting certain proxies. WCM will abstain from voting in the event any of the following conditions are met with regard to a proxy proposal:

a. Neither the Proxy Adviser' recommendation nor specific client instructions cover an issue;

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b. In circumstances where, in WCM's judgment, the costs of voting the proxy exceed the expected benefits to the Client.

In addition, WCM will only seek to vote proxies for securities on loan when such a vote is deemed to have a material impact on the account. In such cases, materiality is determined and documented by the ISG.

Further, in accordance with local law or business practices, many foreign companies prevent the sales of shares that have been voted for a certain period beginning prior to the shareholder meeting and ending on the day following the meeting ("share blocking"). Depending on the country in which a company is domiciled, the blocking period may begin a stated number of days prior to the meeting (e.g., one, three or five days) or on a date established by the company. While practices vary, in many countries the block period can be continued for a longer period if the shareholder meeting is adjourned and postponed to a later date. Similarly, practices vary widely as to the ability of a shareholder to have the "block" restriction lifted early (e.g., in some countries shares generally can be "unblocked" up to two days prior to the meeting whereas in other countries the removal of the block appears to be discretionary with the issuer's transfer agent). WCM believes that the disadvantage of being unable to sell the stock regardless of changing conditions generally outweighs the advantages of voting at the shareholder meeting for routine items. Accordingly, WCM generally will not vote those proxies subject to "share blocking."

**6.**  **<u>Identifying and Dealing with Material Conflicts of Interest between WCM and Proxy Issuer</u>** 

WCM believes the use of the Proxy Adviser's independent guidelines helps to mitigate proxy voting related conflicts between the firm and its clients. Notwithstanding WCM may choose to vote a proxy against the recommendation of the Proxy Adviser, if WCM believes such vote is in the best economic interest of its clients. Such a decision will be made and documented by the ISG. Because WCM retains this authority, it creates a potential conflict of interest between WCM and the proxy issuer. As a result, WCM may not overrule the Proxy Adviser's recommendation with respect to a proxy unless the following steps are taken by the CCO:

a. The CCO must determine whether WCM has a <u>conflict of interest with respect to the issuer</u> that is the subject of the proxy. The CCO will use the following standards to identify issuers with which WCM may have a conflict of interest.

1) *Significant Business Relationships*—The CCO will determine whether WCM may have a significant business relationship with the issuer, such as, for example, where WCM manages a pension plan. For this purpose, a "significant business relationship" is one that: (i) represents 1% or $1,000,000 of WCM's revenues for the fiscal year, whichever is less, or is reasonably expected to represent this amount for the current fiscal year; or (ii) may not directly involve revenue to WCM but is otherwise determined by the CCO to be significant to WCM. 

2) *Significant Personal/Family Relationships*—the CCO will determine whether any Supervised Persons who are involved in the proxy voting process may have a significant personal/family relationship with the issuer. For this purpose, a "significant personal/family relationship" is one that would be reasonably likely to influence how WCM votes proxies. To identify any such relationships, the CCO shall obtain information about any significant personal/family relationship between any Supervised Person of WCM who is involved in the proxy voting process (e.g., ISG members) and senior Supervised Persons of issuers for which WCM may vote proxies. 

b. If the CCO determines that WCM has a conflict of interest with respect to the issuer, the CCO shall determine whether the <u>conflict is "material" to any specific proposal</u> included within the proxy. The CCO shall determine whether a proposal is material as follows:

1) *Routine Proxy Proposals*—Proxy proposals that are "routine" shall be presumed not to involve a material conflict of interest for WCM, unless the ISG has actual knowledge that a routine proposal should be treated as material. For this purpose, "routine" proposals would typically include matters such as the selection of an accountant, uncontested election of directors, meeting formalities, and approval of an annual report/financial statements. 

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2) *Non-Routine Proxy Proposals*—Proxy proposals that are "non-routine" shall be presumed to involve a material conflict of interest for WCM, unless the CCO determines that WCM's conflict is unrelated to the proposal in question (see 3. below). For this purpose, "non-routine" proposals would typically include any contested matter, including a contested election of directors, a merger or sale of substantial assets, a change in the articles of incorporation that materially affects the rights of shareholders, and compensation matters for management (e.g., stock option plans, retirement plans, profit sharing or other special remuneration plans). 

3) *Determining that a Non-Routine Proposal is Not Material*—As discussed above, although non-routine proposals are presumed to involve a material conflict of interest, the CCO may determine on a case-by-case basis that particular non-routine proposals do not involve a material conflict of interest. To make this determination, the CCO must conclude that a proposal is not directly related to WCM's conflict with the issuer or that it otherwise would not be considered important by a reasonable investor. The CCO shall record in writing the basis for any such determination. 

c. For any proposal where the CCO determines that <u>WCM has a material conflict of interest</u>, WCM may vote a proxy regarding that proposal in any of the following manners:

1) *Obtain Client Consent or Direction*—If the CCO approves the proposal to overrule the recommendation of the Proxy Adviser, WCM shall fully disclose to each client holding the security at issue the nature of the conflict and obtain the client's consent to how WCM will vote on the proposal (or otherwise obtain instructions from the client as to how the proxy on the proposal should be voted). 

2) *Use the Proxy Adviser's Recommendation*—Vote in accordance with the Proxy Adviser's recommendation. 

d. For any proposal where the CCO determines that <u>WCM does not have a material conflict of interest</u>, the ISG may overrule the Proxy Adviser's recommendation if the ISG reasonably determines that doing so is in the best interest of WCM's clients. If the ISG decides to overrule the Proxy Adviser's recommendation, the ISG will maintain documentation to support their decision.

**7.**  **<u>Dealing with Material Conflicts of Interest between a Client and the Proxy Adviser or Proxy Issuer</u>** 

If WCM is notified by a client regarding a conflict of interest between them and the Proxy Adviser or the proxy issuer, The CCO will evaluate the circumstances and either:

a. elevate the decision to the ISG who will make a determination as to what would be in the Client's best interest;

b. if practical, seek a waiver from the Client of the conflict; or

c. if agreed upon in writing with the Clients, forward the proxies to affected Clients allowing them to vote their own proxies.

**8.**  **<u>Maintenance of Proxy Voting Records</u>** 

As required by **Rule 204-2** under the Advisers Act, and for ERISA accounts, **the DOL's Proxy Voting Rule**, WCM will maintain or procure the maintenance of the following records relating to proxy voting for a period of at least five years:

a. a copy of these Proxy Policies, as they may be amended from time to time;

b. copies of proxy statements received regarding Client securities;

c. a record of each proxy vote cast on behalf of its Clients;

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e. each written Client request for information on how WCM voted proxies on behalf of the Client and each written response by WCM to oral or written Client requests for this information.

As permitted by **Rule 204-2(c)**, electronic proxy statements and the record of each vote cast on behalf of each Client account will be maintained by ProxyEdge. WCM shall obtain and maintain an undertaking from ProxyEdge to provide it with copies of proxy voting records and other documents relating to its Clients' votes promptly upon request. WCM and ProxyEdge may rely on the SEC's EDGAR system to keep records of certain proxy statements if the proxy statements are maintained by issuers on that system (e.g., large U.S.-based issuers).

**9.**  **<u>Disclosure</u>** 

WCM will provide all Clients a summary of these Proxy Policies, either directly or by delivery to the Client of a copy of its Form ADV, Part 2A containing such a summary, and information on how to obtain a copy of the full text of these Proxy Policies and a record of how WCM has voted the Client's proxies. Upon receipt of a Client's request for more information, WCM will provide to the Client a copy of these Proxy Policies and/or in accordance with the Client's stated requirements, how the Client's proxies were voted during the period requested. Such periodic reports will not be made available to third parties absent the express written request of the Client. However, to the extent that WCM serves as a sub-adviser to another adviser to a Client, WCM will be deemed to be authorized to provide proxy voting records on such Client accounts to such other adviser.

**10.**  **<u>Oversight of the Proxy Adviser</u>** 

Prior to adopting the proxy guidelines and recommendations of a Proxy Adviser, WCM will exercise prudence and diligence to determine that the guidelines for proxy recommendations are consistent with WCM's fiduciary obligations. Each year, Compliance, in conjunction with input from the Proxy Admin, the ISG, and others as determined by the CCO, will review WCM's relationship with, and services provided by the Proxy Adviser. To facilitate this review, WCM will request information from the Proxy Adviser in consideration of the Proxy Adviser processes, policies and procedures to:

• Analyze and formulate voting recommendations on the matters for which WCM is responsible for voting and to disclose its information sources and methods used to develop such voting recommendations;

• Ensure that it has complete and accurate information about issuers when making recommendations and to provide its clients and issuers timely opportunities to provide input on certain matters;

• Resolve any identified material deficiencies in the completeness or accuracy of information about issuers for whom voting recommendations are made; and

• Identify, resolve, and disclose actual and potential conflicts of interest associated with its recommendations.

Additionally, WCM will review the Proxy Adviser's proposed changes to its proxy voting guidelines to ensure alignment with the ISG's expectations. The Proxy Adviser typically distributes proposed changes to its guidelines annually; therefore, WCM's review of these proposed changes will typically coincide with the Proxy Adviser's schedule.

**11.**  **<u>Limitations on Proxy Voting</u>** 

In certain circumstances, additional information from Clients, such as residency declarations, limited power of attorneys or similar details, may be necessary for WCM to exercise its proxy voting authority in compliance with jurisdictional or regulatory requirements. If such information is not provided by the Client, WCM reserves the right to abstain from voting proxies for that Client without further notice.

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#### COOKE & BIELER, L.P.

#### PROXY POLICY
As a fiduciary, Cooke & Bieler has a duty and an obligation to serve the best interests of our clients and when delegated proxy voting authority, we seek to vote in a manner that maximizes shareholder value over time, thereby furthering the best interests and investment goals of our clients. Clients have the ability to retain the authority to vote their own proxies, and in these cases, they will not receive proxy information from Cooke & Bieler, but rather from a third-party proxy service provider or their custodian. In practice, many of our clients delegate to us the authority to vote proxies related to the securities in their accounts.

#### Decision Methods
Our approach to voting proxies for our clients is driven by the same deep, fundamental research that underpins our investment decisions. We additionally consider the voting recommendations of third parties, such as proxy service providers – currently Glass Lewis & Co. – that provide us with research on each proxy vote, but the research and recommendations are not determinative. We utilize two outside proxy firms, currently Broadridge and Proxytrust, to act as agent for the proxy process and to maintain records of each vote for our clients.

We vote in accordance with our key objective of maximizing shareholder value over time and therefore seek to vote in favor of proposals that result in tangible benefits to companies or benefit shareholders through increased disclosures. It is difficult to distill our decision-making process into prescriptive rules; we consider each ballot item individually and apply careful, fundamental, bottom-up research. Each vote is ultimately cast on a case-by-case basis while considering all relevant facts and circumstances at the time of the vote.

#### Proxy Voting Guidelines
Each proxy voting issue proposal is unique and must be considered individually, however, there are certain issues which frequently reappear on the ballots for publicly owned companies. We have formulated brief descriptions of these issues and how we **generally** vote on them. However, as each situation is unique, we may vote otherwise in particular instances when we deem doing so is in the best interests of shareholders.

**I.** **Corporate Governance** 

a. Voting on Director Nominees in Elections

Votes on director nominees are determined on a **case-by-case**basis, examining factors including long-term corporate performance, the composition of the board and key board committees, and the board's overall track record. We aim to support director nominees who have strong records of fulfilling their responsibilities to shareholders and possess the necessary skills and backgrounds to make informed decisions.

b. Dual Chairperson/CEO

As we seek to invest in companies with strong and effective leadership, we generally support the company CEOs since, in many cases, a highly effective CEO can also serve as an effective Chair. We vote on the separation of Chairperson and CEO on a **case-by-case**basis.

c. Board Independence

An effective board is able to generate and protect shareholder value while maintaining a proper tone at the top. In general, this is best achieved by boards comprised of individuals with diverse backgrounds, relevant experience, and sufficient independence. In assessing the independence of directors, we evaluate whether directors have records of making objective decisions and examine the directors' relationships with the company and its executives, among others. We vote on the matter of board independence on a **case-by-case**basis.

d. Stock Ownership Requirements

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We generally vote **against** shareholder proposals requiring directors to own a minimum amount of company stock to qualify as a director or to remain on the board. Requiring stock ownership may limit the number of persons qualified to be on the board, and we believe that a director can serve the company well regardless of the extent of his or her ownership.

e. Requiring Majority Voting for Election of Directors

Directors can be elected by either a plurality of votes cast or by a majority of votes cast or in some cases by a supermajority. We believe investors' interests are best served by majority voting. In certain cases with low shareholder participation, plurality voting may result in a motivated minority of shareholders having disproportionate influence. A requirement for a supermajority, however, may act to entrench the current board and dilute the influence of shareholders. As a result, we generally vote **for** majority voting but **against** management proposals requiring a supermajority shareholder vote.

**II.** **Capital Structure** 

a. Approve Distribution of Dividends

We generally vote **for** management proposals to distribute stock dividends.

b. Preemptive Rights

We generally vote **for** proposals seeking to eliminate preemptive rights, while typically taking into consideration the size of the company, the shareholder base, and the liquidity of the stock, among other factors.

**III.** **Compensation** 

a. Golden Parachutes

While we consider golden parachute proposals based on the specific circumstances, we generally vote **against** proposals that contain excessive cash severance packages. Well-structured golden parachutes may serve shareholder interests by encouraging executives to pursue mergers or sales that may result in a change of management; however, excessive payments may act as a disincentive to potential acquirers. More generally, we believe that high levels of compensation should be appropriately matched to superior performance over time and not oriented toward encouraging or discouraging mergers or takeovers.

b. Pay for Superior Performance

We generally vote **for** proposals that reward executives for superior performance, taking into account factors such as the type of industry, the stage of the business cycle, and the details of current incentive programs, among others.

c. Say-on-Pay

Amendments to the Dodd-Frank Wall Street Reform and Consumer Protection Act (the Dodd-Frank Act), adopted in January 2011, require public companies to provide their shareholders with an advisory vote on the compensation of the most highly compensated executives. Public companies are also required to provide an advisory shareholder vote on the frequency of the Say-on-Pay vote occurrence (the amendments require Say-on-Pay votes at least once every six years).

Cooke & Bieler carefully reviews the compensation awarded to senior executives as we believe this is an area in which boards reveal their priorities. We believe that effective compensation arrangements should appropriately mix short and long-term performance-based incentives along with reasonable fixed pay elements. We recognize

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that performance metrics vary widely depending on the company and industry, among many other factors, and believe that transparent and timely disclosure of executive pay is instrumental in allowing shareholders to accurately evaluate if pay is in alignment with company performance. Our votes on executive compensation will be determined on a **case-by-case**basis and we generally vote **in favor of** proposals modifying the frequency of Say-on-Pay votes to annually.

d. Shareholder Proposals to Limit Executive and Director Pay

We review all proposals seeking to limit executive and director pay on a **case-by-case**basis but generally vote in support of these proposals in cases where we consider executive and director pay to be excessive.

**IV.** **Auditors** 

a. Ratifying Auditors

We generally vote **for** the appointment of independent auditors who do not have a financial interest in or association with the company and if audit integrity has not been compromised.

**V.** **Tender Offer Defenses** 

a. Eliminate Supermajority Requirements

By requiring a large majority of shareholders (generally 67% to 90%) to approve critical changes, such as a merger or acquisition, supermajority vote requirements may effectively impede shareholder actions on ballot items that are highly impactful to shareholder interests. We therefore generally vote **for** proposals to eliminate supermajority requirements.

**VI.** **Mergers and Corporate Restructurings** 

a. Mergers and Acquisitions

We consider mergers and acquisitions carefully, evaluating factors such as the financial and operating benefits, the offer price, the prospects of the combined companies, and any changes in the corporate governance and their impact on shareholder rights. We therefore generally vote any proposed mergers and/or acquisitions on a **case-by-case**basis.

**VII.** **Social and Environmental Issues** 

Once-rare, shareholder proposals now frequently appear on proxy ballots, often addressing environmental or social issues. We believe companies' environmental and social practices may have material financial, regulatory, and reputational implications, and that thoughtful management of these issues can be an important tool for creating and increasing shareholder value. We consider each issue on a **case-by-case**basis. While we may not vote as management recommends, we hope to support effective management and oversight of our companies. We generally vote **for** proposals we believe provide shareholders valuable information, at a reasonable cost to the company, and/or address issues management has neglected. We generally vote **against** proposals that we believe are overly burdensome or unlikely to benefit the long-term economic interests of shareholders. In evaluating these issues, we generally consider the following factors:

• Whether adoption of the proposal would have a positive or negative impact on the company's short-term or long-term share value;

• Whether implementation of the proposal would achieve the objectives sought in the proposal;

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• Whether the company has already responded in some appropriate manner to the request embodied in the proposal.

Shareholder proposals which appear frequently include, but are not limited to, the following:

a. Board Diversity

We believe that a board composed of individuals with diversity of experience, skills, and perspectives are generally better positioned to provide effective and strong company leadership. We therefore generally vote in support of director nominees with diverse and/or underrepresented backgrounds. Many proposals requiring additional reports or disclosures are not carefully constructed and would not meaningfully advance their stated objectives; thus, we vote such proposals on a **case-by-case**basis.

b. Proposal to Lower the Ownership Threshold Required to Call a Special S/H Meeting

Generally, we are in favor of reasonable ownership threshold requirements to propose shareholder votes or call special meetings; we generally vote **case-by-case**on proposals to lower ownership thresholds. Institutional investors with the resources to conduct rigorous research and due diligence may obtain a more thorough understanding of ballot issues.

c. Climate Change

Proposals that urge companies to increase disclosures regarding climate-change related issues may meaningfully increase shareholder understanding of the company's policies on these issues. However, many companies have already taken significant steps to improve disclosure and shareholder proposals are often not carefully crafted. We therefore vote **case-by-case**on shareholder resolutions requesting increased or enhanced disclosure from companies on climate-related issues.

d. Gender Pay Equality

We consider voting in support of thoughtful shareholder resolutions for greater disclosures on gender pay equity in certain circumstances where the company may not have addressed the issue to a satisfactory degree and where this may present a risk to the company and its shareholders.

#### Conflicts of Interest
Although rare, conflicts of interest between the firm and our clients on proxy issues may arise. Cooke & Bieler personnel may have a significant business or personal relationship with an issuer, or Glass Lewis may have a conflict with an issuer. Further, clients may take certain positions on shareholder and/or other proxy issues that may differ from our firm's primary objectives and methods of voting proxies, in which case we vote in accordance with the instructions of the client(s). We have adopted a four-step process to identify and address any material conflicts of interest.

1. Identify any issues where Cooke & Bieler has a significant business or personal relationship that would result in a conflict of interest.

a. Cooke & Bieler identifies issuers with which there may be a conflict of interest and maintain a list of such issuers. Access persons of Cooke & Bieler who vote proxies have a duty to disclose to the firm any material conflicts of interest of which they have knowledge but may not have identified pursuant to this policy.

i. A **significant business relationship** is defined as one that represents 5% or $1,000,000 of Cooke & Bieler's revenues for the most recent fiscal year, whichever is less, or one that involves a significant relationship between Cooke & Bieler and a particular company that would create an incentive for Cooke & Bieler to vote in favor of management.

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ii. A **significant personal/family relationship** is one that would be reasonably likely to influence how Cooke & Bieler votes proxies.

2. Identify proxy proposals where the conflict of interest may be material.

a. Cooke & Bieler determines whether the conflict is material to any specific proxy proposal. If not, we will vote the proxy in accordance with our procedures and guidelines; if the conflict is material, we will vote according to an independent third party (currently Glass Lewis) after confirming that they do not have a conflict of interest.

3. Determine whether Glass Lewis also has a conflict of interest.

a. Glass Lewis provides prominent disclosures of potential conflicts on the cover of the relevant Proxy Paper research report. If Glass Lewis has a conflict of interest, then we will vote in accordance with another unaffiliated third-party provider.

4. Document the conflict and its resolution.

#### Proxy Voting Process
1. Broadridge routes our clients' proxy voting materials and populates Available Voting Shares on ProxyEdge matched with Holdings Shares we provide them.

2. The Proxy Administrator reconciles the Available Shares and Holding Shares which may differ due to securities lending.

3. The Proxy Administrator forwards all meeting materials, including agenda items and Glass Lewis research, to the responsible analyst for review.

4. Absent any material conflicts, the responsible analyst determines how the firm should vote.

5. The Proxy Administrator votes all Available Shares according to the analyst's intentions on ProxyEdge or Proxytrust, depending on the client. Any physical ballots that are delivered to our offices are voted by the Proxy Administrator online using ProxyVote or another specified website.

#### Responsibilities
Broadridge is responsible for: notifying Cooke & Bieler in advance of the meeting; providing the appropriate proxies to be voted; and for maintaining records of proxy statements received and votes cast.

The Compliance Team is responsible for: maintaining the proxy policies and procedures; determining when a potential conflict of interest exists; maintaining records of all communications received from clients requesting information on how their proxies were voted; and notifying clients how they can obtain voting records and policies and procedures.

The Operations Team is responsible for: determining which accounts Cooke & Bieler has proxy voting responsibilities for.

The Proxy Administrator is responsible for: obtaining the appropriate guidance from the portfolio manager on how to vote; and maintaining documents created that were material to the voting.

The Proxy Committee is responsible for: maintaining Cooke & Bieler's proxy policy on a current basis; meeting annually to review our voting history and identify any key trends in conjunction with proxy season reviews from our proxy provider; monitoring our voting for adherence to our proxy policy; and evaluating proxy service providers at least annually.

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#### Securities on Loan
Some clients of Cooke & Bieler may participate in securities lending programs. Cooke & Bieler does not direct or oversee such securities lending activities and will not typically request to recall securities on loan to be voted unless we believe that we are likely to affect the outcome of the vote. There is no guarantee that the shares will be returned in time to process the vote, as the ability to do so is not entirely within the control of Cooke & Bieler, requiring both the cooperation of the client and its other service providers.

Sit Investment Associates, Inc.

Sit Fixed Income Advisors II, LLC

(collectively, "SIA")

#### Proxy Voting Policies and Procedures
**I.** **Regulatory Requirements.** 

The requirements governing proxy voting policies and procedures of registered investment advisers are set forth in Rule 206(4)-6 of the Investment Advisers Act of 1940 (the "Act").

SIA is subject to the Employee Retirement Income Security Act of 1974 ("ERISA") fiduciary duty provisions with respect to voting proxies on securities held in employee benefit plan accounts governed by ERISA as set out in Department of Labor Bulletin 08-2.

Set forth below are SIA's procedures and policies on voting proxies for securities held in client accounts. These policies and procedures are adopted to ensure proxy matters are handled in accordance with the requirements of the above regulations.

**II.** **Proxy Voting Procedures** 

A. <u>Voting</u>. SIA will vote all proxies for all securities held in client accounts unless a client has instructed SIA in writing not to vote proxies on its behalf.

B. <u>Proxy Voting Services</u>. In order to efficiently vote each proxy consistent with the Proxy Voting Policies, SIA has entered into a Voting Agent Services (VAS) Agreement, with Institutional Shareholder Services ("ISS"), whereby ISS provides SIA with proxy analysis, vote execution, record keeping, and reporting services.

1. Consistent with the requirements of Rule 206(4)-7 under the Investment Advisers Act of 1940, as amended (the "Investment Advisers Act"), SIA shall at least annually review the adequacy of its these Proxy Voting Policies and Procedures established pursuant to such rule and the effectiveness of their implementation. Such review will include documentation of SIA's evaluation and oversight of the activities or functions performed by third-party vendors that are reasonably designed to achieve compliance with applicable securities laws and regulations. Such documentation will include the evaluation of services provided by ISS.

C. <u>Process</u>.

1. <u>Routine Proxy Proposals and Issues</u>. SIA personnel as identified on Exhibit A will review the proposals on each proxy. SIA shall determine if the proxy includes a routine or non-routine issue. Routine proxy issues that are addressed in the Voting Guidelines shall be voted by SIA personnel in accordance with the Voting Guidelines. Routine proxy issues not addressed in the Guidelines may be voted by SIA personnel in accordance with the ISS recommendation. However, these policies are guidelines and each vote may be cast differently than the stated policies by the Proxy Committee, taking into consideration all relevant facts and circumstances at the time of the vote.

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2. <u>Non-routine Proxy Proposals and Issues</u>. Proxy votes concerning issues that are not routine or otherwise not addressed in the Voting Guidelines will be reviewed by the Proxy Committee or its designate(s). The Proxy Committee or its designee(s) will review each non-routine issue on the proxy, determine SIA's vote and instruct SIA personnel how to vote the proxy.

3. <u>Vote Execution</u>. SIA shall use ISS's services and systems to execute the vote.

D. <u>Records</u> 

1. SIA will maintain a record of each proxy vote cast for each client account. SIA may rely on the records maintained by ISS and also on readily available public records. The records shall be maintained for five years and shall include:

a) proxy voting policies and procedures;

b) proxy statements received regarding client securities;

c) records of votes cast on behalf of clients;

d) records of written client requests for proxy voting information and written responses by SIA to any such written or oral client request, and;

e) any documents prepared by or on behalf of SIA that were material in making the decision on how to vote or that memorialized the basis for the decision.

E. <u>Client Direction</u> 

1. Clients may instruct SIA to vote proxies for their account according to the client's policies rather than SIA's. For example, a client may have guidelines which promote a special interest such as social, religious, or political issues. Under this circumstance, SIA will vote the proxy according to the instructions of the client, which may be inconsistent with SIA's Guidelines and the votes SIA casts on behalf other client accounts. SIA shall use ISS's services and systems to execute the vote.

F. <u>Abstain from Voting</u> 

1. SIA's policy is to vote rather than abstain from voting on issues presented unless the client's best interest requires abstention. Additionally, there may be instances where SIA is not able to vote proxies on a client's behalf, such as when ballot delivery instructions have not been processed by a client's custodian, ISS has not received a ballot for a client's account or under other circumstances beyond SIA's control.

G. <u>Investment Company Procedures</u> 

1. SIA serves at the investment manager for the Sit Mutual Funds, a family of open-end registered investment companies. Sit Mutual Funds have delegated the voting of portfolio security proxies held by the Sit Mutual Funds to SIA. SIA shall provide the Sit Mutual Funds board of directors with the following information upon request and at least annually:

a) A summary of SIA's review performed pursuant to the requirements of Rule 206(4)-7 under the Investment Advisers Act of 1940, as amended (the "Investment Advisers Act") regarding the adequacy and operation of the SIA's Proxy Voting Policies and Procedures; and

b) The report filed on Form N-PX containing the Sit Mutual Funds' proxy voting record for the most recent twelve-month period ended June 30.

**III.** **Proxy Committee.** 

A. The members of the Proxy Committee are identified on Exhibit A.

B. The Proxy Committee is responsible for the development and the implementation of SIA's Proxy Voting Policies and Procedures and shall oversee and manage the day-to-day operations of SIA proxy voting process.

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C. The Proxy Committee or its designee(s) shall have the following duties:

1. develop and oversee the implementation of SIA's Proxy Voting Policies and Procedures;

2. revise and update the Guidelines as necessary;

3. review proxy voting records; and

4. meet when necessary to discuss and make the final decision on how to vote non-routine issues not already covered in the Guidelines.

D. Guideline Development –Routine Matters

1. The Proxy Committee shall develop voting guidelines ("Guidelines") to be used by SIA personnel to vote routine matters in an efficient and consistent manner without consultation with the Proxy Committee. Votes cast using the Guidelines must be consistent with the Proxy Voting Policies and Procedures.

E. Non-routine Issues

1. The Proxy Committee or its designee(s) will review each non-routine issue on the proxy and determine SIA's vote. The Proxy Committee's decision shall be made in a manner consistent with the Proxy Voting Policies and Procedures. The Proxy Committee may consider information from many sources, including, for example, SIA analyst(s), management of the company, shareholder groups, and independent proxy research services, including for example ISS.

**IV.** **Conflicts of Interest** 

A. SIA may be required to vote on a proxy proposal which presents a material conflict of interest between SIA's interests (or the interests of an affiliated person of SIA) and those of a client. In the event the client is a registered investment company, the conflict may involve the fund or its principal underwriter, or an affiliated person of the fund or its principal underwriter.

B. The Proxy Committee shall take steps to ensure a decision to vote the proxy was based on the clients' best interest and was not the product of the material conflict. To resolve a material conflict of interest, The Proxy Committee may (but is not limited to):

1. base its vote on pre-determined guidelines or polices which requires little discretion of SIA personnel;

2. disclose the conflict to the client and obtain their consent prior to voting; in the case of a registered investment company, disclose the conflict to the board of directors and obtain its consent; or

3. base its vote on the analysis and recommendation of an independent third party such as ISS.

C. SIA will retain records of the steps taken to resolve a material conflict of interest.

**V.** **Proxy Voting Policy.** 

A. Principles.

1. <u>Generally</u>. SIA will fulfill its fiduciary obligation to vote proxies by voting as SIA determines to be in the best long-term economic interest of the clients, considering all relevant factors and without undue influence from individuals or groups who may have an economic interest in the outcome of a proxy vote. With respect to this proxy voting policy, in the case of a retirement plan client refers to the beneficiaries of the plan, and in the case of investment companies client refers to the shareholders.

B. Voting Guidelines

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1. <u>Auditors</u> 

**Auditor ratification** Generally **FOR** approval of auditors. However **AGAINST** ratification of auditors and/or **AGAINST** members of the audit committee if:

• An auditor has a financial interest in or association with the company, and is therefore not independent;

• There is reason to believe that the auditor has rendered an opinion that is neither accurate nor indicative of the company's financial position;

• A material weakness under Section 404 of the Sarbanes-Oxley Act rises to a level of serious concern, there are chronic internal control weaknesses, or there is an absence of effective control mechanisms;

• The auditor has issued an adverse opinion on the company's most recent financial statements;

• Pervasive evidence indicates that the committee entered into an inappropriate indemnification agreement with its auditor; or

• Non-audit fees are excessive in relation to audit-related fees without adequate explanation.

**Auditor indemnification and limitation of liability** Generally **AGAINST** auditor indemnification and limitation of liability that limits shareholders' ability to pursue legitimate legal recourse against the audit firm.

2. <u>Boards of Directors</u> 

#### Election of directors
In the U.S., generally **FOR** slates with a majority of independent directors. **FOR** slates with less than a majority of independent directors if the company has a shareholder (or group of shareholders) who controls the company by means of economic ownership, not super-voting control.

Outside the U.S., generally **FOR** slates that adhere to the minimum independence standard established by local corporate governance codes.

**AGAINST** individual directors in the following cases:

• Inside directors and affiliated outside directors who serve on the board's audit, compensation or nominating committees;

• Any director who missed more than 25 percent of scheduled board and committee meetings, absent extraordinary circumstances;

• Any director who sits on more than five public company boards; or

• Any director who is CEO of a publicly traded company and serves on more than two other public boards.

**AGAINST** members of the compensation committee in the following cases:

• Company re-prices underwater options for stock, cash or other consideration without prior shareholder approval; or

• Company has demonstrated poor compensation practices, taking into consideration performance results and other factors.

• Compensation committee members who approve excessive executive compensation or severance arrangements.

**AGAINST** the entire board, certain committee members or all continuing directors in the following cases:

• Directors failed to take appropriate action following a shareholder proposal that was approved by a majority of shareholders;

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• Directors adopted a poison pill within the past three years without shareholder approval, unless the board has committed to put it to a vote within the next 12 months;

• Directors approved egregious corporate governance actions or exhibit persistent failure to represent shareholders' interests, in the opinion of SIA; or

• A director (or directors) received less than 50 percent of votes cast in the prior year and did not subsequently resign.

**Require independent chair or Separate Chairman and CEO roles CASE-BY-CASE**, taking into consideration primarily the views of the portfolio manager as to whether the role of board chair should be a separate position. Secondary considerations include the role of the board's Lead Independent Director, if any, and the board's overall composition.

#### Majority voting
**FOR** non-binding proposals asking the Board to initiate the process to provide that director nominees be elected by the affirmative majority of votes cast at an annual meeting of shareholders. Resolutions should specify a carve-out for a plurality vote standard when there are more nominees than board seats.

3. <u>Proxy Contests</u> 

#### Proxy contests
CASE-BY-CASE, considering the long-term financial performance of the target company relative to its industry, management's track record, the qualifications of the shareholder's nominees, and other factors.

4. <u>Anti-takeover Provisions</u> 

Adopt or amend poison pill (management proposals)

Generally, AGAINST.

Amend/rescind poison pill (shareholder proposals)

**FOR**, unless the shareholders have already approved the pill, or the company commits to giving shareholders the right to approve it within 12 months.

5. <u>Corporate Governance Provisions</u> 

#### Annual vs. staggered board elections
**AGAINST** proposals to elect directors to staggered, multi-year terms.

**FOR** proposals to repeal staggered boards and elect all directors annually.

#### Shareholder ability to call special meetings
**AGAINST** management or shareholder proposals to restrict or prohibit shareholders' ability to call special meetings. Generally vote **FOR** management or shareholder proposals that provide shareholders with the ability to call special meetings taking into account the following factors:

• Shareholders' current right to call special meetings;

• Minimum ownership threshold necessary to call special meetings (10% preferred);

• The inclusion of exclusionary or prohibitive language;

• Investor ownership structure; and

• Shareholder support of, and management's response to, previous shareholder proposals.

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#### Shareholder ability to act by written consent
Generally, **AGAINST** proposals that would allow shareholder action by written consent unless the company does not offer shareholders the right to call special meetings.

#### Simple majority vs. supermajority provisions
**AGAINST** proposals to require a supermajority shareholder vote. Generally **FOR** proposals to adopt simple majority requirements for all items that require shareholder approval.

#### Confidential voting
**AGAINST** shareholder proposals that may inhibit a company's ability to communicate with its shareholders in conjunction with its annual meeting.

6. <u>Capital Structure</u> 

#### Dual-class equity
**AGAINST** proposals that authorize the issuance of shares that would create disproportionate voting rights. **FOR** proposals to implement a capital structure with one share, one vote.

#### Authorization of additional common stock

#### CASE-BY-CASE

#### Reverse stock split
Generally, **FOR** proposals where there is a proportionate reduction in the number of authorized shares.

#### Preferred stock
Generally, **FOR** proposals to create a class of preferred stock where the company specifies acceptable voting, dividend, conversion and other rights. **AGAINST** proposals to create a blank check preferred stock with unspecified voting, dividend, conversion and other rights.

#### Corporate reorganization and debt restructuring

#### CASE-BY-CASE
7. <u>Compensation</u> 

#### Director compensation
Generally **FOR** proposals to award cash fees to non-executive directors, unless fees are excessive.

Generally **FOR** director equity plans that are subject to reasonable stock ownership guidelines, have an appropriate vesting schedule, represent a prudent mix between cash and equity, provide adequate disclosure and do not include inappropriate benefits such as post-retirement payments or executive perks.

Equity compensation plans

Votes on equity plans are determined on **a CASE-BY-CASE** basis. **AGAINST** equity plans that have an unacceptable number of problematic elements, including:

• poor structural features such as evergreen provisions or the ability to reprice options;

• a high burn rate relative to the peer group;

• an unacceptable level of potential dilution relative to the company's size, industry and growth profile;

• an unusually high concentration of total awards to the named executive officer group;

• poor pay practices generally; or

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• an unduly heavy reliance on full-value awards.

#### Reprice or exchange option grants
Generally **AGAINST**, unless the value of the new options received under the exchange program is less than under the old plan, top officers and directors are excluded, and other shareholder-friendly conditions exist.

#### Employee Stock Purchase Plans (ESPPs)

#### FOR.

#### Advisory vote on compensation (management proposals)
"Say on Pay" votes are determined on a **CASE-BY-CASE** basis.

8. <u>Mergers and acquisitions</u> 

#### Mergers, acquisitions and corporate restructurings
**CASE-BY-CASE**.

#### Adjourn meeting or other business
**FOR**, where SIA is supportive of the underlying merger proposal and the adjournment proposal is narrow in scope. **AGAINST** vague or open-ended proposals, or any containing a mention of "other business."

9. <u>Environmental, Social and Corporate Governance (ESG) related matters</u> 

SIA manages portfolios with an investment strategy investing in companies that have strong ESG practices. SIA will vote proxies for the ESG strategies in a manner that is consistent with its ESG criteria. Generally, SIA will consider whether the ESG related matter may be material to a company's performance and how the proposal may enhance or protect shareholder value. SIA will focus on economic value through promotion of best ESG business practices. Issues covered under the policy include a wide range of topics, including consumer and product safety, environment and energy, labor standards and human rights, workplace and board diversity, and corporate political issues.

#### Shareholder proposals of an ESG nature
It is SIA's policy to analyze every shareholder proposal of an ESG nature on a **CASE-BY-CASE** basis. SIA utilizes research reports from ISS and other third parties, company filings and sustainability reports, and our internal research analysts.

Generally the analysis considers whether implementation of the proposal is likely to enhance or protect shareholder value, and in addition the following will also be considered:

• If the issues presented in the proposal are more appropriately or effectively dealt with through legislation or government regulation;

• If the company has already responded in an appropriate and sufficient manner to the issue(s) raised in the proposal;

• Whether the proposal's request is unduly burdensome (scope or timeframe) or overly prescriptive;

• The company's approach compared with any industry standard practices for addressing the issue(s) raised by the proposal;

• If the proposal requests increased disclosure or greater transparency, whether or not reasonable and sufficient information is currently available to shareholders from the company or from other publicly available sources; and

• If the proposal requests increased disclosure or greater transparency, whether or not implementation would reveal proprietary or confidential information that could place the company at a competitive disadvantage.

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10. <u>Closed-End Funds related matters</u> 

SIA manages portfolios utilizing an investment strategy that invests primarily in the common stock of closed-end registered investment companies ("Closed-End Funds"). SIA seeks to invest opportunistically by identifying Closed-End Funds with a share price SIA believes does not properly reflect the impact of a recent or anticipated corporate event or conditions in the overall securities markets that SIA believes will have a positive influence on the Closed-End Fund's share price. Corporate events include, for example, rights offerings, mergers, tender offers, liquidations and conversions to open-end funds.

It is SIA's policy to analyze every proxy of a Closed-End Fund corporate event on a **CASE-BY-CASE** basis. SIA utilizes research reports from ISS and other third parties, company filings, and internal research analysts. Generally, SIA will vote proxies in a manner that is consistent with the objective of improving a Closed-End Fund's share price, including, for example, adopting policies or practices that may tend to reduce or eliminate the discount at which the shares of a Closed-End Fund will trade in the future.

Proxy Voting Policies and Procedures

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#### Exhibit A

#### Proxy Committee Members

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| | |
|:---|:---|
| Domestic Equity: | International Equity: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Roger J. Sit | Roger J. Sit |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; David A. Brown | Raymond Sit |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kent L. Johnson |  |
| Closed-End Funds |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bryce A. Doty |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paul J. Jungquist |  |

---

#### SIA Personnel
The following personnel are members of all proxy committees. These personnel may be, but are not required to be, consulted on any proxy related matter and are not required to vote on any proxy committee matters.

Paul E. Rasmussen

The following personnel are authorized to vote proxies on behalf of SIA in a manner consistent with the Proxy Voting Policies and Procedures

Nancy A. Edwards

Mark D. Madden

5/20/2021

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#### CLEARWATER CORE EQUITY FUND

#### AQR CAPITAL MANAGEMENT, LLC

#### PROXY VOTING POLICY AND PROCEDURES

#### AS AMENDED: MARCH 2024

#### LAST REVIEWED: MARCH 2024
**I.** **STATEMENT OF POLICY** 

Proxy voting is an important right of shareholders and reasonable care and diligence must be undertaken to seek to ensure that such rights are properly and timely exercised. AQR Capital Management, LLC ("AQR")<sup>1</sup> manages a variety of products and AQR's proxy voting authority may vary depending on the type of product or specific client preferences. AQR retains full proxy voting discretion for accounts comprised of comingled client assets. However, AQR's proxy voting authority may vary for accounts that AQR manages on behalf of individual clients. These clients may retain full proxy voting authority for themselves, grant AQR full discretion to vote proxies on their behalf, or provide AQR with proxy voting authority along with specific instructions and/or custom proxy voting guidelines. Where AQR has been granted discretion to vote proxies on behalf of managed account clients this authority must be explicitly defined in the relevant Investment Management Agreement, or other document governing the relationship between AQR and the client.

AQR's authority to vote proxies for its Clients is not a material component of any of AQR's investments or strategies. AQR typically follows a systematic, research-driven approach, applying quantitative tools to process fundamental information and manage risk, significantly reducing the importance and usefulness of the proxies AQR receives and votes, or causes to be voted, on behalf of its Clients. In exercising its proxy voting authority,

AQR is mindful of the fact that the value of proxy voting to a client's investments may vary depending on the nature of an individual voting matter and the strategy in which a client is invested. Some proxy votes may have heightened importance for clients (e.g., mergers, acquisitions, spinoffs, etc.) for those clients invested in AQR strategies involving the purchase of securities around corporate events. These differences may result in varying levels of AQR engagement in proxy votes, but in all cases where AQR retains proxy voting authority, it will seek to vote proxies in the best interest of its clients and in accordance with this Proxy Voting Policy and Procedures (the "Policy").

AQR's Responsible Investment & Stewardship Committee is responsible for the implementation of this Policy, including the oversight and use of third-party proxy advisers, the manner in which AQR votes its proxies, and fulfilling AQR's obligation to vote proxies in the best interest of its clients.

**II.** **USE OF THIRD-PARTY PROXY ADVISORS** 

AQR has retained an independent third-party Proxy Advisory firm for a variety of services including, but not limited to, receiving proxy ballots, working with custodian banks, proxy voting research and recommendations, and executing votes. AQR may consider other Proxy Advisory firms as appropriate for proxy voting research and other services.

The AQR Stewardship Committee periodically assesses the performance of its Proxy Advisory firm(s).

**III.** **CONSIDERATIONS WHEN ASSESSING OR CONSIDERING A PROXY ADVISORY FIRM** 

When considering the engagement of a new, or the performance and retention of an existing, Proxy Advisory firm to provide research, voting recommendations, or other proxy voting related services, AQR will, as part of its assessment, consider:

• The capacity and competency of the Proxy Advisory firm to adequately analyze the matters up for a vote;

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• Whether the Proxy Advisory firm has an effective process for obtaining current and accurate information including from issuers and clients (e.g., engagement with issuers, efforts to correct deficiencies, disclosure about sources of information and methodologies, etc.);

• How the Proxy Advisory firm incorporates appropriate input in formulating its methodologies and construction of issuer peer groups, including unique characteristics regarding an issuer;

• Whether the Proxy Advisory firm has adequately disclosed its methodologies and application in formulating specific voting recommendations;

• The nature of third-party information sources used as a basis for voting recommendations;

• When and how the Proxy Advisory firm would expect to engage with issuers and other third parties;

• Whether the Proxy Advisory firm has established adequate policies and procedures on how it identifies and addresses conflicts of interests;

• Information regarding any errors, deficiencies, or weaknesses that may materially affect the Proxy Advisory firm's research or ultimate recommendation;

• Whether the Proxy Advisory firm appropriately and regularly updates methodologies, guidelines, and recommendations, including in response to feedback from issuers and their shareholders;

• Whether the Proxy Advisory firm adequately discloses any material business changes taking into account any potential conflicts of interests that may arise from such changes.

AQR also undertakes periodic sampling of proxy votes as part of its assessment of a Proxy Advisory firm and in order to reasonably determine that proxy votes are being cast on behalf of its clients consistent with this Policy.

**IV.** **POTENTIAL CONFLICTS OF INTEREST OF THE PROXY ADVISOR** 

AQR requires any Proxy Advisory firm it engages with to identify and provide information regarding any material business changes or conflicts of interest on an ongoing basis. Where a conflict of interest may exist, AQR requires information on how said conflict is being addressed. If AQR determines that a material conflict of interest exists and is not sufficiently mitigated, AQR's Responsible Investment & Stewardship Committee will determine whether the conflict has an impact on the Proxy Advisory firm's voting recommendations, research, or other services and determine if any action should be taken.

**V.** **VOTING PROCEDURES AND APPROACH** 

In relation to stocks held in AQR funds and managed accounts where AQR has proxy voting discretion, AQR will, as a general rule, seek to vote in accordance with this Policy and the applicable guidelines AQR has developed to govern voting recommendations ("AQR Voting Guidelines"). In instances where a client has provided AQR with specific instructions and/or custom proxy voting guidelines, AQR will seek to vote proxies in line with such instructions or custom guidelines. Otherwise, AQR will seek to vote in accordance with voting recommendations of the Proxy Advisory firm's applicable Benchmark Guidelines<sup>2</sup> in managed accounts and AQR mutual funds. For other AQR-sponsored commingled funds, AQR takes a sustainable approach to proxy voting and has adopted the Proxy Advisory firm's applicable Sustainable Guidelines<sup>3</sup>. In certain commingled funds, investors may choose Voting Guidelines that do not take a sustainable approach to proxy voting [i.e., Benchmark Guidelines].

<sup>1</sup> The term "AQR" includes AQR Capital Management, LLC and AQR Arbitrage, LLC and their respective investment advisory affiliates.

<sup>2</sup> Benchmark Guidelines are offered by Institutional Shareholder Services Inc. and are available at https://www.issgovernance.com/policy-gateway/voting-policies/.

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<sup>3</sup> Sustainable Guidelines are offered by Institutional Shareholder Services Inc. and are available at https://www.issgovernance.com/policy-gateway/voting-policies.

AQR may refrain from voting in certain situations unless otherwise agreed to with a client. These situations include, but are not limited to, when:

1. AQR has agreed with the client in advance of the vote not to vote in certain situations or on specific issues in a managed account;

2. Voting would cause an undue burden to AQR (e.g., votes occurring in jurisdictions with beneficial ownership disclosure, share blocking, and/or Power of Attorney requirements);

3. The cost of voting a proxy outweighs the benefit of voting;

4. AQR has insufficient information or time to process and submit a vote or other related logistical or administrative issues;

5. AQR has an outstanding sell order or intends to sell the applicable security prior to the voting date; or

6. There are restrictions on trading resulting from the exercise of a proxy;

AQR generally does not notify clients of non-voted proxy ballots.

Some of AQR's strategies primarily focus on portfolio management and research related to macro trading strategies which are implemented through the use of derivatives. These strategies typically do not hold equity securities with voting rights, but may, in certain circumstances, hold an exchange traded fund ("ETF") for the purposes of managing market exposure. For AQR funds and managed accounts that only have exposure to equities via an ETF, AQR will generally not vote proxies.

**VI.** **ISSUER SPECIFIC BALLOT EVALUATIONS** 

AQR may review individual ballots (for example, in relation to specific corporate events such as mergers or acquisitions) using a more detailed analysis than is generally applied through the AQR Voting Guidelines. This analysis may, but does not always, result in a deviation from the voting recommendation assigned to a given AQR fund or managed account. When determining whether to conduct an issuer-specific analysis, AQR will consider the potential effect of the vote on the value of the investment. To the extent that issuer-specific analysis results in a deviation from the recommendation, AQR will be required to vote proxies in a way that, in AQR's reasonable judgment, is in the best interest of AQR's clients.

Unless prior approval is obtained from the Chief Compliance Officer, or designee, or Responsible Investment & Stewardship Committee, the following principles will generally be adhered to when deviating from the voting recommendation:

1. AQR will not engage in conduct that involves an attempt to change or influence the control of a public company. In addition, all communications regarding proxy issues or corporate actions between companies or their agents, or with fellow shareholders, shall be for the sole purpose of expressing and addressing AQR's concerns consistent with the best interests of its clients;

2. AQR will not announce its voting intentions and the reasons therefore; and

3. AQR will not initiate a proxy solicitation or otherwise seek proxy-voting authority from any other public company shareholder.

**VII.** **POTENTIAL CONFLICTS OF INTEREST OF THE ADVISER** 

AQR mitigates potential conflicts of interest by generally voting in accordance with the AQR Voting Guidelines and/or specific voting guidelines provided by clients. However, from time to time, AQR may determine to vote contrary to AQR Voting Guidelines with respect to AQR funds or accounts for which AQR has voting discretion, which itself could give rise to potential conflicts of interest.

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If AQR intends to directly vote a proxy in a manner that is inconsistent with the AQR Voting Guidelines, the Compliance Department will examine any potential conflicts of interest. This examination includes, but is not limited to, a review of any material economic interest, including outside business activities, of AQR's employees with the issuer of the security in question.

If the Compliance Department determines a potential material conflict of interest exists, it may instruct AQR and the Responsible Investment & Stewardship Committee to not deviate from the AQR Voting Guidelines.

**VIII.** **BALLOT MATERIALS AND PROCESSING** 

The Proxy Advisory firm is responsible for coordinating with AQR's clients' custodians to seek to ensure that proxy materials received by custodians relating to a client's securities are processed in a timely fashion. Proxies relating to securities held in client accounts will typically be sent directly to the Proxy Advisory firm. In the event that proxy materials are sent to AQR directly instead of the Proxy Advisory firm, AQR will use reasonable efforts to coordinate with the Proxy Advisory firm for processing.

**IX.** **DISCLOSURE** 

Upon request, AQR will provide clients with a copy of this Policy and how the relevant client's proxies have been voted. In relation to the latter, AQR will prepare a written response that lists, with respect to each voted proxy:

1. The name of the issuer;

2. The proposal voted upon; and

3. The election made for the proposal.

Clients may contact AQR's Client Administration team by calling 203-742-3700 or via e-mail at Client.Admin@aqr.com to obtain a record of how proxies were voted for their account.

**X.** **PROXY REPORTING** 

On an annual basis, each of AQR Capital Management, LLC and AQR Arbitrage, LLC will provide, or cause the Proxy Advisory firm to provide, any and all reports and information necessary for the preparation and filing of Form N-PX with the U.S. Securities and Exchange Commission ("SEC") reporting all relevant voted proxies relating to executive compensation (or "say-on-pay") matters. In addition, on an annual basis, the AQR Funds will provide, or cause the Proxy Advisory firm to provide, to the AQR Funds' administrator or other designee on a timely basis, any and all reports and information necessary to prepare and file Form N-PX with the SEC reporting all voted proxies.<sup>4</sup>

**XI.** **PROXY RECORDKEEPING** 

AQR and its Proxy Advisory firm (where applicable) will maintain the following records with respect to this Policy for a period of no less than five (5) years as required by SEC Rule 204-2 under the Investment Advisers Act of 1940:

1. A copy of the Policy, and any amendments thereto; and

2. A copy of any document that was material to making a decision how to vote proxies, or that memorializes that decision.

**XII.** **REVIEW OF POLICY AND PROCEDURES** 

As a general principle, the Stewardship Committee, with the involvement from the Compliance Department, reviews, on an annual basis, the adequacy of this Policy to reasonably ensure it has been implemented effectively, including whether it continues to be reasonably designed to ensure that AQR's approach to voting proxies is in the best interests of its clients.

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<sup>4</sup> Form N-PX is required to contain an AQR Fund's complete proxy voting record for the most recent 12-month period ended June 30 and must be filed no later than August 31 of each year.

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#### RICE HALL JAMES & ASSOCIATES, LLC

#### PROXY VOTING POLICY

#### Amended July 2025

#### In General
Rule 206(4)-6 of the Advisers Act (the "Rule") requires investment advisers to adopt and implement written policies and procedures reasonably designed to ensure that proxies voted for on behalf of its clients are in the clients' best interest. The Rule further requires advisers to disclose in Part 2 of Form ADV; a concise summary of the adviser's proxy voting process; an offer to provide a copy of the adviser's complete proxy voting policy and procedure to clients upon request; and disclosure regarding how clients may obtain the proxy voting records.

RHJ has adopted proxy voting policies and procedures and utilizes a third-party proxy voting service to administer, research, recommend, and record votes for client proxies. Under RHJ's standard investment advisory contract, RHJ will vote all shares held on behalf of its clients, unless any such client indicates intent to retain voting responsibility or designates an alternate responsible party. Additionally, RHJ is responsible for voting proxies on behalf of the RHJ Mutual Fund.

**Policy**

RHJ's general policy is to vote proxies on behalf of its clients, including the RHJ Mutual Fund and sub-advised fund. However, RHJ may choose not to vote proxies in certain situations or for certain accounts, such as: 1) when a client has informed RHJ it wishes to retain the right to vote proxies; in which case, RHJ shall instruct the custodian to send the proxy material directly to the client; 2) when RHJ determines the voting cost exceeds any anticipated benefit to the client; 3) when a proxy is received for a terminated client account; 4) when a proxy is received for a security RHJ no longer manages (i.e., had previously sold the entire position); and/or 5) when exercising the voting rights could restrict the Portfolio Manager's ability to freely trade the security in question.

A summary of RHJ's policies and procedures on proxy voting is disclosed in Form ADV Part 2A, along with an offer to provide a copy of these policies and procedures to clients upon request.

