# EDGAR Filing Document

**Accession Number:** 0001026977
**File Stem:** 0001398344-26-001497
**Filing Date:** 2026-1
**Character Count:** 1226344
**Document Hash:** 6d09c6dd2140f515c95942042e19be9e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-26-001497.hdr.sgml**: 20260128

**ACCESSION NUMBER**: 0001398344-26-001497

**CONFORMED SUBMISSION TYPE**: 485BPOS

**PUBLIC DOCUMENT COUNT**: 43

**FILED AS OF DATE**: 20260128

**DATE AS OF CHANGE**: 20260128

**EFFECTIVENESS DATE**: 20260128

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CITY NATIONAL ROCHDALE FUNDS
- **CENTRAL INDEX KEY:** 0001026977

**ORGANIZATION NAME:**
- **EIN:** 911766001
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07923
- **FILM NUMBER:** 26572530

**BUSINESS ADDRESS:**
- **STREET 1:** 400 NORTH ROXBURY DRIVE
- **CITY:** BEVERLY HILLS
- **STATE:** CA
- **ZIP:** 90210
- **BUSINESS PHONE:** (800) 708-8881

**MAIL ADDRESS:**
- **STREET 1:** 400 NORTH ROXBURY DRIVE
- **CITY:** BEVERLY HILLS
- **STATE:** CA
- **ZIP:** 90210

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** City National Rochdale Funds
- **DATE OF NAME CHANGE:** 20130910

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CNI CHARTER FUNDS
- **DATE OF NAME CHANGE:** 19990503

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BERKELEY FUNDS TRUST
- **DATE OF NAME CHANGE:** 19980319
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CITY NATIONAL ROCHDALE FUNDS
- **CENTRAL INDEX KEY:** 0001026977

**ORGANIZATION NAME:**
- **EIN:** 911766001
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-16093
- **FILM NUMBER:** 26572529

**BUSINESS ADDRESS:**
- **STREET 1:** 400 NORTH ROXBURY DRIVE
- **CITY:** BEVERLY HILLS
- **STATE:** CA
- **ZIP:** 90210
- **BUSINESS PHONE:** (800) 708-8881

**MAIL ADDRESS:**
- **STREET 1:** 400 NORTH ROXBURY DRIVE
- **CITY:** BEVERLY HILLS
- **STATE:** CA
- **ZIP:** 90210

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** City National Rochdale Funds
- **DATE OF NAME CHANGE:** 20130910

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CNI CHARTER FUNDS
- **DATE OF NAME CHANGE:** 19990503

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BERKELEY FUNDS TRUST
- **DATE OF NAME CHANGE:** 19980319

## Series and Classes Contracts Data

### CITY NATIONAL ROCHDALE GOVERNMENT MONEY MARKET FUND (Series ID: S000005833)

| Class ID   | Class Name                                                      | Ticker Symbol   |
|:---|:---|:---|
| C000015999 | CITY NATIONAL ROCHDALE GOVERNMENT MONEY MARKET FUND - CLASS N   | CNGXX           |
| C000016000 | CITY NATIONAL ROCHDALE GOVERNMENT MONEY MARKET FUND - SERVICING | CNIXX           |
| C000016001 | CITY NATIONAL ROCHDALE GOVERNMENT MONEY MARKET FUND - CLASS S   | CNFXX           |

### City National Rochdale Fixed Income Opportunities Fund (Series ID: S000039723)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000123069 | Class N         | RIMOX           |
| C000237513 | Servicing Class | CNRZX           |

### City National Rochdale Municipal High Income Fund (Series ID: S000043469)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000134824 | Class N         | CNRNX           |
| C000134825 | Servicing Class | CNRMX           |

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

As filed with the Securities and Exchange Commission on January 28, 2026

File Nos. 333–16093

811–07923

**SECURITIES AND EXCHANGE COMMISSION**

Washington, D.C. 20549

**FORM N–1A**

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

Post–Effective Amendment No. 103

and

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

Amendment No. 104

**CITY NATIONAL ROCHDALE FUNDS**

(Exact Name of Registrant as Specified in its Charter)

400 Park Avenue

New York, New York 10022-4406

(Address of Principal Executive Office)

(612) 376-7076

(Registrant's Telephone Number, Including Area Code)

**Christina Weber**

400 Park Avenue

New York, New York 10022-4406

(Name and Address of Agent for Service)

Please Send Copy of Communications to:

**Laurie Dee**

Morgan, Lewis & Bockius LLP

600 Anton Boulevard, Suite 1800

Costa Mesa, California 92626-7653

It is proposed that this filing will become effective:

[X] immediately upon filing pursuant to Rule 485(b)

[ ] on (date) pursuant to Rule 485(b)

[ ] 60 days after filing pursuant to Rule 485(a)(1)

[ ] 75 days after filing pursuant to Rule 485(a)(2)

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

![](fp0097122-2_i.jpg)

&nbsp;&nbsp;**PROSPECTUS DATED January 28, 2026**<br>

---

| | |
|:---|:---|
| &nbsp;&nbsp;**City National Rochdale <br> Government Money Market Fund** | &nbsp;&nbsp;**City National Rochdale <br> Government Money Market Fund** |
| &nbsp;&nbsp;Servicing Class | (CNIXX) |
| &nbsp;&nbsp;Class N | (CNGXX) |
| &nbsp;&nbsp;Class S | (CNFXX) |
| &nbsp;&nbsp;**City National Rochdale <br> Municipal High Income Fund** | &nbsp;&nbsp;**City National Rochdale <br> Municipal High Income Fund** |
| &nbsp;&nbsp;Servicing Class | (CNRMX) |
| &nbsp;&nbsp;Class N | (CNRNX) |
| &nbsp;&nbsp;**City National Rochdale <br> Fixed Income Opportunities Fund** | &nbsp;&nbsp;**City National Rochdale <br> Fixed Income Opportunities Fund** |
| &nbsp;&nbsp;Servicing Class | (CNRZX) |
| &nbsp;&nbsp;Class N | (RIMOX) |

---

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

**table of contents** 

---

| | |
|:---|:---|
| [**Summaries**](#x315548988406456) | [**3**](#x315548988406456) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[**City National Rochdale Government Money Market Fund**](#x016202803299577) | [**3**](#x016202803299577) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[**City National Rochdale Municipal High Income Fund**](#x000272776868522) | [**8**](#x000272776868522) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[**City National Rochdale Fixed Income Opportunities Fund**](#x065810245102739) | [**14**](#x065810245102739) |
| [**More About the Funds**](#x431739416538715) | [**22**](#x431739416538715) |
| [**More About the Funds' Risks**](#x127193608218005) | [**25**](#x127193608218005) |
| [**Management of the Funds**](#x092631401047828) | [**36**](#x092631401047828) |
| [**How to Buy, Sell and Exchange Shares**](#x117996508075076) | [**40**](#x117996508075076) |
| [**Dividends and Taxes**](#x086732240437158) | [**48**](#x086732240437158) |
| [**Financial Highlights**](#x061090165505783) | [**52**](#x061090165505783) |
| [**Important Terms to Know**](#x140506749280814) | [**54**](#x140506749280814) |
| [**Notice of Privacy Principles**](#x00364406779661) | [**55**](#x00364406779661) |
| [**For More Information**](#x07132414956424) | [**Back Cover**](#x07132414956424) |

---

Mutual fund shares are not insured or guaranteed by the U.S. Government, the Federal Deposit Insurance Corporation or any other governmental agency. Mutual fund shares are not bank deposits, nor are they obligations of, or issued, endorsed or guaranteed by City National Bank or Royal Bank of Canada. Investing in mutual funds involves risks, including possible loss of principal.

The Funds' Statement of Additional Information (the "SAI") has more detailed information on all subjects covered in this Prospectus. Investors seeking more in-depth explanations of the Funds should request the SAI and review it before purchasing shares.

CITY NATIONAL ROCHDALE FUNDS \| PAGE 2

**City National Rochdale Government Money Market Fund** 

**INVESTMENT GOALS** 

The City National Rochdale Government Money Market Fund (the "Government Money Fund" or the "Fund") is a money market fund that seeks to preserve your principal and maintain a high degree of liquidity while providing current income. Also, the Government Money Fund seeks to maintain a $1.00 per share net asset value ("NAV").

**FEES AND EXPENSES OF THE FUND** 

The table below describes the fees and expenses you may pay if you buy, hold, and sell shares of the Government Money 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)

---

| | | | |
|:---|:---|:---|:---|
|  | Servicing Class | Class N | Class S |
| Management Fees<sup>(1)</sup> | 0.26% | 0.26% | 0.26% |
| Distribution (12b-1) Fee<sup>(2)</sup> |  | 0.30% | 0.45% |
| Other Expenses |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholder Servicing Fee | &nbsp;&nbsp;&nbsp;&nbsp;0.25% | &nbsp;&nbsp;&nbsp;&nbsp;0.25% | &nbsp;&nbsp;&nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Fund Expenses | &nbsp;&nbsp;&nbsp;&nbsp;0.05% | &nbsp;&nbsp;&nbsp;&nbsp;0.07% | &nbsp;&nbsp;&nbsp;&nbsp;0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Other Expenses | 0.30% | 0.32% | 0.30% |
| Total Annual Fund Operating Expenses  | 0.56% | 0.88% | 1.01% |
| Fee Waiver and/or Expense Reimbursement<sup>(1)(2)</sup> | (0.22%) | (0.22%) | (0.22%) |
| Total Annual Fund Operating Expenses after Fee Waiver and/or Expense Reimbursement<sup>(3)</sup> | 0.34% | 0.66% | 0.79% |

---

<sup>(1)</sup> RBC Rochdale, LLC, the Fund's investment adviser (the "Adviser"), has contractually agreed to waive Management Fees for the Fund such that the fee charged is 0.15% through January 31, 2027. Prior to that date, the arrangement may be terminated without penalty (a) by the Fund's Board of Trustees, or (b) by the Adviser effective no earlier than January 31, 2027, upon at least 60 days' prior written notice. Management Fees waived by the Adviser pursuant to this arrangement will not be eligible for reimbursement by the Fund to the Adviser. The Adviser has agreed to voluntarily waive additional Management Fees for the Fund such that the fee charged is 0.04%. This additional voluntary waiver is not reflected in the fee table and may be terminated at any time. 

<sup>(2)</sup> The Fund has contractually agreed to limit the Distribution (12b-1) Fee payable by Class S shares of the Fund to 0.45% through January 31, 2027. Prior to that date, the arrangement may be terminated without penalty by the Fund's Board of Trustees. 

<sup>(3)</sup> The Adviser has agreed to voluntarily waive a portion of the expenses of the Fund to the extent needed to maintain a one-day net income yield (yield floor) of not less than 0.01% of the Fund's average daily net assets. The fee table does not reflect the impact of the voluntarily waived expenses. This waiver may be terminated at any time. 

**EXAMPLE** 

This Example is intended to help you compare the cost of investing in the Government Money Fund with the cost of investing in other mutual funds.

The Example assumes that you invest $10,000 in the Government Money 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. The example reflects the Fund's contractual fee waiver and/or expense reimbursement only for the term of the contractual fee waiver and/or expense reimbursement. 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 |
| Servicing Class | $35 | $157 | $291 | $680 |
| Class N | $67 | $259 | $466 | $1064 |
| Class S | $81 | $300 | $536 | $1216 |

---

CITY NATIONAL ROCHDALE FUNDS \| PAGE 3

**PRINCIPAL INVESTMENT STRATEGIES** 

The Government Money Fund invests at least 99.5% of its total assets in cash, U.S. Treasury securities and other government securities guaranteed or issued by an agency or instrumentality of the U.S. Government, and/or repurchase agreements that are fully collateralized by cash or government securities. In addition, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in U.S. Government securities and/or repurchase agreements that are fully collateralized by government securities. In particular, the Fund invests in U.S. Treasury obligations, obligations issued or guaranteed as to principal and interest by agencies or instrumentalities of the U.S. Government and repurchase agreements involving these obligations. Obligations issued or guaranteed by the U.S. Government or its agencies or instrumentalities in which the Government Money Fund invests consist principally of securities issued or guaranteed by Fannie Mae (formerly known as the Federal National Mortgage Association), the Federal Home Loan Bank ("FHLB"), Freddie Mac (formerly known as the Federal Home Loan Mortgage Corporation) and the Government National Mortgage Association ("Ginnie Mae"). The securities held by the Fund must, in the opinion of RBC Rochdale, LLC (the "Adviser"), the Fund's investment adviser, present minimal credit risk. The Fund invests in compliance with the requirements of Rule 2a-7 under the Investment Company Act of 1940 relating to the credit quality, maturity, liquidity and diversification of investments for money market funds.

The Adviser seeks securities with an acceptable maturity that are marketable and liquid and offer competitive yields. The Adviser also considers factors such as the anticipated level of interest rates and the maturity of individual securities relative to the maturity of the Fund as a whole.

The Fund does not currently intend to avail itself of the ability to impose "liquidity fees" on Fund redemptions, as permitted by Rule 2a-7. However, the Board of Trustees reserves the right, with notice to shareholders, to change this policy in the future.

**PRINCIPAL RISKS OF INVESTING IN THE FUND** 

As with any money market fund, there are risks to investing. Neither the Government Money Fund nor the Adviser can guarantee that the Fund will meet its investment goals. Here are the principal risks to consider:

**Market Risk** – The market prices of the Fund's securities may move up and down, sometimes rapidly or unpredictably, due to general market conditions such as overall economic trends or events, inflation, changes in interest rates, government actions, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, political and geopolitical factors, economic sanctions, countermeasures in response to sanctions, government shutdowns, adverse investor sentiment, cybersecurity events, technological developments (such as artificial intelligence and machine learning), or local, regional or global events such as natural disasters or climate events, wars, terrorism, international conflicts, civil unrest, epidemics, pandemics or other public health issues. These fluctuations may cause a security to be worth less than the price originally paid for it, or less than it was worth at an earlier time. Market risk may affect a single issuer, industry or sector of the economy, or the market as a whole. The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. The value of the Fund's investments may decline in tandem with a drop in the overall value of the stock market based on negative developments in the U.S. and global economies, which could result in losses for the Fund. Adverse market conditions may be prolonged and may not have the same impact on all types of investments. High public debt in the United States and other countries creates ongoing systemic and market risks and policymaking uncertainty. In addition, policy and legislative changes in the United States and in other countries are affecting many aspects of financial regulation, and may in some instances, contribute to decreased liquidity and increased volatility in the financial markets. The impact of these changes, and the practical implications for market participants, may not be fully known for some time.

Raising the ceiling on U.S. Government debt and passing periodic legislation to fund the government have become increasingly politicized. Any failure to do either could lead to a default on U.S. Government obligations, with unpredictable consequences for the Fund's investments and the Fund's ability to preserve the value of your investment at $1.00 per share, and for economies and markets in the United States and elsewhere.

**Market Risk of Fixed Income Securities** – The prices of fixed income securities respond to economic developments, particularly interest rate changes, as well as to perceptions about the creditworthiness of individual issuers, including governments. Generally, fixed income securities decrease in value if interest rates rise and increase in value if interest rates fall, with lower rated and longer-maturity securities more volatile than higher rated and shorter-maturity securities. Additionally, especially during periods of declining interest rates, borrowers may pay back principal before the scheduled due date, requiring the Fund to replace a particular loan or bond with another, lower-yield security.

**Government-Sponsored Entities** – The Fund invests in securities issued by government-sponsored entities, such as mortgage-related securities, which may not be guaranteed or insured by the U.S. Government and may only be supported by the credit of the issuing agency.

**Credit Risk** – The Fund invests exclusively in securities that are rated, when the Fund buys them, in the highest short-term rating category, or if unrated, are of comparable quality in the Adviser's opinion. However, it is possible that some issuers or other obligors will be unable or unwilling to make the required payments on securities held by the Fund. Debt securities also go up or down in value based on the perceived creditworthiness of issuers or other obligors. If an obligor for a security held by the Fund fails to pay, otherwise defaults or is perceived to be less creditworthy, a security's credit rating is downgraded (which could happen rapidly), or the credit quality or value of any underlying assets

CITY NATIONAL ROCHDALE FUNDS \| PAGE 4

declines, the value of your investment in the Fund could decline significantly, particularly in certain market environments. If the Fund enters into a financial contract (such as a repurchase agreement or reverse repurchase agreement) the Fund will be subject to the credit risk presented by the counterparty. In addition, the Fund may incur costs and may be hindered or delayed in enforcing its rights against an issuer, obligor or counterparty.

**Interest Rate Risk** – The Fund's yield typically moves in the same direction as movements in short-term interest rates, although it does not do so as quickly. Changes in interest rates can be sudden and unpredictable and may expose the markets to significant volatility, which also may affect the liquidity of the Fund's investments and detract from Fund performance. A variety of factors can impact interest rates, including central bank monetary policies and inflation rates. Inflation and interest rates have been volatile and may increase in the future. The Fund's expenses could absorb all or a significant portion of the Fund's income, and, if the Fund's expenses exceed the Fund's income, the Fund may be unable to maintain its $1.00 share price without a subsidy by the Adviser or its affiliates. In addition, during periods when interest rates are low or there are negative interest rates, the Fund's yield also may be low or the Fund may be unable to maintain a positive yield or a stable net asset value of $1.00 per share.

**Management and Operational Risk** – The Fund is subject to the risk that the Adviser's judgments and decisions may be incorrect or otherwise may not produce the desired results. The value of your investment may decrease if the Adviser's judgment about the quality, relative yield or value of, or market trends affecting, a particular security or issuer, industry, sector, region or market segment, or about the economy or interest rates, is incorrect. The Fund may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, or the analyses employed or relied on, by the Adviser, if such tools, resources or data are used incorrectly, fail to produce the desired results or otherwise do not work as intended, or if the Adviser's allocation techniques or investment style are out of favor or otherwise fail to produce the desired results. The Fund's investment strategies designed by the Adviser may not work as intended. Any of these things could cause the Fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.

The Fund also is subject to the risk of loss as a result of other services provided by the Adviser and other service providers, including pricing, administrative, accounting, tax, legal, custody, transfer agency and other services.

Operational risk includes the possibility of loss caused by inadequate procedures and controls, human error and cyber-attacks, disruptions and failures affecting, or by, a service provider.

**Repurchase Agreements** – Repurchase agreements are agreements under which securities are acquired from a securities dealer or bank subject to resale at an agreed upon price which includes principal and interest. Under all repurchase agreements entered into by the Fund, the Fund's custodian or its agent must take possession of the underlying collateral. However, if the seller defaults, the Fund could realize a loss on the sale of the underlying security to the extent the proceeds of the sale are less than the resale price. If the counterparty becomes insolvent, there is some risk that the Fund will not have a right to the securities, or the immediate right to sell the securities.

**Counterparty Risk** – The Fund could lose money if the counterparties to repurchase agreements entered into for the Fund do not fulfill their contractual obligations. In addition, the Fund may incur costs and may be hindered or delayed in enforcing its rights against a counterparty. These risks may be greater to the extent the Fund has more contractual exposure to a counterparty.

**No Guarantees** – You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not a bank account, is not a deposit of City National Bank or Royal Bank of Canada, and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Adviser and its affiliates are not required to reimburse the Fund for losses, and you should not expect that the Adviser or its affiliates will provide financial support to the Fund at any time, including during periods of market stress.

**Defensive Investments** – During unusual economic or market conditions, or for temporary defensive or liquidity purposes, the Fund may invest up to 100% of its assets in cash or cash equivalents that would not ordinarily be consistent with the Fund's investment goals.

**Redemptions** – The Fund may experience heavy redemptions, particularly during periods of declining or illiquid markets, which could cause the Fund to liquidate its assets at inopportune times or at a loss or depressed value and that could affect the Fund's ability to maintain a $1.00 share price. Redemption risk is greater to the extent that the Fund has investors with large shareholdings, short investment horizons, or unpredictable cash flow needs.

**Cybersecurity Risk** – Cybersecurity incidents, both intentional and unintentional, may allow an unauthorized party to gain access to Fund assets, customer data (including private shareholder information), or proprietary information, or cause the Fund, the Adviser, and/or other service providers (including, but not limited to, custodians, sub-custodians, transfer agents and financial intermediaries) to suffer data breaches, data corruption or loss of operational functionality. A cybersecurity incident may disrupt the processing of shareholder transactions, impact the Fund's ability to calculate its net asset values, and prevent shareholders from exchanging or redeeming their shares. Cybersecurity incidents may render records of Fund assets and transactions, shareholder ownership of Fund shares, and other data integral to the functioning of the Fund inaccessible, inaccurate or incomplete. The use of artificial intelligence and machine learning could exacerbate these risks. Issuers of securities in which the Fund invests are also subject to cybersecurity risks, and the value of those securities could decline if the issuers experience cybersecurity incidents.

CITY NATIONAL ROCHDALE FUNDS \| PAGE 5

**Conflicts of Interest** – The Adviser and its affiliates are engaged in a variety of businesses and have interests other than those related to managing the Fund. The broad range of activities and interests of the Adviser and its affiliates gives rise to actual and potential conflicts of interest that could affect the Fund and its shareholders.

**PERFORMANCE** 

The bar chart and the performance table that follow illustrate some of the risks and volatility of an investment in the Government Money Fund by showing changes in the Fund's performance from year to year and by showing the Fund's average annual total returns for the indicated periods. Of course, the Fund's past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Call (888) 889-0799 or visit www.citynationalrochdalefunds.com for the Fund's most current 7-day yield or to obtain updated performance information.

This bar chart shows the performance of the Government Money Fund's Servicing Class shares based on a calendar year.

---

| | | |
|:---|:---|:---|
| <br>![](fp0097122-2_6.jpg) | Best Quarter <br>1.28% <br>Q4 2023 | Worst Quarter <br>0.00% <br>Q1 2022 |

---

This table shows the Government Money Fund's average annual total returns for the periods ended December 31, 2025.

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns**<br> (for the periods ended December 31, 2025) | One Year | Five Years | Ten Years |
| Servicing Class | 3.97% | 3.00% | 1.87% |
| Class N | 3.65% | 2.77% | 1.66% |
| Class S | 3.50% | 2.66% | 1.57% |

---

**INVESTMENT ADVISER** 

RBC Rochdale, LLC

**PORTFOLIO MANAGERS** 

Charles Luke, Chief Investment Officer of the Adviser, and Michael Taila, Managing Director and Senior Portfolio Manager of the Adviser, are primarily responsible for the day-to-day management of the Fund and have served as portfolio managers for the Government Money Fund since 2021.

**PURCHASE AND SALE OF FUND SHARES** 

The Servicing Class shares of the Fund are available only to fiduciary, advisory, agency, custodial and other similar accounts, including separately managed accounts advised by the Adviser, maintained at City National Bank and certain retirement plan platforms, including retirement plan accounts and individual retirement accounts ("IRAs") maintained at City National Bank, advisory accounts with City National Securities, non-managed brokerage accounts maintained at City National Securities, and other institutional investors/agents approved by the Adviser. The Class N shares of the Fund are available to individual investors, partnerships, corporations and other accounts. The Class S shares of the Fund are available to investors who have funds with City National Bank and certain tax-deferred retirement plans (including 401(k) plans, employer-sponsored 403(b) plans, 457 plans, profit sharing and money purchase pension plans, defined benefit plans and non-qualified deferred compensation plans) held in plan level or omnibus accounts. The Government Money Fund has no minimum purchase requirement; however, you will have to comply with the purchase and account balance minimums of your approved broker-dealer or other financial institution (each, an "Authorized Institution").

The Fund may require each Authorized Institution to meet certain aggregate investment levels before it may open an account with the Fund on behalf of its customers. Contact your Authorized Institution for more information. The shares of the Government Money Fund are redeemable. You may redeem your shares only through your Authorized Institution. To redeem shares of the Fund, you should contact your Authorized Institution and follow its procedures, including deadlines for receipt by the Authorized Institution of your share redemption instructions. Your Authorized Institution may charge a fee for its services, in addition to the fees charged by the Fund.

CITY NATIONAL ROCHDALE FUNDS \| PAGE 6

**TAX INFORMATION** 

The Government Money Fund intends to make distributions that may be taxed as ordinary income or capital gains.

Supplemental tax reporting information concerning the City National Rochdale Funds is posted online at www.citynationalrochdalefunds.com under the "Important Tax Information" tab.

**PAYMENTS TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES** 

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

CITY NATIONAL ROCHDALE FUNDS \| PAGE 7

**City National Rochdale Municipal High Income Fund** 

**INVESTMENT GOAL** 

The City National Rochdale Municipal High Income Fund (the "Muni High Income Fund" or the "Fund") seeks to provide a high level of current income that is not subject to federal income tax.

**FEES AND EXPENSES OF THE FUND** 

The table below describes the fees and expenses you may pay if you buy, hold, and sell shares of the Muni High Income 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)

---

| | | |
|:---|:---|:---|
|  | Servicing Class | Class N |
| Management Fees | 0.50% | 0.50% |
| Distribution (12b-1) Fee |  | 0.25% |
| Other Expenses |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholder Servicing Fee | &nbsp;&nbsp;&nbsp;&nbsp;0.25% | &nbsp;&nbsp;&nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Fund Expenses | &nbsp;&nbsp;&nbsp;&nbsp;0.13% | &nbsp;&nbsp;&nbsp;&nbsp;0.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Other Expenses | 0.38% | 0.38% |
| Total Annual Fund Operating Expenses | 0.88% | 1.13% |

---

**EXAMPLE** 

This Example is intended to help you compare the cost of investing in the Muni High Income Fund with the cost of investing in other mutual funds.

The Example assumes that you invest $10,000 in the Muni High Income 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:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | 1 Year | 3 Years | 5 Years | 10 Years |
| Servicing Class | $90 | $281 | $488 | $1084 |
| Class N | $115 | $359 | $622 | $1375 |

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**PORTFOLIO TURNOVER** 

The Muni High Income Fund pays transaction costs 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% of the average value of its portfolio.

**PRINCIPAL INVESTMENT STRATEGIES** 

Under normal market conditions, the Muni High Income Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in a diversified portfolio of tax-exempt municipal bonds. Municipal bonds are obligations issued by or on behalf of states, territories and possessions of the United States (including the District of Columbia, Puerto Rico, the U.S. Virgin Islands, and Guam), their political subdivisions such as counties and cities, and agencies or authorities, to finance public-purpose projects. The interest on municipal bonds is excludable from gross income for federal income tax purposes, although a significant portion of such interest may be a tax preference item ("Tax Preference Item") for purposes of the federal alternative minimum tax (the "AMT") applicable to noncorporate taxpayers.

CITY NATIONAL ROCHDALE FUNDS \| PAGE 8

The Fund typically invests in medium- and lower-quality bonds, which are bonds that are rated BBB+ or lower by Standard & Poor's Ratings Services ("Standard & Poor's"), are comparably rated by another nationally recognized statistical rating organization ("NRSRO") or, if unrated, are determined by RBC Rochdale, LLC (the "Adviser"), the Fund's investment adviser, to be of comparable quality. The Fund's typical investments include non-investment grade debt securities (commonly called junk bonds), which are rated BB+ or lower by Standard & Poor's, comparably rated by another NRSRO or, if unrated, determined by the Adviser to be of comparable quality. The Fund may invest an unlimited amount of its total assets in non-investment grade debt securities. Although the Adviser considers credit ratings in selecting investments for the Fund, the Adviser bases its investment decision for a particular instrument primarily on its own credit analysis and not on an NRSRO's credit rating. The Adviser will consider, among other things, the issuer's financial resources and operating history, its sensitivity to economic conditions and trends, its debt maturity schedules and borrowing requirements, and relative values based on anticipated cash flow, interest and asset coverage.

The Fund may invest in higher quality municipal bonds at times when yield spreads are narrow and the Adviser believes that the higher yields do not justify the increased risk, or when, in the opinion of the Adviser, there is a lack of medium- and lower-quality bonds in which to invest.

The Adviser's view on interest rates largely determines the desired duration of the Fund's holdings and how the Adviser structures the portfolio to achieve a duration target. In current market conditions, the Fund invests substantially in municipal bonds with remaining maturities of ten to 30 years.

In selecting investments for the Fund, the Adviser typically conducts a macro-economic analysis, and it may consider a number of factors including the security's current coupon; the maturity, relative value and market yield of the security; the creditworthiness of the particular issuer or of the private company involved; the sector in which the issuer operates; the structure of the security, including whether it has a call feature; and the state in which the issuer is located.

The Fund primarily invests in revenue bonds, which are payable only from specific sources, such as the revenue from a particular project, a special tax, lease payments and/or appropriated funds. Revenue bonds include certain private activity bonds ("PABs"), which finance privately operated facilities. Revenue bonds may also include housing bonds that finance pools of single-family home mortgages and student loan bonds that finance pools of student loans, as well as bonds that finance charter schools. Revenue bonds may also include tobacco bonds that are issued by state created special purpose entities as a means to securitize a state's share of annual tobacco settlement revenues. The Fund may invest significantly in PABs in general; in revenue bonds payable from revenues derived from similar projects, such as those in the health care, life care, education and special tax sectors; and in municipal bonds of issuers located in the same geographic area.

Generally, in determining whether to sell a security, the Adviser uses the same type of analysis that it uses when buying securities to determine whether the security continues to be a desirable investment for the Fund, including consideration of the security's current credit quality. The Adviser may also sell a security to reduce the Fund's holding in that security, to take advantage of what it believes are more attractive investment opportunities or to raise cash.

**PRINCIPAL RISKS OF INVESTING IN THE FUND** 

As with any mutual fund, there are risks to investing. Neither the Muni High Income Fund nor the Adviser can guarantee that the Fund will meet its investment goal. The Fund will expose you to risks that could cause you to lose money. Here are the principal risks to consider:

**Market Risk** – The market prices of the Fund's securities or other assets may move up and down, sometimes rapidly or unpredictably, due to general market conditions such as overall economic trends or events, inflation, changes in interest rates, government actions, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, political and geopolitical factors, economic sanctions, countermeasures in response to sanctions, government shutdowns, adverse investor sentiment, cybersecurity events, technological developments (such as artificial intelligence and machine learning), or local, regional or global events such as natural disasters or climate events, wars, terrorism, international conflicts, civil unrest, epidemics, pandemics or other public health issues. These fluctuations may cause a security to be worth less than the price originally paid for it, or less than it was worth at an earlier time. The market price of a security may also fall due to specific conditions that affect a particular sector of the securities market, a particular industry or a particular issuer or group of issuers. To the extent that securities of certain issuers behave or are perceived to behave similarly to each other, the market prices of those securities (or the market as a whole) may fall in response to a decline in the price of a particular security or group of securities. The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. The value of the Fund's investments may decline in tandem with a drop in the overall value of the stock market based on negative developments in the U.S. and global economies, which could result in losses for the Fund. Adverse market conditions may be prolonged and may not have the same impact on all types of investments. High public debt in the United States and other countries creates ongoing systemic and market risks and policymaking uncertainty. In addition, policy and legislative changes in the United States and in other countries are affecting many aspects of financial regulation, and may in some instances, contribute to decreased liquidity and increased volatility in the financial markets. The impact of these changes, and the practical implications for market participants, may not be fully known for some time.

Raising the ceiling on U.S. Government debt and passing periodic legislation to fund the government have become increasingly politicized. Any failure to do either could lead to a default on U.S. Government obligations, with unpredictable consequences for the Fund's investments and for economies and markets in the United States and elsewhere.

CITY NATIONAL ROCHDALE FUNDS \| PAGE 9

**Market Risk of Fixed Income Securities** – The prices of fixed income securities respond to economic developments, particularly interest rate changes, as well as to perceptions about the creditworthiness of individual issuers, including governments. Generally, fixed income securities decrease in value if interest rates rise and increase in value if interest rates fall, with lower rated and longer-maturity securities more volatile than higher rated and shorter-maturity securities. Additionally, especially during periods of declining interest rates, borrowers may pay back principal before the scheduled due date, requiring the Fund to replace a particular loan or bond with another, lower-yield security.

**High Yield ("Junk") Bonds** – High yield bonds generally involve greater risks of default, downgrade, or price declines and tend to be more volatile, less liquid, and more difficult to value than investment grade securities. High yield bonds are often thinly traded and can be more difficult to buy or sell at a favorable price or time. Issuers of high yield bonds may be more susceptible than other issuers to economic downturns and are subject to a greater risk that the issuer may not be able to pay interest or dividends and ultimately to repay principal upon maturity. Discontinuation of these payments could have a substantial adverse effect on the market value of the security and could result in losses for the Fund.

**Municipal Securities** – U.S. state and local governments issuing municipal securities held by the Fund rely on revenues including taxes and revenues from public and private projects to pay interest and principal on municipal debt. The payment of principal and interest on these obligations may be adversely affected by a variety of factors at the state or local level, including poor statewide or local economic results, changing political sentiments, legislation, policy changes or voter-based initiatives, erosion of the tax base or revenues of the state or one or more local governments, natural disasters, or other economic or credit problems.

**Taxes** – Although the Fund seeks to provide income exempt from federal income taxes, the Fund may invest in municipal bonds the interest on which is a Tax Preference Item. A Fund dividend attributable to such interest will also be a Tax Preference Item. If a noncorporate Fund shareholder's AMT liability increases as a result, that would reduce the Fund's after-tax return to the shareholder. In addition, the interest on the Fund's municipal bonds could become subject to regular federal income tax (e.g., because of noncompliant conduct by issuers).

**Credit Risk** – Changes in the credit quality rating of a security or changes in an issuer's financial condition can affect the Fund. A default on a security held by the Fund could cause the value of your investment in the Fund to decline. Investments in bank loans and lower rated debt securities involve higher credit risks. There is a relatively higher risk that the issuer of such loans or debt securities will fail to make timely payments of interest or principal, or go bankrupt. Credit risk may be high for the Fund because it invests in lower rated investment quality fixed income securities. In addition, the Fund may incur costs and may be hindered or delayed in enforcing its rights against an issuer.

**Interest Rate Risk** – The value of fixed income securities will fall if interest rates rise. Fixed income securities with longer maturities generally entail greater interest rate risk than those with shorter maturities. Changes in interest rates can be sudden and unpredictable and may expose the markets to significant volatility, which also may affect the liquidity of the Fund's investments and detract from Fund performance. A variety of factors can impact interest rates, including central bank monetary policies and inflation rates. Inflation and interest rates have been volatile and may increase in the future. The Fund's yield typically moves in the same direction as movements in short-term interest rates, although it does not do so as quickly. Recent and potential future changes in monetary and government policy made by central banks and governments are likely to impact the level of interest rates.

**Privately Placed and Restricted Securities Risk** – Privately placed and restricted securities, including those that are normally purchased pursuant to Rule 144A or Regulation S under the Securities Act of 1933, as amended (the "1933 Act"), may be considered illiquid. Privately placed and restricted securities typically may be resold only to qualified institutional buyers, or in a privately negotiated transaction, or to a limited number of purchasers, or in limited quantities after they have been held for a specified period of time and other conditions are met for an exemption from registration. Because there may be relatively few potential purchasers for such securities, especially under adverse market conditions or in the event of adverse changes in the financial condition of the issuer, the Fund may find it more difficult to sell such securities when it may be advisable to do so or it may be able to sell such securities only at prices lower than if such securities were more widely held and traded. The absence of an active trading market may also make it difficult to determine the fair value of such securities for purposes of computing the Fund's net asset value.

**Management and Operational Risk** – The Fund is subject to the risk that the Adviser's judgments and decisions may be incorrect or otherwise may not produce the desired results. The value of your investment may decrease if the Adviser's judgment about the quality, relative yield or value of, or market trends affecting, a particular security or issuer, industry, sector, region or market segment, or about the economy or interest rates, is incorrect. The Fund may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, or the analyses employed or relied on, by the Adviser, if such tools, resources or data are used incorrectly, fail to produce the desired results or otherwise do not work as intended, or if the Adviser's allocation techniques or investment style are out of favor or otherwise fail to produce the desired results. The Fund's investment strategies designed by the Adviser may not work as intended. In addition, the Fund's investment strategies or policies may change from time to time. Those changes may not lead to the results intended by the Adviser and could have an adverse effect on the value or performance of the Fund. Any of these things could cause the Fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.

The Fund also is subject to the risk of loss as a result of other services provided by the Adviser and other service providers, including pricing, administrative, accounting, tax, legal, custody, transfer agency and other services.

CITY NATIONAL ROCHDALE FUNDS \| PAGE 10

Operational risk includes the possibility of loss caused by inadequate procedures and controls, human error and cyber-attacks, disruptions and failures affecting, or by, a service provider.

**Liquidity Risk** – The Fund may make investments that are illiquid or that become illiquid after purchase. Illiquid investments can be difficult to value, may trade at a discount from comparable, more liquid investments, and may be subject to wide fluctuations in value. Liquidity risk may be magnified in rising interest rate or volatile environments. If the Fund is forced to sell an illiquid investment to meet redemption requests or other cash needs, the Fund may be forced to sell at a substantial loss or may not be able to sell at all. Liquidity of particular investments, or even entire asset classes, can deteriorate rapidly, particularly during times of market turmoil, and those investments may be difficult or impossible for the Fund to sell. This may prevent the Fund from limiting losses.

**Valuation Risk** – Certain investments may be more difficult to value than other types of investments. The sales price the Fund could receive for any particular portfolio investment may differ from the Fund's valuation of the investment, particularly for securities that trade in thin or volatile markets, that are priced based upon valuations provided by third-party pricing services that use matrix or evaluated pricing systems, or that are valued using other fair value methodologies. These differences may increase significantly and affect Fund investments more broadly during periods of market instability or volatility. Investors who purchase or redeem fund shares on days when the Fund is holding fair valued securities may receive fewer or more shares or lower or higher redemption proceeds than they would have received if the Fund had not fair valued securities or had used a different valuation methodology. Fair value pricing involves subjective judgment, which may prove to be incorrect. The Fund's ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third-party service providers.

**Credit Enhancement** – The securities in which the Fund invests may be subject to credit enhancement (for example, guarantees, letters of credit or bond insurance). If the credit quality of the credit enhancement provider (for example, a bank or bond insurer) is downgraded, the rating on a security credit enhanced by such credit enhancement provider also may be downgraded. Having multiple securities credit enhanced by the same enhancement provider will increase the adverse effects on the Fund that are likely to result from a downgrading of, or a default by, such an enhancement provider. Adverse developments in the banking or bond insurance industries also may negatively affect the Fund.

**Prepayments** – Many issuers have a right to prepay their securities. If interest rates fall, an issuer may exercise this right. If this happens, the Fund would be forced to reinvest prepayment proceeds at a time when yields on securities available in the market are lower than the yield on the prepaid security. The Fund also may lose any premium it paid on the security.

**Private Activity Bonds** – Municipalities and other public authorities issue PABs to finance development of industrial facilities for use by a private enterprise. The private enterprise pays the principal and interest on the bond, and the issuer does not pledge its faith, credit and taxing power for repayment.

**Rating Agencies** – Credit ratings are issued by rating agencies, which are private entities that provide ratings of the credit quality of debt obligations. A credit rating is not an absolute standard of quality, but rather a general indicator that reflects only the view of the originating rating agency. If a rating agency revises downward or withdraws its rating of a security in which the Fund invests, that security may become less liquid or may lose value. Rating agencies are subject to an inherent conflict of interest because they are often compensated by the issuers of the securities they rate.

**Defensive Investments** – During unusual economic or market conditions, or for temporary defensive or liquidity purposes, the Fund may invest up to 100% of its assets in cash or cash equivalents that would not ordinarily be consistent with the Fund's investment goal.

**Redemptions** – The Fund may experience heavy redemptions, particularly during periods of declining or illiquid markets, which could cause the Fund to liquidate its assets at inopportune times or at a loss or depressed value. Redemption risk is greater to the extent that the Fund has investors with large shareholdings, short investment horizons, or unpredictable cash flow needs.

**Cybersecurity Risk** – Cybersecurity incidents, both intentional and unintentional, may allow an unauthorized party to gain access to Fund assets, customer data (including private shareholder information), or proprietary information, or cause the Fund, the Adviser, and/or other service providers (including, but not limited to, custodians, sub-custodians, transfer agents and financial intermediaries) to suffer data breaches, data corruption or loss of operational functionality. A cybersecurity incident may disrupt the processing of shareholder transactions, impact the Fund's ability to calculate its net asset values, and prevent shareholders from exchanging or redeeming their shares. Cybersecurity incidents may render records of Fund assets and transactions, shareholder ownership of Fund shares, and other data integral to the functioning of the Fund inaccessible, inaccurate or incomplete. The use of artificial intelligence and machine learning could exacerbate these risks. Issuers of securities in which the Fund invests are also subject to cybersecurity risks, and the value of those securities could decline if the issuers experience cybersecurity incidents.

**Conflicts of Interest** – The Adviser and its affiliates are engaged in a variety of businesses and have interests other than those related to managing the Fund. The broad range of activities and interests of the Adviser and its affiliates gives rise to actual and potential conflicts of interest that could affect the Fund and its shareholders.

An investment in the Fund is not a deposit of City National Bank or Royal Bank of Canada and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

CITY NATIONAL ROCHDALE FUNDS \| PAGE 11

**PERFORMANCE** 

The bar chart and the performance table that follow illustrate some of the risks and volatility of an investment in the Muni High Income Fund by showing changes in the Fund's performance from year to year and by showing the Fund's average annual total returns for the indicated periods. Of course, the Fund's past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Call (888) 889-0799 or visit www.citynationalrochdalefunds.com to obtain updated performance information.

This bar chart shows the performance of the Muni High Income Fund Servicing Class shares based on a calendar year.

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| | | |
|:---|:---|:---|
| <br>![](fp0097122-2_12.jpg) | Best Quarter <br>6.81% <br>Q4 2023 | Worst Quarter <br>-7.08% <br>Q1 2022 |

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This table shows the average annual total returns of each class of the Muni High Income Fund for the periods ended December 31, 2025. The table also shows how the Fund's performance compares with the returns of an index comprised of investments similar to those held by the Fund.

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| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns**<br> (for the periods ended December 31, 2025) | One Year | Five Years | Ten Years |
| Servicing Class |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return Before Taxes | 4.17% | 0.65% | 2.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return After Taxes on Distributions | 4.13% | 0.59% | 2.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return After Taxes on Distributions and Sale of Fund Shares | 4.23% | 1.30% | 2.63% |
| Class N |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return Before Taxes | 3.80% | 0.39% | 2.08% |
| Bloomberg U.S. Municipal Bond Index | 4.25% | 0.80% | 2.34% |
| Bloomberg 60% Tax-Exempt High Yield/40% Municipal Investment Grade Custom Capped Custom Weighted Index Unhedged USD (Reflects no deduction for fees, expenses or taxes) | 3.17% | 1.64% | 3.56% |

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After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. The performance of Servicing Class shares does not reflect Class N shares' Rule 12b-1 fees and expenses. After-tax returns for Class N shares will vary from the after-tax returns shown above for Servicing Class shares. The after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.

**INVESTMENT ADVISER** 

RBC Rochdale, LLC

**PORTFOLIO MANAGERS** 

Douglas Gibbs, Director and Portfolio Manager/Senior High Yield Municipal Analyst of the Adviser, and Brian Winters, Director and Portfolio Manager/Senior High Yield Municipal Analyst of the Adviser, are primarily responsible for the day-to-day management of the Fund. Messrs. Gibbs and Winters have served as portfolio managers for the Fund since January 2017.

**PURCHASE AND SALE OF FUND SHARES** 

The Servicing Class shares of the Fund are available only to fiduciary, advisory, agency, custodial and other similar accounts, including separately managed accounts advised by the Adviser, maintained at City National Bank and certain retirement plan platforms. The Class N shares of the Fund are available to individual investors, partnerships, corporations and other accounts, including separately managed accounts of the Adviser not maintained at City National Bank. The Muni High Income Fund has no minimum purchase or minimum shareholder account balance requirements; however, you will have to comply with the purchase and account balance minimums of your

CITY NATIONAL ROCHDALE FUNDS \| PAGE 12

approved broker-dealer or other financial institution (each, an "Authorized Institution"). The Fund may require each Authorized Institution to meet certain aggregate investment levels before it may open an account with the Fund on behalf of its customers. Contact your Authorized Institution for more information.

The shares of the Muni High Income Fund are redeemable. You may redeem your shares only through your Authorized Institution. To redeem shares of the Fund, you should contact your Authorized Institution and follow its procedures, including deadlines for receipt by the Authorized Institution of your share redemption instructions. Your Authorized Institution may charge a fee for its services, in addition to the fees charged by the Fund.

**TAX INFORMATION** 

The Muni High Income Fund intends to distribute income that is exempt from regular federal income taxes. A portion of the Fund's distributions, however, may be subject to such taxes, and a significant portion is expected to be a Tax Preference Item subject to the federal AMT applicable to noncorporate taxpayers.

Supplemental tax reporting information concerning the City National Rochdale Funds is posted online at www.citynationalrochdalefunds.com under the "Important Tax Information" tab.

**PAYMENTS TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES** 

If you purchase the Muni High Income Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's web site for more information.

CITY NATIONAL ROCHDALE FUNDS \| PAGE 13

**City National Rochdale Fixed Income Opportunities Fund** 

**INVESTMENT GOAL** 

The City National Rochdale Fixed Income Opportunities Fund (the "Fixed Income Opportunities Fund" or the "Fund") seeks a high level of current income.

**FEES AND EXPENSES OF THE FUND** 

The table below describes the fees and expenses you may pay if you buy, hold, and sell shares of the Fixed Income Opportunities 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)

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| | | |
|:---|:---|:---|
|  | Servicing Class | Class N |
| Management Fees | 0.50% | 0.50% |
| Distribution (12b-1) Fee |  | 0.25% |
| Other Expenses |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholder Servicing Fee | &nbsp;&nbsp;&nbsp;&nbsp;0.25% | &nbsp;&nbsp;&nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Fund Expenses | &nbsp;&nbsp;&nbsp;&nbsp;0.20%<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Other Expenses | 0.45% | 0.45% |
| Acquired Fund Fees and Expenses | 0.01%<sup>(1)</sup> | 0.01% |
| Total Annual Fund Operating Expenses<sup>(2), (3)</sup> | 0.96% | 1.21% |

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<sup>(1)</sup> Based on estimates for the current fiscal year.

<sup>(2)</sup> The Total Annual Fund Operating Expenses do not correlate to the Ratio of Expenses to Average Net Assets (Excluding Waivers & Recovered Fees) appearing in the Financial Highlights table, which reflects only the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses. 

<sup>(3)</sup> The Fund's investment adviser has agreed to voluntarily limit its management fees or reimburse expenses to keep Total Annual Fund Operating Expenses (excluding taxes, interest, brokerage commissions, Acquired Fund Fees and Expenses, and extraordinary expenses) of Class N shares of the Fund at or below 1.09% of the Fund's average daily net assets. Any fee reductions or reimbursements to maintain this expense limitation may be repaid to the Fund's adviser within three years after they occur if such repayments can be achieved within the class's expense limitation in effect at the time such expenses were incurred and if certain other conditions are satisfied. The fee table does not reflect the impact of the voluntarily expense limitation. This expense limitation may be terminated at any time. 

**EXAMPLE** 

This Example is intended to help you compare the cost of investing in the Fixed Income Opportunities 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:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | 1 Year | 3 Years | 5 Years | 10 Years |
| Servicing Class | $98 | $306 | $531 | $1178 |
| Class N | $123 | $384 | $665 | $1466 |

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**PORTFOLIO TURNOVER** 

The Fund pays transaction costs 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 its most recent fiscal year, the portfolio turnover rate of the Fund was 40% of the average value of its portfolio.

CITY NATIONAL ROCHDALE FUNDS \| PAGE 14

**PRINCIPAL INVESTMENT STRATEGIES** 

Under normal conditions, the Fund invests at least 80% of its net assets (plus any borrowing for investment purposes) in fixed income securities, including floating rate loans. The Fund invests in both fixed rate and floating rate fixed income securities and may invest in fixed income securities of any credit rating. The Fund seeks to invest its net assets opportunistically across a broad spectrum of income yielding securities, including without limitation collateralized loan obligations ("CLOs"). The Fund generally expects to have exposure to high yield bonds (commonly known as "junk" bonds), first- and second-lien senior floating rate loans and other floating rate debt securities, bonds issued by sovereign issuers or quasi-sovereign issuers (i.e., entities that are fully guaranteed, or 100% directly or indirectly owned or controlled, by sovereign entities), and domestic and foreign corporate bonds including asset-backed securities, bank loans, zero coupon obligations, pay-in-kind bonds and trust preferred securities. The Fund may also invest in agency and non-agency mortgage-backed securities and asset-backed securities. The Fund's portfolio managers determine the portion of the Fund's assets invested in each asset class.

The Fund's foreign investments generally include investments in companies that are operating principally in emerging market or frontier market countries. The Fund considers a company to be operating principally in an emerging market or frontier market if (i) the company is incorporated or has its principal business activities in such a market or (ii) the company derives 50% or more of its revenues from, or has 50% or more of its assets in, such a market. The Fund considers a country to be an emerging market country if it has been determined by an international organization, such as the World Bank, to have a low to middle income economy. The Fund considers a country to be a frontier market country if it is included in the MSCI Frontier Markets Index. The Fund's foreign investments may be denominated in U.S. dollars or in local currencies.

The Fund may also invest in other income-producing securities consisting of preferred stocks, high dividend paying stocks, securities issued by other investment companies (including exchange-traded funds ("ETFs"), and money market funds), and money market instruments. Up to 100% of the Fund's assets may be held in instruments that are rated below investment grade by either by Standard & Poor's Ratings Services ("Standard & Poor's") or Moody's Investors Service, Inc. ("Moody's"), or in unrated securities determined by RBC Rochdale, LLC (the "Adviser"), the Fund's investment adviser, or a Fund sub-adviser to be of equal quality. Although the Adviser and sub-advisers may consider credit ratings in selecting investments for the Fund, the Adviser and the sub-advisers generally base their investment decisions for a particular instrument primarily on their own credit analyses and not on a credit rating by a nationally recognized statistical rating organization. The Adviser and sub-advisers generally consider, among other things, the issuer's financial resources and operating history, its sensitivity to economic conditions and trends, its debt maturity schedules and borrowing requirements, and relative values based on anticipated cash flow, interest and asset coverage. The Fund may invest in income producing securities and other instruments without regard to the maturity of any instrument or the average maturity or duration of the Fund as a whole.

In selecting the Fund's investments, the Adviser or the relevant sub-adviser analyzes an issuer's financial condition, business product strength, competitive position and management experience. The Fund may continue to own a security as long as the dividend or interest yields satisfy the Fund's goal, the credit quality meets the Adviser's or sub-adviser's fundamental criteria and the Adviser or sub-adviser believes the valuation is attractive and industry trends remain favorable. Generally, in determining whether to sell a security, the Adviser or relevant sub-adviser uses the same type of analysis that it uses when buying securities to determine whether the security continues to be a desirable investment for the Fund, including consideration of the security's current credit quality. The Adviser or sub-adviser may also sell a security to reduce the Fund's holding in that security, to take advantage of what it believes are more attractive investment opportunities or to raise cash.

**PRINCIPAL RISKS OF INVESTING IN THE FUND** 

As with any mutual fund, there are risks to investing. None of the Fixed Income Opportunities Fund, the Adviser or the Fund's sub-advisers can guarantee that the Fund will meet its investment goal. The Fund will expose you to risks that could cause you to lose money. Here are the principal risks to consider:

**Market Risk** – The market prices of the Fund's securities or other assets may move up and down, sometimes rapidly or unpredictably, due to general market conditions such as overall economic trends or events, inflation, changes in interest rates, government actions, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, political and geopolitical factors, economic sanctions, countermeasures in response to sanctions, government shutdowns, adverse investor sentiment, cybersecurity events, technological developments (such as artificial intelligence and machine learning), or local, regional or global events such as natural disasters or climate events, wars, terrorism, international conflicts, civil unrest, epidemics, pandemics or other public health issues. These fluctuations may cause a security to be worth less than the price originally paid for it, or less than it was worth at an earlier time. The market price of a security may also fall due to specific conditions that affect a particular sector of the securities market, a particular industry or a particular issuer or group of issuers. To the extent that securities of certain issuers behave or are perceived to behave similarly to each other, the market prices of those securities (or the market as a whole) may fall in response to a decline in the price of a particular security or group of securities. The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. The value of the Fund's investments may decline in tandem with a drop in the overall value of the stock market based on negative developments in the U.S. and global economies, which could result in losses for the Fund. Adverse market conditions may be prolonged and may not have the same

CITY NATIONAL ROCHDALE FUNDS \| PAGE 15

impact on all types of investments. High public debt in the United States and other countries creates ongoing systemic and market risks and policymaking uncertainty. In addition, policy and legislative changes in the United States and in other countries are affecting many aspects of financial regulation, and may in some instances, contribute to decreased liquidity and increased volatility in the financial markets. The impact of these changes, and the practical implications for market participants, may not be fully known for some time.

Raising the ceiling on U.S. Government debt and passing periodic legislation to fund the government have become increasingly politicized. Any failure to do either could lead to a default on U.S. Government obligations, with unpredictable consequences for the Fund's investments and for economies and markets in the United States and elsewhere.

**Market Risk of Fixed Income Securities** – The prices of fixed income securities respond to economic developments, particularly interest rate changes, as well as to perceptions about the creditworthiness of individual issuers, including governments. Generally, fixed income securities decrease in value if interest rates rise and increase in value if interest rates fall, with lower rated and longer-maturity securities more volatile than higher rated and shorter-maturity securities. Additionally, especially during periods of declining interest rates, borrowers may pay back principal before the scheduled due date, requiring the Fund to replace a particular loan or bond with another, lower-yield security.

**Issuer Risk** – The Fund may be adversely affected if the issuers of securities that the Fund holds do not make their principal or interest payments on time. In addition, the Fund may incur costs and may be hindered or delayed in enforcing its rights against an issuer. Additionally, the value of a security may decline for a number of reasons which directly relate to the issuer, such as management performance, financial leverage, reduced demand for the issuer's goods or services, the historical and prospective earnings of the issuer, major litigation or other controversies related to the issuer, changes in the issuer's financial condition or credit rating, or the value of the issuer's assets.

**Credit Risk** – Changes in the credit quality rating of a security or changes in an issuer's financial condition can affect the Fund. A default on a security held by the Fund could cause the value of your investment in the Fund to decline. Investments in lower rated bank loans and lower rated debt securities involve higher credit risks. There is a relatively higher risk that the issuer of such loans or debt securities will fail to make timely payments of interest or principal, or go bankrupt. Credit risk may be high for the Fund because it invests in lower rated investment quality fixed income securities. In addition, the Fund may incur costs and may be hindered or delayed in enforcing its rights against an issuer.

**Interest Rate Risk** – The value of fixed income securities will fall if interest rates rise. Fixed income securities with longer maturities generally entail greater interest rate risk than those with shorter maturities. Changes in interest rates can be sudden and unpredictable and may expose the markets to significant volatility, which also may affect the liquidity of the Fund's investments and detract from Fund performance. A variety of factors can impact interest rates, including central bank monetary policies and inflation rates. Inflation and interest rates have been volatile and may increase in the future. The Fund's yield typically moves in the same direction as movements in short-term interest rates, although it does not do so as quickly. Recent and potential future changes in monetary and government policy made by central banks and governments are likely to impact the level of interest rates.

**High Yield ("Junk") Bonds** – High yield bonds generally involve greater risks of default, downgrade, or price declines and tend to be more volatile, less liquid, and more difficult to value than investment grade securities. High yield bonds are often thinly traded and can be more difficult to buy or sell at a favorable price or time. Issuers of high yield bonds may be more susceptible than other issuers to economic downturns and are subject to a greater risk that the issuer may not be able to pay interest or dividends and ultimately to repay principal upon maturity. Discontinuation of these payments could have a substantial adverse effect on the market value of the security and could result in losses for the Fund.

**Privately Placed and Restricted Securities Risk** – Privately placed and restricted securities, including those that are normally purchased pursuant to Rule 144A or Regulation S under the Securities Act of 1933, as amended (the "1933 Act"), may be considered illiquid. Privately placed and restricted securities typically may be resold only to qualified institutional buyers, or in a privately negotiated transaction, or to a limited number of purchasers, or in limited quantities after they have been held for a specified period of time and other conditions are met for an exemption from registration. Because there may be relatively few potential purchasers for such securities, especially under adverse market conditions or in the event of adverse changes in the financial condition of the issuer, the Fund may find it more difficult to sell such securities when it may be advisable to do so or it may be able to sell such securities only at prices lower than if such securities were more widely held and traded. The absence of an active trading market may also make it difficult to determine the fair value of such securities for purposes of computing the Fund's net asset value.

**Market Risk of Equity Securities** – By investing directly or indirectly in stocks, the Fund may expose you to a sudden decline in the share price of a particular portfolio holding or to an overall decline in the stock market. In addition, the Fund's principal market segment may underperform other segments or the market as a whole. The value of your investment in the Fund will fluctuate daily and cyclically based on movements in the stock market and the activities of individual companies in the Fund's portfolio. Common stocks are susceptible to general stock market fluctuations and to volatile increases and decreases in value as market confidence in and perceptions of their issuers change. Preferred stock is subject to the risk that the dividend on the stock may be changed or omitted by the issuer, and that participation in the growth of the issuer may be limited. Preferred stock typically has "preference" over common stock in the payment of distributions and the liquidation of a company's assets, but is subordinated to bonds and other debt instruments. In addition, preferred stockholders generally do not have voting rights with respect to the issuing company.

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**Management and Operational Risk** – The Fund is subject to the risk that the Adviser's or a sub-adviser's judgments and decisions may be incorrect or otherwise may not produce the desired results. The value of your investment may decrease if the Adviser's or a sub-adviser's judgment about the quality, relative yield or value of, or market trends affecting, a particular security or issuer, industry, sector, region or market segment, or about the economy or interest rates, is incorrect. The Fund may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, or the analyses employed or relied on, by the Adviser or a sub-adviser, if such tools, resources or data are used incorrectly, fail to produce the desired results or otherwise do not work as intended, or if the Adviser's or a sub-adviser's allocation techniques or investment style are out of favor or otherwise fail to produce the desired results. The Fund's investment strategies designed by the Adviser or a sub-adviser may not work as intended. In addition, the Fund's investment strategies or policies may change from time to time. Those changes may not lead to the results intended by the Adviser or a sub-adviser and could have an adverse effect on the value or performance of the Fund. Any of these things could cause the Fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.

The Fund also is subject to the risk of loss as a result of other services provided by the Adviser, a sub-adviser, and other service providers, including pricing, administrative, accounting, tax, legal, custody, transfer agency and other services.

Operational risk includes the possibility of loss caused by inadequate procedures and controls, human error and cyber-attacks, disruptions and failures affecting, or by, a service provider.

**Liquidity Risk** – The Fund may make investments that are illiquid or that become illiquid after purchase. Illiquid investments can be difficult to value, may trade at a discount from comparable, more liquid investments, and may be subject to wide fluctuations in value. Liquidity risk may be magnified in rising interest rate or volatile environments. If the Fund is forced to sell an illiquid investment to meet redemption requests or other cash needs, the Fund may be forced to sell at a substantial loss or may not be able to sell at all. Liquidity of particular investments, or even entire asset classes, can deteriorate rapidly, particularly during times of market turmoil, and those investments may be difficult or impossible for the Fund to sell. This may prevent the Fund from limiting losses.

**Sub-Adviser Allocation** – The Fund's performance is affected by the Adviser's decisions concerning how much of the Fund's portfolio to allocate for management by each of the Fund's sub-advisers or to retain for management by the Adviser.

**Foreign Securities** – Investments in securities of foreign issuers tend to be more volatile than domestic securities because of economic and social conditions abroad, political developments, and changes in the regulatory environments of foreign countries. Changes in currency rates and exchange control regulations, and the imposition of sanctions, withholding taxes on income, confiscations, trade restrictions (including tariffs) and other government restrictions by the United States and/or other governments may adversely affect the value of the Fund's investments in foreign securities. There may be less government supervision of foreign markets. As a result, foreign issuers may not be subject to the uniform accounting, auditing, and financial reporting standards and practices applicable to domestic issuers, and there may be less publicly available information about foreign issuers. Foreign securities may be less liquid and more difficult to value than domestic securities.

**Emerging Market Securities** – Many of the risks with respect to foreign securities are more pronounced for investments in developing or emerging market countries. Emerging market countries may have more government exchange controls, more volatile interest and currency exchange rates, less market regulation, and less developed and less stable securities markets and economic, political, and legal systems than those of more developed countries. There may be less publicly available and reliable information about issuers in emerging markets than is available about issuers in more developed markets. In addition, emerging market countries may experience high levels of inflation and may have less liquid securities markets and less efficient trading and settlement systems. Their economies also depend heavily upon international trade and may be adversely affected by protective trade barriers and the economic and political conditions of their trading partners. In addition, there may be restrictions on investments in Chinese companies. For example, the President of the United States signed an Executive Order in 2021 prohibiting U.S. persons from purchasing or investing in publicly-traded securities of companies identified by the U.S. Government as "Chinese Military-Industrial Complex Companies." The list of such companies can change from time to time, and as a result of forced selling or an inability to participate in an investment the Adviser or a sub-adviser otherwise believes is attractive, the Fund may incur losses.

**Frontier Market Securities** – Frontier market countries are a sub-set of emerging market countries the capital markets of which are less developed, generally less liquid and have lower market capitalization than those of the more developed, "traditional" emerging markets but which still demonstrate a relative market openness to and accessibility for foreign investors. Frontier market countries generally have smaller economies and even less developed capital markets and political systems with relatively newer and less tested regulatory and legal systems than traditional emerging markets, and, as a result, the risks discussed above with respect to emerging markets are magnified in frontier market countries. Securities issued by borrowers in frontier market countries are often subject to extreme price volatility and illiquidity and effects stemming from government ownership or control of parts of private sector and of certain companies; trade barriers, exchange controls, managed adjustments in relative currency values and other protectionist measures imposed or negotiated by the countries with which frontier market countries trade; and relatively new and unsettled securities laws.

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**Valuation Risk** – Certain investments may be more difficult to value than other types of investments. The sales price the Fund could receive for any particular portfolio investment may differ from the Fund's valuation of the investment, particularly for securities that trade in thin or volatile markets, that are priced based upon valuations provided by third-party pricing services that use matrix or evaluated pricing systems, or that are valued using other fair value methodologies. These differences may increase significantly and affect Fund investments more broadly during periods of market instability or volatility. Investors who purchase or redeem fund shares on days when the Fund is holding fair valued securities may receive fewer or more shares or lower or higher redemption proceeds than they would have received if the Fund had not fair valued securities or had used a different valuation methodology. Fair value pricing involves subjective judgment, which may prove to be incorrect. The Fund's ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third-party service providers.

**Foreign Currency** – As long as the Fund holds a foreign security, its value will be affected by the value of the local currency relative to the U.S. dollar. The value of a foreign currency may decline in relation to the U.S. dollar while the Fund holds securities denominated in such currency, and currency conversion costs and currency fluctuations could erase investment gains or add to investment losses. Currency exchange rates can be volatile and can be affected by, among other factors, the general economics of a country or the actions of the United States or foreign governments or central banks. U.S. dollar-denominated securities of foreign issuers may also be affected by currency risk, as the value of these securities may also be affected by changes in the issuer's local currency. The Fund may be unable or may choose not to hedge its foreign currency exposure.

**Extension** – Rising interest rates can cause the average maturity of the Fund's holdings of mortgage-backed, asset-backed and other pass-through securities to lengthen unexpectedly due to a drop in prepayments. This would increase the sensitivity of the Fund to rising rates and the potential for price declines of portfolio securities.

**Prepayments** – As a general rule, prepayments of principal of loans underlying mortgage-backed, asset-backed or other pass-through securities increase during a period of falling interest rates and decrease during a period of rising interest rates. In periods of declining interest rates, as a result of prepayments the Fund may be required to reinvest its assets in securities with lower interest rates. In periods of increasing interest rates, the securities subject to prepayment risk held by the Fund may exhibit price characteristics of longer-term debt securities.

**Bank Loans** – The Fund may invest in U.S. and non-U.S. bank loans. Bank loans are not traded on an exchange and purchasers and sellers of bank loans generally rely on market makers, typically the administrative agent under a bank loan, to effect private sales transactions. As a result, bank loans may have relatively less liquidity than other types of fixed income assets, and the Fund may be more likely to incur losses on the sale of bank loans than on other, more liquid, investments. The lack of an active trading market may also make it more difficult to value floating rate loans.

Loan instruments may not be readily marketable and may be subject to restrictions on resale. In some cases, negotiations involved in disposing of loans may require weeks to complete. Thus, transactions in loan instruments may take longer than seven days to settle, which may result in the Fund not receiving proceeds from the sale of a loan for an extended period. This could pose a liquidity risk to the Fund and, if the Fund's exposure to such investments is substantial, could impair the Fund's ability to meet shareholder redemptions in a timely manner.

The Fund's investments in non-U.S. bank loans are subject to additional risks including future unfavorable political and economic developments, possible withholding taxes on interest income, seizure or nationalization of foreign deposits, currency controls, interest limitations, or other governmental restrictions which might affect the payment of principal or interest on the bank loans held by the Fund.

**Collateralized Loan Obligations** – CLOs are securities backed by an underlying portfolio of loan obligations. CLOs issue classes or "tranches" that vary in risk and yield and may experience substantial losses due to actual defaults, decrease in market value due to collateral defaults and removal of subordinate tranches, market anticipation of defaults and investor aversion to CLO securities as a class. The risks of investing in CLOs depend largely on the tranche invested in and the type of the underlying loans in the tranche of the CLO in which the Fund invests. CLOs also carry risks including, but not limited to, interest rate risk and credit risk, which are described herein. For example, a liquidity crisis in the global credit markets could cause substantial fluctuations in prices for leveraged loans and high-yield debt securities and limited liquidity for such instruments. When the Fund invests in CLOs, in addition to directly bearing the expenses associated with its own operations, it may bear a pro rata portion of the CLO's expenses.

**ETFs** – ETFs typically trade on securities exchanges and their shares may, at times, trade at a premium or discount to their net asset values. In addition, an ETF may not replicate exactly the performance of the benchmark index or group of indices it seeks to track for a number of reasons, including transaction costs incurred by the ETF, the temporary unavailability of certain index securities in the secondary market or discrepancies between the ETF and the index with respect to the weighting of securities or the number of securities held.

By investing in the Fund, shareholders indirectly bear fees and expenses charged by the ETFs in which the Fund invests, in addition to the Fund's direct fees and expenses. Further, the Fund is subject to the effects of the business and regulatory developments that affect ETFs and the investment company industry generally.

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**Closed-End Funds** – Unlike conventional mutual funds which continually offer new shares for sale to the investing public, closed-end funds ("CEFs") are exchange-traded and issue only a limited number of shares. CEFs may trade at a discount or premium to their net asset value and may trade at a larger discount or smaller premium subsequent to purchase by the Fund. In addition, CEFs may trade infrequently, with small volume, which may make it difficult for the Fund to buy and sell shares. Also, CEFs are allowed to invest in a greater amount of illiquid securities than mutual funds, and CEFs may employ leverage to a greater extent than mutual funds.

**Financial Services Firms** – The Fund invests in obligations of financial services firms, including those of banks. Changes in economic conditions and government regulations can significantly affect these issuers.

**Underlying Funds** – To the extent the Fund invests in other funds, the risks associated with investing in the Fund are closely related to the risks associated with the securities and other investments held by the underlying funds. The ability of the Fund to achieve its investment goal depends in part upon the ability of the underlying funds to achieve their investment goals. The underlying funds may not achieve their investment goals. In addition, by investing in the Fund, shareholders indirectly bear fees and expenses charged by the underlying funds in addition to the Fund's direct fees and expenses. Further, the Fund is subject to the effects of the business and regulatory developments that affect these underlying funds and the investment company industry generally.

**Volatility** – Because of the speculative nature of the income securities in which the Fund invests, the Fund may fluctuate in price more than other bond and income funds.

**Portfolio Turnover** – The Fund will sell a security when its portfolio managers believe it is appropriate to do so, regardless of how long the Fund has owned that security. Buying and selling securities, including replacing securities that have matured or been called, generally involves some expense to the Fund, such as commissions paid to brokers and other transaction costs. By selling a security, the Fund may realize taxable capital gains that it will subsequently distribute to shareholders. Generally speaking, the higher the Fund's annual portfolio turnover, the greater its brokerage costs and the greater the likelihood that it will realize taxable capital gains. Increased brokerage costs may adversely affect the Fund's performance. Annual portfolio turnover of 100% or more is considered high.

**Rating Agencies** – Credit ratings are issued by rating agencies, which are private entities that provide ratings of the credit quality of debt obligations. A credit rating is not an absolute standard of quality, but rather a general indicator that reflects only the views of the originating rating agency. If a rating agency revises downward or withdraws its rating of a security in which the Fund invests, that security may become less liquid or may lose value. Rating agencies are subject to an inherent conflict of interest because they are often compensated by the issuers of the securities they rate.

**Defensive Investments** – During unusual economic or market conditions, or for temporary defensive or liquidity purposes, the Fund may invest up to 100% of its assets in cash or cash equivalents that would not ordinarily be consistent with the Fund's investment goal.

**Redemptions** – The Fund may experience heavy redemptions, particularly during periods of declining or illiquid markets, which could cause the Fund to liquidate its assets at inopportune times or at a loss or depressed value. Redemption risk is greater to the extent that the Fund has investors with large shareholdings, short investment horizons, or unpredictable cash flow needs.

**Cybersecurity Risk** – Cybersecurity incidents, both intentional and unintentional, may allow an unauthorized party to gain access to Fund assets, customer data (including private shareholder information), or proprietary information, or cause the Fund, the Adviser, and/or other service providers (including, but not limited to, custodians, sub-custodians, transfer agents and financial intermediaries) to suffer data breaches, data corruption or loss of operational functionality. A cybersecurity incident may disrupt the processing of shareholder transactions, impact the Fund's ability to calculate its net asset values, and prevent shareholders from exchanging or redeeming their shares. Cybersecurity incidents may render records of Fund assets and transactions, shareholder ownership of Fund shares, and other data integral to the functioning of the Fund inaccessible, inaccurate or incomplete. The use of artificial intelligence and machine learning could exacerbate these risks. Issuers of securities in which the Fund invests are also subject to cybersecurity risks, and the value of those securities could decline if the issuers experience cybersecurity incidents.

**Conflicts of Interest** – The Adviser, sub-advisers and their respective affiliates are engaged in a variety of businesses and have interests other than those related to managing the Fund. The broad range of activities and interests of the Adviser and its affiliates gives rise to actual and potential conflicts of interest that could affect the Fund and its shareholders.

An investment in the Fund is not a deposit of City National Bank or Royal Bank of Canada and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

**PERFORMANCE** 

The bar chart and the performance table that follow illustrate some of the risks and volatility of an investment in the Fixed Income Opportunities Fund by showing the changes in the Fund's performance from year to year and by showing the Fund's average annual total returns for the indicated periods. Of course, the Fund's past performance does not necessarily indicate how the Fixed Income Opportunities Fund will perform in the future. Call (888) 889-0799 or visit www.citynationalrochdalefunds.com to obtain updated performance information.

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Unless otherwise indicated, the bar chart and the performance table assume reinvestment of dividends and distributions.

This bar chart shows the performance of the Fixed Income Opportunities Fund's Class N shares based on a calendar year.

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| | | |
|:---|:---|:---|
| <br>![](fp0097122-2_20.jpg) | Best Quarter <br>14.57% <br>Q2 2020 | Worst Quarter <br>-17.74% <br>Q1 2020 |

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This table shows the average annual total returns of the Class N shares of the Fixed Income Opportunities Fund for the periods ended December 31, 2025. Servicing Class shares are not currently available for purchase and performance information for the Servicing Class shares will be included after the Servicing Class shares have been in operation for one complete calendar year. The table also shows how the Fund's performance compares with the returns of indices comprised of investments similar to those held by the Fund.

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| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns**<br> (for the periods ended December 31, 2025) | One Year | Five Years | Ten Years |
| Class N |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return Before Taxes | 8.07% | 3.35% | 4.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return After Taxes on Distributions | 5.46% | 0.59% | 1.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return After Taxes on Distributions and Sale of Fund Shares | 4.74% | 1.32% | 2.10% |
| Bloomberg Global Aggregate Bond Index (USD) (Reflects no deduction for fees, expenses or taxes) | 8.17% | -2.15% | 1.26% |
| Bloomberg Global Aggregate Corporate Total Return Index Hedged USD (Reflects no deduction for fees, expenses or taxes) | 7.08% | 0.64% | 3.40% |
| Blended Index - 40/35/25 hybrid of the following three indices: | 8.59% | 3.51% | 4.57%  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bloomberg Multiverse Total Return Index Value Hedged USD S&P Global Leveraged Loan Index Bloomberg Emerging Markets High Yield Index (Reflects no deduction for fees, expenses or taxes) |  |  |  |

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

**INVESTMENT ADVISER** 

RBC Rochdale, LLC

**SUB-ADVISERS** 

Benefit Street Partners Limited (formerly known as Alcentra Limited)

BSP NY LLC (formerly known as Alcentra NY, LLC)

Federated Investment Management Company

Seix Investment Advisors, a division of Virtus Fixed Income Advisers, LLC

T. Rowe Price Associates, Inc.

**PORTFOLIO MANAGERS** 

Thomas H. Ehrlein, Director of Investment Solutions at the Adviser, and Charles Luke, Chief Investment Officer of the Adviser, are primarily responsible for the day-to-day management of the Fund. Messrs. Ehrlein and Luke have served as portfolio managers for the Fund since May 2020.

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**PURCHASE AND SALE OF FUND SHARES** 

The Class N shares of the Fund are available to individual investors, partnerships, corporations and other accounts, including separately managed accounts advised by the Adviser, and certain tax-deferred retirement plans (including 401(k) plans, employer-sponsored 403(b) plans, 457 plans, profit sharing and money purchase pension plans, defined benefit plans and non-qualified deferred compensation plans) held in plan level or omnibus accounts. Shares of the Fixed Income Opportunities Fund may be purchased, redeemed or exchanged through the Fund's transfer agent or through an approved broker-dealer or other financial institution (each an "Authorized Institution"). There are no minimum purchase or minimum shareholder account balance requirements for the Class N shares of the Fund; however, you will have to comply with any purchase and account balance minimums of your Authorized Institution. The Fund may require each Authorized Institution to meet certain aggregate investment levels before it may open an account with the Fund on behalf of its customers. Contact your Authorized Institution for more information.

Servicing Class shares of the Fund are not currently available for purchase.

The shares of the Fixed Income Opportunities Fund are redeemable on any day that the New York Stock Exchange ("NYSE") is open for business. Contact the Fund's transfer agent at 1-866-209-1967 or your Authorized Institution for instructions on how you may redeem or exchange shares of the Fund. Your Authorized Institution may charge a fee for its services, in addition to the fees charged by the Fund.

**TAX INFORMATION** 

The Fixed Income Opportunities Fund intends to make distributions that may be taxed as ordinary income or capital gains.

Supplemental tax reporting information concerning the City National Rochdale Funds is posted online at www.citynationalrochdalefunds.com under the "Important Tax Information" tab.

**PAYMENTS TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES** 

If you purchase the Fixed Income Opportunities Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's web site for more information.

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**more about the funds** 

For ease of reference, this Prospectus refers to certain sub-groups of the City National Rochdale Funds (the "Trust") as follows:

● **Bond Funds** – Muni High Income Fund and Fixed Income Opportunities Fund

● **Funds** – Government Money Fund and Bond Funds

The investment goal(s) of each Fund, except for the Fixed Income Opportunities Fund, can only be changed with shareholder approval. The investment goal of the Fixed Income Opportunities Fund is non-fundamental and can be changed without shareholder approval by the Fund's Board of Trustees upon at least 60 days' notice to shareholders. For all Funds, any policy to invest at least 80% of a Fund's net assets in specific types of investments may be changed by the Funds' Board of Trustees upon at least 60 days' notice to shareholders.

If you wish to learn more about each Fund's principal investments and other securities in which each Fund may invest, please review the SAI.

**More about the Government Money Fund** 

**MORE ABOUT THE PRINCIPAL INVESTMENT STRATEGIES** 

**MATURITY** 

The Government Money Fund invests in securities that, at the time of purchase, have remaining maturities of 397 days or less. The Government Money Fund maintains a weighted average maturity of not more than 60 days and a weighted average life of not more than 120 days in accordance with applicable regulations. If, after purchase, the maturity on a security is extended, the Adviser or the Board of Trustees (if required by applicable regulations) will decide whether the security should be held or sold.

**LIQUIDITY** 

The Government Money Fund must follow strict rules with respect to the liquidity of its portfolio securities, including, as applicable, daily and weekly liquidity requirements. In addition, the Government Money Fund may not purchase illiquid securities if, as a result of the acquisition, more than 5% of the Fund's total assets would be invested in illiquid securities. Illiquid securities are those that a Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the securities. Securities that are deemed liquid at the time of purchase by a Fund may become illiquid following purchase.

**NEGATIVE INTEREST RATE SCENARIOS** 

Should the Government Money Fund have a negative gross yield as the result of negative interest rates, the Fund may account for the negative gross yield by either using a floating NAV or a share cancellation mechanism that seeks to maintain a stable net asset value of the Fund by reducing the number of its shares outstanding. If the Government Money Fund converts to a floating NAV, any losses the Fund experiences due to negative interest rates will be reflected in a declining NAV per share. Under a share cancellation mechanism, shareholders in the Government Money Fund would observe a stable share price but a declining number of shares for their investment. This means that such an investor would lose money when the Government Money Fund cancels shares. In either situation, the Board of Trustees will need to determine that the approach is in the best interests of the Government Money Fund and its shareholders.

**More about the Bond Funds** 

The Adviser periodically reviews the creditworthiness of issuers held by the Bond Funds. The Adviser's credit analysis process includes not only a review of the rating agencies' assigned ratings but also a review of the specific factors central to those ratings assessments, as well as the factors that could cause a change in the assigned ratings. See the SAI for a discussion of fixed income ratings.

The Adviser and the applicable sub-advisers consider duration, among other factors, in selecting fixed income securities for the Bond Funds. Duration is a measure used to determine the sensitivity of a security's price to changes in interest rates. The longer a portfolio's duration, the more sensitive it is to changes in interest rates.

**MORE ABOUT THE MUNI HIGH INCOME FUND** 

The Adviser periodically reviews the creditworthiness of issuers held by the Muni High Income Fund. The Adviser's credit analysis process includes not only a review of the rating agencies' assigned ratings but also a review of the specific factors central to those ratings assessments, as well as the factors that could cause a change in the assigned ratings. The Adviser considers, among other things, the issuer's financial resources and operating history, its sensitivity to economic conditions and trends, the ability of its management, its debt maturity schedules and borrowing requirements, and relative values based on anticipated cash flow, interest and asset coverage, and earnings prospects. See the SAI for a discussion of fixed income ratings.

The Adviser considers duration, among other factors, in selecting fixed income securities for the Muni High Income Fund. Duration is a measure used to determine the sensitivity of a security's price to changes in interest rates. The longer a portfolio's duration, the more sensitive it is to changes in interest rates.

The Fund primarily invests in revenue bonds, which are payable only from specific sources, such as the revenue from a particular project, a special tax, lease payments and/or appropriated funds.

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Revenue bonds include certain PABs, which finance privately operated facilities. Revenue bonds also include housing bonds that finance pools of single-family home mortgages and student loan bonds that finance pools of student loans, as well as bonds that finance charter schools. Revenue bonds also include tobacco bonds that are issued by state-created special purpose entities as a means to securitize a state's share of annual tobacco settlement revenues.

**MORE ABOUT THE FIXED INCOME OPPORTUNITIES FUND** 

The Adviser serves as the Fixed Income Opportunities Fund's primary investment adviser and retains the authority to manage the Fund's assets. The Adviser has, however, engaged five sub-advisers, Benefit Street Partners Limited (formerly known as Alcentra Limited) ("BSP"), BSP NY LLC (formerly known as Alcentra NY, LLC) ("BSP NY"), Federated Investment Management Company ("Federated"), Seix Investment Advisors, a division of Virtus Fixed Income Advisers, LLC ("Seix"), and T. Rowe Price Associates, Inc. ("T. Rowe Price," and together with BSP, BSP NY, Federated and Seix, the "Sub-Advisers") to make day-to-day investment decisions for portions of the Fund and, in particular, to manage the Fund's investments in high yield securities, bank loans, CLOs, private loans, royalties, and related instruments. The Adviser is responsible for overseeing and monitoring the Sub-Advisers.

The investment selection process followed by each of BSP, BSP NY, Federated, Seix and T. Rowe Price is summarized below.

The Fund may hold low or non-dividend paying stocks from time to time, including as a result of a restructuring of a debt instrument held by the Fund.

**THE BSP INVESTMENT SELECTION PROCESS** 

BSP is primarily responsible for the Fixed Income Opportunities Fund's investments in European non-investment grade bank loans. BSP seeks to identify investment opportunities that provide healthy current income and may offer the potential for capital appreciation, whilst managing downside risk.

BSP employs a disciplined six stage investment process which relies on rigorous bottom-up research, utilizing a top-down overlay, and is governed by strong risk management. The bottom-up process includes sector, credit and asset selection. Elements of our top-down process include an assessment of fundamental, technical, and valuation factors that shape overall risks and themes. Risk management limits downside risk at the portfolio, sector and credit levels.

The credit selection process involves a detailed review of a company's industry position, cash flow consistency and sustainability, liquidity, capital structure, leverage, and management capabilities, followed by an in-depth review of structure and documentation. Analysts produce a detailed due diligence credit paper analysing the company and assigns the credit an internal rating which takes credit status, liquidity and implied debt cover into account and a recommendation. This detailed credit paper is then presented to the Investment Committee for discussion/approval. The Investment Committee consists of experienced investment professionals and meets on an on-going basis as needed, at least once a week. Majority approval is required, after which any buy decisions are delegated to Portfolio Managers for approved issuers.

**THE BSP NY AND BENEFIT STREET PARTNERS LIMITED INVESTMENT SELECTION PROCESS** 

Together with Benefit Street Partners Limited, BSP NY (together, "BSP Group") is responsible for the Fixed Income Opportunities Fund's investments in U.S. and European CLO rated debt. BSP Group seeks to generate attractive risk-adjusted returns by investing predominantly in what BSP Group believes to be undervalued tranches of U.S. and European CLOs.

BSP Group's CLO investment philosophy is based on a credit focused, bottom-up approach. The key components of the investment process are sourcing, fundamental analysis, team discussion and investment decision, execution and trading, and monitoring. The investment process is underpinned by detailed fundamental credit analysis. The four underlying elements of this fundamental analysis are: 1) collateral analysis; 2) liability analytics; 3) cash flow analytics, and 4) documentation review. During its analysis, BSP Group focuses on several areas including default and downgrade rates, yield, price, potential investment return, and the weighted average life of the investment. When analyzing the value and suitability of CLO tranches BSP Group also considers the collateral composition, subordination levels and cash flows, and reviews underlying collateral for downgrade and default risk of individual assets, recovery rate expectations, the amount of second lien and mezzanine exposure in the portfolio, the pricing of the underlying assets, distressed assets within the pool and pre-payment rates. The suitability of an investment is a consensus-driven process; however, the ultimate buy/sell decisions are made by the portfolio managers.

**THE FEDERATED INVESTMENT SELECTION PROCESS** 

Federated is primarily responsible for the Fixed Income Opportunities Fund's investments in high yield securities. In making investment decisions with respect to high yield securities, Federated selects securities it believes have attractive risk-return characteristics. Federated typically analyzes the issuer's financial condition, business and product strength, competitive position and management expertise in an effort to seek to identify issuers with the ability to meet their obligations and the potential to improve their overall financial health. Federated strives to adhere to a strong sell discipline and generally effects a sale if it believes a security's future total return has become less attractive relative to other securities, the company begins to perform poorly, the industry outlook changes, or any other event occurs that changes Federated's investment conclusion.

As part of analysis inherent in its security selection process, among other factors, Federated also evaluates whether environmental, social and governance factors could have positive or negative impact on the risk profiles of many issuers in the universe of securities in which the Fund may invest.

Federated may also consider information derived from active engagements conducted by its in-house stewardship team with certain issuers or guarantors on environmental, social and governance topics. This qualitative analysis does not

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automatically result in including or excluding specific securities but may be used by Federated as an additional in its primary analysis.

**THE SEIX INVESTMENT SELECTION PROCESS** 

Seix is primarily responsible for the Fixed Income Opportunities Fund's investments in high yield bonds and bank loans. In deciding which instruments to buy or sell, Seix typically emphasizes debt instruments that are in the higher rated segment of the high yield market — i.e., BB & B rated credits (rated either BB or B by Standard & Poor's Rating Services or Ba or b by Moody's Investors Service or securities deemed of comparable quality by Seix). Seix uses an investment approach that employs a targeted universe, in-depth company research, active but constrained industry weightings, and what it believes to be optimal security structures.

Security selection is the key component of this process. Seix undertakes rigorous credit research and analysis in an effort to identify value opportunities, and Seix analysts and portfolio managers continuously monitor individual issuers as well as the industries in which the Fund may invest.

**THE T. ROWE PRICE INVESTMENT SELECTION PROCESS** 

T. Rowe Price is responsible for a portion of the Fixed Income Opportunities Fund's investments in high yield emerging market securities. T. Rowe Price focuses its investments on bonds issued by corporate issuers that are located or listed in, or conduct the predominant part of their business activities in, the emerging market countries of Latin America, Asia, Europe, Africa, and the Middle East. Security selection relies heavily on research, which analyzes political and economic trends as well as the creditworthiness of particular issuers. This in-depth analysis seeks to identify shifts in country fundamentals, and considers the risk adjusted attractiveness of various emerging market countries.

**Portfolio Holdings** 

A description of the Funds' policies and procedures with respect to the disclosure of portfolio holdings is available in the SAI.

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**more about the funds' risks** 

**PRINCIPAL RISKS OF THE FUNDS** 

Set forth below is more information about certain of the principal risks that apply to the Funds:

**Bank Loans** *(Fixed Income Opportunities Fund)* – Fixed income assets, including bank loans, pay fixed, variable or floating rates of interest. The value of such assets will change in response to fluctuations in market spreads and interest rates. In particular, a decline in the level of the Secured Overnight Financing Rate ("SOFR") or any other applicable floating rate index could reduce the interest payments that the Fund receives with respect to such investments. In addition, the value of certain fixed-income assets can decrease in response to changes or perceptions of changes in issuers' creditworthiness, foreign exchange rates, political stability or soundness of economic policies, among other considerations.

The purchase and sale of bank loans are subject to the terms and conditions of the underlying credit agreements, which may substantially limit the number of purchasers that may be eligible to purchase such bank loans. Bank loans are not traded on an exchange and purchasers and sellers of bank loans generally rely on market makers, typically the administrative agent under a bank loan, to effect private sales transactions. As a result of these limitations, bank loans may have relatively less liquidity than other types of fixed income assets, and the Fund may be more likely to incur losses on the sale of bank loans than on other, more liquid, investments. The lack of an active trading market may also make it more difficult to value floating rate loans.

Loan instruments may not be readily marketable and may be subject to restrictions on resale. In some cases, negotiations involved in disposing of loans may require weeks to complete. Thus, transactions in loan instruments may take longer than seven days to settle, which may result in the Fund not receiving proceeds from the sale of a loan for an extended period. This could pose a liquidity risk to the Fund and, if the Fund's exposure to such investments is substantial, could impair the Fund's ability to meet shareholder redemptions in a timely manner.

**Closed-End Funds** *(Fixed Income Opportunities Fund)* – Unlike conventional mutual funds which continually offer new shares for sale to the investing public, CEFs are exchange-traded and issue only a limited number of shares. CEFs may trade at a discount or premium to their net asset value and may trade at a larger discount or smaller premium subsequent to purchase by the Fund. In addition, CEFs may trade infrequently, with small volume, which may make it difficult for the Fund to buy and sell shares. Also, CEFs are allowed to invest in a greater amount of illiquid securities than mutual funds, and CEFs may employ leverage to a greater extent than mutual funds. Investing in CEFs involves duplication of advisory fees and certain other expenses, and the Fund will pay brokerage commissions in connection with the purchase and sale of shares of CEFs. Further, the Fund is subject to the effects of the business and regulatory developments that affect CEFs and the investment company industry generally.

**Collateralized Loan Obligations** *(Fixed Income Opportunities Fund)* – CLO securities are subject to credit, liquidity, prepayment and interest rate risks. Adverse changes in the financial condition of an issuer or in general economic conditions or both may impair the ability of the related issuer or obligor to make payments of principal or interest. Such investments may be speculative. In addition, as a holder of CLO securities, the Fund will have limited remedies available upon the default of the CLO. CLOs may invest in concentrated portfolios of assets. The concentration of an underlying portfolio in any one obligor or industry would subject the related CLO securities to a greater degree of risk with respect to defaults by such obligor or to economic downturns relating to such industry.

CLO securities may be illiquid and dealer marks may not represent prices where assets can actually be purchased or sold in the market from time to time. Accordingly, the mark-to-market value of CLOs may be volatile. The value of the CLO securities owned by the Fund generally will fluctuate with, among other things, the financial condition of the obligors or issuers of the underlying portfolio of assets of the related CLO ("CLO Collateral"), general economic conditions, the condition of certain financial markets, political events, developments or trends in any particular industry and changes in prevailing interest rates. Holders of CLO securities must rely solely on distributions on the CLO Collateral or proceeds thereof for payment. If distributions on the CLO Collateral are insufficient to make payments on the CLO securities, no other assets will be available for payment of the deficiency and following realization of the CLO securities, the obligations of such issuer to pay such deficiency generally will be extinguished.

Issuers of CLO securities may acquire interests in loans and other debt obligations by way of sale, assignment or participation. The purchaser of an assignment typically becomes a lender under the credit agreement with respect to the loan or debt obligation; however, its rights can be more restricted than those of the assigning institution. In purchasing participations, an issuer of CLO securities will usually have a contractual relationship only with the selling institution, and not the borrower. The CLO generally will have neither the right to directly enforce compliance by the borrower with the terms of the loan agreement, nor any rights of set-off against the borrower, nor have the right to object to certain changes to the loan agreement agreed to by the selling institution. The CLO may not directly benefit from the collateral supporting the related loan and may be subject to any rights of set-off the borrower has against the selling institution. In addition, in the event of the insolvency of the selling institution, the CLO may be treated as a general creditor of such selling institution. Consequently, the CLO may be subject to the credit risk of the selling institution as well as of the borrower.

**Conflicts of Interest** *(All Funds)* – The Adviser, sub-advisers and their respective affiliates are engaged in a variety of businesses and have interests other than those related to managing the

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Funds. The broad range of activities and interests of the Adviser, sub-advisers and their respective affiliates gives rise to actual and potential conflicts of interest that could affect the Funds and their shareholders.

Certain actual and potential conflicts are described below. Further discussion of conflicts of interest appears in the SAI. These discussions are not, and are not intended to be, a complete enumeration or description of all the actual and potential conflicts that the Adviser, sub-advisers and their respective affiliates have now or may have in the future. Other conflicts may arise from time to time.

The Adviser, sub-advisers and their respective affiliates, and the Funds have adopted practices, policies and procedures that are intended to identify, manage and, when possible, mitigate conflicts of interest. There is no assurance, however, that these practices, policies and procedures will be effective, and these practices, policies and procedures may limit or restrict the Funds' investment activities and adversely affect their performance.

The Adviser recognizes that in certain circumstances a conflict of interest may arise when voting a proxy. For example, a conflict of interest is deemed to occur when the Adviser or one of its affiliated persons has a financial interest in a matter presented by a proxy to be voted on behalf of a Fund, which may compromise the Adviser's independence of judgment and action in voting the proxy. When a proxy proposal raises a material conflict of interest between the Adviser's interests and those of a Fund, the Adviser will seek to resolve the conflict in accordance with its adopted procedures.

The Adviser, sub-advisers and their respective affiliates manage other funds and accounts that have investment goals similar to those of the Funds and/or engage in transactions in the same types of securities and instruments as the Funds. This creates potential conflicts and could affect the prices and availability of the securities and instruments in which a Fund seeks to invest and could have an adverse impact on the Fund's performance. These other funds and accounts may buy or sell positions while a Fund is undertaking the same or a differing, including potentially opposite, strategy, which could disadvantage the Fund. A position taken by the Adviser or its affiliates, on behalf of one or more other funds or accounts, may be contrary to a position taken on behalf of a Fund or may be adverse to a company or issuer in which the Fund has invested. The results of the investment activities of a Fund may differ significantly from the results achieved for other funds or accounts.

A significant percentage of a Fund's shares may be owned or controlled by the Adviser, its affiliates and/or other accounts advised by the Adviser. Accordingly, a Fund is subject to the potential for large-scale inflows and outflows as a result of purchases and redemptions of its shares by such shareholders. These inflows and outflows could negatively affect a Fund's net asset value, performance and ability to meet shareholder redemption requests and could cause a Fund to purchase or sell securities at a time when it would not normally do so. In addition, large-scale outflows could result in a Fund's current expenses being allocated over a smaller asset base, which, depending on any applicable expense caps, could lead to an increase in the Fund's expense ratio. The Adviser, in advising other accounts, is subject to potential conflicts of interest in selecting shares of Funds for redemption and in deciding whether and when to redeem such shares. Further, in most cases, the Adviser has proxy voting discretion with respect to Fund shares held in other accounts it advises. The Adviser faces conflicts of interest in voting proxies on behalf of such other accounts, and has adopted policies and procedures designed to mitigate those conflicts.

The Adviser may have a financial incentive to implement or not implement certain changes to the Funds. For example, the Adviser may, from time to time, recommend a change in sub-adviser. The Adviser may benefit to the extent that it replaces a sub-adviser with a new sub-adviser with a lower sub-advisory fee.

The Adviser, its affiliates and other financial service providers have conflicts associated with their promotion of the Funds or other dealings with the Funds that would create incentives for them to promote the Funds. The Adviser and/or its affiliates make revenue sharing payments to brokers and other financial intermediaries to promote the distribution of the Funds. The Adviser and its affiliates will benefit from increased assets under management.

The Adviser has been designated as the Funds' valuation designee (the "Valuation Designee") with responsibility for fair valuation subject to oversight by the Funds' Board of Trustees. The Adviser's service as Valuation Designee is expressly permitted by applicable regulations. The Adviser performs such valuation services in accordance with the joint valuation procedures of the Funds and the Adviser. The Adviser may value an identical asset differently than a RBC Rochdale affiliate. This is particularly the case in respect of difficult-to-value assets. The Adviser faces a conflict with respect to valuations generally because of their effect on the Adviser's fees and other compensation. Valuation decisions by the Adviser may also result in improved performance of the Funds.

The Adviser and/or its affiliates have existing and may have other future business dealings or arrangements with current or proposed sub-advisers, or other Fund service providers (or their affiliates) recommended by the Adviser. Such other business dealings or arrangements present conflicts of interest. For example, the Adviser may have an incentive to hire as a sub-adviser or other service provider an entity with which the Adviser or one or more of its affiliates have, or would like to have, significant or other business dealings or arrangements, and the Adviser may have a disincentive to recommend the termination of such a sub-adviser or service provider.

The range of activities, services and interests of a sub-adviser may give rise to actual and/or potential conflicts of interest that could disadvantage a Fund and its shareholders. Such conflicts of interest are in some cases similar to and in other cases different from or supplement those described above relating to the Adviser and its affiliates. For example, a Sub-Adviser's portfolio managers may manage multiple funds and accounts

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for multiple clients which gives rise to actual or potential conflicts of interest. A Sub-Adviser and/or its respective affiliates also may derive ancillary benefits from providing investment sub-advisory services to a fund.

**Counterparty Risk** *(Government Money Fund)* – The Fund could lose money if the counterparties to repurchase agreements entered into for the Fund do not fulfill their contractual obligations. In addition, the Fund may incur costs and may be hindered or delayed in enforcing its rights against a counterparty. These risks may be greater to the extent the Fund has more contractual exposure to a counterparty.

**Credit Risk** *(Government Money Fund)* – The Government Money Fund invests exclusively in securities that are rated, when the Fund buys them, in the highest short-term rating category, or if unrated, are of comparable quality in the Adviser's opinion. However, it is possible that some issuers or other obligors will be unable or unwilling to make the required payments on securities held by the Fund. Debt securities also go up or down in value based on the perceived creditworthiness of issuers or other obligors. If an obligor for a security held by the Fund fails to pay, otherwise defaults or is perceived to be less creditworthy, a security's credit rating is downgraded (which could happen rapidly), or the credit quality or value of any underlying assets declines, and the value of your investment in the Fund could decline significantly, particularly in certain market environments. If the Fund enters into a financial contract (such as a repurchase agreement or reverse repurchase agreement) the Fund will be subject to the credit risk presented by the counterparty.

Upon the occurrence of certain triggering events or defaults on a security held by the Fund, or if the portfolio managers believe that an obligor of such a security may have difficulty meeting its obligations, the Fund may obtain a new or restructured security or underlying assets. In that case, the Fund may become the holder of securities or assets that it could not otherwise purchase or might not otherwise hold (for example, because they are of lower quality or are subordinated to other obligations of the issuer) at a time when those assets may be difficult to sell or can be sold only at a loss. In addition, the Fund may incur expenses and may be hindered or delayed in enforcing its rights against an issuer, obligor or counterparty. Any of these events may cause you to lose money.

If, after purchase, the credit rating on a security is downgraded by one or more rating agencies or the credit quality deteriorates, the Adviser or the Board of Trustees (where required by applicable regulations) will decide whether the security should be held or sold.

**Credit Enhancement** *(Muni High Income Fund)* – The securities in which the Fund invests may be subject to credit enhancement (for example, guarantees, letters of credit or bond insurance). If the credit quality of the credit enhancement provider (for example, a bank or bond insurer) is downgraded, the rating on a security credit enhanced by such credit enhancement provider also may be downgraded. Having multiple securities credit enhanced by the same enhancement provider will increase the adverse effects on the Fund that are likely to result from a downgrading of, or a default by, such an enhancement provider. Adverse developments in the banking or bond insurance industries also may negatively affect the Fund.

**Cybersecurity Risk** *(All Funds)* – Cybersecurity incidents, both intentional and unintentional, may allow an unauthorized party to gain access to Fund assets, customer data (including private shareholder information), or proprietary information, or cause the Funds, the Adviser, and/or other service providers (including, but not limited to, custodians, sub-custodians, transfer agents and financial intermediaries) to suffer data breaches, data corruption or loss of operational functionality. A cybersecurity incident may disrupt the processing of shareholder transactions, impact a Fund's ability to calculate its net asset values, and prevent shareholders from exchanging or redeeming their shares. Cybersecurity incidents may render records of fund assets and transactions, shareholder ownership of fund shares, and other data integral to the functioning of the fund inaccessible, inaccurate or incomplete. The use of artificial intelligence and machine learning could exacerbate these risks. Issuers of securities in which the Fund invests are also subject to cybersecurity risks, and the value of those securities could decline if the issuers experience cybersecurity incidents. Because technology is frequently changing, new ways to carry out cyber attacks are always developing. Therefore, there is a chance that some risks have not been identified or prepared for, or that an attack may not be detected, which puts limitations on a Fund's ability to plan for or respond to a cyber attack. Like other funds and business enterprises, the Funds, the Adviser, the Sub-Advisers, transfer agent, the distributor and their respective service providers are subject to the risk of cyber incidents occurring from time to time.

**Defensive Investments** *(All Funds)* – The securities in which each Fund invests, and the strategies described in this Prospectus, are those that the Fund uses under normal conditions. During unusual economic or market conditions, or for temporary defensive or liquidity purposes, a Fund may invest up to 100% of its assets in cash or cash equivalents, which would not ordinarily be consistent with the Fund's investment goals. No Fund is required or expected to take such a defensive posture. But if used, such a stance may help a Fund minimize or avoid losses during adverse market, economic or political conditions.

**Emerging Market Securities** *(Fixed Income Opportunities Fund)* – Investments in emerging market countries are subject to all of the risks of foreign investing generally and have additional heightened risks due to a lack of established legal, political, business and social frameworks to support securities markets. Some of the additional significant risks may include:

● Less social, political and economic stability;

● Smaller securities markets with low or nonexistent trading volume and greater illiquidity and price volatility;

● Unpredictable changes in national policies on foreign investment, including restrictions on investment in issuers or industries deemed sensitive to national interests;

● Less transparent and established taxation policies;

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● Less developed regulatory or legal structures governing private and foreign investments, and limited rights and legal remedies available to foreign investors;

● Less familiarity with a capital market structure or market-oriented economy;

● Risk of market manipulation, corruption, and fraud;

● Less publicly available information about issuers in emerging markets than is available about issuers in more developed capital markets;

● Inadequate, limited and untimely financial reporting, as issuers may not be subject to regulatory, accounting, auditing, and financial reporting and recordkeeping standards comparable to those to which U.S. companies are subject (e.g., the Public Company Accounting Oversight Board, which regulates auditors of U.S. public companies, may be unable to inspect audit work and practices in certain countries);

● Less financial sophistication, creditworthiness, and/or resources possessed by, and less government regulation of, the financial institutions and issuers with which the Fund transacts;

● Insolvency of local banking systems due to concentrated debtor risk, imprudent lending, the effect of inefficiency and fraud in bank transfers and other systemic risks;

● Less developed local banking infrastructure and limited reliable access to capital;

● Risk of government seizure of assets;

● Less government supervision and regulation of business and industry practices, stock exchanges, brokers and listed companies than in the United States;

● Greater concentration in a few industries resulting in greater vulnerability to regional and global trade conditions;

● Higher rates of inflation and more rapid and extreme fluctuations in inflation rates;

● Greater sensitivity to interest rate changes;

● Increased volatility in currency exchange rates and potential for currency devaluations and/or currency controls;

● Greater debt burdens relative to the size of the economy;

● More delays in settling portfolio transactions and heightened risk of loss from shareholder registration and custody practices;

● Less assurance that recent favorable economic developments will not be slowed or reversed by unanticipated economic, political or social events in such countries; and

● Trade embargoes, sanctions and other restrictions may, from time to time, be imposed by international bodies (for example, the United Nations) or sovereign states (for example, the United States) or their agencies on investments held or to be held by the Fund resulting in an investment or cash flows relating to an investment being frozen or otherwise suspended or restricted.

There may be restrictions on imports from certain countries, such as Russia, and dealings and transactions with certain Russian companies, officials, individuals, and state-sponsored entities. Further, there may be restrictions on investments in companies in certain countries, such as China and Russia. Such restrictions can change from time to time, and as a result of forced selling or an inability to participate in an investment the Adviser or a Sub-Adviser otherwise believes is attractive, the Fund may incur losses. Any of the above factors may adversely affect the Fund's performance or the Fund's ability to pursue its investment goal.

**ETFs** *(Fixed Income Opportunities Fund)* – Investing in an ETF will provide the Fund with exposure to the securities comprising the index on which the ETF is based and will expose the Fund to risks similar to those of investing directly in those securities. Shares of ETFs typically trade on securities exchanges and may at times trade at a premium or discount to their net asset values. Investments in ETFs are subject to market risk and liquidity risk. In addition, an ETF may not replicate exactly the performance of the benchmark index or indices it seeks to track for a number of reasons, including transaction costs incurred by the ETF, the temporary unavailability of certain index securities in the secondary market or discrepancies between the ETF and the index or indices with respect to the weighting of securities or the number of securities held. Investing in ETFs, which are investment companies, involves duplication of advisory fees and certain other expenses. The Fund will pay brokerage commissions in connection with the purchase and sale of shares of ETFs. Further, the Fund is subject to the effects of the business and regulatory developments that affect ETFs and the investment company industry generally.

**Extension** *(Fixed Income Opportunities Fund)* – Rising interest rates can cause the average maturity of the Fund's holdings of mortgage-backed, asset-backed or other pass-through securities to lengthen unexpectedly due to a drop in prepayments. This would increase the sensitivity of the Fund to rising rates and the potential for price declines of portfolio securities. Extending the average life of a mortgage-backed or other pass-through security increases the risk of depreciation due to future increases in market interest rates. For these reasons, mortgage-backed, asset-backed and other pass-through securities may be less effective than other types of U.S. Government securities as a means of "locking in" interest rates.

**Financial Services Firms** *(Fixed Income Opportunities Fund)* – Financial institutions are subject to extensive government regulation. This regulation may limit both the amount and types of loans and other financial commitments a financial institution can make, and the interest rates and fees it can charge. In addition, interest and investment rates are highly sensitive and

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are determined by many factors beyond a financial institution's control, including general and local economic conditions (such as inflation, recession, money supply and unemployment) and the monetary and fiscal policies of various governmental agencies such as the Federal Reserve Board. These limitations may have a significant impact on the profitability of a financial institution since profitability is attributable, at least in part, to the institution's ability to make financial commitments such as loans. Profitability of a financial institution is largely dependent upon the availability and cost of the institution's funds, and can fluctuate significantly when interest rates change. The financial difficulties of borrowers can negatively impact the industry to the extent that borrowers may not be able to repay loans made by financial institutions. Financial services firms, like banks, depend upon being able to obtain funds at reasonable costs and upon liquidity in the capital and credit markets to finance lending and other operations. As a result, these firms generally are sensitive to changes in money market and general economic conditions. For instance, when a bank's borrowers experience financial difficulties, their failure to repay the bank will adversely affect the bank's financial situation. Financial services firms are highly regulated. Decisions by regulators may limit the loans banks make and the interest rates and fees they charge, and may reduce bank profitability.

**Foreign Currency Risk** *(Fixed Income Opportunities Fund)* – The Fund's direct or indirect investments in securities denominated in foreign currencies are subject to currency risk, which means that the value of those securities can change significantly when foreign currencies strengthen or weaken relative to the U.S. dollar. Currency conversion costs and currency fluctuations could erase investment gains or add to investment losses. The Fund may invest in foreign currencies to hedge against the risks of variation in currency exchange rates relative to the U.S. dollar. Such strategies, however, involve certain transaction costs and investment risks, including dependence upon the ability of the Adviser to predict movements in exchange rates. The Fund may be unable or may choose not to hedge its foreign currency exposure. Some countries in which the Fund may directly or indirectly invest may have fixed or managed currencies that are not freely convertible at market rates into the U.S. dollar. Certain currencies may not be internationally traded. Many countries in which the Fund may invest have experienced substantial, and in some periods extremely high, rates of inflation for many years. Inflation and rapid fluctuation in inflation rates may have negative effects on certain economies and securities markets. Moreover, the economies of some countries may differ favorably or unfavorably from the U.S. economy in such respects as the rate of growth of gross domestic product, rate of inflation, capital reinvestment, resource self-sufficiency and balance of payments.

**Foreign Securities** *(Fixed Income Opportunities Fund)* – Investments in securities of foreign issuers tend to be more volatile than domestic securities and are subject to risks that are not typically associated with domestic securities. For example, such investments may be adversely affected by changes in currency rates and exchange control regulations, unfavorable political and economic developments, the seizure or nationalization of companies, and the imposition of sanctions, withholding taxes on income, confiscations, trade restrictions (including tariffs) and other government restrictions by the United States and/or other governments. Foreign markets tend to be more volatile than the U.S. market due to economic and political instability and regulatory conditions in some countries. Some risks of investing in securities of foreign companies include: (1) unfavorable changes in currency exchange rates, (2) economic and political instability, (3) less publicly available information, (4) less strict auditing and financial reporting requirements, (5) less governmental supervision and regulation of securities markets, (6) higher transaction costs, and (7) greater possibility of not being able to sell securities on a timely basis. Foreign securities may also be less liquid and more difficult to value than domestic securities.

**Frontier Market Securities** *(Fixed Income Opportunities Fund)* – Frontier market countries are a sub-set of emerging market countries the capital markets of which are less developed, generally less liquid and have lower market capitalization than those of the more developed, "traditional" emerging markets, but which still demonstrate a relative market openness to and accessibility for foreign investors. Frontier market countries generally have smaller economies and less developed capital markets and political systems than traditional emerging markets, and, as a result, the risks of investing in emerging market countries are magnified in frontier market countries. These countries typically are located in the Asia-Pacific region, Central and Eastern Europe, the Middle East, Central and South America, and Africa. The economies of frontier market countries are less correlated to global economic cycles than those of their more developed counterparts and their markets have low trading volumes and the potential for extreme price volatility and illiquidity. This volatility may be further heightened by the actions of a few major investors. These factors make investing in frontier market countries significantly riskier than in other countries.

Governments of many frontier market countries in which the Fund may invest may exercise substantial influence over many aspects of the private sector. In some cases, the governments of such frontier market countries may own or control certain companies. Accordingly, government actions could have a significant effect on economic conditions in a frontier market country and on market conditions, prices and yields of securities in the Fund's portfolio. Moreover, the economies of frontier market countries may be heavily dependent upon international trade and may be adversely affected by trade barriers, exchange controls, managed adjustments in relative currency values and other protectionist measures imposed or negotiated by the countries with which they trade. These economies also may be adversely affected by the economic and political conditions in the countries with which they trade.

There may be no centralized securities exchange on which securities are traded in frontier market countries. Also, securities laws in many frontier market countries are relatively new and unsettled. Therefore, laws regarding foreign investment in frontier market securities, securities regulation, title to securities, and shareholder rights may change quickly.

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**Government-Sponsored Entities** *(Government Money Fund)* – The Fund may invest in securities issued by government-sponsored entities consisting principally of Fannie Mae, FHLB, Freddie Mac and Ginnie Mae, which securities may not be guaranteed or insured by the U.S. Government and may only be supported by the credit of the issuing agency. Fannie Mae guarantees full and timely payment of all interest and principal of its pass-through securities, and Freddie Mac guarantees timely payment of interest and ultimate collection of principal of its pass-through securities, but such securities are not backed by the full faith and credit of the U.S. Government. Similarly, FHLB securities are not backed by the U.S. Government. The principal and interest on Ginnie Mae pass-through securities are guaranteed by Ginnie Mae and backed by the full faith and credit of the U.S. Government. To meet its obligations under a guarantee, Ginnie Mae is authorized to borrow from the U.S. Treasury with no limitations as to amount.

**High Yield ("Junk") Bonds** *(Bond Funds)* – High yield bonds generally involve greater risks of default or downgrade, tend to be more volatile, less liquid, and more difficult to value than investment grade securities, and are considered speculative by the major credit rating agencies. High yield bonds are often thinly traded and can be more difficult to buy or sell at a favorable price or time.

High yield bonds generally involve a greater risk of price declines than investment grade securities due to actual or perceived changes in an issuer's creditworthiness. In addition, issuers of high yield bonds may be more susceptible than other issuers to economic downturns, which may result in a weakened capacity of the issuer to make principal or interest payments. High yield bonds are subject to a greater risk that the issuer may not be able to pay interest or dividends and ultimately to repay principal upon maturity. Discontinuation of these payments could have a substantial adverse effect on the market value of the security, and could result in losses for the Fund. High yield bonds may also experience reduced liquidity, and sudden and substantial decreases in price, during certain market conditions. The Bond Funds may invest in unrated securities. There is no lower limit on the ratings of high yield securities that may be purchased or held by an underlying fund. Lower rated securities and unrated equivalents are speculative and may be in default.

**Interest Rate Risk** *(Government Money Fund)* – The Government Money Fund's yield is affected by short-term interest rate changes. When rates decline, the Government Money Fund's yield will typically fall, but less quickly than prevailing market rates. When rates increase, the Government Money Fund's yield will typically rise, but not as quickly as market rates. Changes in interest rates can be sudden and unpredictable and may expose the markets to significant volatility, which also may affect the liquidity of the Fund's investments and detract from Fund performance. A variety of factors can impact interest rates, including central bank monetary policies and inflation rates. Inflation and interest rates have been volatile and may increase in the future. The Fund's expenses could absorb all or a significant portion of the Fund's income, and, if the Fund's expenses exceed the Fund's income, the Fund may be unable to maintain its $1.00 share price. In addition, during periods when interest rates are low or there are negative interest rates, the Fund's yield also may be low or the Fund may be unable to maintain a positive yield or a stable net asset value of $1.00 per share. From time to time, the Adviser and its affiliates may reimburse or otherwise reduce the Fund's expenses or may waive a portion of its management fee in an effort to maintain a positive yield and a net asset value of $1.00 per share, but there can be no guarantee that such efforts will be successful. Any such expense reimbursements, reductions or waivers are voluntary and temporary and may be terminated by the Adviser or its affiliates at any time without notice. The recent adoption of more stringent regulations governing the management of money market funds could have a negative effect on the Fund's yield. Under these new regulations, the Fund may be required to maintain greater liquidity based on characteristics and anticipated liquidity needs of its shareholders and the Fund may have a lower yield than money market funds with a different shareholder base. In addition, future regulations may also have a negative effect on the Fund's yield.

**Interest Rates and Credit Risk** *(Bond Funds)* – The value of fixed income securities will fall if interest rates rise. Fixed income securities with longer maturities generally entail greater interest rate risk than those with shorter maturities. Duration is a measure used to determine the sensitivity of a security's price to changes in interest rates. The longer a security's duration, the more sensitive it will be to changes in interest rates. Changes in interest rates can be sudden and unpredictable and may expose the markets to significant volatility, which also may affect the liquidity of a Fund's investments and detract from Fund performance. Additionally, especially during periods of declining interest rates, borrowers may pay back principal before the scheduled due date, requiring a Fund to replace a particular loan with another, lower-yield security. The senior loans in which a Fund invests have floating or adjustable interest rates. For this reason, the values of senior loans may fluctuate less than the value of fixed-rate debt securities. However, the interest rate of some senior loans adjusts only periodically. Between the times that interest rates on senior loans adjust, the interest rates on those senior loans may not correlate to prevailing interest rates. This will affect the value of the loans and may cause the net asset values of a Fund's shares to fluctuate. Inflation rates and recent and potential future changes in monetary and government policy made by central banks and governments are likely to impact the level of interest rates. Inflation and interest rates have been volatile and may increase in the future.

In addition to interest rate risk, changes in the creditworthiness of an issuer of fixed income securities and the market's perception of that issuer's ability to repay principal and interest when due can also affect the value of fixed income securities held by a Fund. Changes in actual or perceived creditworthiness may occur quickly. Credit risk relates to the ability of the borrower that has entered into a senior loan or the issuer of a debt security to make interest and principal payments on the loan or security as they become due. If the borrower or issuer fails to meet its obligations (e.g., to pay principal and interest when due) the net asset value of a Fund's shares might be reduced. A downgrade in an issuer's credit rating or other adverse news

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about an issuer can reduce the value of that issuer's securities. A Fund's investments in senior loans and other debt securities, particularly those below investment grade, are subject to risks of default. Where instruments held by a Fund are collateralized, the underlying lenders may have difficulty liquidating the collateral or enforcing their rights under the terms of the loan agreement and related documents if a borrower defaults or collateral may be insufficient or set aside by a court. The Funds are also exposed to credit risk to the extent they use over-the-counter derivatives (such as swaps) or they engage to a significant extent in the lending of Fund securities or the use of repurchase agreements.

**Issuer Risk** *(Fixed Income Opportunities Fund)* – The Fund may be adversely affected if the issuers of securities that the Fund holds do not make their principal or interest payments on time. The Fund may incur costs and may be hindered or delayed in enforcing its rights against an issuer. Additionally, the value of a security may decline for a number of reasons which directly relate to the issuer, such as management performance, financial leverage, reduced demand for the issuer's goods or services, the historical and prospective earnings of the issuer, major litigation or other controversies related to the issuer, changes in the issuer's financial condition or credit rating, or the value of the issuer's assets. An individual security may also be affected by factors related to the industry or sector of the issuer or the securities markets as a whole, and conversely an industry or sector or the securities markets may be affected by a change in financial condition or another event affecting a single issuer. To the extent that the securities of issuers in the same or related industries or sectors behave similarly to each other, and these issuers make up a sizeable portion of the market, events affecting one issuer, industry or sector or the securities markets generally may have a larger impact. If such issuers represent a substantial portion of major market indices, a downturn in their stock prices may have a disproportionate adverse effect on the overall equity markets, even if other segments of the market perform well.