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| | |
|:---|:---|
| **Proxy** | **Voting**  |

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<u>Proxy Voting Guidelines and Responsibility</u> 

The fundamental proxy voting guideline RHJ follows is to reasonably ensure the manner in which shares are voted is in the client's best interest and considers the investment value. RHJ utilizes Glass, Lewis & Co**.** (GL) Proxy Voting Services for proxy voting administration and research. RHJ has adopted the Glass Lewis proxy voting guidelines but may override GL recommendations when RHJ believes it is in a client's best interest.

<u>Material Conflicts of Interest</u> 

RHJ and/or GL could be subject to conflicts of interest when voting RHJ client proxies due to business or personal relationships with persons who the vote could impact. For example, RHJ, GL or one or more of either party's affiliates may provide services to or be an affiliate of a company whose management is soliciting proxies.

If at any time, RHJ, GL or either party's employees become aware of a potential or actual conflict of interest relating to a proposed proxy vote, the actual or apparent conflict must be promptly reported to RHJ's CCO. The manner in which the conflict of interest is remedied is dependent upon the conflict type and material impact. For example:

1. If the written voting guidelines state the voting position as either "for" or "against" such a proposal, then voting will be in accordance with the pre-determined guidelines.

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2. If the written voting guidelines state the voting position will be determined on a "case by case" basis for such a proposal, or such a proposal is not listed in the proxy voting guidelines, then the CCO will select one of the two following methods depending upon the facts and circumstances of each situation, and the requirements of applicable law:

(i) The proxy vote will be determined by the party with no conflict of interest. In other words, if GL has a conflict, then RHJ will make the voting determination and vice versa; or

(ii) The proxy vote will be pursuant to client direction.

<u>Overview of Proxy Voting Procedures</u> 

When a client elects RHJ to vote proxies for the account managed by RHJ, the client's custodian is notified to forward proxy materials to Glass Lewis. RHJ provides GL with account and custodian information for reconciliation purposes.

As voting agent, Glass Lewis will:

1. Receive all materials directly from Broadridge or the custodian

2. Open proxy mail and log proxies

3. Reconcile ballots and, as necessary, contact custodians for missing ballots

4. Distribute research with suggested vote recommendations

5. Mark, copy and mail proxy cards

6. Maintain records of all votes cast

7. Provide customized written reports and voting records upon request

8. Notify RHJ's CCO immediately if any conflicts of interest arise due to a pending vote

9. Handle conflicts of interest in accordance with RHJ procedures

In addition, RHJ's proxy voting coordinator will notify the Portfolio Manager of all level 1 (i.e. mergers, large acquisitions and transactions resulting in over 50% ownership) and contested proxies for their review. RHJ's proxy voting coordinator will ensure that the rationale for a proxy voted contrary to the GL proxy voting guidelines is documented and maintained as part of the firm's books and records.

Any Report Feedback Statements from the issuer will be forwarded to the Portfolio Manager for her/his review. Similar to level 1/contested proxies, these will be logged and if necessary, the vote will be updated in the Glass Lewis platform, Viewpoint.

Proxy votes that have been updated on the Glass Lewis platform (i.e., votes different from the Glass Lewis recommendation) are reviewed by the Director of Operations or designee for accuracy.

After each calendar year-end, Glass Lewis (GL) updates their guidelines which are then reviewed by the Director of Operations, Chief Investment Officers, Chief Compliance Officer, and President.

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<u>Obtaining Proxy Voting Records</u> 

A client may request proxy voting records or a copy of the GL Proxy Voting Guidelines by emailing RHJ at info@ricehall.com or by submitting a written request to:

RHJ Proxy Voting Info

600 West Broadway, Suite 1000

San Diego, CA 92101

<u>Due Diligence</u> 

The CCO or designee performs periodic due diligence reviews of GL, at least annually, to ensure GL receives and votes required RHJ's clients' proxies in accordance with written policies and procedures as well as maintains all required proxy voting records on behalf of RHJ.

<u>Proxy Voting Records</u> 

RHJ will maintain the following records in accordance with these policies and procedures:

1. A copy of proxy voting policies and procedures

2. A copy of each proxy statement RHJ receives regarding client's securities

3. A record of each vote cast by RHJ on behalf of a client

5. A copy of each written client request for information regarding decisions made on behalf of the requesting client, and a copy of RHJ's response to any (written or oral) client request for information.

The foregoing records will be retained for such period of time as is required to comply with applicable laws and regulations, but no less than 7 years from the end of the fiscal year in which the record was created. RHJ relies on one, or more, third party to create and retain the records referred to in items 2 and 3 above.

<u>Reporting and Disclosures</u> 

A copy of these policies and procedures will be provided to the RHJ Mutual Fund's CCO and the designated personnel of the sub-advised fund any time upon request and upon amendment. In addition, information on each proxy voted for the RHJ Mutual Fund and the sub-advised funds will be provided annually to the RHJ Mutual Fund's CCO or designee and the sub-advised fund's designated personnel for purposes of completing and filing Form N-PX.

As outlined in RHJ policies and procedures titled "*Maintenance and Dissemination of Disclosure Documents and SEC Required Filings"* Beginning in 2024, RHJ is required to complete and file a Form N-PX annually to report information on "say-on-pay" votes made by RHJ on behalf of its clients.

The Director of Operations is responsible for ensuring that the initial and annual Form N-PX reports are completed and within the required filing deadline.

#### Class Action Filings
A securities "class action" lawsuit is a civil suit brought by one or more individuals on behalf of him/herself and others who have the same grievance against the issuer of a certain security. Under RHJ's standard investment advisory agreement, RHJ is responsible for filing class action claims on behalf of the client unless the client, in writing, retains such responsibility or allocates such responsibility to another party.

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<u>Overview of Class Action Filing Procedures</u> 

RHJ also utilizes the third party vendor GL to provide research, monitoring and filing services pertaining to class action claims for securities held in clients' accounts.

Generally, GL will provide the following services:

1. Perform ongoing review of RHJ client transaction data as provided by RHJ;

2. Identify past security ownership and eligibility to participate in an ongoing class action litigation;

3. Prepare and file security class action claim forms and supporting documentation;

4. Collect and disburse all monies recovered on behalf of RHJ clients in connection with settlements or judgments resulting from class action litigation;

5. Provide ongoing follow up support to RHJ, including reporting on the status of previously filed claims; and

6. Maintain, on behalf of RHJ, all records for each claim filed for a minimum of six (6) years from the filing date of each claim.

Semi-annually, the Operations Department will deliver, in electronic format, all transaction data from the immediately preceding six months on behalf of clients that have not retained the responsibility of filing class action claims, including the RHJ Mutual Fund and sub-advised fund. Such data shall include, but may not be limited to the following:

• Security symbol or CUSIP number

• Trade date

• Quantity of shares

• Execution price

• Currency the trade was conducted in

• Commission paid

• Name of the client

• Account number

<u>Due Diligence</u> 

The CCO or designee will perform periodic due diligence reviews of GL, at least annually to ensure GL is performing all the services listed above in accordance with the written agreement between RHJ and GL

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#### MacKay Shields

#### Proxy Voting Policies and Procedures

#### February 2026
**1.**  **<u>Introduction</u>** 

MacKay Shields<sup>1</sup> ("MacKay" or the "Firm") has adopted these "Proxy Voting Policy and Procedures" (the "Policy") to ensure the Firm's compliance with Rule 206(4)-6 under the Investment Advisers Act of 1940, as amended (the "Advisers Act") and other applicable fiduciary obligations. The Policy applies to proxies relating to securities held by clients of MacKay Shields who have delegated the responsibility of voting proxies to the Firm. The Policy is designed to assist Firm employees in meeting their specific responsibilities in this area and to reasonably ensure that proxies are voted in the best interests of the Firm's clients.

**2.**  **<u>Statement of Policy</u>** 

**2.1** It is the policy of MacKay Shields that where the Firm has voting authority, all proxies are to be voted in the best interest of the client without regard to the interests of MacKay Shields or other related parties. Specifically, MacKay Shields shall not subordinate the interests of clients to unrelated objectives, including MacKay Shields' interests. MacKay Shields shall act with care, skill, prudence and diligence under the circumstances then prevailing that a prudent person acting in a like capacity and familiar with such matters would use in the conduct of an enterprise of a like character and with like aims. For purposes of the Policy, the "best interests of clients" shall mean, unless otherwise specified by the client, the clients' best economic interests over the long term as determined by MacKay Shields – that is, the common interest that all MacKay Shields clients share in seeing the value of a common investment increase over time. It is further the policy of the Firm that complete and accurate disclosure concerning its proxy voting policies and procedures and proxy voting records as required by the Advisers Act, be made available to its clients.

**2.2** When proxies with respect to securities held by clients of MacKay Shields have not been received by MacKay Shields or its proxy voting service provider, MacKay Shields will make reasonable efforts to obtain missing proxies. MacKay Shields is not responsible for voting proxies it or its proxy voting service provider does not receive.

**2.3** MacKay Shields may choose not to vote proxies when it believes that it is appropriate. This may occur, without limitation, under the following circumstances:

• If the effect on the client's economic interests or the value of the portfolio holding is indeterminable or insignificant;

• If the cost of voting the proxy outweighs the possible benefit to the client; or

• If a jurisdiction imposes share blocking restrictions which prevent the Firm from trading shares.

**3.**  **<u>Use of Third Party Proxy Voting Service Provider</u>** 

To discharge its responsibility, MacKay Shields has examined third-party services that assist in the researching and voting of proxies and the development of voting guidelines. After such review, the Firm has selected Institutional Shareholder Services, Inc., ("ISS"), to research voting proposals, analyze the financial implications of voting proposals and vote proxies. MacKay Shields utilizes the research and analytical services, operational implementation, administration, record-keeping and reporting services provided by ISS.

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**4.**  **<u>Proxy Voting Guidelines</u>** 

**4.1** To the extent that a client has authorized Mackay Shields to vote proxies on its behalf, and except as set forth Sections 6 & 7 of this Policy or at otherwise directed by a client in writing, MacKay has determined to adopt the following proxy voting guidelines:

**4.1.a** Proxies for non-union clients will generally be voted in accordance with the voting recommendations contained in the applicable ISS non-union domestic or global proxy voting guidelines, as in effect from time to time ("Non-Union Guidelines"). Refer to Exhibit A for the current U.S. Summary Proxy Voting Guidelines.

**4.1.b** Proxies for union or Taft-Hartley clients will generally be voted in accordance with the voting recommendations contained in the applicable ISS Taft-Hartley domestic or international proxy voting guidelines, as in effect from time to time ("Union Guidelines"). A summary of the current Taft-Hartley U.S. Voting Guidelines and Taft-Hartley International Voting Guidelines are attached as Exhibit B.

**4.1.c** Notwithstanding Section 4.1.a of this Policy, proxies for non-union clients whose investment strategy directs MacKay Shields to invest primarily in assets that satisfy Environmental, Social and Governance ("ESG") criteria, as determined by MacKay Shields, in its discretion, will be voted in accordance with the voting recommendations contained in the applicable ISS Sustainability U.S. or International proxy voting guidelines, as in effect from time to time ("Sustainability Guidelines"). Refer to Exhibit C for the current U.S. and International Sustainability Proxy Voting Guidelines.

**4.2** For purposes of the Policy, the Non-Union Guidelines, Union Guidelines, and Sustainability Guidelines are collectively referred to as the "Standard Guidelines."

**4.3** A client may choose to use proxy voting guidelines different from the Standard Guidelines ("Custom Guidelines"). Any Custom Guidelines must be furnished by the client to MacKay Shields in writing and MacKay Shields will general vote proxies for any such client in accordance with the applicable Custom Guidelines.

**4.4** In the event the Standard Guidelines or any client's Custom Guidelines do not address how a proxy should be voted or state that the vote is to be determined on a "case- by-case" basis, the proxy will be voted in accordance with ISS recommendations, subject to Section 6. In the event that ISS has not made a recommendation, MacKay Shields will follow the procedure set forth in Section 7.

**4.5** For clients using the Standard Guidelines, the Firm will instruct ISS to cast votes in accordance with the Standard Guidelines. For clients using Custom Guidelines, the Firm will provide ISS with a copy of such Custom Guidelines and will instruct ISS to cast votes in accordance with such Custom Guidelines. ISS will cast votes in accordance with the Standard Guidelines or Custom Guidelines, as the case may be, unless instructed otherwise by MacKay Shields as set forth in Sections 6 and 7. Upon receipt of a specific request from a client pursuant to Section 4.6, the Firm will instruct ISS to cast such client's proxy in accordance with such request.

**4.6** Notwithstanding the foregoing, MacKay Shields will vote a proxy with respect to a particular security held by a client in accordance with such client's specific request even if it is in a manner inconsistent with the Standard Guidelines or the client's Custom Guidelines, as the case may be. Any such specific requests must be furnished to MacKay Shields by the client in writing and must be received by MacKay on a timely basis for instructing ISS how to cast the vote.

**4.7** In an effort to avoid possible conflicts of interest, MacKay Shields has determined to generally vote proxies based on the Standard Guidelines or a client's Custom Guidelines, as the case may be. For the avoidance of doubt, however, it is recognized that the Firm's portfolio management teams have the ultimate responsibility determining how to vote proxies in the best interest of a client voting.

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**5.**  **<u>Client Account Set-up and Review</u>** 

**5.1** Initially, MacKay Shields must verify whether the client has duly authorized MacKay Shields to vote proxies on its behalf, or if the client has retained the responsibility of voting proxies. The Marketing and Client Services departments, in conjunction with the Legal and/or Compliance Department, will have primary responsibility for making that determination. MacKay's Compliance Department will be responsible for ensuring that a record of each client's proxy voting status and, to the extent applicable, the type of proxy voting guidelines in maintained. In its sole discretion, the Firm may decline to accept authority to vote a client's proxies. Any such refusal shall be in writing.

**5.2** In most cases, the delegation of voting authority to MacKay Shields, and the Firm's use of a third-party proxy voting service provider shall be memorialized in the client's investment management agreement.

**5.3** MacKay Shields shall notify ISS of new client accounts using such form as ISS shall specify from time to time. Designated personnel within the Firm will be responsible for ensuring that each new client's account for which the Firm has proxy voting authority is established on the appropriate systems and that each such account is properly coded for voting under the appropriate Non-Union Guidelines, Union Guidelines or Custom Guidelines, as the case may be.

**6.**  **<u>Overriding Guidelines</u>** 

A portfolio manager may propose that a particular proxy vote be cast in a manner different from the Standard Guidelines or an ISS voting recommendation, or may propose an abstention from voting, if they believe that to do so, based on all facts and circumstances, is in the best interest of the Firm's clients as a whole. Any portfolio manager who proposes to override the Standard Guidelines or an ISS voting recommendation on a particular vote or to abstain from voting must complete a Proxy Vote Override/Decision Form, which is set forth in Schedule D.

**7.**  **<u>Referral of Voting Decision by ISS to MacKay Shields</u>** 

**7.1** In the event that the Standard Guidelines or a client's Custom Guidelines do not address how a proxy should be voted on a specific proposal for an issuer and ISS has not made a recommendation as to how such proxy should be voted, ISS will so advise MacKay Shields. In that event, the Legal and/or Compliance Departments will request that the appropriate portfolio manager makes a voting recommendation and complete a Proxy Vote Override/Decision Form.

**7.2** In the event that the Standard Guidelines or a client's Custom Guidelines require a "case-by-case" determination on a particular proxy vote and ISS has not made a recommendation as to how such proxy should be voted, ISS will so advise MacKay Shields. In that event, the Legal and/or Compliance Departments will request that the appropriate portfolio manager make a voting recommendation and complete a Proxy Vote Override/Decision Form.

**7.3** In the event that ISS determines that a conflict of interest exists as a result of which ISS is precluded from making a recommendation as to how a proxy should be voted on a specific proposal for an issuer, ISS will so advise MacKay Shields. In that event, the Legal and/or Compliance Departments will request that the appropriate portfolio manager make a voting recommendation and complete a Proxy Vote Override/Decision Form.

**8.**  **<u>Conflicts of Interest</u>** 

**8.1** The Firm's portfolio managers may make proxy voting decisions in connection with (i) overriding the Standard Guidelines or an ISS voting recommendation pursuant to Section 6, or (ii) deciding on a vote pursuant to Section 7. In such event, the portfolio managers have an affirmative duty to disclose to the Legal and/or Compliance Departments any potential conflict of interest known to them that exists between the Firm and the client on whose behalf the proxy is to be voted ("Conflict").

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**8.2**. By way of example, Conflicts may exist in situations where the Firm is called to vote on a proxy involving an issuer or proponent of a proxy proposal regarding the issuer where MacKay Shields or an affiliated person of the Firm also:

• Manages the issuer's or proponent's pension plan;

• Administers the issuer's or proponent's employee benefit plan;

• Provided brokerage, underwriting, insurance or banking services to the issuer or proponent; or

• Manages money for an employee group.

Additional Conflicts may exist, among others, if an executive of the Firm or its control affiliates is a close relative of, or has a personal or business relationship with:

• An executive of the issuer or proponent;

• A director of the issuer or proponent;

• A person who is a candidate to be a director of the issuer;

• A participant in the proxy contest; or

• A proponent of a proxy proposal.

**8.3** Whether a relationship creates a Conflict will depend on the facts and circumstances. Even if these parties do not attempt to influence the Firm with respect to voting, the value of the relationship to MacKay Shields or an affiliate can create a Conflict.

**8.4** After a Proxy Vote Override/Decision Form is completed pursuant to Sections 6 or 7, such Form, which elicits information as to whether a potential Conflict exists, must be submitted to the Legal and/or Compliance Departments for review. If the Firm's General Counsel ("GC"), Chief Compliance Officer ("CCO") or their designee determines that there is no potential Conflict, the GC, CCO or their designee, may instruct ISS to vote the proxy issue as set forth in the completed Form.

**8.5** If the GC, CCO or their designee determines that there exists or may exist a Conflict, he or she will refer the issue to the Compliance Committee for consideration by convening (in person or via telephone) an emergency meeting of the Compliance Committee. For purposes of this Policy, a majority vote of those members present shall resolve any Conflict. The Compliance Committee will consider the facts and circumstances of the pending proxy vote and the potential or actual Conflict and make a determination as to how to vote the proxy – i.e., whether to permit or deny the recommendation of the portfolio manager, or whether to take other action, such as delegating the proxy vote to an independent third party or obtaining voting instructions from clients.

**8.6** In considering the proxy vote and potential Conflict, the Compliance Committee may review the following factors, including but not limited to:

• The percentage of outstanding securities of the issuer held on behalf of clients by the Firm.

• The nature of the relationship of the issuer or proponent with the Firm, its affiliates or its executive officers.

• Whether there has been any attempt to directly or indirectly influence the portfolio manager's decision.

• Whether the direction (for or against) of the proposed vote would appear to benefit the Firm or a related party.

• Whether an objective decision to vote in a certain way will still create a strong appearance of a Conflict.

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MacKay Shields may not abstain from voting any such proxy for the purpose of avoiding Conflict.

**9.**  **<u>Securities Lending</u>** 

If MacKay Shields portfolio managers or their designees become aware of an upcoming shareholder meeting where there is an important vote to be taken, or become aware of a request for consent of security holders on a material matter affecting the investment, MacKay Shields will consider whether to request that clients call back securities loans, if applicable. In determining whether to request that clients call back securities loans, the relevant portfolio manager(s) shall consider whether the benefit to the client in voting the matter or giving or withholding consent outweighs the benefit to the client in keeping the security on loan. There may be instances when MacKay Shields may not be aware of the upcoming shareholder meeting or request for consent with sufficient time in advance to make such a request, or when MacKay Shields' request that a client call back a securities loan in sufficient time to vote or give or withhold consent may not be successful.

**10.**  **<u>Reporting</u>** 

Upon request, MacKay Shields shall report annually (or more frequently if specifically requested) to its clients on proxy votes cast on their behalf. MacKay Shields will provide any client who makes a written or verbal request with a copy of a report disclosing how MacKay Shields voted securities held in that client's portfolio. The report will generally contain the following information:

• The name of the issuer of the security;

• The security's exchange ticker symbol;

• The security's CUSIP number;

• The shareholder meeting date;

• A brief identification of the matter voted on;

• Whether the matter was proposed by the issuer or by a security holder;

• Whether MacKay Shields cast its vote on the matter on behalf of the client;

• How MacKay Shields voted on behalf of the client; and

• Whether MacKay Shields voted for or against management on behalf of the client.

**11.**  **<u>Record-Keeping</u>** 

All reports and records shall be kept in accordance with these Procedures, the Firm's Maintenance and Retention of Books and Records Policy, the Investment Advisers Act of 1940, and other applicable regulations.

**12.**  **<u>Review of Voting and Guidelines</u>** 

As part of its periodic reviews, MacKay Shields' Compliance Department will conduct an annual review of the prior year's proxy voting as well as the guidelines established for proxy voting. Documentation shall be maintained of this review and a report setting forth the results of the review will be presented annually to the Compliance Committee. In addition, MacKay Shields' Compliance Department maintains a list of non-voting accounts.

**13.**  **<u>How to Request Information On How the Firm Voted Proxies</u>** 

Clients may, at anytime, request and receive information from MacKay Shields as to how the Firm voted proxies for securities held in their account. Any such proxy information request should be in writing to:

MacKay Shields LLC

<u>clientservicerepresentatives@mackayshields.com</u>

(CC:<u>compliance-db@mackayshields.com</u><u>)</u>

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299 Park Avenue, 32<sup>nd</sup> Floor

New York, NY 10171

Attention: Head of Client Services

**<u>Exhibits</u>:**

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| | |
|:---|:---|
| **Exhibits:** |  |
| Exhibit A - | U.S. Summary Proxy Voting Guidelines (Standard Guidelines for non-union clients). |
| Exhibit B (Part I and II) - | U.S. Taft-Hartley Proxy Voting Guidelines and International Taft-Hartley Proxy Voting Guidelines (Standard Guidelines for union clients (Taft-Hartley) (US and International)) |
| Exhibit C (Part I and II) - | U.S. Sustainability Proxy Voting Guidelines and International Sustainability Proxy Voting Guidelines (Standard Guidelines for ESG investment objective mandates) |

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Schedule D- Proxy Vote Override/Decision Form

\* Access to the ISS Voting Guidelines mentioned above and other ISS Voting Guidelines are available at <u>https://www.issgovernance.com/policy-gateway/voting-policies/</u>

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#### Acadian Asset Management LLC

#### Proxy Voting

#### Policy
This Proxy Voting Policy ("Policy") sets forth the principles and procedures by which the Firm exercises voting authority on behalf of clients for securities held in their accounts. The Firm has a fiduciary duty to vote proxies in the best interests of its clients and to adopt and implement written policies reasonably designed to ensure that such votes are cast in a manner consistent with those interests.

This Policy applies to all client accounts for which the Firm has been delegated proxy voting authority pursuant to an advisory agreement or other governing document. We have voting responsibility for all Acadian branded private funds.

**A.** **Client Specific Guidelines** 

Where clients provide individualized proxy voting policies or instructions, Acadian will vote proxies in accordance with those requirements, unless the Firm determines it is unable to do so (in which case the client will be notified).

Acadian is not involved in the voting process for Clients which do not delegate control of proxy voting to Acadian, with the exception of those Clients with whom Acadian has agreed to provide proxy guidance on an ad hoc basis.

**B.** **Use of Third Party Proxy Advisor Services** 

Acadian utilizes the services of Institutional Shareholder Services ("ISS"), an unaffiliated proxy firm, to help manage the proxy voting process and to research and vote proxies. Acadian will adopt the appropriate ISS voting policies for use when contractually directed by the client to votes proxies on their behalf in accordance with our proxy voting policy. We review the ISS policies at least annually and believe that they are reasonably designed to ensure that we vote proxies in the best interest of clients and that our voting decisions are insulated from any potential material conflicts of interest.

Should a client contractually direct Acadian to vote proxies on their behalf in accordance with Client specific voting policies and procedures, we will still utilize the services of ISS to cast the votes in accordance with the client's instructions.

When voting proxies on behalf of our clients, Acadian assumes a fiduciary responsibility to vote in our clients' best interests. In addition, with respect to benefit plans under the Employee Retirement Income Securities Act (ERISA), Acadian acknowledges its responsibility as a fiduciary to vote proxies prudently and solely in the best interest of plan participants and beneficiaries. So that it may fulfill these fiduciary responsibilities to clients, Acadian has adopted and implemented these written policies and procedures reasonably designed to ensure that it votes proxies in the best interest of clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Procedures

*Proxy Voting Guidelines* 

Acadian acknowledges it has a duty of care to its clients that requires it to monitor corporate events and vote client proxies when instructed by the client to do so. To assist in this effort, Acadian has retained ISS to research and vote its proxies. ISS provides proxy-voting analysis and votes proxies in accordance with predetermined guidelines. Relying on ISS to vote proxies is intended to help ensure that Acadian votes in the best interest of its clients and insulates Acadian's voting decisions from any potential material conflicts of interest. Acadian will also accept specific written proxy voting instructions from a client and communicate those instructions to ISS to implement when voting proxies involving that client's portfolio.

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In specific instances where ISS will not vote a proxy, will not provide a voting recommendation, or other instances where there is an unusual cost or requirement related to a proxy vote, Acadian's Head of Investment Operations will coordinate with members of our investment team to conduct an analysis to determine whether the costs related to the vote outweigh the potential benefit to our client. If we determine, in our discretion, that it is in the best of interest of our client not to participate in the vote Acadian will not participate in the vote on behalf of our client. If we determine that a vote would be in the best interest of our client, Acadian will provide voting direction back to ISS and ensure the vote is cast as they instruct.

Unless contrary instructions are received from a client, Acadian has instructed ISS to not vote proxies in so-called "share blocking" markets. Share-blocking markets are markets where proxy voters have their securities blocked from trading during the period of the annual meeting. The period of blocking typically lasts from a few days to two weeks. During the period, any portfolio holdings in these markets cannot be sold without a formal recall. The recall process can take time, and in some cases, cannot be accomplished at all. This makes a client's portfolio vulnerable to a scenario where a stock is dropping in attractiveness but cannot be sold because it has been blocked. Shareholders who do not vote are not subject to the blocking procedure.

Acadian also reserves the right to override ISS vote recommendations under certain circumstances. Acadian will only do so if they believe that voting contrary to the ISS recommendation is in the best interest of clients. The reasons for any overrides and for voting against the ISS recommendation will be documented.

*Conflicts of Interest* 

Occasions may arise during the voting process in which the best interest of our clients conflict with Acadian's interests. In these situations, ISS will continue to follow the same predetermined guidelines as formally agreed upon between Acadian and ISS before such conflict of interest existed. Conflicts of interest generally include (i) business relationships where Acadian has a substantial business relationship with, or is actively soliciting business from, a company soliciting proxies, or (ii) personal or family relationships whereby an employee of Acadian has a family member or other personal relationship that is affiliated with a company soliciting proxies, such as a spouse who serves as a director of a public company. A conflict could also exist if a substantial business relationship exists with a proponent or opponent of a particular initiative.

If Acadian learns that a conflict of interest exists, the Head of Investment Operations will work with our compliance and investment team as needed to document (i) the details of the conflict of interest, (ii) whether or not the conflict is material, and (iii) procedures to ensure that Acadian makes proxy voting decisions based on the best interests of clients. If Acadian determines that a material conflict exists, it will defer to ISS to vote the proxy in accordance with the predetermined voting policy.

*Voting Policies* 

Acadian has adopted the proxy voting policies developed by ISS, summaries of which can be found at <u>http://www.issgovernance.com/policy</u> and which are deemed to be incorporated herein. The policies have been developed based on ISS' independent, objective analysis of leading corporate governance practices and their support of long-term shareholder value. Acadian may change its proxy voting policy from time to time without providing notice of changes to clients.

*Voting Process* 

Acadian's Head of Investment Operations acts as coordinator with ISS including ensuring proxies Acadian is responsible to vote are forwarded to ISS, overseeing that ISS is voting assigned client accounts and maintaining appropriate authorization and voting records.

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After ISS is notified by the custodian of a proxy that requires voting and/or after ISS cross references their database with a routine download of Acadian holdings and determines a proxy requires voting, ISS will review the proxy and make a voting proposal based on the recommendations provided by their research group. Any electronic proxy votes will be communicated to the proxy solicitor by ISS Global Proxy Distribution Service and Broadridge's Proxy Edge Distribution Service, while non-electronic ballots, or paper ballots, will be faxed, telephoned or sent via Internet. ISS assumes responsibility for the proxies to be transmitted for voting in a timely fashion and maintains a record of the vote, which is provided to Acadian on a monthly basis. Proxy voting records specific to a client's account are available to each client upon request.

*Proxy Voting Record* 

Acadian will maintain a record containing the following information regarding the voting of proxies: (i) the name of the issuer, (ii) the exchange ticker symbol, (iii) the CUSIP number, (iv) the shareholder meeting date, (v) a brief description of the matter brought to vote; (vi) whether the proposal was submitted by management or a shareholder, (vii) how Acadian/ ISS voted the proxy (for, against, abstained) and (viii) whether the proxy was voted for or against management.

*Obtaining a Voting Proxy Report* 

Clients may request a copy of these policies and procedures and/or a report on how their individual securities were voted by contacting Acadian at 617-850-3500 or by email at <u>compliance-reporting@acadian-asset.com</u>.

*Last Updated: January 2026* 

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#### CLEARWATER INVESTMENT TRUST

#### Clearwater Core Equity Fund

#### Clearwater Select Equity Fund

#### Clearwater Tax-Exempt Bond Fund

#### Clearwater International Fund

#### 30 East 7th Street, Suite 2000

#### Saint Paul, Minnesota 55101

#### EXECUTIVE OFFICERS
Justin H. Weyerhaeuser, President and Treasurer

Jason K. Mitchell, Secretary

#### INVESTMENT MANAGER
Clearwater Management Co., Inc.

2000 Wells Fargo Place 30

East 7th Street

St. Paul, MN 55101-4930

#### CUSTODIAN FOR CLEARWATER FUNDS
The Northern Trust Company

50 South LaSalle Street

Chicago, IL 60603

#### COUNSEL FOR THE FUNDS
Dechert LLP

One International Place

40th Floor

100 Oliver Street

Boston, MA 02110-2605

#### INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
KPMG LLP

191 West Nationwide Blvd.

Columbus, OH 43215

#### CLEARWATER FUNDS ADMINISTRATOR AND ACCOUNTING SERVICES
The Northern Trust Company

50 South LaSalle Street

Chicago, IL 60603

#### TRANSFER AGENT FOR THE FUNDS
The Northern Trust Company

50 South LaSalle Street

Chicago, IL 60603

#### TRUSTEES
Dylan Ambauen

Sara G. Dent

Julia L.W. Heidmann

------

Charles W. Rasmussen

Laura E. Rasmussen

Lindsay R. Schack

David M. Weyerhaeuser

Justin H. Weyerhaeuser

#### CLEARWATER CORE EQUITY FUND SUBADVISERS
Parametric Portfolio Associates LLC

800 Fifth Avenue, Suite 2800

Seattle, WA 98104

AQR Capital Management, LLC

One Greenwich Plaza, Suite 130

Greenwich, CT 06830

Fiduciary Counselling, Inc.

30 East 7th Street, Suite 2000

St. Paul, Minnesota 55101-4930

#### CLEARWATER SELECT EQUITY FUND SUBADVISERS
Parametric Portfolio Associates LLC

800 Fifth Avenue, Suite 2800

Seattle, WA 98104

Cooke & Bieler, L.P.

Two Commerce Square

2001 Market Street, Suite 4000

Philadelphia, PA 19103

Rice Hall James & Associates, LLC

600 West Broadway, Suite 1000

San Diego, California 92101

Acadian Asset Management LLC

260 Franklin Street

Boston, MA 02110

Fiduciary Counselling, Inc.

30 East 7th Street, Suite 2000

St. Paul, Minnesota 55101-4930

#### CLEARWATER TAX-EXEMPT BOND FUND SUBADVISERS
Sit Fixed Income Advisors II, LLC

3300 IDS Center

80 South Eighth Street

Minneapolis, MN 55402-4130

MacKay Shields LLC

1345 Avenue of the Americas

43rd Floor

New York, New York 10105

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Fiduciary Counselling, Inc.

30 East 7th Street, Suite 2000

St. Paul, Minnesota 55101-4930

#### CLEARWATER INTERNATIONAL FUND SUBADVISERS
Parametric Portfolio Associates LLC

800 Fifth Avenue, Suite 2800

Seattle, WA 98104

Artisan Partners Limited Partnership

875 East Wisconsin Avenue, Suite 800

Milwaukee, WI 53202

WCM Investment Management, LLC

281 Brooks Street

Laguna Beach, CA 92651-2974

Fiduciary Counselling, Inc.

30 East 7th Street, Suite 2000

St. Paul, Minnesota 55101-4930

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#### PART C. OTHER INFORMATION

#### Item 28. Exhibits
(a) (1)

(a) (2) [Certificate of Designation with respect to Clearwater Municipal Bond Fund<sup>3</sup>](http://www.sec.gov/Archives/edgar/data/811161/000081116199000019/0000811161-99-000019.txt)

(a) (3) [Certificate of Designation with respect to Clearwater International Fund dated December 12, 2008](http://www.sec.gov/Archives/edgar/data/811161/000116923209000487/d75967_ex-a5.txt)<sup>5</sup>

(a) (4) [Amendment to Declaration of Trust dated April 27, 2012](http://www.sec.gov/Archives/edgar/data/811161/000089710112000665/clearwater121818_ex99-a6.htm)<sup>9</sup>

(a) (5) [Amendment to Declaration of Trust dated September 18, 2020](http://www.sec.gov/Archives/edgar/data/0000811161/000119312521059632/d307027dex99a5.htm)<sup>16</sup>

(b) (1) [Amended and Restated By-Laws dated September 6, 2013](http://www.sec.gov/Archives/edgar/data/811161/000089710114000556/clearwater141427_ex-b3.htm)<sup>10</sup>

(c) None.

(d) (1) [Form of Management Contract by and among Clearwater Investment Trust and Clearwater Management Co., Inc.<sup>7</sup>](http://www.sec.gov/Archives/edgar/data/811161/000089710111001498/clearwater113956mc_ex9977q1e.htm)

(d) (2) [Subadvisory Contract by and among Clearwater Investment Trust, Clearwater Management Co., Inc. and Fiduciary Counselling, Inc. dated September 30, 2023<sup>19</sup>](http://www.sec.gov/Archives/edgar/data/811161/000119312524049897/d80022dex99d2.htm)

(d) (3) [Amendment to the Management Agreement by and among Clearwater Investment Trust on behalf of the Core Equity Fund and Small Companies Fund and Clearwater Management Co., Inc. dated April 30, 2012](http://www.sec.gov/Archives/edgar/data/811161/000089710112000665/clearwater121818_ex99-d25.htm)<sup>9</sup>

(d) (4) [Amended and Restated Subadvisory Contract with Sit Fixed Income Advisors II, LLC for Clearwater Tax-Exempt Bond Fund dated September 1, 2013](http://www.sec.gov/Archives/edgar/data/811161/000119312522057502/d276188dex99d5.htm)<sup>17</sup>

(d) (5) [Subadvisory Contract with Artisan Partners Limited Partnership for Clearwater International Fund dated March 12, 2014](http://www.sec.gov/Archives/edgar/data/811161/000089710114000556/clearwater141427_ex-d34.htm)<sup>10</sup>

(d) (6) [Amendment to the Subadvisory Contract with Artisan Partners Limited Partnership for Clearwater International Fund dated December 19, 2024](http://www.sec.gov/Archives/edgar/data/811161/000119312525038157/d910208dex99d6.htm) <sup>21</sup>

(d) (7) [Subadvisory Contract with AQR Capital Management, LLC for Clearwater Core Equity Fund dated February 3, 2015](http://www.sec.gov/Archives/edgar/data/811161/000089710115000255/clearwater150652_ex-d30.htm)<sup>11</sup>

(d) (8) [Amendment to the Subadvisory Contract with AQR Capital Management, LLC for Clearwater Core Equity Fund dated July 1, 2015](http://www.sec.gov/Archives/edgar/data/811161/000089710116002263/clearwater161441_ex99-d34.htm)<sup>12</sup>

(d) (9) [Amendment to the Subadvisory Contract with AQR Capital Management, LLC for Clearwater Core Equity Fund dated January 1, 2016](http://www.sec.gov/Archives/edgar/data/811161/000089710116002263/clearwater161441_ex99-d35.htm)<sup>12</sup>

(d) (10) [Subadvisory Contract with Cooke & Bieler, L.P. for Clearwater Small Companies Fund dated September 11, 2017](http://www.sec.gov/Archives/edgar/data/811161/000089710118000174/cit180535_ex-d29.htm)<sup>13</sup>

(d) (11) [Amendment to the Subadvisory Contract with AQR Capital Management, LLC for Clearwater Core Equity Fund dated December 7, 2018](http://www.sec.gov/Archives/edgar/data/811161/000089710119000389/clearwater190899_ex-d32.htm)<sup>14</sup>

(d) (12) [Amended and Restated Subadvisory Contract with WCM Investment Management, LLC for Clearwater International Fund dated September 12, 2019](http://www.sec.gov/Archives/edgar/data/811161/000089710120000108/clearwater200266_exd33.htm)<sup>15</sup>

(d) (13) [Amendment to the Subadvisory Contract with AQR Capital Management, LLC for Clearwater Core Equity Fund dated November 1, 2019](http://www.sec.gov/Archives/edgar/data/811161/000089710120000108/clearwater200266_exd34.htm)<sup>15</sup>

(d) (14) [Amendment to the Subadvisory Contract with Sit Fixed Income Advisors II, LLC for Clearwater Tax-Exempt Bond Fund dated November 1, 2019](http://www.sec.gov/Archives/edgar/data/811161/000089710120000108/clearwater200266_exd38.htm)<sup>15</sup>

(d) (15) [Subadvisory Contract with Parametric Portfolio Associates LLC for Clearwater International Fund dated March 1, 2021](http://www.sec.gov/Archives/edgar/data/811161/000119312522057502/d276188dex99d19.htm)<sup>17</sup>

(d) (16) [Subadvisory Contract with Parametric Portfolio Associates LLC for Clearwater Select Equity Fund dated March 1, 2021](http://www.sec.gov/Archives/edgar/data/811161/000119312522057502/d276188dex99d20.htm)<sup>17</sup>

(d) (17) [Subadvisory Contract with Parametric Portfolio Associates LLC for Clearwater Core Equity Fund dated March 1, 2021](http://www.sec.gov/Archives/edgar/data/811161/000119312522057502/d276188dex99d18.htm)<sup>17</sup>

(d) (18) [Subadvisory Contract with Rice Hall James & Associates, LLC for Clearwater Select Equity Fund dated November 5, 2021](http://www.sec.gov/Archives/edgar/data/811161/000119312522057502/d276188dex99d22.htm)<sup>17</sup> 

(d) (19) [Amendment to the Subadvisory Contract with AQR Capital Management, LLC for Clearwater Core Equity Fund dated March 3, 2023<sup>18</sup>](http://www.sec.gov/Archives/edgar/data/811161/000119312523121832/d452992dex99d23.htm)

(d) (20) [Subadvisory Contract with MacKay Shields LLC for Clearwater Tax-Exempt Bond Fund dated May 18, 2023<sup>19</sup>](http://www.sec.gov/Archives/edgar/data/811161/000119312524049897/d80022dex99d23.htm)

(d) (21) [Subadvisory Contract with Acadian Asset Management LLC for Clearwater Select Equity Fund dated September 25, 2024](http://www.sec.gov/Archives/edgar/data/811161/000119312525038157/d910208dex99d23.htm)<sup>21</sup> 

------

---

| | | |
|:---|:---|:---|
| (e) | None. | None. |
| (f) | None. | None. |
| (g) | (1) | [Custody Agreement between Clearwater Investment Trust and The Northern Trust Company, dated December 3, 2010](http://www.sec.gov/Archives/edgar/data/811161/000094562111000037/exhibitg8.htm)<sup>6</sup> |
| (g) | (2) | [Amendment to the Custody Agreement between Clearwater Investment Trust and The Northern Trust Company, dated April 30, 2012](http://www.sec.gov/Archives/edgar/data/811161/000089710112000665/clearwater121818_ex99-g9.htm)<sup>9</sup> |
| (g) | (3) | [Amendment to the Custody Agreement between Clearwater Investment Trust and The Northern Trust Company, dated March 6, 2026+](d274160dex99g3.htm) |
| (h) | (1) | [Fund Administration and Accounting Services Agreement between Clearwater Investment Trust and The Northern Trust Company, dated December 3, 2010](http://www.sec.gov/Archives/edgar/data/811161/000094562111000037/exhibith6.htm)<sup>6</sup> |
| (h) | (2) | [Form of Transfer Agency and Service Agreement between Clearwater Investment Trust and The Northern Trust Company<sup>8</sup>](http://www.sec.gov/Archives/edgar/data/811161/000089710112000351/clearwater120814_ex99-h7.htm) |
| (h) | (3) | [Amendment to the Fund Administration and Accounting Services Agreement between Clearwater Investment Trust and The Northern Trust Company dated April 30, 2012](http://www.sec.gov/Archives/edgar/data/811161/000089710112000665/clearwater121818_ex99-h8.htm)<sup>9</sup> |
| (h) | (4) | [Amendment to the Transfer Agency and Service Agreement between Clearwater Investment Trust and The Northern Trust Company dated April 30, 2012](http://www.sec.gov/Archives/edgar/data/811161/000089710112000665/clearwater121818_ex99-h9.htm)<sup>9</sup> |
| (h) | (5) | [Amendment to the Fund Administration and Accounting Services Agreement between Clearwater Investment Trust and The Northern Trust Company, dated March 6, 2026+](d274160dex99h5.htm) |
| (h) | (6) | [Amendment to the Transfer Agency and Service Agreement between Clearwater Investment Trust and The Northern Trust Company, dated March 6, 2026+](d274160dex99h6.htm) |
| (i) |  | [Consent of Counsel+](d274160dex99i.htm) |
| (j) | (1) | [Consent of Independent Registered Public Accounting Firm+](d274160dex99j1.htm) |
| (k) | None. | None. |
| (l) | (1) | [Stock Purchase Agreement dated February 19, 1987](http://www.sec.gov/Archives/edgar/data/811161/000081116196000011/0000811161-96-000011.txt)<sup>1</sup> |
| (m) | None. | None. |
| (n) | None. | None. |
| (o) | None. | None. |
| (p) | (1) | [Code of Ethics of Sit Fixed Income Advisers II, LLC, subadviser to Clearwater Tax-Exempt Bond Fund dated October 24, 2022<sup>19</sup>](http://www.sec.gov/Archives/edgar/data/811161/000119312524049897/d80022dex99p1.htm) |
| (p) | (2) | [Code of Ethics of WCM Investment Management, subadviser to Clearwater International Fund dated June 30, 2025+](d274160dex99p2.htm) |
| (p) | (3) | [Code of Ethics of Fiduciary Counselling, Inc. dated September 28, 2021<sup>19</sup>](http://www.sec.gov/Archives/edgar/data/811161/000119312524049897/d80022dex99p3.htm) |
| (p) | (4) | [Code of Ethics of AQR Capital Management, LLC, subadviser to Clearwater Core Equity Fund dated March 2024<sup>21</sup>](http://www.sec.gov/Archives/edgar/data/811161/000119312525038157/d910208dex99p4.htm) |
| (p) | (5) | [Code of Ethics of Cooke & Bieler, L.P., subadviser to Clearwater Select Equity Fund<sup>22</sup>](http://www.sec.gov/Archives/edgar/data/811161/000119312525100088/d905423dex99p5.htm) |
| (p) | (6) | [Code of Ethics of Parametric Portfolio Associates LLC, subadviser to Clearwater Core Equity Fund, Clearwater Select Equity Fund and Clearwater International Fund dated July 25, 2025+](d274160dex99p6.htm) |
| (p) | (7) | [Code of Ethics of Clearwater Investment Trust and Clearwater Management Company, Inc. dated December 10, 2021<sup>17</sup>](http://www.sec.gov/Archives/edgar/data/811161/000119312522057502/d276188dex99p9.htm) |
| (p) | (8) | [Code of Ethics of Artisan Partners Limited Partnership, subadviser to Clearwater International Fund dated August 12, 2025+](d274160dex99p8.htm) |
| (p) | (9) | [Code of Ethics of Rice Hall James & Associates, LLC, subadviser to Clearwater Select Equity Fund dated July 2025+](d274160dex99p9.htm) |
| (p) | (10) | [Code of Ethics of MacKay Shields LLC, subadviser to Clearwater Tax-Exempt Bond Fund dated December 2024<sup>22</sup>](http://www.sec.gov/Archives/edgar/data/811161/000119312525100088/d905423dex99p12.htm) |
| (p) | (11) | [Code of Ethics for Acadian Asset Management LLC, subadviser to Clearwater Select Equity Fund dated January 2026+](d274160dex99p11.htm) |
|  n/a (1) | n/a (1) | [Powers of Attorney for Mses. Sara G. Dent, Julia L.W. Heidmann and Lindsay R. Schack and Messrs. Dylan Ambauen, Charles W. Rasmussen, David M. Weyerhaeuser and Justin H. Weyerhaeuser+](d274160dex99poa.htm) |
|  n/a (2) | n/a (2) | [Power of Attorney for Laura E. Rasmussen<sup>22</sup>](http://www.sec.gov/Archives/edgar/data/811161/000119312525100088/d905423dex99poa.htm) |
| 101 |  | Interactive Data File - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the inline XBRL document |

---

------

---

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| 101.PRE | XBRL Taxonomy Extension Presentation Linkbase |

---

+ Filed herewith.

1 Previously filed as exhibits to post-effective amendment no. 10 to the Registration Statement on April 29, 1996 and incorporated herein by reference (File No. 33-12289).

2 Previously filed as exhibits to post-effective amendment no. 12 to the Registration Statement on February 27, 1998 and incorporated herein by reference (File No. 33-12289).

3 Previously filed as exhibits to post-effective amendment no. 15 to the Registration Statement on October 15, 1999 and incorporated herein by reference (File No. 33-12289).

4 Reserved.

5 Previously filed as exhibits to post-effective amendment no. 26 to the Registration Statement on January 29, 2009 and incorporated herein by reference (File No. 33-12289).

6 Previously filed as exhibits to post-effective amendment no. 31 to the Registration Statement on February 28, 2011 and incorporated herein by reference (File No. 33-12289).

7 Previously filed as exhibits to the Registrant's Semi-Annual Report on Form NSAR-A on August 26, 2011 and incorporated herein by reference (File No. 811-05038).

8 Previously filed as exhibits to post-effective amendment no. 34 to the Registration Statement on February 29, 2012 and incorporated herein by reference (File No. 33-12289).

9 Previously filed as exhibits to post-effective amendment no. 35 to the Registration Statement on April 27, 2012 and incorporated herein by reference (File No. 33-12289).

10 Previously filed as exhibits to post-effective amendment no. 40 to the Registration Statement on April 30, 2014 and incorporated herein by reference (File No. 33-12289).

11 Previously filed as exhibits to post-effective amendment no. 42 to the Registration Statement on February 27, 2015 and incorporated herein by reference (File No. 33-12289).

12 Previously filed as exhibits to post-effective amendment no. 47 to the Registration Statement on April 29, 2016 and incorporated herein by reference (File No. 33-12289).

13 Previously filed as exhibits to post-effective amendment no. 52 to the Registration Statement on February 28, 2018 and incorporated herein by reference (File No. 33-12289).

14 Previously filed as exhibits to post-effective amendment no. 55 to the Registration Statement on April 30, 2019 and incorporated herein by reference (File No. 33-12289).

15 Previously filed as exhibits to post-effective amendment no. 57 to the Registration Statement on February 26, 2020 and incorporated herein by reference (File No. 33-12289).

16 Previously filed as exhibits to post-effective amendment no. 60 to the Registration Statement on February 26, 2021 and incorporated herein by reference (File No. 33-12289).

17 Previously filed as exhibits to post-effective amendment no. 62 to the Registration Statement on February 28, 2022 and incorporated herein by reference (File No. 33-12289).

18 Previously filed as exhibits to post-effective amendment no. 65 to the Registration Statement on April 27, 2023 and incorporated herein by reference (File No. 33-12289).

19 Previously filed as exhibits to post-effective amendment no. 66 to the Registration Statement on February 28, 2024 and incorporated herein by reference (File No. 33-12289).

20 Previously filed as exhibits to post-effective amendment no. 67 to the Registration Statement on April 26, 2024 and incorporated herein by reference (File No. 33-12289).

21 Previously filed as exhibits to post-effective amendment no. 68 to the Registration Statement on February 27, 2025 and incorporated herein by reference (File No. 33-12289).

22 Previously filed as exhibits to post-effective amendment no. 69 to the Registration Statement on April 28, 2025 and incorporated herein by reference (File No. 33-12289).

------

#### Item 29. Persons Controlled by or Under Common Control with the Fund
The Registrant is not directly or indirectly controlled by or under common control with any other person.

#### Item 30. Indemnification
Except for the Declaration of Trust, as amended and restated March 1, 1998, as further amended from time to time, establishing the Registrant as a trust under Massachusetts law, there is no contract, arrangement or statute under which any director, officer, underwriter or affiliated person of the Registrant is insured or indemnified. The Declaration of Trust provides that no Trustee or officer will be indemnified against any liability to which the Registrant would otherwise be subject by reason of or for willful misfeasance, bad faith, gross negligence or reckless disregard of such person's duties.

#### Item 31. Business and Other Connections of Investment Adviser
All of the information required by this item is set forth in the Forms ADV, as amended, of the Manager and the Subadvisers. The following sections of such Forms ADV are incorporated herein by reference:

(a) Item 10 of Part 2A and Part 2B;

(b) Section 6, Business Background, of each Schedule D.

#### Item 32. Principal Underwriter
Not applicable.

#### Item 33. Location of Accounts and Records
The accounts, books, and other documents required to be maintained by Section 31(a) of the Investment Company Act of 1940 and the rules promulgated thereunder are in the possession of Fiduciary Counselling, Inc., 2000 Wells Fargo Place, 30 East 7th Street, St. Paul, Minnesota 55101-4930.

#### Item 34. Management Services
Not applicable.

#### Item 35. Undertaking
Not applicable.

------

#### SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, as amended, and the Investment Company Act of 1940, as amended, the Registrant certifies that it meets all of the requirements for effectiveness of this Registration Statement under Rule 485(b) under the Securities Act of 1933 and has duly caused this Post-Effective Amendment to its Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Saint Paul and the State of Minnesota, on the 29<sup>th</sup> day of April, 2026.

---

| | |
|:---|:---|
| CLEARWATER INVESTMENT TRUST | CLEARWATER INVESTMENT TRUST |
| By: | /s/ Justin H. Weyerhaeuser |
|  | Justin H. Weyerhaeuser |
|  | President and Treasurer |

---

Pursuant to the requirements of the Securities Act of 1933, as amended, this Post-Effective Amendment to the Registration Statement of Clearwater Investment Trust has been signed below by the following persons in the capacities and on the date indicated:

---

| | | |
|:---|:---|:---|
| **Signature** | **Title** | **Date** |
| /s/ Justin H. Weyerhaeuser<br> Justin H. Weyerhaeuser | President, Treasurer and Trustee | April 29, 2026 |
| Dylan Ambauen\*<br> Dylan Ambauen | Trustee |  |
| Sara G. Dent\*<br> Sara G. Dent | Trustee |  |
| Julia L.W. Heidmann\*<br> Julia L.W. Heidmann | Trustee |  |
| Charles W. Rasmussen\*<br> Charles W. Rasmussen | Trustee |  |
| Laura E. Rasmussen<sup>†</sup><br> Laura E. Rasmussen | Trustee |  |
| Lindsay R. Schack\*<br> Lindsay R. Schack | Trustee |  |
| David M. Weyerhaeuser\*<br> David M. Weyerhaeuser | Trustee |  |

---

---

| | | |
|:---|:---|:---|
| \*By: | /s/ Justin H. Weyerhaeuser | April 29, 2026 |
|  | Justin H. Weyerhaeuser |  |
|  | \*<sup>,</sup><sup>†</sup>Attorney-in-Fact |  |

---

\* As Attorney-in-Fact pursuant to Powers of Attorney (filed herewith).

† As Attorney-in-Fact pursuant to Power of Attorney previously filed as exhibit to post-effective amendment no. 69 to the Registration Statement on April 28, 2025 and incorporated herein by reference (File No. 33-12289).