**Liquidity Risk** *(Bond Funds)* – A Fund may make investments that are illiquid or that become illiquid after purchase. Illiquid investments can be difficult to value, may trade at a discount from comparable, more liquid investments, and may be subject to wide fluctuations in value. Liquidity risk may be magnified in rising interest rate or volatile environments. If a Fund is forced to sell an illiquid investment to meet redemption requests or other cash needs, the Fund may be forced to sell at a substantial loss or may not be able to sell at all. Liquidity of particular investments, or even entire asset classes, can deteriorate rapidly, particularly during times of market turmoil, and those investments may be difficult or impossible for the Fund to sell. This may prevent the Fund from limiting losses. In addition, securities sold by a Fund may not settle for an extended period (for example, several weeks or even longer). The Fund will not receive its sales proceeds until that time, which may constrain the Fund's ability to meet its obligations, including obligations to redeeming shareholders.

Some senior loans are not as easily purchased or sold as publicly-traded securities due to restrictions on transfers in loan agreements and the nature of the private syndication of senior loans. As a result, some senior loans may be illiquid, which means that a Fund's ability to sell such instruments at an acceptable price may be limited when it wants to do so in order to generate cash or to try to avoid or limit losses. Highly leveraged senior loans (or senior loans in default) also may be less liquid than other senior loans. If a Fund voluntarily or involuntarily sold those types of senior loans, it might not receive the full value it expected.

Although most of the Muni High Income Fund's securities must be liquid at the time of investment, securities may become illiquid after purchase by the Fund, particularly during periods of market turmoil. When the Muni High Income Fund holds illiquid investments, its portfolio may be hard to value, especially in changing markets. If the Muni High Income Fund is forced to sell these investments to meet redemptions or for other cash needs, the Fund may suffer a loss. In addition, when there is illiquidity in the market for certain securities, the Muni High Income Fund, due to limitations on investments in illiquid securities, may be unable to achieve its desired level of exposure to a certain sector. To the extent the Muni High Income Fund holds a material percentage of the outstanding debt securities of an issuer, this practice may impact adversely the liquidity and market value of those investments.

**Management and Operational Risk** *(All Funds)* – A Fund is subject to management risk because it relies on the Adviser's (and Sub-Advisers' as applicable) ability to achieve its investment goal(s). A Fund runs the risk that the Adviser's or a Sub-Adviser's investment techniques, judgment and decisions will fail to produce desired results and cause the Fund to incur significant losses. The Adviser or a Sub-Adviser may select investments that do not perform as anticipated. A Fund may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, or the analyses employed or relied on, by the Adviser or a Sub-Adviser, if such tools, resources or data are used incorrectly, fail to produce the desired results or otherwise do not work as intended, or if the Adviser's or a Sub-Adviser's allocation techniques or investment style are out of favor or otherwise fail to produce the desired results. A Fund's investment strategies designed by the Adviser or a Sub-Adviser may not work as intended. In addition, a Fund's investment strategies or policies may change from time to time. Those changes may not lead to the results intended by the Adviser or a Sub-Adviser and could have an adverse effect on the value or performance of a Fund. Any of these things could cause a Fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.

A Fund also is subject to the risk of loss as a result of other services provided by the Adviser, a Sub-Adviser, and other service providers, including pricing, administrative, accounting, tax, legal, custody, transfer agency and other services.

Operational risk includes the possibility of loss caused by inadequate procedures and controls, human error and cyber-attacks, disruptions and failures affecting, or by, a service provider. For example, trading delays or errors (both human and systematic) could prevent the Fund from benefiting from potential investment gains or avoiding losses.

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**Market Risk** *(All Funds)* – The market prices of a Fund's securities or other assets may move up and down, sometimes rapidly or unpredictably, due to general market conditions such as overall economic trends or events, inflation, changes in interest rates, government actions, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, political and geopolitical factors, economic sanctions, countermeasures in response to sanctions, government shutdowns, adverse investor sentiment, cybersecurity events, technological developments (such as artificial intelligence and machine learning), or local, regional or global events such as natural disasters or climate events, wars, terrorism, international conflicts, civil unrest, epidemics, pandemics or other public health issues. These fluctuations may cause a security to be worth less than the price originally paid for it, or less than it was worth at an earlier time. The market price of a security may also fall due to specific conditions that affect a particular sector of the securities market, a particular industry or a particular issuer or group of issuers. To the extent that securities of certain issuers behave or are perceived to behave similarly to each other, the market prices of those securities (or the market as a whole) may fall in response to a decline in the price of a particular security or group of securities. The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. The value of a Fund's investments may decline in tandem with a drop in the overall value of the stock market based on negative developments in the U.S. and global economies, which could result in losses for the Fund. Adverse market conditions may be prolonged and may not have the same impact on all types of investments. High public debt in the United States and other countries creates ongoing systemic and market risks and policymaking uncertainty. In addition, policy and legislative changes in the United States and in other countries are affecting many aspects of financial regulation, and may in some instances contribute to decreased liquidity and increased volatility in the financial markets. The impact of these changes, and the practical implications for market participants, may not be fully known for some time.

Raising the ceiling on U.S. Government debt and passing periodic legislation to fund the government have become increasingly politicized. Any failure to do either could lead to a default on U.S. Government obligations, with unpredictable consequences for economies and markets in the United States and elsewhere, the Funds' investments and, in the case of the Government Money Fund, its ability to maintain a $1.00 per share price.

*Recent Market Events.* Periods of market volatility may occur in response to market events and other economic, political, geopolitical, and global macro factors. For example, the large expansion of government deficits and debt as a result of government actions to mitigate the effects of the COVID-19 pandemic and higher inflation have resulted in extreme volatility in the global economy and in global financial markets. In addition, wars or threats of war and aggression, such as Russia's invasion of Ukraine and the conflicts among nations and militant groups in the Middle East, have led, and in the future may lead, to increased short-term market volatility and may have adverse long-term effects on the U.S. and world economies and markets generally, each of which may negatively impact a Fund's investments.

Since the change in the U.S. presidential administration in 2025, the administration has pursued an aggressive foreign policy agenda, including through suggestions that the United States should control sovereign foreign territories, attempts to restructure federal government agencies with international influence, and the actual or potential imposition of tariffs on foreign countries, including China and long-time U.S. allies. For example, the United States has imposed tariffs and other trade barriers on Chinese exports, has restricted sales of certain categories of goods to China, and has established barriers to investments in China. The imposition of tariffs has led to retaliatory tariffs by certain foreign countries (and could lead to further retaliatory tariffs), increased and prolonged market volatility, and sector-specific downturns in industries reliant on international trade. The new administration has also sought to reduce the headcount of and freeze funding available to certain U.S. government agencies. Such efforts may continue throughout U.S. federal agencies, which could increase administrative burdens on remaining government employees, increase processing times of company filings, alter regulatory policymaking, and increase regulatory volatility. These efforts may have a negative impact on the Funds or on markets generally.

In March 2023, the financial distress of certain financial institutions raised economic concerns over disruption in the U.S. banking system and the solvency of certain financial services firms. There can be no certainty that the actions taken by the U.S. Government to strengthen public confidence in the U.S. banking system will be effective in mitigating the effects of financial institution failures on the economy and restoring public confidence in the U.S. banking system.

Any of the events described above could adversely affect the value and liquidity of a Fund's investments, impair the Fund's ability to satisfy redemption requests, and negatively impact the Fund's performance. Other market events may cause similar disruptions and effects.

**Market Risk of Equity Securities** *(Fixed Income Opportunities Fund)* – By investing directly or indirectly in stocks, the Fund may expose you to a sudden decline in a holding's share price or an overall decline in the stock market. In addition, the value of your investment will fluctuate on a day-to-day and a cyclical basis with movements in the stock market, as well as in response to the activities of individual companies. In addition, individual companies may report poor results or be negatively affected by industry and/or economic trends and developments. The rights of a company's common stockholders to dividends and upon liquidation of the company generally are subordinated (i.e., rank lower) to those of preferred stockholders, bondholders and other creditors of the issuer. In addition, preferred stockholders generally do not have voting rights with respect to the issuing company. A warrant gives the holder a right to purchase at any time during a specified period a predetermined number

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of shares of common stock at a fixed price. Unlike preferred stock, warrants do not pay fixed dividends. Investments in warrants involve certain risks, including the possible lack of a liquid market for resale, potential price fluctuations as a result of speculation or other factors, and failure of the price of the underlying security to reach a level at which the warrant can be prudently exercised (in which event the warrant may expire without being exercised, resulting in a loss of the Fund's entire investment therein). The Fund is also subject to the risk that its principal equity market segment may underperform other equity market segments or the market as a whole.

**Market Risk of Fixed Income Securities** *(Government Money Fund and Bond Funds)* – By investing directly or indirectly in fixed income securities, a Fund may expose you to declines in a holding's value. The prices of fixed income securities respond to economic developments, particularly interest rate changes, as well as to perceptions about the creditworthiness of individual issuers, including governments. Generally, fixed income securities decrease in value if interest rates rise and increase in value if interest rates fall, with lower rated and longer-maturity securities more volatile than higher rated and shorter-maturity securities. Additionally, especially during periods of declining interest rates, borrowers may pay back principal before the scheduled due date, requiring a Fund to replace a particular loan or bond with another, lower-yield security.

**Municipal Securities** *(Muni High Income Fund)* – U.S. state and local governments issuing municipal securities held by the Fund rely on revenues including taxes and revenues from public and private projects to pay interest and principal on municipal debt. Poor statewide or local economic results, changing political sentiments, legislation, policy changes or voter-based initiatives at the state or local level, erosion of the tax base or revenues of the state or one or more local governments, natural disasters, or other economic or credit problems affecting the state generally or a particular issuer may reduce tax revenues and increase the expenses of municipal issuers, making it more difficult for them to meet their obligations.

**No Guarantees** *(Government Money Fund)* – An investment in the Government Money Fund is not a bank account, is not a deposit in a bank, and is not insured or guaranteed by the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency. Although the Government Money Fund seeks to preserve the value of your investment at an NAV of $1.00, it is possible to lose money by investing in the Government Money Fund. Additionally, you should be aware that a very small number of money market funds in other fund complexes have in the past "broken the buck," which means that investors did not receive $1.00 per share for their investment in those funds, and any money market fund may do so in the future. You should be aware that the Adviser and its affiliates are under no obligation to reimburse the Fund for losses, provide financial support to the Fund, or take other measures to ensure that you receive $1.00 per share for your investment in the Fund. You should not invest in the Fund with the expectation that any such action will be taken at any time, including during periods of market stress. You should also be aware that the Adviser and its affiliates have from time to time voluntarily waived, and as of the date of this Prospectus are continuing to waive, fees in order to support the Government Money Fund's yields, but are under no obligation to continue to do so, and may terminate any such waivers at any time.

**Portfolio Turnover** *(Fixed Income Opportunities Fund)* – The Fund will sell a security when its portfolio managers believe it is appropriate to do so, regardless of how long the Fund has owned that security. Buying and selling securities, including replacing securities that have matured or been called, generally involves some expense to the Fund, such as commissions paid to brokers and other transaction costs. By selling a security, the Fund may realize taxable capital gains that it will subsequently distribute to shareholders. Generally speaking, the higher the Fund's annual portfolio turnover, the greater its brokerage costs and the greater the likelihood that it will realize taxable capital gains. On the other hand, the Fund may from time to time realize commission costs in order to engage in tax minimization strategies if the result is a greater enhancement to the value of the Fund share than the transaction cost to achieve it. Increased brokerage costs may adversely affect the Fund's performance. Also, unless you are a tax-exempt investor or you purchase shares through a tax-deferred account, the distribution of capital gains may affect your after-tax return. Annual portfolio turnover of 100% or more is considered high.

**Prepayments** *(Bond Funds)* – Many issuers have a right to prepay their securities, and the principal of the loans underlying mortgage-backed, asset-backed or other pass-through securities may be prepaid at any time. As a general rule, prepayments increase during a period of falling interest rates and decrease during a period of rising interest rates. As a result of prepayments, in periods of declining interest rates a Fund may be required to reinvest its assets in securities with lower interest rates. A Fund also may lose any premium it paid on the security. In periods of increasing interest rates, prepayments generally may decline, with the effect that the securities subject to prepayment risk held by a Fund may exhibit price characteristics of longer-term debt securities.

**Private Activity Bonds** *(Muni High Income Fund)* – Municipalities and other public authorities issue PABs to finance development of industrial facilities for use by a private enterprise. The private enterprise pays the principal and interest on the bond, and the issuer does not pledge its full faith, credit and taxing power for repayment. If the private enterprise defaults on its payments, the Fund may not receive any income or get its money back from the investment.

**Privately Placed and Restricted Securities Risk** *(Bond Funds)* – Privately placed and restricted securities, including those that are normally purchased pursuant to Rule 144A or Regulation S under the 1933 Act, may be considered illiquid. Privately placed and restricted securities typically may be resold only to qualified institutional buyers, or in a privately negotiated transaction, or to a limited number of purchasers, or in limited quantities after they have been held for a specified period of time and other conditions are met for an exemption from registration. Because there may be relatively few potential purchasers for such

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securities, especially under adverse market conditions or in the event of adverse changes in the financial condition of the issuer, a Fund may find it more difficult to sell such securities when it may be advisable to do so or it may be able to sell such securities only at prices lower than if such securities were more widely held and traded. The absence of an active trading market, as well as the lack of publicly available information regarding such securities, may also make it difficult to determine the fair value of the securities for purposes of computing the Fund's net asset value. There can be no assurance that such a security that is deemed to be liquid when purchased will continue to be liquid for as long as it is held by the Fund, and its value may decline as a result. In addition, when registration of a security is required, the Fund may be obligated to pay all or part of the registration expenses and a considerable period may elapse between the time the Fund desires to sell (and therefore decides to seek registration of) the security, and the time the Fund may be permitted to sell the security under an effective registration statement.

**Rating Agencies** *(Bond Funds)* – Credit ratings are issued by rating agencies, which are private entities that provide ratings of the credit quality of debt obligations. A credit rating is not an absolute standard of quality, but rather a general indication that reflects only the view of the originating rating agency from which an explanation of the significance of its ratings may be obtained. There is no assurance that a particular rating will continue for any given period of time or that any such rating will not be revised downward or withdrawn entirely if, in the judgment of the agency establishing the rating, circumstances so warrant. A downward revision or withdrawal of such ratings may have an effect on the liquidity or market price of the securities in which a Fund invests. Many credit rating agencies, including the largest agencies, are often compensated by the issuers of the securities they rate. To the extent that the issuer of a security pays a rating agency for the analysis of its security, an inherent conflict of interest may exist that could affect the reliability of the rating, as the credit rating agency may be influenced to determine a more favorable rating than warranted to retain the issuer as a client and to obtain new issuer clients.

**Redemptions** *(All Funds)* – Each Fund may experience periods of heavy redemptions that could cause the Fund to liquidate its assets at inopportune times or at a loss or depressed value, particularly during periods of declining or illiquid markets. Redemption risk is greater to the extent that the Fund has investors with large shareholdings, short investment horizons, or unpredictable cash flow needs. In addition, redemption risk is heightened during periods of overall market turmoil. The redemption by one or more large shareholders of their holdings in the Fund could cause the remaining shareholders in the Fund to lose money. Further, if one decision maker has control of Fund shares owned by separate Fund shareholders, the decision maker may cause redemptions by those shareholders, which may further increase the Fund's redemption risk. In addition, the Fund may suspend redemptions when permitted by applicable regulations. If the Government Money Fund is forced to liquidate its assets under unfavorable conditions or at inopportune times, the Fund's ability to maintain a stable $1.00 share price may be affected.

**Repurchase Agreements** *(Government Money Fund)* – The Fund invests in repurchase agreements. Repurchase agreements are agreements under which securities are acquired from a securities dealer or bank subject to resale on an agreed upon date and at an agreed upon price which includes principal and interest. Under all repurchase agreements entered into by the Fund, the Fund's custodian or its agent must take possession of the underlying collateral. However, if the seller defaults, the Fund could realize a loss on the sale of the underlying security to the extent the proceeds of the sale are less than the resale price. In addition, even though the U.S. Bankruptcy Code provides protection for most repurchase agreements, if the seller should be involved in bankruptcy or insolvency proceedings, the Fund may incur delays and costs in selling the security and may suffer a loss of principal and interest if the Fund is treated as an unsecured creditor.

**Sub-Adviser Allocation** *(Fixed Income Opportunities Fund)* – The Adviser divides the Fund's investment portfolio into various "sleeves," each of which is managed by one of the Fund's sub-advisers. From time to time, the Adviser adjusts the size of these sleeves based on a variety of factors, including the sleeves' relative performance. Accordingly, the Fund's performance is affected by the Adviser's decisions concerning how much of the Fund's portfolio it allocates for management by each of the Fund's sub-advisers or to retain for management by the Adviser.

**Underlying Funds** (*Fixed Income Opportunities Fund)* – The Fund may invest in shares of other investment companies, including open-end investment companies or "mutual funds" and closed-end investment companies. The Fund will bear a pro-rata portion of the operating expenses of any such company. These expenses are in addition to the advisory fee and other expenses that the Fund bears directly in connection with its own operations. Further, the Fund is subject to the effects of the business and regulatory developments that affect these underlying funds and the investment company industry generally.

**Valuation Risk** *(Bond Funds)* – Certain investments may be more difficult to value than other types of investments. Many factors may influence the price at which a Fund could sell any particular portfolio investment. The sales price a Fund could receive for any particular portfolio investment may differ—higher or lower—from the Fund's valuation of the investment, particularly for illiquid securities, securities that trade in thin or volatile markets, securities that are priced based upon valuations provided by third-party pricing services that use matrix or evaluated pricing systems, or that are valued using other fair value methodologies. These differences may increase significantly and affect Fund investments more broadly during periods of market instability or volatility. Investors who purchase or redeem fund shares on days when a Fund is holding fair valued securities may receive fewer or more shares or lower or higher redemption proceeds than they would have received if the Fund had not fair valued securities or had used a different valuation methodology. Fair value pricing involves subjective judgment, which may

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prove to be incorrect. A Fund's ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third-party service providers.

The Adviser has been designated by the Board of Trustees as the Valuation Designee for the Funds pursuant to Rule 2a-5 under the 1940 Act with responsibility for fair valuation subject to oversight by the Board of Trustees. The Adviser performs such valuation services pursuant to joint valuation procedures of the Funds and the Adviser. The Adviser has formed an internal fair value committee ("Fair Value Committee") to assist with its designated responsibilities as the Valuation Designee.

Valuing securities in accordance with fair valuation procedures involves greater reliance on judgment than valuing securities based on readily available market quotations. Fair value pricing may require subjective determinations about the value of a security or other asset. As a result, there can be no assurance that fair value pricing will result in adjustments to the prices of securities or other assets, or that fair value pricing will reflect actual market value, and it is possible that the fair value determined for a security or other asset will be materially different from quoted or published prices, from the prices used by others for the same security or other asset and/or from the value that actually could be or is realized upon the sale of that security or other asset.

**Volatility Risk** *(Fixed Income Opportunities Fund)* – Because of the speculative nature of the income securities in which the Fund invests, the Fund may fluctuate in price more than other bond and income funds. Income securities may exhibit price fluctuations when there are changes in interest rates, bond yield levels, liquidity, general economic conditions, and factors related to specific issuers in which the Fund invests, among other reasons. The fewer the number of issuers in which the Fund invests, the greater potential volatility of its portfolio.

**NON-PRINCIPAL INVESTMENT STRATEGIES AND RELATED RISKS OF THE FUNDS** 

The following risks of the Funds referred to below are related to non-principal investment strategies of those Funds. These risks are in addition to the principal risks of the Funds discussed above.

**Municipal Securities** *(Government Money Fund)* – U.S. state and local governments rely on taxes and, to some extent, revenues from private projects financed by municipal securities to pay interest and principal on municipal debt. Poor statewide or local economic results, changing political sentiments, legislation, policy changes or voter-based initiatives at the state or local level, erosion of the tax base or revenues of the state or one or more local governments, natural disasters, or other economic or credit problems affecting the state generally or a particular issuer may reduce tax revenues and increase the expenses of municipal issuers, making it more difficult for them to meet their obligations.

**Portfolio Turnover** *(All Funds except for the Fixed Income Opportunities Fund)* – Each Fund will sell a security when its portfolio managers believe it is appropriate to do so, regardless of how long a Fund has owned that security. Buying and selling securities generally involves some expense to a Fund, such as commissions paid to brokers and other transaction costs. By selling a security, a Fund may realize taxable capital gains that it will subsequently distribute to shareholders. Generally speaking, the higher a Fund's annual portfolio turnover, the greater its brokerage costs and the greater the likelihood that it will realize taxable capital gains. On the other hand, a Fund may from time to time realize commission costs in order to engage in tax minimization strategies if the result is a greater enhancement to the value of a Fund share than the transaction cost to achieve it. Increased brokerage costs may adversely affect a Fund's performance. Also, unless you are a tax-exempt investor or you purchase shares through a tax-deferred account, the distribution of capital gains may affect your after-tax return. Annual portfolio turnover of 100% or more is considered high.

**Sector Exposure** *(All Funds)* – From time to time a Fund may invest a significant portion of its total assets in various industries in one or more sectors of the economy. To the extent a Fund's assets are invested in a sector of the economy, the Fund will be subject to market and economic factors affecting companies in that sector.

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**management of the funds** 

**INVESTMENT ADVISER** 

The Adviser provides the Funds with investment management services. The Adviser's main office is at 400 Park Avenue, New York, New York 10022.

The Adviser is a registered investment adviser that specializes in investment management for high-net-worth individuals, families and foundations. The Adviser has approximately $73.0 billion in assets under management as of October 31, 2025, and is a wholly-owned subsidiary of City National Bank ("CNB"), a federally chartered commercial bank founded in the early 1950s, which has provided trust and fiduciary services, including investment management services, to individuals and businesses for over 50 years. CNB currently provides investment management services to individuals, pension and profit sharing plans, endowments and foundations. As of October 31, 2025, CNB and its affiliates had approximately $108.9 billion in assets under administration, which includes approximately $79.8 billion in assets under management. CNB is a wholly-owned subsidiary of RBC USA Holdco Corporation, which is a wholly-owned indirect subsidiary of Royal Bank of Canada.

Subject to the oversight of the Board of Trustees, the Adviser has complete discretion as to the purchase and sale of investments for the Funds it directly manages, consistent with each such Fund's investment goal(s), policies and restrictions.

The Adviser is responsible for the evaluation, selection and monitoring of the sub-advisers of the Fixed Income Opportunities Fund. The Adviser selects sub-advisers based on a variety of factors, including investment style, performance record and the characteristics of each sub-adviser's typical investments. The assets of the Fixed Income Opportunities Fund are divided into various sleeves and the Adviser is responsible for allocating the assets among the sub-advisers in accordance with their specific investment styles. The Adviser directly manages a portion of the Fixed Income Opportunities Fund without the use of a sub-adviser.

The sub-advisers manage the Fixed Income Opportunities Fund's investments and are responsible for making all investment decisions and placing orders to purchase and sell securities for the Fund. Subject to the oversight of the Adviser and the Board of Trustees, the sub-advisers have complete discretion as to the purchase and sale of investments for the Fund consistent with the Fund's investment goal, policies and restrictions.

The Adviser received a fee from each Fund below for its investment management services at the annual rates set forth in the following table for the fiscal year ended September 30, 2025. Each annual rate is stated as a percentage of the average annual net assets of the Fund. These fees reflect fee waivers or reimbursements of fees waived by the Adviser. The sub-advisers are compensated out of the investment management fees paid to the Adviser.

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| | |
|:---|:---|
| Government Money Fund | 0.04% |
| Muni High Income Fund | 0.50% |
| Fixed Income Opportunities Fund | 0.47% |

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The Adviser has contractually agreed to waive investment management fees for the Government Money Fund such that the fee charged is 0.15% through January 31, 2027. Prior to that date, the arrangement may be terminated without penalty (a) by the Fund's Board of Trustees, or (b) by the Adviser effective no earlier than January 31, 2027, upon at least 60 days' prior written notice. Investment management fees waived by the Adviser pursuant to this arrangement will not be eligible for reimbursement by the Government Money Fund to the Adviser. The Adviser has agreed to voluntarily waive additional investment management fees for the Government Money Fund such that the fee charged is 0.04%. This additional voluntary waiver may be terminated at any time.

The Adviser has voluntarily agreed to waive a portion of the expenses of the Government Money Fund to the extent needed to maintain a one-day net income yield (yield floor) of not less than 0.01% of the Fund's average daily net assets. This waiver may be terminated at any time, and amounts waived may not be recaptured by the Adviser.

The Adviser has also voluntarily agreed to limit its fees or reimburse expenses to the extent necessary to keep total annual fund operating expenses (excluding taxes, interest, brokerage commissions, acquired fund fees and expenses, and extraordinary expenses) at or below the levels set forth in the following table. To the extent that the excluded expenses are incurred, total operating expenses may exceed the agreed upon limits. The Adviser intends to continue these arrangements at least through January 31, 2027; however, the Adviser is under no obligation to continue these arrangements, and may terminate them at any time. Any fee reductions or reimbursements may be repaid to the Adviser within three years after they occur if such repayments can be achieved within a Fund's expense limit in effect at the time such expenses were incurred and if certain other conditions are satisfied. Any such repayments will be ratified by the City National Rochdale Funds' Board.

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| | | |
|:---|:---|:---|
|  | Servicing <br> Class | Class N |
| Fixed Income Opportunities Fund | N/A | 1.09% |

---

A discussion regarding the basis for the Board of Trustees' most recent approval of the Funds' investment advisory agreement with the Adviser with respect to all Funds is available in the Funds' Form N-CSR for the fiscal year ended September 30, 2025.

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**SUB-ADVISERS AND PORTFOLIO MANAGERS** 

Following is certain information about the individuals employed by or associated with the Adviser who are primarily responsible for the day-to-day management of each Fund's investment portfolio (the "Portfolio Managers"), if any, and in the case of the Fixed Income Opportunities Fund, certain information about the Fund's sub-advisers. The SAI contains additional information about the Fund's sub-advisers and the Portfolio Managers, including the Portfolio Managers' compensation, other accounts managed by the Portfolio Managers, and the Portfolio Managers' ownership of securities of the Funds.

**GOVERNMENT MONEY FUND** 

Charles Luke and Michael Taila are portfolio managers for the Government Money Fund.

Charles Luke is the Chief Investment Officer of the Adviser. Mr. Luke joined the Adviser in 2018 and brings over 20 years of experience in the investment management industry. In 2024, Charles was named CIO of the firm where he will work to continue refining and expanding the Adviser's investment platform and wealth management solutions. Preceding his appointment as CIO, Mr. Luke led the Taxable Fixed Income Investment Team with responsibilities covering investment oversight, positioning, and performance of over $29 billion in broad market fixed income strategies. In addition to his supervisory duties, he serves as a voting member of the Investment Strategy Committee helping to craft the firm's macro-economic outlook and contributing to global asset allocation recommendations and portfolio implementation. Mr. Luke earned a BBA in Business Management with High Honors from the University of Georgia and is a Chartered Financial Analyst<sup>®</sup>.

Michael Taila is a Managing Director and Director of Fixed Income, of the Adviser. He joined RBC Rochdale in 2004 and has over 25 years of experience in the investment industry. He leads the fixed income team where he manages client relationships and is responsible for investment oversight, strategy, and performance. Mr. Taila serves as a voting member of the Investment Strategy Committee helping to craft the firm's macro-economic outlook and contributing to global asset allocation recommendations and portfolio implementation. Prior to joining City National Bank, he served as Portfolio Officer at Mellon Private Wealth Management, where he assisted in the management of high-net-worth client portfolios through portfolio risk analysis, asset allocation, equity research, and trading. Other past positions include Operations Specialist for Hotchkis and Wiley Capital Management. Mr. Taila holds a BA in Anthropology from the University of California San Diego, an MBA, with a focus in Finance, from the Anderson Graduate School of Management at the University of California at Los Angeles, and a MA in International Affairs from Ohio University.

**MUNI HIGH INCOME FUND** 

Douglas Gibbs and Brian Winters are portfolio managers for the Muni High Income Fund.

Douglas Gibbs is a Director and Portfolio Manager/Senior High Yield Municipal Analyst of the Adviser. Mr. Gibbs has over 30 years of experience in the financial services industry. Prior to joining the Adviser in January 2016, he served as a senior analyst for Invesco (and Van Kampen Investments before it was acquired by Invesco in 2010) where he was responsible for the acquisition and surveillance of non-rated and below investment grade municipal credits for both Invesco open-end mutual funds and closed-end funds from 2000 until December 2015. Prior to that, from 1997 to 2000, he was an investment grade municipal analyst for Van Kampen Investments. Mr. Gibbs earned his BA from Illinois Wesleyan University in Bloomington, Illinois and an MBA from the Kellstadt Graduate School of Business at DePaul University in Chicago.

Brian Winters is a Director and Portfolio Manager/Senior High Yield Municipal Analyst of the Adviser. Mr. Winters has over 35 years of experience in the financial services industry. Prior to joining the Adviser in March 2016, he served as Senior Fixed Income Analyst with Invesco, where he was a senior member of the municipal credit team responsible for investment analysis of high yield municipal bonds. Mr. Winters began his career with Van Kampen Investments (1989-1996) and later Morgan Stanley (1996-2010) where he focused on investment grade and high yield municipal and corporate credit analysis. Mr. Winters received a BS in Finance from the University of Illinois at Urbana-Champaign, and his MS in Finance from the Kellstadt Graduate School of Business and an MA in Economics from the Graduate School of Liberal Arts and Social Sciences, both at DePaul University.

**FIXED INCOME OPPORTUNITIES FUND** 

Charles Luke and Thomas Ehrlein are portfolio managers for the Fixed Income Opportunities Fund.

Information about Mr. Luke's background and experience is provided above under "Government Money Fund."

Thomas H. Ehrlein is the Director of Investment Solutions at the Adviser. Mr. Ehrlein joined RBC Rochdale (formerly City National Rochdale and Rochdale Investment Management) in 2005. He is responsible for Manager Research and Product Development of Investment Strategies. Mr. Ehrlein's day to day responsibilities involve Portfolio Management responsibilities on several City National Rochdale Funds. In addition, he leads all Alternative Investment Due Diligence, including Private Equity and Private Debt. Mr. Ehrlein's work is an essential part of asset allocation and investment decisions at the firm. He is a voting member of the RBC Rochdale Investment Strategy Committee. Prior to 2005, Mr. Ehrlein was a Senior Consultant in the Investment Management division of FactSet Research Systems, Inc., where he performed financial market and portfolio management research and quantitative analysis for institutional money management firms, and a middle market lending credit analyst at ABN-Amro, North America. Mr. Ehrlein earned his BS in Finance from the University of Scranton and his MBA in Finance from Hofstra University.

CITY NATIONAL ROCHDALE FUNDS \| PAGE 37

*BSP Limited.* BSP currently serves as a sub-adviser to the Fixed Income Opportunities Fund, providing investment advisory and portfolio management services pursuant to a sub-advisory agreement with the Adviser. BSP is located at 78 Cannon Street, London, EC4N 6HL, United Kingdom. BSP provides discretionary investment advisory services to individual institutional investors in the form of separate accounts, pooled investment vehicles (private funds) that are exempt from registration in the United States, and other investment advisers through sub-advisory agreements.

*BSP NY LLC.* BSP NY currently serves as a sub-adviser to the Fixed Income Opportunities Fund, providing investment advisory and portfolio management services pursuant to a sub-advisory agreement with the Adviser. BSP NY is located at One Madison Avenue, Suite 1600, New York, NY 10010. BSP NY provides discretionary/non-discretionary investment advisory services to institutional clients, including U.S. registered investment companies, U.S. private funds, other pooled investment vehicles and other institutions.

*Federated Investment Management Company.* Federated currently serves as a sub-adviser to the Fixed Income Opportunities Fund, providing investment advisory and portfolio management services pursuant to a sub-advisory agreement with the Adviser. Federated is a wholly-owned subsidiary of Federated Hermes, Inc. Federated Advisory Services Company ("FASC"), an affiliate of Federated, provides certain support services to Federated. The fee for such services is paid by Federated and not by the Fund. Both Federated and FASC are headquartered at 1001 Liberty Avenue, Pittsburgh, Pennsylvania 15222. Federated also provides investment advisory services to other investment companies.

*Seix Investment Advisors, a division of Virtus Fixed Income Advisers, LLC.* Seix currently serves as a sub-adviser to the Fixed Income Opportunities Fund, providing investment advisory and portfolio management services pursuant to a sub-advisory agreement with the Adviser. Seix is headquartered at One Maynard Drive, Suite 3200, Park Ridge, NJ 07656. Seix also provides investment advisory services to other investment companies, corporations, endowments, foundations, public funds, collateralized loan obligations and other institutional investors.

*T. Rowe Price Associates, Inc.* T. Rowe Price currently serves as a sub-adviser to the Fixed Income Opportunities Fund, providing investment advisory and portfolio management services pursuant to a sub-advisory agreement with the Adviser. T. Rowe Price is headquartered at 100 East Pratt Street, Baltimore, Maryland 21202. T. Rowe Price also provides investment management services to individual and institutional investors and sponsors, and serves as adviser and sub-adviser to registered investment companies, institutional separate accounts, and common trust funds.

Discussions regarding the basis for the Board of Trustees' approvals of the sub-advisory agreements with each of the Sub-Advisers are available in the Funds' Form N-CSR for the fiscal year ended September 30, 2025.

**ALL FUNDS** 

Under current law, the appointment or replacement of a new sub-adviser generally would require the approval of a Fund's shareholders. However, the Trust has received an exemptive order from the SEC which permits the Adviser, subject to certain conditions required by the SEC, to retain an unaffiliated sub-adviser, or terminate or replace a sub-adviser to any of the Funds, with the approval of the Board of Trustees but without obtaining shareholder approval. Shareholders of a Fund will be notified of any change in any such sub-advisers and be provided with information regarding any new sub-adviser. This exemption does not apply to any sub-adviser affiliated with the Adviser.

The order from the SEC granting this exemption benefits shareholders by enabling the Funds to operate in a less costly and more efficient manner. The Adviser has the ultimate responsibility to monitor any sub-advisers and recommend their hiring, termination and replacement. The Adviser may also terminate any sub-adviser and assume direct responsibility for the portfolio management of that Fund with the approval of the Board of Trustees, but without obtaining shareholder approval.

**ADMINISTRATOR** 

SEI Investments Global Funds Services (the "Administrator") serves as administrator and fund accountant to the Funds. The Administrator is located at One Freedom Valley Drive, Oaks, Pennsylvania 19456.

**DISTRIBUTOR** 

SEI Investments Distribution Co. (the "Distributor") serves as the Funds' distributor pursuant to a distribution agreement with the Funds. The Distributor is located at One Freedom Valley Drive, Oaks, Pennsylvania 19456 and can be reached at 1-888-889-0799.

**DISTRIBUTION OF FUND SHARES** 

The Funds have adopted plans for their Class N and Class S shares, where applicable, under Rule 12b-1 of the 1940 Act. The plans allow the Government Money Fund to pay to the Distributor distribution fees of 0.30% and 0.50% of average daily net assets for the sale and distribution of their Class N and Class S shares, respectively, and all other Funds to pay to the Distributor distribution fees of 0.25% of average daily net assets for the sale and distribution of their Class N shares. The Distributor pays some or all of such distribution fees to broker-dealers and other financial intermediaries (primarily CNB and City National Securities, LLC and CNR Securities LLC, which are affiliates of the Adviser) as compensation for providing distribution-related services. Because the distribution fees are

CITY NATIONAL ROCHDALE FUNDS \| PAGE 38

paid out of the Funds' assets on an ongoing basis, over time these fees will increase the cost of your investment and may cost you more than paying other types of sales charges.

The Distributor may, from time to time in its sole discretion, institute one or more promotional incentive programs for dealers, which will be paid for by the Distributor from its available resources. Under any such program, the Distributor may provide cash or non-cash compensation as recognition for past sales or encouragement for future sales that may include the following: merchandise, travel expenses, prizes, meals, and lodgings, and gifts that do not exceed $100 per year, per individual.

Servicing Class shares of the Funds are not subject to distribution fees under these plans.

For the fiscal year ended September 30, 2025, affiliates of the Adviser voluntarily waived distribution fees in the amounts set forth in the following table.

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| | | |
|:---|:---|:---|
|  | Class N | Class S |
| Government Money Fund | 0.30% | 0.50% |

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Effective March 1, 2018, the Government Money Fund contractually agreed to limit the distribution fee payable by Class S shares of the Fund to 0.45% through January 31, 2027.

**SHAREHOLDER SERVICING FEES** 

The Funds are subject to shareholder service agreements that allow each Fund to pay fees of 0.25% of its average daily net assets for non-distribution services provided to shareholders of each Class of each Fund. Because these fees are paid out of the Funds' assets, over time these fees will increase the cost of your investment.

**COMPENSATION TO DEALERS AND SHAREHOLDER SERVICING AGENTS** 

In addition to payments made by the Funds for distribution and/or shareholder servicing, the Adviser may pay out of its own assets, and at no cost to the Funds, significant amounts to selling or shareholder servicing agents in connection with the sale and distribution of shares of the Funds or for services to the Funds and their shareholders.

In return for these payments, the Funds may receive certain marketing or servicing advantages including, without limitation, inclusion of the Funds on a selling agent's "preferred list"; providing "shelf space" for the placement of the Funds on a list of mutual funds offered as investment options to its clients; granting access to a selling agent's registered representatives; providing assistance in training and educating the selling agent's registered representatives and furnishing marketing support and other related services. The Funds and their shareholders may also receive certain services including, but not limited to, establishing and maintaining accounts and records; answering inquiries regarding purchases, exchanges and redemptions; processing and verifying purchase, redemption and exchange transactions; furnishing account statements and confirmations of transactions; processing and mailing monthly statements, prospectuses, shareholder reports and other SEC-required communications; and providing the types of services that might typically be provided by a Fund's transfer agent (e.g., the maintenance of omnibus or omnibus-like accounts, the use of the National Securities Clearing Corporation for the transmission of transaction information and the transmission of shareholder mailings).

Payments made by the Adviser for the advantages and services described above, may be fixed dollar amounts, may be based on a percentage of sales and/or assets under management or a combination of the above, and may be up-front or ongoing payments or both. Such payments may be based on the number of customer accounts maintained by the selling or shareholder servicing agent, or based on a percentage of the value of shares sold to, or held by, customers of the selling or shareholder servicing agent, and may differ among selling and shareholder servicing agents.

**DECLARATION OF TRUST** 

The Trust is organized as a Delaware statutory trust. Delaware law provides a statutory framework for the powers, duties, rights and obligations of the Trustees and shareholders of the Trust, while the more specific powers, duties, rights and obligations of the Trustees and the shareholders are determined by the Trustees as set forth in the Trust's Second Amended and Restated Declaration of Trust ("Declaration of Trust"), and the Trust's Bylaws, as may be amended from time to time. Every shareholder, by virtue of purchasing shares and becoming a shareholder, agrees to be bound by the terms of the Declaration of Trust. Certain provisions of the Declaration of Trust with respect to shares and shareholders are described below. The discussion below is qualified in its entirety by reference to the Declaration of Trust.

*Derivative and Direct Actions.* The Declaration of Trust provides a detailed process for shareholders to bring derivative or direct actions in order to permit legitimate inquiries and claims while avoiding the time, expense, distraction, and other harm that can be caused to a Fund and its shareholders as a result of spurious shareholder claims, demands, and derivative actions.

The Declaration of Trust provides that, prior to bringing a derivative action, a shareholder must first make a demand on the Board of Trustees. Following receipt of the demand, those Trustees who are considered independent for the purposes of considering the demand have a period of 90 days, which may be extended by an additional 60 days, to consider the demand with the assistance of counsel. The Declaration of Trust also requires that shareholders owning shares representing at least 10% of the voting power of the affected Fund must join in bringing the derivative action.

The Declaration of Trust provides that no shareholder may bring a direct action claiming injury as a shareholder of the Trust, or any Fund or class thereof, unless the shareholder has suffered an injury distinct from that suffered by the shareholders of the Trust,

CITY NATIONAL ROCHDALE FUNDS \| PAGE 39

or the Fund or class, generally. A shareholder bringing a direct claim must be a shareholder of the Fund or class against which the direct action is brought at the time of the injury complained of, or have acquired the shares afterwards by operation of law from a person who was a shareholder at that time.

*Forum Selection.* The Declaration of Trust requires that any direct or derivative actions by shareholders against the Trust (or a Fund or a class), the Trustees, or the officers of the Trust may only be brought in the U.S. District Court for the Southern District of New York, or if such action may not be brought in that court, then in the New York Supreme Court sitting in New York County with assignment to the Commercial Division as permitted (each, a "Designated Court"). The Declaration of Trust also provides that shareholders waive any objection to venue in either Designated Court to the fullest extent permitted by applicable law.

*Jury Waiver.* The Declaration of Trust provides that there is no right to a trial by jury and such right is waived to the fullest extent permitted by applicable law.

Any person purchasing or otherwise acquiring or holding any interest in shares of a Fund will be deemed to have notice of and consented to the foregoing and other provisions of the Declaration of Trust. These and other provisions of the Declaration of Trust may limit a shareholder's ability to bring a claim against the Trustees, officers or other agents of the Trust and its service providers, which may discourage lawsuits with respect to such claims. The forum selection provision may limit a shareholder's ability to bring a claim in a judicial forum that it finds favorable or convenient for disputes with Trustees, officers or other agents of the Trust and its service providers. No provision of the Declaration of Trust will require a waiver of compliance with any provision of, or restrict any shareholder rights granted by, the federal securities laws.

**how to buy, sell and exchange shares** 

Here are the details you should know about how to purchase, sell (sometimes called "redeem") and exchange shares.

**GENERAL INFORMATION** 

All classes of shares of all Funds are offered through Authorized Institutions. If you purchase shares of a Fund through an Authorized Institution, your Authorized Institution is responsible for maintaining your individual account records, processing your order correctly and promptly, keeping you advised regarding the status of your individual account, confirming your transactions and ensuring that you receive copies of the Fund's Summary Prospectus. You will also generally have to address your correspondence or questions regarding the Fund to your Authorized Institution.

The Muni High Income Fund and Fixed Income Opportunities Fund are offered directly as well as through Authorized Institutions.

See "Purchase and Sale of Fund Shares" in the Summary for each Fund for information regarding the persons eligible to invest in each class of Fund shares.

Not all Funds and classes are available in all states. Shares of the Funds have not been registered for sale outside of the United States.

**PRICING OF FUND SHARES** 

How and when we calculate each Fund's net asset value per share ("NAV") determines the price at which you will buy or sell shares. We calculate the NAV once each day at the following times:

● *Government Money Fund* – Usually at 3:00 p.m., Eastern Time, on any day the Federal Reserve Bank of New York (the "Federal Reserve") is open, except as follows. In addition to weekends, the Federal Reserve is closed on the following Federal holidays: New Year's Day, Martin Luther King, Jr. Day, President's Day, Memorial Day, Juneteenth National Independence Day, Independence Day, Labor Day, Columbus Day, Veteran's Day, Thanksgiving and Christmas Day. On any business day when the Federal Reserve closes early, the Fund will also close trading early and the NAV will be calculated at the early Federal Reserve closing time.

● *Bond Funds* – As of the close of trading on the NYSE, usually 4:00 p.m. Eastern Time, each day the NYSE is open for business. The NYSE is open for business Monday through Friday except in observation of the following holidays: New Year's Day, Martin Luther King Jr. Day, President's Day, Good Friday, Memorial Day, Juneteenth National Independence Day, Independence Day, Labor Day, Thanksgiving and Christmas Day. NYSE holiday

CITY NATIONAL ROCHDALE FUNDS \| PAGE 40

schedules are subject to change without notice. On any business day when the NYSE closes early, the Funds will also close trading early and the NAV will be calculated at the early NYSE closing time.

Shares of the Bond Funds may be purchased or sold on any day that the NYSE is open for business. Shares of the Government Money Fund may be purchased or sold on any day that the Federal Reserve is open for business. Shares of a Fund, however, cannot be purchased or sold by Federal Reserve wire on days when either the NYSE or the Federal Reserve is closed. On any business day when the Securities Industry and Financial Markets Association ("SIFMA") recommends that the securities markets close early due to an emergency or other unanticipated event, the Government Money Fund and each Bond Fund reserves the right to close early. If the Government Money Fund or Bond Fund does so, it will not grant same business day credit for purchase and redemption orders received after the Government Money Fund's or Bond Fund's closing time and credit will be given on the next business day.

If the Fund or your Authorized Institution, as applicable, receives your purchase, redemption or exchange request in good order from you on a business day before the close of the Federal Reserve, for the Government Money Fund, and before the close of trading on the NYSE for all other Funds, we will price your order at that day's NAV. If the Fund or your Authorized Institution, as applicable, receives your request in good order on a business day from you after these times, we will price your order at the next day's NAV. In some cases, however, you may have to transmit your request to your Authorized Institution by an earlier time in order for your request to be effective on the day of transmittal. This allows your Authorized Institution time to process your request and transmit it to the Fund before the trading deadline. "In good order" means that the Fund has received and processed your account application and have received all required information and documentation, including, as applicable, the information described under "Customer Identification and Verification" and "Anti-Money Laundering Program" below and any required signature guarantees. To ensure that your request is in good order, follow the directions for purchasing shares as described under "How to Buy Shares."

**CALCULATION OF NAV** 

NAV for one share of a class of a Fund is the value of that share's portion of the net assets (i.e., assets less liabilities) attributable to that class of that Fund. The NAV for shares of the Government Money Fund is expected to remain constant at $1.00. We calculate the NAV of each class of each Fund by dividing the value of the net assets attributable to the class (which may include realized and unrealized capital gains and income) by the number of outstanding shares of that class. We base the value of the investments of each Bond Fund on their market values, usually the last price reported for each security before the close of the market that day. In the case of the Government Money Fund, securities are valued at amortized cost, which is expected to approximate market value. The valuations for fixed income securities are typically the prices supplied by independent third-party pricing services, which may use market prices or broker/dealer quotations or other techniques and methodologies. If independent third-party pricing services are unable to supply prices for a portfolio investment, or if the prices supplied are deemed by the Adviser to be unreliable, a market price may be obtained by the Adviser using quotations from one or more broker/dealers. Shares of open-end funds (other than ETF shares) are generally valued at the NAV reported by that investment company. ETF shares are valued at the most recent sale price or official closing price on the exchange on which they are traded.

Generally, a Fund's investments are valued at market value or, in the absence of a market value, at fair value as determined in good faith by the Adviser pursuant to joint valuation procedures of the Funds and the Adviser. The Board of Trustees has designated the Adviser as each Fund's Valuation Designee responsible for determining whether market quotations are readily available and reliable, and making good faith determinations of fair value when appropriate. The Valuation Designee carries out its responsibilities with respect to fair value determinations through its internal Fair Value Committee. The Valuation Designee is subject to the general oversight of the Board of Trustees.

The Fair Value Committee makes fair value determinations, in good faith, utilizing methodologies approved by and under the ultimate oversight of the Board of Trustees. For instance, if trading in a security has been halted or suspended or a security has been delisted from a national exchange, a security has not been traded for an extended period of time, or a significant event with respect to a security occurs after the close of the market or exchange on which the security principally trades and before a Fund calculates its NAV, the Fair Value Committee will determine the security's fair value. In determining the fair value of a security, the Fair Value Committee will consider the Valuation Designee's (or the relevant Sub-Adviser's) valuation recommendation and information supporting the recommendation, including factors such as the type of security, last trade price, fundamental analytical data relating to the security, forces affecting the market in which the security is purchased and sold, the price and extent of public trading in similar securities of the issuer or comparable companies, and other relevant factors.

Valuing securities at fair value involves greater reliance on judgment than valuation of securities based on readily available market quotations. Any Fund that uses fair value to price securities may value those securities higher or lower than another fund using market quotations or fair value to price the same securities. There can be no assurance that a Fund could obtain the fair value assigned to a security if it were to sell the security at approximately the time at which that Fund determines its net asset value. On at least a quarterly basis, the Board of Trustees reviews reports prepared by the Valuation Designee related to Fund valuation matters, including fair value determinations.

Some of the Funds may invest in securities listed on foreign exchanges or traded over-the-counter, which may trade on Saturdays or on U.S. national business holidays when the NYSE is closed. Consequently, the NAV of a Fund's shares may be

CITY NATIONAL ROCHDALE FUNDS \| PAGE 41

significantly affected on any day when the Fund does not price its shares and when you are not able to purchase or redeem the Fund's shares. Similarly, if an event materially affecting the value of foreign investments or foreign currency exchange rates occurs prior to the close of business of the NYSE but after the time their values are otherwise determined for a Fund, such investments or exchange rates will be valued at their fair value as discussed above.

More details about how we calculate the NAV for each Fund may be found in the SAI.

**HOW TO BUY SHARES** 

**All Funds** – To purchase shares of a Fund, you should contact your Authorized Institution and follow its procedures, including acceptable methods of payment and deadlines for receipt by the Authorized Institution of your share purchase instructions. Your Authorized Institution may establish higher minimum investment requirements than the Funds, and may charge a fee for its services, in addition to the fees charged by the Funds.

A Fund may reject any purchase order (generally within one business day) if it is determined that accepting the order would not be in the best interest of the Fund or its shareholders.

**Muni High Income Fund and Fixed Income Opportunities Fund** – There are two additional ways to purchase shares of these Funds:

*By Mail –* To open a new account, complete and sign an application. Applications are available by calling (866) 209-1967. Make your check payable to the Fund in which you choose to invest. The check must be drawn on a U.S. bank and payable in U.S. dollars. In compliance with the USA PATRIOT Act of 2001, please note that the Fund's transfer agent will verify certain information on your account application in accordance with the Trust's Anti-Money Laundering Program. As requested on the application, you must supply your full name, date of birth, social security number, and permanent street address. If you are opening the account in the name of a legal entity (e.g., partnership, limited liability company, business trust, corporation, etc.), you must also supply the identity of the beneficial owners. Mailing addresses containing only a P.O. Box will not be accepted. Please contact the Funds transfer agent at 1-866-209-1967 if you need additional assistance when completing your application. If we do not have a reasonable belief of the identity of a shareholder, the account will be rejected or you will not be allowed to perform a transaction on the account until such reasonable belief is established. In the rare event that the Transfer Agent is unable to verify your identity, the Fund reserves the right to redeem your account at the current day's net asset value.

Send your completed application and check to:

Regular Mail:

City National Rochdale Funds

c/o U.S. Bank Global Fund Services

P O Box 701

Milwaukee, WI 53201-0701

Overnight Delivery:

City National Rochdale Funds

c/o U.S. Bank Global Fund Services

615 East Michigan Street 3rd Floor

Milwaukee, WI 53202

To make additional investments once you have opened your account, write your account number on the check and send it together with the Invest by Mail form from your most recent confirmation statement received from the Transfer Agent. If you do not have the Invest by Mail form, include the Fund name, your name, address, and account number on a separate piece of paper along with your check. The check must be drawn on a U.S. bank. Please send your check to:

Regular Mail:

City National Rochdale Funds

c/o U.S. Bank Global Fund Services

P O Box 701

Milwaukee, WI 53201-0701

Overnight Delivery:

City National Rochdale Funds

c/o U.S. Bank Global Fund Services

615 East Michigan Street 3rd Floor

Milwaukee, WI 53202

The Funds do not consider the U.S. Postal Service or other independent delivery services to be their agents. Therefore, deposit in the mail or with such services, or receipt at the post office box of U.S. Bank Global Fund Services ("U.S. Bank"), of purchase orders does not constitute receipt by the transfer agent of the Funds. Receipt of purchase orders is based on when the order is received at the transfer agent's offices.

*By Wire* – If you are making an initial investment in a Fund, before you wire funds, please call us at (866) 209-1967 to make arrangements with a telephone service representative to submit your completed application via mail, overnight delivery, or facsimile. You may then contact your bank to initiate the wire using the following wire instructions:

U.S. Bank N.A.

777 East Wisconsin Avenue

Milwaukee, WI 53202

ABA #075000022

Credit: U.S. Bank Global Fund Services

Account #112-952-137

For further credit to City National Rochdale Funds

[Name of Fund]

[Shareholder name and account number]

If you wish to add to an existing account by Federal Funds wire payment, please call us at (866) 209-1967, during business hours, to advise of your intent to wire funds. This will ensure prompt and accurate credit to your account upon receipt of your wire.

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The Funds do not impose charges for wire services, but your bank may impose such charges. Wired funds must be received prior to 4:00 p.m. Eastern time to be eligible for same day pricing. The Funds and U.S. Bank are not responsible for the consequences of delays resulting from the banking or Federal Reserve Wire System, or from incomplete wiring instructions.

*General* – The Funds reserve the right to reject any purchase request, including a purchase request that may disrupt a Fund's operation or performance as described below under "Customer Identification and Verification" and "Anti-Money Laundering Program." The Funds will not be responsible for any loss of potential investment gains resulting from your inability to invest in a Fund because of the Fund's rejection of a purchase request based on the Fund's obligation to deter money laundering under Federal law or the Fund's determination that the purchase request will disrupt the Fund's operation. When the Funds reject a purchase request, the funds received from the shareholder or account applicant will not be invested in the Funds. Instead, a check from the Funds for the full amount of the check received by the Funds will be returned to the shareholder or account applicant as soon as possible after receipt by the Funds' transfer agent of the purchase request. The return of funds to a shareholder or account applicant may be delayed as a result of the Funds' compliance with Federal law relating to money laundering.

All checks must be in U.S. dollars drawn on a domestic bank. The Funds will not accept payment in cash or money orders. The Funds do not accept post-dated checks or any conditional order or payment. To prevent check fraud, the Funds will not accept third-party checks, Treasury checks, credit card checks, traveler's checks or starter checks for the purchase of shares.

The Funds' transfer agent may charge a $25.00 fee against a shareholder's account, in addition to any loss sustained by the Funds, for any payment that is returned. It is the policy of the Funds not to accept applications under certain circumstances or in amounts considered disadvantageous to shareholders. The Funds reserve the right to reject any application.

You must certify whether you are subject to withholding for failing to report income to the IRS. The Funds may return investments received without a certified taxpayer identification number.

**RETIREMENT PLANS** 

The Funds generally are available in Individual Retirement Account ("IRA") and Roth IRA plans offered by your Authorized Institution. You may obtain information about opening an IRA account by contacting your financial representative. If you wish to open another type of retirement plan, please contact your Authorized Institution.

**AUTOMATIC INVESTMENT PLAN** 

Once you open your account, you may make subsequent investments into the Funds through an Automatic Investment Plan ("AIP"). You can have money automatically transferred from your checking or savings account on a bi-weekly, monthly, bi-monthly or quarterly basis. To be eligible for this plan, your bank must be a domestic institution that is an Automated Clearing House ("ACH") member. The Transfer Agent is unable to debit mutual fund or pass through accounts. The Trust may modify or terminate the AIP at any time without notice. The first AIP purchase will take place no earlier than 7 business days after the Transfer Agent has received your request. You may modify or terminate your participation in the AIP by contacting the Transfer Agent five days prior to the effective date. If your bank rejects your payment for any reason, the Transfer Agent will charge a $25 fee to your account. Please contact the Transfer Agent at 1-866-209-1967 for more information about the Funds' AIP.

**TELEPHONE PURCHASES** 

Investors may purchase additional shares of the Funds by calling 1-866-209-1967. If you did not decline telephone options on your account application, you may also make additional purchases via Electronic Funds Transfer from your checking/savings account. If your account has been open for at least 7 business days, telephone orders will be accepted via electronic funds transfer from your bank account through the ACH network. You must have banking information established on your account prior to making a purchase. Each telephone purchase must be a minimum of $100. If an account has more than one owner or authorized person, the Fund will accept telephone instructions from any one owner or authorized person. Telephone trades must be received by or prior to a Fund's deadline or market close. Once a telephone transaction has been placed, it cannot be cancelled or modified after the close of regular trading on the NYSE (generally, 4:00 p.m., Eastern time). During periods of high market activity, you may encounter higher than usual wait times. Please allow sufficient time to ensure that you will be able to complete your telephone transaction prior to market close. You must have submitted a voided check or savings deposit slip to have banking information established on your account prior to making a purchase. Your shares will be purchased at the NAV per share calculated on the day your order is placed, provided that your order is received prior to 4:00 p.m., Eastern Time.

**FOREIGN INVESTORS** 

Shares of the Funds have not been registered for sale outside of the United States. The City National Rochdale Funds generally do not sell shares to investors residing outside the United States, even if they are United States citizens or lawful permanent residents, except to investors with United States military APO or FPO addresses.

**HOW TO SELL SHARES** 

**All Funds** – You may redeem some or all of your shares of the Bond Funds on any day the NYSE is open for regular session trading. Shares of the Government Money Fund may be redeemed on any day the NYSE and the Federal Reserve are open for business. If you purchased Fund shares through an Authorized Institution, you may sell your shares only through

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your Authorized Institution. To sell shares of a Fund, you should contact your Authorized Institution and follow its procedures. Your Authorized Institution may charge a fee for its services, in addition to the fees charged by the Funds.

Redemption requests for the Bond Funds must be received by the Fund or your Authorized Institution before 4:00 p.m., Eastern Time or the Authorized Institution's earlier applicable deadline. Redemption requests for the Government Money Fund must be received before 3:00 p.m., Eastern Time, or before the Authorized Institution's earlier deadline.

As long as the Funds or their agents receive your redemption request in good order before the close of regular trading on the NYSE (usually 4:00 p.m., Eastern time) or the applicable earlier deadline, your shares will be sold at that day's NAV. A redemption request is in good order if it includes all required information. If the Funds receive your redemption request after the close of regular trading on the NYSE or the applicable earlier deadline, your redemption request will be executed the next business day, and your shares will be sold at the next day's NAV. Redemption proceeds may be withheld or delayed as required by anti-money laundering laws and regulations.

Normally, the Funds will make payment on your redemption request the next business day after receiving your request, while not expected, payment of redemption proceeds may take up to seven business days.

The Funds generally pay sale (redemption) proceeds in cash. The Funds typically expect to satisfy redemption requests by selling portfolio assets or by using holdings of cash or cash equivalents. On a less regular basis, the Funds may also satisfy redemption requests by drawing on a line of credit. The Funds use these methods during both normal and stressed market conditions. During conditions where cash redemptions are unwise and/or detrimental to a Fund and its shareholders (e.g., the amount you are redeeming is large enough to affect a Fund's operation), the Fund reserves the right to make redemptions in readily marketable portfolio securities rather than cash (a "redemption in kind"). The Funds may redeem shares in kind during both normal and stressed market conditions. If your shares were ever redeemed in kind, you would be responsible for paying the transaction costs to sell the securities distributed to you, as well as taxes on any capital gains from the sale as with any redemption. In addition, you would be subject to market exposure on securities received from a Fund until you sold them. By calling us before you attempt to redeem a large dollar amount, you are more likely to avoid in-kind or delayed payment of your redemption.

The Funds may suspend redemptions or postpone payments of redemption proceeds for more than seven days during any period when the NYSE is closed for other than customary weekends or holidays; trading on the NYSE is restricted; there are emergency circumstances as determined by the SEC; or the SEC has by order permitted such suspension to protect shareholders of a Fund.

**Bond Funds** – If you purchased shares of either of these Funds directly, you may redeem some or all of your shares in the following ways. Redemption proceeds will be sent to you via check to your address of record or will be wired to the bank via the instructions on your account or will be sent via the ACH network to the bank instructions on your account.

*By Mail* – Complete a written redemption request that includes the Fund's name, your account number, each account owner's name and address, the dollar amount or number of shares to be sold, and the signature of each owner as it appears on the account with a signature guarantee, if applicable. Send the written request to:

Regular Mail:

City National Rochdale Funds

c/o U.S. Bank Global Fund Services

P O Box 701

Milwaukee, WI 53201-0701

Overnight Delivery:

City National Rochdale Funds

c/o U.S. Bank Global Fund Services

615 East Michigan Street 3rd Floor

Milwaukee, WI 53202

The Funds do not consider the U.S. Postal Service or other independent delivery services to be their agents. Therefore, deposit in the mail or with such services, or receipt at U.S. Bank's post office box, of redemption requests does not constitute receipt by the transfer agent of the Funds. Receipt of redemption requests is based on when the order is received at the transfer agent's offices.

*By Wire* – Redemption proceeds may be wired to the pre-determined bank instructions on your account. The transfer agent charges a $15 fee for each wire transfer. The fee will be deducted from your account on dollar specific trades, and from proceeds on complete redemptions and share-specific trades.

*By Telephone* – If you did not decline telephone options on your account application or by subsequent arrangement in writing, you may redeem shares up to $50,000 by calling (866) 209-1967. You will need to provide your account number, the exact name(s) in which the account is registered and taxpayer identification number. We may also require additional forms of identification. Investors may have a check sent to the address of record, proceeds may be wired to a shareholder's bank account of record, or funds may be sent via electronic funds transfer through the ACH network, also to the bank account of record. Wires are subject to a $15 fee paid by the investor. The investor does not incur any charge when proceeds are sent via the ACH system and credit is usually available in the investor's account within 2-3 days.

*General* – Special documentation may be required to redeem from certain types of accounts, such as trust, corporate, non-profit or retirement accounts. Please call us at (866) 209-1967 before attempting to redeem from these types of accounts.

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If you have recently purchased shares by check or electronic funds transfer through the ACH network, a Fund may withhold redemption proceeds until your purchase amount has cleared, which may take up to 15 calendar days from the date of purchase. Shareholders can avoid this delay by utilizing the wire purchase option. Shareholders who have an IRA must indicate on their written redemption request whether or not to withhold federal income tax. Redemption requests failing to indicate an election not to have tax withheld will generally be subject to 10% withholding. Shares held in IRA accounts may be redeemed by telephone at (866) 209-1967. IRA investors will be asked whether or not to withhold taxes from any distribution.

**HOW TO EXCHANGE SHARES** 

**All Funds** – You may exchange shares of a Fund for the same class of shares of any other Fund in which you are eligible to invest on any business day. When you exchange shares, you are really selling your shares and buying other shares, so your sale price and purchase price will be based on the NAVs of the relevant Funds next calculated after we receive your exchange request. Exchange instructions must be received before 3:00 p.m., Eastern time for the Government Money Fund, and before the close of trading on the NYSE for all other Funds.

If you wish to exchange shares of a Fund that you purchased through an Authorized Institution, you should contact your Authorized Institution. Your Authorized Institution may charge you transaction fees and additional amounts for its services.

**Bond Funds** – You may exchange shares of a Fund for the same class of shares of any other Fund in which you are eligible to invest on any business day. If you wish to exchange between these Funds, you may transfer investments among existing accounts or you may open a new account to accept the exchange from an existing account. When requesting an exchange between these Funds, both accounts must be registered in the same name, with the same address and taxpayer identification number.

*By Mail* – Send a written request using the procedures for written redemption requests above. No signature guarantee is required. For further information, please call us at (866) 209-1967.

*By Telephone* – You must have not declined telephone options on your initial account application. To authorize telephone exchanges after establishing your Fund account, send a signed written request to:

City National Rochdale Funds

c/o U.S. Bank Global Fund Services

P O Box 701

Milwaukee, WI 53201-0701

To request an exchange, please call us at (866) 209-1967. Shares exchanged by telephone must have a value of $1,000 or more. Exchange instructions must be received before 4:00 p.m., Eastern time.

**CONVERSION OF SHARES** 

A share conversion is a transaction in which shares of one class of a Fund are exchanged for shares of another class of the Fund. Share conversions can occur between each share class of a Fund. Generally, share conversions occur when a shareholder becomes eligible for another share class of the Fund or no longer meets the eligibility criteria of the share class owned by the shareholder (and another class exists for which the shareholder would be eligible). Please note that a share conversion is generally a non-taxable event, but you should consult with your personal tax adviser on your particular circumstances.

A request for a share conversion will not be processed until it is received in "good order" (as defined above) by the Fund or your Authorized Institution. To receive the NAV of the new class calculated that day, conversion requests for the Bond Funds must be received in good order by the Fund or your Authorized Institution before 4:00 p.m., Eastern Time or the Authorized Institution's earlier applicable deadline. Conversion requests for the Government Money Fund must be received in good order before 3:00 p.m., Eastern Time, or before the Authorized Institution's earlier deadline. Please note that, because the NAV of each class of the Fund will generally vary from the NAVs of the other classes due to differences in expenses, you will receive a different number of shares in the new class than you held in the old class, but the total value of your holdings will remain the same.

The Funds' market timing policies will not be applicable to share conversions. If you hold your shares through an Authorized Institution, please contact the Authorized Institution for more information on share conversions. Please note that certain Authorized Institutions may not permit all types of share conversions. The Funds reserve the right to terminate, suspend or modify the share conversion privilege for any shareholder or group of shareholders.

The Funds reserve the right to automatically convert shareholders from one class to another if they either no longer qualify as eligible for their existing class or if they become eligible for another class. Such mandatory conversions may be as a result of a change in value of an account due to market movements, exchanges or redemptions. A Fund will notify affected shareholders in writing prior to any mandatory conversion.

**INACTIVE AND LOST ACCOUNTS** 

Please note that the value of your account may be transferred to the appropriate state if no activity occurs in the account within the time period specified by state law.

It is important that the Funds maintain a correct address for each investor. An incorrect address may cause an investor's account statements and other mailings to be returned to the Fund. Based upon statutory requirements for returned mail, the Funds will attempt to locate the investor or rightful owner of the account. If the Funds are unable to locate the investor, then they will determine whether the investor's account can legally be considered abandoned. The Funds are legally obligated to

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escheat (or transfer) abandoned property to the appropriate state's unclaimed property administrator in accordance with statutory requirements. The investor's last known address of record determines which state has jurisdiction.

Investors with a state of residence in Texas have the ability to designate a representative to receive legislatively required unclaimed property due diligence notifications. Please contact the Texas Comptroller of Public Accounts for further information.

If you elect to receive distributions and/or capital gains paid in cash, and the U.S. Postal Service cannot deliver the check, or if a check remains outstanding for six months, the Fund reserves the right to reinvest the distribution check in your account, at the Fund's current net asset value, and to reinvest all subsequent distributions.

**ADDITIONAL INFORMATION ABOUT TELEPHONE TRANSACTIONS** 

You may give up some level of security by choosing to exchange or sell shares by telephone rather than by mail. To prevent unauthorized transactions in your account, the Funds or their services providers, as applicable, will employ reasonable procedures to confirm that telephone instructions are genuine. If the Funds or their service providers follow these procedures, neither the Funds nor their service providers will be liable for any loss, liability, cost or expense arising from unauthorized or fraudulent telephone instructions. Because you may be responsible for unauthorized telephone requests, you should verify the accuracy of each telephone transaction as soon as you receive your account statement and you should take precautions to keep confidential your account number and tax identification number.

If an account has more than one owner or authorized person, the Fund will accept telephone instructions from any one owner or authorized person.

Telephone trades must be received by or prior to a Fund's deadline or market close. During periods of high market activity, shareholders may encounter higher than usual call wait times. Please allow sufficient time to place your telephone transaction. Once a telephone transaction has been placed, it cannot be canceled or modified after the close of regular trading on the NYSE (generally, 4:00 p.m., Eastern time).

**SIGNATURE GUARANTEE REQUIREMENTS** 

To protect you and the Funds against fraud, signatures on certain requests must have a "signature guarantee." A signature guarantee verifies the authenticity of your signature. You can obtain one from domestic banks, dealers, credit unions, national securities exchanges, registered securities associations, clearing agencies and savings associations, as well as from participants in the New York Stock Exchange Medallion Signature Program and the Securities Transfer Agents Medallion Program ("STAMP"), but not from a notary public. A signature guarantee from either a Medallion program member or a non-Medallion program member is required for any of the following:

● If ownership is being changed on your account;

● When redemption proceeds are payable or sent to any person, address or bank account not on record;

● When a redemption is received by the Transfer Agent and the account address has changed within the last 15 calendar days;

● For all redemptions in excess of $50,000 from any shareholder account.

In addition to the situations described above, the Funds and /or the Transfer Agent reserve the right to require a signature guarantee in other instances based on the circumstances relative to the particular situation.

Non-financial transactions, including establishing or modifying certain services on an account, may require a signature guarantee, signature verification from a Signature Validation Program member, or other acceptable form of authentication from a financial institution source. Additionally, each Fund reserves the right, in its sole discretion, to waive any signature guarantee requirement.

**FREQUENT PURCHASES AND REDEMPTIONS OF FUND SHARES** 

The Funds' Board of Trustees has adopted policies and procedures with respect to frequent purchases and redemptions of Fund shares. The Funds discourage short-term or other excessive trading (such as market timing) into and out of the Funds because such trading may harm performance by disrupting portfolio management strategies and by increasing expenses. The Funds do not accommodate frequent purchases and redemptions of Fund shares, other than the Government Money Fund, and reserve the right to reject or cancel (generally within one business day of receipt of the purchase order) without any prior notice, any purchase or purchase portion of any exchange order, including transactions representing excessive trading and, as applicable, transactions accepted by any shareholder's Authorized Institution.

Money market funds are generally not effective vehicles for market timing activity since these types of funds seek to maintain a constant NAV of $1.00. In addition, the risks of frequent trading are not generally applicable to money market funds because they are cash management vehicles which accommodate frequent inflows and outflows of cash. As a result, money market funds are managed to accommodate such cash flows, particularly when used as bank sweep vehicles (as the Government Money Fund is used), which generally eliminates the potential for disruptive trading. However, a money market fund may be used in conjunction with an exchange with a non-money market fund in order to facilitate market timing activity in the non-money market fund. With respect to exchanges between the Government Money Fund and any other non-money market

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Fund, frequent trading will be monitored in conjunction with the Funds' frequent trading procedures as described below. The Government Money Fund reserves the right to reject or cancel (generally within one business day) without any prior notice, any purchase or purchase portion of any exchange order, including transactions representing excessive trading and transactions accepted by any shareholder's Authorized Institution. The Government Money Fund may exercise such right in the event the Government Money Fund determines that a purchase or exchange order is disruptive to the portfolio management of the Government Money Fund or any other Fund.

The transfer agents for the Funds have procedures in place designed to detect and prevent market timing activity. The Adviser also participates in the enforcement of the Funds' market timing prevention policy by monitoring transaction activity in the Funds. The Adviser and the transfer agents currently monitor for various patterns in trading activity in client accounts, including omnibus accounts, such as a purchase and sale of shares of a Fund (a "round trip") within 30 days, multiple round trips within several months, and four exchanges per quarter. These parameters are subject to change.

Shareholders seeking to engage in excessive trading practices may use a variety of strategies to avoid detection and, despite the efforts of the Funds to prevent excessive trading, there is no guarantee that the Funds or their transfer agents will be able to identify such shareholders or curtail their trading practices. The ability of the Funds and their agents to detect and curtail excessive trading practices may also be limited by operational systems and technological limitations. In addition, the Funds receive purchase, exchange and redemption orders through financial intermediaries and cannot always know or reasonably detect excessive trading which may be facilitated by these intermediaries. However, the Funds do attempt to review excessive trading at the omnibus level and work with each intermediary in enforcing the Funds' policies and procedures if suspicious activity is detected. In addition, the Distributor has received assurances from each financial intermediary which sells shares of the Funds that it has procedures in place to monitor for excessive trading. If the Funds or their service providers find what they believe may be market timing activity in an omnibus account with respect to the Funds, they will contact management of the Funds, who will review the activity and determine what action, if any, the Funds will take. Possible actions include contacting the financial intermediary and requesting assistance in identifying shareholders who may be engaging in market timing activity, and restricting or rejecting future purchase or exchange orders with respect to shareholders found to be engaging in such activity. There are no assurances that the Funds or their service providers will successfully identify all omnibus accounts engaged in excessive trading, or that intermediaries will properly administer their excessive trading monitoring policies. If you invest in the Funds through an intermediary, please read that firm's materials carefully to learn of any other rules or fees that may apply.

**COMPLIANCE WITH APPLICABLE CUSTOMER IDENTIFICATION, VERIFICATION, AND ANTI-MONEY LAUNDERING REQUIREMENTS** 

**CUSTOMER IDENTIFICATION AND VERIFICATION** 

To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account.

What this means to you: when you open an account, you will be asked to provide certain information, which includes your name, address, date of birth, and other information that will serve as a basis to establish your identity. This information is subject to verification. The Funds are required by law to reject your investment if the required identifying information is not provided.

In certain instances, a Fund, or an Authorized Institution on behalf of a Fund, may be required to collect documents pursuant to certain applicable legal obligations. Documents provided in connection with your application will be used solely to establish and verify your identity. Attempts to collect missing information required on the application will be performed by contacting you or, if applicable, your broker or Authorized Institution. If this information is unable to be obtained within a timeframe established in the sole discretion of the Funds, your application will be rejected.

Upon receipt of your application in proper form (or upon receipt of all identifying information required on the application), your investment will be accepted and your order will be processed at the NAV next determined after receipt of your application in proper form. However, a Fund reserves the right to close your account if it is unable to verify your identity. Attempts to verify your identity will be performed within a timeframe established in the sole discretion of a Fund. If a Fund is unable to verify your identity, the Fund reserves the right to liquidate your account at the then-current day's price and remit proceeds to you via check. The Fund reserves the further right to hold your proceeds until clearance of your original check. In such an instance, you may be subject to a gain or loss on Fund shares and will be subject to corresponding tax implications.

**ANTI-MONEY LAUNDERING PROGRAM** 

Customer identification and verification is part of the Funds' overall obligation to deter money laundering under Federal law. The Funds have adopted an Anti-Money Laundering Compliance Program designed to prevent the Funds from being used for money laundering or the financing of terrorist activities. In this regard, the Funds reserve the right to: (i) refuse, cancel or rescind any purchase or exchange order; (ii) freeze any account and/or suspend account services; or (iii) involuntarily close your account in cases of threatening conduct or suspected fraudulent or illegal activity. These actions will be taken when, in the sole discretion of Fund management, they are deemed to

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be in the best interest of the Funds or in cases when the Funds are requested or compelled to do so by governmental or law enforcement authority. If your account is closed at the request of governmental or law enforcement authority, you may not receive proceeds of the redemption if the Funds are required to withhold such proceeds.

**dividends and taxes** 

**DIVIDENDS** 

*Government Money Fund.* The Government Money Fund declares dividends each day the NAV is calculated, pays dividends monthly, and distributes net capital gains, if any, at least once a year. Your dividends begin to accrue on the day your purchase order is settled for shares bought before 3:00 p.m., Eastern time for the Government Money Fund. The Government Money Fund will not credit you with dividends for shares on the day the Fund makes payment on your redemption request.

*Muni High Income Fund.* The Muni High Income Fund declares investment income daily and distributes it monthly as a dividend to shareholders. You will begin earning dividends on the Muni High Income Fund on the business day following your purchase order settlement. The Muni High Income Fund makes distributions of capital gains, if any, at least annually. If you own Muni High Income Fund shares on the Fund's record date, you will be entitled to receive the distribution.

*Fixed Income Opportunities Fund.* The Fixed Income Opportunities Fund declares and distributes investment income, if any, quarterly as a dividend to shareholders.

*All Funds.* Following their fiscal year end (September 30), the Funds may make additional distributions to avoid the imposition of a tax.

Each Fund automatically reinvests your dividends and capital gains distributions in additional full or fractional shares, unless you instruct your Authorized Institution or the Fund, in writing or by telephone prior to the date of the dividend or distribution, of your election to: (1) receive dividends in cash while reinvesting capital gain distributions in additional Fund shares; (2) reinvest dividends in additional Fund shares and receive capital gains in cash; or (3) receive all distributions in cash. Your election will be effective for all dividends and distributions paid after your notice is received if given five days prior to the record date of the distribution. To cancel your election, please write or call your Authorized Institution or the Fund, as applicable. Proceeds from dividends or distributions will normally be sent on the business day after dividends or distributions are credited to your account.

**TAXES** 

The following discussion is very general and does not address shareholders subject to special rules, such as those who hold Fund shares through an IRA, 401(k) plan or other tax-advantaged account. Except as specifically noted, the discussion is limited to federal income tax matters, and does not address state, local, foreign or non-income taxes. Because each shareholder's circumstances are different and special tax rules may apply, you should consult your tax adviser about your investment in a Fund.

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You will generally have to pay federal income taxes, as well as any state and local taxes, on distributions (other than exempt-interest dividends paid by the Muni High Income Fund from interest on municipal securities) received from a Fund, whether the distributions are paid in cash or additional shares. If you sell Fund shares or exchange them for shares of another Fund, it is generally considered a taxable event. If, however, you sell or exchange shares of the Government Money Fund, you generally will not have any gain or loss on the sale or exchange so long as the Government Money Fund maintains an NAV of $1.00 and, while you held such shares, has not made a distribution that is treated as a return of capital for tax purposes. The following table summarizes the tax status of certain transactions related to the Funds:

---

| | |
|:---|:---|
| **TRANSACTION** | **FEDERAL TAX STATUS** |
| Redemption or exchange of shares | Usually capital gain or loss; long-term only if shares owned more than one year |
| Distributions of net capital gain (excess of net long-term capital gain over net short-term capital loss) | Long-term capital gain |
| Ordinary dividends (including distributions of net short-term capital gain) | Ordinary income; certain dividends potentially taxable at long-term capital gain rates |
| Exempt-interest dividends | Exempt from regular federal income tax |

---

Distributions of net capital gain are taxable to you as long-term capital gain regardless of how long you have owned your shares. Certain dividends may be "qualified dividend income," which for non-corporate shareholders is taxed at reduced rates. A portion of the dividends received from a Fund (but none of the Fund's capital gain distributions) may qualify for the dividends-received deduction for corporate shareholders.

Distributions in excess of a Fund's current and accumulated earnings and profits will, as to each shareholder, constitute a tax-free return of capital to the extent of the shareholder's basis in his or her shares of the Fund and constitute a capital gain thereafter (if the shareholder holds his or her shares of the Fund as capital assets). A distribution treated as a return of capital will reduce the shareholder's basis in his or her shares of the applicable Fund.

Most distributions from the Muni High Income Fund are expected to be exempt-interest dividends, which are exempt from regular federal income tax, but may be subject to state or local income taxes. A portion of the Muni High Income Fund's exempt-interest dividends may be subject to a federal AMT. The Funds other than the Muni High Income Fund do not expect to be eligible to distribute exempt-interest dividends.

Distributions derived from interest on U.S. Government securities (but not distributions of gain from the sale of such securities) may be exempt from certain state and local taxes. Consult your tax adviser for restrictions and details.

If you buy shares of the Fund at a time when the Fund has recognized net income or net capital gain with respect to which a distribution has not been declared, the distribution will be generally taxable to you even though it may effectively represent a return of a portion of your investment.

A 3.8% Medicare contribution tax generally applies to all or a portion of the net investment income of a shareholder who is an individual and not a nonresident alien for federal income tax purposes and who has adjusted gross income (subject to certain adjustments) that exceeds a threshold amount. This 3.8% tax also applies to all or a portion of the undistributed net investment income of certain shareholders that are estates and trusts. For these purposes, dividends (other than exempt-interest dividends), interest and certain capital gains are generally taken into account in computing a shareholder's net investment income.

A Fund's dividends and other distributions are generally treated as received by shareholders when they are paid. However, if any dividend or other distribution is declared by a Fund in October, November or December of any calendar year and payable to shareholders of record on a specified date in such a month but is actually paid during the following January, such dividend or other distribution will be treated as received by each shareholder on December 31 of the year in which it was declared.

After the end of the year, the Funds will provide you with information about the dividends and distributions you received and any redemptions of shares during the previous year.

If you are neither a citizen nor a resident of the United States, certain dividends that you receive from a Fund may be subject to federal withholding tax. To the extent that a Fund's distributions consist of ordinary dividends or other payments that are subject to withholding, the Fund will withhold federal income tax at the rate of 30% (or such lower rate as may be determined in accordance with any applicable treaty). Most distributions from the Muni High Income Fund are expected to be exempt-interest dividends, which are not subject to such withholding. Ordinary dividends that are reported by a Fund as "interest-related dividends" or "short-term capital gain dividends" are generally exempt from such withholding. In general, a Fund may report interest-related dividends to the extent of its net income derived from U.S.-source interest and original issue discount and a Fund may report short-term capital gain dividends to the extent its net short-term capital gain for the taxable year exceeds its net long-term capital loss.

If you do not provide the Funds with your correct taxpayer identification number and any required certifications, you will be subject to backup withholding on your redemption proceeds (except for proceeds from redemptions of Government Money Fund shares), dividends (including exempt-interest dividends), and other distributions. Backup withholding will not, however, be applied to payments that have been subject to the 30%

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withholding tax on shareholders who are neither citizens nor residents of the United States. The backup withholding rate is currently 24%.

More information about taxes is contained in the Funds' SAI.

Supplemental tax reporting information concerning the City National Rochdale Funds is posted online at www.citynationalrochdalefunds.com under the "Important Tax Information" tab.

**financial highlights** 

The following financial highlights tables are intended to help you understand the Funds' financial performance. Information for the fiscal years ended September 30, 2025, 2024 and 2023, has been derived from financial statements audited by Cohen & Company, Ltd., the Funds' independent registered public accounting firm, whose report, along with the Funds' financial statements, are included in the Funds' Annual Financials and Other Information, which is available on the Funds' website and as part of the Funds' Form N-CSR filing for the fiscal year ended September 30, 2025 (available upon request; see the back cover of this Prospectus). Information presented in the financial highlights tables is for a single City National Rochdale Fund share outstanding throughout the year or period shown. The total return figures in the tables represent the rate an investor would have earned (or lost) on an investment in the Fund (assuming reinvestment of all dividends and distributions).

The financial statements for the fiscal years ended September 30, 2022 and 2021 were audited by the Fund's prior independent registered public accounting firm.

CITY NATIONAL ROCHDALE FUNDS \| PAGE 50

---

| |
|:---|
| **financial highlights** |
| *For a Share Outstanding Throughout Each Period<br> For the year ended September 30,*  |

---

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Net Asset <br> Value <br> Beginning <br> of Period | Net <br> Investment <br> Income<sup>†</sup> | Net <br> Realized and <br> Unrealized <br> Gains <br> (Losses) on <br> Securities | Dividends <br> from Net <br> Investment <br> Income | Distributions <br> from Realized <br> Capital Gains | Net Asset <br> Value End <br> of Period | Total <br> Return<sup>‡</sup> | Net Assets End <br> of Period (000) | Ratio of <br> Expenses to <br> Average Net <br> Assets<sup>(1)</sup> | Ratio of Net <br> Investment <br> Income to <br> Average Net <br> Assets<sup>(1)</sup> | Ratio of Expenses <br> to Average Net <br> Assets (Excluding <br> Waivers & <br> Recovered Fees) | Portfolio <br> Turnover <br> Rate |
| **City National Rochdale Government Money Market Fund** | **City National Rochdale Government Money Market Fund** | **City National Rochdale Government Money Market Fund** | **City National Rochdale Government Money Market Fund** | **City National Rochdale Government Money Market Fund** | **City National Rochdale Government Money Market Fund** | **City National Rochdale Government Money Market Fund** | **City National Rochdale Government Money Market Fund** | **City National Rochdale Government Money Market Fund** | **City National Rochdale Government Money Market Fund** | **City National Rochdale Government Money Market Fund** | **City National Rochdale Government Money Market Fund** | **City National Rochdale Government Money Market Fund** |
| Class N (commenced operations on June 21, 1999) | Class N (commenced operations on June 21, 1999) | Class N (commenced operations on June 21, 1999) | Class N (commenced operations on June 21, 1999) | Class N (commenced operations on June 21, 1999) | Class N (commenced operations on June 21, 1999) | Class N (commenced operations on June 21, 1999) | Class N (commenced operations on June 21, 1999) | Class N (commenced operations on June 21, 1999) | Class N (commenced operations on June 21, 1999) | Class N (commenced operations on June 21, 1999) | Class N (commenced operations on June 21, 1999) | Class N (commenced operations on June 21, 1999) |
| &nbsp;&nbsp;2025 | $1.00 | $0.038 | $0.000 \* | $(0.038) |  | $1.00 | 3.84% | $10 | 0.66% | 3.78% | 0.88% | —% |
| &nbsp;&nbsp;2024 | 1.00 | 0.047 | 0.000 \* | (0.047) |  | 1.00 | 4.84 | 10 | 0.63 | 4.71 | 0.85 |  |
| &nbsp;&nbsp;2023 | 1.00 | 0.041 | (0.001) | (0.040) |  | 1.00 | 4.00 | 664234 | 0.65 | 4.07 | 0.87 |  |
| &nbsp;&nbsp;2022 | 1.00 | 0.004 | 0.000 \* | (0.004) |  | 1.00 | 0.39 | 347551 | 0.29 | 0.30 | 0.86 |  |
| &nbsp;&nbsp;2021 | 1.00 | 0.000 \* | 0.000 \* | (0.000) |  | 1.00 | 0.01 | 642240 | 0.07 | 0.01 | 0.87 |  |
| Class S (commenced operations on October 6, 1999) | Class S (commenced operations on October 6, 1999) | Class S (commenced operations on October 6, 1999) | Class S (commenced operations on October 6, 1999) | Class S (commenced operations on October 6, 1999) | Class S (commenced operations on October 6, 1999) | Class S (commenced operations on October 6, 1999) | Class S (commenced operations on October 6, 1999) | Class S (commenced operations on October 6, 1999) | Class S (commenced operations on October 6, 1999) | Class S (commenced operations on October 6, 1999) | Class S (commenced operations on October 6, 1999) | Class S (commenced operations on October 6, 1999) |
| &nbsp;&nbsp;2025 | $1.00 | $0.036 | $0.000 \* | $(0.036) |  | $1.00 | 3.70% | $1516400 | 0.79% | 3.63% | 1.01% | —% |
| &nbsp;&nbsp;2024 | 1.00 | 0.046 | 0.000 \* | (0.046) |  | 1.00 | 4.68 | 1232366 | 0.79 | 4.58 | 1.01 |  |
| &nbsp;&nbsp;2023 | 1.00 | 0.039 | (0.001) | (0.038) |  | 1.00 | 3.85 | 1470759 | 0.80 | 3.93 | 1.02 |  |
| &nbsp;&nbsp;2022 | 1.00 | 0.003 |  | (0.003) |  | 1.00 | 0.34 | 725394 | 0.39 | 0.35 | 1.02 |  |
| &nbsp;&nbsp;2021 | 1.00 | 0.000 \* | 0.000 \* | (0.000) |  | 1.00 | 0.01 | 689506 | 0.07 | 0.01 | 1.02 |  |
| Servicing Class (commenced operations on April 3, 2000) | Servicing Class (commenced operations on April 3, 2000) | Servicing Class (commenced operations on April 3, 2000) | Servicing Class (commenced operations on April 3, 2000) | Servicing Class (commenced operations on April 3, 2000) | Servicing Class (commenced operations on April 3, 2000) | Servicing Class (commenced operations on April 3, 2000) | Servicing Class (commenced operations on April 3, 2000) | Servicing Class (commenced operations on April 3, 2000) | Servicing Class (commenced operations on April 3, 2000) | Servicing Class (commenced operations on April 3, 2000) | Servicing Class (commenced operations on April 3, 2000) | Servicing Class (commenced operations on April 3, 2000) |
| &nbsp;&nbsp;2025 | $1.00 | $0.041 | $0.000 \* | $(0.041) |  | $1.00 | 4.16% | $6973930 | 0.34% | 4.10% | 0.56% | —% |
| &nbsp;&nbsp;2024 | 1.00 | 0.050 | 0.000 \* | (0.050) |  | 1.00 | 5.15 | 6637955 | 0.34 | 5.03 | 0.56 |  |
| &nbsp;&nbsp;2023 | 1.00 | 0.043 | (0.001) | (0.042) |  | 1.00 | 4.31 | 5910646 | 0.35 | 4.33 | 0.57 |  |
| &nbsp;&nbsp;2022 | 1.00 | 0.005 | 0.000 \* | (0.005) |  | 1.00 | 0.51 | 3487258 | 0.21 | 0.47 | 0.57 |  |
| &nbsp;&nbsp;2021 | 1.00 | 0.000 \* | 0.000 \* | (0.000 |  | 1.00 | 0.02 | 3440097 | 0.07 | 0.01 | 0.57 |  |
| **City National Rochdale Municipal High Income Fund** | **City National Rochdale Municipal High Income Fund** | **City National Rochdale Municipal High Income Fund** | **City National Rochdale Municipal High Income Fund** | **City National Rochdale Municipal High Income Fund** | **City National Rochdale Municipal High Income Fund** | **City National Rochdale Municipal High Income Fund** | **City National Rochdale Municipal High Income Fund** | **City National Rochdale Municipal High Income Fund** | **City National Rochdale Municipal High Income Fund** | **City National Rochdale Municipal High Income Fund** | **City National Rochdale Municipal High Income Fund** | **City National Rochdale Municipal High Income Fund** |
| Class N (commenced operations on December 30, 2013) | Class N (commenced operations on December 30, 2013) | Class N (commenced operations on December 30, 2013) | Class N (commenced operations on December 30, 2013) | Class N (commenced operations on December 30, 2013) | Class N (commenced operations on December 30, 2013) | Class N (commenced operations on December 30, 2013) | Class N (commenced operations on December 30, 2013) | Class N (commenced operations on December 30, 2013) | Class N (commenced operations on December 30, 2013) | Class N (commenced operations on December 30, 2013) | Class N (commenced operations on December 30, 2013) | Class N (commenced operations on December 30, 2013) |
| &nbsp;&nbsp;2025 | $9.48 | $0.40 | $(0.36) | $(0.38) |  | $9.14 | 0.48% | $486237 | 1.13% | 4.39% | 1.13% | 23% |
| &nbsp;&nbsp;2024 | 8.67 | 0.39 | 0.81 | (0.39) |  | 9.48 | 14.04 | 544405 | 1.10 | 4.34 | 1.10 | 18 |
| &nbsp;&nbsp;2023 | 8.97 | 0.36 | (0.31) | (0.35) |  | 8.67 | 0.44 | 616138 | 1.08 | 3.99 | 1.08 | 25 |
| &nbsp;&nbsp;2022 | 11.07 | 0.31 | (2.10) | (0.31) |  | 8.97 | (16.47) | 835922 | 1.07 | 2.97 | 1.07 | 48 |
| &nbsp;&nbsp;2021 | 10.61 | 0.33 | 0.46 | (0.33) |  | 11.07 | 7.51 | 1235195 | 1.07 | 3.03 | 1.07 | 15 |
| Servicing Class (commenced operations on December 30, 2013) | Servicing Class (commenced operations on December 30, 2013) | Servicing Class (commenced operations on December 30, 2013) | Servicing Class (commenced operations on December 30, 2013) | Servicing Class (commenced operations on December 30, 2013) | Servicing Class (commenced operations on December 30, 2013) | Servicing Class (commenced operations on December 30, 2013) | Servicing Class (commenced operations on December 30, 2013) | Servicing Class (commenced operations on December 30, 2013) | Servicing Class (commenced operations on December 30, 2013) | Servicing Class (commenced operations on December 30, 2013) | Servicing Class (commenced operations on December 30, 2013) | Servicing Class (commenced operations on December 30, 2013) |
| &nbsp;&nbsp;2025 | $9.48 | $0.43 | $(0.36) | $(0.40) |  | $9.15 | 0.84% | $275058 | 0.88% | 4.65% | 0.88% | 23% |
| &nbsp;&nbsp;2024 | 8.67 | 0.42 | 0.80 | (0.41) |  | 9.48 | 14.32 | 296556 | 0.85 | 4.59 | 0.85 | 18 |
| &nbsp;&nbsp;2023 | 8.98 | 0.39 | (0.33) | (0.37) |  | 8.67 | 0.58 | 442104 | 0.84 | 4.24 | 0.84 | 25 |
| &nbsp;&nbsp;2022 | 11.08 | 0.33 | (2.10) | (0.33) |  | 8.98 | (16.24) | 592435 | 0.82 | 3.22 | 0.82 | 48 |
| &nbsp;&nbsp;2021 | 10.62 | 0.36 | 0.46 | (0.36) |  | 11.08 | 7.77 | 823230 | 0.82 | 3.27 | 0.82 | 15 |

---

\* Amount represents less than $0.001. 

&nbsp;&nbsp;&nbsp;&nbsp;† Per share calculations are based on Average Shares outstanding throughout the period.

&nbsp;&nbsp;&nbsp;&nbsp;‡ Returns are for the period indicated and have not been annualized. Fee waivers are in effect; if they had not been in effect, performance would have been lower. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(1) Ratio includes waivers and previously waived investment advisory fees recovered. The impact of the recovered fees may cause a higher net expense ratio.

Amounts designated as "—" are either $0 or have been rounded to $0.

CITY NATIONAL ROCHDALE FUNDS \| PAGE 51

---

| |
|:---|
| **financial highlights** |
| *For a Share Outstanding Throughout Each Period<br> For the year ended September 30,* |

---

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Net Asset <br> Value <br> Beginning <br> of Period | Net <br> Investment <br> Income<sup>†</sup> | Net <br> Realized <br> and <br> Unrealized <br> Gains <br> (Losses) on <br> Securities | Dividends <br> from Net <br> Investment <br> Income | Distributions <br> from <br> Realized <br> Capital Gains | Distributions <br> from <br> Return of <br> Capital | Net Asset <br> Value End <br> of Period | Total <br> Return<sup>‡</sup> | Net Assets <br> End of <br> Period (000) | Ratio of <br> Expenses <br> to Average <br> Net <br> Assets<sup>(1)</sup> | Ratio <br> of Net <br> Investment <br> Income to <br> Average <br> Net <br> Assets<sup>(1)</sup> | Ratio of <br> Expenses <br> to Average <br> Net Assets <br> (Excluding <br> Waivers & <br> Recovered <br> Fees) | Portfolio <br> Turnover <br> Rate |
| **City National Rochdale Fixed Income Opportunities Fund** | **City National Rochdale Fixed Income Opportunities Fund** | **City National Rochdale Fixed Income Opportunities Fund** | **City National Rochdale Fixed Income Opportunities Fund** | **City National Rochdale Fixed Income Opportunities Fund** | **City National Rochdale Fixed Income Opportunities Fund** | **City National Rochdale Fixed Income Opportunities Fund** | **City National Rochdale Fixed Income Opportunities Fund** | **City National Rochdale Fixed Income Opportunities Fund** | **City National Rochdale Fixed Income Opportunities Fund** | **City National Rochdale Fixed Income Opportunities Fund** | **City National Rochdale Fixed Income Opportunities Fund** | **City National Rochdale Fixed Income Opportunities Fund** | **City National Rochdale Fixed Income Opportunities Fund** |
| Class N (commenced operations on July 1, 2009) | Class N (commenced operations on July 1, 2009) | Class N (commenced operations on July 1, 2009) | Class N (commenced operations on July 1, 2009) | Class N (commenced operations on July 1, 2009) | Class N (commenced operations on July 1, 2009) | Class N (commenced operations on July 1, 2009) | Class N (commenced operations on July 1, 2009) | Class N (commenced operations on July 1, 2009) | Class N (commenced operations on July 1, 2009) | Class N (commenced operations on July 1, 2009) | Class N (commenced operations on July 1, 2009) | Class N (commenced operations on July 1, 2009) | Class N (commenced operations on July 1, 2009) |
| &nbsp;&nbsp;2025 | $19.66 | $1.35 | $(0.06) | $(1.12) | $— | $— | $19.83 | 6.77% | $1689980 | 1.17% | 6.88% | 1.20% | 40% |
| &nbsp;&nbsp;2024 | 18.96 | 1.48 | 0.44 | (1.22) |  |  | 19.66 | 10.32 | 1876129 | 1.14 | 7.57 | 1.14 | 34 |
| &nbsp;&nbsp;2023 | 18.60 | 1.34 | 0.71 | (1.69) |  |  | 18.96 | 11.44 | 2184165 | 1.13 | 7.06 | 1.13 | 63 |
| &nbsp;&nbsp;2022\* | 23.39 | 1.16 | (4.62) | (1.33) |  |  | 18.60 | (15.23) | 3070638 | 1.09<sup>(2)</sup> | 5.44 | 1.09 | 94 |
| &nbsp;&nbsp;2021\* | 22.57 | 1.21 | 1.04 | (1.43) |  |  | 23.39 | 10.14 | 4111912 | 1.10<sup>(2)</sup> | 5.14 | 1.10 | 117 |

---

&nbsp;&nbsp;&nbsp;&nbsp;† Per share calculations are based on Average Shares outstanding throughout the period.

&nbsp;&nbsp;&nbsp;&nbsp;‡ Returns are for the period indicated and have not been annualized. Fee waivers are in effect; if they had not been in effect, performance would have been lower. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

\* Includes Consolidated investments in Irish Subsidiary.

&nbsp;&nbsp;&nbsp;&nbsp;(1) Ratio includes waivers and previously waived investment advisory fees recovered. The impact of the recovered fees may cause a higher net expense ratio.

&nbsp;&nbsp;&nbsp;&nbsp;(2) The expense ratio includes acquired fund fee expenses from the investment in the Irish Subsidiary. Had this expense been excluded, the ratios would have been 1.09% and 1.09%, respectively.

Amounts designated as "—" are either $0 or have been rounded to $0.

CITY NATIONAL ROCHDALE FUNDS \| PAGE 52

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CITY NATIONAL ROCHDALE FUNDS \| PAGE 53

**important terms to know** 

*7-Day Yield* — the dividend and interest earned by a Fund, and paid out during the seven-day period, minus any management fees incurred during those seven days.

*Duration* — a measure used to determine the sensitivity of a security's price to changes in interest rates.

*Liquidity* — the ability to turn investments into cash.

*Quality* — the credit rating given to a security by a nationally recognized statistical rating organization.

*Yield* — the interest rate you would receive if you kept your investment in a Fund for a year. It is based on the current interest rate for a trailing seven-day period.

*Bloomberg 60% Tax-Exempt High Yield/40% Municipal Investment Grade Custom Capped Custom Weighted Index Unhedged USD* — an index that is comprised that is 60% of high yield municipal bonds and 40% of investment grade municipal bonds, with issuers capped at 1% of the index.

*Bloomberg Emerging Markets High Yield Index* — an index that includes U.S.-dollar denominated debt of sovereign, quasi-sovereign and corporate issuers in emerging market countries.

*Bloomberg Global Aggregate Bond Index (USD)* — a broad-based measure of the global investment grade fixed-rate debt markets.

*Bloomberg Global Aggregate Corporate Total Return Index Hedged USD* — an index that provides a measure of global investment grade, fixed-rate corporate debt. This benchmark includes bonds from developed and emerging markets issuers within the industrial, utility and financial sectors.

*Bloomberg U.S. Municipal Bond Index* — an unmanaged index considered representative of the broad market for investment-grade municipal bonds. Bonds in the index have remaining maturities of at least one year.

*Bloomberg Multiverse Total Return Index Value Hedged USD* — an index that provides a broad-based measure of the global fixed income bond market. The index is the union of the Bloomberg Global Aggregate Index and the Bloomberg Global High Yield Index.

*S&P Global Leveraged Loan Index* — an index designed to measure the performance of the global senior loan market. This fixed-weight index is 75% weighted in the S&P/LSTA Leveraged Loan Index and 25% weighted in the S&P European Leveraged Loan Index.

CITY NATIONAL ROCHDALE FUNDS \| PAGE 54

**notice of privacy principles** 

The City National Rochdale Funds and their affiliates know our shareholders expect and rely upon us to maintain the confidentiality and privacy of all of the information about them in our possession and control. Maintaining the trust and confidence of our shareholders is our highest priority. The Funds have adopted a Privacy Policy to guide our conduct when we collect, use, maintain or release nonpublic personal information from our shareholders and prospective shareholders. Certain information regarding the Privacy Policy is summarized below.

We will obey all applicable laws respecting the privacy of nonpublic personal information and will comply with the obligations of the law respecting nonpublic personal information provided to us. A Fund may obtain nonpublic personal information from and about its shareholders and prospective shareholders from different sources, including the following: (i) information we receive from shareholders and prospective shareholders directly or through their financial intermediaries, on subscription agreements, forms or other documents; (ii) information about shareholder transactions with the Fund, its affiliates, or others; (iii) information about a shareholder's transactions with nonaffiliated third parties; (iv) information from or about a shareholder collected online; and (v) information we receive from a consumer reporting agency. We collect, use and retain the information, including nonpublic personal information, about our shareholders and prospective shareholders that we believe is necessary for us to, among other things, understand and better meet their financial needs and requests, administer and maintain their accounts, provide them with our products and services, anticipate their future needs, protect them and us from fraud or unauthorized transactions, and meet legal requirements.

We may share information regarding our shareholders with our affiliates as permitted by law because some of our products and services are delivered through or in conjunction with our affiliates. We instruct our colleagues and applicable affiliates to limit the availability of all shareholder information within their respective organizations to those colleagues responsible for servicing the needs of the shareholder and those colleagues who reasonably need such information to perform their duties and as required or permitted by law.

We do provide shareholder information, including nonpublic personal information, to our vendors and other outside service providers whom we use when appropriate or necessary to perform and enhance our shareholder services. When we provide shareholder information to anyone outside our organization, we only do so as required or permitted by law. We require all of our vendors and service providers who receive shareholder information from us to agree to maintain the information in confidence, to limit the use and dissemination of the information to the purpose for which it is provided and to abide by the law. To the extent permitted by law, we undertake to advise a shareholder of any government or other legal process served on us requiring disclosure of information about that shareholder.

We generally limit our disclosure of nonpublic personal information to third parties to the following circumstances: (i) when requested to do so by the shareholder; (ii) when necessary, in our opinion, to effect, administer, or enforce a shareholder initiated transaction or a shareholder request for a product or service; and (iii) when required or permitted to do so by law or regulation, including authorized requests from government agencies and if we are the victim of fraud or otherwise suffer loss caused by the unlawful act of the shareholder.

We maintain physical, electronic, and procedural safeguards that are designed to guard all shareholder information. In addition, we educate all our colleagues about the Privacy Policy and their obligations to maintain confidentiality and privacy of shareholder information as summarized in this Notice and we take appropriate disciplinary measures to enforce these obligations.

A full copy of the Funds' Privacy Policy is available upon request from the Fund. Should you have any questions regarding the Privacy Policy, please contact your investment professional or the Funds at (888) 889-0799.

CITY NATIONAL ROCHDALE FUNDS \| PAGE 55

**for more information** 

**CITY NATIONAL ROCHDALE FUNDS** 

Additional information is available free of charge in the SAI for the Funds. The SAI is incorporated by reference (legally considered part of this document). In the Annual Report for the Funds, you will find a summary discussion of the key factors that materially affected the Funds' performance during their last fiscal year. Additional information about the Funds' investments is available in the Funds' Annual and Semi-Annual Reports to shareholders, and in the Annual Financials and Other Information. To receive a free copy of this Prospectus, the SAI, the Annual and Semi-Annual Reports to shareholders, or the Annual Financials and Other Information, please visit the Funds' web site at citynationalrochdalefunds.com or contact:

SEI Investments Distribution Co.

One Freedom Valley Drive

Oaks, Pennsylvania 19456

(888) 889-0799

In an effort to decrease costs, the Funds intend to reduce the number of duplicate prospectuses and other similar documents you receive by sending only one copy of each to shareholders at the same address that we reasonably believe are from the same family. Once implemented, if you would like to discontinue householding for your accounts, please call toll-free at 1-866-209-1967 to request individual copies of these documents. Once a Fund receives notice to stop householding, we will begin sending individual copies 30 days after receiving your request. This policy does not apply to account statements.

Reports and other information about the Funds may be obtained:

● free of charge, on the EDGAR database on the SEC's website at www.sec.gov; or

● for a duplication fee, by electronic request at publicinfo@sec.gov.

For the current seven-day yield, or if you have questions about the Funds, please call (888) 889-0799.

A description of the Funds' policies and procedures with respect to the disclosure of the Funds' portfolio securities is available in the SAI.

The Funds' Investment Company Act file number: 811-07923.

CNR-PS-022-2300

City National Rochdale Government Money Market Fund

City National Rochdale Municipal High Income Fund

City National Rochdale Fixed Income Opportunities Fund

**STATEMENT OF ADDITIONAL INFORMATION**

**CITY NATIONAL ROCHDALE FUNDS**

**400 Park Avenue, New York, New York 10022**

---

| | |
|:---|:---|
| **CITY NATIONAL ROCHDALE**<br> **GOVERNMENT**<br> **MONEY MARKET FUND**<br> **Servicing Class (CNIXX)**<br> **Class N (CNGXX)**<br> **Class S (CNFXX)** | **CITY NATIONAL ROCHDALE MUNICIPAL**<br> **HIGH INCOME FUND**<br> **Servicing Class (CNRMX)**<br> **Class N (CNRNX)** |
| **CITY NATIONAL ROCHDALE FIXED<br> INCOME OPPORTUNITIES FUND**<br> **Servicing Class (CNRZX)**<br> **Class N (RIMOX)** |  |

---

**January 28, 2026**

Mutual fund shares are not insured or guaranteed by the U.S. Government, the Federal Deposit Insurance Corporation (the "FDIC") or any other governmental agency. Mutual fund shares are not bank deposits, nor are they obligations of, or issued, endorsed or guaranteed by City National Bank ("CNB") or Royal Bank of Canada. Investing in mutual funds and other securities involves risks, including possible loss of principal.

This Statement of Additional Information ("SAI") is not a prospectus. It should be read in conjunction with the prospectus dated January 28, 2026, which may be amended from time to time (the "Prospectus"), for the City National Rochdale Government Money Market Fund (the "Government Money Fund"), the City National Rochdale Municipal High Income Fund (the "Muni High Income Fund") and the City National Rochdale Fixed Income Opportunities Fund (the "Fixed Income Opportunities Fund").

The Muni High Income Fund and the Fixed Income Opportunities Fund are referred to herein as the "Bond Funds." The Bond Funds and the Government Money Fund are referred to herein as the "Funds."

Each Fund is a series of City National Rochdale Funds (the "Trust"), an open-end, management investment company. Prior to September 10, 2013, the name of the Trust was "CNI Charter Funds." Audited financial statements for each of the Funds contained in the Funds' [Annual Financials and Other Information for the fiscal year ended September 30, 2025, are incorporated herein by reference.](https://www.sec.gov/ix?doc=/Archives/edgar/data/1026977/000139834425022005/fp0095915-1_ncsrixbrl.htm)

To obtain a free copy of the above-referenced Prospectus or Annual Financials and Other Information for the Trust, please call (888) 889-0799 or visit citynationalrochdalefunds.com.

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| **[THE FUNDS](#cnr-sai_001)** | **[3](#cnr-sai_001)** |
| **[INVESTMENT TECHNIQUES AND RISK CONSIDERATIONS](#cnr-sai_002)** | **[4](#cnr-sai_002)** |
| **[INVESTMENT RESTRICTIONS](#cnr-sai_003)** | **[56](#cnr-sai_003)** |
| **[MANAGEMENT OF THE TRUST](#cnr-sai_004)** | **[61](#cnr-sai_004)** |
| **[PORTFOLIO TRANSACTIONS](#cnr-sai_005)** | **[83](#cnr-sai_005)** |
| **[DISTRIBUTIONS AND TAXES](#cnr-sai_006)** | **[86](#cnr-sai_006)** |
| **[SHARE PRICE CALCULATION](#cnr-sai_007)** | **[98](#cnr-sai_007)** |
| **[DISTRIBUTION PLAN](#cnr-sai_008)** | **[101](#cnr-sai_008)** |
| **[SHAREHOLDER SERVICES AGREEMENT](#cnr-sai_009)** | **[102](#cnr-sai_009)** |
| **[MARKETING AND SUPPORT PAYMENTS](#cnr-sai_010)** | **[104](#cnr-sai_010)** |
| **[EXPENSES](#cnr-sai_011)** | **[104](#cnr-sai_011)** |
| **[CODES OF ETHICS](#cnr-sai_012)** | **[105](#cnr-sai_012)** |
| **[DISCLOSURE OF PORTFOLIO HOLDINGS](#cnr-sai_013)** | **[105](#cnr-sai_013)** |
| **[PROXY VOTING](#cnr-sai_014)** | **[107](#cnr-sai_014)** |
| **[GENERAL INFORMATION](#cnr-sai_015)** | **[108](#cnr-sai_015)** |
| **[CONTROL PERSONS AND PRINCIPAL HOLDERS OF SECURITIES](#cnr-sai_016)** | **[109](#cnr-sai_016)** |
| **[PERFORMANCE INFORMATION](#cnr-sai_017)** | **[113](#cnr-sai_017)** |
| **[PURCHASE AND REDEMPTION OF SHARES](#cnr-sai_018)** | **[115](#cnr-sai_018)** |
| **[OTHER INFORMATION](#cnr-sai_019)** | **[117](#cnr-sai_019)** |
| **[FINANCIAL STATEMENTS](#cnr-sai_020)** | **[117](#cnr-sai_020)** |
| **[APPENDIX A – PROXY VOTING POLICIES](#cnr-sai_021)** | **[A-1](#cnr-sai_021)** |
| **[APPENDIX B – RATINGS OF INVESTMENT SECURITIES](#cnr-sai_022)** | **[B-1](#cnr-sai_022)** |

---

 ****

***THE FUNDS***

The various classes of shares of each Fund were first offered on the following dates:

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| | | | |
|:---|:---|:---|:---|
| **Fund** | **Servicing**<br> **Class**  | **Class N** | **Class S** |
| Government Money Fund | 4/3/00 | 6/21/99 | 10/6/99 |
| Muni High Income Fund | 12/30/13 | 12/30/13 | N/A |
| Fixed Income Opportunities Fund<sup>(1)</sup> | N/A | 7/1/09 | N/A |

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&nbsp;&nbsp;&nbsp;&nbsp;(1) For the Fixed Income Opportunities Fund, the inception date shown above
reflects the inception date of the corresponding share class of its Rochdale Predecessor Fund, as defined below.

The Fixed Income Opportunities Fund commenced operations on March 29, 2013, the effective date of the acquisition by the Fund of the assets and liabilities of its corresponding series (the "Rochdale Predecessor Fund") of Rochdale Investment Trust, a registered investment company organized on March 10, 1998, for which Rochdale Investment Management, LLC ("Rochdale") served as investment adviser. Effective September 10, 2013, Rochdale changed its name to City National Rochdale, LLC. Effective January 6, 2026, City National Rochdale, LLC changed its name to RBC Rochdale, LLC ("RBC Rochdale" or the "Adviser"). RBC Rochdale is an affiliate of CNB. As of the date of the acquisition, all of the holders of issued and outstanding shares of the Rochdale Predecessor Fund received Class N shares of its corresponding Fund. The Fixed Income Opportunities Fund has substantially similar investment goals, policies and strategies as its Rochdale Predecessor Fund. As compared to the Fixed Income Opportunities Fund, the Rochdale Predecessor Fund had a different board of trustees and some different service providers. In addition, the Rochdale Predecessor Fund's fiscal year ended December 31, while the Fixed Income Opportunities Fund's fiscal year ends September 30.

RBC Rochdale currently serves as investment adviser to each Fund. Prior to September 10, 2013, City National Asset Management, Inc. ("CNAM"), a wholly-owned subsidiary of CNB, served as investment adviser to the Government Money Fund as further described below under "Management of the Trust – Adviser." Effective September 10, 2013, CNAM reorganized into City National Rochdale, LLC. References to the "Adviser" for periods before September 10, 2013, refer to CNAM with respect to the Government Money Fund and refer to Rochdale with respect to the Fixed Income Opportunities Fund.

Effective January 31, 2008, the then-existing Class A shares of the Funds were redesignated as Class N shares. There were no changes to the rights, fees or expenses of the Class A shares or services provided to Class A shareholders in connection with the change of designation to Class N.

Effective November 28, 2012, the then-existing Institutional Class shares of the Government Money Fund were redesignated as Servicing Class shares. There were no changes to the rights, fees or expenses of the Institutional Class shares or services provided to Institutional Class shareholders in connection with the change of designation to Servicing Class.

Each Fund is a diversified fund, which means that it may not, with respect to 75% of its total assets, invest more than 5% of its total assets in the securities of one issuer and in not more than 10% of the outstanding voting securities of an issuer. These limits do not apply to cash, Government securities, and securities of other investment companies.

Effective September 7, 2022, the Trust added Servicing Class shares to the Fixed Income Opportunities Fund, which was the only series of the Trust that did not previously offer Servicing Class shares. Servicing Class shares of the Fund are available only to clients of managed account programs of City National Bank and the Adviser, and certain retirement plan platforms. Servicing Class shares differ from the Fund's other share classes in that they are subject to shareholder servicing fees, but they are not subject to distribution fees pursuant to a Rule 12b-1 plan. Servicing Class shares of the Fixed Income Opportunities Fund are not currently available for purchase.

As the investment adviser to the Fixed Income Opportunities Fund, RBC Rochdale allocates portions of the Fund's assets among one or more of Benefit Street Partners Limited (formerly known as Alcentra Limited) ("BSP"), BSP NY LLC (formerly known as Alcentra NY, LLC) ("BSP NY"), Federated Investment Management Company ("Federated"), Seix Investment Advisors, a division of Virtus Fixed Income Advisers, LLC ("Seix"), and T Rowe Price Associates, Inc. ("T. Rowe Price") (each a "Sub-Adviser" and collectively the "Sub-Advisers"). Each of the Sub-Advisers serves as a sub-adviser to the Fixed Income Opportunities Fund, as described more fully below. RBC Rochdale directly manages a portion of the Fixed Income Opportunities Fund.

***INVESTMENT TECHNIQUES AND RISK CONSIDERATIONS***

The Prospectus describes the principal and material non-principal strategies and risks of investing in each Fund. This SAI provides additional information about the Funds' principal strategies and risks and further describes non-principal strategies and risks of the Funds that an investor should also consider.

Events in certain sectors historically have resulted, and may in the future result, in an unusually high degree of volatility in the financial markets, both domestic and foreign. These events have included, but are not limited to: bankruptcies, corporate restructurings, and other events related to the sub-prime mortgage crisis that began in 2007; governmental efforts to limit short selling and high frequency trading; measures to address U.S. federal and state budget deficits; social, political, geopolitical and economic instability in various countries and regions; economic stimulus by governments and central banks, including the Federal Reserve in the United States; steep declines in oil prices; dramatic changes in currency exchange rates; pandemics, epidemics and other similar circumstances in one or more countries or regions; terrorism, wars, and international conflicts; China's economic slowdown; expansion of government deficits and debt; bank failures; and higher inflation. Interconnected global economies and financial markets increase the possibility that conditions in one country or region might adversely impact issuers in a different country or region. Such events may cause significant declines in the values and liquidity of many securities and other instruments. In times of market volatility or dramatic reductions in trading activity, among other issues, it is difficult for a Fund to properly value its investments and a Fund may not be able to purchase or sell an investment at an attractive price, if at all. It is impossible to predict whether such conditions will recur. Because such situations may be widespread and/or ongoing, it may be difficult to identify both risks and opportunities using past models of the interplay of market forces, or to predict the duration of such events.

**GOVERNMENT MONEY FUND**

**Government Money Fund.** The Fund invests at least 99.5% of its total assets in cash, U.S. Treasury securities and other government securities guaranteed or issued by an agency or instrumentality of the U.S. Government, and/or repurchase agreements that are fully collateralized by cash or government securities. In addition, it is a fundamental policy of the Fund to invest, under normal conditions, at least 80% of its net assets (plus any borrowings for investment purposes) in U.S. Government securities and/or repurchase agreements that are fully collateralized by government securities.