------

#### EXHIBIT INDEX

---

| | |
|:---|:---|
| **No.** | **Exhibit** |
| (g)(3) | Amendment to the Custody Agreement between Clearwater Investment Trust and The Northern Trust Company, dated March 6, 2026 |
| (h)(5) | Amendment to the Fund Administration and Accounting Services Agreement between Clearwater Investment Trust and The Northern Trust Company, dated March 6, 2026 |
| (h)(6) | Amendment to the Transfer Agency and Service Agreement between Clearwater Investment Trust and The Northern Trust Company, dated March 6, 2026 |
| (i) | Consent of Counsel |
| (j)(1) | Consent of Independent Registered Public Accounting Firm |
| (p)(2) | Code of Ethics of WCM Investment Management, subadviser to Clearwater International Fund dated June 30, 2025 |
| (p)(6) | Code of Ethics of Parametric Portfolio Associates LLC, subadviser to Clearwater Core Equity Fund, Clearwater Select Equity Fund and Clearwater International Fund dated July 25, 2025 |
| (p)(8) | Code of Ethics of Artisan Partners Limited Partnership, subadviser to Clearwater International Fund dated August 12, 2025 |
| (p)(9) | Code of Ethics of Rice Hall James & Associates, LLC, subadviser to Clearwater Select Equity Fund dated June 2025 |
| (p)(11) | Code of Ethics for Acadian Asset Management LLC, subadviser to Clearwater Select Equity Fund dated January 2026 |
| n/a (1) | Powers of Attorney for Mses. Sara G. Dent, Julia L.W. Heidmann, and Lindsay R. Schack and Messrs. Dylan Ambauen, Charles W. Rasmussen, David M. Weyerhaeuser and Justin H. Weyerhaeuser |
| (101) | Interactive Data File - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the inline XBRL document |
| (101.INS) | XBRL Instance |
| (101.SCH) | XBRL Taxonomy Extension Schema |
| (101.CAL) | XBRL Taxonomy Extension Calculation Linkbase |
| (101.DEF) | XBRL Taxonomy Extension Definition Linkbase |
| (101.LAB) | XBRL Taxonomy Extension Labels Linkbase |
| (101.PRE) | XBRL Taxonomy Extension Presentation Linkbase |

---

## Ex-99.(G)(3)

**AMENDMENT TO CUSTODY AGREEMENT** 

This Amendment is entered into as of March 6, 2026 (the "<u>Amendment</u>"), between Clearwater Investment Trust (the "<u>Fund</u>"), a business trust organized under the laws of the Commonwealth of Massachusetts and The Northern Trust Company (the "<u>Custodian</u>"), an Illinois corporation.

WHEREAS, the Fund and the Custodian are party to a Custody Agreement, dated as of December 3, 2010 (as amended, restated or otherwise modified from time to time prior to the date hereof, the "<u>Custody</u> <u>Agreement</u>"), wherein the Custodian agreed to provide certain services to the Fund; and

WHEREAS, in addition to the provisions contained in the Agreement, effective as of the date hereof, the Fund and the Custodian wish to make certain amendments to the Custody Agreement.

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

**1. DEFINITIONS; INTERPRETATION.** 

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

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

**2. AMENDMENTS.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Section 1 of the Custody Agreement is amended as of date of this Amendment by replacing clause (i) of
such section with the following.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "Portfolio" refers to each of the separate and distinct investment portfolios of the Fund which the Fund and the Custodian shall have agreed in writing shall be subject to this Agreement, as identified in Schedule A hereto (as may be updated from time to time with a new Schedule A signed by the Fund and the Custodian).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Schedule A (Investment Portfolios) to the Custody Agreement is amended as of date of this Amendment by
replacing such schedule in its entirety with the amended Schedule A (Investment Portfolios) attached hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Schedule I to the Custody Agreement is hereby amended by replacing such schedule with the amended Schedule I
attached hereto.

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

**4. MISCELLANEOUS.** This Amendment may be executed in any number of counterparts, each of which will be deemed an original, but all of which taken together shall constitute one single agreement between the parties. Any such counterpart, to the extent delivered by means of a facsimile machine or by .pdf, .tif, .gif, .jpg or similar attachment to electronic mail or by means of DocuSign<sup>®</sup> or other electronic signature, shall be treated in all manner and respects as an original executed counterpart. Each DocuSign<sup>®</sup> or other electronic, faxed, scanned or photocopied manual signature shall for all purposes have the same validity, legal effect and admissibility in evidence as an original manual signature and the parties hereby waive any objection to the contrary. Except as provided herein, this Amendment may not be amended or otherwise modified except in writing signed by all the parties hereto.

------

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

[Signature Pages Follow]

------

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

---

| | |
|:---|:---|
| CLEARWATER INVESTMENT TRUST | CLEARWATER INVESTMENT TRUST |
| By: | /s/ Justin Weyerhaeuser |
| Name: | Justin Weyerhaeuser |
| Title: | President & Treasurer |

---

/s/ NG

Examined as to Form

---

| | |
|:---|:---|
| THE NORTHERN TRUST COMPANY | THE NORTHERN TRUST COMPANY |
| By: | /s/ Amanda Shannon |
| Name: | Amanda Shannon |
| Title: | Vice President |

---

------

**SCHEDULE A** 

**to** 

**Custody Agreement, dated as of December 3, 2010** 

**Investment Portfolios** 

Dated: March 6, 2026

Clearwater Core Equity Fund

Clearwater International Fund

Clearwater Select Equity Fund

Clearwater Tax-Exempt Bond Fund

---

| | |
|:---|:---|
| **CLEARWATER INVESTMENT TRUST** | **THE NORTHERN TRUST COMPANY** |
| By: <u>/s/ Justin Weyerhaeuser</u> | By: <u>/s/ Amanda Shannon</u> |
| Name: Justin Weyerhaeuser | Name: Amanda Shannon |
| Title: President & Treasurer | Title: Vice President |

---

------

**SCHEDULE I** 

**(Countries for which Custodian shall not have responsibility under** 

**Section 3A for managing foreign custody arrangements)** 

As identified as part of the Global Networks of Markets & Subcustodians available on Atlas Market Interactive

## Ex-99.(H)(5)

**AMENDMENT TO THE FUND ADMINISTRATION AND ACCOUNTING SERVICES AGREEMENT** 

**THIS AMENDMENT** to the Fund Administration and Accounting Services Agreement (this "<u>Amendment</u>") is entered into as of March 6, 2026, by and between **CLEARWATER INVESTMENT TRUST** (the "<u>Trust</u>"), a business trust organized under the laws of the Commonwealth of Massachusetts, and **THE NORTHERN TRUST COMPANY** ("<u>Northern</u>"), an Illinois company with its principal place of business at 50 South LaSalle Street, Chicago, Illinois 60603.

**WHEREAS**, Northern provides certain services to the Trust pursuant to the Fund Administration and Accounting Services Agreement, dated as of December 3, 2010 (as amended, restated or otherwise modified from time to time prior to the date hereof, the "<u>Agreement"</u>); and

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

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

**1. DEFINITIONS; INTERPRETATION.** 

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

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

**2. AMENDMENTS.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) As of the date of this Amendment, the preamble to the Agreement is amended by replacing the preamble in its
entirety with the following.

AGREEMENT made as of December 3, 2010 by and between **Clearwater Investment Trust** (the "Trust"), a Massachusetts business trust, on behalf of each of its series identified in Schedule B hereto, and **The Northern Trust Company** ("Northern"), an Illinois corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) As of the date of this Amendment, the second WHEREAS clause to the Agreement is amended by replacing such
WHEREAS clause in its entirety with the following.

WHEREAS, the Trust wishes to retain Northern to provide fund accounting and administration services with respect to each of its series (the "Funds") identified in Schedule B (as may be updated from time to time with a new Schedule B signed by the Trust and Northern), and Northern is willing to furnish such services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Effective as of the date of this Amendment, the Agreement is amended by inserting the attached Schedule B
(*Funds*) as a new Schedule B (*Funds*) to the Agreement.

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

------

**4. MISCELLANEOUS.** This Amendment may be executed in any number of counterparts, each of which will be deemed an original, but all of which taken together shall constitute one single agreement between the parties. Any such counterpart, to the extent delivered by means of a facsimile machine or by .pdf, .tif, .gif, .jpg or similar attachment to electronic mail or by means of DocuSign<sup>®</sup> or other electronic signature, shall be treated in all manner and respects as an original executed counterpart. Each DocuSign<sup>®</sup> or other electronic, faxed, scanned or photocopied manual signature shall for all purposes have the same validity, legal effect and admissibility in evidence as an original manual signature and the parties hereby waive any objection to the contrary. Except as provided herein, this Amendment may not be amended or otherwise modified except in writing signed by all the parties hereto.

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

[Signature Pages Follow]

------

**IN WITNESS WHEREOF,** the parties hereto have caused this Amendment to be executed by a duly authorized officer on one or more counterparts as of the date and year written above.

---

| | |
|:---|:---|
| CLEARWATER INVESTMENT TRUST | CLEARWATER INVESTMENT TRUST |
| By: | /s/ Justin Weyerhaeuser |
| Name: | Justin Weyerhaeuser |
| Title: | President & Treasurer |

---

Initial

<u>/s/ NG</u> 

Examined as to Form

---

| | |
|:---|:---|
| THE NORTHERN TRUST COMPANY | THE NORTHERN TRUST COMPANY |
| By: | /s/ Amanda Shannon |
| Name: | Amanda Shannon |
| Title: | Vice President |

---

------

**SCHEDULE B** 

**to** 

**Fund Administration and Accounting Services Agreement, dated as of December 3, 2010** 

**Funds** 

Dated: March 6, 2026

Clearwater Core Equity Fund

Clearwater International Fund

Clearwater Select Equity Fund

Clearwater Tax-Exempt Bond Fund

---

| | |
|:---|:---|
| **CLEARWATER INVESTMENT TRUST** | **THE NORTHERN TRUST COMPANY** |
| By: <u>/s/ Justin Weyerhaeuser</u> | By: <u>/s/ Amanda Shannon</u> |
| Name: Justin Weyerhaeuser | Name: Amanda Shannon |
| Title: President & Treasurer | Title: Vice President |

---

## Ex-99.(H)(6)

**AMENDMENT TO TRANSFER AGENCY AND SERVICE AGREEMENT** 

This Amendment is entered into as of March 6, 2026 (the "<u>Amendment</u>"), between Clearwater Investment Trust (the "<u>Trust</u>"), a business trust organized under the laws of the Commonwealth of Massachusetts and The Northern Trust Company (the "<u>Transfer Agent</u>"), an Illinois corporation.

WHEREAS, the Trust and the Transfer Agent are party to a Transfer Agency and Service Agreement, dated as of December 29, 2011 (as amended, restated or otherwise modified from time to time prior to the date hereof, the "<u>Agreement</u>"), wherein the Transfer Agent agreed to provide certain services to the Trust; and

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

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

**1. DEFINITIONS; INTERPRETATION.** 

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

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

**2. AMENDMENT.** Schedule A (Fund List) to the Agreement is amended as of date of this Amendment by replacing such schedule in its entirety with the amended Schedule A (Fund List) attached hereto.

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

**4. MISCELLANEOUS.** This Amendment may be executed in any number of counterparts, each of which will be deemed an original, but all of which taken together shall constitute one single agreement between the parties. Any such counterpart, to the extent delivered by means of a facsimile machine or by .pdf, .tif, .gif, .jpg or similar attachment to electronic mail or by means of DocuSign<sup>®</sup> or other electronic signature, shall be treated in all manner and respects as an original executed counterpart. Each DocuSign<sup>®</sup> or other electronic, faxed, scanned or photocopied manual signature shall for all purposes have the same validity, legal effect and admissibility in evidence as an original manual signature and the parties hereby waive any objection to the contrary. Except as provided herein, this Amendment may not be amended or otherwise modified except in writing signed by all the parties hereto.

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

[Signature Pages Follow]

------

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

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| | |
|:---|:---|
| CLEARWATER INVESTMENT TRUST | CLEARWATER INVESTMENT TRUST |
| By: | /s/ Justin Weyerhaeuser |
| Name: | Justin Weyerhaeuser |
| Title: | President & Treasurer |

---

Initial

<u>/s/ NG</u>

Examined as to Form

---

| | |
|:---|:---|
| THE NORTHERN TRUST COMPANY | THE NORTHERN TRUST COMPANY |
| By: | /s/ Amanda Shannon |
| Name: | Amanda Shannon |
| Title: | Vice President |

---

------

**SCHEDULE A** 

**to** 

**Transfer Agency and Service Agreement, dated as of December 29, 2011** 

**Fund List** 

Dated: March 6, 2026

Clearwater Core Equity Fund

Clearwater International Fund

Clearwater Select Equity Fund

Clearwater Tax-Exempt Bond Fund

---

| | | | |
|:---|:---|:---|:---|
| **CLEARWATER INVESTMENT TRUST** | **CLEARWATER INVESTMENT TRUST** | **THE NORTHERN TRUST COMPANY** | **THE NORTHERN TRUST COMPANY** |
| By: | /s/ Justin Weyerhaeuser | By: | /s/ Amanda Shannon |
| Name: | Justin Weyerhaeuser | Name: | Amanda Shannon |
| Title: | President & Treasurer | Title: | Vice President |

---

## Ex-99.(I)

**Exhibit (i)**![LOGO](g274160g0422212635418.jpg)

One International Place, 40th Floor 100 Oliver Street Boston, MA 02110-2605 +1 617 728 7100 Main +1 617 426 6567 Fax www.dechert.com

April 29, 2026

Clearwater Investment Trust

30 East 7th Street, Suite 200

St. Paul, Minnesota 55101-4930

Re: Registration Statement on Form N-1A

Dear Sir or Madam:

As counsel for Clearwater Investment Trust (the "Trust"), we are familiar with the registration of the Trust under the Investment Company Act of 1940, as amended (File No. 811-05038), and Post-Effective Amendment No. 70 to the Trust's registration statement relating to the shares of beneficial interest (the "Shares") of four series of the Trust (the "Funds") being filed under the Securities Act of 1933, as amended (the "1933 Act") (File No. 33-12289) (the "Registration Statement"). We have also examined such other records of the Trust, agreements, documents and instruments as we deemed appropriate.

This opinion is limited to the laws of the Commonwealth of Massachusetts, and we express no opinion with respect to the laws of any other jurisdiction. Further, we express no opinion as to compliance with any state or federal securities laws, including the securities laws of the Commonwealth of Massachusetts.

In connection with the opinions set forth herein, we have examined the following Trust documents: the Trust's Amended and Restated Declaration of Trust; the Trust's Amended and Restated By-Laws; and such other Trust records, certificates, resolutions, documents and statutes that we have deemed relevant in order to render the opinion expressed herein. In addition, we have reviewed and relied upon the certificate referred to below issued by the Secretary of the Commonwealth of Massachusetts.

In rendering this opinion we have assumed, without independent verification, (i) the due authority of all individuals signing in representative capacities and the genuineness of signatures; (ii) the authenticity, completeness and continued effectiveness of all documents or copies furnished to us; (iii) that any resolutions provided have been duly adopted by the Trust's Board of Trustees; (iv) that the facts contained in the instruments and certificates or statements of public officials, officers and representatives of the Trust on which we have relied for the purposes of this opinion are true and correct; and (v) that no amendments, agreements, resolutions or actions have been approved, executed or adopted which would limit, supersede or modify the items described above. Where documents are referred to in resolutions approved by the Board of Trustees, or in the Registration Statement, we have assumed such documents are the same as in the most recent form provided to us, whether as an exhibit to the Registration Statement or otherwise.

------

Based upon the foregoing, we are of the opinion that the Shares have been duly authorized for issuance and, when issued and delivered against payment therefor in accordance with the terms, conditions, requirements and procedures described in the Registration Statement, will be validly issued and, subject to the qualifications set forth in the Declaration of Trust and as noted below, fully paid and non-assessable beneficial interests in such Shares.

The Trust is an entity commonly known as a Massachusetts business trust. Our opinion above, as it relates to the non-assessability of the Shares, is, therefore, qualified to the extent that under Massachusetts law, shareholders of a Massachusetts business trust may be held personally liable for the obligations of the trust. In this regard, however, please be advised that the Declaration of Trust disclaims shareholder liability for acts or obligations of the Trust and thus, the risk of a shareholder incurring a financial loss on account of shareholder liability is limited to circumstances in which the relevant series itself would be unable to meet its obligations.

With regard to our opinion as to non-assessability, we also note that, pursuant to Section 2 of Article VII of the Declaration of Trust, the Trustees may in their discretion determine that an account administration fee or other similar charge may be deducted directly from the income and other distributions paid on Shares to a Shareholder's account in any Series.

In rendering the opinion above, insofar as it relates to the valid existence of the Trust, we have relied on a Certificate of the Secretary of the Commonwealth of Massachusetts, dated as of April 24, 2026, and such opinion is limited accordingly and is rendered as of the date of such Certificate.

We hereby consent to the filing of this opinion on behalf of the Trust with the Securities and Exchange Commission in connection with the filing of the Registration Statement. In giving our consent, however, we do not admit that we are within the category of persons whose consent is required by Section 7 of the 1933 Act or the rules and regulations thereunder.

---

| |
|:---|
| Very truly yours, |
| /s/ Dechert LLP |

---

## Ex-99.(J)(1)

![LOGO](g274160g0422213221783.jpg)

KPMG LLP

Suite 500

191 West Nationwide Blvd.

Columbus, OH 43215-2568

**Consent of Independent Registered Public Accounting Firm** 

We consent to the use of our report dated February 24, 2026, with respect to the financial statements and financial highlights of Clearwater Core Equity Fund, Clearwater Select Equity Fund, Clearwater Tax-Exempt Bond Fund and Clearwater International Fund, and related notes, incorporated herein by reference and to the references to our Firm under the headings "Financial Highlights" and "Independent Registered Public Accounting Firm" in the Prospectus and "Independent Registered Public Accounting Firm" in the Statement of Additional Information.

/s/ KPMG LLP

Columbus, Ohio

April 29, 2026

KPMG LLP, a Delaware limited liability partnership, and its subsidiaries are part of

the KPMG global organization of independent member firms affiliated with KPMG

International Limited, a private English company limited by guarantee.

## Ex-99.(P)(2)

**WCM Investment Management, LLC** 

**CODE OF ETHICS** 

*A copy of this Code of Ethics is maintained in the WCM's Common Firm Docs and My Compliance Office ("MCO") and is accessible to each Supervised Person of WCM Investment Management, LLC ("WCM") for reference. This Code of Ethics is the property of WCM and its contents are confidential.* 

**WCM Investment Management, LLC** 

**281 Brooks Street** 

**Laguna Beach, CA 92651** 

**949.380.0200** 

**Reviewed and adopted: June 30, 2025** 

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| | | | | |
|:---|:---|:---|:---|:---|
| I. | STATEMENT OF BUSINESS ETHICS OF WCM INVESTMENT MANAGEMENT | STATEMENT OF BUSINESS ETHICS OF WCM INVESTMENT MANAGEMENT | STATEMENT OF BUSINESS ETHICS OF WCM INVESTMENT MANAGEMENT | 1 |
| II. | ANTI-FRAUD AND FIDUCIARY OBLIGATION | ANTI-FRAUD AND FIDUCIARY OBLIGATION | ANTI-FRAUD AND FIDUCIARY OBLIGATION | 1 |
| III. | ANTI-CORRUPTION AND BRIBERY | ANTI-CORRUPTION AND BRIBERY | ANTI-CORRUPTION AND BRIBERY | 2 |
|  | A. | Foreign Corrupt Practices Act ("FCPA") | Foreign Corrupt Practices Act ("FCPA") | 2 |
|  | B. | WCM's Policy | WCM's Policy | 2 |
|  |  | 1. | Supervised Persons | 3 |
|  |  | 2. | Third Parties | 3 |
|  |  | 3. | Government officials | 3 |
|  |  | 4. | Facilitation payments | 4 |
|  |  | 5. | Violations | 4 |
| IV. | INITIAL/ANNUAL ACKNOWLEDGEMENTS | INITIAL/ANNUAL ACKNOWLEDGEMENTS | INITIAL/ANNUAL ACKNOWLEDGEMENTS | 4 |
| V. | GENERAL STANDARDS OF CONDUCT AND WCM PROCEDURES | GENERAL STANDARDS OF CONDUCT AND WCM PROCEDURES | GENERAL STANDARDS OF CONDUCT AND WCM PROCEDURES | 5 |
|  | A. | Use of WCM Funds or Property | Use of WCM Funds or Property | 5 |
|  |  | 1. | Personal Use of WCM Funds or Property | 5 |
|  |  | 2. | Payments to Others | 5 |
|  |  | 3. | Improper Expenditures | 5 |
|  | B. | Conflicts of Interest and WCM Opportunities | Conflicts of Interest and WCM Opportunities | 5 |
|  |  | 1. | Outside Business Activities and Interest in Competitors, Clients or Suppliers | 6 |
|  |  | 3. | Charitable Contributions | 7 |
|  |  | 4. | Political Contributions | 7 |
|  |  | 5. | Interest in Transactions | 10 |
|  |  | 6. | Acting as a Registered Representative of a Broker-Dealer | 10 |
|  |  | 7. | Diversion of WCM Business or Investment Opportunity | 10 |
| VI. | GENERAL STANDARDS OF CONDUCT IN DEALING WITH CLIENTS AND PROSPECTIVE CLIENTS | GENERAL STANDARDS OF CONDUCT IN DEALING WITH CLIENTS AND PROSPECTIVE CLIENTS | GENERAL STANDARDS OF CONDUCT IN DEALING WITH CLIENTS AND PROSPECTIVE CLIENTS | 10 |
|  | A. | Fair and Equitable Treatment of Clients | Fair and Equitable Treatment of Clients | 10 |
|  | B. | No Guarantees Against Loss | No Guarantees Against Loss | 10 |
|  | C. | No Guarantees or Representations as to Performance | No Guarantees or Representations as to Performance | 10 |
|  | D. | No Legal or Tax Advice | No Legal or Tax Advice | 10 |
|  | E. | No Sharing in Profits or Losses | No Sharing in Profits or Losses | 10 |
|  | F. | No Borrowing From or Lending To a Client | No Borrowing From or Lending To a Client | 11 |

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i

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| | | | | |
|:---|:---|:---|:---|:---|
|  | G. | Supervised persons May Not Act as a Custodian of a Client | Supervised persons May Not Act as a Custodian of a Client | 11 |
|  | H. | Orders May Not Be Placed Through Unlicensed Broker-Dealers or Agents | Orders May Not Be Placed Through Unlicensed Broker-Dealers or Agents | 11 |
|  | I. | Executing Transactions or Exercising Discretion Without Proper Authorization | Executing Transactions or Exercising Discretion Without Proper Authorization | 11 |
| VII. | PROTECTION OF MATERIAL, NONPUBLIC AND OTHER CONFIDENTIAL INFORMATION AND PREVENTION OF INSIDER TRADING AND TIPPING | PROTECTION OF MATERIAL, NONPUBLIC AND OTHER CONFIDENTIAL INFORMATION AND PREVENTION OF INSIDER TRADING AND TIPPING | PROTECTION OF MATERIAL, NONPUBLIC AND OTHER CONFIDENTIAL INFORMATION AND PREVENTION OF INSIDER TRADING AND TIPPING | 11 |
|  | A. | Need for Policy | Need for Policy | 11 |
|  | B. | General Policies and Procedures Concerning Insider Trading and Tipping | General Policies and Procedures Concerning Insider Trading and Tipping | 12 |
|  |  | 1. | "Material" | 12 |
|  |  | 2. | "Nonpublic" | 13 |
|  |  | 3. | "Advisory Information" | 13 |
|  | C. | Prohibitions | Prohibitions | 13 |
|  | D. | Protection of Material, Nonpublic Information | Protection of Material, Nonpublic Information | 13 |
|  | E. | Procedures to Safeguard Material, Nonpublic Information | Procedures to Safeguard Material, Nonpublic Information | 14 |
|  |  | 1. | Expert Networks | 14 |
|  |  | 2. | Interacting with Potential Insiders | 14 |
|  |  | 3. | Alternative Data Sources | 15 |
|  |  | 4. | "Wall Cross" Requests | 15 |
|  |  | 5. | Review and Monitoring | 16 |
|  | F. | Protection of Other Confidential Information | Protection of Other Confidential Information | 16 |
|  | G. | Procedures to Safeguard Other Confidential Information | Procedures to Safeguard Other Confidential Information | 16 |
| VIII. | PROTECTION OF CONFIDENTIAL INFORMATION CONCERNING CLIENT RECOMMENDATIONS, ADVICE, OR TRADING AND "CHINESE WALL" PROCEDURES | PROTECTION OF CONFIDENTIAL INFORMATION CONCERNING CLIENT RECOMMENDATIONS, ADVICE, OR TRADING AND "CHINESE WALL" PROCEDURES | PROTECTION OF CONFIDENTIAL INFORMATION CONCERNING CLIENT RECOMMENDATIONS, ADVICE, OR TRADING AND "CHINESE WALL" PROCEDURES | 16 |
|  | A. | Designation of Advisory Persons, Access Persons, and Supervised Persons | Designation of Advisory Persons, Access Persons, and Supervised Persons | 16 |
|  | B. | Obligations of Advisory Persons | Obligations of Advisory Persons | 17 |
|  | C. | General Policy Concerning Non-Advisory Persons | General Policy Concerning Non-Advisory Persons | 17 |
|  | D. | Monitoring Compliance with Insider Trading and Tipping Policies and Procedures and Effectiveness of "Chinese Wall" Procedures | Monitoring Compliance with Insider Trading and Tipping Policies and Procedures and Effectiveness of "Chinese Wall" Procedures | 17 |
| IX. | RULES GOVERNING PERSONAL SECURITIES ACCOUNTS, HOLDINGS, AND TRANSACTIONS BY WCM ACCESS PERSONS | RULES GOVERNING PERSONAL SECURITIES ACCOUNTS, HOLDINGS, AND TRANSACTIONS BY WCM ACCESS PERSONS | RULES GOVERNING PERSONAL SECURITIES ACCOUNTS, HOLDINGS, AND TRANSACTIONS BY WCM ACCESS PERSONS | 18 |
|  | A. | Who is Covered by These Requirements | Who is Covered by These Requirements | 18 |
|  | B. | What Accounts and Transactions Are Covered | What Accounts and Transactions Are Covered | 18 |
|  | C. | What Securities are Covered by These Requirements ("Reportable Securities") | What Securities are Covered by These Requirements ("Reportable Securities") | 19 |

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ii

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| | | | | |
|:---|:---|:---|:---|:---|
|  | D. | What Transactions are Prohibited by these Requirements | What Transactions are Prohibited by these Requirements | 19 |
|  |  | 1. | Front-Running or Scalping | 19 |
|  |  | 2. | Short Sales of a Security Held by a Client | 19 |
|  |  | 3. | Use of Confidential or Material, Nonpublic Information | 19 |
|  | E. | Personal Securities Transactions Which Must Be Pre-Cleared | Personal Securities Transactions Which Must Be Pre-Cleared | 19 |
|  | F. | Obtaining Pre-Clearance | Obtaining Pre-Clearance | 21 |
|  | G. | Identification of Securities Accounts and Reports of Securities Holdings | Identification of Securities Accounts and Reports of Securities Holdings | 21 |
|  | H. | Reporting of Securities Transactions | Reporting of Securities Transactions | 22 |
|  | I. | Confidentiality of Personal Securities Information | Confidentiality of Personal Securities Information | 23 |
|  | J. | Addressing Personal Trading Conflicts with Advisory Persons | Addressing Personal Trading Conflicts with Advisory Persons | 23 |
|  | K. | Short Term Trading Restriction and Personal Trading Cap | Short Term Trading Restriction and Personal Trading Cap | 24 |
|  | L. | Waivers | Waivers | 25 |
| X. | REPORTING TO THE MUTUAL FUND BOARD | REPORTING TO THE MUTUAL FUND BOARD | REPORTING TO THE MUTUAL FUND BOARD | 25 |

---

iii

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**CODE OF ETHICS** 

**I.** **STATEMENT OF BUSINESS ETHICS OF WCM INVESTMENT MANAGEMENT** 

WCM is committed to maintaining the highest legal and ethical standards in the conduct of our business. We have built our reputation on client trust and confidence in our professional abilities and our integrity. As fiduciaries, we place our clients' interests above our own. Meeting this commitment is the responsibility of WCM and each and every one of our Supervised Persons.

Failure to comply with this policy may result in significant civil and criminal penalties, costly legal fees, and damage to the reputation of the Firm and the individuals involved and cause disciplinary action against such individuals, up to and including termination.

The Compliance Team is responsible for investigating any potential violations, discussing such violations with any Supervised Person believed to have committed such a violation, and recommending a sanction, if appropriate, to the Leadership Team. The Leadership Team will determine the appropriate sanction and have responsibility to affect the violative conduct.

Any capitalized terms used but not defined in this Code of Ethics will have the meanings assigned to them by the applicable law or regulation.

**II.** **ANTI-FRAUD AND FIDUCIARY OBLIGATION** 

WCM is ***registered as an investment adviser with the U.S. Securities and Exchange Commission*** (the "SEC") and has made a notice filing in its home state of California. It is WCM's policy to notice file in all 50 states. In conducting WCM's investment advisory business, WCM and its Supervised Persons must comply at all times with applicable federal securities laws, including the provisions of the ***Investment Advisers Act of 1940***, as amended (the "Advisers Act"), the rules under the Advisers Act and applicable provisions and rules under the laws of the various states where WCM does business or has clients. In addition, when managing accounts of employee benefit plans subject to the ***Employee Retirement Income Security Act of 1974***, as amended ("ERISA") and Individual Retirement Accounts, WCM must comply with all applicable provisions of ERISA, the ***Internal Revenue Code of 1986***, as amended, and the rules under those laws.

As a registered investment adviser, WCM and its Supervised Persons also have fiduciary and other obligations to clients. WCM's fiduciary duties to its clients require, among other things, that WCM: (i) render disinterested and impartial advice; (ii) make suitable recommendations to clients in light of their needs, financial circumstances and investment objectives; (iii) exercise a high degree of care to ensure that adequate and accurate representations and other information about securities are presented to clients; (iv) have an adequate basis in fact for any and all recommendations, representations and forecasts; (v) refrain from actions or transactions that conflict with interests of any client, unless the conflict has first been disclosed to the client and the client has (or may be considered to have) waived the conflict; and (vi) treat all clients fairly and equitably.

1 WCM Code of Ethics

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A breach of any of the above duties or obligations may, depending on the circumstances, expose WCM and its Supervised Persons involved, to SEC and state disciplinary actions and to potential criminal and civil liability, as well as subject the Supervised Person to WCM sanctions up to and including termination of employment. All Supervised Persons are required to promptly report violations of this Code of Ethics to the Chief Compliance Officer.

**III.** **ANTI-CORRUPTION AND BRIBERY** 

As a global investment adviser, WCM is presented with the unique challenge of trying to observe local business customs while still complying with applicable U.S. and other laws prohibiting corruption. The ***U.S. Foreign Corrupt Practices Act*** ("FCPA") and other anti-corruption laws prohibit any payment or offer of payment to a "foreign official" for the purpose of influencing that official to assist in obtaining or retaining business for a company. WCM has established this policy to ensure that all Supervised Persons of the Firm are aware of the FCPA and engage in ethical and legal practices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Foreign Corrupt Practices Act ("FCPA")** 

The FCPA prohibits any officer, agent, or Supervised Person of the Firm from directly or indirectly paying or giving, offering or promising to pay, giving or authorizing or approving such offer or payment, of any funds, gifts, services or anything else of any value to any foreign official or other person (each, a "Covered Person") for the purpose of obtaining business, favorable treatment, or other commercial benefits, whether by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• influencing any act or decision of the Covered Person in his official capacity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• inducing the Covered Person to act or not act in violation of his lawful duty; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• inducing the Covered Person to use his influence to that end with a foreign government or instrumentality

The same prohibition applies to a Covered Person's agent, intermediary (including, for example, a Covered Person's friend, relative, business or law firm), or other person while knowing that all or a portion thereof will directly or indirectly be forwarded to a Covered Person for such purpose.

For purposes of this Anti-Corruption and Bribery policy, a "Covered Person" is any foreign official including, without limitation, any officer or employee of any foreign government or any governmental department, agency, or instrumentality (e.g., a central bank) or any government-owned or controlled enterprise or any person acting in an official capacity for or on behalf of any such government, department, agency, instrumentality, or enterprise). It also includes any foreign political party, party official or candidate for political office.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **WCM's Policy** 

Bribery and corruption are not only against WCM's values, they are illegal and can expose both the employee and WCM to fines and penalties, including imprisonment and reputational damage.

2 WCM Code of Ethics

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Supervised Persons** 

WCM strictly prohibits bribery and other corrupt practices. Neither the Firm, nor its Supervised Persons, will seek to influence others, either directly or indirectly, by offering, promising, giving, or authorizing the giving or receiving of bribes or kickbacks, no matter how small. Supervised Persons and representatives of WCM are expected to decline any opportunity which would place our ethical principles and reputation at risk. While certain laws apply only to bribes of government officials (domestic and foreign; see Political Contributions Policy), this policy applies to all dealings including non-government business partners.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Third Parties** 

WCM and its Supervised Persons cannot avoid liability by using a third party to give or receive a bribe. Third parties representing and/or acting on behalf of WCM are expected to comply with our Anti-Corruption and Bribery Policy. In some jurisdictions, WCM can be convicted of a criminal offense if it fails to prevent a bribery carried out on its behalf by a third party, even if no one in the Firm had actual knowledge of the bribe. Therefore, whenever WCM seeks to engage a third party in which the third party may interact with a Government Official for or on behalf of WCM, the following guidelines apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Due diligence should be performed to ensure that the third party is a bona fide and legitimate entity, is
qualified to perform services for which it will be retained, and maintains standards consistent with the legal, regulatory, ethical, and reputational standards of the Firm.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Agreements with third parties must be in writing and should contain provisions related to the following, based on
corruption risk present in the third-party relationship:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A representation that the third party will remain in compliance with all relevant anti-corruption laws, including
the FCPA; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A provision that requires the third party to respond to reasonable requests for information from the Firm
regarding the work performed under the agreement and related expenditures by the third party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Government officials** 

Sales to Government Officials or government entities may present increased anti-corruption risk. Where WCM sells investment products or services to Government Officials or entities, such as public pensions, other state-owned financial institutions, or government affiliated institutions, the sales/marketing efforts related to these government clients should be clearly documented. As noted above, any expenditures made in connection with such business (entertainment, travel, etc.) must not be for any improper purpose and must comply with local law. Laws and regulations are strict when dealing with Government Officials. For example, reasonable corporate hospitality that is acceptable with other business associates might not be allowable when Government Officials are involved.

***Before such expenses are incurred, Supervised Persons must obtain prior approval from the Compliance Team.***

A Government Official is any:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• individual elected or appointed to a governmental entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• official or employee of a government;

3 WCM Code of Ethics

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• official or employee of a company wholly or partially controlled by a government (such as state-owned companies);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• candidate for political office;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• political party or official of a political party; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• person acting in an official capacity for any of the above regardless of rank or position.

The definition of what could constitute a bribe to a Government Official is broad and can occur even when the benefit being offered is small, such as gifts, entertainment and even business meals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Facilitation payments** 

"Facilitation or grease payments" are payments that facilitate a normal governmental function, such as to expedite processing paperwork. While these types of payments may be accepted as "a cost of doing business" in some cultures, they are illegal and counter to our values.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Violations** 

Supervised Persons and representatives of WCM should seek clarification on any questions or concerns regarding activities under consideration or the interpretation of any law. If you are offered a bribe from a person or entity doing business with or seeking to do business with WCM, report it immediately to the Compliance Team.

Failure to comply with this policy may result in significant civil and criminal penalties, costly legal fees, and damage to the reputation of the Firm and the individuals involved and cause disciplinary action against such individuals, up to and including termination.

Actual or potential violation of the anti-bribery or foreign corruption laws of this policy by the Firm, or another Supervised Person, must promptly be reported to the Compliance Team.

**IV.** **INITIAL/ANNUAL ACKNOWLEDGEMENTS** 

Supervised Persons should keep this Code of Ethics ("COE") available for easy reference. A copy of the COE is given to each Supervised Person and is maintained in the WCM's Common Firm Docs and within My Compliance Office ("***MCO***"). Each Supervised Person will, before starting to work at WCM and each year thereafter, read this COE and acknowledge that they have reviewed and understand it, and will adhere to the COE by completing the Annual Acknowledgement via MCO. From time to time, the COE will be revised or supplemented. The CCO, or his delegate, is responsible for providing each Supervised Person with a revised copy of this COE when material changes have occurred.

Each year, Supervised Persons must also complete the Disciplinary History questionnaire via MCO, which requests information about whether the Supervised Person has been subject to any disciplinary event, that is, a criminal, civil and/or regulatory action by a U.S. or foreign court, military court or regulatory or self-regulatory body. The employment of any person who is subject to such a reportable disciplinary event might, absent appropriate disclosures or specific relief from the SEC, tarnish WCM's reputation, jeopardize business relationships and

4 WCM Code of Ethics

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opportunities for both WCM and its Supervised Persons or expose WCM itself to potential disciplinary sanctions or disqualifications. Accordingly, a Supervised Person must notify the Compliance Team immediately if he or she becomes aware of anything that could result in a change in any of this information. Failure to accurately complete the questionnaire or to notify the Compliance Team of changes to information relating to disciplinary actions may subject a Supervised Person to disciplinary action or be grounds for dismissal.

**V.** **GENERAL STANDARDS OF CONDUCT AND WCM PROCEDURES** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Use of WCM Funds or Property** 

WCM's policy is to require each Supervised Person to respect the funds and property belonging to WCM, to limit the personal use of such funds or property, and to prohibit questionable or unethical disposition of WCM funds or property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Personal Use of WCM Funds or Property** 

No Supervised Person may take or permit any other Supervised Person to take, for his personal use, any funds or property belonging to WCM. Misappropriation of funds or property is theft and, in addition to subjecting a Supervised Person to possible criminal and civil penalties, will result in WCM disciplinary action up to, and including, dismissal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Payments to Others** 

No WCM funds or property may be used for any unlawful or unethical purpose, nor may any Supervised Person attempt to purchase privileges or special benefits through payment of bribes, kickbacks or any other form of "payoff." Customary and normal courtesies in conformance with the standards of the industry are allowable except where prohibited by applicable laws or rules. *(See sections on* ***Anti-Corruption and Bribery; Gifts and Entertainment***; and ***Political Contributions*** *for additional information.)* Particular care and good judgment are required when dealing with federal, state or local government officials to avoid inadvertent violations of government ethics rules. (Also, see following section on ***Political Contributions*** regarding important rules.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Improper Expenditures** 

No payment by or on behalf of WCM will be approved or made if any part of the payment is to be used for any purpose other than that described in the documents supporting the payment. Records will be maintained in reasonable detail that accurately and fairly reflect the transactions they describe and the disposition of any funds or property of WCM.

Any questions concerning the propriety of any use of WCM funds or property should be directed to the Compliance Team.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Conflicts of Interest and WCM Opportunities** 

It is not possible to provide a precise or comprehensive definition of a conflict of interest. However, one factor that is common to all conflict of interest situations is the possibility that a Supervised Person's actions or decisions will be affected because of actual or potential differences between or among the interests of WCM, its affiliates or clients, and/or the Supervised Person's own personal interests. A particular activity or situation may be found to involve a conflict of interest even though it does not result in any financial loss to WCM, its affiliates or its clients or any gain to WCM or the Supervised Person, and irrespective of the motivations of the Supervised Person involved.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Outside Business Activities and Interest in Competitors, Clients or Suppliers** 

Supervised Persons should avoid other employment or business activities, including personal investments that interfere with their duties to WCM, divide their loyalty, or create or appear to create a conflict of interest. In no event should any Supervised Person have any outside business activity that might cause embarrassment to or jeopardize the interests of WCM, interfere with its operations, or adversely affect his or her productivity or that of other Supervised Persons.

Each Supervised Person must pre-clear all outside business activities on MCO, for profit or non-profit. In addition, no Supervised Person or member of his or her "Immediate Family" (including any relative by blood or marriage living in the Supervised Person's household), shall serve as an officer, director, general partner, advisor, or trustee of, or have a substantial interest in or business relationship with a company (private or public), competitor, client, or supplier of WCM without the prior approval of the Chief Compliance Officer.

Any conflict that the Chief Compliance Officer determines is harmful to the interests of clients or the interests or reputation of WCM will be prohibited. The Chief Compliance Officer's determination as to whether a conflict exists or is harmful shall be conclusive.

Approval will be granted on a case-by-case basis, subject to proper resolution of potential conflicts of interest. Outside activities will be approved only if any conflict of interest issues can be satisfactorily resolved and all of the necessary disclosures are made on Part 2 of Form ADV.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Gifts and Entertainment** 

Giving, receiving or soliciting gifts and/or entertainment ("G&E") in a business setting may create an appearance of impropriety or may raise a potential conflict of interest. Additionally, WCM is subject to G&E-related laws and restrictions as a result of being a fiduciary and acting as an investment adviser to government entities, ERISA and Taft-Hartley plans, and mutual funds.

Therefore, WCM has adopted the following policies and procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Entertainment over $250 per person may be restricted; therefore, it must be reported without undue delay via MCO
and approved by the Compliance Team.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Entertainment is an <u>event</u> which includes participation by both parties for the mutual building of a
business relationship. Events, such as meals, golfing, sporting events, and the like, are considered commonly accepted business practices and they are usually permissible.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Gifts over $250 per person may be restricted; therefore, it must be reported without undue delay via MCO and
approved by the Compliance Team.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Gifts are <u>things</u> given or received by a Supervised Person. Charitable donations are considered gifts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>ANY</u> G&E to or from state or city pension plan representatives or non-U.S. government entities must be pre-cleared.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>ANY</u> G&E to or from ERISA or Taft-Hartley plans is prohibited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>ANY</u> G&E to or from broker-dealers executing purchases or sales for mutual funds advised or sub-advised by WCM is prohibited. This is required by Section 17(e)(1) of the 1940 Act, which prohibits WCM or its Supervised Persons from accepting any sort of compensation for the purchase or sale of property
to or from any mutual fund WCM advises.

WCM expects that it will bear the costs of travel and lodging associated with conferences, research trips, and other business-related travel. If these costs are borne by a person or entity other than WCM, pre-approval must be sought as such travel expenses will be treated as a gift to the Supervised Person for purposes of this policy.

WCM's Finance Team will coordinate with the Compliance Team for the review and reimbursement of employee expense reports to ensure compliance with this policy. If a Supervised Person has any questions regarding what constitutes G&E or how to handle it, it is their responsibility to ask the Compliance Team.

***Note:*** *Registered Representatives of ACA Foreside have additional requirements. Please see your Supervising Principal and ACA Foreside Compliance Manual for more details.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Charitable Contributions** 

Charitable contributions, sponsorships and grants, including those that are solicited by business partners and Government Officials may present increased corruption risk. Proposed charitable contributions, sponsorships or grants must not be used to conceal a bribe or otherwise benefit the business partner or Government Official. Charitable contributions, sponsorships and grants must not be provided for any improper purpose. As noted above, charitable contributions are considered Gifts and must be reported in MCO and approved by the Compliance Team.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Political Contributions** 

No Supervised Person shall make or solicit any political contribution for the purpose of obtaining or retaining advisory contracts with government entities. Contributions by a Covered Associate made to any elected official who, within two years of the contribution, is in a position to influence the retention or has legal authority to retain WCM, will result in the firm's prohibition in receiving any adviser fees from that government entity for a period of two years. Covered Associates are therefore not permitted to coordinate, or to solicit any person or political action committee to make, any:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Contribution to an official of a government entity to which the investment adviser is providing or seeking to
provide investment advisory services; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Payment to a political party of a State or locality where the investment adviser is providing or seeking to
provide investment advisory services to a government entity.

For purposes of this Political Contribution policy, a Covered Associate is defined as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any general partner, managing member or executive officer of WCM, or other individual with a similar status or
function;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any employee who solicits a government entity for WCM or any person who supervises, directly or indirectly, such
employee; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any political action committee ("PAC") controlled by WCM or by any such persons described above.

<u>Exceptions for De Minimis Contributions</u>. Covered associates are permitted to make aggregate contributions, without triggering the two-year "time out," of up to $350 per election to an elected official or candidate for whom the Covered Associate is entitled to vote, and up to $150 per election to an elected official or candidate for whom the Covered Associate is not entitled to vote. These de minimis exceptions are available only for contributions by Covered Associates, not WCM.

<u>Exceptions for Return Contributions</u>. This exception, created to enable Advisers to cure an inadvertent political contribution made by a Covered Associate to an official for whom the Covered Associate is not entitled to vote, is available for contributions that in the aggregate, do not exceed $350 to any one official, per election. WCM must have discovered the contribution that resulted in the violation within four months of the date such contribution was made, and within 60 days after learning of such contribution, the contributor must obtain the return of the contribution.

As such, all political contributions by a Covered Associate to any official, PAC or through a third party must be pre-cleared to the Compliance Team via the Political Contribution disclosure form in MCO prior to making the contribution. If and only if a contribution does not present a conflict of interest or harm WCM's ability to obtain clients will the Covered Associate be allowed to make such a contribution. Generally, contributions made by a Covered Associate to an official for whom the Covered Associate was entitled to vote at the time of the Contributions and which in the aggregate do not exceed $350 to any one official, per election, or to an official for whom the Covered Associate was not entitled to vote at the time of the Contributions and which in the aggregate do not exceed $150 to any one official, per election, will be approved.

Indirect actions by a Covered Associate that would result in a violation of the Political Contribution Rule, ***Rule 206(4)-5***, if done directly, are prohibited.

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<u>Look-Back Provisions</u>. Advisers are required to maintain a list of government entities to which the Adviser provides, or has provided, advisory services in the past 5 years, but not prior to the Rule's effective date. Furthermore, the Rule's look-back requirements continue to apply to an Adviser that does not currently have any government entity clients. Consequently, an Adviser that did not previously provide advisory services to a government entity and, therefore, had not maintained records required under this Rule, would be required to determine whether any contributions made by the firm or its Covered Associates, and any former Covered Associates, would subject the Adviser to the two-year "time out" period prior to the Adviser accepting compensation from a new government entity client.

The two-year time out restriction will generally apply to WCM in the event that a newly hired Covered Associate has made a prohibited contribution prior to the commencement of his or her employment if the Covered Associate solicits clients for the Adviser. The ban will apply for a "look-back" period of up to two years, beginning from the date of the contribution. However, if the new Covered Associate does not solicit clients on behalf of the Adviser, the two-year ban period is reduced to a maximum of six months.

As such, all newly hired Covered Associates must report to the Compliance Team, upon employment, all political contributions made two years prior to the commencement of his or her employment.

Furthermore, the two-year or six-month ban will continue to apply to the Adviser for the duration of the ban period if the Covered Associate who made the relevant contribution is no longer employed by WCM. The SEC has indicated that this 'look-forward' provision is intended to prevent a firm from channeling contributions through departing employees.

Periodically, the Compliance Team will review the list of Covered Associates, and the list of government entity clients for accuracy and compliance with the Pay-to-Play rule.

The following will be maintained by the Compliance Team for a period of five years from fiscal year end of last use, with at least two years on-site:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Names, titles and address (business & home) of Covered Associates

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Clients that are government entities (past 5 years, not prior to September 13, 2010)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• All direct and indirect contributions made by adviser and Covered Associate (in chronological order) indicating:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Name and title of each contributor

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Name and title of each recipient

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Amount and date of each contribution or payment

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Whether subject to exception from returned contributions

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Interest in Transactions** 

No Supervised Person, or member of his or her Immediate Family, shall engage in any transaction involving WCM if the Supervised Person or a member of his Immediate Family has a substantial interest in the transaction or can benefit directly or indirectly from the transaction (other than through the Supervised Person's normal compensation), except as specifically authorized in writing by the Chief Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.** **Acting as a Registered Representative of a Broker-Dealer** 

A Supervised Person of WCM may only act as a Registered Representative of a Broker-Dealer upon prior written approval from the Chief Compliance Officer. The Chief Compliance Officer may approve such activity, only after applicable licensing requirements have been met and appropriate disclosures have been made in Parts 1, 2A and 2B of Form ADV and the individual's Form U-4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.** **Diversion of WCM Business or Investment Opportunity** 

No Supervised Person shall acquire, or derive personal gain or profit from, any business or investment opportunity that comes to his or her attention as a result of his or her association with WCM, and in which he or she knows WCM or its clients might reasonably be expected to participate or have an interest, without first disclosing in writing all relevant facts to WCM, offering the opportunity to WCM or its clients, and receiving specific written authorization from the Chief Compliance Officer.

**VI.** **GENERAL STANDARDS OF CONDUCT IN DEALING WITH CLIENTS AND PROSPECTIVE CLIENTS** 

Supervised Persons of WCM must adhere to the following standards at all times:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Fair and Equitable Treatment of Clients** 

All clients must be treated fairly and equitably. No client may be favored over another.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **No Guarantees Against Loss** 

No Supervised Person may guarantee a client against losses with respect to any securities investments or investment strategies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **No Guarantees or Representations as to Performance** 

No guarantee may be made that a specific level of performance will be achieved or exceeded. Any mention of an investment's past performance or value must include a statement that it does not necessarily indicate or imply a guarantee of future performance or value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.** **No Legal or Tax Advice** 

No Supervised Person may give or offer any legal or tax advice to any client regardless of whether the Supervised Person offering such advice is qualified to do so.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E.** **No Sharing in Profits or Losses** 

No Supervised Person may directly share in the profits or losses of a client's account.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**F.** **No Borrowing From or Lending To a Client** 

No Supervised Person may borrow funds or securities from, or lend funds or securities to, any client of WCM.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**G.** **Supervised persons May Not Act as a Custodian of a Client** 

No Supervised Person may act as custodian of securities, money, or other funds or property of a client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**H.** **Orders May Not Be Placed Through Unlicensed Broker-Dealers or Agents** 

No Supervised Person shall place an order to purchase or sell a security for a client through a broker-dealer or agent or any bank unless such broker-dealer or agent or bank is properly registered or is exempt from registration in the state in which the client resides.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I.** **Executing Transactions or Exercising Discretion Without Proper Authorization** 

No Supervised Person shall execute any transaction on behalf of a client or exercise any discretionary power in effecting any transaction for a client account unless WCM has (i) obtained written authority from the client and (ii) authorized the Supervised Person's execution of client transactions or exercises discretionary authority with respect to that client.

**VII.** **PROTECTION OF MATERIAL, NONPUBLIC AND OTHER CONFIDENTIAL INFORMATION AND PREVENTION OF INSIDER TRADING AND TIPPING** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Need for Policy** 

WCM and its Supervised Persons have access to confidential information about clients of WCM, investment advice provided to clients, securities transactions executed for clients' accounts and other sensitive information. In addition, from time to time, WCM or its Supervised Persons may come into possession of information that is "material" and "nonpublic" (each as defined below) concerning a company or the trading market for its securities.

It is unlawful for WCM or any of its Supervised Persons to use such information for manipulative, deceptive or fraudulent purposes. The kinds of activities prohibited include "front-running", "scalping" and trading on inside information. "Front-Running" refers to a practice whereby a person takes a position in a security in order to profit based on his or her advance knowledge of upcoming trading by clients in that security which is expected to affect the market price. "Scalping" refers to a similar abuse of client accounts and means the practice of taking a position in a security before recommending it to clients or effecting transactions on behalf of clients, and then selling out of the Supervised Person's personal position after the price of the security has risen on the basis of the recommendation or client transactions.

Depending upon the circumstances, WCM and any Supervised Person could be at risk of violating federal securities laws for insider trading or tipping if they advise clients concerning, or execute transactions in, securities with respect to which WCM possesses material, nonpublic information ("MNPI"). In addition, WCM as a whole may be deemed to possess MNPI known by any of its Supervised Persons, unless WCM has implemented procedures to prevent the flow of that information to others within WCM.

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Section 204A of the Advisers Act requires that WCM establish, maintain and enforce written policies and procedures reasonably designed to prevent the misuse of MNPI by WCM and its Supervised Persons. Violations of the laws against insider trading and tipping by WCM Supervised Persons can expose WCM and any Supervised Person involved to severe criminal and civil liability. In addition, WCM and its Supervised Persons have ethical and legal responsibilities to maintain the confidence of WCM's clients, and to protect as valuable assets, confidential and proprietary information developed by or entrusted to WCM.

Although WCM respects the right of its Supervised Persons to engage in personal investment activities, it is important that such practices avoid any appearance of impropriety and remain in full compliance with the law and the highest standards of ethics. Accordingly, Supervised Persons must exercise good judgment when engaging in securities transactions and when relaying to others information obtained as a result of employment with WCM. If a Supervised Person has any doubt whether a particular situation requires refraining from making an investment or sharing information with others, such doubt should be resolved against taking such action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **General Policies and Procedures Concerning Insider Trading and Tipping** 

WCM has adopted the following policies and procedures to: (i) ensure the propriety of Supervised Person trading activity; (ii) protect and segment the flow of material, nonpublic and other confidential information relating to client advice and securities transactions, as well as other confidential information; (iii) avoid possible conflicts of interest; and (iv) identify trades that may violate the prohibitions against insider trading, tipping, front-running, scalping and other manipulative and deceptive devices prohibited by federal and state securities laws and rules.