**Money Market Fund Risks.** The Government Money Fund will invest in securities which the Adviser has determined, according to procedures approved by the Board of Trustees of the Trust (the "Board" or "Board of Trustees") and factors set forth under Rule 2a-7 under the Investment Company Act of 1940, as amended (the "1940 Act"), to present minimal credit risk. The procedures and guidelines approved by the Board are intended to enable the Adviser to minimize the credit risk with respect to the securities in the Government Money Fund's portfolio, but there can be no absolute assurance that the Adviser will be successful in this regard. If issuer defaults nevertheless occur representing a sufficiently large portion of the Government Money Fund's portfolio, the Fund may be unable to maintain a stable net asset value of $1.00 per share.

**INVESTMENTS**

Investments by the Funds may include the following types of securities. With respect to the Fixed Income Opportunities Fund and any Fund that invests in Underlying Funds (as defined below), references in this section to investments by a Fund include the Fund's "direct" investments as well as its "indirect" investments (*i.e.*, investments by the Underlying Fund).

**Asset-Backed Commercial Paper.** The Fixed Income Opportunities Fund (as a principal investment strategy) and all of the other Funds (as a non-principal investment strategy) may invest in asset-backed commercial paper ("ABCP") and other Eligible Securities (as defined below). ABCP is issued by structured investment vehicles or other conduits, and typically has an original term to maturity of up to 270 days. Payment is supported by cash flows from large pools of assets with large numbers of revolving obligors, such as motor vehicle installment sales contracts, installment loan contracts, leases of various types of real and personal property, and receivables from revolving credit (*e.g.*, credit card) agreements. The structured investment vehicles or other conduits issuing the ABCP are sponsored by mortgage companies, investment banking firms, finance companies, hedge funds, private equity firms and special purpose finance entities.

The credit quality of most ABCP depends primarily on the credit quality of the underlying assets, how well the entity issuing the security is insulated from the credit risk of the originator (or any other affiliated entities), and the amount and quality of any credit support provided to the securities. Payments or distributions of principal and interest on ABCP depend primarily on the cash collections received from the underlying asset portfolio and the conduit's ability to issue new ABCP. A fund investing in such securities may incur losses in the event or credit or market value deterioration in the underlying portfolio, mismatches in the timing of the cash flows of the underlying asset interests and the repayment obligations of maturing ABCP, or the conduit's inability to issue new ABCP. To protect investors from such risks, payment may also be supported with various protections such as credit enhancements, liquidity support, various forms of cash collateral accounts or letters of credit, and commercial paper stop-issuance and wind-down triggers. However, there can be no guarantee that these protections will be sufficient to prevent losses to investors in ABCP.

Some ABCP programs provide for an extension of the maturity date of the ABCP if, on the related maturity date, the conduit is unable to access sufficient liquidity through the issue of additional ABCP. This may delay the sale of the underlying collateral and a fund may incur a loss if the value of the collateral deteriorates during the extension period. Alternatively, if collateral for ABCP commercial paper deteriorates in value, the collateral may be required to be sold at inopportune times or at prices insufficient to repay the principal and interest on the ABCP. ABCP programs may provide for the issuance of subordinated notes as an additional form of credit enhancement. The subordinated notes are typically of a lower credit quality and have a higher risk of default.

**Asset-Backed Securities.** The Fixed Income Opportunities Fund will (as a principal investment strategy) and all of the other Funds may (as a non-principal investment strategy) invest in asset-backed securities. These types of securities represent a direct or indirect participation in, or are secured by and payable from, cash flows from pools of assets such as motor vehicle installment sales contracts, installment loan contracts, leases of various types of real and personal property, and receivables from revolving credit (*e.g.*, credit card) agreements.

Payment of principal and interest on asset-back securities may largely depend upon the cash flows generated by the assets backing the securities. In an effort to lessen the effect of failures by obligors on these underlying assets to make payments, such securities may contain elements of credit support. Credit support for asset-backed securities may be based on the underlying assets or credit enhancements provided by a third party. Credit support falls into two classes: liquidity protection and protection against ultimate default on the underlying assets. Liquidity protection refers to the provision of advances, generally by the entity administering the pool of assets, to ensure that scheduled payments on the underlying pool are made in a timely fashion. Protection against ultimate default ensures payment on at least a portion of the assets in the pool. This protection may be provided through guarantees, insurance policies, letters of credit obtained from third parties, various means of structuring the transaction, or a combination of such approaches. The degree of credit support provided on each issue is based generally on historical information respecting the level of credit risk associated with such payments. Delinquency or loss in excess of that anticipated could adversely affect the return on an investment in an asset-backed security.

Asset-backed securities are subject to the risk of prepayment. Prepayments of principal of asset-backed securities affect the average life of the asset-backed securities in a Fund's portfolio. Prepayments are affected by the level of interest rates and other factors, including general economic conditions. In periods of rising interest rates, the prepayment rate tends to decrease, lengthening the average life of a pool of asset- backed securities. In periods of falling interest rates, the prepayment rate tends to increase, shortening the average life of a pool. Reinvestment of prepayments may occur at higher or lower interest rates than the original investment, affecting the Fund's yield. Thus, asset-backed securities may have less potential for capital appreciation in periods of falling interest rates than other fixed income securities of comparable duration, although they may have a comparable risk of decline in market value in periods of rising interest rates.

The values of asset-backed securities are affected by, among other things, changes in the market's perception of the asset backing the security, the creditworthiness of the servicing agent for the loan pool, the originator of the loans, or the financial institution providing any credit enhancement, and the exhaustion of any credit enhancement. In its capacity as purchaser of an asset-backed security, a fund would generally have no recourse to the entity that originated the loans in the event of default by the borrower. Asset backed securities may present certain risks not relevant to mortgage-backed securities. Assets underlying asset-backed securities such as credit card receivables are generally unsecured, and debtors are entitled to the protection of various state and federal consumer protection laws, some of which provide a right of set-off that may reduce the balance owed.

Asset-backed securities are relatively new and untested instruments and may be subject to greater risk of default during periods of economic downturn than other securities. In addition, the secondary market for asset-backed securities may not be as liquid as the market for other securities, which may result in difficulty in valuing asset-backed securities.

**Bank Loans.** The Fixed Income Opportunities Fund may invest in bank loans as a principal investment strategy. Fixed income assets, including bank loans, pay fixed, variable or floating rates of interest. The value of such assets will change in response to fluctuations in market spreads and interest rates. In particular, a decline in the level of the Secured Overnight Financing Rate ("SOFR") or any other applicable floating rate index could reduce the interest payments that a Fund receives with respect to such investments. In addition, the value of certain fixed-income assets can decrease in response to changes or perceptions of changes in issuers' creditworthiness, foreign exchange rates, political stability or soundness of economic policies, among other considerations.

The purchase and sale of bank loans are subject to the terms and conditions of the underlying credit agreements, which may substantially limit the number of purchasers that may be eligible to purchase such bank loans. Bank loans are not traded on an exchange and purchasers and sellers of bank loans generally rely on market makers, typically the administrative agent under a bank loan, to effect private sales transactions. As a result of these limitations, bank loans may have relatively less liquidity than other types of fixed income assets, and a Fund may be more likely to incur losses on the sale of bank loans than on other, more liquid, investments. The lack of an active trading market may also make it more difficult to value floating rate loans. The Fixed Income Opportunities Fund may invest in U.S. and non-U.S. bank loans.

Loans and other forms of indebtedness may be structured such that they are not securities under securities laws. As such, it is unclear whether loans and other forms of direct indebtedness offer securities law protections, such as those against fraud and misrepresentation. In the absence of definitive regulatory guidance, while there can be no assurance that fraud or misrepresentation will not occur with respect to the loans and other investments in which a Fund invests, the Funds rely on the Adviser or relevant Sub-Adviser's research in an attempt to seek to avoid situations where fraud or misrepresentation could adversely affect a Fund.

**Bank Obligations.** The Fixed Income Opportunities Fund (as a principal investment strategy) and all of the other Funds (as a non-principal investment strategy) may invest in all types of bank obligations, including bank notes, bank loans, bankers' acceptances, certificates of deposit, and interest-bearing time or other interest-bearing deposits in commercial or savings banks. Bank notes are unsecured promissory notes representing debt obligations that are issued by banks in large denominations. Bankers' acceptances are bills of exchange or time drafts drawn on and accepted by commercial banks. Bankers' acceptances are issued by corporations to finance the shipment and storage of goods. Maturities are generally six months or less. A certificate of deposit (a "CD") is an interest-bearing instrument with a specific maturity. CDs are issued by banks and savings and loan institutions in exchange for the deposit of funds and normally can be traded in the secondary market prior to maturity. Time deposits are non-negotiable deposits maintained at a banking institution for a specified period of time at a specified interest rate. Certificates of deposit and time deposits with penalties for early withdrawal will be considered illiquid.

U.S. commercial banks organized under federal law are supervised and examined by the Comptroller of the Currency and are required to be members of the Federal Reserve System and to be insured by the FDIC. U.S. banks organized under state law are supervised and examined by state banking authorities, but are members of the Federal Reserve System only if they elect to join. Most state banks are insured by the FDIC (although such insurance may not be of material benefit to a Fund, depending upon the principal amount of CDs of each held by the Fund) and are subject to the federal examination and to a substantial body of federal law and regulation. As a result of federal and state laws and regulations, U.S. branches of U.S. banks are, among other things, generally required to maintain specified levels of reserves, and are subject to other supervision and regulation designed to promote financial soundness.

Obligations of foreign branches of U.S. banks, such as CDs and time deposits, may be general obligations of the parent bank in addition to the issuing branch, or may be limited by the terms of a specific obligation and governmental regulation. Such obligations are subject to different risks than are those of U.S. banks or U.S. branches of foreign banks. These risks include foreign economic and political developments, foreign governmental restrictions that may adversely affect payment of principal and interest on the obligations, foreign exchange controls and foreign withholding and other taxes on interest income. Foreign branches of U.S. banks and foreign branches of foreign banks are not necessarily subject to the same or similar regulatory requirements that apply to U.S. banks, such as mandatory reserve requirements, loan limitations and accounting, auditing and financial recordkeeping requirements. In addition, less information may be publicly available about a foreign branch of a U.S. bank or about a foreign bank than about a U.S. bank.

Obligations of U.S. branches of foreign banks may be general obligations of the parent bank, in addition to the issuing branch, or may be limited by the terms of a specific obligation and by federal and state regulation as well as governmental action in the country in which the foreign bank has its head office. A U.S. branch of a foreign bank with assets in excess of $1 billion may or may not be subject to reserve requirements imposed by the Federal Reserve System or by the state in which the branch is located if the branch is licensed in that state. In addition, branches licensed by the Comptroller of the Currency and branches licensed by certain states ("State Branches") may or may not be required to: (a) pledge to the regulator, by depositing assets with a designated bank within the state; and (b) maintain assets within the state in an amount equal to a specified percentage of the aggregate amount of liabilities of the foreign bank payable at or through all of its agencies or branches within the state. The deposits of State Branches may not necessarily be insured by the FDIC. In addition, there may be less publicly available information about a U.S. branch of a foreign bank than about a U.S. bank.

The purchase and sale of bank loans are subject to the terms and conditions of the underlying credit agreements, which may substantially limit the number of purchasers that may be eligible to purchase such bank loans. Bank loans are not traded on an exchange and purchasers and sellers of bank loans generally rely on market makers, typically the administrative agent under a bank loan, to effect private sales transactions. As a result of these limitations, the bank loans may have relatively less liquidity than other types of fixed income assets, and a Fund may be more likely to incur losses on the sale of bank loans than on other, more liquid, investments.

**Borrowing Policy.** The Fixed Income Opportunities Fund may borrow money as permitted by Section 18 of the 1940 Act and the rules and regulations thereunder, which limit the Fund to borrowing in an amount up to 33 1/3% of the value of the Fund's total assets. The Fixed Income Opportunities Fund complies with the requirements of Section 18. For the purpose of this investment restriction, the use of options and futures transactions and the purchase of securities on a when-issued or delayed delivery basis will not be deemed the borrowing of money. If for any reason the current value of the total assets of the Fund falls below an amount equal to three times the amount of indebtedness for money borrowed, the Fund will, within three days (not including Sundays and holidays), reduce its indebtedness to the extent necessary to meet that limitation. Any borrowings under this provision will not be collateralized.

Borrowing for investment purposes is one form of leverage. Leveraging investments, by purchasing securities with borrowed money, is a speculative technique that increases investment risk, but also increases investment opportunity. Because substantially all of the Fund's assets will fluctuate in value, whereas the interest obligations on borrowings may be fixed, the NAV of the Fund will increase more when the Fund's portfolio assets increase in value and decrease more when the Fund's portfolio assets decrease in value than would otherwise be the case. Moreover, interest costs on borrowings may fluctuate with changing market rates of interest and may partially offset or exceed the returns on the borrowed funds.

The Government Money Fund and the Muni High Income Fund may not borrow money except as a temporary measure for extraordinary purposes or for ordinary needs for overdraft protection, and then only in an amount up to 33 1/3% of the value of each Fund's total assets in order to meet redemption requests without immediately selling any portfolio securities. The Trust has entered into a line of credit agreement with the Trust's custodian for this purpose. A Fund will not borrow for leverage purposes or purchase securities or make investments while borrowings are outstanding. If for any reason the current value of the total assets of a Fund falls below an amount equal to three times the amount of indebtedness for money borrowed, the Fund will, within three days (not including Sundays and holidays), reduce its indebtedness to the extent necessary to meet that limitation. Any borrowings under this provision will not be collateralized.

**Business Development Companies.** The Fixed Income Opportunities Fund may invest (as a non-principal investment strategy) in business development companies ("BDCs"), which are a less common type of closed-end investment company that more closely resembles an operating company than a typical investment company. The 1940 Act imposes certain restraints upon the operations of a BDC. For example, BDCs are required to invest at least 70% of their total assets primarily in securities of private companies or thinly traded U.S. public companies, cash, cash equivalents, U.S. Government securities and high-quality debt investments that mature in one year or less. Generally, little public information exists for private and thinly traded companies, and there is a risk that investors in such companies may not be able to make a fully informed investment decision. A manager of a BDC may be entitled to compensation based on the BDC's performance, which may result in the manager of the BDC making riskier or more speculative investments in an effort to maximize incentive compensation and higher fees. With investments in debt instruments, there is a risk that the issuer may default on its payments or declare bankruptcy. Additionally, a BDC may use leverage in its investment strategy. The BDC's asset coverage after the use of leverage or the incurrence of indebtedness, however, must equal at least 200% (i.e., the debt-to-equity ratio must not be greater than 1:1), or at least 150% (i.e., the debt-to-equity ratio must not be greater than 2:1) if the BDC complies with certain conditions and procedural requirements. BDCs generally invest in less mature private companies, which involve greater risk than investment in well-established, publicly-traded companies. Investments made by BDCs are generally less liquid than publicly-traded securities, which may make it difficult to sell such investments and could result in losses to the Fund. BDCs may have relatively concentrated investment portfolios, consisting of a relatively small number of holdings. A consequence of this limited number of investments is that the aggregate returns realized may be disproportionately impacted by the investment performance of a small number of investments, or even a single investment. Market disruptions, including a downturn in capital markets in general, or a downgrade of the credit rating of a BDC held by the Fund, may increase the cost of borrowing to that BDC, thereby adversely impacting the Fund's returns or resulting in losses. Credit downgrades also may result in requirements on a BDC to provide additional support in the form of letters of credit or cash or other collateral to various counterparties.

**Collateralized Debt Obligations.** The Fixed Income Opportunities Fund (as a principal investment strategy) and all of the other Funds (as a non-principal investment strategy) may invest in collateralized debt obligations ("CDOs"), which are securitized interests in pools of assets. Assets called collateral usually comprise loans or debt instruments. A CDO may be called a collateralized loan obligation ("CLO") or collateralized bond obligation ("CBO") if it holds only loans or bonds, respectively. Investors bear the credit risk of the collateral. Multiple tranches of securities are issued by the CDO, offering investors various maturity and credit risk characteristics. Tranches are categorized as senior, mezzanine, and subordinated/equity, according to their degree of credit risk. If there are defaults or the CDO's collateral otherwise underperforms, scheduled payments to senior tranches take precedence over those of mezzanine tranches, and scheduled payments to mezzanine tranches take precedence over those to subordinated/equity tranches. Senior and mezzanine tranches are typically rated, with the former receiving ratings of A to AAA/Aaa and the latter receiving ratings of B to BBB/Baa. The ratings reflect both the credit quality of underlying collateral as well as how much protection a given tranche is afforded by tranches that are subordinate to it.

**Commercial Paper and Other Short-Term Corporate Obligations.** The Government Money Fund and the Bond Funds (as a non-principal investment strategy) may invest in commercial paper. Commercial paper is a short-term, unsecured promissory note issued to finance short-term credit needs. Other short-term corporate obligations include variable amount master demand notes, which are obligations that permit a Fund to invest at varying rates of interest pursuant to direct arrangements between the Fund, as lender, and the borrower. These notes permit daily changes in the amounts borrowed. Because they are direct lending arrangements between the lender and borrower, such instruments generally will not be traded, and there generally is no established secondary market for these obligations, although they are redeemable at face value, plus accrued interest, at any time. If these obligations are not secured by letters of credit or other credit support arrangements, a Fund's right to redeem its investment depends on the ability of the borrower to pay principal and interest on demand. The value of commercial paper and other securities in the Funds' portfolios may be adversely affected by the inability of the issuers (or related supporting institutions) to make principal or interest payments on the obligations in a timely manner. Such obligations frequently are not rated by credit rating agencies.

**Concentration.** None of the Funds may concentrate (*i.e.*, invest more than 25% of a Fund's net assets) in any industry or group of industries, except that a Fund may invest more than 25% of its net assets in the securities of other registered investment companies and each Fund may invest more than 25% of its net assets in securities that are issued or guaranteed by the U.S. Government or its agencies or instrumentalities. Additionally, the Fixed Income Opportunities Fund may invest more than 25% of its net assets in repurchase agreements secured by obligations issued or guaranteed by the U.S. Government or its agencies or instrumentalities.

**Convertible Securities and Warrants.** The Bond Funds may (as a non-principal investment strategy) invest in convertible securities and warrants. A convertible security is a fixed income security (a debt instrument or a preferred stock) which may be converted at a stated price or stated rate within a specified period of time into a certain quantity of the common stock of the same or a different issuer. Convertible securities are senior to common stock in an issuer's capital structure, but are usually subordinated to similar non-convertible securities. While providing a fixed income stream (generally higher in yield than the income derivable from common stock but lower than that afforded by a similar nonconvertible security), a convertible security also affords an investor the opportunity, through its conversion feature, to participate in the capital appreciation attendant upon a market price advance in the convertible security's underlying common stock.

Although to a lesser extent than with fixed income securities generally, the market value of convertible securities tends to decline as interest rates increase and, conversely, tends to increase as interest rates decline. 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 stocks and, therefore, also will react to variations in the general market for equity securities. A significant feature of convertible securities is that as the market price of the underlying common stock declines, convertible securities tend to trade increasingly on a yield basis, and so they may not experience market value declines to the same extent as the underlying common stock. When the market price of the underlying common stock increases, the prices of the convertible securities tend to rise as a reflection of the value of the underlying common stock.

A warrant gives the holder a right to purchase at any time during a specified period a predetermined number of shares of common stock at a fixed price. Unlike convertible debt securities or preferred stock, warrants do not pay fixed dividends. Investments in warrants involve certain risks, including the possible lack of a liquid market for resale of the warrants, potential price fluctuations as a result of speculation or other factors, and failure of the price of the underlying security to reach or have reasonable prospects of reaching a level at which the warrant can be prudently exercised (in which event the warrant may expire without being exercised, resulting in a loss of the Fund's entire investment therein).

**Corporate Bonds.** The Fixed Income Opportunities Fund (as a principal investment strategy) and the Muni High Income Fund (as a non-principal investment strategy) may invest in corporate bonds. Corporations issue bonds and notes to raise money for working capital or for capital expenditures such as plant construction, equipment purchases and expansion. In return for the money loaned to the corporation, the corporation promises to pay bondholders interest and to repay the principal amount of the bond or note.

**Credit Linked Notes.** The Fixed Income Opportunities Fund (as a principal investment strategy) and all of the other Funds (as a non-principal investment strategy) may invest in credit linked notes ("CLNs"), which are a type of hybrid instrument in which a special purpose entity (the "Note Issuer") issues a structured note that is in general intended to replicate a single bond, a portfolio of bonds, or with respect to the unsecured credit of an issuer (the "Reference Instrument"). The purchaser of a CLN (the "Note Purchaser") invests a par amount and receives a payment during the term of the CLN that equals a fixed or floating rate of interest equivalent to that of a high rated funded asset (such as a bank CD) plus an additional premium that relates to taking on the credit risk of the Reference Instrument. Upon maturity of the CLN, the Note Purchaser will receive a payment equal to (i) the original par amount paid to the Note Issuer, if there is neither a designated event of default (an "Event of Default") with respect to the Reference Instrument nor a restructuring of the issuer of the Reference Instrument (a "Restructuring Event") or (ii) the value of the Reference Instrument, if an Event of Default or Restructuring Event has occurred. Depending upon the terms of the CLN, it is also possible that the Note Purchaser may be required to take physical delivery of the Reference Instrument in the event of an Event of Default or a Restructuring Event. Most CLNs use a corporate bond (or a portfolio of corporate bonds) as the Reference Instrument(s). However, almost any type of fixed income security (including foreign government securities) or derivative contract (such as a credit default swap) can be used as the Reference Instrument.

**Cybersecurity Risk.** With the increased use of technologies such as the Internet to conduct business, the Funds are susceptible to operational, information security and related risks. In general, cyber incidents can result from deliberate attacks or unintentional events. Cyber-attacks include, but are not limited to, gaining unauthorized access to digital systems (e.g., through "hacking" or malicious software coding) for purposes of misappropriating assets or sensitive information, corrupting data, or causing operational disruption. Cyber-attacks may also be carried out in a manner that does not require gaining unauthorized access, such as causing denial-of-service attacks on websites (i.e., efforts to make network services unavailable to intended users). Geopolitical tension may increase the scale and sophistication of deliberate cybersecurity attacks, particularly those from nation-states or from entities with nation-state backing. Cybersecurity failures or breaches by the Adviser, the transfer agent, the distributor and other service providers (including, but not limited to, the Funds' custodian and financial intermediaries), and the issuers of securities in which a Fund invests, have the ability to cause disruptions and impact business operations potentially resulting in financial losses, interference with a Fund's ability to calculate its NAV, impediments to trading, the inability of Fund shareholders to transact business, violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage, reimbursement or other compensation costs, or additional compliance costs. Cybersecurity incidents may render records of Fund assets and transactions, shareholder ownership of Fund shares, and other data integral to the functioning of a Fund inaccessible, inaccurate or incomplete. The use of artificial intelligence and machine learning could exacerbate these risks. In addition, substantial costs may be incurred in order to prevent any cyber incidents in the future. While each Fund or its Adviser has established business continuity plans in the event of, and risk management systems to prevent, such cyber-attacks, there are inherent limitations in such plans and systems including the possibility that certain risks have not been identified or prepared for or that an attack may not be detected given that technology is changing and new ways to carry out cyber-attacks are continuously developing. Furthermore, a Fund cannot control the cyber security plans and systems put in place by service providers to the Fund and issuers in which the Fund invests.

Like other funds and business enterprises, the Funds, the Adviser, the transfer agent, the distributor and their respective service providers are subject to the risk of cyber incidents occurring from time to time. Each Fund and its shareholders could be negatively impacted as a result.

**Derivatives.** Certain Funds may use various types of derivatives ("Financial Instruments") as non-principal investment strategies for various reasons, including as a substitute for other investments, to attempt to enhance a portfolio's total return or yield, or to hedge or otherwise alter the investment characteristics of a portfolio. Except as otherwise provided in the Prospectus, this SAI or by applicable law, each such Fund may purchase and sell any type of Financial Instrument, including those which may become available in the future as the Adviser or a Sub-Adviser develops new techniques and as new Financial Instruments or other techniques are developed. As with any other investment or investment technique, any such Fund may choose not to make use of derivatives for a variety of reasons (including cost considerations), and there can be no assurance that any derivatives strategy employed will be successful.

The regulation of commodity and derivatives transactions in the United States is a rapidly changing area of law and is subject to ongoing modification by government, self-regulatory and judicial action. In particular, the Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Dodd-Frank Act"), signed into law in 2010, granted significant authority to the Securities and Exchange Commission ("SEC") and the Commodity Futures Trading Commission ("CFTC") to impose comprehensive regulations on the over-the-counter ("OTC") and cleared derivatives markets. These regulations include, but are not limited to, mandatory clearing of certain derivatives and requirements relating to disclosure, margin and trade reporting. New regulations could adversely affect the value, availability and performance of certain derivative instruments, may make them more costly, and may limit or restrict their use by the Funds.

Rule 18f-4 under the 1940 Act provides a comprehensive regulatory framework for the use of derivatives by registered investment companies, such as the Funds, and imposes requirements and restrictions on investments in derivatives made by such investment companies, including establishing an asset segregation framework previously used by funds to comply with Section 18 of the 1940 Act. Unless a fund qualifies as a "limited derivatives user," as defined under Rule 18f-4, the rule, among other things, requires the fund to adopt and implement a derivatives risk management program ("DRMP") and comply with a relative or absolute limit on fund leverage risk calculated based on value-at-risk ("VaR"). The DRMP is administered by a "derivatives risk manager," who is appointed by a fund's board and periodically reviews the DRMP and reports to the board. Generally, the full requirements of Rule 18f-4 do not apply to a fund if it uses derivative instruments in a limited amount, and therefore, qualifies as a "limited derivatives user," as defined in the rule. Each Bond Fund intends to qualify as a "limited derivatives users" as defined in Rule 18f-4, and has adopted policies and procedures to monitor compliance with such qualification. In addition, Rule 18f-4 provides special treatment for reverse repurchase agreements and similar financing transactions and unfunded commitment agreements. With each Fund's reliance on Rule 18f-4, as applicable, a Fund's approach to asset segregation or "earmarking" and coverage requirements with respect to derivatives and similar instruments is no longer applicable. Each Fund may still segregate cash or other liquid or other assets to cover the funding of its obligations under derivatives contracts or make margin payments when a Fund takes positions in derivatives involving obligations to third parties. The requirements of Rule 18f-4 may limit a Fund's ability to engage in derivatives transactions as part of its investment strategies. These requirements may also increase the cost of a Fund's investments and cost of doing business, which could adversely affect the value of a Fund's investments and/or the performance of a Fund. The rule also may not be effective in limiting a Fund's risk of loss from derivatives. There may be additional regulation of the use of derivatives by registered investment companies which could significantly affect their use. The ultimate impact of the regulations remains unclear. Additional regulation of derivatives may make them more costly, limit their availability or utility, or otherwise adversely affect their performance or disrupt markets.

***Derivatives, Generally.*** Certain additional risk factors related to derivatives are discussed below:

**<u>Counterparty Risk</u>**. Counterparty risk with respect to OTC derivatives may be affected by new regulations promulgated by the CFTC and SEC affecting the derivatives market. As described under "Derivatives Risk" above, some derivatives transactions will be required to be cleared, and a party to a cleared derivatives transaction is subject to the credit risk of the clearing house and the clearing member through which it holds its cleared position, rather than the credit risk of its original counterparty to the derivative transaction. Clearing members are required to segregate all funds received from customers with respect to cleared derivatives transactions from the clearing member's proprietary assets. However, all funds and other property received by a clearing broker from its customers are generally held by the clearing broker on a commingled basis in an omnibus account, which may also invest those funds in certain instruments permitted under the applicable regulations. The assets of a Fund might not be fully protected in the event of the bankruptcy of the Fund's clearing member because the Fund would be limited to recovering only a pro rata share of all available funds segregated on behalf of the clearing broker's customers for a relevant account class. Also, the clearing member transfers to the clearing house the amount of margin required by the clearing house for cleared derivatives transactions, which amounts are generally held in an omnibus account at the clearing house for all customers of the clearing member. For commodities futures positions, the clearing house may use all of the collateral held in the clearing member's omnibus account to meet a loss in that account, without regard to which customer in fact supplied that collateral. Accordingly, in addition to bearing the credit risk of its clearing member, each customer also bears "fellow customer" risk from other customers of the clearing member. However, with respect to cleared swaps, recent regulations promulgated by the CFTC require that the clearing member notify the clearing house of the amount of initial margin provided by the clearing member to the clearing house that is attributable to each customer. Because margin in respect of cleared swaps must be earmarked for specific clearing member customers, the clearing house may not use the collateral of one customer to cover the obligations of another customer. However, if the clearing member does not provide accurate reporting, the Fund is subject to the risk that a clearing house will use the Fund's assets held in an omnibus account at the clearing house to satisfy payment obligations of a defaulting customer of the clearing member to the clearing house. In addition, clearing members may generally choose to provide to the clearing house the net amount of variation margin required for cleared swaps for all of its customers in the aggregate, rather than the gross amount of each customer. The Fund is therefore subject to the risk that a clearing house will not make variation margin payments owed to the Fund if another customer of the clearing member has suffered a loss and is in default.

**<u>Derivatives Risk</u>**. Under recently adopted rules by the CFTC, transactions in some types of interest rate swaps and credit default index swaps on North American and European indices will be required to be cleared. In a cleared derivatives transaction, a Fund's counterparty is a clearing house (such as CME Clearing, ICE Clearing or LCH.Clearnet), rather than a bank or broker. Each Fund will hold cleared derivatives through accounts at clearing members, which are futures commission merchants that are members of the clearing houses and which have the appropriate regulatory approvals to engage in swaps. A Fund will make and receive payments owed under cleared derivatives transactions (including margin payments) through their accounts at clearing members. Clearing members guarantee performance of their clients' obligations to the clearing house. In contrast to bilateral derivatives transactions, following a period of advance notice to the Fund, clearing members generally can require termination of existing cleared derivatives transactions at any time and increases in margin above the margin that it required at the beginning of a transaction. Clearing houses also have broad rights to increase margin requirements for existing transactions and to terminate transactions. Any such increase or termination could interfere with the ability of the Fund to pursue its investment strategy. Also, the Fund is subject to execution risk if it enters into a derivatives transaction that is required to be cleared (or that the Adviser or Sub-Adviser expects to be cleared), and no clearing member is willing or able to clear the transaction on the Fund's behalf. While the documentation in place between the Fund and its clearing members generally provides that the clearing members will accept for clearing all transactions submitted for clearing that are within credit limits specified by the clearing members in advance, the Fund could be subject to this execution risk if the Fund submits for clearing transactions that exceed such credit limits, if the clearing house does not accept the transactions for clearing, or if the clearing members do not comply with their agreement to clear such transactions. In that case, the transaction might have to be terminated, and the Fund could lose some or all of the benefit of any increase in the value of the transaction after the time of the transaction. In addition, new regulations could, among other things, restrict the Fund's ability to engage in, or increase the cost to the Fund of, derivatives transactions, for example, by making some types of derivatives no longer available to the Fund or increasing margin or capital requirements. If the Fund is not able to enter into a particular derivatives transaction, the Fund's investment performance and risk profile could be adversely affected as a result.

***Futures and Options on Futures*.** The Bond Funds may invest in futures contracts and options on futures contracts as a non-principal investment strategy. Futures contracts provide for the future sale by one party and purchase by another party of a specified amount of a specific security or currency at a specified future time at a specified price. An option on a futures contract gives the purchaser the right, in exchange for a premium, to assume a position in a futures contract at a specified exercise price during the term of the option. Although some futures contracts call for making or taking delivery of the underlying securities, generally these obligations are closed out prior to delivery by offsetting purchases or sales of matching futures contracts (contracts traded on the same exchange, on the same underlying security or index, and with the same delivery month). If an offsetting purchase price is less than the original sale price, a Fund realizes a capital gain; if it is more, a Fund realizes a capital loss. Conversely, if an offsetting sale price is more than the original purchase price, a Fund realizes a capital gain; if it is less, a Fund realizes a capital loss. The transaction costs must also be included in these calculations. These Funds may use futures contracts and related options for bona fide hedging purposes, to offset changes in the value of securities held or expected to be acquired or be disposed of, to minimize fluctuations in foreign currencies, or to gain exposure to a particular market or instrument. These Funds will minimize the risk that they will be unable to close out a futures contract by only entering into futures contracts that are traded on national futures exchanges.

An index futures contract is a bilateral agreement pursuant to which two parties agree to take or make delivery of an amount of cash equal to a specified dollar amount multiplied by the difference between the bond index value at the close of trading of the contract and the price at which the futures contract is originally struck. No physical delivery of the bonds comprising the index is made; generally contracts are closed out prior to their expiration date.

There are risks associated with these activities, including the following: (1) the success of a hedging strategy may depend on an ability to predict movements in the prices of individual securities, fluctuations in markets and movements in interest rates, (2) there may be an imperfect or lack of correlation between the changes in market value of the securities held and the prices of futures and options on futures, (3) there may not be a liquid secondary market for a futures contract or option, (4) trading restrictions or limitations, or increases in initial margin requirements, may be imposed by an exchange, and (5) government regulations may restrict trading in futures contracts and options on futures.

The Funds may buy and sell futures contracts and related options to manage exposure to changing interest rates and securities prices. Some strategies reduce a Fund's exposure to price fluctuations, while others tend to increase market exposure. Futures and options on futures can be volatile instruments and involve certain risks that could negatively impact a Fund's return. No price is paid upon entering into futures contracts. Instead, a Fund would be required to deposit an amount of cash or U.S. Treasury securities known as "initial margin." Subsequent payments, called "variation margin," to and from the broker, would be made on a daily basis as the value of the future position varies (a process known as "marked-to-market"). The margin is in the nature of performance bond or good-faith deposit on a futures contract. Futures and options on futures are taxable instruments.

Futures and options on futures are regulated by the CFTC. The Adviser has claimed an exclusion from the definition of "commodity pool operator" and the relevant Sub-Advisers have claimed exemption from the definition of "commodity trading advisor" under the Commodity Exchange Act, and therefore none of them is subject to registration or regulation as a commodity pool operator or commodity trading advisor, as applicable, under the Act, in connection with their management of the Funds' assets. Under amendments to the exemption provided under CFTC Regulation 4.5, if a Fund uses futures, options on futures, or swaps other than for bona fide hedging purposes (as defined by the CFTC), the aggregate initial margin and premiums on these positions (after taking into account unrealized profits and unrealized losses on any such positions and excluding the amount by which options that are "in-the-money" at the time of purchase are "in-the-money") may not exceed 5% of the Fund's liquidation value, or alternatively, the aggregate net notional value of those positions may not exceed 100% of the Fund's liquidation value (after taking into account unrealized profits and unrealized losses on any such positions). In the future, if a Fund's use of futures, options as futures, or swaps requires the Adviser to register as a commodity pool operator with the CFTC, the Adviser will do so at that time.

***Inverse Floaters.*** The Funds may, as a non-principal investment strategy, invest in municipal securities, the interest rates of which bear an inverse relationship to the interest rate on another security or the value of an index ("Inverse Floaters"). An investment in Inverse Floaters may involve greater risk than an investment in a fixed rate bond. Because changes in the interest rate on the other security or index inversely affect the residual interest paid on the Inverse Floater, the value and income of an inverse floater is generally more volatile than that of a fixed rate bond. Inverse Floaters have varying degrees of liquidity, and the market for these securities is relatively volatile. These securities tend to underperform the market for fixed rate bonds in a rising interest rate environment, but tend to outperform the market for fixed rate bonds when interest rates decline.

***Options on Securities, Securities Indices and Currencies*.** The Bond Funds may, as a non-principal investment strategy, purchase put and call options on securities in which it has invested, on foreign currencies represented in its portfolio and on any securities index based in whole or in part on securities in which that Fund may invest. These Funds also may enter into closing sales transactions in order to realize gains or minimize losses on options they have purchased.

Each of these Funds normally will purchase call options in anticipation of an increase in the market value of securities of the type in which it may invest or a positive change in the currency in which such securities are denominated. The purchase of a call option would entitle a Fund, in return for the premium paid, to purchase specified securities or a specified amount of a foreign currency at a specified price during the option period. Each of these Funds normally will purchase put options in anticipation of a decrease in the market value of securities of the type in which it may invest or a negative change in the currency in which such securities are denominated. The purchase of a put option would entitle a Fund, in return for the premium paid, to sell specified securities or a specified amount of a foreign currency at a specified price during the option period. Puts and calls on indices are similar to puts and calls on securities, except that all settlements are in cash and gain or loss depends on changes in the index and the amount of cash is equal to the difference between the closing price of the index and the exercise price times a specified multiple which determines the total dollar value for each point of such difference.

Each of these Funds may purchase and sell options traded on U.S. and foreign exchanges. Although a Fund will generally purchase only those options for which there appears to be an active secondary market, there can be no assurance that a liquid secondary market on an exchange will exist for any particular option or at any particular time. For some options, no secondary market on an exchange may exist. In such event, it might not be possible to effect closing transactions in particular options, with the result that a Fund would have to exercise its options in order to realize any profit and would incur transaction costs upon the purchase or sale of the underlying securities.

Secondary markets on an exchange may not exist or may not be liquid for a variety of reasons including: (i) insufficient trading interest in certain options; (ii) restrictions on opening transactions or closing transactions imposed by an exchange; (iii) trading halts, suspensions or other restrictions may be imposed with respect to particular classes or series of options; (iv) unusual or unforeseen circumstances which interrupt normal operations on an exchange; (v) inadequate facilities of an exchange or the Options Clearing Corporation to handle current trading volume at all times; or (vi) discontinuance in the future by one or more exchanges for economic or other reasons, of trading of options (or of a particular class or series of options), in which event the secondary market on that exchange (or in that class or series of options) would cease to exist, although outstanding options on that exchange that had been issued by the Options Clearing Corporation as a result of trades on that exchange would continue to be exercisable in accordance with their terms.

Although these Funds do not currently intend to do so, they may, in the future, write (*i.e.*, sell) covered put and call options on securities, securities indices and currencies in which they may invest. A covered call option involves a Fund's giving another party, in return for a premium, the right to buy specified securities owned by that Fund at a specified future date and price set at the time of the contract. A covered call option serves as a partial hedge against a price decline of the underlying security. However, by writing a covered call option, a Fund gives up the opportunity, while the option is in effect, to realize gain from any price increase (above the option exercise price) in the underlying security. In addition, a Fund's ability to sell the underlying security is limited while the option is in effect unless that Fund effects a closing purchase transaction. A covered put option gives the holder of the option the right to sell the underlying security to the Fund at the stated exercise price. A Fund will receive a premium for writing a put option but will be obligated for as long as the option is outstanding to purchase the underlying security at a price that may be higher than the market value of that security at the time of exercise. In order to "cover" put options it has written, a Fund will cause its custodian to segregate cash, cash equivalents, Government securities or other liquid equity or debt securities with at least the value of the exercise price of the put options. A Fund will not write put options if the aggregate value of the obligations underlying the put options exceeds 25% of that Fund's total assets.

Options on indices may, depending upon the circumstances, involve greater risk than options on securities. Because index options are settled in cash, when a Fund writes a call on an index it may not be able to provide in advance for its potential settlement obligations by acquiring and holding the underlying securities.

The value of an option position will reflect, among other things, the current market value of the underlying investment, the time remaining until expiration, the relationship of the exercise price to the market price of the underlying investment, the historical price volatility of the underlying investment and general market conditions. Options purchased by a Fund that expire unexercised have no value, and the Fund will realize a loss in the amount of the premium paid and any transaction costs. If an option written by a Fund expires unexercised, the Fund realizes a gain equal to the premium received at the time the option was written. Transaction costs must be included in these calculations.

A Fund may effectively terminate its right or obligation under an option by entering into a closing transaction. For example, a Fund may terminate its obligation under a call or put option that it had written by purchasing an identical call or put option; this is known as a closing purchase transaction. Conversely, a Fund may terminate a position in a put or call option it had purchased by writing an identical put or call option; this is known as a closing sale transaction. Closing transactions permit a Fund to realize profits or limit losses on an option position prior to its exercise or expiration. There can be no assurance that it will be possible for a Fund to enter into any closing transaction.

There is no assurance that higher than anticipated trading activity or other unforeseen events might not, at times, render certain of the facilities of the Options Clearing Corporation inadequate, and result in the institution by an exchange of special procedures that may interfere with the timely execution of the Funds' option orders.

***Over-the-Counter Derivatives Transactions.*** The Dodd-Frank Act created a new statutory framework that comprehensively regulated the OTC derivatives markets for the first time. Key Dodd*-*Frank Act provisions relating to OTC derivatives require rulemaking by the SEC and the CFTC, not all of which has been proposed or finalized as at the date of this SAI. Prior to the Dodd-Frank Act, the OTC derivatives markets were traditionally traded on a bilateral basis (so-called "bilateral OTC transactions"). Now certain OTC derivatives contracts are required to be centrally cleared and traded on exchanges or electronic trading platforms called swap execution facilities ("SEFs").

Bilateral OTC transactions differ from exchange-traded or cleared derivatives transactions in several respects. For instance, bilateral OTC transactions are transacted directly with dealers and not with a clearing corporation. Without the availability of a clearing corporation, bilateral OTC transaction pricing is normally done by reference to information from market makers, which information is carefully monitored by the Adviser or Sub-Adviser and verified in appropriate cases. As bilateral OTC transactions are made directly with dealers, there is a risk of nonperformance by the dealer as a result of its insolvency or otherwise. Under recently-adopted CFTC regulations, counterparties of registered swap dealers and major swap participants have the right to elect segregation of initial margin in respect of uncleared swaps. If a counterparty makes such an election, any initial margin that is posted to the swap dealer or major swap participant must be segregated in individual customer accounts held at an independent third-party custodian. In addition, the collateral may only be invested in certain categories of instruments identified in the CFTC's regulations. Agreements covering these segregation arrangements must generally provide for consent by both the counterparty and the swap dealer or major swap participant to withdraw margin from the segregated account. Given these limitations on the use of uncleared swaps collateral, there is some likelihood that the electing counterparty will experience an increase in the costs associated with trading swaps with the relevant swap dealer or major swap participant. Certain other protections apply to a counterparty to uncleared swaps under the CFTC's regulations even if the counterparty does not elect segregation of its initial margin. These regulations are newly adopted, and it remains unclear whether they will be effective in protecting initial margin in the manner intended in the event of significant market stress or the insolvency of a swap dealer or major swap participant.

Furthermore, a bilateral OTC transaction may only be terminated voluntarily by entering into a closing transaction with the dealer with which a Fund originally dealt. Any such cancellation may require the Fund to pay a premium to that dealer. In those cases in which the Fund has entered into a covered transaction and cannot voluntarily terminate the transaction, the Fund will not be able to sell the underlying security until the transaction expires or is exercised or different cover is substituted. Each Fund intends to enter into OTC transactions only with dealers which agree to, and which are expected to be capable of, entering into closing transactions with the Fund. There is also no assurance that a Fund will be able to liquidate an OTC transaction at any time prior to expiration.

The requirement to execute certain OTC derivatives contracts on SEFs may offer certain advantages over traditional bilateral OTC trading, such as ease of execution, price transparency, increased liquidity and/or favorable pricing. However, SEF trading may make it more difficult and costly for a Fund to enter into highly tailored or customized transactions and may result in additional costs and risks. Market participants such as a Fund that execute derivatives contracts through an SEF, whether directly or through a broker intermediary, are required to submit to the jurisdiction of the SEF and comply with SEF and CFTC rules and regulations which impose, among other things disclosure and recordkeeping obligations. In addition, a Fund will generally incur SEF or broker intermediary fees when it trades on a SEF. The Fund may also be required to indemnify the SEF or broker intermediary for any losses or costs that may result from the Fund's transactions on the SEF.

***Summary of Certain Risks.*** The use of Financial Instruments involves special considerations and risks, certain of which are summarized below, and may result in losses to a Fund. In general, the use of Financial Instruments may increase the volatility of a Fund and may involve a small investment of cash relative to the magnitude of the risk or exposure assumed. Even a small investment in derivatives may magnify or otherwise increase investment losses to a Fund. As noted above, there can be no assurance that any derivatives strategy will succeed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Financial Instruments are subject to the risk that the market value of the derivative itself or the market value of underlying instruments will change in a way adverse to a Fund's interest. Many Financial Instruments are complex, and successful use of them depends in part upon an adviser's ability to forecast correctly future market trends and other financial or economic factors or the value of the underlying security, index, interest rate or currency. Even if the adviser's forecasts are correct, other factors may cause distortions or dislocations in the markets that result in unsuccessful transactions. Financial Instruments may behave in unexpected ways, especially in abnormal or volatile market conditions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A Fund's ability to close out or unwind a position in a Financial Instrument prior to expiration or maturity depends on the existence of a liquid market or, in the absence of such a market, the ability and willingness of the other party to the transaction (the "counterparty") to enter into a transaction closing out the position. If there is no market or a Fund is not successful in its negotiations, the Fund may not be able to sell or unwind the derivative position at a particular time or at an anticipated price. This may also be the case if the counterparty to the Financial Instrument becomes insolvent. A Fund may be required to make delivery of portfolio securities or other assets underlying a Financial Instrument in order to close out a position or to sell portfolio securities or assets at a disadvantageous time or price in order to obtain cash to close out the position. While the position remains open, a Fund continues to be subject to investment risk on the Financial Instrument. A Fund may or may not be able to take other actions or enter into other transactions, including hedging transactions, to limit or reduce its exposure to the Financial Instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Certain Financial Instruments transactions may have a leveraging effect on a Fund, and adverse changes in the value of the underlying security, index, interest rate, currency or other instrument or measure can result in losses substantially greater than the amount invested in the Financial Instrument itself. When a Fund engages in transactions that have a leveraging effect, the value of the Fund is likely to be more volatile and all other risks also are likely to be compounded. This is because leverage generally magnifies the effect of any increase or decrease in the value of an asset and creates investment risk with respect to a larger pool of assets than a Fund would otherwise have. Certain Financial Instruments have the potential for unlimited loss, regardless of the size of the initial investment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Many Financial Instruments may be difficult to value or may be valued subjectively. Inaccurate valuations can result in increased payment requirements to counterparties or a loss of value to a Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Liquidity risk exists when a particular Financial Instrument is difficult to purchase or sell. If a derivative transaction is particularly large or if the relevant market is illiquid, a Fund may be unable to initiate a transaction or liquidate a position at an advantageous time or price. Certain Financial Instruments, including certain OTC options and swaps, may be considered illiquid and therefore subject to a Fund's limitation on investments in illiquid securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In a hedging transaction there may be imperfect correlation, or even no correlation, between the identity, price or price movements of a Financial Instrument and the identity, price or price movements of the investments being hedged. This lack of correlation may cause the hedge to be unsuccessful and may result in a Fund incurring substantial losses and/or not achieving anticipated gains.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Hedging strategies can reduce opportunity for gain by offsetting the positive effect of favorable price movements. Even if the strategy works as intended, a Fund might be in a better position had it not attempted to hedge at all.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Financial Instruments transactions used for non-hedging purposes may result in losses which would not be offset by increases in the value of portfolio securities or declines in the cost of securities to be acquired. If a Fund enters into a derivatives transaction as an alternative to purchasing or selling other investments or in order to obtain desired exposure to an index or market, the Fund will be exposed to the same risks as are incurred in purchasing or selling the other investments directly, as well as the risks of the derivatives transaction itself.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Certain Financial Instruments transactions involve the risk of loss resulting from the insolvency or bankruptcy of the counterparty or the failure by the counterparty to make required payments or otherwise comply with the terms of the contract. In the event of default by a counterparty, a Fund may have contractual remedies pursuant to the agreements related to the transaction, which may be limited by applicable law in the case of the counterparty's bankruptcy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Certain Financial Instruments transactions, including certain options, swaps, forward contracts, futures and certain options on foreign currencies, are not entered into or traded on exchanges or in markets regulated by the CFTC or the SEC. Instead, such OTC derivatives are entered into directly by the counterparties and may be traded only through financial institutions acting as market makers. Many of the protections afforded to exchange participants will not be available to participants in OTC derivatives transactions. For example, OTC derivatives transactions are not subject to the guarantee of an exchange or clearinghouse and as a result a Fund bears greater risk of default by the counterparties to such transactions. Information available on counterparty creditworthiness may be incomplete or outdated, thus reducing the ability to anticipate counterparty defaults.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Swaps involve special risks. Swaps may in some cases be illiquid. In the absence of a central exchange or market for swaps, they may be difficult to trade or value, especially in the event of market disruptions. The swap market is a relatively new market and is largely unregulated. It is possible that developments in the swap market, including potential government regulation, could adversely affect a Fund's ability to terminate existing swaps or to realize amounts to be received under such agreements. Credit default swaps involve additional risks. For example, credit default swaps increase credit risk since a Fund has exposure to both the issuer of the referenced obligation (typically a debt obligation) and the counterparty to the credit default swap.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Financial Instruments involve operational risk. There may be incomplete or erroneous documentation or inadequate collateral or margin, or transactions may fail to settle. The risk of operational failures may be higher for OTC derivatives transactions. For derivatives not guaranteed by an exchange, a Fund may have only contractual remedies in the event of a counterparty default, and there may be delays, costs, disagreements as to the meaning of contractual terms and litigation, in enforcing those remedies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Financial Instruments transactions conducted outside the United States may not be conducted in the same manner as those entered into on U.S. exchanges, and may be subject to different margin, exercise, settlement or expiration procedures. Many of the risks of OTC derivatives transactions are also applicable to derivatives transactions conducted outside the United States. Derivatives transactions conducted outside the United States also are subject to the risks affecting foreign securities, currencies and other instruments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Financial Instruments involving currency are subject to additional risks. Currency related transactions may be negatively affected by government exchange controls, blockages, and manipulations. Exchange rates may be influenced by factors extrinsic to a country's economy. Also, there is no systematic reporting of last sale information with respect to foreign currencies. As a result, the information on which trading in currency derivatives is based may not be as complete as, and may be delayed beyond, comparable data for other transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Use of Financial Instruments involves transaction costs, which may be significant. Use of Financial Instruments also may increase the amount of taxable income to shareholders, including in a Fund that invests largely in municipal securities.

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***Swaps.*** The Bond Funds invest in swaps as a non-principal investment strategy. A swap is a financial instrument that typically involves the exchange of cash flows between two parties on specified dates (settlement dates), where the cash flows are based on agreed-upon measures such as prices, interest rates or indices. The nominal amount on which these cash flows are calculated is called the notional amount. Swaps are individually negotiated and structured to include exposure to a variety of different types of investments or market factors, such as interest rates, foreign currency rates, mortgage securities, corporate borrowing rates, security prices, indices or inflation rates.

Swaps may increase or decrease the overall volatility of the investments of a Fund and its share price. The performance of swaps may be affected by a change in the specific interest rate, currency, or other factors that determine the amounts of payments due to and from a Fund. If a swap calls for payments by a Fund, the Fund must be prepared to make such payments when due. In addition, if the counterparty's creditworthiness declines, the value of a swap would be likely to decline, potentially resulting in losses.

Generally, a swap has a fixed maturity date that is agreed upon by the parties. The agreement can be terminated before the maturity date only under limited circumstances, such as default by one of the parties or insolvency, among others, and can be transferred by a party only with the prior written consent of the other party. A Fund may be able to eliminate its exposure under a swap either by assignment or by other disposition, or by entering into an offsetting swap with the same party or a similarly creditworthy party. If the counterparty is unable to meet its obligations under the contract, declares bankruptcy, defaults or becomes insolvent, a Fund may not be able to recover the money it expected to receive under the contract.

A swap can be a form of leverage, which can magnify a Fund's gains or losses.

**<u>Credit Default Swaps</u>.** A typical credit default swap ("CDS") involves an agreement to make a series of payments by the buyer in exchange for receipt of payment by the seller if the loan defaults. In the event of default the buyer of the CDS receives compensation (usually the face value of the loan), and the seller of the CDS takes possession of the defaulted loan.

**<u>Equity Swaps</u>***.* In a typical equity swap, one party agrees to pay another party the return on a stock, stock index or basket of stocks in return for a specified interest rate. By entering into an equity index swap, for example, the index receiver can gain exposure to stocks making up the index of securities without actually purchasing those stocks. Equity index swaps involve not only the risk associated with investment in the securities represented in the index, but also the risk that the performance of such securities, including dividends, will not exceed the return on the interest rate that the Fund will be committed to pay.

**<u>Interest Rate Swaps</u>***.* Interest rate swaps are financial instruments that involve the exchange of one type of interest rate cash flow for another type of interest rate cash flow on specified dates in the future. Some of the different types of interest rate swaps are "fixed-for floating rate swaps," "termed basis swaps" and "index amortizing swaps." Fixed-for floating rate swaps involve the exchange of fixed interest rate cash flows for floating rate cash flows. Termed basis swaps entail cash flows to both parties based on floating interest rates, where the interest rate indices are different. Index amortizing swaps are typically fixed-for floating swaps where the notional amount changes if certain conditions are met.

Like a traditional investment in a debt security, a Fund could lose money by investing in an interest rate swap if interest rates change adversely. For example, if the Fund enters into a swap where it agrees to exchange a floating rate of interest for a fixed rate of interest, the Fund may have to pay more money than it receives. Similarly, if the Fund enters into a swap where it agrees to exchange a fixed rate of interest for a floating rate of interest, the Fund may receive less money than it has agreed to pay.

**Direct Lending Exposure Risk.** The Fixed Income Opportunities Fund may invest (as a non-principal investment strategy) in BDCs that make direct loans and engage in direct lending, which practice involves certain risks. If a loan is foreclosed, a BDC could become part owner of any collateral and would bear the costs and liabilities associated with owning and disposing of the collateral. As a result, the BDC may be exposed to losses resulting from default and foreclosure. Any costs or delays involved in the effectuation of a foreclosure of the loan or a liquidation of the underlying assets will further reduce the proceeds and thus increase the loss. There is no assurance that a BDC will correctly evaluate the value of the assets collateralizing the loan. In the event of a reorganization or liquidation proceeding relating to the borrower, a BDC may lose all or part of the amounts advanced to the borrower. There is no assurance that the protection of a BDC's interests is adequate, including the validity or enforceability of the loan and the maintenance of the anticipated priority and perfection of the applicable security interests. Furthermore, there is no assurance that claims will not be asserted that might interfere with enforcement of a BDC's rights.

There may be no restrictions on the credit quality of a BDC's loans. Loans may be deemed to have substantial vulnerability to default in payment of interest and/or principal. There can be no assurance as to the levels of defaults and/or recoveries that may be experienced on loans in which a BDC has invested. Certain of the loans in which a BDC may invest have large uncertainties or major risk exposures to adverse conditions, and may be considered to be predominantly speculative. Generally, such loans offer a higher return potential than better quality loans, but involve greater volatility of price and greater risk of loss of income and principal. The market values of certain of these loans also tend to be more sensitive to changes in economic conditions than better quality loans.

Loans to issuers operating in workout modes or under Chapter 11 of the U.S. Bankruptcy Code or the equivalent laws of member states of the European Union are, in certain circumstances, subject to certain potential liabilities that may exceed the amount of the loan.

Various state licensing requirements could apply to a BDC with respect to investments in, or the origination and servicing of, loans and similar assets. In states in which it is licensed, the BDC or its manager will be required to comply with applicable laws and regulations, including consumer protection and anti-fraud laws, which could impose restrictions on the BDC's or its manager's ability to take certain actions to protect the value of its investments in such assets and impose compliance costs. Failure to comply with such laws and regulations could lead to, among other penalties, a loss of the BDC's or its manager's license, which could require the BDC to divest assets located in or secured by real property located in that state.

Loan origination and servicing companies are routinely involved in legal proceedings concerning matters that arise in the ordinary course of their business. These legal proceedings range from actions involving a single plaintiff to class action lawsuits with potentially tens of thousands of class members. In addition, a number of participants in the loan origination and servicing industry (including control persons of industry participants) have been the subject of regulatory actions by state regulators, including state Attorneys General, and by the federal government. Governmental investigations, examinations or regulatory actions, or private lawsuits, including purported class action lawsuits, may adversely affect such companies' financial results. To the extent a BDC seeks to engage in origination and/or servicing directly, or has a financial interest in, or is otherwise affiliated with, an origination or servicing company, the BDC will be subject to enhanced risks of litigation, regulatory actions and other proceedings. As a result, the BDC may be required to pay legal fees, settlement costs, damages, penalties or other charges, any or all of which could materially adversely affect the BDC and its investments.

Any of the factors referred to above could adversely impact the Fund's investment in such a BDC and could cause the Fund to suffer losses.

**Equity Securities.** The Fixed Income Opportunities Fund will (as a principal investment strategy), and the Muni High Income Fund may (as a non-principal investment strategy), invest in equity securities. Equity securities represent ownership interests in a company or corporation, and include common stock, preferred stock, preference stock warrants and other rights to acquire such instruments. Holders of equity securities are not creditors of the issuer and, in the event the issuer is liquidated, would be entitled to their pro rata share of the issuer's asset, if any, after creditors (including the holders of fixed income securities and senior equity securities) are paid. Investments in equity securities in general are subject to market risks and fluctuation in value due to earnings, economic conditions and other factors that may cause their prices to fluctuate over time. The value of convertible equity securities is also affected by prevailing interest rates, the credit quality of the issuer and any call provisions. Fluctuations in the values of equity securities in which a Fund invests will cause the net asset value of the Fund to fluctuate.

Investments in small or middle capitalization companies involve greater risk than is customarily associated with larger, more established companies due to the greater business risks of small size, limited markets and financial resources, narrow product lines and the frequent lack of depth of management. The securities of small- or medium-sized companies are often traded OTC and may not be traded in volumes typical of securities traded on a national securities exchange. Consequently, the securities of smaller companies may have limited market stability and may be subject to more abrupt or erratic market movements than securities of larger, more established companies or the market averages in general.

Preferred stock has a blend of the characteristics of a bond and common stock. It can offer the higher yield of a bond and has priority over common stock in equity ownership, but does not have the seniority of a bond and, unlike common stock, it ordinarily does not have voting rights and its participation in the issuer's growth may be limited. Preferred stock has preference over common stock in the receipt of dividends and in any residual assets after payment to creditors should the issuer be dissolved. Although the dividend is set at a fixed annual rate, in some circumstances it can be changed or omitted by the issuer. The market prices of preferred stocks are subject to changes in interest rates and are more sensitive to changes in the issuer's creditworthiness than are the prices of debt securities. Preferred stocks may also permit the issuer to redeem the stock.

Preference stock is a special type of common stock that shares in the earnings of a company, has limited voting rights, may have a dividend preference, and may also have liquidation preference. Preference stocks are more common in emerging markets than in developed markets.

Warrants and rights may be acquired by a Fund in connection with other securities or separately. Warrants generally entitle, but do not obligate, their holder to purchase other equity or fixed-income securities at a specified price at a later date. Rights are similar to warrants but typically have a shorter duration and are issued by a company to existing holders of its stock to provide those holders the right to purchase additional shares of stock at a later date. Warrants and rights do not carry with them the right to dividends or voting rights with respect to the securities that they entitle their holder to purchase, and they do not represent any rights in the assets of the issuing company. Additionally, a warrant or right ceases to have value if it is not exercised prior to its expiration date. As a result, warrants and rights may be considered more speculative than certain other types of investments. Changes in the value of a warrant or right do not necessarily correspond to changes in the value of its underlying security. The price of a warrant or right may be more volatile than the price of its underlying security, and they therefore present greater potential for capital appreciation and capital loss. The effective price paid for warrants or rights 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 price of the underlying security. The market for warrants or rights may be very limited and it may be difficult to sell them promptly at an acceptable price.

**Eurodollar Certificates of Deposit.** The Bond Funds may invest in Eurodollar certificates of deposit as a non-principal investment strategy. Before investing in Eurodollar certificates of deposit, the Adviser will consider their marketability, possible restrictions on international currency transactions, and any regulations imposed by the domicile country of the foreign issuer. Eurodollar certificates of deposit may not be subject to the same regulatory requirements as certificates of deposit issued by U.S. banks, and associated income may be subject to the imposition of foreign taxes, including withholding taxes.

**Exchange-Traded Funds ("ETFs").** The Fixed Income Opportunities Fund may invest in ETFs as a principal investment strategy, and the Muni High Income Fund may invest in ETFs as a non-principal investment strategy. ETFs are registered investment companies that generally seek to track the performance of specific indices. ETFs may be organized as open-end funds or as unit investment trusts ("UITs"). Their shares are listed on stock exchanges and can be traded throughout the day at market-determined prices.

An ETF generally issues index-based investments in large aggregations of shares known as "Creation Units" in exchange for a "Portfolio Deposit" consisting of (a) a portfolio of securities designated by the ETF, (b) a cash payment equal to a pro rata portion of the dividends accrued on the ETF's portfolio securities since the last dividend payment by the ETF, net of expenses and liabilities, and (c) a cash payment or credit ("Balancing Amount") designed to equalize the net asset value of the shares and the net asset value of a Portfolio Deposit.

Shares of ETFs are not individually redeemable, except upon the reorganization, merger, conversion or liquidation of the ETF. To redeem shares of an ETF, an investor must accumulate enough shares of the ETF to reconstitute a Creation Unit. The liquidity of small holdings of ETF shares, therefore, will depend upon the existence of a secondary market for such shares. Upon redemption of a Creation Unit, the investor will receive securities designated by the ETF ("Redemption Securities") and a cash payment in an amount equal to the difference between the net asset value of the shares being redeemed and the net asset value of the Redemption Securities.

The price of ETF shares is based upon (but not necessarily identical to) the value of the securities held by the ETF. Accordingly, the level of risk involved in the purchase or sale of ETF shares is similar to the risk involved in the purchase or sale of traditional common stock, with the exception that the pricing mechanism for ETF shares is based on a basket of stocks. Disruptions in the markets for the securities underlying ETF shares purchased or sold by the Fund could result in losses on such shares. There is no assurance that the requirements of the national securities exchanges necessary to maintain the listing of shares of any ETF will continue to be met.

A Fund's investments in any ETF may be limited by the 1940 Act and SEC rules. See "Investment Company Shares" below.

**Exchange-Traded Notes.** The Fixed Income Opportunities Fund may invest in exchange-traded notes ("ETNs") as a non-principal investment strategy. ETNs are unsecured debt obligations of investment banks which are traded on exchanges and the returns of which are linked to the performance of market indices. In addition to trading ETNs on exchanges, investors may redeem ETNs directly with the issuer on a weekly basis, typically in a minimum amount of 50,000 units, or hold the ETNs until maturity. ETNs are riskier than ordinary unsecured debt securities and have no principal protection. The Fund will generally invest in ETNs which are linked to commodities indices. A Fund's investment in an ETN may be influenced by many unpredictable factors, including highly volatile commodities prices, changes in supply and demand relationships, weather, agriculture, trade, changes in interest rates, and monetary and other governmental policies, action and inaction. Investing in ETNs is not equivalent to investing directly in index components or the relevant index itself. Because ETNs are debt securities, they possess credit risk; if the issuer has financial difficulties or goes bankrupt, the investor may not receive the return it was promised.

**Fixed Income Securities.** The Government Money Fund and the Bond Funds will (as a principal investment strategy) invest in fixed income securities. Fixed income securities are debt obligations issued by the U.S. Government and its agencies, corporations, municipalities and other borrowers. The market values of the Funds' fixed income investments will change in response to interest rate changes and other factors. During periods of falling interest rates, the values of outstanding fixed income securities generally rise. Conversely, during periods of rising interest rates, the values of such securities generally decline. These fluctuations will generally be greater for longer-term securities than for shorter-term securities. Investors should recognize that, in periods of declining interest rates, the returns of the Funds which invest in debt securities will tend to be somewhat higher than prevailing market rates, and in periods of rising interest rates, the returns of the Funds which invest in debt securities will tend to be somewhat lower. Also, when interest rates are falling, the inflow of net new money to the Funds from the continuous sale of their shares will likely be invested in portfolio instruments producing lower yields than the balance of the portfolios, thereby reducing these Funds' current returns. In periods of rising interest rates, the opposite can be expected to occur. Changes in the ability of an issuer to make payments of interest and principal when due, in the market's perception of the issuer's creditworthiness, and in the rating of any fixed income security by NRSROs also affect the market value of that issuer's debt securities. Changes in the value of portfolio securities will not necessarily affect cash income derived from these securities, but will affect the Funds' net asset values. See attached Appendix B for a discussion of fixed income ratings.

Bond markets have consistently grown over the past three decades while the capacity for traditional dealer counterparties to engage in fixed income trading has not kept pace and in some cases has decreased. As a result, dealer inventories of corporate bonds, which provide a core indication of the ability of financial intermediaries to "make markets," are at or near historic lows in relation to market size. Because market makers provide stability to a market through their intermediary services, the significant reduction in dealer inventories could potentially lead to decreased liquidity and increased volatility in the fixed income markets. Such issues may be exacerbated during periods of economic uncertainty.

Liquidity risk may result from the lack of an active market, reduced number and capacity of traditional market participants to make a market in fixed income securities, and may be magnified in a rising interest rate environment or other circumstances where investor redemptions from fixed income mutual funds may be higher than normal, causing increased supply in the market due to selling activity. In such cases, a Fund, due to limitations on investments in illiquid securities and the difficulty in purchasing and selling such securities or instruments, may be unable to achieve its desired level of exposure to a certain sector. To the extent that a Fund's principal investment strategies involve investments in securities of companies with smaller market capitalizations, foreign non-U.S. securities, Rule 144A securities, illiquid sectors of fixed income securities, derivatives or securities with substantial market and/or credit risk, the Fund will tend to have the greatest exposure to liquidity risk. Further, fixed income securities with longer durations until maturity face heightened levels of liquidity risk as compared to fixed income securities with shorter durations until maturity. Finally, liquidity risk also refers to the risk of unusually high redemption requests or other unusual market conditions that may make it difficult for a Fund to fully honor redemption requests within the allowable time period. Meeting such redemption requests could require a Fund to sell securities at reduced prices or under unfavorable conditions, which would reduce the value of the Fund. It may also be the case that other market participants may be attempting to liquidate fixed income holdings at the same time as a Fund, causing increased supply in the market and contributing to liquidity risk and downward pricing pressure.

The Funds' performance also may be affected by changes in market or economic conditions and other circumstances affecting the financial services industry. Government regulation of banks, savings and loan associations, and finance companies may limit both the amounts and types of loans and other financial commitments these entities can make and the interest rates and fees they can charge. The profitability of the financial services industry, which is largely dependent on the availability and cost of capital funds, has fluctuated in response to volatility in interest rate levels. In addition, the financial services industry is subject to risks resulting from general economic conditions and the potential exposure to credit losses.

Following the financial crisis that began in 2007, the U.S. Government and the Board of Governors of the Federal Reserve System (the "Federal Reserve"), as well as certain foreign governments and central banks, took steps to support financial markets, including by keeping interest rates at historically low levels and by purchasing large quantities of securities issued or guaranteed by the U.S. Government, its agencies or instrumentalities on the open market ("Quantitative Easing"). Similar steps were taken again in 2020 in an effort to support the economy during the coronavirus pandemic. In 2022, the Federal Reserve began to unwind its balance sheet by not replacing existing bond holdings as they mature ("Quantitative Tightening"). Also in 2022, the Federal Reserve began raising the federal funds rate in an effort to fight inflation. Such policy changes may expose fixed-income and related markets to heightened volatility and may reduce liquidity for certain Fund investments, which could cause the value of a Fund's investments and share price to decline. If a Fund invests in derivatives tied to fixed income markets it may be more substantially exposed to these risks than a fund that does not invest in derivatives. Government interventions such as those described above may not work as intended, particularly if the efforts are perceived by investors as being unlikely to achieve the desired results.

A wide variety of factors can cause interest rates to rise (*e.g.*, central bank monetary policies, inflation rates, general economic conditions, etc.). This is especially true when interest rates are at historically low levels. Thus, a Fund that invests in fixed income securities would face a heightened level of interest rate risk.

**Foreign Securities.** The Fixed Income Opportunities Fund (as a principal investment strategy) and the Muni High Income Fund (as a non-principal investment strategy) may invest in securities issued by companies organized or principally doing business in foreign countries and by governments of foreign countries.

***Depositary Receipts.*** The Funds may invest in equity securities of non-U.S. issuers, including American Depositary Receipts ("ADRs"), European Depositary Receipts ("EDRs"), Global Depositary Receipts ("GDRs") and other similar instruments. Generally, ADRs in registered form are designed for use in U.S. securities markets, and EDRs and GDRs and other similar global instruments in bearer form are designed for use in non-U.S. securities markets.

ADRs are denominated in U.S. dollars and represent an interest in the right to receive securities of non-U.S. issuers deposited in a U.S. bank or correspondent bank. ADRs do not eliminate all the risk inherent in investing in the securities of non-U.S. issuers. However, by investing in ADRs rather than directly in equity securities of non-U.S. issuers, the Funds will avoid currency risks during the settlement period for either purchases or sales. EDRs and GDRs are not necessarily denominated in the same currency as the underlying securities which they represent.

For purposes of the Funds' investment policies, investments in ADRs, EDRs, GDRs and similar instruments will be deemed to be investments in the underlying equity securities of non-U.S. issuers. The Funds may acquire depositary receipts from banks that do not have a contractual relationship with the issuer of the security underlying the depositary receipt to issue and secure such depositary receipt. To the extent the Funds invest in such unsponsored depositary receipts there may be an increased possibility that the Funds may not become aware of events affecting the underlying security and thus the value of the related depositary receipt. In addition, certain benefits (i.e., rights offerings) which may be associated with the security underlying the depositary receipt may not inure to the benefit of the holder of such depositary receipt.

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ADRs may be sponsored by the foreign issuer or may be unsponsored. Unsponsored ADRs are organized independently and without the cooperation of the foreign issuer of the underlying securities. As a result, available information regarding the issuer may not be as current as for sponsored ADRs, and the prices of unsponsored ADRs may be more volatile than if they were sponsored by the issuers of the underlying securities. In addition, in a sponsored ADR arrangement the foreign issuer assumes the obligation to pay some or all of the depositary's transaction fees, whereas under an unsponsored arrangement the depositary's transaction fees are paid by the ADR holders.

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***Economic, Political, Geopolitical and Social Factors.*** Certain countries, including emerging markets, may be subject to a greater degree of economic, political, geopolitical and social instability than the United States and Western European countries. Such instability may result from, among other things, authoritarian governments or military involvement in political and economic decision making; tariffs and trade disputes; economic sanctions and countermeasures in response to sanctions; popular unrest associated with demands for improved economic, political and social conditions; internal insurgencies; terrorism; hostile relations with neighboring countries; and ethnic, religious and racial conflict. Economies in individual non-U.S. countries may differ favorably or unfavorably from the U.S. economy in such respects as growth of gross domestic product, rates of inflation, currency valuation, capital reinvestment, resource self-sufficiency and balance of payment position. Foreign investments also involve the possibility of expropriation, nationalization or confiscatory taxation; taxation of income earned in foreign nations (including, for example, withholding taxes on interest and dividends) or other taxes imposed with respect to investments in foreign nations; foreign exchange controls (which may include suspension of the ability to transfer currency from a given country and repatriation of investments); and default in foreign government securities. Such economic, political, geopolitical and social instability could significantly disrupt the financial markets in such countries and regions, the values of foreign investments, and the ability of the issuers in such countries and regions to repay their obligations.

In addition, global economies are increasingly interconnected, which increases the possibilities that conditions in one country or region might adversely impact a different country or region. The severity or duration of these conditions may also be affected if one or more countries leave the euro currency or by other policy changes made by governments or quasi-governmental organizations.

***Emerging Market Securities.*** The Fixed Income Opportunities Fund (as a principal investment strategy) may invest in securities of companies in emerging markets. Many of the risks with respect to foreign investments are more pronounced for investments in developing or emerging market countries, such as many of the countries of Asia, Latin America, Central and Eastern Europe and the former Soviet Union, Africa, and the Middle East. Although there is no universally accepted definition, a developing country is generally considered to be a country which is in the initial stages of its industrialization cycle with a per capita gross national product of less than $8,000.

The economies of many of these countries are heavily dependent upon international trade and are accordingly affected by protective trade barriers and the economic and political conditions of their trading partners. The enactment by these trading partners of protectionist trade legislation could have a significant adverse effect upon the securities markets of such countries. Many of these countries may also have more government exchange controls, more volatile interest or currency exchange rates, less market regulation, and less developed and less stable economic, political and legal systems than those of more developed countries. There may be less publicly available information about issuers in emerging markets than is available about issuers in more developed capital markets, and such issuers may not be subject to regulatory, accounting, auditing, and financial reporting and recordkeeping standards comparable to those to which U.S. companies are subject. The Public Company Accounting Oversight Board ("PCAOB"), which regulates auditors of U.S. public companies, for example, may be unable to inspect audit work and practices in certain countries. The PCAOB's limited ability to oversee the operations of accounting firms in such countries would mean that inaccurate or incomplete financial records of an issuer's operations may not be detected, which could negatively impact the Fund's investments in such companies. Emerging market countries may also have currencies with no recognizable market value relative to the established currencies of western market economies, little or no experience in trading in securities and a lack of a banking and securities infrastructure to handle such trading, and less liquid securities markets. Securities markets in emerging markets may also be susceptible to manipulation or other fraudulent trade practices, which could disrupt the functioning of these markets or adversely affect the value of investments traded in these markets, including investments of the Funds. The Fund's rights with respect to its investments in emerging markets, if any, will generally be governed by local law, which may make it difficult or impossible for the Fund to pursue legal remedies or to obtain and enforce judgments in local courts. Delays may occur in settling securities transactions in emerging market countries, which could adversely affect the Fund's ability to make or liquidate investments in those markets in a timely fashion. In addition, it may not be possible for the Fund to find satisfactory custodial services in an emerging market country, which could increase the Fund's costs and cause delays in the transportation and custody of its investments.

In certain of these countries, severe and persistent levels of inflation, including, in some cases, hyperinflation, have, in turn, led to high interest rates, extreme measures by governments to keep inflation in check, and a generally debilitating effect on economic growth. Although inflation in many countries has lessened, there is no guarantee it will remain at lower levels. The political history of certain of these countries has also been characterized by political uncertainty, intervention by the military in civilian and economic spheres (including expropriation, nationalization and confiscation of assets and property, and restrictions on foreign investments and on repatriation of capital invested) and political corruption. Such developments, if they were to reoccur, could reverse favorable trends toward market and economic reform, privatization, and removal of trade barriers, and result in significant disruption in securities markets. A number of these countries are highly dependent on foreign loans for their operation. There have been moratoria on, and rescheduling of, repayments with respect to many countries' debts. Such events can restrict the flexibility of these debtor nations in the international markets and result in the imposition of onerous conditions on their economies.

There may be restrictions on imports from certain countries, such as Russia, and dealings and transactions with certain Russian companies, officials, individuals, and state-sponsored entities. Further, there may be restrictions on investments in companies in certain countries, such as China and Russia. Such restrictions can change from time to time, and as a result of forced selling or an inability to participate in an investment the Adviser or a Sub-Adviser otherwise believes is attractive, a Fund may incur losses.

***Europe—Recent Events***. Most developed countries in Western Europe are members of the European Union (the "EU"), and many are also members of the European Monetary Union ("EMU"), and most EMU members are part of the euro zone, a group of EMU countries that share the euro as their common currency. Members of the EMU must comply with restrictions on inflation rates, deficits, debt levels, and fiscal and monetary controls. The implementation of any of these EMU restrictions or controls, as well as any of the following events in Europe, may have a significant impact on the economies of some or all European countries: (i) the default or threat of default by an EU member country on its sovereign debt, (ii) economic recession in an EU member country, (iii) changes in EU or governmental regulations on trade, (iv) changes in currency exchange rates of the euro, the British pound, and other European currencies, (v) changes in the supply and demand for European imports or exports, and (vi) high unemployment rates. In the recent past, European financial markets have experienced volatility and adverse trends due to concerns about economic downturns and/or rising government debt levels in certain European countries, which in turn negatively affected the euro's exchange rate. A significant decline in the value of the euro may produce unpredictable effects on trade and commerce generally and could lead to increased volatility in financial markets worldwide. In the event that an EMU member defaults on its sovereign debt or exits from the EMU, especially if either such event occurs in a disorderly manner, the default or exit may adversely affect the value of the euro as well as the performance of other European economies and issuers.

Adverse economic and political events in one European country, including war, may have adverse effects across Europe. For example, the extent and duration of Russia's military invasion of Ukraine, initiated in February 2022, and the broad-ranging economic sanctions levied against Russia by the United States, the European Union, the United Kingdom, and other countries, remain unknown, but these events could have a significant adverse impact on Europe's overall economy.

***Developments in the China Region.*** Although China's economy has experienced past periods of rapid growth, there is no assurance that such growth rates will recur. In particular, the growth rate of China's economy had slowed over the years leading up to the global economic recession in 2020. China's economy rebounded in 2021 as China recovered from the COVID-19 pandemic, but China's economy grew at a slower rate in 2022 through 2024 than any year in the decade leading up to 2020. It remains unclear though whether these trends will continue in the future. In addition, China's economic slowdown has negatively impacted the once rapidly growing Chinese real estate market, leading to the financial collapse of China's largest real estate company. The slowdown in China's real estate market has also resulted in local Chinese governments facing high levels of debt and fewer viable means to raise revenue, especially with the fall in demand for housing.

Despite attempts to restructure its economy towards consumption, China remains heavily dependent on exports. Reduction in spending on Chinese products and services, supply chain diversification, institution of additional tariffs, sanctions or other trade barriers, or a downturn in any of the economies of China's key trading partners may have an adverse impact on both the Chinese economy and Chinese companies. Additionally, Chinese actions to lay claim to disputed islands have caused relations with certain of China's trading partners to suffer, and could cause further disruption to regional and international trade. From time to time, China has experienced outbreaks of infectious illnesses, and the country may be subject to other public health threats, infectious illnesses, diseases or similar issues in the future. Any spread of an infectious illness, public health threat or similar issue could reduce consumer demand or economic output, result in market closures, travel restrictions or quarantines, and generally have a significant impact on the Chinese economy. In the long run, China's ability to develop and sustain a credible legal, regulatory, monetary, and socioeconomic system could influence the course of outside investment.

China and other developing market countries may be subject to considerable degrees of economic, political, geopolitical and social instability. China's economic health is largely dependent upon exports, and may be dependent upon the economies of other Asian countries. Investments in Chinese and other Asian issuers could be adversely affected by changes in government policies, or trade or political disputes with major trading partners, including the U.S. China's growing trade surplus with the U.S. has given rise to trade disputes and the imposition of tariffs. The Chinese economy could be adversely affected by supply chain disruptions. An economic slowdown in China could adversely affect economies of other emerging market countries that trade with China, as well as companies operating in those countries.

Sanctions or other government actions against certain countries could negatively impact a Fund's investments in securities that have exposure to that country. Circumstances that impact one country could have profound impacts on other countries and on global economies or markets. China and other developing market countries may be subject to considerable degrees of economic, political, geopolitical and social instability. In addition, the U.S. Government has imposed restrictions on U.S. investor participation in certain Chinese investments designated as related to the Chinese military. These matters could adversely affect China's economy and the value of Chinese companies, and cause a Fund to incur losses.

***Foreign Currencies.*** Certain securities in which the Fixed Income Opportunities Fund invests may be denominated in foreign currencies, the values of which will be affected by changes in currency exchange rates and exchange control regulations, and costs will be incurred in connection with conversions between currencies. A change in the value of a foreign currency against the U.S. dollar will result in a corresponding change in the U.S. dollar value of the Fund's securities denominated in the currency. Such changes also affect the Fund's income and distributions to shareholders. The Fund may be affected either favorably or unfavorably by changes in the relative rates of exchange among the currencies of different nations, and the Fund may therefore engage in foreign currency hedging strategies. Such strategies, however, involve certain transaction costs and investment risks, including dependence upon the Adviser's ability to predict movements in exchange rates.

Currency exchange rates generally are determined by the forces of supply and demand in the foreign exchange markets and the relative merits of investments in different countries as viewed from an international perspective. Currency exchange rates can also be affected unpredictably by intervention by U.S. or foreign governments or central banks or by currency controls or political developments in the United States or abroad.

Some countries in which the Fund may invest may also have fixed or managed currencies that are not freely convertible at market rates into the U.S. dollar. Certain currencies may not be internationally traded. A number of these currencies have experienced steady devaluation relative to the U.S. dollar, and such devaluations in the currencies may have a detrimental impact on the Fund. Many countries in which the Fund may invest have experienced substantial, and in some periods extremely high, rates of inflation for many years. Inflation and rapid fluctuation in inflation rates may have negative effects on certain economies and securities markets. Moreover, the economies of some countries may differ favorably or unfavorably from the U.S. economy in such respects as the rate of growth of gross domestic product, rate of inflation, capital reinvestment, resource self-sufficiency and balance of payments. Certain countries also limit the amount of foreign capital that can be invested in their markets and local companies, creating a "foreign premium" on capital investments available to foreign investors such as the Fund. The Fund may pay a "foreign premium" to establish an investment position which it cannot later recoup because of changes in that country's foreign investment laws.

The Fund may endeavor to buy and sell foreign currencies on favorable terms. Some price spreads on currency exchange (to cover service charges) may be incurred, particularly when the Fund changes investments from one country to another or when proceeds from the sale of shares in U.S. dollars are used for the purchase of securities in foreign countries. The Fund may be affected either favorably or unfavorably by fluctuations in the relative rates of exchange between the currencies of different nations, and by exchange control regulations, as well as indigenous economic and political developments.

The Adviser (and each Sub-Adviser, as relevant) considers at least annually the likelihood of the imposition by any foreign government of exchange control restrictions that would affect the liquidity of the Fund's assets maintained with custodians in foreign countries, as well as the degree of risk from political acts of foreign governments to which such assets may be exposed. The Adviser (and each Sub-Adviser, as relevant) also considers the degree of risk attendant to holding portfolio securities in domestic and foreign securities depositories.

***Foreign Securities Markets and Regulations.*** There is often less publicly available information about foreign issuers than those in the United States. Foreign companies are often not subject to uniform accounting, auditing and financial reporting standards comparable to those applicable to U.S. companies. In certain countries there is less government supervision and regulation of business and industry practices, stock exchanges, brokers and listed companies than in the United States. Further, the Funds may encounter difficulties in pursuing legal remedies or in obtaining judgments in foreign courts.

Brokerage commissions, fees for custodial services and other costs relating to investments in other countries are generally greater than in the United States. Foreign markets have different clearance and settlement procedures from those in the United States, and certain markets have experienced times when settlements did not keep pace with the volume of securities transactions, which resulted in settlement difficulty. The inability of a Fund to make intended security purchases due to settlement difficulties could cause it to miss attractive investment opportunities. Any delay in selling a portfolio security due to settlement problems could result in loss to a Fund if the value of the portfolio security declined, or result in claims against a Fund if it had entered into a contract to sell the security. Settlement delays could also impact the liquidity of a Fund's portfolio. The securities markets of many of the countries in which the Funds may invest may also be smaller, less liquid and subject to greater price volatility than those in the United States. The less liquid a market, the more difficult it may be for a Fund to accurately price its portfolio securities or to dispose of such securities at desirable times.

***Foreign Sovereign Debt Securities.*** The Fixed Income Opportunities Fund (as a principal investment strategy) and all of the other Funds (as a non-principal investment strategy) may invest in fixed and floating rate high yield foreign sovereign debt securities. Such investments will expose a Fund to the direct or indirect consequences of political, social or economic changes in countries that issue the securities. The ability of a foreign sovereign obligor to make timely payments on its external debt obligations will also be strongly influenced by the obligor's balance of payments, including export performance, its access to international credits and investments fluctuations in interest rates and the extent of its foreign reserves. A country whose exports are concentrated in a few commodities or whose economy depends on certain strategic imports could be vulnerable to fluctuations in international prices of these commodities or imports. To the extent that a country receives payment for its exports in currencies other than dollars, its ability to make debt payments denominated in dollars could be adversely affected. If a foreign sovereign obligor cannot generate sufficient earnings from foreign trade to service its external debt, it may need to depend on continuing loans and aid from foreign governments, commercial banks and multilateral organizations, and inflows of foreign investment. The commitment on the part of these foreign governments, multilateral organizations and others to make such disbursements may be conditioned on the government's implementation of economic reforms and/or economic performance and the timely service of its obligations. Failure to implement such reforms, achieve such levels of economic performance repay principal or interest when due may result in the cancellation of such third parties' commitments to lend funds, which may further impair the obligor's ability or willingness to timely service its debts.

***Frontier Market Securities*.** The Fixed Income Opportunities Fund may invest in securities of companies in frontier markets as a principal investment strategy. Frontier market countries are a sub-set of emerging market countries the capital markets of which are generally less developed, less liquid and have lower market capitalization than those of the more developed, "traditional" emerging markets but which still demonstrate a relative market openness to and accessibility for foreign investors. These countries typically are located in the Asia-Pacific region, Central and Eastern Europe and the former Soviet Union, the Middle East, Central and South America, and Africa. Frontier market countries generally have smaller economies and even less developed capital markets and political systems with relatively newer and less tested regulatory and legal systems than traditional emerging markets, and, as a result, the risks discussed above with respect to emerging markets are magnified in frontier market countries. Securities issued by borrowers in frontier market countries are often subject to extreme price volatility and illiquidity and effects stemming from government ownership or control of parts of private sector and of certain companies; trade barriers, exchange controls, managed adjustments in relative currency values and other protectionist measures imposed or negotiated by the countries with which frontier market countries trade; and relatively new and unsettled securities laws.

***United Kingdom Exit from the EU****.* The United Kingdom ("UK") formally withdrew from the EU on January 31, 2020 (such withdrawal being commonly referred to as "Brexit"). Following a transition period, the UK's post-Brexit trade agreement with the EU passed into law in December 2020, was provisionally applied effective January 1, 2021, and formally entered into force on May 1, 2021. The effects of Brexit are being shaped by the trade agreements that the UK negotiates with other countries and will depend largely upon the UK's ability to negotiate favorable terms with the EU regarding trade and market access. Although the longer term political, regulatory, and economic consequences of Brexit are uncertain, Brexit has caused volatility in UK, EU, and global markets. The potential negative effects of Brexit on the UK and EU economies and the broader global economy could include, among others, business and trade disruptions, increased volatility and illiquidity, currency valuations, and potentially lower economic growth of markets in the UK, EU, and globally, which could negatively impact the value of the Funds' investments. Brexit could also lead to legal uncertainty and politically divergent national laws and regulations while the relationship between the UK and EU continues to be defined and the UK determines which EU laws to replace or replicate. Whether or not the Fund invests in securities of issuers located in Europe or with significant exposure to European issuers or countries, these events could negatively affect the value and liquidity of the Fund's investments.

***Russia's Invasion of Ukraine.*** Russia has attempted to assert its influence in Eastern Europe in the recent past through economic and military measures, including military incursions into Georgia in 2008 and eastern Ukraine in 2014, heightening geopolitical risk in the region and tensions with the West. Russia's invasion of Ukraine in February 2022, the resulting responses by the United States and other countries, and the potential for wider conflict, have increased and may continue to increase volatility and uncertainty in financial markets worldwide. The United States and other countries have imposed broad-ranging economic sanctions on Russia and Russian entities and individuals, and may impose additional sanctions, including on other countries that provide military or economic support to Russia. These sanctions, among other things, restrict companies from doing business with Russia and Russian issuers, and may adversely affect companies with economic or financial exposure to Russia and Russian issuers. The extent and duration of Russia's military actions and the repercussions of such actions are not known. The invasion may widen beyond Ukraine and may escalate, including through retaliatory actions and cyberattacks by Russia and even other countries. These events may result in further and significant market disruptions and may adversely affect regional and global economies including those of Europe and the United States. Certain industries and markets, such as those involving oil, natural gas and other commodities, as well as global supply chains, may be particularly adversely affected. For example, the United States has banned oil and other energy imports from Russia and vodka. The EU, the UK and other countries have also placed restrictions on certain oil, energy, and luxury goods imports from Russia. Whether or not a Fund invests in securities of issuers located in Russia, Ukraine and adjacent countries or with significant exposure to issuers in those countries, these events could negatively affect the value and liquidity of the Fund's investments.

**Forward Foreign Currency Contracts.** The Bond Funds may enter into forward foreign currency contracts as a non- principal investment strategy. A forward contract involves an obligation to purchase or sell a specific currency amount at a future date, agreed upon by the parties, at a price set at the time of the contract. The Funds may enter into contracts to sell, for a fixed amount of U.S. dollars or other appropriate currency, the amount of foreign currency approximately equal to the value of some or all of the securities of the Funds denominated in such foreign currency. Forward currency contracts are traded directly between currency traders (usually large commercial banks) and their customers. The cost to a Fund of engaging in such contracts varies with factors such as the currency involved, the length of the contract period and the market conditions then prevailing. Because such contracts are entered into on a principal basis, no fees or commissions are involved.

By entering into forward foreign currency contracts, the Funds will seek to protect the value of their investment securities against a decline in the value of a currency. However, these forward foreign currency contracts will not eliminate fluctuations in the underlying prices of the securities. Rather, they simply establish a rate of exchange which one can obtain at some future point in time. Although such contracts tend to minimize the risk of loss due to a decline in the value of the hedged currency, they also tend to limit any potential gain which might result should the value of such currency increase. At the maturity of a forward contract, a Fund may either sell a portfolio security and make delivery of the foreign currency, or it may retain the security and terminate its contractual obligation to deliver the foreign currency by purchasing an "offsetting" contract with the same currency trader, obligating it to purchase, on the same maturity date, the same amount of the foreign currency. These Funds may realize gains or losses from currency transactions.

If a Fund engages in a forward currency contract with respect to particular securities, the precise matching of forward currency contract amounts and the value of the securities involved generally will not be possible because the value of such securities, measured in the non-U.S. currency, will change after the contract has been established. Thus, a Fund might need to purchase or sell non-U.S. currencies in the spot (cash) market to the extent such non-U.S. currencies are not covered by forward currency contracts.

**Hedge Funds.** The Fixed Income Opportunities Fund (as a non-principal investment strategy) may invest in private investment funds ("Hedge Funds") managed by various Advisers ("Managers") that use a variety of investment strategies, including investment in other Hedge Funds. By investing in Hedge Funds indirectly through the Fund, an investor indirectly bears a portion of the asset-based fees, incentive-based allocations and other expenses borne by the Fund as an investor in Hedge Funds, in addition to the operating expenses of the Fund. The incentive-based allocations assessed by Managers and borne directly by the Fund may create an incentive for Managers to make investments that are riskier or more speculative than those that might have been made in the absence of incentive-based allocations. In addition, because an incentive-based allocation will generally be calculated on a basis that includes unrealized appreciation of a Hedge Fund's assets, the allocation may be greater than if it were based solely on realized gains. Because the Managers value the Hedge Funds they manage, which directly affects the amount of incentive-based allocations they receive, Managers face a conflict of interest in performing such valuations. Each Manager will receive any incentive-based allocations to which it is entitled irrespective of the performance of the other Hedge Funds and the Fund generally. Accordingly, a Manager that manages a Hedge Fund with positive performance may receive incentive-based compensation from the Fund, which will be borne indirectly by the Fund's shareholders, even if the Fund's overall returns are negative. Various risks are associated with the securities and other instruments in which Hedge Funds may invest, their investment strategies and the specialized investment techniques they may use.

Hedge Funds are not registered as investment companies under the 1940 Act. Therefore, the Fund, as an investor in Hedge Funds, will not have the benefit of the protections afforded by the 1940 Act to investors in registered investment companies, such as mutual funds. To the extent the Fund invests in a Hedge Fund that allows its investors to effect withdrawals only at certain specified times, the Fund may not be able to withdraw its investment in such Hedge Fund promptly after it has made a decision to do so, which may result in a loss and adversely affect the Fund's investment return. To the extent the Fund invests in a Hedge Fund that is permitted to distribute securities in kind to investors making withdrawals, upon the Fund's withdrawal of all or a portion of its interest in such Hedge Fund the Fund may receive securities that are illiquid or difficult to value.

**Illiquid Securities.** The Funds may invest in illiquid securities as a non-principal investment strategy. Illiquid securities are securities that a Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the securities. Illiquid securities may be difficult to value, and a Fund may have difficulty or be unable to dispose of such securities promptly or at reasonable prices.

Restricted securities are securities that may not be sold freely to the public absent registration under the Securities Act of 1933, as amended (the "1933 Act"), or an exemption from registration. While restricted securities are generally presumed to be illiquid, it may be determined that a particular restricted security is liquid. Rule 144A under the 1933 Act establishes a safe harbor from the registration requirements of the 1933 Act for resales of certain securities to qualified institutional buyers. Institutional markets for restricted securities sold pursuant to Rule 144A in many cases provide both readily ascertainable values for restricted securities and the ability to liquidate an investment to satisfy share redemption orders. Such markets might include automated systems for the trading, clearance and settlement of unregistered securities of domestic and foreign issuers, such as the PORTAL System sponsored by Nasdaq. An insufficient number of qualified buyers interested in purchasing Rule 144A eligible restricted securities, however, could adversely affect the marketability of such portfolio securities and result in a Fund's inability to dispose of such securities promptly or at favorable prices.

Rule 22e-4 under the 1940 Act requires, among other things, that the Bond Funds establish a liquidity risk management program ("LRMP") that is reasonably designed to assess and manage liquidity risk. Rule 22e-4 defines "liquidity risk" as the risk that a fund could not meet requests to redeem shares issued by the fund without significant dilution of the remaining investors' interests in the fund. The Bond Funds have implemented a LRMP to meet the relevant requirements. Additionally, the Board, including a majority of the Independent Trustees, approved the designation of the Adviser as the Funds' LRMP administrator to administer such program, and will review no less frequently than annually a written report prepared by the Adviser that addresses the operation of the LRMP and assesses its adequacy and effectiveness of implementation. Among other things, the LRMP provides for the classification of each Bond Fund investment as a "highly liquid investment," "moderately liquid investment," "less liquid investment" or "illiquid investment." The liquidity risk classifications of the Funds' investments are determined after reasonable inquiry and taking into account relevant market, trading and investment-specific considerations. To the extent that a Fund investment is deemed to be an "illiquid investment" or a "less liquid investment," the Fund can expect to be exposed to greater liquidity risk. There is no guarantee the LRMP will be effective in its operations, and complying with Rule 22e-4, including bearing related costs, could impact a Fund's performance and its ability to seek its investment goal.

The Government Money Fund will not purchase illiquid securities if, as a result of the purchase, more than 5% of the Fund's net assets valued at the time of the transaction are invested in such securities. No Bond Fund will purchase illiquid securities if, as a result of the purchase, more than 15% of the Fund's net assets valued at the time of the transaction are invested in such securities. If at any time a portfolio manager and/or the LRMP administrator determines that the value of illiquid securities held by a Bond Fund exceeds 15% of the Fund's net assets, the Fund's portfolio managers and the LRMP administrator will take such steps as they consider appropriate to reduce the percentage as soon as reasonably practicable.

**Investment Company Shares.** The Fixed Income Opportunities Fund (as a principal investment strategy) and all of the other Funds (as a non-principal investment strategy) may invest in shares of Underlying Funds (e.g., mutual funds, ETFs, and closed-end funds), including affiliated funds, to the extent permitted by applicable law and subject to certain restrictions set forth in this SAI.

Under Section 12(d)(1)(A) of the 1940 Act, a Fund may acquire securities of an Underlying Fund in amounts which, as determined immediately after the acquisition is made, do not exceed (i) 3% of the total outstanding voting stock of such Underlying Fund, (ii) 5% of the value of the Fund's total assets, and (iii) 10% of the value of the Fund's total assets when combined with all other Underlying Fund securities held by the Fund. The Fund may exceed these statutory limits when permitted by SEC order or other applicable law, rule or regulatory guidance, such as is the case with money market funds and many ETFs. In October 2020, the SEC adopted certain regulatory changes and took other actions related to the ability of an investment company to invest in the securities of another investment company. These changes include, in part, the rescission of certain SEC exemptive orders permitting investments in excess of the statutory limits and the withdrawal of certain related SEC staff no-action letters, and the adoption of Rule 12d1-4 under the 1940 Act, which permits the Funds to invest in other investment companies beyond the statutory limits, subject to certain conditions. Rule 12d1-4, among other things, (1) applies to both "acquired funds" and "acquiring funds," each as defined under the rule; (2) includes limits on control and voting of acquired funds' shares; (3) requires that the investment advisers of an acquired fund and acquiring fund relying on the rule make certain specified findings based on their evaluation of the relevant fund of funds structure; (4) requires funds that are relying on the rule, and which do not have the same investment adviser, to enter into a fund of funds investment agreement, which must include specific terms; and (5) includes certain limits on complex fund of funds structures.

Generally, under Sections 12(d)(1)(F) and 12(d)(1)(G) of the 1940 Act and SEC rules adopted pursuant to the 1940 Act, a Fund may acquire the securities of affiliated and unaffiliated Underlying Funds subject to the following guidelines and restrictions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Fund may own an unlimited amount of the securities of any registered open-end fund or registered UIT that is affiliated with the Fund, so long as any such Underlying Fund has a policy that prohibits it from acquiring any securities of registered open-end funds or registered UITs in reliance on certain sections of the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Fund and its "affiliated persons" may own up to 3% of the outstanding stock of any fund, subject to the following restrictions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Fund and each Underlying Fund, in the aggregate, may not charge
 a sales load greater than the limits set forth in Rule 2830(d)(3) of the Conduct Rules of the Financial Industry Regulatory Authority
 ("FINRA") applicable to funds of funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each Underlying Fund is not obligated to redeem more than 1% of its
 total outstanding securities during any period less than 30 days; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Fund is obligated either to (i) seek instructions from its shareholders
 with regard to the voting of all proxies with respect to the Underlying Fund and to vote in accordance with such instructions, or
 (ii) to vote the shares of the Underlying Fund held by the Fund in the same proportion as the vote of all other shareholders of the
 Underlying Fund.

Underlying Funds in which a Fund invests typically incur fees that are separate from those fees incurred directly by the Fund. A Fund's purchase of such investment company shares results in the layering of expenses, such that shareholders would indirectly bear a proportionate share of the operating expenses of such investment companies, including advisory fees, in addition to paying Fund expenses. In addition, the securities of other investment companies may also be leveraged and will therefore be subject to certain leverage risks. The net asset value and market value of leveraged securities will be more volatile and the yield to shareholders will tend to fluctuate more than the yield generated by unleveraged securities. Investment companies may have investment policies that differ from those of the Fund. The Funds limit investments in securities issued by other investment companies in accordance with the 1940 Act and the rules thereunder.

Under certain circumstances an open-end investment company in which a Fund invests may determine to make payment of a redemption by the Fund wholly or in part by a distribution in kind of securities from its portfolio, instead of in cash. As a result, the Fund may hold such securities until the Adviser determines it is appropriate to dispose of them. Such disposition will impose additional costs on the Fund.

Investment decisions by the investment advisers to the registered investment companies in which a Fund invests are made independently of the Fund. At any particular time, one Underlying Fund may be purchasing shares of an issuer whose shares are being sold by another Underlying Fund. As a result, under these circumstances the Fund indirectly would incur certain transactional costs without accomplishing any investment purpose.

**LIBOR Transition Risk.** LIBOR was a leading benchmark or reference rate for various commercial and financial contracts, including corporate and municipal bonds, bank loans, asset-backed and mortgage-related securities, interest rate swaps and other derivatives. On July 27, 2017, the United Kingdom's Financial Conduct Authority (FCA) announced the gradual phase out of the LIBOR rate, with all LIBOR rate publications (including temporary and synthetic LIBOR publications) having ceased as of September 30, 2024. Alternatives to LIBOR have been established and others may be developed. The U.S. Federal Reserve, in conjunction with the Alternative Reference Rates Committee, a steering committee comprised of large U.S. financial institutions, has identified SOFR as the preferred alternative rate to LIBOR. SOFR is a relatively new index calculated by short-term repurchase agreements, backed by U.S. Treasury securities. There remains uncertainty surrounding the nature of any replacement rates.

The transition to a new reference rate may result in (i) increased volatility or illiquidity in markets for instruments or contracts that previously relied on LIBOR; (ii) a reduction in the value of certain instruments or contracts held by a Fund; (iii) reduced effectiveness of related Fund transactions, such as hedging; (iv) additional tax, accounting and regulatory risks; or (v) costs incurred in connection with closing out positions and entering into new trades. Any pricing adjustments to a Fund's investments resulting from a substitute reference rate may also adversely affect the Fund's performance and/or NAV. There is no assurance that the composition or characteristics of any such alternative reference rate will be similar to or produce the same value or economic equivalence as LIBOR or that instruments or contracts using an alternative rate will have the same volume or liquidity.

On April 3, 2018, the New York Federal Reserve Bank began publishing its alternative rate, SOFR. The Bank of England followed suit on April 23, 2018, by publishing its proposed alternative rate, the Sterling Overnight Index Average ("SONIA"). Both SOFR and SONIA significantly differ from LIBOR – both in the actual rate and how they are calculated – and, therefore, it is unclear whether and when markets will adopt either of these rates as a widely accepted replacement for LIBOR. Furthermore, it is not possible to predict the changes that will ultimately be made to benchmark rates, the effect of any such changes and any other reforms to benchmark rates that may be enacted in the United Kingdom, United States and elsewhere and the effect of any perceived manipulation of benchmark rates. In connection with the adoption of SOFR, SONIA, or another benchmark as a replacement for LIBOR in a loan's documentation, the spread (or method for calculating the spread) applicable to that loan may also be modified, which modification may be based on the recommendations of the Loan Syndications and Trading Association, the Alternative Reference Rates Committee (or such successor organization, as applicable), or a governmental body for the applicable replacement benchmark rate (if any) or may be based on a determination of an industry-accepted spread adjustment for the replacement of the relevant LIBOR rate with the relevant replacement benchmark rate. These matters may require the transition and/or development of appropriate systems and analytics to effectively transition the Fund's risk management processes from LIBOR-based products to those based on one or more alternative reference rates, which may prove challenging given the limited history of the proposed alternative reference rates, or result in a sudden or prolonged increase or decrease in reported benchmark rates, benchmark rates being more volatile than they have been in the past and/or fewer loans utilizing given benchmark rates as a component of interest payments. These matters may adversely affect the value of the Fund and its Investments. The transition from LIBOR to SOFR or other alternative reference rates may also introduce operational risks in the Fund's accounting, financial reporting, loan servicing, liability management and other aspects of the Fund's business. However, we cannot reasonably estimate the impact of the transition at this time.

**Lending of Portfolio Securities.** The Bond Funds may lend their portfolio securities in order to generate additional income as a non-principal investment strategy. Such loans may be made to broker-dealers or other financial institutions whose creditworthiness is acceptable to the Adviser on behalf of the Funds. These loans would be required to be secured continuously by collateral, including cash, cash equivalents, irrevocable letters of credit, Government securities, or other high-grade liquid debt securities, maintained on a current basis (*i.e.*, marked-to-market daily) at an amount at least equal to 100% of the market value of the securities loaned plus accrued interest. A Fund may pay reasonable administrative and custodial fees in connection with a loan and may pay a negotiated portion of the income earned on the cash to the borrower or placing broker. Loans are subject to termination at the option of a Fund or the borrower at any time. Upon such termination, that Fund is entitled to obtain the return of the securities loaned as promptly as practicable.

For the duration of the loan, a Fund will continue to receive the equivalent of the interest or dividends paid by the issuer on the securities loaned, will have the ability to recall securities in order to exercise voting rights with respect to those securities and will receive proceeds from the investment of the collateral. Investing the collateral subjects that investment to market appreciation or depreciation. A Fund will bear any loss on the investment of its cash collateral. As with other extensions of credit, there are risks of delay in recovery or even losses of rights in the securities loaned should the borrower of the securities fail financially. However, the loans will be made only to borrowers deemed by the Adviser (or Sub-Adviser, if any) to be creditworthy, and when, in the judgment of the Adviser (or Sub-Adviser, if any), the income which can be earned currently from such loans justifies the attendant risk.

**Litigation Proceeds Purchase Contracts.** Among the asset-backed securities in which the Fixed Income Opportunities Fund may invest (as a non-principal investment strategy) are securities backed by the income generated by "Litigation Proceeds Purchase Contracts" ("Litigation Advance Notes"). The owner of such a contract is entitled to receive a specified sum of money when and if a "Claimant" (which term means an individual who has filed a lawsuit, is entitled to file a lawsuit, or has settled a lawsuit) and/or the Claimant's attorney collects on the claim upon which the lawsuit is based. Investments in Litigation Advance Notes involve a number of unique risks. An investment in Litigation Advance Notes is highly speculative. Litigation Advance Notes are illiquid as are the Litigation Proceeds Purchase Contracts backing them, and cannot be readily sold. Additionally, the market for Litigation Proceeds Purchase Contracts is relatively new and evolving. Because there is no readily available market price for the Litigation Advance Notes, and the calculation of each Fund's net asset value involves many assumptions, valuations assigned to the Litigation Advance Notes in accordance with procedures adopted by the Trust may be inaccurate. In the event that payments are not generated by the Litigation Proceeds Purchase Contracts backing the Litigation Advance Notes as expected, payments due to the Funds under the Litigation Advance Notes may not be made.

Litigation Proceeds Purchase Contracts involve significant risks that may result in the loss of a significant portion of any investment made by a contract owner. A Claimant or the Claimant's counsel may fail to collect sufficient proceeds in connection with a claim to allow payment under the Litigation Proceeds Purchase Contract. Cases underlying a contract may not result in the expected payout due to difficulties associated with the process by which cases are selected for investment (*e.g.*, improper selection criteria, improper application of selection criteria or that information material to the origination process is unavailable at the time of case selection). Persons against whom a claim is asserted (or their insurers) may be unable or unwilling to satisfy such payment obligations. Litigation Proceeds Purchase Contracts must be effectively administered and the underlying cases monitored. Necessary services may include, without limitation, custody of the documents evidencing the rights of the contract owner, monitoring the progress of cases and payments received by Claimants or their attorneys, and monitoring potential changes in the legal and regulatory environment relating to Litigation Proceeds Purchase Contracts. A lack of proper servicing can increase the risk that a Claimant or counsel has failed to make timely payments of litigation proceeds or otherwise honor obligations under the contract, without this fact being brought to the attention of the contract owner. A contract may not be enforced with respect to any case as a result of changes in applicable law or public policy and/or a specific term of a contract may not be enforced by courts or may otherwise violate applicable law.

The various transactions and legal processes involved in the origination, transfer and servicing of litigation proceeds purchase contracts occur in the context of a highly regulated legal environment. Relevant laws and regulations are subject to constant change. Law and professional regulations (including ethics regulations) associated with acquiring or otherwise taking a financial position or commercial interest with respect to a lawsuit is particularly complex and uncertain. Various jurisdictions prohibit or restrict purchasing claims from claimants, assigning certain kinds of claims, and/or participating in a lawyer's contingent fee interests (including ethical rules against sharing fees with lawyers and non- lawyers). In addition, some jurisdictions do not have a specific law in place validating the legality of litigation proceeds purchase contracts. This lack of legislation or regulation provides the opportunity for new legislation or regulation to be introduced which may make impermissible or otherwise limit the ability to make such advances within the state. Although the Adviser believes that any such new law would likely not be applied retroactively to currently existing contracts, there can be no guarantee that retroactive application will not be attempted. Claimants may also change residences and cases may be transferred during the course of litigation to jurisdictions that do not permit such transactions and/or in which there is a higher degree of uncertainty regarding such transactions. In certain jurisdictions, such as California, while no binding court decisions specifically disapprove of the practice, a court may still decline to enforce such arrangements if, for example, there is an indication that a non-party to a claim is in any way controlling the prosecution of that lawsuit, or if it appears that a non-lawyer is unlawfully engaged in the practice of law, or if the arrangement otherwise offends the public policy of the jurisdiction. To the extent that any Claimants move to states in which such contracts are illegal or unenforceable, the litigation proceeds expected to be generated by the pool of underlying contracts may be adversely affected.

In addition, lending and usury laws, contracts laws, bankruptcy considerations, and federal tax legislation, among other legal factors, also may play a significant role in the purchase, pledge or enforcement of Litigation Proceeds Purchase Contracts. The lack of specific authority provides the opportunity for future legislative activity, judicial determination or attorney general interpretation to deem that Litigation Proceeds Purchase Contracts are either impermissible or require some form of licensure by the issuer or otherwise violate lending or usury laws. However, the Adviser is unaware of any such current limitation, finding, interpretation, requirement or violation applicable to the Litigation Proceeds Purchase Contracts underlying any Litigation Advance Notes held by the Funds.

**Low Grade, High Yield Debt.** The Bond Funds will (as a principal investment strategy) invest in low grade, high yield debt. There is no bottom limit on the ratings of high yield securities that may be purchased or held by the Funds. In addition, those Funds may invest in unrated securities. Lower rated securities are defined as securities below the fourth highest rating category by an NRSRO, as discussed in Appendix A of the Prospectus. Such obligations are speculative and may be in default.

Fixed income securities are subject to the risk of an issuer's ability to meet principal and interest payments on the obligation (credit risk), and may also be subject to price volatility due to such factors as interest rate sensitivity, market perception of the creditworthiness of the issuer and general market liquidity (market risk). Lower rated or unrated (*i.e.*, high yield) securities are more likely to react to developments affecting market and credit risk than are more highly rated securities, which primarily react to movements in the general level of interest rates. Like all fixed income securities, the market values of high yield securities tend to vary inversely with the level of interest rates. Yields and market values of high yield securities will fluctuate over time, reflecting not only changing interest rates but the market's perception of credit quality and the outlook for economic growth. When economic conditions appear to be deteriorating, medium to lower rated securities may decline in value due to heightened concern over credit quality, regardless of prevailing interest rates. The risk of loss because of default by issuers of high yield securities is generally greater because medium and lower rated securities generally are unsecured and frequently subordinated to the prior payment of senior indebtedness. Investors should carefully consider the relative risks of investing in high yield securities and understand that such securities are not generally meant for short-term investing.

Adverse economic developments can disrupt the market for high yield securities and severely affect the ability of issuers, especially highly leveraged issuers, to service their debt obligations or to repay their obligations upon maturity, which may lead to a higher incidence of default on such securities. In addition, the secondary market for high yield securities, which is concentrated in relatively few market makers, may not be as liquid as the secondary market for more highly rated securities. As a result, a Fund's adviser could find it more difficult to sell these securities or may be able to sell the securities only at prices lower than if such securities were widely traded. Furthermore, the Trust may experience difficulty in valuing certain securities at certain times. Prices realized upon the sale of such lower rated or unrated securities, under these circumstances, may be less than the prices used in calculating the Fund's net asset value.

Prices for high yield securities may be affected by legislative and regulatory developments. These laws could adversely affect a Fund's net asset value and investment practices, the secondary market value for high yield securities, the financial condition of issuers of these securities and the value of outstanding high yield securities.

Lower rated or unrated debt obligations also present risks based on payment expectations. If an issuer calls the obligations for redemption, a Fund may have to replace the security with a lower yielding security, resulting in a decreased return for investors. If the Fund experiences unexpected net redemptions, it may be forced to sell its higher rated securities, resulting in a decline in the overall credit quality of the Fund's investment portfolio and increasing the exposure of the Fund to the risks of high yield securities.

Subsequent to its purchase by a Fund, an issue of securities may cease to be rated or its rating may be reduced below the minimum required for purchase by the Fund. Neither such event will require sale of the securities by the Fund, although the Adviser (or the relevant Sub-adviser) will consider the event in determining whether the Fund should continue to hold the security.

**Mortgage-Related Securities and Derivative Securities.** The Fixed Income Opportunities Fund and the Government Money Fund (as a principal investment strategy) and the Muni High Income Fund (as a non-principal investment strategy) may invest in mortgage-related securities. A mortgage-related security is an interest in a pool of mortgage loans and can be considered a derivative security. Most mortgage-related securities are pass-through securities, which means that investors receive payments consisting of a pro rata share of both principal and interest (less servicing and other fees), as well as unscheduled prepayments, as mortgages in the underlying mortgage pool are paid off by the borrowers. Different types of these mortgage-related securities are subject to different combinations of prepayment, extension, interest rate and other market risks. Certain mortgage-related securities are subject to high volatility. The Funds use these securities in an effort to enhance return and as a means to make certain investments not otherwise available to the Funds.

If a Fund purchases mortgage-backed securities that are "subordinated" to other interests in the same mortgage pool, the Fund as a holder of those securities may only receive payments after the pool's obligations to other investors have been satisfied. An unexpectedly high rate of defaults on the mortgages held by a mortgage pool may limit substantially the pool's ability to make payments of principal or interest to the Fund as a holder of such subordinated securities, reducing the values of those securities or in some cases rendering them worthless; the risk of such defaults is generally higher in the case of mortgage pools that include so-called "subprime" mortgages. An unexpectedly high or low rate of prepayments on a pool's underlying mortgages may have similar effects on subordinated securities. A mortgage pool may issue securities subject to various levels of subordination; the risk of non-payment affects securities at each level, although the risk is greater in the case of more highly subordinated securities.

In general, mortgage loan repayments may be adversely affected by matters such as a general economic turndown, high unemployment, a general slowdown in the real estate market, a drop in the market prices of real estate, or an increase in interest rates resulting in high mortgage payments by holders of adjustable rate mortgages. For example, the value of mortgage-related securities has been adversely affected by the recent disruptions in the credit markets, the increase in the default rate on prime and subprime residential mortgages, and the overall decrease in residential home prices from the price levels reached during the 2003-2007 time period. It is possible that, as a result of these and other circumstances, the value of mortgage-related securities will continue to be adversely affected for some time. Because prepayment rates of individual pools vary widely, it is not possible to accurately predict the average life of a particular pool. Common practice is to assume that prepayments will result in an average life ranging from two to ten years for pools of fixed-rate 30-year mortgages. Pools of mortgages with other maturities or different characteristics will have varying average life assumptions.

***Adjustable-Rate Mortgage-Related Securities*.** Because the interest rates on the mortgages underlying ARMs reset periodically, yields of such portfolio securities will gradually align themselves to reflect changes in market rates. Unlike fixed-rate mortgages, which generally decline in value during periods of rising interest rates, ARMs allow a Fund to participate in increases in interest rates through periodic adjustments in the coupons of the underlying mortgages, resulting in both higher current yields and low price fluctuations. Furthermore, if prepayments of principal are made on the underlying mortgages during periods of rising interest rates, a Fund may be able to reinvest such amounts in securities with a higher current rate of return. During periods of declining interest rates, of course, the coupon rates may readjust downward, resulting in lower yields to a Fund. Further, because of this feature, the value of ARMs is unlikely to rise during periods of declining interest rates to the same extent as fixed-rate instruments. The Adviser expects that the amount of privately issued mortgage-backed securities that may be purchased by a Fund will not exceed 10% of the value of the Fund's total assets, and the securities of any one such issuer purchased by a Fund will not exceed 5% of the value of the Fund's total assets.

***Agency Mortgage-Related Securities*.** The dominant issuers or guarantors of mortgage-related securities today are the Government National Mortgage Association ("Ginnie Mae"), Fannie Mae (formerly known as the Federal National Mortgage Association) and Freddie Mac (formerly known as the Federal Home Loan Mortgage Corporation). Ginnie Mae creates pass-through securities from pools of government- guaranteed or -insured (Federal Housing Administration or Veterans Administration) mortgages. Fannie Mae and Freddie Mac issue pass- through securities from pools of conventional and federally insured and/or guaranteed residential mortgages. The principal and interest on Ginnie Mae pass-through securities are guaranteed by Ginnie Mae and backed by the full faith and credit of the U.S. Government. Notwithstanding that these securities are backed by the full faith and credit of the U.S. Government, circumstances could arise that would prevent or delay the payment of interest or principal on these securities, which could adversely affect their value and a Fund's performance. Such an event could lead to significant disruptions in U.S. and global markets and, in the case of the Government Money Fund, adversely impact its ability to maintain a $1.00 per share price. Fannie Mae guarantees full and timely payment of all interest and principal, and Freddie Mac guarantees timely payment of interest and ultimate collection of principal of its pass-through securities. Securities from Fannie Mae and Freddie Mac are not backed by the full faith and credit of the U.S. Government but are generally considered to offer minimal credit risks. The yields provided by these mortgage-related securities have historically exceeded the yields on other types of U.S. Government securities with comparable "lives" largely due to the risks associated with prepayment on the underlying mortgages.