No Supervised Person of WCM shall engage in transactions in any securities while in possession of MNPI regarding such securities (so called "insider trading"). Nor shall any Supervised Person communicate such MNPI to any person who might use such information to purchase or sell securities (so called "tipping"). The term "securities" includes options or derivative instruments with respect to such securities and other securities that are convertible into or exchangeable for such securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **"Material"** 

The question of whether information is "material" is not always easily resolved. Generally speaking, information is "material" where there is a substantial likelihood that a reasonable investor could consider the information important in deciding whether to buy or sell the securities in question, or where the information, if disclosed, could be viewed by a reasonable investor as having significantly altered the "total mix" of information available. Where the nonpublic information relates to a possible or contingent event, materiality depends upon a balancing of both the probability that the event will occur and the anticipated magnitude of the event in light of the totality of the activities of the issuer involved. Common, but by no means exclusive, examples of "material" information include information concerning a company's sales, earnings, dividends, significant acquisitions or mergers and major litigation. So called

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"market information," such as information concerning an impending securities transaction, may also, depending upon the circumstances, be "material." **Because materiality determinations are often challenged with the benefit of hindsight, if a Supervised Person has any doubt whether certain information is "material," such doubt should be resolved against trading or communicating such information.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **"Nonpublic"** 

Information is "nonpublic" until it has been made available to investors generally. In this respect, one must be able to point to some fact to show that the information is generally public, such as inclusion in reports filed with the SEC or press releases issued by the issuer of the securities, or reference to such information in publications of general circulation such as The Wall Street Journal or other publisher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **"Advisory Information"** 

Information concerning: (i) specific recommendations made to clients by WCM; or (ii) prospective securities transactions by clients of WCM ("Advisory Information") is strictly confidential. Under some circumstances, Advisory Information may be material and nonpublic, for instance when an adviser manages large enough accounts and trades on such a significant volume that the trades can have an impact on the market price and supply or demand of the security being traded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Prohibitions** 

In the handling of information obtained as a result of employment with WCM and when engaging in securities transactions, WCM Supervised Persons:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shall not disclose material, nonpublic or other confidential information (including Advisory Information) to
anyone, inside or outside WCM (including Immediate Family members), except to the Chief Compliance Officer or on a strict need-to-know basis and under circumstances that
make it reasonable to believe that the information will not be misused or improperly disclosed by the recipient;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shall refrain from recommending or suggesting that any person engage in transactions in any security while in
possession of MNPI about that security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shall abstain from transactions for their own personal accounts or for the account of any client, in any security
while in possession of MNPI regarding that security; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shall abstain from personal transactions in any security while in possession of Advisory Information regarding
that security, except in compliance with the section for  ***Rules Governing Personal Securities Accounts, Holdings, And Transactions By WCM Access Persons*** .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.** **Protection of Material, Nonpublic Information** 

No Supervised Person of WCM shall intentionally seek, receive, or accept information that he or she believes may be material and nonpublic.

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In the event that a Supervised Person of WCM should come into possession of information concerning any company or the market for its securities that the Supervised Person believes may be material and nonpublic, **<u>it is critical</u>** that such Supervised Person refrain from either disclosing the information to others or engaging in transactions (or recommending or suggesting that any person engage in transactions) in the securities to which such information relates. The Supervised Person should notify the Compliance Team immediately and file a report in MCO using the "Material Nonpublic Information" form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E.** **Procedures to Safeguard Material, Nonpublic Information** 

While MNPI may be encountered in many ways, there are certain areas that present a greater risk of exposure based on WCM's business practices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Expert Networks** 

One such area is WCM's use of "Expert Networks". To mitigate this risk, any new expert network will be reviewed and approved by the Compliance Team. As part of that review and approval, the Compliance Team will review and confirm the adequacy of the Expert Networks' controls for the protection and handling of MNPI prior to engaging their service. Also, the Compliance Team will track all interactions (e.g., emails, calls, meetings) between WCM and the Expert Networks and will have the ability to chaperone calls with or without notice to the participating analyst or expert. Unless approved by the CCO after ensuring adequate MNPI protections are in place, Supervised Persons are prohibited from sharing their authorized access to Expert Networks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Interacting with Potential Insiders** 

Another area of risk occurs when Supervised Persons meet directly with personnel of publicly and privately traded companies. The typical (and preferred) method for interaction with a company is with C-suite or Investor Relations ("IR") personnel, who are knowledgeable and have been trained regarding proper handling of MNPI. Regardless, WCM's Supervised Person will ensure that we communicate that WCM primarily invests in public equity markets, and we are not interested in, nor looking to receive material nonpublic information about any publicly traded company at the start of each call or expert network interaction.

This communication is equally important when interacting with private company personnel as they may assume based on the private engagement that WCM does not trade in public equities. Before engaging any personnel of a privately traded company, WCM's Supervised Persons will disclose that WCM primarily invests in public equity markets and confirm with the privately traded company that they do not have any known connections with publicly traded companies for which WCM may hold a security. If any connection is discovered, the WCM Supervised Person is prohibited from engaging any personnel in that privately traded company without the prior approval of the CCO.

If, during a phone call or meeting with any public or private company personnel, a Supervised Person becomes aware of any information that he or she believes, or has reason to believe, may be MNPI – regardless of the source (e.g. clients, fund investors, consultants, etc.) – they should promptly end the call or meeting and immediately consult with the CCO as noted earlier. Again, the Supervised Person should not share such information with anyone else.

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If a Supervised Person is contacted by an Expert, personnel of a publicly or privately traded company, or industry analyst, via non-business channels (such as personal email or phone, LinkedIn, or other social media) to discuss WCM's investment-related activities, the Supervised Person must redirect the conversation to the proper business channels (WCM email or phone, Expert Network, etc.) Further communication with such parties on non-business channels is strictly prohibited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Alternative Data Sources** 

In addition to the above areas, WCM recognizes the potential risks associated with the use of alternative data sources. Examples of "alternative data" include information gleaned from analyses of aggregate social media and internet search data, or other data obtained from apps and tools that consumers may use. To address these risks, the Compliance Team will conduct thorough due diligence on these alternative data providers, as outlined in its ***Vendor Diligence Policy within the Compliance Manual***, to ensure that their data collection and disclosure practices adequately mitigate the potential of disclosing MNPI.

Like when encountering any other MNPI data point, Supervised Persons are required to follow established protocols, including the reporting procedures above, when encountering MNPI with alternative data. The Compliance Team will also monitor and review the use of alternative data to ensure adherence to these protocols and will update policies as needed to address emerging risks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **"Wall Cross" Requests** 

On occasion, a company may, as a means to seek investors in restricted or private-placement securities issued by it, want to share material, nonpublic or other confidential information with WCM. Such "wall cross" requests may require the temporary separation of certain Supervised Persons from normal trading activities to prevent any potential misuse of this information and ensure that MNPI does not influence trading decisions within WCM.

As a result, the following procedures must be followed:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Identification and Authorization</u>: Before agreeing to a "wall cross" request and before
bringing any other Supervised Persons "over the wall", the relevant Supervised Person must receive written approval from the Compliance Team. The Compliance Team will evaluate the necessity and implications of the wall cross, considering
the context and the parties involved.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Information Barriers</u>: Once a "wall cross" is authorized, WCM will implement information
barriers to segregate the MNPI from the rest of the firm and its trading activities. This includes physical and electronic separation of information, where possible, and restricting access to MNPI to only those Supervised Persons who are authorized
to possess such information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Restricted List Management</u>: Until the information becomes public, companies or securities involved in a
"wall cross" will typically be placed on a restricted list for both personal and firm trading. The restricted list will be regularly updated and maintained on MCO and INDATA, as appropriate.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Review and Monitoring** 

All firm trading and personal trading by Supervised Persons is monitored for potential use of MNPI in MCO. Unusual trade activity is flagged by MCO. The CCO, with assistance from the Compliance Team, will investigate the rationale behind the trade decision, and where applicable review Expert Network and other relevant business activity, conduct a targeted email review, and examine trading patterns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**F.** **Protection of Other Confidential Information** 

Information relating to past, present, or future activities of WCM or clients that has not been publicly disclosed, shall not be disclosed to persons, within or outside of WCM, except within the guidelines of this policy. Supervised Persons are expected to use their own good judgment in relating to others information in these areas.

In addition, information relating to another Supervised Person's medical, financial, employment, legal, or personal affairs is confidential and may not be disclosed to any person, within or outside of WCM, without the Supervised Person's consent or for a proper purpose authorized by the Chief Compliance Officer or an officer of WCM.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**G.** **Procedures to Safeguard Other Confidential Information** 

In the handling of other confidential information, including Advisory Information, Supervised Persons of WCM shall take appropriate steps to safeguard the confidentiality of such information. Although WCM's offices are not generally open to the public or unannounced visitors, Supervised Persons must still take precautions to avoid storing nonpublic personal information in plain view in potentially public areas of WCM's offices. Furthermore, Supervised Persons must remove nonpublic personal information from conference rooms, reception areas and other areas when not in use and always prior to a visit by any third party. Particular care should be exercised when nonpublic personal information must be discussed or reviewed in public places such as restaurants, elevators, taxicabs, trains or airplanes, where that information may be overheard or observed by third parties. ***For more information and guidance see the Privacy Policy Compliance Procedures section of the Compliance Manual and the Information Security Program.*** 

**VIII.** **PROTECTION OF CONFIDENTIAL INFORMATION CONCERNING CLIENT RECOMMENDATIONS, ADVICE, OR TRADING AND "CHINESE WALL" PROCEDURES** 

WCM has adopted the following policies and procedures to limit access to Advisory Information to those Supervised Persons of WCM who have a legitimate need to know that information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Designation of Advisory Persons, Access Persons, and Supervised Persons** 

The Chief Compliance Officer shall designate as "Advisory Persons" those of WCM's Supervised Persons who make or participate in decisions as to what advice or recommendations should be given to clients or what securities transactions should be affected for client accounts, whose duties or functions relate to the making of such recommendations or who otherwise have a legitimate need to know information concerning such matters.

16 WCM Code of Ethics

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All Advisory Persons are Access Persons, but not all Access Persons are necessarily Advisory Persons. An "Access Person" is a Supervised Person who has access to nonpublic information regarding any client's purchase or sale of securities, is involved in making securities recommendations to clients, or has access to such recommendations that are nonpublic. All of the Company's directors, officers, and partners are presumed to be Access Persons.

A "Supervised Person" is any partner, officer, director (or other person occupying a similar status or performing similar functions), or employee of WCM, or other person who provides investment advice on behalf of WCM and is subject to WCM's supervision and control. This may include temporary workers, consultants, independent contractors, and anyone else designated by the Chief Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Obligations of Advisory Persons** 

In the handling of Advisory Information, Advisory Persons shall take appropriate measures to protect the confidentiality of such information. Specifically, Advisory Persons shall refrain from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Disclosing Advisory Information to anyone other than another Advisory Person, inside or outside of WCM (including
any Supervised Person of an affiliate); except on a strict need-to-know basis and under circumstances that make it reasonable to believe that the information will not be
misused or improperly disclosed by the recipient; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Engaging in transactions — or recommending or suggesting that any person (other than a WCM client) engage
in transactions — in any security to which the Advisory Information relates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **General Policy Concerning Non-Advisory Persons** 

As a general matter, Non-Advisory Persons of WCM should not seek or obtain access to Advisory Information. If a Non-Advisory Person of WCM should come into possession of Advisory Information, he or she should refrain from either disclosing the information to others or engaging in transactions (or recommending or suggesting that any person engage in transactions) in the securities to which such information relates. If a Non-Advisory Person of WCM obtains Advisory Information, he or she should promptly notify the Chief Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.** **Monitoring Compliance with Insider Trading and Tipping Policies and Procedures and Effectiveness of "Chinese Wall" Procedures** 

The Chief Compliance Officer or his designee shall use MCO to review initial and annual holdings reports and quarterly transaction reports for Supervised Person accounts. This review is designed to: (i) ensure the propriety of the Supervised Person's trading activity (including whether pre-approval was obtained as required by the ***Rules Governing Personal Securities Accounts, Holdings, And Transactions By WCM Access Persons***); (ii) avoid possible conflict situations; and (iii) identify transactions that may violate the prohibitions regarding insider trading and manipulative and deceptive devices contained in the federal and state securities laws and SEC rules. MCO maintains records of review.

The Compliance Team shall report to the Leadership Team any findings of possible irregularity or impropriety.

17 WCM Code of Ethics

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**IX.** **RULES GOVERNING PERSONAL SECURITIES ACCOUNTS, HOLDINGS, AND TRANSACTIONS BY WCM ACCESS PERSONS** 

The personal investing activities of all WCM Supervised Persons must be conducted in a manner to avoid actual or potential conflicts of interest with WCM's clients and WCM itself. No Supervised Person of WCM may use his or her position with WCM, or any investment opportunities they learn of because of his or her position, in a manner that creates an actual or potential conflict of interest with WCM's clients or with WCM.

The following policies and procedures were adopted to meet WCM's responsibilities to clients and to comply with SEC rules. Violations may result in law enforcement action against WCM and its Supervised Persons by the SEC or state regulators and/or disciplinary action by WCM against any Supervised Person involved in the violation, including termination of employment.

All Supervised Persons should read these requirements carefully and be sure that they are understood. It is particularly important to understand and accept that these pre-clearance requirements may mean that a Supervised Person will be prohibited from purchasing or selling a particular security because of client interest in that security. This restriction on a Supervised Person's ability to transact in a security can have a harsh impact on individual Supervised Persons and their Immediate Family members.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Who is Covered by These Requirements** 

Apart from short term or temporary interns who are prohibited from personal trading, all Access Persons of WCM ***and members of their Immediate Family who reside in their household*** are subject to WCM's policies and procedures governing personal securities transactions, with the limited exceptions noted below. An Access Person is defined as a Supervised Person who has access to nonpublic information regarding clients' purchase or sale of securities, is involved in making securities recommendations to clients or who has access to such recommendations that are nonpublic.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **What Accounts and Transactions Are Covered** 

These personal securities policies and procedures cover all personal securities accounts and transactions for which an Access Person has, or acquires, any direct or indirect beneficial ownership. Unless approved by the CCO, Access Persons are permitted to hold only those personal securities accounts that have direct data feeds with MCO.

For purposes of these requirements, "beneficial ownership" has the same meaning as in Securities Exchange Act Rule 16a-1(a)(2). Generally, a person has beneficial ownership of a security if he or she, directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise, has or shares a direct or indirect financial interest in the security. ***A transaction and holding by or for the account of an Immediate Family member (living in the same home with an Access Person) is considered the same as a transaction and holding by the Access Person.***

18 WCM Code of Ethics

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According to SEC guidelines, the following exemption is permissible. The firm can trade securities for any of the WCM Access Person accounts as long as the securities are blocked with client trades. The securities in the trade block allocated to the Access Person are dollar-cost-averaged or settled at the worst price of the day. All Access Person trades must bear the fiduciary responsibility of putting the clients' interests first.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **What Securities are Covered by These Requirements ("Reportable Securities")** 

All securities (and derivative forms thereof including options and futures contracts) are covered by these requirements except: (1) direct obligations of the U.S. government (e.g., treasury securities); (2) bankers' acceptances, bank certificates of deposit, commercial paper, and high quality short-term debt obligations, including repurchase agreements; (3) shares issued by money market funds; (4) shares of <u>unaffiliated</u> open-end mutual funds; (5) shares issued by unit investment trusts that are invested exclusively in one or more open-end funds; and (6) shares of Section 529 College Savings and Prepaid Tuition plans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.** **What Transactions are Prohibited by these Requirements** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Front-Running or Scalping** 

Access Persons of WCM are not permitted to "front-run" any securities transaction of a client or WCM, or to "scalp" by making securities recommendations for clients with the intent of personally profiting from personal holdings of or transactions in the same or related securities, as noted in the section, ***Protection Of Material, Nonpublic And Other Confidential Information And Prevention Of Insider Trading And Tipping***.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Short Sales of a Security Held by a Client** 

No Access Person may sell short any security held in a client's account managed by WCM.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Use of Confidential or Material, Nonpublic Information** 

Access Persons may not buy or sell any security if he or she has material, nonpublic information about the security or the market for the security obtained in the course of his or her employment with WCM or otherwise, as noted in the section, ***Protection Of Material, Nonpublic And Other Confidential Information And Prevention Of Insider Trading And Tipping***.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E.** **Personal Securities Transactions Which Must Be Pre-Cleared** 

Before placing any order to purchase or sell any security, or otherwise acquiring or disposing of a security, including participation in initial public offerings ("IPO") and limited or private investments, an Access Person of WCM must pre-clear the transaction with WCM's Compliance Team.

Access Persons who have purchased or sold any private investments are required to pre-clear any subsequent investment in that issuer. However, investments in private equity or private credit funds do not require pre-clearance for each capital call once the initial investment and commitment amount have been approved.

19 WCM Code of Ethics

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Temporary or short-term interns are prohibited from engaging in personal trading while working for WCM.

Pre-clearance is **<u>not</u>** required for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• U.S. government securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• U.S. government agency securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Municipal bonds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• shares of any open-end mutual funds and securities of any other
registered investment company, e.g., closed-end funds, exchange traded funds or unit investment trusts, <u>not affiliated with or sub-advised by</u> WCM;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• high quality short-term debt instruments, such as bankers' acceptances, commercial paper, repurchase
agreements and bank certificates of deposit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• purchases through automatic reinvestment of dividends pursuant to a dividend reinvestment plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• involuntary acquisitions or dispositions of securities, such as by inheritance or court-order upon divorce;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• transactions effected for any account or entity over which the Access Person does not have or share investment
control, such as a "blind trust";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• transactions in securities through an employer sponsored or other tax qualified employee benefit plan, such as a
401(k) plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• purchases or sales resulting from the exercise or assignment of options;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• purchases or sells in an Access Person's account which is managed and directed by WCM;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Index Futures, Commodity Futures, Interest Rate Futures, Index Options, Commodity Options and Interest Rate
Options.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• purchases or sales in an intern's Immediate Family Member's account who shares the same household as
the Access Person, except trades that are in IPOs, private placements & limited offerings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cryptocurrency (*Note: If you are a registered representative of ACA Foreside, you may have separate requirements regarding digital asset reporting)* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• such other securities or transactions as may be added to this list of exceptions in writing by the Chief
Compliance Officer.

20 WCM Code of Ethics

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

To obtain pre-clearance, an Access Person must log into MCO and submit a pre-clearance form. Most requests are automatically approved or denied based on conflicts with firm trades. The CCO or member of the Compliance Team will manually pre-clear Access Persons' trades that are not able to be automatically approved. A member of the Leadership Team will pre-clear personal trades of the CCO that cannot be automatically approved by MCO (i.e., require manual approval). The status of a pre-clearance request is viewable in MCO under the employee section "My -> Submissions -> Requests -> Personal Trade Pre-Clearance."

A pre-clearance approval is valid until the subsequent close of the applicable market.

*Several examples:* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Pre-clearance approval for a trade executed in the U.S. market expires at the subsequent close of the U.S. market (typically 4PM Eastern Time).* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Pre-clearance approval on Tuesday evening after the close of market on Tuesday is valid until the close of market on Wednesday.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Pre-clearance approval on Friday evening after the close of market on Friday is valid until the close of market on Monday (assuming the market is open on Monday.)* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Pre-clearance approval on Thursday during market hours is valid until the close of market on Thursday.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Pre-clearance approvals for a trade executed in a non-U.S. market expires at the subsequent close of that market.* 

For trades in instruments or securities that do not adhere to market hours (such as Limited Partnerships, etc.) pre-clearance approval is valid for 30 days.

Failure to follow the pre-clearance requirements places the firm at risk and therefore is a consequential matter. In the event an Access Person violates the pre-clearance requirements, the Compliance Team will email them regarding the violation and inform the Leadership Team. A pattern of frequent offenses indicates a disregard for the Code and will result in disciplinary action, such as the revocation of personal trading privileges, fines, and even termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**G.** **Identification of Securities Accounts and Reports of Securities Holdings** 

Access Persons must report all securities accounts (including securities accounts of Immediate Family members residing in the same household as the Access Person) in which the Access Person has any direct or indirect "beneficial interest," by filing a Personal Brokerage Account Disclosure in MCO. These reports must be completed, as required by the Code of Ethics Rule, Rule 204A-1, (1) no later than 30 days after the end of each calendar quarter and (2) in the case of new Access Persons, within 10 days of the individual becoming an Access Person.

21 WCM Code of Ethics

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The as-of date for initial reports (i.e., when an individual first becomes an Access Person) must not be older than 45 days.

<u>Accounts **with** "reportable securities"</u>. Reports for securities accounts holding "***reportable securities***" must contain:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The title and type of security, and as applicable the exchange ticker symbol or CUSIP number, number of shares,
and principal amount of each reportable security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The name of any broker, dealer or bank with which the Access Person maintains an account in which any
securities are held for the Access Person's direct or indirect benefit; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The date the Access Person submits the report.

<u>Accounts **without** "reportable securities"</u>. Reports for securities accounts holding securities excluded from the list of "***reportable securities***" requires only the name of any broker, dealer or bank with which the Access Person maintains an account and the date the Access Person submits the report.

Securities accounts linked to MCO satisfy these reporting requirements for the periods in which the account is linked. If a securities account cannot be linked to MCO or there is a period of time that the account is not linked, the information noted above must be manually entered into the form within MCO, or, with approval, e-mailed to the Chief Compliance Office or their designee.

These reports are reviewed by the Chief Compliance Officer or his designee. The reports of the Chief Compliance Officer are reviewed by the COO and/or his designee.

If an Access Person has no securities accounts or holdings to report, they must affirm so through a quarterly affirmation via MCO.

Late reporting is considered a violation of the Code of Ethics and SEC Rule, is not acceptable and will not be tolerated by WCM. This can lead to disciplinary action against an Access Person, including possible termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**H.** **Reporting of Securities Transactions** 

SEC rules impose strict requirements on WCM and its Access Persons with respect to the reporting of personal securities transactions. Access Persons must submit quarterly reports of all personal securities transactions (including securities accounts of Immediate Family members residing in the same household as the Access Person) in which the Access Person has a "beneficial interest," by filing a transaction report in MCO. This report must be filed no later than 30 days after the end of each calendar quarter as required by the Code of Ethics Rule, Rule 204A-1.

22 WCM Code of Ethics

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<u>Transactions of "reportable securities"</u>. Reports for transactions of "***reportable securities***" must contain:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. the date of the transaction, the title, and as applicable the exchange ticker symbol or CUSIP number, interest
rate and maturity date, number of shares, and principal amount of each reportable security involved the nature of the transaction (i.e., purchase, sale or any other type of acquisition or disposition); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. the price of the security at which the transaction was effected; the name of the broker, dealer or bank with or
through which the transaction was effected; and the date the Access Person submits the report.

<u>Transactions of non-"reportable securities"</u>. These transactions do not need to be reported.

Securities accounts linked to MCO satisfy these reporting requirements for the periods in which the account is linked. If a securities account cannot be linked to MCO or there is a period of time that the account is not linked, the information noted above must be manually entered into the form within MCO, or, with approval, e-mailed to the Chief Compliance Officer or their designee.

These personal securities transaction reports will be reviewed by the Chief Compliance Officer or his designee. The reports of the Chief Compliance Officer will be reviewed by the COO and/or his designee.

If an Access Person has no reportable securities transactions to report, they must affirm so through a quarterly affirmation via MCO.

Late reporting is considered a violation of the Code of Ethics and SEC Rule, is not acceptable and will not be tolerated by WCM. This can lead to disciplinary action against an Access Person, including possible termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I.** **Confidentiality of Personal Securities Information** 

Access to reports of personal securities transactions, securities holdings, securities accounts, duplicate confirmations and account statements will be restricted to the Chief Compliance Officer and such other persons as WCM may designate to assist the Chief Compliance Officer with review of the reports and pre-clearance. All such materials will be kept confidential, subject to the right of inspection by the SEC or other government agencies, outside counsel for compliance purposes, and WCM's Leadership Team.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**J.** **Addressing Personal Trading Conflicts with Advisory Persons** 

WCM's compliance program seeks to provide the greatest amount of flexibility while still achieving the objective of protecting clients and following rules. Although Advisory Persons can trade in the same securities as clients, those trades are subject to the pre-clearance requirements, as mentioned above, as well as additional controls to prevent and remediate potential conflicts that might occur because of the advisory-related information Advisory Persons may have access to.

23 WCM Code of Ethics

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One potential conflict exists when Advisory Persons profit, or perceive to have profited, from the firm trading of our clients. WCM addresses this potential conflict by restricting Advisory Persons' trading within two weeks of a firm trade program in the same security, both after and before the firm trading occurs.

An Advisory Person may not be aware of the exact timing of a firm trade program, an Advisory Person may receive approval to trade a certain security after submitting a preclear, only later to find out that the trade created a conflict once a firm trade program started. Rather than require an Advisory Person to reverse the trade, this policy allows the Advisory Person to maintain a position and compare their trade against the least-favored client execution price (worst for front side; best for back side) in the trade program. An Advisory Person can still choose to reverse their trade instead.

**<u>Front side</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Same side trade

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 2 weeks (14 calendar days) before the beginning of client trading

**<u>Back side</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Opposite side trade

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 2 weeks (14 calendar days) after the last client trade

An Advisory Person can choose one of the following options:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Reverse their trade and donate profits; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Maintain their position and compare their execution price against the least- favored client execution price,
donating any profitable difference.

The procedure above aims to mitigate potential conflicts that may exist with Advisory Persons trading the same securities of our clients within a window of time where the client trading may have a reasonably foreseeable impact on marketing pricing.

The CCO, or his designee, will ensure that the appropriate corrective action is taken by the Advisory Person to neutralize the resulting conflict.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**K.** **Personal Trading Cap** 

In line with our fiduciary duty, we want to ensure our employees prioritize managing client accounts over their personal trading activities. To uphold our commitment to clients and maintain the highest standards of professional conduct, each Access Person is limited to a maximum of 100 personal trades per calendar year (excluding WCM funds and cash-based instruments like CDs and money market funds), whether those trades require preclearance or not.

Once an Access Person reaches this cap, their personal trading activity will be restricted for the remainder of the year.

24 WCM Code of Ethics

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**L.** **Short Term and Speculative Trading Restriction** 

To reinforce the firm's commitment to ethical investment practices and to avoid potential conflicts of interest, all trading in equity options or futures tied to securities held by WCM or its clients that have an expiry period and minimum holding period of less than six months are strictly prohibited. This means the Access Person must not liquidate, close, or otherwise dispose of the position before the end of the holding period, regardless of market conditions.

Those permissible options or future positions not tied to firm holdings must have at least an expiration period and minimum holding period of 90 days from the date of purchase or initiation. This means the Access Person must not liquidate, close, or otherwise dispose of the position before the end of the holding period, regardless of market conditions.

Any Access Person found to be in violation of this policy must immediately close the position in question. Any gains realized from the closing of the prohibited position must be donated to a charitable organization approved by the Compliance Team. The Access Person will absorb any losses incurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**M.** **Waivers** 

The Chief Compliance Officer may, in his discretion, after consultation with the Leadership Team, waive compliance by any person with any of the restrictions and pre-clearance requirements set forth herein, if the Leadership Team finds that such a waiver: (i) is necessary to alleviate hardship in view of unforeseen circumstances or is otherwise appropriate under all of the relevant facts and circumstances; (ii) will not be inconsistent with the purposes of WCM's policies and procedures governing personal securities transactions; (iii) will not adversely affect the interests of clients or WCM; and (iv) is not likely to permit a transaction or conduct that would violate provisions of applicable laws or rules.

Any waiver shall be documented by the Chief Compliance Officer and shall state the basis for the waiver. The Chief Compliance Officer shall promptly send a copy of the waiver to the Leadership Team and shall maintain a copy in the Compliance program folders or MCO.

**X.** **REPORTING TO THE MUTUAL FUND BOARD** 

No less frequently than quarterly, the Chief Compliance Officer or his/her designee will furnish to the Board of Directors of all mutual funds managed by WCM, a written report that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Describes any issues arising under the Code of Ethics since the last report to the Board of Directors, including,
but not limited to, information about material violations of the Code of Ethics, or procedures and sanctions imposed in response to any material violations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Certification that WCM has adopted procedures reasonably necessary to prevent Supervised Persons, including
Access Persons, from violating the Code of Ethics.

The Firm will furnish to the Board of Directors of all mutual funds managed by WCM, a copy of the Code of Ethics and any material changes to the Code of Ethics.

25 WCM Code of Ethics

## Ex-99.(P)(6)

![LOGO](g274160g0422073953947.jpg)

![LOGO](g274160g0422073954516.jpg)

**MORGAN STANLEY INVESTMENT MANAGEMENT** 

**PUBLIC SIDE CODE OF ETHICS AND PERSONAL TRADING GUIDELINES** 

**July 25, 2025** 

------

**TABLE OF CONTENTS** 

---

| | | | |
|:---|:---|:---|:---|
| **I.** | **INTRODUCTION** | **INTRODUCTION** | **3** |
|  | A. | General | 3 |
|  | B. | Standards of Business Conduct | 3 |
|  | C. | Mandatory Training Requirements | 4 |
|  | D. | Overview of Code Requirements | 5 |
|  | E. | Personal Conflicts | 5 |
| **II.** | **TYPES OF ACCOUNTS/ACCOUNT OPENING REQUIREMENTS** | **TYPES OF ACCOUNTS/ACCOUNT OPENING REQUIREMENTS** | **6** |
|  | A. | Personal Securities Accounts | 6 |
|  | B. | Fully Managed Account\* | 6 |
|  | C. | Other Morgan Stanley Sponsored Accounts | 7 |
|  | D. | Non-Morgan Stanley Accounts | 7 |
|  | E. | Individual Savings Accounts ("ISAs") for Employees of MSIM Ltd. and EVAIL | 7 |
|  | F. | Mutual Fund Accounts | 8 |
|  | G. | Automatic Investment Plan | 8 |
|  | H. | Investment Clubs | 8 |
|  | I. | Cryptocurrencies | 8 |
| **III.** | **PRE-CLEARANCE REQUIREMENTS FOR PERSONAL SECURITIES TRANSACTIONS** | **PRE-CLEARANCE REQUIREMENTS FOR PERSONAL SECURITIES TRANSACTIONS** | **9** |
|  | A. | General | 9 |
|  | B. | Initiating a Transaction | 9 |
|  | C. | Pre-Clearance Valid for One Day Only | 9 |
|  | D. | Restrictions and Requirements for Investment Personnel | 10 |
|  | E. | Restrictions and Requirements that apply to Eaton Vance Affiliated Entities | 10 |
|  | F. | Restrictions and Requirements for PPA Model Personnel | 11 |
|  | G. | Omni and Those Who Have Access to Flex One | 11 |
|  | H. | Employees Designated to be "Above the Wall" | 12 |
|  | I. | Transacting in Morgan Stanley Securities | 12 |
|  | J. | Trading Derivatives | 12 |
|  | K. | Other Restrictions | 13 |
|  | L. | Other Activities Requiring Pre-Clearance | 13 |
| **IV.** | **HOLDING REQUIREMENTS** | **HOLDING REQUIREMENTS** | **14** |
|  | A. | Proprietary and Sub-advised Mutual Funds and Single-Stock Exchange-Traded Funds | 14 |
|  | B. | Covered Securities | 14 |
|  | C. | Holding Requirements Specific to MSIMJ Employees | 14 |
|  | D. | Holding Requirements Specific to HK Type 9 License Holder Employees | 14 |
| **V.** | **REPORTING REQUIREMENTS** | **REPORTING REQUIREMENTS** | **15** |
|  | A. | Initial Reporting and Holdings Certification | 15 |
|  | B. | Quarterly Reporting and Certification | 15 |
|  | C. | Annual Reporting and Holdings Certification | 16 |
| **VI.** | **OUTSIDE BUSINESS ACTIVITIES AND PRIVATE INVESTMENTS** | **OUTSIDE BUSINESS ACTIVITIES AND PRIVATE INVESTMENTS** | **18** |
|  | A. | Approval to Engage in an Outside Business Activity | 18 |
|  | B. | Approval to Invest in a Private Investment | 18 |
| **VII.** | **REVIEW, INTERPRETATIONS AND EXCEPTIONS** | **REVIEW, INTERPRETATIONS AND EXCEPTIONS** | **19** |
| **VIII.** | **ENFORCEMENT AND SANCTIONS** | **ENFORCEMENT AND SANCTIONS** | **19** |
| **IX.** | **RELATED POLICIES** | **RELATED POLICIES** | **20** |
| **X.** | **RECORDKEEPING** | **RECORDKEEPING** | **20** |
|  | A. | Firm Requirements | 20 |
|  | B. | MSIM Maintenance of Records Relevant to this Code | 21 |
| **SCHEDULE A** | **SCHEDULE A** | **SCHEDULE A** | **22** |
| **XI.** | **DEFINITIONS** | **DEFINITIONS** | **25** |
| **SCHEDULE B** | **SCHEDULE B** | **SCHEDULE B** | **31** |

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**I.** **INTRODUCTION** 

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

The Morgan Stanley Investment Management ("MSIM") Public Side Code of Ethics (the "Code") is intended to fulfill MSIM's requirements under Rule 204A-1 of the Investment Advisers Act of 1940, as amended (the "Advisers Act") and Rule 17j-1 under the Investment Company Act of 1940, as amended (the "Company Act"). The Code is reasonably designed to prevent legal, business and ethical conflicts, to guard against the misuse of confidential information, and to avoid even the appearance of impropriety that may arise in connection with your personal trading and Outside Business Activities as a MSIM Employee. It is very important for you to read the "Definitions" section to understand the scope of this Code, including the individuals, accounts, securities and transactions it covers. You are required to acknowledge receipt and your understanding of this Code at the start of your employment at MSIM or when you become a Covered Person, as defined below, and annually thereafter.

**Who is Subject to This Code?** 

**ALL MSIM Public Side Employees** and all others deemed Covered Persons in the definitions section of this policy by Compliance. Private Side Employees and AIP Private Markets employees should consult the <u>IM Private Side Supplement</u> <u>to the</u> <u>Global Employee Trading and Investing Policy</u> and the IM Private Side <u>Code of Ethics</u>.

In addition to this Code, there are separate Funds Code of Ethics applicable to each of the Morgan Stanley, Eaton Vance, Calvert Mutual Funds and MSIM China Co. Ltd.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B. Standards of Business Conduct** 

MSIM seeks to comply with the Federal securities laws and regulations applicable to its business. The Code is designed to assist you in fulfilling your regulatory and fiduciary duties as an MSIM Employee as they relate to your personal securities transactions.

<u>Fiduciary Duties</u>

You have a duty to act in utmost good faith with respect to each Client, particularly where the interests of MSIM may be in conflict with those of a Client. MSIM has a duty to deal fairly and act in the best interests of its Clients at all times. The following fiduciary principles govern your activities and the interpretation / administration of these rules:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The interests of Clients must always be placed first.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• All personal securities transactions must be conducted in compliance with the rules contained in this Code and in
such manner as to avoid any actual or potential conflict of interest or any abuse of your position of trust and responsibility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You should never use your position with MSIM, or information acquired through your employment, in your personal
trading in a manner that may create a conflict—or the appearance of a conflict—between your personal interests and the interests of MSIM and / or its Clients. If such a conflict or potential conflict arises, you must report it
immediately to your local Compliance group.

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In connection with providing investment advisory services to Clients, this includes avoiding any activity which directly or indirectly:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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 of a Client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Functions as a manipulative practice with respect to a Client or securities.

<u>Personal Securities Transactions and Relationship to MSIM Clients</u>

MSIM prohibits you from engaging in personal trading in a manner that would distract you from your daily responsibilities. MSIM strongly encourages you to invest for the long term and discourages short-term, speculative trading. You are cautioned that short- term strategies may attract a higher level of scrutiny. Excessive or inappropriate trading that interferes with job performance or that compromises the duty that MSIM owes to its Clients will not be tolerated.

These standards do not identify all possible conflicts of interest, and literal compliance with each of the specific provisions of this Code will not shield you from liability for personal trading or other conduct that is designed to circumvent its restrictions or violates a fiduciary duty to Clients.

If you become aware that you or someone else may have violated any aspect of this Code, you must report the suspected violation to Compliance, or your Designated Manager immediately.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C. Mandatory Training Requirements** 

The training of all Covered Persons is one of the various ways that Morgan Stanley exhibits its commitment to maintaining integrity and operating with the highest ethical standards on regulatory and Firm issues at a global, divisional and regional level. Completion of required training is an ongoing focus of the regulators and important to mitigate risk across all areas. In addition, all Covered Persons are responsible for understanding and abiding by all policies, procedures, industry standards, best practices and regulatory requirements discussed and outlined within their assigned Training Requirements.

Covered Persons who fail to complete all or part of their Training Requirements or are repeatedly tardy in their completion may be subject to disciplinary action, up to and including termination of employment. Disciplinary actions can be issued orally or in writing and may include, but are not limited to:

• Notifying an employee's Manager of the delinquency in writing or via the Performance Management Dashboard;

• Issuance of a Letter of Warning / Education to the employee and employee's Manager;

• Record delinquency in the Compliance Incident Tracking of Employees database; or

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| |
|:---|
| **Mandatory Training Requirements**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Any late training may result in a **violation.** Please note that the trainings listed below have a shorter due date than others and are due within 10 calendar days of hire/becoming a Covered Person. |

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| | |
|:---|:---|
| **Training Name** | **Description** |
| Morgan Stanley Investment Management Initial Disclosure Form | Used to report internal accounts with Morgan Stanley and E\*TRADE, DRIPS, Stock Purchase Plans, Physical Stock and Bond Certificates, Company Stock in External 401k, ESPP and ESOP |
| Outside Business Interests - New Hires | Part of the Code of Conduct New Hire Curriculum which provides an overview on how to report: outside securities accounts, outside business activities, and private investments |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Suspension or termination of employment

Non-completion of the Code of Conduct or the Code training and applicable certifications and supplements can result in additional disciplinary actions prior to suspension or termination of employment, such as, restriction of trading privileges and reduction of discretionary bonus. In addition, non-completion of mandatory training by contingent workers may result in termination of their engagement with Morgan Stanley.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D. Overview of Code Requirements** 

Compliance with the Code is a matter of understanding its basic requirements and making sure the steps you take regarding activities covered by the Code are in accordance with the letter and spirit of the Code. Generally, you have the following obligations:

![LOGO](g274160g0422073954783.jpg)

You must examine the specific provisions of the Code for more details on each of these activities. Please contact Compliance if you have any questions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E. Personal Conflicts** 

As per the Firm's <u>Code</u><u> </u><u>of</u><u> </u><u>Conduct</u>, *personal conflicts* can arise from your outside activities or investments, or those of your family. You must avoid any investment, activity or relationship that could, or could appear to, impair your judgment or interfere with your responsibilities to Morgan Stanley (the "Firm") and our Clients.

If you become aware of an actual or potential conflict, you must act in accordance with applicable regulatory requirements and our policies. You also must notify your supervisor, the Conflicts Management Officer (CMO) for your business unit in your region, a member of LCD or the Firm's Global Conflicts Office (GCO)—including if an actual or potential conflict arises from an investment or activity that was previously approved through the <u>Outside Business</u> <u>Interests (OBI) System</u>. Consult the <u>Conflicts of Interest</u> <u>InfoPage</u> for additional information.

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**Examples of Potential Personal Conflicts include, but are not limited to:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Having a personal or family interest in a transaction involving Morgan Stanley.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Competing with Morgan Stanley for the purchase or sale of services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Taking advantage of outside business opportunities that arise because of your position at Morgan Stanley.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Accepting special benefits offered based on your relationship with Morgan Stanley (such as discount prices, more
favorable loan terms or investment opportunities), unless the terms are offered to a broad group of individuals (for example, discounted banking services offered to all Firm employees at the same location).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Engaging in personal financial arrangements or certain other personal relationships with other Morgan Stanley
employees.

**II.** **TYPES OF ACCOUNTS/ACCOUNT OPENING REQUIREMENTS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A. Personal Securities Accounts** 

Generally, you and your Immediate Family must maintain all Personal Securities Accounts that may invest in Covered Securities at a Morgan Stanley Broker or <u>Preferred Brokers</u>, as applicable to the respective jurisdiction.

*Requirements may vary in non-U.S. offices.* New Employees or newly designated Covered Persons must disclose their Personal Securities Account(s) and accounts of their Immediate Family within 10 calendar days of hire and transfer their Personal Securities Account(s) to a Morgan Stanley Broker or Preferred Brokers, as applicable in non-US jurisdictions, at their own expense, within 60 calendar days of Compliance's review. Failure to do so may be considered a significant violation of this Code.

*<u>Opening a Morgan Stanley Brokerage Account</u>.* When opening a Personal Securities Account, you must notify the Broker that you are an Employee and that the relevant account must be coded as an Employee or Employee-related account. U.S. Employees can open a new account by typing <u>myfinances/</u> into their web browser. Employees do not need prior approval to open accounts with a Morgan Stanley Broker.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B. Fully Managed Account\*** 

Fully Managed Accounts are generally permitted to be maintained outside of the Firm. For Fully Managed Accounts maintained outside of the Firm, Employees must provide Employee Investing and Activities Compliance ("EIAC") with a copy of the executed management agreement or equivalent documents, with the respective account numbers, which EIAC will review for the relevant provisions. For certain brokers, the management agreement is not required (e.g., robo advisors). If the account is managed by a firm other than Morgan Stanley, you must submit a request in the OBI System and EIAC will arrange for duplicate copies of the statements to be sent to the Firm.

With prior approval, you may open a Fully Managed Account for yourself or an Immediate Family member if the account meets the standards set forth below. In certain circumstances and with approval from Compliance, you may appoint non-Morgan Stanley managers (e.g., trust companies, banks or registered investment advisers) to manage your account.

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To establish a Fully Managed Account, you must grant the manager complete investment discretion over your account. Pre-clearance is not required for trades in this account; however, you may not participate, directly or indirectly, in individual investment decisions or be made aware of such decisions before transactions are executed. This restriction does not preclude you from establishing investment guidelines for the manager, such as indicating industries in which you desire to invest, the types of securities you want to purchase or your overall investment objectives. However, those guidelines may not be changed so frequently as to give the appearance that you are directing account investments.

\* Pursuant to local regulation, Employees of MSIM Private Limited and IM Public Side Employees of the Global In-house Centers as listed in <u>Schedule B</u> are prohibited from opening Fully Managed Accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C. Other Morgan Stanley Sponsored Accounts** 

You do not have to pre-clear participation in Morgan Stanley Sponsored Accounts (e.g., Morgan Stanley 401 (k), Employee Incentive Compensation Plan, etc.) with Compliance. However, you must disclose participation in these and similar plans during the annual certification process. Changes made to existing investments in the Morgan Stanley 401(k) Plan that result in funds being moved in or out of the Morgan Stanley Stock Fund are subject to applicable window periods, and if you are an Access Person, to pre-clearance in accordance with Section III.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D. Non-Morgan Stanley Accounts** 

Exceptions to the requirement to maintain Personal Securities Accounts at a Morgan Stanley Broker are rare and require Compliance approval. If your request is approved, you will be required to ensure that missing statements are uploaded directly into the OBI System upon Compliance's request. Requirements may vary in non-U.S. offices.

If you open an account other than with a Morgan Stanley Broker (inclusive of E\*TRADE) without obtaining the required Compliance pre-approval, you must immediately disclose it to Compliance through the OBI System. You may be required to close such account.

Maintaining a non-Morgan Stanley 401(k) plan or similar account that permits you to trade Covered Securities must be approved by Compliance. Similar plans that do not have brokerage capabilities, but hold Covered Securities, must be disclosed initially during the <u>Initial</u><u> </u><u>Disclosure</u> <u>Process</u><u> </u>and as part of the annual certification process.

Any approval to open or maintain a Held-Away Spousal Account, is subject to you, as the employee, providing or arranging to provide relevant account information and duplicate account statements. In addition, at such time as your spouse or domestic partner is no longer employed by another financial institution, you must promptly transfer the account to Morgan Stanley or E\*TRADE and update the relevant OBI disclosure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E. Individual Savings Accounts ("ISAs") for Employees of MSIM Ltd. and EVAIL** 

Fully Managed Accounts for ISAs (i.e., an independent manager makes the investment decisions) and non-discretionary ISAs (including single company ISAs) where you make investment decisions, may only be established and maintained as long as the account is pre-approved by

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Compliance through the OBI System. In addition, for non-discretionary ISAs you must obtain pre-clearance approval for each transaction you wish to undertake via the Trade Pre-Clearance ("<u>TPC</u>") system. Duplicate statements must be supplied to Compliance and applicable quarterly and yearly reporting requirements must be met. For the avoidance of doubt, Fully Managed Accounts for ISAs do not require pre-clearance approval for each transaction undertaken by the independent investment manager. However, yearly reporting requirements apply.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**F. Mutual Fund Accounts** 

You and your Immediate Family may open an account for the purpose of transacting in affiliated open-end Mutual Funds, including Sub-Advised and Proprietary Mutual Funds (i.e., an account directly with a fund transfer agent) without prior approval from Compliance. You must report participation in these accounts initially via the <u>Initial</u><u> </u><u>Disclosure</u> <u>Process</u> or during the next quarterly certification cycle and as part of the annual certification process. Accounts invested only in non-affiliated open-end Mutual Funds do not require disclosure in the OBI System as long as the account does not have the ability to trade in Covered Securities.

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**G. Automatic Investment Plans**<br>| **Automatic Investment Plans**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> With prior approval, you may open an account directly with an issuer to purchase its shares, such as a dividend reinvestment plan, ("DRIP") or Direct Purchase Plan ("DPP") by submitting a pre-clearance request via the TPC system for the initial purchase.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**H. Investment Clubs**<br>You may not participate in or solicit transactions on behalf of investment clubs in which members pool their funds to make investments in securities or other financial products.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I. Cryptocurrencies**<br>You are generally not required to disclose accounts for Cryptocurrency (wallets/accounts) if they do not have brokerage capability (i.e., cannot hold Covered Securities) and are not linked to an account with brokerage capability (whether or not such capability is utilized). | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Employees are not required to pre-clear automatic investments made as part of an established DRIP or DPP; however, any future, off-scheduled, self-directed transactions (buys and sells) require pre-clearance.<br>You must report DRIP or DPP holdings to Compliance initially via the Initial Disclosure Process or during the next quarterly certification cycle and as part of the annual certification process. Please note that these accounts do not require OBI disclosure. |

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While trading Cryptocurrencies does not require disclosure or pre-clearance, other types of participation in Cryptocurrency activities (e.g., mining, staking participating in Initial Coin Offerings ("ICOs"), etc.) require disclosure and pre-approval through the OBI System. Please note that Private Investments or Outside Business Activities related to cryptocurrency exchanges or other related ventures are generally not permitted (please see the <u>Global Employee Trading,</u><u> </u><u>Investing and Outside Business</u><u> </u><u>Activities Policy</u>).

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**III.** **PRE-CLEARANCE REQUIREMENTS FOR PERSONAL SECURITIES TRANSACTIONS** 

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

You and your Immediate Family are required to pre-clear and receive prior approval for all personal securities transactions in Covered Securities (including the gifting of Covered Securities) unless your personal securities transaction is subject to an exemption under this Code. Should an Employee be made aware of a proposed transaction in a Fully Managed Account or have personally directed or asked another person to direct a trade in a Fully Managed Account, the Employee is required to pre-clear that trade prior to execution. See the Securities Transaction Matrix in <u>Schedule A</u> for additional information regarding the requirements for pre-clearance. In keeping with the general principles and objectives of the Code, Compliance, in its sole discretion, may refuse to grant approval of a personal securities transaction, without specifying a reason for the refusal.

**How to Preclear a Trade and Other Helpful Hints**<br>

• Open the TPC system (type "IMTPC/" into your browser.

• Select the correct account, transaction type (buy/sell) and quantity.

• Pre-clear all Covered Securities unless an exemption applies.

• All Single-Stock ETFs are subject to pre-clearance requirements and the 30-calendar day holding period requirements.

• Execute only after receiving an APPROVAL e-mail from the system.

• You can only execute within your approval window.

• Contact Compliance with questions prior to trading.

Personal trade requests will be denied if there is an order for a Client in the same or related security at the time the personal trade request is submitted. Exceptions may be granted if the Covered Security is being purchased or sold for a passively-managed index fund or index portfolio.

Any transaction that is prohibited by the Code may be required to be reversed and any profits (or any differential between the sale price of the personal security transaction and the subsequent purchase or sale price by a Client during the relevant period) are subject to disgorgement. See "Enforcement and Sanctions".

Please consult with your local Compliance if you have any questions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B. Initiating a Trade** 

Transactions requiring pre-clearance may not be executed prior to receiving an "Approval" e-mail from the TPC system. Approval is obtained by entering your trade request into the <u>TPC</u> system. Upon completion of the necessary compliance checks, you will receive a system generated e-mail notification advising whether your request has been approved or rejected and the time frame in which you are permitted to execute your trade. You must wait for notification from the TPC system advising that your trade request has been approved before executing the trade.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C. Pre-Clearance Valid for the Same Day Market Session Only** 

Except for PPA Model Personnel, who are instead subject to Section III. F "Restrictions and requirements for PPA Model Personnel", all Covered Persons are required to pre-clear Covered Securities through the TPC system during the open market session you intend to execute the trade. If your request is approved, such approval is valid only during the market session for which it is granted

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and expires at market session close that same day. Any transaction not completed (whether in whole or in part) during that market session will require a new approval. This means that you are not permitted to enter "good-till-canceled" orders. Only market orders and limit orders for the day are permitted. Open orders, such as limit orders and stop-loss orders, must be pre-cleared each day until the transaction is effected. In the case of trades in international markets where the market has already closed when approval is granted, transactions must be executed by the next close of trading in that market.

**Note: PPA Model Personnel; see Section III.F "Restrictions and Requirements for PPA Model Personnel" and for Omni Personnel and those who have access to Flex One; Section III.G "Restrictions and Requirements for Omni Personnel and those who have access to Flex One" below).** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D. Restrictions and Requirements for Investment Personnel** 

No purchase or sale transaction may be made in any Covered Security or a related investment (i.e., derivatives) by Investment Personnel or other Employees who have knowledge of client trading (excluding PPA Model Personnel; see Section III.F "Restrictions and Requirements for PPA Model Personnel" and Section III.G "Restrictions and Requirements for Omni Personnel and those who have access to Flex One" below) for a period of five (5) calendar days before or five (5) calendar days after the Investment Personnel purchases or sells the security on behalf of a Client. Exceptions from the Blackout Period may be granted if the Covered Security was traded for an index fund or index portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E. Restrictions and Requirements that apply to Eaton Vance Affiliated Entities** 

<u>Research Recommendations or Conclusions</u>

Where research recommendations or conclusions are involved, Investment Personnel must adhere to the following.

If within the five (5) calendar days prior to and including the day you seek pre-clearance and approval to enter into a personal securities transaction for a security:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• that security or a related financial instrument has been added to or removed from the Analyst Select Portfolio (a
paper portfolio (non-cash) that enables analysts to express their opinions on their coverage sector or a specific stock within the coverage sector), or an existing position in the Analyst Select Portfolio has
been increased or decreased;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the weighted price potential ("WPP") of that security (as determined by a Research Analyst) or a
related financial instrument has been changed (the amount of the change in order to trigger the restrictions set forth herein as determined from time to time) on the relevant system; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• for purposes of CRM, that security (or its issuer) has been designated as "eligible" or
"ineligible" or its designation as a "eligible" or ineligible has changed, then you CANNOT trade the security and your pre-clearance request will be denied.

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<u>Blackout Period related to the Rebalance and Reconstitution of a Calvert Indexes</u>

If you are an Employee with knowledge of the decisions of the CRM Research, Review and Recommendation Committee or the actions taken by the CRM Index Committee (or any new or successor committees that CRM may form to perform similar functions) as determined by the CRM Chief Compliance Officer or her designee, for the 5 calendar days prior to and including the day that the relevant Calvert Index is rebalanced or reconstituted, you may NOT enter into a Personal Securities Transaction in your personal account. A Compliance Officer will notify you if you are subject to this blackout period.

<u>Additional Requirements Pertaining to Research Analysts in the Eaton Vance Affiliated Entities</u>

Research Analysts and their Immediate Family are subject to the requirements and restrictions listed below.

*Personal Securities Transactions for Securities in Your Coverage Area.* You and your Immediate Family may not enter into a personal securities transaction in any security for which you have coverage responsibility:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If you are in the process of making a new recommendation, have changed a recommendation or conclusion for the
security or a related financial instrument, but have not yet communicated it to the Investment Personnel in your department; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Until the 5<sup>th</sup> calendar day after you have communicated your
new or changed recommendation or research conclusion throughout the relevant investment group.

You may then proceed according to the requirements set forth above under sub-sections A, B and C above.

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**F. Restrictions and Requirements for PPA Model Personnel**<br>| **Who are PPA Model Personnel?**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> PPA Model Personnel are required to request approval in the TPC system for Covered Securities one (1) calendar day prior to the intended transaction and are required to execute the trade the following business day. Additionally, PPA Model Personnel may be temporarily restricted from all personal securities trading or from transacting in specific securities during significant model portfolio rebalance and index reconstitution events. PPA Model Personnel will be notified of all such personal trading Blackout Periods and Restricted Lists in writing by local Compliance.<br>Please consult your local Compliance if you have questions.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**G. Omni and Those Who Have Access to Flex One**<br>Investment Personnel who trade for Omni or those who have access to the Flex One system, are required to receive approval from their Designated Manager, via e-mail, for any personal securities trades one (1) calendar day prior to the intended transaction. Upon receipt of their Designated Managers approval, the employee is then required to request approval, the following trade date, via the TPC system and must wait until they receive notification from the TPC system, prior to executing. Final approval is valid for that day only.<br>Please consult your local Compliance if you have questions. | <br> **Employees supporting Equity business, involved in portfolio management, trading, research and strategy; Employees with access to pre-execution model portfolio transactions.**<br>**<u>Pre-Clearance Timeline for PPA Model Personnel</u>:**<br>**On day one, enter pre-clearance request into TPC system.**<br>**On day one, the request is routed to your DM.**<br>**On day one, DM approves and you receive approval e-mail advising that you are approved to trade the NEXT business day.**<br>**On day two (the next business day after DM approval is received) you may execute trade.** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**H. Employees Designated to be "Above the Wall"** 

MSIM Employees in the Legal and Compliance Division, Internal Audit Division, the Global Risk & Analysis Super Department, Tax, Global Conflicts Office and Environmental and Social Risk Management Team are designated to be "Above the Wall" ("ATW") and their personal securities transactions are subject to additional pre-clearance checks with the Control Group. Other Employees may also be subject to the ATW checks as deemed necessary by the Control Group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I. Transacting in Morgan Stanley Securities** 

Transacting in, including the gifting of, Morgan Stanley securities and options is subject to the <u>Global</u> <u>Employee Trading, Investing and Outside Business Activities Policy</u> <u>(see section 7)</u> and must take place during the designated window periods. Consult MS Today or <u>MSIM Code of Ethics Employee Jive site</u> for the window period announcement prior to trading.

![LOGO](g274160g0422073955097.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**J. Trading Derivatives** 

**MSIM Employees who work in the PPA business are prohibited from trading ALL Derivatives.** 

The following is a list of permitted options trading (for non-PPA Employees) that must be pre-cleared by your local Compliance and submitted through the TPC system:

<u>Call Options</u>

*Listed Call Options.* You may purchase a listed call option on common stock if the call option has a "period to expiration" of at least 30 calendar days from the date of purchase and you hold the call option for at least 30 calendar days prior to sale. If you choose to exercise the option, you must also hold the underlying security delivered pursuant to the exercise for 30 calendar days after the date of option exercise.

*Covered Calls*. **You may also sell (or "write") a call option only if you have held the underlying security (in the corresponding amount) for at least 30 calendar days.**

<u>Put Options</u>

*Listed Put Options.* You may purchase a listed put option on common stock if the put option has a "period to expiration" of at least 30 calendar days from the date of purchase and you hold the put option for at least 30 calendar days prior to sale. If you purchase a put option on a security you already own, you may exercise the put once you have held the underlying security for 30 calendar days. If you purchase a put on a security that you do not own, you may not exercise the put; and must sell the option prior to its expiration date.

For MSIM Employees, you may not trade futures, forward contracts, including currency forwards, physical commodities and related derivatives, over-the-counter warrants or swaps. You are prohibited from selling ("writing") a put. The prohibition on commodities trading applies to trades directly on commodities markets rather than holding the physical commodity (e.g., gold bullion).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**K. Other Restrictions** 

<u>Primary and Secondary Public Offerings</u>

You and your Immediate Family are generally prohibited from purchasing any equity security in an initial or secondary/follow on public offering. In addition, unless otherwise notified by Compliance, you may not purchase an equity security that is part of a primary or secondary public offering that the Firm is underwriting or selling until the distribution has been completed. This restriction does not apply to rights issuances to which Personal Securities Accounts would be entitled with regard to their existing holdings. Note that this restriction also applies to your Immediate Family, **regardless** of whether the securities are purchased into an Personal Securities Account.

Purchases of new issue debt are permitted, provided such purchases are pre-cleared by Compliance and meet other relevant requirements of the Code.

<u>Short Sales</u>

You and your Immediate Family may not engage in short selling of Covered Securities.

<u>Restricted List</u>

You and your Immediate Family may not transact in Covered Securities that appear on the Firmwide Restricted List or the MSIM Restricted List. You must check the <u>Restricted Lists</u> prior to submitting a TPC request and executing the trade.

<u>Cross Trades</u>

MSIM Employees and their Immediate Family are not allowed to engage in cross trades or pre-arranged trades between their Personal Securities Accounts, MSIM funds and MSIM Client accounts.

<u>Changes to Normal Settlement Cycles</u>

Hong Kong Type 9 License Holders are not permitted to make changes to normal settlement cycle or delay settlement for any trades in Personal Securities Accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**L. Other Activities Requiring Pre-Clearance** 

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| | |
|:---|:---|
| **Activity** | **Resources/Additional Information** |
| **Outside Business Activities** | Please see Section VI "Outside Business Activities and Private Investments" of this Code. |
| **Outside Brokerage Accounts** | Please see Section II "Types of Accounts and Account Opening Requirements" of this Code. |
| **Transactions in Private Investments** | Please see Section VI "Outside Business Activities and Private Investments" of this Code. |
| **Political Contributions** | Please consult the Firm <u>Policy on U.S. Political Contributions and Activities</u>. |

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**IV.** **HOLDING REQUIREMENTS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A. Proprietary and Sub-advised Mutual Funds and Single-Stock Exchange-Traded Funds** 

You may not redeem or exchange Proprietary or <u>Sub-advised</u><u> </u><u>Mutual</u> <u>Funds</u> or Single-Stock Exchange- Traded Funds until at least 30 calendar days from the purchase trade date.

Employees are subject to the terms and restrictions of an open-end fund's prospectus, including restrictions such fund may impose on excessive trading. You may not engage in trading of shares of an open-end fund that is inconsistent with the prospectus of that fund. Where a proprietary or sub-advised fund's prospectus has a holding period that is less than 30 calendar days, Employees are required to hold shares for at least 30 calendar days before selling.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B. Covered Securities** 

You may not sell a Covered Security until you have held it for at least 30 calendar days. For calculation purposes, the trade date counts as day one and the position may be closed on the 31<sup>st</sup> calendar day or thereafter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C. Holding Requirements Specific to MSIMJ Employees** 

When selling equity (i.e., domestic and foreign equity shares and rights as well as corporate bonds, etc. that can be converted into shares such as corporate bonds with share warrants or share options), Covered Persons at MSIMJ must hold such instruments for at least six months. This includes transactions in Morgan Stanley Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D. Holding Requirements Specific to HK Type 9 License Holder Employees** 

All personal account investments (including Exempt Securities) made by Hong Kong Type 9 License Holders are required to be held for a minimum of 30 calendar days.

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| | |
|:---|:---|
| **V. REPORTING REQUIREMENTS**<br>| **New Hire Checklist**<br>|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A. Initial Reporting and Holdings Certification** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> When you commence employment with MSIM or otherwise become a Covered Person, you must complete the <u>Initial</u><u> </u><u>Disclosure</u> <u>Process</u> (the "Initial Report") no later than 10 calendar days after you become a Covered Person. The information you provide must not be more than 45 calendar days old from the day you became a Covered Person and must include: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> <u>**As a new hire, you have 10 calendar days to:**</u><br>• Complete your Initial Disclosure Process.<br>• Disclose your Outside Business Interests/Accounts, Private Investments.<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The title and type, and, as applicable, the exchange ticker symbol or CUSIP number, number of shares and the (current) principal amount of any Covered Security;<br>| &nbsp;&nbsp;&nbsp; <br> <u>**Within 30 calendar days of hire you mus**t:</u><br>• Complete your new hire trainings.<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The name of any broker-dealer, bank or financial institution where you maintain an account in which any securities are held; and<br>| <br> <u>**Within 60 calendar days of Compliance's review you must:**</u> |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The date you submitted the Initial Report.<br>| &nbsp;&nbsp;&nbsp;&nbsp; • Transfer and close any non - approved personal securities account.<br>|

---

All new Covered Persons will receive training on the principles and procedures of the Code. As a Covered Person, you must also certify that you have reviewed, understand and agree to abide by the terms of this Code, including but not limited to, the disclosure of outside accounts, Outside Business Activities and Private Investments that are required to be logged in the OBI System within 10 calendar days and the transfer or closure of the account within 60 calendar days of Compliance's review.

If you have any questions, contact your local Compliance group.

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B. Quarterly Reporting and Certification**<br>| **Quarterly Requirements**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; You must submit a Quarterly Transactions Report to Compliance no later than 30 calendar days after the end of each calendar quarter, or in accordance with regulatory requirements applicable to your region. You do not have to submit a Quarterly Transactions Report if it would duplicate information provided in broker account statements that Compliance already receives or may access.<br>The Quarterly Transactions Report must contain the information set forth below.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• For transactions in a Personal Securities Account during the previous quarter you must provide:<br>| Each quarter you will receive a Quarterly Transactions Report. You are only required to submit the report if one of the conditions is met.<br>The report is required to be submitted no later than 30 calendar days after the end of each calendar quarter. |

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&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 any Covered Security;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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;• 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 you submitted the Quarterly Transaction Report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• For any new account, including accounts for your Immediate Family, established by you during the previous quarter
in which any securities are held for your direct or indirect benefit, you must provide:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The name of the broker-dealer, bank or financial institution with which you established the account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The date the account was established; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The date you submitted the Quarterly Transaction Report.

A reminder to complete the Quarterly Transaction Report will be provided to you by Compliance.

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C. Annual Reporting and Holdings Certification**<br>| **Annual Requirements**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> You must update, as applicable, and certify to the following information on an annual basis (the "Annual Report"):<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A list of your current brokerage account(s), including those for your Immediate Family; <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A list of all securities and current principal amount Beneficially Owned by you in these account(s); <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A list of all your approved Outside Business Activities, and Private Investments;<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A list of all other additional reportable investments you hold outside of Morgan Stanley (such as DRIPs, other 401(k) accounts and any Covered Securities held in certificate form); <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A list of financial institutions (broker dealers, banks, transfer agents, etc.) with which you maintain an account in which any securities are held; and<br>| <br> Each year, Covered Persons will receive an Annual Certification for Employees ("ACE") where you are required to confirm that the information the Firm has in its records is both accurate and complete.<br>As part of ACE, you will be required to read and understand both the Code of Conduct and the MSIM Code of Ethics.<br>ACE includes sections regarding Morgan Stanley Accounts, Morgan Stanley Sponsored Plans, Outside Business Interests and Additional Reportable Investments. <br>**You are required to complete this certification on or before it's due date.** |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• That you have not made, directly or indirectly, any individual investment decision related to any Fully Managed Account(s), nor have you directed another person to make such investments without first pre-clearing those transactions in accordance with Section III. | &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• That you have not made, directly or indirectly, any individual investment decision related to any Fully Managed Account(s), nor have you directed another person to make such investments without first pre-clearing those transactions in accordance with Section III. |

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The information in the Annual Report must be current as of 45 calendar days before the report is submitted.

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You must also certify that you have reviewed and agree to abide by the requirements of the Code and that you are in compliance with the Code.

The link to the Annual Report will be provided to you by Compliance.

Hong Kong Type 9 License Holders are required to submit their holdings annually and semi-annually in October and April each year.

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**VI.** **OUTSIDE BUSINESS ACTIVITIES AND PRIVATE INVESTMENTS** 

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A. Approval to Engage in an Outside Business Activity** | **Special Considerations Related to your Outside Business Disclosures**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> You may not engage in any Outside Business Activity, <u>regardless of whether or not</u> <u>you receive compensation</u> or are asked to engage in such activity by the Firm, without prior approval first from your Designated Manager and then from Compliance. If you receive approval, it is your responsibility to notify Compliance immediately if any conflict or potential conflict of interest arises in the course of the Outside Business Activity or if the nature of the activity changes, materially.<br>Examples of an Outside Business Activity, <u>as per the Global Employee Trading, Investing and Outside Business Activities Policy</u>, include providing consulting services, organizing a company, giving a formal lecture or publishing a book or article, accepting compensation from any person or organization other than the Firm, serving as an officer, employee, director, partner, member, or advisory board member of a company or organization not affiliated with the Firm, whether or not related to the financial services industry (including charitable organizations or activities for which you do not receive compensation), setting up a holding company for investments, investing in rental properties or acting as power of attorney and receiving compensation for such role. Generally, Compliance will not approve any Outside Business Activity related to the securities or financial services industry other than activities that reflect the interests of the industry as a whole and that are not in competition with those of the Firm. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> • Disclose existing OBI's within 10 calendar days of hire.<br>• All times thereafter, you must receive pre-approval through OBI System before participating.<br>• New accounts due to marriage, inheritance etc. are required to be disclosed within 10 calendar days of the event.<br>• As part of the Annual Certification process, you are required to review/edit each disclosure for completeness and accuracy.<br>• U.S. Registered Employees only, real estate investments that generate rental income require disclosure in OBI, unless the property is also used by you as a primary, secondary or vacation residence.<br>• Non-U.S. Registered Employees are not required to disclose real estate investment that generate rental income.<br>|

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In the case of employees of Morgan Stanley AIP GP LP ("AIP"), where serving on an advisory board for a company in which AIP invests is part of the AIP employee's roles and responsibilities as an employee of AIP, such service shall not be considered an Outside Business Activity and approval via the OBI System is not required. The relevant senior business managers are responsible for approving Employees to serve on advisory boards, documenting such approvals, maintaining a list of such Employees, and reviewing the list in consultation with the relevant Compliance officers at least annually.

A request to serve on the board of any company, particularly the board of a public company, will be granted in very limited instances only. If you receive approval, your directorship may be subject to the implementation of information barrier procedures to isolate you from making investment decisions for Clients concerning the company in question, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B. Approval to Invest in a Private Investment** 

You may not invest in a third-party Private Investment without prior approval from Compliance. Private Investments include investments in privately held corporations, limited partnerships, tax shelter programs, hedge funds and holding companies (e.g., LLC, LP, S-Corp, C-Corp, etc.). Approval is required for third-party private investments held in a Morgan Stanley account through the OBI System. Disclosure in the OBI System is not required for Morgan Stanley proprietary funds (funds structured by Morgan Stanley or its affiliates that are offered to MS Employees and/or Clients).

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Singapore-licensed Employees are prohibited from conducting (by way of Outside Business Activity or Private Investment) the following non-financial advisory activities:

<u>Being engaged in any of the following:</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Carrying on or being involved in the business of money lending

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Organizing, promoting or conducting any casino marketing arrangement in or with respect to any casino

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Acting as an associate of an international market agent

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Being engaged in the business of an international market agent

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Being an applicant for an international market agent license

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Carrying on the business of an estate agent, or acting/representing as an estate agent

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Acting or holding himself out as a salesperson for any licensed estate agent

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Marketing any investment that is not an investment product

<u>Being invested in, or holding any interest in the following:</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any moneylending business

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any business of an international market agent

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any business of an estate agent

**VII.** **REVIEW, INTERPRETATIONS AND EXCEPTIONS** 

Compliance is responsible for administering the Code and reviewing your Initial, Quarterly and Annual Reports. Compliance has the authority to make final decisions regarding Code policies and may grant an exception to a policy as long as it determines that no abuse or potential abuse is involved. Exceptions are granted only in rare and unusual circumstances, such as financial hardship. You must contact Compliance with any questions regarding the applicability, meaning or administration of the Code, including requests for an exception, <u>in advance</u> of any contemplated transaction. If Compliance determines that an exception would not be against the interests of any Client and is consistent with applicable laws and regulations, including Rule 204A-1 under the Advisers Act and Rule 17j-1 under the Investment Company Act, Compliance may approve an exception and will document the exception, including the circumstances and rationale.

**VIII.** **ENFORCEMENT AND SANCTIONS** 

Violations of the Code must be reported promptly to Compliance and, as appropriate, senior management. On a quarterly basis, violations of the Code are reported to the applicable funds' board of directors. Compliance may issue letters of warning/education or impose sanctions as appropriate, including notifying your Designated Manager, issuing a reprimand (orally or in writing), restricting your trading privileges, reducing your discretionary bonus, if any, requiring reversal of a trade made in violation of the Code or other applicable policies, or taking other disciplinary action, including, but not limited to, suspension or termination of your employment. **Violations are considered on a cumulative basis**.

The foregoing sanctions are intended to be guidelines only. Compliance, in its discretion, may recommend alternative actions if deemed warranted by the facts and circumstances of each situation. MSIM management, including the Head of MSIM Compliance, is authorized to determine the choice of actions to be taken in specific cases.

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Sanctions may vary based on applicable law and regulatory requirements in your jurisdiction.

In addition, pursuant to the terms of Section 9 of the Investment Company Act of 1940, as amended, no director, officer or Employee of MSIM may become, or continue to remain, an officer, director or Employee of MSIM without an exemptive order issued by the U.S. Securities and Exchange Commission, if such director, officer or Employee:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Within the past ten years has been convicted of any felony or misdemeanor (i) involving the purchase or sale
of any security; or (ii) arising out of his or her conduct as an underwriter, broker, dealer, investment adviser, municipal securities dealer, government securities broker, government securities dealer, transfer agent, or entity or person
required to be registered under the U.S. Commodity Exchange Act, or as an affiliated person, salesman or employee of any investment company, bank, insurance company or entity or person required to be registered under the U.S. Commodity Exchange Act;
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Is or becomes permanently or temporarily enjoined by any court from: (i) acting as an underwriter, broker,
dealer, investment adviser, municipal securities dealer, government securities broker, government securities dealer, transfer agent, or entity or person required to be registered under the U.S. Commodity Exchange Act, or as an affiliated person,
salesman or employee of any investment company, bank, insurance company or entity or person required to be registered under the U.S. Commodity Exchange Act; or (ii) engaging in or continuing any conduct or practice in connection with any such
activity or in connection with the purchase or sale of any security.

You are obligated to immediately report any conviction or injunction described here to Compliance.

In addition to the above, you may also be subject to similar fit and proper/conduct related requirements to the extent you are employed or licensed in non-US jurisdictions. Please reach out to your local Compliance coverage if you are unclear about the requirements that apply to you.

**IX.** **RELATED POLICIES** 

In addition to this Code, you are also subject to the policies and procedures documented in the Compliance Manual applicable to your region; the <u>Global</u><u> </u><u>Employee</u><u> </u><u>Trading</u><u> </u><u>Investing</u> <u>and Outside Business Activities Policy</u><u>;</u> the <u>Morgan Stanley Code of Conduct</u><u>; the</u> <u>Global</u> <u>Confidential and Material Non-Public Information Policy</u><u>;</u> the <u>Policy on U.S. Political</u> <u>Contributions and Activities;</u><u> </u>and the <u>MSIM Global Gifts, Entertainment and Charitable</u><u> </u><u>Giving</u> <u>Policy</u> (requirements may vary in non-U.S. offices).

**X.** **RECORDKEEPING** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A. Firm Requirements** 

Records are retained in accordance with the Firm's <u>Global Information</u> <u>Management Policy</u>, which establishes general Firm-wide standards and procedures regarding the retention, handling, and destruction of official books and records and other information of legal or operational significance.

The <u>Global Information Management Policy</u> incorporates the Firm's <u>Master Retention</u><u> </u><u>Schedule</u>, which lists various record classes and associated retention periods on a global basis.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B. MSIM Maintenance of Records Relevant to this Code** 

Compliance shall maintain records relevant to this Code as may be necessary under the provisions of this Code.

Previous versions include: August 16, 2002, February 24, 2004, June 15, 2004, December 31, 2004, December 15, 2006, May 12, 2008, August 19, 2010, September 17, 2010, February 15, 2011, March 1, 2011, September 28, 2011, June 29, 2012, September 16, 2013, October 10, 2014, March 26, 2016, December 7, 2017, December 12, 2018, December 12, 2019, December 11, 2020, January 1, 2022, December 15, 2022, December 12, 2023 and December 12, 2024.

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**SCHEDULE A** 

**SECURITIES TRANSACTION MATRIX** 

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| | | | |
|:---|:---|:---|:---|
| **TYPE OF SECURITY** | **Pre-Clearance Required** | **Reporting Required** | **30 Calendar Days**<br>**Holding Period**<br>**Required** |
| **<u>Covered Securities</u>** | **<u>Covered Securities</u>** | **<u>Covered Securities</u>** | **<u>Covered Securities</u>** |
|  **<u>Pooled Investment Vehicles:</u>** | **<u>Pooled Investment Vehicles:</u>** | **<u>Pooled Investment Vehicles:</u>** | **<u>Pooled Investment Vehicles:</u>** |
| Closed-End Funds | Yes | Yes | Yes |
| Proprietary or Sub-advised Mutual Fund | No | Yes | Yes |
| Unit Investment Trusts | No | Yes | No |
| Exchange-Traded Funds (ETFs) including Crypto Currency ETFs | No | Yes | No |
| Single-Stock ETFs | Yes | Yes | Yes |
| Exchange-Traded Notes (ETNs) | No | Yes | No |
| Hedge Funds | Yes | Yes | Yes |
|  **<u>Equities:</u>** | **<u>Equities:</u>** | **<u>Equities:</u>** | **<u>Equities:</u>** |
| Morgan Stanley Securities<sup>1</sup> | Yes | Yes | Yes |
| Common Stocks | Yes | Yes | Yes |
| Listed Depository Receipts e.g. ADRs, Ads, GDRs | Yes | Yes | Yes |
| DRIPs<sup>2</sup> | Yes | Yes | Yes |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Non-Voluntary Actions (e.g., Stock Splits, Mergers,<br> Spin-off etc.) | No | Yes | No |
| Rights | Yes | Yes | Yes |
| Stock Dividend | No | Yes | No |
| Warrants (Listed and Exercised) | Yes | Yes | Yes |
| Preferred Stock | Yes | Yes | Yes |
| Listed Real Estate Investment Trusts (REITs) | Yes | Yes | Yes |
| &nbsp;&nbsp;&nbsp;&nbsp; Initial Public Offerings (equity IPOs) and Secondary/Follow on<br> offerings | PROHIBITED | PROHIBITED | PROHIBITED |

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![LOGO](g274160g0422073955351.jpg)

<sup>1</sup> Employees may transact in Morgan Stanley securities only during designated window periods. Pre-clearance of transactions in Morgan Stanley securities is required for all Access Persons. Non-Access Person are exempt from pre-clearance.

<sup>2</sup> Automatic purchases for dividend reinvestment plan are not subject to pre-approval requirements. The initial set up/purchase requires preclearance.

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| | | | |
|:---|:---|:---|:---|
| **TYPE OF SECURITY** | **Pre-Clearance Required** | **Reporting Required** | **30 Calendar Days**<br> **Holding Period**<br> **Required** |
| Private Investments in Public Equity Securities (PIPES) | PROHIBITED | PROHIBITED | PROHIBITED |
|  **<u>Derivatives</u> (Employees who work in the PPA businesses are prohibited from trading ALL derivatives):** | **<u>Derivatives</u> (Employees who work in the PPA businesses are prohibited from trading ALL derivatives):** | **<u>Derivatives</u> (Employees who work in the PPA businesses are prohibited from trading ALL derivatives):** | **<u>Derivatives</u> (Employees who work in the PPA businesses are prohibited from trading ALL derivatives):** |
| Morgan Stanley (stock options) | Yes | Yes | Yes |
| Common Stock Options | Yes | Yes | Yes |
| Forward Contracts (including currency forwards) | PROHIBITED | PROHIBITED | PROHIBITED |
| Commodities Contracts | PROHIBITED | PROHIBITED | PROHIBITED |
| OTC warrants or swaps | PROHIBITED | PROHIBITED | PROHIBITED |
| Futures | PROHIBITED | PROHIBITED | PROHIBITED |
|  **<u>Fixed Income Instruments:</u>** | **<u>Fixed Income Instruments:</u>** | **<u>Fixed Income Instruments:</u>** | **<u>Fixed Income Instruments:</u>** |
| Asset Backed Securities | Yes | Yes | Yes |
| Fannie Mae | Yes | Yes | Yes |
| Freddie Mac | Yes | Yes | Yes |
| Corporate Bond | Yes | Yes | Yes |
| Convertible Bonds (converted) | Yes | Yes | Yes |
| Municipal Bonds | Yes | Yes | Yes |
| New Issues (fixed income) | Yes | Yes | Yes |
| Government Sponsored Entities (GSE) / Agency Bonds | Yes | Yes | Yes |
| Structured Notes | Yes | Yes | Yes |
| High Yield Sovereign Debt (as rated by S&P) | Yes | Yes | Yes |
| High Yield Securities<sup>3</sup> | PROHIBITED | PROHIBITED | PROHIBITED |
|  **<u>Private Investment and Outside Activities:</u>** | **<u>Private Investment and Outside Activities:</u>** | **<u>Private Investment and Outside Activities:</u>** | **<u>Private Investment and Outside Activities:</u>** |
| Private Investments (e.g. limited partnerships) | Yes | Yes | N/A |
| Outside Activities | Yes | Yes | N/A |
| Investment Clubs | PROHIBITED | PROHIBITED | PROHIBITED |
| **<u>Exempt Securities</u> (The following are exempt from pre-clearance, reporting and holding requirements, except that for Hong Kong SFC <u>T</u>ype 9 licensed employees a 30-calendar day holding period is required for all personal account investments in securities including exempt securities)<u>:</u>** | **<u>Exempt Securities</u> (The following are exempt from pre-clearance, reporting and holding requirements, except that for Hong Kong SFC <u>T</u>ype 9 licensed employees a 30-calendar day holding period is required for all personal account investments in securities including exempt securities)<u>:</u>** | **<u>Exempt Securities</u> (The following are exempt from pre-clearance, reporting and holding requirements, except that for Hong Kong SFC <u>T</u>ype 9 licensed employees a 30-calendar day holding period is required for all personal account investments in securities including exempt securities)<u>:</u>** | **<u>Exempt Securities</u> (The following are exempt from pre-clearance, reporting and holding requirements, except that for Hong Kong SFC <u>T</u>ype 9 licensed employees a 30-calendar day holding period is required for all personal account investments in securities including exempt securities)<u>:</u>** |
| Mutual Funds (open-end) not advised or sub-advised by MSIM | Brokerage CDs | GNMA | Bankers' Acceptances |
| Direct Obligations of the US and Foreign Governments (US Treasury/Investment Grade Sovereign Debt<sup>4)</sup> | Money Market Funds (Inclusive of Morgan Stanley Money Market Funds) | Commercial Paper | <br> Investment Grade Short-Term Debt<br> Instruments<sup>5</sup> |
|  | <br> Regulated Collective Investment Schemes | Physical Commodities | Currencies |

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![LOGO](g274160g0422073955351.jpg)

<sup>3</sup> Securities rated below investment grade by S&P.

<sup>4</sup> Sovereign debt security rated below investment grade will be subject to pre-clearance and 30-day holding period requirement. Ratings from other rating agencies besides S&P should not be used to determine whether pre-clearance is required.

<sup>5</sup> For these purposes, repurchase agreements and any instrument that has a maturity at issuance of fewer than 366 days that is rated as investment grade by a nationally recognized statistical rating organization.

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**XI.** **DEFINITIONS** 

These definitions are here to help you understand the application of the Code to various activities undertaken by you and other persons related to you who may be covered by the Code. The definitions are an integral part of the Code and a proper understanding of them is essential. Refer back to these definitions as you read the Code.

**"Access Persons**" (for purposes of transacting in Morgan Stanley securities) is defined in the <u>Global</u> <u>Employee</u><u> </u><u>Trading,</u><u> </u><u>Investing</u><u> </u><u>and</u><u> </u><u>Outside</u><u> </u><u>Business</u><u> </u><u>Activities</u><u> </u><u>Policy</u> and means those individuals or divisions that, as part of their job function may receive or have access to Morgan Stanley-related material non-public information that is recurring or cyclical in nature.

**"Beneficially Owned"** generally means an interest where you or a member of your Immediate Family, directly or indirectly: (i) have investment discretion or the ability (including joint ability or discretion) to purchase or sell securities or direct the disposition of securities; (ii) have voting power over securities, or the right to direct the voting of securities; or (iii) have a direct or indirect financial interest in securities (or other benefit substantially equivalent to ownership of securities). For purposes of this Code, "beneficial ownership" shall be interpreted in the same manner as it would be under Section 16 of the Securities and Exchange Act, as amended, and the rules and regulations thereunder.

**"Blackout Period"** for purposes of this Code, means a temporary period of time as determined by Compliance during which you may be restricted from all personal securities trading or a temporary or indefinite restriction on transactions in certain specific Covered Securities based upon your job responsibilities.

**"Chief Compliance Officer" or "CCO"** refers to the Chief Compliance Officer of the following, as relevant: Atlanta Capital Management Company LLC; Boston Management and Research; Calvert Research and Management; Eaton Vance Advisers International Ltd.; Eaton Vance Management; Morgan Stanley Investment Management Inc.; or Parametric Portfolio Associates LLC.

**"Client"** means shareholders or limited partners of registered and unregistered investment companies and other investment vehicles, institutional, high net worth and retail separate account clients, employee benefit trusts and all other types of clients advised by MSIM.

**"Closed-End Fund"** means any fund with a fixed number of shares and which does not issue and redeem shares on a continuous basis. While Closed-End Funds are often listed and trade on stock exchanges, they are not "Exchange traded funds" as defined below in the Covered Securities definition.

**"Compliance"** means your applicable local Compliance group (e.g., Atlanta, Boston, Dublin, London, Minneapolis, Mumbai, New York, Seattle, Singapore, Tokyo, and Washington, D.C.).

**"Control Group"** is a team within Legal and Compliance that is responsible for maintaining the Firm's Information Barriers (often referred to as "the Wall"). The Control Group serves as a buffer between the Firm's various business units, controlling and coordinating communications between these areas, as well as conducting global surveillance to ensure that applicable laws and rules are followed.

------

**"Covered Persons"** means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• All MSIM Employees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• All directors and officers of MSIM;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any person (such as certain consultants, leased workers or temporary workers) who provides investment advice to
clients on behalf of MSIM, is subject to the supervision and control of MSIM or who has access to nonpublic information regarding any Client's purchase or sale of securities, or portfolio holdings, or who is involved in making securities
recommendations to Clients, or who has access to such recommendations that are nonpublic. Contingents that are hired for positions lasting more than one year or are otherwise classified as a Covered Person by their assignment contacts/managers or
Compliance may be required to transfer brokerage accounts to a Morgan Stanley Broker or Firm approved third party broker as applicable to the respective jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any person with responsibilities related to MSIM or who supports MSIM as a business and has frequent interaction
with Covered Persons or Investment Personnel, as determined by Compliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any other persons falling within the definition of "Access Person" under Rule 17j-1 of the Company Act or Rule 204A-1 under the Advisers Act (such as those supervised persons who have access to nonpublic information regarding the portfolio holdings of a
client fund) and such other persons that may be so deemed by Compliance from time to time.

The definition of "Covered Person" may vary by location. Contact Compliance if you have any question as to your status as a Covered Person.

**"Covered Securities"** includes generally:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• All equity or debt securities (excluding high yield securities, which are prohibited), including but not limited
to, derivatives of securities (such as options on securities, on indexes and on currencies, warrants and American depositary receipts);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Asset-backed securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Closed-End Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Commodities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Corporate and municipal bonds, and similar instruments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exchange-Traded Funds including single-stock Exchange-Traded Funds, Exchange- Traded Notes and Crypto Currency
Exchange-Traded Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Futures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Initial Coin Offerings and Secondary Coin Offerings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Investments in all kinds of limited partnerships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Investments in real estate investment trusts (REITs);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Investments in private investment funds, hedge funds, private equity funds, and venture capital funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Open-end mutual funds and Exchange-Traded Funds for which MSIM or Eaton
Vance Management or an Eaton Vance Affiliated Entity acts as adviser or sub-adviser (including those funds that consist of Exempt Securities as listed in <u>Schedule</u> <u> </u> <u>A</u> and excluding money
market funds);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Preferred securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Securities indices;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Structured Notes, such as equity-linked or credit- linked notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Unit investment trusts.

Covered Securities does not include "Exempt Securities," as defined below. Refer to <u>Schedule</u><u> </u><u>A</u> for application of the Code to various security types.

**"Cryptocurrency"** means any virtual or digital representation of value, token or other asset in which encryption techniques are used to regulate the generation of such assets and to verify the transfer of assets, which is not a security or otherwise characterized as a security under the relevant law. This includes initial coin offerings ("ICOs") and secondary coin offerings ("SCOs").

**"Derivative"** means (1) any Futures and (2) a forward contract, a "swap", a "cap", a "collar", a "floor" and an over-the-counter option. Questions regarding whether a particular instrument or transaction is a Derivatives for purposes of this Code should be directed to your local Compliance group. For avoidance of doubt, a Derivative on a Cryptocurrency is considered to be a "Derivative" for purposes of this.

**"Designated Manager"** means manager designated by your business unit or department to supervise your personal trading and investing activities.

**"Eaton Vance Affiliated Entity"** means each of the following: Atlanta Capital Management LLC ("ACM"); Boston Management and Research; Calvert Research and Management ("CRM"); Eaton Vance Advisers International Ltd.; Eaton Vance Management; Eaton Vance Management (International) Limited; Parametric Portfolio Associates LLC. ("PPA").

**"Employee"** means all MSIM employees globally on the Public Side of the Morgan Stanley Investment Management Division business and, as appropriate, their Immediate Family.

**"Exempt Securities"** are securities that are not subject to the pre-clearance, holding or reporting requirements. Examples of Exempt Securities include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Bankers' acceptances, bank certificates of deposit and commercial paper;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Investment grade, short-term debt instruments, including repurchase agreements (which for these purposes are
repurchase agreements and any instrument that has a maturity at issuance of fewer than 366 days that is rated in one of the two highest categories by a nationally recognized statistical rating organization);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Direct obligations of the U.S. Government (including securities that are backed by the full faith and credit of
the U.S. Government for the timely payment of principal and interest) and equivalent securities issued by non-U.S. governments, such as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Ginnie Maes,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• U.S. savings bonds, and U.S. Treasuries; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Securities issued by non-U.S. governments e.g., premium bonds, indexed-
linked savings certificates, fixed income savings certificates, guaranteed equity bonds, capital bonds, children's bonus bonds, fixed rate savings bonds, income bonds and pensioner's guaranteed income bonds issued and sold directly to
the public through the National Savings and Investments agency of the United Kingdom's Chancellor of the Exchequer. *Note: Non-U.S. government debt securities must be rated AA or higher. Otherwise, they will be subject to pre-clearance and 30-day holding period requirement);* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares held in money market funds;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Variable insurance products that invest in funds for which MSIM does not act as adviser or sub-adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Open-end mutual funds or equivalent in other jurisdictions (e.g., UCITS,
SICAVs, UK Authorized Unit Trusts, open-end investment companies ("OEICS")) for which MSIM does not act as adviser or sub-adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Currencies (including Spot FX);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Holding physical commodities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 529 Plans provided that the plan is not invested in MSIM Sub-Advised or
Proprietary Funds

Refer to <u>Schedule A</u> for application of the Code to various security types and additional requirements for Morgan Stanley Asia Limited Employees who hold a Hong Kong Type 9 license.

**"Firm"** means Morgan Stanley, MSIM's parent company.

**"Fully Managed Account"** means an account (including fully managed Individual Savings Accounts ("ISAs") and an account managed on a discretionary basis by a professional financial adviser or investment adviser (e.g., a robo adviser)) for which an MSIM Employee or Immediate Family has authorized a professional financial advisor or investment manager, in its sole discretion, to acquire and dispose of assets held in the account. Neither the MSIM Employee nor the Immediate Family may make, directly or indirectly, any investment decision, be made aware of any such decisions before transactions are executed by the advisor or manager, or otherwise direct the advisor or manager to effect any transactions in the account. A Fully Managed Account is not considered a Personal Securities Account.

**"Hong Kong Type 9 License Holder"** means MSIM Public Side Investment Personnel housed in Hong Kong entity Morgan Stanley Asia Limited who holds a Hong Kong Type 9 license.

**"Immediate Family"** pursuant to this Code includes a Covered Persons spouse or domestic partner, dependents and all other persons for whom the Covered Person, their spouse, or domestic partner contributes substantial financial support. This does not include an unrelated person who shares the same residence with the employee provided that the unrelated person and employee are financially independent of one another.

**"Initial Public Offering" ("IPO")** means an offering of securities registered under the Securities Act of 1933, the issuer of which, immediately before the registration, was not subject to the reporting requirements of Sections 13 or 15(d) of the Securities and Exchange Act of 1934. As used in this Code, the term "Initial Public Offering" shall also mean a one- time offering of stock to the public by the issuer of such stock which is not an initial public offering.

**"Investment Personnel"** means MSIM Employees and any other Covered Persons who (i) obtain or have access to information concerning investment recommendations made to any Client; (ii) any persons designated as Investment Personnel by Compliance; (iii) who, with respect to a Client: (a) provides information or advice with respect to the purchase or sale of a financial instrument for the Client (e.g., portfolio manager, or, in some cases a Research Analyst) or (b) helps execute the investment decisions of a portfolio manager, or, where applicable, Research Analyst on behalf of a Client.

**"Morgan Stanley Broker"** means a broker-dealer affiliated with Morgan Stanley, including E\*TRADE.

------

![LOGO](g274160g0422073955351.jpg) **"Morgan Stanley Investment Management"** or **"MSIM"** for purposes of this Code means the companies and businesses comprising the Public Side of Morgan Stanley's Investment Management Division, but excluding the Private Side companies and businesses.

**"Morgan Stanley Securities"** means equity, preferred and debt securities issued by Morgan Stanley, including the Morgan Stanley Stock Fund, but excludes structured products, such as equity-linked or credit- linked notes.

**"Mutual Funds"** means (i) all open-end mutual funds; and (ii) similar pooled investment vehicles established in non-U.S. jurisdictions, such as registered investment trusts in Japan. For purposes of the Code, Mutual Fund does not include shares of open-end money market mutual funds (unless otherwise advised by Compliance).

**"Omni Personnel and Those Who Have Access to Flex One"** means designated Omni Investment Personnel who are involved in the portfolio management, trading, and research & strategy, as well as others who may have access to Flex One transactions and may have additional pre-clearance requirements as determined by Compliance.

**"Outside Business Activity"** means any organized or business activity conducted by a MSIM Employee outside of MSIM. This includes, but is not limited to, participation on a board of directors or advisory board, including that of a charitable organization, working part-time outside of MSIM, establishing a holding company for investments, establishing an LLC that invests in rental properties, or forming a limited partnership.

**"Personal Securities Accounts"** are any accounts in your own name <u>and</u> other accounts you could be expected to influence or control, in whole or in part, directly or indirectly, whether for securities or other financial instruments, and that can hold Covered Securities, whether or not such capability is utilized. Personal Securities Accounts include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Accounts owned by you;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Accounts owned by your Immediate Family (as defined above);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Accounts where you obtain benefits substantially equivalent to ownership of securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Accounts that you or the persons described above could be expected to influence or control, such as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Joint accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Family accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Retirement accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Corporate accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Trust accounts for which you act as trustee where you have the power to effect investment decisions or that you
otherwise guide or influence;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Arrangements similar to trust accounts that benefit you directly;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Accounts for which you act as custodian; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Partnership accounts.

**"PPA Model Personnel"** means designated PPA Investment Personnel who are involved in portfolio management, trading, and research & strategy, as well as other departments who may have access to pre-execution model portfolio transaction information and may have additional pre-clearance requirements as determined by Compliance. PPA Model Personnel includes, but is not limited to, employees who were Seattle Investment Personnel prior to January 1, 2022.

**"Portfolio Managers"** means MSIM Employees who are primarily responsible for the day- to-day management of a Client portfolio.

------

**"Preferred Broker"** means a Firm-approved third-party broker for Personal Securities Accounts.

**"Private Investment"** means a securities offering that is exempt from registration under certain provisions of the U.S. securities laws and/or similar laws of non-U.S. jurisdictions. It includes investments in hedge funds, private equity funds, limited partnerships, real estate, peer to peer lending clubs and private businesses.

**"Proprietary or Sub-advised Mutual Fund"** means any open-end Mutual Fund for which MSIM acts as investment adviser or sub-adviser.

"**Proprietary or Sub-advised Exchange-Traded Funds**" means any Exchange-Traded Fund for which MSIM acts as the investment adviser or sub-adviser.

**"Public Side"** means the MSIM businesses and entities and their Employees who work in the public securities markets (e.g., equities, fixed income and money markets).

**"Research Analysts"** are MSIM Employees who (1) perform financial, qualitative and/or quantitative analysis of financial instruments or their issuers that result in a recommendation or conclusion to Investment Personnel regarding investments for a Client; or (2) is involved in the construction or rebalancing of an index (as applicable); or (3) are assigned to make investment recommendations to, or for the benefit of, any Client portfolio; or (4) anyone deemed by Compliance to have access to investment recommendations.

**"Restricted Lists"** means any list of issuers or securities maintained by Morgan Stanley where trading in Personal Securities Accounts is restricted due to Firm policies or regulation.

**"Single-Stock Exchange-Traded Funds"** ("ETFs")" are exchanged-traded funds that track the performance of a single underlying stock.

------

**SCHEDULE B** 

**INVESTMENT MANAGEMENT** 

**(Excluding Private Side)** 

**<u>Registered Investment Advisers</u>** 

Morgan Stanley Investment Management Inc.\*

Morgan Stanley AIP GP LP\*

Morgan Stanley Investment Management Limited (MSIM Ltd.)

Morgan Stanley Investment Management Company

Eaton Vance Management (EVM)\*

Boston Management and Research (BMR)

Eaton Vance Advisers International Ltd. (EVAIL)

Parametric Portfolio Associates LLC (PPA)\*

Atlanta Capital Management Company, LLC (ACM)

Calvert Research and Management (CRM)

**<u>Registered Commodity Pool Operator/Commodity Trading Advisor</u>** 

Ceres Managed Futures LLC

**<u>Investment Advisers that are not registered</u>** 

MSIM Fund Management (Ireland) Limited

Morgan Stanley Investment Management (ACD) Limited

Morgan Stanley Investment Management Private Limited (MSIM Private Limited) (with respect to Public Side Investment Management Employees only)

Morgan Stanley Investment Management (Australia) Pty Limited

Morgan Stanley Asia Limited (MSAL) (with respect to Public Side Investment Management Employees only)

Morgan Stanley Investment Management (Japan) Co., Ltd. (MSIMJ)

Private Investment Partners, Inc.

Morgan Stanley Investment Management (China) Co. Ltd.

**<u>Broker-Dealer</u>** 

Morgan Stanley Distribution Inc.

Eaton Vance Distributors, Inc. (EVD)

\* The entity is also a registered Commodity Trading Advisor and/or a registered Commodity Pool Operator.

**<u>Transfer Agent</u>** 

Morgan Stanley Services Company Inc.

**<u>Global In-house Centers (India)</u>** 

Morgan Stanley Advantage Services Pvt. Ltd. (with respect to Public Side Investment Management Employees only)

**<u>Others:</u>** 

Eaton Vance Management International Limited (EVMI)

Eaton Vance Asia Pacific Ltd. (EVAPac)

Eaton Vance Trust Company (EVTC)

MSIP Seoul Branch ("MSK") (with respect to Public Side Invest)

## Ex-99.(P)(8)

![LOGO](g274160g77a01.jpg)

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---

| | |
|:---|:---|
| **Table of Contents** |  |
| **Code of Ethics at a Glance** | **2** |
| **Definitions** | **3** |
| **Fiduciary Duty to Clients and Related Principles** | **6** |
| **Covered Persons Under the Code of Ethics** | **6** |
| **Disclosure and Certification Requirements** | **6** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; INITIAL DISCLOSURE OF ACCOUNTS, HOLDINGS AND CERTIFICATIONS | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ANNUAL DISCLOSURE OF ACCOUNTS, HOLDINGS AND CERTIFICATIONS | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; QUARTERLY TRANSACTION DISCLOSURES | 8 |
| **Conducting Personal Securities Transactions** | **9** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CODE OF ETHICS REPORTING AND PRECLEARANCE CHART | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PRECLEARANCE EXEMPTIONS FOR CERTAIN SECURITY TYPES | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EXEMPTIONS FOR CERTAIN ASSOCIATES | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BLACKOUT PERIOD FOR INVESTMENT PERSONS | 14 |
| **Special Provisions Applicable to Transactions in APAM Securities** | **15** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; APAM BLACKOUT PERIODS | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TRANSACTIONS IN APAM SECURITIES SHOULD BE REPORTED TO COMPLIANCE WITHIN 24 HOURS | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SHORT SALES OF APAM SECURITIES PROHIBITED | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HEDGING OF APAM SECURITIES PROHIBITED | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RESTRICTIONS ON HOLDING APAM SECURITIES IN MARGIN ACCOUNTS | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RISKS OF HOLDING APAM SECURITIES IN DISCRETIONARY ACCOUNTS | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RESTRICTIONS ON PLEDGING OF APAM SECURITIES | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TRANSFER OF APAM SECURITIES BETWEEN BROKERAGE ACCOUNTS | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ADDITIONAL RESTRICTIONS AND OBLIGATIONS APPLICABLE TO APAM'S EXECUTIVE OFFICERS | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PRECLEARANCE AND BLACKOUT PERIOD EXEMPTION FOR APPROVED 10B5-1 PLAN | 16 |
| **Prohibited and Restricted Activities** | **17** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; INSIDER TRADING PROHIBITED | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RESTRICTIONS ON COMMUNICATION OF NON-PUBLIC INFORMATION | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TRANSACTIONS IN SECURITIES ON APPLICABLE RESTRICTED LIST(S) PROHIBITED | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RESTRICTIONS ON CERTAIN TRANSACTIONS WITH CLIENTS | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; APPROVAL REQUIRED FOR PARTICIPATION IN INITIAL PUBLIC OFFERINGS | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; APPROVAL REQUIRED FOR PARTICIPATION IN PRIVATE PLACEMENTS | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LIMITATIONS ON INVESTMENTS IN PUBLICLY TRADED COMPANIES | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FRONT RUNNING PROHIBITED | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SPREAD BETTING PROHIBITED | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EXCESSIVE SHORT-TERM SECURITIES TRADING IN NON-EXEMPT SECURITIES IS PROHIBITED | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HIGH-RISK TRADING ACTIVITIES | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PERSONAL SECURITIES TRANSACTIONS WITH CERTAIN BROKERS OR DEALERS PROHIBITED | 21 |
| **Other Code Requirements** | **22** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AMENDMENTS TO THE CODE | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; REGULATORY CONDUCT DISCLOSURE | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CHANGES IN IMMEDIATE FAMILY MEMBER EMPLOYMENT | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SERVICE AS A BOARD DIRECTOR, BOARD MEMBER, MANAGER, MANAGING MEMBER OR TRUSTEE | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OUTSIDE FINANCIAL INTERESTS AND OUTSIDE BUSINESS ACTIVITIES | 22 |
| **Requirement to Preserve Confidentiality** | **23** |
| **Enforcement of the Code and Consequences for Failure to Comply** | **23** |
| **Individual Exemptions** | **24** |

---

------

**Other Relevant Policies** 

Although not formally part of this Code, Artisan Partners and its affiliates maintain a number of policies and procedures governing associate conduct. These include, among others:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Artisan Partners Policy on Gifts & Business Entertainment

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Artisan Partners Pay to Play Policy

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The APAM Code of Business Conduct

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The APAM and Artisan Partners Funds Whistleblower Policies

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Artisan Partners Information Barrier Policy

These policies and procedures may be accessed through the Artisan Partners Policy Portal

**Quick Access Guide** 

• Definitions

• Reporting and Preclearance Chart

• FIS ECM Application

• APAM Blackout Period Calendar

Code of Ethics and Insider Trading Policy

------

**Code of Ethics at a Glance** 

The Artisan Partners Code of Ethics and Insider Trading Policy (the "Code") applies to you as a Covered Person of Artisan Partners. The Code governs your personal securities transactions, as well as those of your Immediate Family Members, as described in greater detail below. The Code has been designed to ensure compliance with the applicable federal securities laws and to protect the interests of our Clients. Abiding by the letter and the spirit of its terms is essential to your continued and future success at Artisan Partners.

**Key Provisions of the Code** 

**<u>Associates are required to:</u>** 

• <u>Behave consistently with Artisan Partners' fiduciary obligations by putting Client interests first</u> 

• <u>Comply with applicable law, including the federal securities laws</u> 

• <u>Periodically review and then acknowledge that you understand and have complied with the Code</u> 

• <u>Preclear and disclose your personal securities transactions and those of your Immediate Family Members</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Disclose all covered accounts and all holdings in covered securities</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Preclear and disclose transactions in covered securities</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Obtain Compliance approval <u>before</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Investing in private securities and IPOs or</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Acquiring more than 5% of a public company.</u> 

• <u>Report all transactions in APAM securities to Compliance within 24 hours</u> 

• <u>Preclear and report certain outside activities, such as serving on the board of a business organization</u> 

• <u>Report potential Code errors or exceptions under the Code to Compliance</u> 

**<u>Prohibitions include but are not limited to the following:</u>** 

• <u>Insider Trading</u> 

• <u>Communication of non-public information in violation of a duty of confidentiality</u> 

• <u>Front-running Client trades, or taking inappropriate advantage of Client information</u> 

• <u>Personal securities transactions conducted through undisclosed brokerage or investment accounts</u> 

• <u>Transactions in restricted securities, including APAM stock, during a blackout period</u> 

• <u>Certain other APAM transactions, including: short sales, hedging and pledging on margin</u> 

• <u>Transactions with Clients, except as approved by Compliance</u> 

Code of Ethics and Insider Trading Policy

------

**Definitions** 

---

| | |
|:---|:---|
| **Beneficial Interest or Ownership** | Your or your Immediate Family member's direct or indirect opportunity to profit or share in any profit derived from a transaction in a security. In general, the definition of "beneficial ownership" under section 16 of the Securities Exchange Act of 1934 will be applied to determine if you have a beneficial interest in a security. |
| **Chief Compliance Officer** | Person(s) designated by Artisan Partners Limited Partnership, Artisan Partners UK LLP, Artisan Partners Funds and/or Artisan Partners Distributors to fill the role for each entity. References to the Chief Compliance Officer also include, for any function, any person designated by the Chief Compliance Officer as having responsibility for that function subject to the Chief Compliance Officer's supervision. |
|  | Reports relating to the Personal Securities Transactions of the Chief Compliance Officer shall be delivered to another member of the Compliance Team or to the Chief Legal Officer of the firm. The Chief Compliance Officer or another person to whom authority to approve Personal Securities Transactions has been granted under the Code may not approve his or her own Personal Securities Transactions; such transactions must be approved by someone else with such authority. |
| **Chief Legal Officer** | Person as is designated by Artisan Partners Asset Management. References to the Chief Legal Officer also include, for any function, any person designated by the Chief Legal Officer as having responsibility for that function and subject to the Chief Legal Officer's supervision. |
| **Control** | You have "Control" or "Investment Control" over a security or an account if you have, directly or indirectly, the ability to engage in a transaction in the security/account or the ability to direct that a transaction occur in a security/account. You may be deemed to have investment control over a security even if you do not have a beneficial interest in the security. Examples of investment control include a person acting as an executor or personal representative of an estate or a person who has investment discretion, but does not include accounts you manage in connection with your Artisan Partners employment. |
| **Covered Person** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• officers, employees, and partners of Artisan Partners Asset Management Inc. (APAM) and its affiliates including, without limitation, Artisan Partners Limited Partnership (Artisan US), Artisan Partners UK LLP (APUK), Artisan Partners Hong Kong Limited, Artisan Partners Asia-Pacific PTE, Ltd., Artisan Partners Australia Pty Ltd, APEL Financial Distribution Services Limited (AP Europe), and Artisan Partners Distributors LLC (collectively Artisan Partners);<br>|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• interested directors of Artisan Partners Funds, Inc. (Artisan Funds) and Artisan Partners Global Funds plc (Artisan Global Funds) who are not otherwise subject to another code of ethics adopted by Artisan Funds or Artisan Global Funds; and<br>|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• certain persons identified by Compliance who are under contract with and regularly working on the premises of Artisan Partners (such as a temporary employee, independent contractor, or consultant).<br>|

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|:---|:---|
| **Discretionary Account** | An account of any Covered Person, held either alone or with others, over which a person (such as an investment adviser or trustee) who is not the Covered Person or an Immediate Family Member exercises investment discretion. |
| **Exempt Securities** | Securities that have been identified as exempt from reporting by Artisan Partners. Exempt Securities are: |
|  | (i) securities that are direct obligations of the U.S. government (e.g., treasury bills, treasury notes and treasury bonds); |
|  | (ii) shares of U.S. open-end mutual funds that are not Clients; |
|  | (iii) interests in certain unit trusts, open-ended investment companies, and unit-linked life and pension interests held through the APUK or AP Europe pension plans to the extent these securities have been identified as exempt from reporting by the Compliance team; |
|  | (iv) bank certificates of deposit, banker's acceptances, repurchase agreements or commercial paper; and |
|  | (v) commodities and commodity futures. |
| **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 Advisers Act of 1940, Title V of the Gramm-Leach-Bliley Act, any rules adopted by the Securities and Exchange Commission under any of these statutes, the Bank Secrecy Act as it applies to mutual funds, and any rules adopted thereunder by the Securities and Exchange Commission or the Department of the Treasury. |
| **Immediate Family Members** | Includes all family members who share the same household, including but not limited to, a domestic partner, spouse, son, or daughter (including a legally adopted child, foster child or child who is a tax dependent), stepson or stepdaughter, son-in-law, daughter-in- law, parent, grandparent, stepfather or stepmother, mother-in-law or father-in-law, and siblings or siblings-in-law, or any descendants of any of the foregoing persons. For the avoidance of doubt, dependent children living part of the year away at school (e.g. boarding secondary school or undergraduate college or university), are considered household members. |
| **Investment Person** | Covered Person who is a portfolio manager, analyst, research associate, research assistant, trader, or any other Covered Person in a similar capacity who provides information, research analysis, or advice with respect to the purchase or sale of securities. |
| **Non-exempt Securities** | Any security type not specifically defined as an Exempt Security. |

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| | |
|:---|:---|
| **Personal Securities Transaction** | A transaction in a reportable security (including the "gifting" of a security) in which the Covered Person has beneficial interest or over which the Covered Person has Investment Control. |
| **Private Placement** | Offering of securities in which the issuer relies on an exemption from the registration provisions of the U.S. federal securities laws or comparable non-U. S. regulatory scheme, and usually involves a limited number of sophisticated investors and a restriction on resale of the securities. Examples are private investments in public equity securities (PIPES), hedge funds, private funds, "crowdfunding" investments, private funds, private partnerships or limited liability companies, Initial Coin Offerings, offerings of security tokens and similar investments or transactions. |
| **Reportable Accounts** | Any brokerage or other investment account in which you or an Immediate Family Member have a Beneficial Interest or Investment Control and which holds or could hold a security subject to reporting under the Code. |

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**Fiduciary Duty to Clients and Related Principles** 

Artisan Partners owes a fiduciary duty to Artisan Partners' clients ("Clients"). This duty requires Artisan Partners and each Covered Person to seek to avoid or mitigate any conflict, or the appearance of a conflict, between the interests of a Client and the interests of Artisan Partners or a Covered Person.