Adjustable rate mortgage securities ("ARMs") are pass-through securities representing interests in pools of mortgage loans with adjustable interest rates determined in accordance with a predetermined interest rate index and which may be subject to certain limits. The adjustment feature of ARMs tends to lessen their interest rate sensitivity.

***Mortgage-Related Securities – Fannie Mae*.** Fannie Mae is a federally chartered and privately owned corporation established under the Federal National Mortgage Association Charter Act. Fannie Mae was originally organized in 1938 as a U.S. Government agency to add greater liquidity to the mortgage market. Fannie Mae was transformed into a private sector corporation by legislation enacted in 1968. Fannie Mae provides funds to the mortgage market primarily by purchasing home mortgage loans from local lenders, thereby providing them with funds for additional lending. Fannie Mae acquires funds to purchase loans from investors that may not ordinarily invest in mortgage loans directly, thereby expanding the total amount of funds available for housing.

Each Fannie Mae pass-through security represents a proportionate interest in one or more pools of FHA Loans, VA Loans or conventional mortgage loans (that is, mortgage loans that are not insured or guaranteed by any U.S. Government agency). The loans contained in those pools consist of one or more of the following: (1) fixed-rate level payment mortgage loans; (2) fixed-rate growing equity mortgage loans; (3) fixed- rate graduated payment mortgage loans; (4) variable-rate mortgage loans; (5) other adjustable-rate mortgage loans; and (6) fixed-rate mortgage loans secured by multifamily projects.

On September 7, 2008, the Federal Housing Finance Agency ("FHFA") was appointed as the conservator of Freddie Mac and Fannie Mae for an indefinite period. In accordance with the Federal Housing Finance Regulatory Reform Act of 2008 and the Federal Housing Enterprises Financial Safety and Soundness Act of 1992, as conservator, the FHFA will control and oversee these entities until the FHFA deems them financially sound and solvent. During the conservatorship, each entity's obligations are expected to be paid in the normal course of business. Although no express guarantee exists for the debt or mortgage-backed securities issued by these entities, the U.S. Department of Treasury, through a secured lending credit facility and a senior preferred stock purchase agreement, has attempted to enhance the ability of the entities to meet their obligations.

***Mortgage-Related Securities – Freddie Mac*.** Freddie Mac is a corporate instrumentality of the United States established by the Emergency Home Finance Act of 1970, as amended. Freddie Mac was organized primarily for the purpose of increasing the availability of mortgage credit to finance needed housing. The operations of Freddie Mac currently consist primarily of the purchase of first lien, conventional, residential mortgage loans and participation interests in mortgage loans and the resale of the mortgage loans in the form of mortgage-backed securities.

The mortgage loans underlying Freddie Mac securities typically consist of fixed-rate or adjustable-rate mortgage loans with original terms to maturity of between 10 and 30 years, substantially all of which are secured by first liens on one-to-four-family residential properties or multifamily projects. Each mortgage loan must include whole loans, participation interests in whole loans and undivided interests in whole loans and participation in another Freddie Mac security.

See the discussion of Fannie Mae in the previous section for information about the 2008 appointment of FHFA as the conservator of Freddie Mac.

***Mortgage-Related Securities – Ginnie Mae*.** Ginnie Mae is a wholly owned corporate instrumentality of the U.S. Government within the Department of Housing and Urban Development. The National Housing Act of 1934, as amended (the "Housing Act"), authorizes Ginnie Mae to guarantee the timely payment of the principal of, and interest on, securities that are based on and backed by a pool of specified mortgage loans. For these types of securities to qualify for a Ginnie Mae guarantee, the underlying collateral must be mortgages insured by the Federal Housing Administration (the "FHA") under the Housing Act ("FHA Loans"), or Title V of the Housing Act of 1949, as amended ("VA Loans"), or be pools of other eligible mortgage loans. The Housing Act provides that the full faith and credit of the U.S. Government is pledged to the payment of all amounts that may be required to be paid under any guarantee. In order to meet its obligations under a guarantee, Ginnie Mae is authorized to borrow from the U.S. Treasury with no limitations as to amount. Notwithstanding that these securities are backed by the full faith and credit of the U.S. Government, circumstances could arise that would prevent or delay the payment of interest or principal on these securities, which could adversely affect their value and a Fund's performance. Such an event could lead to significant disruptions in U.S. and global markets and, in the case of the Government Money Fund, adversely impact its ability to maintain a $1.00 per share price.

Ginnie Mae pass-through securities may represent a proportionate interest in one or more pools of the following types of mortgage loans: (1) fixed-rate level payment mortgage loans; (2) fixed-rate graduated payment mortgage loans; (3) fixed-rate growing equity mortgage loans; (4) fixed-rate mortgage loans secured by manufactured (mobile) homes; (5) mortgage loans on multifamily residential properties under construction; (6) mortgage loans on completed multifamily projects; (7) fixed-rate mortgage loans as to which escrowed funds are used to reduce the borrower's monthly payments during the early years of the mortgage loans ("buydown" mortgage loans); (8) mortgage loans that provide for adjustments on payments based on periodic changes in interest rates or in other payment terms of the mortgage loans; and (9) mortgage-backed serial notes.

***Other Mortgage-Related Securities*.** Other mortgage-related securities include securities other than those described above that directly or indirectly represent a participation in, or are secured by and payable from, mortgage loans on real property, including mortgage dollar rolls, collateralized mortgage obligation ("CMO") residuals or stripped mortgage-backed securities ("SMBS"). Other mortgage-related securities may be equity or debt securities issued by agencies or instrumentalities of the U.S. Government or by private originators of, or investors in, mortgage loans, including savings and loan associations, homebuilders, mortgage banks, commercial banks, investment banks, partnerships, trusts and special purpose entities of the foregoing.

**<u>Collateralized Mort</u>ga<u>ge Obli</u>g<u>ation Residuals.</u>** CMO residuals are mortgage securities issued by agencies or instrumentalities of the U.S. Government or by private originators of, or investors in, mortgage loans, including savings and loan associations, homebuilders, mortgage banks, commercial banks, investment banks and special purpose entities of the foregoing.

The cash flow generated by the mortgage assets underlying a series of CMOs is applied first to make required payments of principal and interest on the CMOs and second to pay the related administrative expenses of the issuer. The residual in a CMO structure generally represents the interest in any excess cash flow remaining after making the foregoing payments. Each payment of such excess cash flow to a holder of the related CMO residual represents income and/or a return of capital. The amount of residual cash flow resulting from a CMO will depend on, among other things, the characteristics of the mortgage assets, the coupon rate of each class of CMO, prevailing interest rates, the amount of administrative expenses and the prepayment experience on the mortgage assets. In particular, the yield to maturity on CMO residuals is extremely sensitive to prepayments on the related underlying mortgage assets, in the same manner as an interest-only ("IO") class of stripped mortgage-backed securities. In addition, if a series of a CMO includes a class that bears interest at an adjustable rate, the yield to maturity on the related CMO residual will also be extremely sensitive to changes in the level of the index upon which interest rate adjustments are based. As described below with respect to stripped mortgage-backed securities, in certain circumstances a Fund may fail to recoup fully its initial investment in a CMO residual.

CMO residuals are generally purchased and sold by institutional investors through several investment banking firms acting as brokers or dealers. The CMO residual market has only very recently developed and CMO residuals currently may not have the liquidity of other more established securities trading in other markets. Transactions in CMO residuals are generally completed only after careful review of the characteristics of the securities in question. In addition, CMO residuals may, or, pursuant to an exemption therefrom, may not have been registered under the 1933 Act. CMO residuals, whether or not registered under the 1933 Act, may be subject to certain restrictions on transferability, and may be deemed "illiquid" and subject to a Fund's limitations on investment in illiquid securities.

**<u>Mort</u>ga<u>ge Dollar Rolls.</u>** In forward roll transactions, also known as mortgage "dollar rolls," a fund sells mortgage-backed securities for delivery in the current month and simultaneously contracts to repurchase substantially similar (same type, coupon and maturity) securities on a specified future date. A fund may enter into a mortgage dollar roll commitment with the intention of entering into an offsetting transaction whereby, rather than accepting delivery of the security on the specified future date, the fund sells the security and then agrees to repurchase a similar security at a later time. In this case, the fund forgoes interest on the security during the roll period and is compensated by the interest earned on the cash proceeds of the initial sale of the security and by the difference between the sale price and the lower repurchase price at the future date.

Mortgage dollar rolls involve the risk that the market value of the securities the fund is obligated to repurchase under the agreement may decline below the repurchase price. In the event the buyer of securities under a mortgage dollar roll files for bankruptcy or becomes insolvent, a fund's use of proceeds of the dollar roll may be restricted pending a determination by the other party, or its trustee or receiver, whether to enforce the fund's obligation to repurchase the securities.

Forward roll transactions may have a leveraging effect on a fund, making the value of an investment in the fund more volatile and increasing the fund's overall investment exposure.

**<u>Stripped Mortgage-Backed Securities.</u>** SMBS are derivative multi-class mortgage securities. SMBS may be issued by agencies or instrumentalities of the U.S. Government, or by private originators of, or investors in, mortgage loans, including savings and loan associations, mortgage banks, commercial banks, investment banks and special purpose entities of the foregoing.

SMBS are usually structured with two classes that receive different proportions of the interest and principal distributions on a pool of mortgage assets. A common type of SMBS will have one class receiving some of the interest and most of the principal from the mortgage assets, while the other class will receive most of the interest and the remainder of the principal. In the most extreme case, one class will receive all of the interest (the interest-only or "IO" class), while the other class will receive all of the principal (the principal-only or "PO" class). The yield to maturity on IOs, POs and other mortgage securities that are purchased at a substantial premium or discount generally are extremely sensitive not only to changes in prevailing interest rates but also to the rate of principal payments (including prepayments) on the related underlying mortgage assets, and a rapid rate of principal payments may have a material adverse effect on such securities' yield to maturity. If the underlying mortgage assets experience greater than anticipated prepayments of principal, a Fund may fail to fully recoup its initial investment in these securities even if the securities have received the highest rating by an NRSRO.

Although SMBS are purchased and sold by institutional investors through several investment banking firms acting as brokers or dealers, established trading markets have not developed and, accordingly, these securities may be deemed "illiquid" and subject to a Fund's limitations on investment in illiquid securities.

Other types of mortgage-related derivative securities include various types of structured securities with interest rates or, in some cases, principal payable at maturity that change positively or inversely in relation to one or more interest rates, financial indices or other financial indicators ("reference prices"). A structured mortgage-backed security may be leveraged to the extent that the magnitude of any change in the interest rate or principal payable on the security is a multiple of the change in the reference price. Such securities may include IO and PO securities, floating rate and inverse floating rate securities, floating rate securities linked to the Cost of Funds Index ("COFI floaters"), floating rate securities that are subject to a maximum interest rate ("capped floaters"), dual index floaters (which are subject to depreciation in the event of an unfavorable change in the spread between two designated interest rates) and range floaters (the coupons on which are subject to reduction if a designated interest rate floats outside of a specified interest rate band or collar). These securities may be illiquid and their values may be very volatile.

***Privately Issued Mortgage-Related Securities*.** Mortgage-related securities offered by private issuers include pass-through securities comprised of pools of conventional residential mortgage loans; mortgage-backed bonds which are considered to be obligations of the institution issuing the bonds and are collateralized by mortgage loans; and bonds and "CMOs" collateralized by mortgage-related securities issued by Ginnie Mae, Fannie Mae, Freddie Mac or by pools of conventional mortgages, multifamily or commercial mortgage loans.

Each class of a CMO is issued at a specific fixed or floating coupon rate and has a stated maturity or final distribution date. Principal prepayments on the collateral pool may cause the various classes of a CMO to be retired substantially earlier than their stated maturities or final distribution dates. The principal of and interest on the collateral pool may be allocated among the several classes of a CMO in a number of different ways. Generally, the purpose of the allocation of the cash flow of a CMO to the various classes is to obtain a more predictable cash flow to some of the individual tranches than exists with the underlying collateral of the CMO. As a general rule, the more predictable the cash flow is on a CMO tranche, the lower the anticipated yield will be on that tranche at the time of issuance relative to prevailing market yields on mortgage-related securities. Certain classes of CMOs may have priority over others with respect to the receipt of prepayments on the mortgages.

Parallel pay CMOs are structured to provide payments of principal on each payment date to more than one class. These simultaneous payments are taken into account in calculating the stated maturity date or final distribution date of each class which, like the other CMO structures, must be retired by its stated maturity date or final distribution date, but may be retired earlier. Planned amortization class CMOs ("PAC Bonds") are parallel pay CMOs that generally require payments of a specified amount of principal on each payment date; the required principal payment on PAC Bonds have the highest priority after interest has been paid to all classes.

Privately issued mortgage-related securities generally offer a higher rate of interest (but greater credit and interest rate risk) than U.S. Government and agency mortgage-related securities because they offer no direct or indirect governmental guarantees. Many issuers or servicers of mortgage-related securities guarantee or provide insurance for timely payment of interest and principal, however. Some mortgage-related securities are offered through private placements that are restricted as to further sale and there may be a limited market for such securities, especially when there is a perceived weakness in the mortgage and real estate market sectors. Without an active trading market, mortgage- backed securities held in a Fund's portfolio may be particularly difficult to value because of the complexities involved in assessing the value of the underlying mortgage loans.

In addition, privately issued mortgage-related securities are not subject to the underwriting requirements for the underlying mortgages that are applicable to mortgage-backed securities that have a government or government-sponsored entity guarantee. As a result, the mortgage loans underlying private mortgage-backed securities may, and frequently do, have less favorable collateral, credit risk or other underwriting characteristics than government or government-sponsored mortgage-backed securities and have wider variances in a number of terms including interest rate, term, size, purpose and borrower characteristics. Privately issued pools more frequently include second mortgages, high loan-to- value mortgages and manufactured housing loans. The coupon rates and maturities of the underlying mortgage loans in a private-label mortgage-backed securities pool may vary to a greater extent than those included in a government guaranteed pool, and the pool may include subprime mortgage loans (loans made to borrowers with weakened credit histories or with a lower capacity to make timely payments on their loans). For these reasons, the loans underlying these securities have had in many cases higher default rates than those loans that meet government underwriting requirements.

***Risks Associated with Prepayments*.** Prepayments of principal of mortgage-related securities by mortgagors or mortgage foreclosures affect the average life of the mortgage-related securities in the Fund's portfolio. Mortgage prepayments are affected by the level of interest rates and other factors, including general economic conditions and the underlying location and age of the mortgage. In periods of rising interest rates, the prepayment rate tends to decrease, lengthening the average life of a pool of mortgage-related securities. In periods of falling interest rates, the prepayment rate tends to increase, shortening the average life of a pool. Because prepayments of principal generally occur when interest rates are declining, it is likely that a Fund, to the extent that it retains the same percentage of debt securities, may have to reinvest the proceeds of prepayments at lower interest rates than those of its previous investments. If this occurs, a Fund's yield will correspondingly decline. Thus, mortgage-related securities may have less potential for capital appreciation in periods of falling interest rates than other fixed income securities of comparable duration, although they may have a comparable risk of decline in market value in periods of rising interest rates. To the extent that a Fund purchases mortgage-related securities at a premium, unscheduled prepayments, which are made at par, result in a loss equal to any unamortized premium.

Duration is one of the fundamental tools used by the Adviser or a Sub-Adviser in managing interest rate risks, including prepayment risks. Traditionally, a debt security's "term to maturity" characterizes a security's sensitivity to changes in interest rates "term to maturity," however, measures only the time until a debt security provides its final payment, taking no account of pre-maturity payments. Most debt securities provide interest ("coupon") payments in addition to a final ("par") payment at maturity, and some securities have call provisions allowing the issuer to repay the instrument in full before maturity date, each of which affects the security's response to interest rate changes. "Duration" is considered a more precise measure of interest rate risk than "term to maturity." Determining duration may involve the Adviser's or a Sub-Adviser's estimates of future economic parameters, which may vary from actual future values. Fixed income securities with effective durations of three years are more responsive to interest rate fluctuations than those with effective durations of one year. For example, if interest rates rise by 1%, the value of securities having an effective duration of three years will generally decrease by approximately 3%.

**Municipal Securities.** The Bond Funds (as a principal investment strategy) and the Government Money Fund (as a non-principal investment strategy), may invest in municipal securities. Municipal securities consist of (1) debt obligations issued by state and local governments or by public authorities to obtain funds to be used for a wide variety of public facilities, for refunding outstanding obligations, for general operating expenses, for lending such funds to other public institutions and facilities, and in anticipation of the receipt of revenue or the issuance of other obligations, and (2) certain private activity and industrial development bonds issued by or on behalf of public authorities to obtain funds to provide for the construction, equipment, repair or improvement of privately operated facilities.

The two principal classifications of municipal securities are "general obligation" securities and "limited obligation" or "revenue" securities. General debt obligation securities are backed by the taxing power of the issuing municipality. Accordingly, the capacity of the issuer of a general obligation bond as to the timely payment of interest and the repayment of principal when due is affected by the issuer's maintenance of its tax base. Revenue obligations are backed by the revenue of a project or facility (for example, tolls from a toll bridge) or class of facilities, or in some cases from the proceeds of a special excise tax or other specific revenue source. Accordingly, the timely payment of interest and the repayment of principal in accordance with the terms of the revenue security is a function of the economic viability of the facility or revenue source. Revenue securities include private activity bonds ("PABs") and industrial development obligations which are not payable from the unrestricted revenues of the issuer. The payment of principal and interest on PABs and industrial development obligations generally depends solely on the ability of the revenues generated by the use of the specified facilities. Municipal securities may also include "moral obligation" bonds, which are normally issued by special purpose public authorities. If the issuer of moral obligation bonds is unable to meet its debt service obligations from current revenues, it may draw on a reserve fund the restoration of which is a moral commitment but not a legal obligation of the state or municipality which created the issuer.

***Auction Rate Securities.*** The Muni High Income Fund may buy auction rate securities as a non-principal investment strategy. Auction rate securities are debt securities with an interest rate set at auction. Auction rate securities may be issued by state and local governments, agencies and authorities. Provided that the auction mechanism is successful, auction rate securities usually permit the holder to sell the securities in an auction at par value at specified intervals. The rate is reset by "Dutch" auction in which bids are made by broker-dealers and other institutions for a certain amount of securities at a specified minimum rate. The rate set by the auction is the lowest rate that covers all securities offered for sale. While this process is designed to permit auction rate securities to be traded at par value, there is a risk that an auction will fail due to insufficient demand for the securities. In addition, there may be no active secondary market for these securities between auctions, and sales conducted on a secondary market may not be on terms favorable to the seller. Since February 2008, numerous auctions have failed due to insufficient demand for securities and have continued to fail for an extended period of time. Failed auctions may adversely impact the liquidity of auction rate securities. Although some issuers of auction rate securities are redeeming or are considering redeeming such securities, such issuers are not obligated to do so, and therefore, there is no guarantee that a liquid market will exist for the Fund's investments in auction rate securities at a time when the Fund wishes to dispose of such securities.

***Municipal Leases*.** The Bond Funds may invest in municipal lease obligations – instruments, or participations in instruments, issued in connection with lease obligations or installment purchase contract obligations of municipalities. Although municipal lease obligations do not constitute general obligations of the issuing municipality, a lease obligation is ordinarily backed by the municipality's covenant to budget for, appropriate funds for, and make the payments due under the lease obligation. Specifically, in the state of California there are often legal covenants to budget for, appropriate funds for, and make the payments due under the lease obligation. However, certain lease obligations contain "non-appropriation" clauses, which provide that the municipality has no obligation to make lease or installment purchase payments in future years if the project is not available for use and occupancy. Municipal leases will be treated as liquid only if they satisfy criteria set forth in guidelines established by the Board, and there can be no assurance that a market will exist or continue to exist for any municipal lease obligation.

***Municipal Notes*.** Municipal notes consist of general obligation notes, tax anticipation notes (notes sold to finance working capital needs of the issuer in anticipation of receiving taxes on a future date), revenue anticipation notes (notes sold to provide needed cash prior to receipt of expected non-tax revenues from a specific source), bond anticipation notes (notes sold to provide interim financing until long-term bond financing can be arranged), tax and revenue anticipation notes, certificates of indebtedness, demand notes, and construction loan notes. The maturities of the instruments at the time of issue will generally range from 90 days to 397 days.

***Private Activity and Industrial Development Bonds*.** The Bond Funds may purchase certain PABs or industrial development bonds, the interest paid on which is exempt from federal income tax (although such interest may be an item of tax preference for purposes of the federal alternative minimum tax applicable to noncorporate taxpayers). These bonds are issued by or on behalf of public authorities to raise money to finance various privately-owned or -operated facilities for business and manufacturing, housing and pollution control. These bonds are also used to finance public facilities such as airports, mass transit systems, ports, parking or sewage or solid waste disposal facilities, as well as certain other categories. The payment of the principal and interest on such bonds is secured primarily by revenues derived from loan repayments or lease payments by entity owning or operating the facility, which may or may not be guaranteed by a parent company or otherwise secured. Such bonds generally are not secured by a pledge of the taxing power of the issuer of the bonds, and therefore depend on the revenue of a private entity. The continued ability of such an entity to generate sufficient revenues for the payment of principal and interest on such bonds may be affected by many factors, including the size of the entity, its capital structure, demand for its products or services, competition, general economic conditions, government regulation and the extent of the entity's dependence on revenues from the operation of the particular facility being financed, and may be dependent solely on the revenues generated by the use of the facility.

***Risks of Certain Types of Municipal Bonds.*** At any one time, the Muni High Income Fund may invest significantly in revenue bonds, the principal and interest on which are payable from revenues derived from similar projects, including the following: electrical utilities, health care and life care facilities and small industries. A substantial amount of the assets of the Fund may therefore be invested in securities that are related in such a way that an economic, business or political development or change affecting one such security may likewise affect the other securities. For example, a declining market for health care facilities might adversely affect the ability of municipalities to make timely payments of principal and interest on revenue bonds to be paid from hospital revenues. The Fund also could have more than 25% of its total assets invested in issuers in the same geographic area, but will not have more than 25% of its total assets in securities of issuers located in any one state.

Many of the lower-rated municipal bonds in which the Fund seeks to invest may be PABs. As discussed above, the entity responsible for payment of the principal and interest on PABs is usually the nongovernmental user of the facility being financed by the bond issue. Consequently, to the extent the Fund invests in bonds payable from revenues from facilities or projects in any one industry, it will be subject to the risks inherent in that industry. For example, a hospital's gross receipts and net income available to service its debt are influenced by demand for hospital services, the ability of the hospital to provide the services required, management and medical capabilities, economic developments in the service area, efforts by insurers and government agencies to limit rates and expenses, confidence in the hospital, competition, availability and expense of malpractice insurance, Medicaid and Medicare funding, and possible federal legislation limiting the rates of increase of hospital charges. Significant events impacting the hospital industry in any one of these areas might adversely affect the industry's ability to service its debt or to pay principal when due.

Life care facilities are an alternative form of long-term housing for the elderly. They are subject to a wide variety of risks. Primarily, the projects must maintain adequate occupancy levels to be able to provide revenues adequate to maintain debt service payments. Moreover, since a portion of housing, medical care and other services may be financed by an initial deposit it is important that the facility maintain adequate financial reserves to secure estimated actuarial liabilities. The ability of management to accurately forecast inflationary cost pressures weighs importantly in the process. The facilities may also be impacted by the regulatory cost restrictions applied to health care delivery in general, particularly state regulations or changes in Medicare and Medicaid payments or qualifications, or restrictions imposed by medical insurance companies. They may also face competition from alternative health care or conventional housing facilities in the private or public sector.

***Tobacco Settlement Revenue Bonds.*** The Muni High Income Fund may invest in tobacco settlement revenue bonds. Tobacco settlement revenue bonds are secured by an issuing state's proportionate share in the Master Settlement Agreement ("MSA"). The MSA is a settlement agreement between certain states and U.S. tobacco manufacturers representing approximately 95% of the combined market share of tobacco manufacturers. The MSA provides for payments by the tobacco manufacturers to the states, in perpetuity, in exchange for a release of claims against the manufacturers and a pledge of no further tobacco-related litigation.

A number of states have securitized the future flow of these payments by selling bonds pursuant to indentures, some through distinct governmental entities created for such purpose. These bonds are backed by the future revenue flow that is used for principal and interest payments on the bonds. Annual payments on the bonds, and thus risk to the Fund, are highly dependent on the receipt of future settlement payments by the state or its governmental entity, which in turn is dependent on many factors, including, but not limited to, annual U.S. cigarette shipments, cigarette consumption, inflation and the financial capability of participating tobacco companies. As a result, payments made by tobacco manufacturers could be negatively affected if the decrease in tobacco consumption is significantly greater than the forecasted decline. A market share loss by the MSA companies to non-MSA participating tobacco manufacturers would cause a downward adjustment in the payment amounts. An MSA-participating manufacturer filing for bankruptcy also could cause delays or reductions in bond payments. The MSA itself has been subject to legal challenges and has, to date, withstood those challenges.

Certain tobacco settlement revenue bonds are supported by an annual state appropriation to pay any shortfalls in the payment of principal and interest on the bonds and are backed by the revenues of the state. Bonds having this additional layer of credit support present less risk to the Fund than stand-alone MSA bonds.

**Music Royalties and Healthcare Royalties.** The Fixed Income Opportunities Fund may (as a non-principal investment strategy) invest in music royalties and healthcare royalties, either directly or through pooled vehicles or other entities that hold the assets generating the royalties. Investments in music royalties and healthcare royalties are subject to a number of general market risks, may expose the Fund to increased valuation, liquidity and tax risks, and expose the Fund to risks specific to the royalties. Music royalty risks include risks related to the popularity and reputation of the relevant recorded music artists, the risk of a decreased use in music streaming services, risks related to the health of the music industry as a whole, risks related to intellectual property rights and competitive and contractual risks. Healthcare royalty risks include risks related to the specific medical devices or treatments, the risk of the creditworthiness of counterparties, the risk of competitive medical solutions, risks related to the health of the population as a whole, risks related to intellectual property rights and competitive and contractual risks. The market performance of the Fund's music royalty or healthcare royalty exposures may be diminished by any number of factors that are beyond the Fund's control.

**Pay-In-Kind Bonds.** The Fixed Income Opportunities Fund (as a principal investment strategy), and the Muni High Income Fund (as a non-principal investment strategy), may invest in pay-in-kind bonds. These are securities which, at the issuer's option, pay interest in either cash or additional securities for a specified period. Pay-in-kind bonds, like zero coupon bonds, are designed to give an issuer flexibility in managing cash flow. Pay-in-kind bonds are usually less volatile than zero coupon bonds, but more volatile than cash pay securities.

**Privately Placed and Restricted Securities.** The Bond Funds (as a principal investment strategy) may invest in privately placed and restricted securities. Privately placed and restricted securities, including those that are normally purchased pursuant to Rule 144A or Regulation S under the 1933 Act, may be considered illiquid. Privately placed and restricted securities typically may be resold only to qualified institutional buyers, or in a privately negotiated transaction, or to a limited number of purchasers, or in limited quantities after they have been held for a specified period of time and other conditions are met for an exemption from registration. Because there may be relatively few potential purchasers for such securities, especially under adverse market conditions or in the event of adverse changes in the financial condition of the issuer, a Fund may find it more difficult to sell such securities when it may be advisable to do so or it may be able to sell such securities only at prices lower than if such securities were more widely held and traded. The absence of an active trading market, as well as the lack of publicly available information regarding such securities, may also make it difficult to determine the fair value of the securities for purposes of computing the Fund's net asset value. There can be no assurance that such a security that is deemed to be liquid when purchased will continue to be liquid for as long as it is held by the Fund, and its value may decline as a result. In addition, when registration of a security is required, the Fund may be obligated to pay all or part of the registration expenses and a considerable period may elapse between the time the Fund desires to sell (and therefore decides to seek registration of) the security, and the time the Fund may be permitted to sell the security under an effective registration statement. The Fund may be deemed to be an "underwriter" for purposes of the 1933 Act when selling restricted securities to the public, and in such event the Fund may be liable to purchasers of such securities if the registration statement prepared by the issuer, or the prospectus forming a part of it, is materially inaccurate or misleading.

**Privatizations.** The Bond Funds may invest as a non-principal investment strategy in "privatizations" – foreign governmental programs of selling interests in government-owned or -controlled enterprises – which may represent opportunities for significant capital appreciation. The ability of U.S. entities, such as these Funds, to participate in privatizations may be limited by local law, or the terms for their participation may be less advantageous than for local investors. There can be no assurance that privatization programs will be successful.

**REITs.** The Bond Funds (as a non-principal investment strategy), may invest in real estate investment trusts ("REITs"). REITs are trusts that invest primarily in commercial real estate or real estate-related loans. A REIT is not taxed on income distributed to its shareholders or unitholders if it complies with statutory requirements relating to its organization, ownership, assets and income, and with an additional statutory requirement that it distribute to its shareholders or unitholders at least 90% of its taxable income for each taxable year. Generally, REITs can be classified as Equity REITs, Mortgage REITs and Hybrid REITs. Equity REITs invest the majority of their assets directly in real property and derive their income primarily from rents and capital gains from appreciation realized through property sales. Mortgage REITs invest the majority of their assets in real estate mortgages and derive their income primarily from interest payments. Hybrid REITs combine the characteristics of both Equity and Mortgage REITs. By investing in REITs indirectly through a Fund, shareholders will bear not only the proportionate share of the expenses of the Fund, but also, indirectly, similar expenses of underlying REITs.

A Fund may be subject to certain risks associated with the direct investments of the REITs. REITs may be affected by changes in their underlying properties and by defaults by borrowers or tenants. Mortgage REITs may be affected by the quality of the credit extended. Furthermore, REITs are dependent on specialized management skills. Some REITs may have limited diversification and may be subject to risks inherent in financing a limited number of properties. REITs depend generally on their ability to generate cash flow to make distributions to shareholders or unitholders, and may be subject to defaults by borrowers and to self-liquidations. In addition, a REIT may fail to qualify for its expected tax treatment under the Internal Revenue Code of 1986, as amended (the "Code"), or may fail to maintain exemption from registration under the 1940 Act.

**Repurchase Agreements.** The Government Money Fund (as a principal investment strategy) and the Bond Funds (as a non-principal investment strategy) may enter into repurchase agreements. The Funds expect that there will be no limitation upon the maturity of the securities underlying the repurchase agreements.

Repurchase agreements, which may be viewed as a type of secured lending, typically involve the acquisition by a Fund of government securities or other securities from a selling financial institution such as a bank, savings and loan association or broker-dealer. The agreement provides that the Fund will sell back to the institution, and that the institution will repurchase, the underlying security ("collateral") at a specified price and at a fixed time in the future, usually not more than seven days from the date of purchase. The Fund will receive interest from the institution until the time when the repurchase is to occur. Although such date is deemed to be the maturity date of a repurchase agreement, the maturities of securities subject to repurchase agreements are not subject to any limits and may exceed one year.

The Adviser (or Sub-Adviser, if applicable) will enter into repurchase agreements on behalf of a Fund only with financial institutions deemed to present minimal risk of bankruptcy during the term of the agreement based on guidelines established and periodically reviewed by the Board. These guidelines currently permit the Funds to enter into repurchase agreements with any bank the Adviser (or Sub-Adviser, if any) may recommend if it determines such bank to be creditworthy. Repurchase agreements are considered to be loans collateralized by the underlying security. Repurchase agreements entered into by the Funds will provide that the underlying security at all times shall have a value at least equal to 102% of the price stated in the agreement. This underlying security will be marked-to-market daily. The Adviser (or Sub-Adviser, if any) will monitor compliance with this requirement.

Under all repurchase agreements entered into by the Funds, the custodian or its agent must take possession of the underlying collateral. However, if the seller defaults, the Funds could realize a loss on the sale of the underlying security to the extent the proceeds of the sale are less than the resale price. In addition, even though the Bankruptcy Code provides protection for most repurchase agreements, if the seller should be involved in bankruptcy or insolvency proceedings, the Funds may incur delays and costs in selling the security and may suffer a loss of principal and interest if the Funds are treated as unsecured creditors. Repurchase agreements, in some circumstances, may not be tax-exempt.

None of these Funds, as a policy, will invest in repurchase agreements that do not mature within seven days if any such investment, together with any other illiquid assets held by the Fund, amount to more than 15% of its assets. Investments in repurchase agreements may at times be substantial when, in the view of the Adviser or relevant Sub-Adviser, as applicable, liquidity or other considerations warrant.

**Section 4(a)(2) Commercial Paper.** The Funds (as a non-principal investment strategy) may invest in Section 4(a)(2) commercial paper. Section 4(a)(2) commercial paper is issued in reliance on an exemption from registration under Section 4(a)(2) of the 1933 Act. Any resale of such commercial paper must be in an exempt transaction, usually to an institutional investor through the issuer or investment dealers who make a market in such commercial paper.

Commercial paper and short-term notes (of Funds other than the Fixed Income Opportunities Fund) will consist of issues rated at the time of purchase "A-2" or higher by Standard & Poor's Ratings Services, "Prime-1" or "Prime-2" by Moody's Investors Service, Inc., or similarly rated by another NRSRO or if unrated, will be determined by the Adviser (or the relevant Sub-Adviser) to be of comparable quality. These rating symbols are described in Appendix A of the Prospectus.

**Securities Ratings.** Credit ratings evaluate the safety of principal and interest payments of securities, not their market values. The rating of an issuer is also heavily weighted by past developments and does not necessarily reflect probable future conditions. There is frequently a lag between the time a rating is assigned and the time it is updated. As NRSROs may fail to timely change credit ratings of securities to reflect subsequent events, the Adviser or Sub-Adviser will also monitor issuers of such securities.

**Short Sales.** The Fixed Income Opportunities Fund may engage in short sales of securities as a non-principal part of its overall portfolio management strategy. A short sale is a transaction in which a Fund sells a security it does not own in anticipation that the market price of that security will decline. At the time a short sale is effected, the Fund incurs an obligation to replace the borrowed security at its price at the time the Fund purchases it for delivery to the lender. The price at such time may be more or less than the price at which the security was sold by the Fund. If the price of the security sold short increases between the time of the short sale and the time that the Fund replaces the borrowed security, the Fund will incur a loss; conversely, if the price declines, the Fund will realize a capital gain. The risk of loss is theoretically unlimited if the value of the security sold short continues to increase. Any gain will be decreased, and any loss increased, by the transaction costs incurred in effecting the short sale.

Until the security is replaced, the Fund may be required to pay the lender amounts equal to any dividend or interest which accrues during the period of the loan. To borrow the security, the Fund may also be required to pay a premium, which would increase the cost of the security sold. The proceeds of the short sale will be retained by the broker, to the extent necessary to meet margin requirements, until the short position is closed.

**SOFR Risk.** Public and private sector actors have worked to establish alternative reference rates, like SOFR, to be used in place of LIBOR as the publication of LIBOR has ceased. Certain floating or variable rate obligations or investments of a Fund may reference SOFR.

SOFR is intended to be a broad measure of the cost of borrowing funds overnight in transactions that are collateralized by U.S. Treasury securities. SOFR is calculated based on transaction-level repo data collected from various sources. For each trading day, SOFR is calculated as a volume-weighted median rate derived from such data.

SOFR is calculated and published by the Federal Reserve Bank of New York ("FRBNY"). If data from a given source required by the FRBNY to calculate SOFR is unavailable for any day, then the most recently available data for that segment will be used, with certain adjustments. If errors are discovered in the transaction data or the calculations underlying SOFR after its initial publication on a given day, SOFR may be republished at a later time that day. Rate revisions will be effected only on the day of initial publication and will be republished only if the change in the rate exceeds one basis point.

Because SOFR is a financing rate based on overnight secured funding transactions, it differs fundamentally from LIBOR. LIBOR was intended to be an unsecured rate that represented interbank funding costs for different short-term maturities or tenors. It was a forward-looking rate that reflected expectations regarding interest rates for the applicable tenor. Thus, LIBOR was intended to be sensitive, in certain respects, to bank credit risk and to term interest rate risk. In contrast, SOFR is a secured overnight rate reflecting the credit of U.S. Treasury securities as collateral. Thus, it is largely insensitive to credit-risk considerations and to short-term interest rate risks. SOFR is a transaction-based rate, and it has been more volatile than other benchmark or market rates during certain periods. For these reasons, among others, there is no assurance that SOFR, or rates derived from SOFR, will perform in the same or similar way as LIBOR would have performed at any time, and there is no assurance that SOFR-based rates will be a suitable substitute for LIBOR. SOFR has a limited history, having been first published in April 2018. The future performance of SOFR, and SOFR-based reference rates, is not known based on SOFR's history or otherwise. Levels of SOFR in the future may bear little or no relation to historical levels of SOFR, LIBOR or other rates.

**Special Purpose Acquisition Companies.** The Fixed Income Opportunities Fund may (as a non-principal investment strategy) invest in stock, warrants, and other securities of special purpose acquisition companies ("SPACs") or similar special purpose entities that pool funds to seek potential acquisition opportunities. Unless and until an acquisition is completed, a SPAC generally invests its assets (less a portion retained to cover expenses) in U.S. Government securities, money market fund securities and cash. To the extent the SPAC is invested in cash or similar securities, this may impact the Fund's ability to meet its investment goal. If an acquisition that meets the requirements for the SPAC is not completed within a pre-established period of time, the invested funds are returned to the entity's shareholders, less certain permitted expense, and any warrants issued by the SPAC will expire worthless. Because SPACs and similar entities are in essence blank check companies without an operating history or ongoing business other than seeking acquisitions, the value of their securities is particularly dependent on the ability of the entity's management to identify and complete a profitable acquisition. SPACs may pursue acquisitions only within certain industries or regions, which may increase the volatility of their prices. In addition, these securities, which are typically traded in the OTC market, may be considered illiquid and/or be subject to restrictions on resale.

**Special Situations.** The Bond Funds may invest as a non-principal investment strategy in "special situations" – joint ventures, cooperatives, partnerships, private placements, unlisted securities and similar vehicles. Such Funds believe that carefully selected special situations could enhance their capital appreciation potential. The Funds also may invest in certain types of vehicles or derivative securities that represent indirect investments in foreign markets or securities in which it is impracticable for the Funds to invest directly. Investments in special situations may be illiquid.

**Standby Commitments and Put Transactions.** The Fixed Income Opportunities Fund (as a principal investment strategy), and the Government Money Fund and the Muni High Income Fund (as a non-principal investment strategy), may engage in standby commitments and put transactions. The Adviser and each Sub-Adviser has the authority to purchase securities at a price which would result in a yield to maturity lower than that generally offered by the seller at the time of purchase when these Funds can simultaneously acquire the right to sell the securities back to the seller, the issuer, or a third party (the "writer") at an agreed-upon price at any time during a stated period or on a certain date. Such a right is generally denoted as a "standby commitment" or a "put." The purpose of engaging in transactions involving puts is to maintain flexibility and liquidity to permit these Funds to meet redemptions and remain as fully invested as possible in municipal securities.

The right to put the securities depends on the writer's ability to pay for the securities at the time the put is exercised. The Funds will limit their put transactions to institutions which the Adviser (or Sub-Adviser, if any) believes present minimum credit risks, and the Adviser (or Sub-Adviser, if any) will use its best efforts to initially determine and continue to monitor the financial strength of the sellers of the puts by evaluating their financial statements and such other information as is available in the marketplace. It may, however, be difficult to monitor the financial strength of the writers because adequate current financial information may not be available. If any writer is unable to honor a put for financial reasons, the investing Fund would be a general creditor (*i.e.*, on a parity with all other unsecured creditors) of the writer. Furthermore, particular provisions of the contract between the Fund and the writer may excuse the writer from repurchasing the securities under certain circumstances (*e.g.*, provisions excusing the writer from repurchasing securities if there is a change in the published rating of the underlying securities or any similar event that has an adverse effect on the issuer's credit, or provisions that puts will not be exercised except in certain special cases, such as to maintain portfolio liquidity). The Fund could, however, at any time sell the underlying portfolio security in the open market or wait until the portfolio security matures, at which time it should realize the full par value of the security.

The securities purchased subject to a put may be sold to third persons at any time, even though the put is outstanding, but the put itself, unless it is an integral part of the security as originally issued, may not be marketable or otherwise assignable. Therefore, the put would have value only to the Fund. Sale of the securities to third parties or lapse of time with the put unexercised may terminate the right to put the securities. Prior to the expiration of any put, the Fund could seek to negotiate terms for its extension. If such a renewal cannot be negotiated on terms satisfactory to the Fund, the Fund could, of course, sell the security. The maturity of the underlying security will generally be different from that of the put.

**Tax Exempt Commercial Paper.** The Funds (as a non-principal investment strategy) may invest in tax-exempt commercial paper. Tax exempt commercial paper is an unsecured short-term obligation issued by a government or political sub-division.

**Technology Risk.** The Adviser and the Sub-advisers may use various technology in managing the Funds, consistent with their investment goals and strategies described in the Prospectus and this SAI. For example, proprietary and third-party data and systems may be utilized to support decision making for the Funds. Data imprecision, software or other technology malfunctions, programming inaccuracies and similar circumstances may impair the performance of these systems, which may negatively affect Fund performance.

**Trust Preferred Securities.** The Fixed Income Opportunities Fund will (as a principal investment strategy), and all of the other Funds may (as a non-principal investment strategy) invest in trust preferred securities, which are convertible preferred shares issued by a trust where proceeds from the sale are used to purchase convertible subordinated debt from the issuer. The convertible subordinated debt is the sole asset of the trust. The coupon from the issuer to the trust exactly mirrors the preferred dividend paid by the trust. Upon conversion by the investors, the trust in turn converts the convertible debentures and passes through the shares to the investors.

**U.S. Government Agency and Instrumentality Obligations.** The Government Money Fund and the Fixed Income Opportunities Fund (as a principal investment strategy), and the Muni High Income Fund (as a non-principal investment strategy), may invest in U.S. Government agency and instrumentality obligations. Various agencies of the U.S. Government issue obligations, including but not limited to the Federal Home Loan Bank ("FHLB"), the Student Loan Marketing Association, the Private Export Funding Corporation (an entity established by the U.S. Treasury and the Export/Import Bank of the United States), Farmers Home Administration, Federal Farm Credit Bank, Federal Housing Administration, Ginnie Mae, Maritime Administration, Small Business Administration, and the Tennessee Valley Authority. The Funds may purchase securities guaranteed by Ginnie Mae which represent participation in Veterans Administration and Federal Housing Administration backed mortgage pools. Obligations of instrumentalities of the U.S. Government include securities issued by, among others, FHLB, Freddie Mac, Federal Intermediate Credit Banks, Federal Land Banks, Fannie Mae and the U.S. Postal Service. These obligations include securities supported by the full faith and credit of the U.S. Treasury (*i.e.*, Ginnie Mae), securities supported by the right of the issuer to borrow from the U.S. Treasury (*e.g.,* the Federal Home Loan Banks), securities supported by the discretionary authority of the U.S. Government to purchase certain obligations of the agency (such as securities issued by Fannie Mae), and securities supported only by the credit of the instrumentality (such as securities issued by Freddie Mac).

U.S. Government securities include issues by non-governmental entities (like financial institutions) that carry direct guarantees from U.S. Government agencies as part of government initiatives in response to market crises or otherwise. In the case of obligations not backed by the full faith and credit of the United States, a Fund must look principally to the agency or instrumentality issuing or guaranteed the obligation for ultimate repayment and may not be able to assert a claim against the United States itself in the event the agency or instrumentality does not meet its commitments. No government agencies or instrumentalities guarantees the market value of the securities it issues, and the market value such securities will fluctuate in response to changes in interest rates. Guarantees of principal by agencies or instrumentalities of the U.S. Government may be a guarantee of payment at the maturity of the obligation so that in the event of a default prior to maturity there might not be a market and thus no means of realizing the value of the obligation prior to maturity.

**U.S. Treasury Obligations.** The Government Money Fund (as a principal investment strategy), and all of the other Funds (as a non-principal investment strategy), may invest in U.S. Treasury obligations, which consist of bills (maturity of one year or less), notes (maturity of one to ten years) and bonds (maturities generally greater than ten years) issued by the U.S. Treasury. The U.S. Government does not guarantee the market value of Treasury securities, which fluctuate in response to changes in interest rates. The Funds may also invest in separately traded interest and principal component parts of such obligations, known as Separately Traded Registered Interest and Principal Securities ("STRIPS"), that are transferable through the federal book-entry system. STRIPS are sold as zero coupon securities, which means that they are sold at a substantial discount and redeemed at face value at their maturity date without interim cash payments of interest or principal. This discount is accreted over the life of the security, and such accretion will constitute the income earned on the security for both accounting and tax purposes. Because of these features, such securities may be subject to greater interest rate volatility than interest paying investments.

**Variable and Floating Rate Instruments.** The Funds may invest in variable and floating rate instruments as a non-principal investment strategy. Certain of the obligations purchased by the Funds may carry variable or floating rates of interest and may involve a conditional or unconditional demand feature. Such obligations may include variable amount master demand notes that permit the indebtedness thereunder to vary in addition to providing for periodic adjustments in the interest rate.

Such instruments bear interest at rates which are not fixed, but which vary with changes in specified market rates or indices. The interest rates on these securities may be reset daily, weekly, quarterly or at some other interval, and may have a floor or ceiling on interest rate changes. There is a risk that the current interest rate on such obligations may not accurately reflect existing market interest rates. While such instruments may provide a Fund with a certain degree of protection against rising interest rates, the Fund will participate in any declines in interest rates as well. A demand instrument with a demand notice period exceeding seven days may be considered illiquid if there is no secondary market for such security. The absence of an active secondary market with respect to particular variable and floating rate instruments could make it difficult for a Fund to dispose of a variable or floating rate note if the issuer defaults on its payment obligation or during periods that the Fund is not entitled to exercise its demand rights.

The Muni High Income Fund may invest in tender option bonds the interest on which will, in the opinion of bond counsel or counsel for the issuer of interests therein, be exempt from regular federal income tax. Tender option bond trust receipts generally are structured as private placements and, accordingly, may be deemed to be restricted securities for purposes of a Fund's investment limitations. Tender option bond receipts are derived from fixed-rate municipal bonds that are placed in a trust that also contains a liquidity facility. The trust issues two classes of receipts, one of which is a synthetic variable-rate demand obligation and one of which is an inverse-rate long-term obligation. Each obligation represents a proportionate interest in the underlying bonds. The remarketing agent for the trust sets a floating or variable rate on typically a weekly basis. The synthetic variable-rate demand obligations, or "floater receipts", grant the investors ("floater holders") the right to require the liquidity provider to purchase the receipts at par, on a periodic (e.g., daily, weekly or monthly) basis. The trust receives the interest income paid by the issuer of the underlying bonds and, after paying fees to the trustee, remarketing agent and liquidity provider, the remaining income is paid to the floater holders based on the prevailing market rate set by the remarketing agent and the remaining (or inverse) amount is paid to the long-term investor. The trust is collapsed prior to the maturity of the bonds and the receipts holders may participate in any gain realized from the sale of the bonds at that time. In the event of certain defaults or a significant downgrading in the credit rating assigned to the issuer of the bond, the liquidity facility provider may not be obligated to accept tendered floater receipts. In this event, the underlying bonds in the trust are priced for sale in the market and the proceeds are used to repay the floater and inverse receipt holders. If the receipts holders cannot be repaid in full from the sale of the underlying bonds then the bonds will be distributed to the receipts holders on a pro-rata basis, in which case the holders would anticipate a loss. Tender option bonds may be considered derivatives and are subject to the risk thereof.

A warrant gives the holder a right to purchase at any time during a specified period a predetermined number of shares of common stock at a fixed price. Unlike convertible debt securities or preferred stock, warrants do not pay fixed dividends. Investments in warrants involve certain risks, including the possible lack of a liquid market for resale of the warrants, potential price fluctuations as a result of speculation or other factors, and failure of the price of the underlying security to reach or have reasonable prospects of reaching a level at which the warrant can be prudently exercised (in which event the warrant may expire without being exercised, resulting in a loss of the Fund's entire investment therein).

**Variable Rate Demand Notes.** The Funds (as a non- principal investment strategy) may invest in variable rate demand notes ("VRDNs"). VRDNs are tax-exempt obligations that contain a floating or variable interest rate adjustment formula and an unconditional right of demand to receive payment of the unpaid principal balance plus accrued interest upon a short notice period prior to specified dates, generally at 30-, 60-, 90-, 180-, or 365-day intervals. The interest rates are generally adjustable at intervals ranging from daily to one year. Adjustment formulas are designed to maintain the market value of the VRDN at approximately the par value of the VRDN upon the adjustment date. The adjustments typically are based upon the prime rate of a bank or some other appropriate interest rate adjustment index.

The Funds also may invest in VRDNs in the form of participation interests ("Participating VRDNs") in variable rate tax-exempt obligations held by a financial institution, typically a commercial bank ("institution"). Participating VRDNs provide a Fund with a specified undivided interest (up to 100%) of the underlying obligation and the right to demand payment of the unpaid principal balance plus accrued interest on the Participating VRDNs from the institution upon a specified number of days' notice, not to exceed seven. In addition, the Participating VRDN is backed by an irrevocable letter of credit or guaranty of the institution. A Fund has an undivided interest in the underlying obligation and thus participates on the same basis as the institution in such obligation except that the institution typically retains fees out of the interest paid on the obligation for servicing the obligation, providing the letter of credit and issuing the repurchase commitment.

Participating VRDNs may be unrated or rated, and their creditworthiness may be a function of the creditworthiness of the issuer, the institution furnishing the irrevocable letter of credit, or both. Accordingly, these Funds may invest in such VRDNs, the issuers or underlying institutions of which the Adviser (or Sub-Adviser, if any) believes are creditworthy and satisfy the quality requirements of these Funds. The Adviser (or Sub-Adviser, if any) periodically monitors the creditworthiness of the issuer of such securities and the underlying institution.

During periods of high inflation and periods of economic slowdown, together with the fiscal measures adopted by governmental authorities to attempt to deal with them, interest rates have varied widely. While the value of the underlying VRDN may change with changes in interest rates generally, the variable rate nature of the underlying VRDN should minimize changes in the value of the instruments. Accordingly, as interest rates decrease or increase, the potential for capital appreciation and the risk of potential capital depreciation is less than would be the case with a portfolio of fixed income securities. Some VRDNs have minimum or maximum rates, or maximum rates set by state law, which limit the degree to which interest on such VRDNs may fluctuate; to the extent they do, increases or decreases in value may be somewhat lesser than would be the case without such limits. Because the adjustment of interest rates on the VRDNs is made in relation to movements of various interest rate adjustment indices, the VRDNs are not comparable to long-term fixed-rate securities. Accordingly, interest rates on the VRDNs may be higher or lower than current market rates for fixed-rate obligations of comparable quality with similar maturities. VRDNs may earn lower yields than other types of fixed income securities in which the Funds may invest.

**When-Issued Securities and Forward Commitments.** The Fixed Income Opportunities Fund (as a principal investment strategy) and the Muni High Income Fund and the Government Money Fund (as a non-principal investment strategy), may all invest in securities on a when-issued or forward commitment basis. These investments involve the purchase of debt obligations on a when-issued or forward commitment basis. The price of such securities is typically fixed at the time of the commitment and delivery and payment normally take place beyond conventional settlement time after the date of commitment to purchase. For certain debt obligations, delivery and payment generally take place within 45 days after the date of commitment to purchase but this time gap could be substantially longer, including up to six months or more for certain forward commitment transactions for Municipal Securities. Securities purchased on a when-issued or forward commitment basis are subject to market fluctuation due to changes in market interest rates, and it is possible that the market value at the time of settlement could be higher or lower than the purchase price if the general level of interest rates has changed; in that case there could be an unrealized loss at the time of delivery. The interest rate realized on these securities is fixed as of the purchase date, and no interest accrues to these Funds before settlement. Although the Funds generally purchase securities on a when-issued or forward commitment basis with the intention of actually acquiring securities for their portfolios, the Funds may dispose of a when-issued security or forward commitment prior to settlement if the Adviser (or Sub-Adviser, if any) deems it appropriate to do so.

A transaction in when-issued or delayed-delivery securities would be deemed not to involve a senior security (i.e., it will not be considered a derivatives transaction or subject to asset segregation requirements), provided that (i) the applicable Fund intends to physically settle the transaction, and (ii) the transaction will settle within 35 days of its trade date. If such a transaction were considered to be a derivatives transaction, it would be subject to the requirements of Rule 18f-4 described in the "Derivatives" section of this SAI.

In general, the ratings of NRSROs represent the opinions of these agencies as to the quality of securities that they rate. Such ratings, however, are relative and subjective, are not absolute standards of quality and do not evaluate the market value risk of the securities. These ratings will be used by the Funds as initial criteria for the selection of portfolio securities, but the Funds also will rely upon the independent advice of the Adviser and each Sub-Adviser, as applicable, to evaluate potential investments. Among the factors that will be considered are the long-term ability of the issuer to pay principal and interest and general economic trends. Appendix B to this SAI contains further information concerning the rating categories of NRSROs and their significance.

If, after purchase, the credit rating on a security is downgraded or the credit quality deteriorates, or if the maturity is extended, a Fund's portfolio managers will decide whether the security should be held or sold. There is no minimum credit rating below which a Fund must sell a security. Upon the occurrence of certain triggering events or defaults, the investors in a security held by a Fund may become the holders of underlying assets. In that case, the Fund may become the holder of securities that it could not otherwise purchase at a time when those assets may be difficult to sell or can be sold only at a loss.

**Zero Coupon Bonds.** The Fixed Income Opportunities Fund (as a principal investment strategy), and the Muni High Income Fund (as a non-principal investment strategy), may invest in zero coupon securities, which are debt securities issued or sold at a discount from their face value and do not entitle the holder to any periodic payment of interest prior to maturity, a specified redemption date or a cash payment date. The securities are redeemed at face value on the specified maturity date. The amount of the discount varies depending on the time remaining until maturity or cash payment date, prevailing interest rates, liquidity of the security and perceived credit quality of the issuer. Zero coupon securities also may take the form of debt securities that have been stripped of their unmatured interest coupons, the coupons themselves and receipts or certificates representing interests in such stripped debt obligations and coupons. The market prices of zero coupon securities are generally more volatile than the market prices of interest-bearing securities and respond more to changes in interest rates than interest-bearing securities with similar maturities and credit qualities. The "original issue discount" on the zero coupon bonds must be included ratably in the income of the Fund as the income accrues even though payment has not been received. The Funds nevertheless intend to distribute amounts of cash equal to the currently accrued original issue discount, and this may require liquidating other securities at times the Funds might not otherwise do so and may result in capital loss.

***INVESTMENT RESTRICTIONS***

**INVESTMENT RESTRICTIONS – GOVERNMENT MONEY FUND**

Except as otherwise noted with an asterisk (\*), the restrictions of the Government Money Fund below are non-fundamental and can be changed by the Board without a vote of shareholders.

The Government Money Fund may not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. \*Subject to the provisions of Rule 2a-7 under the 1940 Act, purchase securities of any issuer (other than obligations of, or guaranteed by, the U.S. Government, its agencies or instrumentalities) if, as a result thereof, more than 5% of the value of its total assets would be invested in the securities of such issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Purchase more than 10% of any class of securities of any issuer. All debt securities and all preferred stocks are each considered as one class.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. \*Concentrate 25% or more of the value of its total assets in any one industry or group of industries; provided, however, that a Fund may invest up to 100% of its assets in certificates of deposit or bankers' acceptances issued by domestic branches of U.S. banks and U.S. branches of foreign banks (which the Fund has determined to be subject to the same regulation as U.S. banks), or obligations of, or guaranteed by, the U.S. Government, its agencies or instrumentalities in accordance with its investment goals and policies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Enter into repurchase agreements if, as a result thereof, more than 10% of its net assets valued at the time of the transaction would be subject to repurchase agreements maturing in more than seven days and invested in securities restricted as to disposition under the federal securities laws (except commercial paper issued under Section 4(a)(2) of the 1933 Act). The Government Money Fund will invest no more than 5% of its net assets in illiquid securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. \*Invest in commodities or commodity contracts, futures contracts, real estate or real estate limited partnerships, although it may invest in securities which are secured by real estate and securities of issuers which invest or deal in real estate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Invest for the purpose of exercising control or management of another issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Purchase securities of other investment companies, except in connection with a merger, consolidation, reorganization, or acquisition of assets, or as may otherwise be permitted by a Fund's prospectus and the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. \*Make loans to others (except through the purchase of debt obligations or repurchase agreements in accordance with its investment goals and policies).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. \*Borrow money, except as a temporary measure for extraordinary or emergency purposes, and then only in an amount up to one-third of the value of its total assets in order to meet redemption requests without immediately selling any portfolio securities. A Fund will not borrow for leverage purposes or purchase securities or make investments while borrowings are outstanding. Any borrowings by a Fund will not be collateralized. If for any reason the current value of the total assets of a Fund falls below an amount equal to three times the amount of indebtedness for money borrowed, the Fund will, within three business days, reduce its indebtedness to the extent necessary to meet that limitation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. Write, purchase or sell puts, calls or combinations thereof except as otherwise noted in this SAI.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. Make short sales of securities or purchase any securities on margin, except to obtain such short-term credits as may be necessary for the clearance of transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. \*Underwrite securities issued by others, except to the extent it may be deemed to be an underwriter under the federal securities laws in connection with the disposition of securities from its investment portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. \*Issue senior securities as defined in the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. Invest in interests or leases in oil, gas or other mineral exploration or development programs.

Except for restrictions (3), (4) and (9), if a percentage restriction is adhered to at the time of investment, a later increase in percentage resulting from a change in values or net or total assets will not be considered a violation of that restriction.

The Government Money Fund will only purchase securities that the Adviser has determined, according to procedures approved by the Board and factors set forth in Rule 2a-7 under the 1940 Act, present minimal credit risk and are "Eligible Securities." An Eligible Security is a security:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) with a remaining maturity of 397 calendar days or less that the Adviser, acting as the Board's delegate, determines presents minimal credit risks to the Fund, which determination must include an analysis of the capacity of the security's issuer or guarantor (including for this paragraph the provider of a conditional demand feature, when applicable) to meet its financial obligations, and such analysis must include, to the extent appropriate, consideration of the following factors with respect to the security's issuer or guarantor: (a) financial condition; (b) sources of liquidity; (c) ability to react to future market-wide and issuer- or guarantor-specific events, including ability to repay debt in a highly adverse situation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) that is issued by a registered investment company that is a money market fund; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) that is a government security.

The Government Money Fund may invest up to 25% of its total assets in the securities of a single issuer for a period of up to three business days after the acquisition of the securities, provided that the Fund does not invest in the securities of more than one issuer in accordance with this provision at any one time.

**INVESTMENT RESTRICTIONS – MUNI HIGH INCOME FUND** 

**Fundamental Policies**

Except as otherwise indicated, the following investment limitations are fundamental policies of the Muni High Income Fund and may not be changed without shareholder approval.

The Muni High Income Fund may not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. With respect to 75% of its total assets, (i) purchase the securities of any issuer (except securities issued or guaranteed by the U.S. Government, its agencies or instrumentalities) if, as a result, more than 5% of its total assets would be invested in the securities of such issuer; or (ii) acquire more than 10% of the outstanding voting securities of any one issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Purchase any securities which would cause 25% or more of the total assets of the Fund to be invested in the securities of one or more issuers conducting their principal business activities in the same industry or group of industries, provided that this limitation does not apply to investments in obligations issued or guaranteed by the U.S. Government, its agencies or instrumentalities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Borrow money in an amount exceeding 33 1/3% of the value of its total assets, provided that, for purposes of this limitation, investment strategies which either obligate a Fund to purchase securities or require a Fund to segregate assets are not considered to be borrowings. To the extent that a Fund's borrowings exceed 5% of its total assets, (i) all borrowings will be repaid before making additional investments and any interest paid on such borrowing will reduce income; and (ii) asset coverage of at least 300% is required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Make loans if, as a result, more than 33 1/3% of its total assets would
be loaned to other parties, except that each Fund may (i) purchase or hold debt instruments in accordance with its investment goal and
policies; (ii) enter into repurchase agreements; and (iii) lend its securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Purchase or sell real estate, physical commodities, or commodities contracts, except that each Fund may purchase (i) marketable securities issued by companies which own or invest in real estate (including real estate investment trusts), commodities, or commodities contracts; and (ii) commodities contracts relating to financial instruments, such as financial futures contracts and options on such contracts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Issue senior securities (as defined in the 1940 Act) except as permitted by rule, regulation or order of the SEC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Act as an underwriter of securities of other issuers except as it may be deemed an underwriter in selling a portfolio security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Invest in interests in oil, gas, or other mineral exploration or development programs and oil, gas or mineral leases.

The foregoing percentages (other than the limitation on borrowing) will apply at the time of the purchase of a security and shall not be considered violated unless an excess or deficiency occurs immediately after or as a result of a purchase of such security. Except as otherwise indicated, these investment limitations and the investment limitations in the Prospectus are fundamental policies of the Trust and may not be changed without shareholder approval.

**Non-Fundamental Policies**

The following policies of the Muni High Income Fund are non-fundamental and may be changed by the Board without a vote of shareholders.

The Muni High Income Fund may not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Pledge, mortgage or hypothecate assets except to secure borrowings permitted by the Fund's fundamental limitation on borrowing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Invest in companies for the purpose of exercising control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Purchase securities on margin or effect short sales, except that each Fund may (i) obtain short-term credits as necessary for the clearance of security transactions; (ii) provide initial and variation margin payments in connection with transactions involving futures contracts and options on such contracts; and (iii) make short sales "against the box" or in compliance with Rule 18f-4 under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Invest its assets in securities of any investment company, except as permitted by the 1940 Act or an order of exemption therefrom.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Purchase or acquire, in the aggregate, more than 15% of its net assets in illiquid securities.

The Muni High Income Fund may invest 25% or more of its total assets in PABs, in securities the payment of principal and interest on which is derived from revenue of similar projects, or in municipal bonds of issuers located in the same geographic area. The Fund will not, however, have more than 25% of its total assets in PABs issued for any one industry or in any one state.

Each of the foregoing percentage limitations (except with respect to the limitation on investing in illiquid securities) applies at the time of purchase. These limitations are non-fundamental and may be changed by the Board without a vote of shareholders.

**INVESTMENT RESTRICTIONS – FIXED INCOME OPPORTUNITIES FUND** 

**Fundamental Policies**

The following investment limitations are fundamental policies of the Fixed Income Opportunities Fund and may not be changed without shareholder approval.

The Fixed Income Opportunities Fund may not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Make loans to others, except (a) through the purchase of debt securities in accordance with its investment goals and policies, (b) through the lending of portfolio securities, or (c) to the extent the entry into a repurchase agreement is deemed to be a loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. (a) Borrow money, except as permitted by the 1940 Act and the rules and regulations promulgated thereunder, as each may be amended from time to time except to the extent that a Fund may be permitted to do so by exemptive order, SEC release, no-action letter or similar relief or interpretations; or (b) mortgage, pledge or hypothecate any of its assets except in connection with any such borrowings described in (a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Purchase securities on margin, participate on a joint or joint and several basis in any securities trading account, or underwrite securities, except that this restriction does not preclude a Fund from obtaining such short term credit as may be necessary for the clearance of purchases and sales of its portfolio securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Purchase or sell real estate, or commodities or commodity contracts, except that a Fund may purchase or sell currencies (including forward currency exchange contracts), futures contracts, and related options and securities which are secured by real estate and securities of companies which invest or deal in real estate, such as real estate investment trusts (REITs).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Invest more than 25% of its net assets in the securities
of companies engaged in any particular industry or particular group of industries provided that this restriction does not apply to obligations
issued or guaranteed by the U.S. Government, its agencies or instrumentalities, repurchase agreements secured by such obligations or securities
issued by other investment companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Issue senior securities, as defined in the 1940 Act except as permitted by rule, regulation or order of the SEC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Act as an underwriter of securities of other issuers except as it may be deemed an underwriter in selling a portfolio security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Invest in any issuer for purposes of exercising control or management.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. With respect to 75% of its total assets, invest more than 5% of its total assets in securities of a single issuer or hold more than 10% of the voting securities of such issuer, except that this restriction does not apply to investment in the securities of the U.S. Government, its agencies or instrumentalities.

The foregoing percentages (other than the limitation on borrowing) will apply at the time of the purchase of a security and shall not be considered violated unless an excess or deficiency occurs immediately after or as a result of a purchase of such security. Up to one-third of the Fixed Income Opportunities Fund's total assets may be pledged to secure permitted borrowings by the Fund.

**Non-Fundamental Policies**

The following policies of the Fixed Income Opportunities Fund are non-fundamental and may be changed by the Board without a vote of shareholders.

The Fixed Income Opportunities Fund may not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Invest in securities of other investment companies except as permitted by the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Invest, in the aggregate, more than 15% of its net assets in illiquid securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Make any change in a Fund's investment policies of investing at least 80% of its net assets in the investments suggested by the Fund's name without first providing the Fund's shareholders with at least 60 days' prior notice.

Each of the foregoing percentage limitations (except with respect to the limitation on investing in illiquid securities) applies at the time of purchase. These limitations are non-fundamental and may be changed by the Board without a vote of shareholders.

***MANAGEMENT OF THE TRUST***

The Trustees and officers of the Trust, their principal occupations during the past five years, and their affiliations, if any, with RBC Rochdale, the investment adviser to the Trust, are set forth below. The persons listed below may have held other positions with their employers named below during the relevant periods. Certain officers of the Trust also serve as officers to one or more other mutual funds for which SEI Investments Company ("SEI Investments") or its affiliates act as investment adviser, administrator or distributor. Each Trustee may be referred to in this SAI as an "Independent Trustee" and collectively as the "Independent Trustees." There is no stated term of office for the Trustees. However, the Board has adopted a policy setting a retirement date for Trustees of December 31 of the year in which each Trustee reaches age 75. Exceptions to the retirement age may be made by the Board in individual cases for a period of up to two years, in the discretion of the Board. The business address for each Trustee and Officer is c/o City National Rochdale Funds, 400 Park Avenue, New York, New York, 10022, unless otherwise noted.

**Independent Trustees**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name and Year of Birth** | **Position with the Trust** | **Length of Time Served** | **Principal Occupation for the Past Five Years** | **Number of**<br> **Portfolios in**<br> **Fund Complex**<sup>(1)</sup><br> **Overseen by Trustee** | **Other Directorships**<br> **Held by Trustee** |
| Daniel A. Hanwacker<br> Year of Birth: 1951 | Trustee | Since 2013 | Chief Executive Officer and President, Hanwacker Associates, Inc. (asset management consulting and executive search services) (2001-present). Managing Director - Asset Management, Putnam Lovell Securities (2000-2001). Co- Founding Partner, Constellation Financial Management Co., LLC (1995-2000). | 5 |  |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Jon C. Hunt<br> Year of Birth: 1951 | Trustee | Since 2013 | Retired (2013-present). Consultant to Management, Convergent Capital Management, LLC ("CCM") (2012-2013). Managing Director and Chief Operating Officer, CCM (1998-2012). | 5 | Trustee of The Advisors' Inner Circle Fund III, Symmetry Panoramic Trust, Gallery Trust, Wilshire Private Assets Master Fund, Wilshire Private Assets Fund. Director of FS Alternatives Fund (Cayman) and FS Real Asset Fund (Cayman). |
| Julie C. Miller<br> Year of Birth: 1957 | Trustee | Since 2020 | President, Coconino, Inc. (2016-present). Independent Contractor (2026-present) and Partner (2006-2025), Holthouse, Carlin & Van Trigt LLP (accounting firm). Trustee, Anthony Education Trust (2017-present). President, The Sam Simon Charitable Giving Foundation (2018-present). | 5 | Trustee and Audit Chair of The Pop Venture Fund. |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Jay C. Nadel<br> Year of Birth: 1958 | Trustee<br> Chairman<br>| Since 2013<br> Since 2019 | Financial Services Consultant (2005- present). Executive Vice President, Bank of New York Broker-Dealer and Member of the Operating Committee (2002-2004). Weiss, Peck & Greer, Partner, Managing Director and Chair of the Operations Committee (1986-2001). | 5 | Trustee of The Advisors' Inner Circle Fund III, Symmetry Panoramic Trust, Gallery Trust, Wilshire Private Assets Master Fund, Wilshire Private Assets Fund and The Alger Funds. Director of FS Alternatives Fund (Cayman) and FS Real Asset Fund (Cayman). |
| Shelley Y. Simms<br> Year of Birth: 1968 | Trustee | Since 2023 | Founder and Chief Executive Officer, Amethyst Advisors LLC (business consulting and board advisory services) (2025-present). General Counsel, Corporate Secretary and Chief Compliance Officer, Xponance, Inc. (a registered investment adviser) (2004-2025). Chief Compliance Officer, Xponance Alts Solutions, LLC (a registered investment adviser) (2021-2025). Chairperson (2023) and Commissioner (2018-2023), Pennsylvania State Ethics Commission. | 5 | Board Member of 1st Colonial Bancorp and 1st Colonial Community Bank. |

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| | | | |
|:---|:---|:---|:---|
| James R. Wolford<br> Year of Birth: 1954 | Trustee | Since 1999 | Chief Executive Officer of Corinthian Development Company (2013–present). President, Chief Operating Officer and Chief Financial Officer, Thompson National Properties (2011-2013). Chief Financial Officer, Pacific Office Properties, a real estate investment trust (2010-2011). Chief Financial Officer, Bixby Land Company, a real estate company (2004-2010). Regional Financial Officer, AIMCO, a real estate investment trust (2004). Chief Financial Officer, DBM Group, a direct mail marketing company (2001-2004). Senior Vice President and Chief Operating Officer, Forecast Commercial Real Estate Service, Inc. (2000-2001). Senior Vice President and Chief Financial Officer, Bixby Ranch Company (1985-2000).<sub>5</sub> |

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&nbsp;&nbsp;&nbsp;&nbsp;(1) "Fund complex" is defined as two or more registered investment companies that hold themselves out to investors as related companies or have a common investment adviser or affiliated investment advisers and in this case includes the series of the Trust as well as the following registered closed-end funds: City National Rochdale Select Strategies Fund and City National Rochdale Strategic Credit Fund.

**Officers**

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| | | | |
|:---|:---|:---|:---|
| **Name and**<br> **Year of Birth** | **Position with**<br> **the Trust** | **Term of Office<sup>(1)</sup>**<br> **and Length of Time Served** | **Principal Occupation for the Past Five Years** |
| Gregg Giaquinto<br> Year of Birth: 1967<br>| President and Chief Executive Officer | Since 2024 | President and Chief Executive Officer, City National Rochdale Funds, City National Rochdale Select Strategies Fund (the "Select Strategies Fund"), and City National Rochdale Strategic Credit Fund (the "Strategic Credit Fund") (2024-present). President, RBC Rochdale (2024-present). Senior Managing Director, Client Services & Operations, RBC Rochdale (2014-present). |
| Andrew Metzger<br> SEI Investments<br> One Freedom Valley Drive<br> Oaks, Pennsylvania 19456<br> Year of Birth: 1980<br>| Treasurer (Principal Financial and Accounting Officer and Controller) | Since 2021 | Director of Fund Accounting, SEI Investments Company (2020-present). Treasurer (Principal Financial and Accounting Officer and Controller), City National Rochdale Funds, Select Strategies Fund and Strategic Credit Fund (April 2021-present). Senior Director, Embark Consulting, LLC (2019-2020). Senior Manager, PricewaterhouseCoopers LLP (2002-2019). |
| Christina M. Weber <br> Year of Birth: 1968 | Chief Compliance Officer ("CCO") | Since 2025 | CCO, City National Rochdale Funds, Select Strategies Fund and Strategic Credit Fund (December 2025-present). CCO, RBC Global Asset Management (U.S.) Inc. (2018-present). CCO, RBC Funds (2012-present). Assistant Secretary, RBC Funds (2013-2017). Senior Compliance Officer, RBC Funds (2012-2012). |
| Dan Auciello<br> Year of Birth: 1969 | Anti-Money Laundering Officer ("AML Officer") and Identity Theft Program Officer ("ITP Officer") | Since 2025 | AML Officer and ITP Officer, City National Rochdale Funds, Select Strategies Fund and Strategic Credit Fund (2025-present). Senior Vice President, Money Laundering Reporting Officer, City National Rochdale Securities and City National Securities (2025-present.) Managing Director, Chief BSA Officer Bank of China (2020-2025) Managing Director, Deputy Head of Financial Security BNP Paribas (2014-2020). |
| Mitchell Cepler<br> Year of Birth: 1982 | Vice President and Assistant Treasurer | Since 2015 | Senior Vice President, Finance, RBC Rochdale (2011–present). Vice President and Assistant Treasurer, City National Rochdale Funds (2015-present), Select Strategies Fund (2016-present), and Strategic Credit Fund (2018-present). |

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| | | | |
|:---|:---|:---|:---|
| Frank Bonsignore<br> Year of Birth: 1967 | Vice President and Secretary | Since 2023 | Mutual Funds Oversight Lead, City National Rochdale Funds, Select Strategies Fund and Strategic Credit Fund (2023-present). Secretary, City National Rochdale Funds, Select Strategies Fund and Strategic Credit Fund (2023-present). Director of Operations, BNY Mellon (1997-2023). |
| Matthew M. Maher<br> SEI Investments<br> One Freedom Valley Drive<br> Oaks, Pennsylvania 19456<br> Year of Birth: 1975 | Assistant Secretary | Since 2019 | Counsel, SEI Investments Company (2018-present). Assistant Secretary, City National Rochdale Funds, Select Strategies Fund, and Strategic Credit Fund (2019-present). Attorney, Blank Rome LLP (2015-2018). Assistant Counsel and Vice President, Bank of New York Mellon (2013-2014). Attorney, Dilworth Paxson LLP (2006-2013). |

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<sup>(1)</sup> Each officer serves until removed by the Board or the principal executive officer of the Trust, or until such officer resigns.

The Board of Trustees has responsibility for the overall management and operations of the Trust, including oversight of the valuation of the Funds' portfolio securities. The Board establishes the Trust's policies and meets regularly to review the activities of the officers, who are responsible for day-to-day operations of the Trust.

The Trustees were selected with a view towards establishing a board that would have the broad experience needed to oversee a registered investment company comprised of multiple series employing a variety of different investment strategies. As a group, the Board has extensive experience in many different aspects of the financial services and asset management industries.

The Trustees were selected to join the Board based upon the following factors, among others: character and integrity; willingness to serve and willingness and ability to commit the time necessary to perform the duties of a Trustee; and satisfying the criteria for not being classified as an "interested person" of the Trust as defined in the 1940 Act. In addition, the following specific experience, qualifications, attributes and/or skills apply as to each Trustee:

● Mr. Hanwacker, experience in the asset management industry and as a trustee of Rochdale Investment Trust, a registered investment company the series of which reorganized into the Fixed Income Opportunities Fund.

● Mr. Hunt, executive investment management experience and experience in management of the Trust and affiliated entities of CNB.

● Ms. Miller, experience in financial planning and business management in an accounting firm.

● Mr. Nadel, experience in the financial services field and as a trustee of Rochdale Investment Trust.

● Ms. Simms, experience as a general counsel, corporate secretary, and chief compliance officer of a registered investment adviser.

● Mr. Wolford, experience as a chief financial officer of various companies and a Trustee of the Trust.

In its periodic self-assessment of the effectiveness of the Board, the Board considers the complementary individual skills and experience of the individual Trustees primarily in the broader context of the Board's overall composition, seeking to ensure that the Board, as a body, possesses the appropriate (and appropriately diverse) skills and experience to oversee the business of the series of the Trust. The summaries set forth above as to the qualifications, attributes and skills of the Trustees are required by the registration form adopted by the SEC and do not impose any greater responsibility or liability on any such person or on the Board as a whole than would otherwise be the case.

All of the Board members are Independent Trustees. Jay C. Nadel serves as Chairperson of the Board. The Chairperson serves as a key point person for dealings between the Trust's management and the other Independent Trustees. Through the committees of the Board the Independent Trustees consider and address important matters involving each Fund, including those presenting conflicts or potential conflicts of interest. The Independent Trustees also regularly meet outside the presence of management and are advised by independent legal counsel. The Board has determined that its organization and leadership structure are appropriate in light of its fiduciary and oversight obligations and the special obligations of the Independent Trustees. The Board believes that its structure facilitates the orderly and efficient flow of information to the Independent Trustees from management.

**COMMITTEES**

The Board has an Audit Committee, comprised of all of the Trustees. The Committee makes recommendations to the Board of Trustees with respect to the engagement of the Trust's independent registered public accounting firm, approves all auditing and other services provided to the Trust by its independent registered public accounting firm, and reviews with the independent registered public accounting firm the plan and results of the audit engagement and matters having a material effect on the Trust's financial operations. During the fiscal year ended September 30, 2025, the Audit Committee held four meetings. The Board has designated James R. Wolford as the Trust's "audit committee financial expert," as defined in Form N-CSR under the 1940 Act, based on the Board's review of his qualifications.

The Board has an Investment Committee, comprised of all of the Trustees. The Committee monitors on an ongoing basis the investment operations of the various series of the Trust, including matters such as the Funds' adherence to their investment mandates, historical performance of the Adviser and each sub-adviser as applicable, changes in investment processes and personnel, appropriate benchmarks, and proposed changes in investment goals and strategies. The Committee also reviews any changes in a Fund's sub-advisers proposed by the Adviser, including hiring of new sub-advisers and termination of sub-advisers, and makes such recommendations to the Board regarding the proposed changes as it deems appropriate. During the fiscal year ended September 30, 2025, the Investment Committee held four meetings.

The Board has a Nominating and Governance Committee, comprised of all of the Trustees. The Committee periodically reviews such issues as the Board's composition, responsibilities, committees and other relevant issues, and recommends any appropriate changes to the Board of Trustees. During the fiscal year ended September 30, 2025, the Nominating and Governance Committee did not meet.

The Board has adopted the following procedures by which shareholders may recommend nominees to the Board of Trustees. While the Nominating and Governance Committee normally is able to identify from its own resources an ample number of qualified candidates, it will consider shareholder suggestions of persons to be considered as nominees to fill future vacancies on the Board, so long as the shareholder or shareholder group submitting a proposed nominee beneficially owns more than 5% of the Trust's voting shares and has held such shares continuously for two years, and is not an adverse holder (*i.e.*, the shareholder or shareholder group has acquired such shares in the ordinary course of business and not with the purpose nor with the effect of changing or influencing the control of the Trust). No eligible shareholder or shareholder group may submit more than one independent Board member nominee each year. Such suggestions must be sent in writing to the Trust's Secretary, and must be accompanied by the shareholder's contact information, the nominee's contact information and number of Fund shares owned by the nominee, all information regarding the nominee that would be required to be disclosed in solicitations of proxies for elections of directors required under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and a notarized letter from the nominee stating his or her intention to serve as a nominee and be named in the Trust's proxy statement, if so designated by the Nominating Committee and the Board of Trustees.

**RISK MANAGEMENT**

Consistent with its responsibility for oversight of the Trust in the interests of shareholders, the Board among other things oversees risk management of the Funds' investment programs and business affairs directly and through the Audit Committee. The Board has emphasized to the Adviser the importance of maintaining vigorous risk management programs and procedures.

The Trust faces a number of risks, such as investment risk, valuation risk, reputational risk, risk of operational failure or lack of business continuity, and legal, compliance and regulatory risk. Risk management seeks to identify and address risks, *i.e*., events or circumstances that could have material adverse effects on the business, operations, shareholder services, investment performance or reputation of the Trust or a Fund. Under the overall supervision of the Board, the Adviser and other service providers to the Trust employ a variety of processes, procedures and controls to identify various of those possible events or circumstances, to ensure such risks are appropriate, and where appropriate to lessen the probability of their occurrence and/or to mitigate the effects of such events or circumstances if they do occur. Different processes, procedures and controls are employed with respect to different types of risks. Various personnel, including the Trust's CCO, the Adviser's management, and other service providers (such as the Trust's independent registered public accounting firm) make periodic reports to the Board or to the Audit Committee with respect to various aspects of risk management. The Board recognizes that not all risks that may affect the Trust can be identified, that it may not be practical or cost-effective to eliminate or mitigate certain risks, that it may be necessary to bear certain risks (such as investment-related risks) to achieve the Funds' investment goals, and that the processes, procedures and controls employed to address certain risks may be limited in their effectiveness. Moreover, reports received by the Trustees as to risk management matters are typically summaries of the relevant information. As a result of the foregoing and other factors, the Board's risk management oversight is subject to substantial limitations.

**EQUITY SECURITIES OWNED BY TRUSTEES**

The following table sets forth the dollar range of equity securities beneficially owned by each Trustee as of December 31, 2025.

**Independent Trustees**

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| | | |
|:---|:---|:---|
| **Name of Trustee** | **Dollar Range of Equity Securities in each Fund** | **Aggregate Dollar Range of Equity**<br> **Securities in All Registered**<br> **Investment Companies Overseen by**<br> **Trustee in Family of Investment Companies** |
| Daniel A. Hanwacker | Government Money Fund<br> $10,001-$50,000<br> Fixed Income Opportunities Fund<br> $10,001-$50,000 | $10001-$50000 |
| Jon C. Hunt | Fixed Income Opportunities Fund<br> Over $100,000 | Over $100,000 |
| Julie C. Miller |  |  |
| Jay C. Nadel | Muni High Income Fund<br> Over $100,000 | Over $100,000 |
| Shelley Y. Simms | Fixed Income Opportunities Fund<br> $50,001-$100,000 | $50001-$100000 |
| James R. Wolford |  | Over $100,000 |

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**COMPENSATION**

The following table sets forth the compensation of the Independent Trustees for the fiscal year ended September 30, 2025.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name of Trustee** | **Aggregate<br> Compensation**<br> **from Registrant** | **Pension or Retirement<br> Benefits Accrued As**<br> **Part of Funds' Expenses** | **Estimated Annual**<br> **Benefits Upon**<br> **Retirement** | **Total Compensation**<br> **From Registrant and**<br> **Fund Complex Paid to Trustee** |
| Daniel A. Hanwacker | $139757 | N/A | N/A | $146050 |
| Jon C. Hunt | $124733 | N/A | N/A | $130350 |
| Julie C. Miller | $124733 | N/A | N/A | $130350 |
| Jay C. Nadel | $145977 | N/A | N/A | $152550 |
| Shelley Y. Simms | $124733 | N/A | N/A | $130350 |
| James R. Wolford | $139757 | N/A | N/A | $146050 |

---

**INVESTMENT ADVISER**

RBC Rochdale serves as the investment adviser to each Fund. The Trust and CNB entered into an Investment Management Agreement (the "CNB Management Agreement") dated as of April 1, 1999, regarding the Trust. The CNB Management Agreement was effective as to certain of the Funds subsequent to that date. On May 10, 2001, CNAM, a wholly owned subsidiary of CNB, became the investment adviser to the Trust, and the rights and obligations of CNB pursuant to the CNB Management Agreement were assumed by CNAM.

Prior to September 10, 2013, CNAM served as the investment adviser for the Government Money Fund (the "CNAM Fund"), and Rochdale served as investment adviser for the Fixed Income Opportunities Fund pursuant to an Investment Management Agreement between the Trust and Rochdale dated as of March 28, 2013 (the "Rochdale Management Agreement," and together with the CNB Management Agreement, the "Management Agreements"). Effective September 10, 2013, Rochdale was renamed City National Rochdale, LLC ("City National Rochdale") and CNAM was reorganized into City National Rochdale. Effective August 27, 2015, the CNB Management Agreement and the Rochdale Management Agreement were combined into an Amended and Restated Investment Management between the Trust and City National Rochdale (the "Management Agreement"). Effective January 6, 2026, City National Rochdale, LLC was renamed RBC Rochdale, LLC.

The Adviser provides a continuous investment program of general investment and economic advice regarding the Funds' investment strategies, manages the Funds' investment portfolios and provides other services necessary to the operation of the Funds and the Trust. As of October 31, 2025, the Adviser had approximately $73.0 billion in assets under management. CNB, founded in the early 1950s, is a federally chartered commercial bank with approximately $108.9 billion in assets under administration, which includes $79.8 billion in assets under management, as of October 31, 2025. CNB is a wholly-owned indirect subsidiary of RBC USA Holdco Corporation, which is a wholly-owned indirect subsidiary of Royal Bank of Canada.

The fees payable under the Management Agreement, and any fee waiver or expense reimbursement arrangements, with respect to the Funds are described in the Prospectus.

The Management Agreement provides that the Adviser shall not be liable for any error of judgment or mistake of law or for any loss suffered by the Trust in connection with the matters to which the Management Agreement relates, except a loss resulting from willful misfeasance, bad faith or gross negligence on the part of the Adviser in the performance of its duties or from reckless disregard of its duties and obligations thereunder.

The Management Agreement is in effect with respect to each Fund, as applicable, for a two-year term (the "Initial Term") from its effective date, and thereafter continues in effect for one-year terms subject to annual approval (1) by the vote of a majority of the Trustees or by the vote of a majority of the outstanding voting securities of the Fund and (2) by the vote of a majority of the Trustees who are not parties to the Management Agreement or "interested persons" (as that term is defined in the 1940 Act) of any party thereto, cast in person at a meeting called for the purpose of voting on such approval. The Management Agreement may be terminated with respect to each Fund at any time upon 60 days' notice by either party or by a vote of a majority of the outstanding shares of that Fund, and will terminate automatically upon its "assignment" (as such term is defined in the 1940 Act).

The Adviser supervises each Fund's investments, conducts its investment program and provides supervisory and compliance services to each Fund. The Adviser provides the Funds with investment management services, including, subject to the supervision of, and policies established by, the Board of Trustees, the selection, appointment, termination and supervision of any sub-adviser to furnish day-to-day investment advice and recommendations to any of the Funds. In accordance with an exemptive order from the SEC, the Adviser may from time to time with the approval of the Board of Trustees employ, terminate and modify the sub-advisory agreements of unaffiliated sub-advisers according to certain procedures without soliciting shareholders' approval. The Adviser may also directly manage a portion of the assets of a sub-advised Fund. When acting as a "manager of managers," the Adviser provides investment management services that include the selection of sub-advisers employing a combination of quantitative and qualitative screens, research, analysis and due diligence; negotiation of sub-advisory agreements and fees; oversight and monitoring of sub-advisers and recommending changes to sub-advisers when the Adviser believes appropriate or advisable; regular monitoring of the sub-advisers' buying and selling of securities; regular review of holdings; ongoing trade oversight; regular monitoring to ensure adherence to investment process; regular calls and periodic on-site visits with sub-advisers; portfolio construction and asset allocation when multiple sub-advisers are used; and risk management oversight and analysis.

The Adviser is responsible for payment of all expenses it may incur in performing services pursuant to the Management Agreement, including payment of all Sub-Advisers. The Adviser provides all executive, administrative, clerical and other personnel reasonably necessary to perform its obligations under the Management Agreement and pays the salaries and other employment related costs of employing those persons. The Adviser also furnishes the Funds with office space, facilities and equipment and pays the day-to-day expenses related to the operation and maintenance of such office space, facilities and equipment.

The Management Agreement provides that the Trust is responsible for payment of all expenses it may incur in its operation and all of its general administrative expenses except those expressly assumed by the Adviser, as described in the preceding paragraph. These include (by way of description and not of limitation), any share redemption expenses, expenses of portfolio transactions, shareholder servicing costs, pricing costs (including the daily calculation of net asset value), interest on borrowings by the Funds, charges of the custodian and transfer agent, cost of auditing services, Independent Trustees' fees, legal expenses, all taxes and fees, investment advisory fees, certain insurance premiums, cost of maintenance of corporate existence, investor services (including allocable personnel and telephone expenses), costs of printing and mailing updated Fund prospectuses to shareholders, costs of preparing, printing, and mailing proxy statements and shareholder reports to shareholders, the cost of paying dividends, capital gains distribution, costs of Trustee and shareholder meetings, dues to trade organizations, and any extraordinary expenses, including litigation costs in legal actions involving the Funds, or costs related to indemnification of Trustees, officers and employees of the Funds.

The Adviser also may act as an investment adviser or administrator to other persons, entities, and corporations, including other investment companies.

The use of the name "City National Rochdale" by the Trust and by the Funds is pursuant to the consent of the Adviser, which may be withdrawn if the Adviser ceases to be the Adviser of the Funds.

For the periods indicated, the Funds paid the Adviser the following investment management fees and the Adviser waived the indicated amounts. For each Fund, the Adviser's investment management fees are allocated among the classes of the Fund according to the relative net asset values of the classes.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Fiscal Year Ended**<br> **September 30, 2025** | **Fiscal Year Ended**<br> **September 30, 2025** | **Fiscal Year Ended**<br> **September 30, 2024** | **Fiscal Year Ended**<br> **September 30, 2024** | **Fiscal Year Ended**<br> **September 30, 2023** | **Fiscal Year Ended**<br> **September 30, 2023** |
|  | **Fees Paid** | **Fees Waived** | **Fees Paid** | **Fees Waived** | **Fees Paid** | **Fees Waived** |
| Government Money Fund<sup>(1)</sup> | $20316227 | $17050825 | $19420816 | $16471465 | $16004603 | $13541762 |
| Muni High Income Fund | $3884258 | $0 | $4658491 | $0 | $6224280 | $0 |
| Fixed Income Opportunities Fund<sup>(1)</sup> | $8613595 | $554983 | $9999912 | $18721 | $12265928 | $79050 |

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<sup>(1)</sup> The Adviser has voluntarily waived certain amounts in order to keep total annual fund operating expenses at or below certain percentages of the Funds' respective average daily net assets.

The Adviser has voluntarily agreed to waive a portion of the expenses of the Government Money Fund to the extent needed to maintain a one- day net income yield (yield floor) of not less than 0.01% of the Fund's average daily net assets. Effective March 1, 2018, the Adviser discontinued recapturing previously waived fees in the Government Money Fund. This waiver may be terminated at any time, and amounts waived may not be recaptured by the Adviser.

The Adviser has also voluntarily agreed to limit its fees or reimburse expenses for certain of the Funds. The Adviser intends to continue these arrangements at least through January 31, 2027; however, the Adviser is under no obligation to continue these arrangements and may terminate them at any time. Any fee reductions or reimbursements may be repaid to the Adviser as described below.

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| | | |
|:---|:---|:---|
|  | Expense Level<br> (as a % of average daily net assets) | Expense Level<br> (as a % of average daily net assets) |
| Fund | Servicing Class | Class N |
| Fixed Income Opportunities Fund | N/A | 1.09% |

---

The Adviser may seek potential recovery of amounts waived or reimbursed for a period of three years from the fiscal year in which such amounts were waived or reimbursed provided the Fund is able to effect such reimbursement and remain in compliance with the foregoing expense limitations, and subject to various conditions described below.

If the Adviser were to seek to recover amounts previously waived or reimbursed, the Adviser would generally seek reimbursement for the oldest reductions and waivers before payment by the Fund for fees and expenses for the current year. The Adviser's ability to request reimbursement is subject to various conditions. First, any reimbursement is subject to a Fund's ability to effect such reimbursement and remain in compliance with applicable expense limitations in place at that time. Second, the Adviser must specifically request the reimbursement from the Board. Third, the Board must approve such reimbursement as appropriate and not inconsistent with the best interests of the Fund and the shareholders at the time such reimbursement is requested. Because of these substantial contingencies, the potential reimbursements will be accounted for as contingent liabilities that are not recordable on the balance sheet of a Fund until collection is probable, but the full amount of the potential liability will appear in a footnote to each Fund's financial statements. At such time as it appears probable that a Fund is able to effect such reimbursement, that the Adviser intends to seek such reimbursement and that the Board has or is likely to approve the payment of such reimbursement, the amount of the reimbursement will be accrued as an expense of that Fund for that current period.

For the fiscal years ended September 30, 2025, September 30, 2024, and September 30, 2023, the Adviser did not recapture any fees it had previously waived or expenses it had previously reimbursed for any of the Funds.

A summary of the Board's considerations associated with its most recent renewal of the Management Agreement is included in the Trust's Form N-CSR for the fiscal year ended September 30, 2025.

**Conflicts of Interest**

The Adviser and its affiliates, directors, officers, employees and personnel (collectively, for purposes of this section, "RBC Rochdale"), including the entities and personnel who may be involved in the management, operations or distribution of the Funds are engaged in a variety of businesses and have interests other than those related to managing the Funds. The broad range of activities and interests of RBC Rochdale gives rise to actual and potential conflicts of interest that could affect the Funds and their shareholders.

Certain actual and potential conflicts are described below. This is not, and is not intended to be, a complete enumeration or description of all the actual and potential conflicts that may arise. Additional, perceived or unanticipated conflicts of interest may arise from time to time in the ordinary course of RBC Rochdale's various business activities.

RBC Rochdale and the Funds have adopted practices, policies and procedures that are intended to identify, manage and, when possible, mitigate conflicts of interest. There is no assurance, however, that these practices, policies and procedures will be effective, and these practices, policies and procedures also may limit the Funds' investment activities and affect their performance.

RBC Rochdale manages or advises other funds and accounts in addition to the Funds (collectively, the "Other Accounts"). Certain Other Accounts have investment goals similar to those of the Funds and/or engage in transactions in the same types of securities and instruments as the Funds. This creates potential conflicts and could affect the prices and availability of the securities and instruments in which a Fund seeks to invest, particularly in circumstances where the availability or liquidity of such investment opportunities is limited, and could have an adverse impact on the Fund's performance. Other Accounts may buy or sell positions while a Fund is undertaking the same or a differing, including potentially opposite, strategy, which could disadvantage the Fund. A position taken by RBC Rochdale, on behalf of one or more Other Accounts, may be contrary to a position taken on behalf of a Fund or may be adverse to a company or issuer in which the Fund has invested.

The results of the investment activities of the Funds may differ significantly from the results achieved for Other Accounts. RBC Rochdale may give advice, and take action, with respect to any current or future Other Accounts that may compete or conflict with advice RBC Rochdale may give to, or actions RBC Rochdale may take for, the Funds. RBC Rochdale may receive more compensation with respect to certain Other Accounts than that received with respect to the Funds or may receive compensation based on the performance of certain Other Accounts. The simultaneous management of Other Accounts that pay greater fees or other compensation than a fund creates a conflict of interest as RBC Rochdale has an incentive to favor those Others Accounts with the potential to receive greater fees when allocating resources, services, functions or investment opportunities among the funds and Other Accounts. RBC Rochdale personnel may have greater economic and other interests in certain Other Accounts promoted or managed by such personnel as compared to the Funds.

RBC Rochdale and other financial service providers have conflicts associated with their promotion of the Funds or other dealings with the Funds that would create incentives for them to promote the Funds. RBC Rochdale may directly or indirectly receive a portion of the fees and commissions charged to the Funds or their shareholders. RBC Rochdale will also benefit from increased assets under management. These compensation matters may create a financial incentive on the part of RBC Rochdale to recommend the Funds over Other Accounts or products, or to effect transactions differently in the Funds as compared to Other Accounts. RBC Rochdale has an interest in increasing Fund assets, including in circumstances when that may not be in the Funds' or their shareholders' interests.

RBC Rochdale, out of its past profits and other available sources, provide cash payments or non-cash compensation to brokers and other financial intermediaries to promote the distribution of the Funds and Other Accounts. These arrangements are sometimes referred to as "revenue sharing" arrangements. The amount of revenue sharing payments may be substantial and may be substantial to any given recipient. The presence of these payments and the basis on which an intermediary compensates its registered representatives or salespersons may create an incentive for a particular intermediary, registered representative or salesperson to highlight, feature or recommend the Funds or Other Accounts, at least in part, based on the level of compensation paid. Revenue sharing payments benefit RBC Rochdale to the extent the payments result in more assets being invested in the Funds and Other Accounts on which fees are being charged.

RBC Rochdale may have a financial incentive to implement certain changes to the Funds or Other Accounts. For example, the Adviser may, from time to time, recommend a change in sub-adviser. RBC Rochdale may benefit to the extent that it replaces a sub-adviser with a new sub-adviser with a lower sub-advisory fee and/or the change reduces amounts waived and/or reimbursed by RBC Rochdale to maintain applicable expense caps. Any recommendation to the Board concerning the replacement of a sub-adviser for a Fund is subject to the Adviser's fiduciary duty to act in the best interests of a Fund and its shareholders.

RBC Rochdale has existing and may have other future business dealings or arrangements with current or proposed sub-advisers, or other Fund service providers (or their affiliates) recommended by RBC Rochdale. For example, an affiliate of SEI Investments provides accounting services to City National Bank, RBC Rochdale's parent corporation. Such other business dealings or arrangements present conflicts of interest that could influence RBC Rochdale's selection, retention or termination of sub-advisers or service providers. For example, RBC Rochdale may have an incentive to hire as a sub-adviser or other service provider an entity with which RBC Rochdale has, or would like to have, significant or other business dealings or arrangements, and RBC Rochdale may have a disincentive to recommend the termination of such a sub-adviser or service provider.

A significant percentage of a Fund's shares may be owned or controlled by RBC Rochdale and/or Other Accounts advised by RBC Rochdale. Accordingly, a Fund is subject to the potential for large-scale inflows and outflows as a result of purchases and redemptions of its shares by such shareholders. These inflows and outflows could negatively affect a Fund's net asset value, performance and ability to meet shareholder redemption requests and could cause a Fund to purchase or sell securities at a time when it would not normally do so. In addition, large-scale outflows could result in a Fund's current expenses being allocated over a smaller asset base, which, depending on any applicable expense caps, could lead to an increase in the Fund's expense ratio. RBC Rochdale is subject to potential conflicts of interest in selecting shares of Funds for redemption and in deciding whether and when to redeem such shares. Further, in most cases, RBC Rochdale has proxy voting discretion with respect to Fund shares held in Other Accounts it advises. RBC Rochdale faces conflicts of interest in voting proxies on behalf of the Other Accounts, and has adopted policies and procedures designed to mitigate such conflicts.

The Adviser has been designated as the Funds' valuation designee (the "Valuation Designee") with responsibility for fair valuation subject to oversight by the Funds' Board of Trustees. The Adviser's service as Valuation Designee is expressly permitted by applicable regulations. The Adviser performs such valuation services in accordance with joint valuation policies and procedures of the Funds and the Adviser. The Adviser may value an identical asset differently than an affiliate. This is particularly the case in respect of difficult-to-value assets. The Adviser faces a conflict with respect to valuations generally because of their effect on the Adviser's fees and other compensation. Valuation decisions by the Adviser may also result in improved performance of the Funds.

RBC Rochdale derives ancillary benefits from providing investment management, shareholder servicing and distribution services to the Funds, and providing such services to the Funds may enhance RBC Rochdale's relationships with various parties, facilitate additional business development, and enable RBC Rochdale to obtain additional business and generate additional revenue.

The range of activities, services and interests of a sub-adviser may give rise to actual and/or potential perceived conflicts of interest that could disadvantage a Fund and its shareholders. Among other things, a sub-adviser's portfolio managers may manage multiple funds and accounts for multiple clients. In addition to one or more Funds, these funds and accounts may include, for example, other mutual funds, separate accounts, collective trusts, and offshore funds. Managing multiple funds and accounts may give rise to actual or potential conflicts of interest, including, for example, conflicts among investment strategies, conflicts in the allocation of limited investment opportunities, and conflicts in the aggregation and allocation of securities trades. A sub-adviser's portfolio managers may also manage funds or accounts with different fee rates and/or fee structures, including performance-based fee arrangements. Differences in fee arrangements may create an incentive for a portfolio manager to favor higher-fee funds or accounts. A sub-adviser and/or its affiliates also may derive ancillary benefits from providing investment sub-advisory services to a Fund, and providing such services to a Fund may enhance the sub-adviser's and/or its affiliates' relationships with various parties, facilitate additional business development and enable the sub-adviser and/or its affiliates to obtain additional business and generate additional revenue. Please see Appendix A for a further discussion of sub-adviser conflicts of interest.

Please see "Conflicts of Interest in Portfolio Management" below for a further discussion portfolio management conflicts.

**SUB-ADVISERS**

**The Fixed Income Opportunities Fund**

Each of BSP, BSP NY, Federated, Seix and T. Rowe Price serves as a sub-adviser of the Fixed Income Opportunities Fund pursuant to one or more sub-advisory agreements (collectively, the "Sub-Advisory Agreements") with the Adviser. Federated and Seix have served as sub-advisers to the Fixed Income Opportunities Fund since the reorganization of its Rochdale Predecessor Fund into the Fixed Income Opportunities Fund on March 29, 2013. BSP has served as sub-adviser to the Fixed Income Opportunities Fund since March 2014. BSP NY has served as sub-adviser to the Fixed Income Opportunities Fund since December 2017. T. Rowe Price has served as sub-adviser to the Fixed Income Opportunities Fund since December 2021. As of December 31, 2025, the portion of the Fixed Income Opportunities Fund managed by each of BSP, Federated, Seix and T. Rowe Price is set forth in the following table.

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| | |
|:---|:---|
| **Sub-Adviser** | &nbsp;&nbsp;**Percentage of**<br> **Fund Managed** |
| BSP | &nbsp;&nbsp;27% |
| T. Rowe Price | 25% |
| Seix | 24% |
| Federated | 14% |

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The Adviser is responsible for allocating the assets among the Sub-Advisers. Each Sub-Adviser manages the investments of its portion or portions of the Fund, determining which securities or other investments to buy and sell for the Fund, selecting the brokers and dealers to effect the transactions, and negotiating commissions. The Sub-Advisers may also serve as managers or advisers to other investment companies and other clients, including clients of the Adviser.

The Adviser pays each Sub-Adviser a fee for its services. The fee is determined as a percentage of average daily net assets managed by the Sub-Adviser and is accrued daily and paid monthly. The Adviser paid the following sub-advisory fees to the Sub-Advisers named above for the periods indicated.

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| | | | |
|:---|:---|:---|:---|
|  | **Year Ended**<br> **September 30, 2025** | **Year Ended**<br> **September 30, 2024** | **Year Ended**<br> **September 30, 2023** |
| **Sub-Advisory Fees** | $5651824.44 | $6749623.38 | $8193212.72 |

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Each Sub-Advisory Agreement provides that the Sub-Adviser shall not be protected against any liability to the Trust or its shareholders by reason of willful misfeasance, bad faith or negligence on its part in the performance of its duties or from the reckless disregard of its obligations or duties thereunder.

The continuance of each Sub-Advisory Agreement must be specifically approved at least annually (1) by the vote of a majority of the outstanding shares of the applicable Fund or by the Trustees, and (2) by the vote of a majority of the Trustees who are not parties to the Sub-Advisory Agreement or "interested persons" of any party thereto, cast in person at a meeting called for the purpose of voting on such approval. Each Sub-Advisory Agreement will terminate automatically in the event of its assignment or in the event that the Fund or Trust terminates, and is terminable at any time without penalty by the Trustees of the Trust or by a majority of the outstanding shares of the applicable Fund, on not less than 60 days' written notice by either party.

Summaries of the Board's considerations associated with its most recent renewal or approval of Sub-Advisory Agreements with each of BSP and BSP NY, Federated, Seix, and T. Rowe Price are included in the Funds' Form N-CSR for the fiscal year ended September 30, 2025.

**PORTFOLIO MANAGERS**

Information regarding the Adviser and each of the Sub-Advisers is contained in the Prospectus under "Management of the Funds." Following is information with respect to each person who is primarily responsible for the day-to-day management of each Fund's portfolio (a "portfolio manager"), as identified in the Prospectus: (i) other accounts managed by the portfolio manager, (ii) a description of the portfolio manager's compensation structure and (iii) the dollar range of the portfolio manager's investments in each Fund. All information provided below is as of September 30, 2025, unless otherwise indicated.

**Government Money Fund and Fixed Income Opportunities Fund**

The Adviser manages the investment portfolios of the Government Money Fund and Fixed Income Opportunities Fund.

The Adviser is a wholly-owned subsidiary of CNB. CNB compensates the Adviser employees, including the portfolio managers listed below, with base cash salaries, discretionary annual cash bonuses, and discretionary awards of Royal Bank of Canada common stock (subject to colleague eligibility), based on the investment professional's assigned portfolios' investment performance, his/her contribution to investment strategy and research, client retention, teamwork, and overall participation in CNB's investment division's activities. Investment professionals are also eligible to participate in a corporate profit sharing program, which is a qualified defined contribution retirement plan available to all CNB employees who are entitled to receive paid vacation. An eligible employee may defer a portion of his or her pay into the plan, a portion of which is matched by CNB. In addition, CNB may make discretionary contributions ("employer contributions") each year equal to a portion of its consolidated net profits, subject to an overall maximum percentage of compensation. Employer contributions vest over a period of five years of service with CNB. In addition, CNB or the Adviser employees who devote substantially all of their time to the Adviser may be selected on a discretionary basis for participation in the City National Long-Term Performance Incentive Plan, which provides a non-qualified compensation deferral opportunity and an employer discretionary contribution in the form of cash or an award of Royal Bank of Canada common stock, which vests over a period of three years of service with the Adviser.

<u>Government Money Fund</u>

The individuals with primary responsibility for managing the Government Money Fund are Charles Luke and Michael Taila.

Mr. Luke manages the following accounts (including the Government Money Fund and Fixed Income Opportunities Fund):

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| | | | | |
|:---|:---|:---|:---|:---|
| **Type of Accounts** | **Total # of**<br> **Accounts**<br> **Managed** | **Total Assets**<br> **(millions)** | **# of Accounts Managed with Performance-Based Advisory Fee** | **Total Assets with Performance-Based Advisory Fee (millions)** |
| Registered Investment Companies: | 3 | $10313.31 | 0 | $0 |
| Other Pooled Investment Vehicles: | 0 | 0 | 0 | $0 |
| Other Accounts: | 0 | 0 | 0 | $0 |

---

Mr. Taila manages the following accounts (including the Government Money Fund):

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| | | | | |
|:---|:---|:---|:---|:---|
| **Type of Accounts** | **Total # of**<br> **Accounts**<br> **Managed** | **Total Assets**<br> **(millions)** | **# of Accounts Managed with Performance-Based Advisory Fee** | **Total Assets with Performance-Based Advisory Fee (millions)** |
| Registered Investment Companies: | 1 | $8357.88 | 0 | $0 |
| Other Pooled Investment Vehicles: | 0 | 0 | 0 | $0 |
| Other Accounts: | 38 | $2990 | 0 | $0 |

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Neither Mr. Luke nor Mr. Taila owns any shares of the Government Money Fund.

<u>Fixed Income Opportunities Fund</u>

The individuals with primary responsibility for managing the Fixed Income Opportunities Fund are Charles Luke and Thomas Ehrlein. Additional information about Mr. Luke is set forth above under "Government Money Fund."

Mr. Ehrlein manages the following accounts (including the Fixed Income Opportunities Fund):

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| | | | | |
|:---|:---|:---|:---|:---|
| **Type of Accounts** | **Total # of**<br> **Accounts**<br> **Managed** | **Total Assets**<br> **(millions)** | **# of Accounts Managed with Performance-Based Advisory Fee** | **Total Assets with Performance-Based Advisory Fee (millions)** |
| Registered Investment Companies: | 3 | $2192.94 | 0 | $0 |
| Other Pooled Investment Vehicles: | 0 | $0 | 0 | $0 |
| Other Accounts: | 0 | $0 | 0 | $0 |

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Neither Mr. Luke nor Mr. Ehrlein owns any shares of the Fixed Income Opportunities Fund.

<u>Muni High Income Fund</u>

The individuals with primary responsibility for managing the Muni High Income Fund are Douglas Gibbs and Brian Winters.

Mr. Gibbs manages the following accounts (including the Muni High Income Fund):

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| | | | | |
|:---|:---|:---|:---|:---|
| **Type of Accounts** | **Total # of**<br> **Accounts**<br> **Managed** | **Total Assets**<br> **(millions)** | **# of Accounts Managed with Performance-Based Advisory Fee** | **Total Assets with Performance-Based Advisory Fee (millions)** |
| Registered Investment Companies: | 1 | $760.76 | 0 | $0 |
| Other Pooled Investment Vehicles: | 0 | $0 | 0 | $0 |
| Other Accounts: | 4 | $67.61 | 0 | $0 |

---

Mr. Winters manages the following accounts (including the Muni High Income Fund):

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| | | | | |
|:---|:---|:---|:---|:---|
| **Type of Accounts** | **Total # of**<br> **Accounts**<br> **Managed** | **Total Assets**<br> **(millions)** | **# of Accounts Managed with Performance-Based Advisory Fee** | **Total Assets with Performance-Based Advisory Fee (millions)** |
| Registered Investment Companies: | 1 | $760.76 | 0 | $0 |
| Other Pooled Investment Vehicles: | 0 | $0 | 0 | $0 |
| Other Accounts: | 4 | $67.61 | 0 | $0 |

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Mr. Gibbs owns shares of the Muni High Income Fund worth $100,001-$500,000. Mr. Winters owns shares of the Muni High Income Fund worth $1-$10,000.

**Conflicts of Interest in Portfolio Management**

Portfolio managers who have day-to-day management responsibilities with respect to more than one Fund or other account may be presented with several potential or actual conflicts of interest.

First, the management of multiple Funds and/or other accounts may result in a portfolio manager devoting unequal time and attention to the management of each Fund and/or other account. In approving the Management Agreement and each Sub-Advisory Agreement, the Board of Trustees was satisfied that each portfolio manager would be able to devote sufficient attention to the management of the applicable Fund, and that the Adviser and each Sub-Adviser seeks to manage such competing interests for the time and attention of portfolio managers. In addition, most other accounts managed by each identified portfolio manager are managed using the same investment models that are used in connection with the management of the applicable Fund.

If a portfolio manager identifies a limited investment opportunity which may be suitable for more than one Fund or other account, a Fund may not be able to take full advantage of that opportunity due to an allocation of filled purchase or sale orders across all eligible Funds and other accounts of the Adviser or Sub-Adviser. To deal with these situations, the Adviser and each Sub-Adviser have adopted procedures for allocating portfolio transactions across multiple accounts, which generally provide for pro rata allocation.

With respect to securities transactions for the Funds, the Adviser and each Sub-Adviser determines which broker to use to execute each order, consistent with its duty to seek best execution of the transaction. However, with respect to certain other accounts, the Adviser and Sub-Adviser may be limited by the client with respect to the selection of brokers or may be instructed to direct trades through a particular broker. In these cases, trades for a Fund in a particular security may be placed separately from, rather than aggregated with, such other accounts. Having separate transactions with respect to a security may temporarily affect the market price of the security or the execution of the transaction, or both, to the possible detriment of the Fund or other account(s) involved.

The appearance of a conflict of interest may also arise where the Adviser or Sub-Adviser has an incentive, such as a performance-based management fee, which relates to the management of one or more, but not to all, accounts with respect to which a portfolio manager has day-to-day management responsibilities. For example, an investment professional may devote more time to developing and analyzing investment strategies and opportunities or allocating securities preferentially to the account for which the Adviser or Sub-Adviser could share in investment gains.

The Trust, Adviser and Sub-Advisers have adopted certain compliance policies and procedures designed to address the conflicts described above, including policies and procedures designed to ensure that investment opportunities are allocated equitably among different customer accounts and that no one client is favored over another. In addition, management of the Adviser and the Sub-Advisers meet periodically to identify and evaluate potential conflicts of interest. However, there is no guarantee that such policies and procedures will detect each and every situation in which a conflict arises.

**ADMINISTRATOR**

The Trust and SEI Investments Global Funds Services (the "Administrator") have entered into an administration agreement (the "Administration Agreement"). Under the Administration Agreement, the Administrator provides the Trust with administrative services, fund accounting, regulatory reporting, necessary office space, equipment, personnel, compensation and facilities.

The Administration Agreement provides that the Administrator shall not be liable for any error of judgment or mistake of law or for any loss suffered by the Trust in connection with the matters to which the Administration Agreement relates, except a loss resulting from willful misfeasance, bad faith or gross negligence on the part of the Administrator in the performance of its duties or from reckless disregard by it of its duties and obligations thereunder. The Administration Agreement shall remain in effect for a period of three years after the effective date of the agreement and shall continue in effect for successive renewal terms of two years each, unless terminated by mutual agreement, by either party on not less than 60 days' prior written notice to the other party, upon the liquidation of a Fund with respect to that Fund, upon the liquidation of the Administrator, or upon 45 days' written notice following an uncured material breach.

The Administrator is entitled to fees calculated based upon the aggregate average daily net assets ("Assets") of the Trust, subject to a minimum annual fee. The Administrator may waive its fee or reimburse various expenses to the extent necessary to limit the total operating expenses of certain Funds' shares.

For the periods indicated, the Funds paid the following administrative fees:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Fiscal Year Ended**<br> **September 30, 2025** | **Fiscal Year Ended**<br> **September 30, 2025** | **Fiscal Year Ended**<br> **September 30, 2024** | **Fiscal Year Ended**<br> **September 30, 2024** | **Fiscal Year Ended**<br> **September 30, 2023** | **Fiscal Year Ended**<br> **September 30, 2023** |
|  | **Fees Paid** | **Fees Waived** | **Fees Paid** | **Fees Waived** | **Fees Paid** | **Fees Waived** |
| Government Money Fund | $1626779 | $0 | $1509308 | $0 | $1195253 | $0 |
| Muni High Income Fund | $504071 | N/A | $480882 | N/A | $423704 | N/A |
| Fixed Income Opportunities Fund | $655944 | N/A | $653572 | N/A | $620396 | N/A |

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The Administrator, a Delaware statutory trust, has its principal business offices at One Freedom Valley Drive, Oaks, Pennsylvania 19456. SEI Investments Management Corporation ("SIMC"), a wholly-owned subsidiary of SEI Investments, is the owner of all beneficial interest in the Administrator. SEI Investments and its subsidiaries and affiliates, including the Administrator, are leading providers of fund evaluation services, trust accounting systems, and brokerage and information services to financial institutions, institutional investors, and money managers.

**DISTRIBUTOR**

SEI Investments Distribution Co. (the "Distributor"), a wholly-owned subsidiary of SEI Investments, and the Trust are parties to a distribution agreement (the "Distribution Agreement") with respect to shares of the Funds. The Distribution Agreement is renewable annually by approval of the Board of Trustees and of the Independent Trustees. The Distribution Agreement may be terminated by the Distributor, by a majority vote of the Independent Trustees who have no financial interest in the Distribution Agreement or by a majority vote of the outstanding securities of the Trust upon not more than 60 days' written notice by either party or upon assignment by the Distributor. The Distributor receives distribution fees pursuant to the Distribution Plan on behalf of Class N shares of each Fund and Class S shares of the Government Money Fund. The Distributor is located at One Freedom Valley Drive, Oaks, Pennsylvania 19456.

The Distributor has entered into a Distribution Coordination Agreement with the Trust and CNR Securities LLC ("CNR Securities"), pursuant to which CNR Securities acts as Sub-Distribution Coordinator. CNR Securities is a FINRA registered broker-dealer and wholly owned subsidiary of City National Bank, is an affiliate of the Adviser. CNR Securities' principal place of business is 400 Park Avenue, New York, New York 10022. Under the Distribution Coordination Agreement, the entirety of the fees received by the Distributor pursuant to the Distribution Plan is transmitted to CNR Securities. CNR Securities then reallows those fees to broker-dealers and service providers, including the Adviser and other affiliates, for payments for distribution services of the type identified in the Distribution Plan, and retains any undistributed balance of fees received from the Distributor.