Covered Persons must at all times adhere to the following standards of conduct:

•  ***Clients Come First*** —The interests of Clients must always come first, as Clients deserve Artisan Partners' undivided loyalty and unbiased effort. All Covered Persons must recognize and respect
the interests of Clients, particularly with regard to their personal investment activities and any potential conflict with Client interests that may arise in connection with such activities. Covered Persons must not conduct a personal securities
transaction in a manner that interferes with Client transactions. Covered Persons must not take inappropriate advantage of their positions and access to information that comes with such positions. Covered Persons should not seek to influence Client
investments based on personal interests.

**APAM Code of Business Conduct** 

All associates must:

• Act with integrity, including being honest and candid, while maintaining the confidentiality of information where required or consistent with the Company's policies;

• Observe both the form and spirit of laws, rules, regulations, accounting standards and Company policies; and

• Adhere to a high standard of professional ethics.

•  ***Compliance with Applicable Law*** —Covered Persons must comply with all applicable laws and
regulations, including the Federal Securities Laws and the applicable laws of any country in which Artisan Partners operates.

•  ***Observe the Spirit of the Code*** —Artisan Partners expects that Covered Persons will comply with
not only the letter but also the spirit of the Code and strive to avoid even the appearance of impropriety. Covered Persons should promptly notify Compliance if there is any reason to believe that an error or exception under the Code has occurred or
is about to occur.

**Covered Persons Under the Code of Ethics** 

Except as specifically noted, each Covered Person is subject to the requirements of the Code.

Certain employees or contractors of Artisan Partners may be specifically identified by Compliance as Exempt Persons based on the nature of that person's role and access to information (e.g., temporary consultants without access to Client or non-public trading and holdings information). An Exempt Person will be specifically notified of their exempt status by Compliance.

Exempt Persons are exempt from certain provisions of the Code, but are required to adhere to the following Code requirements: Standards of Business Conduct, Restrictions on Communications of Non-public Information, Insider Trading Policy and the Requirement to Confidentiality.

**Disclosure and Certification Requirements** 

As a Covered Person, you are subject to a variety of disclosure and certification requirements as noted below.

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Covered Persons are required to maintain brokerage and investment accounts with firms that provide an electronic data feed. Covered Persons have 90 days from date of hire to move any accounts that do not offer an electronic data feed to a firm that offers an electronic data feed. Investment accounts for Covered Persons hired and established prior to the date of this Code are grandfathered into this electronic data feed requirement, but any new accounts established after the date of this Code must be maintained with firms that provide an electronic data feed. At the discretion of Compliance, Covered Persons may be permitted to maintain accounts with brokerage firms that do not offer an electronic data feed.

**Initial Disclosure of Accounts, Holdings and Certifications** 

No later than 10 days after hire or of otherwise becoming a Covered Person, you must:

• **Disclose Your Reportable Accounts** —identify to Artisan Partners each of your Reportable Accounts.

• **Disclose Your Holdings** — disclose all your personal holdings of securities that are Non-exempt Securities. All the information you report must be no more than 45 days
old. Artisan Partners Funds, Artisan Partners Global Funds, Artisan Partners collective investment trusts, Artisan Partners private funds and other funds that are Clients of Artisan Partners are Non-exempt Securities and are required to be reported.

**Am I required to report accounts over which neither I nor an Immediate Family Member exercise investment control, such as a blind trust or managed account?** 

Yes, you should report to us known accounts over which you or your Immediate Family Member are beneficial owners, even if you exercise no direct or indirect influence or control over it. Compliance may determine that reporting of securities transactions is not required if you affirm that you have no direct or influence on investment decisions and have no knowledge of proposed transactions in the account.

**•** **Complete Certain Other Forms and Certifications, including but not limited to, the following:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an acknowledgement of receipt of this Code, the APAM Code of Business Code, and each other policy that Artisan
Partners asks you to acknowledge;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• disclosures regarding your outside business activity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• disclosures regarding your Immediate Family Members, including if an Immediate Family Member is employed by an
investment adviser or securities broker-dealer or is employed by any company that he or she knows does business, or is actively seeking to do business, with Artisan Partners; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a regulatory conduct disclosure questionnaire.

**Annual Disclosure of Accounts, Holdings and Certifications** 

On an annual basis, Covered Persons are required to disclose to Compliance: (i) each Reportable Account; and (ii) Non-exempt Securities. Such information should be in the form requested by Compliance and must be current as of a date no more than 45 days before the report is submitted.

Covered Persons need not provide annual disclosures regarding the following types of securities:

• Holdings of Exempt Securities.

**How do I submit my initial disclosure forms and certifications?** 

Initial disclosure forms and certifications are generally submitted electronically through FIS Employee Compliance Manager (ECM). Artisan Partners Associates may access ECM through the following link: FIS ECM. For questions or assistance, please call the Code of Ethics hotline.

• Securities held directly in an Artisan Partners Funds, Artisan Partners Global Funds, Artisan collective
investment trust and Artisan Private Funds account because records for these accounts are maintained in Artisan Partners' systems. You must disclose your interest in the account itself.

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Covered Persons are also required to complete other forms and certifications annually, including but not limited to, the following:

• an acknowledgement of receipt of this Code, the APAM Code of Business Conduct, and each other policy that Artisan
Partners asks you to acknowledge;

• disclosures regarding your outside business activity;

• disclosures regarding your Immediate Family Members, including if an Immediate Family Member is employed by an
investment adviser or securities broker-dealer or is employed by any company that he or she knows does business, or is actively seeking to do business, with Artisan Partners; and a regulatory conduct disclosure questionnaire.

**Quarterly Transaction Disclosures** 

Covered Persons must disclose all Personal Securities Transactions during a calendar quarter to Compliance no later than thirty days after the end of the quarter. The disclosure must contain all information required in the form requested by Compliance, including name of the broker, as-of date of the transaction, nature of the trade (e.g., purchase or sell), and as applicable, the ticker or CUSIP, interest rate, maturity date, number of shares, and principal amount of each Non-exempt Security.

**Am I required to provide a quarterly report if my broker provides duplicate statements?** 

No. In most cases, confirmations or statements are sufficient and separate quarterly reports are not required.

To the extent possible, this disclosure should be in the form of (i) duplicate confirmations or duplicate statements delivered directly to Artisan Partners by the broker or (ii) transactional data provided by the broker through a confirmed electronic feed.

In the event the broker or custodian does not furnish duplicates or an electronic feed, or for a Covered Person that is a temporary employee whose anticipated period of continuous employment will not exceed four months, the Covered Person may be permitted, at the discretion of Compliance, to submit copies in the form requested by Compliance.

Covered Persons need not provide quarterly disclosures regarding the following security and transaction types:

• Transactions in Exempt Securities

• Automatic Investment Plans (AIP). Automatic securities transactions, other than transactions in securities issued
by APAM, in which regular periodic purchases (or withdrawals) are made in (or from) an investment account on a predetermined schedule and allocation. An automatic investment plan includes an issuer's dividend reinvestment plan (DRP) and the
automatic reinvestment of dividends or income occurring in an investment account. Note the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Establishment of such an AIP and sales of securities acquired through an AIP must be precleared,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reportable securities transactions conducted through an AIP are exempt from quarterly transaction reporting but
must be included in initial and annual holdings reporting.

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• Artisan Partners Funds, Artisan Partners Global Funds, Artisan Partners collective investment trusts and Artisan Partners private fund accounts held directly with the product's administrator or custodian.

**Conducting Personal Securities Transactions** 

Personal Securities Transactions must be executed only through brokerage or other accounts that have been identified to Compliance.

Except as provided below, all Personal Securities Transactions must be cleared in advance by Compliance. When in doubt as to whether a particular transaction requires preclearance, you should preclear the transaction or seek clarification from Compliance before placing a trade. No Covered Person may preclear his/her own Personal Securities Transaction, or engage, directly or indirectly in any transaction on the basis of material non-public information. In the case of certain transactions in APAM securities, Compliance will seek preclearance of the transaction from the Chief Legal Officer.

**Am I required to report new brokerage and investment accounts?** 

Yes, notify Compliance promptly (generally within 30 days of calendar quarter end) of the opening of a new brokerage or investment account for yourself or Immediate Family Members. Do not assume your broker will proactively link the account or send duplicate statements. New brokerage or investment accounts must be opened with a feed broker. A list of "Brokers with Feeds" can be found on PTA in the Documents section.

If an application form asks if you are associated with a broker-dealer or FINRA member firm, choose "yes". Contact Compliance if an authorization letter from Artisan Partners is required to open the account.

Personal Securities Transactions of a Covered Person are generally cleared if:

• <u>the security is not on an applicable restricted list;</u> 

• there is no related order pending in that security;

• the preclearance request otherwise complies with other relevant provisions of the Code;

• and the proposed transaction is not during a Blackout Period, as discussed below.

Notwithstanding the above, Compliance may approve a Personal Securities Transaction in circumstances in which it has determined there is no conflict even though a related order is present.

A related order is any order for the same or similar security (or an option on or warrant for that security) that is pending in an Artisan Partners' trade order management system on behalf of a Client. Preclearance requests may also be denied at the sole discretion of the Compliance team even if the conditions described above apply.

If a precleared transaction is not executed by the end of the second business day following the date on which preclearance is granted, the preclearance will expire and the request must be made again, unless otherwise notified by Compliance.

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The "gifting" of securities by a Covered Person is considered a Personal Securities Transaction of the Covered Person and is subject to preclearance as described above. For non-APAM securities, approval for gifting will typically be given unless the security is on an applicable restricted list.

**How do I preclear a Personal Securities Transaction?** 

• Access FIS Employee Compliance Manager (ECM)

• Enter the details of the proposed transaction and submit the request. Each security must be entered separately.

• Don't execute the trade until you receive a subsequent ECM-generated approval e-mail for each individual preclearance request.

• Check the details of your approval and make sure your order is for the same security and direction as the
approval you received.

• Only execute your trade during the approval window (the day of approval plus the following two business days
unless otherwise notified by Compliance).

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**Code of Ethics Reporting and Preclearance Chart** 

Investment persons may have additional team-specific reporting and preclearance requirements. Contact the Code of Ethics Team regarding security types not named below or with any questions.

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| | | |
|:---|:---|:---|
| **SECURITY TYPE** | **REPORTABLE** | **PRECLEARANCE REQUIRED** |
| **<u>Pooled Vehicles</u>** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Artisan Partners Funds | Yes | No |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Artisan Partners Global Funds | Yes | No |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Artisan private funds | Yes | No |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Artisan collective investment trusts | Yes | No |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Artisan client sub-advised funds | Yes | No |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. mutual funds not noted above | No | No |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-U.S. registered funds<sup>1</sup> | Yes | No |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Single stock ETFs, ETNs, and ETPs | Yes | Yes |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Index ETFs | Yes | No |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hedge funds, private equity funds, venture capital funds and other nonaffiliated private funds | Yes | Yes |
| **<u>Equities</u>** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; APAM securities | Yes | Yes |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common, preferred, and convertible stock | Yes | Yes |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IPOs | Yes, Contact<br>Compliance | Yes, Contact Compliance |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Private investments, private placements | Yes | Yes |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-Artisan employer stock/fund/options | Yes | Yes |
| **<u>Fixed Income/Bonds</u>** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate bonds | Yes | Yes |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal securities | No | No |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. government agency issues | Yes | No |

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|:---|:---|:---|
| **SECURITY TYPE** | **REPORTABLE** | **PRECLEARANCE REQUIRED** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Direct obligations of the U.S. Government (i.e., T-bills, T-notes, T-bonds, Treasury Strips) | No | No |
| **<u>Options</u>** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options on non-exempt securities | Yes | Yes |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options on exempt securities except index ETFs | No | No |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options on index ETFs | Yes | No |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options on commodities | No | No |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options on currency | Yes | No |
| **<u>Additional Activities and Security Types</u>** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Automatic investment plan (AIP) initiation on a Non-exempt Security | Yes | Yes |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Discretionary or managed account securities trades | Contact<br>Compliance<sup>2</sup> | No<sup>3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 529 plans (no Artisan Partners advised or sub-advised funds held) | No | No |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 529 plans (Artisan Partners advised or sub-advised funds held) | Yes | No |
| **<u>Index-Linked Structured Products</u>** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Index-linked structured products (as defined below)<sup>4</sup> | Yes | No |
| **<u>Crypto Assets</u>** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cryptocurrency (Bitcoin, Ethereum, etc.) | No | No |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cryptocurrency ETFs (e.g. BTC, IBIT and ETH) | Yes | No |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other crypto assets (fractionalized or tokenized digital assets,, unit trusts, initial coin offerings, etc.)<sup>5</sup> | Yes | No |
| **<u>Commodities</u>** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commodities | No | No |
| **<u>Futures</u>** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Security futures | Yes | Yes |

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|:---|:---|:---|
| **SECURITY TYPE** | **REPORTABLE** | **PRECLEARANCE REQUIRED** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency futures | Yes | No |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commodity futures | No | No |
| **<u>Currencies</u>** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currencies<sup>6</sup> | No | No |

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<sup>1</sup> Non-US registered funds are professionally managed pooled investment vehicles that are registered in a country outside the US and are typically only available to non-U.S. citizens.

<sup>2</sup> A copy of the discretionary managed account agreement or a letter from your adviser (on the firm's letterhead) indicating that the firm's has full discretionary authority to execute trades in the account/s will be required.

<sup>3</sup> The preclearance exemption for discretionary accounts is based upon the Covered Person not directing any investments in the account nor having knowledge of any transaction prior to execution.

<sup>4</sup> Structured products or derivative instruments (e.g. an equity-linked note) in which the reference asset is an index or is otherwise an asset listed in this table that does not require preclearance. Contact Compliance with product-specific questions.

<sup>5</sup> Regulators are sorting out the status of crypto currencies, tokens and other crypto assets and it is currently uncertain whether certain of those assets are considered securities. Crypto currency vehicles deemed to be securities require reporting, including initial coin offerings, fractionalized or tokenized digital assets, and vehicles designed to track the performance of a crypto currency. Preclearance and reporting is not currently required for transactions conducted directly in crypto currencies such as Bitcoin and Ethereum. If you are transacting in a crypto asset and you are uncertain whether it would be considered a security, we encourage you to contact the Compliance team for guidance in determining reporting requirements. 

<sup>6</sup> Investment personnel may require portfolio manager approval of currency transactions in non-developed markets.

**Preclearance Exemptions for Certain Security Types** 

You are not required to preclear securities in any of the following types of transactions (even if the security itself is not exempt from preclearance):

• Purchases and sales of securities that are non-volitional on the part of
the Covered Person or Immediate Family Member, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• purchases or sales upon the exercise of puts or calls written by such person where the purchase or sale is
effected based on the terms of the option and without action by the Covered Person or his or her agent (note: the writing of the option must be precleared); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• acquisitions or dispositions of securities through stock splits, reverse stock splits, mergers, consolidations,
spinoffs, or other similar corporate reorganizations or distributions generally applicable to all holders of the same class of securities.

• A transaction in a Discretionary Account if the Covered Person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• has previously identified the Discretionary Account to Compliance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• will not directly nor indirectly influence or control any particular transaction in the account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• has affirmed that he or she will not know of proposed transactions in that account until after they are executed;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• does not, in fact, know of the proposed transactions in that account until after the transaction has been
executed.

• Sales as a result of a tender offer made available generally to all shareholders of the issuer.

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• Transactions in securities held for the benefit of a Covered Person in an employee benefit plan account maintained by the Covered Person's prior employer in order to facilitate a transfer of the account to the
Covered Person's Artisan Partners' 401(k) plan account or a rollover of the account to an IRA or other retirement account.

• Purchases affected upon the exercise of rights issued by an issuer pro rata to all holders of a class of securities to the extent such rights were acquired from such issuer, and sales of such rights so acquired.

• Transactions in Artisan Partners Funds, Artisan Partners Global Funds, Artisan collective investment trusts or Artisan private funds accounts directly held with the product's respective administrator or custodian.

**Do I need to preclear a transaction in a Discretionary Account if I acquire prior knowledge on a "one-off" basis?** 

Yes, contact Compliance directly to complete the preclearance request. The preclearance exemption for Discretionary Accounts is based upon the Covered Person not having actual knowledge of any transaction until after that transaction is executed. Therefore, if a Covered Person becomes aware of any transaction in a discretionary account before it is executed, the person must seek preclearance of that transaction (if preclearance of the transaction would otherwise be required).

• Under certain circumstances involving instances in which an Immediate Family Member receives or is offered an
opportunity to acquire an equity interest in that person's employer or an affiliate as the result of a bona fide employment relationship and not because of a Covered Person's relationship with Artisan Partners or Clients. The following
principles apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Transactions that are initiated by the employer of the Immediate Family Member (for example, provided as part of
the Immediate Family Member's compensation) are exempt from preclearance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Transactions that are initiated by the Immediate Family Member must be precleared in advance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Even if an Immediate Family Member's acquisition of a security was exempt from preclearance, preclearance
will be required for any sale of the security initiated by the Immediate Family Member.

**Exemptions for Certain Associates** 

Associates on leave may be exempted from preclearance requirements at the discretion of the Compliance team with reference to the facts and circumstances surrounding the leave, including access to firm systems. An associate on leave will be contacted directly by the Compliance team to discuss the associate's preclearance responsibilities.

**Blackout Period for Investment Persons** 

For a preclearance request from an Investment Person, the Compliance team may contact a portfolio manager, or their designee, of the corresponding strategy for which the Investment Person works, (or may otherwise utilize information provided by such portfolio manager or designee), to determine if a transaction in the security subject to the proposed Personal Securities Transaction is actively under consideration for the strategy.

If a portfolio manager requests preclearance of a Personal Securities Transaction, Compliance may contact another portfolio manager, or a designee, for the strategy or may otherwise utilize information provided by the portfolio manager or designee, to determine if a transaction in the security is actively under consideration for the strategy. For each proposed trade, the person responsible for reviewing such trade will be provided with information necessary to determine whether the trade may be approved consistent with the Code (e.g., title of the security, nature of the transaction, approximate number of shares involved in the transaction).

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An Investment Person may not purchase or sell a security when the proposed transaction would conflict with trading

activity under consideration for a Client whose account is managed in an investment strategy for which such Investment Person provides research, trading or portfolio management services. The existence of such a "Blackout Period" will generally be determined in reference to information available through the firm's order management systems, or in consultation with portfolio management as described above.

**Special Provisions Applicable to Transactions in APAM Securities** 

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|:---|:---|
| **APAM Blackout Periods**<br>All Covered Persons will be subject to a Quarterly Blackout Period during which time no transactions in APAM securities may be effected. The Quarterly Blackout Period will begin on the first day of each fiscal quarter for all Covered Persons except APAM Designees (as defined | **How do I know whether I am considered an APAM Designee?**<br>The Legal or Compliance team will notify all associates who are APAM designees.<br>You can also contact the Code of Ethics hotline with any questions. |

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below). The Quarterly Blackout period will begin on the 15th day of the last month of the preceding fiscal quarter for APAM's executive officers and certain other associates designated by the Chief Legal Officer (the "APAM Designees"). The Quarterly Blackout Period will continue until the opening of regular session trading on the New York Stock Exchange on the second trading day after the day on which APAM releases its earnings for that fiscal period. The Chief Legal Officer may modify the dates on which the Quarterly Blackout Period begins and ends with respect to a specific quarter for either all or some portion of Covered Persons, in their discretion.

The Chief Legal Officer may designate additional blackout periods, or Special Blackout Periods, and may determine which associates are subject to a Special Blackout Period, in each case in their discretion from time to time. Covered Persons that are subject to a Special Blackout Period will be notified. No Covered Person subject to a Special Blackout Period may disclose to any other person that any Special Blackout Period has been designated.

No transaction in APAM securities by a Covered Person, even if it has been precleared, may be effected during a Firmwide Blackout Period absent a waiver from the Chief Legal Officer. Waivers may be granted to specified Covered Persons on an ad hoc basis or made applicable to all Covered Persons as a blanket waiver.

**Transactions in APAM Securities Should Be Reported to Compliance within 24 Hours** 

Personal Securities Transactions in APAM securities should be reported to Compliance within 24 hours.

**Short Sales of APAM Securities Prohibited** 

Covered Persons may not, directly or indirectly, sell any APAM equity security short (that is, sell an APAM equity security when the Covered Person does not own it), or sell short against the box (that is, sell an APAM equity security when the Covered Person owns the security sold but does not deliver it).

**Hedging of APAM Securities Prohibited** 

Covered Persons may not hedge their exposure to the economic consequences of ownership of APAM securities. For the avoidance of doubt, ownership of equity interests in a subsidiary or affiliate of Artisan Partners is not prohibited by the Code.

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**Restrictions on Holding APAM Securities in Margin Accounts** 

APAM securities may only be held in a margin account with the prior approval of the Chief Legal Officer, who may place additional restrictions on the holding.

**Risks of Holding APAM Securities in Discretionary Accounts** 

The special Code requirements applicable to transactions in APAM securities apply to all accounts, even if APAM securities are held in Discretionary Accounts. A financial advisor managing a Discretionary Account cannot trade APAM securities on behalf of a Covered Person during a Blackout Period.

As a result, and in order to minimize the risk of Code violations, Covered Persons are strongly discouraged from holding APAM securities in a Discretionary Account.

**How do I make sure my APAM transactions are reported to Compliance within 24 hours?** 

For accounts established at Schwab through Human Capital in the context of an equity award, the Compliance team generally receives direct electronic trade confirmations that satisfy the 24-hour notification requirement.

For all other accounts, the notification process depends on whether or not your broker has provided Compliance with an electronic feed of trade confirmations. If your broker has provided such a feed, you may generally rely on the confirmation to satisfy the notification requirement. If not, you must notify Compliance.

**Restrictions on Pledging of APAM Securities** 

Covered Persons may not pledge APAM securities when they are aware of material non-public information or otherwise are not permitted to trade in APAM securities.

**Transfer of APAM Securities between Brokerage Accounts** 

In order to facilitate monitoring of transactions in APAM securities, Covered Persons should notify Compliance of their intent to transfer APAM securities from one brokerage account to another prior to initiating any such transfer. Details of the receiving account and the securities to be transferred can be provided to the Compliance team via e-mail to DL – Code of Ethics.

**Additional Restrictions and Obligations Applicable to APAM's Executive Officers** 

APAM's executive officers for purposes of Section 16 of the Securities Exchange Act of 1934 are subject to additional requirements, including the obligation to promptly report certain transactions in APAM's securities to the SEC. These officers are also subject to the "short-swing profit" provisions of Section 16(b), pursuant to which any profit realized from a purchase and sale, or sale and purchase, of any equity securities of APAM within a six-month period may be subject to clawback by Artisan Partners, unless an exemption applies.

**Preclearance and Blackout Period Exemption for Approved 10b5-1 Plan** 

Preclearance and Blackout Periods for APAM Securities do not apply to transactions executed pursuant to a pre-existing written plan, contract or instruction under Rule 10b5-1 (an "Approved 10b5-1 Plan") that:

• has been reviewed and approved by the Chief Legal Officer at least ten days in advance of being entered into (or,
if revised or amended, the revisions or amendments have been reviewed and approved by the Chief Legal Officer at least ten days in advance of being entered into);

• provides that no trades may occur thereunder until the expiration of the applicable cooling-off period as specified in Rule 10b5-1(c)(ii)(B), and no trades occur until after that time. The required cooling-off period
will apply to the entry into a new 10b5-1 plan and any revision or modification of a 10b5-1 plan;

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• was entered into in good faith by a Covered Person, and not as part of a plan or scheme to evade the prohibitions
of Rule 10b5-1, at a time when such person was not in possession of material non-public information about APAM and, if the Covered Person is a director or officer, the 10b5-1 plan must include representations by the Covered Person certifying to that effect; and;

• either: (i) gives a third party the discretionary authority to execute purchases and sales of securities of
APAM, outside the control of the Covered Person, so long as the third party does not possess any material non-public information about APAM; or (ii) explicitly specifies the security or securities to be
purchased or sold, the number of shares, the prices and/or dates of transactions, or other formula(s) describing such transactions;

• is the only outstanding Approved 10b5-1 Plan entered into by the Covered
Person (subject to the exceptions set out in Rule 10b5-1(c)(ii)(D)).

Please contact the Chief Legal Officer if you are considering entering into, modifying or terminating a 10b5-1 plan or have any questions regarding Rule 10b5-1 plans.

**Prohibited and Restricted Activities** 

**Insider Trading Prohibited** 

You may not engage, directly or indirectly, in any transaction (either a Personal Securities Transaction or a transaction for a Client) involving the purchase or sale of any security, including any security issued by APAM, on the basis of "material," "non-public" information. Please note that regulators have prosecuted individuals on a theory of "shadow trading", which could include trading in the securities of one company (Company A) on the basis of non-public information that is specific to another company (Company B), but where the non-public information about Company B is material to the price of Company A's securities. This could be as a result of the companies being competitors in the same industry or linked economically in some other way (e.g. supplier and manufacturer).

**Are there any special considerations to keep in mind with respect to insider trading laws outside the U.S.?** 

Yes. You should keep in mind that insider trading laws vary from country to country, and that local authorities can and do assert their jurisdiction over particular transactions regardless of where a buyer or seller of securities resides. Transactions in a U.K. listed security, for example, can be the basis for an action against a U.S. resident who trades on the basis of material non-public information.

Information is "material" if there is a substantial likelihood that a reasonable investor would consider it important in deciding whether to buy, hold or sell a security. Any information that could reasonably be expected to affect the price of the security is material. Material information can be positive or negative. Material information is not limited to facts but may also include projections and forecasts. Examples of potentially material information include, without limitation:

• Quarterly and year-end earnings and significant changes in financial
performance, outlook, or liquidity (including, in the case of APAM, levels of or changes in assets under management, cash flows and pipeline information);

• Changes in debt ratings;

• Projections that significantly differ from external expectations;

• Stock splits, public or private securities offerings, or changes in dividend policies or amounts;

• Significant developments involving corporate relationships;

• Proposals, plans or agreements, even if preliminary in nature, of a pending or proposed merger, acquisition,
divestiture, recapitalization, strategic alliance, licensing arrangement or purchase or sale of substantial assets;

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• Actual or threatened major litigation or developments relating to the resolution of such litigation;

• Events having a significant regulatory effect or involving significant regulatory intervention;

• Events that may result in the creation of a significant reserve or write-off or other significant adjustment to a company's financial statements; and

• Significant changes in senior management.

• Non-public information" is information that is not generally known or available to the public. The fact that information has been disclosed to a few members of the public
does not make it public for insider trading purposes. Information becomes "public" when (i) it is disclosed in a way designed to achieve broad dissemination to the investing public generally, without favoring any special person or
group, and (ii) there has been adequate time for the public to digest that information. Examples of broad dissemination include press releases, filings with the Securities and Exchange Commission and meetings, conference calls or webcasts that
are open to the public. Non-public information may include, for example:

• Information available to a select group of analysts or brokers or institutional investors;

• Undisclosed facts that are the subject of rumors, even if the rumors are widely circulated;

• Information that has been entrusted to a company or a person on a confidential basis until a public announcement of the information has been made and enough time has elapsed for the market to respond to a public
announcement; or

**What should I do if I inadvertently receive material non-public information?** 

If you think that you might have inadvertently received material, non-public information from any source, you should take the following steps:

• Report the information immediately to the Chief Legal Officer or to another attorney in Legal.

• Do not purchase or sell any securities potentially impacted by the information on behalf of yourself or others, including Clients, until Artisan Partners has made a determination as to the need for trading restrictions.

• Do not communicate the information inside or outside Artisan Partners (even to your manager) other than to the Chief Legal Officer or to another attorney in the Legal Department.

After review of the issue, Artisan Partners will determine whether any trading restrictions apply and what action, if any, the firm should take.

• Information obtained from alternative data sources (e.g., social media, credit card providers, geolocation
services) under certain circumstances, particularly when there are questions around ownership rights in or consent with respect to use of the information.

• Confidential information obtained from expert networks services that provide access to industry specialists,
corporate executives, vendors, suppliers, physicians, consultants or analysts.

Trading during a tender offer represents a particular concern in the law of insider trading. Each Covered Person should exercise particular caution if they become aware of non-public information relating to a tender offer.

Artisan Partners does not currently utilize "value-add" investors as part of its business strategy; however, certain clients or investors in a fund sponsored by Artisan Partners may have material non-public information from time to time. In addition, directors of APAM and funds sponsored by Artisan Partners, principals or portfolio managers at other asset management firms, investment bankers, institutional investors, investment analysts, consultants, corporate executives, key persons or clients whose accounts are managed by Artisan Partners may be in possession of material non-public information regarding one or more public companies. Each Covered Person should avoid discussing non-public information about any such company with these persons. If a Covered Person should become aware of potentially material, non-public information regarding any such company, he or she should advise the Chief Legal Officer or another attorney in Legal.

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**Restrictions on Communication of Non-public Information** 

Under certain circumstances, Artisan Partners associates may receive non-public information concerning a current or potential investment opportunity. Such information may be subject to a confidentiality agreement and is also subject to the Artisan Partners' Information Barrier Policy.

No Covered/Exempt Person may communicate non-public information to others in violation of the law, any firm policy, or any duty of confidentiality owed to a third-party. Conversations containing such information, if appropriate at all, should be conducted in private. The "tipping" of material, non-public information to a third-party in violation of a duty of confidentiality raises special issues under the insider-trading laws, and is expressly prohibited under this Code. Simply recommending someone buy, sell or hold a security based on material non-public information could be considered "tipping".

Access to paper or electronic files containing non-public information should be restricted, including by maintenance of such materials in locked cabinets or through the use of passwords or other security devices for electronic data.

**How do I know if a particular company is included on an Artisan Partners Restricted List(s)?** 

Compliance does not publish the contents of the Restricted List(s) because, under certain circumstances, the inclusion of a particular name could itself convey material non-public information. You should preclear all of your Personal Securities Transactions as required under the Code. Compliance uses the preclearance process to ensure that requests to trade securities of issuers on an applicable Restricted List are denied.

**Transactions in Securities on Applicable Restricted List(s) Prohibited** 

From time to time, associates in the Company may come into possession of material non-public information about a particular company. The Compliance team may include each of these companies on one or more "restricted lists," and impose restrictions on transactions involving securities of those companies in Client accounts and in the personal accounts of Covered Persons. The applicability of these restrictions may be firmwide, or may be limited to certain parts of the firm, taking into account the existence of our Information Barrier Policy. Covered Persons are prohibited from knowingly engaging in any transactions for their personal accounts or for the accounts of others, including Clients, that would be inconsistent with these restrictions.

**Restrictions on Certain Transactions with Clients** 

No Covered Person should knowingly purchase from or sell to any Client any security or other property except securities issued by that Client, or except as approved by Compliance. This section does not prohibit purchases of Client products or services that are available to the general public.

**Approval Required for Participation in Initial Public Offerings** 

No Covered Person is allowed to acquire any security in an initial public offering, except with the prior written approval of Compliance, based on a determination that: (i) the acquisition is consistent with applicable regulatory requirements, does not conflict with the purposes of the Code or its underlying policies, or the interests of Artisan Partners or its Clients; and (ii) the opportunity to acquire the security has been made available to the person for reasons other than the person's relationship with Artisan Partners or its Clients. Such circumstances might include, for example:

• an opportunity to acquire securities of an insurance company converting from a mutual ownership structure to a
stockholder ownership structure, if the person's ownership of an insurance policy issued by that company conveys that opportunity;

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• an opportunity resulting from the person's pre-existing ownership
of an interest in the IPO company or an investor in the IPO company; or

• an opportunity made available to the person's Immediate Family Members sharing the same household, in
circumstances permitting Compliance reasonably to determine that the opportunity is not being made available indirectly because of the person's relationship with Artisan Partners or its Clients (for example, because of the Immediate Family
Member's employment).

**Approval Required for Participation in Private Placements** 

Private Placements require express written prior approval of Compliance. Covered Persons may invest in private funds sponsored by Artisan Partners through the regular subscription process and need not seek separate prior approval from the Compliance team.

In deciding whether that approval should be granted, Compliance may consider a number of relevant factors including, but not limited to:

• whether the investment opportunity should be reserved for Clients;

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • whether the opportunity has been offered because of the person's relationship with Artisan Partners or its Clients;<br>• whether the investment is in a pooled vehicle or an operating company;<br>• the size of the proposed investment in relation to the total offering and in relation to the total equity ownership of the entity in which the Covered Person seeks to invest;<br>• the rights to be granted to the Covered Person as a result of the investment;<br>• the amount of business involvement the Covered Person would have after the investment has been made; and<br>• the degree to which the Covered Person may be deemed to have control over the entity after the investment has been made.<br>Investment by a Covered Person in a private fund that is not managed by Artisan, requires prior approval by Compliance before making a commitment to the private fund. Further approval is not required each time a private fund draws on capital where the Covered Person's | **My spouse's employer has offered him/her a stake in their company, and the company is private. Is prior written approval required?**<br>The requirement to obtain written approval prior to the acquisition of a private placement does not apply to the acquisition by a Covered Person's Immediate Family Member of an ownership interest in that person's employer or an affiliate of the employer, provided that the acquisition is non-volitional and is the result of that person's bona fide employment relationship and is not a result of a Covered Person's relationship with Artisan Partners or Clients.<br>Any volitional acquisitions, such as participation in an employer's stock purchase plan, require prior approval by Compliance. All acquisitions require disclosure as part of the quarterly reporting process and the ownership interest should be disclosed as part of the initial and annual holdings reports. Subsequent dispositions of the interest are subject to preclearance. |

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commitment was previously approved. Additional commitments by a Covered Person must be approved prior to making the additional commitment. A non-volitional sale of a Covered Person's investment in such a private fund (e.g., a sale due to a fund divestiture or liquidation) is not subject to prior approval. Volitional redemptions or sales by a Covered Person from a private fund are subject to prior approval by Compliance.

Most private investments are **not** subject to quarterly transactions reporting; however, all private investments **are** subject to annual holdings reporting requirements.

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**Limitations on Investments in Publicly Traded Companies** 

No Covered Person may knowingly own more than 5% of a public company's outstanding shares without prior written approval from Compliance.

**Front Running Prohibited** 

Covered Persons are prohibited from inappropriately using proprietary or confidential information obtained while associated with Artisan Partners for their personal benefit. For example, no Covered Person may engage in a Personal Securities Transaction in a security based on advance knowledge that Artisan Partners is effecting or will be effecting a purchase or sale of the security on behalf of a Client.

This prohibition will not affect the execution of transactions for the account of a Client in which one or more Covered Persons has an economic interest (such as, for example, where a Covered Person owns shares of an Artisan Fund), which may be executed by Artisan Partners' traders in accordance with the Artisan Partners' trading practices.

**Spread Betting Prohibited** 

Covered Persons are prohibited from engaging in spread betting transactions based on securities that are subject to pre-clearance or prohibited under the Code.

**Excessive Short-Term Securities Trading in Non-Exempt Securities Is Prohibited** 

Covered Persons are prohibited from engaging in the excessive short-term trading of Non-exempt Securities. The purchase and sale, or sale and purchase, of the same (or equivalent) securities within 30 calendar days are generally regarded as short-term trading. Preclearance requests in Non-exempt Securities that constitute short-term trading resulting in a profit will generally be denied by the Compliance team.

Covered Persons are also strongly discouraged from engaging in the excessive short-term trading of certain Exempt Securities that are not intended for short-term trading or as otherwise deemed inappropriate by Compliance. Transactions that constitute such short-term trading may be subject to redemption fees by the issuer, escalation to management, additional Code training, permanent or temporary limitations or prohibitions on Personal Securities Transactions.

**High-Risk Trading Activities** 

Certain high-risk trading activities, if used in the management of a Covered Person's personal trading portfolio, are risky not only because of the nature of the securities transactions themselves, but also because of the potential that action necessary to close out the transactions may become prohibited during the duration of the transactions. Examples of such activities include short sales of common stock and trading in derivative instruments (including options).

Covered Persons engage in such trading activities at their own risk. If Artisan Partners becomes aware of material, non-public information about the issuer of the underlying securities, or if preclearance of the closing transaction is denied, Artisan Partners personnel may find themselves "frozen" in a position. Artisan Partners will not bear any losses in personal accounts as a result of implementation of this policy.

**Personal Securities Transactions with Certain Brokers or Dealers Prohibited** 

In order to comply with certain state regulations, Covered Persons are restricted from executing any Personal Securities Transactions with the institutional trading desks of any broker or dealer with whom Artisan Partners conducts business for its Clients.

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**Other Code Requirements** 

**Amendments to the Code** 

Each time a Covered Person receives a copy of the Code, including any amendment, he or she is required to acknowledge receipt.

**Regulatory Conduct Disclosure** 

Covered Persons have an ongoing obligation to promptly report to Compliance if anything occurs which would change any previously reported responses relating to the Covered Associates' regulatory conduct disclosures.

**Changes in Immediate Family Member Employment** 

Covered Persons have an ongoing obligation to promptly report to Compliance if an Immediate Family Member is employed by an investment adviser, a securities broker-dealer or an otherwise regulated financial services company (or associated with as an owner, proprietor, partner, officer, director, board member, agent or otherwise) or any company that does business with or is seeking to do business with Artisan Partners, Artisan Partners Funds or Artisan Partners Distributors.

**Service as a Board Director, Board Member, Manager, Managing Member or Trustee** 

No Covered Person may serve as a member of the board of directors or trustees, an officer, a manager or a managing member or in a similar capacity exercising control of any business organization (including an advisory board) without the prior written approval of Compliance, unless the organization is a civic or charitable organization or an organization owned or controlled by a member of the Covered Person's family.

If a Covered Person is serving as a board member, officer, manager, managing member or in a similar control capacity of any organization, the Covered Person should be mindful of his or her responsibilities under the Code and his or her agreements with Artisan Partners, and should seek to avoid any appearance of impropriety. In particular, Covered Persons are reminded of their obligations not to misuse confidential information belonging to Artisan Partners or any Client. A Covered Person serving as a board member, officer, manager or managing member of an organization or in a similar control capacity is encouraged not to participate in any activity on behalf of the organization that could create an appearance of impropriety.

In some circumstances, the service of a Covered Person as a board member of an organization or an executor, conservator or trustee for an estate, conservatorship or personal trust, could result in Artisan Partners being deemed to have custody of the assets of that entity, if it were a Client. Because Artisan Partners does not accept custody of Client assets, if Artisan Partners would be deemed to have custody because of the relationship of a Covered Person to the organization, the Covered Person may be required to give up his or her position as a condition of Artisan Partners accepting an engagement to provide advisory services.

**Outside Financial Interests and Outside Business Activities** 

Covered Persons should avoid outside financial interests or outside business activities that may give rise to conflicts of interest with Clients or Artisan Partners or that may create divided loyalties, divert substantial amounts of their time, and/or compromise their independent judgment.

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Prior to association with Artisan Partners, newly hired Covered Persons are required to disclose to Artisan Partners any outside financial interests or outside business activities that may present such a conflict of interest. Thereafter, Covered Persons must obtain Compliance approval prior to acquiring any such interests or engaging in any such activities. Covered Persons seeking such approval should contact the Compliance team or an attorney in the Legal Department.

Covered Persons are prohibited from providing consulting services to non-Artisan entities for pay or on a voluntary basis, such as those offered through expert networks, without seeking prior approval from the Compliance team.

**What are some examples of outside interests that may give rise to a conflict?** 

Examples of outside interests or activities that may give rise to a conflict of interest include where a Covered Person holds a substantial interest in a company that has dealings with Artisan Partners either on a recurring or "one-off" basis, or where a Covered Person has an employment relationship or position with a potential Client or vendor of Artisan Partners.

**Requirement to Preserve Confidentiality** 

Each Covered/Exempt Person is required to keep confidential any information concerning Artisan Partners or its Clients that is not generally known to the public that is learned during the term of his or her employment or association with Artisan Partners, including, but not limited to, the following:

• the investment strategies, processes, analyses, databases, and techniques relating to capital allocation, stock
selection and trading used by the investment team or other investment professionals employed by Artisan Partners;

• the identity of and all information concerning Clients and shareholders of Clients;

• information prohibited from disclosure by a Client's policy on release of portfolio holdings or similar
policy; and

• all other information that is determined by Artisan Partners or a Client to be confidential and proprietary and
that is identified as such prior to or at the time of its disclosure to the Covered/Exempt Person.

No Covered/Exempt Person is allowed to use confidential information for his or her own personal benefit or for the benefit of any third party, or directly or indirectly disclose such information, except to other associates of Artisan Partners, its affiliated businesses and third parties to whom disclosure is made pursuant to the performance of his or her duties as an associate of Artisan Partners or as otherwise may be required by law. In addition, nothing in this Code or any other Artisan Partners' policy limits a Covered/Exempt Person's ability to lawfully report a violation of applicable laws or regulations to an appropriate regulatory authority or otherwise communicate with an applicable regulatory authority in a manner protected by, and consistent with, the laws applicable to the Covered/Exempt Person.

This obligation of confidentiality is in addition to any other Artisan Partners' policies relating to confidentiality and confidentiality agreements with Artisan Partners to which a Covered/Exempt Person is a party.

**Enforcement of the Code and Consequences for Failure to Comply** 

Compliance is responsible for promptly investigating all reports of possible errors or exceptions under this Code. Compliance with this Code is a condition of employment or association with Artisan Partners, status as a registered representative of Artisan Distributors, and retention of any position you hold with any funds sponsored by Artisan Partners. Taking into consideration all relevant circumstances, Artisan Partners will determine what action is appropriate for any error under or breach of the provisions of the Code. Possible actions include escalation to management, letter of warning, additional Code training, reversal or unwinding of trades, letters of sanction, disgorgement of profits, suspension or termination of employment, impact to a Covered Person's compensation, removal from office, or permanent or temporary limitations or prohibitions on Personal Securities Transactions more extensive than those generally applicable under the Code. Exceptions under the Code may be subject to Client reporting obligations. In addition, Artisan Partners may report conduct believed to violate the law or regulations applicable to Artisan Partners or the Covered Person to the appropriate regulatory authorities.

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**Individual Exemptions** 

There may be circumstances from time to time in which the application of this Code produces unfair or undesirable results or in which a proposed transaction is not inconsistent with the purposes of the Code. Therefore, the Chief Compliance Officer or a designee may grant an exemption from any provision of this Code, provided that the person granting the exemption based his or her determination to do so on the ground that the exempted transaction is not inconsistent with the purposes of this Code or any law or regulation applicable to Artisan Partners, and documents that determination in writing.

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## Ex-99.(P)(9)

**CODE OF ETHICS** 

Amended: July 2025

**In General** 

The Code of Ethics is predicated on the principle that RHJ owes a fiduciary duty to all its clients, which includes but is not limited to separately managed accounts, registered mutual funds, sub-advisory arrangements, collective investment trust, and wrap program clients (herein referred to as "RHJ Clients"). Accordingly, RHJ's employees must avoid activities, interests, and relationships that are or appear to be contrary to the best interests of any RHJ Clients.

At all times, RHJ employees must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Place RHJ Client interests ahead of RHJ's*: As a fiduciary, RHJ must provide services that are in the
best interest of RHJ Clients. RHJ employees may not benefit at a RHJ Client's expense, such as when making personal investments in securities traded by advisory clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Engage in personal investing in compliance with RHJ's Code of Ethics*: Employees must review and
abide by RHJ's Personal Securities Transaction and Insider Trading Policies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Avoid taking advantage of his/her position*: Employees must not accept investment opportunities, gifts or
other gratuities from individuals seeking to conduct business with RHJ, or on behalf of an RHJ Client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Maintain full compliance with the Federal Securities Laws<sup>1</sup>*: Employees must abide by the standards set forth in Rule 204A-1 under the Advisers Act and Rule 17j-1 of
the Investment Company Act of 1940.

Questions with respect to RHJ's Code of Ethics should be directed to Janine Marquez, RHJ's Chief Compliance Officer (CCO), and/or Thao Buuhoan, RHJ's Chief Operating Officer (COO) and President. As discussed in greater detail below, Employees must promptly report any Code of Ethics violations to the CCO. All reported Code of Ethics violations shall remain anonymous.

**Guiding Principles & Standards of Conduct** 

All Employees of RHJ will act ethically – with competence, dignity, and integrity – when dealing with RHJ Clients, the public, prospects, third-party service providers, and fellow Employees. The following principles frame the professional and ethical conduct RHJ expects from its employees:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Act ethically – with integrity, competence, diligence and respect – when working and communicating
with the public, clients, prospective clients, Employees and colleagues in the investment profession;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Place the interests of RHJ Clients and RHJ above one's personal interests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Do not take inappropriate advantage of one's position;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Avoid actual or potential conflict of interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Conduct personal securities transactions in accordance with the policies herein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Use reasonable care and exercise proper professional judgment when conducting investment analyses, making
investment recommendations, taking investment actions and engaging in other professional activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Perform and encourage others to perform in a professional and ethical manner that will reflect favorably on
one's self and the profession;

<sup>1</sup> "Federal securities laws" means the Securities Act of 1933, the Securities Exchange Act of 1934, the Sarbanes-Oxley Act of 2002, the Investment Company Act of 1940, the Investment Advisers Act of 1940, Title V of the Gramm-Leach-Bliley Act, any rules adopted by the Commission under any of these statutes, the Bank Secrecy Act as it applies to funds and investment advisers, and any rules adopted thereunder by the Commission or the Department of the Treasury. 

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Maintain and improve professional competence, and strive to maintain and improve the competence of other
investment professionals; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Comply with applicable provisions of the federal securities laws.

**Unlawful Actions** 

It is unlawful for an Employee to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Employ any device, scheme or artifice with the intent to defraud a RHJ Client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Make any untrue statement of a material fact to a RHJ Client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Refrain from stating a material fact to a RHJ Client which, in light of the circumstances under which the
statement is made, is misleading or in bad faith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Engage in an act, practice or course of business that operates or would operate as fraud or deceit, related to a
RHJ Client; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Engage in any manipulative practice with respect to a RHJ Client.

**1. Personal Security Transaction Policy** 

Employees may not purchase or sell a security in which the Employee has or may acquire beneficial ownership (as defined further below), unless the transaction occurs in an exempted security or the Employee has fully complied with the below requirements.

***Access Person Defined***

An "access person" is a supervised person who has access to nonpublic information regarding a RHJ Clients' purchase or sale of securities, and who is involved in making securities recommendations to RHJ Clients or has access to such recommendations that are nonpublic. All RHJ Employees are considered Access Persons, in addition to any person that has been determined and informed by the CCO or designee to be an Access Person.

***Security Defined***

The term "security" includes, but is not limited to a: note; common stock; preferred stock; treasury stock; security future; closed-end mutual fund; exchange traded fund (ETF); corporate bond; municipal bond; debenture; evidence of indebtedness; certificate of interest or participation in any profit-sharing agreement; collateral-trust certificate; pre-organization certificate or subscription; transferable share; investment contract; voting-trust certificate; certificate of deposit for a security; fractional undivided interest in oil, gas, or other mineral rights; any put, call, straddle, option, or privilege on any security (including a certificate of deposit), any group or index of securities (including any interest therein or based on the value thereof) or, in general, any interest or instrument commonly known as a "security"; or any certificate of interest or participation in temporary or interim certificate for, receipt for, guaranty of, warrant or right to subscribe to or purchase any of the foregoing.

***Exempted Securities Defined***

The term "exempted security" includes: direct obligations of the Government of the United States; bankers' acceptances, bank certificates of deposit, commercial paper and high quality short-term debt instruments, including repurchase agreements; shares issued by money market funds; shares issued by open-end funds (excluding ETFs), other than reportable funds<sup>2</sup>; and commodities, futures and options traded on a commodities exchange, including currency futures that are not securities.

<sup>2</sup> A "reportable fund" is (a) any fund for which RHJ serves as the investment adviser as defined in section 2(a)(20) of the Investment Company Act of 1940 (i.e., in most cases RHJ would need to be approved by the fund's board of directors before the employee can serve); or (b) any fund whose investment adviser or principal underwriter controls RHJ, is controlled by RHJ, or is under common control with RHJ. Transactions in RHJ managed fund must be disclosed, but not pre-cleared. 

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<u>Pre-Clearance Procedures</u>

RHJ Employees must obtain written clearance for all personal securities transactions before placing each transaction, with the exception of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A purchase or sale of an Exchange Traded Fund (ETFs);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A purchase or sale of a closed-end mutual fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A purchase or sale of 50 bonds or less per day of any corporate bond or municipal bond (excluding new offerings);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A purchase or sale of an exempted security; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares issued by unit investment trusts invested exclusively in one or more open-end funds.

RHJ reserves the right to disapprove any proposed transaction that may have the appearance of improper conduct. Generally, Employees shall complete RHJ's Pre-Clearance Form on MyComplianceOffice ("MCO") Personal Trading Platform. All pre-clearance requests must be submitted to RHJ's CCO or designee. Currently, Reed Wirick or Tony Shaw may also approve personal securities transactions. Once pre-clearance is granted to an Employee, such Employee may only transact in that security for the remainder of the day. If the Employee wishes to transact in that security on the following or any other day, he/she must again obtain pre-clearance. Unless otherwise noted, no pre-clearance is required for the exempted transactions discussed below.

<u>Black Out Periods</u>

No Employee shall buy or sell a security traded in any RHJ Client portfolio within seven (7) calendar days before or after a trade, with the exception of any securities listed in this Code as not requiring pre-clearance and/or are otherwise exempted. The CCO will review executed RHJ Client trades upon a pre-clearance request to ensure no trades have taken place within the respective 7 days in the security requested for pre-clearance (unless exempted) and will inquire with the respective portfolio managers to determine if any RHJ Client trades may be placed within the 7 days following the proposed trade.

<u>Holding Period</u>

All employees who hold securities, including options and futures, and shares of the RHJ Fund or other mutual fund that is advised or sub-advised by RHJ, are required to hold such securities for a minimum of 30 days to avoid short-term trading practices. This holding period does not apply to the following transactions: (i) purchase or sale of an ETF, (ii) purchase or sale of a closed-end mutual fund, (iii) purchase or sale of 50 bonds or less of any corporate bond or municipal bond (excluding new offerings), (iv) purchase or sale of any "exempted security" (as defined in this Code), and (v) shares issued by unit investment trusts invested exclusively in one or more open-end mutual funds.

<u>Reportable Securities</u>

Reportable securities include all securities other than exempted securities (see above definition). Any fund in which RHJ serves as the investment adviser or sub-adviser must be reported. RHJ requires Employees to provide periodic reports (see Reporting section below) regarding transactions and holdings in any security, except exempted securities.

<u>Beneficial Ownership</u>

Employees have beneficial ownership of securities if direct or indirect pecuniary interest in the securities is held or shared. Employees have a pecuniary interest in securities if such Employees have the ability to directly or indirectly profit from a securities transaction. The following are examples of indirect pecuniary interests in securities:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Securities held by members of Employee's immediate family sharing the same household (immediate family
means any child, stepchild, grandchild, parent, stepparent, grandparent, spouse, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law, to include adoptive relationships.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Securities held by members of Employee's immediate family not sharing the same household but for whom the
Employee is providing full financial support (i.e., children living at college etc.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Employee's interests as a general partner in securities held by a general or limited partnership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Employee's interests as a manager/member in the securities held by a limited liability company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If Employee holds an equity interest in an entity, Employee does not have an indirect pecuniary interest in the
securities the entity holds, unless Employee has or shares investment control over the entity's securities.

Employee beneficially owns securities held in a trust when:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Employee or a member of Employee's immediate family is a trustee who owns securities and has a vested
interest in the principal or income of the trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Employee owns a vested beneficial interest in a trust; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Employee is a settlor/grantor of a trust, unless the consent of all respective beneficiaries is required in order
for the Employee to revoke the trust.

<u>Exempt Transactions</u>

The following transactions are considered exempt transactions (not to be confused with exempt securities) and therefore do not require reporting under the Personal Security Transaction Policy:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any security transaction in an account over which the Employee does not have any direct or indirect influence or
control; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Purchases that are part of an automatic investment plan.<sup>3</sup>

From time to time, the CCO may exempt certain transactions on a fully documented trade-by-trade basis, provided it is consistent with Rule 204-A of the Investment Advisers Act and Rule 17j-1 of the Investment Company Act.

<u>Investments in Limited Offerings and Initial & Secondary Public Offerings<sup>4</sup></u>

No Employee shall directly or indirectly acquire beneficial ownership in any limited offering, initial public offering<sup>5</sup> ("IPO") or secondary offering ("SPO") without first obtaining the CCO's approval in order to preclude the possibility of improperly profiting from a RHJ Client's position. The CCO shall: obtain proposed transaction details from the Employee (including written certification that the investment opportunity did not arise by virtue of the Employee's activities on behalf of a RHJ Client); and conclude, after consultation with a Portfolio Manager (who has no personal interest in the issuer of the limited offering or IPO), that no RHJ Clients have a foreseeable interest in purchasing such security. A record of the CCO's approval and the reasons supporting the approval shall be kept as delineated in the below section titled Records. The Employee shall refer to MCO to complete the Limited Offering and IPO Request and Reporting Form.

<sup>3</sup> "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.

<sup>4</sup> The term "limited offering" is defined as an offering that is exempt from registration under the Securities Act of 1933 pursuant to section 4(2) or section 4(5) or pursuant to Rules 504,505, or 506 of Regulation D. The term "initial public offering" means an offering of securities registered under the Securities Act of 1933, the issuer of which, immediately before the registration, was not subject to the reporting requirements of sections 13 or 15(d) of the Securities Exchange Act of 1934. 

<sup>5</sup> This includes any initial digital coin offering ("ICO")

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<u>Restrictions on New Issues of Equity Securities ("New Issues")</u><sup>6</sup>

No Employee shall directly or indirectly acquire beneficial ownership of a New Issue (including new issues of municipal bonds) without first obtaining the CCO's approval in order to preclude the possibility of improperly profiting from a RHJ Client's position. The CCO shall: obtain proposed transaction details from the Employee (including written certification that the investment opportunity did not arise by virtue of the Employee's activities on behalf of a RHJ Client); and conclude, after consultation with a Portfolio Manager (who has no personal interest in the issuer of the New Issue), that no RHJ Clients have foreseeable interest in purchasing such security. A record of the CCO's approval and the reasons supporting the approval shall be kept as delineated in the below section titled Recordkeeping.

FINRA Rule 5130 prohibits the sale of New Issues to any account in which a "restricted person" has a beneficial interest, except under certain situations. The term "restricted person" includes any Employee of an investment adviser who has the authority to buy or sell securities and an immediate family member of such a restricted person that materially supports or receives material support from such a person. Thus, all restricted persons of RHJ, including investment personnel, are prohibited in almost all circumstances–except as noted in further detail below–from purchasing a New Issue.

The prohibitions of the purchase and sale of New Issues with respect to Rule 5130 do not apply to: issuer directed securities, which are securities an issuer directs to restricted persons such as directors, subject to certain conditions; a restricted person's account if such a person is an existing equity owner of an issuance (anti-dilution provisions), subject to certain conditions; stand-by purchasers, which are those who purchase and sell securities pursuant to a stand-by agreement, subject to certain conditions.

Employees are encouraged to review and discuss Rule 5130 with the CCO prior to the purchase and/or sale of New Issues.

<u>Reporting</u>

Employees must provide RHJ the necessary information to enable it to determine, with reasonable assurance, any indication of "scalping," "front-running" or any conflict of interest as it relates to RHJ Client trading. As such, Employees shall submit the below referenced reports in MCO reflecting all transactions and securities, except for the exempt transactions and securities as referenced above, in which the person has - or by reason of such transaction acquires - direct or indirect beneficial ownership.

**Quarterly Transaction Reports** 

Employees must authenticate personal trading accounts using MCO. If an Employee's trades are not available electronically or transactions do not occur through a broker-dealer (i.e., purchase of a private investment fund), the employee shall manually input such transactions to the MCO platform no later than thirty (30) days after the end of the respective calendar quarter. The quarterly transaction reports shall contain at least the following information for each transaction in a Reportable Security in which the Employee had or, as a result of the transaction, acquired any direct or indirect beneficial ownership<sup>7</sup>: (a) the date of the transaction, the title, the number of shares, the principle amount and, as applicable, the

<sup>6</sup> The term "new issue" is defined as any initial public offering of an equity security as defined in Section 3(a)(11) of the Securities Exchange Act of 1934, made pursuant to a registration statement or offering circular. This restriction does not apply to, among other securities: secondary offerings, offerings of debt securities, offerings of a security of a commodity pool, rights offerings, exchange offers, and offerings of convertible or preferred securities. (See FINRA Rule 5130 Restrictions on the Purchase and Sale of IPOs of Equity Securities). 

<sup>7</sup> "Beneficial Ownership," as set forth under Rule 16a-1(a)(2), determines whether a person is subject to the provision of Section 16 of the Securities Exchange Act of 1934, and the rules and regulations thereunder, which generally encompasses those situations in which the beneficial owner has the right to enjoy some direct or indirect "pecuniary interest" (i.e., some economic benefit) from the ownership of a security. This may also include securities held by members of an Employee's immediate family sharing the same household; provided however, this presumption may be rebutted. The term immediate family means any child, stepchild, grandchild, parent, stepparent, grandparent, spouse, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law and includes adoptive relationships. Any report of beneficial ownership required thereunder shall not be construed as an admission that the person making the report has any direct or indirect beneficial ownership in the Covered Securities to which the report relates. 

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exchange ticker symbol or CUSIP number and the interest rate and maturity date; (b) the nature of the transaction (i.e., purchase, sale or any other type of acquisition or disposition); (c) the price of the Reportable Security at which the transaction was effected; (d) the name of the broker/dealer or bank with or through which the transaction was effected; and (e) the date the report is submitted. Quarterly reports are also required for accounts established by an employee during a quarter in which securities were held for the direct or indirect benefit of the employee.

Employees who do not maintain personal trading brokerage accounts will be required, at a minimum, to confirm there are no personal securities transactions to report; this acknowledgement may be documented on the quarterly personal securities transaction report in MCO.

**Employees must also report immediate family members' transactions, including spouse, child, and other house-hold members, for securities in which the employee has direct or indirect influence, control, and/or beneficial ownership.** 

**Initial and Annual Holdings Reports** 

New RHJ Employees are required to report personal securities holdings no later than ten (10) days after the commencement of employment (See MCO Welcome Package Questionnaire). The initial holdings report must be dated as of no more than forty-five (45) days prior to the commencement of employment.

Existing Employees are required to provide RHJ with a complete list of securities holdings on an annual basis on or before February 14<sup>th</sup> (as determined by RHJ) of each year. The report shall be current as of December 31<sup>st</sup>, which is no more than forty-five (45) days before the final submission date. (See MCO Annual Questionnaire).

The initial and annual holdings reports must contain, at a minimum: (a) the title and type of security, and, as applicable, the exchange ticker symbol or CUSIP number, number of shares, and principal amount of each reportable security in which the access person has any direct or indirect beneficial ownership; (b) the name of any broker, dealer or bank with which the access person maintains an account in which any securities are held for the access person's direct or indirect benefit; and (c) the date the access person submits the report.

Employees who do not have any securities holdings or do not maintain personal trading brokerage accounts will be required to confirm the same in writing; such an acknowledgement may be documented on the quarterly personal securities transaction report via MCO.

<u>Trading and Review</u>

RHJ does not expect its Employees to engage in frequent short-term (30 days) trading. In addition, except in limited circumstances and subject to pre-clearance approval, Employees are prohibited from trading opposite of RHJ's recommendations. RHJ strictly prohibits "front-running" any RHJ Client Accounts, which is a practice generally understood to be when an employee trades one or more securities in a personal account prior to or on the same date that the firm places the same trade(s) in one or more RHJ Client Accounts. The CCO will closely monitor Employees' investment patterns to detect such practices. RHJ's President and Chief Operating Officer (COO) will monitor the CCO's personal securities transactions for compliance with the Personal Security Transaction Policy.

The CCO shall also conduct a post-trade review of RHJ Employees' personal trading. All Employee trades must be reported in MCO within thirty (30) days after the end of each calendar quarter. The CCO will review all transaction and reporting to determine if violations have occurred.

The post transaction review process ensures RHJ has the proper procedures in place to supervise its Employees' activities. The comparison of Employee trades to those of RHJ Clients shall identify actual or potential conflicts of interest.

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If RHJ discovers an Employee is personally trading contrary to the policies set forth above, the Employee shall meet with the CCO and President to review the facts surrounding the transaction(s). This meeting shall assist RHJ in determining the appropriate course of action. The CCO may grant written exceptions to the provisions of this policy based on equitable (e.g., rapid markets, hardship, satisfaction of a court order, etc.) or other considerations. The exceptions may be granted to individuals or classes of individuals, provided that no granted exception would violate Rule 204A-1 of the Advisers Act, Rule 17j-1 of the Investment Company Act of 1940, or any other federal securities laws.

<u>Reporting Violations and Remedial Actions</u>

RHJ acknowledges the seriousness of potential conflicts of interest caused by personal investing. As such, RHJ requires its Employees to promptly report any violations of the Code of Ethics to the CCO. RHJ's management is aware of the potential matters that may arise as a result of this requirement, and shall take action against any Employee that seeks retaliation against another for reporting violations of the Code of Ethics.

**RHJ has zero tolerance for retaliatory actions and therefore offenders may be subject to severe action. In order to minimize the potential for such behavior, all reports of code of ethics violations will be treated as anonymous.** 

If a violation of RHJ's Personal Security Transaction Policy occurs, the CCO will alert appropriate senior management and recommend sanctions based on facts and circumstances. Senior Management will issue sanctions and take any other actions deemed appropriate, which may include - without limitation - requiring the trades in question be reversed resulting in disgorgement of profits, issuing a letter of caution or warning, issuing a suspension of personal trading rights or suspension of employment (with or without compensation), imposing a fine, making a civil referral to the SEC, making a criminal referral, terminating employment or any combination of the foregoing. All sanctions and other actions taken shall be in accordance with applicable employment laws and regulations. Any forfeited profits shall be paid to the applicable RHJ Client(s) or donated to a charity the CCO determines is appropriate.

No person shall participate in a determination of whether he or she has committed such a violation or in the imposition of any sanction against himself or herself.

<u>Disclosure</u>

RHJ shall describe its Code of Ethics to RHJ Clients in Part 2 of Form ADV and shall furnish a copy of the Code upon any RHJ Client's request. All RHJ Client requests for RHJ's Code of Ethics shall be directed to the CCO.

<u>Recordkeeping</u>

RHJ shall maintain records in the manner and to the extent set forth below; such records shall be available for appropriate examination by SEC representatives or RHJ's management:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A copy of this policy and any other code which is, or at any time within the past five (5) years has been,
in effect shall be preserved in an easily accessible location;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A record of a violation of this policy and of action taken as a result of such a violation shall be preserved in
an easily accessible location for a period of not less than five (5)years following 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 (annual certifications) as required by this policy for each person who
is currently, or within the past five (5) years was, an RHJ Employee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A copy of each report made pursuant to this policy by an Employee - including any information provided in lieu of
reports - shall be preserved by RHJ for at least five (5) years after the end of the fiscal year in which the report is made or the information is provided, including an easily accessible location for the first two (2) years;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A list of all persons who are, or within the past five (5) years have been, required to make or review such
reports pursuant to this policy shall be maintained in an easily accessible location;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A record of all pre-clearance requests, including the decisions made; and

&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 any limited
offering or IPO by Employees for at least five (5) years after the end of the fiscal year in which the approval is granted, including an easily accessible location for the first two (2) years.

<u>Administration of the Code</u>

**A.** The CCO or designee will review reports and other information submitted under this Code. The review
includes, but is not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) an assessment of whether the Employee followed the required procedures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) an assessment of any trading patterns that may indicate abuse, including market timing; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) performing any other assessment that may be necessary to determine whether there have been any violations of the Code.

**B.** Each Employee shall receive a copy of the Code annually and anytime the Code is amended. Upon receipt,
each Employee is required to read and acknowledge his or her understanding of the requirements of the Code via MCO software, which in addition provides that the Employee agrees to abide by the Code.

**C.** Upon amendment of this Code, the RHJ CCO will provide a copy to the CCO of each mutual fund that RHJ
serves as adviser/sub-adviser for approval/ratification by each fund's Board of Trustees.

**D.** The RHJ CCO or designee will furnish written reports requested by the CCO of each mutual fund that RHJ
serves as adviser/sub-adviser, including the RHJ Fund pertaining to any changes to the Code and any violations thereof.

**2. Insider Trading Policy** 

Section 204A of the Advisers Act requires every investment adviser to establish, maintain, and enforce written policies and procedures reasonably designed - taking into consideration the nature of such investment adviser's business - to prevent the misuse of material, non-public information by such investment adviser or any person associated with such investment adviser. In accordance with Section 204A, RHJ maintains procedures to prevent the misuse of non-public information.

Although "insider trading" is not defined in securities laws, in practice it is understood as trading either personally or on behalf of others based on material, non-public information or communicating material, non-public information to others in violation of the law. Securities laws have been interpreted to prohibit the following activities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Trading by an insider based on material, non-public information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Trading by a non-insider based on material, non-public information, where the non-insider received the information from an insider in violation of the insider's duty to keep the information confidential; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Communicating material, non-public information to others in breach of a
fiduciary duty.

RHJ's Insider Trading Policy applies to all Employees. Questions regarding this policy should be directed to the CCO and/or President.

<u>Whom Does the Policy Cover?</u>

This policy covers all RHJ Employees. In addition, the policy applies to transactions in any securities participated in by family members, trusts or corporations directly or indirectly controlled by such persons; and, to transactions corporations engage in where the Employee is an: officer; director; ten percent (10%) or greater stockholder; or partner, unless the Employee has no direct or indirect control of the partnership.

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<u>What Information is Material?</u>

Individuals may not be held liable for trading on inside information unless the information is material. "Material information" is generally defined as information there is a substantial likelihood that a client would consider important in making his or her investment decisions, or information that is reasonably certain to have a substantial effect on the price of a company's securities. Advance knowledge of the following types of information is generally regarded as "material":

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Dividend or earnings announcements<br>| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Discovery or research developments<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Write-downs or write-offs of assets<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Additions to reserves for bad debts or contingent liabilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Criminal, civil and government investigations and indictments<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Pending labor disputes<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Expansion or curtailment of company or major division operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Debt service or liquidity problems<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Bankruptcy or insolvency problems<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Merger, joint venture announcements<br>| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Tender offers, stock repurchase plans, etc.<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• New product/service announcements<br>| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Recapitalization<br>|

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Information a company provides may be considered material due to the foreseeable impact on: a particular class of a company's securities; all of a company's securities; the securities of another company; or the securities of several companies. The misuse of material, non-public information applies to all types of securities, including equity, debt, commercial paper, government securities, and options.

In considering whether information is material, bear in mind that such information does not have to come from the applicable company to be deemed material; rather, information received from an unaffiliated third party can be deemed material solely by the nature of the information. For example, material information about the contents of an upcoming newspaper column may affect the price of a security, and therefore be considered material.

<u>What Information is Non-Public?</u>

In order for issues concerning insider trading to arise, information must not only be material, but also non-public. "Non-public" information generally means information not available to the investing public.

Once material, non-public information has been effectively distributed to the investing public through commonly recognized channels, it is no longer classified as non-public information. The information must be intentionally distributed via commonly recognized channels and available for an adequate amount of time. Receiving non-public information via the selective dissemination of information, such as industry-related publications, does not make the information public.

RHJ's employees must be aware that a person who receives material, non-public information with no expectation of confidentiality may still become an insider upon receipt. Whether the information or "tip" makes the employee a "tippee" or insider depends on if the corporate insider expects to personally benefit from the disclosure, whether directly or indirectly.

The expected benefit is not limited to a present or future monetary gain; it could be a reputational benefit or an expectation of *quid pro quo* resulting in receiving information one would not have received but for providing such an expectation. Employees may also become insiders or tippees if material, non-public information is obtained by happenstance, such as at social gatherings or by overhearing conversations, etc.

<u>Penalties for Trading on Insider Information</u>

Severe penalties exist for firms and individuals that engage in the act of insider trading, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• civil injunctions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• disgorgement of profits;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• jail sentences;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• fines for the person who committed the violation of up to three times the profit gained or loss avoided (per
violation, or illegal trade), whether or not the person actually benefited from the violation; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Criminal penalties that can result in a maximum fine of up to $5,000,000 and twenty (20) years imprisonment

**Procedures to follow if an Employee Believes that he/she Possesses Material, Non-Public Information** 

If an Employee questions whether they are in possession of material, non-public information, the Employee must inform the CCO, and President or CEO as soon as possible. Once the information is reported, the Employee and informed parties will conduct research to determine if the information is likely to be considered important to clients in making investment decisions and whether the information has been publicly disseminated.

Given the severe penalties imposed on individuals and firms engaging in insider trading, Employees:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• shall immediately report the potential receipt of non-public information
to the CCO and President or CEO;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• shall not trade the securities of any company in which the employee is deemed an insider who may possess
material, non-public information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• shall not engage in securities or derivatives transactions of any company, except in accordance with RHJ's
Personal Security Transaction Policy and the securities laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• shall submit personal security trading reports in accordance with the Personal Security Transaction Policy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• shall not discuss any potential or actual material, non-public information with colleagues, except as specifically required under this policy; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• shall not proceed with any research, trading, etc. until the CCO and President or CEO inform the Employee of the
appropriate course of action.

Securities of a publicly traded company will be restricted from trading in both Employee personal accounts and in client accounts when it has been determined that the Firm or an Employee has material inside information pertaining to the company. There may be other reasons that securities of a publicly traded company become restricted, so it is important for Employees to review and be familiar with the RHJ Restricted Securities Policy.

**3. Serving as Officers, Trustees and/or Directors of Outside Organizations** 

Employees may, under certain circumstances, be granted permission to serve as directors, trustees, or officers of outside organizations by completing the Request for Approval of Outside Business Activity Form in MCO. ****Such organizations can include public or private corporations, partnerships, charitable foundations and other not-for-profit institutions. Employees may also receive compensation for such activities.

As an outside board member or officer, an Employee may come into possession of material, non-public information about the outside company or other public companies. It is critical that a proper information barrier be in place between RHJ and the outside organization, and that the Employee does not communicate such information to other RHJ Employees in violation of the information barrier.

Similarly, RHJ may have a business relationship with the outside organization or may seek a relationship in the future. In such circumstances, the Employee must not be involved in the decision to retain or hire RHJ.

------

RHJ Employees are prohibited from engaging in such outside activities without prior written approval from the CCO. Approval will be granted on a case-by-case basis, subject to proper resolution of potential conflicts of interest. Outside activities will be approved only if any conflict of interest issues can be satisfactorily resolved and the necessary disclosures are made on Part 2 of Form ADV.

In addition, there may be times when an Employee becomes aware that RHJ is managing the account(s) of a client that is an employee, officer, director, or a voting member of any board of a publicly traded company. Should this happen, the Employee must report this to the CCO and President.

**4. Gift Policy** 

Employees may not accept investment opportunities, gifts or other gratuities from individuals seeking to conduct business with RHJ, or on behalf of an advisory client. However, Employees may accept gifts from a single giver in aggregate amounts not exceeding $250 and may attend business meals, sporting events and other entertainment events at the expense of a giver, as long as the expense is reasonable and both the giver(s) and the Employee(s) are present. All gifts received must be reported to the CCO, including the gift giver's name, the reason for the gift, a description of the gift and the date the gift was received.

Employees may also give a gift to anyone who does business with the firm, if the gift is not in excess of $100. However, business meals, sporting events and other entertainment events may be given so long as the expense is reasonable and the employee giving the gift is present. All gifts given must be reported to the CCO, including the name of the employee giving the gift, the reason for giving the gift, a description of the gift being given and the date the gift was given.

**5. Political Contributions** 

RHJ or an Employee considered a Covered Associate (as defined below) may not make Political Contributions (as defined below) exceeding $150.00 per election to a candidate or official the Covered Associate could not vote for or exceeding $350.00 per election to a candidate or official the Covered Associate could vote for. All RHJ employees must report political contributions to the CCO using the Reporting of Political or Charitable Contribution Form on MCO within 10 days after the contribution has been made. The report must include: the employee's name; the name of the candidate or official who received the contribution; the office the recipient is running for; the contribution amount; whether or not the contributing employee is eligible to vote for the recipient; and whether or not the official or candidate has an existing or potential relationship with RHJ and/or the contributing employee.

***Covered Associate defined***

(i) Any general partner, managing member, executive officer, or other individual with a similar status or function;

(ii) Any employee who solicits a government entity for RHJ and any person who directly or indirectly supervises such employee; and

(iii) Any political action committee controlled by RHJ or any person described in sections (i) and (ii) above.

***Political Contribution Defined***

Any gift, subscription, loan, advance, or deposit of money or anything of value made for:

(i) The purpose of influencing any election for federal, state or local office;

(ii) Payment of debt incurred in connection with any such election; or

(iii) Transition or inaugural expenses of the successful candidate for state or local office.

------

**6. Charitable Contributions** 

Employees are not restricted from giving personal charitable contributions; however, RHJ or an RHJ employee acting on behalf of RHJ must use the Reporting of Political or Charitable Contribution Form on MCO to report such charitable contributions to the CCO within ten (10) days after the contribution has been made. The information being reported must include the name of the employee that gave the contribution, the name of the recipient of the contribution, the amount of the contribution, and whether or not the charity or any person associated with the charity has an existing or potential relationship with the firm and/or the employee giving the contribution.

**Responsibility** 

The CCO is responsible for administering the above-stated policies. Questions regarding these policies should be directed to the CCO.

## Ex-99.(P)(11)

![LOGO](g274160g14d27.jpg)

**ACADIAN ASSET MANAGEMENT LLC** 

**CODE OF ETHICS** 

**January 2026** 

------

**Table of Contents** 

---

| | |
|:---|:---|
|  Summary of Material Code Changes | 5 |
|  Introduction | 5 |
|  General Principles | 6 |
|  Scope of the Code | 6 |
|  Persons Covered by the Code | 6 |
|  Reportable Investment Accounts | 7 |
|  Securities Covered by the Code | 8 |
|  Blackout Periods and Restrictions | 9 |
|  Short-Term Trading | 9 |
|  Acadian Asset Management Inc. (AAMI) Stock | 9 |
|  Securities Transactions requiring Pre-clearance | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Public Offerings | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Limited or Private Offerings | 11 |
|  Exceptions specific to Certain Accounts and Transaction Types | 11 |
|  Standards of Business Conduct | 12 |
|  Compliance with Laws and Regulations | 12 |
|  Conflicts of Interest | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Conflicts among Client Interests | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Competing with Client Trades | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Disclosure of Personal Interest | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Referrals/Brokerage | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vendors and Suppliers | 13 |
|  Market Manipulation | 13 |
|  Insider Trading and Regulation FD | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Material Non-public Information | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AAMI and Nonpublic Acadian Information | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Penalties | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Regulation FD | 16 |
|  Gifts and Entertainment | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General Statement | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gifts | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receipt | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Offer | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ERISA, Taft Hartley and Public Plan Clients and Prospects | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 Act Mutual Fund Clients | 18 |
|  Cash | 18 |

---

Updated as of January 2026 2

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---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Entertainment |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Providing | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accepting | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ERISA, Taft Hartley and Public Plan Clients and Prospects | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 Act Mutual Fund Clients | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expense Reports for Gifts and Entertainment | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Conferences | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Quarterly Reporting of Gifts and Entertainment | 19 |
|  Political Contributions and Compliance with the Pay-to-Play Rule Requirements | 20 |
|  Anti-bribery and Corruption Policy | 21 |
|  Charitable Contributions | 22 |
|  Confidentiality | 22 |
|  Service on a Board of Directors | 23 |
|  Partnerships | 23 |
|  Other Outside Activities | 23 |
|  Marketing and Promotional Activities | 23 |
|  Affiliated Broker-Dealers | 24 |
|  Compliance Procedures | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reporting of Access Person Investment Accounts | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Duplicate Statements | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Personal Securities Transactions Pre-clearance | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pre-Approval of Political Contributions | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Quarterly Reporting of Transactions | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Quarterly Reporting of Gifts and Entertainment | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Quarterly Reporting of Private Investments | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Quarterly Reporting of Political Contributions | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communication Acknowledgment | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MNPI Acknowledgment | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annual Reporting | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Hire Reporting | 27 |
|  Review and Enforcement | 27 |
|  Certification of Compliance | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Certification | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acknowledgement of Amendments | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annual Certification | 28 |
|  Access Person Disclosure and Reporting | 28 |

---

Updated as of January 2026 3

------

---

| | |
|:---|:---|
|  Recordkeeping | 30 |
|  Form ADV Disclosure | 30 |
|  Administration and Enforcement of the Code | 31 |
|  Responsibility to Know Rules | 31 |
|  Excessive or Inappropriate Trading | 31 |
|  Training and Education | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Hires | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annual | 31 |
|  Compliance and Risk Committee Approval | 32 |
|  Report to Fund CCOs and Boards | 32 |
|  Report to Senior Management | 32 |
|  Reporting Violations and Whistleblowing Protections | 32 |
|  Fraud Policy | 32 |
|  Sanctions | 35 |
|  Further Information about the Code and Supplements | 35 |
|  Persons Responsible for Enforcement and Training | 35 |
|  Appendices (in pdf only) |  |
| A. CFA Institute Asset Manager Code of Professional Conduct |  |

---

Updated as of January 2026 4

------

**Summary of Code Changes** 

Administrative changes to replace the My Compliance Office ("MCO") system with StarCompliance as the third-party Code of Ethics system.

**Introduction** 

Acadian Asset Management LLC ("Acadian") has adopted this Code of Ethics (the "Code") pursuant to Rule 204A-1 under the Investment Advisers Act of 1940 (the "Advisers Act"), rule amendments under Section 204 of the Advisers Act, the business conduct rules of the National Futures Association ("NFA"), including Compliance Rule 2-9, and any other ethics requirements related to any of our other registrations. The Code sets forth standards of conduct expected of Acadian's employees, and certain consultants, and contractors. Acadian has also adopted the CFA Institute Asset Manager Code of Professional Conduct attached as Appendix A. Compliance with the Code is a condition of employment.

The policies and procedures outlined in the Code are intended to promote compliance with fiduciary standards. As a fiduciary, Acadian has the responsibility to render professional, continuous, and unbiased investment advice, owes our clients a duty of honesty, good faith and fair dealing, must act at all times in the best interests of our clients, and must avoid or disclose conflicts of interests.

This Code is designed to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Protect Acadian's clients by deterring misconduct;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Guard against violations of the securities laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Educate all persons covered by the Code regarding Acadian's expectations and the laws governing their
conduct;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Remind all persons covered by the Code that they are in a position of trust and must act with complete propriety
at all times;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Protect the reputation of Acadian; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Establish policies and procedures for all persons covered by the Code to follow so that Acadian may determine
compliance with our ethical principles and regulatory requirements.

This Code is based upon the principle that the members of our Board of Managers, Executive Management Team, Executive Committee, officers, and all other persons covered by the Code owe a fiduciary duty to, among others, our clients to conduct their affairs, including their personal securities transactions, in such a manner as to avoid (i) materially serving their own personal interests ahead of clients; (ii) materially taking inappropriate advantage of their position with Acadian; and (iii) any actual or potential conflicts of interest or any abuse of their position of trust and responsibility. This fiduciary duty includes the duty of Acadian's Chief Compliance Officer to report violations of the Code to Acadian's Compliance and Risk Committee, the Executive Management Team, the Executive Committee, and if deemed necessary, to our Board of Managers, and the Board of Directors of any U.S. registered investment company for which Acadian acts as adviser or sub-adviser.

StarCompliance

StarCompliance is the primary system we utilize to facilitate all Code related communications and reporting.

Updated as of January 2026 5

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**Part 1. General Principles** 

Our principles and philosophy regarding ethics stress Acadian's overarching fiduciary duty to our clients and the obligation of all persons covered by the Code to uphold that fundamental duty. In recognition of the trust and confidence placed in Acadian by our clients and to give effect to the belief that Acadian's operations should be directed to benefit our clients, Acadian has adopted the following general principles to guide the actions of all persons covered by the Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The interests of clients are paramount. All persons covered by the Code must conduct themselves and their
operations to give maximum effect to this belief by placing the interests of clients before their own.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. All personal transactions in securities by all persons covered by the Code must be accomplished so as not to
conflict materially with the interests of any client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. All persons covered by the Code must avoid actions or activities that allow (or appear to allow) a person to
profit or benefit from his or her position with respect to a client, or that otherwise bring into question the person's independence or judgment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Personal, financial, and other potentially sensitive information concerning the firm, our clients, our
prospects, and our employees, consultants and contractors will be kept strictly confidential. All persons covered by the Code will only access this information if it is required to complete their jobs and will only disclose such information to
others if it is required to complete their jobs and to deliver the services for which the client has contracted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. All persons covered by the Code will conduct themselves honestly, with integrity and in a professional manner
to preserve and protect Acadian's reputation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. All persons covered by the Code will comply with all laws and regulations applicable to our business
activities.

The U.S. Securities and Exchange Commission (the "SEC"), the NFA, the Commodity Futures Trading Commission ("CFTC") and U.S. federal law require that the Code not only be adopted but that it also is enforced with reasonable diligence.

The Compliance Team will keep records of any violation of the Code and of the actions taken as a result of such violations. Failure to comply with the Code may result in disciplinary action, including monetary penalties and the potential for the termination of employment. In addition, non-compliance with the Code can have severe ramifications, including enforcement actions by regulatory authorities, criminal fines, civil injunctions and penalties, disgorgement of profits, and sanctions on your ability to remain employed in any capacity in the investment advisory business.

**Part 2. Scope of the Code** 

**A.** **Persons Covered by the Code** 

Each employee, consultant, or contractor will be designated as either an "Access Person" or "Supervised Person" under the Code when they join Acadian. The difference in designation is dependent upon various factors including job responsibilities, systems access, and if a contractor, length and scope of engagement. Ultimate determination as to whether any individual or action is subject to or exempt from the Code, or if a Code exception should be granted, is left to the Chief Compliance Officer.

Updated as of January 2026 6

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An "Access Person(s)" includes employees, consultants, and contractors, whose job responsibilities require him or her to access Acadian's research and/or trading databases to perform their job requirements. Any other employee, consultant or contractor not meeting that definition is a "Supervised Person."

Certain Code requirements applicable to an Access Person also apply to *immediate family members<sup>1</sup>* of that Access Person*,* and any other person subject to the financial support of the Access Person. For these individuals, along with the Access Person they must also report their covered investment accounts, pre-clear their personal securities transactions in covered securities in private investments and partnerships, ensure their personal securities transactions comply with blackout and sixty-day trading restrictions, and provide duplicate copies of their account statements upon request. Further, each Access Person must educate these individuals on these Code requirements and ensure ongoing compliance. Non-compliance will have the same ramifications on the Access Person as if it were the Access Person him or herself who did not comply. Each Access Person must inform a Compliance Officer when there is a change to either their immediate family members or someone subject to their financial support.

Members of Acadian's Board of Managers employed by our immediate parent company, Acadian Affiliate Holdings, LLC or our ultimate parent company, Acadian Asset Management Inc. ("AAMI"), along with any other non-resident officer, director, manager or immediate family member of an Access Person, who is subject to another Code of Ethics that complies with Rule 204A-1 under the Advisers Act and whose Code has been reviewed and approved by Acadian's Chief Compliance Officer, shall be exempt from the requirements imposed by this Code.

**B.** **Reportable Investment Accounts** 

Each Access Person must report any accounts in which he or she has a direct or indirect beneficial interest in which a covered security is eligible for purchase or sale. Examples of reportable accounts typically include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• individual and joint accounts including accounts established through your employment with Acadian such as a 401K
and/or deferred compensation account

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• accounts in the name of an *immediate family member* as defined in the Code

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• accounts in the name of any individual subject to your financial support

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• trust accounts

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• estate accounts

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• accounts where you have power of attorney or trading authority

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• other types of accounts in which you have a present or future interest in the income, principal or right to
obtain title to securities.

<u>**Exception**</u>: 529 plans are not considered a reportable account under the Code. Further, any transactions within such plans do not require pre-clearance or reporting on a holdings report.

<sup>1</sup> An *immediate family member* is defined to include any relative by blood or marriage living in an Access Person's household who is subject to the Access Person's financial support or any other individual living in the household subject to the Access Person's financial support (spouse, minor children, a domestic partner etc.).

Updated as of January 2026 7

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**C.** **Securities Covered by the Code** 

For purposes of the Code and our reporting requirements, the term "covered security" will include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any stock or corporate bond;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ETFs comprised of less than 25 covered securities as defined by the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Depositary Receipts (e.g., ADRs, EDRs and GDRs);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• municipal, Government Sponsored Entities (GSE) and agency bonds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• investment in equity or commodity derivative instruments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• commodity futures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• options or warrants to purchase or sell securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• limited partnerships meeting the SEC's definition of a "security" (including limited liability
and other companies that are treated as partnerships for U.S. federal income tax purposes);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• UITs, foreign (offshore) mutual funds, and closed-end investment
companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• shares of open-end mutual funds, UCITS funds, and CITS that <u>are</u> advised or sub-advised by Acadian<sup>2</sup>; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• private investment funds (including Acadian managed commingled funds), hedge funds, and investment clubs.

Additional types of securities may be added at the discretion of the Compliance Team as new types of securities are offered and traded in the market and/or Acadian's business changes.

However, the following are excluded:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• direct obligations of the U.S. government;

&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;• shares issued by money market funds (domiciled inside or outside the United States); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• shares of open-end mutual funds that are not advised or sub-advised by Acadian;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• shares of ETFs that are comprised of 25 or more covered securities as defined by the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 529 plans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Options or warrants to purchase or sell securities on exempted securities (ex. options on ETFs with more than 25
underlying holdings).

Cryptocurrencies:

Initial coin offerings ("ICOs") **<u>are securities</u>** under current SEC rules. As such, you are required to seek pre-approval for investments in ICOs, report the accounts you open to hold ICOs, and report transactions in ICOs (e.g. same as if you were buying an equity IPO). ICOs are subject to the 60-day hold requirements. Bitcoin ETFs would be subject to the same requirements.

Bitcoin, bitcoin cash and bitcoin futures **<u>are NOT securities</u>** under current SEC regulations and therefore "trading" in such cryptocurrencies are not reportable under the Code at this time.

<sup>2</sup> A transaction in fund advised or sub-advised by Acadian is subject to pre-clearance requirements unless the transaction is occurring in Acadian's 401K or deferred compensation plans. However, all holdings in such funds, including those owned in your 401K and deferred compensation accounts, must be reported on your year-end holdings report.

Updated as of January 2026 8

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**D.** **Blackout Periods and Restrictions.** 

Access Persons will be permitted to trade subject to the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) **No personal trades will be permitted in any individual security on the same day that Acadian trades that security or a similar line of the same security on behalf of any client.** 

For purposes of clarity, this applies to any individual stock, bond, ETF comprised of less than 25 covered securities as defined by the Code, Depositary Receipt, and to any individual security underlying any Depositary Receipt or a different class of the security (option as an example) being traded. For example, the purchase of an ADR would not be permitted if we were trading in the underlying security and vice versa.

Acadian's Compliance Team may allow exceptions to this "blackout" policy on a case-by-case basis when the abusive practices that the policy is designed to prevent, such as front running, conflicts of interest, or client detriment, are not present <u>and</u> the equity of the situation supports an exemption.

In addition, should preclearance be denied on three (3) consecutive trading days, the Compliance Team, upon request, will consider an exemption to Code restrictions if we deem, in our discretion, that our clients will not be harmed if such transaction is permitted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) **Short-Term Trading Restriction.** 

Access Persons are reminded that they are specifically prohibited from engaging in any form of market timing or short-term trading in funds advised or sub-advised by Acadian or in any other covered security.

For any transaction requiring preclearance, Acadian has adopted a sixty (60) day hold requirement in an effort to avoid conflicts of interests and to ensure that the interests of our clients are placed first. This requirement is at the individual brokerage account level. This requirement is intended to deter front running, market manipulation and the potential misuse of Acadian internal resources.

Acadian's Compliance Team may allow exceptions to this short-term trading restriction on a case-by-case basis when the abusive practices that the policy is designed to prevent, such as front running or conflicts of interest, are not present <u>and</u> the equity of the situation supports an exemption.

Unless an exception is granted by the Compliance Team, no Access Person may execute opposing trades (buy/sell, sell/buy) in a covered security within sixty (60) calendar days. Trades made in violation of this prohibition may be subject to being unwound or any profit realized may be subject to disgorgement to a charity or to a client if appropriate at the discretion of the Compliance Team.

An Access Person wishing to execute a short-term trade must request an exception when entering the pre-clearance request.

**E.** **Acadian Asset Management Inc. Stock** 

<u>For Clients:</u>

Acadian is restricted from purchasing or recommending the purchase or sale of **Acadian Asset Management Inc.** stock ("AAMI") on behalf of our clients.

Updated as of January 2026 9

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<u>For Access Persons:</u>

Acadian Access Persons, Supervised Persons, or their immediate family members or those subject to their financial support may invest in AAMI but with conditions. To reduce the risk that such investment might be found to have resulted from insider trading or another violation of securities laws, AAMI has established a policy setting forth when trading in AAMI is not permitted or appropriate.

**Mandatory Requirements/Prohibitions of AAMI's policy:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Prohibits trading in AAMI when in possession of material, nonpublic information ("MNPI").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Prohibits communicating MNPI to any third-party unless for legitimate purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Prohibits engaging in any transaction involving AAMI during a blackout period. Blackout periods will be
communicated to Acadian compliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Prohibits engaging in short sales of AAMI or trading in naked options.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Requires obtaining <u>pre-clearance from AAMI</u> prior to trading in any
AAMI security.

Please send your pre-clearance request to Acadian compliance and we will facilitate on your behalf with AAMI.

**F.** **Securities Transactions requiring Pre-clearance** 

With limited exceptions noted in section G below, discretionary transactions executed by an Access Person in the following covered securities must be "pre-cleared" with the Compliance Team in accordance with the procedures outlined herein prior to execution:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any stock or corporate bond;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ETFs comprised of less than 25 covered securities as defined in the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Depositary Receipts (e.g. ADRs, EDRs and GDRs);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• investment or single stock futures contracts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• options or warrants to purchase or sell a covered security as defined by the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• limited partnerships meeting the SEC's definition of a "security" (including limited liability
and other companies that are treated as partnerships for U.S. federal income tax purposes);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• UITs, foreign mutual funds, and closed-end investment companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• shares of open-end mutual funds, UCITS funds, <u>and</u> CITS that are
advised or sub-advised by Acadian (unless in the Acadian 401K or deferred compensation plan),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• private investment funds (including Acadian managed commingled funds), hedge funds, and investment clubs.

Additional types of securities may be added to the pre-clearance requirements at the discretion of the Compliance Team as new types of securities are offered and traded in the market and/or Acadian's business changes.

**Initial Public Offerings** Acadian as a firm typically does not participate in initial public offerings (IPO). Access Persons must pre-clear for their personal accounts purchases of any securities in an IPO. Such pre-clearance is <u>required</u> even if the purchase is made on behalf of the Access Person by a broker or investment adviser without the Access Person's influence or control in a fully discretionary managed account. Before granting such approval, Acadian will evaluate such investment to determine that the investment creates no material conflict between the Access Person and Acadian. Acadian may consider approving the transaction if it can determine that:

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(i) the investment opportunity did not result from Acadian directing brokerage business to the underwriter of the issuer of the security, (ii) the Access Person is not misappropriating an opportunity that should have been offered to Acadian eligible clients, (iii) investment decisions for Acadian clients will not be unduly influenced by the Access Person's participation in the IPO, and (iv) all investment decisions will be made solely on the best interests of clients. Acadian will maintain a written record of any decision, and the reasons supporting the decision, to approve the personal acquisition of an IPO for at least five years after the end of the fiscal year in which the approval was granted.

**Third-Party Limited or Private Offerings** In addition to pre-clearing private placements offered by Acadian, Access Persons must pre-clear for their personal accounts purchases or sales of any securities in third-party limited or private offerings. Before granting such approval, Acadian will evaluate such investment to determine that the investment creates no material conflict between the Access Person and Acadian. Acadian may consider approving the transaction if it can determine that: (i) the investment opportunity did not result from Acadian directing brokerage business to the underwriter of the issuer of the security, (ii) the Access Person is not misappropriating an opportunity that should have been offered to Acadian eligible clients, (iii) investment decisions for Acadian clients will not be unduly influenced by the Access Person's investment, and (iv) all investment decisions will be based solely on the best interests of clients. Access Persons are permitted to invest in private offerings offered and/or managed by Acadian provided they meet the investment qualifications of the particular investment. Acadian will maintain a record of any decision, and the reasons supporting the decision to approve the personal acquisition of a private placement for at least five years after the end of the fiscal year in which the approval was granted.

**G.**  **<u>Exceptions specific to certain account and transaction types</u>:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.  **<u>Other than transactions in Initial Public Offerings or Third-Party Limited or Private Offerings as described above</u>,** transactions occurring within investment accounts in which the Access Person had no direct or indirect influence or control over the transactions do not require pre-clearance, are not
subject to blackout or holding period restrictions, and do not require reporting on holding reports provided the following conditions are met:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The account is disclosed to a compliance officer before trading commences and the compliance officer is provided
with necessary documentation to confirm that the Access Person will not have direct or indirect influence over transactions in the account; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Access Person and/or the investment manager for the account provides written confirmation periodically at the
request of a compliance officer that the Access Person did not have any direct or indirect influence on any of the transactions executed in the account.

Examples of such accounts include accounts where the Access Person has granted to a broker, dealer, trust officer or other third-party non-Access Person full discretion to execute transactions on behalf of the Access Person without consultation or Access Person input or direction (an example would be Managed Accounts and the party directing the transaction has utilized such discretion).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Transactions occurring within a reported investment account that are part of an automatic dividend reinvestment
plan, or a pre-established dollar cost averaging type contribution plan do not require pre-clearance, are not subject to blackout or holding period restrictions, and do
not require reporting on holding reports.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The following transactions in covered securities within a reported investment account are exempt from the
Code's pre-clearance, blackout and short-term trading requirements but must be disclosed on year-end holding reports:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. purchases or sales that are involuntary on the part of the Access Person

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. purchases or sales within Acadian's 401k or deferred compensation plans

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. purchases or sales effected upon the exercise of rights issued by an issuer pro rata to all holders of a class
of our securities, to the extent such rights were acquired from such issuer, and sales of such rights so acquired

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. purchases or sales of equity or commodity derivative instruments or futures or options on them

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. purchases or sales of municipal, Government Sponsored Entities (GSE) and agency bond

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. purchases or sales of commodity futures or commodity future ETFs or options on them

**Part 3. Standards of Business Conduct** 

The Code sets forth standards of business conduct that we require of our Access Persons. Access Persons should maintain the highest ethical standards in carrying out Acadian's business activities. Acadian's reputation is one of our most important assets. Maintaining the trust and confidence of clients is a vital responsibility. This section sets forth Acadian's business conduct standards.

**A.** **Compliance with Laws and Regulations** 

Each Access Person must comply with all laws and regulations applicable to our business, including all securities laws, and all firm policies and procedures including, but not limited to, those found in this Code of Ethics, the Compliance Manual, the IT Security Policy, and the Employee Handbook. Access Persons are not permitted to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. engage in any act, practice, or course of conduct that operates or would operate as a fraud, deceit, or
manipulative practice upon any person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. make false or misleading statements, spread rumors, or fail to disclose material facts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. engage in any manipulative practice with respect to securities, including price or market manipulation; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. utilize or transmit to others "inside" information as more fully described herein.

**B. Conflicts of Interest** 

As a fiduciary, Acadian has an affirmative duty of care, loyalty, honesty, and good faith to act in the best interests of our clients. Compliance with this duty can be achieved by trying to avoid conflicts of interest, including those between personal and Acadian related activities, and by

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fully disclosing all material facts concerning any conflict that does arise with respect to any client. Client specific conflicts are reviewed and addressed directly with the individual client. We conduct an ongoing review for actual and potential conflicts that may be systemic to Acadian and our processes. We disclose these conflicts as part of our Compliance Manual, which is typically updated annually, as well as in Form ADV, Part 2A, which is updated and delivered annually to each client. Examples of certain conflicts related to the Code include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Conflicts among Client Interests.** Conflicts of interest may arise where Acadian or our Access Persons
have reason to favor the interests of one client over another client (e.g., larger accounts over smaller accounts, accounts compensated by performance fees over accounts not so compensated, accounts in which Access Persons have made material
personal investments, or accounts of close friends or relatives of Access Persons, etc.). Access Persons are prohibited from engaging in inappropriate favoritism of one client over another client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Competing with Client Trades.** As referenced in the section on Personal Transactions, an Access Person
are generally prohibited from engaging in any securities transactions on the day Acadian trades in the security on behalf of a client and any other transaction that would result in a material negative impact to a client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Disclosure of Personal Interest**. Access Persons are prohibited from recommending, implementing, or
considering any securities transaction for a client without having first disclosed to the Compliance Team any material beneficial ownership, business or personal relationship, Board membership, or other material interest in the issuer. A member of
the Compliance Team will analyze the conflict and determine the appropriate course of action including potential recusal of the Access Person from the decision of the placement of the security at issue on a no-buy list.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Referrals/Brokerage.** Access Persons are required to act in the best interests of our clients regarding
execution and other costs paid by clients for brokerage services. As part of this principle, Access Persons will strictly adhere to Acadian's policies and procedures regarding brokerage allocation, best execution, soft dollars, and other
related policies. Access Persons should refrain from undertaking personal investment transactions with the same individual employee at a broker-dealer firm with whom Acadian conducts business for our clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Vendors and Suppliers.** Each Access Person is required to disclose any personal investments or other
interests in vendors or suppliers with respect to which that person negotiates or makes decisions on behalf of Acadian. Access Persons with such interests are prohibited from negotiating or making decisions regarding Acadian's business with
those companies.

**C.** **Market Manipulation** 

Access Persons are prohibited from making any statements or taking any action intended to manipulate the price of a security or the market for a security. Manipulative conduct includes the creation or spreading of false rumors or other information intended to influence the price of a security. Access Persons are advised to ensure any statement that they may make in a public forum is true, accurate, and not misleading. This includes any statements that you may make independent of your employment with Acadian or beyond your authority as an Access Person, including via any personal blogs, websites, or chat rooms.

Acadian only permits employees to use Acadian approved electronic communication systems to send and receive external correspondence related to your role at Acadian. This includes, but it not limited to, sales and investment related correspondence. Acadian employees shall have no expectation of privacy in the content or attachments of any electronic communication sent or received through any approved electronic communication systems including, but not limited to, the Acadian email system, Bloomberg Email and Instant Messaging systems, Teams, and for those who have been pre-approved by the Compliance team, LinkedIn.

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The use of personal address email, text, instant messaging other than Bloomberg, or the use of personal social media sites such as Facebook, Twitter, WhatsApp, and LinkedIn to conduct Acadian related business or to solicit prospects or clients is prohibited unless preapproved in writing by a compliance officer. Unless you have worked with the Compliance Team to record keep your LinkedIn pages, you may not reshare Acadian content. You may not write commentary on Acadian unless it is pre-approved by a compliance officer.

**D.** **Insider Trading and Regulation FD** 

As a general rule, it is against the law to buy or sell any securities while in possession of material, non-public information relevant to that security (sometimes called "inside information"), or to communicate such information to others who trade on the basis of such information (commonly known as "tipping"). Information is "material" as to a security if a reasonable investor would consider the information significant in deciding whether to buy, hold or sell the security, i.e., any information that might affect the price of the security. Material information can be positive or negative and can relate to virtually any aspect of the Company's business.

Access Persons are prohibited from trading, either personally or on behalf of others, while in possession of material non-public information and from communicating material non-public information to others in violation of the law. This specifically includes personally trading or informing others of the securities held in a client portfolio or transactions contemplated on behalf of any client.

**Insider Trading - Material Non-Public Information.**

The term "material non-public information" relates not only to issuers but may also include Acadian's AUM, internal information, securities recommendations and client securities holdings and transactions. Information is "material" when there is a substantial likelihood that a reasonable investor would consider it important in making his or her investment decisions. Generally, this is information the disclosure of which will have a substantial effect on the price of a company's securities. Examples of events or developments that should be presumed to be "material" with respect to Acadian's activities that should not be discussed outside Acadian and should only be discussed internally with those with a need to know include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• knowledge of a trend in revenues, earnings, or assets under management not yet fully disclosed to the public;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• acquisition, material loss, or regulatory action;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• material change in the number of clients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• significant legal exposure due to actual, pending or threatened litigation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a purchase or sale of substantial assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in senior management or other major personnel changes; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in our auditors or a notification from its auditors that we may no longer rely on the auditor's
audit report.

These examples are illustrative only; many other types of information may be considered "material," depending on the circumstances. The materiality of particular information is subject to reassessment on a regular basis. Information is "non-public" as to a security until it has been effectively communicated to the marketplace through a press release or other appropriate news media and enough time has elapsed to permit the investment market to absorb and evaluate the information. In many cases, this process may require the passage of several trading days after any initial disclosure. If there can be any doubt whatsoever as to whether information has been effectively communicated to the marketplace, such information should be considered non-public until such time as there is no doubt. You should direct any questions about whether information is material to the Compliance Team.

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**<u>AAMI and Nonpublic Acadian Information</u>** 

As the sole remaining affiliate of AAMI, certain information specific to Acadian's business activities could be deemed by investors to be material nonpublic information ("MNPI") of AAMI.

Information is "material" if there is a substantial likelihood that a reasonable investor would consider it important in making an investment decision or it could reasonably be expected to have a substantial effect on the price of AAMI's securities.

"Nonpublic" information is information that has not been previously disclosed to the general public by means of a press release, SEC filing or other media for broad public access. Disclosure to even a large group of analysts or stockholders does not constitute disclosure to the public.

Of specific potential concern to AAMI is the public release (both in writing or verbally) of Acadian's firm wide AUM and firm wide cash flows prior to their public release by AAMI. As a result, the following policies and procedures have been implemented:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Acadian's firm wide AUM will only be made available for external dissemination following its release as
part of AAMI's quarterly public filings. The most recent publicly available AUM will be used in all external materials and staled until AAMI publicly releases the following quarterly AUM information. That new number will then be staled
thereafter until the next AAMI public filing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Firm wide cash flows will also be staled as of the most recent public filing and remain staled at that date in
all external materials until the AAMI publicly releases the next quarter end cash flow numbers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• AUM and cash flow information for specific individual strategies will not be publicly released in any manner that
in the aggregate would result in the release of more than 50% of firm wide AUM and cash flow amounts. Any AUM and cash flow numbers that can be aggregated to the firm wide AUM and cash flows must be staled to reflect the most recent publicly
available information.

Please note, we are still able to provide more current month end AUM and cash flow information for individual strategies as long as what is provided cannot be aggregated to the firm wide level.

The above applies to both written and verbal communication. Any information that cannot be provided in external written content also cannot be shared verbally with any external party until the public filing has been made.

AAMI has agreed that an exception can be made to the above policy changes for clients, prospects, and consultants that execute with Acadian an MNPI acknowledgement. The content of this MNPI acknowledgment is non-negotiable. Once executed by an authorized representative of the entity wishing to receive the more current information, we will be able to provide that entity, going forward, with month end information, with a 7-business day lag. This MNPI acknowledgement will be tracked in Conga and owned by the Compliance team.

While it is not practical to compile an exhaustive list, other information concerning any of the following items specific to Acadian or AAMI should be reviewed carefully to determine whether such information is, or is not, also MNPI:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Earnings, including whether AAMI will or will not meet expectations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Material changes in Acadian assets under management;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Material changes in the number of clients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Mergers, acquisitions, tender offers, joint ventures, or changes in assets under management;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Acquisition or loss of an important client or contract;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Changes in senior management;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Changes in compensation policy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A change in auditors or auditor notification that Acadian or AAMI may no longer rely on an audit report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A change in an auditor's opinion with respect to Acadian's or AAMI's financial statements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The issuance by the auditors of a going concern qualification;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Financings and other events regarding AAMI's securities (e.g., defaults on debt securities, calls of
securities for redemption, repurchase plans, stock splits, public or private sales of additional securities);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Transactions with directors, officers or principal security holders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Regulatory approvals or changes in regulations and any analysis of how they affect AAMI; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Significant litigation.