**TRANSFER AGENT**

Pursuant to a transfer agency agreement, U.S. Bank Global Fund Services (the "Transfer Agent") located at 615 East Michigan Street, Milwaukee, Wisconsin 53202, serves as transfer agent for the Funds.

**CUSTODIAN**

Pursuant to a custodian agreement, U.S. Bank, N.A. (the "Custodian"), located at 1555 N. Rivercenter Drive, Milwaukee, Wisconsin 53212, serves as the custodian of the Trust.

**INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM AND REPORTS TO SHAREHOLDERS**

Cohen & Company, Ltd. ("Cohen & Co"), an independent registered public accounting firm, serves as independent registered public accounting firm to the Trust. The Trust's independent registered public accounting firm audits and reports on the annual financial statements of the Funds and may also perform other professional accounting and auditing services when engaged to do so by the Trust. Cohen & Co Advisory, LLC, an affiliate of Cohen & Company, Ltd., provides tax services as requested. Shareholders are sent audited annual and unaudited semi-annual financial statements. The address of Cohen & Co is 1835 Market Street, Suite 310, Philadelphia, Pennsylvania 19103. Certain information for the fiscal years ended September 30, 2022 and 2021 has been audited and reported on by another independent registered public accounting firm.

**LEGAL COUNSEL**

Morgan, Lewis & Bockius LLP serves as counsel to the Trust. The address of Morgan, Lewis & Bockius LLP is 600 Anton Boulevard, Suite 1800, Costa Mesa, California 92626.

Dechert LLP serves as counsel to the Independent Trustees. The address of Dechert LLP is 633 West 5th Street, Suite 4900, Los Angeles, California 90071.

***PORTFOLIO TRANSACTIONS***

Portfolio transactions are undertaken principally to: pursue the investment goals of the Funds; invest money obtained from the sale of the Funds' shares; reinvest proceeds from maturing, or the sale of, portfolio securities; and meet redemptions of the Funds' shares. Portfolio transactions may increase or decrease the returns of the Funds depending upon management's ability correctly to time and execute them.

The Adviser and the Sub-Advisers, in effecting purchases and sales of portfolio securities for the accounts of the Funds, seek to obtain best execution under the circumstances then prevailing. Subject to the supervision of the Board, the Adviser and the Sub-Advisers generally select broker-dealers for the Funds primarily on the basis of the quality and reliability of services provided, including but not limited to execution capability and financial responsibility. Each of the Adviser and the Sub-Advisers annually performs a formal review of the broker-dealers used by it with respect to the Funds, and performs informal reviews of the broker-dealers on an on-going basis.

While the Funds' general policy is to seek to obtain the most favorable execution available, in selecting a broker-dealer to execute portfolio transactions, weight may also be given to the ability of a broker-dealer to furnish research, brokerage and statistical services to the Funds or to the Adviser or Sub-Adviser(s), even if the specific services were not provided just to the Funds and may be lawfully and appropriately used by the Adviser or Sub-Adviser(s) in advising other clients. The Adviser and Sub-Adviser(s) consider such information, which is in addition to, and not in lieu of, the services required to be performed by them under the Management Agreement or Sub-Advisory Agreement, as appropriate, to be useful in varying degrees, but of indeterminable value. In negotiating any commissions with a broker, a Fund may therefore pay a higher commission or spread than would be the case if no weight were given to the furnishing of these supplemental services, provided that the amount of such commission has been determined in good faith by the Adviser or relevant Sub-Adviser to be reasonable in relation to the value of the brokerage and/or research services provided by such broker-dealer, which services either produce a direct benefit to that Fund or assist the Adviser or Sub-Adviser in carrying out its responsibilities to that Fund or to other discretionary advisory clients of the Adviser or relevant Sub-Adviser. The Investment Manger complies with Section 28(e) of the Securities Exchange Act of 1934 in this regard.

Purchases from underwriters will include a commission or concession paid by the issuer to the underwriter, and purchases from dealers serving as market-makers will include the spread between the bid and asked prices.

Investment decisions for the Funds are reached independently from those for other accounts managed by the Adviser and the Sub-Advisers. Such other accounts may also make investments in instruments or securities at the same time as the Funds. On occasions when the Adviser or a Sub-Adviser determines the purchase or sale of a security to be in the best interest of a Fund as well as of other clients, the Adviser or the Sub-Advisers, to the extent permitted by applicable laws and regulations, may aggregate the securities to be so purchased or sold in an attempt to obtain the most favorable price or lower brokerage commissions and the most efficient execution. In such event, allocation of the securities so purchased or sold, as well as the expenses incurred in the transaction, will be made by the Adviser or a Sub-Adviser in the manner it considers to be the most equitable under the circumstances and consistent with its fiduciary obligations to the Funds and to its other participating clients. In some cases this procedure may affect the size or price of the position obtainable for the Funds.

The Funds do not direct securities transactions to broker-dealers in recognition of the sale of Fund shares. However, broker-dealers who execute brokerage transactions for the Funds may effect purchases of shares of the Funds for their customers. The Funds do not use the Distributor to execute its portfolio transactions.

**REGULAR BROKERS OR DEALERS**

"Regular brokers or dealers" (as such term is defined in the 1940 Act) of a Fund are the ten brokers or dealers that, during the most recent fiscal year, (i) received the greatest dollar amounts of brokerage commissions from the Fund's portfolio transactions, (ii) engaged as principal in the largest dollar amounts of the portfolio transactions of the Fund, or (iii) sold the largest dollar amounts of the Fund's shares. For the fiscal year ended September 30, 2025, no Fund held any securities of its "regular brokers or dealers."

**PORTFOLIO TURNOVER**

Each Fund buys and sells securities (or "turns over" its portfolio) as necessary to seek to achieve the Fund's investment goal(s). A Fund's portfolio turnover rate is calculated by dividing (1) the lesser of purchases or sales of portfolio securities for the fiscal year by (2) the monthly average of the value of portfolio securities owned during the fiscal year. A 100% turnover rate would occur if all the securities in a Fund's portfolio, with the exception of securities whose maturities at the time of acquisition were one year or less, were sold and either repurchased or replaced within one year. A high rate of portfolio turnover (100% or more) generally leads to higher transaction costs and may result in a greater number of taxable transactions. To the extent net short-term capital gains are realized, any distributions resulting from such gains will generally be taxed at ordinary income tax rates for federal income tax purposes.

Each Fund's portfolio turnover rates (rounded to a whole number) for the periods indicated, are shown in the table below.

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| | | |
|:---|:---|:---|
|  | **Portfolio Turnover**<br> **Rate for the Fiscal**<br> **Year Ended**  | **Portfolio Turnover**<br> **Rate for the Fiscal**<br> **Year Ended**  |
| **Fund** | **September 30, 2025** | **September 30, 2024** |
| Muni High Income Fund | 23% | 18% |
| Fixed Income Opportunities Fund | 40% | 34% |

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**BROKERAGE**

For the periods indicated, the indicated Funds paid the following brokerage commissions:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Year Ended September 30, 2025** | **Total $ Amount of**<br> **Brokerage**<br> **Commissions Paid** | **Total $ Amount of**<br> **Brokerage**<br> **Commissions Paid**<br> **to Affiliated**<br> **Brokers** | **% of Total**<br> **Brokerage**<br> **Commissions Paid**<br> **to Affiliated**<br> **Brokers** | **% of Total**<br> **Brokerage**<br> **Transactions**<br> **Effected Through**<br> **Affiliated Brokers** |
| Muni High Income Fund | $0 | N/A | N/A | N/A |
| Fixed Income Opportunities Fund | $12334.84 | N/A | N/A | N/A |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Year Ended September 30, 2024** | **Total $ Amount of**<br> **Brokerage**<br> **Commissions Paid** | **Total $ Amount of**<br> **Brokerage**<br> **Commissions Paid**<br> **to Affiliated**<br> **Brokers** | **% of Total**<br> **Brokerage**<br> **Commissions Paid**<br> **to Affiliated**<br> **Brokers** | **% of Total**<br> **Brokerage**<br> **Transactions**<br> **Effected Through**<br> **Affiliated Brokers** |
| Muni High Income Fund | $0 | N/A | N/A | N/A |
| Fixed Income Opportunities Fund<sup>(1)</sup> | $159942.23 | N/A | N/A | N/A |

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<sup>(1)</sup> The increase in brokerage commissions in the fiscal year ended September 30, 2024, and the subsequent decrease in the fiscal year ended September 30, 2025, were the result of increased transactions due to fund flows in fiscal year 2024.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Year Ended September 30, 2023** | **Total $ Amount of**<br> **Brokerage**<br> **Commissions Paid** | **Total $ Amount of**<br> **Brokerage**<br> **Commissions Paid**<br> **to Affiliated**<br> **Brokers** | **% of Total**<br> **Brokerage**<br> **Commissions Paid**<br> **to Affiliated**<br> **Brokers** | **% of Total**<br> **Brokerage**<br> **Transactions**<br> **Effected Through**<br> **Affiliated Brokers** |
| Muni High Income Fund | $0 | N/A | N/A | N/A |
| Fixed Income Opportunities Fund | $5410.85 | N/A | N/A | N/A |

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***DISTRIBUTIONS AND TAXES***

**DISTRIBUTIONS**

Dividends and other distributions will be reinvested in additional shares of the applicable Fund unless the shareholder has otherwise indicated. If cash payment is requested, checks will normally be mailed on the business day following the dividend reinvestment date. Investors have the right to change their elections with respect to the reinvestment of dividends and distributions by notifying the Transfer Agent in writing, but any such change will be effective only as to dividends and other distributions for which the record date is seven or more business days after the Transfer Agent has received the written request.

Your dividends begin to accrue on the day of purchase for shares bought if purchased before 4:00 p.m., Eastern Time. Your dividends begin to accrue on the following day for shares purchased after this cut-off time. We will not credit you with dividends for shares on the day you sell them.

On each day that the Government Money Fund's net asset values per share are determined (each a "Business Day"), the Fund's net investment incomes are declared as of the close of trading on the New York Stock Exchange ("NYSE") (normally 4:00 p.m., Eastern Time) as a dividend to shareholders of record as of the last calculation of net asset value prior to the declaration and to shareholders investing on that day subject to the following conditions: (1) receipt of the purchase order by the Transfer Agent before 3:00 p.m., Eastern Time; and (2) payment in immediately available funds wired to the Transfer Agent by the close of business the same day.

The Government Money Fund calculates dividends based on daily net investment income. For this purpose, the net investment income of the Fund consists of: (1) accrued interest income, plus or minus amortized discount or premium, less (2) accrued expenses allocated to that Fund. If the Fund realizes any capital gains, they will be distributed at least once during the year as determined by the Board of Trustees.

Should the net asset values of the Government Money Fund deviate significantly from market value, the Board of Trustees could decide to value the investments at market value, and any unrealized gains and losses could affect the amount of the Fund's distributions.

**FEDERAL INCOME TAXES**

The following is a summary of certain material U.S. federal (and, where noted, state and local) income tax considerations affecting each Fund and its shareholders. This discussion is very general and, except where noted, does not address investors subject to special rules, such as investors who hold shares in a Fund through an IRA, 401(k) or other tax-advantaged account. Current and prospective shareholders are therefore urged to consult their own tax advisers with respect to the specific federal, state, local and foreign tax consequences of investing in a Fund. The summary is based on the laws in effect on the date of this SAI and existing judicial and administrative interpretations thereof, all of which are subject to change, possibly with retroactive effect.

**The Funds and Their Investments**

Each Fund will be treated as a separate taxpayer for U.S. federal income tax purposes. Each Fund has elected to be treated, and intends to qualify each year, as a "regulated investment company" or "RIC" under Subchapter M of the Code. To so qualify, a Fund must, among other things: (a) derive at least 90% of its gross income in each taxable year from dividends, interest, payments with respect to certain securities loans, and gains from the sale or other disposition of stock or securities or foreign currencies, or other income (including, but not limited to, gains from options, futures or forward contracts) derived with respect to its business of investing in such stock, securities or currencies, and net income derived from interests in "qualified publicly traded partnerships" (*i.e.*, partnerships that are traded on an established securities market or tradable on a secondary market, other than partnerships that derive 90% of their income from interest, dividends, capital gains, and other traditionally permitted mutual fund income); and (b) diversify its holdings so that, at the end of each quarter of the Fund's taxable year, (i) at least 50% of the market value of the Fund's assets is represented by cash, securities of other regulated investment companies, U.S. Government securities and other securities, with such other securities limited, in respect of any one issuer, to an amount not greater than 5% of the Fund's assets and not greater than 10% of the outstanding voting securities of such issuer and (ii) not more than 25% of the value of its assets is invested in the securities (other than U.S. Government securities or securities of other regulated investment companies) of any one issuer, in the securities (other than the securities of other regulated investment companies) of any two or more issuers that the Fund controls and that are determined to be engaged in the same or similar trades or businesses or related trades or businesses, or in the securities of one or more "qualified publicly traded partnerships."

A Fund's investments in partnerships, if any, including in qualified publicly traded partnerships, may result in that Fund being subject to state, local or foreign income, franchise or withholding tax liabilities.

As a regulated investment company, a Fund will not be subject to U.S. federal income tax on the portion of its taxable investment income and capital gains that it distributes to its shareholders, provided that it satisfies a minimum distribution requirement. To satisfy the minimum distribution requirement, a Fund must distribute to its shareholders at least the sum of (i) 90% of its "investment company taxable income" for the taxable year (*i.e.*, generally, the taxable income of a RIC other than its net capital gain, plus or minus certain other adjustments), and (ii) 90% of its net tax-exempt income for the taxable year. Each Fund will be subject to income tax at the applicable corporate tax rate on any taxable income or gains that it does not distribute to its shareholders.

Net short-term and long-term capital losses incurred by a Fund may be carried forward to offset future capital gains for an unlimited period. Capital loss carryforwards retain their character as either short-term or long-term capital losses. As of September 30, 2025, the Funds had the following capital losses:

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| | | | |
|:---|:---|:---|:---|
| Fund | Short-Term Loss<br> (000) | Long-Term Loss<br> (000) | Total<br> (000) |
| Muni High Income Fund | $110054 | $145096 | $255150 |
| Fixed Income Opportunities Fund | $157773 | $663396 | $821169 |

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Under certain circumstances, a Fund may elect to treat certain losses as though they were incurred on the first day of the taxable year immediately following the taxable year in which they were actually incurred.

If, for any taxable year, a Fund were to fail to qualify as a regulated investment company under the Code or were to fail to meet the distribution requirement, it would be taxed in the same manner as an ordinary corporation, and distributions to its shareholders would not be deductible by the Fund in computing its taxable income. In addition, in the event of a Fund's failure to qualify, the Fund's distributions, to the extent derived from the Fund's current or accumulated earnings and profits, including any distributions of net tax-exempt income and net long-term capital gains, would be taxable to shareholders as ordinary dividend income for federal income tax purposes. However, such dividends would be eligible, subject to any generally applicable limitations, (i) to be treated as qualified dividend income in the case of shareholders taxed as individuals and (ii) for the dividends-received deduction in the case of corporate shareholders. Moreover, if a Fund were to fail to qualify as a regulated investment company in any year, it would be required to pay out its earnings and profits accumulated in that year in order to qualify again as a regulated investment company. Under certain circumstances, a Fund may cure a failure to qualify as a regulated investment company, but in order to do so the Fund may incur significant Fund-level taxes and may be forced to dispose of certain assets. If a Fund failed to qualify as a regulated investment company for a period greater than two taxable years, the Fund would generally be required to recognize any net built-in gains with respect to certain of its assets upon a disposition of such assets within ten years of qualifying as a regulated investment company in a subsequent year.

The Code imposes a 4% nondeductible excise tax on a Fund to the extent it does not distribute by the end of any calendar year at least the sum of (i) 98% of its ordinary income for that year and (ii) 98.2% of its capital gain net income (both long-term and short-term) for the one-year period ending, as a general rule, on October 31 of that year. For this purpose, however, any ordinary income or capital gain net income retained by a Fund that is subject to corporate income tax will be considered to have been distributed by year-end. In addition, the minimum amounts that must be distributed in any year to avoid the excise tax will be increased or decreased to reflect any under-distribution or over-distribution, as the case may be, from the previous year. Each Fund anticipates that it will pay such dividends and will make such distributions as are necessary in order to avoid the application of this excise tax.

A Fund's transactions in zero coupon securities, foreign currencies, forward contracts, options and futures contracts (including options and futures contracts on foreign currencies), if any, will be subject to special provisions of the Code (including provisions relating to "hedging transactions" and "straddles") that, among other things, may affect the character of gains and losses realized by the Fund (*i.e*., may affect whether gains or losses are ordinary or capital), accelerate recognition of income to the Fund, and defer Fund losses. These rules could therefore affect the character, amount and timing of distributions to shareholders. These provisions also (a) will require a Fund to "mark to market" certain types of the positions in its portfolio (*i.e*., treat them as if they were closed out at the end of each year) and (b) may cause a Fund to recognize income prior to the receipt of cash with which to pay dividends or make distributions in amounts necessary to satisfy the distribution requirements for avoiding income and excise taxes. In order to distribute this income and avoid a tax on the applicable Fund, that Fund might be required to liquidate portfolio securities that it might otherwise have continued to hold, potentially resulting in additional taxable gain or loss. Each Fund will monitor its transactions, will make the appropriate tax elections and will make the appropriate entries in its books and records when it acquires any zero coupon securities, foreign currency, forward contract, option, futures contract or hedged investment in order to mitigate the effect of these rules and prevent disqualification of the Fund as a regulated investment company.

A Fund's investments in so-called "section 1256 contracts," such as regulated futures contracts, most foreign currency forward contracts traded in the interbank market and options on most stock indices, are subject to special tax rules. All section 1256 contracts held by a Fund at the end of its taxable year are required to be marked to their market value, and any unrealized gain or loss on those positions will be included in the Fund's income as if each position had been sold for its fair market value at the end of the taxable year. The resulting gain or loss will be combined with any gain or loss realized by the Fund from positions in section 1256 contracts closed during the taxable year. Provided such positions were held as capital assets and were not part of a "hedging transaction" or part of a "straddle," 60% of the resulting net gain or loss will be treated as long-term capital gain or loss, and 40% of such net gain or loss will be treated as short-term capital gain or loss, regardless of the period of time the positions were actually held by the Fund.

In general, gain or loss on a short sale is recognized when a Fund closes the sale by delivering the borrowed property to the lender, not when the borrowed property is sold. Gain or loss from a short sale is generally considered as capital gain or loss to the extent that the property used to close the short sale constitutes a capital asset in the Fund's hands. Except with respect to certain situations where the property used by a Fund to close a short sale has a long-term holding period on the date of the short sale, special rules would generally treat the gains on short sales as short-term capital gains. These rules may also terminate the running of the holding period of "substantially identical property" held by a Fund. Moreover, a loss on a short sale will be treated as a long-term capital loss if, on the date of the short sale, "substantially identical property" has been held by a Fund for more than one year. In general, a Fund will not be permitted to deduct payments made to reimburse the lender of securities for dividends paid on borrowed stock if the short sale is closed on or before the 45th day after the short sale is entered into.

As a result of entering into swaps, a Fund may make or receive periodic net payments. A Fund may also make or receive a payment when a swap is terminated prior to maturity through an assignment of the swap or other closing transaction. Periodic net payments will generally constitute ordinary income or deductions, while termination of a swap will generally result in capital gain or loss (which will be a long-term capital gain or loss if the applicable Fund has been a party to the swap for more than one year).

A Fund may be required to treat amounts as taxable income or gain, subject to the distribution requirements referred to above, even though no corresponding amounts of cash are received concurrently, as a result of (1) mark-to-market rules, constructive sale rules or rules applicable to PFICs (as defined below) or partnerships or trusts in which the Fund invests or to certain options, futures or forward contracts, or "appreciated financial positions" or (2) the inability to obtain cash distributions or other amounts due to currency controls or restrictions on repatriation imposed by a foreign country with respect to the Fund's investments (including through depositary receipts) in issuers in such country or (3) tax rules applicable to debt obligations acquired with "original issue discount," including zero-coupon or deferred payment bonds and pay-in-kind debt obligations, or to market discount. These rules may also affect the amount, timing, and character of income and gain recognized by the Funds and of distributions to shareholders. In order to distribute this income and avoid a tax on the applicable Fund, that Fund might be required to liquidate portfolio securities that it might otherwise have continued to hold, potentially resulting in additional taxable gain or loss. A Fund might also meet the distribution requirements by borrowing the necessary cash, thereby incurring interest expenses.

A Fund may invest in debt obligations that are in the lowest rating categories or are unrated, including debt obligations of issuers not currently paying interest or that are in default. Investments in debt obligations that are at risk of or in default present special tax issues for the Fund. Tax rules are not entirely clear about issues such as when a 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, and how payments received on obligations in default should be allocated between principal and income. These and other related issues will be addressed by a Fund when, as, and if it invests in such securities, in order to seek to ensure that it distributes sufficient income to preserve its eligibility for treatment as a regulated investment company and does not become subject to U.S. federal income or excise tax.

A portion of the interest paid or accrued on high yield obligations may not (and interest paid on debt obligations, if any, that are considered for tax purposes to be payable in the equity of the issuer or a related party will not) be deductible to the issuer. If a portion of the interest paid or accrued on certain high yield discount obligations is not deductible by the issuer, that portion will be treated as a dividend for purposes of the corporate dividends-received deduction. In such cases, if the issuer of the high yield discount obligations is a domestic corporation, dividend payments by a Fund may be eligible for the dividends-received deduction to the extent of the deemed dividend portion of such accrued interest.

Non-corporate taxpayers are generally eligible for a deduction of up to 20% of "qualified publicly traded partnership income." Subject to any future guidance to the contrary, a Fund will not be able to claim such a deduction in respect of income allocated to it by any publicly traded partnerships in which it invests, and shareholders will not be able to claim such a deduction in respect of Fund dividends attributable to any such income.

**Foreign Investments**

Dividends, interest or other income (including, in some cases, capital gains) received by a Fund from investments in foreign securities may be subject to withholding and other taxes imposed by foreign countries. Tax conventions between certain countries and the United States may reduce or eliminate such taxes in some cases. If more than 50% of the value of a Fund's assets at the close of any taxable year consists of stock or securities of foreign corporations, which for this purpose may include obligations of foreign governmental issuers, the Fund may elect, for U.S. federal income tax purposes, to treat any foreign income or withholding taxes paid by the Fund as paid by its shareholders. If at least 50% of the value of a Fund's assets is represented by interests in other RICs at the close of each quarter of its taxable year, the Fund may make the same election, treating both qualified foreign taxes paid by the Fund and qualified foreign taxes paid by underlying RICs in which the Fund invests as paid by its shareholders. For any year that a Fund is eligible for and makes such an election, each shareholder of the Fund will be required to include in its income an amount equal to his or her allocable share of qualified foreign income taxes paid by the Fund and RICs in which the Fund invests, and shareholders will be entitled, subject to certain holding period requirements and other limitations, to credit their portions of these amounts against their U.S. federal income tax due, if any, or to deduct their portions from their U.S. taxable income, if any. No deductions for foreign taxes may be claimed, however, by non-corporate shareholders who do not itemize deductions, and no deduction for foreign taxes will be permitted to individuals in computing their alternative minimum tax liability. Shareholders that are exempt from tax under Section 501(a) of the Code, such as certain pension plans, generally will derive no benefit from this election. Under certain circumstances, if a Fund receives a refund of foreign taxes paid in respect of a prior year, the value of the Fund's shares could be affected, or any foreign tax credits or deductions passed through to shareholders in respect of the Fund's foreign taxes for the current year could be reduced.

Under Section 988 of the Code, gains or losses attributable to fluctuations in exchange rates between the time a Fund accrues income or receivables or expenses or other liabilities denominated in a foreign currency and the time the Fund actually collects such income or pays such liabilities are generally treated as ordinary income or ordinary loss. Similarly, gains or losses on foreign currency, foreign currency forward contracts, certain foreign currency options or futures contracts and the disposition of debt securities denominated in foreign currency, to the extent attributable to fluctuations in exchange rates between the acquisition and disposition dates, are also treated as ordinary income or loss.

**Passive Foreign Investment Companies**

If a Fund purchases shares in certain foreign entities, called "passive foreign investment companies" ("PFICs"), and does not make certain elections, it may be subject to U.S. federal income tax on a portion of any "excess distribution" or gain from the disposition of such shares even if such income is distributed as a taxable dividend by the Fund to its shareholders. Additional charges in the nature of interest may be imposed on the Fund in respect of deferred taxes arising from such distributions or gains.

If a Fund were to invest in a PFIC and elect to treat the PFIC as a "qualified electing fund" under the Code, in lieu of the foregoing requirements, the Fund would generally be required to include in income each year a portion of the ordinary earnings and net capital gains of the qualified electing fund, even if not distributed to the Fund, and such amounts would be subject to the 90% and excise tax distribution requirements described above. In order to distribute this income and avoid a tax on the applicable Fund, that Fund might be required to liquidate portfolio securities that it might otherwise have continued to hold, potentially resulting in additional taxable gain or loss. In order to make the "qualified electing fund" election, the Fund would be required to obtain certain annual information from the PFICs in which it invests, which may be difficult or impossible to obtain. Dividends paid by PFICs will not be eligible to be treated as "qualified dividend income."

If a Fund were to invest in a PFIC and make a mark-to-market election, the Fund would be treated as if it had sold and repurchased all of the PFIC stock at the end of each year. In such case, the Fund would report any such gains as ordinary income and would deduct any such losses as ordinary losses to the extent of previously recognized gains. Such an election must be made separately for each PFIC owned by a Fund and, once made, would be effective for all subsequent taxable years of the Fund, unless revoked with the consent of the Internal Revenue Service (the "IRS"). By making the election, a Fund could potentially ameliorate the adverse tax consequences with respect to its ownership of shares in a PFIC, but in any particular year might be required to recognize income in excess of the distributions it receives from PFICs and its proceeds from dispositions of PFIC stock. The Fund might have to distribute such excess income and gain to satisfy the 90% distribution requirement for treatment as a regulated investment company and to avoid imposition of the 4% excise tax. In order to distribute this income and avoid a tax on the applicable Fund, that Fund might be required to liquidate portfolio securities that it might otherwise have continued to hold, potentially resulting in additional taxable gain or loss.

**Investments in Other RICs**

A Fund's investment in one or more other RICs could adversely affect the amount, timing and character of distributions to its shareholders. Each underlying RIC in which a Fund invests will be required to distribute the underlying RIC's income and gains on an annual basis, but cannot distribute losses. As a result, a Fund that invests in other RICs generally will not be able to offset losses of one underlying RIC against income or gains of another underlying RIC, unless in certain circumstances it sells or redeems shares of the underlying RIC with the loss. Additionally, a Fund that invests in other RICs will not be able to offset its own income or gains with the losses from an underlying RIC in which it invests, unless in certain circumstances it sells or redeems shares of the underlying RIC with the loss.

A Fund's sales or redemptions of shares in underlying RICs could cause it to recognize taxable gain or loss. A portion of any such gains may be short-term capital gains that would be distributable as ordinary income to the Fund's shareholders. Further, a portion of losses on sales or redemptions of shares in the underlying RIC may be deferred.

Short-term capital gains earned by an underlying RIC will be treated as ordinary dividends when distributed to a Fund holding shares of the underlying RIC and therefore will not be offset by capital losses incurred on other investments made by the Fund. This may result in more ordinary dividends for Fund shareholders and/or a shifting of capital gain dividends to ordinary dividends compared to the dividends that would have been paid if the Fund had invested directly in the assets held by the underlying RIC.

**Taxation of U.S. Shareholders**

Dividends and other distributions by a Fund are generally treated under the Code as received by its shareholders at the time the dividend or distribution is made. However, if any dividend or distribution is declared by a Fund in October, November or December of any calendar year and payable to shareholders of record on a specified date in such a month but is actually paid during the following January, such dividend or distribution will be deemed to have been received by each shareholder on December 31 of the year in which the dividend was declared.

Each Fund intends to distribute annually to its shareholders substantially all of its investment company taxable income and any net realized long-term capital gains in excess of net realized short-term capital losses (including any capital loss carryforwards). If, however, a Fund retains an amount equal to all or a portion of its net long-term capital gains in excess of its net short-term capital losses (including any capital loss carryforwards), it will be subject to a corporate tax on the amount retained. In that event, the Fund will designate such retained amounts as undistributed capital gain in a notice to its shareholders who (a) will be required to include in income for U.S. federal income tax purposes, as long-term capital gains, their proportionate shares of the undistributed amount, (b) will be entitled to credit their proportionate shares of the income tax paid by the Fund on the undistributed amount against their U.S. federal income tax liabilities, if any, and to claim refunds to the extent their credits exceed their liabilities, if any, and (c) will be entitled to increase their tax basis, for U.S. federal income tax purposes, in their shares by an amount equal to the excess of the amount of undistributed net capital gains included in their respective income over their respective income tax credits. Organizations or persons not subject to U.S. federal income tax on such capital gains will be entitled to a refund of their pro rata share of such taxes paid by a Fund upon timely filing appropriate returns or claims for refund with the IRS.

Under Section 163(j) of the Code, a taxpayer's business interest expense is generally deductible to the extent of its business interest income plus certain other amounts. If a Fund earns business interest income, it may report a portion of its dividends as "Section 163(j) interest dividends," which its shareholders may be able to treat as business interest income for purposes of Section 163(j) of the Code. The Fund's "Section 163(j) interest dividend" for a tax year will be limited to the excess of its business interest income over the sum of its business interest expense and other deductions properly allocable to its business interest income. In general, a Fund's shareholders may treat a distribution reported as a Section 163(j) interest dividend as interest income only to the extent the distribution exceeds the sum of the portions of the distribution reported as other types of tax-favored income (which would generally include exempt-interest income). To be eligible to treat a Section 163(j) interest dividend as interest income, a shareholder may need to meet certain holding period requirements in respect of the shares and must not have hedged its position in the shares in certain ways.

The 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 that pay interest excluded from gross income under Section 103(a) of the Code. A Fund may also report exempt-interest dividends if at least 50% of the value of its assets is represented by interests in other RICs at the close of each quarter of its taxable year. Exempt-interest dividends are excluded from a shareholder's gross income under the Code but are nevertheless required to be reported on the shareholder's U.S. federal income tax return. The percentage of income reported as exempt-interest dividends for a month may differ from the percentage of distributions consisting of tax-exempt interest during that month. That portion of a Fund's dividends and distributions not reported as exempt-interest dividends will generally be taxable as described below.

Exempt-interest dividends paid by a Fund are exempt from regular federal income taxes. Other distributions from a Fund's net investment income and net realized short-term capital gains are taxable to a U.S. shareholder as ordinary income, whether paid in cash or in shares. Distributions of net capital gain (i.e., the excess of net long-term capital gain over net short-term capital loss), if any, that a Fund reports as capital gain dividends are taxable as long-term capital gains, whether paid in cash or in shares, and regardless of how long a shareholder has held shares of the Fund. Such distributions will not be eligible for the dividends-received deduction for a corporate shareholder.

Exempt-interest dividends derived from interest on certain "private activity bonds" will be a tax preference item, which increases alternative minimum taxable income for individuals that are subject to the U.S. federal alternative minimum tax. Bonds issued in 2009 or 2010 generally will not be treated as private activity bonds, and exempt-interest dividends derived from interest earned on such bonds generally will not be treated as a tax preference item. A significant portion of exempt-interest dividends distributed by the Muni High Income Fund is expected to be a tax preference item for purposes of the federal alternative minimum tax applicable to noncorporate taxpayers.

A 3.8% Medicare contribution tax generally applies to all or a portion of the net investment income of a shareholder who is an individual and not a nonresident alien for federal income tax purposes and who has adjusted gross income (subject to certain adjustments) that exceeds a threshold amount ($250,000 if married filing jointly or if considered a "surviving spouse" for federal income tax purposes, $125,000 if married filing separately, and $200,000 in other cases). This 3.8% tax also applies to all or a portion of the undistributed net investment income of certain shareholders that are estates and trusts. For these purposes, dividends (other than exempt-interest dividends), interest and certain capital gains (among other categories of income) are generally taken into account in computing a shareholder's net investment income.

Certain tax-exempt educational institutions will be subject to an excise tax on net investment income. For these purposes, certain dividends and capital gain distributions, and certain gains from the disposition of Fund shares (among other categories of income), are generally taken into account in computing a shareholder's net investment income.

Special rules apply to certain dividends that are reported by a Fund as "qualified dividend income." Such dividends are subject to tax for non-corporate shareholders at reduced rates, provided that the distributing Fund and the shareholder satisfy certain holding period and other requirements. Qualified dividend income is not actually treated as capital gain, however, and thus generally cannot be offset by capital losses. The portion of dividends eligible to be treated as qualified dividend income will be: (i) 100% of the dividends paid by a Fund in a particular taxable year if 95% or more of the Fund's gross income (ignoring gains attributable to the sale of stocks and securities except to the extent net short-term capital gain from such sales exceeds net long-term capital loss from such sales) in that taxable year is attributable to qualified dividend income received by the Fund; or (ii) the portion of the dividends paid by a Fund to a non-corporate shareholder in a particular taxable year that is attributable to qualified dividend income received by the Fund in that taxable year if such qualified dividend income accounts for less than 95% of the Fund's gross income (ignoring gains attributable to the sale of stocks and securities except to the extent net short-term capital gain from such sales exceeds net long-term capital loss from such sales) for that taxable year. For this purpose, "qualified dividend income" generally means income from dividends received by a Fund from U.S. corporations and qualified foreign corporations, provided that the Fund satisfies certain holding period requirements in respect of the stock of such corporations and has not hedged its position in the stock in certain ways. Qualified foreign corporations are foreign corporations that are incorporated in a possession of the United States or that are eligible for benefits under certain U.S. income tax treaties. Certain other dividends received from foreign corporations will be treated as qualified dividends if the stock with respect to which the dividends are paid is readily tradable on an established securities market in the United States. Qualified dividend income does not include any dividends received from tax-exempt corporations. Also, dividends received by the Fund from a REIT or from another RIC generally are qualified dividend income only to the extent the dividend distributions are made out of qualified dividend income received by such REIT or RIC. In the case of securities lending transactions, payments in lieu of dividends are not qualified dividend income. If a shareholder elects to treat Fund dividends as investment income for purposes of the limitation on the deductibility of investment interest, such dividends will not be qualified dividend income.

If an individual receives a dividend subject to tax at long-term capital gain rates that constitutes an "extraordinary dividend" and the individual subsequently recognizes a loss on the sale or exchange of stock in respect of which the extraordinary dividend was paid, then the loss will be long-term capital loss to the extent of such extraordinary dividend. An extraordinary dividend for this purpose is generally a dividend (i) in an amount greater than or equal to 10% of the taxpayer's tax basis (or trading value) in a share of stock, aggregating dividends with ex-dividend dates within an 85-day period or (ii) in an amount greater than 20% of the taxpayer's tax basis (or trading value) in a share of stock, aggregating dividends with ex-dividend dates within a 365-day period.

Certain dividends received by a Fund from U.S. corporations (generally, dividends received by the Fund in respect of any share of stock (1) with a tax holding period of at least 46 days during the 91-day period beginning on the date that is 45 days before the date on which the stock becomes ex-dividend as to that dividend and (2) that is held in an unleveraged position) and distributed and appropriately so reported by the Fund may be eligible for the 50% dividends-received deduction generally available to corporations under the Code. Certain preferred stock must have a holding period of at least 91 days during the 181-day period beginning on the date that is 90 days before the date on which the stock becomes ex-dividend as to that dividend in order to be eligible. Capital gain dividends distributed to a Fund from other RICs are not eligible for the dividends-received deduction. In order to qualify for the deduction, corporate shareholders must meet the minimum holding period requirement stated above with respect to their shares, taking into account any holding period reductions from certain hedging or other transactions or positions that diminish their risk of loss with respect to their Shares, and, if they borrow to acquire or otherwise incur debt attributable to shares, they may be denied a portion of the dividends-received deduction with respect to those shares.

If a Fund is the holder of record of any stock on the record date for any dividends payable with respect to such stock, such dividends will be included in the Fund's gross income not as of the date received but as of the later of (a) the date such stock became ex-dividend with respect to such dividends (*i.e*., the date on which a buyer of the stock would not be entitled to receive the declared, but unpaid, dividends) or (b) the date the Fund acquired such stock. Accordingly, in order to satisfy its income distribution requirements, a Fund may be required to pay dividends based on anticipated receipts, and shareholders may receive dividends in an earlier year than would otherwise be the case.

A non-corporate taxpayer is generally eligible for a deduction of up to 20% of the taxpayer's "qualified REIT dividends." If a Fund receives dividends (other than capital gain dividends) in respect of U.S. REIT shares, the Fund may report its own dividends as eligible for the 20% deduction, to the extent the Fund's income is derived from such qualified REIT dividends, as reduced by allocable Fund expenses. In order for a Fund's dividends to be eligible for this deduction when received by a non-corporate shareholder, the Fund must meet certain holding period requirements with respect to the U.S. REIT shares on which the Fund received the eligible dividends, and the non-corporate shareholder must meet certain holding period requirements with respect to the Fund shares.

Distributions in excess of a Fund's current and accumulated earnings and profits will, as to each shareholder, be treated as a tax-free return of capital to the extent of a shareholder's basis in his or her shares of the Fund, and as a capital gain thereafter (if the shareholder holds his or her shares of the Fund as capital assets). Each shareholder who receives dividends or other distributions in the form of additional shares will be treated for U.S. federal income tax purposes as if receiving a distribution in an amount equal to the amount of money that the shareholder would have received if he or she had instead elected to receive cash distributions. The shareholder's aggregate tax basis in shares of the applicable Fund will be increased by such amount.

Investors considering buying shares just prior to a dividend or capital gain distribution (other than daily dividends paid by the Government Money Fund or the Bond Funds) should be aware that, although the price of shares purchased at that time may reflect the amount of the forthcoming distribution, such dividend or distribution may nevertheless be taxable to them.

Interest on indebtedness incurred by shareholders, directly or indirectly, to purchase or carry shares in Funds that distribute exempt-interest dividends is not deductible for U.S. federal income tax purposes. Investors receiving social security or railroad retirement benefits should be aware that exempt-interest dividends received from a Fund may, under certain circumstances, cause a portion of such benefits to be subject to federal income tax. Furthermore, any portion of an exempt-interest dividend paid by a Fund that represents income derived from certain revenue or private activity bonds held by the Fund may not retain its federal tax-exempt status in the hands of a shareholder who is a "substantial user" of a facility financed by such bonds, or a "related person" thereof.

Shareholders should consult their own tax advisors as to whether they are (i) "substantial users" with respect to a facility or "related" to such users within the meaning of the Code or (ii) subject to a federal alternative minimum tax, the federal "branch profits" tax, or the federal "excess net passive income" tax.

**Sales of Shares**

Upon the sale or exchange of his or her shares, a shareholder will generally recognize a taxable gain or loss equal to the difference between the amount realized and his or her basis in the shares. A redemption of shares by a Fund will be treated as a sale for this purpose. Such gain or loss will be treated as capital gain or loss if the shares are capital assets in the shareholder's hands, and will be long-term capital gain or loss if the shares are held for more than one year and short-term capital gain or loss if the shares are held for one year or less. Any loss realized on a sale or exchange will be disallowed to the extent the shares disposed of are replaced, including replacement through the reinvesting of dividends and capital gains distributions in the Fund, within a 61-day period beginning 30 days before and ending 30 days after the disposition of the shares. In such a case, the basis of the shares acquired will be increased to reflect the disallowed loss. Any loss realized by a shareholder on the sale of Fund shares held by the shareholder for six months or less, will be treated for U.S. federal income tax purposes as a long-term capital loss to the extent of any distributions or deemed distributions of long-term capital gains received by the shareholder (including amounts credited to the shareholder as undistributed capital gains) with respect to such shares.

Shareholders holding shares of the Government Money Fund will not have any gain or loss on a sale or exchange so long as it maintains a net asset value of $1.00 per share and, while the shareholders held such shares, has not made a distribution that is treated as a return of capital for tax purposes. The Government Money Fund does not expect to report any distributions as a return of capital for tax purposes.

If a shareholder incurs a sales charge in acquiring shares of a Fund, disposes of those shares within 90 days and then acquires, before February 1 of the calendar year following the calendar year of the disposition, shares in a mutual fund for which the otherwise applicable sales charge is reduced by reason of a reinvestment right (*e.g.,* an exchange privilege), the original sales charge will not be taken into account in computing gain or loss on the original shares to the extent the subsequent sales charge is reduced. Instead, the disregarded portion of the original sales charge will be added to the tax basis in the newly acquired shares. Furthermore, the same rule also applies to a disposition of the newly acquired shares made within 90 days of the second acquisition. This provision prevents a shareholder from immediately deducting the sales charge by shifting his or her investment within a family of mutual funds.

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 (or certain greater amounts over a combination of years), the shareholder must file with the IRS a disclosure statement on IRS Form 8886. Direct shareholders of portfolio securities are in many cases excepted from this reporting requirement, but under current guidance, shareholders of a regulated investment company 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 so reportable does not affect the legal determination of whether the taxpayer's treatment of the loss is proper.

**Backup Withholding**

A Fund may be required in certain circumstances to apply backup withholding on dividends (including exempt-interest dividends), other distributions and redemption proceeds (except for proceeds from redemptions of Government Money Fund shares) payable to non-corporate shareholders who fail to provide the Fund with their correct taxpayer identification numbers or to make required certifications, or who have been notified by the IRS that they are subject to backup withholding. The backup withholding rate is currently 24%. Backup withholding is not an additional tax, and any amount withheld may be credited against a shareholder's U.S. federal income tax liabilities.

**Notices**

Shareholders will receive, if appropriate, various written notices after the close of a Fund's taxable year regarding the U.S. federal income tax status of certain dividends, distributions and deemed distributions, and redemption proceeds that were paid (or that are treated as having been paid) by the Fund to its shareholders during the preceding taxable year.

For sales or exchanges of shares of a Fund (other than the Government Money Fund) acquired (including through the reinvestment of dividends and capital gains distributions) on or after January 1, 2012, that Fund will report to shareholders and the IRS the cost basis and holding period of the shares and the amount of gain or loss on the sale or exchange. If a shareholder has a different basis for different shares of a Fund in the same account (*e.g*., if a shareholder purchased Fund shares in the same account at different prices per share), the Fund will calculate the basis of the shares sold using its default method unless the shareholder has properly elected to use a different method. For purposes of calculating and reporting basis, shares acquired on or after January 1, 2012, are generally treated as held in a separate account from shares acquired prior to January 1, 2012.

Effective January 31, 2014, each Fund's default method for calculating basis is specific lot identification using the average cost method. Prior to that time, each Fund's default method for calculating basis was specific lot identification using the "first-in, first-out" ("FIFO") method. Subject to certain limitations, a shareholder may choose a method other than the default method at the time of shares are sold or exchanged. Shareholders should contact the Trust at (888) 889-0799 for information regarding available methods of basis computation and procedures for electing a method other than the default method. Prior to redeeming shares, shareholders should contact their own tax advisers concerning the consequences of applying the default method or choosing another method of basis calculation.

Shares of all Funds are offered through approved broker dealers or other financial institutions (each an "Authorized Institution"). If you own shares of a Fund through an Authorized Institution, your Authorized Institution is responsible for maintaining your individual account records and calculating your cost basis based upon their default method. Please note your Authorized Institution's default method may differ from that of the Fund, and you should contact them directly with any questions regarding your account or general cost basis inquiries.

**Other Taxes**

Dividends, distributions and redemption proceeds may also be subject to additional state, local and foreign taxes depending on each shareholder's particular situation. Distributions derived from interest on U.S. Government obligations (but not distributions of gain from the sale of such obligations) may be exempt from certain state and local taxes.

**Non-U.S. Shareholders**

Ordinary dividends and certain other payments made by a Fund to non-U.S. shareholders are generally subject to withholding tax at a 30% rate (or such lower rate as may be determined in accordance with any applicable treaty). In order to obtain a reduced rate of withholding, a non-U.S. shareholder will be required to provide an IRS Form W-8BEN or similar form certifying its entitlement to benefits under a treaty. The withholding tax does not apply to regular dividends paid to a non-U.S. shareholder who provides an IRS Form W-8ECI, certifying that the dividends are effectively connected with the non-U.S. shareholder's conduct of a trade or business within the United States. Instead, the effectively connected dividends will be subject to regular U.S. income tax as if the non-U.S. shareholder were a U.S. shareholder. A non-U.S. corporation receiving effectively connected dividends may also be subject to additional "branch profits tax" imposed at a rate of 30% (or a lower treaty rate). A non-U.S. shareholder who fails to provide an IRS Form W-8BEN or other applicable form may be subject to backup withholding at the appropriate rate.

The 30% withholding tax described in the preceding paragraph generally will not apply to exempt-interest dividends, to distributions of the excess of net long-term capital gains over net short-term capital losses or to redemption proceeds. This 30% withholding tax also will not apply to dividends that a Fund reports as (a) interest-related dividends, to the extent such dividends are derived from a Fund's "qualified interest income," or (b) short-term capital gain dividends to the extent such dividends are derived from a Fund's "qualified short-term gain." Qualified net interest income is a Fund's net income derived from U.S.-source interest and original issue discount, subject to certain exceptions and limitations. "Qualified short-term gain" generally means the excess of the net short-term capital gain of a Fund for the taxable year over its net long-term capital loss, if any. In order to qualify for this exemption from withholding, a non-U.S. shareholder will need to comply with applicable certification requirements relating to its non-U.S. status (including, in general, furnishing an IRS Form W-8BEN or substitute form). Backup withholding will not be applied to payments that are subject to this 30% withholding tax.

Unless certain non-U.S. entities that hold Fund shares comply with IRS requirements that will generally require them to report information regarding U.S. persons investing in, or holding accounts with, such entities, a 30% withholding tax may apply to a Fund's distributions other than exempt-interest dividends payable to such entities. A non-U.S. shareholder may be exempt from the withholding described in this paragraph under an applicable intergovernmental agreement between the United States and a foreign government, provided that the shareholder and the applicable foreign government comply with the terms of such agreement.

Non-U.S. persons are subject to U.S. tax on disposition of a "United States real property interest" (a "USRPI"). Gain on such a disposition is sometimes referred to as "FIRPTA gain." The Code provides a look-through rule for distributions of "FIRPTA gain" if certain requirements are met. If the look-through rule applies, certain distributions attributable to income received by a Fund from REITs may be treated as gain from the disposition of a USRPI, causing distributions to be subject to U.S. withholding taxes, and requiring non-U.S. investors to file nonresident U.S. income tax returns. Also, gain may be subject to a 30% branch profits tax in the hands of a non-U.S. shareholder that is treated as a corporation for federal income tax purposes. Under certain circumstances, shares of a Fund may qualify as USRPIs, which could result in 15% withholding on certain distributions and gross redemption proceeds paid to certain non-U.S. investors.

**GENERAL**

The foregoing is only a summary of certain material U.S. federal income tax consequences (and, where noted, state and local tax consequences) affecting the Funds and their shareholders. Prospective shareholders are advised to consult their own tax advisers with respect to the particular tax consequences to them of an investment in a Fund.

***SHARE PRICE CALCULATION***

**THE BOND FUNDS**

With respect to the Bond Funds, the NAV of a class of a Fund is calculated as follows. All Fund liabilities incurred or accrued attributable to that class are deducted from the valuation of the Fund's total assets, which includes accrued but undistributed income, attributable to that class. The resulting net assets are divided by the number of shares of that class of the Fund outstanding at the time of the valuation and the result (adjusted to the nearest cent) is the net asset value per share of that class.

In general, a Fund's investments are valued at market value or, in the absence of a market value, at fair value as determined in good faith by the Adviser pursuant to procedures approved by or under the direction of the Board of Trustees. Pursuant to those procedures, the Board of Trustees has designated the Adviser as each Fund's Valuation Designee responsible for determining whether market quotations are readily available and reliable, and making good faith determinations of fair value when appropriate. The Valuation Designee carries out its responsibilities with respect to fair value determinations through its internal fair value committee (the "Fair Value Committee"). As the Valuation Designee, the Adviser is responsible for the establishment and application, in a consistent manner, of appropriate methodologies for determining the fair value of investments, periodically reviewing the selected methodologies used for continuing appropriateness and accuracy, and making any changes or adjustments to the methodologies as appropriate. The Valuation Designee is also responsible for the identification, periodic assessment, and management of material risks, including material conflicts of interest, associated with fair value determinations, taking into account the applicable Fund's investments, significant changes in the Fund's investment strategies or policies, market events, and other relevant factors. The Valuation Designee is subject to the general oversight of the Board. The net asset value per share of any investment company in which a Fund invests is calculated as described in the Prospectus and SAI.

Securities listed on a securities exchange or an automated quotation system for which quotations are readily available, including securities traded OTC, are valued at the last quoted sale price on the principal exchange on which they are traded on the valuation date. If there is no such reported sale on the valuation date, securities are valued at the most recent quoted bid price. For securities traded on Nasdaq, the Nasdaq Official Closing Price will be used.

Prices for securities traded on a securities exchange are provided daily by recognized independent pricing agents. The reliability of the valuations provided by the independent, third-party pricing agents is monitored and reviewed by the Fair Value Committee.

These third-party pricing agents may employ methodologies, primarily regarding debt securities, that utilize actual market transactions, broker-dealer supplied valuations, estimates of market value based on similar securities or other electronic data processing techniques. These techniques generally consider such factors as security prices, yields, maturities, call features, ratings and developments relating to specific securities in arriving at valuations.

If a security price cannot be obtained from an independent, third-party pricing agent, the Administrator, at the direction of the Fair Value Committee, obtains a bid price from an independent broker who makes a market in the security. The Fair Value Committee supplies the Administrator with the appropriate broker contact, and to ensure independence the Administrator obtains the quote directly from the broker each day.

Foreign securities owned in the Trust are valued at the closing prices (as determined prior to the Bond Funds' determination of net asset value) on the principal exchanges on which they trade. The prices for foreign securities are reported in local currency and converted to U.S. dollars using currency exchange rates. Exchange rates are provided daily by recognized independent pricing agents.

Financial futures are valued at the settlement price established each day by the board of exchange on which they are traded. Foreign currency forward contracts are valued at the current day's interpolated foreign exchange rate, as calculated using the current day's exchange rate, and the thirty, sixty, ninety and one-hundred eighty day forward rates.

Valuation corrections are required where variations in net asset value are the result of mathematical mistakes, the misapplication of accounting principles, misjudgments in the use of fact, and failure to reflect market information that was known or should have been known. Valuation corrections require prospective actions, and may require retroactive actions if the net asset value variation is material. Valuation corrections that require retroactive action will be reported to the Board of Trustees.

To ensure that the independent broker continues to supply a reliable valuation, at least once per week the Administrator provides the broker-supplied value to the Valuation Designee for review and approval. In addition, the Valuation Designee (or Sub-Adviser) will consult with the Administrator in the event of a pricing problem, and shall notify the Administrator in the event it discovers a pricing discrepancy. Under no circumstances may the Valuation Designee determine the value of a portfolio security outside of the established pricing framework.

If current market quotations are not readily available, the Fair Value Committee will determine the security's value using fair value procedures approved by the Board of Trustees. For instance, if trading in a security has been halted or suspended or a security has been delisted from a national exchange, a security has not been traded for an extended period of time, or a significant event with respect to a security occurs after the close of the market or exchange on which the security principally trades and before the time the Trust calculates net asset value, the Fair Value Committee will determine the security's fair value. In making a good faith determination of the fair value of the security, the Fair Value Committee will consider the Valuation Designee's (or the Sub-Adviser's) valuation recommendation and information supporting the recommendation, including factors such as the type of security, last trade price, fundamental analytical data relating to the security, forces affecting the market in which the security is purchased and sold, the price and extent of public trading in similar securities of the issuer or comparable companies, and other relevant factors.

**THE GOVERNMENT MONEY FUND**

The Government Money Fund values its portfolio instruments at amortized cost, which means they are valued at their acquisition cost, as adjusted for amortization of premium or discount, rather than at current market value. Calculations are made to compare the value of the Government Money Fund's investments at amortized cost with market values. Market valuations are obtained by using actual quotations provided by market makers, estimates of market value, or values obtained from yield data relating to classes of money market instruments published by reputable sources at the bid prices for the instruments. The amortized cost method of valuation seeks to maintain a stable $1.00 per share net asset value even where there are fluctuations in interest rates that affect the value of portfolio instruments. Accordingly, this method of valuation can in certain circumstances lead to a dilution of a shareholder's interest.

If a deviation of 1/2 of 1% or more were to occur between the net asset value per share calculated by reference to market values and a Fund's $1.00 per share net asset value, or if there were any other deviation that the Board of Trustees believes may result in a material dilution or other unfair results to investors or existing shareholders, the Board of Trustees is required to cause the Fund to take such action as it deems appropriate to eliminate or reduce to the extent reasonably practicable such dilution or unfair results. If the Government Money Fund's net asset values per share (computed using market values) declined, or were expected to decline, below $1.00 (computed using amortized cost), the Board of Trustees might temporarily reduce or suspend dividend payments for the Fund in an effort to maintain the net asset value at $1.00 per share. As a result of such reduction or suspension of dividends or other action by the Board of Trustees, an investor would receive less income during a given period than if such a reduction or suspension had not taken place. Such action could result in investors receiving no dividends for the period during which they hold their shares and receiving, upon redemption, a price per share lower than that which they paid. On the other hand, if a Fund's net asset value per share (computed using market values) were to increase, or were anticipated to increase, above $1.00 (computed using amortized cost), the Board of Trustees might supplement dividends in an effort to maintain the net asset value at $1.00 per share.

***DISTRIBUTION PLAN***

The Trust has adopted a Distribution Plan (the "Plan") for the Class N shares of the Funds and the Class S shares of the Government Money Fund, in accordance with Rule 12b-1 under the 1940 Act, which regulates circumstances under which an investment company may directly or indirectly bear expenses relating to the distribution of its shares. In this regard, the Board has determined that the Plan is in the best interests of the shareholders. Continuance of the Plan must be approved annually by a majority of the Trustees and by a majority of the Independent Trustees who have no direct or indirect financial interest in the operation of the Plan or in any agreements related thereto ("Qualified Trustees"). The Plan may not be amended to increase materially the amount that may be spent thereunder without approval by a majority of the outstanding shares of a Fund or class affected. All material amendments to the Plan will require approval by a majority of the Trustees and of the Qualified Trustees.

The Plan adopted for the Class N and Class S shares provides that the Trust will pay the Distributor a fee that the Distributor can use to compensate broker-dealers and service providers, including affiliates of the Adviser and the Distributor, that provide distribution-related services to the Class N and Class S shareholders or to their customers who beneficially own the Class N and Class S shares. Under the Plan, the annual distribution fee rate for the Bond Funds' Class N shares is 0.25%, and the annual distribution fee rate for the Government Money Fund's Class N and Class S shares is 0.30% and 0.50%, respectively.

Payments may be made under the Plan for distribution-related services, including, but not limited to, payments made to agents or consultants of the Distributor, payments made to persons who engage in or provide support services in connection with the distribution of Fund shares, payments made under dealer agreements, costs relating to marketing and promotional activities, and costs of printing and distributing materials to prospective Fund shareholders.

Except to the extent that affiliates of the Adviser have received or receive distribution fees from the Distributor, or that the Adviser has benefited or benefits through increased fees from an increase in the net assets of the Trust which may have resulted or results in part from the expenditures, no interested person of the Trust nor any Trustee who is not an interested person of the Trust has or had a direct or indirect financial interest in the operation of the Plan or any related agreements.

The Plan provides that the distribution fees paid by a particular class of a Fund may only be used to pay for the distribution expenses of that class of the Fund.

Distribution fees are accrued daily and paid monthly, and are charged as expenses as accrued. Shares are not obligated under the Plan to pay any distribution expense in excess of the distribution fee. Thus, if the Plan is terminated or otherwise not continued, no amounts (other than current amounts accrued but not yet paid) would be owed by the class of the Fund to the Distributor.

The Board, when approving the establishment of the Plan, determined that there are various anticipated benefits to the Funds from such establishment, including the likelihood that the Plan will stimulate sales of shares of the Trust and assist in increasing the asset base of the Trust in the face of competition from a variety of financial products and the potential advantage to the shareholders of the Trust of prompt and significant growth of the asset base of the Trust, including greater liquidity, more investment flexibility and achievement of greater economies of scale. The Board annually reviews the Plan and has determined each year that there is a reasonable likelihood that the plan will benefit the Trust and its shareholders. The Plan (and any distribution agreement among the Funds, the Distributor or the Adviser and a selling agent with respect to the shares) may be terminated without penalty upon at least 60 days' notice by the Distributor or the Adviser, or by the Trust by vote of a majority of the Independent Trustees, or by vote of a majority of the outstanding shares (as defined in the 1940 Act) of the class to which the Plan applies.

All distribution fees paid by the Funds under the Plan will be paid in accordance with FINRA Rule 2341, as such Rule may change from time to time. Pursuant to the Plan, the Trustees will review at least quarterly a written report of the distribution expenses paid to the Distributor with respect to each Fund. In addition, as long as the Plan remains in effect, the selection and nomination of Trustees who are not interested persons (as defined in the 1940 Act) of the Trust shall be made by the Independent Trustees.

For the period indicated, the Funds paid the Distributor the following distribution fees under the Plan.

---

| | | |
|:---|:---|:---|
| **Fiscal Year Ended September 30, 2025** | **Total Fees Paid To**<br> **the Distributor** | **Total Fees Paid Directly to Other Broker-Dealers and Financial Intermediaries** |
| **Class N Shares** |  |  |
| Government Money Fund<sup>(1)</sup> | $29.20 | $29.20 |
| Muni High Income Fund | $1235828.80 | $1235828.80 |
| Fixed Income Opportunities Fund | $4306797.78 | $4306797.78 |
| **Class S Shares** |  |  |
| Government Money Fund<sup>(1)</sup> | $5807831.35 | $5807831.35 |

---

<sup>(1)</sup> Prior to March 1, 2018, the Distributor had voluntarily agreed to waive/reduce fees of the Government Money Fund in order to maintain a one-day net income yield (yield floor) of not less than 0.01% of the Fund's average daily net assets. Effective March 1, 2018, the yield floor was terminated and the Government Money Fund, Distributor and CNR Securities contractually agreed to limit the distribution fee payable by Class S shares of the Fund to 0.45% through January 31, 2027.

 ****

***SHAREHOLDER SERVICES AGREEMENT***

CNB, an affiliate of the Adviser, has entered into a Shareholder Services Agreement with the Trust. Pursuant to the Shareholder Services Agreement, CNB will provide, or will arrange for others to provide, certain specified shareholder services to shareholders of all classes of each Fund. As compensation for the provision of such services, each Fund will pay CNB a fee of 0.25% of the average daily net assets of the applicable classes on an annual basis, payable monthly. CNB may pay certain banks, trust companies, broker-dealers, and other institutions (each a "Participating Organization") out of the fees CNB receives from the Funds under the Shareholder Services Agreement to the extent that the Participating Organization performs shareholder servicing functions for the Funds with respect to shares of the Funds owned from time to time by customers of the Participating Organization. In certain cases, CNB may also pay a fee, out of its own resources and not out of the service fee payable under the Shareholder Services Agreement, to a Participating Organization for providing other administrative services to its customers who invest in the Funds.

Pursuant to the Shareholder Services Agreement, CNB will provide or arrange with a Participating Organization for the provision of the following shareholder services: responding to shareholder inquiries; processing purchases and redemptions of the Funds' shares, including reinvestment of dividends; assisting shareholders in changing dividend options, account designations, and addresses; transmitting proxy statements, annual reports, prospectuses, and other correspondence from the Funds to shareholders (including, upon request, copies, but not originals, of regular correspondence, confirmations, or regular statements of account) where such shareholders hold shares of the Funds registered in the name of CNB, a Participating Organization, or their nominees; and providing such other information and assistance to shareholders as may be reasonably requested by such shareholders. The Shareholder Services Agreement provides that no distribution-related services will be provided under the agreement.

CNB may also enter into agreements with Participating Organizations that process substantial volumes of purchases and redemptions of shares of the Funds for their customers. Under these arrangements, the Transfer Agent will ordinarily maintain an omnibus account for a Participating Organization and the Participating Organization will maintain sub-accounts for its customers for whom it processes purchases and redemptions of shares. A Participating Organization may charge its customers a fee, as agreed upon by the Participating Organization and the customer, for the services it provides. Customers of Participating Organizations should read the Funds' Prospectus in conjunction with the service agreement and other literature describing the services and related fees provided by the Participating Organization to its customers prior to any purchase of shares.

For the periods indicated, pursuant to the Shareholder Services Agreement, the Class N, Class S, and Servicing Class shares of the Funds paid CNB the following fees:

---

| | | | |
|:---|:---|:---|:---|
| **Fees Paid for the Fiscal Year**<br> **Ended September 30, 2025** | **Class N** | **Class S** | **Servicing Class** |
| Government Money Fund | $25.55 | $3226560.07 | $16308237.78 |
| Muni High Income Fund | $1235828.80 | $0 | $706300.38 |
| Fixed Income Opportunities Fund | $0 | $0 | $4306797.78 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Fees Paid for the Fiscal Year**<br> **Ended September 30, 2024** | **Class N** | **Class S** | **Servicing Class** |
| Government Money Fund | $364195.46 | $2929093.73 | $15380603.31 |
| Muni High Income Fund | $1428623.35 | $0 | $900622.18 |
| Fixed Income Opportunities Fund | $0 | $0 | $4999956.10 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Fees Paid for the Fiscal Year**<br> **Ended September 30, 2023** | **Class N** | **Class S** | **Servicing Class** |
| Government Money Fund | $1206467.75 | $2593731.37 | $11588419.97 |
| Muni High Income Fund | $1775840.60 | $0 | $1336299.15 |
| Fixed Income Opportunities Fund | $0 | $0 | $6132964.21 |

---

As a Participating Organization, each of City National Securities, Inc. ("CNS") and the Adviser, each a wholly-owned subsidiary of CNB, has entered into a Shareholder Service Provider Agreement with CNB to provide shareholder servicing functions for the Funds with respect to shares of the Funds owned from time to time by customers of CNS and the Adviser, respectively.

For the periods indicated, pursuant to the Shareholder Service Provider Agreement, CNB paid CNS the following fees:

---

| | | | |
|:---|:---|:---|:---|
| <br> **Fund** | **Fiscal Year Ended**<br> **September 30, 2025** | **Fiscal Year Ended**<br> **September 30, 2024** | **Fiscal Year Ended**<br> **September 30, 2023** |
| Government Money Fund | $14017025.07 | $13716514.78 | $9358355.95 |
| Muni High Income Fund | $52532.91 | $81702.15 | $103825.20 |
| Fixed Income Opportunities Fund | $180348.38 | $269760.11 | $353612.58 |

---

For the periods indicated, pursuant to the Shareholder Service Provider Agreement, CNB paid the Adviser the following fees:

---

| | | | |
|:---|:---|:---|:---|
| <br> **Fund** | **Fiscal Year Ended**<br> **September 30, 2025** | **Fiscal Year Ended**<br> **September 30, 2024** | **Fiscal Year Ended**<br> **September 30, 2023** |
| Government Money Fund | N/A | N/A | N/A |
| Muni High Income Fund | $1241382.01 | $1426195.05 | $1818848.98 |
| Fixed Income Opportunities Fund | $3529966.09 | $3862751.97 | $4439060.05 |

---

***MARKETING AND SUPPORT PAYMENTS***

The Adviser, out of its own resources and without additional cost to the Funds or their shareholders, may provide cash payments or other compensation to certain financial intermediaries who sell shares of the Funds. These payments are in addition to other fees described in the Funds' Prospectus and this SAI, and are generally provided for shareholder services or marketing support. Payments for marketing support are typically for inclusion of the Funds on sales lists, including electronic sales platforms. Investors may wish to take these payments into account when considering and evaluating recommendations to purchase shares of the Funds.

***EXPENSES***

The Trust pays the expenses of its operations, including: the fees and expenses of independent auditors, counsel and the Custodian; the cost of reports and notices to shareholders; the cost of calculating net asset value; registration fees; the fees and expenses of qualifying the Trust and its shares for distribution under federal and state securities laws; and industry association membership dues. In its role as investment adviser, the Adviser has agreed to limit its investment management fees or reimburse the expenses of the various classes of the Funds as described above and in the Prospectus.

***CODES OF ETHICS***

Each of the Trust, the Adviser, the Sub-Advisers and the Distributor has adopted codes of ethics which contains policies on personal securities transactions by "access persons." These policies comply in all material respects with Rule 17j-1 under the 1940 Act. Each code of ethics, among other things, permits access persons to invest in certain securities, subject to various restrictions and requirements. Copies of the codes of ethics are on file with the SEC at http://www.sec.gov, and copies of these codes of ethics may be obtained, after paying a duplicating fee, by electronic request at the following email address: publicinfo@sec.gov.

***DISCLOSURE OF PORTFOLIO HOLDINGS***

The Board of Trustees has adopted a Policy on Disclosure of Portfolio Holdings as described below.

**DISCLOSURE, GENERALLY: ALL FUNDS**

The Adviser and the Administrator receive information regarding the Funds' portfolio holdings on a daily basis and have the ability to disclose such information to other persons. The Funds or the Adviser may disclose the Funds' entire portfolio holdings as of the end of a calendar month to third parties no sooner than 30 calendar days after the end of the month, provided such disclosure is publicly available to all investors (on the Funds' website or otherwise) unless earlier or more limited disclosure is specifically allowed as outlined below.

The Funds or the Adviser may disclose selected information and commentary about portfolio holdings that does not identify specific portfolio holdings ("Portfolio Data") orally or in writing to third parties as of the end of the most recent calendar month no sooner than ten calendar days after month-end. Portfolio Data may include, but is not limited to, information about how each Fund's investments are generally allocated among asset classes, economic sectors, sub-advisers, industries, countries, and other general fundamental characteristics (*e.g.,* P/E ratios, market capitalizations). For fixed income funds, Portfolio Data may include information about types of bonds, bond maturities, bond coupons and bond credit quality ratings. Portfolio Data may be provided to members of the press, persons considering investing in the Fund, including consultants, financial intermediaries, fiduciaries of a 401(k) plan or a trust and their advisers, and rating and ranking organizations. The Adviser may restrict access to Portfolio Data of a Fund in its sole discretion if the Adviser believes the release of such Portfolio Data may be harmful to the Fund.

Additionally, the Trust files the Funds' complete portfolio holdings schedules as of the end of each first and third fiscal quarter with the SEC on Form N-PORT within 60 days of the end of the quarter. The Trust must still prepare monthly reports within the originally required 30 days, but will hold those reports to be reported all at once on a quarterly basis. With respect to the Trust's second and fourth fiscal quarters, lists of the Funds' complete portfolio holdings will be made available in the Funds' annual and semi-annual reports, which will be mailed to shareholders within 60 days of the end of the quarter and are filed with the SEC on Form N-CSR within ten days of such mailing. The current shareholder reports will also be available on the Funds' website.

**DISCLOSURE, GENERALLY: GOVERNMENT MONEY FUND**

With respect to the Government Money Fund, the Fund and the Adviser may post on the Fund's website, for a period of no less than six months, and beginning no later than the fifth business day of the month, a schedule of the Fund's investments as of the last business day of the prior month, including all information about such investments required by Rule 2a-7 under the 1940 Act.

In addition, with respect to the Government Money Fund, the Administrator files with the SEC a monthly report of portfolio holdings on Form N-MFP, current as of the last business day of the previous month, no later than the fifth business day of each month. The information filed with the SEC on Form N-MFP is made available to the public by the SEC 60 days after the end of the month to which the information pertains.

**EXCEPTIONS**

Pursuant to the policies adopted by the Board of Trustees, other than the foregoing disclosure, no information concerning the Funds' portfolio holdings may be disclosed to any third party except for the following disclosures, which are generally made by the Adviser or the Administrator: (1) the Funds and the Adviser may disclose to third parties the ten largest holdings of any Fund no sooner than a period of ten calendar days after the prior month-end; (2) information about a Fund's holdings in any particular security can be made available to stock exchanges, regulators or issuers at any time; (3) Fund portfolio holding information can be made available to rating and ranking organizations (*e.g.,* Morningstar), subject to confidentiality requirements; (4) Fund portfolio holding information can be made available to any other third party provided that the recipient has a legitimate business need for the information and pursuant to a written confidentiality agreement between the recipient and the Adviser, including provisions restricting trading on the information provided; (5) the Funds and the Adviser may disclose any portfolio holdings to third parties as may be required by law or by the rules or regulations of the Securities and Exchange Commission or by the laws or regulations of foreign jurisdictions in which the Funds invest. Any exception to the general portfolio holding policy discussed above and any other waiver of the Funds' Portfolio Holdings Disclosure Policy must be approved in writing by the Funds' CCO.

As of December 31, 2025, the Trust or its service providers have ongoing business arrangements with the following entities which involve making portfolio holdings information available to such entities as an incidental part of the services they provide to the Trust: (i) the investment advisers and sub-advisers of the Funds, the Trust's administrator and custodian pursuant to investment management, administration and custody agreements, respectively, under which the Trust's portfolio holdings information is provided daily on a real-time basis; (ii) Institutional Shareholder Services pursuant to proxy voting agreements under which the Trust's portfolio holdings information is provided daily or weekly, subject to a one-day lag; (iii) accountants, attorneys and other professionals engaged by the Trust to which the Trust provides portfolio holdings information on a regular basis with varying lag times after the date of the information; (iv) Morningstar, Inc., Lipper Inc., imoney.net, Thomson Financial, Standard and Poor's, and Bloomberg L.P. pursuant to agreements under which each Fund's portfolio holdings information is provided quarterly no later than 65 days after the end of the previous quarter, and no earlier than the date such information is posted to the Trust's website; and (v) The Bank of New York Mellon, MSCI, Bloomberg PORT, and FactSet, pursuant to agreements under which portfolio holdings information for the Fixed Income Opportunities Fund is provided on a daily basis.

The release of all non-public information by the Trust is subject to confidentiality requirements which the Board of Trustees has determined are adequate to safeguard the Funds and their shareholders from improper disclosure of portfolio holdings information. The Adviser's Code of Ethics prohibits all of its employees from communicating material non-public information to others in violation of law or entering into any transaction based on material non-public information. Each of the Administrator and Glass Lewis & Co. is required to keep confidential all information related to the Trust pursuant to its respective service agreement. The Trust's custodian, independent registered public accounting firm and attorneys engaged by the Trust maintain the confidentiality of such information pursuant to their respective professional ethical obligations, which the Board of Trustees believes are sufficient to preserve the confidentiality of such information. The Trust currently provides portfolio holdings information to mutual fund rating agencies only after such information is made public by posting on the Funds' website.

Neither the Trust nor its Adviser, Sub-Advisers or any other person may receive compensation in connection with the disclosure of information about the Trust's portfolio securities. In the event of a conflict between the interests of Fund shareholders and those of the Trust's Adviser, Sub-Advisers, distributor, or any affiliated person of the Trust or its Adviser, Sub-Advisers or distributor, the CCO will make a determination in the best interests of the Fund's shareholders and will report such determination to the Board of Trustees at the next regular Board meeting. The Board of Trustees oversees the disclosure of information about the Trust's portfolio holdings principally by receiving oral and written reports from the CCO and through interaction with the CCO at meetings of the Board of Trustees.

The Adviser, the Sub-Advisers and their affiliates provide investment advice to clients other than the Funds that have investment goals that may be substantially similar to those of the Funds they manage. These clients also may have portfolios consisting of holdings substantially similar to those of the applicable Funds and generally have access to current portfolio holdings information for their accounts. These clients do not owe the Adviser, the Sub-Adviser or the Funds a duty of confidentiality with respect to disclosure of their portfolio holdings.

***PROXY VOTING***

Each Fund has delegated responsibility to vote proxies related to portfolio securities to the Adviser or applicable Sub-Adviser, subject to the Board's general oversight. The Adviser and applicable Sub-Advisers have adopted policies and procedures with respect to voting proxies relating to portfolio securities held by the Funds. These policies and procedures require the Adviser and Sub-Advisers to vote proxies received in a manner consistent with the best interests of the Funds. The Adviser and Sub-Advisers, as fiduciaries, owe the duties of care and loyalty with respect to all services undertaken on a Fund's behalf, including voting proxies for securities held by the Fund.

The Adviser and applicable Sub-Advisers recognize that in certain circumstances a conflict of interest may arise when voting a proxy. For example, a conflict of interest is deemed to occur when the Adviser or a Sub-Adviser or one of their affiliated persons has a financial interest in a matter presented by a proxy to be voted on behalf of a Fund, which may compromise the Adviser's or a Sub-Adviser's independence of judgment and action in voting the proxy. When a proxy proposal raises a material conflict of interest between the Adviser's or Sub-Adviser's interests and those of a Fund, the Adviser or Sub-Adviser will seek to resolve the conflict in accordance with its adopted procedures.

Information on how the Funds voted proxies relating to portfolio securities during the 12-month period ended June 30 is available (1) without charge, upon request, by calling (888) 889-0799, (2) on the Funds' website at www.citynationalrochdalefunds.com, and (3) on the SEC's website at www.sec.gov.

Certain information regarding the proxy voting policies of the Adviser and each Sub-Adviser that votes proxies on behalf of the Funds is included as Appendix A below.

***GENERAL INFORMATION***

The Trust was organized as a business trust under the laws of Delaware on October 28, 1996, and may issue an unlimited number of shares of beneficial interest or classes of shares in one or more separate series. The Trust is an open-end management investment company registered under the 1940 Act. The Trust currently offers shares of beneficial interest, $0.01 par value per share, in various series. Currently, the Trust offers shares of three series. Each series offers multiple classes of shares as set forth in the following chart. The Board may authorize the issuance of shares of additional series or classes of shares of beneficial interest if it deems it desirable.

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| | | | |
|:---|:---|:---|:---|
| **Fund** | **Servicing Class** | **Class N** | **Class S** |
| Government Money Fund | X | X | X |
| Fixed Income Opportunities Fund | X | X | |
| Muni High Income Fund | X | X | |

---

The Trust is generally not required to hold shareholder meetings. However, as provided in the Agreement and Declaration of Trust of the Trust (the "Declaration") and the Bylaws of the Trust (the "Bylaws"), shareholder meetings may be called by the Trustees for the purpose as may be prescribed by law, the Declaration or the Bylaws, for the election or removal of Trustees in certain cases as set forth in the Declaration, or for the purpose of taking action upon any other matter deemed by the Trustees to be necessary or desirable. In addition, a Trustee may be removed by action of at least two-thirds of the voting power of the outstanding shares of the Trust.

Each Trustee serves until the next meeting of shareholders, if any, called for the purpose of electing Trustees and until the election and qualification of his or her successor or until death; resignation; incapacitation by illness or injury as determined by a majority of the other Trustees or declaration of incompetence by a court of appropriate jurisdiction, with a written instrument signed by a majority of the other Trustees; removal by a two-thirds vote of the shares entitled to vote (as described below) or of two-thirds of the remaining Trustees; or his or her retirement as described above in the section "Management of the Trust." In accordance with the 1940 Act (1) the Trust will hold a shareholder meeting for the election of Trustees when less than a majority of the Trustees have been elected by shareholders, and (2) if, as a result of a vacancy in the Board, less than two-thirds of the Trustees have been elected by the shareholders, that vacancy will be filled by a vote of the shareholders.

The Declaration provides that the Trustees shall set forth in the By-Laws the quorum required for the transaction of business at shareholder meetings, which will be no less than shares representing 30% of the voting power of the shares entitled to vote at such meeting. The Declaration also provides that if a quorum is present when a shareholder meeting is convened, the shareholders present may continue to transact business until adjournment, even though the withdrawal of a number of shareholders originally present leaves less than the proportion or number otherwise required for a quorum. Any lesser number shall be sufficient for adjournments. Any adjourned session or sessions may be held, within a reasonable time after the date set for the original meeting, without the necessity of further notice. The shareholders will take action by the affirmative vote of the holders of shares representing a majority (except in the case of the election of Trustees which shall only require a plurality) of votes cast at a meeting of shareholders at which a quorum is present, except as may be otherwise required. The Declaration specifically authorizes the Board to terminate the Trust (or any of its investment portfolios) by notice to the shareholders without shareholder approval.

For further information, please refer to the registration statement and exhibits for the Trust on file with the SEC in Washington, D.C. and available upon payment of a copying fee. The statements in the Prospectus and this SAI concerning the contents of contracts or other documents, copies of which are filed as exhibits to the registration statement, are qualified by reference to such contracts or documents.

***CONTROL PERSONS AND PRINCIPAL HOLDERS OF SECURITIES***

As of January 2, 2026, the following shareholders are deemed to control the indicated Funds by virtue of owning more than 25% of the outstanding shares of such Funds.<sup>1</sup> These control relationships will continue to exist until such time as share ownership for the shareholders set forth below represents 25% or less of the outstanding shares of the indicated Fund. Through the exercise of voting rights with respect to shares of the Fund, the controlling persons set forth below may be able to determine the outcome of shareholder voting on matters to which approval of shareholders is required.

**Fixed Income Opportunities Fund**

---

| | |
|:---|:---|
| **Shareholder** | **Percentage of Total Outstanding Shares of Fund** |
| National Financial Services LLC<br> For the Exclusive Benefit of our Customers<br> Attn: Mutual Funds Department 4<sup>th</sup> Fl<br> 499 Washington Blvd.<br> Jersey City, NJ 07310-1995 | 34.62% |
| SEI Private Trust Company<br> C/O GWP US Advisors<br> One Freedom Valley Drive<br> Oaks, PA 19456-9989 | 32.05% |
| Pershing LLC<br> 1 Pershing Plz<br> Jersey City, NJ 07399 | 26.95% |

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<sup>1</sup> The Funds have no information regarding the beneficial owners of Fund shares owned through accounts with financial intermediaries.

**Government Money Fund**

---

| | |
|:---|:---|
| **Shareholder** | **Percentage of Total Outstanding Shares of Fund** |
| National Financial Services LLC<br> 499 Washington Blvd<br> Mailzone NJ4C<br> Jersey City, NJ 07310-1995 | 68.62% |

---

**Muni High Income Fund**

---

| | |
|:---|:---|
| **Shareholder** | **Percentage of Total Outstanding Shares of Fund** |
| Mutual Fund Administrator<br> c/o City National Bank <br> SEI Private Trust Company<br> One Freedom Valley Drive<br> Oaks, PA 19456-9989 | 44.96% |
| Pershing LLC<br> 1 Pershing Plz<br> Jersey City, NJ 07399 | 25.04% |

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As of January 2, 2026, the following shareholders were known by the Funds to own of record (with sole or shared voting or investment power) 5% or more of the outstanding shares of any class of any of the Funds.<sup>2</sup>

**Fixed Income Opportunities Fund**

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| | | |
|:---|:---|:---|
| **Shareholder** | **Class** | **Percentage of Total**<br> **Outstanding Shares of Class** |
| National Financial Services LLC<br> For the Exclusive Benefit of our Customers<br> Attn Mutual Funds Department 4<sup>th</sup> Fl<br> 499 Washington Blvd.<br> Jersey City, NJ 07310-1995 | Class N<br>| 34.62% |
| SEI Private Trust Company<br> C/O GWP US Advisors<br> One Freedom Valley Drive<br> Oaks, PA 19456-9989 | Class N<br>| 32.05% |
| Pershing LLC<br> 1 Pershing Plz<br> Jersey City, NJ 07399-0001 | Class N<br>| 26.95% |

---

**Government Money Fund**

---

| | | |
|:---|:---|:---|
| **Shareholder** | **Class** | **Percentage of Total**<br> **Outstanding Shares of Class**  |
| National Financial SRS LLC<br> 499 Washington Boulevard<br> Mailzone NJ4C<br> Jersey City, NJ 07310-1995 | Servicing Class<br>| 80.74% |
| SEI Private Trust Company Cust<br> c/o City National Bank<br> One Freedom Valley Drive<br> Oaks, PA 19456-9989 | Servicing Class<br>| 19.11% |
| US Bank NA Cust<br> Daniel A Hanwacker IRA<br> 209 Split Rock Rd<br> Syosset, NY 11791-2133 | Class N<br>| 98.54%<br>|
| City National Bank as Agent<br> For Various Accounts<br> Attn: Trust Ops/Mutual Funds<br> 555 S Flower St Fl 10<br> Los Angeles, CA 90071-2326 | Class S<br>| 100.00%<br>|

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<sup>2</sup> The Funds have no information regarding the beneficial owners of Fund shares owned through accounts with financial intermediaries.

**Muni High Income Fund**

---

| | | |
|:---|:---|:---|
| **Shareholder** | **Class** | **Percentage of Total**<br> **Outstanding Shares of Class** |
| Mutual Fund Administrator<br> c/o City National Bank <br> SEI Private Trust Company<br> One Freedom Valley Drive<br> Oaks, PA 19456-9989 | Servicing Class<br>| 96.59%<br>|
| Pershing LLC<br> 1 Pershing Plz<br> Jersey City, NJ 07399-0001 | Class N<br>| 38.20% |
| National Financial Services LLC<br> 499 Washington Blvd.<br> Jersey City, NJ 07310-1995 | Class N<br>| 35.90% |
| c/o GWP US Advisors<br> SEI Private Trust Company<br> One Freedom Valley Drive<br> Oaks, PA 19456-9989 | Class N<br>| 17.78% |
| Charles Schwab & Co. Inc.<br> Special Custody A/C FBO Customers<br> Attn Mutual Funds<br> 211 Main St.<br> San Francisco, CA 94105-1901 | Class N | 7.24%<br>|

---

As of January 2, 2026, the Trustees and officers of the Trust owned of record, in aggregate, less than 1% of the outstanding shares of each Fund.

***PERFORMANCE INFORMATION***

As noted in the Prospectus, the Funds may, from time to time, quote various performance figures in advertisements and other communications to illustrate their past performance. Performance figures will be calculated separately for different classes of shares.

**YIELD**

The Funds' 30-day yields are calculated according to a formula prescribed by the SEC, expressed as follows:

YIELD = 2[(1+[a-b]/cd)6 - 1]

---

| | |
|:---|:---|
| Where: | a = dividends and interest earned during the period. |
|  | b = expenses accrued for the period (net of reimbursement). |
|  | c = the average daily number of shares outstanding during the period that were entitled to receive dividends. |
|  | d = the maximum offering price per share on the last day of the period. |

---

For the purpose of determining the interest earned (variable "a" in the formula) on debt obligations that were purchased by these Funds at a discount or premium, the formula generally calls for amortization of the discount or premium; the amortization schedule will be adjusted monthly to reflect changes in the market values of the debt obligations.

Current yield reflects the interest income per share earned by the Government Money Fund's investments. Current yield is computed by determining the net change, excluding capital changes, in the value of a hypothetical pre-existing account having a balance of one share at the beginning of a seven-day period, subtracting a hypothetical charge reflecting deductions from shareholder accounts, and dividing the difference by the value of the account at the beginning of the base period to obtain the base period return, and then annualizing the result by multiplying the base period return by (365/7).

Effective yield is computed in the same manner except that the annualization of the return for the seven-day period reflects the results of compounding by adding 1 to the base period return, raising the sum to a power equal to 365 divided by 7, and subtracting 1 from the result. This figure is obtained using the SEC formula:

Effective Yield = [(Base Period Return + 1)365/7] – 1

Investors should recognize that, in periods of declining interest rates, the Funds' yields will tend to be somewhat higher than prevailing market rates and, in periods of rising interest rates, will tend to be somewhat lower. In addition, when interest rates are falling, monies received by the Funds from the continuous sale of their shares will likely be invested in instruments producing lower yields than the balance of their portfolio of securities, thereby reducing the current yield of the Funds. In periods of rising interest rates, the opposite result can be expected to occur.

A tax equivalent yield demonstrates the taxable yield necessary to produce an after-tax yield equivalent to that of a fund that invests in tax- exempt obligations. The effective rate used in determining such yield does not reflect the tax costs resulting from the loss of the benefit of personal exemptions and itemized deductions that may result from the receipt of additional taxable income by taxpayers with adjusted gross incomes exceeding certain levels. The tax equivalent yield may be higher than the rate stated for taxpayers subject to the loss of these benefits.

Each Fund's performance will vary from time to time depending upon market conditions, the composition of its portfolio and its operating expenses. Consequently, any given performance quotation should not be considered representative of that Fund's performance for any specified period in the future. In addition, because performance will fluctuate, it may not provide a basis for comparing an investment in that Fund with certain bank deposits or other investments that pay a fixed yield for a stated period of time. Investors comparing that Fund's performance with that of other investment companies should give consideration to the quality and maturity of the respective investment companies' portfolio securities.

**AVERAGE ANNUAL TOTAL RETURN**

Total return may be stated for any relevant period as specified in the advertisement or communication. Any statements of total return for a Fund will be accompanied by information on that Fund's average annual compounded rate of return over the most recent four calendar quarters and the period from that Fund's inception of operations. The Funds may also advertise aggregate and average total return information over different periods of time. A Fund's "average annual total return" figures are computed according to a formula prescribed by the SEC expressed as follows:

P(1 + T)n = ERV

---

| | |
|:---|:---|
| Where: | P = a hypothetical initial payment of $1,000. |
|  | T = average annual total return. n |
|  | = number of years. |
|  | ERV = Ending Redeemable Value of a hypothetical $1,000 investment made at the beginning of a l-, 5- or 10-year period at the end of a l-, 5- or 10-year period (or fractional portion thereof), assuming reinvestment of all dividends and distributions and complete redemption of the hypothetical investment at the end of the measuring period. |

---

**AVERAGE ANNUAL TOTAL RETURN AFTER TAXES ON DISTRIBUTIONS**

Quotations of average annual total return after taxes on distributions will be expressed in terms of the average annual total return (after taxes on distributions) by finding the average annual compounded rates of return of a hypothetical investment in a Fund over different periods of time and since that Fund's inception of operations. A Fund's "average annual total return after taxes on distributions" figures are computed according to a formula prescribed by the SEC expressed as follows:

P(1 + T)n = ATV<sub>D</sub>

---

| | | |
|:---|:---|:---|
| Where: | P | a hypothetical initial payment of $1,000. |
|  | T | average annual total return (after taxes on distributions). |
|  | n | number of years. |
|  | ATV<sub>D</sub> | ending value of a hypothetical $1,000 investment made at the beginning of a l-, 5- or 10-year period at the end of a l-, 5- or 10-year period (or fractional portion thereof), after taxes on Fund distributions but not after taxes on redemption, assuming reinvestment of all dividends and distributions and complete redemption of the hypothetical investment at the end of the measuring period. |

---

**AVERAGE ANNUAL TOTAL RETURN AFTER TAXES ON DISTRIBUTIONS AND REDEMPTION**

Quotations of average annual total return after taxes on distributions and redemption will be expressed in terms of the average annual total return (after taxes on distributions and redemption) by finding the average annual compounded rates of return of a hypothetical investment in a Fund over different periods of time and since that Fund's inception of operations. A Fund's "average annual total return after taxes on distributions and redemption" figures are computed according to a formula prescribed by the SEC expressed as follows:

P(1 + T)n = ATV<sub>DR</sub>

---

| | | |
|:---|:---|:---|
| Where: | P | a hypothetical initial payment of $1,000. |
|  | T | average annual total return (after taxes on distributions and redemption). |
|  | n | number of years. |
|  | ATV<sub>DR</sub> | ending value of a hypothetical $1,000 investment made at the beginning of a l-, 5- or 10-year period at the end of a l-, 5- or 10-year period (or fractional portion thereof), after taxes on Fund distributions and redemption, assuming reinvestment of all dividends and distributions and complete redemption of the hypothetical investment at the end of the measuring period. |

---

 ****

***PURCHASE AND REDEMPTION OF SHARES***

Shares of the Bond Funds may be purchased and redeemed on days when the NYSE is open for business. Currently, the weekdays that the NYSE recognizes as holidays and is closed are: 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. Shares of the Government Money Fund may be purchased and redeemed on days when the NYSE and the Federal Reserve Bank of New York (the "Federal Reserve") are open for business. The Funds reserve the right to open for business on days that the NYSE is closed due to an emergency or other unanticipated event, but the Federal Reserve is open. Purchases and redemptions will be made in full and fractional shares.

Shares of the Funds have not been registered for sale outside of the United States. The City National Rochdale Funds generally do not sell shares to investors residing outside the United States, even if they are United States citizens or lawful permanent residents, except to investors with United States military APO or FPO addresses.

To help the government fight the funding of terrorism and money laundering activities, federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account.

When you open an account, the broker-dealer or other financial institution responsible for maintaining your account (your "Authorized Institution") will ask you for certain information, which includes your name, address, date of birth, and other information that will allow us to identify you. This information is subject to verification to ensure the identity of all persons opening a mutual fund account. Please contact your Authorized Institution for more information.

The Funds are required by law to reject your investment if the required identifying information is not provided. In certain instances, the Authorized Institution is required to collect documents on behalf of the Funds to fulfill their legal obligation. Documents provided in connection with your application will be used solely to establish and verify a customer's identity. Attempts to collect missing information required on the application will be performed by contacting you. If this information is unable to be obtained within a timeframe established in the sole discretion of the Funds, your application will be rejected.

Customer identification and verification is part of the Funds' overall obligation to deter money laundering under federal law. The Funds have adopted an Anti-Money Laundering Compliance Program designed to prevent the Funds from being used for money laundering or the financing of terrorist activities. In this regard, the Funds reserve the right to (i) refuse, cancel or rescind any purchase or exchange order, (ii) freeze any account and/or suspend account services or (iii) involuntarily close your account in cases of threatening conduct or suspected fraudulent or illegal activity. These actions will be taken when, in the sole discretion of Fund management, they are deemed to be in the best interest of the Funds or in cases when the Funds are requested or compelled to do so by governmental or law enforcement authority. If your account is closed at the request of governmental or law enforcement authority, you may not receive proceeds of the redemption if the Funds are required to withhold such proceeds.

The Funds will accept investments in cash only in U.S. dollars. The Trust reserves the right, if conditions exist which make cash payments undesirable, to honor any request for redemption or repurchase order in-kind by making payment in readily marketable securities chosen by the Funds and valued as they are for purposes of computing the Funds' net asset values. However, the Trust has elected to commit itself to pay in cash all requests for redemption by any shareholder of record, limited in amount with respect to each shareholder during any 90-day period to the lesser of: (1) $250,000, or (2) one percent of the net asset value of the Funds at the beginning of such period. If payment is made in securities, a shareholder may incur transaction expenses in converting these securities into cash. To minimize administrative costs, share certificates will not be issued. Records of share ownership are maintained by the Transfer Agent.

The Funds may be required to withhold federal income tax at a rate of 24% (backup withholding) from dividend payments, distributions, and redemption proceeds if a shareholder fails to furnish the Funds with his/her certified social security or tax identification number. The shareholder also must certify that the number is correct and that he/she is not subject to backup withholding. The certification is included as part of the share purchase application form. If the shareholder does not provide a social security number, in compliance with anti-money laundering rules, including the Fund's customer identification program, the transfer agent typically will not establish an account without a completed application.

The Trust reserves the right in its sole discretion to (i) suspend the continued offering of the Funds' shares, and (ii) reject purchase orders in whole or in part when in the judgment of the Adviser or the Distributor such suspension or rejection is in the best interest of a Fund.

Payments to shareholders for shares of a Fund redeemed directly from that Fund will be made as promptly as possible but no later than seven days after receipt by the Transfer Agent of the written request in proper form, with the appropriate documentation as stated in the Prospectus, except that a Fund may suspend the right of redemption or postpone the date of payment during any period when (i) trading on the NYSE is restricted as determined by the SEC or the NYSE is closed for other than weekends and holidays; (ii) an emergency exists as determined by the SEC (upon application by a Fund pursuant to Section 22(e) of the 1940 Act) making disposal of portfolio securities or valuation of net assets of a Fund not reasonably practicable; or (iii) for such other period as the SEC may permit for the protection of the Fund's shareholders.

***OTHER INFORMATION***

The Prospectus and this SAI do not contain all the information included in the Trust's registration statement filed with the SEC under the 1933 Act with respect to the securities offered by the Prospectus. Certain portions of the registration statement have been omitted from the Prospectus and this SAI pursuant to the rules and regulations of the SEC. The registration statement, including the exhibits filed therewith, may be examined at the office of the SEC in Washington, D.C. Copies of the registration statements may be obtained from the SEC upon payment of the prescribed fee.

Statements contained in the Prospectus or in this SAI as to the contents of any contract or other document referred to are not necessarily complete, and, in each instance, reference is made to the copy of such contract or other document filed as an exhibit to the registration statement of which the Prospectus and this SAI form a part, each such statement being qualified in all respects by such reference.

***FINANCIAL STATEMENTS***

Audited financial statements for the Funds, as contained in the Funds' [Annual Financials and Other Information, which are included as part of the Funds' Form N-CSR for the fiscal year ended September 30, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/1026977/000139834425022005/fp0095915-1_ncsrixbrl.htm), are available on request and are incorporated herein by reference. Such financial statements have been incorporated herein in reliance upon such report on the authority of Cohen & Co, the Funds Independent Registered Public Accounting firm, as experts in accounting and auditing.

**APPENDIX A**

**RBC Rochdale, LLC**

**Summary of Proxy Voting Policy**

The proxy voting policy of RBC Rochdale, LLC (the "Adviser") is to ensure that proxies are voted in the best interests of the Funds, in accordance with the Adviser's fiduciary duties and applicable regulatory requirements. The Adviser will generally vote proxies related to portfolio securities of the Funds in conformity with the recommendations of a disinterested third party.

The Board has a fiduciary duty to act in the best long-term interest of the respective Fund's shareholders. The Board is required to retain an Adviser to manage the portfolio. The federal securities laws do not specifically address how an Adviser must exercise its proxy voting authority for clients.

Under the Investment Advisers Act of 1940 ("Advisers Act"), however, an Adviser 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. Rule 206(4)-6 of the Advisers Act requires that an Adviser that exercises voting authority to adopt and implement written policies and procedures reasonably designed to ensure that the Adviser votes proxies in the best interest of its clients and does not subrogate the client's interests to its own.

It is possible that in voting proxies, a number of conflicts may arise. While it is not possible to anticipate all instances of potential conflict, the standard is clear. An overriding goal of these policies and procedures is to reasonably ensure that material conflicts are addressed in a timely manner.

Policy

*Voting of Fund Portfolio Securities.* The Board of Trustees (the "Board") has adopted policies and procedures with respect to voting proxies relating to portfolio securities held by the Funds, pursuant to which the Board has delegated the responsibility for voting such proxies to the Adviser as a part of the Adviser's general management of the Funds, subject to the Board's continuing oversight. Please refer to the Adviser's Proxy Voting Policy for additional information.

The Adviser may, but is not required to, further delegate the responsibility for voting proxies relating to portfolio securities held by any of the Funds to one or more of the sub-advisers retained to provide investment advisory services to such Fund, if any (each a "Sub-Adviser"). If such responsibility is delegated to a Sub-Adviser, then the Sub-Adviser shall assume the proxy voting duty. The Adviser, in accordance with the Policy, has further delegated the responsibility for voting proxies for certain of the Funds to the Sub-Advisers.

The delegation by the Board of the authority to vote proxies relating to portfolio securities of the Funds may be revoked by the Board, in whole or in part, at any time.

The Adviser or Sub-Adviser to which authority to vote on behalf of any Fund is delegated, acts as a fiduciary of the Fund and must vote proxies in a manner consistent with the best interests of the Fund and its shareholders. The Adviser will primarily vote proxies in conformity with the recommendations of a disinterested third party. The Adviser has adopted the proxy voting guidelines of Glass Lewis & Co. ("Glass Lewis"), a third-party service provider that provides recommendations for proxy votes based on its guidelines, with no input from the Adviser. If Glass Lewis has not provided a recommendation with respect to a proxy vote and there is no option to abstain, the Adviser must determine, in consultation with Trust counsel when necessary, what actions to take (if any) with respect to such proxy.

The Adviser has engaged Broadridge Financial Solutions, Inc. ("Broadridge"), a third-party service provider, to vote proxies with respect to equity securities held by the Funds, on behalf of the Adviser, through Broadridge's ProxyEdge electronic voting solution and in accordance with Glass Lewis guidelines.

The Adviser's Proxy Voting Committee is responsible for the implementation and monitoring of the Adviser's proxy voting policy and disclosures.

The Adviser reserves the right to withdraw any proxy from ProxyEdge and vote the proxy itself if the Proxy Voting Committee determines that (i) no material conflict of interest exists, and (ii) doing so would be in the best interests of the applicable Fund(s). The Proxy Voting Committee will determine how to vote such a proxy, and written records memorializing the determination to withdraw a proxy from ProxyEdge and the basis for the Adviser's voting decision will be maintained by the Proxy Voting Committee.

The Funds may from time to time invest in other investment companies (each, an "Acquired Fund"), including Cash Sweep Funds, in reliance on an exemption in Section 12(d)(1)(F) of the ICA. Such investments are subject to conditions in Section 12(d)(1)(F) and to the Funds' Policy and Procedures for Section 12(d)(1). To the extent that a Fund relies on Section 12(d)(1)(F), the Fund will vote the shares held by it in the Acquired Fund in the same proportion as the vote of all other shareholders of the Acquired Fund.

The Funds shall file an annual report of each proxy voted with respect to portfolio securities of the Funds during the twelve-month period ended June 30 on SEC Form N-PX not later than August 31 of each year. Form N-PX must be signed by each Fund, and on behalf of the Fund, by the Fund's principal executive officer. The Adviser has engaged Broadridge to complete and transmit the Form N-PX filings to the SEC via its EDGAR database.

The Funds are required to include in their Annual and Semi-Annual Reports to shareholders a brief statement, in plain English, that certain additional Fund information, including proxy voting information, is available on the Funds' website.

Fund proxy voting information will be delivered within 3 business days of receipt of a request by a shareholder. The Adviser will, if not inconvenient for the shareholder, deliver this information to the shareholder through electronic means. If a shareholder prefers a hard copy, the Adviser will send the Fund proxy voting information by first-class mail, within 3 business days of receipt of a request by a shareholder.

The Funds shall include in their Form N-1A registration statement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;➢ A description of this policy and of the
 policies and procedures used by the Adviser (if it has retained the authority to vote proxies on behalf of any Fund), and by each
 Sub-Adviser with authority to vote proxies on behalf of any Fund that receives proxies relating to its portfolio holdings to determine
 how to vote proxies relating to portfolio securities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;➢ A statement of information regarding how the Fund(s) voted proxies relating
to portfolio securities during the most recent 12-month period ended June 30 is publicly available upon request, without charge, and also
on the Funds' website at www.citynationalrochdalefunds.com.

*Voting of Fund Shares Held in Managed Accounts.* For managed accounts over which the Adviser has proxy voting authority and which hold Fund shares, the Adviser has delegated authority for voting Fund proxies to Glass Lewis. The Adviser will not reassume proxy voting authority with respect to any Fund shares or otherwise direct the vote of those shares.

Roles and Responsibilities

The Adviser has the responsibility for voting proxies relating to portfolio securities held by the Funds, as part of the Adviser's general management of the Funds, subject to the Board's continuing oversight. If the responsibility for voting proxies is delegated to a Sub-Adviser, then the Sub-Adviser shall assume the proxy voting duty.

The Proxy Voting Committee is responsible for ensuring that periodic testing is in place to confirm compliance with this policy.

The Proxy Voting Committee will review, at least annually, a sample of Glass Lewis' voting records to verify that proxy votes were cast in accordance with the Adviser's guidelines. Using these results and other information provided by the Adviser, the Adviser presents a report to the Board on an annual basis regarding the effectiveness of the proxy voting procedure.

It shall be the responsibility of the Adviser to ensure that the Funds are in compliance with this policy. If the Funds are relying on an exception, the Fund Administrator is responsible for (i) confirming that the applicable exception is available and (ii) for so long as the Fund invests in excess of the Section 12(d)(1) limits in reliance on the exception, monitor that the applicable conditions are satisfied.

The Adviser is responsible for monitoring the percentage ownership of a Fund's investment in the voting securities of an unregistered Cash Sweep Fund.

The Fund Administrator shall also be responsible for including in a Fund's registration statement the information required to be provided in the Prospectus fee table related to the expenses associated with the Fund's investments in other investment companies.

The Board has the responsibility to oversee the Adviser's voting of proxies.

City National Rochdale Funds Board Reporting

&nbsp;&nbsp;&nbsp;&nbsp;a. At least annually, the Adviser and any
 Sub-Adviser with authority to vote proxies on behalf of the Funds for which the Adviser has oversight shall present to the City National
 Rochdale Funds Board its policies, procedures and guidelines for voting proxies. In lieu of such an annual report, the Adviser and
 each Sub-Adviser may indicate that it has made no material changes to any of these documents. The Adviser and each Sub-Adviser shall
 notify the Board promptly of material changes to any of these documents.

&nbsp;&nbsp;&nbsp;&nbsp;b. At least annually, the Adviser and each
 Sub-Adviser shall provide to the Board a summary record of all proxies voted with respect to portfolio securities of such Fund during
 the year, which summary may be a statistical report that details the categories and quantities of items voted, but does not identify
 each issuer. With respect to those proxies that the Adviser or a Sub-Adviser has identified as involving a conflict of interest,
 the Adviser or the Sub-Adviser shall submit a separate report indicating the nature of the conflict of interest and how that conflict
 was resolved with respect to the voting of the proxy.

If Sub-Advisers are responsible for voting proxies, then the CCO, or his or her designee, will confirm with each Sub-Adviser that all proxies for each quarter-end have been voted in accordance with the Sub-Adviser's policies, procedures and guidelines.

GLASS LEWIS PROXY POLICY

Except for conflicts, and as also may be noted in the Adviser proxy policies, the Adviser has adopted the Glass Lewis Policy Guidelines (the "Guidelines") which have been incorporated into the Adviser's proxy policies. The Guidelines are designed to maximize returns for investment managers by voting in a manner consistent with such managers' active investment decision-making. The Guidelines, as updated from time to time, can be found at GlassLewis.com, or by copying and pasting the following link into your browser:

https://resources.glasslewis.com/hubfs/2026%20Guidelines/Benchmark/Benchmark%20Policy%20Guidelines%202026%20-%20United%20States.pdf.

 

*City National Rochdale Oversight*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Glass Lewis' Voting Guidelines will be reviewed by the Proxy Voting
Committee annually.

*Recordkeeping* – The following items will be maintained in accordance with the five year retention requirement as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. proxy voting procedures and policies, and all amendments, will be maintained by the Adviser's Chief Compliance Officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Broadridge will maintain a record of each vote cast on behalf of the securities held by the client (Fund). The Adviser has obtained an
 undertaking from Broadridge to provide such information promptly upon request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. a record of all client requests for proxy
 voting information and the subsequent responses will be maintained by the Adviser; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. records memorializing the determination to withdraw a vote from Glass
Lewis and the basis for the Adviser's voting decision will be maintained by the Proxy Voting Committee a copy of which will be provided
to the Adviser's Chief Compliance Officer.

 

*Proxy Voting Disclosure*

For purposes of the Trust's registration statement disclosure on Form N-1A, the Adviser and each Sub-Adviser shall provide the Trust with a description of its policies and procedures to determine how to vote proxies relating to portfolio securities for which it has authority to vote proxies on behalf of the Fund.

**<u>Benefit Street Partners Limited Proxy Voting Policy</u>**

&nbsp;&nbsp;&nbsp;&nbsp;**1.** **SCOPE** 

This Policy applies to all investment strategies advised by Benefit Street Partners Limited ("BSP" or "the Firm").

BSP generally will not be called upon to vote proxies for its syndicated loan and direct lending investments because of the nature of the instruments involved in the investment strategy (i.e., loans rather than securities). An exception is when BSP may hold loan investments which could be converted to voting securities.

Proxy votes are also not generally conducted for corporate bonds. In addition, proxy votes may take place from time to time on structured credit investments where our funds hold the equity tranche.

&nbsp;&nbsp;&nbsp;&nbsp;**2.** **PURPOSE** 

When engaged by a client to provide discretionary advisory services, BSP is typically delegated the responsibility to vote on matters considered at portfolio companies' shareholder meetings, usually by means of a proxy ballot ("proxy voting").

In these instances, BSP has a duty to monitor corporate events and to vote proxies in the best interest of its client and not subrogate the interests of its clients to its own interests. This generally means voting with a view toward enhancing the economic value of the investment. In the case of social and political responsibility issues that, in BSP's opinion, do not primarily involve financial considerations, it is the Firm's objective to support shareholder proposals that the Firm believes promote good corporate citizenship while enhancing long-term shareholder value.

When it has voting responsibility, BSP will make every attempt to vote when given an opportunity to do so. However, there may be instances when the Firm is unable or unwilling to vote because of legal or operational difficulties or because it believes the administrative burden and/or associated cost exceeds the expected benefit to a client.

&nbsp;&nbsp;&nbsp;&nbsp;**3.** **REGULATORY CONTEXT** 

The SEC has taken the position that proxy voting is only required where the adviser exercises discretion over advisory assets and the adviser's contract is otherwise silent on proxy voting responsibilities or specifically provides that the adviser will vote proxies.

The Department of Labor's (DOL's) position is that the exercise of shareholder rights (including voting rights) on behalf of a plan subject to the Employee Retirement Income Security Act of 1974, as amended ("ERISA") is a fiduciary obligation and in carrying out such obligation, fiduciaries must act "prudently" and "solely in the interest" and "for the exclusive purpose" of providing benefits to participants and their beneficiaries. Plan fiduciaries may delegate authority to vote proxies or exercise shareholder rights to an investment manager or a proxy voting firm or other person who performs advisory services as to the voting of proxies, provided that the plan fiduciary must prudently monitor the proxy voting activities of such investment manager or proxy advisory firm.

**Advisers Act Requirements**

Rule 206(4)-6 of the Advisers Act (the "Proxy Voting Rule") states that it is a fraudulent, deceptive, or manipulative act, practice or course of business for BSP to exercise voting authority with respect to client securities, unless BSP:

● Adopts and implements written policies and procedures that are reasonably designed to ensure that BSP votes client securities in the best interest of clients, including how BSP will address material conflicts that may arise between BSP's interests and those of BSP's clients;

● Discloses to clients (in BSP's Form ADV Part 2A Brochure, or through other means), how clients may obtain information from BSP about how BSP voted with respect to their securities; and

● Describes to clients (in BSP's Form ADV Part 2A Brochure, or through other means), BSP's proxy voting policies and procedures and, upon request, furnishes a copy of BSP's policies and procedures to the requesting client.

**ERISA Requirements**

Based on the DOL's proxy voting guidance with respect to ERISA plans, it is BSP's policy to clearly delineate in the IMA who has responsibility for voting and if BSP has such responsibility, BSP will:

● Take reasonable steps to ensure that it will receive all proxies for which it has voting authority.

● In voting, act prudently and solely in the interests of plan participants and beneficiaries, and in accordance with DOL guidance regarding proxy voting. In so doing, BSP will consider factors that would affect the value of the plan's investments and may not subordinate the interests of plan participants and beneficiaries to any non-pecuniary objective, or promote non-pecuniary benefits or goals unrelated to those financial interests of the plan's participants and beneficiaries.

● Maintain records of proxy voting activities and other exercises of shareholder rights.

&nbsp;&nbsp;&nbsp;&nbsp;**4.** **VOTING** 

BSP reviews the circumstances for each vote to determine which stance would best serve the interests of its clients and votes accordingly. BSP votes and documents its vote as follows:

● A voting file is established to gather relevant information regarding each proxy vote (i.e., analyst research) and document how BSP voted on each proxy vote.

● While BSP expects to vote proxies in the same manner across each client account, the relevant Portfolio Manager or Investment Committee may vote certain client accounts differently than others if it is determined that it is in the best interest of the respective clients to do so.

● The relevant Portfolio Manager or Investment Committee (or designee) for the particular client, will decide, on a case-by-case manner, how each vote should be cast in order to best serve the interest of each respective client.

● A record noting the details of the vote, as well as an assessment as to whether a material conflict of interest exists, is maintained in the voting file.

● Copies of actual voting records will be maintained.

&nbsp;&nbsp;&nbsp;&nbsp;**5.** **NON VOTING OF PROXIES** 

When it has voting responsibility, BSP will make every attempt to vote when given an opportunity to do so. However, there may be instances when BSP is unable or unwilling to vote because of legal or operational difficulties or because it believes the administrative burden and/or associated cost exceeds the expected benefit to a client.

&nbsp;&nbsp;&nbsp;&nbsp;**6.** **CONFLICTS OF INTEREST** 

While BSP does not anticipate that it will regularly face a material conflict of interest in the exercise of its voting responsibilities, BSP has developed a Proxy Voting Form to this policy which has been designed to identify and document potential conflicts of interest. Based on the responses to the Proxy Voting Form, the Portfolio Manager or Investment Committee (or designee), will determine if there is any actual or perceived conflict of interest. If a conflict exists, the Portfolio Manager or Investment Committee (or designee), will determine whether the conflict is **"material"** based on the nature of the business or personal relationship, the specific proxy proposal and such other factors or criteria as the Portfolio Manager or Investment Committee (or designee) determine are relevant.

In the event of any uncertainty relating to the presence of a conflict of interest or whether a conflict is material, the Portfolio Manager or Investment Committee (or designee), may consult with others as appropriate. Employees involved in the decision-making process or administration of proxy votes are prohibited from revealing how BSP intends to vote on a proposal in order to reduce any attempted influence from interested parties.

If a material conflict of interest is found to exist, the Chief Investment Officer and Chief Compliance Officer will be consulted to ensure that the vote is cast in a manner that is in the best interest of the client(s). BSP may seek an independent third-party to recommend how to vote the proposal. Such recommendation may be based on the third-party's predetermined voting policies (so long as the subject matter of the proposal is specifically addressed in the third-party's proxy voting guidelines) or independent research conducted by the third-party.

In an effort to minimize the appearance that certain relationships or situations may inappropriately influence its voting decisions, BSP has determined that when presented with the opportunity to vote on shareholder proposals issued by an "Affiliated Fund", it will vote in the same proportion as all other voting shareholders of such Affiliated Fund ("echo voting"). If "echo voting" is not operationally feasible, the vote recommendations of an independent third-party shall be applied. The independent third-party shall be Institutional Shareholder Services ("ISS"), if available, or Glass Lewis, if ISS is not available.

Notwithstanding the foregoing, BSP also may resolve any material conflict in such other manner as BSP believes is in the best interest of the client.

**RECORD KEEPING**

In line with the record-keeping requirements in Rule 204-2 under the Advisers Act, it is BSP policy to maintain the following books and records:

● Copies of BSP's proxy voting policies and procedures.

● A copy of each proxy statement that BSP receives regarding client securities. BSP may rely upon third-party service providers to maintain such records on BSP's behalf. For example, if BSP uses a third-party proxy voting service to vote client proxies, the third-party proxy voting service may maintain copies of the proxy statements on behalf of BSP. The third-party proxy voting service must agree to provide the statements to BSP promptly upon request. Alternatively, BSP can rely upon obtaining a copy of a proxy statement publicly filed by the company from the SEC's EDGAR system.

● A record of each vote cast by BSP on behalf of a client. BSP may rely upon the records maintained by a third-party proxy voting service, if the records can be obtained by BSP promptly upon request.

● A copy of each written client request for information on how BSP voted proxies on behalf of the client, and a copy of any written response by BSP to any written or oral request for information regarding how BSP voted proxies on behalf of the requesting client.

**ROLES AND RESPONSIBILITIES**

This policy is owned by the Chief Compliance Officer, who is responsible for its review, approval, communication and distribution.

It is the responsibility of all Employees to ensure they comply with this policy and any related procedures and to escalate any breaches or potential breaches to Compliance**.** Failure to adhere to this policy is a serious matter that could result in client detriment, regulatory censure or fines and may constitute a criminal offence. It may result in disciplinary action, which could include summary dismissal of the Employee.

<sup>1</sup> For purposes of this policy, any pooled investment vehicle, including registered investment companies, that is sponsored by Franklin Resources, Inc. or a subsidiary of Franklin Resources, Inc., shall be considered an "Affiliated Fund."

**<u>BSP NY LLC Proxy Voting Policy</u>**

**PROXY VOTING AND OTHER VOTING OR CONSENT/ACTION POLICIES AND PROCEDURES**

**A. Introduction/General Principles** 

In accordance with the Firm's fiduciary duty to vote proxies and consents and otherwise make determinations in the best interests of the Firm's Clients, including but not limited to Rule 206(4)-6 under the Advisers Act, the overriding principle of the Firm's proxy and/or other voting (and similar actions and determinations) is to maximize the financial interests of its Clients. For avoidance of doubt, these Proxy Voting and Other Voting or Consent/Action Policies and Procedures applies to any proxy and any other shareholder or beneficial owner vote, consent, action or similar determination, including a vote, consent or action with respect to a private company that does not involve a public proxy and certain consents or other actions relating to debt or other instruments, such as waivers of covenant breaches or amendments to governing documents (all of which are referred to herein as "Voting, Consent and/or Action Matters").

It is the policy of the Firm in Voting, Consent and/or Action Matters to consider and vote or otherwise act with respect to each proposal with the objective of maximizing investment returns for Clients on a Client-by-Client basis. These guidelines address a broad range of issues, including, for example, board size and composition, executive compensation, anti-takeover proposals, capital structure proposals and social responsibility issues and are meant to be general voting, consent and action parameters on issues that arise most frequently. The Firm may, however, vote, consent and/or act in a manner that is contrary to the following general guidelines if it believes that it would be in Clients' best interest to do so, and the Firm makes such determination on a Client-by-Client basis.

The Compliance Team has the responsibility to administer these Proxy Voting and Other Voting or Consent/Action Policies and Procedures and to monitor Voting, Consent and/or Action Matters for any conflicts of interest, regardless of whether they are actual or perceived. For example, the Firm or its Supervised Persons may take positions outside of the Clients through one or more proprietary accounts or funds or personal accounts and, therefore, situations may arise where there would be a conflict between maximizing investment returns for one or more Clients and the Firm's or a Supervised Person's interests. In addition, Clients may invest in different layers of the capital structure of a portfolio company, issuer or borrower (for example, a certain Client (i) may own debt of a portfolio company, issuer or borrower while another Client may own equity in the same portfolio company, issuer or borrower, (ii) may own debt of a portfolio company, issuer or borrower while another Client may own a different tranche or other class or issue of debt of the same portfolio company, issuer or borrower, and/or (iii) may own equity of a portfolio company, issuer or borrower while another Client may own a different equity security of the same portfolio company, issuer or borrower). Furthermore, a Client may participate in debt originated to finance the acquisition by other Clients of an equity or other interest in an issuer or borrower. To the extent a work out, reorganization or other major corporate event occurs with respect to any such portfolio company, issuer or borrower, conflicts may exist between or among the Clients invested in such portfolio company, issuer or borrower.

All Voting, Consent and/or Action Matters will require a mandatory conflicts of interest review by the Compliance Team in accordance with these Proxy Voting and Other Voting or Consent/Action Policies and Procedures, which will include consideration of whether (i) the Firm, (ii) any investment professional or other person within the Firm recommending how to vote, (iii) only one Client or multiple Clients of the Firm, and/or (iv) the Firm's affiliates and their clients has an interest in the Voting, Consent and/or Action Matters that may present a conflict of interest. As noted above, in all such cases, maximizing investment returns for Clients on a Client-by-Client basis is paramount. As such, the Firm may cast different votes or consents or otherwise act in a different manner on behalf of different Clients with respect to the same portfolio company, issuer or borrower.

The Portfolio Manager responsible for any Voting, Consent and/or Action Matter will be responsible for notifying the Compliance Team in advance of any vote, consent and/or action in a timely manner and must receive advance approval from the Compliance Team before voting, consenting and/or acting with respect to any such Voting, Consent and/or Action Matter. If at any time any investment professional becomes aware of any potential or actual conflict of interest or perceived conflict of interest regarding any particular Voting, Consent and/or Action Matter, he or she should contact the Compliance Team. If any investment professional is pressured or lobbied either from within or outside of the Firm with respect to any particular Voting, Consent and/or Action Matters, he or she should contact the Compliance Team.

If the Compliance Team determines that an actual or perceived conflict of interest may exist, they shall notify the Chief Operating Officer who will review and evaluate the Voting, Consent and/or Action Matters proposal and the circumstances surrounding the conflict to determine the vote, consent or action, which will be in the best interest of the Clients, in each case on a Client-by-Client basis. In addition, where the Chief Operating Officer deems appropriate, the Firm may utilize (i) separate deal teams, separate outside counsel and other information barriers, internal screens and ethical walls to protect the interests of each Client and (ii) unaffiliated third parties (including without limitation advisory committees and/or independent directors) to help resolve conflicts and/or approve of the Voting, Consent and/or Action Matter. Subject to the organizational and offerings documents of any given Client, the Chief Operating Officer shall have the power to retain independent fiduciaries, consultants, or professionals to assist with Voting, Consent and/or Action Matters and/or to delegate voting, consent or action powers to such fiduciaries, consultants or professionals.

If the Compliance Team determines that an actual or perceived conflict of interest may exist between maximizing investment returns for one or more Clients and the Firm's or a Supervised Person's interests, the Firm or its Supervised Persons will vote, consent or act with respect to securities or other instruments held in a proprietary account or fund or in a personal account in the best interests of the Clients on a Client-by-Client basis or otherwise abstain from voting, consenting or acting in a manner that is contrary to the best interests of the Clients on a Client-by-Client basis with respect to such securities or other instruments.

In addition, the Firm will maintain all Voting, Consent and/or Action Matters records as described further below. The Firm's Proxy Voting and Other Voting or Consent/Action Policies and Procedures will be reviewed and, as necessary, updated periodically by the Compliance Team to address new or revised voting, consent or action issues.

Please note that although the Voting, Consent and/or Action Matters process (particularly with respect to proxy voting) is well established in the U.S., Voting, Consent and/or Action Matters with respect to foreign companies may involve a number of logistical problems that have a detrimental effect on the Firm's ability to vote, consent or act. The logistical problems include language barriers, untimely or inadequate notice of shareholder meetings, restrictions on a foreigner's ability to exercise votes, and requirements to vote, consent or act in person. Such Voting, Consent and/or Action Matters are handled on a best-efforts basis given the above logistical problems.

The Firm will make copies of these Proxy Voting and Other Voting or Consent/Action Policies and Procedures available upon request to Clients and, when the Client is a Fund, to the investors in that Fund.

Supervised Persons who receive a Voting, Consent and/or Action Matters proposal will consult with the Portfolio Manager responsible for the investment in the security or other instrument to which the Voting, Consent and/or Action Matters proposal relates or as otherwise directed by the Compliance Team. The Portfolio Manager is responsible for making sure the Voting, Consent and/or Action Matters is acted upon in a timely manner (including without limitation an affirmative decision to abstain from voting, consenting or acting).

Subject to potential exceptions applicable to Voting, Consent, and/or Action Matters involving the securities of ERISA Clients (which are governed by Section XXVIII (ERISA Matters)), the Portfolio Manager is not required to vote, consent or act with respect to a Voting, Consent and/or Action Matter if the cost of voting, consenting or acting due to special translation, delivery or other facts and circumstances would outweigh the benefit of voting, consenting or acting for one or more Clients. The Portfolio Manager is also not required to vote, consent or act with respect to a Voting, Consent and/or Action Matter if the Portfolio Manager believes the proposal is not adverse to the best interest of any Clients, or, if adverse, the outcome of the Voting, Consent and/or Action Matter is not in doubt. Notwithstanding the foregoing, the decision not to exercise voting power over certain Voting, Consent, and/or Action Matters may be reportable on Form N-PX, as discussed in Section XXX (Regulatory Reporting Requirements).

Any questions with regard to voting, consenting or acting (or abstaining from voting, consenting or acting) with respect to Voting, Consent and/or Action Matters should be referred to the Compliance Team.

**B. Guidelines** 

The following represents a guideline for each of the principal policy issues:

**1. Routine Proposals** 

Routine proposals include such issues as the approval of auditors, and election of directors. Generally, these proposals will be voted consistent with the recommendation of management. As a matter of policy, it is the Firm's intention to hold corporate officers accountable for actions, either on the basis of specific actions taken as an individual, or as part of a committee, that conflict with the goal of maximizing shareholder value.

**2. Non-Routine Proposals** 

Non-routine proposals include issues that could have a long-term impact on the way a corporation or other entity handles certain matters. Examples of these proposals include (a) restructuring efforts, (b) changes to the number of directors, (c) name changes, (d) mergers & acquisitions (or equivalent actions,) and (e) changes in the issuance of common or preferred stock, stock options plans, etc. Again, these proposals will be analyzed with a goal of maximizing shareholder value and the interests of the Firm's Clients on a Client-by-Client basis.

**3. Corporate Governance Proposal** 

This category includes poison pills, golden parachutes, cumulative voting, classified boards, limitations of officer and director liabilities, etc. Generally speaking, these are issues proposed by an entrenched management looking to maximize their own best interests at the expense of shareholders at large. As such, these proposals will usually generate negative responses from the Firm.

**4. Social Issues** 

These proposals range from divestment from geographical or industrial representation to environmental or other matters, either internal or external. The Firm will consider voting, consenting or acting for issues that have redeeming social merit that neither compromises the company's competitive position within an industry, nor adversely impacts the goal of maximizing shareholder value and the interests of the Firm's Clients on a Client-by-Client basis.

**5. Other Proposals** 

These proposals, excluding those referenced above, usually deal with subjects such as compensation, employee hiring, and corporate governance issues. These cannot be generalized other than to say that they reflect personal points of view, and typically fall into the category of micro-management, an area that the Firm tends to avoid. These proposals will be viewed in the light of voting, consenting or acting in a manner that the Firm believes maximizes shareholder/investor value and the interests of the Firm's Clients on a Client-by-Client basis.

**6. Conflicts and Split Voting** 

If a Portfolio Manager (or his or her designee) determines that a material conflict may exist between a Client's interests and the Firm's interest or between two or more Clients' interests, the Portfolio Manager (or his or her designee) shall inform the Compliance Team of such material conflict. The Compliance Team shall determine the appropriate course of action in consultation with the Chief Operating Officer, as described above. In addition, where the Chief Operating Officer deems appropriate, separate deal teams, separate outside counsel and other information barriers, internal screens and ethical walls, as well as unaffiliated third parties (including without limitation advisory committees and/or independent directors) may be used to help resolve conflicts and make decisions to protect the interests of each Client. The Firm or its Supervised Persons will vote, consent or act with respect to securities or other instruments held in a proprietary account or fund or in a personal account in the best interests of the Clients on a Client-by-Client basis or otherwise abstain from voting, consenting or acting in a manner that is contrary to the best interests of the Clients on a Client-by-Client basis with respect to such securities or other instruments. In all such cases, maximizing investment returns for Clients on a Client-by-Client basis is paramount.

Situations may arise in which more than one Client invests in different parts of the capital structure of the same company. In those situations, two or more Clients may be invested in strategies having different investment objectives, investment styles, economic positions or portfolio managers. As a result, the Firm may cast different votes or consents or take other different actions on behalf of different Clients. In each case, the Firm will determine the vote, consent or action that the Firm believes is in the best interests of each Client, without regard to the interests of any other Client.

**C. Conflict Management Procedures With Respect to Investments in Certain Real Estate Development Projects** 

As noted herein, in accordance with the Firm's fiduciary duty pursuant to the Advisers Act and otherwise under law to invest, act, and otherwise make determinations in accordance with what the Firm believes to be in the best interests of each of the Firm's Clients, the Firm has adopted and implements procedures to ensure that it serves the interests of each Client, on a Client-by-Client basis, at all times (*i.e*., the Firm will at all times act in a manner that it believes to be in the best interests of each Client without regard to the interests of any other Client, or any other affiliate of the Firm).

Also as noted in herein, situations may arise in which more than one Client (or other affiliate of the Firm) may invest in different parts or different layers of the capital structure of a portfolio company, issuer, borrower or other entity. For example, a Client (i) may own debt of a portfolio company, issuer, borrower or other entity while another Client may own equity in the same portfolio company, issuer, borrower or other entity, (ii) may own debt of a portfolio company, issuer, borrower or other entity while another Client may own a different tranche or other class or issue of debt of the same portfolio company, issuer, borrower or other entity, and/or (iii) may own equity of a portfolio company, issuer, borrower or other entity while another Client may own a different equity security of the same portfolio company, issuer, borrower or other entity. As a result, whether at the time of making such investment, or at the time that any vote, consent or other action is required with respect to such investment (such as, for example, at the time of a work-out, reorganization or other major corporate event with respect to any such portfolio company, issuer, borrower or other entity), conflicts may exist between or among the Clients (or other Firm affiliates) investing in or invested in such portfolio company, issuer, borrower or other entity.

Specifically and not in limitation of the procedures set forth elsewhere in this Manual, in order avoid potential conflicts between Clients or other Firm affiliates within the same issuer or borrower's capital structure with regard to certain real estate project development transactions and related real estate project financings (collectively, the "Real Estate Development Projects"), whenever it is reasonably practical to do so in connection with the limited liability companies, limited partnerships, joint ventures, special purpose vehicles and/or other entities formed with respect to the investments made by the Firm on behalf of its Clients in such Real Estate Development Projects (such entities, the "Real Estate Development Project Investment Entities"), if more than one Client or other Firm affiliate has an interest in such Real Estate Development.

**Real Estate Development Project Investment Entity** 

Project that may be in conflict with the interest of another Client or other Firm affiliate in such Real Estate Development Project, the Firm shall seek to have at least one of the Real Estate Development Project Investment Entities managed and controlled by an entity that is not in any manner affiliated with the Firm (an "Independent Party") in order to ensure that, notwithstanding the economic interests in the Real Estate Development Project Investment Entity held by a Client or other Firm affiliate, the Independent Party manages and controls the Real Estate Development Project Investment Entity to ensure the separate management and control of the interests in the Real Estate Development Project held from time to time by Clients and/or other affiliates of the Firm.

In order to implement the foregoing, the Firm and/or its affiliates (1) whenever it is reasonably practical in connection with the formation and documentation of Real Estate Development Project Investment Entities, shall seek to have the limited partnership agreement, limited liability company operating agreement, joint venture agreement and/or other governance document of such Real Estate Development Project Investment Entity (the "Governance Documents") provide that, if any other Client or other affiliate of the Firm has an interest in such Real Estate Development Project,(i) such Independent Party shall serve as the general partner, managing member, or other similar capacity of such Real Estate Development Project Investment Entity and such Independent Party shall exercise all management and control authority with respect thereto in accordance with such Governance Documents, and (ii) in the event that the Firm or any Client or other Firm affiliate has the right pursuant to such Governance Documents to remove such Independent Party as the general partner, managing member or other similar capacity from such role with respect to the Real Estate Development Project Investment Entity, the Firm, the Client or other Firm affiliate may only to so if, not later than thirty(30) days after such removal, the Firm, the Client or other Firm affiliate designates another Independent Party to serve in such capacity(and during such up to thirty(30) day period, the Firm, the Client and/or other Firm affiliate does not exercise any management or control rights with respect to the Real Estate Development Project Investment Entity that relate to the Real Estate Development Project if such exercise of such management or control rights is, or reasonably could be interpreted to be, either not in the best interests of the Real Estate Development Project Investment Entity with respect to the Real Estate Development Project or adverse to the interests in the Real Estate Development Project of any other Client or affiliate of the Firm) and/or (2) whenever the Firm or its affiliates do not include the foregoing conflict protections in the Governance Documents of such Real Estate Development Project Investment Entity, the Firm and its affiliates shall nonetheless, as a matter of internal policy and procedures, act in a manner in full compliance with the provisions set forth in clause (1) of this paragraph.

The paramount conceptual and implementation requirement of the foregoing compliance procedures are to ensure that, in situations where a conflict exists, or could reasonably be interpreted to exist, between Clients or other affiliates of the Firm with respect to Real Estate Development Projects, the Firm and its affiliates shall eliminate (or substantially mitigate) any such conflicts by having an Independent Party exercise all decision making authority with respect to the interests of one of the Clients or other affiliates of the Firm with respect to such Real Estate Development Project through the establishment of a Real Estate Development Project Investment Entity managed and controlled by such Independent Party. This will ensure that, both at the time of such investment and in the event that any decision or other action must be made or determined with respect to the interests in the Real Estate Development Project, the Firm and its affiliates are not placed in the position of having to manage competing and conflicting interests of its Clients or other affiliates, and the Firm may then act in the best interests of the Client or other affiliates for which the Firm has management and/or control rights with respect to the Real Estate Development Project while the Independent Party exercises separate and independent management and control rights with respect to the Real Estate Development Project through the Real Estate Development Project Investment Entity, including with respect to Real Estate Development Project Investment Entities in which another Client or other affiliate of the Firm may have an economic interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D. Recordkeeping** 

In accordance with the Firm's Record Policies, the Firm must retain copies of (i) these Proxy Voting and Other Voting or Consent/Action Policies and Procedures and all amendments thereto; (ii) Voting, Consent and/or Action Matters proposals received regarding Client securities and instruments; (iii) records of votes, consents or actions taken on behalf of Clients; (iv) records of Client requests for Voting, Consent and/or Action Matters information and a copy of any written response by the Firm to any (written or oral) Client request for such information; (v) any documents prepared by the Firm that were material to making a decision on how to vote, consent or act; and (vi) records relating to Voting, Consent and/or Action Matters concerning situations with material conflicts of interest. The information should be retained by the relevant Portfolio Manager and copies sent to the Compliance Team.

**FEDERATED INVESTMENT MANAGEMENT COMPANY**

**Proxy Voting Policies**

As an investment Adviser with a fiduciary duty to the Fund and its shareholders, the general policy of Federated Investment Management Company (the "Sub-Adviser") is to cast proxy votes in favor of management proposals and shareholder proposals that the Sub-Adviser anticipates will enhance the long-term value of the securities being voted in a manner that is consistent with the investment objectives of the Fund. Generally, this will mean voting for proposals that the Sub-Adviser believes will improve the management of a company, increase the rights or preferences of the voted securities, or increase the chance that a premium offer would be made for the company or for the voted securities. This approach to voting proxy proposals will be referred to hereafter as the "General Policy."

The Sub-Adviser generally votes consistently on the same matter when securities of an issuer are held by multiple client portfolios. However, the Sub-Adviser may vote differently if a client's investment objectives differ from those of other clients or if a client explicitly instructs the Sub-Adviser to vote differently.

The following examples illustrate how the General Policy may apply to the most common management proposals and shareholder proposals. However, whether the Sub-Adviser supports or opposes a proposal will always depend on a thorough understanding of the Fund's investment objectives and the specific circumstances described in the proxy statement and other available information.

**Corporate Governance**

On matters related to the board of directors, generally, the Sub-Adviser will vote to elect nominees to the board in uncontested elections except in certain circumstances, such as where the director: (1) has not attended at least 75% of the board meetings during the previous year; (2) serves as the company's chief financial officer, unless the company is headquartered in the UK or Ireland where this is market practice; (3) has become "overboarded" (i.e., more than five public company boards for retired executives and more than two such boards for CEOs); (4) is a non-independent, non-executive director on the board of a U.S. domestic issuer where less than two-thirds of the directors are independent; (5) is a non-independent, non-executive director on the board of a foreign issuer where less than half of the directors are independent; (6) is a non-independent member of the audit committee; (7) is the chair of the nominating or governance committee when the roles of chair of the board and CEO are combined and there is no lead independent director; (8) served on the compensation committee during a period in which compensation appears excessive relative to performance and peers; or (9) served on a board that did not implement a shareholder proposal that the Sub-Adviser supported and received more than 50% shareholder support the previous year.

In addition, the Sub-Adviser will generally vote in favor of: (10) a full slate of directors, where the directors are elected as a group and not individually, unless more than half of the nominees are not independent; (11) shareholder proposals to declassify the board of directors; (12) shareholder proposals to require a majority voting standard in the election of directors; (13) shareholder proposals to separate the roles of chair of the board and CEO; (14) a proposal to require a company's audit committee to be comprised entirely of independent directors; and (15) shareholder proposals to eliminate supermajority voting requirements in company bylaws.

On other matters of corporate governance, generally, the Sub-Adviser will vote: (1) in favor of proposals to grant shareholders the right to call a special meeting if owners of at least 10% of the outstanding stock agree; (2) on a case-by-case basis for shareholder proposals to grant shareholders the right to act by written consent when the company does not already grant shareholders the right to call a special meeting; (3) on a case-by-case basis for proposals to adopt or amend shareholder rights plans (also known as "poison pills"); and (4) in favor of shareholder proposals calling for "Proxy Access," that is, a bylaw change allowing shareholders owning at least 3% of the outstanding common stock for at least three years to nominate candidates for election to the board of directors.

Notwithstanding the above, the Sub-Adviser may vote in a manner that diverges from the General Policy based on its evaluation of the specific facts and circumstances of the vote. For example, if a Federated Hermes investment professional has insights into a proxy voting issue as it relates to a specific portfolio company, the investment professional may determine to vote in a manner that contravenes the guidelines set out in the General Policy. The process for casting such votes will be overseen by the Proxy Voting Committee. See further the Proxy Voting Procedures below.

**Shareholder Proposals on Environmental and Social Issues**

The Sub-Adviser will vote shareholder proposals of an environmental or social nature on a case-by-case basis. The Sub-Adviser's general approach to analyzing these proposals calls for considering the language of the proposal, and whether it is overly prescriptive, the financial materiality of the proposal's objective and the practices followed by the company's industry peers. This analysis utilizes research reports from the Sub-Adviser's proxy service providers, company filings, as well as reports published by the company and other outside organizations.

**Environmental**

The Sub-Adviser will generally support proposals calling for enhanced reporting on the company's business practices, including policies, strategic initiatives and oversight mechanisms, related to environmental risks. To reach a final voting decision, the Sub-Adviser will take into consideration:

· The company's current level of publicly available
disclosure;

· Whether the company has formally committed to implementation
of a reporting program based on well-established, generally accepted frameworks;

· Whether the company's current level of disclosure
is comparable to that of industry peers; and

· Whether there are significant
 controversies or litigation associated with the company's environmental performance.

**Social**

The Sub-Adviser will generally support resolutions in the social category when they call for measures to enhance disclosure that would enable investors to make high-quality risk assessments of the company's social issues, such as their human capital management practices. The Sub-Adviser will generally oppose proposals calling for a change in the company's product line or methods of distribution.

**Political Activities**

The Sub-Adviser will generally support enhanced disclosure of policies, practices and oversight of corporate political activity when the current level of disclosure falls short of disclosure provided by industry peers. The Sub-Adviser will oppose proposals prohibiting the company's participation in any part of the political process, such as making political contributions and joining trade associations.

**Capital Structure**

On matters of capital structure, generally, the Sub-Adviser will vote: (1) on a case-by-case basis for proposals to authorize the issuance of new shares if not connected to an M&A transaction and the potential dilution is more than 10%; (2) against proposals to create multiple-class voting structures where one class has superior voting rights to the other classes; (3) in favor of proposals to authorize reverse stock splits unless the amount of authorized shares is not also reduced proportionately. Some foreign issuers annually request shareholders to approve general share issuance authorities as a matter of routine business. On these matters, the Sub-Adviser will vote in favor of proposals to authorize issuance of shares with and without pre-emptive rights unless the size of the authorities would unreasonably dilute existing shareholders.

**Executive Compensation**

Votes on executive compensation come in many forms, including, but not limited to: advisory votes on U.S. executive compensation plans ("Say On Pay"); advisory and binding votes on the design or implementation of non-U.S. executive remuneration plans; and votes to approve new equity plans or amendments to existing plans. Generally, the Sub-Adviser will support compensation arrangements that are believed to sufficiently align executive compensation outcomes with the company's long-term performance.

**Say On Pay**

The Sub-Adviser will generally vote in favor of these proposals unless the plan has failed to align executive compensation with corporate performance, or the design of the plan is likely to lead to misalignment in the future. We support the principle of an annual shareholder vote on executive pay and will generally vote accordingly on proposals which set the frequency of the Say On Pay vote.

**Remuneration Policy**

In some markets, shareholders are provided a vote on the remuneration policy, which sets out the structural elements of a company's executive compensation plan on a forward-looking basis. The Sub-Adviser will generally support these proposals unless:

· The design of the remuneration policy fails to
appropriately link executive compensation with corporate performance and shareholder value;

· Total compensation appears excessive relative to
the company's industry peer group considering local market dynamics; or

· There is insufficient disclosure to enable an informed
judgment, particularly as it relates to the disclosure of the maximum amounts of compensation that may be awarded.

**Remuneration Report**

Markets with remuneration policy proposals typically also feature proposals which request shareholders to approve the annual remuneration report. The remuneration report provides shareholders with details concerning the implementation in the previous year of the remuneration policy. The Sub-Adviser will generally support these proposals unless:

· Implementation decisions during the period in question
are not appropriately aligned with corporate performance and shareholder value; or

· The level of disclosure is not sufficient to permit
an evaluation of the company's pay practices in the period covered by the report.

**Equity Plans**

The Sub-Adviser will generally vote in favor of equity plan proposals unless they:

· Result in unreasonable dilution to existing shareholders;

· Permit replacement of "underwater"
options with new options on more favorable terms for the recipient; or

· Omit the criteria for determining the granting
or vesting of awards.

**M&A Activity**

On matters relating to corporate transactions, the Sub-Adviser will generally vote in favor of mergers, acquisitions, and sales of assets if the Sub-Adviser's analysis of the proposed business strategy and the transaction price would have a positive impact on the total return for shareholders.

**Contested Elections**

If a shareholders meeting is contested –that is, shareholders are presented with a set(s) of director candidates nominated by company management and a set of director candidates nominated by one or more dissident shareholder(s) –the Sub-Adviser will analyze the proposed business strategies of both groups and vote in a way that maximizes expected total return for the Fund.

**Cost/Benefit Analysis**

In addition, the Sub-Adviser will not vote any proxy if it determines that the consequences or costs of voting outweigh the potential benefit of voting. For example, if a foreign market requires shareholders voting proxies to retain the voted shares until the meeting date (thereby rendering the shares "illiquid" for some period), the Sub-Adviser will not vote proxies for such shares. In addition, the Sub-Adviser is not obligated to incur any expense to send a representative to a shareholder meeting or to translate proxy materials into English.

**Securities Lending Recall**

A Fund may elect to participate in their own securities lending arrangements, which would be facilitated by the investment Sub-Adviser for the Fund. To the extent that such securities are out on loan, the Sub-Adviser does not have the right to vote those securities. In general, the Sub-Adviser has no information about the securities that have been lent out pursuant to the Fund's securities lending program and that are therefore unavailable to be voted. Accordingly, the proxies for those securities that are out on loan may not be voted by the Sub-Adviser.

**Issuer Feedback**

The Sub-Adviser will consider feedback from issuers on the voting recommendations of the Sub-Adviser's proxy service provider(s) if the feedback is provided at least five days before the voting cut-off date.

**Best Efforts**

If proxies are not delivered in a timely or otherwise appropriate basis, the Sub-Adviser may not be able to vote a particular proxy.

For a Sub-Adviser that employs a quantitative investment strategy for certain funds or accounts that does not make use of qualitative research ("Non-Qualitative Accounts"), the Sub-Adviser may not have the kind of research to make decisions about how to vote proxies for them. Therefore, the Sub-Adviser will vote the proxies of these Non-Qualitative Accounts as follows: (a) in accordance with the Standard Voting Instructions (defined below); (b) if the Sub-Adviser is casting votes for the same proxy on behalf of a regular qualitative account and a Non-Qualitative Account, the Non-Qualitative Account would vote in the same manner as the regular qualitative account; (c) if neither of the first two conditions apply, as the proxy service provider is recommending; and (d) if none of the previous conditions apply, as recommended by the Proxy Voting Committee.

**Proxy Voting Procedures**

The Sub-Adviser has established a Proxy Voting Committee ("Proxy Committee"), to exercise all voting discretion granted to the Sub-Adviser by the Board in accordance with the proxy voting policies. To assist it in carrying out the day-to-day operations related to proxy voting, the Proxy Committee has created the Proxy Voting Management Group (PVMG). The day-to-day operations related to proxy voting are carried out by the Proxy Voting Team (PVT) and overseen by the PVMG. The PVT comprises a team of professionals who specialize in proxy voting and corporate governance best practices. In addition to managing the operational aspects of proxy vote execution, the PVT's responsibilities include: engaging with investee companies on proxy voting and corporate governance matters; managing the relationship with, and monitoring the effectiveness of, Federated Hermes' proxy service providers, and reporting on these to the PVMG and the Proxy Committee; providing input on specific case-by-case vote decisions made by the Sub-Adviser's investment professionals; facilitating the proxy voting process, including by presenting the proxy voting decisions made by the Sub-Adviser's investment professionals to the Proxy Committee; preparing proxy voting data for filing on Form N-PX with the U.S. Securities and Exchange Commission; providing proxy voting reports to clients and investment companies as they are requested from time to time; and, keeping the Proxy Committee informed of any emerging or developing issues related to corporate governance and proxy voting to guide future policy development.

The Sub-Adviser has compiled a list of specific voting instructions based on the General Policy (the "Standard Voting Instructions"). The Standard Voting Instructions and any modifications to them are approved by the Proxy Committee. The Standard Voting Instructions may call for an investment professional to review the ballot question and provide a voting recommendation to the Proxy Committee. The foregoing notwithstanding, the Proxy Committee always has the authority to determine a final voting decision.

The Sub-Adviser has hired a proxy voting service provider ("proxy voting service") to perform various proxy voting related administrative services such as ballot reconciliation, vote processing, and recordkeeping functions. The Proxy Committee has supplied the proxy service provider with the Standard Voting Instructions. The Proxy Committee retains the right to modify the Standard Voting Instructions at any time or to vote contrary to them at any time to cast proxy votes in a manner that the Proxy Committee believes is in accordance with the General Policy. If the Standard Voting Instructions require case-by-case handling for a proposal, the PVT will work with the investment professionals and the proxy service provider to develop a voting recommendation for the Proxy Committee and to communicate the Proxy Committee's final voting decision to the proxy service provider. Further, if the Standard Voting Instructions require the PVT to analyze a ballot question and make the final voting decision, the PVT will report such votes to the Proxy Committee on a quarterly basis for review.

**Conflicts of Interest**

The Sub-Adviser has adopted procedures to address situations where a matter on which a proxy is sought may present a potential conflict between the interests of the Fund (and its shareholders) and those of the Sub-Adviser or Distributor. This may occur where a significant business relationship exists between the Sub-Adviser (or its affiliates) and a company involved with a proxy vote. A company that is a proponent, opponent, or the subject of a proxy vote, and which to the knowledge of the Proxy Committee has this type of significant business relationship, is referred to below as an "Interested Company."

The Sub-Adviser has implemented the following procedures to avoid concerns that the conflicting interests of the Sub-Adviser or its affiliates have influenced proxy votes. Any employee of the Sub-Adviser or its affiliates who is contacted by an Interested Company regarding proxies to be voted by the Sub-Adviser must refer the Interested Company to a member of the Proxy Committee and must inform the Interested Company that the Proxy Committee has exclusive authority to determine how the proxy will be voted. Any Proxy Committee member contacted by an Interested Company must report it to the full Proxy Committee and provide a written summary of the communication. This requirement includes engagement meetings with investee companies and does not include communications with proxy solicitation firms. Under no circumstances will the Proxy Committee or any member of the Proxy Committee make a commitment to an Interested Company regarding the voting of proxies or disclose to an Interested Company how the Proxy Committee has directed such proxies to be voted. If the Standard Voting Instructions already provide specific direction on the proposal in question, the Proxy Committee shall not alter or amend such directions. If the Standard Voting Instructions require the Proxy Committee to provide further direction, the Proxy Committee shall do so in accordance with the proxy voting policies, without regard for the interests of the Sub-Adviser with respect to the Interested Company. If the Proxy Committee provides any direction as to the voting of proxies relating to a proposal affecting an Interested Company, it must disclose annually to the Fund's Board information regarding: the significant business relationship; any material communication with the Interested Company; the matter(s) voted on; and how, and why, the Sub-Adviser voted as it did. In certain circumstances it may be appropriate for the Sub-Adviser to vote in the same proportion as all other shareholders, as to not affect the outcome beyond helping to establish a quorum at the shareholders' meeting. This is referred to as "proportional voting." If the Fund owns shares of another Federated Hermes mutual fund, generally the Sub-Adviser will proportionally vote the client's proxies for that fund or seek direction from the Board or the client on how the proposal should be voted. If the Fund owns shares of an unaffiliated mutual fund, the Sub-Adviser may proportionally vote the Fund's proxies for that fund depending on the size of the position. If the Fund owns shares of an unaffiliated exchange-traded fund, the Sub-Adviser will proportionally vote the Fund's proxies for that fund.

**Downstream Affiliates**

If the Proxy Committee gives further direction, or seeks to vote contrary to the Standard Voting Instructions, for a proxy relating to a portfolio company in which the Fund owns more than 10% of the portfolio company's outstanding voting securities at the time of the vote ("Downstream Affiliate"), the Proxy Committee must first receive guidance from counsel to the Proxy Committee as to whether any relationship between the Sub-Adviser and the portfolio company, other than such ownership of the portfolio company's securities, gives rise to an actual conflict of interest. If counsel determines that an actual conflict exists, the Proxy Committee must address any such conflict with the executive committee of the board of directors or trustees of any investment company client prior to taking any action on the proxy at issue.

**Proxy Advisors' Conflicts of Interest**

Proxy advisory firms may have significant business relationships with the subjects of their research and voting recommendations. For example, a significant vendor for a proxy advisory firm may be a public company with an upcoming shareholders' meeting, and the proxy advisory firm has published a research report which includes voting recommendations. In another example, a proxy advisory firm consulting client may be a public company on which the proxy advisory firm will write a research report, with voting recommendations, for its institutional clients. These and similar situations give rise to an actual or apparent conflict of interest.

To mitigate concerns that the conflicting interests of proxy advisory firms have influenced their proxy voting recommendations, the Sub-Adviser will take the following steps:

&nbsp;&nbsp;&nbsp;&nbsp;· A
 due diligence team made up of employees of the Sub-Adviser and/or its affiliates will meet
 with its primary proxy advisor on an annual basis and determine through a review of their
 policies and procedures and through inquiry that they have established a system of internal
 controls that provide reasonable assurance that their voting recommendations are not influenced
 by their various conflicts of interest.

&nbsp;&nbsp;&nbsp;&nbsp;· If a proxy advisory firm provides
 material consulting services to corporate issuers, the PVT will annually review a sample of the proxy advisor's research
 reports on those issuers which are consulting clients to assess potential bias in its voting recommendations. If evidence of bias is
 found, the results of the examination will be presented to the Proxy Voting Management Group and a decision would be made as to the
 further use of that advisory firm's research reports.

&nbsp;&nbsp;&nbsp;&nbsp;· Whenever the standard voting guidelines call
for voting a proposal in accordance with a proxy advisory firm's recommendation and the proxy advisory firm has disclosed that they
have a conflict of interest with respect to that issuer, the PVT will take the following steps: (a) the PVT will obtain a copy of the
research report published by an alternative proxy advisory firm for that issuer; and (b) the Director of Proxy Voting, or their designee,
will review both proxy advisory firm research reports and determine what vote will be cast. The PVT will report all proxies voted in this
manner to the Proxy Committee on a quarterly basis. Alternatively, the PVT may seek direction from the Committee on how the proposal shall
be voted.

**Proxy Voting Report**

A report on "Form N-PX" of how the Fund voted any proxies during the most recent 12-month period ended June 30 is available via the SEC's website at www.sec.gov.

**SEIX INVESTMENT ADVISORS, A DIVISION OF VIRTUS FIXED INCOME ADVISERS, LLC**

Under SEC Rule 206(4)-6 (the "Rule"), investment advisors have ﬁduciary obligations to their clients if the advisors have authority to vote their clients' proxies. Under our standard contractual agreements, Virtus Fixed Income Advisers, LLC ("VFIA" or "The Firm") is authorized to vote proxies on behalf of client accounts.

The Rule requires an investment adviser that exercises voting authority over client proxies to adopt policies and procedures reasonably designed to ensure that the adviser: 1) votes proxies in the best interests of clients; 2) discloses information about those policies and procedures; 3) discloses how clients may obtain information regarding individual security proxy votes cast on their behalf; and 4) maintains appropriate records relating to actual proxy voting.

As a manager of ﬁxed income securities, VFIA rarely has the opportunity to vote any proxy ballots. In the event we do receive equity securities through bond or leveraged loan restructurings, proxy voting policies and procedures have been established.

The Firm has a Proxy Committee ("Committee") that is comprised of personnel from each division of VFIA that includes compliance, credit research and portfolio management. The Committee has ﬁve voting members and the Deputy Chief Compliance Oﬃcer serves as the Secretary of the Committee. The Committee is responsible for establishing policies and procedures reasonably designed to enable the Firm to discharge its ﬁduciary obligation to vote all applicable proxies on behalf of client accounts and funds where the Firm has proxy voting authority and to ensure compliance with applicable requirements. Annually (or more often as needed), the Committee will review, reaﬃrm and/or amend guidelines, strategies and proxy policies for all client accounts, funds, and product lines. The Committee may meet in person, telephonically or electronically such as via Teams.

The Firm utilizes a third-party proxy service provider, currently Institutional Shareholder Services ("ISS"), for support services related to the Firm's proxy voting procedures, which include, but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;1. The
 collection of proxy material from our clients' custodians.

&nbsp;&nbsp;&nbsp;&nbsp;2. The
 review of proxy proposals and appropriate voting recommendations on behalf of the Firm.

&nbsp;&nbsp;&nbsp;&nbsp;3. The
 facilitation of proxy voting, reconciliation, and disclosure, in accordance with the Firm's
 proxy policies and the Committee's direction.

&nbsp;&nbsp;&nbsp;&nbsp;4. Recordkeeping
 and voting record retention.

The Firm votes all shares per the ISS proxy recommendations when the ISS recommendation is the same as the management recommendation. For voting instances where management and ISS diﬀer, the Proxy Committee will engage the applicable portfolio manager and/or research analyst for a recommendation on how to vote. The Proxy Committee will then ratify that recommendation. VFIA has the ability to override any recommendations provided by ISS in the event they do not represent what is in the best interest of our clients where we have voting authority.

**Exceptions to Policy**

The Firm may choose not to vote proxies in certain situations, or for certain accounts, such as but not limited to when the cost of voting would exceed any anticipated benefit to the respective client(s); when a proxy is received for a client account that has been terminated; when a proxy is received for a security no longer managed; and/or when the exercise of voting rights could restrict the ability of an account's portfolio manager to freely trade the security in question (for example, in certain foreign jurisdictions known as "blocking markets").

**Conﬂicts of Interest**

Due to the Firm's diversiﬁed client base and product lines, it may be determined a

potential conﬂict exists in connection with a proxy vote. The Committee will determine how to address the conﬂict that may include voting strictly in accordance with policy, voting with management, and/or allowing the third-party service provider to vote in accordance with its guidelines.

Additional conﬂicts of interest will be evaluated by the Committee on an individual basis.

Although the Firm does its best to alleviate or diﬀuse known conﬂicts, there is no guarantee that all situations have been or will be mitigated through proxy policy incorporation.

**ESG (Environmental, Social and Governance) Factors**

VFIA believes that environmental, social, and corporate governance ("ESG") factors can inﬂuence investment performance, expose potential investment risks, and provide an indication of management and leadership strength. Accordingly, VFIA will remain aware of applicable ESG factors when voting proxies, to the extent doing so would be consistent with our contractual obligations and our ﬁduciary duties to our clients. Speciﬁc proxy voting proposals relating to ESG factors may cover a wide range of matters and will be reviewed and voted on a case-by-case basis with input from the applicable division.

**Additional Information**

**Records Related to Proxy Voting**

All proxy voting records, including policy and procedures, proxy statements, votes cast and any correspondence relative thereto will be maintained in accordance with the applicable provisions of the Investment Advisers Act of 1940 (as amended) and pursuant to the Firm's Data Retention Policy.

**Firm clients:**

Individual client Proxy Voting records are available to clients upon request. For any information related to proxy voting, or to obtain information about speciﬁc voting issues, please e-mail us at: VFIACompliance@virtus.com.

**Virtus Funds shareholders:**

Shareholders of the Virtus Funds may request fund-related proxy voting information by calling 1- 800-243-1574.

**T. ROWE PRICE ASSOCIATES, INC. PROXY VOTING POLICY**

**RESPONSIBILITY TO VOTE PROXIES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T. Rowe Price Associates, Inc., and its affiliated investment advisers (collectively, **"T. Rowe Price"**) recognize and adhere to the principle that one of the privileges of owning stock in a company is the right to vote in the election of the company's directors and on matters affecting certain important aspects of the company's structure and operations that are submitted to shareholder vote. The U.S.-registered investment companies which T. Rowe Price sponsors and serves as investment adviser (the **"Price Funds"**) as well as other investment advisory clients have delegated to T. Rowe Price certain proxy voting powers. As an investment adviser, T. Rowe Price has a fiduciary responsibility to such clients when exercising its voting authority with respect to securities held in their portfolios. T. Rowe Price reserves the right to decline to vote proxies in accordance with client-specific voting guidelines.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T. Rowe Price has adopted these Proxy Voting Policies and Procedures ("**Policies and Procedures"**) for the purpose of establishing formal policies and procedures for performing and documenting its fiduciary duty with regard to the voting of client proxies. This document is reviewed at least annually and updated as necessary.

**Fiduciary Considerations**. It is the policy of T. Rowe Price that decisions with respect to proxy issues will be made in light of the anticipated impact of the issue on the desirability of investing in the portfolio company from the viewpoint of the particular advisory client or Price Fund. Proxies are voted solely in the interests of the client, Price Fund shareholders or, where employee benefit plan assets are involved, in the interests of plan participants and beneficiaries. Our intent has always been to vote proxies, where possible to do so, in a manner consistent with our fiduciary obligations and responsibilities.

One of the primary factors T. Rowe Price considers when determining the desirability of investing in a particular company is the quality and depth of its management. We recognize that a company's management is entrusted with the day-to-day operations of the company, as well as its long-term direction and strategic planning, subject to the oversight of the company's board of directors. Accordingly, our proxy voting guidelines are not intended to substitute our judgment for management's with respect to the company's day-to-day operations. Rather, our proxy voting guidelines are designed to promote accountability of a company's management and board of directors to its shareholders; to align the interests of management with those of shareholders; and to encourage companies to adopt best practices in terms of their corporate governance and disclosure. In addition to our proxy voting guidelines, we rely on a company's public filings, its board recommendations, its track record, country-specific best practices codes, our research providers and – most importantly – our investment professionals' views in making voting decisions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T. Rowe Price seeks to vote all of its clients' proxies. In certain circumstances, T. Rowe Price may determine that refraining from voting a proxy is in a client's best interest, such as when the cost of voting outweighs the expected benefit to the client. For example, the practicalities and costs involved with international investing may make it impossible at times, and at other times disadvantageous, to vote proxies in every instance.

**ADMINISTRATION OF POLICIES AND PROCEDURES**

**Environmental, Social and Governance Committee**. T. Rowe Price's Environmental, Social and Governance Committee ("**ESG Committee"**) is responsible for establishing positions with respect to corporate governance and other proxy issues. Certain delegated members of the ESG Committee also review questions and respond to inquiries from clients and mutual fund shareholders pertaining to proxy issues. While the ESG Committee sets voting guidelines and serves as a resource for T. Rowe Price portfolio management, it does not have proxy voting authority for any Price Fund or advisory client. Rather, voting authority and responsibility is held by the Chairperson of the Price Fund's Investment Advisory Committee or the advisory client's portfolio manager. The ESG Committee is also responsible for the oversight of third-party proxy services firms that T. Rowe Price engages to facilitate the proxy voting process.

**Proxy Voting Team.** The Proxy Voting team is responsible for administering the proxy voting process as set forth in the Policies and Procedures.

**Governance Team.** Our Governance team is responsible for reviewing the proxy agendas for all upcoming meetings and making company-specific recommendations to our global industry analysts and portfolio managers with regard to the voting decisions in their portfolios.

**Responsible Investment Team**. Our Responsible Investment team oversees the integration of environmental and social factors into our investment processes across asset classes. In formulating vote recommendations for matters of an environmental or social nature, the Governance team frequently consults with the appropriate sector analyst from the Responsible Investment team.

**HOW PROXIES ARE REVIEWED, PROCESSED AND VOTED**

In order to facilitate the proxy voting process, T. Rowe Price has retained Institutional Shareholder Services (**"ISS"**) as an expert in the proxy voting and corporate governance area. ISS specializes in providing a variety of fiduciary-level proxy advisory and voting services. These services include custom vote recommendations, research, vote execution, and reporting. Services provided by ISS do not include automated processing of votes on our behalf using the ISS Benchmark Policy recommendations. Instead, in order to reflect T. Rowe Price's issue-by-issue voting guidelines as approved each year by the ESG Committee, ISS maintains and implements custom voting policies for the Price Funds and other advisory client accounts.

**Meeting Notification**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T. Rowe Price utilizes ISS' voting agent services to notify us of upcoming shareholder meetings for portfolio companies held in client accounts and to transmit votes to the various custodian banks of our clients. ISS tracks and reconciles our clients' holdings against incoming proxy ballots. If ballots do not arrive on time, ISS procures them from the appropriate custodian or proxy distribution agent. Meeting and record date information is updated daily and transmitted to T. Rowe Price through ProxyExchange, an ISS application.

**Vote Determination**

Each day, ISS delivers into T. Rowe Price's customized ProxyExchange environment a comprehensive summary of upcoming meetings, proxy proposals, publications discussing key proxy voting issues, and custom vote recommendations to assist us with proxy research and processing. For meetings with complex ballot items in certain international markets, research may be consulted from local domestic proxy research providers. The final authority and responsibility for proxy voting decisions remains with T. Rowe Price. Decisions with respect to proxy matters are made primarily in light of the anticipated impact of the issue on the desirability of investing in the company from the perspective of our clients.

Portfolio managers execute their responsibility to vote proxies in different ways. Some have decided to vote their proxies generally in line with the guidelines as set by the ESG Committee. Others review the customized vote recommendations and approve them before the votes are cast. Portfolio managers have access to current reports summarizing all proxy votes in their client accounts. Portfolio managers who vote their proxies inconsistent with T. Rowe Price guidelines are required to document the rationale for their votes. The Proxy Voting team is responsible for maintaining this documentation and assuring that it adequately reflects the basis for any vote which is contrary to our proxy voting guidelines.

**T. Rowe Price Voting Policies**

Specific proxy voting guidelines have been adopted by the ESG Committee for all regularly occurring categories of management and shareholder proposals. The guidelines include regional voting guidelines as well as the guidelines for investment strategies with objectives other than purely financial returns, such as Impact and Net Zero. A detailed set of proxy voting guidelines is available on the T. Rowe Price website, <u>www.troweprice.com/esg.</u>

**Global Portfolio Companies**

The ESG Committee has developed custom international proxy voting guidelines based on ISS' general global policies, regional codes of corporate governance, and our own views as investors in these markets. ISS applies a two-tier approach to determining and applying global proxy voting policies. The first tier establishes baseline policy guidelines for the most fundamental issues, which span the corporate governance spectrum without regard to a company's domicile. The second tier takes into account various idiosyncrasies of different countries, making allowances for standard market practices, as long as they do not violate the fundamental goals of good corporate governance. The goal is to enhance shareholder value through effective use of the shareholder franchise, recognizing that application of a single set of policies is not appropriate for all markets.

**Fixed Income and Passively Managed Strategies**

Proxy voting for our fixed income and indexed portfolios is administered by the Proxy Voting team using T. Rowe Price's guidelines as set by the ESG Committee. Indexed strategies generally vote in line with the T. Rowe Price guidelines. Fixed income strategies generally follow the proxy vote determinations on security holdings held by our equity accounts unless the matter is specific to a particular fixed income security such as consents, restructurings, or reorganization proposals.

**Shareblocking**

Shareblocking is the practice in certain countries of "freezing" shares for trading purposes in order to vote proxies relating to those shares. In markets where shareblocking applies, the custodian or sub-custodian automatically freezes shares prior to a shareholder meeting once a proxy has been voted. T. Rowe Price's policy is generally to refrain from voting shares in shareblocking countries unless the matter has compelling economic consequences that outweigh the temporary loss of liquidity in the blocked shares.

**Securities on Loan**

The Price Funds and our institutional clients may participate in securities lending programs to generate income for their portfolios. Generally, the voting rights pass with the securities on loan; however, lending agreements give the lender the right to terminate the loan and pull back the loaned shares provided sufficient notice is given to the custodian bank in advance of the applicable deadline. T. Rowe Price's policy is generally not to vote securities on loan unless we determine there is a material voting event that could affect the value of the loaned securities. In this event, we have the discretion to pull back the loaned securities for the Price Funds in order to cast a vote at an upcoming shareholder meeting. A monthly monitoring process is in place to review securities on loan for the Price Funds and how they may affect proxy voting.

**Monitoring and Resolving Conflicts of Interest**

The ESG Committee is also responsible for monitoring and resolving potential material conflicts between the interests of T. Rowe Price and those of its clients with respect to proxy voting. We have adopted safeguards to ensure that our proxy voting is not influenced by interests other than those of our fund shareholders and other investment advisory clients. While membership on the ESG Committee is diverse, it does not include individuals whose primary duties relate to client relationship management, marketing, or sales. Since T. Rowe Price's voting guidelines are predetermined by the ESG Committee, application of the guidelines by portfolio managers to vote client proxies should in most instances adequately address any potential conflicts of interest. However, consistent with the terms of the Policies and Procedures, which allow portfolio managers to vote proxies opposite our general voting guidelines, the ESG Committee regularly reviews all such proxy votes that are inconsistent with the proxy voting guidelines to determine whether the portfolio manager's voting rationale appears reasonable. The ESG Committee also assesses whether any business or other material relationships between T. Rowe Price and a portfolio company (unrelated to the ownership of the portfolio company's securities) could have influenced an inconsistent vote on that company's proxy. Issues raising potential conflicts of interest are referred to designated members of the ESG Committee for immediate resolution prior to the time T. Rowe Price casts its vote.

With respect to personal conflicts of interest, T. Rowe Price's Global Code Conduct requires all employees to avoid placing themselves in a "compromising position" in which their interests may conflict with those of our clients and restrict their ability to engage in certain outside business activities. Portfolio managers or ESG Committee members with a personal conflict of interest regarding a particular proxy vote must recuse themselves and not participate in the voting decisions with respect to that proxy.

**Specific Conflict of Interest Situations**

Voting of T. Rowe Price Group, Inc. common stock (sym: TROW) by certain T. Rowe Price Index Funds will be done in all instances in accordance with T. Rowe Price voting guidelines and votes inconsistent with the guidelines will not be permitted. In the event that there is no previously established guideline for a specific voting issue appearing on the T. Rowe Price Group proxy, the Price Funds will abstain on that voting item.

In addition, T. Rowe Price has voting authority for proxies of the holdings of certain Price Funds that invest in other Price Funds. Shares of the Price Funds that are held by other Price Funds will generally be voted in the same proportion as shares for which voting instructions from other shareholders are timely received. If voting instructions from other shareholders are not received, or if a T. Rowe Price Fund is only held by other T. Rowe Price Funds or other accounts for which T. Rowe Price has proxy voting authority, the fund will vote in accordance with its Board's instruction.

For shares of the Price Funds that are series of T. Rowe Price Equity Series, Inc., T. Rowe Price Fixed Income Series, Inc., and T. Rowe Price International Series, Inc. (collectively, the "Variable Insurance Portfolios") held by insurance company separate accounts for which the insurance company has not received timely voting instructions, as well as shares the insurance company owns, those shares shall be voted in the same proportion as shares for which voting instructions from contract holders are timely received.

**Limitations on Voting Proxies of Banks**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T. Rowe Price has obtained relief from the U.S. Federal Reserve Board (the **"FRB Relief"**) which permits, subject to a number of conditions, T. Rowe Price to acquire in the aggregate on behalf of its clients, 10% or more of the total voting stock of a bank, bank holding company, savings and loan holding company or savings association (each a **"Bank"**), not to exceed a 15% aggregate beneficial ownership maximum in such Bank. One such condition affects the manner in which T. Rowe Price will vote its clients' shares of a Bank in excess of 10% of the Bank's total voting stock (**"Excess Shares"**). The FRB Relief requires that T. Rowe Price use its best efforts to vote the Excess Shares in the same proportion as all other shares voted, a practice generally referred to as "mirror voting," or in the event that such efforts to mirror vote are unsuccessful, Excess Shares will not be voted. With respect to a shareholder vote for a Bank of which T. Rowe Price has aggregate beneficial ownership of greater than 10% on behalf of its clients, T. Rowe Price will determine which of its clients' shares are Excess Shares on a pro rata basis across all of its clients' portfolios for which T. Rowe Price has the power to vote proxies.

**REPORTING, RECORD RETENTION AND OVERSIGHT**

The ESG Committee, and certain personnel under the direction of the ESG Committee, perform the following oversight and assurance functions, among others, over T. Rowe Price's proxy voting: (1) periodically samples proxy votes to ensure that they were cast in compliance with T. Rowe Price's proxy voting guidelines; (2) reviews, no less frequently than annually, the adequacy of the Policies and Procedures to make sure that they have been implemented effectively, including whether they continue to be reasonably designed to ensure that proxies are voted in the best interests of our clients; (3) performs due diligence on whether a retained proxy advisory firm has the capacity and competency to adequately analyze proxy issues, including the adequacy and quality of the proxy advisory firm's staffing and personnel and its policies; and (4) oversees any retained proxy advisory firms and their procedures regarding their capabilities to (i) produce proxy research that is based on current and accurate information and (ii) identify and address any conflicts of interest and any other considerations that we believe would be appropriate in considering the nature and quality of the services provided by the proxy advisory firm.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T. Rowe Price will furnish Vote Summary Reports, upon request, to its institutional clients that have delegated proxy voting authority. The report specifies the portfolio companies, meeting dates, proxy proposals, and votes which have been cast for the client during the period and the position taken with respect to each issue. Reports normally cover quarterly or annual periods and are provided to such clients upon request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T. Rowe Price retains proxy solicitation materials, memoranda regarding votes cast in opposition to the position of a company's management, and documentation on shares voted differently. In addition, any document which is material to a proxy voting decision such as the T. Rowe Price proxy voting guidelines, ESG Committee meeting materials, and other internal research relating to voting decisions are maintained in accordance with applicable requirements.

**APPENDIX B**

**Ratings of investment securities**

Description ratings for Standard & Poor's Ratings Services ("S&P"); Moody's Investors Service, Inc., ("Moody's") and Fitch Ratings ("Fitch").

**STANDARD & POOR'S RATING SERVICES**

**LONG-TERM CREDIT RATINGS**

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| | |
|:---|:---|
| **AAA** | An obligation rated 'AAA' has the highest rating assigned by S&P Global Ratings. The obligor's capacity to meet its financial commitments on the obligation is extremely strong. |
| AA | An obligation rated 'AA' differs from the highest-rated obligations only to a small degree. The obligor's capacity to meet its financial commitments on the obligation is very strong. |
| A | An obligation rated 'A' is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in higher-rated categories. However, the obligor's capacity to meet its financial commitments on the obligation is still strong. |
| BBB | An obligation rated 'BBB' exhibits adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely to weaken the obligor's capacity to meet its financial commitments on the obligation. |
| BB, B, CCC, CC, and C | Obligations rated 'BB', 'B', 'CCC', 'CC', and 'C' are regarded as having significant speculative characteristics. 'BB' indicates the least degree of speculation and 'C' the highest. While such obligations will likely have some quality and protective characteristics, these may be outweighed by large uncertainties or major exposure to adverse conditions. |
| BB | An obligation rated 'BB' is less vulnerable to nonpayment than other speculative issues. However, it faces major ongoing uncertainties or exposure to adverse business, financial, or economic conditions that could lead to the obligor's inadequate capacity to meet its financial commitments on the obligation. |
| B | An obligation rated 'B' is more vulnerable to nonpayment than obligations rated 'BB', but the obligor currently has the capacity to meet its financial commitments on the obligation. Adverse business, financial, or economic conditions will likely impair the obligor's capacity or willingness to meet its financial commitments on the obligation. |
| CCC | An obligation rated 'CCC' is currently vulnerable to nonpayment and is dependent upon favorable business, financial, and economic conditions for the obligor to meet its financial commitments on the obligation. In the event of adverse business, financial, or economic conditions, the obligor is not likely to have the capacity to meet its financial commitments on the obligation. |
| CC | An obligation rated 'CC' is currently highly vulnerable to nonpayment. The 'CC' rating is used when a default has not yet occurred but S&P Global Ratings expects default to be a virtual certainty, regardless of the anticipated time to default. |
| C | An obligation rated 'C' is currently highly vulnerable to nonpayment, and the obligation is expected to have lower relative seniority or lower ultimate recovery compared with obligations that are rated higher. |
| D | An obligation rated 'D' is in default or in breach of an imputed promise. For non-hybrid capital instruments, the 'D' rating category is used when payments on an obligation are not made on the date due, unless S&P Global Ratings believes that such payments will be made within the next five business days in the absence of a stated grace period or within the earlier of the stated grace period or the next 30 calendar days. The 'D' rating also will be used upon the filing of a bankruptcy petition or the taking of similar action and where default on an obligation is a virtual certainty, for example due to automatic stay provisions. A rating on an obligation is lowered to 'D' if it is subject to a distressed debt restructuring. |

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S&P's letter ratings 'AA' to 'CCC' may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the rating categories.

**SHORT-TERM CREDIT RATINGS**

An S&P short term credit rating is a current assessment of the likelihood of timely payment of obligations having an original maturity of no more than 365 days, including commercial paper.

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| | |
|:---|:---|
| A-1 | A short-term obligation rated 'A-1' is rated in the highest category by S&P Global Ratings. The obligor's capacity to meet its financial commitments on the obligation is strong. Within this category, certain obligations are designated with a plus sign (+). This indicates that the obligor's capacity to meet its financial commitments on these obligations is extremely strong. |
| A-2 | A short-term obligation rated 'A-2' is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in higher rating categories. However, the obligor's capacity to meet its financial commitments on the obligation is satisfactory. |
| A-3 | A short-term obligation rated 'A-3' exhibits adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely to weaken an obligor's capacity to meet its financial commitments on the obligation. |
| B | A short-term obligation rated 'B' is regarded as vulnerable and has significant speculative characteristics. The obligor currently has the capacity to meet its financial commitments; however, it faces major ongoing uncertainties that could lead to the obligor's inadequate capacity to meet its financial commitments. |
| C | A short-term obligation rated 'C' is currently vulnerable to nonpayment and is dependent upon favorable business, financial, and economic conditions for the obligor to meet its financial commitments on the obligation. |
| D | A short-term obligation rated 'D' is in default or in breach of an imputed promise. For non-hybrid capital instruments, the 'D' rating category is used when payments on an obligation are not made on the date due, unless S&P 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. |

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**MOODY'S INVESTORS SERVICE, INC.**

**LONG-TERM OBLIGATION RATINGS**

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| | |
|:---|:---|
| **Aaa** | Obligations rated Aaa are judged to be of the highest quality, subject to the lowest level of credit risk. |

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| | |
|:---|:---|
| **Aa** | Obligations rated Aa are judged to be of high quality and are subject to very low credit risk. |

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| | |
|:---|:---|
| **A** | Obligations rated A are judged to be upper-medium grade and are subject to low credit risk. |

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| | |
|:---|:---|
| **Baa** | Obligations rated Baa are judged to be medium-grade and subject to moderate credit risk and as such may possess certain speculative characteristics |

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| | |
|:---|:---|
| **Ba** | Obligations rated Ba are judged to be speculative and are subject to substantial credit risk. |

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| | |
|:---|:---|
| **B** | Obligations rated B are considered speculative and are subject to high credit risk. |

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| | |
|:---|:---|
| **Caa** | Obligations rated Caa are judged to be speculative of poor standing and are subject to very high credit risk. |

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| | |
|:---|:---|
| **Ca** | Obligations rated Ca are highly speculative and are likely in, or very near, default, with some prospect of<br> recovery of principal and interest. |

---

**C** Obligations rated C are the lowest rated and are typically in default, with little prospect for recovery of principal or interest.

Moody's appends numerical modifiers 1, 2, and 3 to each generic rating classification from Aa through Caa. The modifier 1 indicates that the obligation ranks in the higher end of its generic rating category; the modifier 2 indicates a mid-range ranking; and the modifier 3 indicates a ranking in the lower end of that generic rating category.

**SHORT-TERM RATINGS**

Moody's short-term ratings are assigned to obligations with an original maturity of thirteen months or less and reflect both on the likelihood of a default or impairment on contractual financial obligations and the expected financial loss suffered in the event of default or impairment.

---

| | |
|:---|:---|
| **P-1** | Ratings of Prime-1 reflect a superior ability to repay short-term obligations. |

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| | |
|:---|:---|
| **P-2** | Ratings of Prime-2 reflect a strong ability to repay short-term obligations. |

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| | |
|:---|:---|
| **P-3** | Ratings of Prime-3 reflect an acceptable ability to repay short-term obligations. |

---

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| | |
|:---|:---|
| **NP** | Issuers (or related supporting institutions) rated Not Prime do not fall within any of the Prime rating categories. |

---

**FITCH RATINGS**

**LONG-TERM CORPORATE RATINGS**

The ratings represent Fitch's assessment of the issuer's ability to meet the obligations of a specific debt issue or class of debt. The ratings take into consideration special features of the issue, its relationship to other obligations of the issuer, the current financial condition and operative performance of the issuer and of any guarantor, as well as the political and economic environment that might affect the issuer's future financial strength and credit quality.

---

| | |
|:---|:---|
| **AAA** | 'AAA' ratings denote the lowest expectation of default risk. They are assigned only in cases of exceptionally strong capacity for payment of financial commitments. This capacity is highly unlikely to be adversely affected by foreseeable events. |

---

---

| | |
|:---|:---|
| **AA** | 'AA' ratings denote expectations of very low default risk. They indicate very strong capacity for payment of financial commitments. This capacity is not significantly vulnerable to foreseeable events. |

---

---

| | |
|:---|:---|
| **A** | 'A' ratings denote expectations of low default risk. The capacity for payment of financial commitments is considered strong. This capacity may, nevertheless, be more vulnerable to adverse business or economic conditions than is the case for higher ratings. |

---

---

| | |
|:---|:---|
| **BBB** | 'BBB' ratings indicate that expectations of default risk are currently low. The capacity for payment of financial commitments is considered adequate, but adverse business or economic conditions are more likely to impair this capacity. |

---

---

| | |
|:---|:---|
| **BB** | 'BB' ratings indicate an elevated vulnerability to default risk, particularly in the event of adverse changes in business or economic conditions over time; however, business or financial flexibility exists that supports the servicing of financial commitments. |

---

---

| | |
|:---|:---|
| **B** | 'B' ratings indicate that material default risk is present, but a limited margin of safety remains. Financial commitments are currently being met; however, capacity for continued payment is vulnerable to deterioration in the business and economic environment. |

---

**CCC** 'CCC' ratings indicate very low margin for safety. Default is a real possibility.

**CC** 'CC' ratings indicate default of some kind appears probable.

**C** 'C' ratings indicate a default or default-like process has begun, or for a closed funding vehicle, payment capacity is irrevocably impaired.

D 'D' ratings indicate an issuer that in Fitch's opinion has entered into bankruptcy filings, administration, receivership, liquidation or other formal winding-up procedure or that has otherwise ceased business and debt is still outstanding.

Within rating categories, Fitch may use modifiers. The modifiers "+" or "-" may be appended to a rating to denote relative status within major rating categories. For example, the rating category 'AA' has three notch-specific rating levels ('AA+'; 'AA'; 'AA-'; each a rating level). Such suffixes are not added to 'AAA' ratings and ratings below the 'CCC' category.

**SHORT-TERM RATINGS**

Fitch's short-term ratings are assigned to obligations whose initial maturity is viewed as "short term" based on market convention (a long-term rating can also be used to rate an issue with short maturity). Typically, this means a timeframe of up to 13 months for corporate, sovereign, and structured obligations and up to 36 months for obligations in U.S. public finance markets.

---

| | |
|:---|:---|
| **F-1** | Highest Short-Term Credit Quality. Indicates the strongest intrinsic capacity for timely payment of financial commitments; may have an added '+' to denote any exceptionally strong credit feature. |

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| | |
|:---|:---|
| **F-2** | Good Short-Term Credit Quality. Good intrinsic capacity for timely payment of financial<br> commitments. |

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---

| | |
|:---|:---|
| **F-3** | Fair Short-Term Credit Quality. The intrinsic capacity for timely payment of financial commitments is adequate. |

---

---

| | |
|:---|:---|
| **B** | Speculative Short-Term Credit Quality. Minimal capacity for timely payment of financial commitments, plus heightened vulnerability to near term adverse changes in financial and economic conditions. |

---

**C** High Short-Term Default Risk. Default is a real possibility.

**D** Default. Indicates a broad-based default event for an entity, or the default of a short-term obligation.

PART C

**Item 28.** **Exhibits**

(a) Articles of Incorporation:

(1) [Agreement and Declaration of Trust of CNI Charter Funds (now City National Rochdale Funds) (the "Registrant") dated October 25, 1996. (A)](http://www.sec.gov/Archives/edgar/data/1026977/0000912057-96-026198.txt)

(i) [Amendment dated April 26, 1999, to the Registrant's Agreement and Declaration of Trust dated October 25, 1996. (B)](http://www.sec.gov/Archives/edgar/data/1026977/0001047469-99-017798.txt)

(ii) [Amendment dated December 4, 2012, to the Registrant's Agreement and Declaration of Trust dated October 25, 1996 as amended April 26, 1999. (J)](http://www.sec.gov/Archives/edgar/data/1026977/000139834413002141/fp0007059_ex9928a3.htm)

(iii) [Amendment dated August 15, 2013, to the Agreement and Declaration of Trust dated October 25, 1996 as amended April 26, 1999. (K)](http://www.sec.gov/Archives/edgar/data/1026977/000139834413004701/fp0008386_ex9928a1iii.htm)

(iv) [Amendment dated August 27, 2015, to the Agreement and Declaration of Trust dated October 25, 1996 as amended April 26, 1999 and August 15, 2013. (O)](http://www.sec.gov/Archives/edgar/data/1026977/000139834416009244/fp0017594_ex9928a1iv.htm)

(2) [Amended and Restated Agreement and Declaration of Trust dated August 11, 2021. (U)](https://www.sec.gov/Archives/edgar/data/1026977/000139834422001241/fp0071987_ex9928a2.htm)

(3) [Registrant's Certificate of Trust dated October 25, 1996 and amendments thereto dated February 11, 1998 and April 2, 1999. (H)](http://www.sec.gov/Archives/edgar/data/1026977/000139834413000296/fp0006160_ex9928a4.htm)

(i) [Certificate of Amendment dated August 15, 2013 to the Certificate of Trust dated October 25, 1996, as amended. (K)](http://www.sec.gov/Archives/edgar/data/1026977/000139834413004701/fp0008386_ex9928a2i.htm)

(b) By-Laws:

(1) [Registrant's By-Laws dated October 25, 1996. (A)](http://www.sec.gov/Archives/edgar/data/1026977/0000912057-96-026198.txt)

(i) [Amendment dated April 26, 1999, to the Registrant's By-Laws dated October 25, 1996. (B)](http://www.sec.gov/Archives/edgar/data/1026977/0001047469-99-017798.txt)

(2) [Registrant's Amended and Restated By-Laws as of February 26, 2009. (H)](http://www.sec.gov/Archives/edgar/data/1026977/000139834413000296/fp0006160_ex9928b3.htm)

(i) [Amendment dated August 29, 2013 to the Amended and Restated By-Laws dated February 26, 2009. (K)](http://www.sec.gov/Archives/edgar/data/1026977/000139834413004701/fp0008386_ex9928b2i.htm)

(ii) [Amended and Restated By-Laws dated December 4, 2014. (N)](http://www.sec.gov/Archives/edgar/data/1026977/000139834415000415/fp0012885_ex9928b2.htm)

(iii) [Amended Article VII of By-laws, adopted May 12, 2016. (P)](http://www.sec.gov/Archives/edgar/data/1026977/000139834417000971/fp0023438_ex9928b2iii.htm)

(iv) [Amended and Restated By-Laws dated February 23, 2017. (Q)](http://www.sec.gov/Archives/edgar/data/1026977/000101270918000010/fp0030423_ex9928b2iv.htm)

(3) [Registrant's Amended and Restated By-Laws as of August 11, 2021. (U)](http://www.sec.gov/Archives/edgar/data/1026977/000139834422001241/fp0071987_ex9928b3.htm)

(c) Instruments Defining Rights of Security Holders:

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| | | |
|:---|:---|:---|
|  |  | Not applicable. |
| (d) |  | Investment Advisory Contracts: |
|  | (1) | [Amended and Restated Investment Management Agreement dated August 27, 2015, between City National Rochdale Funds and City National Rochdale, LLC. (P)](http://www.sec.gov/Archives/edgar/data/1026977/000139834416009244/fp0017594_ex9928d1.htm) |
|  | (i) | [Amended and Restated Appendix A and Appendix B dated April 2, 2025, to Amended and Restated Investment Management Agreement. (filed herewith)](fp0097122-1_ex9928d1i.htm) |
|  | (2) | [Investment Manager Sub-Advisory Agreement dated June 1, 2017, between City National Rochdale, LLC and Seix Investment Advisors LLC with respect to the City National Rochdale Fixed Income Opportunities Fund. (Q)](https://www.sec.gov/Archives/edgar/data/1026977/000101270918000010/fp0030423_ex9928d3.htm) |
|  | (i) | [Amendment dated September 1, 2017, to Investment Manager Sub-Advisory Agreement dated June 1, 2017, between City National Rochdale, LLC and Seix Investment Advisors LLC with respect to the City National Rochdale Fixed Income Opportunities Fund. (Q)](http://www.sec.gov/Archives/edgar/data/1026977/000101270918000010/fp0030423_ex9928d3i.htm) |
|  | (ii) | [Amendment dated August 25, 2020, to Investment Manager Sub-Advisory Agreement dated June 1, 2017, between City National Rochdale, LLC and Seix Investment Advisors LLC with respect to the City National Rochdale Fixed Income Opportunities Fund. (T)](http://www.sec.gov/Archives/edgar/data/1026977/000139834421001586/fp0061370_ex9928d2ii.htm) |
|  | (3) | [Investment Manager Sub-Advisory Agreement dated March 28, 2013, between City National Rochdale, LLC and Federated Investment Management Company with respect to the City National Rochdale Fixed Income Opportunities Fund. (J)](http://www.sec.gov/Archives/edgar/data/1026977/000139834413002141/fp0007059_ex9928d11.htm) |
|  | (i) | [Amendment dated June 1, 2017, to Investment Manager Sub-Advisory Agreement dated March 28, 2013, between City National Rochdale, LLC and Federated Investment Management Company with respect to the City National Rochdale Fixed Income Opportunities Fund. (Q)](http://www.sec.gov/Archives/edgar/data/1026977/000101270918000010/fp0030423_ex9928d4i.htm) |
|  | (ii) | [Amendment dated December 21, 2020, to Investment Manager Sub-Advisory Agreement dated March 28, 2013, between City National Rochdale, LLC and Federated Investment Management Company with respect to the City National Rochdale Fixed Income Opportunities Fund. (T)](http://www.sec.gov/Archives/edgar/data/1026977/000139834421001586/fp0061370_ex9928d3ii.htm) |
|  | (4) | [Investment Manager Agreement dated November 1, 2022, between City National Rochdale, LLC and Alcentra Limited with respect to the City National Rochdale Fixed Income Opportunities Fund. (W)](https://www.sec.gov/Archives/edgar/data/1026977/000139834423001228/fp0081537-1_ex9928d4.htm) |
|  | (5) | [Investment Manager Agreement dated November 1, 2022, between City National Rochdale, LLC and Alcentra Limited and Alcentra NY, LLC with respect to the City National Rochdale Fixed Income Opportunities Fund.](https://www.sec.gov/Archives/edgar/data/1026977/000139834423001228/fp0081537-1_ex9928d5.htm) [(W)](http://www.sec.gov/Archives/edgar/data/1026977/000139834423001228/fp0081537-1_ex9928d5.htm) |
|  | (i) | [Amendment dated June 27, 2023, to the Investment Manager Agreement dated November 1, 2022, between City National Rochdale, LLC and Alcentra Limited and Alcentra NY, LLC with respect to the City National Rochdale Fixed Income Opportunities Fund. (X)](https://www.sec.gov/Archives/edgar/data/1026977/000139834424001291/fp0086763-1_ex9928d5i.htm) |

---

(6) [Investment Sub-Advisory Agreement dated December 3, 2021, between City National Rochdale, LLC and T. Rowe Price Associates, Inc. with respect to the City National Rochdale Fixed Income Opportunities Fund](http://www.sec.gov/Archives/edgar/data/1026977/000139834422001241/fp0071987_ex9928d9.htm) . [(U)](http://www.sec.gov/Archives/edgar/data/1026977/000139834422001241/fp0071987_ex9928d9.htm)

(e) Underwriting Contracts:

(1) [Distribution Agreement dated April 1, 1999, between the Registrant and SEI Investments Distribution Co. (J)](http://www.sec.gov/Archives/edgar/data/1026977/000139834413002141/fp0007059_ex9928e1.htm)

(i) [AML Amendment dated March 13/14, 2006, to Distribution Agreement dated April 1, 1999, between the Registrant and SEI Investments Distribution Co. (J)](http://www.sec.gov/Archives/edgar/data/1026977/000139834413002141/fp0007059_ex9928e2.htm)

(2) [Distribution Coordination Agreement between City National Rochdale Funds and SEI Investments Distribution Co. (P)](http://www.sec.gov/Archives/edgar/data/1026977/000139834417000971/fp0023438_ex9928e3.htm)

(f) Bonus or Profit Sharing Contracts: Not applicable.

(g) Custodian Agreements:

(1) [Custody Agreement dated August 1, 2011, between the Registrant and U.S. Bank National Association. (F)](http://www.sec.gov/Archives/edgar/data/1026977/000139834411002148/fp0003417_ex9928g.htm)

(i) [First Amendment dated January 1, 2012, to the Custody Agreement dated August 1, 2011, between the Registrant and U.S. Bank National Association. (J)](http://www.sec.gov/Archives/edgar/data/1026977/000139834413002141/fp0007059_ex9928g2.htm)

(ii) [Second Amendment dated November 20, 2012, to the Custody Agreement dated August 1, 2011, between the Registrant and U.S. Bank National Association. (M)](http://www.sec.gov/Archives/edgar/data/1026977/000139834414000418/fp0009199_ex9928g1ii.htm)

(iii) [Third Amendment dated November 19, 2013, to the Custody Agreement dated August 1, 2011, between the Registrant and U.S. Bank National Association, reflecting the addition of the City National Rochdale Municipal High Income Fund. (L)](http://www.sec.gov/Archives/edgar/data/1026977/000139834413005954/fp0009042_ex9928g1ii.htm)

(iv) [Fourth Amendment dated January 16, 2019, to the Custody Agreement dated August 1, 2011, between the Registrant and U.S. Bank National Association, reflecting the addition of the City National Rochdale Short Term Emerging Markets Debt Fund. (R)](http://www.sec.gov/Archives/edgar/data/1026977/000139834419000852/fp0038550_ex9928g14.htm)

(v) [Fifth Amendment dated March 20, 2020, to the Custody Agreement dated August 1, 2011, between the Registrant and U.S. Bank National Association. (T)](http://www.sec.gov/Archives/edgar/data/1026977/000139834421001586/fp0061370_ex9928g1v.htm)

(h) Other Material Contracts:

(1) [Amended and Restated Administration Agreement dated January 1, 2013, between the Registrant and SEI Investments Global Funds Services. (J)](http://www.sec.gov/Archives/edgar/data/1026977/000139834413002141/fp0007059_ex9928h1.htm)

(i) [Amendment No. 1 dated October 3, 2013, to the Amended and Restated Administration Agreement dated January 1, 2013, between the Registrant and SEI Investments Global Funds Services. (M)](http://www.sec.gov/Archives/edgar/data/1026977/000139834414000418/fp0009199_ex9928h1i.htm)

(ii) [Amendment No. 2 dated December 30, 2013, to the Amended and Restated Administration Agreement dated January 1, 2013, as amended, between the Registrant and SEI Investments Global Funds Services. (Q)](http://www.sec.gov/Archives/edgar/data/1026977/000101270918000010/fp0030423_ex9928h1ii.htm)

(iii) [Amendment No. 3 dated November 30, 2017, to the Amended and Restated Administration Agreement dated January 1, 2013, as amended, between the Registrant and SEI Investments Global Funds Services. (S)](http://www.sec.gov/Archives/edgar/data/1026977/000139834419001161/fp0038584_ex9928h1iii.htm)

(iv) [Letter Amendment to Administration Agreement dated September 14, 2017. (Q)](http://www.sec.gov/Archives/edgar/data/1026977/000101270918000010/fp0030423_ex9928h1iv.htm)

(v) [Amendment No. 4 dated December 3, 2020, to the Amended and Restated Administration Agreement dated January 1, 2013, as amended, between the Registrant and SEI Investments Global Funds Services. (T)](http://www.sec.gov/Archives/edgar/data/1026977/000139834421001586/fp0061370_ex9928h1v.htm)

(vi) [Amendment No. 5 dated December 11, 2023, to the Amended and Restated Administration Agreement dated January 1, 2013, as amended, between the Registrant and SEI Investments Global Funds Services. (X)](https://www.sec.gov/Archives/edgar/data/1026977/000139834424001291/fp0086763-1_ex9928h1vi.htm)

(2) [Transfer Agent Servicing Agreement dated January 1, 2013, between the Registrant and U.S. Bancorp Fund Services, LLC. (J)](http://www.sec.gov/Archives/edgar/data/1026977/000139834413002141/fp0007059_ex9928h2.htm)

(i) [First Amendment to Transfer Agent Servicing Agreement dated September 18, 2014 between the Registrant and U.S. Bancorp Fund Services, LLC. (P)](http://www.sec.gov/Archives/edgar/data/1026977/000139834417000971/fp0023438_ex9928h2i.htm)

(ii) [Second Amendment to Transfer Agent Servicing Agreement dated August 2, 2016 between the Registrant and U.S. Bancorp Fund Services, LLC. (P)](http://www.sec.gov/Archives/edgar/data/1026977/000139834417000971/fp0023438_ex9928h2ii.htm)

(3) [Amended and Restated Shareholder Services Agreement dated December 7, 2020, between the Registrant and City National Bank with respect to the City National Rochdale Government Money Market Fund, City National Rochdale Government Bond Fund, City National Rochdale Corporate Bond Fund, City National Rochdale California Tax Exempt Bond Fund, City National Rochdale Intermediate Fixed Income Fund, City National Rochdale Municipal High Income Fund, City National Rochdale Fixed Income Opportunities Fund, City National Rochdale Equity Income Fund (formerly City National Rochdale Dividend & Income Fund) and City National Rochdale U.S. Core Equity Fund. (T)](http://www.sec.gov/Archives/edgar/data/1026977/000139834421001586/fp0061370_ex9928h3.htm)

(i) [Amended and Restated Exhibit A dated April 2, 2025, to Amended and Restated Shareholder Services Agreement. (filed herewith)](fp0097122-1_ex9928h3i.htm)

(4) [Form of Shareholder Service Provider Agreement between City National Bank and RIM Securities, LLC. (G)](http://www.sec.gov/Archives/edgar/data/1026977/000139834412003655/fp0005857_ex9928h3iii.htm)

(5) [Amended and Restated Loan Agreement dated September 3, 2025, between City National Rochdale Funds and U.S. Bank National Association. (filed herewith)](fp0097122-1_ex9928h5.htm)

(6) (i) [Fee Waiver Agreement between City National Rochdale Funds on behalf of City National Rochdale Government Money Market Fund, and City National Rochdale, LLC, dated February 1, 2021](http://www.sec.gov/Archives/edgar/data/1026977/000139834422001241/fp0071987_ex9928h8i.htm) . [(U)](http://www.sec.gov/Archives/edgar/data/1026977/000139834422001241/fp0071987_ex9928h8i.htm)

(i) Legal Opinion:

(1) [Legal Counsel's Opinion. (C)](http://www.sec.gov/Archives/edgar/data/1026977/000111667901500515/0001116679-01-500515.txt)

(2) [Legal Counsel's Consent. (E)](http://www.sec.gov/Archives/edgar/data/1026977/000111667908000231/cni485b-012808.txt)

(3) [Legal Counsel's Opinion. (D)](http://www.sec.gov/Archives/edgar/data/1026977/000093506905002895/cniaha_cniconsent.txt)

(4) [Legal Counsel's Opinion relating to the City National Rochdale Equity Income Fund, City National Rochdale Intermediate Fixed Income Fund, City National Rochdale Fixed Income Opportunities Fund, and City National Rochdale Emerging Markets Fund. (I)](http://www.sec.gov/Archives/edgar/data/1026977/000139834413000918/fp0006491_ex9928i9.htm)

(5) [Legal Counsel's Opinion relating to the City National Rochdale Municipal High Income Fund. (O)](http://www.sec.gov/Archives/edgar/data/1026977/000139834413005954/fp0009042_ex9928i12.htm)

(6) [Legal Counsel's Opinion relating to Servicing Class shares of the City National Rochdale Intermediate Fixed Income Fund, City National Rochdale Fixed Income Opportunities Fund, and City National Rochdale Equity Income Fund](http://www.sec.gov/Archives/edgar/data/1026977/000139834422018129/fp0079310_ex9928i14.htm) . [(V)](http://www.sec.gov/Archives/edgar/data/1026977/000139834422018129/fp0079310_ex9928i14.htm)

(j) Other Opinions:

(1) [Consent of Cohen & Company, Ltd., independent registered public accounting firm. (filed herewith)](fp0097122-1_ex9928j1.htm)

(k) Omitted Financial Statements: Not applicable.

(l) Initial Capital Agreements:

(1) [Initial Capital Agreement. (A)](http://www.sec.gov/Archives/edgar/data/1026977/0000912057-97-001063.txt)

(m) Rule 12b-1 Plan:

(1) [Amended and Restated Rule 12b-1 Distribution Plan dated February 25, 2021](http://www.sec.gov/Archives/edgar/data/1026977/000139834422001241/fp0071987_ex9928m1.htm) . [(U)](http://www.sec.gov/Archives/edgar/data/1026977/000139834422001241/fp0071987_ex9928m1.htm)

(2) [Rule 12b-1 Fee Limitation Agreement between City National Rochdale Funds, SEI Investments Distribution Co. and RIM Securities, LLC, relating to the City National Rochdale Government Money Market Fund dated March 1, 2018. (S)](http://www.sec.gov/Archives/edgar/data/1026977/000139834419001161/fp0038584_ex9928m2.htm)

(n) Rule 18f-3 Plan:

(1) [Amended and Restated Multiple Class Plan dated May 19, 2022. (V)](http://www.sec.gov/Archives/edgar/data/1026977/000139834422018129/fp0079310_ex9928n1.htm)

(o) Reserved.

(p) Codes of Ethics:

(1) [City National Rochdale, LLC and City National Rochdale Funds. (X)](https://www.sec.gov/Archives/edgar/data/1026977/000139834424001291/fp0086763-1_ex9928p1.htm)

(2) [SEI Investments Distribution Co. (Y)](https://www.sec.gov/Archives/edgar/data/1026977/000139834425001289/fp0091877-1_ex9928p2.htm)

(3) [<u>SEI Investments Global Funds Services. (filed herewith)</u>](fp0097122-1_ex9928p3.htm)

(4) <u>[Seix Investment Advisors LLC. (filed herewith)](fp0097122-1_ex9928p4.htm)</u> 

(5) [Federated Investment Management Company. (Y)](https://www.sec.gov/Archives/edgar/data/1026977/000139834425001289/fp0091877-1_ex9928p5.htm)

(6) [Alcentra NY, LLC. (X)](https://www.sec.gov/Archives/edgar/data/1026977/000139834424001291/fp0086763-1_ex9928p6.htm)

(7) [Alcentra Limited, LLC. (X)](https://www.sec.gov/Archives/edgar/data/1026977/000139834424001291/fp0086763-1_ex9928p7.htm)

(8) [<u>T. Rowe Price Associates, Inc. (filed herewith)</u>](fp0097122-1_ex9928p8.htm)

(q) Powers of Attorney:

(1) [Power of Attorney for Trustees of the Registrant, dated November 21, 2024. (Y)](https://www.sec.gov/Archives/edgar/data/1026977/000139834425001289/fp0091877-1_ex9928q1.htm)

(A) Previously filed as an exhibit to Registrant's Registration Statement on Form N-1A (333-16093) on November 14, 1996 and incorporated herein by reference.

(B) Previously filed as an exhibit to Registrant's Post-Effective Amendment No. 8 (333-16093) on May 3, 1999 and incorporated herein by reference.

(C) Previously filed as an exhibit to Registrant's Post-Effective Amendment No. 18 (333-16093) on August 3, 2001 and incorporated herein by reference.

(D) Previously filed as an exhibit to Registrant's Post-Effective Amendment No. 28 (333-16093) on October 12, 2005 and incorporated herein by reference.

(E) Previously filed as an exhibit to Registrant's Post-Effective Amendment No. 34 (333-16093) on January 28, 2008 and incorporated herein by reference.

(F) Previously filed as an exhibit to Registrant's Post-Effective Amendment No. 44 (333-16093) on September 14, 2011, and incorporated herein by reference.

(G) Previously filed as an exhibit to Registrant's Post-Effective Amendment No. 54 (333-16093) on November 21, 2012, and incorporated herein by reference.

(H) Previously filed as an exhibit to Registrant's Post-Effective Amendment No. 57 (333-16093) on January 28, 2013, and incorporated herein by reference.

(I) Previously filed as an exhibit to Registrant's Post-Effective Amendment No. 60 (333-16093) on February 20, 2013, and incorporated herein by reference.

(J) Previously filed as an exhibit to Registrant's Post-Effective Amendment No. 62 (333-16093) on April 30, 2013, and incorporated herein by reference.

(K) Previously filed as an exhibit to Registrant's Post-Effective Amendment No. 65 (333-16093) on October 4, 2013, and incorporated herein by reference.

(L) Previously filed as an exhibit to Registrant's Post-Effective Amendment No. 70 (333-16093) on December 30, 2013, and incorporated herein by reference.

(M) Previously filed as an exhibit to Registrant's Post-Effective Amendment No. 71 (333-16093) on January 28, 2014, and incorporated herein by reference.

(N) Previously filed as an exhibit to Registrant's Post-Effective Amendment No. 74 (333-16093) on January 28, 2015, and incorporated herein by reference.

(O) Previously filed as an exhibit to Registrant's Post-Effective Amendment No. 77 (333-16093) on January 28, 2016, and incorporated herein by reference.

(P) Previously filed as an exhibit to Registrant's Post-Effective Amendment No. 81 (333-16093) on January 27, 2017, and incorporated herein by reference.

(Q) Previously filed as an exhibit to Registrant's Post-Effective Amendment No. 83 (333-16093) on January 26, 2018, and incorporated herein by reference.

(R) Previously filed as an exhibit to Registrant's Post-Effective Amendment No. 87 (333-16093) on January 18, 2019, and incorporated herein by reference.

(S) Previously filed as an exhibit to Registrant's Post-Effective Amendment No. 88 (333-16093) on January 28, 2019, and incorporated herein by reference.

(T) Previously filed as an exhibit to Registrant's Post-Effective Amendment No. 93 (333-16093) on January 28, 2021, and incorporated herein by reference.

(U) Previously filed as an exhibit to Registrant's Post-Effective Amendment No. 94 (333-16093) on January 28, 2022, and incorporated herein by reference.

(V) Previously filed as an exhibit to Registrant's Post-Effective Amendment No. 98 (333-16093) on September 7, 2022, and incorporated herein by reference.

(W) Previously filed as an exhibit to Registrant's Post-Effective Amendment No. 100 (333-16093) on January 27, 2023, and incorporated herein by reference.

(X) Previously filed as an exhibit to Registrant's Post-Effective Amendment No. 101 (333-16093) on January 29, 2024, and incorporated herein by reference.

(Y) Previously filed as an exhibit to Registrant's Post-Effective Amendment No. 102 (333-16093) on January 28, 2025, and incorporated herein by reference.

**Item 29.** **Persons Controlled by or Under Common Control with the Registrant.**

None.

**Item 30.** **Indemnification.**

Please see Article VI of the Registrant's By-Laws, previously filed as an Exhibit. Pursuant to Rule 484 under the Securities Act of 1933, as amended, the Registrant furnishes the following undertaking:

"Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to trustees, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a trustee, officer, or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such trustee, officer, or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue."

Notwithstanding the provisions contained in the Registrant's By-Laws, in the absence of authorization by the appropriate court on the merits pursuant to Sections 4 and 5 of Article VI of said By-Laws, any indemnification under said Article shall be made by Registrant only if authorized in the manner provided in either subsection (a) or (b) of Section 6 of said Article VI.

The Registrant has also entered into Indemnification Agreements with each of its trustees which provide that the Registrant shall advance expenses and indemnify and hold harmless each trustee in certain circumstances against any expenses incurred by a trustee in any proceeding arising out of or in connection with the trustee's service to the Registrant, to the maximum extent permitted by the Delaware Statutory Trust Act, the Securities Act of 1933 and the Investment Company Act of 1940, and which provide for certain procedures in connection with such advancement of expenses and indemnification.

**Item 31.** **Business and Other Connections of Investment Advisers.**

**RBC ROCHDALE, LLC**

RBC Rochdale, LLC ("RBC Rochdale") is a wholly owned subsidiary of City National Rochdale Holdings LLC, itself a wholly owned subsidiary of City National Bank ("CNB"). CNB is a wholly- owned subsidiary of RBC USA Holdco Corporation, which is a wholly-owned indirect subsidiary of Royal Bank of Canada. In addition to serving as the investment adviser to each series of the Registrant, RBC Rochdale also provides other institutional advisory services and provides investment consulting services to institutions.

Except as set forth below, to the knowledge of Registrant none of the directors or officers of RBC Rochdale is or has been at any time during the past two fiscal years engaged in any other business, profession, vocation or employment of a substantial nature, except that certain officers also hold various positions with and engage in business for CNB and/or its managed affiliates. The principal business address of person listed in the table below is either 400 North Roxbury Drive, Beverly Hills, California 90210 or 400 Park Avenue, New York, New York 10022, as noted below.

---

| | |
|:---|:---|
| **Name and Position with CNR** | **Other Positions and Directorships** |
| Alma Banuelos, Director | Director, City National Rochdale Holdings LLC;<sup>(1)</sup> Director, City National Securities, Inc.;<sup>(2)</sup> Director, CNR Securities LLC;<sup>(3)</sup> Director (Chair), RBC Trust Company (Delaware) Limited<sup>(4)</sup> |
| Mitchell Cepler, Senior Vice President and Finance Manager | Senior Vice President and Chief Financial Officer, City National Rochdale Holdings LLC; Chief Financial Officer, CNR Securities LLC<sup>(3)</sup> |
| Gregg Giaquinto, Director, Chief Executive Officer and President | Director Senior Managing Director, Chief Operating Officer and President, City National Rochdale Holdings LLC;<sup>(1)</sup> Director, City National Securities, Inc.;<sup>(2)</sup> Director and President, CNR Securities LLC<sup>(3)</sup> |
| Julie Richard | Chief Compliance Officer |
| Charles Luke, Chief Investment Officer | Chief Investment Officer |
| Dan Auciello | Senior Vice President, BSA/AML Officer, City National Bank; Money Laundering Reporting Officer, City National Securities, Inc.; Money Laundering Reporting Officer, CNR Securities, Inc. |
| Ivor O'Keeffe, Director | Director, City National Rochdale Holdings LLC;<sup>(1)</sup> Director and Chief Operating Officer, City National Securities, Inc.;<sup>(2)</sup> Director and Presidents, CNR Securities LLC<sup>(3)</sup> |
| Shawn Riley, Director | Director, City National Rochdale Holdings LLC;<sup>(1)</sup> Director, City National Securities, Inc.;<sup>(2)</sup> Director, CNR Securities LLC; <sup>(3)</sup> Deputy Chief Risk Officer, City National Bank<sup>(5)</sup> |
| Joby Swankutty, Director<br>| Director, City National Rochdale Holdings LLC;<sup>(1)</sup> Director, City National Securities, Inc.; <sup>(2)</sup> Director, CNR Securities LLC<sup>(3)</sup> |
| Samantha Lefchuck, Assistant Secretary | Assistant Secretary, City National Properties, Inc; Assistant Secretary, City National Rochdale Holdings, LLC; Assistant Secretary, City National Securities, Inc.; Assistant Secretary, CNR Securities, Inc.; Assistant Secretary, Convergent Capital Management LLC, Assistant Secretary, Convergent Wealth Advisors, LLC; Assistant Secretary, Field Office Property JV LLC; Assistant Secretary, Field Office Property Owner LLC; Assistant Secretary, Field Property Topco LLC; Assistant Secretary, RB Oreo Holdco LLC; Assistant Secretary, RBC Alternative Asset Management, LLC; Assistant Secretary, RBC Alternative Assets, LLC; Assistant Secretary, RBC Bank (Georgia) N.A.; Assistant Secretary, RBC Capital Markets, LLC; Assistant Secretary, RBC Community Investments, LLC; Assistant Secretary, RBC Foundation – USA; Assistant Secretary, RBC Global Asset Management (US) Inc.; Assistant Secretary, RBC Municipal Capital, LLC; Assistant Secretary, RBC Municipal Products, LLC; Assistant Secretary, RBC Plan Holdings (USA), LLC; Assistant Secretary, RBC Real Estate Capital Corp.; Assistant Secretary, RBC US Finco, LLC; Assistant Secretary, RBC US Specialized Financing, LLC; Assistant Secretary, RBC USA Holdco Corporation; Assistant Secretary, RBC Ventures USA LLC, Assistant Secretary, SF Multifamily Pool 1 (A) JV LLC; Assistant Secretary, SF Multifamily Pool 1 (A) Owner LLC; Assistant Secretary, SF Multifamily Pool 1 (A) Topco LLC; Assistant Secretary, SF Multifamily Pool 5 (C) JV LLC; Assistant Secretary, SF Multifamily Pool 5 (C) Maple JV LLC; Assistant Secretary, SF Multifamily Pool 5 (C) Owner LLC; Assistant Secretary, SF Multifamily Pool 5 (C) Topco LLC; Assistant Secretary, SF Multifamily Pools 2-3 (B) JV LLC; Assistant Secretary, SF Multifamily Pools 2-3 (B) Maple JV LLC; Assistant Secretary, SF Multifamily Pools 2-3 (B) Owner LLC; Assistant Secretary, SF Multifamily Pools 2-3 (B) Topco LLC |
| Tarini Ramaprakash, Secretary | Assistant Secretary, City National Bank; Secretary, City National Rochdale Holdings LLC; Secretary, City National Securities, Inc; Secretary, CNR Securities LLC; Secretary, Convergent Capital Management LLC, Secretary, Convergent Wealth Advisors, LLC; Secretary, RBC Bank (Georgia) N.A.; Assistant Secretary, RBC Capital Markets, LLC; Secretary, RBC Trust Company (Delaware) Limited; Secretary, RBC USA Holdco Corporation |
| Leigh Muniz, Assistant Secretary | Assistant Secretary, City National Rochdale Holdings LLC; Assistant Secretary, City National Securities, Inc.; Assistant Secretary, CNR Securities LLC; Assistant Secretary RBC Trust Company (Delaware) Limited; Senior Vice President and Assistant Secretary, City National Bank |

---

(1) The principal business address for City National Rochdale Holdings LLC is 400 Park Avenue, 10th Floor, New York, NY 10022.

(2) The principal business address for City National Securities, Inc. is 555 South Flower Street, 11th Floor, Los Angeles, CA 90071.

(3) The principal business address for CNR Securities LLC is 400 Park Avenue, 3rd Floor, New York, NY 10022.

(4) The principal business address for RBC Trust Company (Delaware) Limited is 4550 Linden Hill Road, Suite 200, Wilmington, Delaware 19808.

(5) The principal business address for City National Bank is 555 S. Flower Street, Los Angeles, CA, 90071.

(6) The principal business address for Royal Bank of Canada is 1 Place Ville-Marie, Montreal, Quebec, Canada.

(7) The principal business address for City National Properties, Inc. is 400 North Roxbury Drive, Beverly Hills, CA 90210

**BENEFIT STREET PARTNERS Limited**

Benefit Street Partners Limited (formerly known as Alcentra Limited) ("BSP") is a sub-adviser for a portion of Registrant's City National Rochdale Fixed Income Opportunities Fund. The principal address of BSP is 78 Cannon Street, London, England, EC4N 6HL. BSP is regulated by the Financial Conduct Authority and the SEC under the Investment Advisers Act of 1940. BSP is an indirect, wholly owned subsidiary of Franklin Resources, Inc., a global investment management organization operating as Franklin Templeton. Except as set forth below, to the knowledge of Registrant none of the directors/trustees or officers of BSP is or has been at any time during the past two fiscal years engaged in any business, profession, vocation or employment of a substantial nature other than with BSP.

---

| |
|:---|
| **Name and Position with BSP Limited** |
| James Algar Chief Compliance Officer and Director, BSP Limited<sup>(1)</sup> |
| Henry Schoch Chief Accounting Officer and Director, BSP Limited<sup>(1)</sup> |
| Daire Wheeler Head of European Liquid Credit and Director, BSP Limited<sup>(1)</sup> |
| Cathy Bevan Head of Structured Credit and Director, BSP Limited<sup>(1)</sup> |

---

<sup>(1)</sup> 78 Cannon Street, London, England, EC4N 6HL.

**BSP NY, LLC**

BSP NY, LLC (formerly known as Alcentra NY, LLC) ("BSP NY") is a sub-adviser for a portion of Registrant's City National Rochdale Fixed Income Opportunities Fund. Its principal address is One Madison Avenue, Suite 1600, New York, NY 10010. BSP NY is regulated by the SEC. BSP NY is the U.S.-based investment advisory business and is an indirect, wholly owned subsidiary of Franklin Resources, Inc., a global investment management organization operating as Franklin Templeton. Except as set forth below, to the knowledge of Registrant none of the directors/trustees or officers of BSP NY is or has been at any time during the past two fiscal years engaged in any business, profession, vocation or employment of a substantial nature other than with BSP NY.

---

| | |
|:---|:---|
| **Name and Position with BSP NY, LLC\*** | **Other Positions and Directorships** |
| Bryan Martoken, Chief Financial Officer | Chief Financial Officer, Benefit Street Partners\* |
| Richard Byrne, President | President, Benefit Street Partners\* |
| Enrico (Rick) Gallo, Chief Compliance Officer | Chief Compliance Officer, Benefit Street Partners\* |
| Thomas Gahan, Chairman | Chairman, Benefit Street Partners\* |
| Henry Schoch, Chief Accounting Officer | Director, Chief Accounting Officer, Benefit Street Partners Limited\*\* and Benefit Street Partners\* |
| David Manlowe, Chief Operations Officer and Chief Executive Officer | Chief Operating Officer, Chief Executive Officer, Benefit Street Partners\* |

---

\* The address of the business so indicated is One Madison Avenue, Suite 1600, New York, NY 10010. <br>\*\* 78 Cannon Street, London, England, EC4N 6HL.

**FEDERATED INVESTMENT MANAGEMENT COMPANY**

Federated Investment Management Company ("Federated") is a sub-adviser for a portion of Registrant's City National Rochdale Fixed Income Opportunities Fund. The principal address of Federated is 1001 Liberty Avenue, Pittsburgh, Pennsylvania 15222. Federated is an investment adviser registered under the Investment Advisers Act of 1940 and is a wholly owned subsidiary of Federated Hermes, Inc. Except as set forth below, to the knowledge of Registrant none of the directors/trustees or officers of Federated is or has been at any time during the past two fiscal years engaged in any business, profession, vocation or employment of a substantial nature other than with Federated, Federated Hermes, Inc. and its subsidiaries.

---

| | |
|:---|:---|
| **Name and Position with Federated Investment Management Company** | **Other Positions and Directorships** |
| James J. Gallagher II, Trustee | Partner, Morris James LLP, 3205 Avenue, N. Suite 100, Wilmington, DE 19803. |

---

**SEIX INVESTMENT ADVISORS, A DIVISION OF VIRTUS FIXED INCOME ADVISERS, LLC**

Seix Investment Advisors ("Seix"), a division of Virtus Fixed Income Advisers, LLC ("VFIA"), is a sub-adviser for a portion of Registrant's City National Rochdale Fixed Income Opportunities Fund. The principal address of Seix is One Maynard Drive, Suite 3200, Park Ridge, NJ 07656. VFIA is an investment adviser registered under the Investment Advisers Act of 1940. Except as set forth below, to the knowledge of Registrant none of the directors or officers of VFIA is or has been at any time during the past two fiscal years engaged in any business, profession, vocation or employment of a substantial nature other than with VFIA and its affiliates.

---

| | | |
|:---|:---|:---|
| **Name and Position with Seix** | **Other Company** | **Position with Other Company** |
| Michael A. Angerthal, EVP & CFO | AlphaSimplex Group, LLC<br> Ceredex Value Advisors LLC<br> Duff & Phelps Investment Management Co.<br> Kayne Anderson Rudnick Investment Management LLC<br> NFJ Investment Group, LLC<br> SGIA, LLC<br> Silvant Capital Management LLC<br> Virtus Fixed Income Advisers, LLC<br> Virtus Investment Partners, Inc.<br> Virtus Partners, Inc.<br> Westchester Capital Management, LLC<br> Westchester Capital Partners, LLC | EVP<br> EVP & CFO<br> Director, EVP & Treasurer<br> EVP & CFO<br> EVP & CFO<br> EVP & CFO<br> EVP & CFO<br> EVP & CFO<br> EVP, CFO & Treasurer Director,<br> EVP & CFO<br> EVP<br> EVP |
| Andra C. Purkalitis, EVP, CLO, GC & Secretary | AlphaSimplex Group, LLC<br> Ceredex Value Advisors LLC<br> Duff & Phelps Investment Management Co.<br> Kayne Anderson Rudnick Investment Management, LLC<br> NFJ Investment Group, LLC<br> SGIA, LLC<br> Silvant Capital Management LLC<br> Virtus Alternative Investment Advisers, LLC<br> Virtus Advisers, LLC<br> Virtus ETF Solutions LLC<br> Virtus Fixed Income Advisers, LLC<br>Virtus Capital Advisers, LLC<br> Virtus Fund Services, LLC<br> Virtus Investment Advisers, LLC<br> Virtus Investment Partners, Inc.<br>Virtus Partners, Inc.<br> Virtus Shared Services, LLC<br> VP Distributors, LLC<br> Westchester Capital Management, LLC<br> Westchester Capital Partners, LLC | EVP, GC & Secretary<br> EVP, GC & Secretary<br> EVP, GC & Secretary<br> EVP, GC & Secretary<br>EVP, GC & Secretary<br> EVP, GC & Secretary<br> EVP, GC & Secretary<br> EVP, GC & Secretary<br> EVP, GC & Secretary<br> EVP, GC & Secretary<br> EVP, CLO, GC & Corporate Secretary<br> EVP, GC & Secretary<br> EVP, GC & Secretary<br> EVP, GC & Secretary<br> EVP, CLO, GC & Corporate Secretary<br> EVP, CLO, GC & Secretary<br> EVP, GC & Secretary<br> EVP, GC & Secretary<br> EVP, GC & Secretary<br> EVP, GC & Secretary |
| Deirdre A. Dillon<br> VP, CCO & AML Compliance Officer | Ceredex Value Advisors LLC<br> NFJ Investment Group, LLC<br> Seix CLO Management LLC<br> Silvant Capital Management LLC<br> Virtus Fixed Income Advisers, LLC | Compliance Associate<br> Compliance Associate<br> CCO<br> Compliance Associate<br> VP & CCO |

---

**T. ROWE PRICE ASSOCIATES, INC.**

T. Rowe Price Associates, Inc. ("T. Rowe Price") is a sub-adviser for a portion of Registrant's City National Rochdale Fixed Income Opportunities Fund. The principal address of T. Rowe Price is 100 East Pratt Street Baltimore, MD 21202. T. Rowe Price is authorized and regulated by the Financial Conduct Authority and is an investment adviser registered under the Investment Advisers Act of 1940. Except as set forth below, to the knowledge of Registrant none of the senior partners or officers of T. Rowe Price is or has been at any time during the past two fiscal years engaged in any business, profession, vocation or employment of a substantial nature other than with T. Rowe Price.

---

| | |
|:---|:---|
| **Name and Position with**<br> **T. Rowe Price Associates, Inc.** | **Other Positions and Directorships** |
| Jennifer B. Dardis – Director & Vice President | None |
| Savonne L. Ferguson – Vice President & Chief Compliance Officer | None |
| David Oestreicher - Vice President, Director & Secretary | None |
| Robert W. Sharps - President & Director & Chair of the Board | None |
| Eric L. Veiel – Vice President & Director | None |

---

**Item 32. Principal Underwriter.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Registrant's distributor, SEI Investments Distribution Co. (the "Distributor"), acts as distributor for:

---

| | |
|:---|:---|
| SEI Daily Income Trust | July 15, 1982 |
| SEI Tax Exempt Trust | December 3, 1982 |
| SEI Institutional Managed Trust | January 22, 1987 |
| SEI Institutional International Trust | August 30, 1988 |
| The Advisors' Inner Circle Fund | November 14, 1991 |
| The Advisors' Inner Circle Fund II | January 28, 1993 |
| Bishop Street Funds | January 27, 1995 |
| SEI Asset Allocation Trust | April 1, 1996 |
| SEI Institutional Investments Trust | June 14, 1996 |
| City National Rochdale Funds (f/k/a CNI Charter Funds) | April 1, 1999 |
| Causeway Capital Management Trust | September 20, 2001 |
| SEI Offshore Opportunity Fund II | September 1, 2005 |
| ProShares Trust | November 14, 2005 |
| Community Capital Trust (f/k/a Community Reinvestment Act Qualified Investment Fund) | January 8, 2007 |
| SEI Offshore Advanced Strategy Series SPC | July 31, 2007 |
| SEI Structured Credit Fund, LP | July 31, 2007 |
| Global X Funds | October 24, 2008 |
| ProShares Trust II | November 17, 2008 |
| SEI Special Situations Fund | July 1, 2009 |
| Exchange Traded Concepts Trust (f/k/a FaithShares Trust) | August 7, 2009 |
| Schwab Strategic Trust | October 12, 2009 |
| RiverPark Funds Trust | September 8, 2010 |
| Adviser Managed Trust | December 10, 2010 |
| SEI Core Property Fund | January 1, 2011 |
| New Covenant Funds | March 23, 2012 |
| KraneShares Trust | December 18, 2012 |
| The Advisors' Inner Circle Fund III | February 12, 2014 |
| SEI Catholic Values Trust | March 24, 2015 |
| SEI Hedge Fund SPC | June 26, 2015 |
| SEI Energy Debt Fund | June 30, 2015 |

---

---

| | |
|:---|:---|
| Gallery Trust | January 8, 2016 |
| City National Rochdale Select Strategies Fund | March 1, 2017 |
| City National Rochdale Strategic Credit Fund | May 16, 2018 |
| Symmetry Panoramic Trust | July 23, 2018 |
| Frost Family of Funds | May 31, 2019 |
| SEI Vista Fund, Ltd. | January 20, 2021 |
| Wilshire Private Assets Fund | March 22, 2021 |
| Catholic Responsible Investments Funds | November 17, 2021 |
| SEI Exchange Traded Funds | May 18, 2022 |
| SEI Global Private Assets VI, L.P. | July 29, 2022 |
| Quaker Investment Trust | June 8, 2023 |
| SEI Alternative Income Fund | September 1, 2023 |
| Global X Venture Fund | March 12, 2025 |

---

The Distributor provides numerous financial services to investment managers, pension plan sponsors, and bank trust departments. These services include portfolio evaluation, performance measurement and consulting services ("Funds Evaluation") and automated execution, clearing and settlement of securities transactions ("MarketLink").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Set forth below is certain information with respect to each director, officer or partner of the Distributor. The business address of each director or officer is One Freedom Valley Drive, Oaks, PA 19456.

---

| | | |
|:---|:---|:---|
| Name | Position and Office with Underwriter | Positions and Offices with Registrant |
| Paul F. Klauder | Director | -- |
| William M. Doran | Director | -- |
| John C. Munch | General Counsel & Secretary | -- |
| Jason McGhin | Chief Operations Officer | -- |
| John P. Coary | Chief Financial Officer & Treasurer | -- |
| Jennifer H. Campisi | Chief Compliance Officer, Assistant Secretary & Anti-Money Laundering Officer | -- |
| William M. Martin | Vice President |  |
| Christopher Rowan | Vice President |  |
| Judith A. Rager | Vice President | -- |
| Gary Michael Reese | Vice President | -- |
| Robert M. Silvestri | Vice President | -- |

---

**Item 33.** **Location of Accounts and Records.**

The accounts, books, or other documents required to be maintained by Section 31(a) of the Investment Company Act of 1940, as amended (the "Investment Company Act") will be kept by the Registrant's Administrator, SEI Investments Global Funds Services, One Freedom Valley Drive, Oaks, Pennsylvania 19456, except those records relating to portfolio transactions and the basic organizational and Trust documents of the Registrant (see Subsections (2)(iii), (4), (5), (6), (7), (9), (10) and (11) of Rule 31a–1(b)). Such records will be kept by the Registrant at RBC Rochdale, LLC, 400 North Roxbury Drive, Beverly Hills, California 90210 and 400 Park Avenue, New York, New York 10022, except for those records relating to portfolio transactions of certain series of the Registrant as shown below:

---

| | |
|:---|:---|
| **Series of Registrant** | **Sub-Adviser and Address** |
| City National Rochdale Fixed Income Opportunities Fund | Benefit Street Partners Limited<br> 78 Cannon Street<br> London, England, EC4N 6HL<br> United Kingdom<br>BSP NY, LLC<br> One Madison Avenue, Suite 1600<br> New York, NY 10010<br>Federated Investment Management Company<br> 1001 Liberty Avenue<br> Pittsburgh, PA 15222<br>Seix Investment Advisors LLC<br> One Maynard Drive, Suite 3200<br> Park Ridge, NJ 07656<br>T. Rowe Price Associates, Inc.<br> 100 East Pratt Street<br> Baltimore, MD 21202 |

---

**Item 34.** **Management Services.**

There are no management-related service contracts not discussed in Parts A and B.

**Item 35.** **Undertakings.**

Not applicable.

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933, as amended (the "1933 Act") and the Investment Company Act of 1940, as amended, the Registrant, City National Rochdale Funds, certifies that it meets all requirements for effectiveness of this Post-Effective Amendment to the Registration Statement pursuant to Rule 485(b) under the 1933 Act and has duly caused this Post-Effective Amendment to the Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of New York, and the State of New York, on this 28th day of January, 2026.

---

| | |
|:---|:---|
| **CITY NATIONAL ROCHDALE FUNDS** | **CITY NATIONAL ROCHDALE FUNDS** |
| By: | /s/ Gregg Giaquinto |
| Gregg Giaquinto | Gregg Giaquinto |
| President, Chief Executive Officer | President, Chief Executive Officer |

---

Pursuant to the requirements of the 1933 Act, this Post-Effective Amendment to Registrant's Registration Statement has been signed below by the following persons in the capacities indicated on January 28, 2026.

---

| | | |
|:---|:---|:---|
| **Signature** | **Title** | **Date** |
| /s/ Gregg Giaquinto | President & Chief Executive Officer | January 28, 2026 |
| Gregg Giaquinto |  |  |
| /s/ Andrew Metzger | Treasurer (Principal Financial and Accounting Officer and Controller) | January 28, 2026 |
| Andrew Metzger |  |  |
| /s/ James R. Wolford\* | Trustee | January 28, 2026 |
| James R. Wolford |  |  |
| /s/ Daniel A. Hanwacker\* | Trustee | January 28, 2026 |
| Daniel A. Hanwacker |  |  |
| /s/ Jay C. Nadel\* | Trustee | January 28, 2026 |
| Jay C. Nadel |  |  |
| /s/ Shelley Y. Simms\* | Trustee | January 28, 2026 |
| Shelley Y. Simms |  |  |
| /s/ Jon C. Hunt\* | Trustee | January 28, 2026 |
| Jon C. Hunt |  |  |
| /s/ Julie C. Miller\* | Trustee | January 28, 2026 |
| Julie C. Miller |  |  |

---

---

| | |
|:---|:---|
| \* By: | /s/ Gregg Giaquinto |
|  | Gregg Giaquinto, Attorney-in-Fact, pursuant to Power of Attorney |

---

**EXHIBIT INDEX**

---

| | |
|:---|:---|
| **Exhibit Number** | **Exhibit** |
| [(d)(1)(i)](fp0097122-1_ex9928d1i.htm) | [Amended and Restated Appendix A and Appendix B dated April 2, 2025, to Amended and Restated Investment Management Agreement.](fp0097122-1_ex9928d1i.htm) |
| [(h)(3)(i)](fp0097122-1_ex9928h3i.htm) | [Amended and Restated Exhibit A dated April 2, 2025, to Amended and Restated Shareholder Services Agreement.](fp0097122-1_ex9928h3i.htm) |
| [(h)(5)](fp0097122-1_ex9928h5.htm) | [Amended and Restated Loan Agreement dated September 3, 2025, between City National Rochdale Funds and U.S. Bank National Association.](fp0097122-1_ex9928h5.htm) |
| [(j)(1)](fp0097122-1_ex9928j1.htm) | [Consent of Cohen & Company, Ltd., independent registered public accounting firm.](fp0097122-1_ex9928j1.htm) |
| [(p)(3)](fp0097122-1_ex9928p3.htm) | [SEI Investments Global Funds Services Code of Ethics.](fp0097122-1_ex9928p3.htm) |
| [(p)(4)](fp0097122-1_ex9928p4.htm) | [Seix Investment Advisors LLC Code of Ethics.](fp0097122-1_ex9928p4.htm) |
| [(p)(8)](fp0097122-1_ex9928p8.htm) | [T. Rowe Price Associates, Inc., Code of Ethics.](fp0097122-1_ex9928p8.htm) |

---

## Exhibit 99.28

CITY NATIONAL ROCHDALE FUNDS

APPENDIX A<br> to the Amended and Restated Investment Management Agreement

The provisions of the Amended and Restated Investment Management Agreement between the Trust and the Adviser apply to the following series of the Trust:

---

| | |
|:---|:---|
| Fund | Effective Date |
| <br> City National Rochdale Government Money Market Fund | April 1, 1999 |
| City National Rochdale Municipal High Income Fund | December 30, 2013 |
| City National Rochdale Fixed Income Opportunities Fund | March 28, 2013 |
| City National Rochdale U.S. Core Equity Fund | August 30, 2012 |

---

Dated as of April 2, 2025

CITY NATIONAL ROCHDALE FUNDS

APPENDIX B<br> to the Amended and Restated Investment Management Agreement

Each Fund shall pay to the Adviser, as full compensation for all investment management and advisory services furnished or provided to such Fund pursuant to the Amended and Restated Investment Management Agreement, a management fee based upon each Fund's average daily net assets at the following per annum rates:

---

| | |
|:---|:---|
| Fund | <u>Fee</u> |
| City National Rochdale Government Money Market Fund | 0.26% |
| City National Rochdale Municipal High Income Fund | 0.50% |
| City National Rochdale Fixed Income Opportunities Fund | 0.50% |
| City National Rochdale U.S. Core Equity Fund | 0.40% |

---

Dated as of April 2, 2025

## Exhibit 99.28

**EXHIBIT A**

**FUNDS COVERED BY THE<br> AMENDED AND RESTATED SHAREHOLDER SERVICES AGREEMENT**

---

| | |
|:---|:---|
| <u>Name of Fund</u> | <u>Annual Service Fee Rate</u> |
| City National Rochdale Government Money Market Fund | 0.25% |
| City National Rochdale Municipal High Income Fund | 0.25% |
| City National Rochdale Fixed Income Opportunities Fund | 0.25% |
| City National Rochdale U.S. Core Equity Fund | 0.25% |

---

Dated as of April 2, 2025

## Exhibit 99.28

**AMENDED AND RESTATED LOAN AGREEMENT**

This AMENDED AND RESTATED LOAN AGREEMENT (as amended, restated, supplemented or otherwise modified from time to time, this "<u>Agreement</u>") is made and entered into as of the 3RD day of September, 2025 by and between **CITY NATIONAL ROCHDALE FUNDS,** a Delaware statutory trust (the "<u>Trust</u>"), not individually but solely on behalf of each of its Funds as set forth on <u>Exhibit A</u>, separately and not jointly (the Trust acting on behalf of each such Fund is hereinafter referred to as a "<u>Borrower</u>" or "<u>Borrowing Fund</u>" and collectively the "<u>Borrowers</u>" or "<u>Borrowing Funds</u>"), with its address at 400 Park Avenue, New York, New York 10022, and **U.S. BANK NATIONAL ASSOCIATION,** a national banking association with its address at 425 Walnut Street, Cincinnati, Ohio 45202 (the "<u>Bank</u>").

**W I T N E S S E T H:**

**WHEREAS,** the Bank and the Trust entered into a loan agreement on behalf of the Borrowers effective as of October 1, 2014 as amended; and

**WHEREAS,** the parties wish to amend and completely restate such loan agreement, and to add, modify and restate certain provisions therein, by entering into this Agreement.

**NOW, THEREFORE,** the parties agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. a) <u>Definitions</u>. The following terms shall have the meanings specified below:

"<u>Act</u>" shall mean the Investment Company Act of 1940, as amended. "<u>Affiliate</u>" of any particular Person means any other Person Controlling, Controlled by or under common Control with such particular Person. For this purpose, "Control" means, with respect to any specified Person, the possession, directly or indirectly, of the power to direct, or cause the direction of the management or policies of such Person, whether through ownership of voting securities or other ownership interests, by contract or otherwise, and Control shall not be deemed absent solely because another Person shall have veto power with respect to major decisions. The terms "Controlled" and "Controlling" shall have correlative meanings.

"<u>Adviser</u>" shall mean, as to each Borrowing Fund, the investment adviser for the Trust and the Borrowing Funds as is identified in <u>Section 7(m)</u>.

"<u>Anti-Corruption Laws</u>" means all laws, rules, and regulations of any jurisdiction applicable to the Trust or the Borrowing Funds from time to time concerning or relating to bribery or corruption.

"<u>Applicable Law</u>" shall mean and include laws, statutes, ordinances, and rules and regulations thereunder, and interpretations thereof by any Governmental Authority charged with the administration or the interpretation thereof, common law and orders, requests, directives, instructions and notices of any Governmental Authority having the force of law, and all related orders, writs, judgments, injunctions, decrees or awards to which the Trust or any Borrowing Fund shall or may be subject, including without limitation, any environmental laws, Anti-Corruption Laws and applicable Sanctions.