**Insider Trading - Penalties** 

Both the Securities and Exchange Commission (the "SEC") and the New York Stock Exchange ("NYSE") are very effective at detecting and pursuing insider trading cases and they have aggressively prosecuted insider traders and tippers. Any person who engages in insider trading or tipping can face a substantial jail term (up to 20 years), civil penalties of up to three times the profit gained (or loss avoided) by that person and/or his or her "tippee," and criminal fines of up to $5,000,000. In addition, if it is found that the Company failed to take appropriate steps to prevent insider trading, the Company may be subject to significant criminal fines and civil penalties of up to $1,000,000 or, if greater, three times the profit gained (or loss avoided) as a result of the insider trading.

You may also be sued by those seeking to recover damages for insider trading violations. Regardless of whether a government inquiry occurs, Acadian views seriously any violation of our insider trading policies, and such violations constitute grounds for disciplinary sanctions, including immediate dismissal and reporting to legal and regulatory authorities.

**Before executing any trade for yourself or others, including clients, an Access Person must determine whether he or she has access to material non-public information.** 

If you think that you might have access to material non-public information, you should take the following steps:

1. report the information and proposed trade immediately to the Chief Compliance Officer.

2. do not purchase or sell the securities on behalf of yourself or others, including clients.

3. do not communicate the information inside or outside Acadian, other than to the Chief

Compliance Officer or his designee.

**<u>Regulation FD</u>** 

As an affiliate of Acadian Asset Management Inc. ("AAMI"), a publicly traded company, Acadian is committed to fair disclosure of information related to Acadian or AAMI that could influence the value of AAMI's securities and will not act to advantage any particular analyst or investor, consistent with the United States Securities and Exchange Commission's (the "SEC's") Fair Disclosure Regulation ("Regulation FD").

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AAMI will continue to provide current and potential investors with information reasonably required to make an informed decision on whether to invest in AAMI's securities, as required by law or as determined appropriate by AAMI management.

Acadian prohibits Access Persons from making any disclosure of material nonpublic information about Acadian or AAMI to anyone outside Acadian (other than for business purposes to persons who first are obliged to maintain confidentiality with respect to such information) unless AAMI discloses it to the public at the same time in a manner consistent with Regulation FD. Examples of activities subject to this policy include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Quarterly earnings releases and related conference calls;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Providing guidance as to AAMI's financial performance or results;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Contact with financial analysts covering AAMI;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reviewing analyst reports and similar materials;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Referring to or distributing analyst reports regarding AAMI;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Analyst and investor visits;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Speeches, interviews, seminars and conferences;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Responding to market rumors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Responding to media inquiries regarding financial or other material events; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Postings on Acadian's or AAMI's website.

**E.** **Gifts and Entertainment** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **General Statement** 

A conflict of interest occurs when the personal interests of Access Persons interfere or could potentially interfere with their responsibilities to Acadian and our clients. Access Persons may not accept inappropriate gifts, favors, entertainment, special accommodations or other things of material value that could influence their decision-making or make them feel beholden to a person or firm. Access Persons are expressly prohibited from letting gifts, gratuities or entertainment influence their selection of any broker, dealer or vendor for Acadian business. Similarly, Access Persons may not offer gifts, favors, entertainment or other things of value that could be viewed as overly generous or aimed at influencing decision-making or making a client feel beholden to Acadian or the Access Person.

Supervisors of specific business units have the discretion to set more restrictive entertainment and gift policies than those in this Code that individuals subject to their supervision must comply with.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Gifts** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a.** **Receipt** - No Access Person may receive gifts totaling more than de minimis value ($100 per calendar
year) from any <u>person</u> <u>or</u> <u>entity</u> that does investment related business with or on behalf of Acadian. For example, regardless of the number of employees at XYZ broker who provide a gift, the aggregate value of the gifts that can
be accepted by an Access Person from all individuals associated with XYZ broker is $100. Promotional items containing the name and/or logo of the provider shall not be considered a gift provided its estimated value is under $100.

Access Persons are expressly prohibited from soliciting any gift related to our investment activities.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b.** **Offer** - No Access Person may give or offer any gift of more than de minimis value ($100 per year) to
existing clients or prospective clients. Access Persons may not give gifts if the intent is to retain or gain investment related business. In certain countries in which we may conduct business, the offer of a gift may be a cultural norm. In such
cases, it may be permissible to exceed the de minimis value provided the gift is reasonable in value and has been approved by a Senior Manager.

<u>Gifts</u> <u>to ERISA, Taft-Hartley, and Public Plan Clients and Prospects</u>

Regulations relating to the investment management of ERISA, state or municipal pension funds, and Taft-Hartley clients often severely restrict or prohibit the offer of gifts of any value to their representatives. The Compliance Team should be consulted prior to providing any type of gift of any value to such clients or prospects as restrictions vary and many require detailed reporting be provided of such activity both by Acadian as provider and by the recipient. It is also advisable as a best practice to consult with the intended recipient before making such an offer as the offer of a gift alone, without actually providing the gift, could be a violation.

<u>40 Act Mutual Fund clients</u>

Pursuant to Section 17(e)(1) of the Investment Company Act of 1940, no employee may accept from any source any compensation (including any gifts or entertainment in any amount) for the purchase or sale of any property to or for the mutual fund clients sub-advised by Acadian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Cash** - No Access Person may give or accept cash gifts or cash equivalents to or from a client or
prospective client or any other entity that conducts investment related business with or on behalf of Acadian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Entertainment** 

<u>Providing Entertainment</u>: No Access Person may provide extravagant or excessive entertainment to a client, prospective client, or any person or entity that does or seeks to do investment related business with or on behalf of Acadian. Access Persons may occasionally provide business entertainment events, at a venue where business is typically discussed, such as dinner or a sporting event, of reasonable value, provided that the Access Person is present.

<u>Accepting Entertainment</u>: The firm recognizes that Access Person participation in entertainment provided by those with whom we conduct investment related business may be beneficial and further legitimate business interests. However, the acceptance of extravagant or excessive entertainment (face value >$1,000) from a client, prospective client, or any person or entity that does or seeks to do investment related business with Acadian is not permitted.

Access Persons are permitted to attend occasional business meals, at a venue where business is typically discussed, of reasonable value, provided that the person or a representative of the organization providing the meal is present.

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Access Persons are also permitted to attend other entertainment events, such as sporting events, subject to the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. A representative of the hosting organization must be present;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The primary purpose of the invitation must be to discuss business or to build a business relationship; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. You must receive prior written approval from your supervisor regardless of the value of the entertainment being
provided.

Access Persons are expressly prohibited from soliciting any entertainment related to our investment activities.

<u>Entertainment to ERISA, Taft-Hartley and Public Plan Clients and Prospects</u>

Regulations relating to the investment management of ERISA, state or municipal pension funds, and Taft-Hartley clients often severely restrict or prohibit the offer of entertainment of any value (Including coffee, meals, drinks etc.) to their representatives. The Compliance Team should be consulted prior to providing any type of entertainment of any value to such clients or prospects as restrictions vary and many require detailed reporting be provided of such activity both by Acadian as provider and by the recipient. It is also advisable as a best practice to consult with the intended recipient before making such an offer as the offer of entertainment alone, without actually providing the entertainment, could be a violation.

<u>40 Act Mutual Fund clients</u>

Pursuant to Section 17(e)(1) of the Investment Company Act of 1940, no employee may accept from any source any compensation (including any gifts or entertainment in any amount) for the purchase or sale of any property to or for the mutual fund clients sub-advised by Acadian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Detailed Expense Reports Required for Gifts and Entertainment** 

For all gifts and entertainment purchased for or provided to a client or prospect, make certain that the expense report submitted for reimbursement clearly discloses what was provided, the names of each individual recipient, and the organization that each recipient represented. Appropriate supporting receipts must be provided. Certain ERISA, public plan clients, and Taft-Hartley plan clients may require that we provide detailed gift and entertainment reports related to their representatives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.** **Conferences** - Access Person attendance at all third-party sponsored industry conferences is subject to
supervisor approval. If the conference involves potential clients, prospects, or consultants, and Acadian's attendance at the conference will be paid for by the host or a third party (including conference fee, travel, and lodging as examples),
this should be disclosed prior to attendance to the Compliance Team. The Compliance Team will review, among other factors, the purpose of the conference, the conference agenda, and the proposed costs that will be paid or reimbursed by the third
party.

It is against Acadian policy to sponsor or pay to attend any conference where our payment is a primary consideration of whether we will be awarded business from any client or prospective client who may be in attendance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.** **Quarterly Reporting** - Acadian will require all Access Persons to report any gifts or entertainment
received on a quarterly basis. Gifts and entertainment provided will be monitored through the periodic review of expense reports.

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**F.** **Political Contributions and Compliance with the Pay-to-Play Rule Requirements** 

Acadian as a firm is prohibited from making political contributions. Political contributions requested by a client or prospect will be prohibited as these may be deemed as an attempt to retain or win business. Employees, contractors, or consultants of Acadian's non-U.S. affiliated offices are prohibited from donating to any candidate in a U.S. election. As such, the requirements in this section are not applicable to these individuals.

Rule 206(4)-5 (the "Rule") under the Advisers Act seeks to curtail "pay to play" practices by investment advisers that provide advisory services to a state or local government entity or to an investment pool in which a state or local governmental entity invests.

There are three key elements of the Rule:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a two-year "time-out" from receiving compensation for providing advisory services to certain government entities after certain political contributions are made,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a prohibition on soliciting contributions and payments, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a prohibition from paying third parties for soliciting government clients.

For purposes of the Code and the Rule, an "<u>official</u>" is any person (including any election committee for the person) who was, at the time of the contribution, an incumbent, candidate or successful candidate for elective office of a government entity, if the office: (i) is directly or indirectly responsible for, or can influence the outcome of, the hiring of an investment adviser by a government entity, or (ii) has authority to appoint any person who is directly or indirectly responsible for, or can influence the outcome of, the hiring of an investment adviser by a government entity.

A "<u>government entity</u>" includes all state and local governments, their agents, and instrumentalities, as well as all public pension plans and other collective government funds, including participant-directed plans such as 403(b), 457, and 529 plans. These entities are typically pension plans that are separate legal entities from state and local governments, but have elected officials as board members.

To ensure Acadian complies with the Rule, all Acadian Access Persons will be required to adhere to the following procedures:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Submit a written pre-approval form to the Compliance Team and receive
compliance approval prior to making any political contribution to an "official" (includes incumbents, candidates, and committees as defined above) of a "government entity", regardless of contribution amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Submit quarter - end and year-end reports of all political
contributions made to any official of a government entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. A prohibition from directly or indirectly soliciting political contributions on behalf of any official of a
government entity if such individual can directly or indirectly influence the investment advisory business or from soliciting payments to a political party of a state or locality where the investment adviser is providing or seeking to provide
investment advisory services to a government entity. Pursuant to this provision, Access Persons are prohibited from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• indirectly making political contributions to politicians through, for example, spouses, lawyers or affiliated
companies;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "bundling" a large number of small contributions to influence an election in the state or locality
in which the Investment Adviser is seeking business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• soliciting contributions from professional service providers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• consenting to the use of Acadian's name on fundraising literature for a candidate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• sponsoring a meeting or conference which features an official as an attendee or guest speaker and which
involves fundraising for the official (and, in this case, expenses incurred by the Access Person for hosting the event (such as the cost of the facility or refreshments, or reimbursement of any of the official's expenses for the event) would
be a contribution by the Investment Adviser, thereby triggering the two-year "time-out" provisions of the Rule).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. A prohibition on paying any non-regulated third party for soliciting
advisory business from U.S. based government clients on our behalf.

Failure of each Access Person to adhere to the requirements of the Rule could result in Acadian being prohibited from receiving compensation from a government entity for a period of two-years from the date of the contribution.

**G.** **Anti-Bribery and Corruption Policy and risks related to employee acts including political contributions and gifts/entertainment** 

The U.S. Foreign Corrupt Practices Act (the "FCPA") prohibits corrupt payments to foreign officials for the purpose of obtaining or keeping business. The person making or authorizing the payment must have a corrupt intent, and the payment must be intended to induce the recipient to misuse his official position to direct business wrongfully to the payer or to any other person. You should note that the FCPA does not require that a corrupt act succeed in its purpose. The offer or promise of a corrupt payment can constitute a violation of the statute. The FCPA prohibits any corrupt payment intended to influence any act or decision of a foreign official in his or her official capacity, to induce the official to do or omit to do any act in violation of his or her lawful duty, to obtain any improper advantage, or to induce a foreign official to use his or her influence improperly to affect or influence any act or decision. The FCPA prohibits paying, offering, promising to pay (or authorizing to pay or offer) money or anything of value. The prohibition extends only to corrupt payments to a foreign official, a foreign political party or party official, or any candidate for foreign political office. A "foreign official" means any officer or employee of a foreign government, a public international organization, or any department or agency thereof, or any person acting in an official capacity.

Obligations imposed on Access Persons go further than compliance with the FCPA. Bribery and corrupt business practices create unfair markets, erode public trust and stifle long-term economic development and are contrary to Acadian's values. Bribery or corruption in any manner or for any purpose or benefit will not be tolerated and any such action by an Access Person or the firm is strictly prohibited. Access Persons must be committed to ethical and legal business conduct and must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Act legally and with integrity at all times to safeguard its staff members, resources, tangible and intangible
assets, and our reputation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Create and maintain a trust-based and inclusive internal culture in which bribery and corruption are not
tolerated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Conduct all business relationships in an ethical and lawful manner; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cooperate fully with law enforcement and regulators locally within the bounds of local legislation.

Access Persons who deliberately breach the policy will be subject to disciplinary action, potentially leading to dismissal.

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Access Persons are expected to act legally, ethically, and with integrity at all times to safeguard our employees, resources, assets and reputation. Access Persons must closely adhere to the gift and entertainment and the political contributions policies and procedures described herein. Any suspicions of bribery or corruption should be reported in accordance with the Whistleblowing policy set out in this Code. Acadian and all Access Persons are expected to cooperate fully with any law enforcement or regulatory inquiry into any bribery or corruption allegation.

**H.** **Charitable Contributions** 

Although Acadian encourages our Access Persons to be charitable, no donations should be made or should appear to have been made for the purpose of obtaining or retaining client business. No donations should be made in the name of any client if such a donation would result in a violation of the client's ethical requirements. This is typically the case with state and municipal clients.

Any request from a client or prospect for a charitable donation should be brought to the attention of a Compliance Officer. Any charitable donation made in response to a client or prospect request should be nominal as not to appear to have been made to obtain or retain the business and should be done in accordance with Acadian's charitable giving policies.

**I.** **Confidentiality** 

Access Persons have the highest fiduciary obligation to protect and keep confidential at all times sensitive non-public information related to our clients, prospects, Access Persons, and the firm. Please also refer to your obligations to protect information from disclosure under Insider Trading and Regulation FD sections of this Code. This information may include, but is not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. any prospect or client's identity (unless the client consents), any information regarding a
client's financial circumstances, business practices, or advice furnished to a client by Acadian;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. information on specific client accounts, including recent or impending securities transactions by clients and
activities of the portfolio managers for client accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. specific information on Acadian's investments for clients (including former clients) and prospective
clients and account transactions and holdings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. information on other Access Persons, including their social security numbers, financial account information and
account numbers, compensation, benefits, position level and performance rating; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. information on Acadian's firm wide assets under management and cash flows, business activities, including
new services, products, research, technologies, investment process, and business initiatives, unless disclosure has been authorized by Acadian.

Access Persons should not access information on any client, prospect, consultant, or employee that is not required to perform their specific job functions. Access Persons should not discuss or release any non-public information that they may be authorized to access and view to any internal party or external party unless that party has a compelling business need to receive the information.

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Access Persons should be sensitive to the problem of inadvertent or accidental disclosure, through careless conversation in a public place or the failure to safeguard papers and documents. Documents and papers should be kept in appropriately marked file folders and locked in file cabinets when appropriate. Any confidential information that must be transmitted over email or via the internet should also be protected in accordance with Acadian's IT Security Policy.

**J.** **Service on a Board of Directors** 

Prior to accepting a position as an officer, director, trustee, partner, or Controlling person in any other company or business venture not related to Acadian, or as a member of an investment organization (e.g., an investment club), Access Persons must disclose the position to the Compliance Team.

While the prior disclosure of Board membership or service on a charitable/non-profit organization is generally not required, disclosure and pre-approval would be required if your service involved participation on the finance, treasury, or investment committees or their functional roles or equivalents. Acadian may place specific restrictions on such service.

Each Board position should also be disclosed to the Compliance Team at least annually. Notice of such positions may be given to a compliance officer of any Fund advised or sub-advised by the Company.

As a firm policy, Acadian will restrict from our potential investment universe, and will not invest in or recommend client investment in, any publicly traded company for which an Access Person serves as a Board member.

**K*.*** **Partnerships** 

Any non-Acadian related non-investment partnership or similar arrangement, either participated in or formulated by an Access Person, should be disclosed to the Compliance Team prior to formation, or if already in existence at the time of employment, as part of New Hire reporting. Any such partnership interest should also be disclosed to the Compliance Team at least annually. Investment partnerships such as participating as a passive "partner" in a hedge fund would require pre-clearance and reporting on holdings reports.

**L.** **Other Outside Activities** 

Access Persons may not engage in outside business interests or employment that could in any way materially conflict with the proper performance of their duties to or for Acadian. All Access Persons should inform their supervisor and Human Resources prior to accepting any employment outside of Acadian if it has the potential of impacting or conflicting with their responsibilities to Acadian. Supervisors will involve the Compliance Team as needed.

**M.** **Marketing and Promotional Activities** 

Acadian has instituted policies and procedures relating to our creation and distribution of marketing, performance, advertising, and promotional materials to ensure compliance with relevant securities and commodities laws and GIPs. All oral and written statements made by Access Persons to the public, regardless of format or audience, must be professional, accurate, balanced and not misleading in any way.

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**N.** **Affiliated Broker-Dealers** 

Certain employees of Acadian are affiliated with a third-party limited-purpose broker-dealer related to the offer and sale of funds. Acadian will not utilize the services of this broker-dealer to trade for the accounts of any firm client. Acadian will also abide by any restrictions imposed by a client regarding the use of any specific broker-dealer including those that may be an affiliate of a client.

**Part 4. Compliance Procedures** 

Access Persons are expected to respond truthfully and accurately to all requests for information. With general exceptions as outlined below, any reports, statements or confirmations described herein, submitted through the StarCompliance system, or created under this Code will be treated as confidential to the extent possible.

Access Persons should be aware that copies of such reports, statements or confirmations, or summaries of each, may be provided to their supervisors, to senior management, to AAMI, to compliance personnel and the Board of Directors of any registered investment company client, to outside counsel, and/or to regulatory authorities upon appropriate request. To the extent possible, efforts will be made to preserve the confidentiality of any personal information contained on any such report prior to providing is to the requesting party.

**A.** **Reporting of Access Person Investment Accounts** 

All Access Persons are required to notify the Compliance Team in writing of any investment account in which he or she has direct or indirect beneficial interest in which a covered security can be purchased.

**B.** **Duplicate Statements** 

The Compliance Team, in its discretion, will determine if the receipt of duplicate investment account statements for any Access Person's investment account will further enhance its ability to oversee and enforce the Code. Such statements will typically not be required if the investment firm issuing such statements has an agreement in place with StarCompliance to directly feed employee transaction information into StarCompliance for our access.

If the Compliance Team determines a feed from StarCompliance is not available for a specific brokerage account, the employee will be responsible for providing duplicate copies of the statements to the Compliance Team. Statements not available to the Compliance Team by other means can be provided by uploading statements as part of the employee's quarterly disclosure reporting in StarCompliance.

The purpose of receiving "duplicates" is to independently confirm Code compliance, especially as it relates to compliance with pre-clearance of trades, the blackout period, and reporting. Duplicate investment account statements will typically be requested directly from the broker or adviser for any Access Person investment accounts where the Access Person exercises investment discretion over the account and has the ability to trade in covered securities including individual stocks, Acadian or affiliated managed funds, or other types of covered securities that may conflict with the type of investments Acadian makes for our clients.

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Duplicate investment account statements are typically not requested or received from the following types of accounts:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• accounts in which individual stocks, bonds, Depository Receipts, ETFs, and Acadian advised or sub-advised mutual funds cannot be purchased or sold;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• accounts where the Access Person has no direct or indirect influence or control over transactions in the account;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Acadian's 401k and deferred compensation plan accounts.

**C.** **Pre-clearance of Personal Securities Transactions** 

All Access Persons must strictly comply with Acadian's policies and procedures regarding personal securities transactions in covered securities including requesting pre-clearance before trading in a covered security.

**<u>Pre-clearance approval is typically only effective on the day granted</u>.** 

Pre-clearance requests, once granted, are only effective until the close of the market on which the "cleared" security trades. If the trade is not executed before market close on the day the pre-clearance was requested and granted, then the request would need to be re-submitted the following day. For example, pre-clearance requests granted on Monday in the U.S. for a security trading in the U.S. are effective until the close of U.S. markets that Monday.

One exception relates to the pre-clearance of a security trading on a foreign exchange. A request to trade a security trading on a foreign exchange made after close of the exchange but prior to the reopen of the exchange for the next trading day would be approved until the close of that foreign exchange on the next trading day.

No one, including the Chief Compliance Officer, is authorized to approve his or her own trades.

**D.** **Pre-Approval of Political Contributions** 

Access Persons must submit a pre-approval request to a member of the Compliance Team and receive compliance approval prior to making any political contribution to any "official" of a "government entity" regardless of contribution amount. Please refer to the Political Contributions section of the Code for the definition of official, government entity, and additional details.

**E.** **Quarterly Reporting through StarCompliance** 

**1.** **Transactions ** ** 

Within **<u>thirty (30)</u> <u>calendar days</u>** of each quarter end (i.e. end of April, July, October, and January) all Access Persons must submit a quarterly report to the Compliance Team to report either no reportable trading activity or all transactions involving covered securities in reportable accounts in which they have direct or indirect Beneficial Ownership and the account in which the security was purchased or sold as well as duplicate statements associated with the quarter if an StarCompliance feed is not available for employee brokerage accounts<sup>3</sup>. As noted above, statements for any brokerage accounts not on feeds need to be provided on a quarterly basis.

<sup>3</sup> Transactions in in covered securities in Acadian's 401K plan and deferred compensation plan do not require quarterly reporting. Year-end holdings in these accounts must be reported.

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**2.** **Gifts and Entertainment** 

Within **<u>thirty (30)</u> <u>calendar days</u>** of each quarter end (end of April, July, October, and January) all Access Persons must submit a quarterly report of any gifts or entertainment received from any person or organization doing or seeking to do investment related business with Acadian. A Supervisor approval is required when there is a reportable item. A report is required even if there is nothing to report but supervisor approval on such report is not required.

**3.** **Private Investments** 

Within **<u>thirty (30)</u> <u>calendar days</u>** of each quarter end (end of April, July, October, and January) all Access Persons must submit a report to certify that they either have no private investments to report or attest to all pre-existing private investments including any that were acquired within the previous quarter.

**4.** **Political Contributions** 

**<u>Within thirty (30)</u> <u>calendar days</u>** of each quarter end (end of April, July, October, and January) all Access Persons must submit a quarterly report of any political contributions made to any official of a government entity as defined in the Code. A signed report is required even if there is nothing to report. Access Persons located in Acadian's non-U.S. affiliated offices are prohibited from donating to any candidate in a U.S. election. As such, reporting requirements related to political contributions are not applicable to these individuals. Notwithstanding, each must comply with any reporting requirements that may be established specific to their office.

**5.** **Communication Acknowledgment** 

Within **<u>thirty (30)</u> <u>calendar days</u>** of each quarter end (end of April, July, October, and January) all Access Persons must submit a report to certify that they acknowledge and comply with firm policies related to approved methods of electronic communication.

**6.** **MNPI Acknowledgment** 

Within **<u>thirty (30)</u> <u>calendar days</u>** of each quarter end (end of April, July, October, and January) all Access Persons must submit a report to certify that they acknowledge and comply with firm policies and procedures related to material non-public information.

**F.** **Annual Reporting through StarCompliance** 

**<u>By January 30th</u>** of each year, each Access Person must complete and submit a listing as of December 31 of the prior year of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) each investment account in which they have a direct or indirect interest in which a security can be purchased
(a review of all accounts should be done at least annually and/or when accounts are opened/closed);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) their investment holdings in covered securities (including a separate report for "private
investments") including security name, share amount, price per share and principal amount  **<u>(market values should be updated as of 12/31)</u>** :

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) a listing of all non-Acadian and non-investment related directorships or partnerships in which they are involved;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) a list of all political contributions made including candidate name, elected office, amount, and date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Any other reports requested by the Compliance Team specific to the Access Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) Affirmation acknowledging receipt of and compliance with the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) Affirmation acknowledging receipt of and compliance with the Compliance Manual.

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Your year-end investment holdings report must contain <u>all</u> holdings in covered securities in <u>any</u> <u>covered accounts</u> including those positions held in Acadian's 401K plan, and deferred compensation plan. **<u>To be considered complete, these reports must contain the quantity and value of each reported holding as of December 31.</u>**

On an annual basis, each Access Person will also be required to provide certification of their receipt of the Code of Ethics and an acknowledgement of their obligation to comply with its requirements.

**G.** **New Hire Reporting through StarCompliance** 

New Access Persons are required to file the following attestations within **ten (10) business days** of their hire date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Initial Affirmation acknowledging receipt of and compliance with the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Initial Report of Reportable Investment Accounts along with a copy of the last issued holdings statement for
each account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Initial Report of Securities Holdings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Access Person Partnership Involvement Relationship Report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Access Person Report of Director/Relationship Involvement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Access Person Report of Political Contributions for prior two years from hire date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. Communication Acknowledgment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. MNPI Acknowledgment.

**H.** **Review and Enforcement of Personal Transaction Compliance and General Code Compliance** 

The Compliance Team will periodically review personal securities transactions reports and other reports submitted by Access Persons. The review may include, but not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. An assessment of whether the Access Person followed the Code and any required internal procedures, such as pre-clearance, including the comparison of "Pre-clearance" submissions to any account statements that may have been received from brokers, advisers or other
sources;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Comparison of personal trading to any blackout period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. An assessment of whether the Access Person and Acadian are trading in the same securities and, if so, whether
clients are receiving terms as favorable as the Access Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Periodically analyzing the Access Person's trading for patterns that may indicate potential compliance
issues including front running, excessive or short-term trading or market timing; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Any pattern of trading or activity raising the appearance that the Access Person may be taking advantage of
their position at Acadian.

Before any determination is made that a code violation has been committed by an Access Person, the Access Person will have the opportunity to supply additional explanatory material. If the Chief Compliance Officer initially determines that a material violation has occurred, he will prepare a written summary of the occurrence, together with all supporting information/documentation including any explanatory material provided by the Access Person, and present the situation to Access Person's manager, the Compliance and Risk Committee, and, if the Chief Compliance Officer and Committee deem it necessary, to the Acadian Executive Management Team and Executive Committee, or the Board of Managers. Depending on the incident, AAMI may become involved as well as outside counsel for evaluation and recommendation for resolution.

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Acadian's Chief Compliance Officer reports all Code violations and their resolution, regardless of materiality, to Acadian's Compliance and Risk Committee at least quarterly. Further, if the Chief Compliance Officer and the Committee deem it necessary, a Code violation may also be reported to the Acadian Executive Management Team and Executive Committee, the Board of Managers, and the Board of Directors of any U.S. registered investment company for which Acadian acts as adviser or sub-adviser.

**I.** **Certification of Compliance** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Initial Certification.** Compliance with the Code is a condition of hire and ongoing employment at
Acadian. Each Access Person is provided with a copy of the Code when hired and receives training on the Code from a Compliance Officer. Acadian requires all Access Persons to certify that they have: (a) received a copy of the Code;
(b) read and understand all provisions of the Code; and (c) agreed to comply with the terms of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Acknowledgement of Amendments.** Acadian will provide Access Persons with any material amendments to our
Code and Access Persons will submit an acknowledgement that they have received, read, and understood the amendments to the Code. Acadian and members of our compliance staff will make every attempt to bring important changes to the attention of
Access Persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Annual Certification.** All Access Persons and supervised persons are required annually to certify that
they have received, read, understood, and complied with the Code.

**Part 5. Access Person Disclosures and Reporting Obligations** 

Acadian has certain disclosure obligations to our clients and regulators. Each Access Person has an immediate and ongoing obligation to notify a Compliance Officer if any of the responses to the questions listed below are "yes" or become "yes" at any time.

(1) In the past ten years, have you:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) been convicted of or plead guilty to nolo contendere ("no contest") in a domestic, foreign, or
military court to any felony?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) been charged with any felony?

(2) In the past ten years, have you:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) been convicted of or plead guilty or nolo contendere ("no contest") in a domestic, foreign or
military court to a misdemeanor involving: investments or an investment related business, or any fraud, false statements, or omissions, wrongful taking of property, bribery, perjury, forgery, counterfeiting, extortion, or a conspiracy to commit any
of these offenses?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) been charged with a misdemeanor listed in 2(a)?

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3. Has the SEC or the Commodity Futures trading Association (CFTC) ever:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) found you to have made a false statement or omission?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) found you to have been involved in a violation of SEC or CFTC regulations or statutes?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) found you to have been a cause of an investment related business having its authorization to do business
denied, suspended, revoked, or restricted?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) entered an order against you in connection with investment related activity?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) imposed a civil money penalty on you or ordered you to cease and desist from any activity?

4. Has any other federal regulatory agency, any state regulatory agency, or any foreign financial regulatory authority:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) ever found you to have made a false statement or omission, or been dishonest, unfair, or unethical?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) ever found you to have been involved in a violation of investment related regulations or statutes?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) ever found you to have been a cause of an investment related business having its authorization to do business
denied, suspended, revoked, or restricted?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) in the past ten years, entered an order against you in connection with an investment related activity?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) ever denied, suspended, revoked, or otherwise prevented you from associating with an investment related
business?

5. Has any self-regulatory organization or commodities exchange ever:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) found you to have made a false statement or omission?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) found you to have been involved in a violation of its rules?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) found you to have been the cause of an investment related business having its authorization to do business
denied, suspended, revoked, or restricted?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) disciplined you by barring or suspending you from association with other advisers or otherwise restricting your
activities?

6. Has the authorization to act as an attorney, accountant, or federal contractor granted to you ever been revoked or suspended?

7. Are you the subject of any regulatory proceeding?

8. Has any domestic or foreign court:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in the past ten years, enjoined you in connection with any investment related activity?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) ever found that you were involved in a violation of investment related statutes or regulations?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) ever dismissed, pursuant to a settlement agreement, an investment related civil action brought against you by a
state or foreign financial regulatory authority?

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9. Are you now the subject of any civil proceeding that could result in a "yes" answer to item 8 above?

**Part 6. Record Keeping** 

Acadian will maintain the following records pertaining to the Code in a readily accessible place:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A copy of each Code that has been in effect at any time during the past five years;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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 acknowledgements of receipt of the Code and amendments for each person who is currently, or
within the past five years was, an Access Person (these records must be kept for five years after the individual ceases to be an Access Person of Acadian);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Holdings and transactions reports made pursuant to the Code for the prior five years;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A list of the names of persons who are currently, or within the past five years were, Access Persons;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A record of any decision and supporting reasons for approving the acquisition of covered securities by Access
Persons including IPOs and limited offerings for at least five years after the end of the fiscal year in which approval was granted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A record of persons responsible for reviewing Access Persons' reports currently or during the last five
years; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A copy of reports provided to the Board of Directors of any U.S. registered management investment company for
which Acadian acts as adviser or sub-adviser regarding the Code for the past five years.

**Part 7. Form ADV Disclosure** 

Acadian includes within our Form ADV, Part 2A a description of Acadian's Code and a description of conflicts identified with our investment process and operations. We will deliver a copy of Form ADV, Part 2A to each client annually and will provide a copy of our Code to any client or prospective client upon request.

Updated as of January 2026 30

------

**Part 8. Administration and Enforcement of the Code** 

**Responsibility to Know the Rules** 

Access Persons are responsible for their actions under the law and are therefore required to be sufficiently familiar with applicable federal and state securities laws and regulations to avoid violating them. Claimed ignorance of any rule or regulation or of any requirement under this Code or any other Acadian policy or procedure is not a defense for misconduct.

**A.** **Excessive or Inappropriate Trading** 

Acadian understands that it is appropriate for Access Persons to participate in the public securities markets as part of their overall personal investment programs. As in other areas, however, this should be done in a way that limits potential conflicts with the interests of any client account. Further, it is important to recognize that otherwise appropriate trading, if excessive (measured in terms of frequency, complexity of trading programs, numbers of trades, or other measures as deemed appropriate by the Compliance Team), may compromise the best interests of any client if such excessive trading is conducted during the workday or using Acadian resources. Accordingly, if personal trading rises to such dimension as to create an environment that is not consistent with the Code, such personal transactions may be brought to the attention of the Access Person's supervisor and may not be approved or may be limited by the Compliance Team.

**B.** **Training and Education** 

<u>New Hires</u>

Employment at Acadian is contingent upon compliance with the Code. Each new hire receives a copy of the Code and must complete an affirmation of receipt and understanding. A member of the Compliance Team will meet with each new hire within their first week of employment to review the Code and to respond to any questions.

<u>Annual</u>

Mandatory annual ethics training is required for all employees and consultants designated as either/or Associated Persons with the NFA or Access Persons. The topics that will be included within the annual ethics training will be chosen by members of the Compliance Team who will provide the training through StarCompliance. The Compliance Team will monitor completion in StarCompliance and document any failure by an employee to complete the training in a timely manner as a Code violation. The ethics training will reinforce key sections of the Code as well as any other compliance related issues as determined by business changes or regulatory focus. Pursuant to NFA Compliance Rule 2-9 and the Commodity Futures Trading Commission's Statement of Acceptable Practices annual ethics training at a minimum will also include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. An explanation of the applicable laws and regulations and rules of Acadian's business activities
regulated by the NFA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Employees' obligation to the public to observe just and equitable principles of trading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. How to act honestly and fairly and with due skill, care, and diligence in the best interest of customers and
the integrity of the markets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. How to establish effective supervisory systems and internal controls;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. How to obtain and assess the financial situation and investment experience of customers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Disclosure of material information to customers; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Avoidance, proper disclosure, and handling of conflicts of interest.

Updated as of January 2026 31

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**C.** **Compliance and Risk Committee Approval** 

The Code will be submitted to Acadian's Compliance and Risk Committee annually for approval.

**D.** **Report to the Board(s) of Investment Company Clients** 

At the frequency requested and in compliance with Rule 17j-1 of the Investment Company Act of 1940, Acadian will comply with any reporting requirements imposed by the Board of Directors of each of our U.S. registered investment company clients as well as any other reporting related to our Code requested by any client. A copy of our Code is provided to clients and prospects upon request. Reports typically provided to Fund Board's include a description of any issues arising under the Code since the last report, information about material violations of the Code, sanctions imposed in response to such violations, and any material changes made to the Code. Acadian will also provide reports when requested certifying that we have adopted procedures reasonably necessary to prevent Access Persons from violating the code.

**E.** **Report to Senior Management** 

The Chief Compliance Officer will provide a report on a quarterly basis to Acadian's Compliance and Risk Committee noting any violations of the Code. Any material violations will be escalated promptly.

**F.** **Reporting Violations and Whistleblowing Protections** 

Acadian is committed to fostering an environment of ethical and fair business conduct that requires all Access Persons to act honestly and with integrity at all times. Access Persons are required to report to the Chief Compliance Officer or a senior manager all potential instances of serious malpractice, material violations of company policies, and material violations of the Code. Access Persons are required to cooperate fully with any and all investigations into such matters. Failure to adhere to these policies will be considered a violation of the Code and will subject the Access Person to disciplinary action including the potential for termination.

Good faith reports of such potentially serious or material violations may be made without fear of retribution either directly to the Chief Compliance Officer or on a confidential basis via either a written statement in a sealed envelope or in any other way the Access Person feels is necessary to preserve his or her confidentiality. A report can also be made to the AAMI Fraud Hotline listed in the Fraud section below. These reports will be treated as confidential, and the source of the report protected to the extent permitted by law provided that the "whistleblower" (1) genuinely believes that the knowledge or suspicions disclosed are true and relate to serious malpractice; and (2) that the communication is clear from the outset that a confidential "whistleblowing" disclosure is being made. All such reports will be investigated promptly and thoroughly, and all legal requirements will be complied with.

**G.** **Fraud Policy** 

Access Persons are expected to act legally, ethically, and with integrity at all times to safeguard our employees, resources, assets and reputation. The commission of a fraud of any kind is prohibited. Failure by any Access Person to comply with this policy could result in disciplinary action being taken against that individual.

For the purpose of the Code, fraud is defined as: "Any deliberate action or inaction involving dishonesty or deception, which may result in the diminution of client account or shareholder value, either through financial loss or reputational damage, whether or not there is personal benefit to the fraudster."

Updated as of January 2026 32

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**What Constitutes Fraud?** 

The legal definition of fraud may vary depending on the legal statutes of the various jurisdictions in which Acadian operates and rules, regulations and other releases of the regulatory bodies that govern our activities including the SEC, NFA, and CFTC. For example, CFTC Regulation 180.01. In some jurisdictions, no precise legal definition of fraud exists, although many of the offenses referred to as fraud may be prohibited by local statute or be deemed criminal offenses by local statute. The term is generally used to describe acts such as: deception, bribery, forgery, extortion, corruption, theft, conspiracy, embezzlement, misappropriation, false representation, concealment of material facts and collusion. Some examples of fraud include, among others:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Dishonest or fraudulent activities, such as embezzlement, deceit, collusion, or conspiracy

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Bribery, corruption, or abuse of office

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Theft

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Abuse or misuse of company property

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Deliberate misapplication or misappropriation of company funds or assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Deliberate or suspicious unacceptable loss of assets in the care of any member of AAMI

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Forgery or alteration of documents

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Making use of or knowingly possessing forged or falsified documents

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Providing false or misleading information

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Deliberate theft, sale or misuse of sensitive documentation or information

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Deliberate false creation of records within or unauthorized amendments to databases, administration systems and
accounting records

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Targeted attempts to use technology/electronic communications to hack or breach security controls

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Intentional destruction (excepted as allowed per our Record Management Policy) or suspicious disappearance of
records

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Concealment of material facts

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Deliberate intentional misapplication of accounting principles

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any improper act, which may damage the reputation of AAMI or any of its members

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Use or employ, or attempt to use or employ, any manipulative device, scheme, or artifice to defraud;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Make, or attempt to make, any untrue or misleading statement of a material fact or to omit to <u>state</u> a
material fact necessary in <u>order</u> to make the statements made not untrue or misleading in any materials;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Engage, or attempt to engage, in any act, practice, or course of business, which operates or would operate as a
fraud or deceit upon any <u>person</u>; or,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Deliver or cause to be delivered, or attempt to deliver or cause to be delivered, for transmission through the
mails or interstate commerce, by any means of communication whatsoever, a false or misleading or inaccurate report concerning crop or market information or conditions that affect or tend to affect the price of any <u>commodity</u> in interstate
commerce, knowing, or acting in reckless disregard of the fact that such report is false, misleading or inaccurate. Notwithstanding the foregoing, no violation of this subsection shall exist where the <u>person</u> mistakenly transmits, in good
faith, false or misleading or inaccurate information to a price reporting service

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any similar or related activity or irregularity

Fraud can be perpetrated internally by employees or contractors, externally by clients, intermediaries or other third parties.

Any individual who is unclear as to what may constitute an act of fraud should seek further guidance from his/her direct manager or from the Chief Compliance Officer as appropriate.

Updated as of January 2026 33

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**What should I do if I suspect fraud has been committed?** 

All staff is encouraged to immediately report any fraud that is suspected or discovered. Any such activity should be reported initially to their immediate manager and/or the Chief Compliance Officer, except where either of those individuals is suspected of involvement.

Immediate managers are responsible for reporting all instances of suspected or discovered fraud to the Chief Compliance Officer who is responsible for escalating as required under relevant firm policy.

The reporting of suspected or known fraud may be made and will be investigated in accordance with the Whistleblowing policies described within the Code and, if made in good faith, will be protected from retaliation.

Acadian encourages Access Persons to report compliance and any other business concerns to Acadian's Chief Compliance Officer and General Counsel or via the confidential AAMI Fraud Hotline at the numbers or URL below.

---

| | | |
|:---|:---|:---|
| Scott Dias | 617-850-3519 | sdias@acadian-asset.com |
| SVP, Chief Compliance Officer and |  |  |
| General Counsel |  |  |
| Acadian |  |  |
| Richard Hart | 617-369-7341 | rhart@acadian-inc.com |
| Chief Legal Officer |  |  |
| AAMI |  |  |
| By Secure Ethics Reporting Hotline: |  |  |
|  | **US:** |  |
|  | 1-866-921-6714 |  |
|  | **Australia:** |  |
|  | 0011-800-2002-0033 |  |
|  | **United Kingdom:** |  |
|  | 0-800-092-3586 |  |
|  | **Singapore:** |  |
|  | 001-800-2002-0033 |  |

---

Webform URL:

<u>https://www.integritycounts.ca/org/acadian-inc</u> E-mail:

AAMI<u>@integritycounts.ca</u>

Fax:

1-604-926-5668

Mail:

PO Box 91880, West Vancouver,

British Columbia V7V 4S4 Canada

***None of the provisions of Acadian employee handbook, compliance manual (including its related policies and code of ethics), offer letter provided to you, or any agreement regarding your employment that you may have entered into with Acadian prohibits you from voluntarily communicating with enforcement or regulatory authorities regarding possible violations of law.***

Updated as of January 2026 34

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**H.** **Sanctions** 

Any violation of the Code may result in disciplinary action including, but not limited to, a warning, fines, disgorgement, suspension, demotion, or termination of employment. In addition to sanctions, violations may result in referral to civil or criminal authorities where appropriate.

The following is a non-exclusive list of factors that will be considered when determining the appropriateness of any sanction related to a Code violation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• What requirement was violated

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Client harm

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Frequency of occurences

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Evidence of willful or reckless disregard of the Code requirement

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Your honest and timely cooperation

**I.** **Further Information about the Code and Supplements** 

Access Persons are encouraged to contact any member of the Compliance Team with any questions about permissible conduct under the Code.

AAMI's Anti-bribery and Corruption Risk Policy, Fraud Policy, Whistleblowing Arrangements and Sanctions Compliance policy are adopted as supplements to the Code.

**Persons Responsible for Code Enforcement** 

---

| | | |
|:---|:---|:---|
| **Boston:** |  |  |
| Alison Peabody | Compliance Officer | apeabody@acadian-asset.com |
| Mary Bidgood | Compliance Officer | mbidgood@acadian-asset.com |
| Kelly Gately | Compliance Officer | kgately@acadian-asset.com |
| Lili McInnis | Compliance Specialist | lmcinnis@acadian-asset.com |
| Scott Dias | Chief Compliance Officer | sdias@acadian-asset.com |
| **London:** |  |  |
| Katy Tyler | Compliance Officer | ktyler@acadian-asset.com |
| **Sydney:** |  |  |
| Nita Lo | Compliance Officer | nlo@acadian-asset.com |
| **Singapore:** |  |  |
| Nicholas Lim | Compliance Officer | nlim@acadian-asset.com |

---

Do not hesitate to contact any member of the Compliance Team with questions about the Code by either emailing <u>Compliance-reporting@acadian-asset.com</u> or contacting directly one of the individuals noted above.

**<u>Training and Certification</u>** 

Training on Code requirements will be provided by members of the Compliance Team. Additional training on firm policies may also be provided by members of the Human Resources Group.

Updated as of January 2026 35

------

Acadian's Compliance and Risk Committee, Executive Management Team, Executive Committee, and our Board of Managers are also responsible for Code implementation and enforcement.

All Access Persons will be subject to annual Code of Ethics training. A copy the Code and any amendments will be provided to all Access Persons and supervised persons annually along with a request for a written acknowledgment of receipt and compliance.

**Appendices** 

A. CFA Institute Asset Manager Code of Professional Conduct

Updated as of January 2026 36

## Ex-99.Poa

**Clearwater Investment Trust** 

**(a Massachusetts Business Trust)** 

<u>Power of Attorney</u> 

**Know All Persons By These Presents,** that the undersigned, Dylan J. Ambauen, hereby constitutes and appoints Charles W. Rasmussen, Jason K. Mitchell and Justin H. Weyerhaeuser, jointly and severally, his attorneys-in-fact, each with power of substitution, for him in any and all capacities to sign the Registration Statement on Form N-1A under the Securities Act of 1933 and the Investment Company Act of 1940 of the Clearwater Investment Trust (in respect of any of its series) and any and all amendments to such Registration Statement, and to file the same, with exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission.

The undersigned hereby grants to each such attorney-in-fact full power and authority to do and perform any and every act and thing whatsoever requisite, necessary, or proper to be done in the exercise of any rights and powers herein granted, as fully to all intents and purposes as the undersigned might or could do if personally present, with full power of substitution or revocation, hereby ratifying and confirming all that any of such attorneys-in-fact, or the substitute or substitutes of any of such attorneys-in-fact, shall lawfully do or cause to be done by virtue of this Power of Attorney and the rights and powers herein granted.

Dated: March 6, 2026

---

| |
|:---|
| /s/ Dylan J. Ambauen |
| Dylan J. Ambauen |

---

------

**Clearwater Investment Trust** 

**(a Massachusetts Business Trust)** 

<u>Power of Attorney</u> 

**Know All Persons By These Presents,** that the undersigned, Sara G. Dent, hereby constitutes and appoints Charles W. Rasmussen, Jason K. Mitchell and Justin H. Weyerhaeuser, jointly and severally, her attorneys-in-fact, each with power of substitution, for her in any and all capacities to sign the Registration Statement on Form N-1A under the Securities Act of 1933 and the Investment Company Act of 1940 of the Clearwater Investment Trust (in respect of any of its series) and any and all amendments to such Registration Statement, and to file the same, with exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission.

The undersigned hereby grants to each such attorney-in-fact full power and authority to do and perform any and every act and thing whatsoever requisite, necessary, or proper to be done in the exercise of any rights and powers herein granted, as fully to all intents and purposes as the undersigned might or could do if personally present, with full power of substitution or revocation, hereby ratifying and confirming all that any of such attorneys-in-fact, or the substitute or substitutes of any of such attorneys-in-fact, shall lawfully do or cause to be done by virtue of this Power of Attorney and the rights and powers herein granted.

Dated: March 6, 2026

---

| |
|:---|
| /s/ Sara G. Dent |
| Sara G. Dent |

---

------

**Clearwater Investment Trust** 

**(a Massachusetts Business Trust)** 

<u>Power of Attorney</u> 

**Know All Persons By These Presents,** that the undersigned, Julia L.W. Heidmann, hereby constitutes and appoints Charles W. Rasmussen, Jason K. Mitchell and Justin H. Weyerhaeuser, jointly and severally, her attorneys-in-fact, each with power of substitution, for her in any and all capacities to sign the Registration Statement on Form N-1A under the Securities Act of 1933 and the Investment Company Act of 1940 of the Clearwater Investment Trust (in respect of any of its series) and any and all amendments to such Registration Statement, and to file the same, with exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission.

The undersigned hereby grants to each such attorney-in-fact full power and authority to do and perform any and every act and thing whatsoever requisite, necessary, or proper to be done in the exercise of any rights and powers herein granted, as fully to all intents and purposes as the undersigned might or could do if personally present, with full power of substitution or revocation, hereby ratifying and confirming all that any of such attorneys-in-fact, or the substitute or substitutes of any of such attorneys-in-fact, shall lawfully do or cause to be done by virtue of this Power of Attorney and the rights and powers herein granted.

Dated: March 6, 2026

---

| |
|:---|
| /s/ Julia L.W. Heidmann |
| Julia L.W. Heidmann |

---

------

**Clearwater Investment Trust** 

**(a Massachusetts Business Trust)** 

<u>Power of Attorney</u> 

**Know All Persons By These Presents,** that the undersigned, Charles W. Rasmussen, hereby constitutes and appoints Jason K. Mitchell and Justin H. Weyerhaeuser, jointly and severally, his attorneys-in-fact, each with power of substitution, for him in any and all capacities to sign the Registration Statement on Form N-1A under the Securities Act of 1933 and the Investment Company Act of 1940 of the Clearwater Investment Trust (in respect of any of its series) and any and all amendments to such Registration Statement, and to file the same, with exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission.

The undersigned hereby grants to each such attorney-in-fact full power and authority to do and perform any and every act and thing whatsoever requisite, necessary, or proper to be done in the exercise of any rights and powers herein granted, as fully to all intents and purposes as the undersigned might or could do if personally present, with full power of substitution or revocation, hereby ratifying and confirming all that any of such attorneys-in-fact, or the substitute or substitutes of any of such attorneys-in-fact, shall lawfully do or cause to be done by virtue of this Power of Attorney and the rights and powers herein granted.

Dated: March 6, 2026

---

| |
|:---|
| /s/ Charles W. Rasmussen |
| Charles W. Rasmussen |

---

------

**Clearwater Investment Trust** 

**(a Massachusetts Business Trust)** 

<u>Power of Attorney</u> 

**Know All Persons By These Presents,** that the undersigned, Lindsay R. Schack, hereby constitutes and appoints Charles W. Rasmussen, Jason K. Mitchell and Justin H. Weyerhaeuser, jointly and severally, her attorneys-in-fact, each with power of substitution, for her in any and all capacities to sign the Registration Statement on Form N-1A under the Securities Act of 1933 and the Investment Company Act of 1940 of the Clearwater Investment Trust (in respect of any of its series) and any and all amendments to such Registration Statement, and to file the same, with exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission.

The undersigned hereby grants to each such attorney-in-fact full power and authority to do and perform any and every act and thing whatsoever requisite, necessary, or proper to be done in the exercise of any rights and powers herein granted, as fully to all intents and purposes as the undersigned might or could do if personally present, with full power of substitution or revocation, hereby ratifying and confirming all that any of such attorneys-in-fact, or the substitute or substitutes of any of such attorneys-in-fact, shall lawfully do or cause to be done by virtue of this Power of Attorney and the rights and powers herein granted.

Dated: March 6, 2026

---

| |
|:---|
| /s/ Lindsay R. Schack |
| Lindsay R. Schack |

---

------

**Clearwater Investment Trust** 

**(a Massachusetts Business Trust)** 

<u>Power of Attorney</u> 

**Know All Persons By These Presents,** that the undersigned, David M. Weyerhaeuser, hereby constitutes and appoints Charles W. Rasmussen, Jason K. Mitchell and Justin H. Weyerhaeuser, jointly and severally, his attorneys-in-fact, each with power of substitution, for him in any and all capacities to sign the Registration Statement on Form N-1A under the Securities Act of 1933 and the Investment Company Act of 1940 of the Clearwater Investment Trust (in respect of any of its series) and any and all amendments to such Registration Statement, and to file the same, with exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission.

The undersigned hereby grants to each such attorney-in-fact full power and authority to do and perform any and every act and thing whatsoever requisite, necessary, or proper to be done in the exercise of any rights and powers herein granted, as fully to all intents and purposes as the undersigned might or could do if personally present, with full power of substitution or revocation, hereby ratifying and confirming all that any of such attorneys-in-fact, or the substitute or substitutes of any of such attorneys-in-fact, shall lawfully do or cause to be done by virtue of this Power of Attorney and the rights and powers herein granted.

Dated: March 6, 2026

---

| |
|:---|
| /s/ David M. Weyerhaeuser |
| David M. Weyerhaeuser |

---

------

**Clearwater Investment Trust** 

**(a Massachusetts Business Trust)** 

<u>Power of Attorney</u> 

**Know All Persons By These Presents,** that the undersigned, Justin H. Weyerhaeuser, hereby constitutes and appoints Charles W. Rasmussen and Jason K. Mitchell, jointly and severally, his attorneys-in-fact, each with power of substitution, for him in any and all capacities to sign the Registration Statement on Form N-1A under the Securities Act of 1933 and the Investment Company Act of 1940 of the Clearwater Investment Trust (in respect of any of its series) and any and all amendments to such Registration Statement, and to file the same, with exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission.

The undersigned hereby grants to each such attorney-in-fact full power and authority to do and perform any and every act and thing whatsoever requisite, necessary, or proper to be done in the exercise of any rights and powers herein granted, as fully to all intents and purposes as the undersigned might or could do if personally present, with full power of substitution or revocation, hereby ratifying and confirming all that any of such attorneys-in-fact, or the substitute or substitutes of any of such attorneys-in-fact, shall lawfully do or cause to be done by virtue of this Power of Attorney and the rights and powers herein granted.

Dated: March 6, 2026

---

| |
|:---|
| /s/ Justin H. Weyerhaeuser |
| Justin H. Weyerhaeuser |

---