"<u>Authorized Officer</u>" shall have the meaning set forth in <u>Section 6(a)(i)(C)</u>. "<u>Bank</u>" shall have the meaning set forth in the preamble.

"<u>Borrowing Fund Limit</u>" shall mean with respect to any Borrowing Fund at any time, <u>the lesser of</u> (i) the amount such Borrowing Fund is permitted to borrow in each such Borrowing Fund's Declaration of Trust, other organizational or governing documents, the applicable Fund Statement or Prospectus <u>or</u> (ii) an amount which, when added to the principal amount of all other Loans then outstanding, would not cause the Maximum Amount to be exceeded, <u>or</u> (iii) fifteen percent (15.0%) of such Borrowing Fund's gross market value, <u>or</u> (iv) thirty-three and thirty-three hundredths percent (33.33%) of the net market value of such Borrowing Fund's unencumbered assets, such net market value determined solely by the Bank using consistently-applied valuation methods disclosed to the Trust and the applicable Borrowing Fund and applied to the assets of such Borrowing Fund (A) which are recorded on the applicable Borrowing Fund's books and records as belonging solely to such Borrowing Fund, and (B) which are not subject to segregation or any special purpose usage, and (C) as to which no third party has any pledge, security interest, lien or any other rights, and (D) which are subject to a fully perfected, first priority security interest in favor of the Bank, and (E) which are held by the Bank as sole Custodian.

"<u>Business Day</u>" shall mean any day excluding Saturday, Sunday and any day on which banking institutions in the State of Ohio are authorized or required by law or other government actions to close.

"<u>Change in Law</u>" shall have the meaning set forth in <u>Section 3(c)</u>.

"<u>Change of Control</u>" means (a) the acquisition by any Person other than an Affiliate of the Adviser, or two or more Persons who are not Affiliates of the Adviser acting in concert, of beneficial ownership (within the meaning of Rule 13d-3 of the U.S. Securities and Exchange Commission under the Securities Exchange Act of 1934) of twenty-five percent (25%) or more of the outstanding shares of voting equity interests of the Adviser on a fully diluted basis; or (b) occupation of a majority of the seats on the board of directors or trustees (or similar governing body) of the Trust or of the Adviser by Persons who were neither (x) nominated by such applicable governing body of the Trust or Adviser nor (y) appointed or approved by such governing body.

"<u>Collateral</u>" shall have the meaning set forth in the Pledge and Security Agreement.

"<u>Custodian</u>" shall mean the Bank, as custodian, pursuant to the Custody Agreements.

"<u>Custody Agreements</u>" shall mean those certain Custody Agreements now in effect between each Borrowing Fund and the Bank, as they may be amended, restated, modified or supplemented from time to time.

"<u>Declaration of Trust</u>" shall mean the declaration and agreement of trust creating the Trust, as the same may be amended, amended and restated, or otherwise modified from time to time.

"<u>Default</u>" shall mean any event, act or condition which with notice or lapse of time, or both, would constitute an Event of Default.

"<u>Dollar</u>" and "$" shall mean the lawful currency of the United States of America. "<u>E-SIGN</u>" means the Federal Electronic Signatures in Global and National

Commerce Act, as amended from time to time, and any successor statute, and any regulations promulgated thereunder from time to time.

"<u>Effective Date</u>" shall have the meaning set forth in <u>Section 6(a)</u>. "<u>Event of Default</u>" shall have the meaning set forth in <u>Section 7</u>.

"<u>Extension Request</u>" shall have the meaning set forth in <u>Section 8(i)</u>.

"<u>Extension Approval Letter</u>" shall have the meaning set forth in <u>Section 8(i)</u>.

"<u>Fund</u>" shall mean a specific Series of the Trust which may undertake Loans hereunder, and "<u>Funds</u>" shall mean the complete list of all such Series specified in <u>Exhibit A</u> attached hereto and made a part hereof, regardless of name changes to, and including all subaccounts and all assets of, replacements or substitutions for such specified Series for which the Bank is Custodian, now existing or added in the future.

"<u>Fund Statement</u>" shall mean each Fund's Statement of Additional Information now in effect, as they may be amended, restated, modified or supplemented from time to time.

"<u>GAAP</u>" shall mean generally accepted accounting principles in the United States consistently applied in accordance with past practices.

"<u>Governmental Authority</u>" shall mean any foreign, federal, state, regional, local, municipal or other government, or any department, commission, board, bureau, agency, public authority or instrumentality thereof, or any court.

"<u>Indebtedness</u>" of any Person shall mean all of the obligations of such Person which, in accordance with GAAP, would be included as liabilities on the balance sheet of such Person including, without limitation, (i) any indebtedness, obligation or liability of any kind or nature whatsoever and (ii) any guarantee, indemnity, endorsement, suretyship or other contingent obligation of any kind or nature whatsoever in respect of the obligations of another Person.

"<u>Investment</u>" shall mean, when used with respect to any Person, any direct or indirect purchase or other acquisition by such Person of a beneficial interest in capital stock, bonds, notes, debentures or other securities issued by any other Person or any direct or indirect advance, loan or other extension of credit or capital contribution by such Person to any other Person.

"<u>Lien</u>" shall mean any mortgage, pledge, security interest, charge, hypothecation, collateral assignment, deposit arrangement, encumbrance, lien (statutory or other), or other security agreement of any kind or nature whatsoever.

"<u>Loan</u>" and "<u>Loans</u>" shall have the meaning set forth in <u>Section 2(a)</u>.

"<u>Loan Documents</u>" shall mean this Agreement, the Note (if any), the Pledge and Security Agreement, the Securities Account Control Agreement, and all other documents and instruments executed in connection herewith, as each of the same may be amended, restated, supplemented and/or otherwise modified from time to time.

"<u>Loan Request</u>" shall have the meaning set forth in <u>Section 2(c)</u>.

"<u>Maturity Date</u>" shall mean, with respect to each Loan if the Bank (at its sole discretion) approves such Loan to a Borrowing Fund hereunder, <u>the earlier of</u> (a) the date that is forty-five (45) Business Days after the making of such Loan, or (b) in any case not later than September 2, 2026 (or the date of any extension of this Agreement or such Maturity Date in a writing signed by the Bank).

"<u>Maximum Amount</u>" shall mean Three Hundred Million Dollars ($300,000,000) in the aggregate for all Borrowing Funds under this facility.

"<u>Net Assets</u>" of any Borrowing Fund shall mean from time to time, the net assets of such Borrowing Fund, calculated by taking the sum of the market value of such Borrowing Fund's securities plus any cash and other assets (including dividends and interest accrued but not collected) less, without duplication, all liabilities, including accrued expenses, allocable to such Borrowing Fund.

"<u>Non-Excluded Taxes</u>" shall have the meaning set forth in <u>Section 3(d)</u>. "<u>Note</u>" shall have the meaning set forth in <u>Section 2(b)(iii)</u>.

"<u>Obligations</u>" of any Borrowing Fund shall mean all of such Borrowing Fund's liabilities, obligations and indebtedness to the Bank hereunder, under the Note (if any) or the other Loan Documents, whether heretofore, now or hereafter arising and howsoever evidenced, whether primary, secondary, contingent or fixed or arising under written agreement or by operation of law.

"<u>OFAC</u>" means the U.S. Department of the Treasury's Office of Foreign Assets Control, and any successor thereto.

"<u>Officer's Certificate</u>" shall mean a certificate signed in the name of the Trust, on behalf of the Borrowing Funds, by an Authorized Officer containing the information noted in <u>Section 6(a)(i)</u> hereof, substantially in the form of <u>Exhibit E</u>, attached hereto, and any amendment, restatement, supplement to or modification of same.

"<u>PATRIOT Act</u>" means the USA PATRIOT Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)), as amended from time to time, and any successor statute.

"<u>Permitted Indebtedness</u>" shall mean as to any Fund (i) liabilities of such Fund incurred in the ordinary course of business which are not past due (except for those taxes which are being contested in good faith by appropriate proceedings and for which adequate reserves in conformity with GAAP have been provided), (ii) liabilities such Fund is permitted to incur under the applicable Fund Statement or Prospectus, (iii) the Obligations of such Fund, and (iv) other obligations, liabilities and indebtedness owed by such Fund to the Bank.

"<u>Person</u>" shall mean any natural person, corporation, firm, joint venture, partnership, limited liability company, association, enterprise, trust or other entity or organization, or any Governmental Authority.

"<u>Pledge and Security Agreement</u>" shall mean a Pledge and Security Agreement between the Trust (on behalf of the Borrowing Funds) and the Bank substantially in the form attached hereto as <u>Exhibit B</u>, as the same may be amended, restated, supplemented and/or otherwise modified from time to time.

"<u>Prime Rate</u>" shall mean the rate, which the Bank announces as its prime-lending rate, as in effect from time to time. The Prime Rate is determined solely by the Bank pursuant to market factors and its own operating needs and does not necessarily represent the lowest or best rate actually charged to any customer. The Bank may make commercial or other loans at rates of interest at, above or below the Prime Rate.

"<u>Prospectus</u>" shall mean the Prospectus of each of the Funds now in effect, as they may be amended, restated, modified or supplemented from time to time.

"<u>Sanctioned Country</u>" means, at any time, any country or territory which is itself the subject or target of any comprehensive Sanctions.

"<u>Sanctioned Person</u>" means, at any time, (a) any person, entity or group listed in any Sanctions-related list of designated persons, entities or groups maintained by OFAC or the U.S. Department of State, the United Nations Security Council, the European Union or any EU member state, (b) any person, entity or group operating, organized or resident in a Sanctioned Country, (c) any agency, political subdivision or instrumentality of the government of a Sanctioned Country, or (d) any person, entity or group 50% or more owned, individually or in the aggregate, directly or indirectly, by any of the above.

"<u>Sanctions</u>" means sanctions administered or enforced from time to time by (a) the U.S. government, including those administered by OFAC or the U.S. Department of State or (b) the United Nations Security Council, the European Union or His Majesty's Treasury or other relevant sanction authority.

"<u>Securities Account Control Agreement</u>" shall mean a Securities Account Control Agreement among the Trust (on behalf of the Borrowing Funds), the Bank, and the Custodian, substantially in the form attached hereto as <u>Exhibit C</u>, as the same may be amended, restated, supplemented and/or other modified from time to time.

"<u>Series</u>" shall mean a separate series established by the Trust's trustees pursuant to the Declaration of Trust.

"<u>UETA</u>" means the Uniform Electronic Transactions Act as in effect in the State of Ohio, as amended from time to time, and any successor statute, and any regulations promulgated thereunder from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>General Provisions Relating to Definitions</u>. Terms for which meanings are defined in this Agreement shall apply equally to the singular and plural forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The term "including" means including, without limiting the generality of any description preceding such term. Each reference herein to any Person shall include a reference to such Person's permitted successors and assigns. For all purposes under the Loan Documents, in connection with any division or plan of division under Delaware law (or any comparable event under a different jurisdiction's laws): (a) if any asset, right, obligation, or liability of any Person becomes the asset, right, obligation or liability of a different Person, then it shall be deemed to have been transferred from the original Person to the subsequent Person, and (b) if any new Person comes into existence, such new Person shall be deemed to have been organized on the first date of its existence by the holders of its equity interests at such time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Cross-References</u>. Unless otherwise specified, references in this Agreement and in each Loan Document to any Section are references to such Section of this Agreement or such Loan Document, as the case may be, and unless otherwise specified, references in any Section or definition to any clause are references to such clause of such Section or definition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Loan Facility</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Loans</u>. Subject to the terms and conditions set forth herein, and subject to the satisfaction of the conditions set forth in <u>Section 6</u> hereof, the Bank may, in its sole discretion, lend and relend to one or more Borrowing Funds, during the period from the Effective Date to the earlier of (i) the Maturity Date, or (ii) the date of the occurrence of an Event of Default in respect of the applicable Borrowing Fund or Borrowing Funds, unless waived in a writing signed by the Bank, such amounts as the Trust may from time to time request for such Borrowing Fund hereunder (each individually a "<u>Loan</u>" and collectively, the "<u>Loans</u>") up to an aggregate principal amount outstanding at any time not to exceed either the Borrowing Fund Limit for each such Borrowing Fund or the Maximum Amount. If the aggregate amount of Loans made to any Borrowing Fund hereunder and outstanding at any one time exceeds such limits, then such Borrowing Fund shall immediately repay a sufficient amount of the Loans owing from such Borrowing Fund to bring the outstanding Loan amount within such limits. The proceeds of Loans may only be used by the Borrowing Funds for short term liquidity in connection with shareholder redemptions permitted under the Fund Statement and the Prospectus. Because of such limited usage, it is contemplated by both parties hereto that this facility shall consist of Loans due in forty-five (45) Business Days.

This Agreement does not establish a commitment or obligation of the Bank to lend money to any Borrowing Fund hereunder. The decision of whether or not to make any Loan shall be made by the Bank in its sole and absolute discretion. As noted above, it is contemplated by both parties hereto that this facility shall consist of (a) an initial Loan due in forty-five (45) Business Days, as to which the Bank may, but is not obligated to, relend to a Borrowing Fund prepaid amounts up to the applicable Borrowing Fund Limit during such terms, followed by (b) additional Loans up to such Borrowing Fund Limit with identical forty-five (45) Business Day repayment terms. For purposes of clarity, any second or additional Loans to the same Borrowing Fund allowed by the Bank during the 45-Business Day term of an outstanding Loan is due at the same time as such outstanding Loan (i.e. at the end of its 45 -Business Day period).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Evidence of Indebtedness</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Bank shall maintain in accordance with its usual practice an account or accounts evidencing the Indebtedness of each Borrower to the Bank resulting from each Loan made by the Bank from time to time, including the amounts of principal and interest payable and paid to the Bank from time to time hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The entries maintained in the accounts maintained pursuant to <u>Section 2(b)(i)</u> shall be prima facie evidence of the existence and amounts of the Obligations therein recorded; <u>provided</u> that the failure of the Bank to maintain such accounts or any error therein shall not in any manner affect the obligation of any Borrower to pay such Borrower's Obligations in accordance with their terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) In the future, the Bank may request that its Loans be evidenced by a promissory note substantially in the form of <u>Exhibit D</u>, attached hereto and made a part hereof (as such note may be extended, amended, restated, supplemented or otherwise modified from time to time, and together with any one or more notes which may be issued in exchange for such note, a "<u>Note</u>"). In such event, the Trust, not individually, but solely on behalf of each Borrowing Fund, shall prepare, execute, and deliver to the Bank such a Note payable to the order of the Bank. Thereafter, the Loans evidenced by such Note and interest thereon shall at all times be represented by such Note payable to the order of the Bank, except to the extent that the Bank subsequently returns such Note for cancellation and requests that such Loans once again be evidenced as described in <u>Section 2(b)(i)</u>.

(iv) Each Borrowing Fund, solely as to itself and not as to any other Borrowing Fund, authorizes the Bank to charge any account of such Borrowing Fund at the Bank (regardless of and including all account numbers related to such Borrowing Fund) or charge or increase any loan balance of such Borrowing Fund for the amount of any payments due to the Bank hereunder from such Borrowing Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Loan Requests</u>. The Trust, on behalf of a Borrowing Fund, shall notify, by written notice or e-mail in the form of <u>Exhibit F</u>, attached hereto and made a part hereof (each such notice, a "<u>Loan Request</u>"), to such person at the Bank as the Bank may, from time to time, instruct the Trust, by 2:00 p.m. (Eastern Time) on each day on which the Trust desires that a Fund obtain a Loan hereunder, which day must be a Business Day, specifying the amount of the Loan desired and the Fund borrowing the Loan. Any such e-mail shall be only from the confirmed e-mail address of an Authorized Officer who is an executive officer of the Trust (or other person designated by such an Authorized Officer as authorized to request advances and direct repayments under the Loan Agreement) and include approval by such Authorized Officer (or such other authorized person) of an attached Loan Request (whether or not signed, and if not signed being deemed to incorporate as accepted by the Borrowing Fund all terms and conditions of such Loan Request form). Notwithstanding the foregoing sentence, the Trust may verbally request a Loan hereunder, whether up to the initial Maturity Date or for a new Maturity Date, provided that the Trust shall, on the same day, send the Bank by e-mail or telecopy a follow-up Loan Request in respect thereof. The Bank may rely upon, and shall incur no liability for relying upon, any oral or written request the Bank believes to be genuine and to have been signed, sent or made by such an Authorized Officer or such other authorized person. In no event shall the Trust request any Loan which, if advanced, would cause the aggregate principal amount of all Loans outstanding to exceed the applicable Borrowing Fund Limit or Maximum Amount. Each e-mail or verbal request for a Loan hereunder shall be deemed to include, and each written request shall include, a representation that all of the representations and warranties made by the applicable Borrowing Fund in the Loan Documents are and will be, after giving effect to the requested Loan, true and correct, that all the conditions precedent to such Loan as set forth in <u>Section 6</u> hereof have been satisfied, and that the proceeds of the Loan will not be used for any purpose that is not permitted hereunder. Each advance of Loan proceeds hereunder shall be in a minimum amount of $1,000.00.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Disbursement of Funds</u>. Each Loan shall be effectuated by the Bank crediting an account maintained by the Bank for the designated Borrowing Fund, all as further specified in <u>Exhibit A</u> hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Interest</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Each Borrowing Fund shall pay interest on the outstanding principal balance of such Borrowing Fund's Loan at a rate per annum equal to the greater of zero percent (0.0%) or the Prime Rate minus one-half of one percent (0.5%), which interest shall be payable monthly, in arrears, commencing on October 1, 2025 and continuing on the first day of each month thereafter and on the date specified in <u>clause (b)</u> of the definition of Maturity Date; provided that a Borrowing Fund may at its option pay such interest whenever all or any part of its Loans are due, whether on the Maturity Date, by virtue of a mandatory prepayment, or by reason of demand, acceleration or otherwise (on the amount then due) and whenever such Borrowing Fund repays all or part of such Borrowing Fund's Loan as a voluntary prepayment. The Bank will invoice the Trust on a monthly basis for interest due on Loans to its Borrowing Funds for the previous month.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Upon the occurrence and during the continuance of any Event of Default hereunder by a Borrowing Fund, at the option of the Bank, the Loans and other outstanding Obligations of such defaulting Borrowing Fund to the Bank shall bear interest (computed and adjusted in the same manner, and with the same effect, as interest on the Loans to such Borrowing Fund prior to the occurrence of such Event of Default) payable on demand at a rate equal to three percent (3%) per annum in excess of the otherwise applicable rate (the "<u>Default Rate</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Interest on the Loans shall be computed on the basis of a year consisting of three hundred sixty (360) days but applied to the actual number of days elapsed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) If any payment by a Borrowing Fund is not made within ten (10) days after the date due, such Borrowing Fund shall pay
the Bank an amount equal to five percent (5%) of such payment or $50.00, whichever is greater.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Maximum Outstanding Period</u>. Notwithstanding anything herein to the contrary, no Loan to a Borrowing Fund shall be outstanding for more than forty-five (45) Business Days after the date that the first Loan to such Borrowing Fund during such forty-five (45) Business Day period is made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Payments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Mandatory Prepayments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) If (A) the aggregate principal amount of all Loans outstanding exceeds the Maximum Amount at any time or (B) the aggregate principal amount of the Loans outstanding to a Borrowing Fund exceeds the Borrowing Fund Limit with respect to such Borrowing Fund at any time, such excess shall be immediately due and payable to the Bank and (x) all Borrowing Funds having outstanding Loans, pro rata based on the outstanding principal amount of such Loans in the case of clause (A) above, or (y) the applicable Borrowing Fund in the case of clause

(B) above, as applicable, shall repay such excess.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Each Borrowing Fund shall repay each of its Loans in full in cash together with interest accrued thereon and any other fees and charges hereunder on the Maturity Date of such Loan and, if earlier, the date on which such Loans become due, whether by virtue of a mandatory prepayment provision, by demand, acceleration or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Voluntary Prepayments</u>. Each Borrowing Fund may prepay its Loans in whole or in part from time to time without premium or penalty; provided, however, that each prepayment shall designate the Loan being repaid and be in an amount equal to, or greater than, $1,000.00 or, if less, the outstanding balance of such Loan, and shall be made with interest accrued thereon to the date of payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Increased Costs</u>. If there shall occur any Change in Law which shall have the effect of imposing on the Bank (or the Bank's holding company) any increase or expansion of or any new: tax (excluding taxes on its overall income and franchise taxes), charge, fee, assessment or deduction of any kind whatsoever, or reserve, capital adequacy, special deposits or similar requirements against credit extended by, assets of, or deposits with or for the account of the Bank or other conditions affecting the extensions of credit under this Agreement; then the Borrowing Funds (or, if such increased costs relate only to a certain Borrowing Fund, such related Borrowing Fund), pro rata, shall pay to the Bank such additional amounts as the Bank deems necessary to compensate the Bank for any increased costs to the Bank attributable to the extension(s) of credit under this Agreement and/or for any reduction in the rate of return on the Bank's capital and/or the Bank's revenue attributable to such extension(s) of credit. "<u>Change in Law</u>" means the occurrence, after the date of this Agreement, of any of the following: (a) the adoption or taking effect of any, law, rule, regulation or treaty, (b) any change in any law, rule, regulation or treaty or in the administration, interpretation, implementation, or application thereof by any governmental authority or (c) the making or issuance of any request, rule, guidance or directive (whether or not having the force of law) by any governmental authority; provided that notwithstanding anything herein to the contrary, (x) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection therewith and (y) all requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed to be a "Change in Law," regardless of the date enacted, adopted or issued.

The Bank's determination of the additional amount(s) due under this paragraph shall be binding in the absence of manifest error, and such amount(s) shall be payable within 10 days of demand and, if recurring, as otherwise billed by the Bank. Failure or delay on the part of the Bank to demand compensation pursuant to this <u>Section 3(c)</u> shall not constitute waiver of the Bank's right to demand such compensation. The Bank, and any successor or assign of the Bank's rights and obligations hereunder, shall deliver to each Borrower at the time or times reasonably requested by the applicable Borrower, such properly completed and executed documentation reasonably requested by the Borrower as will permit all payments to be made hereunder to be made. Failure or delay on the part of the Bank to demand compensation pursuant to the foregoing provisions of this Section 3(c) shall not constitute a waiver of the Bank's right to demand such compensation; provided that the applicable Borrower shall not be required to compensate the Bank pursuant to the foregoing provisions of this Section for any increased costs incurred or reductions suffered more than three (3) months prior to the date that the Bank notifies such Borrower of such Change in Law or in the interpretation or application thereof or compliance by the Bank with any request or directive from any Governmental Authority giving rise to such increased costs or reductions and of the Bank's intention to claim compensation therefor (except that, if such Change in Law or change in the interpretation or application thereof or compliance by the Bank with any request or directive from any Governmental Authority giving rise to such increased costs or reductions is retroactive, then the three (3) month period referred to above shall be extended to include the period of retroactive effect thereof).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Taxes</u>. All payments made by the Borrowing Funds under this Agreement and/or any Note shall be made free and clear of, and without deduction or withholding for or on account of, any present or future income, stamp or other taxes imposed, levied, collected, withheld or assessed by any Governmental Authority, excluding net income taxes and franchise taxes (imposed in lieu of net income taxes). If any such non-excluded taxes, levies, imposts, duties, charges, fees, deductions or withholdings ("<u>Non-Excluded Taxes</u>") are required to be withheld from any amounts payable to the Bank hereunder and/or under any Note, such amounts shall be increased to the extent necessary to yield to the Bank (after payment of all Non-Excluded Taxes) interest or any such other amounts payable hereunder at the rates or in the amounts specified in this Agreement and/or any Note. Whenever any Non-Excluded Taxes are payable by a Borrowing Fund, as promptly as possible thereafter the Trust shall send to the Bank a certified copy of an original official receipt received by such Borrowing Fund or the Trust, as the case may be, showing payment thereof. If a Borrowing Fund fails to pay any Non-Excluded Taxes when due to the appropriate taxing authority or fails to remit to the Bank the required receipts or other required documentary evidence, such Borrowing Fund shall indemnify the Bank for any incremental taxes, interest or penalties that may become payable by the Bank as a result of any such failure. The Bank, and any successor or assign of the Bank's rights and obligations hereunder, shall deliver to each Borrower at the time or times reasonably requested by the applicable Borrower, such properly completed and executed documentation reasonably requested by the Borrower as will permit all payments to be made hereunder to be made without withholding or deduction as set forth above. To the extent the Bank or such successor or assign fails to deliver such documentation to the applicable Borrower, then the Borrower shall have no obligation to make any additional payments, or otherwise gross up, the Bank or such successor or assigns for any Non-Excluded Taxes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Place of Payment</u>. All payments of principal and interest hereunder shall be made in immediately available funds to the Bank at 425 Walnut Street, ML-CN-OH-W7SI, Cincinnati, OH 45202, or at such other place as may be designated by the Bank to the Trust in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Business Day Payments</u>. Whenever any of the terms and provisions of this Agreement or the other Loan Documents provides that any payment to be made shall be due on a day which is not a Business Day, such payment shall be made on the next succeeding Business Day and such extension of time shall be included in computing interest, if any, in connection with such payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Application of Payment</u>. Any payments received by the Bank from a Borrower on account of the Obligations of such Borrower will be applied in such order as the Bank may elect in its sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Representations and Warranties</u>. To induce the Bank to enter into this Agreement, each Borrowing Fund represents and warrants to the Bank, solely as to itself and not as to any other Borrowing Fund, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Existence</u>. The Trust is duly organized, validly existing and in good standing as a statutory trust under the laws of the State of Delaware and is registered as an investment company under the Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Authority</u>. Each Borrowing Fund has full power and authority to own its respective properties and to conduct its business as investment companies and to execute, deliver and perform its obligations under this Agreement and the other Loan Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Authorization</u>. The execution, delivery and performance by each Borrowing Fund of this Agreement and the other Loan Documents: (i) have been duly authorized by all requisite trust action; (ii) do not and will not violate (A) any law, regulation, order, writ, judgment, decree, determination or award currently in effect and applicable to such Borrowing Fund, (B) the Declaration of Trust or other organizational or governing documents of the Trust or any Fund Statement or Prospectus, (C) any provision of any agreement to which such Borrowing Fund is a party, or by which it or any of its properties or assets are bound, and (D) any franchise, license, permit, certificate, authorization, qualification, accreditation or other similar right, consent or approval of or applicable to such Borrowing Fund; and (iii) do not and will not result in the creation or imposition of any Lien upon any of the properties or assets of such Borrowing Fund, except in favor of the Bank. No consents, licenses, permits, applications or authorizations of, notices or reports to, or registrations, filings or declarations with, any Governmental Authority or other third party are required to be obtained in connection with the execution, delivery or performance by each Borrowing Fund of any of the Loan Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Enforceability</u>. This Agreement and the other Loan Documents have been duly executed and delivered by each Borrowing Fund, and constitute the legal, valid and binding obligations of such Borrowing Fund, enforceable against such Borrowing Fund in accordance with their terms, subject to bankruptcy, insolvency, moratorium and other laws of general application with respect to creditors and general principles of equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Financial Information; Adverse Change</u>. Each Borrowing Fund has provided, or prior to the Effective Date will provide, the Bank with (i) its audited financial statements for its most recent fiscal year ended and (ii) the related up to date Prospectus for such Borrowing Fund. No Borrowing Fund has any contingent liabilities not provided for or disclosed in such financial statements. Such financial statements present fairly, in all respects, the financial condition of such Borrowing Fund in accordance with GAAP. There has been no material adverse change in the business or financial condition of such Borrowing Fund since the date of such financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Indebtedness</u>. Such Borrowing Fund has no Indebtedness other than Permitted Indebtedness.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Investments</u>. Such Borrowing Fund does not have Investments which it is not authorized to have or which are inconsistent with or conflict with the provisions of the Prospectus relating to such Borrowing Fund or for which such Borrowing Fund is required to obtain shareholder approval unless such approval was obtained.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Litigation</u>. Except in respect of the matters disclosed in the Prospectus or Fund Statement or previously in writing to the Bank, there is no litigation or other action or proceeding or order of any court or Governmental Authority pending or, to the best of the knowledge of the Trust, threatened in writing against or affecting the the Trust or such Borrowing Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Title to Property</u>. Such Borrowing Fund has good, indefeasible and merchantable title to and ownership of all of its assets, including without limitation the Collateral pledged by or on behalf of such Borrowing Fund, free and clear of all Liens except those in favor of the Bank.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Compliance</u>. Each Borrowing Fund is in compliance in all material respects with the Act and all other Applicable Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>Anti-Corruption Laws; Anti-Terrorism Laws</u>. The Trust and each Borrowing Fund (and the Trust's officers and employees and to the knowledge of the Trust and such Borrowing Fund any related directors and agents) are in compliance with Anti-Corruption Laws and applicable Sanctions in all material respects. Neither the Trust nor such Borrowing Fund (or to the knowledge of the Trust and such Borrowing Fund any related directors, officers or employees) are a Sanctioned Person. No Loan, use of the proceeds of any Loan, or other transactions contemplated hereby will violate Anti-Corruption Laws or applicable Sanctions. Neither the making of the Loans hereunder nor the use of the proceeds thereof will violate the PATRIOT Act, the Trading with the Enemy Act, as amended, or any of the foreign assets control regulations of the United States Treasury Department (31 C.F.R., Subtitle B, Chapter V, as amended) or any enabling legislation or executive order relating thereto or successor statute thereto. The Trust and such Borrowing Fund are in compliance in all material respects with the PATRIOT Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) <u>No Default</u>. No default (or event which, with notice or lapse of time, or both, would constitute a default) exists under any agreement or instrument to which such Borrowing Fund is a party or pursuant to which any property of such Borrowing Fund is encumbered, which could reasonably be expected to have a material adverse effect on the business or financial condition of such Borrowing Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) <u>Taxes</u>. Each Borrowing Fund has filed all material federal, state and local tax returns and other reports which it is required by law to file, has paid all taxes, assessments and other similar charges that are due and payable, except to the extent that any such taxes or charges are being contested in good faith by appropriate proceedings and for which adequate reserves in accordance with GAAP have been set aside on its books and records, and has withheld all employee and similar taxes which it is required by law to withhold.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) <u>Licenses, Etc</u>. Each Borrowing Fund has obtained and holds in full force and effect, all franchises, licenses, permits, certificates, authorizations, qualifications, accreditations, and other consents, rights and approvals which are necessary for the operation of its business. The Trust is not in violation of the terms of any such franchise, license, permit, certificate, authorization, qualification, accreditation, consent, right or approval.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) <u>Broker's Fees</u>. No brokerage, finder's or similar fee or commission is due to any party by reason of such Borrowing Fund entering into this Agreement or by reason of any of the transactions involving such Borrowing Fund contemplated hereby, and such Borrowing Fund shall indemnify and hold the Bank harmless from all such fees and commissions arising from such Borrowing Fund entering into this Agreement (but not of any other Borrower).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) <u>Solvency</u>. Immediately after giving effect to the execution and delivery of the Loan Documents and the making of the Loans hereunder to such Borrowing Fund and at all times thereafter while such Loans or any portion thereof are outstanding to such Borrowing Fund, such Borrowing Fund shall be solvent, shall be able to pay its debts and obligations as they become due, and shall have capital sufficient to carry on its business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Covenants</u>. Each Borrowing Fund, solely as to itself and not as to any other Borrowing Fund, agrees with the Bank that, from the date of this Agreement and until the Loans to such Borrowing Fund are paid in full and all obligations of such Borrowing Fund under this Agreement and the other Loan Documents owing by such Borrowing Fund are fully performed and this Agreement has been terminated with respect to such Borrowing Fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Books and Records; Inspection</u>. Such Borrowing Fund shall keep and maintain complete books, records and files with respect to its business in accordance with GAAP and shall accurately and completely record all transactions therein. Such Borrowing Fund shall permit the officers, employees and designated representatives of the Bank, from time to time, but no more frequently than twice per year, to inspect such Borrowing Fund's property and to inspect and make copies of or extracts from the books, records and files of such Borrowing Fund, and such Borrowing Fund shall make the same available to the Bank and its agents and representatives for such purposes at such reasonable times as the Bank shall request. Any such inspection and copying shall be at the Bank's sole cost and expense so long as no Event of Default relating to such Borrowing Fund has occurred and is continuing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Financial Statements; Reports</u>. Such Borrowing Fund shall furnish to the Bank: (i) within one hundred twenty (120) days after the last day of each fiscal year of such Borrowing Fund, a copy of the annual audit report of such Borrowing Fund prepared in accordance with GAAP and consisting of at least a statement of assets and liabilities for such Borrowing Fund as at the close of such fiscal year, a Schedule of Investments for such Borrowing Fund as at the close of such fiscal year, a statement of operations for such Borrowing Fund for such fiscal year and a statement of changes in net assets for such Borrowing Fund for such fiscal year, and certified by an independent certified public accountant reasonably satisfactory to the Bank; (ii) to the extent such Borrowing Fund has a Loan outstanding, statements (including market value) of such Borrowing Fund's Net Assets, whether or not held by the Custodian, on a daily basis whenever such Loans are outstanding hereunder and otherwise upon the Bank's request; (iii) promptly upon transmission thereof, copies of all regular and periodic financial information, proxy materials and other information and reports, if any, which such Borrowing Fund shall file with the Securities and Exchange Commission or any governmental agencies substituted therefor or which such Borrowing Fund shall send to holders of interests in such Borrowing Fund generally; (iv) promptly, any amendments to or restatements of the Fund Statement (including without limitation any Statement of Additional Information) or Prospectus for such Borrowing Fund and (v) such other reports and information as the Bank may reasonably request from time to time. The Bank agrees that such Borrowing Fund shall have no obligation to deliver any document, report or financial statement to the Bank hereunder if the same is publicly available through the SEC's EDGAR system or similar system.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Taxes</u>. Each Borrowing Fund shall file all federal, state and local tax returns and other reports such Borrowing Fund is required by law to file, and shall pay when due all taxes, assessments and other liabilities except for those contested in good faith by appropriate proceedings for which adequate reserves in conformity with GAAP will be provided and shall withhold all employee and similar taxes which it is required by law to withhold.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Existence and Status</u>. The Trust shall maintain its existence as a statutory trust in good standing under the laws of the State of Delaware and shall continue to be registered as an investment company under the Act, and shall maintain each of the Funds as a separate Series of the Trust. Such Borrowing Fund shall notify the Bank of any Change of Control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Compliance with Law</u>. The Trust shall comply at all times with the Act and all other Applicable Laws. The Trust will maintain in effect and enforce policies and procedures designed to ensure compliance by the Trust, such Borrowing Fund, and the Trust's trustees, officers, employees and agents, with Anti-Corruption Laws and applicable Sanctions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>PATRIOT Act Compliance</u>. The Trust and such Borrowing Fund shall provide such information and take such actions as are reasonably requested by the Bank in order to assist the Bank in maintaining compliance with the PATRIOT Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Fund's Coverage Ratio</u>. Such Borrowing Fund shall not permit the ratio of its (i) total assets minus total liabilities (other than liabilities of any kind or nature whatsoever for borrowed money and such Borrowing Fund's liabilities in respect of overdrafts in any account (whether trust, demand deposit or other account) maintained by or on behalf of such Borrowing Fund) to (ii) total liabilities of any kind or nature whatsoever for borrowed money and such Borrowing Fund's liabilities in respect of overdrafts in any account (whether trust, demand deposit or other account) maintained by or on behalf of such Borrowing Fund to be less than 300% at any time. Bank agrees for purposes of this Agreement that each Borrower's liabilities do not include liabilities arising from or related to investments such Borrower is permitted to incur as part of its investment strategy as described in the Fund Statement or the Prospectus, including reverse repurchase agreements, and delayed delivery obligations, derivative transactions, and other similar transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Licenses</u>. Each Borrowing Fund shall have, acquire and maintain all franchises, licenses, permits, certificates, authorizations, qualifications, accreditations, and other consents, rights and approvals which are required by law or are necessary for the operation of its business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Notice</u>. A Borrowing Fund shall notify the Bank in writing, promptly upon such Borrowing Fund learning thereof, of: (i) any litigation, suit or administrative proceeding which could reasonably be expected to affect the operations, financial condition or business of the Trust or such Borrowing Fund (including without limitation any order of a court or Governmental Authority affecting the Trust, any Borrowing Fund); (ii) any default by any Borrowing Fund under any note, indenture, loan agreement, mortgage, lease, deed or other agreement to which such Borrowing Fund is a party or by which such Borrowing Fund or its assets are bound, which default could reasonably be expected to materially and adversely affect the operations, financial condition or business of such Borrowing Fund; (iii) a Default or an Event of Default by any Borrowing Fund under this Agreement; and (iv) any default by any obligor under any note or other evidence of Indebtedness payable to any Borrowing Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Use of Proceeds</u>. Such Borrowing Fund shall not use proceeds of its Loans for any purpose that is not permitted under the relevant Fund Statement and Prospectus. Each and every Loan made hereunder will be used for a business purpose consistent with this Agreement. Such Borrowing Fund will not request any Loan, and such Borrowing Fund shall not use (and the Trust shall ensure that its directors, officers, employees and agents shall not use) the proceeds of any Loan in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of money, or anything else of value, to any person in violation of any Anti-Corruption Laws. Neither the Trust nor such Borrowing Fund will, directly or indirectly use the proceeds of any Loan, or lend, constitute or otherwise make available such proceeds to any subsidiary, joint venture, partner or other individual or entity (1) to fund any activities or business of or with any individual or entity, or in any territory, that at the time of such founding is, or whose government is, the subject of Sanctions, or (2) in any other manner that would result in the violation of any applicable Sanctions by any individual or entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) <u>Investments</u>. Such Borrowing Fund shall not make, agree to make, or hold any Investment which it is not permitted to make without shareholder approval unless such approval has been obtained and shall make only those Investments which conform with the provisions of the relevant Prospectus. Without limiting the generality of the foregoing, such Borrowing Fund shall not make, agree to make, or hold any Investment which it is not permitted to make without shareholder (or other owner-member) approval (unless such approval has already been obtained) and shall comply in all respects with, and shall make only those Investments which conform with, the provisions of the Prospectus relating to such Borrowing Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) <u>Transfer of Property</u>. Such Borrowing Fund shall not sell, transfer, convey or lease, any of the assets or property of such Borrowing Fund, including without limitation, any Collateral, other than in the ordinary course of business or as otherwise permitted by its Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) <u>Change in Structure; Change in Business</u>. The Trust shall not enter into any business which is substantially different from that presently conducted by the Trust. Each Borrowing Fund shall maintain itself as a Series separate and apart from any other Series, except as otherwise permitted by its related Trust's Declaration of Trust; provided that with prior written notice to the Bank a Fund may merge with another Fund or Funds to the extent approved by the shareholders if such approval is required by Applicable Law of such Funds. Except as otherwise permitted above, each Borrowing Fund shall not enter into a division or any plan of division under Delaware law (or any comparable event under a different jurisdiction's laws).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) <u>Indebtedness</u>. Such Borrowing Fund shall not incur or permit to exist any Indebtedness other than Permitted Indebtedness.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) <u>Bank Accounts.</u> Other than accounts with U.S. Bank, such Borrowing Fund shall not make or maintain deposits with any bank or similar institution which has any right of setoff, bankers' lien, combination or consolidation of accounts, counterclaim or other similar right under Applicable Law with respect to such deposit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) <u>Compliance with Agreements</u>. Each Borrowing Fund shall comply with all agreements and instruments to which any of them is a party or pursuant to which any of their property is encumbered.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) <u>Contracts</u>. Each Borrowing Fund shall not enter into any agreement, contract or arrangement which would impair or adversely affect (i) such Borrowing Fund's right and/or ability to carry on its business (as if such Borrowing Fund was a separate business) as now conducted or (ii) the Collateral.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) <u>Insurance</u>. Each Borrowing Fund shall maintain such insurance as is typically maintained by prudent companies in the same line of business as the Trust, and, without limitation of the generality of the foregoing, shall maintain all insurance required under the Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) <u>Waiver</u>. Any variance from the covenants set forth in this <u>Section 5</u> shall be permitted only with the prior written consent and/or waiver of the Bank. Any such variance by consent and/or waiver shall relate solely to the variance addressed in such consent and/or waiver, and shall not operate as the Bank's consent and/or waiver to any other variance of the same covenant or other covenants, nor shall it preclude the exercise by the Bank of any power or right under this Agreement, other than with respect to such variance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) <u>Further Assurances</u>. Such Borrowing Fund shall take all such further actions and execute all such further documents and instruments as the Bank may at any time determine may be necessary or desirable to create, perfect, preserve and/or protect the priority of any Lien or security interest in the Collateral.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Conditions Precedent</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Conditions Precedent to the Effective Date</u>. This Agreement shall become effective on the date (the "<u>Effective Date</u>") on which the following conditions precedent shall have been satisfied or waived by the Bank in its sole and absolute discretion:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Proof of Action; Incumbency</u>. The Bank shall have received an Officer's Certificate from the Trust dated the Effective Date and certifying (A) that attached thereto is a true and complete copy of the Declaration of Trust or other organizational and governing documents of the Trust as in effect as of the Effective Date, (B) that attached thereto is the true and correct copy of the records of all action taken by the Trust to authorize each Borrowing Fund's execution and delivery of this Agreement and the other Loan Documents (and the Loans to its Funds contemplated hereby and thereby), and (C) as to the incumbency, the name and specimen signature and/or email address of each individual who shall be authorized (each an "<u>Authorized Officer</u>") (1) to sign, in the name of such Trust and each Borrowing Fund, this Agreement and the other Loan Documents, and (2) to request Loans and authorize loan repayments, give certificates and notices (including without limitation, new Officer's Certificates) and to take other action on its behalf and on behalf of each Borrowing Fund under this Agreement. Any Authorized Officer who is an executive officer of the Trust may, from time to time, on behalf of the Borrowing Funds notify the Bank in writing of changes to the list of Authorized Officers or other persons, their titles and/or their email addresses as listed in the Officer's Certificate previously provided the Bank for purposes of requesting advances, making repayments or receiving instructions regarding electronic signatures, on the revised Signatory Authority Update Form) attached hereto as Schedule E-1

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Loan Documents</u>. The Bank shall have received from the Trust on behalf of the Borrowing Funds (A) this Agreement fully executed, (B) a fully executed Pledge and Security Agreement and (C) a fully executed Securities Account Control Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>Representations and Warranties</u>. The Bank shall have received from each Borrowing Fund an Officer's Certificate to the effect that each of the representations and warranties made by such Borrowing Fund in this Agreement and in the other Loan Documents is true and correct in all material respects (unless any such representation and warranty relates to a specified date, in which case such representation shall have been true in all material respects on such date), all in the form of <u>Exhibit E</u> attached hereto and made a part hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) <u>No Default</u>. The Bank shall have received from each Borrowing Fund an Officer's Certificate to the effect that no Default or Event of Default of such Borrowing Fund is continuing on the Effective Date, or would result from the transactions contemplated to occur on the Effective Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) <u>Opinion</u>. Each Borrowing Fund shall have delivered to the Bank an opinion of counsel reasonably acceptable to the Bank dated the Effective Date, substantially in the form of <u>Exhibit G</u> attached hereto and made a part hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) <u>Form U-1</u>. To the extent applicable, each Borrowing Fund shall have executed and delivered to the Bank in connection herewith a Federal Reserve Form U-1, in form and substance satisfactory to the Bank ("<u>Form U-1</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) <u>Expenses</u>. Each Borrowing Fund shall have paid to the Bank the fees, expenses and disbursements required to be paid pursuant to <u>Section 8(d)</u> hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) <u>Financial Statements</u>. Each Borrowing Fund shall have provided the Bank with (A) its audited financial statements for its most recent fiscal years ended, (B) the then current form of Prospectus of such Borrowing Fund and (C) the then current Fund Statements (which may be provided electronically in the manner specified in <u>Section 5(b)</u>).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Conditions Precedent to Each Loan</u>. The making of each Loan to a Borrowing Fund is subject to the sole discretion of the Bank and the satisfaction of each of the following conditions precedent, unless waived by the Bank in its sole and absolute discretion:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Loan Request</u>. The Bank shall have received a request for such Loan in compliance with <u>Section 2(c)</u> hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Default.</u> Before and after giving effect to such Loan, or any portion thereof, no Default or Event of Default with respect to the requesting Borrowing Fund shall have occurred and be continuing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>Representations and Warranties</u>. Before and after giving effect to such Loan or any portion thereof, the representations and warranties of such Borrowing Fund and the Trust with respect of itself and such Borrowing Fund set forth herein and in the other Loan Documents shall be true and correct in all material respects as though made on the date of such Loan (unless any such representation and warranty relates to a specified date, in which case such representation shall have been true in all material respects on such date).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) <u>Adverse Change</u>. There shall have been no material adverse change in the business or financial condition of the requesting Borrowing Fund nor shall there have been a material adverse change in respect of the validity or enforceability or priority of any Liens granted to the Bank by such Borrowing Fund under the Loan Documents, in each case, since the Effective Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) <u>Form U-1</u>. To the extent applicable, the requesting Borrowing Fund shall have delivered to the Bank as a supplement to Form U-1 a current list of the Collateral of such Borrowing Fund that adequately supports the credit extended under this Agreement to such Borrowing Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) <u>Other Actions</u>. Each Borrowing Fund shall take such other actions and deliver to the Bank such other documents, certificates and instruments as the Bank may reasonably request to evidence, protect or perfect the Loan to such Borrowing Fund and/or any Collateral therefor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Events of Default</u>. If any of the following events (each, an "<u>Event of Default</u>") shall occur as to a Borrowing Fund, then the Bank may, by written notice to such Borrowing Fund, accelerate the Loans to such Borrowing Fund in question and declare them to be, and thereupon such Loans shall become, immediately due and payable (except that upon the occurrence of an Event of Default as described in <u>Section 7(h)</u> or <u>(i)</u> below, such Loans shall be automatically due and payable) and the Borrowing Fund in question may not request further Loans hereunder (or if already requested, such Borrowing Fund may not receive the proceeds of any Loans hereunder), and, regardless of whether or not such Loans shall have been accelerated, the Bank shall have all rights provided herein and in any of the other Loan Documents or otherwise provided by law, including without limitation, to realize on the Collateral of such Borrowing Fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Borrowing Fund in question shall not have paid or repaid to the Bank any principal of or any interest on the Loans to it or any other obligation of such Fund hereunder or under any of the other Loan Documents when due, whether by reason of demand, acceleration or otherwise; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) There shall have occurred any other violation or breach of any covenant, agreement or condition contained herein or in any other Loan Document by such Borrowing Fund except that (i) in the event of a Default of such Borrowing Fund's obligation to deliver the daily statements required under <u>Section 5(b)(ii)</u>, such Default shall not constitute an Event of Default hereunder unless the Bank has notified such Borrowing Fund of such Default and such Borrowing Fund has not cured such Default within thirty-six (36) hours of receiving such notice; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Borrowing Fund in question shall not have paid when due any other Indebtedness, or the holder of such other Indebtedness shall have declared such Indebtedness due prior to its stated maturity because of such Borrowing Fund's default thereunder or such Borrowing Fund shall have failed to perform any of its obligations under agreements relating to Indebtedness, which failure would, if not cured, give the holder of such Indebtedness the right to accelerate the maturity of such Indebtedness; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) There shall have occurred any violation or breach of any covenant, agreement or condition contained in any other agreement evidencing indebtedness in an amount in excess of $100,000 between the Borrowing Fund in question and the Bank or between the Trust and the Bank and all applicable grace periods thereunder have expired; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Borrowing Fund in question or the Trust shall not have performed their obligations under any agreement other than agreements evidencing indebtedness material to its business, such failure continues beyond any applicable grace period provided therein and such failure to perform could reasonably be expected to have a material adverse effect on such Borrowing Fund; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Any representation or warranty made or deemed made herein or in any other Loan Document or writing furnished in connection with this Agreement by the Trust in question as to itself or such Borrowing Fund shall have proven to be false when made or when deemed to have been made; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Borrowing Fund in question shall have been unable to pay its debts as they become due; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Borrowing Fund in question shall have made an assignment for the benefit of creditors; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Borrowing Fund in question shall have applied for the appointment of a trustee or receiver for any part of its assets or shall have commenced any proceedings relating to such Borrowing Fund under any bankruptcy, reorganization, arrangement, insolvency, readjustment of debt, dissolution or other liquidation law of any jurisdiction; or any such application shall have been filed, or any such proceedings shall have commenced, against such Borrowing Fund, and either such Borrowing Fund shall have indicated its approval, consent or acquiescence thereto or such proceedings shall not have been dismissed within sixty (60) days; or an order shall have been entered appointing such trustee or receiver, or adjudicating such Borrowing Fund bankrupt or insolvent, or approving the petition in any such proceedings; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Any material part of the operation of the Borrowing Fund in question shall have ceased or such Borrowing Fund, without thirty (30) days prior written notice to the Bank, shall change its fundamental investment policies; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Any final judgment which, together with other outstanding judgments against the Borrowing Fund in question, causes the aggregate of such judgments to exceed One Hundred Thousand Dollars ($100,000), shall have been rendered against such Borrowing Fund; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) [Reserved]; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) City National Rochdale, LLC. shall no longer be the Adviser to such Borrowing Fund; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) The Custodian shall no longer be the custodian of the Collateral of each Borrowing Fund (or such Borrowing Fund or the Trust has evidenced any intent to remove the Bank as Custodian).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) The Adviser fails to comply with Applicable Law in managing any such Borrowing Fund or if the Adviser, Trust or any Borrowing Fund becomes subject to any court or Governmental Authority order and such failure to comply or order would reasonably be expected to materially and adversely affect a Borrowing Fund's ability to perform its obligations under the Loan Documents; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) Any Change of Control occurs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Miscellaneous</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Lien; Right of Set-Off</u>. In addition to all statutory rights of the Bank, the Bank is hereby authorized at any time and from time to time after the occurrence and during the continuance of an Event of Default by a Borrowing Fund, without prior notice to such Borrowing Fund, to set-off, appropriate, apply, and enforce said lien and security interest in any and all money, securities and other properties of such Borrowing Fund in the possession of the Bank against all obligations of such Borrowing Fund arising under this Agreement or any of the other Loan Documents (as they apply to such Borrowing Fund), and such Borrowing Fund shall continue to be liable to the Bank for any deficiency with interest at the rate set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Delay</u>. No delay, omission or forbearance on the part of the Bank in the exercise of any power or right shall operate as a waiver thereof, nor shall any single or partial delay, omission or forbearance in the exercise of any other power or right. The rights and remedies of the Bank herein provided are cumulative, shall be interpreted in all respects in favor of the Bank, and are not exclusive of any other rights and remedies provided by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Notice</u>. Except as otherwise expressly provided in this Agreement, any notice hereunder shall be in writing and shall be given by personal delivery, telecopy, e-mail or overnight courier or registered or certified mail, postage prepaid, and addressed to the parties at their addresses set forth below:

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| | |
|:---|:---|
| <u>Bank</u>: | U.S. Bank National Association 425 Walnut Street<br> Mail Location CN-OH-W7SI <br> Cincinnati, Ohio 45202 <br> Attention: Andrew D. Mihaly <br> Telephone: (513) 632-2076<br> Fax: (866) 351-8893<br> E-Mail: andrew.mihaly@usbank.com<br>|
| <u>Trust or Borrowing Funds</u>: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City National Rochdale Funds<br> 400 Park Avenue<br> New York, New York 10022 <br> Attention: Frank Bonsignore<br> Vice President and Secretary<br> Telephone: (212) 702-7287<br> E-mail: frank.bonsignore@cnr.com |

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The Trust or the Bank may, by written notice to the other as provided herein, designate another address or number for purposes of giving notices hereunder. All notices and other communications given to any party hereto in accordance with the provisions of this Agreement shall be deemed to have been given: (i) on the date of receipt if delivered by hand or overnight courier service, (ii) when delivered (or if not given during normal business hours for the recipient, at the opening of business on the next business day for the recipient) if given by telecopy or e-mail, and (iii) on the date five (5) Business Days after dispatch by certified or registered mail if mailed (or, if sooner, on the date of actual receipt), in each case delivered, sent or mailed (properly addressed) to such party as provided in this <u>Section 8(c)</u> or in accordance with the latest unrevoked direction from such party given in accordance with this <u>Section 8(c)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Expenses; Indemnity</u>. Each Borrowing Fund (or, if related only to a certain Borrowing Fund or Funds, such related Borrowing Funds) shall, pro rata based on the respective Loan amounts, pay or reimburse the Bank for all reasonable out-of-pocket expenses of the Bank and its employees (including reasonable attorneys' fees, charges and other legal expenses of outside counsel (determined on the basis of such attorneys' generally approved rates, which may be higher than the rates such attorneys charge the Bank in certain unrelated matters), but excluding the salaries of the Bank's own employees) incurred by the Bank in entering into and closing this Agreement, preparing the documentation in connection herewith, and administering or enforcing the obligations of the Borrowing Funds hereunder or under any of the other Loan Documents. Each Borrowing Fund, solely as to itself and not as to any other Borrowing Fund, further agrees to defend, indemnify and hold the Bank harmless from any liability, obligation, cost, damage or expense, including attorney's fees and legal expenses for taxes, fees or third party claims which may arise or be related to the execution, delivery or performance of this Agreement or any of the other Loan Documents by or on behalf of such Borrowing Fund, except in the case of willful misfeasance, bad faith, gross negligence or willful misconduct on the part of the Bank.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Survival</u>. All covenants and agreements of the Trust and/or any Borrowing Fund made herein or otherwise in connection with the transactions contemplated hereby shall survive the execution and delivery of this Agreement and the other Loan Documents, and shall remain in effect so long as any obligations of such Borrowing Fund are outstanding hereunder or under any of the other Loan Documents. The obligations set forth in <u>Sections 3(c)</u>, <u>3(d)</u> and <u>8(d)</u> shall survive the termination of this Agreement and repayment of the Obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Severability</u>. Any provision of this Agreement or any of the other Loan Documents which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition of enforceability without invalidating the remaining portions hereof or affecting the validity or enforceability or such provision in any other jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Governing Law</u>. The Loans shall be deemed made in Ohio and this Agreement and all of the other Loan Documents, and all of the rights and obligations of the Borrowing Funds, the Trust and the Bank hereunder and thereunder, shall in all respects be governed by and construed in accordance with the laws of the State of Ohio, including all matters of construction, validity and performance. Without limitation on the ability of the Bank to exercise all of its rights as to the Collateral or to initiate and prosecute any action or proceeding in any applicable jurisdiction related to loan repayment, any Borrower and/or the Collateral, the Borrowing Funds, the Trust and the Bank agree that any action or proceeding commenced by or on behalf of the parties arising out of or relating to the Loans and/or this Agreement and/or any of the other Loan Documents shall be commenced and maintained exclusively in the District Court of the United States for the Southern District of Ohio, or any other court of applicable jurisdiction located in Cincinnati, Ohio. The Borrowing Funds, the Trust and the Bank also agree that a summons and complaint commencing an action or proceeding in any such Ohio courts by or on behalf of such parties shall be properly served and shall confer personal jurisdiction on a party to which said party consents, (i) if served personally or by registered or certified mail to the other party at any of its addresses noted herein, or (ii) as otherwise provided under the laws of the State of Ohio. The Borrowing Funds, the Trust and the Bank hereby waive all rights to trial by jury in any proceeding arising out of or related to the transactions contemplated hereunder or under any of the other Loan Documents. The interest rate and all other terms of the Loans negotiated with the Borrowing Funds are, in part, related to the aforesaid provisions on jurisdiction, which the Bank deems a vital part of this loan arrangement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Successors</u>. This Agreement shall be binding upon and inure to the benefit of the Borrowing Funds, the Trust and the Bank and their respective successors and assigns. The Borrowing Funds and the Trust shall not assign their respective rights or delegate their respective duties hereunder or under any other Loan Document without the prior written consent of the Bank. The Bank may at any time, without the consent of the Trust and/or any Borrower, sell, assign, transfer, grant participations in, or otherwise dispose of any portion of its rights and obligations under the Loan Documents to any other Person and may provide information regarding the Trust, any Borrower, the Loan Documents and/or the Obligations to prospective assignees, transferees and participants. Notwithstanding anything else to the contrary contained herein, the Bank will not assign or pledge any of its rights and obligations hereunder to any entity or group of entities whose identity or substitution for the Bank in the Loan Documents would cause the Trust or any Borrowing Fund to be in violation of the Act. Provided, however, the Bank may at any time pledge or assign a security interest in all or any portion of its rights under the Loan Documents to secure obligations of the Bank, including any pledge or assignment to secure obligations to a Federal Reserve Bank; provided, that no such pledge or assignment may release the Bank from any of its obligations hereunder or substitute any such pledgee or assignee for the Bank as a party hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Amendment</u>. This Agreement may not be modified or amended except in a writing signed by the authorized officers of the Bank and by the Trust on behalf of the Borrowers. However, at the sole option of the Bank, the Maturity Date specified in <u>clause (b)</u> of the <u>Section 1</u> definition thereof, may be extended for additional 364-day periods (subject to such extension being the only then change to this Agreement) if an Authorized Officer who is an executive officer of the Trust, on behalf of the Borrowers, delivers to the Bank (from such officer's email address) at least thirty (30) days prior to the date then specified in <u>clause (b)</u> of the definition of Maturity Date, an extension request substantially in the form of <u>Exhibit H-1</u> attached hereto and made a part hereof (an "<u>Extension Request</u>"). The Extension Request shall confirm the continuance of and be subject to the conditions for Loans specified in Section 6(b) of this Agreement. If such an extension is granted by the Bank, it shall be evidenced by an extension approval letter substantially in the form of <u>Exhibit H-2</u> attached hereto and made a part hereof (an "<u>Extension Approval Letter</u>") and this Agreement will be deemed amended to extent necessary to give effect to such extension. Agreement by the Bank to allow an extension in this manner does not commit the Bank to make any future extension similarly available – and the Bank may, at its option, require any such future extension of the term of this Agreement to be evidenced by an "Amendment to Loan Agreement" signed by all parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Headings</u>. The descriptive headings of the several Sections of this Agreement are inserted for convenience only and do not constitute a part of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>Limitations</u>. The term "City National Rochdale Funds" means and refers to the trustees from time to time serving under the Trust's Declaration of Trust as the same may have been or may subsequently be, amended. It is expressly agreed that the obligations of Borrowing Funds hereunder shall not be binding upon any of the trustees, shareholders, nominees, officers, agents or employees of the Trust personally. The execution and delivery of this Agreement have been authorized by the trustees of the Trust and signed by officers of the Trust, acting as such, and neither such authorization by such trustees nor such execution and delivery by such offices shall be deemed to have been made by any of them individually or to impose any liability on them personally. Notwithstanding anything to the contrary contained herein or in any other Loan Document, the parties hereto acknowledge and agree that the facility hereunder and under the other Loan Documents is intended to function as if each Borrowing Fund had entered into a separate, unrelated facility with the Bank and no cross-default or cross-collateralization shall exist with respect to the obligations of any Borrowing Fund in relation to any other Fund. In no event shall the rights, obligations or remedies of the Bank with respect to a particular Fund constitute a right, obligation or remedy applicable to any other Fund. Specifically, and without otherwise limiting the scope of this paragraph: (i) the Bank's remedies under this Agreement and the other Loan Documents upon the occurrence of an Event of Default shall be determined as if each Fund had entered into a separate loan facility with the Bank; and (ii) no Collateral pledged by or on behalf of any Fund shall secure the obligations of any other Fund under this Agreement and the other Loan Documents and the Bank shall have no right to set off claims related to Loans entered into by a particular Fund against claims related to Loans entered into by any other Fund. It is further acknowledged and agreed that the Trust is entering into this Agreement and the other Loan Documents solely on behalf of its Funds and the Loan Documents are not intended to create obligations of the Trust independent of such Funds, the obligations of the Trust under the Loan Documents being limited to causing its Funds to comply with the terms and conditions thereof, except for obligations specifically imposed upon the Trust pursuant to the terms of the Loan Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) <u>USA PATRIOT Act Notification</u>. The following notification is provided to the Trust and the Borrowing Funds pursuant to Section 326 of the PATRIOT Act: The Bank hereby notifies the Trust and each Borrowing Fund (each a "<u>Loan Party</u>") that pursuant to the requirements of the PATRIOT Act, it is required to obtain, verify and record information that identifies such Loan Party, which information includes the name and address of such Loan Party and other information that will allow the Bank to identify such Loan Party in accordance with the PATRIOT Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) <u>Counterparts</u>. This Agreement may be executed in counterparts (and by different parties hereto in different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. The foregoing sentence shall also apply to each other Loan Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) <u>Document Imaging; Telecopy and PDF Signatures; Electronic Signatures</u>. Without notice to or consent of the Trust or any Borrower, the Bank may create electronic images of any Loan Documents and destroy paper originals of any such imaged documents. Such images have the same legal force and effect as the paper originals and are enforceable against the Borrowers and any other parties thereto. The Bank may convert any Loan Document into a "transferrable record" as such term is defined under, and to the extent permitted by, UETA, with the image of such instrument in the Bank's possession constituting an "authoritative copy" under UETA. If the Bank agrees, in its sole discretion, to accept delivery by telecopy or PDF of an executed counterpart of a signature page of any Loan Document or other document required to be delivered under the Loan Documents, such delivery will be valid and effective as delivery of an original manually executed counterpart of such document for all purposes. If the Bank agrees, in its sole discretion, to accept any electronic signatures of any Loan Document or other document required to be delivered under the Loan Documents, the words "execution," "signed," and "signature," and words of like import, in or referring to any document so signed will deemed to include electronic signatures and/or the keeping of records in electronic form, which will be of the same legal effect, validity and enforceability as a manually executed signature and/or the use of a paper-based recordkeeping system, to the extent and as provided for in any applicable law, including UETA, E-SIGN, or any other states laws based on, or similar in effect to, such acts. The Bank may rely on any such electronic signatures without further inquiry.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) <u>Bank as Lender and Custodian</u>. The Bank as lender will, at the request of the Borrowers, serve in a dual capacity as a result of each Borrower's custodial relationship with the Bank. Each Borrower acknowledges and agrees that the Bank under this Agreement is acting solely as a lender in a completely separate capacity hereunder than its services as Custodian (and the Bank assumes hereunder none of the obligations of the Custodian under the Custody Agreement or under any applicable laws governing such custodial relationships). The Bank, as lender, shall have and may exercise the same rights and powers as a lender that is not acting as such a custodian – including without limitation if applicable the disposition and sale of any and all assets of the Borrowers pledged as collateral for the Obligations, and the parties agree that taking such action permitted hereunder and under the other Loan Documents in its capacity as the lender shall not constitute any conflict of interest or breach of fiduciary duty as a result of the Bank also being the Custodian for the applicable Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Termination</u>. Trust, not individually but solely on behalf of each of the Borrowing Funds, may terminate this Agreement at any time by providing written notice to the Bank, subject solely to the condition that all outstanding Loans and any other accrued obligations under this Agreement (including any fees and interest) have been paid in full. Upon such termination, (i) no Borrowing Fund shall have any right to draw any Loans under this Agreement, and all amounts outstanding shall become immediately due and payable, (ii) this Agreement and all related Loan Documents, including without limitation any security agreement and any securities account control agreement, shall also be deemed terminated and of no further force or effect and (iii) the Bank shall release any security interests or controls held under the Loan Documents. Notice of termination given by Trust or any Borrowing Fund under this Agreement shall constitute notice and request for termination of all such related Loan Documents.

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IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their respective officers thereunto duly authorized as of the date first above written.

THE BANK:

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| | |
|:---|:---|
| **U.S. BANK NATIONAL ASSOCIATION** | **U.S. BANK NATIONAL ASSOCIATION** |
| By: | /s/ Andrew D. Mihaly |
|  | Andrew D. Mihaly |
|  | Vice President |

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| | |
|:---|:---|
| **CITY NATIONAL ROCHDALE FUNDS,** | **CITY NATIONAL ROCHDALE FUNDS,** |
| not individually but solely on behalf of its Funds listed on <u>Exhibit A</u> to this Agreement, separately and not jointly | not individually but solely on behalf of its Funds listed on <u>Exhibit A</u> to this Agreement, separately and not jointly |
| By: | /s/ Frank Bonsignore |
| Name: | Frank Bonsignore |
| Title: | Vice President and Secretary |

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EXHIBITS:

A - Listing of Borrowing Funds

B - Form of Pledge Agreement

C - Form of Securities Account Control Agreement

D - Form of Note

E - Form of Officer's Certificate

F - Form of Loan Request

G - Form of Opinion of Counsel H-1- Form of Extension Request

H-2 - Form of Extension Approval Letter

**EXHIBIT A**

**To Loan Agreement**

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| | |
|:---|:---|
| Fund Name | Account Number |
| City National Rochdale Municipal High Income Fund | 46-4072811 |
| City National Rochdale Fixed Income Opportunities Fund | 26-4738448 |
| City National Rochdale U.S. Core Equity Fund | 46-1400689 |

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**EXHIBIT B**

**PLEDGE AND SECURITY AGREEMENT**

THIS PLEDGE AND SECURITY AGREEMENT (as amended, restated, supplemented or otherwise modified from time to time, this "<u>Agreement</u>") is made and entered into as of the 3rd day of September, 2025 by and between **CITY NATIONAL ROCHDALE FUNDS**, a Delaware statutory trust), not individually but solely on behalf of its Funds as set forth on <u>Schedule A</u>, separately and not jointly (each such Fund a "<u>Debtor</u>" and collectively the "<u>Debtors</u>"), and **U.S. BANK NATIONAL ASSOCIATION,** a national banking association (the "<u>Secured Party</u>"), as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Security Interest</u>. To secure the prompt payment of all of each Debtor's Obligations (as defined in the Loan Agreement referred to below), under that certain Amended and Restated Loan Agreement between the Secured Party and the Debtors with respect to the loans such Debtor dated as of even date herewith (as amended, restated, supplemented or otherwise modified from time to time, the "<u>Loan Agreement</u>") and all of the other Loan Documents (as defined in the Loan Agreement)), each Debtor hereby grants to the Secured Party a continuing first priority lien and security interest in and right of setoff against all of such Debtor's rights, title and interest, including without limitation such Debtor's securities entitlement (as such term is defined in Article 8 of the Uniform Commercial Code as adopted in the State of Ohio (the "<u>UCC</u>")), in and to the following described securities account (as such term is defined in Article 8 of the UCC) held by U.S. Bank National Association, as custodian (the "<u>Custodian</u>"): the Fund trust accounts specified in <u>Schedule A</u>, attached hereto and made a part hereof in the name of the Debtor (collectively the "<u>Securities Account</u>"), together with all of such Debtor's rights, title and interest in and to all securities and financial assets (as such terms are defined in Article 8 of the UCC) therein and all principal, interest, distributions, dividends (whether cash or stock), income, earnings, cash and other rights at any time received or receivable or otherwise distributed in respect of or in exchange therefor, and all additions to, all replacements of, all substitutions for, and all proceeds of any or all of the foregoing (all of the foregoing being sometimes collectively referred to herein as the "<u>Collateral</u>" of such Debtor). The Secured Party may also prepare and file on behalf of the Debtors appropriate UCC-1 financing statements evidencing the Secured Party's interest in the Collateral under Article 9 of the UCC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Representations, Warranties and Covenants</u>. Each Debtor represents and warrants to the Secured Party, and covenants with the Secured Party, which representations, warranties and covenants shall be continuing so long as any Obligations of such Debtor remain outstanding or this Agreement or any other Loan Document, or any of the Secured Party's rights and remedies under any of them, remain in effect, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Such Debtor has and will continue to maintain a securities entitlement to the Collateral of such Debtor, free and clear of all liens, security interests, setoffs and adverse claims whatsoever, except for the security interest of the Secured Party hereunder, and except that the Custodian may set off (i) all amounts due to the Custodian in respect of its customary fees and expenses for the routine maintenance and operation of the Securities Account of such Debtor and (ii) the face amount of any checks which have been credited to the Securities Account of such Debtor but are subsequently returned unpaid because of uncollected or insufficient funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Such Debtor has not entered into and shall not enter into a control agreement with respect to the Collateral in favor of any party other than the Secured Party, and no financing statement covering any of the Collateral of such Debtor is or shall be on file against such Debtor in any public office except in favor of the Secured Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Until such time as the Custodian receives from the Secured Party a Notice of Sole Control with respect to such Debtor, as defined in the Securities Account Control Agreement dated as of the date hereof among the Secured Party, the Debtors and the Custodian (the "<u>Control Agreement</u>"), but at no time thereafter unless the Secured Party has provided written notice to the Custodian of revocation of such Notice of Sole Control, such Debtor shall direct the Custodian with respect to the voting of the Collateral and may direct the Custodian with respect to substitution and disposition of Collateral and otherwise provide instructions and entitlement orders to the Custodian with respect to the Collateral. The Secured Party shall have the right to give a Notice of Sole Control at any time, but only if an Event of Default (as hereinafter defined) has occurred or then exists.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Such Debtor shall defend its Collateral against the claims and demands of all persons and shall pay promptly all taxes and assessments with respect to such Collateral.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) At its option, the Secured Party may discharge taxes, liens, security interests and other claims against the Collateral of such Debtor and may pay for the maintenance, preservation and protection thereof, including costs and expenses incidental to any actions undertaken by the Secured Party pursuant to <u>Section 4</u> hereof, and such Debtor shall reimburse the Secured Party on demand for any payments so made, which payments by the Secured Party shall become part of the Obligations of such Debtor secured hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Such Debtor shall from time to time execute such documents and instruments, including without limitation financing statements, in form and substance satisfactory to the Secured Party (and pay the cost of filing or recording them in whatever public offices the Secured Party reasonably deems necessary) and perform such other acts as the Secured Party may reasonably request from time to time to perfect and maintain a valid first priority security interest in the Collateral. Such Debtor hereby expressly grants the Secured Party a power of attorney, and appoints and constitutes the Secured Party as such Debtor's agent, for the purpose and with the power to sign on behalf of such Debtor in such Debtor's name, one or more financing statements covering any of the Collateral described herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Events of Default</u>. The occurrence of an Event of Default under the Loan Agreement by any Debtor shall constitute an Event of Default by such Debtor under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Remedies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Upon the occurrence of any Event of Default by a Debtor hereunder and at any time thereafter while such Event of Default is continuing, the Secured Party shall have, in addition to all other rights and remedies available by agreement, at law or in equity, the rights and remedies of a secured party under the UCC, including without limitation the right to accelerate the maturity of the Obligations of such Debtor, without notice or demand, to take possession of the Collateral of such Debtor and any proceeds thereof wherever located, and to sell and/or liquidate such Collateral. Without limiting the generality of the foregoing, in its discretion and without notice to or consent of the affected Debtor, the Secured Party may take any one or more of the following actions (and the Secured Party is hereby irrevocably appointed such Debtor's attorney-in-fact to accomplish this), without liability except to account for property actually received by it: (i) give a Notice of Sole Control and give instructions and/or entitlement orders (as such terms are defined in Article 8 of the UCC) in regard to or in connection with the Securities Account of such Debtor, including any instructions to transfer, sell, redeem, close open trades or otherwise liquidate securities and financial assets in such Securities Account; (ii) transfer to or register in its name or the name of its designated custodian or nominee any of the Collateral of such Debtor, with or without indication of the security interest herein created, and whether or not so transferred or registered, exercise or cause to be exercised all voting rights with respect thereto, and receive the income, dividends and other distributions thereon and hold them or apply them to the Obligations of such Debtor in any order of priority; (iii) exchange any of the Collateral of such Debtor for other property upon a reorganization, recapitalization or other readjustment and, in connection therewith, deposit any of such Collateral with any committee or depository upon such terms as the Secured Party may determine; (iv) in its name or in the name of the affected Debtor demand, sue for, collect or receive any money or property at any time payable or receivable on account of or in exchange for any of the Collateral of such Debtor and, in connection therewith, endorse notes, checks, drafts, money orders or other evidences of payment; and (v) make any compromise or settlement deemed advisable with respect to any of the Collateral of such Debtor. Each Debtor shall, and hereby authorizes any securities intermediary with respect to its Collateral to, make such Collateral available to the Secured Party following the occurrence and during the continuance of an Event of Default at a place to be designated by the Secured Party that is reasonably convenient for both parties. The Secured Party may sell the Collateral of the affected Debtor, or any part thereof, at any public or private sale, upon credit or for future delivery, and at such price or prices as the Secured Party may deem appropriate, and the Secured Party may be the purchaser of any or all of such Collateral and thereafter may hold the same, absolutely, free from any right or claim of whatever kind. If notice is required, the Secured Party shall give to the affected Debtor at least five (5) days' prior written notice of the time and place of any public sale of the Collateral of such Debtor or of the time after which any private sale or any other intended disposition is to be made. The Secured Party shall also be entitled upon the occurrence of any Event of Default by a Debtor, without notice or demand and to the extent permitted by law, to have a receiver appointed to take charge of all or any part of the Collateral of such Debtor, exercising all of the rights granted to the Secured Party in such this <u>Section 4</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If the Secured Party in good faith believes that the Securities Act of 1933 or any other state or federal law prohibits or restricts the customary manner of sale or distribution of any of the Collateral, the Secured Party may sell such Collateral privately or in any other manner deemed advisable by the Secured Party at such price or prices as the Secured Party determines in its sole discretion. Each Debtor recognizes that such prohibition or restriction may cause the Collateral to have less value than it otherwise would have and that, consequently, such sale or disposition by the Secured Party may result in a lower sales price than if the sale were otherwise held. On any sale of any Collateral, the Secured Party is hereby authorized to comply with any limitation or restriction in connection with such sale that may be advised by counsel is necessary to avoid any violation of applicable law or in order to obtain any required approval of the purchaser by any governmental regulatory authority or officer or court.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Secured Party, instead of exercising any power of sale herein conferred upon it, may proceed by suit at law or in equity to foreclose this Agreement and sell the Collateral of a defaulting Debtor, or any portion thereof, under a judgment or decree of a court of competent jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) To the extent allowed by law, a defaulting Debtor shall pay the Secured Party all expenses of retaking, holding, preparing for sale, selling and the like, including reasonable attorneys' fees and legal expenses, and such costs shall be paid out of the proceeds of disposition of the Collateral of such Debtor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The proceeds of disposition of the Collateral of a Debtor shall be applied to the Obligations of such Debtor in such manner and order of priority as the Secured Party may determine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Secured Party shall be under no duty to exercise or to withhold the exercise of any of the rights, powers, privileges and options expressly or implicitly granted to the Secured Party in this Agreement, and shall not be responsible for any failure to do so or delay in so doing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Secured Party shall be deemed to have exercised reasonable care in the custody and preservation of the Collateral if it takes such action for that purpose as the relevant Debtor shall request, but failure to honor any such request shall not of itself be deemed a failure to exercise reasonable care. The Secured Party shall not be required to take any steps necessary to preserve any rights in the Collateral against prior parties nor to protect, preserve, or maintain any security interest given to secure the Obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Miscellaneous.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each of the rights, powers, and remedies provided herein or now or hereafter existing at law or in equity or otherwise shall be cumulative and concurrent and shall be in addition to every other right, power, or remedy provided for in this Agreement or now or hereafter existing at law or in equity or otherwise. The exercise of any such rights, powers, or remedies shall not preclude the simultaneous or later exercise of any or all other such rights, powers, or remedies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No default shall be waived by the Secured Party except in writing and no waiver of any payment or other right under this Agreement shall operate as a waiver of any other payment or right.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each Debtor shall pay all fees and expenses, including without limitation reasonable attorneys' fees and expenses, incurred by the Secured Party in acting hereunder or in connection herewith with respect to such Debtor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Secured Party may assign, transfer, or deliver any of the Collateral to any transferee of any of the Obligations, and thereafter shall be fully discharged from all responsibility with respect to such Collateral. Such transferee shall be vested with all the powers, rights and obligations of the Secured Party hereunder with respect to such Collateral, but the Secured Party shall retain all rights, powers and obligations hereunder with respect to any of the Collateral remaining.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Without affecting any obligations of the Debtor under this Agreement, the Secured Party without notice or demand may renew, extend, or otherwise change any of the terms or conditions of any of the Obligations, release any of the Collateral or other security for the Obligations, and add or release any guarantor, endorser, surety, or other party to any of the Obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Except as otherwise expressly provided in this Agreement, any consent, notice or other communication required or contemplated by this Agreement shall be in writing and shall be hand delivered, or sent by facsimile, telecopy, e-mail, overnight courier or United States mail, registered or certified with postage prepaid, addressed to the parties at their addresses set forth below:

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<u>On Behalf of<br> Each Debtor:</u> City National Rochdale Funds <br> 400 Park Avenue New York, New York 10022 <br> Attention: Frank Bonsignore <br> Telephone: (212) 702-7287 <br> Email: frank.bonsignore@cnr.com

<u>Secured Party:</u> U.S. Bank National Association 425 Walnut Street, <br> Mail Location CN-OH-W7SI <br> Cincinnati, Ohio 45202 Attention: Andrew D. Mihaly <br> Telephone: (513) 632-2076 Fax: (866) 351-8893 E-Mail: andrew.mihaly@usbank.com

Either party may change its address for notices in the manner set forth above. All notices and other communications given to either party hereto in accordance with the provisions of this Agreement shall be deemed to have been given on the date of receipt if delivered by hand or overnight courier service or sent by telecopy or e-mail, or on the date five (5) Business Days after dispatch by certified or registered mail (or, if sooner, on the date of actual receipt), in each case delivered, sent or mailed (properly addressed) to such party as provided in this <u>Section 5(f)</u> or in accordance with the latest unrevoked directions from such party in accordance with this <u>Section 5(f)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) A carbon, photographic, or other reproduction of this Agreement or a financing statement shall be sufficient as a financing statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Each Debtor hereby authorizes each city, county, state, or federal government to release to the Secured Party all information which the Secured Party may request pertaining to any sales, use or other taxes imposed by such governmental entity with respect to the Collateral of such Debtor. Any such governmental entity may retain a copy of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) The invalidity, illegality, or unenforceability of any provision of this Agreement shall not affect the validity, legality, or enforceability of any of the other provisions of this Agreement, which shall remain in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Capitalized terms used but not defined herein shall have the meaning assigned in the Loan Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) This Agreement shall be governed by and construed in accordance with the laws of the State of Ohio, including without limitation the laws thereof with respect to perfection, the effect of perfection and non-perfection, and the priority of security interests, and subject to the venue limitations of the Loan Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) Upon payment and performance in full of the Obligations of each Debtor and termination of the Loan Agreement, the Secured Party shall release its rights and interest in the Collateral of such Debtor and this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) <u>Limitation of Liability to Fund Property</u>. The term "City National Rochdale Funds" means and refers to the trustees from time to time serving under the Trust's Declaration of Trust as the same may have been or may subsequently be, amended. It is expressly agreed that the obligations of Borrowing Funds hereunder shall not be binding upon any of the trustees, shareholders, nominees, officers, agents or employees of the Trust personally. The execution and delivery of this Agreement have been authorized by the trustees of the Trust and signed by officers of the Trust, acting as such, and neither such authorization by such trustees nor such execution and delivery by such offices shall be deemed to have been made by any of them individually or to impose any liability on them personally. Notwithstanding anything to the contrary contained herein or in any other Loan Document, the parties hereto acknowledge and agree that this Agreement is intended to function as if each Debtor had entered into a separate, unrelated Agreement with the Secured Party and no cross-default or cross-collateralization shall exist with respect to the obligations of any Debtor in relation to any other Debtor. In no event shall the rights, obligations or remedies of the Secured Party with respect to a particular Debtor constitute a right, obligation or remedy applicable to any other Fund. Specifically, and without otherwise limiting the scope of this paragraph:

(i) the Secured Party's remedies under this Agreement and the other Loan Documents upon the occurrence of an Event of Default shall be determined as if each Debtor had entered into a separate loan facility and security agreement with the Secured Party; and

(ii) no Collateral pledged by or on behalf of any Debtor shall secure the obligations of any other Debtor under this Agreement and the other Loan Documents and the Secured Party shall have no right to set off claims related to Loans entered into by a particular Debtor against claims related to Loans entered into by any other Debtor.

[remainder of page left intentionally blank]

IN WITNESS WHEREOF, the undersigned have executed this Agreement as of the date first set forth above.

---

| | | | |
|:---|:---|:---|:---|
| **(the "Debtors")** | **(the "Debtors")** | **(the "Secured Party")** | **(the "Secured Party")** |
| **CITY NATIONAL ROCHDALE FUNDS,** | **CITY NATIONAL ROCHDALE FUNDS,** | **U.S. BANK NATIONAL ASSOCIATION** | **U.S. BANK NATIONAL ASSOCIATION** |
| not individually but solely on behalf of its Funds listed on Schedule A to this Agreement, separately and not jointly | not individually but solely on behalf of its Funds listed on Schedule A to this Agreement, separately and not jointly |  |  |
| By: |  | By: |  |
| Name: | Frank Bonsignore | Name: | Andrew D. Mihaly |
| Title: | Vice President and Secretary | Title: | Vice President |

---

SCHEDULES:

A - Listing of Funds and Account Numbers

**SCHEDULE A**

**To Pledge and Security Agreement**

---

| | |
|:---|:---|
| Fund Name | Account Number |
| City National Rochdale Municipal High Income Fund | 46-4072811 |
| City National Rochdale Fixed Income Opportunities Fund | 26-4738448 |
| City National Rochdale U.S. Core Equity Fund | 46-1400689 |

---

**EXHIBIT C** 

**SECURITIES ACCOUNT CONTROL AGREEMENT**

This Securities Account Control Agreement (as amended, restated, supplemented, or otherwise modified from time to time, this "<u>Agreement</u>") is made and entered into as of September 3, 2025 among **CITY NATIONAL ROCHDALE FUNDS**, a Delaware statutory trust, not individually, but solely on behalf of its respective Funds as set forth on <u>Schedule A</u>, separately and not jointly (each such Fund a "<u>Debtor</u>" and collectively the "<u>Debtors</u>"), **U.S. BANK NATIONAL ASSOCIATION**, as lender (the "<u>Secured Party</u>"), and **U.S. BANK NATIONAL ASSOCIATION,** in its capacity as custodian (the "<u>Custodian</u>"). Capitalized terms used but not defined herein shall have the meaning assigned in the Amended and Restated Loan Agreement with respect to the Debtors dated as of even date herewith between the Trust, on behalf of the Funds, and the Secured Party (as amended, restated, supplemented or otherwise modified from time to time, the "<u>Loan Agreement</u>"). All references herein to the "<u>UCC</u>" shall mean the Uniform Commercial Code as in effect in the State of Ohio.

**W I T N E S S E T H:**

WHEREAS, each Debtor is a mutual fund and the Financial Assets in the Securities Account (as such terms are hereinafter defined) of such Debtor are assets of such Debtor and such Debtor has full authority pursuant to its declaration of trust to borrow moneys and to grant a security interest to the Secured Party in the Financial Assets contained in such Securities Account;

WHEREAS, the Secured Party and the Debtors have entered into the Loan Agreement, pursuant to which the Secured Party, in its sole discretion, may make certain loans to the Debtors;

WHEREAS, as a condition to making such loans each Debtor must provide to the Secured Party a first priority lien and perfected security interest in the Securities Account of such Debtor; and

WHEREAS, the parties are entering into this Agreement for the purpose of perfecting the Secured Party's security interest in the Securities Account of each Debtor by granting the Secured Party control over each such Securities Account.

NOW, THEREFORE, in consideration of the mutual agreements herein made, the Debtors, the Secured Party and the Custodian hereby agree as follows:

Section 1. <u>Establishment of Securities Account</u>. The Custodian hereby confirms that (i) the Custodian has established trust accounts as specified in <u>Schedule A</u> hereto in the name of each Debtor (such account and any successor account, the "<u>Securities Account</u>" of such Debtor), (ii) each Securities Account is an account to which Financial Assets are or may be credited, and the Custodian shall, subject to the terms of this Agreement, treat the Secured Party as entitled to exercise the rights that comprise any Financial Asset credited to each such Securities Account, (iii) all property delivered to the Custodian by or on behalf of a Debtor will be promptly credited to the Securities Account of such Debtor and (iv) all securities or other property underlying any Financial Assets credited to the Securities Account of a Debtor shall be registered in the name of the Custodian and in no case will any Financial Asset credited to such Securities Account be registered in the name of such Debtor, payable to the order of such Debtor or specially indorsed to such Debtor.

Section 2. <u>Financial Assets Election</u>. The Custodian hereby agrees that each item of property (whether investment property, financial asset, security, instrument or cash) credited to a Securities Account (collectively, the "<u>Financial Assets</u>") shall be treated as a "financial asset" within the meaning of Article 8 of the UCC.

Section 3. <u>Entitlement Orders</u>. If at any time the Custodian shall receive any entitlement order (as such term is defined in Article 8 of the UCC) from the Secured Party directing transfer or redemption of any Financial Asset relating to a Securities Account of a Debtor, including any instructions to transfer, sell, redeem, close open trades, or otherwise liquidate assets in the Securities Account, the Custodian agrees that it shall comply with such entitlement order without further consent by the relevant Debtor or any other person.

Section 4. <u>Subordination of Lien; Waiver of Set-Off</u>. In the event that the Custodian has or subsequently obtains by agreement, operation of law, or otherwise a security interest in a Securities Account or any security entitlement credited thereto, the Custodian hereby agrees that such security interest shall be subordinate to the security interest of the Secured Party. The Financial Assets and other items deposited in each Securities Account will not be subject to deduction, set-off, banker's lien, or any other right in favor of any person other than the Secured Party (except that the Custodian may set off (i) all amounts due to the Custodian in respect of its customary fees and expenses for the routine maintenance and operation of such Securities Account and (ii) the face amount of any checks which have been credited to such Securities Account but are subsequently returned unpaid because of uncollected or insufficient funds).

Section 5. <u>Choice of Law</u>. This Agreement shall be governed by the laws of the State of Ohio, including, without limitation, the laws thereof with respect to perfection, the effect of perfection and non-perfection, and the priority of security interests. Regardless of any provision in any other agreement, for purposes of the UCC, Ohio shall be deemed to be the Custodian's jurisdiction.

Section 6. <u>Indemnification</u>. Each Debtor hereby agrees to indemnify and hold harmless the Custodian and its affiliates, officers, directors, employees, and agents from and against any and all claims, expenses, causes of action, liabilities, lawsuits, and damages, including without limitation court costs and reasonable attorneys' fees, in any way related to or arising out of or in connection with this Agreement as it relates to such Debtor or the Securities Account of such Debtor, except such as may arise from the gross negligence or willful misconduct of the Custodian.

Section 7. <u>Conflict with Other Agreements</u>. This Agreement supplements each Debtor's existing agreements with the Custodian and in no way is this Agreement intended to abridge any rights that the Custodian might otherwise have, except as expressly provided herein. In the event of any conflict between this Agreement (or any portion hereof) and any other agreement now existing or hereafter entered into between the Custodian and a Debtor, the terms of this Agreement shall prevail and the Secured Party's security interest in the Securities Account will be prior to any other security interest therein.

Section 8. <u>Amendments; Waiver</u>. No amendment or modification of this Agreement or waiver of any right hereunder shall be binding on any party hereto unless it is in writing and is signed by all of the parties hereto.

Section 9. <u>Notice of Adverse Claims</u>. Except for the claims and interest of the Secured Party and of each Debtor in the Securities Account of such Debtor, the Custodian does not know of any claim to, or interest in, such Securities Account or in any Financial Asset credited thereto. If any person asserts any lien, encumbrance or adverse claim (including any writ, garnishment, judgment, warrant of attachment, execution or similar process) against such Securities Account or in any Financial Asset carried therein, the Custodian will promptly notify the Secured Party and the relevant Debtor thereof. Furthermore, each Debtor agrees that it will not enter into any agreement or document purporting to grant any security interest in the Securities Account of such Debtor without the prior written consent of the Secured Party.

Section 10. <u>Loans</u>. The Secured Party agrees to notify the Custodian each time there is an increase or decrease in the outstanding principal balance of the Loans to a Debtor under the Loan Agreement.

Section 11. <u>Maintenance of Securities Account</u>. In addition to, and not in lieu of, the obligation of the Custodian to honor entitlement orders as agreed in <u>Section 3</u> hereof, the Custodian agrees to maintain the Securities Account as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Notice of Sole Control</u>. If at any time the Secured Party delivers to the Custodian a Notice of Sole Control in substantially the form set forth in <u>Schedule B</u> attached hereto and made a part hereof (a "<u>Notice of Sole Control</u>"), the Custodian agrees that after receipt of such notice, it will take all directions, instructions and entitlement orders with respect to the Securities Account specified in such Notice of Sole Control and the Financial Assets therein solely from the Secured Party without notice to or consent of the relevant Debtor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Voting Rights</u>. Until such time as the Custodian receives a Notice of Sole Control from the Secured Party, but at no time thereafter unless the Secured Party has provided written notice to the Custodian of revocation of such Notice of Sole Control, each Debtor shall direct the Custodian with respect to the voting of Financial Assets credited to the Securities Account of such Debtor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>Trading Instructions</u>. Until such time as the Custodian receives a Notice of Sole Control from the Secured Party, but at no time thereafter unless the Secured Party has provided written notice to the Custodian of revocation of such Notice of Sole Control, each Debtor may direct the Custodian with respect to substitution and disposition of Financial Assets held in the Securities Account of such Debtor and otherwise provide instructions and entitlement orders to the Custodian with respect to Financial Assets in such Securities Account; provided, however, that the Custodian shall not act in accordance with any such directions, instructions or entitlement orders to the extent that doing so would cause the outstanding principal balance of the Loans to such Debtor under the Loan Agreement to exceed the Borrowing Fund Limit for such Debtor or the principal balance of all Loans under the Loan Agreement to exceed the Maximum Amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) <u>Notices, Statements and Confirmations</u>. The Custodian shall promptly notify the Secured Party on any Business Day that the outstanding principal balance of the Loans to a Debtor exceeds the Borrowing Fund Limit for such Debtor or the principal balance of all Loans under the Loan Agreement exceeds the Maximum Amount. In addition, the Custodian will promptly send copies of all statements, confirmations and other correspondence concerning the Securities Account and/or any Financial Assets credited thereto to the Secured Party at its address set forth in <u>Section 15</u> of this Agreement upon request by the Secured Party from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) <u>Tax Reporting</u>. All items of income, gain expenses and loss recognized in each Securities Account shall be reported to the Internal Revenue Service and all state and local taxing authorities under the name and taxpayer identification number of the relevant Debtor.

Section 12. <u>Limited Responsibility</u>. The Custodian shall have no responsibility or liability to the Secured Party for accepting and processing instructions related to trading and voting in a Securities Account prior to delivery to the Custodian of a Notice of Sole Control with respect to such Securities Account, and shall have no responsibility or liability to the Secured Party with respect to the value of any Securities Account or any asset therein. The Custodian shall have no responsibility or liability to any Debtor for complying with instructions or entitlement orders concerning any Securities Account of such Debtor which are originated by the Secured Party. The Custodian shall have no duty to investigate or make any determination as to whether a default exists under any agreement between the Secured Party and any Debtor or as to whether the Secured Party is authorized to give a Notice of Sole Control. This Agreement does not create any obligation or duty of the Custodian other than those expressly set forth herein.

Section 13. <u>Representations, Warranties and Covenants of the Custodian</u>. The Custodian hereby makes the following representations, warranties and covenants:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Each Securities Account has been established as set forth in <u>Section 1</u> above and such Securities Account will be maintained in the manner set forth herein until termination of this Agreement. The Custodian shall not change the name or account number of any Securities Account without the prior written consent of the Secured Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) No Financial Asset is or will be registered in the name of any Debtor, payable to its order, or specially endorsed to it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) This Securities Account Control Agreement is the valid and legally binding obligation of the Custodian and enforceable against the Custodian in accordance with its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The Custodian has not entered into, and until the termination of this Agreement will not enter into, any agreement with any other person relating to any Securities Account and/or any Financial Assets credited thereto pursuant to which it has agreed to comply with entitlement orders of such person. The Custodian has not entered into any other agreement with any Debtor purporting to limit or condition the obligation of the Custodian to comply with entitlement orders as set forth in <u>Section 3</u> hereof.

Section 14. <u>Successors</u>. The terms of this Agreement shall be binding upon, and shall inure to the benefit of, the parties hereto and their respective successors and assigns.

Section 15. <u>Notices</u>. Except as otherwise expressly provided in this Agreement, any notice, request or other communication required or permitted to be given under this Agreement shall be in writing and shall be delivered in person, or sent by telecopy, e-mail, overnight courier or certified or registered United States mail, postage prepaid, addressed to the party at its address set forth below:

[remainder of page left intentionally blank]

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| | |
|:---|:---|
| <u>On Behalf of <br> Each Debtor</u>: | City National Rochdale Funds <br> 400 Park Avenue<br> New York, New York 10022 <br> Attention: Frank Bonsignore <br> Telephone: (212) 702-7287 <br> Email: frank.bonsignore@cnr.com  |
| <u>Secured Party:</u> | U.S. Bank National Association<br> 425 Walnut Street, Mail Location CN-OH-W7SI <br> Cincinnati, Ohio 45202<br> Attention: Andrew D. Mihaly <br> Telephone: (513) 632-2076<br> Fax: (866) 351-8893<br> E-Mail: andrew.mihaly@usbank.com |
| <u>Custodian:</u> | U.S. Bank National Association Institutional<br> Custody Services 1555 N Rivercenter Dr<br> Ste 302, Mail Location MK-WI-S3GC<br> Milwaukee, WI 53212<br> Attention: Jeffrey Eschenbrenner<br> Telephone: (513) 309-3883<br> E-Mail: jeffrey.eschenbrenner@usbank.com |

---

Any party may change its address for notices in the manner set forth above. All notices and other communications given to any party hereto in accordance with the provisions of this Agreement shall be deemed to have been given on the date of receipt if delivered by hand or overnight courier service or sent by telecopy or e-mail or on the date five (5) Business Days after dispatch by certified or registered mail if mailed (or, if sooner, on the date of actual receipt), in each case delivered, sent or mailed (properly addressed) to such party as provided in this <u>Section 15</u> or in accordance with the latest unrevoked directions from such party given in accordance with this <u>Section 15</u>.

Section 16. <u>Termination</u>. The rights and powers granted herein to the Secured Party have been granted in order to perfect its security interest in each Securities Account and are powers coupled with an interest and will neither be affected by the bankruptcy of any Debtor nor by the lapse of time. The obligations of the Custodian hereunder shall continue in effect until the security interest of the Secured Party in each Securities Account has been terminated and the Secured Party has notified the Custodian of such termination in writing.

Section 17. <u>Counterparts</u>. This Agreement may be executed in any number of counterparts, all of which shall constitute one and the same instrument, and any party hereto may execute this Agreement by signing and delivering one or more counterparts.

Section 18. <u>Severability</u>. The invalidity, illegality or unenforceability of any provision of this Agreement shall not affect the validity, legality or enforceability of any of the other provisions of this Agreement, which shall remain in full force and effect.

Section 19. <u>Limitation of Liability on Fund Property</u>. The term "City National Rochdale Funds" means and refers to the trustees from time to time serving under the Trust's Declaration of Trust as the same may have been or may subsequently be, amended. It is expressly agreed that the obligations of Borrowing Funds hereunder shall not be binding upon any of the trustees, shareholders, nominees, officers, agents or employees of the Trust personally. The execution and delivery of this Agreement have been authorized by the trustees of the Trust and signed by officers of the Trust, acting as such, and neither such authorization by such trustees nor such execution and delivery by such offices shall be deemed to have been made by any of them individually or to impose any liability on them personally. Notwithstanding anything to the contrary contained herein or in any other Loan Document, the parties hereto acknowledge and agree that this Agreement is intended to function as if each Debtor had entered into a separate, unrelated Agreement with the Secured Party and the Custodian and no cross-default or cross-collateralization shall exist with respect to the obligations of any Debtor in relation to any other Debtor. In no event shall the rights, obligations or remedies of the Secured Party with respect to a particular Debtor constitute a right, obligation or remedy applicable to any other Fund. Specifically, and without otherwise limiting the scope of this paragraph: (i) the Secured Party's remedies under this Agreement and the other Loan Documents upon the occurrence of an Event of Default shall be determined as if each Debtor had entered into a separate loan facility and security agreement with the Secured Party; and (ii) no Collateral pledged by or on behalf of any Debtor shall secure the obligations of any other Debtor under this Agreement and the other Loan Documents and the Secured Party shall have no right to set off claims related to Loans entered into by a particular Debtor against claims related to Loans entered into by any other Debtor.

[remainder of page left intentionally blank]

IN WITNESS WHEREOF, the undersigned have executed this Agreement as of the first date set forth above.

---

| | | | |
|:---|:---|:---|:---|
| **(the "Debtors")** | **(the "Debtors")** | **(the "Secured Party")** | **(the "Secured Party")** |
| **CITY NATIONAL ROCHDALE FUNDS,** | **CITY NATIONAL ROCHDALE FUNDS,** | **U.S. BANK NATIONAL ASSOCIATION** | **U.S. BANK NATIONAL ASSOCIATION** |
| not individually but solely on behalf of its Funds listed on Schedule A to this Agreement, separately and not jointly | not individually but solely on behalf of its Funds listed on Schedule A to this Agreement, separately and not jointly |  |  |
| By: |  | By: |  |
| Name: | Frank Bonsignore | Name: | Andrew D. Mihaly |
| Title: | Vice President and Secretary | Title: | Vice President |
|  |  | **U.S. BANK NATIONAL ASSOCIATION** | **U.S. BANK NATIONAL ASSOCIATION** |
|  |  | (as Custodian) | (as Custodian) |
|  |  | By: |  |
|  |  | Name: | Teresa Burton |
|  |  | Title: | Vice President |

---

SCHEDULES:

A - Listing of Funds and Account Numbers

B - Notice of Sole Control Letter

**SCHEDULE A**

**To Securities Account Control Agreement**

---

| | |
|:---|:---|
| Fund Name | Account Number |
| City National Rochdale Municipal High Income Fund | 46-4072811 |
| City National Rochdale Fixed Income Opportunities Fund | 26-4738448 |
| City National Rochdale U.S. Core Equity Fund | 46-1400689 |

---

**SCHEDULE B**

**To Securities Accounts Control Agreement**

U.S. BANK NATIONAL ASSOCIATION

[Date]

U.S. Bank National Association, as Custodian <br> Institutional Custody Services

425 Walnut Street, <br> M.L. CN-OH-W7SI <br> Cincinnati, Ohio 45202

Attention: ________________

Re: <u>Notice of Sole Control</u>

Ladies and Gentlemen:

As referenced in the Securities Account Control Agreement (the "<u>Agreement</u>") with respect to the __________ Fund, dated September 3, 2025, among CITY NATIONAL ROCHDALE FUNDS, us, as Secured Party, and you as Custodian (a copy of which is attached), we hereby give you notice of our exercise of sole control over Securities Account number ___________ (the "Securities Account") and all Financial Assets credited thereto. You are hereby instructed not to accept any directions, instructions, or entitlement orders with respect to the referenced Securities Account or the Financial Assets credited thereto from any person other than the Secured Party, unless otherwise ordered by a court of competent jurisdiction.

You are instructed to deliver a copy of this notice by facsimile transmission to ____________.

---

| |
|:---|
| Very truly yours, |
| U.S. BANK NATIONAL ASSOCIATION |
| as Secured Party |
| By: |
| Name: |
| Title: |

---

cc: <u>_________________</u>

**EXHIBIT D**

**<br> PROMISSORY NOTE**

---

| | |
|:---|:---|
| $[300,000,000] | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cincinnati, Ohio<br> [Date] |

---

**CITY NATIONAL ROCHDALE FUNDS,** a Delaware statutory trust ("Trust"), not individually but only on behalf of its Funds listed in Schedule A (attached hereto and made a part hereof) for which a borrowing is requested (each a "Borrower" or "Borrowing Fund" and collectively the "Borrowers" or "Borrowing Funds" hereunder), for value received, hereby promises to pay to the order of **U.S. BANK NATIONAL ASSOCIATION,** (the "Bank"), or its successors or assigns, on or before [September 2, 2026], or such earlier date specified in the Loan Agreement as the Maturity Date ("Maturity Date"), the principal sum of [Three Hundred Million] Dollars ($[300,000,000]), or such portion thereof as may be outstanding from time to time as Loans to the Borrowers which are related to the Trust under the hereinafter-described Loan Agreement, together with interest thereon as hereinafter provided.

This Promissory Note (this "Note") is the "Note" to which reference is made in the Amended and Restated Loan Agreement dated as of September 3, 2025 between the Borrowers and the Trust party thereto and the Bank (as amended, restated, supplemented or otherwise modified from time to time, the "Loan Agreement") and is subject to the terms and conditions thereof, including without limitation the terms thereof providing for acceleration of maturity of the loans made by the Bank to the Borrowers under the Loan Agreement and evidenced by this Note (the "Loans").

This Note shall bear interest at a rate per annum equal to the greater of zero percent (0.0%) or the Prime Rate minus one-half of one percent (0.5%), which interest shall be payable monthly, in arrears, [commencing on October 1, 2025] and on the 1st day of each month thereafter and on the date specified in clause (b) of the definition of Maturity Date; provided that a Borrowing Fund may at its option pay such interest whenever all or any part of its Loans are due, whether on the Maturity Date, by virtue of a mandatory prepayment, or by reason of demand, acceleration or otherwise (on the amount then due) and whenever such Borrowing Fund repays all or part of such Borrowing Fund's Loan as a voluntary prepayment. Interest on this Note shall be computed on the basis of a year consisting of three hundred sixty (360) days but applied to the actual number of days elapsed.

As used herein, the term "Prime Rate" shall mean the rate which the Bank announces as its prime lending rate, as in effect from time to time. The Prime Rate is determined solely by the Bank pursuant to market factors and its own operating needs and does not necessarily represent the lowest or best rate actually charged to any customer. The Bank may make commercial or other loans at rates of interest at, above or below the Prime Rate.

The principal of this Note is subject to mandatory prepayments, as follows: (i) if the aggregate principal amount of the Loans outstanding to any Borrower exceeds the Borrowing Fund Limit for such Borrower at any time, such excess shall be immediately due and payable, (ii) if the aggregate principal amount of the Loans outstanding to all Borrowing Funds under the Loan Agreement exceeds the Maximum Amount at any time, the Borrower's pro rata share of such excess (as determined pursuant to Section 3(a) of the Loan Agreement) shall be immediately due and payable and (iii) the principal of this Note shall be due and payable in full on the Maturity Date and, if earlier, the date on which the Loans become due, whether by virtue of demand, acceleration or otherwise. This Note may be voluntarily prepaid in whole or in part at any time, without premium or penalty; provided, however that each prepayment of principal shall be in an amount equal to no less than $1,000.00 (or, if less, the then-outstanding balance of this Note).

If any payment due from a Borrowing Fund is not made within ten (10) days after the date due, such Borrowing Fund shall pay the Bank an amount equal to five percent (5%) of such payment or $50.00, whichever is greater.

An "Event of Default" as described in the Loan Agreement with respect to a Borrower shall constitute an Event of Default hereunder. Upon the occurrence of such an Event of Default, the Bank shall have all rights and remedies provided herein, in the Loan Agreement and otherwise available at law or in equity with respect to such Borrower. At the option of the Bank, upon the occurrence and during the continuance of any Event of Default with respect to a Borrowing Fund, this Note shall bear interest applicable to such Borrowing Fund (computed and adjusted in the same manner, and with the same effect, as interest prior to the occurrence of such Event of Default) payable on demand at a rate equal to three percent (3%) per annum in excess of the otherwise applicable rate.

All payments of principal and interest hereunder shall be made in immediately available funds to the Bank at 425 Walnut Street, Cincinnati, Ohio 45202, M.L. CN-OH-W7SI, or at such other place as may be designated by the holder hereof to the Borrower in writing. Each Borrower and the Trust authorize the Bank to charge any account, in the name of such Borrower, or charge or increase any loan balance of such Borrower at the Bank for the amount of any interest or principal payments due to the Bank hereunder. The Bank is further authorized by each Borrower and the Trust to enter from time to time the balance of this Note and all payments thereon on the reverse of this Note or in the Bank's regularly maintained data processing records, and the aggregate unpaid amount set forth thereon or therein shall be presumptive evidence of the amount owing to the Bank and unpaid on this Note, absent manifest error.

The Borrowing Fund's and the Trust's obligations under this Note are subject to the limitations set forth in <u>Section 8(k)</u> of the Loan Agreement, which provisions are incorporated by reference as if set forth in full herein. If any term or condition of this Note conflicts with the express terms or conditions of the Loan Agreement, the terms and conditions of the Loan Agreement shall control. Terms used but not defined herein shall have the same meanings herein as in the Loan Agreement.

IMPORTANT: This Note shall be deemed made in Ohio and shall in all respects be governed by and construed in accordance with the laws of the State of Ohio, including all matters of construction, validity and performance.

Without limitation on the ability of the Bank to exercise all of its rights as to any of the Collateral provided by the Borrower or to initiate and prosecute any action or proceeding in any applicable jurisdiction related to loan repayment, each Borrower and the Bank agree that any action or proceeding commenced by or on behalf of the parties arising out of or relating to this Note shall be commenced and maintained exclusively in the United States District Court for the Southern District of Ohio, or any other court of applicable jurisdiction located in Cincinnati, Ohio. Each Borrower and the Bank also agree that a summons and complaint commencing an action or proceeding in any such Ohio courts by or on behalf of such parties shall be properly served and shall confer personal jurisdiction on a party to which said party consents, (i) if served personally or by registered or certified mail to the other party at any of its addresses noted herein, or

(ii) as otherwise provided under the laws of the State of Ohio. Each Borrower, the Trust, and the Bank hereby waive all rights to trial by jury in any proceeding arising out of or related to this Note. The interest rate and all other terms of this Note negotiated with the Borrowers are, in part, related to the aforesaid provisions on jurisdiction, which the Bank deems a vital part of this loan arrangement.

Presentment for payment, notice of dishonor, protest, demand, notice of protest and all other notices are hereby waived.

[remainder of page left intentionally blank]

---

| | |
|:---|:---|
| **CITY NATIONAL ROCHDALE FUNDS,** | **CITY NATIONAL ROCHDALE FUNDS,** |
| not individually but solely on behalf of its Funds listed on <u>Schedule A</u> to this Note, separately and not jointly | not individually but solely on behalf of its Funds listed on <u>Schedule A</u> to this Note, separately and not jointly |
| By: |  |
| Name: | Frank Bonsignore |
| Title: | Vice President and Secretary |

---

**SCHEDULE A**

**To Promissory Note**

---

| | |
|:---|:---|
| Fund Name | Account Number |
| City National Rochdale Municipal High Income Fund | 46-4072811 |
| City National Rochdale Fixed Income Opportunities Fund | 26-4738448 |
| City National Rochdale U.S. Core Equity Fund | 46-1400689 |

---

**EXHIBIT E OFFICER'S CERTIFICATE**

**CITY NATIONAL ROCHDALE FUNDS,** a Delaware statutory trust (the "<u>Trust</u>"), not individually but solely on behalf of each series set forth on **<u>Exhibit A</u>** to the Loan Agreement referred to below, is entering into a loan transaction with **U.S. Bank National Association** (the "<u>Bank</u>") pursuant to an amended and restated loan agreement effective as of even date herewith (the "<u>Loan Agreement</u>"). Capitalized terms used herein without definition and which are defined in the Loan Agreement have the same respective meanings herein as in the Loan Agreement). In that connection, the undersigned certifies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Attached hereto as <u>Schedule 1</u> is a true copy of the Agreement and Declaration of the Trust which has been filed with the Office of the Secretary of State of Delaware and which has not been modified, rescinded or superseded and remains in full force and effect as of the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Attached hereto as <u>Schedule 2</u> is a true copy of the duly adopted By-Laws of the Trust, each of which has not been modified, rescinded or superseded and remains in full force and effect as of the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Attached hereto as <u>Schedule 3</u> are true copies of certain resolutions authorizing the loan transactions which were duly adopted by the Board of Trustees of the Trust, and each of which have not been amended, rescinded or superseded and remains in full force and effect as of the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Neither the Trust nor any Borrowing Fund is a party to any agreement that materialy adversely affects, or would be violated by its entering into, the loan transactions and any documents or instruments related thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The execution and delivery of such loan facility documents (A) does not violate or constitute a breach or default under (i) the Declaration of Trust or other organization or governing documents of the Trust or any Fund's Statement or Prospectus, (ii) any applicable provision of statutory law or regulations, (iii) any order, judgment or decree of any court, governmental agency or authority, or (iv) any agreement with any third party, and (B) does not require the approval or consent of any governmental body or other person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. No Event of Default (as defined in <u>Section 7</u> of the Loan Agreement) or any event which, with the passage of time or the giving of notice, might mature into an Event of Default has occurred or is continuing as of the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. The representations and warranties in <u>Section 4</u> of the Loan Agreement are true and correct in all material respects as of the date hereof (except for those limited to or expressed only as of a prior specific date).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. The persons listed immediately below under "Executive Officers" are duly elected executive officers of the Trust and (a) each is an Authorized Officer under the Loan Agreement and is authorized to execute on behalf of the Borrowers and deliver to the Bank this Certificate and all other documents and instruments described in the aforesaid resolutions of the Trust and in <u>Section 6(a)(i)</u> of the Loan Agreement and (b) each of those individuals listed below who are duly elected executive officers of the Trust is authorized to provide the Bank in the future with the names of additional Authorized Officers and/or the deletions of any such Authorized Officers under the Loan Agreement. In order to facilitate the ability of the Bank to accept from the Trust or any Borrower from time to time any document or instrument executed pursuant to or in accordance with Loan Agreement specifically (but without limitation) <u>Sections 2(c)</u>, <u>6(a)(i)</u> or <u>8(n)</u>, including through the use of secure digital encryption technology, such as DocuSign eSignature®, the Borrowers hereby confirm to the Bank that the Authorized Officers and other additional persons designated by an Authorized Officer (who is an executive officer of the Trust) as authorized to request advances and direct repayments under the Loan Agreement (and their names, titles, respective email addresses, and signatures (if any)) on file with the Bank, are those to whom the Bank may send and receive as authorized such instructions for electronic signatures. As of the date hereof, the Authorized Officers of the Trust (including executive officers and non-executive officers) and those other individuals with authority limited to requesting Loans and authorizing Loan repayments are as follows:

<u>Executive Officers</u>:

---

| | | |
|:---|:---|:---|
| **Name** | **Title** | **Email Address** |
| Gregg Giaquinto | President & Chief Executive Officer | gregg.giaquinto@cnr.com |
| Frank Bonsignore | Vice President & Secretary | frank.bonsignore@cnr.com |
| Mitchell Cepler | Vice President & Assistant Treasurer | mitchell.cepler@cnr.com |

---

<u>Other Authorized Officers</u>:

---

| | | |
|:---|:---|:---|
| **Name** | **Title** | **Email Address** |

---

<u>Those limited to only requesting Loans and Loan repayments</u>:

---

| | | |
|:---|:---|:---|
| **Name** | **Title** | **Email Address** |

---

Any such Authorized Officer who is an executive officer of the Trust may, from time to time, notify the Bank in writing of changes to the list of such Authorized Officers or such other persons, their titles and/or their email addresses for purposes of requesting advances, making repayments or receiving instructions regarding electronic signatures on the Authorized Officers and signers change request form (the "<u>Signatory Update Form</u>") attached hereto as <u>Schedule E-1</u>.

Dated as of ____________, 2025

---

| | |
|:---|:---|
| **CITY NATIONAL ROCHDALE FUNDS,** | **CITY NATIONAL ROCHDALE FUNDS,** |
| not individually but solely on behalf of its Funds listed on <u>Exhibit A</u> to the Loan Agreement, separately and not jointly | not individually but solely on behalf of its Funds listed on <u>Exhibit A</u> to the Loan Agreement, separately and not jointly |
| By: |  |
| Name: | Frank Bonsignore |
| Title: | Vice President and Secretary |

---

**SCHEDULE E-1**

**To Officer's Certificate Signature Authority Update Form**

Date

Andrew D. Mihaly <br> Vice President

U.S. Bank Mutual Fund Lending <br> 425 Walnut Street,

Mail Location CN-OH-W7SI <br> Cincinnati, Ohio 45202

Dear Andy:

CITY NATIONAL ROCHDALE FUNDS, a Delaware statutory trust (the "Trust"), acting on behalf of the Borrowers under the Loan Agreement, would like to modify the Authorized Officers and/or persons authorized to request advances and direct repayments under the Loan Agreement with the Bank.

Please add the following persons as Authorized Officers who are executive officers of the Trust:

<br> Name: _____________________________________

Title: ______________________________________<br> Email: _____________________________________

<u> </u>

Name: _____________________________________<br> Title: ______________________________________<br> Email: _____________________________________

Please add the following persons as Authorized Officers (non-executive officers of the Trust): <br> Name: _____________________________________

Title: ______________________________________<br> Email: _____________________________________

Name: _____________________________________<br> Title: ______________________________________<br> Email: _____________________________________

<u> </u>

Please add the following persons as authorized only to request Loan advances and arrange Loan repayments:

Name: _____________________________________<br> Title: ______________________________________<br> Email: _____________________________________

<u> </u>

Name: _____________________________________<br> Title: ______________________________________<br> Email: _____________________________________

Please remove the following persons from being Authorized Officers who are executive officers of the Trust:

Name: _____________________________________<br> Title: ______________________________________<br> Email:_____________________________________

Name: _____________________________________<br> Title: ______________________________________<br> Email:_____________________________________

Please remove the following persons from being Authorized Officers (non-executive officers of the Trust):

Name: _____________________________________ <br> Title: ______________________________________ <br> Email:_____________________________________

<u> </u>

Name: _____________________________________<br> Title: ______________________________________<br> Email:_____________________________________

Please remove the following persons from being authorized to request Loan advances and arrange Loan repayments:

Name: _____________________________________<br> Title: ______________________________________<br> Email: _____________________________________

<u> </u>

Name: _____________________________________<br> Title: ______________________________________<br> Email: _____________________________________

<u> </u>

The undersigned, as an existing executive officer and Authorized Officer of the Trust: (a) approved the addition and/or deletion of the individuals listed above, and (b) certifies that the undersigned has been authorized to do so by the Board of Trustees of the Trust.

By: _____________________________________<br> Title: ____________________________________<br> Date:____________________________________

**EXHIBIT F**

**FORM OF LOAN REQUEST**

U.S. Bank National Association

425 Walnut Street, M.L. CN-OH-W7SI <br> Cincinnati, Ohio 45202

Attention: Andrew D. Mihaly <br>

Ladies and Gentlemen:

This loan request is delivered to you pursuant to <u>Section 2(c)</u> of that certain Amended and Restated Loan Agreement (as amended, supplemented or otherwise modified from time to time, the "<u>Loan Agreement</u>") dated effective as of September 3, 2025 between U.S. Bank National Association (the "<u>Bank</u>") and City National Rochdale Funds (the "<u>Trust</u>") relating to the separate Funds specified in the Loan Agreement (the "<u>Borrowing Fund</u>"). Capitalized terms used herein without definition shall have the meaning assigned to such terms in the Loan Agreement unless the context otherwise requires.

The Trust, solely on behalf of the Borrowing Fund, hereby [requests] [confirm the verbal request made by the Trust prior to 2:00 p.m. on the date hereof for] a Loan on this date from the Bank in the aggregate principal amount of $<u>_______</u>, on behalf of the Borrowing Fund specified below. The Trust, solely on behalf of the Borrowing Fund, hereby certifies, represents and warrants that on the date hereof, both before and after giving effect to the requested Loan or any portion thereof:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The principal amount of the requested Loans will not cause the Maximum Amount or the Borrowing Fund Limit for such Borrowing Fund to be exceeded;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No Default or Event of Default has occurred and is continuing, nor will the making of such Loan cause a Default or Event of Default to occur;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) All representations and warranties of the Trust relating to itself and the Fund set forth in the Loan Documents are and will be true and correct as though made on the date hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Since the Effective Date, there has not been any material adverse change in the business or financial condition of the Trust or any Fund, nor has there been a material adverse change in respect of the validity or enforceability or priority of any Liens granted by or on behalf of the Fund to the Bank under the Loan Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The proceeds of the Loan requested hereunder will not be used for any purpose that is not permitted under the relevant Fund Statement and Prospectus; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Upon receipt by the Bank of this loan request, all conditions set forth in <u>Section 6(b)</u> of the Loan Agreement will have been satisfied.

IN WITNESS WHEREOF, the Trust, solely on behalf of the Borrowing Fund, has caused this loan request to be executed and delivered by its duly Authorized Officer as of this ____ day of ________, ___.

BORROWER (check one)

[ ] City National Rochdale Municipal High Income Fund

[ ] City National Rochdale Fixed Income Opportunities Fund

[ ] City National Rochdale U.S. Core Equity Fund

---

| |
|:---|
| **CITY NATIONAL ROCHDALE FUNDS** |
| By: |
| Name: |
| Title: |

---

**EXHIBIT G**

**FORM OF OPINION OF BORROWER'S COUNSEL**

We have acted as counsel to CITY NATIONAL ROCHDALE FUNDS, a Delaware statutory trust (the "Trust"), in connection with a loan in an amount of up to

$300,000,000 being made in U.S. Bank National Association (the "Bank") to the borrower funds of said Trust (the "Funds"). In this regard, we have examined the following documents (collectively, the "Loan Documents"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Loan Agreement dated effective as of September 3, 2025 between the Trust (on behalf of the Borrowing Funds), and the Bank (the "Loan Agreement");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Pledge and Security Agreement dated effective as of September 3, 2025 between the Trust (on behalf of the Borrowing Funds), and the Bank;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Securities Account Control Agreement dated effective as of September 3, 2025 among the Trust (on behalf of the Borrowing Funds), the Bank and the Custodian; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The Federal Reserve Form U-1 given by the Borrower to the Bank. On the basis of the foregoing, we are of the opinion that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Trust is organized, validly existing and in good standing under the laws of Delaware and is registered as an investment company under the Investment Company Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Each Fund has full power and authority to own its assets and to conduct its business as a management investment company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Each Fund is a duly created and validly existing Series (as defined in the Loan Agreement).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The Trust has full power and authority to execute the Loan Documents on behalf of the Borrowing Funds and the Borrowing Funds to perform their obligations thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The execution and delivery of, and the performance by the Trust (on behalf of its Borrowing Funds) of their obligations under the Loan Documents (a) have been duly authorized by all necessary action, (b) are not in conflict with and do not violate any provisions of the Trust's currently existing Declaration of Trust or other organizational or governing documents or any Fund's Statement or Prospectus, (c) do not violate any law, rule or regulation, or to our knowledge, any order or decree, and (d) to our knowledge, are not in conflict with and do not result in any breach or default under any document, instrument or agreement to which the Trust or any Borrowing Fund is a party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. The Loan Documents have been duly executed and delivered by the Trust and constitute the legal, valid, binding obligations of the Trust and Borrowing Funds enforceable in accordance with their terms, subject, as to enforcement of remedies, to applicable bankruptcy, insolvency, reorganization, moratorium and other laws affecting the rights of creditors generally and the discretion of courts in granting equitable remedies.

**EXHIBIT H-1**

**FORM OF EXTENSION REQUEST**

[Date]

TO: U.S. Bank National Association (the "<u>Bank</u>") under that certain Amended and Restated Loan Agreement (as amended, restated, supplemented and/or otherwise modified prior to the date hereof, the "<u>Agreement</u>"), originally dated as of September 3, 2025 between CITY NATIONAL ROCHDALE FUNDS, a Delaware statutory trust (the "<u>Trust</u>"), not individually but solely on behalf of its Funds as set forth on <u>Exhibit A</u> of the Agreement, separately and not jointly, and the Bank.

Capitalized terms used herein shall have the meanings ascribed to such terms in the Agreement.

Ladies/Gentlemen:

Pursuant to <u>Section 8(i)</u> of the Agreement, the Trust, not individually, but solely on behalf of the Borrowers, hereby (i) confirms that each of the preconditions set forth in <u>Section 6(b)</u> of the Agreement continues to be satisfied, and (ii) requests that the Bank extend the Maturity Date as specified in clause (b) of the definition thereof in the Agreement (currently, [___________]) for another 364 day period to [ _________].

Please notify the Borrowers as soon as possible of the Bank's determination in response to this request.

---

| |
|:---|
| Very truly yours, |
| **CITY NATIONAL ROCHDALE FUNDS,** |
| individually but solely on behalf of its Funds listed on <u>Exhibit A</u> to the Agreement, separately and not jointly |
| By: |
| Name: |
| Title: |

---

**EXHIBIT H-2**

**FORM OF EXTENSION APPROVAL LETTER**

[Date]

CITY NATIONAL ROCHDALE FUNDS

[insert address] <br> Attention:____________

Ladies/Gentlemen:

Please refer to the letter dated [_________] from CITY NATIONAL ROCHDALE FUNDS, a Delaware statutory trust (the "<u>Trust</u>"), not individually but solely on behalf of its Funds as set forth on <u>Exhibit A</u> of the Agreement (defined below), separately and not jointly requesting an extension of the term of the Amended and Restated Loan Agreement originally dated as of September 3, 2025 between the Trust, not individually but solely on behalf of its Funds set forth on <u>Exhibit A</u> thereto and U.S. Bank National Association (the "<u>Bank</u>") (as amended, restated, supplemented and/or otherwise modified prior to the date hereof, the "<u>Agreement</u>"). Capitalized terms used herein shall have the meanings ascribed to such terms in the Agreement.

By its execution of this letter, but subject to the prior satisfaction of each of the conditions precedent set forth in <u>Section 6(b)</u> of the Agreement, the Bank hereby consents to the extension of the Maturity Date as specified in <u>clause (b)</u> of the Agreement definition thereof from [*original or previously extended maturity date*] to [*364 days after the original or previously extended maturity date*] and such <u>clause (b)</u> of the definition of Maturity Date is hereby deemed amended to the extent necessary to reflect such extension.

---

| |
|:---|
| Very truly yours, |
| U.S. BANK NATIONAL ASSOCIATION |
| By: |
| Name: |
| Title: |

---

## Exhibit 99.28

![](image_023.jpg)

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

We hereby consent to the incorporation by reference in this Registration Statement on Form N-1A of our report dated November 26, 2025, relating to the financial statements and financial highlights of City National Rochdale Government Money Market Fund, City National Rochdale Municipal High Income Fund, and City National Rochdale Fixed Income Opportunities Fund, each a series of beneficial interest in City National Rochdale Funds, which are included in Form N-CSR for the year ended September 30, 2025, and to the references to our firm under the headings "Financial Highlights" in the Prospectus, and "Independent Registered Public Accounting Firm and Reports to Shareholders" and "Financial Statements" in the Statement of Additional Information.

![](image_011.jpg)

COHEN & COMPANY, LTD.

Philadelphia, Pennsylvania

January 27, 2026

![](image_024.jpg)

## Exhibit 99.28

![](image_009.jpg)

**SIGFS Investments Global Funds Services**

**Code of Ethics**

**Table of Contents**

---

| | |
|:---|:---|
| **Background** | &nbsp;&nbsp;&nbsp;2 |
| **Definitions** | &nbsp;&nbsp;&nbsp;2 |
| **Purpose** | &nbsp;&nbsp;&nbsp;3 |
| **Standards of Conduct** | &nbsp;&nbsp;&nbsp;4 |
| **Prohibitions and Restrictions against Fraud, Deceit and Manipulation** | &nbsp;&nbsp;&nbsp;5 |
| **Excessive Trading of Mutual Fund Shares** | &nbsp;&nbsp;&nbsp;5 |
| **Additional Restrictions and Requirements** | &nbsp;&nbsp;&nbsp;5 |
| **Exception to Reporting Requirements** | &nbsp;&nbsp;&nbsp;6 |
| **Reporting Suspected Code Violations** | &nbsp;&nbsp;&nbsp;7 |
| **Violations of the Code of Ethics** | &nbsp;&nbsp;&nbsp;8 |
| **Recordkeeping** | &nbsp;&nbsp;&nbsp;8 |
| Exhibit 1A | &nbsp;&nbsp;&nbsp;9 |
| Exhibit 1B | &nbsp;&nbsp;&nbsp;10 |
| Exhibit 3: SIGFS Investment Vehicles | &nbsp;&nbsp;&nbsp;12 |

---

**Background**

SEI's Investment Manager Services ("IMS") division is a provider of technology-based operating solutions for investment managers worldwide. IMS offers comprehensive alternative investment administration, accounting, investor servicing, trustee, and custody services for hedge funds, funds of hedge funds, private equity funds and registered alternative investment products. SEI Investments Global Funds Services ("SIGFS") provides fund accounting and administration services to IMS clients registered under the Investment Company Act of 1940. As part of the services offered IMS clients may appoint SIGFS employees to act as directors and/or officers of their registered investment vehicles.

SIGFS is a wholly owned subsidiary of its parent company SEI Investments Company ("SEIC"). SEI is incorporated and publicly traded in the United States of America and is subject to the laws and regulations of such jurisdiction and is regulated by the Securities and Exchange Commission (SEC CIK#0000350894). SEIC maintains a publicly available Code of Conduct that applies to all directors, officers, and employees of the SEIC. SEIC's Code of Conduct requires compliance with all of SEIC's global policies including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Code of Ethics for Senior Financial Officers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Acceptable Use Policy

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Anti-Corruption Policy Complaint Procedures
 and Non-Retaliation Policy

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Corporate Anti-Money Laundering Policy

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Corporate Communications and Disclosure
 Policy

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Discrimination and Harassment Policy

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Insider Trading Policy Privacy Policy

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Codes of conduct adopted by any subsidiary
 of the Company which is applicable to the employees of that subsidiary

**Definitions**

**Account** - a securities trading account held by a person and by any such person's spouse, minor children and adults residing in his or her household (each such person, an "immediate family member"); any trust for which the person is a trustee or from which the person benefits directly or indirectly; any partnership (general, limited or otherwise) of which the person is a general partner or a principal of the general partner; and any other account over which the person exercises investment discretion.

**Automatic Investment Plan** – a program in which regular periodic purchases (or withdrawals) are made automatically in (or from) investment accounts in accordance with a predetermined schedule and allocation. An Automatic Investment Plan includes a dividend reinvestment plan.

**Beneficial Ownership** – Covered Security ownership in which a person has a direct or indirect financial interest. Generally, a person will be regarded as a beneficial owner of Covered Securities that are held in the name of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a spouse or domestic partner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a child residing at home or attending
 college;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a relative who resides in the person's
 household; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any other
 person IF: (a) the person obtains from the securities benefits substantially similar to those
 of ownership (for example, income from securities that are held by a spouse); or (b) the
 person can obtain title to the securities now or in the future.

**Covered Security** – except as noted below, includes any interest or instrument commonly known as a "security", including notes, bonds, stocks (including closed-end funds), debentures, convertibles, preferred stock, security future, warrants, rights, and any put, call, straddle, option, or privilege on any security (including a certificate of deposit) or on any group or index of securities. Reportable Funds (which include SIGFS Funds) are "Covered Securities." See the definition of Reportable Funds below.

A "Covered Security" does not include (i) direct obligations of the U.S. Government, (ii) bankers' acceptances, (iii) bank certificates of deposit, (iv) commercial paper and other high quality short-term debt instruments, including repurchase agreements, (v) shares issued by money market funds and (vi) shares issued by open-end investment companies other than a Reportable Fund.

**Initial Public Offering** – an offering of securities for which a registration statement has not been previously filed with the U.S. SEC and for which there is no active public market in the shares.

**Investment Vehicle** – a registered investment company for which SIGFS provides fund administration or accounting services. A list of Investment Vehicles is provided as Exhibit 3 hereto. Please note that this list includes the SIGFS Funds.

**Purchase or Sale of a Covered Security** – includes the writing of an option to purchase or sell a security.

**Reportable Fund** – Any Investment Vehicle other than a money market fund.

**Purpose**

The SIGFS Code of Ethics ("the Code"), in addition to all of the corporate policies, is applicable to employees of SIGFS. SIGFS is required to provide services to clients and Investment Vehicles in compliance with Section 17(j) of the Investment Company Act of 1940 by (1) adhering to the standards for ethical business behavior and personal conduct set forth in SEIC's Code of Conduct; (2) deterring ethical violations through the policies of both SIGFS and SEIC; and (3) assisting SIGFS personnel in detecting, reporting and resolving any unethical or illegal conduct.

SIGFS has a highly ethical business culture and expects that all personnel will conduct any personal securities transactions consistent with this Code and in such a manner as to avoid any actual or potential conflict of interest or abuse of a position of trust and responsibility. Thus, SIGFS personnel must conduct themselves and their personal securities transactions in a manner that does not create conflicts of interest with the firm's clients.

Each person subject to this Code must read and retain a copy of this Code and agree to abide by its terms. Failure to comply with the provisions of this Code may result in the imposition of serious sanctions, including, but not limited to, disgorgement of profits, penalties, dismissal, substantial personal liability and/or referral to regulatory or law enforcement agencies.

**Standards of Conduct**

For the purpose of this Code, SIGFS, based on its service offering, has designated two categories of employee based on role, responsibility and access to confidential or non-public information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Access Person**: (A) Any director,
 officer or employee of SIGFS or their affiliates who serves as a director or officer of an
 Investment Vehicle; and (B) Any director, officer or employee of SIGFS who, in connection
 with his or her regular functions or duties, makes, participates in or obtains information
 regarding recommendations to an Investment Vehicle with regard to the purchase or sale of
 Covered Securities, or obtains prior or contemporaneous information regarding the purchase
 or sale of Covered Securities by an Investment Vehicle.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Administration Personnel**: Any director, officer or employee of SIGFS whose principal function or duties
 relate to the provision of fund accounting or fund administration services by SIGFS to any
 Investment Vehicle, and who is not an Access Person.

As required by SIGFS and the SEIC Code of Conduct, all employees including Access Persons and Administration Personnel are required to maintain:

1) compliance with internal controls, policies and procedures;

2) honest, fair and ethical dealings with the company, its affiliates, vendors, customers, personnel and competitors and all governmental agencies and personnel;

3) strict legal compliance;

4) prompt disclosure, mitigation or elimination of conflicts of interest;

5) rigorous protection of the company's confidential information, intellectual property and other assets; and

6) strict adherence to the company's equal opportunity, harassment, internet, e-mail and media relations policies.

Additionally all SIGFS employee must participate in new hire and annual compliance training which includes the review of applicable SEIC policy, including the Code.

As required by SIGFS and the SEIC Code of Conduct, all employees including Access Persons and Administration Personnel are prohibited from:

1) engaging in insider trading or fraudulent activities;

2) misusing SIGFS/SEIC's business or investment opportunities;

3) competing with SIGFS or SEIC;

4) using SIGFS/SEIC property or information for personal gain;

5) disclosing SIGFS/SEIC confidential information;

6) giving or accepting bribes, kickbacks, gifts or benefits.

**Prohibitions and Restrictions against Fraud, Deceit and Manipulation**

Access Persons and Administration Personnel may not, directly or indirectly, in connection with the purchase or sale of a security held or to be acquired by an Investment Vehicle:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• employ any device, scheme or artifice
 to defraud the Investment Vehicle for which SIGFS provides fund accounting or administration
 services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• make to the Investment Vehicle any untrue
 statement of a material fact or omit to state a material fact necessary in order to make
 the statements made, in light of the circumstances under which they were made, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• engage in any act, practice or course
 of business that operates or would operate as a fraud or deceit upon the Investment Vehicle;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• or engage in any manipulative practice
 with respect to the Investment Vehicle.

**Excessive Trading of Mutual Fund Shares**

Access Persons and Administration Personnel may not, directly or indirectly, engage in excessive short- term trading of shares of SIGFS Investment Vehicles, except for money market funds. For purposes of this section, a person's trades shall be considered "excessive" if made in violation of any stated policy in the fund's prospectus or if the trading involves multiple short-term round trip trades in a Fund for the purpose of taking advantage of short-term market movements.

**Additional Restrictions and Requirements**

Access Persons must obtain approval from the SIGFS Compliance Officer or designated representative of the SEIC Compliance Department before acquiring beneficial ownership of any securities offered in connection with an IPO or a private placement.

The SIGFS Compliance Officer or designated representative of the SEIC Compliance Department may authorize an Access Person to conduct the requested trade upon determining that the transaction for which pre-clearance is requested would not result in a conflict of interest or violate any other policy embodied in this Code. Factors to be considered may include: the discussion with the requesting person as to the background for the exemption request, the requesting person's work role, the size and holding period of the requesting person's position in the security, the market capitalization of the issuer, the liquidity of the security, the reason for the requesting person's requested transaction, the amount and timing of client trading in the same or a related security, and other relevant factors. The person granting the authorization must document the basis for the authorization.

Access Persons must disclose any Personal Securities Accounts (PSAs) that may contain Covered Securities in which the Access Person(s) have Beneficial Ownership Interest, including any Discretionary Accounts. All certifications are completed via the ACA ComplianceAlpha platform. Completed Certifications will be managed and reviewed by the SIGFS Compliance Officer or designated representative of the SEIC Compliance Department. The following is an overview of the required disclosures applicable to Access Persons:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Initial Reporting**: Complete the
 Initial Broker Accounts and Initial Holdings Certification within 10 calendar days of the
 hire/transfer date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Quarterly Reporting**: Complete the
 Quarterly Accounts and Transaction Certifications within 30 calendar days of the end of each
 quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Annual Reporting**: Complete the
 Annual Holdings Certifications and Annual Disclosure Information Document within 30 days
 after the calendar year ends. All information submitted must be current within 45 calendar
 days prior to the date of the Certification. New accounts are required to be input into PTA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Electronic Data Feeds**: The Compliance
 Department will link the account by an electronic data feed via PTA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Manual Statements (non-Electronic Data Feeds)**: The transactions in accounts for which no electronic data feed is available must
 be manually entered into PTA. Manual statement(s) must also be uploaded to PTA via the "Add
 Statement" button on a quarterly basis. A sample letter instructing the broker/dealer
 firms to send the statements to SIGFS is included as Exhibit 1A of this Code. If the broker/dealer
 requires a letter authorizing an SIGFS employee to open an account, a sample of that type
 of permission letter may also be found in Exhibit 1B. Please complete the necessary brokerage
 information and forward a signature ready copy to the SIGFS Compliance Officer.

***Note****: For purposes of the reporting obligations below, please keep in mind that, in addition to other investment companies for which we provide services, the SIGFS Funds (excluding money market funds) meet the definition of Reportable Funds and, therefore, are Covered Securities. Trades in SIGFS Funds transacted through the SIGFS Capital Accumulation (401(k)) Plan and trades transacted through an employee account established at SIGFS Private Trust Company will be deemed to satisfy the reporting requirements of the Code. You do not need to report separately with respect to those accounts. However, any trades in SIGFS Funds transacted in a different channel must be reported to the SIGFS Compliance Officer or designated representative of the SEIC Compliance Department.*

 

The SIGFS Compliance Officer or designated representative of the Compliance Department will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• review the personal securities transaction
 reports or duplicate statements filed by Access Persons and compare the reports or statements
 of the Investment Vehicles' completed portfolio transactions. The review will be performed
 on a quarterly basis. If the SIGFS Compliance Officer or the designated representative of
 the SEIC Compliance Department determines that a compliance violation may have occurred,
 the Officer will give the person an opportunity to supply explanatory material;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• prepare an Annual Issues and Certification
 Report to the Board of Trustees or Directors of

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any Investment Vehicle that (1) describes
 the issues that arose during the year under this Code, including, but not limited to, material
 violations of and sanctions under the Code, and (2) certifies that SIGFS has adopted procedures
 reasonably necessary to prevent its Access Persons from violating this Code;

**Exception to Reporting Requirements**

An Access Person who is subject to the Code of Ethics of an affiliate of SIGFS ("Affiliate Code"), and who pursuant to the Affiliate Code submits reports consistent with the reporting requirements of paragraphs 1 through 4 above, will not be required to submit such reports under this Code.

Access Persons are not required to report purchases or sales over which the person pre-clearing the transactions (the "Pre-clearing Person") has no direct or indirect influence or control; purchases, sales or other acquisitions of Covered Securities which are non-volitional on the part of the Pre-clearing Person or any Investment Vehicle, such as purchases or sales upon exercise or puts or calls written by Pre-clearing Person, sales from a margin account pursuant to a bonafide margin call, stock dividends, stock splits, mergers consolidations, spin-offs, or other similar corporate reorganizations or distributions; purchases or withdrawals made pursuant to an Automatic Investment Program; however, any transaction that overrides the preset schedule or allocations of the automatic investment plan must be reported in a quarterly transaction report; purchases effected upon the exercise of rights issued by an issuer pro rata to all holders of a class of its securities, to the extent such rights were acquired for such issuer; and acquisitions of Covered Securities through gifts or bequests.

**Reporting Suspected Code Violations**

The Company believes that personal accountability is the foundation of ethical conduct. Therefore the Company expects that any employee, including employees of SIGFS that believes their actions or those of any other employee may be inconsistent with this Code or the SEI Code of Conduct should bring such concerns to a member of the Legal and Compliance team promptly for discussion and consideration or by communicating concerns or questions.

Any person who has knowledge of a suspected Code Violation should file a complaint:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• By telephone:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ US
 and Canada: 1-877-705-2579

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Hong
 Kong: 800-906-553

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ India:
 022-5097-2653

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Ireland:
 1800-443-388

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Luxembourg:
 800-24-997

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ South
 Africa: 087-195-1003

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Switzerland:
 0800-121-155

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ United
 Kingdom and Northern Ireland: 0800-066-8826

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Online
 at: <u>www.SEIC.EthicsPoint.com</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• By
 email to: <u>SEIEthicsCommittee@seic.com</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• By mobile device via QR code:

![](image_008.jpg)

Complaints may be made on a confidential or anonymous basis. When making a complaint, the employee should provide as much specific information as possible, including names, dates, places, events, and an explanation of why the employee believes the incident is a Code Violation.

An employee who in good faith reports illegal or unethical behavior will not be subject to reprisal or retaliation for making the report. Retaliation is a serious violation of this policy, and any concern about retaliation should be reported immediately. Any person found to have retaliated against an employee for reporting violations will be subject to appropriate disciplinary action.

**Violations of the Code of Ethics**

Persons who violate the Code of Ethics may be subject to serious penalties, which may include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• written warning;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reversal of securities transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• restriction of trading privileges;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• disgorgement of trading profits;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• fines;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• suspension or termination of employment;
 and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• referral to regulatory or law enforcement
 agencies.

Factors which may be considered in determining an appropriate penalty include, but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the harm to clients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the frequency of occurrence;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the degree of personal benefit to the
 employee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the degree of conflict of interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the extent of unjust enrichment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• evidence of fraud, violation of law, or
 reckless disregard of a regulatory requirement; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the level of accurate, honest and timely
 cooperation from the employee.

The SIGFS Compliance Officer or designated representative from the SIGFS Compliance Department will use their best efforts to assure that all requests for pre-clearance, all personal securities reports and all reports for securities holding are treated as personal and confidential. However, such documents will be available for inspection by appropriate regulatory agencies and other parties, such as counsel, within and outside SIGFS as necessary to evaluate compliance with or sanctions under this Code.

**Recordkeeping**

SIGFS will maintain records relating to this Code of Ethics in accordance with Rule 31a-2 under the 1940 Act. They will be available for examination by representatives of the Securities and Exchange Commission and other regulatory agencies.

A copy of this Code that is, or at any time within the past five years has been, in effect will be preserved in an easily accessible place for a period of five years.

A record of any Code violation and of any sanctions taken will be preserved in an easily accessible place for a period of at least five years following the end of the fiscal year in which the violation occurred.

A copy of each Quarterly Transaction Report, Initial Holdings Report, and Annual Holdings Report submitted under this Code, including any information provided in lieu of any such reports made under the Code, will be preserved for a period of at least five years from the end of the fiscal year in which it is made, for the first two years in an easily accessible place.

A record of all persons, currently or within the past five years, who are or were required to submit reports under this Code, or who are or were responsible for reviewing these reports, will be maintained in an easily accessible place for a period of at least five years from the end of the calendar year in which it is made.

Exhibit 1A:

Sample Account Opening Letters to Brokers/Dealers (Sent Directly by Employee)

Date:

Your Broker

street address

city, state zip code

Re: Your Name, account #

Dear Sir or Madam:

Please be advised that I am an employee of SIGFS Investments Global Funds Services. Please send duplicate statements only of this brokerage account to the attention of:

SIGFS Investments Global Funds Services

Attn: The Compliance Department

One Freedom Valley Drive

Oaks, PA 19456

This request is made pursuant to SIGFS's Code of Ethics. Thank you for your cooperation.

Sincerely,

Your name

Exhibit 1B:

Sample Account Opening Letters to Brokers/Dealers(Sent by SIGFS)

Date:

[Address]

Re: Employee Name, Account #

Dear Sir or Madam:

Please be advised that the above referenced person is an employee of SIGFS Investments Global Funds Services. We grant permission for him/her to open a brokerage account with your firm, provided that you agree to send duplicate statements only of this employee's brokerage account to:

SIGFS Investments Global Funds Services

Attn: The Compliance Department

One Freedom Valley Drive

Oaks, PA 19456

This request is made pursuant to SIGFS's Code of Ethics. Thank you for your cooperation.

Sincerely,

SIGFS Compliance Officer

Exhibit 2:

SEI Investments Global Funds Services, Rule 17j-1 Code of Ethics Annual Compliance Certification

I hereby acknowledge receipt of a copy of the Code of Ethics.

I have read and understand the Code of Ethics and recognize that I am subject thereto. In addition, I have raised any questions I may have on the Code of Ethics with the SIGFS Compliance Officer and have received a satisfactory response[s].

For all securities/accounts beneficially owned by me, I hereby declare that I have complied with the terms of the Code of Ethics during the prior year.

Print Name:

Signature:

Date:

Received by SIGFS:

Exhibit 3: SIGFS Investment Vehicles

**The Advisors' Inner Circle Fund:**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Acadian Emerging Markets Portfolio | &nbsp;&nbsp;&nbsp;Bishop Hawaii Municipal Bond Fund |
| &nbsp;&nbsp;&nbsp;Cambiar Funds |  |
| &nbsp;&nbsp;&nbsp;CIBC Atlas Funds | **Frost Family of Funds** |
| &nbsp;&nbsp;&nbsp;Edgewood Growth Fund | &nbsp;&nbsp;&nbsp;Frost Funds |
| &nbsp;&nbsp;&nbsp;Hamlin High Dividend Equity Fund |  |
| &nbsp;&nbsp;&nbsp;Haverford Quality Growth Stock Fund | &nbsp;&nbsp;&nbsp;**Delaware Wileshire Private Markets Funds** |
| &nbsp;&nbsp;&nbsp;Loomis Sayles Full Discretion Institutional Securitized Fund | &nbsp;&nbsp;&nbsp;Delaware Wileshire Private Markets Funds |
| &nbsp;&nbsp;&nbsp;LSV Funds |  |
| &nbsp;&nbsp;&nbsp;Rice Hall James Funds | **The Advisors' Inner Circle Fund III Fund:** |
| &nbsp;&nbsp;&nbsp;Sands Capital Global Growth Fund | &nbsp;&nbsp;&nbsp;Advocate Rising Rate Hedge ETF |
| &nbsp;&nbsp;&nbsp;Sarofim Equity Fund | &nbsp;&nbsp;&nbsp;Aperture Funds |
|  | &nbsp;&nbsp;&nbsp;ARGA Funds |
| **The Advisors' Inner Circle Fund II Fund:** | &nbsp;&nbsp;&nbsp;Barrow Hanley Funds |
| &nbsp;&nbsp;&nbsp;Cardinal Small Cap Value Fund | &nbsp;&nbsp;&nbsp;Chevy Chase Thematic Equity Fund |
| &nbsp;&nbsp;&nbsp;Champlain Funds | &nbsp;&nbsp;&nbsp;Democracy International Fund |
| &nbsp;&nbsp;&nbsp;Kopernik Funds | &nbsp;&nbsp;&nbsp;Democratic Large Cap Core ETF |
| &nbsp;&nbsp;&nbsp;Reaves Utilities and Energy Infrastructure Fund | &nbsp;&nbsp;&nbsp;First Foundation Funds |
| &nbsp;&nbsp;&nbsp;RQSI GAA Systematic Global Macro Fund | &nbsp;&nbsp;&nbsp;FS Chiron Funds |
| &nbsp;&nbsp;&nbsp;Sprucegrove International Equity Fund | &nbsp;&nbsp;&nbsp;GQG Funds |
|  | &nbsp;&nbsp;&nbsp;KBI Global Investors Aquarius Fund |
| **Bishop Street Funds** | &nbsp;&nbsp;&nbsp;Knights of Columbus Funds |
|  | &nbsp;&nbsp;&nbsp;Legal & General Long Duration U.S. Credit Fund |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Mesirow Financial Funds | &nbsp;&nbsp;&nbsp;SIGFS Institutional International Trust |
| &nbsp;&nbsp;&nbsp;MetLife Investment Management, LLC Core Plus Fund | &nbsp;&nbsp;&nbsp;SIGFS Institutional Investments Trust |
| &nbsp;&nbsp;&nbsp;Nicholas Partners Small Cap Growth Fund | &nbsp;&nbsp;&nbsp;SIGFS Institutional Managed Trust |
| &nbsp;&nbsp;&nbsp;Ninety One Funds | &nbsp;&nbsp;&nbsp;SIGFS Tax Exempt Trust |
| &nbsp;&nbsp;&nbsp;Penn Mutual Funds | &nbsp;&nbsp;&nbsp;SEI Liquidity Fund |
| &nbsp;&nbsp;&nbsp;Pinebridge Dynamic Asset Allocation | &nbsp;&nbsp;&nbsp;SIGFS Structured Credit Fund, L.P. |
| &nbsp;&nbsp;&nbsp;Rayliant Quantamental China Equity ETF | &nbsp;&nbsp;&nbsp;SEI ETFs |
| &nbsp;&nbsp;&nbsp;RWC Global Emerging Equity Fund |  |
| &nbsp;&nbsp;&nbsp;SouthernSun Funds | **Unaffiliated Funds:** |
| &nbsp;&nbsp;&nbsp;Stategas ETFS | &nbsp;&nbsp;&nbsp;Causeway Capital Management Trust  |
|  | &nbsp;&nbsp;&nbsp;CCM Funds |
| **Gallery Trust** | &nbsp;&nbsp;&nbsp;City National Rochdale Funds |
| &nbsp;&nbsp;&nbsp;Mondrian Funds | &nbsp;&nbsp;&nbsp;Conversus Stepstone Private Markets Fund |
|  | &nbsp;&nbsp;&nbsp;Exchange Traded Concepts ETF Funds |
| &nbsp;&nbsp;&nbsp;&nbsp;**CRI Funds** | &nbsp;&nbsp;&nbsp;Global-X ETF Funds |
| &nbsp;&nbsp;&nbsp;Catholic Responsible Investments Funds | &nbsp;&nbsp;&nbsp;Highland ETF Funds |
|  | &nbsp;&nbsp;&nbsp;Highland Funds Trust |
| **Affiliated Funds:** | &nbsp;&nbsp;&nbsp;Impact Shares |
| &nbsp;&nbsp;&nbsp;New Covenant Funds | &nbsp;&nbsp;&nbsp;KraneShares ETFs |
| &nbsp;&nbsp;&nbsp;SEI Asset Allocation Trust | &nbsp;&nbsp;&nbsp;River Park Funds |
| &nbsp;&nbsp;&nbsp;SIGFS Catholic Values Trust | &nbsp;&nbsp;&nbsp;Symmetry Funds |
| &nbsp;&nbsp;&nbsp;SIGFS Daily Income Trust | &nbsp;&nbsp;&nbsp;The Community Development Fund |

---

## Exhibit 99.28

![](image_012.gif)

#### VIRTUS CODE OF ETHICS
**Amended and Restated March 1, 2025**

**A message from George Aylward, President and Chief Executive Officer**

At Virtus Investment Partners, our goal is to be a distinctive and trusted provider of asset management products and services that is profitable, growing and consistently delivers value for our clients and shareholders. In this highly competitive industry, we need to distinguish Virtus through our products, our service approach, and our values in managing our company.

Foremost among those values is the expectation I have that each member of the Virtus team adhere to the highest standards of legal and ethical conduct in all of our business dealings.

By demonstrating Virtus is a company that our clients can trust with their assets, a company that our distribution partners respect, and a company that all of our stakeholders think of with admiration, we can accomplish our business goals.

**George Aylward**

**President and Chief Executive Officer**

**Virtus Investment Partners, Inc.**

---

| | |
|:---|:---|
| 1 | ![](image_010.jpg) |

---

**Introduction**

Each wholly owned registered investment adviser and the broker-dealer of Virtus Investment Partners, Inc. ("Virtus") listed in Schedule A (each referred to individually as a "Firm" and collectively as the "Firms") has adopted this Code of Ethics (the "Code") in accordance with applicable requirements of the Investment Advisers Act of 1940, as amended (the "Advisers Act"), and the Investment Company Act of 1940, as amended (the "Investment Company Act"). From time to time, a Firm may attach an Appendix to this Code describing any unique provisions the Firm has made to provide additional requirements or modify requirements set forth by this Code. Modifications for one Firm in such Appendix will not be considered an amendment to any other Firm's Code.

Employees subject to this Code (as described below) are required to adhere to both the letter and spirit of the Code. Failure to adhere to this Code may result in disciplinary actions including fines, disgorgement of profits (or losses avoided), unwinding of securities transactions, curtailment of personal trading privileges, and/or termination of employment. In addition, certain violations of this Code may be considered violations of securities laws and regulations that could result in civil and/or criminal penalties.

&nbsp;&nbsp;&nbsp;&nbsp;1. Standards of Conduct

In providing investment services to registered investment companies, institutional accounts and other clients, the Firms are governed by legal and fiduciary duties that mandate adherence to the highest standards of ethical conduct and integrity. Because an employee may have knowledge of present or future portfolio transactions in client accounts and, in some cases, the power to influence those portfolio transactions, it is possible that an employee's personal interests could – or could appear to – conflict with those of the Firms' clients if the employee engages in personal transactions in securities that are eligible for investment by the Firms' clients.

The procedures set forth in this Code are designed to address potential conflicts of interest with respect to the personal investing activities of the Firms'

Supervised Persons, including those further designated as Access or Advisory Persons (all as defined below). When persons covered by the terms of this Code engage in personal securities transactions, they must adhere to the following general principles as well as to the Code's specific provisions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ At all times, the interests of the Firms' clients must be paramount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Personal transactions must be conducted consistent with this Code in a manner that avoids or mitigates any actual or potential conflict
of interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ No inappropriate advantage should be taken of any position of trust or responsibility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Non-public information regarding security holdings in client accounts must remain confidential; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Compliance with all applicable federal securities laws must be maintained.

In addition to the provisions of this Code, employees are responsible for compliance with other Virtus policies and procedures concerning personal conduct and conflicts of interest including, but not limited to: the Virtus Code of Conduct; Insider Trading Policy and related Guidelines; Social Media Policy; Acceptable Technology Use Policy; Political and PAC Contribution Policy and Procedures; and Gifts, Entertainment, Business Meals, Sponsorships, Business Building and Charitable Donations Policy.

---

| | |
|:---|:---|
| 2 | ![](image_010.jpg) |

---

Irrespective of any investment transactions permitted under this Code and/or investment transactions approved by Compliance, this Code is subject to, and superseded by, federal securities laws, which prohibit trading, whether for personal or client accounts, while in possession of material non-public information. Likewise, material non-public information regarding Virtus or a Firm may not be shared with other employees, other than Legal or Compliance personnel. <u>Under no circumstances may employees use material nonpublic information about client recommendations and transactions in their own personal trading.</u>

&nbsp;&nbsp;&nbsp;&nbsp;2. Persons Subject to the Code

All employees of Virtus and its wholly owned subsidiaries are subject to this Code and are deemed to be **Supervised Persons** of a particular investment adviser and/or broker-dealer subsidiary within the meaning of the Advisers Act and the Investment Company Act. This includes persons working at Virtus entities that are not investment advisers or broker-dealers, such as Virtus Fund Services, LLC and Virtus Shared Services, LLC, as well as employees of departments such as Human Resources, Finance, Sales, Marketing, and Product Management. Certain Supervised Persons are further classified as **Access Persons** or **Advisory Persons**, depending upon their access to client portfolio information and their role in managing client accounts.

Supervised Persons are further designated as **Access Persons** if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ In connection with their job functions or duties they have access to timely, non-public information regarding a Firm's
 investment management activities, client portfolio holdings and/or client trading activity or they are a director or officer of a
 Firm. In general, employees with duties or responsibilities within Information Technology, Investment Operations,
 Investment Risk, and Performance, Product Management, Fund Administration, Compliance, Legal, Internal Audit or other areas
 determined by Compliance are designated as Access Persons.

Supervised Persons are further designated as **Advisory Persons** if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ In connection with their job functions or duties, they make, recommend or implement investment decisions on behalf of client accounts
managed by a Firm. In general, portfolio managers, investment research analysts, traders and certain of their support personnel are designated
as Advisory Persons.

Employees who perform certain services for multiple Firms (i.e., shared services) or share office space with another Firm, may be designated by Compliance as Supervised, Access and/or Advisory Persons of multiple Firms.<sup>1</sup> The above are general rules and Compliance may designate persons as Supervised, Access or Advisory for reasons other than indicated above, if determined to be consistent with the purpose of this Code.

<sup>1</sup> Reference: Rule 204A-1(a)(3) Section 202(a)(25) of the Advisers Act [15 U.S.C. 80b-2(a)(25)], which defines "supervised person" as an adviser's partners, officers, directors (or other persons occupying a similar status or performing similar functions) and employees, as well as any other persons who provide advice on behalf of the adviser and are subject to the adviser's supervision and control; Footnotes 23, 25 and 28 of Adopting Release of Final Rule 204A-1 (17 CFR Parts 270, 275 and 279) [Release Nos. IA-2256, IC-26492]; File No. S7-04-04. 

---

| | |
|:---|:---|
| 3 | ![](image_010.jpg) |

---

The chart below provides a summary of requirements under this Code depending upon the employee's designation as a Supervised Person, or additional designation as an Access or Advisory Person and references the Section of this Code providing additional explanations of each requirement:

**Summary of Code of Ethics Requirements by Employee Classification**

---

| | | | |
|:---|:---|:---|:---|
| **REQUIREMENT / CODE SECTION** | &nbsp;&nbsp;&nbsp;&nbsp;**SUPERVISED PERSONS** | &nbsp;&nbsp;&nbsp;&nbsp;**ACCESS PERSONS** | &nbsp;&nbsp;&nbsp;**ADVISORY PERSONS** |
| Section 1. STANDARDS OF CONDUCT | ✔ | ✔ | ✔ |
| Section 2. PERSONS SUBJECT TO THE CODE | ✔ | ✔ | ✔ |
| Section 3.1. ATTESTATION OF RECEIPT, UNDERSTANDING AND COMPLIANCE | ✔ | ✔ | ✔ |
| &nbsp;&nbsp; Section 3.2. REPORTABLE SECURITIES AND REPORTABLE ACCOUNTS:<br> &nbsp;&nbsp;&nbsp;&nbsp;▪DEFFINITION OF REPORTABLE SECURITIES AND REPORTABLE ACCOUNTS<br> &nbsp;&nbsp;&nbsp;&nbsp;▪NOTIFYING COMPLIANCE OF EXISTING REPORTABLE ACCOUNTS AND APPROVAL FOR NEW REPORTABLE ACCOUNTS<br> &nbsp;&nbsp;&nbsp;&nbsp;▪MANAGED ACCOUNTS (DEFINED) | <br>✔ ✔ ✔ | <br>✔ ✔ ✔ | <br>✔ ✔ ✔ |
| Section 3.3. NOTIFYING COMPLIANCE OF EXISTING REPORTABLE ACCOUNTS AND APPROVAL FOR NEW REPORTABLE ACCOUNTS | ✔ | ✔ | ✔ |
| Section 3.4. INITIAL AND ANNUAL HOLDINGS REPORTS | ✔ | ✔ | ✔ |
| Section 3.5. QUARTERLY TRANSACTIONS REPORTS | ✔ | ✔ | ✔ |
| Section 3.6. DUPLICATE TRADE CONFIRMATIONS AND PERSONAL BROKERAGE ACCOUNT STATEMENTS | ✔ | ✔ | ✔ |
| Section 4.1. TRADE PRECLEARANCE REQUIREMENTS FOR NON-VIRTUS SECURITIES |  | ✔ | ✔ |
| Section 4.2. TRADE PRECLEARANCE REQUIREMENTS FOR VIRTUS SECURITIES | ✔ | ✔ | ✔ |
| Section 5. TRADE BLACKOUT RULE |  |  | ✔ |
| Section 6. OTHER TRADING RESTRICTIONS |  | ✔ | ✔ |
| Section 7. HOLDING PERIOD RULE |  | ✔ | ✔ |
| Section 8. DUTY TO REPORT VIOLATIONS | ✔ | ✔ | ✔ |
| Section 9. SANCTIONS FOR VIOLATIONS OF THE CODE | ✔ | ✔ | ✔ |
| Section 10. WAIVERS, TEMPORARY EXEMPTION FROM CODE APPLICATION, AND EXTENSIONS | ✔ | ✔ | ✔ |

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| 4 | ![](image_010.jpg) |

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&nbsp;&nbsp;&nbsp;&nbsp;3. Reporting Requirements for Supervised, Access and Advisory Persons

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.1** **Attestation of Receipt, Understanding and Compliance** 

All employees will receive a copy of the Code upon hire and must certify their receipt, reading, understanding of, and compliance with the Code within ten (10) days of becoming subject to the Code and at least annually thereafter. Employees are also required to certify the same with respect to amendments of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 Reportable Securities and Reportable Accounts

Supervised Persons, including those further designated as Access or Advisory Persons, must disclose to Compliance all Reportable Securities positions as well as all Reportable Accounts (both brokerage and investment advisory accounts), as further defined and discussed below.

**Reportable Securities** are broadly defined and include transactions (both long and short) in the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Shares of stocks, ADRs, and other equity securities (including any security convertible into equity securities);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Warrants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Bonds and notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Shares of exchange traded funds ("ETFs") and exchange traded notes ("ETNs");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Shares of closed-end funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Options, futures and other derivatives;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Private placement securities<sup>2</sup>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Shares of open-end mutual funds managed by a Firm or managed by a non-affiliate as a subadviser to a Firm<sup>3</sup>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Securities acquired in an initial public offering ("IPO") or a limited offering, or crowdfunding initiatives to raise
capital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Initial or limited coin offerings; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ "Cryptocurrency" or "digital assets" unless specifically exempted by Compliance (as indicated in Schedule
B).

The following are ***not*** considered Reportable Securities**:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Direct obligations of the U.S. Government;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Money market instruments and funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Bankers' acceptances, certificates of deposit, commercial paper and other high quality short-term debt instruments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Shares of open-end mutual funds that are not managed by a Firm; and

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|:---|:---|
| 2 | A private placement is an offering of securities that are exempt from registration under various laws and rules, such as the Securities Act of 1933 in the U.S. and the Listing Rules in the U.K. Private placements can include limited partnerships, certain cooperative investments in real estate, co-mingled investment vehicles such as hedge funds, and investments in privately held and family-owned businesses. For the purpose of this Code, time-shares and cooperative investments in real estate used as a primary or secondary residence are not considered to be private placements. |

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<sup>3</sup> A list of open-end mutual funds managed by a Firm or managed by a non-affiliate as a subadviser to a Firm is available on VirtusNet.

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| 5 | ![](image_010.jpg) |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Holdings in 529 Plans (unless such holdings are a mutual fund managed by a Firm or managed by a non-affiliate as a subadviser to a Firm).<sup>4</sup>

**Reportable Accounts** are all securities accounts (brokerage and investment accounts) that a Supervised Person or members of their household have direct or indirect investment discretion over and that hold, or can hold, Reportable Securities. Reportable Accounts include investment accounts of certain related persons including a Supervised Person's spouse, domestic partner, children and stepchildren, and certain other persons<sup>5</sup> residing in the same household as the Supervised Person. Investment accounts meeting the above definition must be reported even if Reportable Securities are not currently held in the account. Accounts maintained through Fidelity for the Virtus 401(k) Plan (other than BrokerageLink accounts) or any other U.S. Virtus-sponsored retirement or benefit plans do not require reporting.

**Managed Accounts** are Reportable Accounts from which a Supervised Person or a member of their household benefits financially, but over which neither the Supervised Person nor a member of their household exercise direct or indirect investment discretion. Usually, with a Managed Account, a third-party money manager or financial advisor is hired to make all investment decisions for the account and the Supervised Person does not discuss any specific transactions for the account with the manager. Designation of a Managed Account must be properly documented and approved in accordance with Compliance procedures. Once designated as such by Compliance, Managed Accounts are not subject to the requirements of *Section 4.1. - Trade Preclearance Requirements for Non-Virtus Securities*, *Section 4.2. - Preclearance requirement for Virtus Securities* (subject to the limitations for Restricted Insiders discussed below), *Section* 5. - Blackout Rule for Advisory Persons, or *Section 7. - Holding Period Rule for Access and Advisory Persons*. <u>However, brokerage statements and trade confirmations must be provided (see Section 3.6); purchasing IPOs is restricted (see Section 6); and private placement and limited offerings must be precleared, including those opportunities recommended by an outside financial advisor (see Section 6).</u>

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 Notifying Compliance of Existing Reportable Accounts and Approval for New Reportable Accounts

Supervised Persons must notify Compliance of all existing Reportable Accounts within ten (10) days of hire. After hire, Supervised Persons must obtain approval from Compliance *<u>in advance</u>* of opening any new Reportable Account and promptly provide Compliance with the account number and related details when they become available. Note the following:

![](image_015.gif)

<sup>4</sup> A list of open-end mutual funds managed by a Firm or managed by a non-affiliate as a subadviser to a Firm is available on VirtusNet.

<sup>5</sup> Compliance may determine certain persons (other than those specifically listed above) who reside at the same address are <u>not</u> part of the same household if they do not otherwise have any of the following: direct or indirect investment discretion over the person's brokerage account(s) or investment(s); transparency, influence or control over the person's financial affairs; nor provide or receive recommendations or advice from the person concerning investments. Employees are encouraged to be forthcoming and discuss such matters with Compliance promptly at the time of hire and/or upon the development of such situation.

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| 6 | ![](image_010.jpg) |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Any Virtus 401(k) Plan Fidelity Account and activity therein will automatically
be reported to Compliance; <u>however, Supervised Persons must specifically notify Compliance of any new or existing Fidelity "BrokerageLink" account, Virtus/Fidelity Health Savings Account ("HSA") or any other Fidelity account capable of holding Reportable Securities</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Other company 401(k) or 403(b) plan accounts or any IRA account maintained by the
Supervised Person or members of their household need to be reported <u>if</u> such accounts have the capacity to invest in Reportable
Securities<sup>6</sup>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Fidelity accounts that hold Restricted Stock Units ("RSUs") are not
considered Reportable Accounts. The shares of Virtus common stock issued upon vesting of the RSUs become Reportable Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Supervised Persons are required to promptly inform Compliance when Fidelity automatically
opens a brokerage account when they become vested in Virtus RSUs, Virtus options or similar instruments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ A Supervised Person's investments in Virtus open-end mutual funds that are
made directly through the funds' <u>transfer agent</u> will automatically be reported to Compliance.

Only those broker-dealers providing Compliance with electronic feeds containing required information will automatically be approved. A listing of such broker-dealers is available on VirtusNet. Exceptions may be made in the sole discretion of Compliance.

Compliance reserves the right to require Supervised Persons to close any Reportable Accounts with broker-dealers who do not provide required information on a reliable, timely or efficient basis. Supervised Persons must promptly notify Compliance upon closing any Reportable Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 Initial and Annual Holdings Reports

Supervised Persons, including those further designated as Access or Advisory Persons, must submit or confirm a report listing all personal holdings of Reportable Securities within ten (10) days of hire and annually thereafter. Information contained in the initial report must be current as of a date not more than forty-five (45) days prior to a Supervised Person's hire date. Annual reports must be current as of December 31<sup>st</sup> of each year, submitted by the following January 31<sup>st</sup>, and shall include such information required by Compliance including a certification by the Supervised Person that they have read, understand and complied with the requirements of the Code. Reporting is normally initiated by Compliance and completed through the StarCompliance System or other formats designated by Compliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5 Quarterly Transactions Reports

Supervised Persons, including those further designated as Access or Advisory Persons, must complete a quarterly report of transactions in Reportable Securities within the timeframe specified by Compliance (generally fifteen (15) days after quarter-end). Reporting is generally completed through the StarCompliance System.

<sup>6</sup><sup>Non-Virtus 401(k) plan and 403(b) plan accounts are not considered Reportable Accounts as long as they cannot hold shares of reportable securities or open-end mutual funds managed by a Firm or managed by a non-affiliate as a subadviser to a Firm.</sup><br>

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| 7 | ![](image_010.jpg) |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6 Duplicate Trade Confirmations and Personal Brokerage Account Statements

Broker-dealers must promptly provide Compliance with the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Duplicate copies of trade confirmations for Reportable Security transactions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Account statements for each Reportable Account at least quarterly.

The above requirements may be satisfied by arrangements Supervised Persons make through Compliance for broker-dealers to provide electronic feeds to the StarCompliance System or other designated location. In the event broker-dealers cannot provide electronic feeds, Supervised Persons will be responsible to promptly upload necessary information into the StarCompliance System or other designated location.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Trade Preclearance Requirements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.1** **Preclearance Requirements for non-Virtus Securities for Access and Advisory Persons** 

Generally, subject to other provisions of this Code, Access and Advisory Persons may not purchase or sell a Reportable Security for their own account at times during which any client account has a buy or sell order pending for a security of the same issuer or when trading in the Reportable Security is otherwise restricted. Advisory Persons are subject to additional restrictions as described in Section 5. – Blackout Rule for Advisory Persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ *<u>Access and Advisory Persons must obtain approval from Compliance prior to buying or selling Reportable Securities ("preclearance") (unless the security type is indicated as not requiring preclearance further below).</u>* 

- Preclearance requests are generally initiated by submitting a request to Compliance through the StarCompliance System and awaiting a response for approval before placing an order for a Reportable Security.

When submitting requests for multiple transactions at one time, Access and Advisory Persons should carefully review the responses from Compliance, which will be provided separately for each request, as some may be approved but others may be denied.

- Preclearance is also required for all investments in IPOs or private placements, so the terms of such offering can be reviewed and approved by Compliance in advance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ *<u>Unless otherwise indicated, preclearance approvals are valid until 5 pm (ET) of the next business day</u>* regardless of an Access or Advisory Person's specific geographic location, (with the exception of private placement transactions and
limited offerings, which are determined on a case-by-case basis). An order, including limit orders, not executed within that time must
be re- submitted for preclearance approval.

Preclearance will be denied in the following circumstances:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ When the Firm(s) of which an employee is an Access or Advisory Person has a pending buy or sell order for any security of the same
issuer for a client account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ When a security is restricted by any Firm(s) for which an employee is an Access or Advisory Person; or

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| 8 | ![](image_010.jpg) |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Other circumstances as may be determined by Compliance on a case-by-case basis consistent with the purposes of the Code.

Where no other conflict is deemed present<sup>7</sup>, Compliance, in its discretion, may approve preclearance requests for **Access Persons** *(but <u>not</u> Advisory Persons)* up to the following "de minimis" transaction amounts<sup>8</sup>, irrespective of the Firm's pending buy or sell order for the security for a client account:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Up to (but not exceeding) 1,000 shares during a *<u>rolling</u>* 30-days (in the aggregate for all of an Access
 Person's Reportable Accounts) in issuers with a market cap equivalent of $10 billion (USD) or more at the time of the
 transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Up to (but not exceeding)
 1,000 shares during a *<u>rolling</u>* 30-days (in the aggregate for all of an Access
 Person's Reportable Accounts) in ETFs or ETNs that are not managed by a Firm or managed
 by a non-affiliate as a subadviser to a Firm.<sup>9</sup>

Access and Advisory Persons are <u>not</u> required to preclear transactions in the following types of securities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Direct obligations of the Government of the United States

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Money market instruments such as commercial paper, repurchase agreements, bankers' acceptances and bank certificates of deposit,
and other high quality short-term debt instruments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Shares of money market funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ "Cryptocurrency" or "digital assets" that are not otherwise considered initial
or limited coin offerings

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Open-end mutual funds and unit investment trusts invested in open-end mutual funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Purchases pursuant to an automatic investment or dividend reinvestment plan

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Purchases upon the exercise of rights issued by an issuer pro rata to all holders of a class of its securities,
to the extent the rights were acquired from the issuer, and sales of such rights so acquired

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Transactions under an employee stock purchase or incentive program unless otherwise restricted

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Non-volitional transactions (such as stock splits, dividends, corporate actions, etc.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Transactions in Managed Accounts, with the exception of IPOs and private placement transactions, provided that prior to the transaction
Compliance has approved the classification of the account as a Managed Account

<sup>7</sup> Trade preclearance requests in conflict with the Holding Period Rule (Section 7) and issuers listed on applicable restricted lists will generally be denied.

<sup>8</sup> "Transaction amounts" means the number of shares sold *<u>plus</u>* the number of shares bought, i.e., sells *<u>do not</u>* offset buys.

<sup>9</sup> A list of ETFs and ETNs managed by a Firm or managed by a non-affiliate as a subadviser to a Firm is available on VirtusNet.

 

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| 9 | ![](image_010.jpg) |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 **Preclearance, transaction and account requirements for Virtus Securities** 

Supervised Persons, including those also designated as Access and Advisory Persons, must preclear transactions in Virtus common shares (ticker: VRTS) and any other type of security Virtus may issue, including, but not limited to, preferred stock, convertible debentures, and warrants (collectively, with Virtus common shares, "Virtus Securities").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Employees must comply with the **Virtus Insider Trading Policy** and employees
designated as Restricted Insiders must also comply with the related **Trading Restrictions and Pre-Clearance Guidelines Applicable to Restricted Insiders** ("Trading Guidelines"), both of which are available on VirtusNet.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Unless otherwise indicated, preclearance approvals for Virtus Securities are valid
until 5 pm (ET) of the next business day, regardless of the employee's specific geographic location. An order (including limit orders)
not executed within that time must be re-submitted for preclearance approval. Once designated as an approved Managed Account by Compliance,
transactions in Virtus Securities within such Managed Accounts are not subject to preclearance requirements; provided, however, employees
who are deemed Restricted Insiders pursuant to the Virtus Insider Trading Policy and related Trading Guidelines must preclear any transaction
in Virtus Securities, whether in an approved Managed Account or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Employees may not engage in short sales of Virtus Securities or transact in any
derivatives (such as puts, calls or futures) of Virtus Securities. Additionally, employees may not engage in hedging or monetization strategies
of Virtus Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Employees who are designated Restricted Insiders may not hold Virtus Securities
in a brokerage account with margin capabilities or pledge Virtus Securities as collateral for a loan without Legal and Compliance pre-approval.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Blackout Rule for Advisory Persons

In addition to the preclearance requirements of Section 4. - Trade Preclearance Requirements, Advisory Persons may not transact in any Reportable Security on the same day as, or seven (7) calendar days before or after, a trade in securities of the same issuer that is also traded in any client account(s) associated with the Advisory Person. The Blackout Rule does not apply to transactions in Reportable Securities that are exempt from the preclearance requirements of Section 4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Other Restrictions for Access and Advisory Persons

Access and Advisory Persons are at all times prohibited from engaging in any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Purchasing or selling single-stock futures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Purchasing or selling options on (referencing) a single name/issuer. Transactions and holdings of options referencing broad-based
indices are allowed. A list of options referencing broad-based indices is available on VirtusNet and additions may be approved by Compliance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Taking short positions other than on broad-based indices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Purchasing or otherwise acquiring securities in an IPO, the substantial equivalent of an IPO, or in so-called initial coin (cryptocurrency)
offerings, unless otherwise approved by Compliance; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Using a derivative or synthetic instrument or using any other means to circumvent a restriction in the Code.

In addition to the above, Advisory Persons are further prohibited from engaging in the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Taking a short position on any index that is held long in a client account of a Firm the employee is an Advisory Person of;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Serving on the board of directors of any publicly traded company, absent the prior approval of an Executive Officer<sup>10</sup>
of Virtus and Compliance, based on a determination that such service will not conflict with the interests of any Firms or their clients;
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Purchasing a private placement or limited offering in client accounts where there exists a personal interest in the same issuer without
preapproval from Compliance.

<sup>10</sup> Includes the Virtus Executive Officers listed on www.virtus.com.

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| 10 | ![](image_010.jpg) |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Holding Period Rule for Access and Advisory Persons

Unless an exception applies, Access and Advisory Persons must hold all Reportable Securities for no less than thirty (30) days, even if the purchase was exempt from preclearance (the "Holding Period Rule"). The Holding Period Rule prohibits the purchase or sale of options with an expiration date that is within thirty (30) days of the transaction date, as well as the sale of covered calls on securities held for less than thirty (30) days.

Compliance with the Holding Period Rule will be determined using a last in, first out methodology applied across all Reportable Accounts unless otherwise exempted, and Access and Advisory Persons may not sell any share(s) of a Reportable Security until a minimum of thirty (30) days have passed since the last purchase of the same security in any of their Reportable Accounts.

**Exceptions: The Holding Period Rule does not apply to the following:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Transactions in open-end mutual funds that are managed by any Firm (although "market timing" restrictions imposed by such
funds must be observed);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Transactions in shares of VRTS received upon the vesting of RSU grants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Exercising VRTS options and selling the shares, where such options have been provided as grants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Transactions in approved Managed Accounts; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Transactions in digital assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Duty to Report Violations

Employees must promptly report any known violations of this Code to Compliance and should contact Compliance if they have reason to believe that a violation may have occurred or is reasonably likely to occur. Failure to report such matters is itself a violation of this Code. If the matter involves a member of Compliance, the report should be made directly to Virtus' Global Chief Compliance Officer. In the event the reported event involves the Global Chief Compliance Officer, the report should be made directly to the Virtus' Chief Legal Officer. Employees may also report such matters using the Virtus Whistleblower Hotline.<sup>11</sup>

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Sanctions for Violations of the Code

In the event of a violation of the Code by any Supervised Person, including those further designated as Access or Advisory Persons, Compliance may impose appropriate sanctions considering the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ The seriousness of the violation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Whether the violation was willful or inadvertent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Whether the violation was self-reported;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ The employee's job function and classification as a Supervised, Access or Advisory Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Prior violations of the Code; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Any other factor(s) that Compliance may consider important under the specific circumstances.

<sup>11</sup> Instructions for using the Virtus Whistleblower Hotline are available on VirtusNet.

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| 11 | ![](image_010.jpg) |

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Sanctions may include, but are not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Verbal and/or written admonishment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Re-training on the requirements of the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Notice to the person's manager and/or members of firm management;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Fines and/or reversal of trades, with the fines and disgorgement of profits (or losses avoided) donated to a charity designated by
Compliance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Partial or full restriction of personal trading for a period of time (which may be the remainder of the Person's employment);
and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Suspension or termination of employment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. Waivers, Temporary Exemption from Code Application, and Extensions

Compliance may, from time to time, grant waivers to provisions of this Code for equitable or other reasons. Compliance will maintain reasonable documentation of any such waivers. The waivers may be granted to individuals or classes of individuals with respect to particular transactions or classes of transactions and may apply to past as well as future transactions. No waiver will be granted if Compliance is aware or reasonably believes that doing so will result in a violation of applicable federal securities laws or the principles of this Code.

Employees on approved leaves of absence (e.g., leaves for medical, active military service, bereavement, FMLA, etc.) may be temporarily exempt from the pre-clearance and reporting provisions of the Code, provided that the following requirements are met:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ They do not participate in, obtain information with respect to, or make recommendations as to, the purchase or sale of securities
on behalf of any client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ They do not have access to information regarding the day-to-day investment activities of the Firm including but not limited to IT
systems and Firm email;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ They do not devote significant time to the activities of the Firm; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Compliance approves such temporary exemption in writing.

Employees must complete quarterly transaction reports promptly upon their return to work after an approved leave of absence.

In addition to the above, Compliance may grant extensions to quarterly reporting deadlines in cases of hardship, illness, system unavailability or other circumstances provided that the timeframe, as extended, may not exceed thirty (30) days after quarter-end. Any such extension shall not be deemed a waiver of the Code's provisions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. Responsibilities of Compliance

In addition to those responsibilities described in the foregoing, Compliance is responsible for the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Determining which employees are classified as Supervised, Access or Advisory Persons and notifying employees of their classification.
In doing so, Compliance may determine whether any temporary employees, consultants,
interns or the equivalent should be treated as employees under this Code and, if so, whether they should be classified as Supervised,
Access or Advisory Persons.

---

| | |
|:---|:---|
| 12 | ![](image_010.jpg) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Maintaining records regarding the Code and its administration as required by Rule 204-2 of the Advisers
Act and Rule 31a-2 of the Investment Company Act. Such records will be maintained in a readily accessible place for at least five (5)
years, with the first two (2) years in a Firm office. Required records include the following for the past five (5) years:

- A copy of each Code in effect;

- Records of any violations of the Code and action taken in response thereto;

- Records of employees' written acknowledgements of the Code;

- A list of all employees who have been required to make reports pursuant to the Code;

- Records of decisions to approve transactions in private placements and the basis for such approvals; and

- Copies of all reports made by the Chief Compliance Officer of each Firm and by the Chief Compliance Officer of the Virtus Funds regarding the administration of the Code as required by the Advisers Act or the Investment Company Act.

---

| | |
|:---|:---|
| 13 | ![](image_010.jpg) |

---

#### Appendix
Certain Firms may, from time to time, attach to this Code an Appendix describing any unique provisions the Firm has made to provide additional requirements or modify requirements set forth by this Code. Modifications appended will not be considered an amendment to any other Firm's Code, other than the one to which the Appendix specifically applies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Kayne Anderson Rudnick Investment Management, LLC

**Section 4.1 Preclearance Requirements for non-Virtus Securities (applies to Access and Advisory Persons)** is supplemented with the additional requirement that Access and Advisory Persons may not purchase or sell a Reportable Security for their own account at times in which any investment team is *considering* initiating a buy or sell program for a security of the same issuer.

---

| | |
|:---|:---|
| 14 | ![](image_010.jpg) |

---

#### Schedule A
 ****

The following regulated entities have adopted this Code of Ethics:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ AlphaSimplex Group, LLC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Ceredex Value Advisors LLC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Duff & Phelps Investment Management Co.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Kayne Anderson Rudnick Investment Management, LLC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ NFJ Investment Group, LLC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Seix CLO Management LLC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Silvant Capital Management LLC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Virtus Alternative Investment Advisers, LLC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Virtus Advisers, LLC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Virtus Capital Advisers, LLC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Virtus Fixed Income Advisers, LLC divisions:

- Newfleet Asset Management

- Seix Investment Advisors

- Stone Harbor Investment Partners

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Virtus Investment Advisers, LLC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ VP Distributors, LLC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Westchester Capital Management, LLC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Westchester Capital Partners, LLC

*This Schedule will be updated from time to time without being considered an amendment to the Code of Ethics.*

 

---

| | |
|:---|:---|
| 15 | ![](image_010.jpg) |

---

 

#### Schedule B
This Schedule last updated: April 1, 2023

**Digital Assets Exempted from the Code of Ethics Reporting Requirements**

The following digital assets are specifically exempted from Code reporting requirements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Bitcoin currency code "BTC" <u>and</u> "XBT"

*This Schedule will be updated from time to time without being considered an amendment to the Code of Ethics.*

 

---

| | |
|:---|:---|
| 16 | ![](image_010.jpg) |

---

## Exhibit 99.28

**T. ROWE PRICE GROUP, INC. AND ITS SUBSIDIARIES**

**T. ROWE PRICE MUTUAL FUNDS**

**T. ROWE PRICE EXCHANGE-TRADED FUNDS**

**CODE OF ETHICS AND PERSONAL TRANSACTIONS POLICY**

**July 1, 2025**

**Table of Contents**

**I.** **INTRODUCTION** **2** 

**II.** **STANDARDS OF BUSINESS CONDUCT** **3** 

**III.** **REPORTING REQUIREMENTS** **5** 

A. Initial Disclosure of Existing Accounts 5

B. New Accounts 5

C. Transaction Reporting 5

D. Exceptions to the Reporting Requirements 6

**IV.** **PRE-CLEARANCE AND HOLDING PERIOD REQUIREMENTS** **6** 

A. Pre-clearance Requirements for all Associates 6

B. Pre-clearance Requirements for Access Persons 7

C. Pre-clearance for Private Placements: 7

D. Holding Period Requirements 7

E. Exceptions to the Pre-Clearance Requirement 8

**V.** **OTHER PROVISIONS RELATING TO PERSONAL TRANSACTIONS** **8** 

A. Limit Orders 8

B. Transacting in TRPG Securities 8

C. Transacting in ETFs 8

D. Initial Public Offerings ("IPOs") 9

E. Options and Futures 9

F. Participation in Investment Clubs 9

**VI.** **PERSONAL TRANSACTIONS RESTRICTIONS** **10** 

**VII.** **CERTIFICATION REQUIREMENTS** **10** 

A. Initial Holdings 11

B. Annual Compliance Certification 11

C. Reporting of One – Half of One Percent Ownership 12

**VIII.** **ROLES AND RESPONSIBILITIES** **12** 

**IX.** **VIOLATIONS AND SANCTIONS** **13** 

**X.** **EXCEPTIONS AND INTERPRETATIONS** **14** 

**XI.** **DEFINED TERMS** **14** 

Provisions Applicable to Independent Directors 18 <br> Pre-clearance and Reporting Matrix 23

**T. ROWE RICE GROUP, INC. AND ITS SUBSIDIARIES**

**T. ROWE PRICE MUTUAL FUNDS**

**T. ROWE PRICE EXCHANGE-TRADED FUNDS**

**CODE OF ETHICS AND PERSONAL TRANSACTIONS POLICY**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. <u>INTRODUCTION</u> 

This Code of Ethics and Personal Transactions Policy (the "Policy") sets forth the standards of business conduct expected of all:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· officers, directors and employees of T. Rowe Price Group, Inc. ("TRPG") and certain of its subsidiaries<sup>1</sup> (collectively,
"T. Rowe Price") and their Family Members;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· officers, directors and employees of the Price Funds, the SICAVs, or the Cayman Funds (each as defined below); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· contingent workers, agency temporary workers, contractors, consultants, and any other personnel who have been notified that they are
subject to this Policy

(collectively referred to as "Associates") in connection with their personal securities transactions.

The Policy is designed to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Reflect the fiduciary duty of the firm to its clients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Address compliance with laws, rules, and regulations applicable to T. Rowe Price's business, including,
but not limited to Rule 204A-1 under the Investment Advisers Act ("Rule 204A-1") and Rule 17j-1 under the Investment Company
Act of 1940 ("Rule 17j-1");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Prevent regulatory, business and ethical conflicts as they relate to personal transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Minimize the potential of a transaction or circumstance occurring that a regulatory agency would view
as inconsistent with T. Rowe Price's role as a fiduciary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Avoid situations in which it might appear that any officer, director, employee or other personnel of T.
Rowe Price or the Price Funds had benefited personally at the expense of a client or fund shareholder or taken inappropriate advantage
of their fiduciary position; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Detect and prevent the misuse of material, non-public information.

All Associates must comply with the Policy. Certain Associates will be notified by Code Compliance that they have been designated as "Access Persons" and are subject to more restrictive pre-clearance and reporting requirements.

"Access Persons" are defined as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Any officer or director of any of the Price Advisers and the Price Funds (except the Independent Directors
of the Price Funds);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Any person associated with T. Rowe Price who, in connection with their regular functions or duties:
 (i) makes, participates in, obtains or has access to non-public information regarding the purchase or sale of securities by any
 Price Adviser client; (ii) has access to non-public information regarding the securities holdings of any Price Adviser client; (iii) makes recommendations with respect to the purchases or sales of securities for a Price Adviser client; or

<sup>1</sup> For the avoidance of doubt, this Policy does not apply to Oak Hill Advisors, L.P and its subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Any other person classified as such by Code Compliance.

The Policy has been adopted by T. Rowe Price and its subsidiaries<sup>2</sup>, the Price Funds, T. Rowe Price UK Limited (TRP UK"), the SICAVs, and the Cayman Funds.

The independent directors of TRPG, TRP UK , T. Rowe Price Funds SICAV ("SICAVI"), T. Rowe Price Funds Series II SICAV ("SICAVII"), Select Investments Series III SICAV ("SICAVIII"), T. Rowe Price Funds B SICAV ("SICAVB" and together with the SICAVI, SICAVII, SICAVIII and SICAVB, the "SICAVs"), T. Rowe Price Macro and Absolute Return Strategies Master Fund Ltd and T. Rowe Price Macro and Absolute Return Strategies Offshore Fund Ltd (together the "Cayman Funds") and Price Funds are not subject to all the requirements of the Policy. The requirements of the Policy applicable to independent directors are set forth in <u>Exhibit A.</u>

This Policy and each Associate's adherence to it is meant to satisfy T. Rowe Price's requirements under Rule 204A-1 and Rule 17j-1.

Certain defined terms used in the Policy are set forth in "*Defined Terms."*

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;II. <u>STANDARDS OF BUSINESS CONDUCT</u> 

T. Rowe Price has established a *Code of Conduct* that sets standards expected of all Associates and provides the framework for conducting business in a fair and ethical manner. Consistent with the *Code of Conduct*, T. Rowe Price and each Associate have a fiduciary duty to put client interests first and to always act in the clients' best interests. Associates must comply with applicable legal requirements, securities laws, the Code of Conduct and related policies and procedures.

**Conflicts of Interest**

The *Code of Conduct* states that conflicts of interest may arise between clients, between clients and T. Rowe Price, between clients and Associates, and among T. Rowe Price's own entities or business divisions. T. Rowe Price takes all reasonable steps to identify and manage conflicts. It is the responsibility of each Associate to disclose all material conflicts and to act in a manner consistent with this Policy. Conflicts or potential conflicts of interest involving an Associate's behavior may arise through, among other activities, an Associate's personal securities transactions, outside business activities, political contributions and activities and the exchange of gifts and business entertainment.

*Personal securities transactions.* An Associate's personal securities transactions may present an actual, potential or apparent conflict or other risk that could harm T. Rowe Price, its shareholders or its clients. For T. Rowe Price to identify and manage these conflicts and risks, Associates must disclose their personal brokerage accounts and holdings, disclose and receive approval for any trading accounts subject to this Policy and conduct approved securities transactions in accordance with the requirements of this Policy.

<sup>2</sup> For the avoidance of doubt, this Policy does not apply to Oak Hill Advisors, L.P and its subsidiaries.

Associates must not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Improperly benefit personally by causing a client to act, or fail to act, in making investment decisions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Profit, or cause others to profit, based on their knowledge of completed or contemplated client transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Transact on the basis on material, non-public (inside) information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Engage in personal securities transactions that are in conflict with the interests of clients, the parameters
set by the Policy, or the restrictions imposed by T. Rowe Price restricted lists.

T. Rowe Price maintains lists of issuers for which a Price Adviser or an Associate may be in possession of material, non-public information (the "Restricted Lists"). When an issuer is listed on a Restricted List, personal trading by Access Persons is prohibited.

*Outside business activities.* Associates are expected to put their responsibilities at T. Rowe Price ahead of any other personal business opportunities or second jobs and must avoid any activities, relationships or situations that might conflict with, or appear to conflict with, their duties on behalf of T. Rowe Price. When an Associate is engaged in an approved outside business activity, they must be vigilant about any changes in the arrangement that may present a real or perceived conflict of interest with T. Rowe Price. Refer to the *Global Outside Business Activities Policy* for more information.

*Political contributions and activities.* Associates must obtain prior clearance for their political contributions and activities in support of candidates for political office in the U.S. Political contributions and activities undertaken by Associates must always be lawful and consistent with T. Rowe Price and business unit policies. Associates may not coordinate or solicit third parties to make a contribution or payment to any candidate, officeholder, political party, political action committee, political organization or bond ballot campaign in the U.S. Furthermore, Associates may not do anything indirectly that, if done directly, would violate T. Rowe Price policies or applicable regulation. Refer to the *Global Political Contributions and Activities Policy* for more information.

*Gifts and business entertainment.* Associates may not offer, give, provide, or accept any gift or business entertainment unless such gift or entertainment:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Is reasonable and customary under the circumstances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Is not lavish in value, unique in nature, or excessive in frequency;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Cannot be construed as a bribe, payoff, or kickback to obtain or retain business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Is an appropriate reimbursable business expense; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Does not violate any applicable law or regulation.

Refer to the *Global Gifts and Business Entertainment Policy* for more information.

Associates must contact Code Compliance for guidance if they believe that a perceived or actual conflict arises under any of the activities described above or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;III. <u>REPORTING REQUIREMENTS</u> 

Securities accounts are generally defined as accounts that satisfy one of the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The Associate is a direct or Beneficial Owner of the account; **OR** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The Associate Controls or directs securities trading for another person or entity, even if they are not the Beneficial Owner of the
account;

**AND** invest in, or have the ability to invest in, any of the following securities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Individual equity securities, including ETFs, and derivatives of these securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Fixed income securities and derivatives of these securities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Reportable Funds.

&nbsp;&nbsp;&nbsp;&nbsp;A. Initial Disclosure of Existing Accounts

All Associates must disclose their securities accounts and the securities accounts of their Family Members (including Fully Discretionary Accounts and any securities accounts holding TRPG securities) maintained with any broker, dealer, investment adviser, bank or other financial institution via myTRPcompliance. Such disclosure must take place within <u>ten calendar days</u> of becoming subject to the Policy, opening or discovering a reportable account.

&nbsp;&nbsp;&nbsp;&nbsp;B. New Accounts

All Associates must obtain prior approval via <u>myTRPcompliance</u> for all new non-T. Rowe Price securities accounts opened while they are associated with the firm. Associates in the U.S. and the U.K. may only open new securities accounts with financial institutions that agree to provide Code Compliance with an automated data feed of the transactions effected in the account (the Approved Broker List). All Associates opening a new securities account with a broker-dealer must inform such firm of their association with a T. Rowe Price-affiliated broker-dealer.

Securities held in securities accounts are generally subject to reporting and <u>may</u> require pre-clearance. Refer to "*Reporting Requirements"* and "*Pre-clearance and Holding Period Requirements"* for details. Code Compliance may, in certain circumstances, grant an exception to the requirements described above. Refer to *"Exceptions and Interpretations"* for more information.

&nbsp;&nbsp;&nbsp;&nbsp;C. Transaction Reporting

All Associates must request broker-dealers, investment advisers, banks, or other financial institutions executing transactions in securities in the Associate's securities accounts to provide:

(i) a duplicate trade confirmation with respect to each transaction in a security; and (ii) a copy of all periodic account statements.

<u>If the executing firm provides a trade confirmation directly to Code Compliance via an established automated data feed, no further reporting is needed.</u>

If the broker is unable to satisfy transaction reporting through an automated data feed or by delivery of a paper copy of trade confirmations and statements, Associates are required to enter transaction details in myTRPcompliance (as prescribed in Rule 17j-1(d)(1)(ii)) within <u>10 calendar days</u> after the transaction occurred.

A transaction in a Reportable Fund, a spousal payroll deduction plan or a stock split or similar acquisition or disposition must be reported within <u>30 calendar days</u> after the end of the calendar quarter in which the transaction occurred

&nbsp;&nbsp;&nbsp;&nbsp;D. Exceptions to the Reporting Requirements

***Robo Adviser Accounts****.* Accounts held through a robo-adviser platform that invest solely in third party collective investment vehicles that are not advised by T. Rowe Price (such as non-Price ETFs) do not require approval or reporting to Code Compliance. Transactions effected in such accounts do not need to be reported. Questions on whether an account is classified as a robo-adviser should be directed to Code Compliance

***Fully Discretionary Accounts.*** A Fully Discretionary Account is a securities account for which an Associate has completely relinquished decision-making authority to a professional money manager (who is not a Family Member or not otherwise subject to this Policy) and over which the Associate has no direct or indirect influence or Control. When disclosing Fully Discretionary Accounts, Associates must provide Code Compliance with a copy of the investment management agreement (or equivalent).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IV. <u>PRE-CLEARANCE AND HOLDING PERIOD REQUIREMENTS</u> 

All Associates must obtain pre-clearance via myTRPcompliance when transacting in TRPG securities. Associates who have been designated as Access Persons must also obtain pre-clearance for other securities transactions, as described in further detail below.

Associates will receive a response via myTRPcompliance indicating whether the request was approved or denied and must refrain from executing the transaction until such response is obtained.

Pre-clearance approval is valid for the day it is received and the following business day (measured from the first business day in the requesting Associate's time zone). Pre-clearance approval for Private Placements is valid for 90 calendar days.

&nbsp;&nbsp;&nbsp;&nbsp;A. Pre-clearance Requirements for all Associates

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· All Associates must request pre-clearance via myTRPcompliance <u>before</u> executing a transaction to
sell or transfer TRPG securities (TRPG stock ticker: TROW) from their ESPP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· All Associates must request pre-clearance via myTRPcompliance <u>before</u> executing a transaction to
purchase, sell, or gift TRPG securities outside of the ESPP.

&nbsp;&nbsp;&nbsp;&nbsp;B. Pre-clearance Requirements for Access Persons

Access Persons must request pre-clearance via myTRPcompliance <u>before</u> executing a transaction in any individual stocks, bonds, Private Placements and derivatives of these securities, and Price ETFs for which the Access Person is a Beneficial Owner. Refer to <u>Exhibit B</u> for additional pre-clearance requirements.

**C.** **Pre-clearance for Private Placements:** 

Access Persons and FINRA -registered representatives must obtain pre-clearance when investing in a Private Placement, including the purchase of limited partnership interests. Along with the Private Placement offering document, the Access Person or FINRA registered representative must provide:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The name, location and a brief description of the private issuer/company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The amount of investment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The desired date of investment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· If applicable, the percentage of the Access Person's ownership in the private issuer/company after investment; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The source (name and relationship to Access Person) that introduced the investment opportunity to the Access Person.

An Access Person or FINRA-registered representative who has invested in a Private Placement and who later anticipates participating in a Price Adviser's investment decision regarding the purchase or sale of securities of the issuer of that Private Placement on behalf of any Price Adviser client, must immediately disclose their investment to the Chairperson of the Ethics Committee, or their designee and to the Chairperson of the appropriate Investments steering committee.

&nbsp;&nbsp;&nbsp;&nbsp;D. Holding Period Requirements

A 60-day holding period applies to securities and transactions requiring pre-clearance. Access Persons are not permitted to: (i) sell shares of an issuer if they have purchased shares of the same issuer for a lesser price during the previous 60 calendar days; or (ii) buy shares to cover a short position when the short position was entered in the previous 60 calendar days, if covering the position for a lesser price. Access Persons must check their compliance with the holding period requirement **before** entering into a transaction.

***Holding Period for Associates in Japan.*** Securities acquired by employees of T. Rowe Price Japan, Inc. are subject to a holding period of six months. Refer to *TRP Japan Compliance Manual* for more information.

***Holding Period for the Price Funds.*** Associates must comply with the provisions of the holding restrictions set forth in the prospectus for the applicable Price Fund.

&nbsp;&nbsp;&nbsp;&nbsp;E. Exceptions to the Pre-Clearance Requirement

***Fully Discretionary Accounts.*** Transactions in securities held in Fully Discretionary Accounts are not subject to the pre- clearance requirement, except transactions involving TRPG securities, short sales and Private Placements.

Refer to <u>Exhibit B</u> for other exceptions to the pre-clearance requirement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;V. <u>OTHER PROVISIONS RELATING TO PERSONAL TRANSACTIONS</u> 

&nbsp;&nbsp;&nbsp;&nbsp;A. Limit Orders

While limit orders are permitted, Access Persons must be careful using "good until cancelled" orders, keeping in mind that pre-clearance is valid for the day it is received and the following business day. Use of "day" limit orders are encouraged.

&nbsp;&nbsp;&nbsp;&nbsp;B. Transacting in TRPG Securities

The following chart is a summary of requirements applicable when Associates transact in TRPG securities:

---

| | |
|:---|:---|
| **Description of Activity** | **Requirement Under the Policy** |
| Executing a transaction to sell or transfer TRPG securities from an Associate's ESPP | &nbsp;&nbsp;&nbsp;&nbsp;· Pre-clearance via myTRPcompliance<br> &nbsp;&nbsp;&nbsp;&nbsp;· Reporting |
| Executing a transaction to purchase, sell, or gift TRPG securities outside of an Associate's ESPP\* | &nbsp;&nbsp;&nbsp;&nbsp;· Pre-clearance via myTRPcompliance<br> &nbsp;&nbsp;&nbsp;&nbsp;· Reporting |
| Giving TRPG securities as a gift (including a gift to a donor advised fund) after holding the stock for at least 60 days | &nbsp;&nbsp;&nbsp;&nbsp;· Pre-clearance via myTRPcompliance<br> &nbsp;&nbsp;&nbsp;&nbsp;· Reporting |
| Applicability of a holding period [not applicable to options or vested shares] | Yes, 60 calendar days |
| Transacting in TRPG during a Blackout Period | **Prohibited** |
| Transacting in options related to TRPG securities (other than stock options granted to Associates) | **Prohibited** |
| Selling TRPG securities short | **Prohibited** |
| Entering into any contract or purchasing any instrument designed to hedge or offset any decrease in the market value of TRPG securities | **Prohibited** |
| Reporting of transactions in TRPG securities to the SEC (applies to Associates subject to Section 16 of the Securities Exchange Act of 1934, as amended) | Transactions must be reported<br> immediately |

---

\* Associates should contact Payroll & Stock Transactions in the event of uncertainty regarding applicability of the pre-clearance requirement.

&nbsp;&nbsp;&nbsp;&nbsp;C. Transacting in ETFs

Following is a summary of requirements applicable when Associates transact in ETFs:

---

| | | |
|:---|:---|:---|
| | **Access Persons** | **All Other Associates** |
| Pre-clearance (Price ETFs) | Yes | No |
| Pre-clearance (Third-party ETFs) | No | No |
| Post-trade reporting (Price ETFs) | Yes | Yes |
| Post-trade reporting (Third-party ETFs) | Yes | Yes |
| Subject to the 60-Day Rule (Price ETFs) | Yes | No |
| Subject to the 60-Day Rule (Third-party ETFs) | No | No |
| Able to buy/sell in the primary market (Price ETFs) | No | No |
| Able to buy/sell in the primary market (Third-party ETFs) | Yes | Yes |
| Able to sell short (Price ETFs) | No | No |
| Able to sell short (Third-party ETFs) | Yes | Yes |
| Able to transact in options (Price ETFs) | No | No |
| Able to transact in options (Third-party ETFs) | Yes | Yes |
| Able to transact in inverse/short and narrow Price ETFs\* | No | Yes |
| Able to transact in inverse/short and narrow (Third-party ETFs\*) | No | Yes |
| Able to transact in single-stock ETFs | No | No |

---

\* Narrow ETFs include, but are not limited to, those focused on specific industries *(e.g.,* energy, healthcare, financial services, etc.), commodities, currencies, and specific geographical markets (*e.g.,* countries or regions).

&nbsp;&nbsp;&nbsp;&nbsp;D. Initial Public Offerings ("IPOs")

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Investment Personnel and FINRA-registered representatives are prohibited from purchasing securities in
an IPO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Access Persons other than Investment Personnel and FINRA-registered representatives may purchase securities
in an IPO only after receiving pre-clearance via Code Compliance or myTRPcompliance. The 60-day holding period requirement applies to
transactions in securities purchased in an IPO.

&nbsp;&nbsp;&nbsp;&nbsp;E. Options and Futures

The purchase, sale and exercise of options are generally subject to the same restrictions as applicable to securities (*i.e.,* an option should be treated as if it were the common stock). If a transaction in the underlying instrument does not require pre-clearance (*e.g.,* ETFs, national government obligations, unit investment trusts), then an options or futures transaction on the underlying instrument does not require pre-clearance.

Closing (selling to close or buying to close) or exercising an option (for which the underlying instrument is subject to pre-clearance, *e.g*., stock options) requires pre-clearance. Pre-clearance is not required when an Access Person writes (sells) an option and the option is exercised against such Access Person, without any action on their part. Access Persons should be cautious when transacting in options since a client transaction in the underlying security or a restriction associated with the underlying security may prevent an option transaction from being closed or exercised.

&nbsp;&nbsp;&nbsp;&nbsp;F. Participation in Investment Clubs

Associates may form or participate in an investment club. Investment club transactions in TRPG securities are subject to pre-clearance and must be reported along with the Associate's personal transactions activity.

Access Persons or their Family Members must not form or participate in an investment club without prior written approval from the Chairperson of the Ethics Committee, or their designee. Transactions effected by an investment club in which an Access Person is a member, Beneficial Owner or Controller are subject to the same pre-clearance and reporting requirements as apply to the Access Person's personal trades.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VI. <u>PERSONAL TRANSACTIONS RESTRICTIONS</u> 

**Associates must not:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Engage in personal
transactions that are excessive or that compromise the firm's fiduciary duty to clients. Excessive trading in covered accounts is
strongly discouraged. In general, anyone requesting and/or trading covered securities more than 20 times (other than TRP funds) in a month
across all their covered accounts should expect additional scrutiny of their activity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Code Compliance monitors trading activity and may send notice to your direct manager regarding the
 number of trades and associated details during a given period for further review and potential escalation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Wager, bet or gamble in connection with individual securities, securities indices, currency spreads, or
other similar financial indices or instruments including contracts for difference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Participate in initial coin offerings.

**Access Persons must not:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Transact in securities for which orders have been placed by any Price Adviser to purchase or sell the
security, unless certain size or volume parameters<sup>3</sup> as set forth by the Ethics Committee are met.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Transact
 in any security that has been purchased or sold by any Price Adviser client seven calendar
 days immediately prior to the date of the Access Person's proposed transaction, unless
 certain size or volume parameters<sup>3</sup> as established by the Ethics Committee are
 met.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Transact in securities issued by broker-dealers, underwriters or SEC-registered investment advisers, unless
the entity is traded on an exchange.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Transact in securities of issuers on any of the firm's Restricted Lists.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Transact in securities for which a change in the rating of an issuer has occurred within seven calendar
days immediately prior to the date of the proposed transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VII. <u>CERTIFICATION REQUIREMENTS</u> 

In addition to disclosure of their securities accounts (as described in "*Types of Accounts/Account Opening Requirements"),* Associates are required to, among other things, disclose the holdings in such accounts upon becoming subject to the Policy and periodically thereafter.

&nbsp;&nbsp;&nbsp;&nbsp;A. Initial Holdings

<u>All Associates</u> must disclose and certify, via myTRPcompliance, any shares of TRPG securities that they Beneficially Own no later than <u>ten calendar days</u> after they become subject to this Policy.

<u>Access Persons</u> must disclose and certify, via myTRPcompliance, all holdings in the following securities in which they have a Beneficial Interest or Control (the "Initial Holdings Report"**)** no later than <u>ten calendar days</u> after the become subject to the Policy as an Access Person:

![](image_020.gif)

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| | |
|:---|:---|
| 3 | Transactions involving no more than US $50,000 or the nearest round lot (even if the amount of the transaction marginally exceeds US $50,000) per security per seven calendar day period in securities of (i) issuers with market capitalizations of US $7.5 billion or more, or (ii) U.S. issuers with an average daily trading volume in excess of 750,000 shares over the preceding 90 trading days in the U.S., **<u>unless</u>** the rating on the security has been changed within the seven calendar days immediately prior to the date of the proposed transaction. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Individual equity securities, including any derivatives (*e.g.,* options, futures, etc.) of these securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Bonds, including any derivatives of these securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· ETFs, including any derivatives of these securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Unit investment trusts and listed closed end funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Private Placements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Products (AUTs, ITMs, ETFs, mutual funds, OEICs, 529 portfolios, SICAVs, trusts) advised by a Price Adviser; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Products sub-advised by a Price Adviser.

The Initial Holdings Report must be current as of a date no more than <u>45 days</u> prior to the date the individual becomes an Access Person, and include, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The title, number of shares and principal amount of each security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The name of the broker, dealer or bank with whom the Access Person maintains a securities account in which any securities are for
the Access Person's direct or indirect benefit; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The date the Access Person submits the Initial Holdings Report.

<u>Securities that are not subject to reporting</u> include, but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Bankers' acceptances, bank certificates of deposit and commercial paper;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Currency;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Cryptocurrency;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Direct obligations of the U.S. Government;

&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;· Open end mutual funds, including money market funds, advised by a third party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· UCITS advised by a third-party; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Variable insurance products that invest in third-party funds.

Refer to <u>Exhibit B</u> for applicable exemptions from the reporting requirement.

&nbsp;&nbsp;&nbsp;&nbsp;B. Annual Compliance Certification

<u>All Associates</u> must certify annually via myTRPcompliance to, among other things, their securities accounts and transactions and compliance with various firm policies (including the Policy).

<u>Access Persons</u> must certify annually via myTRPcompliance to, among other things, their personal securities holdings, their securities accounts and transactions and compliance with various firm policies (including the Policy).

&nbsp;&nbsp;&nbsp;&nbsp;C. Reporting of One – Half of One Percent Ownership

An Associate owning more than one half of one percent of the total outstanding shares of a public or private company must immediately disclose such information in writing to Code Compliance via <u>Code_of_Ethics@troweprice.com</u>, providing the name of the company and the total number of such company's shares they Beneficially Own.

Refer to <u>Exhibit B</u> for applicable exceptions from the reporting requirement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VIII. <u>ROLES AND RESPONSIBILITIES</u> 

All Associates must attest to receipt and understanding of the Policy: (i) upon becoming subject to it; (ii) on an annual basis; and (iii) whenever material amendments to the Policy are made. In attesting to the Policy, Associates agree to their understanding of the Policy and agree to comply with the requirements of the Policy. See "*Annual Compliance Certification*."

Associates should contact <u>LegalCompliance_EmployeeTrading@TRowePrice.com</u> regarding the applicability, meaning or administration of the Policy, including requests for an exception, <u>in advance</u> of any contemplated transaction.

Code Compliance:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Administers and monitors adherence to the Policy, including reviewing disclosures, providing training and identifying violations;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Maintains and oversees the maintenance of certain records in accordance with applicable legal and regulatory requirements.

The Payroll & Stock Transaction Group provides guidance to Associates when they are transacting in TRPG securities.

The Ethics Committee provides oversight of the Policy, including reviewing exceptions and violations. The Ethics Committee also provides a point of escalation for Code Compliance and the Payroll & Stock Transactions Group.

Material changes to the Policy shall be approved by the Board of TRPG, the board of directors of TRP UK and by the board of directors of each Price Fund, including a majority of the Independent Directors of the Price Funds. Approval of any material change to the Policy by the board of directors of the Price Funds shall be obtained within six months after the change is implemented.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IX. <u>VIOLATIONS AND SANCTIONS</u> 

Violations and potential violations of the Policy are typically investigated by Code Compliance or, if necessary, the Ethics Committee. Violations are taken seriously and may result in sanctions or other consequences, including one or more of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· A letter of censure or suspension;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Disgorgement of profit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· A fine;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· A suspension of trading privileges;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Consideration in Associate performance
review and year-end compensation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Disciplinary action, up to and including, termination of employment; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Any other sanction as may be determined by the Business Unit in consultation with Human Resources and the Ethics Committee.

When tracking violations, Code Compliance generally utilizes a rolling two-year look-back period in the administration of the sanctions guidelines set forth below. All violations of the Policy shall be reported to the Board of Directors of TRPG, the Board of Directors of any Price Fund and any other applicable board. As noted above, however, these sanctions are not the exclusive remedy for violations of this Policy.

<u>First Violation</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Associate and manager notification; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Associate required to complete online remedial training course.

<u>Second Violation</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Associate and escalated manager notifications, up to and including, applicable Management Committee member;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Associate required to complete online remedial training course;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Consideration in Associate performance review and year-end compensation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Associate required to meet with applicable Chief Compliance Officer and Senior Compliance Manager; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Associate fined according to officer or role guidelines.

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| | | | |
|:---|:---|:---|:---|
| **Associate** | **VP, TRPG** | **Investment**<br> **Personnel** | **Portfolio Manager, Management Committee**<br> **Member, Direct Report of Management**<br> **Committee Member** |
| US $250 | US $750 | US $750 | US $1500 |

---

*Subsequent violation(s) may result in disciplinary action, up to and including, termination of employment.*

<u>Third Violation</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Associate and escalated manager notifications, up to and including applicable Management Committee member;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Chief Executive Officer notification;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Associate required to complete online remedial training course;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Associate subject to a personal trading prohibition of at least three months;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Consideration in Associate performance review and year-end compensation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Disciplinary action, up to and including, termination of employment; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Associate fined according to officer or role guidelines.

---

| | | | |
|:---|:---|:---|:---|
| **Associate** | **VP, TRPG** | **Investment Personnel** | **Portfolio Manager, Management Committee**<br> **Member, Direct Report of Management**<br> **Committee Member** |
| At least US $500 | At least US $2000 | &nbsp;&nbsp;At least US $2000 | At least US $5000 |

---

<u>More than Three Violations</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Along with the notifications and sanctions listed above for a third violation,
evaluation of additional sanctions to be determined by the Business Unit in consultation with Human Resources and the Ethics Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Consideration in Associate performance review and year-end compensation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Associate subject to an extended personal trading prohibition; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Disciplinary action, up to and including, termination of employment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;X. <u>EXCEPTIONS AND INTERPRETATIONS</u> 

Code Compliance, in conjunction with the Ethics Committee, may grant an exception from any provision of the Policy, including pre-clearance, other trading restrictions, and certain reporting requirements. Exceptions will be considered on a case-by-case basis if it is determined that the proposed conduct involves no opportunity for abuse and does not conflict with client interests. Exceptions are expected to be rare.

From time to time, situations may arise with respect to certain provisions of this Policy that require interpretation. Associates may submit a written request for clarification or interpretation to Code Compliance (Code_of_Ethics@TRowePrice.com). Any such request for clarification or interpretation should name the account, the Associate's interest in the account, the persons or firms responsible for its management, and the specific facts of the situation. **Associates may not assume that the Policy (or a specific provision of the Policy) is not applicable to their situation.** Code Compliance will provide a response to each properly submitted request for clarification or interpretation. When in doubt, Associates must not proceed with a transaction or course of action until they receive a response from Code Compliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;XI. <u>DEFINED TERMS</u> 

***AUT*** means Australian unit trusts.

***Beneficial Owner*** means an individual with the opportunity, directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise, to share at any time in any economic interest or profit derived from ownership of or a transaction in a security. An Associate may be deemed to be the Beneficial Owner of securities belonging to others and not registered in their name.

The SEC will presume that a person Beneficially Owns securities held by a Family Member who shares their household or securities held by a trust of which the individual is a beneficiary or a trustee with investment Control.

An individual is not considered to be the Beneficial Owner of a 401(k) account, individual retirement account or a transfer upon death account for which they are solely a named beneficiary, assuming the individual does not reside with the Family Member and does not have the ability to Control and/or direct transactions in such account.

***Blackout Period*** means the period from the second trading day after quarter end (or such other date as management shall determine) through the end of the first trading day following when TRPG's earnings release is filed with the SEC. Quarterly notifications with respect to the Blackout Period are published on the firm's intranet site.

***Control*** means the power to exercise a controlling influence over the management or policies of a company unless such power is solely the result of an official position with such company. Ownership of more than 25% of a company's outstanding voting securities is presumed to give the holder thereof Control over the company.

***ESPP*** means the T. Rowe Price Group, Inc. Employee Stock Purchase Plan.

***ETF*** means exchange traded fund.

***Exchange traded fund or ETF*** means an investment fund that is traded on a stock exchange.

***Family Member*** means the Associate's spouse, domestic partner, parent, stepparent, child, stepchild, sibling, grandparent, or in-law (including mother, father, sister, brother, daughter or son) sharing the same household as the Associate.

***Independent Director of TRPG, TRP UK, the SICAVs, or the Cayman Funds*** means those directors who are neither officers nor employees of TRPG or any of its subsidiaries.

***Investment Personnel*** means an Access Person who, in connection with their regular functions or duties, makes or participates in making, or is closely associated with personnel who make recommendations regarding the purchase or sale of securities by a Price Adviser client.

The term "Investment Personnel" includes, but is not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Individuals who are authorized to make investment decisions or to recommend securities transactions on
behalf of the firm's clients (investment counselors and members of the mutual fund advisory committees);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Research and credit analysts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Traders who assist in the investment process; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Support staff who assist in the investment process.

***Investment Advisers Act*** means the U.S. Investment Advisers Act of 1940, as amended.

 ****

***Investment Company Act*** means the U.S. Investment Company Act of 1940, as amended.

***ITM*** means an investment trust management company.

***OEIC*** means open-ended investment company.

***Price Adviser*** means a subsidiary of T. Rowe Price Group, Inc. that is an investment adviser entity registered with the SEC. For the avoidance of doubt, "Price Adviser" does not include Oak Hill Advisors, L.P. and its subsidiaries.

***Price ETFs*** means the T. Rowe Price Exchange-Traded Funds, the family of ETFs advised by a Price Adviser.

***Price Funds*** means any T. Rowe Price-sponsored fund registered under the Investment Company Act, including but not limited to, the T. Rowe Price Mutual Funds and the Price ETFs, and advised by a Price Adviser.

***Price Funds' Independent Directors*** means those directors of the Price Funds who are not deemed to be "interested persons" (as defined in Section 2(a)(19) of the Investment Company Act) of T. Rowe Price Group, Inc. or the Price Funds.

***Private Placement*** means an offering that is exempt from registration by a regulatory authority and sold through a private offering. For purposes of the Policy, investments made: (i) in a small business sourced through family, friends or any other referral source; and (ii) through a crowdfunding site that matches entrepreneurs with investors, through which investors receive an equity stake in the business, are considered Private Placements (*e.g.,* Seedrs, OurCrowd, Crowdcube).

***Reportable Fund*** means any open-end investment company for which any of the Price Advisers serves as an investment adviser. The term Reportable Fund includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Price Funds, including money market funds and the Price ETFs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· UCITs advised by a Price Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· SICAVs advised by a Price Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· OEICs advised by a Price Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· ITMs advised by a Price Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· AUTs advised by a Price Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Any fund managed by a Price Adviser through a sub-advised relationship, including an ETF;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Any fund offered through retirement plans (*e.g.,* 401(k) plans) other than the T. Rowe Price U.S. Retirement Plan; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Any fund managed by a Price Adviser that is an investment option offered as part of a variable annuity.

Code Compliance maintains a list of sub-advised Reportable Funds on the firm's intranet site.

***SEC*** means the U.S. Securities and Exchange Commission.

***SICAV*** means société d'investissement à capital variable.

***T. Rowe Price*** means T. Rowe Price Group, Inc. and its subsidiaries, except Oak Hill Advisors, L.P. and its subsidiaries.

***TRPG Independent Director*** means those directors of TRPG who are neither officers nor employees of TRPG or any of its subsidiaries.

***TRPG*** means T. Rowe Price Group, Inc.

***TRPG securities*** means any security issued by T. Rowe Price Group, Inc.

***UCITs*** means Undertakings for Collective Investments in Transferrable Securities.

**EXHIBIT A**

**CODE OF ETHICS AND PERSONAL TRANSACTION POLICY**

**Provisions Applicable to Independent Directors**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I.**  **<u>INTRODUCTION</u>** 

This Exhibit A sets forth the responsibilities of the Independent Directors of TRPG, TRP UK, SICAVs, Cayman Funds and Price Funds under this *<u>Code of Ethics and Personal Transactions</u> Policy.* Defined terms used herein are the same as those used in the Policy.

The Independent Directors are subject to the requirements set forth below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**II.**  **<u>REQUIREMENTS FOR THE INDEPENDENT DIRECTORS OF TRPG OR ITS SUBSIDIARIES, OTHER THAN TRP UK</u>** 

**Pre-clearance.** The personal securities trades of TRPG Independent Directors are **<u>not</u>** subject to pre-clearance requirements, <u>except for transactions in TRPG securities</u> for which they are the Beneficial Owner. Pre-clearance is also required when:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Transferring TRPG securities to another person, entity, or trust account; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Giving or receiving TRPG securities, including donation transactions into donor-advised funds such as T. Rowe Price Charitable Foundation.

Pre-clearance is <u>not</u> required when moving shares of TRPG securities between securities firms or to/from individual or joint brokerage accounts.

Requests for pre-clearance must be submitted to the Payroll & Stock Transactions Group. Pre-clearance is effective for the day it is received and the following business day (taking into consideration the time zone), unless the Independent Director: (i) is advised to the contrary by the Payroll & Stock Transaction Group prior to the proposed transaction; or (ii) comes into possession of material, non-public information concerning T. Rowe Price. Any trades not executed within the prescribed timeframe must be re-submitted.

TRPG Independent Directors may not initiate transactions in TRPG securities during the Blackout Period.

**Reporting.** TRPG Independent Directors are not required to report their personal securities transactions (other than transactions in TRPG securities). If, however, the Independent Director has obtained information about a Price Adviser's investment research, recommendations, or transactions, they must not transact in the securities of the issuers about which they have information.

Independent Directors are reminded that changes to information reported in the Annual Questionnaire for Independent Directors must be reported to Corporate Funds and Administration *(e.g.,* changes in holdings of stock of financial institutions or financial institution holding companies).

**Reporting of Officership, Directorship, General Partnership or Other Managerial Positions Apart from TRPG.** An Independent Director shall report to Code Compliance any officership, directorship, general partnership or other managerial position which they hold with any public, private, or governmental issuer other than TRPG or any of its subsidiaries.

**Reporting of Significant Ownership.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· *Issuers (other than a non-public investment partnership, pool or fund).* If a TRPG Independent Director
owns more than ½ of 1% of the total outstanding shares of a public or private issuer, they must report such ownership in writing
to Code Compliance, providing the name of the issuer and the total number of the issuer's shares Beneficially Owned.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· *Non-public investment partnerships, pools or funds*. If a TRPG Independent Director owns more than
½ of 1% of the total outstanding shares or units of a non-public investment partnership, pool or fund over which the Independent
Director exercises Control or influence, they must report such ownership in writing to Code Compliance. For non-public investment partnerships,
pools or funds where the Independent Director does not exercise Control or influence, they need not report such ownership to Code Compliance
unless and until such ownership exceeds 4% of the total outstanding shares or units of the entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**III.**  **<u>REQUIREMENTS FOR THE INDEPENDENT DIRECTORS OF TRP UK, THE SICAVS AND THE CAYMAN FUNDS</u>** 

**TRPG securities.** The Independent Directors of TRP UK, the SICAVs, or the Cayman Funds may not own TRPG securities in any account of which they are the Beneficial Owner.

**Pre-clearance.** The personal securities trades of the Independent Directors of TRP UK, the SICAVs, or the Cayman Funds are not subject to pre-clearance requirements, as long as the Independent Director had no knowledge of trading involving the Price Funds or the funds overseen by TRP UK, SICAVs, or the Cayman Funds.

**Reporting of Officership, Directorship, General Partnership or Other Managerial Positions Apart from TRPG.** An Independent Director of TRP UK, the SICAVs, or the Cayman Funds shall report to Corporate and Funds Administration any officership, directorship, general partnership or other managerial position which they hold with any public, private, or governmental issuer.

**Reporting of Significant Ownership.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· *Issuers (other than a non-public investment partnership, pool or fund).* If an Independent Director
of TRP UK, the SICAVs, or the Cayman Funds owns more than ½ of 1% of the total outstanding shares of a public or private issuer,
they must report such ownership in writing to Corporate and Funds Administration, providing the name of the issuer and the total number
of the issuer's shares Beneficially Owned.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· *Non-public investment partnerships, pools or funds*. If an Independent Director of TRP UK, the SICAVs,
or the Cayman Funds owns more than ½ of 1% of the total outstanding shares or units of a non-public investment partnership, pool
or fund over which the Independent Director exercises Control or influence, they must report such ownership in writing to Corporate and
Funds Administration. For non-public investment partnerships, pools or funds where the Independent Director does not exercise Control
or influence, they need not report such ownership to Corporate and Funds Administration unless and until such ownership exceeds 4% of
the total outstanding shares or units of the entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**IV.**  **<u>REQUIREMENTS FOR THE INDEPENDENT DIRECTORS OF PRICE FUNDS</u>** 

**TRPG securities.** The Independent Directors of the Price Funds may not own TRPG securities in any account of which they are the Beneficial Owner.

**Pre-clearance.** The personal securities trades of the Independent Directors of the Price Funds are not subject to pre-clearance requirements, as long as the Independent Director had no knowledge of trading involving the Price Funds.

**Reporting.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· *Transactions in Publicly Traded Securities.* A Price Funds' Independent Director must report transactions in publicly-traded
securities in which they have Beneficial Ownership.

An Independent Director is not required to report securities transactions in accounts over which they have no direct or indirect influence, such as an account over which they have granted full investment discretion to a financial adviser. The Independent Director should contact Code Compliance to request approval to exempt any such accounts from this reporting requirement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· *Transactions in Non-Publicly-Traded Securities*. A Price Funds' Independent Director is not
required to report transactions in securities which are not traded on an exchange, unless the Independent Director knew, or in the ordinary
course of fulfilling their official duties as an Independent Director, should have known that during the <u>15-day period</u> immediately
before or after the Independent Director's transaction in such non-publicly-traded security, a Price Adviser purchased, sold or
considered purchasing or selling such security for a Price Fund or Price Adviser client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· *Methods of Reporting.* 

 

<u>Duplicate Trade Confirmations.</u> A Price Funds' Independent Director may satisfy their obligation to report transactions in securities by arranging for the executing brokers to provide duplicate trade confirmations directly to Code Compliance.

<u>Quarterly Report Requirements</u>. If a Price Funds' Independent Director elects to report their transactions by submitting a quarterly report: (i) the report must be filed with Code Compliance no later than 30 days after the end of the calendar quarter in which the transaction was effected; and (ii) the report must be filed for each quarter, regardless of whether there were any reportable transactions.

Among the types of transactions that are commonly <u>not</u> reported through a broker confirmation and may therefore have to be reported directly to T. Rowe Price on a quarterly basis are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Retirement plan account activity that occurs in a Reportable Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o T. Rowe Price-advised products;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Incentive plan account activity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Exercise of stock options of a corporate employer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o An inheritance of a security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o A gift of a security; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Transactions in certain commodity futures contracts (*e.g.,* financial indices).

A Price Funds' Independent Director must include any transactions listed above, if applicable, in their quarterly reports if they are not included in a duplicate broker confirmation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· *Reporting of Officership, Directorship, General Partnership or Other Managerial Positions Apart from the Price Funds.* A Price Funds' Independent Director must report to Corporate Funds and Administration any officership, directorship,
general partnership or other managerial position which they hold with any public, private or governmental issuer other than the Price
Funds.

**Reporting of Significant Ownership.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· *Issuers (other than non-public investment partnerships, pools or funds).* If a Price Funds'
Independent Director owns more than ½ of 1% of the total outstanding shares of a public or private issuer (other than a non-public
investment partnership, pool or fund), they must report such ownership immediately in writing to Code Compliance, providing the name of
the issuer and the total number of the issuer's shares Beneficially Owned.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· *Non-Public Investment Partnerships, Pools or Funds.* If a Price Funds' Independent Director
owns more than ½ of 1% of the total outstanding shares or units of a non-public investment partnership, pool or fund over which
they exercise Control or influence, the Independent Director must report such ownership in writing to Code Compliance. For non-public
investment partnerships, pools or funds where the Independent Director does not exercise Control or influence, they need not report such
ownership to Code Compliance unless and until such ownership exceeds 4% of the total outstanding shares or units of the entity.

**Prohibitions.** A Price Funds' Independent Director may not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Purchase or sell the shares of a broker-dealer, underwriter or SEC-registered investment adviser unless
that entity is traded on an exchange, or the purchase or sale has otherwise been approved by the Price Funds' board; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Knowingly transact with a Price Fund, other than in connection with market transactions effected through
securities exchanges. This prohibition does not preclude the purchase or redemption of shares of any open-end mutual fund or purchase
or sale of any shares of a Price ETF that is a client of any Price Adviser.

**Transactions in Price ETFs.** Following is a summary of requirements applicable when Price Funds' Independent Directors transact in Price ETFs:

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| | |
|:---|:---|
| | **Independent Directors of Price Funds** |
| Obtain pre-clearance for trades in Price ETFs | No |
| Post-report trades in Price ETFs | Yes |
| Subject to the holding period | No |
| Subject to ad hoc trading restrictions | Yes |
| Ability to buy/sell Price ETFs in the primary market | No |
| Ability to sell short Price ETFs | No |
| Ability to transact in options of the Price ETFs | No |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**V.**  **<u>VIOLATIONS</u>** 

**Violations by Independent Directors of TRPG, the Price Funds, TRP UK, the SICAVs, or the Cayman Funds.** Upon discovering a material violation of the Policy by an Independent Director of TRPG, the Price Funds, TRP UK, the SICAVs, or the Cayman Funds, the applicable board of directors will impose such sanctions as it deems appropriate.

**EXHIBIT B**

**CODE OF ETHICS AND PERSONAL TRANSACTIONS POLICY**

**Pre-clearance and Reporting Matrix**

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| | | | | |
|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;**<u>Access Person</u>**<br> **Pre-clearance** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>Access Person</u>**<br> **Reporting** | &nbsp;&nbsp;&nbsp;**<u>Associate</u>**<br> **Pre-clearance** | &nbsp;&nbsp;&nbsp;&nbsp;**<u>Associate</u>**<br> **Reporting** |
| **Stocks/Bonds/Derivatives**<br> (Refer to "*Transacting in TRPG Securities"* for specific information relating to trading in TRPG securities) | **Stocks/Bonds/Derivatives**<br> (Refer to "*Transacting in TRPG Securities"* for specific information relating to trading in TRPG securities) | **Stocks/Bonds/Derivatives**<br> (Refer to "*Transacting in TRPG Securities"* for specific information relating to trading in TRPG securities) | **Stocks/Bonds/Derivatives**<br> (Refer to "*Transacting in TRPG Securities"* for specific information relating to trading in TRPG securities) | **Stocks/Bonds/Derivatives**<br> (Refer to "*Transacting in TRPG Securities"* for specific information relating to trading in TRPG securities) |
| Equity securities | Yes | Yes | No | Yes |
| Fixed income securities | Yes | Yes | No | Yes |
| Corporate and Municipal Bonds | Yes | Yes | No | Yes |
| Derivative instruments | Yes | Yes | No | Yes |
| Writing an option to purchase or sell a security | Yes | Yes | No | Yes |
| Subsequent sale of stock obtained by means of the exercise of stock options | Yes | Yes | No | Yes |
| Exercise of stock option of corporate employer by Access Person's spouse. | No | Yes | No | Yes |
| Restricted stock plan automatic sales for tax purposes by Access Person's spouse | No | Yes | No | Yes |
| **Collective Investment Products**<br> (Refer to "*Transacting in ETFs"* for specific information relating to trading in ETFs) | **Collective Investment Products**<br> (Refer to "*Transacting in ETFs"* for specific information relating to trading in ETFs) | **Collective Investment Products**<br> (Refer to "*Transacting in ETFs"* for specific information relating to trading in ETFs) | **Collective Investment Products**<br> (Refer to "*Transacting in ETFs"* for specific information relating to trading in ETFs) | **Collective Investment Products**<br> (Refer to "*Transacting in ETFs"* for specific information relating to trading in ETFs) |
| T. Rowe Price products (including the AUTs,<br> ITMs, mutual funds, OEICs, 529 portfolios, SICAVs, and trusts | <br> No | <br> Yes | <br> No | <br> Yes |
| Exchange listed collective investment vehicles (including closed-end funds) | No | Yes | No | Yes |
| Third-party mutual funds, 529 portfolios, OEICs, SICAVs and variable insurance products | No | No | No | No |
| Unit investment trusts | No | No | No | No |
| Donor-advised funds | No | No | No | No |
| **Private Placements** | **Private Placements** | **Private Placements** | **Private Placements** | **Private Placements** |
| Private Placements | Yes<br> (see *Section IV.C*) | Yes | No\* | No\* |
| Capital calls for Private Placement investments | No | Yes | No | No |
| Distributions received from a Private Placement investment | N/A | No | N/A | No |
| **Other Securities** | **Other Securities** | **Other Securities** | **Other Securities** | **Other Securities** |
| Commercial paper and similar instruments (bankers acceptances, bank certificates of deposit, commercial paper and high quality,<br> short-term debt instruments, including repurchase agreements) | No | No | No | No |
| U.S. Government obligations | No | No | No | No |
| National (other than U.S.) government obligations | No | Yes | No | Yes |
| Currency | No | No | No | No |
| Securitized or financial instruments used for currency exposure | No | Yes | No | No |
| Cryptocurrency (*e.g.,* Bitcoin, Ethereum) | No | No | No | No |
| Publicly traded cryptocurrency tracker instruments (ETFs) | No | Yes | No | Yes |
| Variable rate demand notes | No | Yes | No | Yes |

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\* FINRA-registered representatives are required to request pre-clearance and report

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| | | | | |
|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;**<u>Access Person</u>**<br> **Pre-clearance** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>Access Person</u>**<br> **Reporting** | &nbsp;&nbsp;&nbsp;**<u>Associate</u>**<br> **Pre-clearance** | &nbsp;&nbsp;&nbsp;&nbsp;**<u>Associate</u>**<br> **Reporting** |
| **Transactions** | **Transactions** | **Transactions** | **Transactions** | **Transactions** |
| Securities acquired through an Automatic Investment Plan<sup>4</sup> (initial investment) | Yes | Yes | No | Yes |
| Securities acquired through an Automatic Investment Plan (subsequent investments) | No | Yes | No | Yes |
| Non-systemic investment<sup>5</sup> through an Automatic Investment Plan | Yes | Yes | No | Yes |
| Acquisition of securities through inheritance | No | Yes | No | Yes |
| Giving stock (non-TRPG) as a gift | No | Yes | No | Yes |
| Pro-rata distributions | No | Yes | No | Yes |
| Tender offers | No | Yes | No | Yes |
| Merger election (voluntary) | Yes | Yes | No | Yes |
| Mandatory acquisition of additional shares or the disposition of existing corporate holdings through stock splits, reverse stock splits, stock dividends, exercise of rights, exchange or conversion | No | Yes<br> *(within 30 days of the end of the quarter in which the transaction occurred)* | No | Yes<br> *(within 30 days of the end of the quarter in which the transaction occurred)* |
| Purchases, but not sales, by an Access Person's spouse pursuant to an employee-sponsored payroll deduction plan (as long as Code Compliance has been notified that the spouse will be participating in such plan) | No | Yes<br> *(within 30 days of the end of the quarter in which the transaction occurred)* | No | Yes<br> *(within 30 days of the end of the quarter in which the transaction occurred)* |
| Sale or exchange of stock held in an Access Person's spouse's payroll deduction plan | Yes | Yes | No | Yes |
| Sale of partial shares held in an account when the account is transferred to another broker-dealer or to new owner or partial shares sold automatically by the broker-dealer. | No | Yes | No | Yes |
| Transactions effected in a robo-adviser<br> account (investing solely in third party collective investment vehicles) | <br> No | <br> No | <br> No | <br> No |

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| | |
|:---|:---|
| 4 | 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. |
| 5 | A transaction that overrides the preset schedule or allocations of an Automatic Investment Plan. |

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